Announcement PDF Annual Report 2024 Corporate Directory Directors Share Register Oliver Kleinhempel Non-executive Director Non-executive Chairman Automic Pty Ltd Level 5, 126 Philip Street Sydney NSW 2000 Stephen Layton Non-executive Director T +61 (0)2 9698 5414 Richard Morrow Non-executive Director Stephen Weir (Appointed 19 January 2024) Non-executive Director Zhui Pei Yeo Non-executive Director Company Secretary Melanie Leydin Registered Office Level 4, 100 Albert Road South Melbourne VIC 3205 Auditors Nexia Melbourne Audit Pty Ltd Level 35, 600 Bourke Streett Melbourne VIC 3000 T +61 (0)3 8613 8888 F +61 (0)3 8613 8800 Stock Exchange Listing Listed on the Australian Securities Exchange (ASX) ASX Code: EQR ACN: 115 009 106 ABN: 77 115 009 106 T +61 (0)7 4094 3072 W www.eqresources.com.au E info@eqresources.com.au Principal Place of Business 6888 Mulligan Highway Mount Carbine QLD 4871 Contents 1 Chairman’s Address 2 Chief Executive Officer’s Letter 4 Operating and Financial Review 4 Corporate & Financing Activities 11 Sustainability 20 Mt Carbine Operations 50 Saloro/Barruecopardo Operations 66 Competent Persons Statement 69 Directors’ Report 81 Consolidated Statement of Profit or Loss and Other Comprehensive Income 82 Consolidated Statement of Financial Position 83 Consolidated Statement of Cash Flows 84 Consolidated Statement of Changes in Equity 85 Notes to the Consolidated Financial Statements 121 Consolidated Entity Disclosure Statement 122 Directors’ Declaration 123 Auditor’s Independence Declaration 124 Independent Auditor’s Report 129 Shareholder Information 133 Forward Looking Statements EQ Resources Limited Annual Report 2024 1 Chairman’s Address Our teams deliver on the synergies, driven by the diverse expertise and everybody’s commitment to have both operations strive and succeed. Dear Shareholders and Friends of EQR, It is my great pleasure to present to you the 2024 Annual Report for EQ Resources Limited. To reflect on the past 12 months, allow me to rewind with a personal note. Back in 2018, I had my first interactions with Saloro’s management team. This was not at all related to the later transactions between the Companies. Instead, it was a joint effort with several European research institutes to develop technologies that would allow the recovery of critical raw materials from challenging mineral deposits and old mine waste stockpiles – it goes without saying that our laser-like focus was on Tungsten! To collaborate efficiently on such topics and towards a tangible outcome, one needs to share the same vision on how our sector could generate value and contribute to society in a sustainable way! Teamwork Above All Since my first interactions referred to above, mutual respect, trust and transparency formed the basis of many discussions. This has fully transpired into the leadership teams and are defined principles of the collaboration between both sites which now form the EQ Resources Group. Weekly team meetings between the senior members from both locations continue to forge the relationship and already started to deliver on the synergies driven by the diverse expertise and everybody’s commitment to have both operations strive and succeed. Continue Developing an Ecosystem We continue engaging with key customers and partners, truly believing in the value that strong ecosystems can deliver to all its members. We have built a solid relationship with one of our key customers, Masan HighTech Materials. Both sides believe in win-win-constellations. The Companies exchange technical information to effectively allow for a better utilisation of the tungsten resources mined at our sites and shipped to Vietnam. We recently announced a strategic collaboration with Elmet Technologies, a leading US tungsten manufacturer “far down our value chain”. This was intentional; we need and want to be closer to the end-users. Discipline at the Core The general outlook and recent performance of the Company look promising. Nevertheless, (cost) discipline and governance must remain at the core of our operations. As the Company grows, the management and board competencies need to expand in parallel. The Company has attracted incredible talent, as a key ingredient for any successful Company. Strategic optionality can be best played with a strong balance sheet. Our priorities are, therefore, clearly defined, and we are looking positively into the coming 12 months! On behalf of the Board, I would like to thank all shareholders for their continued support. . Oliver Kleinhempel Non-Executive Chairman EQ Resources Ltd 2 EQ Resources Limited Annual Report 2024 Chief Executive Officer’s Letter EQ Resources is focused on long-term growth, leveraging our expanding operations and sustainable practices to strengthen our leadership in the tungsten market and deliver lasting value for our shareholders well into the future. Dear Shareholders, As we reflect on the past year, I am proud of the extraordinary