Operating and Financial Review Corporate & Financing Activities Changes in EQR Board & Leadership Team After 4 years on the Board, Mr Richard Morrow retired on 27 June 2025. During his tenure, Mr Morrow has played a valuable role in supporting the Company’s strategic direction and governance framework. EQ Resources is greatly appreciative of his service and support of the Company as a member of the Board and we wish him well. On 1 May 2025, the Company was pleased to announce the appointment of Mr Craig Bradshaw as an independent Non-Executive Director. Mr Bradshaw is an experienced global tungsten industry executive and was a former CEO of Masan High-Tech Materials, the operator of the Nui Phao Tungsten Mine and Processing Complex in Vietnam and Managing Director of H.C. Starck Tungsten Powders GmbH, a global producer of Tungsten chemicals, powders, carbides, and specialty carbides with operations in Germany, China and Canada, prior to its sale to Mitsubishi Materials Group in December 2024. Mr Bradshaw started his mining career with Mt Isa Mines and held further senior management roles with MMG Limited (Sepon operations) and with Toll Holdings. Mr Bradshaw holds a Business Degree and is a qualified CPA as well as a member of the Financial Services Institute of Australasia (FINSIA) and AusIMM. Oliver Kleinhempel Executive Chairman Craig Bradshaw Non-executive Director Stephen Weir Non-executive Director Non-executive Chair since April 2020. Executive Chair since May 2025. Executive career in global resource industry, across project development, finance and commodity trading. Previous roles at Outotec, Ferrostaal Group, CRONIMET. Executive Director at CRONIMET Group. Experienced global tungsten industry executive and former CEO of Masan High-Tech Materials, the operator of the Nui Phao Tungsten Mine and Processing Complex in Vietnam. Qualified CPA as well as a member of the Financial Services Institute of Australasia (FINSIA) and AusIMM. Representative Director of Oaktree Capital Management. Experience in corporate advisory, project finance, construction management. Former CEO of Magnetite Mines Ltd, Member of the Australian Institute of Company Directors, GBA Capital Advisory Board. Zhui Pei Yeo Non-executive Director Stephen Layton Non-executive Director Background in executive management, project planning, resource management. Works in system integration in telecoms in South-East Asia. Executive director at a steel-product manufacturer. 35+ years in equity capital markets in the UK and Australia. Experience in ASX listings and corporate advisory. Directorships at Mithril Resources & Pursuit Minerals. Strong capital markets, operations and industry backgrounds Board of Directors 2 EQ Resources Limited Annual Report 2025
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