Announcement PDF resourcing the new economy for a better tomorrow EQ Resources Limited Quarterly Activities Report Quarter ended 30th September 2024 EQ Resources Limited (“EQR” or “the Company”) 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 Saloro Mine, in Barruecopardo, Salamanca Province (Spain). The Company evaluates corporate and exploration opportunities within the new economy, leverages advanced minerals processing technologies and unexploited resources across multiple jurisdictions, to be a leading global supplier of the critical mineral, tungsten. HIGHLIGHTS MT CARBINE OPERATIONS - Record Quarterly production for Mt Carbine with 26,028 mtu* produced. - Mining Operations successfully transitioned to an owner-operator model to reduce costs. - Drilling program has confirmed High Grade Ore in Open Pit Stage II. SALORO OPERATIONS - Record Quarterly production for Saloro with 27,965 mtu* produced. - Preparation works started for the next phase of the Barruecopardo Open Pit. - Significant improvements to the processing flow delivering a substantial recovery increase. - Saloro has been awarded the 2024 Salamanca Small & Medium Enterprise of the Year Award by Banco Santander and the Chamber of Commerce of Salamanca . EQR EXPLORATION - Wolfram Camp (Australia) main targets identified, soil sampling ongoing and preparation works underway for Ore Sorting trial. CORPORATE - Group cash receipts from operations were A$21.2 million in the quarter, up 87% on the prior quarter. Closing cash balance of A$3.4 million as at 30 September 2024. - Ammonium Paratungstate (APT) CIF Rotterdam, Fastmarkets mid-price of US$335 per mtu on 30 September 2024*. - EQR acquired 50% JV stake from Cronimet, to fully integrate MtCarbine operations under 100% EQR ownership. - Strategic Collaboration and Long-Term Offtake Contract with Elmet Technologies, a leading tungsten manufacturer in the USA. - EQR appoints Andrew Mooney as Chief Financial Officer. - A$250,000 Queensland Government Grant awarded for Ore Sorter trial at Wolfram Camp. Quarterly Activities Report - Quarter ended 30th September 2024 Page 1 resourcing the new economy for a better tomorrow EQR GROUP Q1 FY2025 - PRODUCTION SUMMARY Operations Mt Carbine Saloro Group Unit Q4 FY2024 Q1 FY2025 Q4 FY2024 Q1 FY2025 Q4 FY2024 Q1 FY2025 Waste t 357,590 355,200 1,310,446 1,579,971 1,668,036 1,935,171 Ore t 240,902 194,823 347,142 380,975 588,044 575,798 Total Tonnes Mined t 598,492 550,023 1,657,588 1,960,946 2,256,080 2,510,969 W:O 1.5 : 1 1.8 : 1 3.7 : 1 4.1 : 1 2.8 : 1 3.3 : 1 t 68,374 1,250 307,535 301,445 375,909 302,695 277,709 295,613 41,189 53,993 Strip Ratio Closing Ore Stock Gravity Plant Feed t 60,197 70,284 217,512 225,329 Gravity Plant Grade % 0.447% 0.545% 0.212% 0.240% WO3 Produced* mtus 17,954 26,028 23,234 27,965 *Note: Metric Tonnes Unit, 1 mtu = 10kg WO3 MT CARBINE OPERATIONS OPEN CUT MINING Pictured: Mt Carbine Mine Open Pit End of September 2024 In the first quarter of the Financial Year 2025 (Q1 FY2025), the Company completed an additional 37 infill Reverse Circulation (“RC’’) drill holes, totalling 1,437 metres, targeting the main benches of the Andy White Open Pit. The drilling, executed from the current pit floor at levels between 295-305 metres Reduced Level (“RL”), has identified four main zones of mineralisation spanning a 100-metre strike and 80-metre width. This area is part of a larger main vein system that stretches 1.2 kilometres along strike with considerable width and includes the parallel Iron Duke Vein system to the north. Both vein systems are found to extend an additional 80 metres below the planned depth of Pit II, which is at 250m RL. Further assessments are planned to explore these deeper extensions. EQR's CEO, Kevin MacNeill, expressed satisfaction with the drilling results, noting their alignment with the design of the Open Pit Stage II and their promise for future vein mining. The confirmed consistency of these veins and their westward extensions are expected to significantly contribute to the company's underground ore body, with