EQ Resources Limited Annual Report 2023

Crushing, XRT Sorting & Gravity Plant Activities The operation successfully transitioned from primarily utilising material from the LGS to processing primarily tungsten-rich open cut ore. Since the beginning of the open pit operations, the shift yielded positive outcomes for the operations team, who focused on enhancing the recovery rates of the ore processed through the XRT Ore Sorter Plant resulting in higher grade feed into the Gravity Plant. A significant increase in production has been seen since the introduction of primary ore from open cut mining. The positive results from the processing of the primary ore has also seen tungsten recovery rates higher than expected which supports strong production trends going forward. EQR’s planned ramp up in production is on target with production records continuously being achieved. Grade control measures are now playing a pivotal role in our mining operations, ensuring the consistent quality of ore feed grades entering the crushing plant. EQR’s geology team plays an active role in delineating the ore zones in the open cut and ensuring ore deliveries are received at their designated ore bays prior to processing. Furthermore, we integrate cutting-edge technology into our grade control efforts through the utilisation of aerial drone imagery. These aerial surveys provide a comprehensive view of the mining area, aiding in the identification of key geological features and potential variations in ore grade distribution or zone delineation. This real-time visual data empowers our team to make rapid adjustments to our daily planning, optimising the extraction process and ensuring that the feed delivered for processing aligns with planning. Crushing Plant The commissioning of the Phase 1 Crushing Plant was concluded during the year, and it now operates on a 24/7 roster. Significant to the crushing operations was the implementation of a slurry line to efficiently transport fines directly from the Crushing Plant to the Gravity Plant. This strategic move substantially reduces the need for double handling of -6mm materials, optimising our operations, and curbing machinery operations hours. EQ Resources Limited Annual Report 2023 11

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