Announcement PDF resourcing the new economy for a better tomorrow EQ Resources Limited Quarterly Activities Report Quarter ended 31st December 2024 HIGHLIGHTS SALORO OPERATIONS • Record quarterly production with 33,249 mtu* in concentrate produced, up 19% compared to the prior quarter and up 44% compared to the March 2024 quarter following EQR acquisition in January 2024. • Record monthly production achieved in November with 11,534 mtu* in concentrate produced. • Updated Ore Reserve Statement released in October with a minimum seven year mine plan defined. • Continued focus on delivering operational excellence in mining and processing, as well as implementation of outstanding improvement initiatives, expected to deliver further recovery improvements (~70%) and production expansion in coming quarters. MT CARBINE OPERATIONS • With the transition to an owner-operated mining operations, total tonnes mined (waste and ore) increased to 573kt, up 4% compared to the prior quarter. • Primary focus of mining operations was on an accelerated waste stripping of the south-wall of the pit, being the initial development phase of the Stage 2 Open Pit. • Quarterly concentrate production of 9,043 mtu* was impacted by the waste stripping efforts and lowergrade ore deliveries, as well as limitations of water supply due to below average rainfall in the beginning of the Far-North Queensland rain season. • Strong focus on delivering improved concentrate production in the coming quarters following implementation of a revised mine plan focusing on the eastern cutback for accelerated access to highgrade ore in the Iolanthe vein system and effectively commencing mining of the Stage 2 Open Pit. EQR EXPLORATION • Wolfram Camp soil sample collection conducted with characterisation and XRT sorter testing planned for early 2025 in partnership with TOMRA and University of Queensland. FINANCIAL AND CORPORATE** • Group cash receipts from customers were A$18.9 million in the quarter with Saloro recording positive operating cash flows of A$1.5 million. Closing cash balance of A$2.0 million as of 31 December 2024. • APT CIF Rotterdam, Fastmarkets mid-price of US$330 per mtu on 31 December 2024. • Secured A$7.9 million in funding following successful completion of A$4.9 million share placement and the execution of a A$3 million convertible note instrument with Square Resources. • Signed a binding Heads of Agreement to acquire 100% interest in Tungsten Metals Group Ltd and its ferrotungsten (FeW) plant in Vietnam. • Executed the A$30 million tungsten concentrate off-take agreement with US-based Elmet Technologies with collaboration on US Government funding initiatives. * 1mtu (metric ton unit) = 10kg WO3 ** All financial numbers are quoted in Australian dollars unless otherwise stated. Quarterly Activities Report - Quarter ended 31st December 2024 Page 1 resourcing the new economy for a better tomorrow EQR GROUP Q2 FY2025 - PRODUCTION SUMMARY *Note: Metric Tonnes Unit, 1 mtu = 10kg WO3 For the quarter ended 31 December 2024 (Q2 FY2025), the consolidated EQR Group produced 42,292 mtu of tungsten concentrate (Mt Carbine 9,043 mtu; Saloro 33,249 mtu), and 2.6 million total tonnes mined (Mt Carbine 0.6 million tonnes; Saloro 2.0 million tonnes), reflecting a 4% increase in total tonnes mined compared to the prior quarter (Q1 FY2025). Q2 FY2025 proved to be an excellent quarter for the Saloro operation who delivered on operational excellence and recent improvement initiatives to produce positive operating cash flows. The operation also achieved several operating records in the quarter. These included: 1. Record quarterly WO3 produced of 33,249 mtu; 2. Record monthly WO3 produced (in November 2024) of 11,534 mtu; 3. Record total tonnes mined since EQR acquired the operation in January 2024 of 2.0 million tonnes; 4. Record number of container deliveries to customers with 29 achieved in the quarter and shipments of 31,792 mtu; and 5. Record recovery rates achieved of consistently above 60%. In Q2 FY2025, the Mt Carbine mining operations transitioned from a contractor-operated to an owner-operated mining operation. The transition was managed very well and lead to a 4% increase in total tonnes mined for the quarter. Primary focus of mining operations was on an accelerated waste stripping of the south-wall of the pit, being the initial development phase of the Stage 2 Open Pit. Run of mine ore stockpiles increased significantly, as final concentrate output was hampered by limitations of water supply to the gravity plant (due to below average rainfall at the beginning of the Far-North Queensland rain season and consequently low dam levels), impacting its ability to process higher-grade ore into concentrate. Pre-strip (waste) works continued from November extending into January, with the aim to uncover higher yielding tungsten reserves for processing in future quarters. It is expected that the Mt Carbine operation