Reopening of the Andy White Open Pit Commencement of open cut mining operations. Another significant achievement for the year involved the dewatering of the Andry White open pit which was completed during the last quarter of the 2022 calendar year. Open cut mining activities kicked off with the inaugural blast undertaken on 24 June 2023, promptly followed by the commencement of ore deliveries. The excitement surrounding this significant and historic milestone was palpable as EQR embarked on the next phase of its operations. Golding and EQR are working collaboratively to ramp-up operations in line with forecast expectations in an accretive and sustainable manner. Mt Carbine Tungsten Mine and Quarrying Operations, QLD, Australia, July 2021. Mt Carbine Tungsten Mine and Quarrying Operations, QLD, Australia, July 2023. CEO, Kevin MacNeill, inspecting the Andy White open pit. Mt Carbine Expansion This year has truly been a thrilling and transformative journey for the Mt Carbine Mine. It has witnessed the successful completion of major capital projects that has reshaped the operational landscape. The Company has embarked on a remarkable path of expansion, optimisation and growth across all sections, marking a significant milestone in the history of Mt Carbine. These strategic initiatives have not only enhanced the site’s operational capabilities but have also fortified our commitment to excellence and innovation. As we reflect on this exceptional year, we are excited about the future opportunities in the continued pursuit of our mission to deliver exceptional value to our stakeholders. − Earthmoving works initiated in Q1 for concrete pad preparation for Phase 2 Capital Works Program. − Service road improvements and groundwork around water storage facilities completed by MC Group. − Improved entrance and new parking area at Gravity Plant. − New service areas for heavy machinery in each operational area. − Upgrades completed for service access roads and dump truck roadways in May 2023. − Significant earth moving work planned for Golding’s infrastructure needs. − New inventory warehouse established housing spare parts, consumables, and equipment. − New inventory management system rollout planned from July to December 2023. − Electrician’s storage, office, and workspace set up. − New fabrication workshop to be set up postfinancial year end with estimated completion by Q1 2024. − New Sandvik Crushing Plant detailed design is underway as per the BFS which is set for commissioning in early 2024. EQ Resources Limited Annual Report 2023 7
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