Announcement PDF Annual Report 2025 Corporate Directory Directors Principal Place of Business Oliver Kleinhempel Executive Chairman 6888 Mulligan Highway Mount Carbine QLD 4871 Stephen Layton Non-executive Director Share Register Richard Morrow (Retired 30 June 2025) Non-executive Director Automic Pty Ltd Level 5, 126 Philip Street Sydney NSW 2000 Stephen Weir Non-executive Director Craig Bradshaw Non-executive Director T +61 (0)2 9698 5414 Auditors Zhui Pei Yeo Non-executive Director Nexia Melbourne Audit Pty Ltd Level 35, 600 Bourke Street Melbourne VIC 3000 Company Secretary T +61 (0)3 8613 8888 F +61 (0)3 8613 8800 Melanie Leydin Registered Office Suite 2, Level 11, 385 Bourke Street Melbourne VIC 3000 T +61 (0)7 4094 3072 W www.eqresources.com.au E info@eqresources.com.au Stock Exchange Listing Listed on the Australian Securities Exchange (ASX) ASX Code: EQR ACN: 115 009 106 ABN: 77 115 009 106 Contents 1 2 59 72 73 74 75 76 114 115 116 117 122 126 Chairman’s Address Operating and Financial Review 2 Corporate & Financing Activities 18 Sustainability 24 Mt Carbine Operations 40 Saloro / Barruecopardo Operations 56 EQR Tenement Interests Directors’ Report Consolidated Statement of Profit or Loss and Other Comprehensive Income Consolidated Statement of Financial Position Consolidated Statement of Cash Flows Consolidated Statement of Changes in Equity Notes to the Consolidated Financial Statements Consolidated Entity Disclosure Statement Directors’ Declaration Auditor’s Independence Declaration Independent Auditor’s Report Shareholder Information Forward Looking Statements EQ Resources Limited Annual Report 2025 Chairman’s Address Oliver Kleinhempel Executive Chairman “Prosperity and security can only be achieved through a high degree of independence when it comes to essential raw materials.” Dear Shareholders and Friends of EQR, It is my great pleasure to present to you the 2025 Annual Report for EQ Resources Limited. This year’s Annual Report presents a comprehensive overview and review of both our operations, at Barruecopardo in Salamanca/Spain and Mt Carbine in Queensland/ Australia. In this regard, I would like to congratulate and thank our teams for their outstanding commitment to the success of EQ Resources and their dedication to the greater vision of the Company, despite the headwinds emerging mining companies often face during ramp-up periods. Having visited both operations multiple times throughout the year, I experienced great teamwork and spirit of cooperation – each operation faced site-specific challenges, where it was a common understanding and motivation to share experience and knowledge so that each team can overcome problems and solve difficult tasks. I would proudly say that EQ Resources is a strong group of individuals and teams with common goals and aspirations. The Company will benefit from such culture moving forward. Last year I highlighted three key aspects the Company is working on. I called out for: (i) Teamwork Above All, (ii) Continue Developing an Ecosystem, and (iii) Discipline at the Core. Company has progressed well with regards to the above fundamental pillars. We continued to integrate our teams and share resources across both operations to gain synergies. We have extended our industry network by forming new partnerships and strengthened relations with key customers. Furthermore have we added outstanding personalities both to our board of directors and the management teams. My final remarks should address the fundamental mission of EQ Resources: The Company has established itself as a leading Western tungsten raw materials producer and supplier. Tungsten being classified as a critical- and strategic raw material by the largest economies – the EU, the US and China. Trade tensions and geopolitical division started to impact the global tungsten sector, with prices rapidly increasing. China decided to restrict exports and continues reducing domestic output. EQ Resources is striving to stabilise the (Western) market and contribute to resilient supply chains. I strongly believe that prosperity and security can only be achieved through a high degree of independence when it comes to essential raw materials. On behalf of the Board, I would like to thank all shareholders for their continued support. Despite delays in our turnaround efforts at Barruecopardo and having to overcome complexities around the transitioning of the open pit operation to an inhouse mining team at Mt Carbine, the Oliver Kleinhempel Executive Chairman EQ Resources Ltd 1 2 EQ Resources Limited Annual Report 2025 Operating and Financial Review Corporate & Financing Activities Changes in EQR Board & Leadership Team Strong capital markets, operations and industry backgrounds Board of Directors Oliver Kleinhempel Craig Bradshaw Stephen Weir Executive Chairman Non-executive Director Non-executive Director Non-executive Chair since April 2020. Executive Chair since