will start processing higher yielding product from the Iolanthe vein package in the next quarter (Q3 FY2025), subject to sufficient dam levels. HEALTH & SAFETY SALORO At Saloro, safety continues to be a core focus, with significant improvements achieved over the past 12 months since the operation was acquired by EQR in January 2024. Total recordable incidents (TRI) have dropped significantly from 16 for the calendar year ended 31 December 2023 (CY 2023) to a total of 9 in CY2024, reflecting the impact of robust safety initiatives and cross-company collaboration of best practices initiatives and strengthening of the overall safety culture. During the quarter, the Saloro team conducted 62 safety training sessions to reinforce proper procedures, focussed particularly on the importance of equipment isolation during maintenance. The introduction of the ‘Step Back Take 5’ Job Safety Environment Analysis (JSEA) in mid-2024 has been particularly impactful, with employees increasingly adopting it as a routine practice. This initiative is becoming ingrained in the workplace culture, thanks to continued procedural reviews, improved monitoring, and proactive engagement with staff. MT CARBINE Following the transition to an Owner-Operator model for Mining Operations at Mt Carbine and the continued ramp up in operations, staff numbers and subsequently man-hours worked have increased. Despite the additional headcount, Mt Quarterly Activities Report - Quarter ended 31st December 2024 Page 2 resourcing the new economy for a better tomorrow Carbine’s TRI’s decreased to 17 in CY 2024 compared to 18 in CY 2023. Mt Carbine’s Total Recordable Injuries Frequency Rate (TRIFR) in CY 2024 improved 26% year-on-year. The improvements can be attributed to enhanced safety plans and rigorous safety monitoring and reporting, combined with a strong emphasis on JSEA development, procedural reviews, and thorough pre-start briefings. SALORO OPERATIONS Pictured: The Barruecopardo Mine Open Pit (Spain) at the end of December 2024. OPEN CUT MINING For the quarter ended 31 December 2024 (Q2 FY2025), 1.7 million tonnes of waste and 379,132 tonnes of ore were extracted from the pit for a total of over 2 million tonnes of material moved, a record quarter for the operation since EQR acquired the mine in January 2024. Mineral production activities have focused on the central and southern areas of the mine, between levels 590m reduced level (RL) and 575m RL. This same area was used for the successful 10-metre bench production trials mentioned in the September 2024 Quarterly Report. During the quarter significant progress was made in the Northern Zone of the mine as part of the Phase 6 Open Pit development. In parallel, continuous efforts were made on maximising water dam capacity by implementing advanced evaporation systems and undertaking capacity enhancement measures. Development of the Barruecopardo Mine Open Pit Phase 6, North Area The Northern Zone of the Barruecopardo Mine has been prepared for the Phase 6 Open Pit, following the end of the breeding season of the Black Storks and Egyptian Vultures (protected species) living on site. In the western area, the switchback has now been prepared at 700m RL, while in the north and east, work has been conducted on the benches from 730m RL down to elevation 700m RL to allow the mining team to access the mineralised zones in the north a few months earlier than initially estimated. Quarterly Activities Report - Quarter ended 31st December 2024 Page 3 resourcing the new economy for a better tomorrow Pictured: Work completed in the Northern Zone of the open pit during the quarter, preparing the for Phase 6. The red sections represent the area mined in October 2024, blue in November and green in December. Pictured: The Northern Area of the open pit as of end of December 2024, Resources Block Model in Phase 6. Colours represent the grade of the ore. Red for high grade (>0.15% WO3). Orange for lower grade (0.07-0.15% WO3). Blue for very low grade. (0.055-0.07% WO3). The tungsten-bearing mineral deposit at Barruecopardo is composed of sheeted veins, and the pit development is designed to follow the continuity of the ore body. As mining operations progress to the lower levels, the ore grade is expected to increase. Quarterly Activities Report - Quarter ended 31st December 2024 Page 4 resourcing the new economy for a better tomorrow PROCESSING Record Quarterly Performance In the December quarter, Saloro achieved record quarterly production with 33,249 mtu of concentrate produced. This reflects a 19% improvement over the prior September 2024 quarter and also reflects a 44% improvement over the March 2024 quarter, following the acquisition of Saloro by EQR in January 2024. The higher production rates resulted in a record number of container deliveries to customers with 29 deliveries achieved in the quarter for a total of 31,792 mtu shipped. In addition to the record