EQ Resources Ltd. shares surged after mining billionaire Andrew Forrest agreed to acquire a 16.8% stake in the Sydney-listed tungsten producer from Oaktree Capital Management LP.

Forrest, the founder of Fortescue Metals Group, is one of Australia’s richest men and a seasoned investor in mining assets. His interest in EQ Resources follows a trend of high‑profile investors targeting specialty metals that are critical to emerging technologies.

EQ Resources, headquartered in Sydney, is a leading producer of tungsten, a key component in hard‑wheels, cutting tools and specialty alloys. The company has been expanding its operations and recently announced new projects aimed at increasing output and improving margins.

The stake purchase is expected to give Forrest significant influence over EQ Resources’ strategic direction, potentially accelerating its growth plans and enhancing shareholder value. Market analysts predict a sustained upward trend in the company’s valuation as confidence in its leadership and product demand rises.