SYDNEY — Shares in EQ Resources Ltd. climbed 11.04% to 42.75 Australian cents, adding 4.25 cents, as the Australian tungsten producer continued to ride a dramatic surge in global tungsten prices that has transformed the company from a speculative small-cap explorer into one of the market's standout resources stories of the past year.

The rally comes as benchmark tungsten prices have continued climbing to fresh records. Fastmarkets' European and U.S. ammonium paratungstate, or APT, price benchmark has been quoted in the range of $1,080 to $1,325 per metric tonne unit in recent weeks, according to data the company has shared with investors, up sharply from roughly $900 per mtu at the start of the year and a world away from the $350 per mtu level tungsten fetched when EQ Resources was still a roughly $100 million company. China continues to lead pricing in the sector, a dynamic industry watchers have attributed to export restrictions, exhausted export quotas and structurally declining mine output within the country, all of which have tightened global availability of the critical mineral even as demand accelerates across defense, aerospace, semiconductor manufacturing and other advanced industrial applications.

EQ Resources has positioned itself as one of the few significant Western tungsten producers outside China, operating two key assets: the Mt Carbine project in Far North Queensland, Australia, and the Barruecopardo mine in Spain's Salamanca Province. That dual-jurisdiction production base has made the company a direct beneficiary of Western governments' efforts to diversify........

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