Overall, FY2025 demonstrated the ability of the operation to balance ore feed variability with processing discipline, consistently sustain high throughput, and recover record volumes of tungsten concentrate. The year’s performance not only highlighted operational maturity but also underscored the site’s potential to build further production gains as additional upgrades and higher-grade ore zones are accessed in the next mining phase. Plant Improvements and Optimisation FY2025 was marked by a comprehensive program of process improvements and equipment upgrades at the Barruecopardo plant. These initiatives targeted the full processing chain, from crushing and ore sorting through to gravity and fines recovery and were underpinned by a strategy to both improve immediate recovery performance and establish the foundations for long-term expansion. By year-end, Saloro had delivered a step-change in plant stability, recovery efficiency, and capacity readiness, with every circuit benefitting from targeted upgrades. Crushing and Ore Sorting The front end of the plant saw extensive optimisation work designed to increase throughput, stabilise feed, and prepare for a major expansion of ore sorting capacity. Collaboration with Metso enabled finetuning of crusher settings and operating parameters, significantly improving crushing efficiency. The introduction of continuous feed strategies smoothed material flow and ensured consistent utilisation of the Ore Sorter, while calibrated crusher adjustments lifted sorter throughput above 100 tonnes per hour — a meaningful improvement in productivity. The Ore Sorters themselves underwent a series of upgrades, including modifications to allow for larger feed sizes and refined classification systems. These enhancements improved liberation, reduced bypass material, and contributed to better downstream performance in both the gravity and fines circuits. Complementing this, stockpile management was overhauled: ore stockpiles were repositioned closer to the crushing station, haulage routes were shortened, and new handling protocols prevented compaction and bridging. This translated into more stable crusher feed, reduced cycle times, and lower fuel and maintenance requirements on the haul fleet. Direct access from the control cabin to both crusher chambers has been enabled, allowing quicker intervention. Pictured above: Stockpile showing a stockpile with multi-day feed buffer. In parallel with plant upgrades, Saloro implemented a new Geostock model that reclassified stockpiles solely by WO₃ grade, eliminating impurity levels as control variables. Enabled by earlier flowsheet simplifications and process improvements, this approach has given the team greater flexibility in blending and processing. By systematically consuming and reclassifying legacy stockpiles, operations are not only stabilising plant feed but also laying the groundwork for more efficient blending strategies in the years ahead. Thanks to these initiatives the Crushing Plant throughput rose from around 200 tonnes per hour in January 2024 to 290 tonnes per hour at the end of March 2025. Ore Sorter Plant Expansion A major focus during FY2025 was the preparation for a significant expansion of the Ore Sorter Plant, culminating in the delivery of a third TOMRA XRT Ore Sorter shortly after year-end end of July. Supported by a new wet screening station and an independent hopper feed system, the expansion represents a stepchange in Saloro’s processing capability. Mechanical installation and electrical cabling are scheduled to be completed early August, with TOMRA technicians assisting in commissioning with full production expected by mid-August 2025. Once operational, the additional Ore Sorter will expand ore sorting capacity by up to 50% in FY2026, equating to an additional 30,000–40,000 tonnes per month of throughput. More importantly, it will provide greater selectivity when processing variable ore sources, allowing both higher-grade ores and historic stockpiles to be treated with improved efficiency. Operating and Financial Review continued 50 EQ Resources Limited Annual Report 2025
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