Announcement PDF resourcing the new economy for a better tomorrow EQ Resources Limited Quarterly Activities Report Quarter ended 31st March 2024 EQ Resources Limited (EQR) is a leading tungsten mining company dedicated to sustainable mining and processing practices, with a focus on expanding its world-class tungsten assets at Mt Carbine in Far North Queensland (Australia) and at Barruecopardo in Salamanca Province (Spain). The Company evaluates corporate and exploration opportunities within the new economy, leverages advanced minerals processing technology and unexploited resources across multiple jurisdictions, to be a globally leading supplier of the critical mineral, tungsten. HIGHLIGHTS SALORO ACQUISITION COMPLETED, AND TURNAROUND COMMENCED - Acquisition of Saloro S.L.U. for €1 and €35m debt - $25 million placement to Oaktree at 9c per share for 15% of EQR - Saloro S.L.U. debt repayment of €10m upon closing of transaction - Commissioned second TOMRA XRT Sorter adding 26% more material to the plant - XRT Sorting also allows for reprocessing of 343,000-ton stockpile of discarded >6mm lowgrade ore - Recovery improving with new XRT Sorter Plant and ongoing gravity plant debottlenecking MT CARBINE OPERATIONS - Record 50% qtr-on-qtr increase in concentrate output despite recovering from Cyclone Jasper - Key equipment for doubling processing plant capacity received on site - Stage II Open Pit is well underway, with strong progress on waste stripping - Scalping has commenced on low-grade stockpile to complement open pit ore EQR EXPLORATION - Planning 24,000m of diamond drilling to facilitate a Stage 1 underground feasibility study - Initiated reverse circulation (RC) drilling to firm up high-grade zones scheduled for Stage II Open Pit CORPORATE DEVELOPMENTS & FINANCE - APT CIF Rotterdam prices firming up at US$305-327 per mtu - Negotiations underway with critical minerals funds about expansion finance - Stephen Weir joins the Board as non-executive director and chair of audit- & risk committee - Leadership Team expanded with new appointments (Ian Kirkham as Senior Financial Advisor and Evren Ören appointed as Chief Operating Officer at Saloro) Quarterly Activities Report - Quarter ended 31 March 2024 Page 1 resourcing the new economy for a better tomorrow EQR Q3 FY2024 - PRODUCTION SUMMARY Table 1 - March 2024 Quarter Production for EQR Operations Operations Mt Carbine Saloro Group Q3 FY2024 Q2 FY2024 Q3 FY2024 Q2 FY2024 Q3 FY2024 Material blasted t 248,076 377,503 1,751,866 1,975,962 1,999,942 Material extracted t 795,145 496,784 1,751,866 1,975,962 2,547,011 Ore t 50,816 258,934 276,345 407,197 327,161 Waste t 744,329 237,849 1,475,521 1,568,766 2,219,850 Ore on Stockpile t 41,612 186,866 615,057 555,381 656,669 Ore Crushed t 220,307 122,839 305,874 356,131 526,181 WO3 Produced* t 507 368 356 332 863 * Wet Tonnes, 50% WO3 equivalent for Mt Carbine, 65% WO3 equivalent for Saloro. EQR Quarterly Concentrate Production 1000 900 356 800 700 600 500 507 400 423 368 300 200 100 151 0 Q4 FY2023 Q1 FY2024 Saloro Q2 FY2024 Mt Carbine Q3 FY2024 Figure 1 - Quarterly Group Production. * Wet Tonnes, 50% WO3 equivalent for Mt Carbine, 65% WO3 equivalent for Saloro. Quarterly Activities Report - Quarter ended 31 March 2024 Page 2 resourcing the new economy for a better tomorrow MT CARBINE OPERATIONS OPEN CUT MINING Open Pit dewatering was completed in February following record December rainfall in the region caused by Ex-Tropical Cyclone Jasper. Drilling commenced on the 22nd of February when drill and blast operations resumed as planned. Above Left: The Andy White Open Pit as of the 1st of January 2024, Right: the pit dewatered on 22nd February 2024 Free dig waste stripping remained ongoing throughout the quarter, with tonnage meeting expectations. All waste material is being utilised, and the Noise & Visual bund construction is nearing 50% completion. The geology team and design consultants are preparing an updated mine plan. The current ramp will be redesigned to enable access to the higher grade zones of the ore body of Stage II Open Pit earlier than planned and to optimise the pit, ensuring continuous ore delivery can be achieved. Picture above: Stripping ongoing with the noise and visual bund construction progression. Quarterly Activities Report - Quarter ended 31 March 2024 Page 3 resourcing the new economy for a better tomorrow This quarter, the focus has been on reducing drill and blast costs again. Where possible, the powder factor regarding waste shots has been minimised. 