ANNUAL Report June 2025 Directors’ Report 6 Date Number of Shares Issue Price $ Issue of 224,700,008 shares @ $0.03500 per share to sophisticated investors (refer ASX announcement dated 28 May 2025) 27/05/2025 224,700,008 $0.0350 7,864,514 Issue of 29,372,673 shares @ $0.03500 per share to a loan provider in satisfaction of a $1.03 million loan (refer ASX announcement dated 28 May 2025) 28/05/2025 29,372,673 $0.0350 1,028,046 Issue of 62,967,142 shares @ $0.03500 per share to sophisticated inventors (refer ASX announcement dated 29 May 2025) 29/05/2025 62,967,142 $0.0350 2,203,854 Issue of 50,599,919 shares @ $0.03500 per share to sophisticated inventors (refer ASX announcement dated 23 June 2025) 23/06/2025 50,599,919 $0.0350 1,771,000 TOTAL 31,280,135 (l) The following changes in the leadership team: ▪ Kevin MacNeill (CEO of the EQR Group) transitioning into a new role as Chief Technical Officer effective from 1 April 2025. Refer ASX Announcement “Changes in Leadership Team in line with Growth Strategy” dated 14 January 2025. ▪ Oliver Kleinhempel appointed as Executive Chairman from 1 April 2025. Refer ASX Announcement “EQR Expands Leadership Team” dated 1 April 2025. ▪ Jonathan Kort appointed as Chief Financial Officer from 1 June 2025. Refer ASX Announcement “EQR Appoints Chief Financial Officer” dated 5 May 2025. (m) Third XRT Ore Sorter ordered and related infrastructure upgrades at the existing Ore Sorter Plant at the Saloro Operations implemented during Q2CY25. Refer ASX Announcement “Saloro to Expand XRT Sorting Capacity by 50%” dated 17 February 2025. (n) Five long-term offtake agreements secured covering the next 24-month 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. Refer ASX Announcement “EQR Signs 5 Long-term Offtake Agreements for next 24 months” dated 19 March 2025. (o) Oaktree Capital Management L.P. agreeing to extend current financing guarantees for Saloro until the end of 2025. Refer ASX Announcement “Saloro Credit Facilities in Process of Extension” dated 15 May 2025. (p) The settlement of a €5 million debt facility by Saloro in line with the debt security extension and roll-over of certain debt facilities. Refer ASX Announcement “Saloro Debt Repayment of 5 Million Euro Completed” dated 16 June 2025. (q) Letter of Interest to support the Mt Carbine Tungsten Expansion Project from the Export-Import Bank of the United States to consider a 10-year debt facility of up to US $34 million for the capital expansion and further development of the Mt Carbine Tungsten Mine. Refer ASX Announcement “US EXIM Issue Letter of Interest for Mt Carbine” dated 27 June 2025. Directors' Interests in Shares, Options and Performance Rights Director Shares Directly & Indirectly Held Options Directly & Indirectly Held Performance Rights Directly & Indirectly Held O. Kleinhempel 23,144,711 8,682,870 - C.R. Bradshaw 1,107,142 - - S. Layton 55,431,559 3,312,500 - R.D. Morrow 7,943,852 3,534,722 - S. Weir 3,079,364 3,740,741 - Z.P. Yeo 114,469,582 16,784,448 - 62 EQ Resources Limited Annual Report 2025 Directors’ Report continued
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