Mineral Resources and Ore Reserves Statement Summary of Results of Annual Review of Resources and Reserves An updated resource to the September 2021 resource was released in July, 2022 specifically targeting the grade envelopes within the BFS open cut. The updated Resource Statement has also allowed an updated Reserve Statement issued in September, 2022. Table 10: Mt Carbine Resource Estimate as of July, 2022 Mt Carbine Mineral Resources Orebody Resource Classification Tonnes (mt) Grade (WO3%) WO3 (mtu) Low Grade Stockpile Indicated 12.00 0.075% 900.000 In Situ Indicated 12.04 0.27 3,296,800 Inferred 8.28 0.40 3,281,500 Total 20.32 0.32 6,578,300 All Total 32.32 7,478,300 Table 11: Mt Carbine Ore Reserve Estimate at September 2022 Mt Carbine Ore Reserves Reserve Category ROM Tonnes (mt) WO3% Contained WO3 (mtu) Open Cut - Proved – – – Open Cut - Probable 3.54 0.33% 1,161,693 Open Cut - Total 3.54 0.33% 1,161,693 LGS - Proved – – – LGS - Probable 10.00 0.075% 750,000 LGS - Total 10.00 0.075% 750,000 Total - Proved – – – Total - Probable 13.54 0.142% 1,911,693 Total 13.54 0.142% 1,911,693 NOTES: 1. Total estimates are rounded to reflect confidence and resource categorisation. 2. Classification of Mineral Resources incorporates the terms and definitions from the Australasian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves (JORC Code, 2012) published by the Joint Ore Reserve Committee (JORC). 3. No uppercut was applied to individual assays for this resource, a lower cut of 0.05% was applied to the Southern Domain 1 block and 0.15% WO3 to the area outside of this area was applied, which is the grade where the mineralisation forms distinct veins. 4. Drilling used in this methodology was all diamond drilling with 1/2 core sent according to geological intervals to ALS for XRF15b analysis. 5. Resource estimation was completed using the Kriging Methodology. 6. Indicated spacing is approximately 30m x 30m; Inferred in approximately 60m x 60m. 7. The deposit is a sheeted vein system with subparallel zones of quartz tungsten mineralisation that extend for >1.2 km in length and remain open. At depth, the South Wall Fault cuts the Iolanthe to Johnson’s veins but the Iron Duke zones remain open to depth. A comparison to the previous Ore Reserve estimate (as of 31 December 2021) is summarised below: − Open cut ROM tonnes increased from 1.26mt to 3.54mt, − Open cut ROM WO3 grade decreased from 0.71% to 0.33%, − Open cut contained WO3 increased from 900k mtu to 1.161m mtu (1 mtu = 10kg WO3) − LGS depleted by 0.13mt 34 EQ Resources Limited Annual Report 2022
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