EQ Resources Limited Annual Report 2025

Notes to the Consolidated Financial Statements continued ANNUAL Report June 2025 Notes to the Consolidated Financial Statements 22 2. REVENUE AND OTHER INCOME 2025 $ 2024 $ Sales and hire income 66,050,403 26,480,740 Sublease rent - unincorporated joint venture - 302,182 Interest received – other persons/corporation 31,603 55,835 66,082,006 26,838,757 Other income: Government wage subsidies 72,883 9,242 CMAI grant - 600,000 R&D tax offset - 2,152,803 Diesel fuel rebates 1,460,680 711,486 Other income 173,087 14,802 1,706,650 3,488,333 Total revenue and other income 67,788,656 30,327,090 The prior year sublease rent represents the Company’s 50% portion of the rental income under the Retreatment Operations Sublease Agreement prior to acquisition by EQR of CR Australia’s joint venture interest in the Mt Carbine Retreatment Joint Venture (refer ASX Announcement “EQR Executes Definitive Agreement to Acquire Mt Carbine Retreatment Joint Venture Interest from Cronimet” dated 5 July 2024). Upon acquisition on 1 July 2024 these amounts have been eliminated upon consolidation. 3. ACQUISITION OF SUBSIDIARIES Business Combination Account Finalisation - Saloro S.L.U. As disclosed in the prior year’s financial statements, the Group acquired 100% of the issued share capital of Saloro S.L.U. (“Saloro”) on 18 January 2024. In accordance with IFRS 3 Business Combinations, the initial accounting for the acquisition was provisional, pending the completion of an independent valuation of identifiable assets and liabilities. As a result of the independent valuation being finalised during the year ended 30 June 2025, adjustments were made to the provisional amounts previously recognised, including a revision to the bargain purchase gain initially recorded in profit or loss. The retrospective adjustments to the comparative period are summarised below: Impact on Consolidated Statement of Financial Position as at 30 June 2024 Item Provisional Amount Adjustment Final Amount Property, Plant & Equipment 96,036,211 (12,831,231) 83,204,980 Accumulated loss (17,387,887) (12,295,463) (29,683,350) Impact on Consolidated Statement of Profit or Loss for the year ended 30 June 2024 Item Provisional Amount Adjustment Final Amount Bargain Purchase Gain 24,435,012 (12,831,231) 11,603,781 Loss Before Tax (28,258,882) 535,768 (27,723,114) Loss for the Year (2,129,588) (12,295,463) (14,425,051) The adjustments have been reflected retrospectively in accordance with IFRS 3. The restatement had no impact on the Group’s cash flows for the year ended 30 June 2024. 88 EQ Resources Limited Annual Report 2025

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