795,145 tonnes of total material has been extracted from the pit throughout the quarter, with 50,816 tonnes of ore and 744,329 tonnes of waste. 140,000 tonnes of ore are left to be extracted as part of Stage I Pit mine plan and the second quarter commenced with a total of 41,612 tonnes of ore on the stockpile awaiting processing. Picture above: The Andy White Open Pit end of March 2024 with the noise and visual bund in the foreground CRUSHING OPERATIONS Operational efficiency has shown marked improvements, with a 65% runtime this quarter compared to 46% last quarter following the successful re-conversion of the operation from dry crushing & screening to wet. Consequently, the Crushing Plant had its best quarter on record, processing 220,307 tonnes of open pit material compared to 120,000 tonnes last Quarter, and produced 171,598 tonnes of Ore Sorter Plant feed, 48,708 tonnes of fine material for the Gravity Plant during the quarter. The focus was on processing high-grade ore first to move onto medium grade, using the best available grade between stockpiled material from the Open Pit and fresh ore deliveries. The TSF4 dam walls are being raised using Open Pit and Ore Sorter Waste material in Q3 FY2024 to increase water capacity and have ample reserves to guarantee wet processing operations moving forward. XRT SORTER During the quarter the ore sorter plant processed 132,654 tonnes of open pit ore and had 25,000 tonnes of Sorter Plant Feed in the stockpile, waiting to be sorted. The Ore Sorter Plant will receive an upgrade ahead of schedule to de-bottleneck the process with the future addition of a new Tomra XRT Ore Sorter and with upcoming significant upgrades to the software and ejection module for the two sorters currently in operation at Mt Carbine, aiming at increasing grade and decreasing by 75% the amount of air needed for the operation saving considerable amount of power. Quarterly Activities Report - Quarter ended 31 March 2024 Page 4 resourcing the new economy for a better tomorrow ASX Announcement 11th April 2024: ‘Mt Carbine hits quarterly production record with XRT Sorter expansion well underway.’ Picture above: Stockpiles of Ore Sorter Plant Feed ahead of the XRT Ore Sorters GRAVITY PLANT With the record crushing production and subsequent increase in Sorter Concentrate production, the feed grade for the Gravity Plant continues to see consistently higher feed grades. Over 17,000 tonnes of High-Grade Sorter Concentrate has been milled this quarter compared to 8,500 tonnes last quarter for a total of 79,141 tonnes processed. The 50% equivalent production has broken a new quarterly record with 506.7 tonnes of wet concentrate produced from 368 tonnes last quarter. The doubling of Gravity Plant capacity is progressing, with all Sandvik core equipment for Phase 2 being received on-site before the end of the quarter. Pictures Top left: New Jaw Crusher and updated designed for Crusher Station Top right: New Cone Crusher and updated engineering design for larger feed bin and crusher station Bottom left: New Vibrating Screen and updated engineering design for screen station ASX Announcement 20th March 2024, ‘MtCarbine Receives Additional Equipment for Doubling of Throughput Capacity’ QUARRY OPERATIONS As the wet weather starts to ease in Far North Queensland, tendering activities for local road reconstruction work has increased with the Mt Carbine Quarry actively engaged in this process. Sales for the first quarter of 2024 have been comparable with those of the previous year and we are quietly confident that sales will continue to increase throughout the drier months considering the amount of local reconstruction work required given the exceptional amount of rain received during the 2023/2024 wet season. Quarterly Activities Report - Quarter ended 31 March 2024 Page 5 resourcing the new economy for a better tomorrow SALORO OPERATIONS OPEN CUT MINING Throughout the initial quarter of the year, mining activities have predominantly concentrated on Phase 5 in the southern sector of the Project. This strategic focus aimed at synchronising mine output with plant demands while effectively managing previously accumulated mineral stockpiles. An agile mining schedule was successfully employed to maintain production