May 2025. Executive career in global resource industry, across project development, finance and commodity trading. Previous roles at Outotec, Ferrostaal Group, CRONIMET. Executive Director at CRONIMET Group. Experienced global tungsten industry executive and former CEO of Masan High-Tech Materials, the operator of the Nui Phao Tungsten Mine and Processing Complex in Vietnam. Qualified CPA as well as a member of the Financial Services Institute of Australasia (FINSIA) and AusIMM. Representative Director of Oaktree Capital Management. Experience in corporate advisory, project finance, construction management. Former CEO of Magnetite Mines Ltd, Member of the Australian Institute of Company Directors, GBA Capital Advisory Board. Zhui Pei Yeo Stephen Layton Non-executive Director Non-executive Director Background in executive management, project planning, resource management. Works in system integration in telecoms in South-East Asia. Executive director at a steel-product manufacturer. 35+ years in equity capital markets in the UK and Australia. Experience in ASX listings and corporate advisory. Directorships at Mithril Resources & Pursuit Minerals. After 4 years on the Board, Mr Richard Morrow retired on 27 June 2025. During his tenure, Mr Morrow has played a valuable role in supporting the Company’s strategic direction and governance framework. EQ Resources is greatly appreciative of his service and support of the Company as a member of the Board and we wish him well. On 1 May 2025, the Company was pleased to announce the appointment of Mr Craig Bradshaw as an independent Non-Executive Director. Mr Bradshaw is an experienced global tungsten industry executive and was a former CEO of Masan High-Tech Materials, the operator of the Nui Phao Tungsten Mine and Processing Complex in Vietnam and Managing Director of H.C. Starck Tungsten Powders GmbH, a global producer of Tungsten chemicals, powders, carbides, and specialty carbides with operations in Germany, China and Canada, prior to its sale to Mitsubishi Materials Group in December 2024. Mr Bradshaw started his mining career with Mt Isa Mines and held further senior management roles with MMG Limited (Sepon operations) and with Toll Holdings. Mr Bradshaw holds a Business Degree and is a qualified CPA as well as a member of the Financial Services Institute of Australasia (FINSIA) and AusIMM. EQ Resources Limited Annual Report 2025 Experienced Leadership Team driving Operations in both Australia and Spain Executive Management Team Kevin MacNeill Jonathan Kort Chief Technical Officer (EQR Group) Chief Financial Officer (EQR Group) Former CEO (from January 2020), transitioned to CTO in April 2025. 35+ years in mining project development globally. Expertise in mineral processing, specifically tungsten. Past President of Etruscan Diamonds, founded Specialized Metallurgical Projects. Experienced global executive whose career has spanned listed and private companies in resources and infrastructure. He was most recently Chief Development Officer and CFO at PanAust Limited. Chartered Accountant Australia and New Zealand and holder a Master of Science in Mineral Economics. Evren Oeren Alvaro Serrano Chief Operating Officer (Saloro SLU) Chief Executive Officer (Saloro SLU) Experienced M.Sc. Mining Engineer and MBA with an academic background from globally renowned universities. Proven expertise from field operations to senior management, overseeing international mineral processing projects and leading multinational teams. 25+ years as senior financial roles in in industrial companies, mainly in pharmaceutical, biomedical and mining industry. Degree in economics and business sciences and executive MBA. from the IE Business School. CFO roles across a number of leading Spanish and subsidiaries of multinational companies. 3 4 EQ Resources Limited Annual Report 2025 Operating and Financial Review continued During FY2025, EQ Resources Limited (ASX: EQR) strengthened its leadership structure to support operational excellence, international growth ambitions, and continued expansion along the tungsten supply chain. On 1 April 2025, long-serving Chief Executive Officer Kevin MacNeill transitioned to the role of Chief Technical Officer (CTO). This change enables Mr MacNeill to focus on technical improvements at the Saloro and Mt Carbine operations while working reduced hours for personal reasons. Since his appointment as CEO in 2019, Mr MacNeill has been instrumental in EQR’s transformation, and he will continue to play a critical role in driving operational innovation and supporting the Company’s expansion and M&A pipeline. Effective the same date, Mr Oliver Kleinhempel, previously Non-Executive Chairman, assumed the role of Executive Chairman pending the appointment of a new CEO/Managing Director. Once a new appointment is finalised, Mr Kleinhempel will revert to a Non-Executive capacity. A key architect of EQR’s strategy since 2019, he