For EQ Resources, FY2025’s tungsten market dynamics validated its strategy of operating in secure jurisdictions, expanding downstream exposure, and leveraging long-term contracts. With operations in Australia and Spain, and plans to integrate processing capabilities, EQR is well positioned to capture value in a market defined by scarcity, strategic importance, and sustained demand growth. Aviation Medical Military EV battery Development Green Energy Science & Technology Micro Electronics Aerospace Automotive Heavy Machinery Heavy Industry Tools & Construction 2024 End-use Sectors Tungsten Uses Mining & Construction Transport Industrial Use Defence Chemical/Petrochemical Consumer Durables Energy Medical & Pharmaceutical 2024 26% 25% 13% 11% 9% 8% 7% 1% Sources: ITIA, Company internal EQ Resources Limited Annual Report 2025 13
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