Directors’ Report ANNUAL Report June 2025 Directors’ Report 3 Directors’ Report The Directors of EQ Resources Limited (“EQ Resources” or “the Company”) present their report on the consolidated entity (Group), consisting of EQ Resources and the entities it controlled at the end of, and during, the financial year ended 30 June 2025. Directors The following persons were Directors of EQ Resources during the whole of the financial year and up to the date of this report unless otherwise stated: ▪ Oliver Kleinhempel, Executive Chairman (Appointed: 1 April 2025) ▪ Craig Richard Bradshaw, Independent Non-executive Director (Appointed: 1 May 2025) ▪ Stephen Layton, Independent Non-executive Director ▪ Richard Morrow, Independent Non-executive Director (Retired: 30 June 2025) ▪ Stephen Weir, Non-executive Director ▪ Zhui Pei Yeo, Non-executive Director Company Secretary Melanie Leydin Principal Activities The principal activities of the Group during the 2025 financial year focused on the following: ▪ Acquisition of the remaining 50% interest in the Mt Carbine Retreatment Joint Venture from Cronimet Australia Pty Ltd on 1 July 2024 securing 100% of the Joint Venture assets to fully capture the value of the Group’s processing and mining operations at Mt Carbine. ▪ Transitioning from a cost-plus to owner-operator mining model at Mt Carbine to achieve cost savings, operational control and mining flexibility. ▪ Targeted optimisation measures at Saloro’s tungsten operations in Spain focusing on comprehensive metallurgical and operational growth strategies to identify efficiency gains and longer-term performance improvements. ▪ Securing funding for the Group’s operations and undertaking activities to advance the Mt Carbine and Barruecopardo projects, which included: – Five (5) long-term offtake agreements covering the next 24 months production from both operations in Australia and Spain for an estimated total of US$124m, representing volumes of 470 containers with each container holding 20 metric tonnes of 50% WO3 concentrate. ▪ The continuation of focused drilling programs to further define the Mt Carbine Tungsten resource. ▪ The continued assessment of the exploration potential of the Group’s tungsten tenements in Far North Queensland. The Group also continues to evaluate other corporate and exploration opportunities within the new economy and critical minerals sector. Results The net result of operations for the consolidated entity after applicable income tax expense was a loss of $39,228,351 (2024: restated loss of $14,425,051). EQ Resources Limited Annual Report 2025 59
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