Announcement PDF resourcing the new economy for a better tomorrow 01st February 2024 SALORO ADDS 69% OF MEASURED AND INDICATED RESOURCES TO EQR’s IN-SITU RESOURCE INVENTORY EQ Resources Ltd is a global tungsten producer with mining activities in Australia and Spain. Highlights: - A new JORC 2012 compliant Mineral Resource Estimate (“MRE”) has been compiled, updating Saloro’s historical resource statement. - 4.74M mtu* will be added to EQR’s resource inventory with the addition of the Saloro mining operation. - 78% of the Saloro MRE is in Indicated and Measured Category, giving great confidence to the longevity of the project. - Both Saloro and Mt Carbine currently have 10-year mine plans. - Updated geological modelling including nine (9) recent drill holes has highlighted excellent Exploration Potential at Saloro with a significant resource increase likely to occur with infill drilling. - Overall, EQR’s Indicated and Measured In-Situ Resources increase by 69%. - An Ore Reserve Statement is currently being compiled, supporting the update of the Saloro financial model, due by the end of the quarter. * Mtu = 10kg WO3 EQ Resources Limited (“EQR” or “the Company”) is pleased to announce an updated JORC 2012 compliant MRE for the Barruecopardo mine operated by Saloro S.L.U. in Spain. A total of 4.74M mtu will be added to EQR’s resource inventory with the addition of the Saloro mining operation. 78% of the Saloro MRE is in Indicated and Measured Category, giving great confidence to the longevity of the project. An Ore Reserve Statement is currently being compiled, supporting the update of the Saloro financial model, due by the end of the quarter. As a result, EQR’s Indicated and Measured In-Situ Resources increase by 69%. EQR’s Chief Executive Officer, Mr Kevin MacNeill, commented: “The inclusion of Saloro into EQR’s portfolio is a very significant acquisition that has the immediate effect of doubling the company’s concentrate production, while adding significant resources to EQR’s tungsten inventory. The fact that Saloro is a producing asset with the start-up issues resolved is hugely beneficial and with the addition of ore sorting to this asset, further increases are expected to EQR’s production profile. Our geology teams in Spain and Australia are working through further development options, within the existing pit and considering regional exploration potential at Barruecopardo.” REGISTERED OFFICE: Level 4, 100 Albert Road, South Melbourne, VIC 3205 PRINCIPAL PLACE OF BUSINESS: 6888 Mulligan Highway, Mt Carbine Qld 4871 POSTAL ADDRESS: PO Box 1496, Mareeba Qld 4880 ABN: 77 115 009 106 (ASX: EQR) T: (07) 4094 3072 | F: (07) 4094 3036 | W: eqresources.com.au resourcing the new economy for a better tomorrow Orebody In-Situ Resource Classification Tonnes (Mt) Grade (% WO3) WO3 (mtu) Measured 10.05 0.191 1,920,400 Indicated 10.46 0.174 1,820,000 Inferred 3.86 0.259 999,300 Total 24.37 0.195 4,739,700  Resource has been calculated using Normal Krigging Modelling  Variogram used a search engine of 75m strike x 75m depth x 10m width with a 850 dip to the south west.  No upper cut was used across the database.  A lower cut of 0.05% was determined as being a sensible lower cut based on economics Assays were composited by weighted averages on 5m intervals to group together the narrow high grade zones into  more consistent lenses for modelling. Table 1 - Barruecopardo Mineral Resource Estimate as of 9th of November 2023. All values are rounded to reflect confidence levels in the estimate. The MRE has been recalculated from first principles using the latest geological interpretation and best practices as defined under the JORC 2012 Code. The MRE has been estimated by Independent Contractor Jorg Pohl (A Competent Person under the 2012 JORC code). The Saloro deposit (veins) was historically mined in a small open cut and underground by artisans in the 1900’s followed in 1970’s by a larger 8Mt pit open cut operation operated by Coto Minero Merladet. The current mining phase began in 2019 complemented by the installation of a new 2,500tpd processing plant. Fig.1 - Measured-Indicated-Inferred areas (left: plan view; right: rotated towards north. Page 2 resourcing the new economy for a better tomorrow The JORC tables are attached in Annex 1 and highlight the parameters for calculating the resource include using Ordinary Krigging Modelling on composted 5m intervals with a block size of 6m x 5m x 5m. No upper cut applied with a lower cut of 0.05% WO3 for composited zones as filters; a variogram with a search radius of 50m strike x 25 m vertical x 6m width was used for measured category and 150m x 120m x 9.4m for inferred resource. Variogram statistics reflect that the veins are continuous along strike for over 1.2km have drilled extents over 300m vertical down to 420m RL from a surface of 750m and the individual ore zones are less than 20m widths. The veins continue through to surface outcrop and have been mapped and sampled in detail. The tungsten system remains open in strike and depth extents with 9 holes drilled in 2022 that indicate this continuation. The Exploration Potential of the resource could significantly increase the