progress EQ Resources (“EQR”) has made. This past year has been transformative for the Company, driven by a series of strategic milestones that have fortified our position as the leading primary tungsten producer outside of Asia and Russia. With each step forward, we have demonstrated our commitment to operational excellence, continuous improvement in safety, sustainable growth, and value creation for our shareholders. Saloro Acquisition: A World-Class Asset One of the most exciting developments this year was the acquisition of Saloro’s Barruecopardo mine, a world-class tungsten project with high-quality equipment and an exceptional team of professionals. This acquisition is a gamechanger for EQR. It not only expands our portfolio of premium tungsten assets but also enhances our production capacity and bolsters our standing in the global tungsten market. The integration of Saloro into our operations hasn’t been without its challenges, but it is starting to bear the fruits of our labour and we are confident that this asset will contribute significantly to our growth in the near term. Unlocking the Potential of Mt Carbine Mt Carbine continues to demonstrate its tremendous potential. Over the past year, we have made significant strides in open-cut mining operations growing our production profile along with operational outputs. The underground mine has a promising future, with the majority of Resources yet to be converted to Reserves with several highvalue and high-priority mining areas identified as great underground mining targets. This presents a substantial opportunity for resource expansion and value realisation as we progress with our conversion efforts. Moreover, we are now mining zones rich in high-grade tungsten, with grade increasing at depth. Our latest rounds of drilling have confirmed this, and we are confident that as we continue to expand our operations at Mt Carbine, the best is yet to come. I believe the quality of the ore we are encountering positions us well to deliver strong production volumes and increase shareholder value over the next 12 months. Leading the Western Tungsten Market With the continued growth of Mt Carbine, the addition of Saloro and the grant of the Wolfram Camp exploration permit, EQR has solidified its position as the largest primary tungsten concentrate producer outside of Asia and Russia. This achievement is particularly significant given the strategic importance of tungsten in global supply chains. Tungsten is critical mineral for modern technologies, and our operations ensure a stable and secure supply of this essential material to industries globally. In an environment where global demand for critical minerals is increasing, our leadership in tungsten production places EQR at the forefront of the industry’s future. We remain committed to scaling our operations responsibly and sustainably to meet this demand. EQ Resources Limited Annual Report 2024 3 Aerial view of Saloro’s Barruecopardo mine, Salamanca Province, Spain. A Sustainable Path Forward As we look to the future, sustainability remains at the core of everything we do. Our approach to environmental stewardship, safety and community engagement ensures that we operate in a manner that benefits not only our shareholders but also the broader communities in which we operate. Both operations are corresponding on ESG initiatives and evolving as a Company. Outlook for 2025 and Beyond As we move into 2025, we are positioned for another year of robust growth. Our focus will remain on delivering consistent production from Mt Carbine, advancing the underground potential, and optimising Saloro production outputs and plant recoveries. With ongoing exploration and development, we believe that EQR will continue to grow as a leader in the critical minerals sector, delivering long-term value for our shareholders. I would like to extend my gratitude to our dedicated team, whose hard work and expertise continue to drive our success. I would also like to thank our shareholders for your continued support and confidence in our vision. Together, we are building a stronger, more resilient future for EQ Resources, and I am excited about the opportunities that lie ahead. Thank you. Kevin MacNeill Chief Executive Officer EQ Resources Ltd 4 EQ Resources Limited Annual Report 2024 Operating and Financial Review Corporate & Financing Activities EQR Completes Acquisition of Saloro S.L.U. and $25 Million Placement with Oaktree On 18 January 2024, EQR and Oaktree Capital Management, L.P. (“Oaktree”) satisfied all conditions precedent for EQR’s acquisition of Saloro S.L.U. The transaction also comprised a $25 million placement to Oaktree at 9c per share, resulting in Oaktree now holding a 15% stake in the Company. To further streamline Saloro’s key banking relationships, the Company agreed to reduce third-party bank debt by €10 million, compared to €5 million as per the initial transaction agreements. The