South Wall Fault and Strategic Reset The final months of the year were marked by a strategic reset, with the mine design updated to optimise geotechnical stability and access around the South Wall Fault. Under the leadership of the new mining manager, David Laulau, a revised mine plan and geotechnically optimised pit shell were implemented, focusing on unlocking the South Wall Fault area to ensure long-term access to the Iolanthe ore body. While material movement slowed to ~415,000 tonnes in the June quarter due to delayed blasting schedules and redesign works, this period laid the groundwork for long-term ore access. Four blast patterns were drilled in readiness, and a revised Blast Management Plan, Broad Brush Risk Assessment, and operating procedures were completed. With the Mines Department sign-off in July 2025, Mt Carbine is positioned to transition to a downhole blasting contractor model, improving both cost efficiency and scheduling flexibility. Picture above: Mt Carbine Mine Open Pit (Australia) as of June 2025 with mining activities progressing in the Southeast and ongoing stripping on the South side. Year in Review FY2025 marked a turning point for Mt Carbine. The Company successfully transitioned to an owner-operator model, confirmed the consistency and scale of the Iolanthe ore body through drilling, and demonstrated the operational upside of its new mining struct. Although operations were temporarily affected by three weeks of logistics disruptions caused by Cyclone Alfred — which halted explosives deliveries from Townsville — late-year waste stripping constraints further limited ore deliveries, both in volume and grade, as mining was restricted to the upper benches of the deposit. Despite these challenges, Mt Carbine exits FY2025 well-positioned for growth, with deeper access into the high-grade zones, a re-engineered pit design, and an experienced team that has demonstrated the ability to sustain momentum under pressure. These achievements provide a strong foundation for increased ore access and higher-grade production in FY2026. EQ Resources Limited Annual Report 2025 31
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