Notes to the Consolidated Financial Statements continued ANNUAL Report June 2023 Notes to the Consolidated Financial Statements 46 20. SUBSEQUENT EVENTS There have been no material events subsequent to 30 June 2023 that have not previously been reported other than: 115 Grade Control drill holes, from a total of 155 planned holes that will form the basis of a detailed ‘Dig Model’ for the Ore Reserves over the next 12 months, confirms initial Ore Reserve section at the Mt Carbine Mine (refer ASX announcement “Infill Grade Control Drillings Confirms Initial Ore Reserve at Mt Carbine” dated 19 July 2023). EQR appointed preferred tenderer for resource exploration activities at the historic Wolfram Camp Mine Site and surrounding areas with the goal to assess the economic viability of re-commissioning (refer ASX announcement “EQR Awarded Permit for Historic Wolfram Camp Mine” dated 27 July 2023). Secondary variation to extend the repayment date of the Loan Agreement executed between shareholder and Director Mr Zhui Pei Yeo and the Company on 19 April 2022, and varied as announced on 30 September 2022, from 31 July 2023 to 31 July 2024 (refer ASX announcement “Variation to Loan Agreement” dated 31 July 2023). EQR agreed binding terms to acquire leading European tungsten producer Saloro S.L.U. from global investment manager, Oaktree. This transformational acquisition will not only strengthen EQR’s relevance in the global tungsten industry and enhance the Company’s capital market positioning but will also result in a $25 Million investment from Oaktree through the subscription of 278 million new ordinary shares at $0.09 per share (refer ASX announcement “EQR Acquires Leading European Tungsten Producer, Saloro S.L.U., and Secures $25 Million Investment by Oaktree” dated 10 August 2023). Exploration works towards the Eastern Extension of the Andy White open Pit uncovered a 20.8m @ 0.63% WO3 zone in trench sampling (east of Iron Duke Fault) which EQR postulates could be the eastern offset of the main ore zone (refer ASX announcement “Brownfield Discovery at Ruby and Eastern Extension with Drill Targets Defined” dated 28 August 2023). Mt Carbine achieves daily concentrate production record with 11.1* tonnes of 50% WO3 concentrate produced in a 24-hour period (refer ASX announcement “EQR Achieves Daily Concentrate Production Record in line with Ramp-up Schedule” dated 14 September 2023. *Wet tonnes as weighed on scales at the gravity processing plant as each bag is produced. XRT Ore Sorter commissioning at the Barruecopardo Mine yields 85% recovery and a 10-times upgrade. Technical teams of EQR will join the Saloro team late September and through October 2023 on further implementation of key recovery improvement programs (refer ASX announcement “XRT Ore Sorter Trials at Barruecopardo Mine Hitting Targets” dated 19 September 2023). 88 EQ Resources Limited Annual Report 2023
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