transformational acquisition strengthens EQR’s relevance in the global tungsten industry, with the Company becoming the largest independent tungsten concentrate producer outside of China. Oaktree’s investment in EQR enhances the Company’s shareholder register and capital market positioning, supporting the further expansion of both the Mt Carbine and Barruecopardo operations. Production ‘key performance indicators’ at Saloro strongly improved since collaborative work was first established between EQR and Saloro. Since acquisition, a further debottlenecking program, including the doubling of XRT sorting capacity, has been undertaken with initial efforts focused on improving the jigging plant and ongoing enhancements in the spirals and shaking table sections, leading to significantly better metal recoveries. Another key area of production expansion involves XRT ore sorting. Saloro’s Barruecopardo Mine, with its coarse scheelite, is well-suited for this technology. Following successful trials and results from the first TOMRA XRT Ore Sorter, introduced in August 2023, Saloro and EQR purchased a second unit, which arrived in December 2023. This addition aims to positively impact costs, utility consumption, and overall metal recovery at the Barruecopardo operation. See ASX Announcement 18th January 2024: ‘EQR Completes acquisition of Saloro S.L.U. and $25 Million placement with Oaktree’. EQ Resources Limited Annual Report 2024 5 Changes in EQR Board & Leadership Team Board of Directors Oliver Kleinhempel - Non-Executive Chairman • • • • Non-executive Director since August 2019, Chair since April 2020. Experience in project development, finance, commodity trading. Previous roles at Outotec, Ferrostaal Group, CRONIMET. Executive director at CRONIMET Holding GmbH. Stephen Weir - Non-Executive Director • Richard Morrow - Non-Executive Director Background in mining, finance; former CEO of Magnetite Mines Ltd. Experience in corporate advisory, project finance, construction management. Member of the Australian Institute of Company Directors, GBA Capital Advisory Board. • • • • • • Zhui Pei Yeo - Non-Executive Director • • • • Appointed in August 2019. Background in executive management, project planning, resource management. Works in system integration in telecoms in South-East Asia. Executive director at a steel-product manufacturer. Appointed in March 2021. Over 30 years as a sharebroker, interested in resources sector. Chairman of Melbourne Mining Club. Investment roles at Lowell Resources Fund Management; Fellow of AusIMM. Stephen Layton - Non-Executive Director • • • • Appointed in November 2017. 35+ years in equity capital markets in the UK and Australia. Experience in ASX listings, corporate advisory. Directorships at Mithril Silver and Gold Limited and Pursuit Minerals Limited. Stephen Weir was appointed to the Board of Directors of EQR on 19th January 2024 as Oaktree’s nominee Director and Chair of the Audit & Risk Committee. Mr Weir is a former Chief Executive Officer of Magnetite Mines Ltd (ASX:MGT), a company focused on the development of the Razorback Iron Ore Project in the Braemar region of South Australia. Mr Weir’s prior fields of expertise and senior executive roles span the mining, industrial services, energy and infrastructure sections. He has a 20-year career in corporate advisory with RFC Ambrian where he was a Managing Director, preceded by project finance (Bankers Trust), general management (Brambles) and construction management (John Holland Engineering). See ASX Announcement 19th January 2024: “Stephen Weir joins EQR’s Board of Directors”. Another change in the leadership team is the appointment of Evren Ören as Chief Operating Officer for the Saloro Operations in February 2024. With an academic background in Mining Engineering, Mineral Processing, and Business Administration, Evren brings global experience in optimising mineral processing plants, operations, and EPC management. Proficient in Spanish and English, his cross-cultural skills strengthen operations and foster collaboration within the group. A$20M Funding Facility from QIC for Mt Carbine Mine Expansion The Company and Queensland Investment Corporation (“QIC”) have entered into an agreement to establish a three-year funding facility. QIC will provide up to A$20 million from the Queensland Critical Minerals and Battery Technology Fund (“QCMBTF”). The fund’s main goal is to support the mining and refining of essential minerals and the development and production of battery technologies and advanced materials in Queensland. The 3-year loan facility will accelerate the Company’s 2 mtpa processing capacity expansion plan ongoing at the Mt Carbine Tungsten Mine with A$12M in Tranche 1. Tranche 2 of A$8M will enable the Company to push forward with the initial phase of the 2024 drilling program, aiming at defined underground targets, and to integrate these findings into a comprehensive underground feasibility study. The