Chairman’s Address EQR has progressed towards being a responsible and industryrecognised producer of tungsten – a critical metal for industrialised nations and with emerging importance in the New Economy. Dear Fellow Shareholders Welcome to the 2022 Annual Report for EQ Resources Limited (EQR or Company). The past 12 months have been defined by continuous progress, primarily on the ground at mighty Mt Carbine, seeing production ramping up and exploration efforts delivering promising results. Secondly as an organisation overall, our Leadership Team has established a strong operational and administration support crew. 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 Energy Economy. In this year’s address I would like to recognise three important factors for the Company’s recent and upcoming successes. The 3P’s if you like – People, Partners & Potential: OUR PEOPLE The Leadership Teamhas structured and trained a team of hard-working employees coming from the region around Mt Carbine, Queenslanders who understand and have experienced the positive impact the project has had in their communities. Success builds upon people and their individual efforts. We have a resilient organisation which adapted throughout difficult COVID-19 times. We are now proudly looking at a team that ensures a 24/7 operation. We have an advanced health, safety and training system in place, accepted by all employees as a basis for their wellbeing at site. We have recruited a large number of female colleagues who provide diversity around our workplaces. We simply have one of the best teams out there of which we can all be proud, while the workforce can also be proud of the work they do together and the progress they have made breathing new life into Mt Carbine. OUR PARTNERS Our operations would not function without the additional support from a wide range of partners who believe in the potential of the Mt Carbine operations and the Company’s long-term strategy. The Leadership Team continuously engages with regional communities, regional contractors and suppliers and other important stakeholders of the ecosystem around Oliver Kleinhempel Non-Executive Chairman Mt Carbine. We receive positive feedback about our open engagement and transparency. Final product offtakers from Mt Carbine are frequently visiting site to stay engaged with our team, recognising the progress and offering support for the expansion plans. Together with our partners we have grown into a more technology-driven operation, highlighted by our successful XRT Sorting operation and recent developments with Plotlogic a partner which provides sophisticated technology to precisely understand the location and material properties of every rock in our mine, in real-time. Last but not least, the Company has received continuous support from State and Federal Governments and their agencies – our work has been recognised by providing the Company with three grants in the short time that the Company has been in development. OUR POTENTIAL Technology leadership enables the Company to maximise resource recovery at Mt Carbine and any future project the team engages with. As shown with the recent Reserve update, the success around XRT Sorting enabled the Company to extend the open pit mine life – withmore to come! The Company’s approach towards a sustainable mining operation has resulted in and continues to generate significant co-contributions from the sale of quarry products. Recent drilling offers additional potential to extend the open pit even further. The West Extension exploration work will be a main focus for the months to come, with the Geology Team already having identified new drill targets. We have no doubt that our teams are delivering on the Company’s Value Proposition, providing long-lasting positive impact for our communities, the industry overall and for all of us as shareholders! We invite you to continue to support us in our journey to realise the full potential of EQ Resources. EQ Resources Limited Annual Report 2022 1
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