Announcement PDF resourcing the new economy for a better tomorrow Quarterly Activities Report - Quarter ended 30 September 2025 Page 1 EQ Resources Limited Quarterly Activities Report Quarter ended 30th September 2025 HIGHLIGHTS TUNGSTEN MARKET  Fastmarkets Ammonium Paratungstate (“APT”) CIF Rotterdam/Baltimore mid-price was US$615 per mtu* on 30 September 2025, a +33% increase Quarter-On-Quarter (QoQ).  Market for EQR products remains strong with ongoing solid demand for Tungsten Concentrate continuing with the company receiving enquiries from customers for volumes in excess of current production capacity and customers now looking to lock in future production to underpin their supply chain.  China reached record Imports of Tungsten Concentrate and Ores - 2025 Calendar Year to Date imports of Tungsten Concentrate 13,699 tonnes (contained WO3) versus a full year 2024 import volume of 12,427 tonnes which itself was a record full year volume of imports. BARRUECOPARDO OPERATIONS  1.04 Mt of waste and 247,003 t of ore mined at an average grade of 0.155% WO₃, with pit development progressing across Phases 6 and 7 and improved grade control to optimise ore recovery.  Processing performance strengthened, with gravity plant feed increasing to 247,628 t (+8% from 229,415 t last quarter) following the commissioning of the third Tomra XRT sorter and ongoing gravity circuit upgrades targeting higher recoveries. MT CARBINE OPERATIONS  110,000 tonnes of waste mined during the quarter as southern wall stripping advanced through levels 365–355RL, with operations ramping up to an average of 8,000 tonnes per shift and preparation underway for 24/7 in pit mining operations in Q2 FY2026. FINANCIAL AND CORPORATE*  Craig Bradshaw appointed Managing Director, bolstering EQR’s leadership team and growth strategy.  Cash receipts from sales increased 16% to A$14.65 million for the quarter  Cash on hand at 30 September 2025 of A$11.5 million  Over A$30 million in new funding secured through a combination of royalty, equity, and debt-to-equity agreements, including a US$7.5 million proposed Oaktree royalty funding agreement (pending shareholder approval), and two equity placements raising A$26.5 million, with a portion applied as a set-off against Oaktree’s upfront payment of the royalty amount (reducing the net cash inflow) and the balance used to strengthen liquidity, pay creditors, and fund expansion at Mt Carbine and improvements at Barruecopardo. Notes: * 1mtu (metric tonne unit) = 10kg WO3 , **All financial numbers are quoted in Australian dollars unless otherwise stated. resourcing the new economy for a better tomorrow Quarterly Activities Report - Quarter ended 30 September 2025 Page 2 EQR GROUP Q1 FY2026 - PRODUCTION SUMMARY Operations Mt Carbine Barruecopardo EQR Group Unit Q4 FY2025 Q1 FY2026 Q4 FY2025 Q1 FY2026 Q4 FY2025 Q1 FY2026 Material blasted t 214,380 175,272 1,202,806 1,265,302 1,417,186 1,440,575 Waste mined t 342,403 110,768 836,066 1,035,429 1,178,469 1,146,197 Ore mined t 73,056 - 241,381 247,003 314,437 247,003 Total Tonnes Mined t 415,459 110,768 1,077,447 1,282,432 1,492,906 1,393,200 Strip Ratio W:O 5.7 : 1 4.5 : 1 5.2 : 1 4.7 : 1 5.6 : 1 Closing Ore Stock - Rom t 12,384 888 209,567 456,330 221,951 457,218 Closing Ore Stock - LGS t 9,590,000 9,483,819 9,590,000 9,483,819 Crushing Plant Feed t 156,614 115,509 372,172 333,484 528,786 448,993 Gravity Plant Feed t 54,573 46,905 229,415 247,628 283,988 294,533 Gravity Plant Grade % 0.168% 0.133% 0.214% 0.175% - - Recovery % 76% 74% 58% 56% - - WO3 Produced* mtu 6,994 4,610 28,203 24,225 35,197 28,834 *Note: Metric Tonnes Unit, 1 mtu = 10kg 100% WO3 With increasing China purchasing of Tungsten Concentrates as demonstrated by increased Import data and the ongoing export ban from February 2025 the availability of Ammonia Para Tungstate during the quarter end 30 September 2025 (“Q1 FY2026”) continued to shorten resulting in a +33% increase during the quarter in the APT mid-price of US$615/ mtu at 30 September 2025. Governmental support for critical minerals, including Tungsten has continued to increase with the signing of The United States–Australia Framework for Securing of Supply in the Mining and Processing of Critical Minerals and Rare Earths targeting a pipeline of US$8.5 billion of priority critical minerals projects in Australia and the United States. During the quarter, EQ Resources continued its engagement with both US and Australian Governments following the Export – Import Bank of the United States issuing a Letter of Interest for up to a US$34 million 10 year debt facility for the capital expansion and further development of its Mt Carbine Operation (Link). For