ANNUAL Report June 2023 Directors’ Report 9 Corporate Structure EQ Resources is a limited company that is incorporated and domiciled in Australia. Significant Changes Significant changes in the state of affairs of the Group for the financial year were as follows: (a) Additional drilling results along with the reinterpretation of the Resource Model and the successful implementation of the XRT Ore Sorting Operations at lower grades resulted in a significant increase in the estimated open cut Ore Reserve to 3.5mt and a 29% increase in contained WO3 to 1.161m mtu (refer ASX “Material Increase in Mt Carbine Ore Reserve” dated 16 September 2022. (b) The raising of $4.56 million in a well-supported share placement at $0.04 per share, with one (1) free attaching unlisted option for every four (4) new shares subscribed for and issued, exercisable at $0.065 (6.5 cents). Following shareholder approval, the Directors of the Company finalised their subscription for $200,000 in the placement (refer ASX Announcement “EQR Raises $4.56 Million in a Well-Supported Placement” dated 31 October 2022). (c) Increase in contributed equity of $5,332,000 (before share issue costs): Shares Price $ Issue of 25,000,000 shares @ $0.040 per share to sophisticated investors as part of the October 2022 share placement (refer ASX announcement dated 7 November 2022) 07/11/2022 25,000,000 $0.040 1,000,000 Issue of 47,670,615 shares @ $0.040 per share to sophisticated investors as part of the October 2022 share placement (refer ASX announcement dated 10 November 2022) 10/11/2022 47,670,615 $0.040 1,906,825 Issue of 19,599,064 shares @ $0.040 per share to sophisticated investors as part of the October 2022 share placement (refer ASX announcement dated 14 November 2022) 14/11/2022 19,599,064 $0.040 783,962 Issue of 16,730,321 shares @ $0.040 per share to sophisticated investors as part of the October 2022 share placement (refer ASX announcement dated 15 November 2022) 15/11/2022 16,730,321 $0.040 669,213 Issue of 6,300,000 shares @ $0.040 per share to convertible note holders for annual interest payable on the convertible notes (refer ASX announcement dated 21 November 2022) 21/11/2022 6,300,000 $0.040 252,000 Issue of 5,000,000 shares @ $0.040 per share to sophisticated shareholders, approved by shareholders on 25 January 2023, as part of the October 2022 placement (refer ASX announcement dated 1 February 2023) 01/02/2023 5,000,000 $0.040 200,000 Issue of 2,000,000 shares @ $0.040 per share upon the exercise of unlisted options granted to Key Management Personnel (refer ASX announcement dated 1 May 2023) 01/05/2023 2,000,000 $0.040 80,000 Issue of 3,000,000 shares @ $0.060 per share upon the exercise of unlisted options granted to Key Management Personnel (refer ASX announcement 16 May 2023) 16/05/2023 3,000,000 $0.060 180,000 Issue of 2,000,000 shares @ $0.040 per share upon the exercise of unlisted options (refer ASX announcement dated 26 June 2023) 26/06/2023 2,000,000 $0.040 80,000 Issue of 3,000,000 shares @ $0.060 per share upon the exercise of unlisted options (refer ASX announcement dated 26 June 2023) 26/06/2023 3,000,000 $0.060 180,000 TOTAL 5,332,000 EQ Resources Limited Annual Report 2023 51
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