EQ Resources Limited Annual Report 2021

22 EQ Resources Limited Annual Report 2021 Directors’ Report ANNUAL Report June 2021 Directors’ Report 8 Directors’ Report The Directors of EQ Resources present their report on the consolidated entity (Group), consisting of EQ Resources and the entities it controlled at the end of, and during, the financial year ended 30 June 2021. Directors The following persons were Directors of EQ Resources during the whole of the financial year and up to the date of this report, unless otherwise stated: • Oliver Kleinhempel, Non-executive Chairman • Stephen Layton, Independent Non-executive Director • Richard Morrow, Independent Non-executive Director (Appointed 16 March 2021) • Zhui Pei Yeo, Non-executive Director Company Secretary (Joint) Melanie Leydin (Appointed 15 February 2021) Patricia Vanni de Oliveira (Appointed 15 February 2021) Suzanne Irwin (Resigned 1 March 2021) Principal Activities The principal activities of the Group during the 2021 financial year focused on the:  continued optimisation of the production processes and recoveries from the Mt Carbine Retreatment Plant as part of the Company’s unincorporated joint venture with CRONIMET Australia Pty Ltd for the development of the Mt Carbine Tungsten Tailings Retreatment and Stockpile Projects;  ongoing expansion of the Mt Carbine Quarrying operations along with the fulfilment of the ~$4 Million Purchase Order from Bama Civil for the supply of quarry materials;  drilling program to further define the Mt Carbine Tungsten resource which commenced in March 2021;  appointment of Bankable Feasibility Study lead and preferred independent consultants to assess the potential for an open pit operation prior to going underground at the Company’s flagship asset, the Mt Carbine Tungsten Mine, in Far North Queensland; and  maintaining its tungsten exploration assets in Far North Queensland whilst continuing to evaluate the exploration potential of its gold exploration licences in New South Wales. The Group also continues to evaluate other corporate and exploration opportunities within the new economy and critical minerals sector. Results The net result of operations for the consolidated entity after applicable income tax expense was a loss of $4,574,191 (2020: loss of $3,015,680). Dividends No dividends were paid or proposed during the period.