levels, anticipating the onset of rainy weather to prevent any disruption caused by water accumulation. The new resource model developed in the last quarter, Q2 FY2024, more accurately reflects the distribution of mineralised bodies and the geological dilution present, optimising mining operations. During Q2 FY2024, work was underway on a JORC reserves report, which is anticipated to be completed in Q4 FY2024. - In total, 1,751,866 tonnes of material were extracted from the pit, including 276,345 tonnes of ore and 1,475,521 tonnes of waste, scalping excluded. - As of the beginning of April, 555,381 tonnes of ore of varying grades were in the stockpile, waiting to be processed. Figure 2 - Cross-Section phase 5 and new block model Picture above: Barruecopardo Open Pit end of March 2024. CRUSHING AND XRT SORTER OPERATIONS The crushing plant has consistently upheld its performance compared to the preceding quarter, maintaining operational efficiency within 70-75% utilisation while exhibiting minimal breakdown occurrences. Notably, the throughput processed by the crushing plant amounted to 300,125 tonnes. There has been a noteworthy increase in the number of MTUs supplied to the Gravity Plant, rising from 44,074 mtus in the previous quarter to 50,545 mtus. This substantial rise in MTUs can be primarily attributed to the expedited installation and commissioning of the second XRT Ore Sorter, resulting in a remarkable increase in feed quantity from 45,642 tons to 83,450 tonnes. Quarterly Activities Report - Quarter ended 31 March 2024 Page 6 resourcing the new economy for a better tomorrow Picture left: The Ore Sorter facilities from outside; Right: the 2 TOMRA XRT Sorters at Barruecopardo The integration of the second sorter was accomplished in an unparalleled timeframe, and the commissioning was seamlessly completed within a mere three days. Consequently, the feed to the sorters witnessed a remarkable 82% augmentation and a +90% metal recovery, with most losses due to misplaced fines in the Ore Sorter feed that went directly to waste. Furthermore, the concentrate derived from the sorter has significantly enhanced the feed grade to the Gravity Plant by an impressive 27%. It is noteworthy to mention that the operational availability of the sorters remains consistently high, enhancing their reliability in facilitating efficient operations. In addition, a 343,000-ton stockpile of previously discarded >6mm ore is now available for reprocessing, with an estimated 19,894 mtus contained (equivalent to around 300 tonnes of 65% WO3 concentrate). ASX Announcement 15th February 2024, ‘Saloro’s XRT sorting performance exceed expectations’ GRAVITY PLANT Various improvement measures have been implemented downstream in response to changes in the orebody and the impact of the sorters. - The jig has undergone modifications, with the barite ragging bed being replaced by alumina balls. - A high frequency vibration screen has been installed to replace the ball mill close circuit sieve, resulting in a more suitable feed for ball mill production and significant cost savings compared to the previous sieve. Picture above: the high-frequency vibration screen being installed. A phased approach has been adopted for further plant improvements, scheduled to be implemented throughout the coming quarter. Modifications to the hydrocyclone classification circuit are planned for Q4 FY2024, and based on positive experiences, another high-frequency vibrating screen has been ordered to enhance the fines recovery in the processing plant. Quarterly Activities Report - Quarter ended 31 March 2024 Page 7 resourcing the new economy for a better tomorrow The Saloro Operations have produced 356.5 tonnes of 65% equivalent of concentrate, an increase from last quarter's 332.9 tonnes. SUSTAINABILITY EQR's website has a sustainability tab that communicates the Company’s ESG commitments and initiatives. See What We Care About and ESG Showcase. EQR reports its safety and ESG development according to its core values outlined in its ESG Program Framework, which is available here: Sustainability Framework and Materiality Assessment. During Q3 FY2024, Saloro implemented 52 safety enhancements, conducted 53 annual health checks, and provided health and safety training to 49 team members. Additionally, over 250 individuals participated in Saloro's public excursions throughout the quarter. Mt Carbine held a Stop & Prop Safety Meeting on March 6th and celebrated International Women’s Day on March 8 th. The site has upgraded its policies concerning Heat Stress and Wet Weather TARP to strengthen its safety procedures and protect its staff in particularly harsh weather. EQR has successfully collected responses for the 2024 Stakeholder Sentiment Survey. The process of data interpretation is now underway to align the Company’s ESG strategy and initiatives with the evolving needs and aspirations of its stakeholders. EQR remains committed to the ongoing enhancement of its ESG policies and practices to reflect the company's growth and stakeholder expectations. EXPLORATION ACTIVITIES DRILLING CAMPAIGN AT MT CARBINE TO INFILL UNDERGROUND RESOURCES The Company has launched an ambitious 2024 diamond drilling campaign at its Mt Carbine site, significantly surpassing previous efforts with 24,000 meters of drilling planned. This initiative is a strategic move to delve deeper into the known mineral resource, of which only 19.3% is covered in the mine plan as per the Bankable Feasability Study (BFS. The campaign aims to reclassify 2 million tonnes of Inferred Resources with a WO 3 content above 0.5% to the Indicated category. This step is crucial for advancing the feasibility study for a Stage 1 underground mining operation. The focus will be on resources immediately north of the Open Pit, potentially tapping into 4.2 million tonnes at 0.52% WO3 previously identified as Inferred Resources. Figure 3 - The current pit shell is blue-grey, and the location of the two drill zones to be investigated for underground potential is shown. 6,000 meters of drilling will be used to explore the extensions of the Iron Duke Vein Package and the Western Deep HighGrade System to extend the mineralisation strike by 30%. This exploration, part of a A$2.88 million budget, includes drilling from an existing 430 meters decline following its refurbishment, marking a significant phase in EQR's exploration and development efforts. Quarterly Activities Report - Quarter ended 31 March 2024 Page 8 resourcing the new economy for a better tomorrow Figure 4 – Drill target is shown on a schematic cutaway section of the Mt Carbine Deposit ASX announcement 18th January 2024: ‘Major Drilling Campaign at Mt Carbine to infill underground resources and explore extents of known high-grade zones.’ MINERAL RESOURCES ESTIMATE The recent acquisition of Saloro by EQR brought significant changes to the Company’s resource inventory following the recent update to the 2012 JORC-compliant Mineral Resource Estimate (MRE) for the Barruecopardo mine. 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 the Indicated and Measured Category, giving great confidence in the project's longevity. An Ore Reserve Statement is currently being compiled to support the update of the Saloro financial model. As a result, EQR’s Indicated and Measured In-Situ Resources increased by 69%. ASX Announcement 1st of February 2024: ‘Saloro adds 69% of measured and indicated resources to EQR’s In-Situ resource inventory.’ Table 2 - Barruecopardo Mineral Resources Estimates as of November 2023. Orebody In-Situ Resource Classification Tonnes (Mt) Grade (% WO3) WO3 (mtu) Measured 10.05 0.19 1,920,400 Indicated 10.46 0.17 1,820,000 Inferred Total 3.86 24.37 0.26 0.20 999,300 4,739,700 Quarterly Activities Report - Quarter ended 31 March 2024 Page 9 resourcing the new economy for a better tomorrow No change to the Mt Carbine resources/reserves has occurred in the quarter, with the following tables outlining as follows: Table 3 - Mt Carbine Mineral Resources Estimate as of April 2023 Orebody Low-Grade Stockpile Resource Classification Tonnes (Mt) Grade (% WO3) WO3 (mtu) Indicated 10.13 0.08 759,450 Indicated 2.75 0.07 178,517 Inferred 0.83 0.06 53,789 Subtotal 13.71 0.07 991,756 Indicated 18.06 0.30 5,405,901 In-Situ Inferred 10.68 0.30 3,217,311 Subtotal Total 28.74 42.45 0.30 All 8,623,212 9,614,968 ORE RESERVES Table 4 - Mt Carbine Ore Reserves as of May 2023 Reserve Category ROM Tonnes (Mt) WO3 (%) Contained WO3 (mtu) Open Cut - Proven - - - Open Cut - Probable Open Cut - Total 5.93 5.93 0.28% 0.28% 1,660,400 1,660,400 LGSP - Proven - - - LGSP - Probable LGSP - Total 9.77 9.77 0.075% 0.075% 732,750 732,750 Quarterly Activities Report - Quarter ended 31 March 2024 Page 10 resourcing the new economy for a better tomorrow TENEMENT INTERESTS