Operating and Financial Review continued Mining progressed into the 335–325m RL levels by April in the Eastern section of the pit, with grades expected to rise substantially in the near future, based on extensive RC drilling results. The Iolanthe package, the primary Stage II target, lies largely beneath the southern pit, requiring continued stripping before bulk high-grade ore can be accessed. Picture Above: Open Pit Stage II in red as at end of June 2025, with 3 cross sections of the ore bodies targeted showing ore blocks below ground level not displayed. Figure above and left: - Cross sections of the pit showing ore block from level 340RL and below. Pink >0.2% WO3, Blue <0.2% WO3. - Current pit shell shown on top in green/yellow, with Open Pit Stage II in red. 1 1 2 3 2 3 30 EQ Resources Limited Annual Report 2025
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