Australia's EQ Resources ascends on $124 million tungsten offtake agreements

Shares of EQ Resources EQR.AX rise 9.5% to A$0.046, their highest level since March 7

Tungsten miner says it entered into five long-term offtake agreements covering the next 24 months production from both its tungsten operations in Australia and Spain

Total value of these agreements is estimated to be $124 million, says EQR

Adds that contracts have been executed with international tungsten consumers

Stock rose as much as 14.3% earlier in the day, marking its biggest intraday gain since Feb. 5

EQR up 9.5% YTD