During FY2025, EQ Resources Limited (ASX: EQR) strengthened its leadership structure to support operational excellence, international growth ambitions, and continued expansion along the tungsten supply chain. On 1 April 2025, long-serving Chief Executive Officer Kevin MacNeill transitioned to the role of Chief Technical Officer (CTO). This change enables Mr MacNeill to focus on technical improvements at the Saloro and Mt Carbine operations while working reduced hours for personal reasons. Since his appointment as CEO in 2019, Mr MacNeill has been instrumental in EQR’s transformation, and he will continue to play a critical role in driving operational innovation and supporting the Company’s expansion and M&A pipeline. Effective the same date, Mr Oliver Kleinhempel, previously Non-Executive Chairman, assumed the role of Executive Chairman pending the appointment of a new CEO/Managing Director. Once a new appointment is finalised, Mr Kleinhempel will revert to a Non-Executive capacity. A key architect of EQR’s strategy since 2019, he will continue to guide capital management and long-term corporate direction. In addition, Mr Kleinhempel resigned as a director of CRONIMET Australia Pty Ltd, prior to the company’s transfer of its Mt Carbine joint-venture interest to EQR in July 2024. On 1 June 2025, Mr Jonathan Kort commenced as Chief Financial Officer and joined EQR’s Global Leadership Team. Mr Kort brings over 20 years of experience in mining and infrastructure, including senior roles at PanAust, BHP, and Coronado Global Resources. A Chartered Accountant with a Master’s in Mineral Economics, he has an extensive track record in financial leadership and operational execution. He will lead EQR’s financial, governance, and strategic planning functions, ensuring strong discipline and alignment as the Company advances its next phase of development. Further strengthening the operational leadership team, Mr David Laulau was appointed Mining Manager at Mt Carbine. Mr Laulau brings more than 26 years of open-pit and underground mining experience across Papua New Guinea and Australia, managing large-scale workforces and multimillion-dollar budgets with a strong emphasis on safety, efficiency, and environmental stewardship. He holds a Bachelor of Mining Engineering from the Papua New Guinea University of Technology and completed postgraduate studies at Tohoku University, Japan. His appointment further enhances the Company’s ability to deliver operational excellence at its flagship Australian asset. Operating and Financial Review continued EQR also broadened its government relations capabilities, given its global operations and M&A activities. Mr Andrew Goledzinowski AM was appointed as Senior Advisor for Government Relations, effective 1 July 2025. Mr Goledzinowski brings more than 40 years of diplomatic experience, having served as Ambassador to Vietnam, High Commissioner to Malaysia, and Deputy Permanent Representative to the United Nations. In this role, he will support EQR’s engagement with government stakeholders across Australia, Europe, the United States, and Vietnam. He has already been involved in several strategic initiatives for the Company, including stakeholder engagement and due diligence relating to the TMG smelter acquisition. Collectively, these leadership changes ensure EQR has the right mix of technical, financial, and strategic expertise to deliver on its international tungsten growth ambitions and to position the Company for long-term success. Financing Activities FY2025 was a decisive year in strengthening EQ Resources Limited’s (“EQR” or “the Company”) financial position. By financial year-end, EQR had completed a multi-pronged funding program that combined equity, debt reduction, offtake agreements, government grants, credit extensions, and prospective export-credit support: − Equity raised (FY2025): ~A$28.47 million before costs, comprising: − A$3.0 million placement (Square Resources) at A$0.042/share with a strategic collaboration for Asian FeW marketing and potential tradefinance support (18 Nov 2024); − A$4.9 million placement at A$0.040/share with 122.5 million one-for-one free attaching unlisted options exercisable at A$0.0675 (December 2024); − SPP at A$0.035/share, A$1,77 million raised (before costs), 50,599,919 new shares issued (closing January 2025); − A$18.8 million capital raising announced May 2025. − Long-term offtake contract, securing a 5-year tungsten concentrate offtake arrangement valued at approximately A$30 million with an advance payment of A$2.0 million and establishes a framework for collaboration on US Government critical minerals initiatives, including a joint United States Defence Industrial Base Consortium (“DIBC”) grant application. 4 EQ Resources Limited Annual Report 2025
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