stripping and mining already ongoing at the level 385-375m RL with the first decent grade of ore at higher levels than originally expected. Quarterly Activities Report - Quarter ended 30th September 2024 Page 2 resourcing the new economy for a better tomorrow Pictured: Block model showing main high grade vein packages relative to Open Pit Stage I (In blue, currently mined) and Open Pit Stage II (in grey, next stage that has started) See ASX Announcement: ‘High-Grade Drilling Results Confirm Main Mineralised Level at MtCarbine’, dated 29th July 2024. After 14 months of contractor mining, the Company announced on 16th August 2024 that its Mt Carbine mine would transition to owner-operator mining (See ASX Announcement: ‘Mt Carbine Mine Transition to OwnerOperator Mining’ dated 16th August 2024). Since the transition in August 2024, EQR has established baseline costs and operational procedures. The transition is expected to bring cost savings, increased operational control, and greater mining flexibility, alongside upskilling the local workforce. The transition to owner-operator status is part of EQR's strategy to optimise operations and value from the Andy White ore body. This change also includes incorporating key operational management and most of the workforce from the previous contractor into the Mt Carbine operations, ensuring continuity and leveraging their expertise. As owner-operators, Mt Carbine has switched to a 24-hour mining roster, increased monthly tonnage, reducing unit costs, and gained earlier access to higher grade veins, as confirmed by recent drilling results. All the equipment for the new fleet was successfully commissioned by the end of the quarter, including a new CAT 90 tonne excavator, two 60-tonne Volvo dump trucks, a CAT 745 Moxy water truck, and two bulldozers. This equipment combined with the implementation of the 24-hour mining operations are already delivering strong results. Pictured left: New CAT 90 tonne excavator on commissioning day and the Volvo 60 tonne dump trucks. Pictured right: The Komatsu bulldozer next to the CAT 90 tonne excavator. Quarterly Activities Report - Quarter ended 30th September 2024 Page 3 resourcing the new economy for a better tomorrow Mining in the Open Pit Stage I continued throughout the quarter with the team mining ore in the level 285m RL, the second to last level of Stage I. Stripping for Open Pit Stage II is continuing at level 365m RL to 345m RL, with the first signs of the Johnson, Wayback and Iolanth vein systems. Eight blasts were conducted in Q1 FY2025 with 355,200 tonnes of waste and 194,823 tonnes of ore extracted with close to 70% of Open Pit ore over 0.22%WO3. 1.8 million tonnes of waste have been stripped since the re-opening of the Open Pit. PROCESSING In Q1 FY2025, 259,709 tonnes of ore have been crushed with 223,383 from the Open Pit and 36,326 from the historic Low-Grade Stockpile (“LGSP”), with an estimated overall head grade around 0.16% WO3. 165,779 tonnes of crushed ore have been processed through the XRT Ore Sorters for sorting in the quarter, reflecting an 18% increase from the prior quarter of 136,319 tonnes. This improvement is due to the new ejection system at Tomra XRT Ore Sorter #2 commissioned in mid-June 2024. The Sorter Plant has provided 16,828 tonnes of high-grade Sorter Product to the Gravity Plant increasing the feed grade from 0.438% WO3 for Q4 FY2024 to 0.545% WO3 for Q1 FY2025. The Gravity Plant at Mt Carbine Mine recorded new production records in the quarter. The Gravity Plant achieved a new daily record of 641 mtus in 24hrs; a new monthly record of 10,702 mtus in September; and achieved a total of 26,028 mtu for the quarter Q1FY2025. The improvements were due to: - Increased feed grade thanks to the additional Sorter Product processed in the quarter; - Increased recovery following the installation of the scavenger jig; and - Increased overall Plant feed volume from 60,197 tonnes to 70,284 tonnes See ASX Announcement: ‘EQR Hits New Production Record as China and US Trade Tension Impact Tungsten Market’, dated 