Chairman’s Address We are proud of the opportunity presented to take our exploration, mining and minerals processing expertise onto the world stage. Dear Shareholders and Friends of EQR, It is my great pleasure to present to you the 2023 Annual Report for EQ Resources Limited. The past 12 months have seen enormous changes at our Company. Not only have we paved the way for the restart of mining in the Andy White open pit, but we have been presented with an opportunity to take our exploration, mining and minerals processing expertise onto the world stage. As I write, our team at Mt Carbine, led by CEO Kevin MacNeill, is into the third month of mining primary ore from the Andy White open pit. This is the result of two years of planning and implementing the strategy outlined in our feasibility studies, which the team has delivered largely on time and cost effectively. Mt Carbine was historically one of the major global sources of tungsten. Today, with the help of so many employees, contractors and advisers, this grand old Dame of Far North Queensland’s mining history is once again making a name for itself, producing a mineral which is rated as highly critical to the global economy. GOING GLOBAL The world is calling out for new, diverse and - most importantly - sustainably produced sources of tungsten, a unique metal with a wide variety of uses in many industries and parts of daily life. Your Company is committed to be an important supplier of tungsten concentrate into the global market, from not only our Australian operations but also from Barruecopardo in Spain, subject to completion of outstanding conditions precedent as per the Sale and Purchase Agreement with global investment manager, Oaktree Capital Management. It is a delight to be working with a company such as Oaktree which has the foresight to recognise the importance of both the application of advanced technology in ore sorting but also to recognise the importance of developing a stable source of this critical metal for global industrial consumers. We look forward to welcoming Oaktree as a stakeholder in the wider group for the benefit of all shareholders. Oliver Kleinhempel Non-Executive Chairman Last year, I wrote about the importance the EQ Resources Board places on Our People, Our Partners and Our Potential, our 3P’s. They certainly came to the fore in FY23 and will be even more important going into the future, both in Australia and overseas. PEOPLE, SAFETY & COMMUNITY One of the big challenges and opportunities at Mt Carbine is building and training a workforce. It is also one of the leadership team’s most rewarding experiences in rebuilding the importance and reputation of the Mt Carbine Tungsten Mine. We have had some inspiring people join us at Mt Carbine, learning to operate heavy machinery and work complicated mineral processing equipment. Our growing team has not only risen to the challenge but also embraced the need for an absolute focus on safety whilst at work. We have also been welcomed into the local community as a responsible mining operator and our work with local conservation groups has also been acknowledged. THRIVING FOR MORE EQ Resources is looking to build on the achievements of the year under review. In exploration we will be testing for extensions laterally and at depth of the Mt Carbine orebody. We will also be studying opportunities at another former great Queensland tungsten mine, Wolfram Camp, where we have been awarded the opportunity to study the potential of refurbishing this abandoned operation. Our geology team is also looking forward to working with and learning from our new colleagues in Spain to examine the potential for further tungsten opportunities near Barruecopardo. The year ahead is full of opportunity and we look forward to sharing these with our stakeholders as the year unfolds. EQ Resources Limited Annual Report 2023 1
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