will continue to guide capital management and long-term corporate direction. In addition, Mr Kleinhempel resigned as a director of CRONIMET Australia Pty Ltd, prior to the company’s transfer of its Mt Carbine joint-venture interest to EQR in July 2024. On 1 June 2025, Mr Jonathan Kort commenced as Chief Financial Officer and joined EQR’s Global Leadership Team. Mr Kort brings over 20 years of experience in mining and infrastructure, including senior roles at PanAust, BHP, and Coronado Global Resources. A Chartered Accountant with a Master’s in Mineral Economics, he has an extensive track record in financial leadership and operational execution. He will lead EQR’s financial, governance, and strategic planning functions, ensuring strong discipline and alignment as the Company advances its next phase of development. Further strengthening the operational leadership team, Mr David Laulau was appointed Mining Manager at Mt Carbine. Mr Laulau brings more than 26 years of open-pit and underground mining experience across Papua New Guinea and Australia, managing large-scale workforces and multimillion-dollar budgets with a strong emphasis on safety, efficiency, and environmental stewardship. He holds a Bachelor of Mining Engineering from the Papua New Guinea University of Technology and completed postgraduate studies at Tohoku University, Japan. His appointment further enhances the Company’s ability to deliver operational excellence at its flagship Australian asset. EQR also broadened its government relations capabilities, given its global operations and M&A activities. Mr Andrew Goledzinowski AM was appointed as Senior Advisor for Government Relations, effective 1 July 2025. Mr Goledzinowski brings more than 40 years of diplomatic experience, having served as Ambassador to Vietnam, High Commissioner to Malaysia, and Deputy Permanent Representative to the United Nations. In this role, he will support EQR’s engagement with government stakeholders across Australia, Europe, the United States, and Vietnam. He has already been involved in several strategic initiatives for the Company, including stakeholder engagement and due diligence relating to the TMG smelter acquisition. Collectively, these leadership changes ensure EQR has the right mix of technical, financial, and strategic expertise to deliver on its international tungsten growth ambitions and to position the Company for long-term success. Financing Activities FY2025 was a decisive year in strengthening EQ Resources Limited’s (“EQR” or “the Company”) financial position. By financial year-end, EQR had completed a multi-pronged funding program that combined equity, debt reduction, offtake agreements, government grants, credit extensions, and prospective export-credit support: − Equity raised (FY2025): ~A$28.47 million before costs, comprising: − A$3.0 million placement (Square Resources) at A$0.042/share with a strategic collaboration for Asian FeW marketing and potential tradefinance support (18 Nov 2024); − A$4.9 million placement at A$0.040/share with 122.5 million one-for-one free attaching unlisted options exercisable at A$0.0675 (December 2024); − SPP at A$0.035/share, A$1,77 million raised (before costs), 50,599,919 new shares issued (closing January 2025); − A$18.8 million capital raising announced May 2025. − Long-term offtake contract, securing a 5-year tungsten concentrate offtake arrangement valued at approximately A$30 million with an advance payment of A$2.0 million and establishes a framework for collaboration on US Government critical minerals initiatives, including a joint United States Defence Industrial Base Consortium (“DIBC”) grant application. EQ Resources Limited Annual Report 2025 − Queensland Government Grant: A$0.25 million to support bulk ore sorting trials at Wolfram Camp − European deleveraging: €5 million debt repaid at Saloro (February 2025). − Credit facility support: €20 million of €25 million Letters of Credit extended to end-2025 with Oaktree support (May 2025). − Export-credit pathway: United States EXIM LOI for up to US$34 million (A$52 million), 10-year tenor (June 2025). Queensland Government Grant In early October 2024, the Company was awarded A$250,000 in funding from the Queensland Government’s METS Collaborative Project Fund to support the commencement of advanced XRT ore sorting trials at the Wolfram Camp tungsten mine. The funding is part of the Queensland Government’s broader initiative to reinvigorate former mines, aligning with their Critical Minerals Strategy and Resources Industry Development Plan, focusing on economic growth and sustainable practices. The initiative will be a collaborative project involving EQR, Tomra Sorting Pty Ltd (“Tomra”), and the University of Queensland’s Sustainable Minerals Institute. Tomra will supply advanced XRT Ore Sorters and support technology optimisation, while the University of Queensland will conduct mineralogical and geochemical