Australian mining entrepreneur Andrew Forrest is set to become a major shareholder in EQ Resources after an investment vehicle he wholly owns agreed to acquire Oaktree Capital Management’s 16.8% stake in the tungsten producer.
Wonongarra Pty Ltd will purchase 862,131,779 EQ Resources shares and 35,555,556 options from Oaktree. The transaction price has not been disclosed. Based on EQ Resources’ share price before the announcement, the ordinary shares were worth approximately A$189.7 million, although that figure does not represent the agreed purchase consideration. The transaction is a secondary share transfer, meaning EQ Resources will not receive new capital from the deal. The transfer of the ordinary shares also does not immediately dilute existing shareholders. The options could increase the company’s share count if exercised, although the announcement did not provide further details on their exercise conditions or potential proceeds.
Oaktree Exits After Supporting EQ Resources Expansion
Oaktree became a cornerstone investor in EQ Resources in 2023, helping support the company’s acquisition of the Barruecopardo tungsten mine in Spain and the expansion of its Mt Carbine operation in Queensland, Australia. Its exit now transfers a substantial ownership position to Forrest, whose business interests span mining, infrastructure and critical minerals.
EQ Resources has indicated that the change in ownership will not affect its management, strategy or day-to-day operations. The transaction therefore does not represent a new project-finance facility, development funding package or change in operational control. While shareholder rights associated with the stake will transfer to Wonongarra, there has been no announcement of a new offtake agreement, board appointment or future financing commitment from Forrest.
Forrest Entry Highlights Tungsten’s Strategic Importance
The arrival of a high-profile mining investor nevertheless carries strategic significance for EQ Resources and the wider tungsten market. Tungsten is considered a strategically important industrial metal because of its hardness, high melting point and resistance to wear. It is widely used in industrial tooling and has applications across semiconductors, defence and advanced manufacturing.
Global tungsten supply remains heavily concentrated in China, increasing pressure on western economies and manufacturers to develop alternative sources. EQ Resources is seeking to establish significant tungsten production from its assets in Australia and Spain, positioning the company within efforts to diversify supply chains for critical raw materials. Forrest’s investment therefore provides an important vote of confidence in EQ Resources’ strategy, even though no additional financial or commercial commitment has yet been announced.
EQ Resources Shares Surge After Deal
Investors responded strongly to the change in the company’s shareholder register. EQ Resources shares climbed as much as 34.1% to A$0.295 on 20 July 2026, significantly increasing the market value of the stake acquired by Wonongarra. The share-price reaction, however, does not provide additional funding to EQ Resources because the transaction is taking place directly between existing shareholders.
For investors, the key question now is whether Forrest’s involvement develops beyond a cornerstone investment. A strategic shareholder of this scale could potentially improve access to capital, industrial partnerships and government relationships. But those advantages remain prospective unless Wonongarra eventually provides project funding, procurement support, offtake arrangements or other commercial assistance. The transaction nevertheless places EQ Resources in a stronger strategic spotlight as western markets seek to build more resilient tungsten and critical-minerals supply chains outside China.
