Strategic Implications These results underscore the potential for surface stockpile reprocessing at Wolfram Camp, mirroring EQR’s proven success with XRT sorting at both Mt Carbine and Saloro in Spain, where the technology has delivered higher recovery rates and lower unit costs. Importantly, they provide a foundation for evaluating in-situ sortability potential as part of upcoming exploration phases and feasibility studies. EQR is now assessing pathways to integrate Wolfram Camp into a regional processing hub, leveraging existing infrastructure, workforce capacity, and technical expertise from Mt Carbine. This approach is expected to generate new regional employment opportunities while advancing sustainable resource development. For further detail, refer to: ASX Announcement 7th October 2024: ‘EQR Identifies 5 Exploration targets For Wolfram Camp’ ASX Announcement 13th June 2025: ‘EQR Progresses Regional Hub Strategy’ Tungsten Cluster – Australia EQR is actively assessing opportunities to leverage its existing infrastructure to develop a regional tungsten hub. This initiative is designed to unlock operational synergies, lower capital intensity, and create sustainable regional employment, building on the Company’s successful track record of workforce up-skilling and training. Ongoing work includes further assay certification and interpretation of results, with the next phase focused on bulk sample testing using the XRT ore sorter at Mt Carbine to evaluate in-situ sortability potential. EQ Resources Limited Annual Report 2025 39
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