analysis to ensure the effectiveness of the ore sorting technology. See ASX Announcement 15th October 2024: ‘Queensland Government and EQR Invest In Ore Sorter Trials at Wolfram Camp Mine’ 5 6 EQ Resources Limited Annual Report 2025 Operating and Financial Review continued Pictured: CTO Kevin MacNeill and team during a site inspection at Wolfram Camp. Equity Raisings and Strategic Partnerships In November 2024, EQR announced a A$3.0 million investment from Square Resources Pty Ltd, issued at A$0.042 per share through convertible notes issued by the Company. Beyond the growth capital, this investment established a strategic collaboration whereby EQR can utilise Square Resources’ network across the Asian steelmaking industry (excluding China) and explore trade-finance solutions for the sales and distribution of ferrotungsten (FeW) in Asia. This alignment links funding directly to downstream market access, supporting the Company’s broader strategy to build a regional tungsten hub and expand exposure to value-added products. See ASX Announcement 29th November 2024: ‘EQR Secures A$3 Million Investment from Square Resources’ In December 2024, the Company completed a further A$4.9 million placement 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. This structure provided investors with leveraged exposure to the Company’s growth trajectory and, if exercised in future periods, a potential additional source of capital at a premium to the placement price. Proceeds from the November and December placements were directed to Mt Carbine’s expansion works (including deployment of a third ore sorter), working capital, and general corporate purposes in support of the operational ramp-up. See ASX Announcement 13th December 2024:’EQR Successful A$4.9 Million Placement’ To ensure existing shareholders could participate on similar terms, EQR launched a Share Purchase Plan (SPP). The SPP was priced at A$0.035 per share and raised A$1,771,000 before costs, resulting in the issue of 50,599,919 new shares. The SPP broadened participation to retail investors and complemented the institutional and strategic placements completed earlier in the year. Importantly, in May 2025 the Company announced an additional capital raising of A$18.8 million. This funding further strengthened the balance sheet late in the financial year and provided incremental flexibility to advance priority programs, including Mt Carbine’s capacity expansion, Saloro’s Ore Sorter Plant expansion and other associated working capital requirements. (Terms such as pricing, securities issued and allocation were as set out in the May ASX announcement.) With this transaction included, total equity raised during FY2025 amounted to approximately A$28.47 million before costs. See ASX Announcement 22nd may 2025: ‘EQR Announces Significant Equity Raise and Share Purchase Plan’ See ASX Announcement 20th June 2025: ‘EQR Announces Completion of Share Purchase Plan’ Taken together, the financial-year equity program combined strategic capital (via Square Resources and its Asian steelmaking network), institutional support (through the December placement and options), and retail participation (via the SPP). The staged approach provided a measured increase in equity across the EQ Resources Limited Annual Report 2025 year while aligning capital with near-term execution priorities at site and creating new commercial pathways for medium-term downstream sales. European Debt Repayment and Credit Facilities In parallel with the equity program, EQR continued to strengthen the European balance sheet associated with its Spanish operations at Saloro S.L.U. (Barruecopardo Mine, Spain). In June 2025, the Company repaid €5 million of debt, materially deleveraging the subsidiary and improving its financial resilience following the ramp-up in operating performance through late 2024 and early 2025. This repayment results in a 25% reduction of Saloro’s debt facilities with Santander bank. See ASX Announcement 16th June 2025: ‘Saloro Debt Repayment of EUR5M Completed’ To support ongoing banking arrangements, Oaktree Capital Management—EQR’s major shareholder and former owner of Saloro—confirmed in May 2025 the extension of €20 million of the €25 million Letters of Credit that underpin Saloro’s facilities with Banco Santander S.A. and CaixaBank S.A. through to the end of 2025. As at 31st December 2024, the balance of these facilities stood at A$41.4 million. The extension reflects strengthening operating metrics at Barruecopardo (including record production late in CY2024 and unaudited positive EBITDA of €4.4 million across Q4 CY2024 and Q1 CY2025) and provides the runway to progress discussions with Spanish lenders on converting the short-dated lines into longer-tenor structures. The objective is to reduce reliance on shareholder guarantees over time and to enhance Saloro’s stand-alone credit profile as the operation generates stable cash flow. See ASX