- 2,000 4,000 6,000 8,000 10,000 12,000 Q1 FY2022 Q2 FY2022 Q3 FY2022 Q4 FY2022 Q1 FY2023 Estimate Tonnes (t) XRT Sorter Concentrate Production (t) Sorter concentrate September forecast - 20,000 40,000 60,000 80,000 100,000 120,000 140,000 160,000 Q1 FY2022 Q2 FY2022 Q3 FY2022 Q4 FY2022 Q1 FY2023 Estimate Kilograms (kg) Gravity Plant WO3 Concentrate Production (kg) 50% WO3 Equivalent (kg) September forecast - 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 Q1 FY2022 Q2 FY2022 Q3 FY2022 Q4 FY2022 Tonnes (t) Gravity Plant Head Feed Troughput (t) Head Feed Table 3: XRT Sorter Concentrate Production - 10,000 20,000 30,000 4 , 0 50,000 60,000 70,000 80,000 9 100,000 Q1 FY2022 Q2 FY2022 Q3 FY2022 Q4 FY2022 Q1 FY2023 Estimate TTonnes (t) Gravity Plant Head Feed Throughput (t) Head Feed September forecast Table 4: Gravity Plant Feed Materials Processed - 2,000 4,000 6,000 8, 0 10,000 12,000 Q1 FY2022 Q2 FY2022 Q3 FY2022 Q4 FY2022 Q1 FY2023 Estimate Tonnes (t) XRT Sorter Concentrate Production (t) Sorter concentrate September forecast - 20,000 40,000 60,000 80,000 100,000 120,000 140,000 160,000 Q1 FY2022 Q2 FY2022 Q3 FY2022 Q4 FY2022 Q1 FY2023 Estimate Kilograms (kg) Gravity Plant WO3 Concentrate Production (kg) 50% WO3 Equivalent (kg) September forecast - 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 Q1 FY2022 Q2 FY2022 Q3 FY2022 Q4 FY2022 Tonnes (t) Gravity Plant Head Feed Troughput (t) Head Feed Table 5: Gravity Plant Quarterly Concentrate Production The future Phase 2 process plant design as set out in the BFS will also see the current two XRT Sorters fed in parallel. The system is planned to reutilise the two sorters currently in operation to reduce further capital outlay around the XRT Sorters. The two XRT Sorters operate at +/-120tph with a continued +90% tungsten recovery. The results over the past year have further reinforced the early results seen through the bulk testing of the LGS and continue to prove the robustness of the technology and specifically the adaptability of the technology to the Mt Carbine LGS material. The grade of the LGS has been consistent with the bulk test work completed on the LGS, reinforcing the Company’s confidence in this technologically innovative and XRT Sorter Concentrate Production cost-effective method of pre-concentration to reduce downstream processing costs. The Gravity Plant has continued to operate on a 24/7 basis throughout the year. The processingmethodology and capability over the year has stayed fundamentally the same after the 2021 Financial Year saw several changes and continuous improvements throughout. The Gravity Plant has benefitted greatly from the upgrades during 2022, mainly through the simplification of the piping circuit for more direct routes with less pumping combined with rubber lining throughout the various high wear areas in the Gravity Plant. The second XRT Sorter has been installed and commissioned with the benefits of the second XRT Sorter being felt in the operation with over 4,000t of sorter concentrate produced in August 2022. Interfacing of the double XRT Sorter system has also been completed and commissioned which allows for the two units to be run in parallel or individually. With the mining, crushing, and screening capacities now increased, the material processed has moved from primarily historic tailings to primarily LGS material. Some of the benefits of processing the LGS material is that it is much less abrasive on the Gravity Plant, has higher tungsten grades for the -170mm fraction of the LGS being processed and has a much higher portion of recoverable tungsten. Recoveries of the LGS and sorter concentrate feed material sit at 79.5%. A big portion of being able to achieve such high recoveries for a tungsten processing operation is attributed to the use of XRT Sorters early in the process to pre-concentrate feed material for the Gravity Plant in combination with a strong focus on not over griding the plant feed. Due to the extremely friable nature of tungsten, yet the requirement to liberate the tungsten, there is a tendency in the industry to over grind creating losses during the separation of materials and extraction of tungsten. The Mt Carbine operation has been able to eliminate overgrinding through the use of cone crushers and rolls crushers throughout the process flow, giving the operation the ben fit of increased tungsten recoveries on LGS material. Scan this QR code with your phone’s camera to see how EQ Resources is mining for the future by using the Tomra XRT Sorters to deliver an economically-proven, technologically-driven, circular economy. EQ Resources Limited Annual Report 2022 17
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