These results marked the top of the Iolanthe system and confirmed the presence of high-grade ore across multiple veins (Dazzler, Johnson, and Iolanthe). By early 2025, stripping in this area enabled ore deliveries of more than 182,000 tonnes for the quarter, a 48% increase on prior periods and a tangible payoff for the heavy wastestripping burden. Picture above: The three areas in the Eastern Cut Back targeted during the RC Drilling in December 2024. See ASX Announcement 28th January 2025: ‘Results of the Eastern Cutback RC Drilling Campaign’ Record Quarter – Proof of the Owner-Operator Model The effectiveness of the new mining structure was best demonstrated in Q3 FY2025, during the wet season, traditionally the most difficult period for open-pit mining in Far North Queensland. − 702,265 tonnes of material were mined, a 23% increase on the prior quarter and nearly 30% above pre–owneroperator averages. − 603,309 tonnes of material were blasted, a 70% increase on the previous quarter and an all-time record since the restart of open-pit operations in July 2023. − 182,449 tonnes of ore were delivered, marking a clear step into the Iolanthe vein system. These results, achieved during challenging weather conditions, underscored the resilience of the new operational model and demonstrated how 24-hour rostering, in-house drilling, and fleet investment had combined to materially improve performance. EQ Resources Limited Annual Report 2025 29
RkJQdWJsaXNoZXIy MjE2NDg3