With the introduction of a 24-hour mining roster, the site quickly lifted monthly material movement and secured earlier access to higher-grade veins, delivering immediate efficiency gains. Within just a few months, the benefits of the transition were evident: mining volumes increased, unit costs trended lower, and the operation gained far greater flexibility in sequencing waste and ore access. The mining operations also expanded capacity with the mobilisation of two Sandvik drill rigs, bringing drilling fully in-house, supported by new specialised staff. Blasting was handed over to a dedicated contractor, further strengthening cost control. In the meantime, mining operations advanced in Stage I on the 295-285m RL bench, while stripping for Stage II progressed between the 365m and 345m RL benches, exposing early indications of the Johnson, Wayback, and Iolanthe vein systems. Eastern Cutback – Unlocking the Iolanthe Ore Body Following the owner-operator transition, focus turned to the Eastern Cutback. Mining at the bottom of the Stage I Pit had become increasingly difficult during the wet season, with operations constrained by the narrow geometry of a maturing pit shell nearing completion. As a result, attention shifted to the Stage II pit shell, which had already commenced in Q1 and intensified through subsequent quarters. Stripping operations at surface level were advanced under a 1.8 million-tonne waste removal program, laying the groundwork for consistent access to the Iolanthe ore body, Mt Carbine’s principal ore target. Picture above: Stripping activities progressing in the South side of the open pit where the old crushing plant used to stand. An RC Drilling campaign was initiated in December 2024, targeting three key zones—Dazzler, Johnson, and Iolanthe ore bodies, with promising results observed on the 345m bench, marking entry into the Iolanthe main ore body. Key Drilling Results from the 345m RL Level: − MCM 280: 3m @ 1.23% WO₃ from 5m depth − MCM 283: 1m @ 1.84% WO₃ from 2m depth − MCM 295: 6m @ 1.62% WO₃ from 9m depth − MCM 296: 8m @ 1.29% WO₃ from 0m depth Operating and Financial Review continued 28 EQ Resources Limited Annual Report 2025
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