Q1 FY2026, the consolidated EQR Group produced 28,834 mtu of tungsten concentrate (Barruecopardo 24,225 mtu; Mt Carbine 4,610 mtu) and mined a total of 1.4 million tonnes (Barruecopardo 1.3 million tonnes; Mt Carbine 0.1 million tonnes). The Barruecopardo Mine (Spain) delivered 24,225 mtu of tungsten concentrate for the quarter. This performance was achieved whilst the 3rd ore sorter and processing improvements were installed and commissioned as well as processing lower grade material from existing stockpiles. Recovery rates declined slightly over the quarter, primarily due to a reduction in feed grade as the Gravity Plant continued processing material from existing stockpiles with lower head grades. Upgrades support a targeted installed capacity of up to ~14,000 mtu per month under design parameters.1 Mt Carbine (Queensland, Australia) produced 4,610 mtu of tungsten concentrate, processing low grade stock material whilst performing critical maintenance, environmental compliance, and site integrity, ensuring operational continuity. EQR improved its balance sheet via A$26.5m of equity placements and a US$7.5m royalty funding agreement with Oaktree relating to Saloro. The 2.5% gross-proceeds royalty is pending shareholder approval. EQR plans to apply Oaktree’s A$4.25m placement subscription to reduce Oaktree’s upfront payment of the royalty amount, and any royalty, if approved, will be reduced proportionately. EQR improved its balance sheet via a A$26.5m equity placement and a US$7.5m royalty funding agreement with Oaktree relating to Saloro. The 2.5% gross-proceeds royalty is pending shareholder approval. EQR plans to apply Oaktree’s 1 Actual outcomes may vary with ore characteristics, operating conditions, maintenance and scheduling. This statement describes installed capacity under design parameters and is not production guidance or a Production Target. resourcing the new economy for a better tomorrow Quarterly Activities Report - Quarter ended 30 September 2025 Page 3 A$4.25m placement subscription to reduce the pre-royalty loan. If shareholders approve the royalty, that reduction will be applied as a set-off against the upfront consideration with the royalty interest, to be granted, reduced on a pro-rata basis. HEALTH, SAFETY & ENVIRONMENT Barruecopardo Operations During Q1 FY2026, Barruecopardo maintained a strong focus on safety performance and employee engagement, continuing to strengthen its safety culture across all operational areas. Participation in the “Step Back – Take 5” program remained high, with 1,958 risk assessments completed during the quarter. Lost-time injuries (LTIs) rose slightly to 24 cases (up from 23), a trend being closely monitored and partly attributed to increased reporting and proactive participation in safety programs. Training remained a key focus, with three new employee inductions, an average of 21 training hours per employee, and daily five-minute toolbox talks covering key topics such as PPE, chemical handling, working at heights, and crane safety. Joint inspections with the National Institute of Silicosis (INS) were also carried out, focusing on dust and crystalline silica control. On the environmental front, Barruecopardo continued its biodiversity monitoring and conservation initiatives in collaboration with the Territorial Delegation of Castilla y León. Ongoing programs included bat population studies—in partnership with Spanish and Portuguese research institutions—and the tracking of Egyptian vultures in the Arribes del Duero region, reinforcing Barruecopardo’s commitment to responsible, science-based environmental management. Above: 12-months Rolling Frequency Rate Graph per million working hours for Barruecopardo Mt Carbine Operations In Q1FY2026, safety performance remained a strong operational focus, with constant reinforcement of site procedures, training, and compliance initiatives. While a total of 27 incidents were reported, up from 22 in the previous period, more than half related to minor equipment damage with no significant injuries recorded. The Company conducted 4,056 alcohol tests and five post-incident drug tests, reflecting EQR’s continued commitment to maintaining a safe and compliant workplace. “Take 5” safety observations totaled 4,440 for the quarter, a reduction from 5,891 in the previous quarter, while 19 toolbox talks were delivered across departments. 