EQ Resources (ASX:EQR) said that it is continuing talks for the potential acquisition of Tungsten Metals Group and its subsidiaries after an exclusivity period expired on Jan. 31, according to a Friday Australian bourse filing.

The firm executed a binding heads of agreement with Tungsten Metals and George Chen under which, subject to certain conditions, EQ agreed to acquire 100% of the shares in the ferrotungsten producer, and separately Chen's interest in Asia Tungsten Products.

The parties have undergone a detailed due diligence process, but they have not yet executed definitive agreements, the filing said.