underground resource, which has been minimally explored, is accessible via a 1980s decline that was reopened after the quarter-end and presents higher grades and significant potential for resource expansion. This funding is contingent on meeting standard prerequisites, including project completion tests. See Announcement 8th May 2024: ‘QIC approves A$20M funding for Mt Carbine Tungsten Mine expansion’. QIC - $20M Facility For Mt Carbine Expansion 6 EQ Resources Limited Annual Report 2024 Queensland Investment Corporation (QIC) provides a $20million 3-year loan facility in two tranches from its Queensland Critical Minerals & Battery Technology Fund: Operating Financial Review continued • Trancheand A: $12m will double processing capacity to 2mtpa and start underground drill testing • Tranche B: $8m to continue underground drill testing and start underground trial mining Deputy Premier, Treasurer and Minister for Trade and Investment Cameron Dick commented: “Our investment through the Queensland Critical Minerals and Battery Technology Fund provides a pathway for EQ Resources to extend the existing mine by further exploring tungsten resources accessible through underground mining. New plant equipment, drill testing and trial mining is forecast to increase capacity and extend the mine’s life by at least five years, ensuring global demand for tungsten continues to deliver local opportunities for Far North Queenslanders.” QIC’s State Chief Investment Officer Allison Hill commented: “Securing additional tungsten mineralisation will strengthen Queensland’s position as a significant contributor to global critical minerals supply chains. There are relatively few mines globally in a position to fill anticipated supplydemand gaps for tungsten as existing outputs are challenged and demand for clean energy technologies grows.” Research and Development Tax Refund The Company received a cash refund of $2.17 million, in May 2024, following the submission and approval of its Research and Development (R&D) Tax Refund application for the 2023 financial year. This refund has been granted in recognition of various eligible R&D activities conducted during the year at EQR’s Mt Carbine Mine. See ASX Announcement 10th May 2024: ‘Mt Carbine Receives A$2.17M R&D Tax Refund’. Successful Placement of A$9.5M to Continue Mt Carbine Expansion In May 2024 EQR completed a A$9.5 million placement of new fully paid ordinary shares (New Shares) and options (New Options) to institutional and sophisticated investors (Placement). A broad range of high-quality institutional investors showed strong support for the placement. The issue price for the Placement was A$0.045 (4.5 cents) per share with 1-for-3 free attaching unlisted New Options, exercisable at A$0.0675 (6.75 cents). The Placement was conducted by Pac Partners Securities Pty Ltd (Lead Manager) and GBA Capital Holdings (Co-Manager). Funds managed by Oaktree Capital Management L.P. (Oaktree) retained 15% of the Placement to ensure its continued interest in EQR. On 29 May 2024, 205,940,008 million New Shares were issued at an issue price of $0.045 (4.5 cents) per share, along with 68,646,669 New Options, exercisable at A$0.0675 (6.75 cents) expiring on 29 May 2027. A further 20,000,000 New Options were issued to brokers on the same terms as the Placement Options. Directors subscribed for 5,111,111 New Shares and 1,703,704 New Options (equivalent to A$230,000). The Company has issued 39,304,733 New Shares and 13,101,577 New Options to Director Zhui Pei Yeo (or his nominee), plus withholding tax, as repayment of his A$1,798,570 loan to the Company. See ASX Announcement 21st May 2024: ‘Successful placement of A$9.5M to accelerate Mt Carbine Expansion’. Convertible Notes EQR announced on 28 September 2023 that investors holding the 4 million convertible notes issued in 2021 fully converted their notes into EQR ordinary shares. The 2-year interest-bearing convertible notes were partially converted in September 2021, for an amount of $2 million (equal to 2 million notes), with the balance $4 million (equal to 4 million notes) converted just before its due date. See ASX Announcement 13th September 2023: “Early Works Funding Secured for Mt Carbine Expansion Well Ahead of BFS Release” ; ASX Announcement 28th September 2023: “Investors Convert 100% of Convertible Notes as Mt Carbine Mine Ramp-up Continues”. A further issue of 750,000 convertible notes took place on 6th November 2023 with an aggregate principal value of $750,000. The notes are convertible at the option of the noteholders into ordinary shares at a conversion price of $0.100 per share at any time after issuance and up to the close of business on the maturity date. EQR Executes Definitive Agreement to Acquire Mt Carbine JV Interest from Cronimet On 21 May 2024, the Company executed the definitive agreement related to the Joint Venture Interest Transfer (Agreement) with CRONIMET Asia Pte Ltd (CR Asia) and CRONIMET