Equity Raisings and Strategic Partnerships In November 2024, EQR announced a A$3.0 million investment from Square Resources Pty Ltd, issued at A$0.042 per share through convertible notes issued by the Company. Beyond the growth capital, this investment established a strategic collaboration whereby EQR can utilise Square Resources’ network across the Asian steelmaking industry (excluding China) and explore trade-finance solutions for the sales and distribution of ferrotungsten (FeW) in Asia. This alignment links funding directly to downstream market access, supporting the Company’s broader strategy to build a regional tungsten hub and expand exposure to value-added products. See ASX Announcement 29th November 2024: ‘EQR Secures A$3 Million Investment from Square Resources’ In December 2024, the Company completed a further A$4.9 million placement before costs via a share placement of 122.5 million new fully paid ordinary shares, with an issue price of A$0.04 (4 cents) per share, along with 122.5 million one-for-one free attaching unlisted options, exercisable at A$0.0675 (6.75 cents) each. This structure provided investors with leveraged exposure to the Company’s growth trajectory and, if exercised in future periods, a potential additional source of capital at a premium to the placement price. Proceeds from the November and December placements were directed to Mt Carbine’s expansion works (including deployment of a third ore sorter), working capital, and general corporate purposes in support of the operational ramp-up. See ASX Announcement 13th December 2024:’EQR Successful A$4.9 Million Placement’ To ensure existing shareholders could participate on similar terms, EQR launched a Share Purchase Plan (SPP). The SPP was priced at A$0.035 per share and raised A$1,771,000 before costs, resulting in the issue of 50,599,919 new shares. The SPP broadened participation to retail investors and complemented the institutional and strategic placements completed earlier in the year. Importantly, in May 2025 the Company announced an additional capital raising of A$18.8 million. This funding further strengthened the balance sheet late in the financial year and provided incremental flexibility to advance priority programs, including Mt Carbine’s capacity expansion, Saloro’s Ore Sorter Plant expansion and other associated working capital requirements. (Terms such as pricing, securities issued and allocation were as set out in the May ASX announcement.) With this transaction included, total equity raised during FY2025 amounted to approximately A$28.47 million before costs. See ASX Announcement 22nd may 2025: ‘EQR Announces Significant Equity Raise and Share Purchase Plan’ See ASX Announcement 20th June 2025: ‘EQR Announces Completion of Share Purchase Plan’ Taken together, the financial-year equity program combined strategic capital (via Square Resources and its Asian steelmaking network), institutional support (through the December placement and options), and retail participation (via the SPP). The staged approach provided a measured increase in equity across the Operating and Financial Review continued Pictured: CTO Kevin MacNeill and team during a site inspection at Wolfram Camp. 6 EQ Resources Limited Annual Report 2025
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