EQ Resources Limited Annual Report 2021

Mineral Resources and Ore Reserves Statement Summary of Results of Annual Review of Resources and Reserves The following is a summary of the Mineral Resource Estimate (“MRE”) issued on 20 September 2021 which also shows the governance and controls of the resource statement. The MRE for Mt Carbine consists of two separate components: 1. In-Situ Mineral Resources adjacent to, and below, the current open pit, proposed to be mined by open pit mining methods; and 2. the mineralised rock previously mined and stockpiled, located in what is now referred to as the Low Grade Stockpile (“LGS”). The MRE was finalised on 8 September 2021 and is based on geological data acquired from 20,426m of diamond core from 79 drill holes that intersected the in-situ orebody adjacent to, and below, the current open pit; and samples obtained through a bulk sampling programme conducted over the LGS. Table 1 contains a summary of the MRE for Mt Carbine. Table 1 - Mt Carbine Resource Estimate, as at 20 September 2021 Resource Resource Classification Tonnes (Mt) Grade (WO 3 %) WO 3 (mtu) Low Grade Stockpile Indicated 12.00 0.075 900,000 In Situ Indicated 2.40 0.74 1,776,000 Inferred 6.81 0.59 4,017,900 Sub-Total 9.21 0.63 5,793,900 Total (Low Grade Stockpile + In Situ) 21.21 6,693,900 NOTES: 1 Total estimates are rounded to reflect confidence and resource categorisation 2. Classification of Mineral Resources incorporates the terms and definitions from the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code, 2012) published by the Joint Ore Reserve Committee (JORC) 3. No upper cut was applied to individual assays for this resource, a lower cut of 0.15% WO 3 was applied Geological Interpretations and Mineral Resource Estimation EQ Resources contracted independent mining consultant firm Measured Group Pty Ltd to estimate a Mineral Resource for the Mt Carbine Tungsten Mine, utilising the geological data, observations and geochemical analysis from 79 diamond core drill holes drilled into the in-situ orebody, and samples obtained through a bulk sampling programme conducted over the LGS. Lithological, structural and assay data from 79 diamond core drill holes (20,426m) spaced between 10m and 35m apart, were used to build mineralisation wireframes. Checks of the documentation describing the sampling, sample preparation, QA/QC protocols and analytical procedures used for all the drilling phases were completed by the Competent Person responsible for the estimate. No compositing of core sample intervals was undertaken in the field. Samples were composited within the mineralisation envelopes for geological modelling. Data spacing was considered sufficient for estimation of WO 3 grades by ordinary kriging. Mineralisation was modelled as three-dimensional blocks of parent size 10m x 10m x 10m with sub-celling allowed to 0.5m x 0.5m x 0.5m. No assumptions were made regarding the modelling of selective mining units. The following validation checks were completed on the block model: − Drill holes used for the estimation plotted in expected positions. − Flagged domains intersections lay within, and corresponded with, domain wireframes. − Determine whether statistical analyses indicated that grade cutting was required. − Volumes of wireframes of domains matched volumes of blocks of domains in block model. − Visually plot of grades in the block model against drill holes. EQ Resources Limited Annual Report 2021 17