Directors’ Report ANNUAL Report June 2023 Directors’ Report 8 Directors’ Report The Directors of EQ Resources present their report on the consolidated entity (Group), consisting of EQ Resources and the entities it controlled at the end of, and during, the financial year ended 30 June 2023. Directors The following persons were Directors of EQ Resources during the whole of the financial year and up to the date of this report, unless otherwise stated: Oliver Kleinhempel, Non-executive Chairman Stephen Layton, Independent Non-executive Director Richard Morrow, Independent Non-executive Director Zhui Pei Yeo, Non-executive Director Company Secretary Melanie Leydin Principal Activities The principal activities of the Group during the 2023 financial year focused on the: continued optimisation of the production processes and recoveries from the Mt Carbine Gravity and XRT Sorter Plants as part of the Company’s unincorporated joint venture with CRONIMET Australia Pty Ltd for the development of the Mt Carbine Tungsten Tailings Retreatment and Stockpile Projects; securing funding for the Mt Carbine Project and undertaking activities to advance the Project, including significant capital upgrades to plant and equipment to ensure the site’s preparedness for the commencement of open cut operations; the continuation of focused drilling programs to further define the Mt Carbine Tungsten resource; Mining contract execution with Golding Contractors Pty Ltd for the commencement of the open-cut mining; and the continued assessment of the exploration potential of the Group’s tungsten tenements in Far North Queensland whilst entering into a Farm-In and Joint Venture Agreement over its gold exploration licences in New South Wales. The Group also continues to evaluate other corporate and exploration opportunities within the new economy and critical minerals sector. Results The net result of operations for the consolidated entity after applicable income tax expense was a loss of $3,716,846 (2022: loss of $6,063,051). Dividends No dividends were paid or proposed during the period. Operating & Financial review Information on the operations and financial position of the Group and its business strategies and prospects for future financial years is set out earlier in this Annual Report. The auditors have issued an unqualified opinion. 50 EQ Resources Limited Annual Report 2023
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