44 45 45 51 62 59 60 66 59 49 49 51 23 24 24 29 38 35 38 41 37 37 37 37 13.0 10.5 10.5 13.3 18.8 16.1 19.0 22.0 22.5 22.9 22.9 22.6 0 10 20 30 40 50 60 70 TIFR: Total Incident Frequency Rate LTIFR Mining (Spain) MTIFR: Medically Treated Injury Frequency Rate LTIFR: Lost Time Injury Frequency Rate resourcing the new economy for a better tomorrow Quarterly Activities Report - Quarter ended 30 September 2025 Page 4 Above: 12-months Rolling Frequency Rate Graph per million working hours for Mt Carbine BARRUECOPARDO OPERATIONS Picture above: the Barruecopardo Tungsten Mine open pit as of end of September 2025 Open Cut Mining During Q1FY2026, Barruecopardo maintained steady operational performance focusing on advancing waste removal and ore extraction while implementing key pit development and grade control improvements. Mining activities concentrated on deepening the southern section of the pit to create a water storage zone that will allow continuous production during the rainy season. Waste movement totalled 1,035,429 tonnes, with 247,003 tonnes of ore mined from Phase 5 at an average grade of 0.155% WO₃, meeting production targets for the period. 50 51 46 49 49 54 54 49 40 37 29 33 41 13 17 21 25 25 29 25 24 24 24 25 25 24 63 67 67 74 74 83 79 73 65 61 53 57 65 - 10 20 30 40 50 60 70 80 90 LTIFR MTIFR TRIFR Average Mining (Spain) resourcing the new economy for a better tomorrow Quarterly Activities Report - Quarter ended 30 September 2025 Page 5 Work progressed across Phases 6 and 7, with the 690RL and 680RL benches prepared for production following the completion of environmental restrictions related to nesting Egyptian vultures. Drilling and blasting trials at the 690RL bench refined the grade control process, optimising recovery through a redesigned staggered (chequerboard) blast pattern that better intersects mineralised quartz veins. These refinements are expected to improve ore recovery and operational efficiency across the northern sector of the pit. Additionally, the run-of-mine (ROM) stockpile system was restructured to improve blending efficiency and plant feed consistency. Processing Processing operations at Barruecopardo maintained strong momentum throughout the quarter despite constrained mining activity early in the period and variable feed grades. Following the suspension of mining during June and July, the processing plant continued to operate steadily on stockpiled material, supported by improved crusher reliability and increasing ore sorter output. Contractor support allowed stockpiles to be rebuilt, stabilising plant feed and enabling consistent throughput. A revised GeoStock model, now focussing on WO₃ grades only, was introduced to streamline feed management and improve grade accuracy. Recovery averaged 56% through the quarter, reflecting the lower feed grade but steady plant performance following completion of key circuit upgrades. Significant optimisation and upgrade works were delivered across the crushing, ore sorting, and gravity circuits. In the crushing plant, extensive maintenance on the tertiary mill, crusher drums, and chutes restored reliability, with record jaw crusher throughput exceeding 2,500 t/day achieved in September. The installation of a third Tomra XRT ore sorter, commissioned in mid-August, has improved the downstream Gravity Plant feed grade from 0.16 % WO₃ up to 0.30 % WO₃, thanks to a Sorter product grade increased from 0.20% to 0.40% and exceeding 0.60% WO₃ in selected runs. Sorter optimisation programs also enhanced product grade while maintaining stable recoveries. Picture left: the Ore Sorter Plant shed being extended to make room for the third Ore Sorter. Picture right: the Wet scalping screen being installed in front of the Ore Sorters Within the gravity plant, the installation of quadruple tables and modifications to the spiral circuit increased fine-material treatment capacity, while Falcon concentrators were installed to target ultra-fine scheelite recovery. On design parameters, management considers overall recovery of ~70% technically achievable.2 The plant achieved 94 % runtime in September, with recovery losses from over-grinding and cyclone transitions largely resolved through process-pressure adjustments. Additional work on jig tuning, tailings monitoring, and magnetic separation testing has successfully produced high-grade concentrate streams and will support ongoing process refinements. Overall, the quarter saw the Barruecopardo processing plant transition from stabilisation to optimisation, with major upgrades completed, all three ore sorters in full operation, and the gravity circuit enhancements progressing to completion. These improvements have strengthened plant reliability, enhanced feed quality, and positioned the operation to support the planned ramp-up in mining activity through Q2 FY2026. 