2nd October 2024. QUARRY OPERATIONS Quarry sales continued to improve in the quarter following the completion of a successful project tender, which was one of the disaster recovery projects arising from Tropical Cyclone Jasper. Work has continued through August and September on bank retention remedial work with local residents now able to have road access to their properties. Many other tenders have been submitted during Q1 FY2025 and Mt Carbine Quarry has been working closely with local civil companies to provide proposals for other disaster recovery projects such as access to local farms, cattle stations and reconstruction of roads across to the Daintree River. Quarterly Activities Report - Quarter ended 30th September 2024 Page 4 resourcing the new economy for a better tomorrow SALORO OPERATIONS Pictured: The Barruecopardo Mine Open Pit (Spain) at the end of September 2024. OPEN CUT MINING During Q1 FY2025, in addition to achieving the corresponding production targets, the focus of the operations at the Barruecopardo Mine were maximising the capacity of water dams through the implementation of new evaporation systems, trialling blasts in 10 metre mining benches instead of 5 metre and preparation and development of works in Phase 6 in the Northern Zone of the mine. 1.5 million tonnes of Waste and 380,975 tonnes of Ore were extracted from the pit during the Q1FY2025. Drilling and Blasting on 10-Metre Benches At the Barruecopardo Open Pit, due to the specific features of the mineralized zone, 5 experimental blasts have been carried out on 10 metre benches whereas previously conducted on 5 metres benches. The aim of the tests is to assess potential increased efficiencies, reduced drill metres decreasing drilling costs, reduced blasting costs thanks to economies of scale while potentially improved stability of the highwall and improved blast fragmentation. Quarterly Activities Report - Quarter ended 30th September 2024 Page 5 resourcing the new economy for a better tomorrow Pictured: A 10-metre bench face with the mineralised zones marked Pictured: Block model imported into the OREPRO 3D software confirming the field observations made by geologists. The results have been positive, particularly in the central zone of the mineral body, where continuity and consistency are greater with estimated total savings at AU$0.16 per ton for the tests. Quarterly Activities Report - Quarter ended 30th September 2024 Page 6 resourcing the new economy for a better tomorrow Pictured left: Result of blast 019_580F5M on a 10-metre bench. Pictured right: Simulation performed with the OREPRO 3D software before blasting showing how the mineral will be arranged for loading. Development of the Barruecopardo Mine Open Pit Phase 6, North Area Work has continued on preparing the north zone, for the next phase of the Open Pit, Phase 6, following end of the breeding period of the Black Stork and Egyptian Vulture. In the western area, the switchback has been prepared at 700m RL, while in the north and east, work has been conducted on the benches from 730m RL down to elevation 710m RL. These early works will allow the mining team to access the mineralised zones in the north a few months earlier than initially estimated. Pictured: The Northern Area will be the target of Phase 6, next phase of the Open Pit. Quarterly Activities Report - Quarter ended 30th September 2024 Page 7 resourcing the new economy for a better tomorrow PROCESSING – RECOVERY INCREASE In Q1 FY2025, 278,952 tonnes of ore have been crushed, 110,762 tonnes went through the XRT Ore Sorters for an uptick of 16,469 tonnes of high-grade Sorter Product generated for the Gravity Plant, a substantial increase compared to 4,600 tonnes of sorter product last quarter of FY2024. This increase of Sorter Product processed had a direct impact on the Gravity Plant feed grade which climbed from an estimated 0.210% WO3 in January 2024 to an estimated 0.275% WO3 in September. The operations at Saloro have had their best month on record in September 2024 with 10,136 mtu and best quarter on record