− Power supply line and substation installation/upgrade; − Installation of water monitoring bores required prior to submission of Environmental Approval to reopen the open pit; − Office upgrade utilising inhouse personnel to execute an optimised layout making room for the growing Mt Carbine team; − Dewatering screen purchase for installation in the Gravity Plant; and − Purchase of tertiary crushing circuit for the crushing of sorter concentrate. The plant allows for significantly higher throughputs of material targeting a minimum throughput of 170tph. With the plant designed specifically for the application, the operations team will run the crushing and screening on a 24/7 basis to maximise feed production for the TOMRA XRT Processing Circuit and the Gravity Plant. All of the points above were key upgrades for the BFS processing plant. Completing these upgrades early has allowed the Company to increase revenue generation through growing concentrate outputs. The Company now has 1 million ton per annum (Mtpa) processing capacity and is set to achieve a forecast 90 tonnes (“t”) of concentrate produced per month at current rates. The next production step change will come from the processing of significantly higher feed grade material from the open pit operation set to kick-off in 2023. This forecast can be seen in Figure 2. Since the publication of the BFS, the company has achieved several significant milestones toward the execution of the BFS and expansion of the Mt Carbine operation. These points are highlighted in Figure 2. Figure 2: Mt Carbine Tungsten Concentrate Production Forecast. Federal Government Co-Invests in High-Tech Ore-Sorting Process EQR successfully secured $600,000 in co-investment from the Federal Government’s Advanced Manufacturing Growth Centre (“AMGC”) via the $30 million Commercialisation Fund. Combined investment from EQR, its partners and AMGC, totalling $1.97 million, will assist in commercialising industrial-scale operations for advanced minerals processing flowsheet developed for the Mt Carbine Expansion Project. Technologies to be incorporated include the advanced XRT ore sorting technology from TOMRA Sorting Pty Ltd, as well as hyperspectral imaging sensors developed by Plotlogic Pty Ltd. The implementation will further be supported by CRONIMET Australia Pty Ltd and The University of Queensland – Sustainable Minerals Institute. The formal co-funding agreement between AMGC and the Company has been finalised and signed. AMGC is an industry-led, not-for-profit organisation established through the Australian Government’s Industry Growth Centres Initiative. AMGC’s vision is to transform Australian manufacturing to become an internationally competitive, dynamic, and thriving industry with advanced capabilities and skills at its core. EQ Resources Limited Annual Report 2022 13
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