Table 2: Mt Carbine Ore Reserve Estimate at May 2023 Mt Carbine Ore Reserves Reserve Category ROM Tonnes (mt) WO3% Contained WO3 (mtu) Open Cut - Proved – – – Open Cut - Probable 5.93 0.28% 1,660,400 Open Cut - Total 5.93 0.28% 1,660,400 LGS - Proved – – – LGS - Probable 9.77 0.075% 732,750 LGS - Total 9.77 0.075% 732,750 Total - Proved – – – Total - Probable 13.54 0.142% 2,393,150 Total 13.54 0.142% 2,393,150 NOTES: • Total estimates are rounded to reflect confidence and resource categorisation. • Classification of Mineral Resources incorporates the terms and definitions from the Australasian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves (JORC Code, 2012) published by the Joint Ore Reserve Committee (JORC). • No uppercut was applied to individual assays for this resource, a lower cut of 0.05% was applied within the section 0.06-0.08% WO3 being designate as lower grade In-Situ. This is the grade werhe where Distrint Zones of mineralisation occur. • Drilling used in this methodology was all diamond drilling with 1/2 core sent according to geological intervals to ALS for XRF15b analysis. • Resource estimation was completed using the Kriging Methodology. • Indicated spacing is approximately 30m x 30m; Inferred in approximately 60m x 60m. A comparison to the previous Ore Reserve estimate (as September 2022) is summarised below: − Increase in Probable Reserves by 491,957 Mtu in a new larger pit. − Increased in the open cut mine lift of 2.5 years for a total of 7 years of open cut mining and − Strip Ratio remains excellent at 3.9:1 for the waste:ore ratio The changes in open cut Ore Reserves are predominantly driven by changes in the Resource interpretation (see ASX Announcement ‘Increased Tungsten in Updated Mt Carbine Mineral Resource’ dated 4 August 2022) with significantly larger areas of lower grade tungsten included in the Resource Model. This is shown in the following two figures which show the difference between the previous and current Resource models. EQ Resources Limited Annual Report 2023 47
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