EQ Resources Limited Annual Report 2021

A significant amount of work has been completed recently to understand the Particle Size Distribution (PSD) as part of a grade-by-size assessment of the LGS, and a review of the data generated from that work was completed in 2021, to further support the MRE for the LGS. The following table provides a summary of PSD data: Table 2: Particle Size Distribution Data (PSD) Size Fraction (mm) Grade (WO 3 ) PSD +170mm 0.043% 30.0% -170 + 100 0.049% 8.0% -100+53 0.069% 9.0% -53 + 30 0.081% 11.0% -30 + 6 0.095% 20.0% -6 0.110% 22.0% TOTAL 0.075% 100.0% Competent Persons Statement Statements contained in this announcement relating to the Mt Carbine Tungsten Mine Mineral Resource Estimate, are based on, and fairly represents, information and supporting documentation prepared by Mr Chris Grove, who is a member of the Australian Institute of Mining & Metallurgy (AusIMM No: 310106). Mr Grove is a full-time employee of independent mining consultant firm Measured Group, who were contracted by EQ Resources Limited to prepare an estimate of the Mineral Resources for Mt Carbine. Mr Grove has sufficient relevant experience in relation to the mineralisation styles being reported on to qualify as a Competent Person as defined in the Australian Code for Reporting of Identified Mineral Resources and Ore Reserves (JORC) Code 2012. Mr Grove consents to the use of the information contained in this announcement in the form and context in which it appears. The Mineral Resource Estimate is reported as at 20 September 2021. EQ Resources Limited Annual Report 2021 19