EQ Resources Limited Annual Report 2023

Eight additional shaker tables have been installed and commissioned to increase processing capacity. Laboratory Upgrades and Core Shed Relocation. The laboratory’s operational scope at Mt Carbine has expanded significantly with the commencement of open cut operations. The Company has developed and implemented a quality assurance system with regular samples sent to external third-party laboratory, Australian Laboratory Services (ALS), for validation. With 20% in-house quality checks and 10% of production and grade samples sent to ALS, as part of the Company’s quality assurance program, the technical team ensures that the calibration of the laboratory equipment is on point. Previously the on-site laboratory was manned by a single employee who was responsible for daily production samples to be sent weekly to ALS in Brisbane for assay, with a typical turnaround time of 4-5 weeks and between 80 to 150 samples being submitted per month. Now, EQR’s newly equipped laboratory can process and assay on average 80 samples per day with a 24-hour turnaround on results. This has led to a greater detail in grade and plant control for variations in material and processes enabling the operations team to make more informed and timely decisions during production. Newly constructed laboratory and core shed. EQR Corporate Office - Mareeba The EQR Group now has a presence in Mareeba, with the opening of it’s Corporate Office in June 2023. Mareeba is located approximately 1 hour from Mt Carbine and together with other local communities, supply a large percentage of the Mt Carbine Mine’s daily operational requirements. The Corporate Office overseas the functions of finance, accounts payable/receivable, payroll and general administration functions for the Mt Carbine Mine Site and currenlty employs five full-time employees from the Mareeba and Atherton Tablelands region. Mareeba Office Facade. EQ Resources Limited Annual Report 2023 9

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