Mining Operations The mining operations at Mt Carbine in FY2025 were characterised by structural change, targeted development, and record-setting achievements, laying the foundation for long-term high-grade ore access. Over the year, the site mined approximately 2.24 million tonnes of material, including ~574,000 tonnes of ore and ~1.66 million tonnes of waste, at an average strip ratio of 2.9:1. More than 1.41 million tonnes of material were blasted, the highest since operations restarted in 2023, drilling campaigns confirmed the continuity and high-grade potential of the Andy White ore body and its extensions. In July 2024, a drilling campaign of 37 infill Reverse Circulation (RC) drill holes, totalling 1,437 metres from the pit floor at level 295–305m Reduced Level (RL) confirmed multiple highgrade veins over a 100-metre strike and 80-metre width, within a system extending 1.2 kilometres along strike. These intercepts validated the design of the Stage II pit and confirmed mineralisation extending 80 metres below the planned final depth of Stage II, strengthening the case for future underground access. Importantly, early ore blocks were encountered at higher levels than anticipated, accelerating the delivery of decent-grade ore while stripping continued at upper benches of Stage II. See ASX Announcement: ‘HighGrade Drilling Results Confirm Main Mineralised Level at MtCarbine’, dated 29th July 2024. 2.24 millions tonnes material extracted 0.57 million tonnes of ore 1.67 million tonnes of waste Transition to Owner Operator ~55 staff in mining operations Operating and Financial Review continued 26 EQ Resources Limited Annual Report 2025
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