2 Actual outcomes will depend on feed grade, runtime and optimisation. This statement is not production guidance. resourcing the new economy for a better tomorrow Quarterly Activities Report - Quarter ended 30 September 2025 Page 6 MT CARBINE OPERATIONS Picture above: Stripping ongoing in the South part of the pit to access the Iolanthe vein system, main ore body targeted in the Stage II Open Pit. Operational activities during the quarter focused on maintaining safe and compliant production while managing operations under restricted working capital. Despite financial constraints, the site teams continued to prioritise critical maintenance, environmental compliance, and site integrity, ensuring operational continuity. A reset program was initiated to restore equipment reliability and rebuild fixed capacity, supported by an improving financial position that now allows for fully funded stripping operations and a ramp-up of mining activity. Mining during the quarter concentrated on southern wall stripping to regain access to the primary ore zone, with operations currently advancing through levels 365–355RL. During Q1FY2026, 110,000 tonnes of waste has been mined in the quarter, with operation ramping up strongly by end of the quarter with an average of 8,000 tonnes of material extracted per shift. As of the end of September, approximately 1.34 million tonnes of material remain to be removed from the southern wall to unlock consistent access to 1.6 million tonnes of ore in Open Pit Stage II, grading 0.262% WO₃, based on design recoveries and operating assumptions, this illustrative could support aggregate production of >400,000 mtu over the life of Open Pit Stage II. Actual outcomes will depend on mining, processing and market conditions3 . Development has also progressed across the northern and eastern pit areas, targeting the Dazzler, Johnson, and Wayback ore zones to optimise equipment utilisation and maintain alignment with the long-term mine plan. Operational momentum continues to build, and EQR is aiming to commence 24/7 in pit mining operations in Q2 FY2026, subject to workforce and equipment readiness. Management anticipates a staged increase in tonnage from ~200,000 tonnes per month toward ~400,000 tonnes per 3 Contained metal is not an estimate of recoverable product; no mining or metallurgical modifying factors have been applied. resourcing the new economy for a better tomorrow Quarterly Activities Report - Quarter ended 30 September 2025 Page 7 month as Stage II advances. Timing and steady-state outcomes will depend on ore characteristics, equipment availability and plant optimisation. Quarry Operations The Mt Carbine Quarry secured several key contracts under the Disaster Recovery Funding Arrangements (DRFA) program. These works primarily involved the supply of road base materials for resurfacing projects and large rock for slope and slip retention. Major contracts included the provision of armour rock to Cairns Regional Council for the Clifton Beach offshore rock breakwaters and the Lake Placid rock retention, road base supply to Ikin Civil for Julatten Road resurfacing, and rock retention materials to MC Group for the Rex Range and Durack Civil for works in the Bloomfield/Wujal Wujal region. These projects have supported steady quarry throughput and reinforced Mt Carbine’s position as a reliable regional supplier of high-quality construction materials. FINANCIAL & CORPORATE Strengthened Executive Team for the Next Growth Phase Craig Bradshaw has been appointed Managing Director of EQ Resources Ltd (“EQR”) effective 1 October 2025, following his earlier role as Non-Executive Director. A seasoned tungsten industry executive, Mr Bradshaw brings extensive global experience from his leadership roles at Masan High-Tech Materials and H.C. Starck Tungsten Powders. His appointment marks a key milestone in EQR’s leadership transition. ASX Announcement 18 September 2025: “EQR Appoints Craig Bradshaw as Managing Director” Capital Initiatives Bolster Liquidity and Fund Expansion Projects During the quarter, the Company executed a series of capital initiatives totalling more than A$30.0 million, significantly enhancing its liquidity and improving the balance sheet. The Company executed a US$7.5 million royalty-based funding agreement with Oaktree Capital Management, under which, subject to shareholder approval, Oaktree is to receive a 2.5% royalty on gross tungsten concentrate sales from the Barruecopardo Mine in Spain. As outlined above, EQR intends to apply Oaktree’s A$4.25 million placement subscription as a set-off against the upfront amount. If the royalty is approved, the royalty rate will be reduced proportionately to that set-off, with the final rate confirmed at completion. The proceeds were applied to ongoing capital projects at Barruecopardo, including the