Sustainability Tab EQR Website Please visit our website to view our Sustainability landing page for further information. https://www.eqresources.com.au/site/sustainability/what-we-care-about-1 Exploration Activities Throughout the 2023 financial year, following successful drilling campaigns, the Company released successive updated Resource Statements, The latest updated Resource Statement was released on 4 April 2023 (refer ASX ASX Announcement ‘64% Increase of Mt Carbine Indicated Resources (In-Situ)’) followed by an updated Reserve Statement (refer ASX Announcement ‘43% Increase in Mt Carbine Ore Reserves From Western Pit’ dated 18 May 2023). This culminated in an updated Bankable Feasibility study (refer ASX Announcement ‘Strong BFS Update Delivers 47% Increase In NPV’ dated 22 May 2023). The full document can be found on the EQR Website under Technical Reports. Resource Update With the addition of a further 7 holes for 1,646.3m, the Company undertook a re-assessment of the Mt Carbine Resource Model. As there was a sufficient increase in the Indicated Resource an update to the Mineral Resource Estimation (MRE) was undertaken to show the results of extension work immediately west of the BFS pit design (December 2022). Total drilling to date at Mt Carbine used for this updated MRE now comprises of 96 holes for 24,337m of diamond drilling. Highlights of the updated resource are as follows: − 64% increase in the latest resource ‘Mt Carbine Mineral Resource Estimate* (“MRE”) dated 4 April 2023 (*0.05% WO3 cut-off grade). − 2.11 million metric tonne units (mtu, equal to 10kg WO3) increase of the metal contained in Indicated Resources (In-situ). − Global MRE (Inferred & Indicated category) increases by 28.6% to ~9.61 million mtu. − Indicated Resources (In-situ) expanded from 12Mt @ 0.27% WO3 to 18.1Mt @ 0.30% WO3, adding significant metal value to the Company’s inventories. − Additional high-grade mineralisation located in the Dyke West Zone and the Northern Iron Duke Zone. − Model shows the mineralisation remaining open at depth and along strike. EQ Resources Limited Annual Report 2023 29
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