Announcement 15th may 2025: ‘Saloro Credit Facilities in Process of Extension’ International Financing Support for Mt Carbine Expansion At the close of the financial year, EQR received an important endorsement of its Australian growth program. In June 2025, the Export-Import Bank of the United States (US EXIM) issued a Letter of Interest (LOI) under its Supply Chain Resiliency Initiative (SCRI), outlining its willingness to consider a 10-year debt facility of up to US$34 million (A$52 Million) to support the Mt Carbine expansion. The contemplated facility would underpin the planned doubling of processing capacity, including additional lines to treat the historic ~10 Mt low-grade stockpile and support future underground ore, thereby enhancing throughput, recovery, and unit-cost performance. Engagement with US EXIM also recognises tungsten’s strategic importance to global supply chains and Mt Carbine’s role as a long-life supplier outside China. See ASX Announcement 27th June 2025: ‘US EXIM Issue Letter of Interest for Mt Carbine’ Long-Term Offtake Contract and Strategic Collaboration with Elmet Technologies LLC During FY2025, EQR strengthened its global tungsten supply chain position through the execution of a Strategic Collaboration and Long-Term Offtake Agreement with Elmet Technologies LLC (“Elmet”), a leading US-owned and fully integrated tungsten manufacturer. The arrangement, first announced in September 2024 and finalised in November 2024, provides for the supply of tungsten concentrate to Elmet over a five-year term, with an estimated contract value of A$30 million at prevailing market prices. To secure offtake allocations, Elmet committed to an advance payment of A$2.0 million, underlining the strength of the partnership and confidence in EQR’s long-term production base. In recognition of the strategic nature of the collaboration, EQR granted Elmet 20,000,000 options, exercisable at A$0.10 per share with a twoyear expiry. The Agreement extends beyond a traditional offtake arrangement, establishing a strategic platform for collaboration across the US tungsten supply chain. Key elements include: − A framework for joint engagement on US Government funding opportunities, particularly those aimed at enhancing the resilience of critical minerals supply chains; − The submission of a joint white paper under the DIBC grant program, open to strategic partners in Australia, Canada, and the UK, with outcomes expected in FY2026; and − A pathway for greater downstream integration of EQR’s tungsten concentrate into the US market, strengthening alignment with long-term demand growth outside of China. Operationally, EQR’s commitments under this offtake agreement are supported by the ongoing expansion of production at its Barruecopardo Operations in Spain, which delivered record quarterly output in FY2025. This ensures both security of supply to Elmet and the ability for EQR to diversify its offtake channels while capturing favourable margins in the US market. 7 8 EQ Resources Limited Annual Report 2025 Operating and Financial Review continued Taken together, the Elmet agreement marks a significant milestone in EQR’s commercial strategy: it not only provides predictable cash flow visibility but also embeds the Company within the US critical minerals ecosystem at a time of heightened geopolitical focus on tungsten security of supply. For more information refer to: ASX Announcement 2nd September 2024: ‘Strategic Collaboration Agreed with Elmet Technologies’ ASX Announcement 12th November 2024: ‘Elmet Agreement Executed’ Corporate Activities Acquisition of 100% of the Mt Carbine Retreatment Joint Venture In July 2024, EQ Resources executed a Definitive Agreement with CRONIMET Asia Pte Ltd and CRONIMET Australia Pty Ltd to acquire CRONIMET’s remaining 50% interest in the Mt Carbine Retreatment Joint Venture. This transaction consolidates EQR’s ownership of the Mt Carbine operations, streamlining management and operational control. The TMG Group currently owns and operates the largest ferrotungsten (FeW) facility outside of China, located in Vietnam. With a potential nameplate capacity of 4,000 tonnes per annum of FeW, the plant is recognised for its scale, cost competitiveness, and efficiency. Its strategic positioning outside of China gives it unique advantages in serving global customers with reliable, diversified supply. The transaction is of high strategic importance to EQR, marking a deliberate step toward vertical integration. By moving downstream into ferrotungsten production, EQR will diversify its revenue base beyond concentrate sales and position itself across the broader tungsten value chain. This will allow the Company to leverage its upstream production from Mt Carbine and other future assets, while gaining exposure to more resilient pricing dynamics in the FeW market. The Company is in ongoing engagement with TMG to close out remaining due diligence items. As