quarterly production, Saloro also achieved a record monthly production of 11,534 mtu concentrate produced in November. Saloro CY2024 Quarterly WO3 Concentrate Production 35,000 33,249 33,000 31,000 27,965 29,000 mtus 27,000 25,000 23,118 23,234 Q1 - 2024 Q2 - 2024 23,000 21,000 19,000 17,000 15,000 Q3 - 2024 Q4 - 2024 Q2 FY2025 was a landmark period for operational excellence and production achievements at the Processing Plant. Through strategic enhancements, process optimisation, and targeted improvements, the quarter culminated in recordbreaking results across multiple metrics, underscoring commitment to efficiency, innovation, and workforce development. The structured approach to addressing challenges within the plant is showing clear progress, inspiring the team to push forward. In the December quarter, record throughput was achieved with a total of 420,205 tonnes processed in in the Crushing Plant, setting a new quarterly record, representing a 51% improvement over the prior September quarter, and also reflecting a 35% increase over the average over the previous three quarters (310,715 tonnes). In addition, 92,830 tonnes were processed through the Ore Sorter Plant in the quarter, with 23,786 tonnes of high-grade ore recovered. Saloro CY2024 Quarterly Crushing Plant Throughput 420,205 Tonnes of Ore 415,000 365,000 315,000 347,321 305,874 278,952 265,000 215,000 Q1 - 2024 Q2 - 2024 Q3 - 2024 Q4 - 2024 Further records were achieved in recovery rates in the quarter with Saloro consistently achieving recovery rates above 60%. The team remains focused on continuing to target improved recoveries in 2025, aiming to achieve rates north of 70% in the coming quarters. Quarterly Activities Report - Quarter ended 31st December 2024 Page 5 resourcing the new economy for a better tomorrow Process Advancements Driving Efficiency and Sustainability Crushing and Stockpile Management Continuous feed strategy improvements ensured steady input to the Crushing Plant, achieving a daily throughput target of 6,000 tonnes, with oversized materials redirected for secondary processing. Crusher and cone mill settings were calibrated to achieve a consistent Ore Sorter Plant throughput exceeding 100 t/h. Feed stockpiles were stabilised, maintaining a multi-day feed buffer to ensure uninterrupted production. Plant Innovations and Upgrades The implementation of quadruple tables enhanced mineral recovery efficiency while the flow distribution in the spiral circuits was optimised. A multideck screen is underway to improve feed preparation further. Modifications were made to recycle residual minerals in the tailings and Sorter feeding granulometry was refined to 8-40 mm, improving downstream processing performance. Pictured Left: Stockpile showing multi day feed buffer; Pictured Right: Multideck Screen underway for improved feed preparation in the Gravity Plant. Operational Oversight and Workforce Development Online monitoring tools were introduced to track KPIs in real-time, enabling swift decision-making, tighter control over operational metrics and enhanced performance monitoring. Continuous workforce training has equipped the team with advanced skills and knowledge to adapt to the organisation and processing changes. Shift supervisors have intensified oversight across critical areas, promoting accountability and team cohesion, driving operational success. Improvement Projects Underway The outstanding achievements in Q2 FY2025 reflect the success of the Company’s strategic initiatives, process improvements, and the dedication of its workforce. Looking ahead, the operations team is currently executing further projects to improve production: • Metal Recovery improvements through actively enhancing recovery processes. The Falcon concentrator will be implemented in the March 2025 quarter and will help recover fines and ultra-fines particles of tungsten-bearing minerals. The Falcon concentrator is known for its high recovery rates, low operational costs, and ability to process complex ore types. Additionally, the new tables have been purchased and are set to be integrated into the circuit. In-house flotation bench test work has been initiated, and the first batch of reagents has been delivered. The metallurgy team is also currently evaluating the metallurgical benefits of acquiring an additional XRT Sorter unit to integrate into the existing processing circuit, aiming to further focus on the feed grade for the Gravity Plant. • User-Friendly Plant Production with significant improvements to auxiliary systems being implemented. The replacement of the jig tailings cyclone with a sieve bend is in progress, with the sieve bend currently in transit. The preliminary commissioning of the concentrate drum filter has been accomplished. Updates to the thickening Quarterly Activities Report - Quarter ended 31st December 2024 Page 6 resourcing the new economy for a better tomorrow and filtering systems are