ANNUAL Report June 2025 Notes to the Consolidated Financial Statements 35 ▪ The Company continues to hold: – Three (2) tungsten-focused Exploration Permits, EPM 14871 and EPM 14872, located at Mt Carbine, North Queensland. EPM 14872 contains both the Iron Duke and Petersen’s Lode prospects, whilst EPM 14871 features the Mt Holmes tin-tungsten prospect. EPM 14872 holds significant exploration upside given that the tungsten grades indicated in the sampling of the Iron Duke and Petersen’s Lode are extensively higher than the estimated global average grade in the present open-pit resource within the Mt Carbine Mining Leases. These unencumbered, greenfield sites also offer the added advantage of having minimal environmental legacy issues. Based on the above, Directors have assessed there to be no indication of impairment in the current financial year. Combined Deferred Expenditure, Plant and Equipment and Financial Assets 2025 $ 2024 $ Non-current assets Receivables 1,737,710 1,248,267 1,737,710 1,248,267 Plant and equipment Plant and equipment – at cost 152,364,627 106,395,146 Accumulated depreciation (32,304,858) (19,166,874) 120,059,769 87,228,272 Inventory Inventory – Quarry Material 22,151,643 8,159,128 22,151,643 8,159,128 Deferred exploration and evaluation expenditure Exploration and evaluation expenditure 13,758,467 16,183,365 Amortisation (1,854,950) (1,261,246) 11,903,517 14,922,119 TOTAL 155,852,639 111,557,786 Reconciliation of the carrying amount of Mt Carbine assets at the beginning and end of the current and previous financial year: 2025 $ 2024 $ Combined assets carrying amount at the beginning of the year 112,093,554 41,866,923 Receivables – increase / (decrease) 489,443 (3,239,173) Plant and equipment – additions 33,004,742 14,838,290 Plant and equipment – acquisition of subsidiary 4,871,495 64,589,790 Plant and equipment – WDV of disposals (3,281,948) Plant and equipment – depreciation expense (10,182,356) - Plant and equipment – FX effect 7,883,796 (69,285) Inventory – increase / (depletion) 13,992,515 (5,609,711) Loss on disposal of exploration permits (320,835) (932,268) Capitalised exploration and evaluation - additions 362,013 1,934,696 Capitalised exploration and evaluation expenses - R&D Tax Offset - (24,462) Capitalised exploration and evaluation expenses - impairment1 (1,204,830) - Capitalised exploration and evaluation – amortisation (1,854,950) (1,261,246) TOTAL 155,852,639 112,093,554 1 The impairment relates to those costs associated with the mobilisation of the Golding plant and equipment that was removed from site upon EQ Resources Limited transition to owner/operator for the open cut mining activities in August 2024. EQ Resources Limited Annual Report 2025 101
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