with 27,965 mtu produced driven by a combination of factors including an increased feed grade, increased run time and increased recovery. The Gravity Processing Plant has undergone significant modifications aimed at deepening the understanding of materials and processes, which has resulted in improved recovery rates and simplified operations. A key focus was on introducing new management processes aiming at transferring operational knowledge across all shifts to ensure uniform benefits from shared experiences while enhancements were made to each step of process equipment to maximize performance. Specific improvements included: • Crushing Section: Audits with Metso led to maximized plant efficiency. • Sorting System: Upgrades enabled handling of larger sizes, which increased capacity and improved downstream processing. • Jigs and Heavy Minerals: New methods improved jig performance and adjustments in the spiral circuit reduced recirculation and expanded scavenging sections. • Flotation Circuit: Equipment upgrades optimized performance and throughput, reducing losses to below 1%. Key pumps in the flotation system, including a large peristaltic pump in tank 404 have been replaced. • Cyclone Adjustments: All cyclone apexes were replaced to ensure optimal separation; new direct connections were established to eliminate cavitation issues observed in previous months. • Jig Maintenance: The jigs were cleaned, refilled with alumina, and repaired, with new parts installed where needed. These adjustments have already resulted in smoother operations and reduced downtime. • Spiral Circuit Tweaks: We tested and implemented a cyclone on the spiral 512 feed, improving its performance, and adjusted the material flow between spirals to reduce losses and maximize recovery. • Mills: Changes in the rod and ball mills enhanced fine particle generation, boosting plant efficiency The ball mill underwent a comprehensive maintenance session. • Table Circuit: New tables have been added, both coarse and fine, and process water management improvements addressed risks like potential cyclone overflows and minimized short-circuiting of mineral losses. Optimizing the feed and discharge points has improved material flow between stages and reduced recirculation. • Copper Sulfate and PAX Dosing: The adjustment in dosing of critical reagents improved process control and cost savings. The phased updates have shown successful results, encouraging the team to accelerate further enhancements with the Falcon concentrators, potential scavenging jigs installation, and a new screening upgrade in the spirals circuit. More updates on positive outcomes are expected in the next report. Quarterly Activities Report - Quarter ended 30th September 2024 Page 8 resourcing the new economy for a better tomorrow SUSTAINABILITY EQR's website has a sustainability tab that communicates the Company’s ESG commitments and ongoing 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. The Mt Carbine Operations have celebrated “Are you Ok?” day, to raise awareness on mental health. The Mt Carbine Operations recorded 3,159 positive safety indicators during the quarter, including “Take 5s”, Job Safety Environment Analysis, workplace inspections, safety meetings. The 2024 Salamanca Small & Medium Enterprise of the Year Award has been granted by Banco Santander and the Chamber of Commerce of Salamanca to Saloro recognising the Company’s role in job creation, its impact on society, and its clear understanding of its market. Pictured: Alvaro Serrano (CEO of Saloro; front row third from left), receiving the SME of the Year Award The Saloro Operations had 25 employees conducted training on mining risk, mobile machinery or initial training, with 30 new safety improvements implemented. There were 22 open door visitors taken through the Barruecopardo Mine site. Quarterly Activities Report - Quarter ended 30th September 2024 Page 9 resourcing the new economy for a better tomorrow EXPLORATION ACTIVITIES Wolfram Camp and Bamford Hill, QLD, Australia On June 18, 2024, EQR secured an