SYDNEY — Shares of EQ Resources fell more than 11% on Tuesday, even after the Australian tungsten miner reported record quarterly revenue and a near-tripling of its cash balance, as investors appeared to take profits following a massive rally in the stock this year.

The stock dropped 4.5 Australian cents, or 11.39%, to close at 35 cents on the Australian Securities Exchange. Shares had briefly jumped about 6.3% to 42 cents shortly after the company released its quarterly update, before reversing sharply and sliding through the rest of the session.

The decline extends a volatile stretch for the stock. EQ Resources fell 11.24% last Thursday to close at 39.5 cents, meaning the shares have now lost more than a fifth of their value in two trading sessions on which they moved.

The selloff came on a day when the broader market rose. The S&P/ASX 200 index gained 0.57% to close at 8,735.7, its third straight session of gains.

The drop came despite strong results for the three months ended Sept. 30, the first quarter of the company's 2027 fiscal year.

EQ Resources said revenue rose 101% from the previous quarter to a record 158.8 million Australian dollars, driven by sharply higher production and stronger tungsten prices. Sales volumes totaled 49,715 metric tonne units of tungsten trioxide.

Consolidated production rose 81% from the June quarter to 51,233 metric tonne units, the second-highest quarterly total in the company's history.

Cash on hand jumped........

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