Australia Pty Ltd (CR Australia) for the acquisition of CR Australia’s 50% joint venture interest in the Mt Carbine Retreatment Joint Venture (JV). EQ Resources Limited Annual Report 2024 7 The Agreement formalises the binding Heads of Agreement (HoA) entered into in October 2023, which was subject to financial and legal due diligence by the parties See ASX Announcement 18th October 2023: ‘Strategic Partner Cronimet Joins EQR Register, As EQR Acquires JV Interest From Cronimet’. In 2019, EQR, through its wholly owned subsidiary Mt Carbine Retreatment Pty Ltd (“MCR”), and CR Asia, through its wholly owned subsidiary CR Australia, embarked on a Joint Venture to reprocess the historic Mt Carbine tailings and low-grade ore stockpiles, known as the Mt Carbine Tungsten Operation. Under this arrangement, CR Australia and MCR each held a 50% interest in the JV. As part of that JV arrangement, CR Asia prepaid an initial US$3.5 million, subsequently increased by an additional US$3 million (currently US$6.5 million), for a long-term offtake agreement for 25,000 tonnes of tungsten concentrate from the Mt Carbine Tungsten Operation (Offtake Agreement). CR Australia loaned US$2.2 million in working capital into the JV and a further US$3.2 million for equipment leases, including one XRT Ore Sorter and various material handling equipment. EQR will assume 100% of these liabilities under the Agreement. With the successful operation of the processing plant and the expansion of operations to include the Andy White Open Pit, EQR and CR Australia have agreed to a streamlined JV structure with EQR purchasing CR Australia’s 50% interest in the JV subject to conditions precedent. See ASX Announcement 21st May 2024: ‘EQR executes definitive agreement to acquire Mt Carbine JV interest from Cronimet’. Strategic Partners Endorsement Through Fundings and Grants 8 EQ Resources Limited Annual Report 2024 Operating and Financial Review continued Global Relevance ult m Macroeconomics and Market Trends The tungsten market is highly responsive to the global commodity market, known for its volatility in both price and demand, with macroeconomic conditions and geopolitical risks being major factors contributing to this instability. Rising geopolitical tensions around Market the world,dominated exemplified byby thenon-OECD ongoing conflicts between Russia and Ukraine Tungsten members and the unrest between Israel and Palestine, are heightening risks in international markets. These conflicts not only disrupt local economies but also have far-reaching effects on global trade and resource distribution, posing ◼ China accounts for over 83% of world Tungsten primary (mining) production significant challenges for industries reliant on stable international relations. Due to political instabilities, the demand for tungsten in the defense industry has rising, driven by itsmetal applications in military products such as ◼ Unique properties make Tungsten anbeen essential industrial projectiles, armor-penetrating ammunition, and other hardware, where its density and hardness are highly valued. ❑ Highest point of metalsrise and tensile strength, high density, hardness The defence industrymelting has witnessed theall sharpest of highest all the segments of the tungsten market, but represents only aroundclose 15% ofto the market and has not been critical enough influence on theconductor, global demand diamond, thermally and achemically stable, excellent and to be the main driver of theenvironmentally rise in prices witnessed in the last quarter of FY2024. benign Market movements are largely fuelled by the supply and demand for high-performance, wear-resistant materials ❑ End-market application for light and heavy industrial, energy and military uses include in diverse industries such as automotive, aerospace, and electronics. The widespread application of tungsten in in heavy alloys as high-speed from which cutting and highlights pressing its tools manufacturing cuttingmetal tools, drill bits,such and components that steel, must endure high temperatures, critical arethat manufactured role in sectors demand materials with exceptional durability under extreme conditions. Moreover, tungsten’s increasing utilisation in the electronics sector for making electron emitters and electrical contacts also contributes significantly to the market’s ◼ Benchmark pricinggrowth. continues upward trend considering tungsten’s strategic relevance and precarious supply / demand situation Primary Tungsten Production by Country Tungsten Reserves by Country 1.1% 1.1% 0.8% 0.5% 0.8% 1.4% 0.3% 0.1% 2.7% 1.2% 1.5% 1.8% 3.0% 5.7% 10.8% 32.5% 83.3% Total World – 79kt China Portugal 51.4% Total World – 3,700 kt Other Countries Korea, North Russia Spain For tungsten market dynamics update, see: "Inverstors Update/Webinar". Vietnam Rwanda Bolivia Austria 2 EQ Resources Limited Annual Report 2024 9 Tungsten Uses Critical Alloy Element, Unsubstitutable in Many