part of the transaction, EQR agreed to issue new shares valued at US$7.5 million at a price of A$0.09 per share, representing a ~100% premium to the 15-day VWAP at the time. EQR also assumed all JV assets and liabilities, including obligations under the offtake agreement covering 25,000 tonnes of tungsten concentrate. In addition, CRONIMET will remain an important partner, taking a marketing role for Saloro’s production and receiving a 1% net marketing fee over five years. The acquisition not only secures 100% of the Mt Carbine Retreatment JV assets for EQR but also simplifies the commercial structure, enhances transparency in financial reporting, and positions the Company to fully capture the value of its processing and mining operations at Mt Carbine. See ASX announcement 5th July 2024 ‘Final Agreement to Acquire Mt Carbine JV from Cronimet’ Tungsten Metals Group Limited Acquisition Progressing On 18 November 2024, the Company announced the execution of a binding Heads of Agreement (HoA) to acquire 100% of the shares in Tungsten Metals Group Limited (TMG)—a public unlisted company—and its subsidiaries, along with Mr George Chen’s interest in Asia Tungsten Products Co Ltd (ATC). Collectively referred to as the TMG Group, the acquisition would provide EQR with full ownership of an established and globally significant downstream tungsten business. Pictured: the TMG ferrotungsten plant located in Vietnam. Source: (www.tungstenmetalsgroup.com) For more information refer to: ASX Announcement 18th November 2024: ‘EQR to Acquire 100% Interest in Tungsten Metal Group’ ASX Announcement 14th February 2025: ‘EQR Provides Update to Ferrotungsten Producer Acquisition’ EQ Resources Limited Annual Report 2025 Focus : Saloro Turnaround Success Story Rapid Transition to Cash Positivity In mid-January 2024, EQR assumed full management of the Saloro tungsten operations in Spain, marking a significant milestone in the Company’s European growth strategy. From the outset, the transition was structured around a comprehensive metallurgical and operational assessment, designed to identify immediate efficiency gains and longer-term performance improvements. By February and March 2024 (last financial year), EQR implemented a series of targeted optimisation measures—“quick wins” that delivered early positive impacts, particularly in recovery performance and plant efficiency. These initiatives provided the foundation for broader upgrades that followed in Q4 FY2024, when major modifications to the production plant were successfully executed. Importantly, these upgrades were carried out without major interruptions to operations, ensuring a seamless transition for the workforce and maintaining steady output during the changeover. In the first half of FY2025, all planned modifications were systematically completed, with results evident in both improved tungsten recovery rates and increased production volumes. Key enhancements included: − Deployment of XRT Ore Sorting technology, enabling more precise ore characterisation and feed quality control; − Commissioning of a fines recovery circuit, improving material separation efficiency and significantly reducing tungsten losses to tailings; and − Workforce development through structured training programs, embedding continuous improvement and technical upskilling. These measures quickly translated into operational and financial success. By the close of Q2 FY2025 and Q3 FY2025, Saloro delivered a record unaudited EBITDA of A$7.8 million, a clear demonstration of the effectiveness of EQR’s intervention strategy. Notably, the operation achieved cash-positive status within nine months of acquisition, reinforcing the Company’s ability to extract value through disciplined operational oversight, targeted investment, and strong local engagement. Saloro now stands as a model of EQR’s capability to revitalise and optimise critical mineral operations, positioning the asset as both a cornerstone of the Company’s European platform and a key contributor to EQR’s consolidated financial strength heading into FY2026. 9 10 EQ Resources Limited Annual Report 2025 Operating and Financial Review continued Corporate Development Milestones Corporate Development Milestones Fast-track (re)development of Mt Carbine, efficient integration of Saloro and focused M&A Fast-track (re)development of Mt Carbine, efficient integration of Saloro and focused M&A stones M&A td focused Milestones ion of Saloro and focused M&A 4 4 EQ Resources Limited Annual Report 2025 Tungsten Market The tungsten market entered FY2025 against a backdrop of tightening supply, intensifying geopolitical competition, and accelerating demand from both traditional and emerging industries. Over the course of the year, the global pricing environment strengthened markedly, with ammonium paratungstate (APT) prices rising from approximately US$330/mtu (≈A$500/mtu) at the start of the period to US$463/mtu (≈A$70