Chairman’s Address “ Prosperity and security can only be achieved through a high degree of independence when it comes to essential raw materials.” Dear Shareholders and Friends of EQR, It is my great pleasure to present to you the 2025 Annual Report for EQ Resources Limited. This year’s Annual Report presents a comprehensive overview and review of both our operations, at Barruecopardo in Salamanca/Spain and Mt Carbine in Queensland/ Australia. In this regard, I would like to congratulate and thank our teams for their outstanding commitment to the success of EQ Resources and their dedication to the greater vision of the Company, despite the headwinds emerging mining companies often face during ramp-up periods. Having visited both operations multiple times throughout the year, I experienced great teamwork and spirit of cooperation – each operation faced site-specific challenges, where it was a common understanding and motivation to share experience and knowledge so that each team can overcome problems and solve difficult tasks. I would proudly say that EQ Resources is a strong group of individuals and teams with common goals and aspirations. The Company will benefit from such culture moving forward. Last year I highlighted three key aspects the Company is working on. I called out for: (i) Teamwork Above All, (ii) Continue Developing an Ecosystem, and (iii) Discipline at the Core. Despite delays in our turnaround efforts at Barruecopardo and having to overcome complexities around the transitioning of the open pit operation to an inhouse mining team at Mt Carbine, the Company has progressed well with regards to the above fundamental pillars. We continued to integrate our teams and share resources across both operations to gain synergies. We have extended our industry network by forming new partnerships and strengthened relations with key customers. Furthermore have we added outstanding personalities both to our board of directors and the management teams. My final remarks should address the fundamental mission of EQ Resources: The Company has established itself as a leading Western tungsten raw materials producer and supplier. Tungsten being classified as a critical- and strategic raw material by the largest economies – the EU, the US and China. Trade tensions and geopolitical division started to impact the global tungsten sector, with prices rapidly increasing. China decided to restrict exports and continues reducing domestic output. EQ Resources is striving to stabilise the (Western) market and contribute to resilient supply chains. I strongly believe that prosperity and security can only be achieved through a high degree of independence when it comes to essential raw materials. On behalf of the Board, I would like to thank all shareholders for their continued support. Oliver Kleinhempel Executive Chairman EQ Resources Ltd Oliver Kleinhempel Executive Chairman EQ Resources Limited Annual Report 2025 1
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