also advancing, alongside the introduction of new control KPIs and standardised handover procedures to streamline shift transitions. • Reducing Downtime: The maintenance team is executing plans to minimise downtime. They are evaluating current equipment status, manufacturing redundant parts such as screen frames, and deploying online equipment status indicators to enhance real-time monitoring. These initiatives aim to improve equipment availability and reduce operational costs. • Safety: Safety remains a top priority across all these projects. Each initiative incorporates safety enhancement measures to ensure a secure and efficient working environment for the team. Barruecopardo Mine Ore Reserve Update On 29 October, EQR released an updated Ore Reserve Statement for its wholly owned Barruecopardo Mine in Spain, marking the first such statement under EQR ownership and following the JORC Code (2012) and JORC 2024 guidelines. This update confirmed sufficient reserves to sustain mining operations for a minimum of seven years, with potential for further extensions based on ongoing efficiency improvements and ore sorting optimisations. Geological programs and drilling campaigns are defined, aiming to expand the overall resource potential and work towards a further conversion of Mineral Resources to Ore Reserves. The Barruecopardo mine is a key employer in the Salamanca region and a cornerstone of the Company’s goal to remain a leading tungsten producer globally. With strong production records and advancements in process efficiency, the Barruecopardo Mine is positioned to maintain its strategic importance in the critical minerals market. ASX Announcement 29th October 2024: ‘EQR Releases Barruecopardo Ore Reserve Update’ MT CARBINE OPERATIONS Stripping works well advanced Pictured: Mt Carbine Mine January 2025 - Andy White Open Pit. The dotted line shows the new mine plan focus on waste removal to gain access to the high-grade Iolanthe ore reserves planned for the March 2025 quarter. Quarterly Activities Report - Quarter ended 31st December 2024 Page 7 resourcing the new economy for a better tomorrow OPEN CUT MINING In its first full quarter as Owner-Operator, the Mt Carbine mining team extracted 572,905 tonnes of material in Q2 FY2025, representing a 4% increase from the prior quarter, and a 15% increase compared to the same quarter last year (Q2 FY2024). Mt Carbine mined 123,469 tonnes of ore and 449,436 tonnes of waste in Q2 FY2025. Mine team staffing ramped up during the quarter with all mining and drilling operations now operating 24 hours 7 days a week. The mine also mobilised two Sandvik drill rigs and new drilling staff, successfully making the transition moving all drilling operations in-house. This shift required the development and integration of a new specialised skill set within the operational team which is working well. Additionally, blasting is now managed by the newly appointed contractor to optimise cost control. While tungsten concentrate mtu’s produced in Q2 FY2025 were lower than prior quarter, the total tonnes mined were higher as management implemented a revised mine plan with a focused priority on reaching the high-grade ore zones in the Iolanthe vein system. This necessitated a focus on stripping waste on the top levels in the south-east of the pit (as marked with the dotted line in the image above). The Iolanthe vein system is the main ore zone being targeted and significant volume of waste removal has been completed (with more required in January / early February) to reach the thick of the high-grade ore zones. While the top of the ore body on level 355-345m RL is currently being mined in January 2025, it is expected that the ore at the level 325m RL will deliver significant grade increase as the veins thicken and the mineralised zones are enriched, as confirmed by the thorough RC drilling campaigns conducted in 2024 and January 2025. The previous mine schedule included several small blasts at the bottom of the pit, however, management reassessed the plan and subsequently determined that it would be more cost-effective to recover the ore bodies at the bottom of the pit when the structure of the operating pit is wider (following stripping works) and in the dry season. The Terex Finlay 893 Scalper is being used in parallel to process the historic Low-Grade Stockpile (LGSP), before being processed through the Ore Sorter plant for grade concentration, ensuring a steady feed to the Gravity Plant during periods of reduced ore deliveries due to stripping operations. ASX Announcement 30th April 2024: ‘Mt Carbine Infill Drilling Reveals High Garde Zones in Stage II Pit’ ASX Announcement 3rd June 2024: ‘Mt Carbine Infill Drilling Reveals Additional High-Grade Ore In Stage II Waste Cutback Area’ ASX Announcement 29th Jul 2024: ‘High Garde Drilling Results Confirm Main Mineralised Level at Mt Carbine’ Pictured: Mt Carbine Mine cross section of the current