existing resource size with further infill drilling. Structure has been incorporated into the modelling with several competent hornfelse structural blocks are seen within a dominantly granitic host rock. Alterations assemblages from sericitic to potassic are observed with enrichment of the ore occurring in the structurally controlled sericitic zones where secondary remobilised scheelite is also observed. The inclusion of Saloro resources of 4.74M mtu into EQR’s resource inventory will represent an increase of 49%. Current mine life at Saloro based on the current internal pit 6 design is until 2033 with extensions possible giving EQR clear planned 10 years of production on both of its tungsten assets. Given the high proportion of Measured and Indicated Resources (78%), it is expected a significant amount of this resource will go into Ore Reserves. Fig.2 - Plans showing ore domains on left and grade in domains on right. Page 3 resourcing the new economy for a better tomorrow Fig.3 - Sections A & B across the ore body showing block grades. Section markers are shown in Fig.2. Page 4 resourcing the new economy for a better tomorrow Fig.4 - Sections C & D across the ore body showing block grades. Section markers are shown in Fig.2. Page 5 resourcing the new economy for a better tomorrow Fig.5 - Current pit design with the 10-year Pit 6 expansion shown in grey. Fig.6 - View of Barruecopardo Open Pit looking west. Shows Pit 4 in pit floor and Pit 5 cut down. For detailed information, please refer to the Full MRE Report on EQR Website. (www.eqresources.com.au/site/invest-in-us/technical-reports). Page 6 resourcing the new economy for a better tomorrow Released on authority of the Board by: Further Enquiries: Kevin MacNeill Chief Executive Officer Peter Taylor Investor Relations 0412 036 231 peter@nwrcommunications.com.au About the Company EQ Resources Limited is a leading tungsten mining company dedicated to sustainable mining and processing practices. The Company is listed on the Australian Securities Exchange, with a focus on expanding its world-class tungsten assets at Mt Carbine in North Queensland (Australia) and at Barruecopardo in the Salamanca Province (Spain). The Company leverages advanced minerals processing technology and unexploited resources across multiple jurisdictions, with the aim of being a globally leading supplier of the critical mineral, tungsten. While the Company also holds gold exploration licences in New South Wales (Australia), it aims to create shareholder value through the exploration and development of its current project portfolio whilst continuing to evaluate corporate and exploration opportunities within the new economy and critical minerals sector globally. Competent Person’s Statements EQ Resources’ Exploration and Resource work is being managed by Mr Tony Bainbridge, AusIMM. Mr Bainbridge is engaged as a contractor by the Company and is not "independent" within the meaning of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code). Mr Bainbridge has sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in JORC Code 2012. The technical information contained in this announcement relating to resource estimation has been reviewed by Mr Bainbridge and fairly represents the information known. Mr Bainbridge has verified and approved the data disclosed in this release, including the sampling, analytical and test data underlying the information. The Mineral Resource Estimate as shown in Annex 1 has been prepared Mr Jorg Pohl and reviewed by Mr. Bainbridge who has consented to the inclusion in this release of the matters based on his compiled information in the form and context in which it appears in this announcement. Forward-looking Statements This announcement may contain forward-looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Particular risks applicable to this announcement include risks associated with planned production, including the ability of the Company to achieve its targeted production outline due to regulatory, technical or economic factors. In addition, there are risks associated with estimates of resources, and there is no guarantee that a resource will have demonstrated economic viability as necessary to be classified as a reserve. There is no guarantee that additional exploration work will result in significant increases to resource estimates. Neither the Australian Securities Exchange nor its Regulation Services Provider (as that term is defined in policies of the Australian Securities Exchange) accepts responsibility for the adequacy or accuracy of this announcement. Follow us: Page 7 resourcing the new economy for a better tomorrow Annex 1 – JORC Tables 1 - 3 Page 8 resourcing the new economy for a better tomorrow Page 9 resourcing the new economy for a better tomorrow Page 10 resourcing the new economy for a better tomorrow Page 11 resourcing the new economy for a better tomorrow Page 12 resourcing the new economy for a better tomorrow Page 13 resourcing the new economy for a better tomorrow Page 14 resourcing the new economy for a better tomorrow Page 15 resourcing the new economy for a better tomorrow Page 16 resourcing the new economy for a better tomorrow Page 17