ANNUAL Report June 2022 Notes to the Consolidated Financial Statements 42 ▪ The release of an updated Ore Reserve estimate for its Mt Carbine Tungsten Project current as of 1 September 2022 which accounts for all mining activities undertaken to date. Refer ASX Announcement "Mineral Increase in Mt Carbine Ore Reserve” dated 16 September 2022) Reserve Category ROM Tonnes (mt) WO3 % Contained W03 (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 21. STATEMENT OF CASH FLOWS Reconciliation of net cash outflow from operating activities to operating loss after income tax 2022 $ 2021 $ (a) Operating profit / (loss) after income tax (6,063,051) (4,574,191) Depreciation and amortisation 939,592 588,545 Share based payments expense 411,648 279,446 Amortised finance expense 540,523 - Gain on disposal of assets - - Loss on disposal of assets 36,421 22,537 (Revaluation) Devaluation of investment to market value (1,933) (1,547) Unrealised foreign exchange (gains) losses 372,958 (323,179) Change in assets and liabilities: Decrease (Increase) in receivables (702,863) (1,607,890) Decrease (Increase) in other assets 98,068 (331,770) Increase/(decrease) in trade and other creditors 1,255,867 2,131,327 Net cash outflow from operating activities (3,112,770) (3,816,722) (b) For the purpose of the Statement of Cash Flows, cash includes cash on hand, at bank, deposits and bank bills used as part of the Company’s cash management function. The Company does not have any unused credit facilities. The balance at 30 June 2022 comprised: Cash assets 1,723,426 3,504,721 Cash on hand 1,723,426 3,504,721 EQ Resources Limited Annual Report 2022 73
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