Tenements held by the Company and its controlled entities in accordance with ASX Listing Rule 5.3.3. Location Holding Entity Benefici al Interest Interest Acquired / Disposed Area Expiry date 100% N/A 358.5 ha 31/07/2041 100% N/A 7.891 ha 31/08/2041 Queensland, Australia ML 4867 ML 4919 Mt Carbine Quarries Pty Ltd Mt Carbine Quarries Pty Ltd EPM 14871 EQR Resources Limited 100% N/A 10 sub-blocks 12/12/2025 EPM 14872 EQR Resources Limited 100% N/A 21 sub-blocks 11/12/2025 EPM 27394 EQR Resources Limited 100% N/A 4 sub blocks 1/06/2025 New South Wales, Australia EL 66481) EQR Resources Limited 100% N/A 4 Units 19/10/2026 EL 80241) EQR Resources Limited 100% N/A 19 Units 29/11/2024 ML = Mining Lease; EPM = Exploration Permit for Mineral (Qld); EL = Exploration License (NSW) 1) Sozo Farm-in arrangement. Holding Entity Benefici al Interest Interest Acquired Area Expiry date C.E. Barruecopardo, 6.432-10 Saloro, SLU 100% 18/01/2024 2,100 Ha 1/11/2041 P.I. Saldeana 1a Fracción, 6.432-11 Saloro, SLU 100% 18/01/2024 P.I. Saldeana 2a Fracción, 6.432-12 Saloro, SLU 100% 18/01/2024 P.I. Milano, 6.432-20 Saloro, SLU 100% 18/01/2024 29,000 Ha 13 Aug.* P.I. Cortegana, 6.570 Saloro, SLU 100% 18/01/2024 16,700 Ha 14 Nov.* P.I. Almonaster, 6.572 Saloro, SLU 100% 18/01/2024 4,300 Ha 14 Nov.* P.I. Aracena, 6.649 Saloro, SLU 100% 18/01/2024 5,300 Ha 30 Oct.* P.I. Brincones, 6.834 Saloro, SLU 100% 18/01/2024 6,100 Ha 7 May* Location Salamanca, Spain 13 Aug.* 29,300 Ha 13 Aug.* C.E. = Mining Lease; *P.I. = Exploration Permit which is renewed annually. Quarterly Activities Report - Quarter ended 31 March 2024 Page 11 resourcing the new economy for a better tomorrow CORPORATE EQR COMPLETES ACQUISITION OF SALORO 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. ASX Announcement 18th January 2024: ‘EQR Completes Acquisition of Saloro S.L.U & $25m Placement’ HEADS OF AGREEMENT WITH CRONIMET FOR JOINT VENTURE BUYOUT EQR has extended its binding Heads of Agreement (“HoA”) with CRONIMET Asia Pte Ltd (“CR Asia”) and CRONIMET Australia Pty Ltd (“CR Australia”) until 31 May 2024 for the acquisition of CR Australia’s joint venture interest in the Mt Carbine Tungsten Operation. The formal transaction documents will be executed by 31 May 2024 with US$7.5 million of new ordinary shares, at A$0.09 per share, to be issued shortly thereafter. CHANGES IN EQR BOARD & LEADERSHIP TEAM Stephen Weir was appointed to the board as a non-executive director on January 19, 2024. He is Oaktree Capital Management's nominee director. In addition to this role, Stephen has assumed the position of chair for the audit and risk committee. ASX Announcement 19th January 2024: ‘Stephen Weir Joins EQR’s Board of Directors’ EQR is pleased to announce the addition of Ian Kirkham to the leadership team as Senior Financial Advisor. Ian brings a wealth of senior finance knowledge and skills, boasting over 25 years of experience in the mining and oil and gas sectors, including project development, debt and equity financing, financial accounting, treasury services, taxation, and corporate secretarial duties. His more interesting roles include CFO and Company Secretary of Warrego Energy, where he played a vital role in the company's reverse takeover of Petrel Energy and CFO and Company Secretary of Eastern Star Gas, taken over by Santos for $930 million. 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. Quarterly Activities Report - Quarter ended 31 March 2024 Page 12 resourcing the new economy for a better tomorrow FINANCE QUARTERLY CASH FLOW REPORT EQR completed the acquisition of Saloro S.L.U. on 18 January 2024 and has commenced the turnaround of the Barruecopardo mine. Over $200 million was spent on the Barruecopardo mine prior to the purchase of Saloro S.L.U. for €1 and €35 million of debt. After the $25 million cash receipt from the Oaktree placement at 9c per share, the Saloro debt was paid down €10 million to €25 million ($41.4 million). With the inclusion of Saloro, EQR Group produced a record 863 tonnes (Table 1) of concentrate in the quarter, providing record cash receipts of $10.15 million. Mt Carbine cash receipts were $3,071k (last qtr $3,399k), which did not reflect the record +38% in tungsten output over the last quarter due timing difference in customer payments (prepayments in the December quarter being $1,354k higher than the current quarter). Saloro, on the other hand, receives its