Governance Risks EQR must comply with a range of governance requirements which are conditions of its listing on the ASX and of its mineral exploration and mining activities. There is a risk that the Company may not be able to achieve the financial performance or outcomes disclosed herein if it fails to comply with those governance requirements or if the requirements change in the future and the Company is no longer able to comply with the requirements or must incur material unplanned expenditure in order to remain compliant. EQR seeks to manage and minimise this risk through its existing risk management framework including Board approved governance policies which are subject to regular review. Quarry Activities In the challenging and competitive landscape that characterises the Quarrying industry, the Mt Carbine Quarry embraced strategic advancement, precision operations, and equipment upgrades to increase its competitive advantage. Aligned with the Queensland Government strategy of repurposing waste rock from mining projects, the Mt Carbine operations beneficially re-uses mine waste to make a diverse array of products, including road bases, drainage aggregates, bituminous sealing aggregates, and robust armour rock to name only a few. A notable aspect of the Compamy’s progress this year was characterised by a strategic focus on optimising its equipment resources. Acknowledging the dynamic needs of the site’s operational activities, the Company initiated the leasing of assorted crushing equipment, at different stages, to fulfil its contractual obligations. This deliberate strategy enabled the Company to seamlessly align project demands. A crucial element to the Quarry’s continued success is the cultivation of strong alliances with prominent clients such as Boral Asphalt, Mareeba Shire Council, and Hall Contracting. Through these partnerships, the Quarry will continue to provide high-quality quarry material to regional infrastructure and development projects. Some of the key projects completed during the year under review are set out below: − Boral Asphalt: Northern Roads Reseal - Pormpuraaw. − Mareeba Shire Council: Local Euluma Creek Road, Julatten Road Rebuild following damage sustained during last year’s wet season. − Hall Contracting: Newell Beach Boat Ramp Amour Rock − Yorkey’s Knob Boat Ramp Euluma Creek Roadworks. Julatten Road Rebuild. Operating and Financial Review continued 16 EQ Resources Limited Annual Report 2023
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