Announcement PDF Form 604 Corporations Act 2001 Section 671B Notice of change of interests of substantial holder To: Company Name/Scheme EQ Resources Limited (EQR) ACN/ARSN 115 009 106 1. Details of substantial holder (1) Name OCM Luxembourg Tungsten Holdings S.à r.l. (OCM) and each persons listed in Annexure A (being each an entity that is either the ultimate controller of OCM or is an entity which is interposed on a control basis between OCM and that ultimate controller, with such entity being an Oaktree Substantial Holder) ACN (if applicable) There was a change in the interests of the substantial holder on: 21 November 2025 The previous notice was given to the company on 9 September 2025 The previous notice was dated 12 September 2025 2. Previous and present voting power The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant interest (3) in when last required, and when now required, to give a substantial holding notice to the company or scheme, are as follows: Class of Securities (4) Previous notice Present notice Person's votes Voting power (5) Person's votes Voting power (5) Fully paid ordinary EQR shares (Shares) 584,252,381 15.96% 717,131,779 18.89% (based on 3,795,435,087 Shares on issue) 3. Changes in relevant interests Particulars of each change in, or change in the nature of, a relevant interest or the substantial holder or an associate in voting securities of the company or scheme, since the substantial holder was last required to give a substantial holding notice to the company or scheme are as follows: Date of change Person whose relevant interest changed Nature of change (6) Consideration given in relation to change (7) Class and number of securities affected Person's votes affected 21 November 2025 OCM Acquisition of Shares by subscribing for Shares under the placement announced by EQR on 3 September 2025. $0.032 per share 132,879,398 132,879,398 21 November 2025 Each Oaktree Substantial Holder Acquisition of Shares by subscribing for Shares under the placement announced by EQR on 3 September 2025. $0.032 per share 132,879,398 132,879,398 Docusign Envelope ID: 13C6DE1C-4724-43B0-BA93-EAD09DAC6F4F 4. Present relevant interests Particulars of each relevant interest of the substantial holder in voting securities after the change are as follows: Holder of relevant interest Registered holder of securities Person entitled to be registered as holder (8) Nature of relevant interest (6) Class and number of securities Person's votes OCM OCM OCM Relevant interest held under section 608(1)(a) of the Corporations Act. 717,131,779 Shares 717,131,779 Each Oaktree Substantial Holder OCM OCM Each person listed in Annexure A is taken to have the same relevant interest in EQR as OCM's relevant interest by virtue of section 608(3) of the Corporations Act. 717,131,779 Shares 717,131,779 5. Changes in association The persons who have become associates (2) of, ceased to be associates of, or have changed the nature of their association (9) with, the substantial holder in relation to voting interests in the company or scheme are as follows: Name and ACN (if applicable) Nature of association N/A N/A 6. Addresses The addresses of persons named in this form are as follows: Name Address OCM 333 South Grand Avenue, 28th Foor, Los Angeles, California 90071, United States of America See Annexure A See Annexure A Signature print name Martin Eckel and Nicolas Sansonnet capacity Managers of OCM Luxembourg Tungsten Holdings S.à r.l. (RCS Luxembourg: B196700) sign here Date 13 February 2026 Docusign Envelope ID: 13C6DE1C-4724-43B0-BA93-EAD09DAC6F4F Annexure A This is Annexure A referred to in Form 604, Notice of change of interests of substantial holder. NAME ADDRESS OCM Luxembourg EPF III S.à r.l. 26A, boulevard Royal L-2449 Luxembourg, Grand Duchy of Luxembourg Oaktree European Principal Fund III Ltd. Walkers Corporate Limited, Cayman Corporate Centre 27 Hospital Road, George Town, Grand Cayman KY1- 9008, Cayman Islands Oaktree European Principal Fund III, L.P. 333 South Grand Avenue, 28th Foor, Los Angeles, California 90071, United States of America Oaktree Capital Management, L.P. 333 South Grand Avenue, 28th Foor, Los Angeles, California 90071, United States of America Oaktree Capital Management GP LLC 333 South Grand Avenue, 28th Foor, Los Angeles, California 90071, United States of America Atlas OCM Holdings LLC 333 South Grand Avenue, 28th Foor, Los Angeles, California 90071, United States of America Oaktree Capital Group Holdings, L.P. 333 South Grand Avenue, 28th Foor, Los Angeles, California 90071, United States of America Oaktree Capital Group Holdings GP, LLC 333 South Grand Avenue, 28th Foor, Los Angeles, California 90071, United States of America Signature print name Martin Eckel and Nicolas Sansonnet capacity Managers of OCM Luxembourg Tungsten Holdings S.à r.l. (RCS Luxembourg: B196700) sign here Date 13 February 2026 Docusign Envelope ID: 13C6DE1C-4724-43B0-BA93-EAD09DAC6F4F