EQ Resources Limited Annual Report 2021

Chairman’s Address EQ Resources aims for a leadership role in the sustainable development of critical mineral projects. Dear Shareholders Welcome to the 2021 Annual Report for EQ Resources Limited. In the past 12 months we have seen with great pleasure how the Company has further progressed towards being a responsible and industry-recognised producer of tungsten – a critical metal for industrialised nations and with emerging importance in the New Economy. I applaud the Leadership Team for its tireless work and for continuously strengthening the operational team with the required competencies to ensure that development milestones are being met. Throughout the last year the COVID-19 pandemic has still resulted in tremendous disruptions to everyday life and required the Company to be agile, creative and enduring along the way. Despite all these challenges the Company’s transformation continued. Mineral and metal consumption correlates with economic growth and urbanisation. Improved resource efficiency along value chains will reduce negative environmental and social impact and therefore plays an important role in building sustainable societies. Through the Company’s Purpose Statement, EQ Resources articulated concrete commitments to managing the economic, social and environmental challenges related to mineral resources development. ESG related matters are not hidden in a single department or being outsourced to an external advisor, they actually build the core of the Company’s DNA. The Leadership Team continues to work on initiatives around energy efficiency and possible integration of renewable energy around the Mt Carbine site, assessing participation in critical minerals traceability initiatives and coordinating with other Australian tungsten developers on what are suitable routes for down-streaming and value-adding in the critical minerals sector. These activities will become more visible as the Company progresses with its Mt Carbine project. EQ Resources aims for a leadership role in the sustainable development of critical mineral projects. The Company’s flagship project at Mt Carbine - as a blueprint for a potential corporate expansion - has the following very strong value proposition: Mt Carbine Value Proposition Critical Mineral Focus Set For Cost Leadership First Class Infrastructure By-Product Revenue World Class Resource Strong ESG Credentials We are on the finish line in getting the once prestigious Mt Carbine tungsten mine back into operation. We invite you to continue to support us in our journey to realise the full potential of EQ Resources. Oliver Kleinhempel Non-Executive Chairman EQ Resources Limited Annual Report 2021 1