Exploration Permit-Minerals for the 477km² RA442 license at Wolfram Camp, QLD, Australia, aiming at to revitalize the Wolfram Camp and Bamford Hill areas, located within the Herberton Tin-Tungsten field and establish a regional Tungsten Cluster, potentially enhancing local economic and environmental outcomes. This effort has been supported by the Resources and Critical Minerals Minister Scott Stewart and is seen as an extension of EQR's successful operations at Mt Carbine Tungsten mine and is expected to include extensive exploration and drilling activities in the coming years. There will 5 major exploration targets within the boundaries with a soil sampling campaign that started this quarter and Ore Sorting trials on the existing historic stockpiles estimated at 2.95 million tonnes @ 0.279% WO3, are scheduled to commence Q2 FY2025 to further evaluate the sortability of the ore for potential re-development of the mine. See ASX Announcement: ‘EQR Identifies 5 Exploration targets For Wolfram Camp’ dated 7th October 2024. Quarterly Activities Report - Quarter ended 30th September 2024 Page 10 resourcing the new economy for a better tomorrow MINERAL RESOURCES ESTIMATE Mt Carbine Mine Mineral Resources Estimate as of June 2024 Resource Classification Tonnes (Mt) Grade (% WO3) WO3 (mtu) Indicated 10.13 0.075% 759,450 Indicated 2.57 0.070% 166,832 Inferred 0.83 0.060% 53,789 Subtotal 13.53 0.070% 980,071 Indicated 17.49 0.30% 5,235,286 In-Situ Inferred 10.68 0.30% 3,217,311 All Subtotal Total 28.17 41.70 0.30% 0.23% 8,452,597 9,432,668 Tonnes (kt) Grade (% WO3) WO3 (mtu) Indicated 442 0.15 66,300 Inferred 1,829 0.15 274,350 Indicated 77 0.69 53,130 Inferred Total 602 2,950 0.69 0.279 415,380 823,050 Orebody Low-Grade Stockpile Wolfram Camp Mineral Resources Estimates as of 2015. Orebody Greisen Pipe Material Resource Classification Source: 2015 Technical Report Almonty Industries (NI 43-101) ORE RESERVES Mt Carbine Ore Reserves as of June 2024. Reserve Category ROM Tonnes (Mt) WO3 (%) Contained WO3 (mtu) Open Cut - Proven - - - Open Cut - Probable Open Cut - Total 5.36 5.36 0.28% 0.28% 1,500,800 1,500,800 LGSP - Proven - - - LGSP - Probable LGSP - Total 9.77 9.77 0.075% 0.075% 732,750 732,750 All - Total 15.13 0.148% 2,233,550 Quarterly Activities Report - Quarter ended 30th September 2024 Page 11 resourcing the new economy for a better tomorrow TENEMENT INTERESTS There was no change in the Tenements list held by the Company and its controlled entities, disclosed below in accordance with ASX Listing Rule 5.3.3. 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 27394 EQ Resources Limited 100% N/A 4 sub-blocks 1/06/2025 EPM 28898 EQ Resources Limited 100% 147 sub-blocks 17/06/2029 EL 6648 EQ Resources Limited 100% N/A 4 Units 19/10/2026 1) EL 8024 EQ Resources Limited 100% N/A 19 Units 29/11/2024 1) Holding Entity Beneficial Interest Interest Acquired Area Expiry date Saloro, SLU 100% 18/01/2024 2,100 Ha 1/11/2041 P.I. Saldeana 1 Fracción, 6.432-11 Saloro, SLU 100% 18/01/2024 17/06/2024 New South Wales, Australia ML = Mining Lease; EPM = Exploration Permit for Mineral (Qld); EL = Exploration License (NSW) 1) Sozo Farm-in arrangement. Location Salamanca, Spain C.E. Barruecopardo, 6.432-10 a 13 Aug.* 29,300 Ha 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* 13 Aug.* C.E. = Mining Lease; *P.I. = Exploration Permit w hich is renew ed annually. Quarterly Activities Report - Quarter ended 30th September 2024 Page 12 resourcing the new economy for a better tomorrow FINANCIAL AND CORPORATE A$20M funding facility from QIC for Mt Carbine Mine expansion The Company and Queensland Investment Corporation ("QIC") have agreed last quarter in Q4FY2024 to set up a three-year funding facility, with QIC committing up to A$20 million from the Queensland Critical Minerals and Battery Technology Fund ("QCMBTF"). This fund primarily aims to enhance the mining and refining of critical minerals as well as the development and production of battery technologies and advanced materials in Queensland. This three-year loan facility will