EQ Resources Rides a Tenfold Tungsten Price Surge From China's Export Curbs

China's 2025 export restrictions on tungsten sent prices from US$300 to US$3,000 per mtu, delivering a genuine windfall to Australia's only listed tungsten producer.

30 Jun 2026 · 3 min read

EQ Resources, Australia's only listed tungsten producer, rallied from around 6 to 8 cents to 34 cents as China's 2025 export restrictions sent tungsten prices surging roughly tenfold, from around US$300 per mtu to US$3,000, delivering a genuine critical minerals windfall to a company with mines in Australia and Spain.

A rare tungsten exposure amid Chinese export restrictions

Cadence Capital said its tungsten position performed very well, led by a highly experienced management team with decades in the tungsten market, noting China produces around 80 percent of the world's tungsten and restricted exports in 2025, sending prices up 500 percent, an example of a critical mineral where there simply isn't enough non-Chinese supply. Glennon Small Companies said EQ Resources delivered a strong gain in November, driven by positive exploration results and increasing investor confidence in its growth pipeline, supporting a significant market re-rating. Endeavor Asset Management said it contributed positively after the fund participated in a capital raise at 5 cents a share, earning a return of more than 70 percent following an exit of the position in early January between 8.6 and 9.4 cents a share.

China produces around 80% of all the tungsten in the world and restricted exports in 2025, sending tungsten prices up 500%. This is again, an example of a critical mineral where there just isn't enough non-Chinese supply.

— Cadence Capital, Presentation, December 2025

Record tungsten prices and expanding production

Glennon Small Companies named EQ Resources the standout performer for the month following a sharp re-rating driven by renewed investor interest in critical minerals and tungsten supply security, benefiting from strengthening pricing and increasing recognition of its Mt Carbine operation's strategic importance outside China-dominated supply chains. Cadence Capital said it took part in an early December capital raising, describing a tungsten producer with mines in Australia and Spain that announced a 33 percent increase in second-quarter production compared with the first quarter, at a time when tungsten prices were at record levels, having risen from US$320 a tonne at the start of 2025 to US$900 a tonne at the start of 2026.

EQ Resources benefited from strengthening tungsten pricing and increasing recognition of its Mt Carbine operation's strategic importance outside of China-dominated supply chains.

— Glennon Small Companies, Monthly Report, January 2026

A pullback despite rising prices, then confirmation of the thematic

Ellerston Capital said the stock fell 16 percent for the month despite the tungsten price rising further on shortages, noting the stock had already had a reasonable re-rating, but if tungsten prices remain elevated the company will produce a significant increase in earnings as production increases. Cadence Capital said China's export restrictions saw the tungsten price jump from around US$300 per mtu to around US$3,000 currently, with EQ Resources, the only Australian-listed tungsten producer, serving as its exposure to the thematic and one of the key contributors to performance over the financial year.

China's export restrictions in 2025 saw the commodity price jump from around US$300/mtu to around US$3,000/mtu currently. EQ Resources, the only Australian listed tungsten producer, has been our exposure to this thematic, and one of the key contributors to performance over the financial year.

— Cadence Capital, Monthly Report, June 2026

What fund managers say they are watching next is whether tungsten prices stay elevated near current levels, a roughly tenfold increase from early 2025, continued production increases at Mt Carbine and the company's Spanish operations, delivery on the expanding resource base and growth pipeline, and whether China's export restrictions persist or ease.