installation of a third XRT sorter to increase processing capacity, alongside strengthening working capital at Saloro. In parallel, Cronimet Asia Pte Ltd agreed to convert US$3 million of its Mt Carbine offtake prepayment into equity at A$0.035 per share, reducing future sales offsets, improving cash flow, and reinforcing its position as a strategic shareholder and offtake partner. ASX Announcement 15 August 2025: “Saloro US$7.5M Royalty Completed with Supplementary Cronimet Debt to Equity Swap” EQR also completed two equity placements during the period. In July 2025, the Company raised A$4.0 million through the issue of 114.3 million shares at A$0.035, with funds directed toward waste-stripping, plant expansion, and optimisation works at Mt Carbine, as well as for general working capital. ASX Announcement 7 July 2025: “EQR Successful A$4.0M Placement”. This was followed in September 2025 by a larger A$22.5 million institutional placement, issuing 703.1 million shares at A$0.032 per share. The raise attracted strong participation from domestic and international institutions and included a pro-rata A$4.2 million investment from Oaktree, which, will be applied to reduce Oaktree’s existing US$7.5 million unsecured pre-royalty upfront payment. If the grant of the royalty is approved, the royalty rate will be reduced proportionately to reduction in the pre-royalty upfront payment. Proceeds from this placement are being applied to accelerate Mt Carbine’s south-wall stripping program to access the high-grade Iolanthe vein, progress the doubling of plant capacity, and further improve debt and working-capital positions. Collectively, these initiatives have established a solid funding platform to support EQR’s expansion strategy across its Australian and Spanish tungsten assets and to advance its position as a leading independent producer of this critical mineral. ASX Announcement 3 September 2025: “EQR Announces successful A$22.5M Institutional Placement” Tungsten Markets During the September quarter, the tungsten market maintained strong upward momentum, driven by tightening supply conditions and resilient demand. Ammonia Para Tungstate (APT) mid prices rose from around US$463/mtu at the end of resourcing the new economy for a better tomorrow Quarterly Activities Report - Quarter ended 30 September 2025 Page 8 June to approximately US$615/mtu by end of September, representing an increase of about 33% over the quarter and an 85% rise year-on-year from roughly US$330/mtu in October 2024. The recent rally was fuelled by restricted mine output and new environmental controls in China, alongside increasing China Imports of Tungsten Concentrates and ongoing Chinese export limitations that constrained global availability and shifted buying interest toward non-Chinese producers. While industrial and manufacturing demand moderated due to elevated energy and input costs, strategic and defence- sector demand remained strong, particularly across Europe and North America, providing a stable demand base. Overall, market sentiment remained positive yet cautious, with expectations of continued price volatility but sustained high levels in the near term, underpinned by persistent supply shortages and growing recognition of tungsten’s strategic importance in energy, defence, and advanced manufacturing sectors. Above: 12 months history APT Mid Price. Source: Fastmarkets. Tungsten APT 88.5% WO3 min cif Rotterdam and Baltimore duty-free, $/mtu WO3 Quarterly Cashflow Report Cash flows from operating activities In Q1 FY2026, net cash used in operating activities amounted to A$22.45 million. This included payments to overdue creditors of approximately A$14m and prepayments to Barruecopardo’s mining contractors of approximately A$2.4 million. These prepayments will have a reduction in Barruecopardo’s mining cash costs in Q2 FY2026. Cash receipts from sales increased by 16% to A$14.65 million from Q4 FY25. Excluding payments to overdue creditors:  Barruecopardo generated positive operating cashflows of approximately A$3.4 million.  