ANNUAL Report June 2025 Directors’ Report 3 S. Layton There is a written agreement with Mr Layton dated 9 November 2017 in his role as Non-executive Director of the Company. Cash payments and benefits totalling $43,600 were paid to Mr Layton during the 2025 financial year whilst $4,400 were outstanding at year end. The payments were made through Bodie Investments Pty Ltd, a company in which Mr Layton has a substantial interest. R.D. Morrow There is a written agreement with Mr Morrow dated 22 February 2021 in his role as Non-executive Director of the Company. Payments and benefits totalling $48,000 were paid to Mr Morrow during the 2025 financial year. S.R. Weir There is a written agreement with Mr Weir, appointed Nominee Director for Oaktree Capital Management, L.P. (“Oaktree”). Mr Weir’s compensation is covered by Oaktree. Z.P. Yeo There is a written agreement with Mr Yeo dated 12 August 2019 in his role as Non-executive Director of the Company. Cash payments and benefits totalling $44,000 were paid to Mr Yeo during the 2025 financial year whilst $4,000 were outstanding at year end. Executives K.B. MacNeill There was a written agreement with Mr MacNeill dated 1 April 2021 in his role as Chief Executive Officer. Mr MacNeill resigned from this position on 1 April 2025 and was appointed as Chief Technical Officer on the same day. The Company or Mr MacNeill may terminate the contract by giving three month’s written notice. Mr MacNeill received cash payments and non-monetary benefits totalling $482,199 during the 2025 financial year. (i) EQ Resources’ Financial Performance EQ Resources’ financial performance for the five years to 30 June 2025 is summarised below, and the relationship between results and performance is discussed. Year ended Measure 2025 2024 2023 2022 2021 Net profit / (loss) after tax $ (39,228,351) (14,425,051) (3,716,846) (6,063,051) (4,574,191) Net assets $ 36,287,157 44,330,195 16,304,564 14,317,218 16,725,734 Cash and cash equivalents $ 1,874,492 3,489,532 5,335,596 1,723,426 3,504,721 Cash flows from operating activities $ (16,916,689) (12,703,554) (1,392,628) (3,112,770) (3,816,722) EBITDA $ (21,590,401) (5,169,194) (829,258) (4,478,339) (3,947,550) Share price at 30 June $ $0.040 $0.048 $0.070 $0.047 $0.028 Basic earnings / (loss) per share $ (1.70) (0.85) (0.26) (0.45) (0.39) Financial Performance The loss for the consolidated Group for the financial year after tax amounted to $39,228,351 (2024: restated loss of $14,425,051). The Group has created value for shareholders through: ▪ Acquisition of the remaining 50% interest in the Mt Carbine Joint Venture from Cronimet Australia Pty Ltd on 2 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 an owner-operator mining model at Mt Carbine to achieve cost savings, operational control and mining flexibility. EQ Resources Limited Annual Report 2025 69
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