Operating and Financial Review continued When compared to EQR’s September 2021 Maiden Resource there is a significant increase of +86% in the Indicated Resources category with an increase in global contained metal of 14%. The Company will be continuing to model the western extensions with the target to increase the life of the BFS Pit. The increase in the halo ore zone resources within the pit will add 29% more metal to the BFS and the economics will be updated in coming weeks. 22 Mt Carbine Mineral Reserves - Increase by 29% For further details refer to ASX Announcement dated 16 September 2022: Material Increase In Mount Carbine Ore Reserve Key take-aways: Increase in Reserves by 263,313 MTU in a smaller pit design as we bring in Pit designed so 95% of this increase comes into Year 1 Strip Ratio drops from 11:1 to 3:1 Reserves are anticipated to grow into Stage 3 Pit +29% Orebody Reserve Classification Tonnes (Mt) Grade (%WO3) WO3 (Mtu) Low Grade Stockpile LGS - Proved - - 750,000 LGS - Probable 10 0.08% In- Situ Open Pit - Proved - - 1,161,693 Open Pit - Probable 3.54 0.33% All TOTAL 13.54 1,911,693 Orebody Reserve Classification Tonnes (Mt) Grade (%WO3) WO3 (Mtu) Low Grade Stockpile LGS - Proved - - 759,750 LGS - Probable 10.13 0.075% In- Situ Open Pit - Proved - - 898,380 Open Pit - Probable 1.26 0.713% All TOTAL 11.39 1,658,130 Measured Group has been working closely with EQR to independently calculate the Resources and Reserves for Mt Carbine. They have optimised the updated Reserves and designed an economic pit shell that is currently used to update the BFS Report. Measured Group has recommended to continue drilling westward and to the north to bring in further Indicated Resources into mining Reserves (refer 2022 Reserve Report September). Figure 6: Red - Indicated Resources | Green – Inferred Resources. Figure 5: Mineral Ore Reserves Comparison 2021 to 2022. Increased Tungsten in Mt Carbine Mineral Ore Reserves EQ Resources Limited Annual Report 2022 23
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