After an increase in the resource base of 9.6Mmtu at EQ Resources' wholly-owned Mt Carbine tungsten mine, Morgans raises its target to 10c from 7.3c.

The company reported an increased in situ hard rock resource of 28.7Mt at 0.30% WO3 (tungsten oxide), containing 8.6mmtu of WO3, up from 6.5Mmtu.

The broker raises its projected mining rate from the open pit and anticipates 80% recovery to a 50% WO3 concentrate. The Add rating is maintained.

Target price is $0.10.Current Price is $0.06. Difference: $0.04 - (brackets indicate current price is over target). If EQR meets the Morgans target it will return approximately 36% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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