Reserve & Resource Statement Barruecopardo Mine Ore Reserve Update Since mining recommenced in 2019, the Mineral Resource Estimates / Ore Reserve Statement were completed only on an internal basis, since the project was held by a private company. On 29th October 2024, EQR released an updated Ore Reserve Statement for its wholly owned Barruecopardo Mine in Spain, marking the first such statement under EQR ownership and following the JORC Code (2012) and JORC 2024 guidelines. This update confirmed sufficient reserves to sustain mining operations for a minimum of seven years, with potential for further extensions based on ongoing efficiency improvements and ore sorting optimisations. Geological programs and drilling campaigns are defined, aiming to expand the overall resource potential and work towards a further conversion of Mineral Resources to Ore Reserves. ASX Announcement 29th October 2024: ‘EQR Releases Barruecopardo Ore Reserve Update’ ASX Announcement 4th November 2024: ‘Announcement Update’ This table below represents the Ore Reserve as of 30 June 2025, depleted for the actual mining that occurred from 1st July 2024 through 30th June 2025. The Ore reserve as of October 2024 is as described in the ASX statement dated 4th November 2024. The tonnes depleted for the actual mining have been calculated by 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 30 Jun 2024. Reserve Category Tonnes (Mt) WO3 (%) Contained WO3 (mtu) Open Cut - Proven 5.69 0.152% 865,037 Open Cut - Probable 3.10 0.145% 448,982 Open Cut - Total 8.80 0.156% 1,314,019 Stockpile - Proven 0.24 0.173% 41,589 Stockpile - Probable Stockpile - Total 0.24 0.103% 41,589 All - Total 9.04 0.150% 1,355,608 Barruecopardo Mine Ore Reserve Estimated at 30th June 2025. NOTES: - This depletion has been conducted on block model “saloro_202310_res_rot_6x6x5_prod.mdl”, which is equal to the one used in the above referenced reserve calculation. - The single departure to the above method has been in regard to the estimate of a portion of the stockpile reserve quoted above. The majority of the tabled reserve for the stockpiles is based on the 30 June 2025 mine survey. A minor portion of this stockpile, known as the scalping stockpile, has had a further adjustment made to the mine survey result, based on the performance of the recently installed ore-sorting equipment. EQ Resources Limited Annual Report 2025 55
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