Applications Tungsten Uses Aviation Aerospace Automotive Heavy Machinery Heavy Industry Tools & Construction Medical Military EV Battery Development Green Energy Science & Tech Micro Electronics Demand was low during the first half of the past year due to significant destocking driven by the high-interest rate environment, and recovered later in the second half of the financial year, primarily due to an environmental audit of tungsten producers in China. However, the price recovery was primarily driven by demand for concentrate due to low stockpiles at production facilities, rather than by downstream demand, as end-product demand recovery has yet to materialise. Supply Risk Tungsten – A Material of Global Critical Significance Economic Importance Source: European Commission list of critical raw materials, 2023. 10 EQ Resources Limited Annual Report 2024 Operating and Financial Review continued Rolling Frequency 2024 Currently, the low availability of tungsten concentrate persists,Rates with strong demand from both Western and Chinese 160 149.5 149.4 with production uncertainties. In consumers, all of whom are trying to secure long-term material supply to cope 143.8 140.7 139.1 addition, recent tariffs implemented in the US are also pushing Western tungsten consumers to 136.0 secure non-Chinese 134.7 140 and sustainable supply, which remains quite scarce. This aligns with EQR’s strategy to support the redevelopment 122.7 122.0 120.2 of Western mines114.7 in favourable jurisdictions. 120 FREQUENCY 102.3 While numerous projects have been announced in the recent years to provide new Western supply, very few 100currently operating, and even less are able to reach their nameplate capacity, putting more pressure on the are 86 80 completion in the 80 due for supply side, a favourable factor for EQR’s own production. However, 79a few projects are 71 80 year or so, and this additional supply, pending 70 70 next that commissioning goes as per announced plans, may have a 64 71.7 70.8 70.4 69.6 69.0 price. 68.6 detrimental impact on the APT 63.9 54 63.4 53 62.9 58.4 56.1 56.0 44 43 In China, while the government is limiting the export of non-processed material, there is currently no indication that 60 a total export ban could be considered. Should this ever happen, EQR would be in a leading position to support 40 the Western strategic supply. 20 In line with global industry trends, the tungsten market is set to experience changes in supply allocations. According to Fastmarkets, ‘The total tungsten (tungsten trioxide content 65%) mining quota in China will be 114,000 tonnes in 2 1 0 0 0 0 0 0 0 0 0 0 0 2024, which up by 3,000 111,000 tonnes inJan-24 2023,’ as reported in August This increase in the Jul-23 wasAug-23 Sep-23 tonnes Oct-23fromNov-23 Dec-23 Feb-24 Mar-24 Apr-242024. May-24 Jun-24 LTIFR Average QLDdemand Quarries (LTIFR) TRIFR which Average QLD Quarries CIFR mining quota reflects a growing for tungsten, is pivotal for (TRIFR) the strategic planningMTIFR and operational adjustments moving forward. As the largest producer of tungsten, China’s production levels are significant indicators that directly influence global supply and pricing strategies. APT Price CIF Rotterdam - (US$/mtu WO3) 370 360 US$ / mtu 350 340 330 320 310 300 290 280 Aug-23 Sep-23 Oct-23 High Nov-23 Dec-23 Jan-24 Mid Feb-24 Mar-24 Low Apr-24 May-24 Jun-24 APT price changes 12 months High, Mid & Low. Source: Fast Market APT Price CIF Rotterdam. APT CIF Rotterdam prices rose to US$335-360 per mtu by the end of June, reaching a two-year high as increasing demand coincides with tightening supply. Given the range of factors which contribute to the price of tungsten, and the fact that pricing is subject to negotiation, it is difficult for EQR to predict with certainty the prices at which tungsten will be sold. The effects of changes in assumptions about future prices may include, among other things, changes to Mineral Resources and Ore Reserves estimates, as well as the assessment of the recoverable amount of EQR’s assets. EQ Resources Limited Annual Report 2024 11 Sustainability WHAT WE CARE ABOUT As an early adopter of Environmental, Social, Governance (ESG) practices, EQ Resources is committed to responsible development, aligning its values with sustainable operations to drive economic growth while “Step Up, resource Stand Out: Own Our Impact” protecting the environment. EQR’s ESG strategy, built on the Turner and Townsend framework, aligns with global Sustainability Standards, including International Council on Mining and Metals (ICMM), Global Reporting Initiative (GRI), United Nations Sustainable Development Goals (UN SDGs) and Australian Climate Related Financial Disclosures. The program focuses on key areas important to the business and stakeholders, with a commitment to ongoing development of both environmental and social initiatives. For more details, visit the Sustainability page of EQR’s website. EQR Core Value