cash revenues 30-60 days in arrears, with $7,088k cash revenue generated in the period 18 January to 31 March. Mt Carbine quarterly production cash costs of $3,562 (last qtr $3,053k) increased by 17% to realise a record +38% increase in tungsten output of 507 wet tonnes of concentrate. This was achieved despite recovering from Tropical Cyclone Jasper. Improved grade and scalping in the low-grade stockpile are forecast to lift revenues with only minor additional costs in the June quarter, despite the mine plan considering higher-grade ore being mined with increasing depth of the open pit. Saloro produced 466 dry tonnes of concentrate in the quarter with the assistance of an additional TOMRA XRT Ore Sorter (now 2 XRT Sorters in operation), which is now adding 26% more material to the gravity plant. Saloro quarterly production cash costs of $8,014k picks up most of the cash expenditure for January as payments are mainly made at the end of January for the whole month whilst revenue receipts come in weekly and were only accounted from 18 January to 31 January 2024. The one-off expenses occurred by Saloro in relation to the acquisition transaction were $1,460k, in addition to $1,749k which represented long dated creditors from pre-closing period. Those expenses (totalling $3,209k) were covered by an agreed capital (cash) injection from Oaktree into Saloro right ahead of closing of the transaction in the amount of $8,303k. The excess of the cash injection was agreed to cover the operational cash shortfall in the quarter reported herein. EQR will continue to increase concentrate production at Saloro by improving recovery through the newly installed Ore Sorter Plant and further debottlenecking of the gravity plant. EQR is currently in negotiations with critical minerals investment funds, potentially both from government and private sector, as a potential funding source for the company’s growth objectives for 2024, especially to support doubling of plant capacity as announced by the Company. SALORO BANK FACILITIES Saloro currently has outstanding debts of approximately €25 million to Spanish Lenders Santander and CaxiaBank. A condition precedent to the purchase of Saloro was the extension of the terms of each of the Saloro Bank Facilities to a date no earlier than 18 months following the 18 January 2024 completion date. To achieve this, Oaktree procures Wells Fargo Bank N.A. to issue certain guarantees and standby letters of credit in favour of the Spanish Lenders. The Barruecopardo mine is an important employer in the Spanish Province of Salamanca and produces tungsten, which the European Union recognises as a ‘Critical Raw Material’. Released on the authority of the Board by Kevin MacNeill Chief Executive Officer Quarterly Activities Report - Quarter ended 31 March 2024 Further Enquiries: Peter Taylor Investor Relations 0412 036 231 peter@nwrcommunications.com.au Page 13 resourcing the new economy for a better tomorrow 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, focusing 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. 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 the policies of the Australian Securities Exchange) accepts responsibility for the adequacy or accuracy of this announcement. Follow us: Quarterly Activities Report - Quarter ended 31 March 2024 Page 14 Rule 5.5 Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report Name of entity EQ RESOURCES LIMITED ABN Quarter ended (“current quarter”) 77 115 009 106 31 March 2024 Consolidated statement of cash flows Current quarter $A’000 1. Cash flows from operating activities 1.1 Receipts from customers 1.2 Payments for Year to date (9 months) $A’000 10,159 17,087 (a) exploration & evaluation (2) (3) (b) development (62) (451) (c) production (11,576) (16,775) (d) staff costs (4,411) (7,546) (748) (1,727) - - 42 51 (204) (511) (e) administration and corporate costs 1.3 Dividends received (see note 3) 1.4 Interest received 1.5 Interest and other costs of finance paid 1.6 Income taxes paid - - 1.7 Government grants and tax incentives - - 1.8 Other - Diesel Fuel Tax Credits - Long dated Saloro creditors settled upon acquisition (from Oaktree cash injection) - CMAI Grant - Other 287 (1,749) 545 (1,749) 9 600 9 (8,255) (10,470) (1,699) (2,148) - - (1,488) (4,794) 1.9 Net cash from / (used in) operating activities 2. Cash flows from investing activities 2.1 Payments to acquire o