expedite the Company’s ongoing expansion plan to increase processing capacity to 2 mtpa at the Mt Carbine Tungsten Mine, with A$12 million allocated in Tranche 1. The subsequent Tranche 2, amounting to A$8 million, will support the initial phase of the 2024 drilling program that targets defined underground areas, integrating these results into a detailed underground feasibility study. The underground resource, minimally explored and accessible through a 1980s decline reopened post-quarter, offers higher ore grades and substantial potential for resource expansion. This funding arrangement is subject to standard prerequisites, including project completion tests. The terms of the arrangements between the Company and QIC are expected to complete in Q2 FY2025 with flow of funds to follow for our expansion and drilling plans. See ASX Announcement: ‘QIC approves A$20M funding for Mt Carbine Tungsten Mine expansion’. dated 8th May 2024. Acquisition of 100% of the Mt Carbine Retreatment Joint Venture On 5 July 2024, EQR executed the definitive agreement to acquire 50% of the Mt Carbine Retreatment Joint Venture (Mt Carbine JV) from CRONIMET Asia Pte Ltd (CR Asia) and CRONIMET Australia Pty Ltd (CR Australia). The Agreement formalises the binding Heads of Agreement (HoA) entered into in October 2023, which was subject to the parties' financial and legal due diligence. EQR owns 100% of the Mt Carbine JV effective 30 June 2024. The parties agreed on the following consideration for the transfer of the JV interest: – EQR to issue new ordinary shares at A$0.09 per share to CR Asia (or its nominee), equal to a total of US$ 7.5 million; – EQR assumes all obligations under the Offtake Agreement; – EQR assumes all assets and liabilities of the Joint Venture; and CRONIMET and – EQR enters into a marketing agreement under which CRONIMET will receive a net 1% marketing fee for marketing Saloro production over five years. See ASX announcement ‘Final Agreement to Acquire Mt Carbine JV from Cronimet’ dated 5th July 2024. EQR and Elmet Technologies agree to a Strategic Collaboration and Long-Term Offtake Contract EQR entered into a strategic collaboration and long-term offtake contract with Elmet Technologies LLC (“Elmet”). Elmet will purchase tungsten concentrate with an estimated value of A$30 million (at current market prices) over 5 years and will secure the offtake allocation through an advance payment of A$2.0 million. In recognition of the parties’ intent to collaborate, EQR will grant Elmet 20,000,000 options with an exercise price of $0.10 and an expiry date of 2 years. See ASX announcement ‘EQR and Elmet Technologies Agree to a Strategic Collaboration and Long-Term Offtake Contract’ dated 2nd September 2024. Quarterly Activities Report - Quarter ended 30th September 2024 Page 13 resourcing the new economy for a better tomorrow Andrew Mooney appointed as Chief Financial Officer Andrew Mooney was appointed Chief Financial Officer (“CFO”) of EQ Resources, effective 21 October 2024. As CFO, Andrew will be responsible for all finance, investor relations, treasury, capital management, strategic planning, tax, risk management and governance matters, ensuring that the financial operations of the Company support the delivery of EQR’s strategic plans and initiatives. Andrew will also be a member of EQR’s leadership team. Andrew is an experienced finance executive with a career spanning more than 25 years, working for large, listed mining businesses and big four accounting firms. His most recent position was Vice President Investor Relations for Coronado Global Resources Inc., a large ASX-listed mining company. See ASX Announcement: ‘EQ Resources Appoints Chier Financial Officer’ dated 12th September 2024. The Queensland Government Invests in Ore Sorter Trials at Wolfram Camp Mine EQR has been awarded A$250,000 in funding from the Queensland Government’s METS Collaborative Project Fund. This grant will support the commencement of advanced XRT ore sorting trials at the Wolfram Camp tungsten mine, a historic site targeted for redevelopment. The