Operating and Financial Review continued Australian Regional Exploration Wolfram Camp In FY2025, EQ Resources made significant progress at Wolfram Camp, advancing both its regional exploration strategy and technical evaluation of historical stockpiles. On 18 June 2024, the Company secured an Exploration Permit-Minerals (EPM RA442) covering 477 km² within the Herberton Tin–Tungsten field, including the Wolfram Camp and Bamford Hill areas. This program aims to establish a regional Tungsten Cluster, supporting EQR’s broader strategy to create a northern Queensland tungsten hub that builds on the success of Mt Carbine. The initiative has been endorsed by the Queensland Minister for Resources and Critical Minerals, Scott Stewart, who highlighted the project’s potential to deliver economic and environmental benefits to the region. Early Exploration and Safety Upgrades Work commenced with soil sampling campaigns and the identification of five key exploration targets across the license area. Site safety upgrades were prioritised, with the old mine shaft at Wolfram Camp securely barricaded and new access, safety, and monitoring procedures implemented. Soil samples were collected around the historic waste dumps and pit for analysis. These were submitted to the University of Queensland (UQ) and TOMRA Sorting Solutions for mineralogical characterisation and XRT sorting tests scheduled for Q3 FY2025. Bulk Sample Testing and XRT Sorting Trials A major milestone was reached in Q4 FY2025 with the completion of bulk sample testing, supported by a $250,000 grant under the Queensland METS Collaborative Projects Fund. Conducted in partnership with TOMRA Sorting Solutions and University of Queensland’s Sustainable Minerals Institute, the program assessed the sortability of historic stockpiles and confirmed the technical viability of reprocessing. Two main sample areas were evaluated: − Parrot Ore Stockpile – Sorting achieved an 86% tungsten recovery while rejecting 90–95% of the feed mass. This represented a 16-fold upgrade in grade, confirming strong debulking and pre-concentration potential and demonstrating that minimal downstream processing would be required. − Waste Stockpile Composite – Results showed a head grade of 0.10% WO₃ and confirmed that approximately 75% of the contained tungsten is in the fines fraction. Although recoveries were lower than the Parrot material, the findings highlight the potential to extract value using simple gravity separation techniques. 38 EQ Resources Limited Annual Report 2025
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