Mt Carbine generated negative operating cashflows of approximately A$4 million in the quarter as it continues to process low grade stockpile material whilst focusing on waste stripping works to gain access to the high-grade Iolanthe ore body. Cash flows from investing activities In Q1 FY2026, net cash used in investing activities totalled A$2.93 million. During the quarter, the Company invested a further A$2.85 million at the Barruecopardo Mine on processing and plant improvements including the installation and commissioning of the third ore sorter. Cash flows from financing activities In Q1 FY2026, net cash from financing activities totalled A$30.23 million. This primarily consisted of A$22.5 million (before fees) from Equity Placements as well as entering a US$7.5m 2.5% royalty arrangement with funds managed by Oaktree. Cash and financing facilities As of 30 September 2025, the Company held cash of A$11.47 million, an increase from A$1.87 million in cash held as at 30 June 2025. Spanish loan facilities in Euros headroom of A$0.21 million available at quarter end. 320 370 420 470 520 570 620 670 APT Mid Price ($US/mtu) APT Mid Price (CIF EU/US) $US resourcing the new economy for a better tomorrow Quarterly Activities Report - Quarter ended 30 September 2025 Page 9 Payments to related parties of the entity and their associates during the quarter were $249k compromising of Director fees as outlined in the Appendix 5B. All numbers included in the Quarterly Cash Flow Report are unaudited. SUSTAINABILITY & SOCIAL PROGRAMS For more information on the company’s ESG commitments and ongoing initiatives, please visit EQR’s LinkedIn, Saloro’s LinkedIn and the Sustainability page on EQR’s Website. EXPLORATION ACTIVITIES / RESERVES AND RESOURCES Mineral Resource and Ore Reserves There has been no material change to the Company's Mineral Resources and Ore Reserves since the last update provided. For latest information on Mineral Resources and Ore Reserves please see below: Mt Carbine refer EQR Annual Report FY2025 Barruecopardo Mine: ASX Announcement dated 22 October 2025: “EQ Resources Barruecopardo Mine Increases Ore Reserves by 39%”. Tenements There has been changes in the Tenements list held by the Company and its controlled entities. The current tenement interests are disclosed below in accordance with ASX Listing Rule 5.3.3. Note: EL 6648 & EL 8024: Sale agreed, and transfer lodged, pending registration. Location Holding Entity Beneficial Interest Interest Acquired or Disposed Area Expiry date Queensland, Australia ML 4867 Mt Carbine Quarries Pty Ltd 100% N/A 358.5 ha 31/07/2041 ML 4919 Mt Carbine Quarries Pty Ltd 100% N/A 7.891 ha 31/08/2041 EPM 14871 EQ Resources Limited 100% N/A 10 sub-blocks 12/12/2025 EPM 14872 EQ Resources Limited 100% N/A 21 sub-blocks 11/12/2025 EPM 28898 EQ Resources Limited 100% 17/06/2024 147 sub-blocks 17/06/2029 New South Wales, Australia EL 6648 EQ Resources Limited 100% Disposed 4 Units 19/10/2026 1) EL 8024 EQ Resources Limited 100% Disposed 19 Units 29/11/2027 1) ML = Mining Lease; EPM = Exploration Permit for Mineral (Qld); EL = Exploration License (NSW) 1) Sozo Farm-in arrangement. Salamanca, Spain C.E. Barruecopardo, 6.432-10 Saloro, SLU 100% 18/01/2024 2,100 Ha 1/11/2041 20/11/2014 P.I. Saldeana 1 a Fracción, 6.432-11 Saloro, SLU 100% 18/01/2024 13 Aug.* 13/08/2001 P.I. Saldeana 2 a Fracción, 6.432-12 Saloro, SLU 100% 18/01/2024 13 Aug.* 13/08/2001 P.I. Milano, 6.432-20 Saloro, SLU 100% 18/01/2024 29,000 Ha 13 Aug.* 13/08/2011 P.I. Cortegana, 6.570 Saloro, SLU 100% 18/01/2024 16,700 Ha 14 Nov.* 14/11/2006 P.I. Almonaster, 6.572 Saloro, SLU 100% 18/01/2024 4,300 Ha 14 Nov.* 14/11/2006 P.I. Aracena, 6.649 Saloro, SLU 100% 18/01/2024 5,300 Ha 30 Oct.* 30/10/2008 P.I. Brincones, 6.834 Saloro, SLU 100% 18/01/2024 6,100 Ha 7 May* 7/05/2013 C.E. = Mining Lease; *P.I. = Exploration Permit which is renewed annually. 29,300 Ha resourcing the new economy for a better tomorrow Quarterly Activities Report - Quarter ended 30 September 2025 Page 10 Released on the authority of the Board by: Further Enquiries: Craig Bradshaw Peter Taylor Managing Director Investor Relations M 0412 036 231 peter@nwrcommunications.com.au About EQ Resources Limited EQ Resources Limited is a leading global 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. The Company 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 in 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: Rule 5.5 ASX Listing Rules Appendix 5B (17/07/20) Page 1 + See chapter 19 of the ASX Listing Rules for defined terms. 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 30 September 2025 Consolidated statement of cash flows Current quarter $A’000 Year to date (3 months) $A’000 1. Cash flows from operating activities 14,653 14,653 1.1 Receipts from customers 1.2 Payments for - - (a) exploration & evaluation (b) development (5) (5) (c) production (22,445) (22,445) (d) staff costs (8,115) (8,115) (e) administration and corporate costs (1,245) (1,245) 1.3 Dividends received (see note 3) - - 1.4 Interest received 14 14 1.5 Interest and other costs of finance paid (766) (766) 1.6 Income taxes paid - - 1.7 Government grants and tax incentives - - 1.8 Other - Diesel Fuel Tax Credits - Grants - Traineeship Subsidies - Other 248 - 4 - 248 - 4 - 1.9 Net cash from