EQR has had the opportunity to build on the progress achieved last year, further growing and developing a strong work force and management team for its operations in a sustainable and incremental manner as this project has developed. This has allowed the foundation to be set for continued growth and expansion with minimal disruption as the Company has requisite policies, systems, structures and leadership in place. Coupled with this, EQR continues to have a strong ESG focus, working across all three pillars of Environment, Social and Governance, through the newly established ESG Advisory Group made up of local stakeholders. Mt Carbine is the only primary tungsten producer in Australia at this point, and it has not come without a significant effort from all involved. It is now benefiting from a strong tungsten price, which I personally believe will continue to get stronger as Western supply pressure grows and demand constraints remain. I would like to take this opportunity to once again acknowledge that this growth would not have been possible without the ongoing efforts of the leadership and site teams working together and the healthy interaction of the EQR Board for their strategic input, guidance, and involvement in bringing the Company to where it is today, bolstered by exciting plans for the future. The Company continues to deliver measurable outcomes towards the short, medium and long-term goals, with a diverse, collaborative and highly motivated team. The team at EQR is grateful for the support of all shareholders and partners that see and appreciate the value in what we are doing and how we as a Company continue to deliver on our milestones as we walk the path of sustainable, accretive growth. Kevin MacNeill Chief Executive Officer Mt Carbine Low Grade Stockpile and Quarry Operations EQ Resources Limited Annual Report 2022 3
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