Pictured: Block model showing main high grade vein packages relative to Open Pit Stage I (In blue, the completed Open Pit Stage I; in grey the Open Pit Stage II) Transition to Owner-Operator – A Strategic Step Change The first quarter of FY2025 marked a pivotal stage for Mt Carbine, with the Company successfully transitioning from 14 months of contractor-led mining to an owner-operator model in August. See ASX Announcement: ‘Mt Carbine Mine Transition to Owner-Operator Mining’ dated 16th August 2024 This strategic shift enabled greater cost control, operational flexibility, and long-term workforce development. The newly established owner-operator fleet, comprising a CAT 90-tonne excavator, four articulated dump trucks, a CAT140 grader and two bulldozers, was fully commissioned during the quarter. At the same time, the majority of the experienced contractor workforce was seamlessly integrated into EQR’s operations, preserving continuity while embedding the Company’s culture and systems. Pictured left: the newly commissioned Sandvik Drill Rigs. Pictured right: the CAT 90 tonnes excavator freshly commissioned for the mining operations. EQ Resources Limited Annual Report 2025 27
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