An investment vehicle wholly owned by Australian mining entrepreneur Andrew Forrest has agreed to acquire Oaktree Capital Management’s 16.8% stake in EQ Resources, transferring a major shareholder position in the tungsten producer to a new strategic investor.
Wonongarra Pty Ltd will purchase 862,131,779 EQ Resources shares and 35,555,556 options from Oaktree. The transaction price was not disclosed. Based on EQ Resources’ closing share price before the announcement, the ordinary shares were valued at approximately A$189.7 million, although that figure does not represent the agreed purchase consideration.
Shareholder transfer leaves EQ Resources without new capital
The transaction is a secondary sale between existing shareholders, meaning EQ Resources will receive no proceeds from the deal and the transfer of ordinary shares does not immediately dilute existing shareholders. The options acquired by Wonongarra could increase EQ Resources’ issued share capital if exercised, but the announcement did not disclose their exercise terms or potential proceeds.
Oaktree became a cornerstone investor in 2023, supporting EQ Resources’ acquisition of the Barruecopardo tungsten mine in Spain and the expansion of the Mt Carbine operation in Queensland.
Management and operations remain unchanged
EQ Resources said the ownership change will not affect its management, strategy or day-to-day operations. The transaction does not include an announced project-finance commitment, development facility or change in operational control.
Shareholder rights associated with Oaktree’s position will transfer to Wonongarra. No offtake agreement, board appointment or future funding commitment from Forrest’s investment vehicle has been announced. The transaction comes as tungsten remains heavily concentrated in China. The metal is used in industrial tooling, semiconductors and defence equipment, while EQ Resources is seeking to establish production from its Australian and Spanish operations.
EQ Resources shares rise after transaction
The market response was significant, with EQ Resources shares rising as much as 34.1% to A$0.295 on 20 July 2026. The increase raised the market value of Wonongarra’s newly acquired holding but did not provide additional cash to EQ Resources. The future significance of the new shareholder relationship will depend on whether Wonongarra provides financial, commercial or procurement support. No such commitments have been announced alongside the acquisition.