funding is part of the Queensland Government's broader initiative to reinvigorate former mines, aligning with their Critical Minerals Strategy and Resources Industry Development Plan, focusing on economic growth and sustainable practices. The initiative will be a collaborative project involving EQR, Tomra Sorting Pty Ltd (“Tomra”), and the University of Queensland’s Sustainable Minerals Institute. Tomra will supply advanced XRT Ore Sorters and support technology optimisation, while the University of Queensland will conduct mineralogical and geochemical analysis to ensure the effectiveness of the ore sorting technology. Pictured: CEO Kevin MacNeill and team during a site inspection at Wolfram Camp. See ASX Announcement ‘Queensland Government and EQR Invest In Ore Sorter Trials at Wolfram Camp Mine’ dated 15th October 2024. Quarterly Activities Report - Quarter ended 30th September 2024 Page 14 resourcing the new economy for a better tomorrow Tungsten APT Price update APT Price CIF Rotterdam - (US$/mtu WO3) 370 360 US$ / mtu WO3 350 340 330 320 310 300 290 280 Pictured: Graph illustrating the price trend for tungsten APT (Ammonium Paratungstate) CIF Rotterdam. After a dip in prices during early FY2024, where the price hovered around US$300-330/mtu WO₃, the market recovered, showing a steady upward trend into the first quarter of FY2025. By September 2024, the price had risen to approximately US$325-345/mtu WO₃. This price increase aligns with broader trends in the global tungsten market, where growing demand for critical minerals, recent regulatory measures implemented by the US Department of Defence prohibiting the Department from sourcing tungsten from China and Russia, along with the currently low tungsten reserves of the US Defence Logistics Agency are contributing to a structural deficit of tungsten in the US. QUARTERLY CASH FLOW REPORT Cash flows from operating activities Mt Carbine cash receipts from operations increased from A$3,036,000 (50% JV interest) in the June quarter to A$10,707,000 (100% JV interest), representing a 253% increase. This reflects the 45% increase in production from 17,954 mtu to 26,028 mtu and the Mt Carbine JV interest increase from 50% to 100% effective from 30 June 2024. Saloro cash receipts from operations increased from A$8,294,000 in the June quarter to A$10,519,000, representing a 27% increase. This reflects the 20% increase in production from 23,234 mtu to 27,965 mtu and the effect of production prepayments and delivery schedules. Joint production costs increased from A$10,878,000 in the June quarter to A$12,511,000, representing a 15% increase. This modest increase reflects the timing of mining payments agreed upon with the outgoing mining contractor and the move to owner-operator mining in August 2024. The net effect of owner-operator mining is a reduction in mining costs and an increase in staff costs. Mt Carbine staff costs increased from A$1,925,000 (50% JV interest) in the June quarter to A$3,719,000 (100% JV interest), representing a 93% increase. This reflects the move from contractor mining to owner-operator mining from August 2024 and the Mt Carbine JV interest increase from 50% to 100% effective from 30 June 2024. Quarterly Activities Report - Quarter ended 30th September 2024 Page 15 resourcing the new economy for a better tomorrow Cash flows from investing activities The Company invested A$3,820,000 at Mt Carbine, using mine waste to raise the noise & visual bund, which is a requirement under the Mt Carbine mining lease. A further A$1,042,000 was paid to acquire plant and equipment, including mobile equipment required for owner-operator mining from August 2024. Cash flows from financing activities The Company received net finance of A$2,482,000 during the quarter. This included an advance for Saloro concentrate of A$2,951,000 (€1.8m), which will be balanced against concentrate delivery invoices in the medium term. Cash and financing facilities The Company held cash of A$3,377,000, in line with A$3,483,000 at the end of the last quarter. Spanish loan facili