Directors’ Report ANNUAL Report June 2022 Directors’ Report 8 Directors’ Report The Directors of EQ Resources present their report on the consolidated entity (Group), consisting of EQ Resources and the entities it controlled at the end of, and during, the financial year ended 30 June 2022. Directors The following persons were Directors of EQ Resources during the whole of the financial year and up to the date of this report, unless otherwise stated: • Oliver Kleinhempel, Non-executive Chairman • Stephen Layton, Independent Non-executive Director • Richard Morrow, Independent Non-executive Director • Zhui Pei Yeo, Non-executive Director Company Secretary (Joint) Melanie Leydin Patricia Vanni de Oliveira Principal Activities The principal activities of the Group during the 2022 financial year focused on the: ▪ continued optimisation of the production processes and recoveries from the Mt Carbine Retreatment and XRT Sorter Plants as part of the Company’s unincorporated joint venture with CRONIMET Australia Pty Ltd for the development of the Mt Carbine Tungsten Tailings Retreatment and Stockpile Projects; ▪ completion of the Bankable Feasibility Study and Underground Scoping Study; ▪ securing funding for the Mt Carbine Project and undertaking activities to advance the Project, including significant capital upgrades to plant and equipment such as the successful completion and commissioning of an upgraded Crushing and Wet Screening Circuit and the installation of an additional XRT Sorter as part of the Mt Carbine Early Works Program; ▪ the continuation of focused drilling programs to further define the Mt Carbine Tungsten resource; and ▪ the continued assessment of the exploration potential of the Group’s tungsten tenements in Far North Queensland whilst entering into a Farm-In and Joint Venture Agreement over its gold exploration licences in New South Wales. The Group also continues to evaluate other corporate and exploration opportunities within the new economy and critical minerals sector. Results The net result of operations for the consolidated entity after applicable income tax expense was a loss of $6,063,051 (2021: loss of $4,574,191). Dividends No dividends were paid or proposed during the period. EQ Resources Limited Annual Report 2022 39
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