EQ Resources (ASX:EQR) decided not to accept the revised terms of an extension of a loan facility with Queensland Investment for expansion plans for its Mt Carbine project in Queensland, according to a Monday filing with the Australian bourse.

In May, the company signed an agreement for a three-year interest-bearing funding facility, with Queensland Investment committing up to AU$20 million from the Queensland Critical Minerals and Battery Technology Fund, the filing said.

Shares fell nearly 4% in afternoon trade Monday.

Price (AUD): $0.05, Change: $-0.002, Percent Change: -3.64%