ANNUAL Report June 2025 Directors’ Report 4 Dividends No dividends were paid or proposed during the period. Operating & Financial Review Information on the operations and financial position of the Group and its business strategies and prospects for future financial years is set out earlier in this Annual Report. The auditors have issued an unqualified opinion. Corporate Structure EQ Resources is a limited company that is incorporated and domiciled in Australia. Significant Changes Significant changes in the state of affairs of the Group for the financial year were as follows: (a) EQR executed a definitive agreement to acquire Cronimet’s joint venture interest (being the remaining 50% not yet owned by EQR in the Mt Carbine Retreatment Joint Venture under which EQR will assume all joint venture assets, obligations, including offtake obligations as from 1 July 2024. As part of the transaction, EQR issued new ordinary shares at $0.09 per share (representing a ~100% premium to the 15 days VWAP) to Cronimet, equal to a total of US$7.5million. Refer ASX announcement “Final Agreement to Acquire Mt Carbine JV from Cronimet” dated 5 July 2024. (b) The results of a further 37 holes of Infill RC Drilling at 10m spacing in the Main Vein Packages of the Andy White Open Pit at Mt Carbine confirmed the main mineralised level of the deposit was being consistently intersected starting at 295-305m RL. Refer ASX Announcement “High-Grade drilling result at Mt Carbine” dated 29 July 2024. (c) The transitioning from a cost-plus to owner-operator mining model at Mt Carbine during August 2024 to achieve cost savings, operational control and mining flexibility while upskilling EQR’s local workforce. Refer ASX Announcement “Mt Carbine mine Transitions to Owner-Operator Mining” dated 16 August 2024. (d) The Mt Carbine Operations hiting a new monthly production record of 9,040 mtu (WO3 in concentrate) for August 2024, with a new 24-hour period record of 571 mtu (WO3 in concentrate). The Saloro Operations also recorded a monthly production record of 9,018 mtu (WO3 in concentrate) for the same period. Refer ASX Announcement “Mt Carbine and Saloro Operations Hit New Production Records” dated 6 September 2024. These records resulted in the Group recording a new monthly production record of 20,721 mtu (WO3 in concentrate) for September 2024, with the daily production records at both operations being reset at 641 mtu at Mt Carbine and 518 mtu at Saloro. The expanded production in September 2024 represented an overall 51% increase of tungsten output compared to the average monthly out recorded in Q4 FY 2024. Refer ASX Announcement “Quarterly Tungsten Production at EQ Resources up 31%” dated 2 October 2024. (e) The commencement of on-site scoping work for the redevelopment of the Wolfram Camp mine. Refer ASX Announcement “EQR Identifies 5 Exploration Targets for Wolfram Camp” dated 7 October 2024. Preliminary results from bulk sample testing conducted at the Wolfram Camp mine are detailed in ASX Announcement “EQR Progresses Regional Tungsten Hub Strategy” dated 13 June 2025. (f) The securing of $250,000 in funding through the Queensland Government’s Mining Equipment, Technology and Services (METS) Collaborative Project Fund to initiate advanced XRT ore sorting trials to assess the viability of redeveloping the historic Wolfram Camp tungsten mine. Refer ASX Announcement “Government Grant for Ore Sorter Trials at Wolfram Camp” dated 15 October 2024. 60 EQ Resources Limited Annual Report 2025 Directors’ Report continued
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