The changes in open cut Ore Reserves are predominantly driven by changes in the Resource interpretation (see ASX announcement ‘Increased Tungsten in Updated Mt Carbine Mineral Resource’ dated 4 August 2022) with significantly larger areas of lower grade tungsten included in the Resource model. This is shown in the following two figures which show the difference between the previous and current Resource models. Figure 12: Cross Section Through Previous Resource Model (ore colour coded by vein group). Figure 13: Cross Section Through Current Resource Model (Indicated Resources are red, Inferred Resources are green). EQ Resources Limited Annual Report 2022 35
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