Mineral Resources and Reserves Statement Summary of Results of Annual Review of Resources and Reserves An updated resource to the September 2022 Resource was released in May 2023 specifically targeting the grade envelopes within the BFS open cut. The updated Resource Statement has also allowed an updated Reserve Statement to be issued on 7 May 2023 with a larger pit and longer life mine. Table 1: Mt Carbine Resource Estimate as of May, 2023 Mt Carbine Mineral Resources Orebody Resource Classification Tonnes (mt) Grade (WO3%) WO3 (mtu) Low Grade Stockpile Indicated 10.126 0.075% 759,450 In Situ (0.05-0.08%) Indicated 2.75 0.07% 178,517 Inferred 0.83 0.06% 53,789 Total 3.58 0.07% 232,306 Total 13.71 0.07% 991,756 In Situ (+0.08%) Indicated 18.06 0.30% 5,405,905 Inferred 10.68 0.30% 3,217,311 Total 28.74 0.30% 8,623,212 Total Indicated 30.94 0.21% 6,343,868 Total Inferred 11.51 0.28% 3,271,100 Total I +I Resources Total 42.45 0.23% 9,614,968 46 EQ Resources Limited Annual Report 2023
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