EQ Resources Limited Annual Report 2025

ANNUAL Report June 2025 Notes to the Consolidated Financial Statements 43 The fair value of options issued during the year was calculated by using a black-scholes pricing model applying the following inputs: Key Management Personnel, Employees & Contractors Sophisticated Investors Sophisticated Investors Grant date 29/11/2024 29/11/2024 22/11/2024 Number issued 13,000,000 36,800,000 20,000,000 Share price at the grant date $0.055 $0.055 $0.053 Exercise Price $0.070 $0.70 $0.10 Life of options (years) 3 Years 3 Years 2 Years Expected share price volatility 67.227% 67.227% 64,740% Weighted average risk-free interest rate 3.91% 3.91% 4.08% Fair value per option $0.02227 $0.02227 $0.01013 Vesting conditions 1 Year1 None None Sophisticated Investors Sophisticated Investors Grant date 29/05/2024 27/05/2025 Number issued 25,000,000 28/087/501 Share price at the grant date $0.032 $0.034 Exercise Price $0.0675 $0.0675 Life of options (years) 2 Years 2 Years Expected share price volatility 75,548% 64.740% Weighted average risk-free interest rate 3.76% 3.33% Fair value per option $0.00822 $0.00597 Vesting conditions None None 1 1 year from the date of issue subject to continuous employment or rendering of services by/to the Company to the vesting date. Each option provides the right for the option holder to be issued one fully paid share in the Company upon payment of the exercise price of each option once vesting conditions have been met. Historical volatility has been used to determine expected share price volatility as it is assumed that this indicates future trends, which may not eventuate. For service provider options, the value of the service rendered was unable to be measured reliably, and therefore, the value was measured by reference to the fair value of the options issued. (b) Options Issued The following table details the number and movements in options issued as employment incentives to Key Management Personnel during the year. 2025 Number 2025 WAEP 2024 Number 2024 WAEP Outstanding at the beginning of the year 2,250,000 0.081 33,250,000 0.061 Granted 34,000,000 0.070 1,000,000 0.010 Forfeited/cancelled (6,000,000) 0.070 (27,000,000) 0.059 Exercised1 - - (5,000,000) 0.059 Expired - - - - Outstanding at year end 30,250,000 0.104 2,250,000 0.104 Exercisable at year end 25,000,000 0.104 1,250,000 0.104 1 Options are deemed exercised upon the resignation of Key Management Personnel. The 14,805,281 Options issued to Directors as part of their participation in equity placement have been excluded as they were not issued as remuneration. (c) Performance Rights / Options lapsed during the reporting period No performance rights were issued during the reporting period. EQ Resources Limited Annual Report 2025 109

RkJQdWJsaXNoZXIy MjE2NDg3