pit. Quarterly Activities Report - Quarter ended 31st December 2024 Page 8 resourcing the new economy for a better tomorrow The cutaway above shows a cross section of the current pit cut from South-West to North-East with the white line being current pit surface and the surface of the pit expected at the end of Stage II in brown. Main Ore Zones >0.1% WO3 are identified in red with the name of the major vein systems. The Iolanthe and Johonson are the main veins targeted in 2025 and show peak ore body thickness between 300-200m RL. Pictured: Mt Carbine Mine August 2024 – Main vein systems targeted in the Stage II Open Pit showing increasing WO3 grade at deeper level and the extent of Eastern Cutback Program. PROCESSING During the quarter, water levels in the dam remained low, with rainfall falling significantly below expectations. In Q2 FY2025, Mt Carbine received a total of 130mm of rain. This was significantly lower than the prior year December quarter that received 808mm of rain, and also significantly lower (almost 50% lower) than the 10-year average for the area of 250mm (Source: Bureau of Meteorology website: www.bom.gov.au). While rainfall levels have been lower at the beginning of this wet season, EQR do expect material rain to fall in the March quarter given the historical precedents. The 10-year average rainfall levels for the March quarter at Mt Carbine are 636mm. Should these rains materialise, it would be more than sufficient to fill the dam and provide sufficient operating water supply for the remainder of CY2025. In response, and as part of the water conservation efforts in the quarter, the Crushing, Screening, and Ore Sorting operations were transitioned from wet to dry processing in early November, with priority given to supplying water to the Gravity Plant. Although work on the dam raise has been ongoing, the lack of sufficient rainfall so far this wet season led to the temporary shutdown of the Gravity Plant in December. The focus therefore shifted to mining operations and stripping, while crucial water recycling upgrades and maintenance were carried out across all plants. The Gravity Plant restarted processing the second week of January following some modest rainfall and is expected to resume operations as normal with feed stockpiled in front of the Plants to guarantee a multiple day buffer in case of maintenance and interruptions. While processing ore from the top level of the ore body and historic Low-Grade Stockpile material, the feed grade will be modest but set to increase as the ore delivered from the next levels down will increase in grade. Plans are underway to double the processing capacity in 2025, with all equipment and supporting structures for the new Sandvik Crushing and Screening Plant now on site ready for assembly. Preparatory work is scheduled to commence soon. Quarterly Activities Report - Quarter ended 31st December 2024 Page 9 resourcing the new economy for a better tomorrow QUARRY OPERATIONS Quarry sales continued to improve during the quarter as civil construction firms attempt to complete their projects prior to the onset of this year’s wet season. The Quarry continues to work closely with local civil companies and Councils to provide assistance with their ongoing disaster recovery projects. The Company is also awaiting the outcome of a recently lodged application for a Standing Offer Arrangement with the Department of Transport and Main Roads for the supply and delivery of quarry materials. FINANCIAL & CORPORATE Successful A$4,9 Million Placement On 13 December 2024, EQR secured firm commitments to raise A$4.9 million (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. The share placement attracted strong interest from both new and existing domestic and international institutional and sophisticated investors. Funds managed by Oaktree Capital Management L.P (Oaktree) corner stoned 20% of the share placement, to increase its equity interest in EQR. Settlement of the share placement occurred on 20 December 2024 with the allotment and normal trading of the new shares and options under the placement occurring from 23 December 2024. ASX Announcement 13th December 2024:’EQR Successful A$4.9 Million Placement’ Long-Term Concentrate Supply Agreement Executed with Elmet Technologies LLC On 12 November 2024, EQR announced it had executed the definitive supply agreement with leading US-owned and fully integrated tungsten manufacturer, Elmet Technologies LLC, for a 5-year tungsten concentrate offtake arrangement valued at approx. A$30 million. EQR had previously announced the basic framework of the Strategic Collaboration Agreement (Agreement) between the Company and Elmet on 2 September 2024. The Agreement provides the parties a pathway to jointly work on US Government funding opportunities, with the aim to enhance critical materials supply and further downstream integration of EQR’s tungsten concentrate into the US tungsten