Ore Reserve Statement The last published full Mineral Resources Estimate (Mt Carbine Project Mineral Resource Estimate) for Mt Carbine was conducted by the Measured Group in May 2023 ( Technical Report 15th may 2023 Mt Carbine Tungsten JORC Ore Reserves). The Reserves have subsequently been updated to June 2024 in FY2024 Annual Report, based on the mining activity completed since the May 2023 statement and then updated as at 30 June 2025 for this report. Reserve Category ROM Tonnes (Mt) WO3 (%) Contained WO3 (mtu) Open Cut - Proven – – – Open Cut - Probable 5.21 0.28% 1,459,735 Open Cut - Total 5.21 0.28% 1,459,735 LGSP - Proven – – – LGSP - Probable 9.59 0.075% 719,030 LGSP - Total 9.59 0.075% 719,030 All - Total 14.80 0.147% 2,178,765 Mt Carbine Ore Reserve Estimate at 30th June 2025. NOTES: • Total estimates are rounded to reflect confidence and resource categorisation. • Classification of Mineral Resources incorporates the terms and definitions from the Australasian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves (JORC Code, 2012) published by the Joint ore Reserve Committee (JORC). • Depletion is calculated using block model depletion and regular topographic surveys, to which density factors have been applied to derive tonnes. These density factors are the same as described in the report for the reserves estimate dated 15th May 20223 and 30 Jun 2024. Operating and Financial Review continued 36 EQ Resources Limited Annual Report 2025
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