supply chain. The parties have submitted a joint white paper under the US DIBC (Defence Industrial Base Consortium) grant program, which is open to industry partners in Australia, Canada and the UK. An outcome of the application is pending. EQR’s supply commitments under this Arrangement are supported by the continued production expansion at its Barruecopardo Operations in Spain, as evidenced by the record quarterly production achieved this quarter. ASX Announcement 2nd September 2024: ‘Strategic Collaboration Agreed with Elmet Technologies’ ASX Announcement 12th November 2024: ‘Elmet Agreement Executed’ EQR To Acquire 100% Interest in Tungsten Metals Group Limited On 18 November 2024, EQR announced it had executed a binding Heads of Agreement to acquire 100% of the shares in Tungsten Metals Group Limited (a public unlisted company) and its subsidiaries (together ‘TMG’), and separately Mr. George Chen's interest in Asia Tungsten Products Co Ltd (ATC) (ATC and TMG together TMG Group), resulting in EQR obtaining 100% ownership of the TMG Group. TMG Group currently owns and operates the largest ferrotungsten (FeW) plant outside of China, located in Vietnam, with a potential production capacity of 4,000tpa FeW. Due to its scale and favourable cost structure, the facility is regarded as one of the most competitive in the industry. Completion of the transaction will allow for diversification and vertical integration of EQR’s upstream operations. The transaction aligns with EQR’s strategic plans to leverage its existing substantial resources base and production output along the tungsten supply chain. FeW pricing dynamics are partly decoupled from the tungsten concentrate market (currently EQR’s sole product) and respective ammonium paratungstate (APT) markets, which are currently EQR’s main offtake industries. FeW prices over the recent 24 months have outperformed APT prices by approximately 19% in USD (27% in AUD). The Heads of Agreement is subject to customary due diligence procedures and shareholder approvals that are ongoing. The transaction is expected to complete in the first half of 2025. ASX Announcement 18th November 2024: ‘EQR To Acquire 100% Interest in Tungsten Metal Group’ Quarterly Activities Report - Quarter ended 31st December 2024 Page 10 resourcing the new economy for a better tomorrow Pictured: TMG ferrotungsten plant located in Vietnam. Source: (www.tungstenmetalsgroup.com) EQR Secures A$3 Million Investment from Square Resources On 29 November 2024, EQR announced it had secured a A$3 million investment from Brisbane based global energy and steelmaking commodity trader, Square Resources Holding Pty Ltd (Square Resources) through convertible notes issued by the Company. This investment represents a robust endorsement of EQR’s binding Heads of Agreement to acquire 100% of the shares in the TMG Group and underscores the strategic alignment between the two companies. By securing the support of one of Australia’s premier commodity trading firms, EQR is poised to advance its ambition to become a globally significant producer of tungsten and ferrotungsten. In addition to the convertible notes investment, the parties intend to formalise a strategic collaboration which allows EQR to utilise Square Resources’ network across the Asian steelmaking industry and potentially facilitate trade fiancé related services provided by Square Resources for sales and distribution of ferrotungsten for EQR in Asia, excluding China. ASX Announcement 29th November 2024: ‘EQR Secures A$3 Million Investment from Square Resources’ QUARTERLY CASH FLOW REPORT Cash flows from operating activities In Q2 FY2025, net cash used in operating activities totalled A$5.4 million. Pleasingly, the Saloro business generated positive operating cashflows of A$1.5 million. The positive cashflow generation from Saloro is due to a very strong production quarter with record tungsten concentrate production of 33,249 mtu achieved and recoveries consistently above 60%. Mt Carbine generated negative operating cashflows of A$6.9 million in the quarter due to lower concentrate output, and from changes to the mine plan that is currently focussing on waste stripping works to gain access to the high-grade Iolanthe ore body, expected to start being mined in the March 2025 quarter. Cash flows from investing activities In Q2 FY2025, net cash used in investing activities totalled A$3.7 million. During the quarter, the Company invested a further A$2.5 million at Mt Carbine, using mine waste to raise the noise & visual bund at the site, which is a requirement under the Mt Carbine Mining Lease. A further A$0.6 million was dedicated to acquiring plant and equipment. Cash flows from financing activities In Q2 FY2025, Net cash from financing activities totalled A$7.7 million. This primarily consisted of A$4.9 million (before fees) from the December 2024 Equity Placement and the completion of a one-year unsecured A$3.