Announcement PDF resourcing the new economy for a better tomorrow 29 July 2025 SALORO SECURES US$7.5M ROYALTY FUNDING EQ Resources Ltd is a global tungsten producer with mining activities in Australia and Spain. EQ Resources Limited (EQR or the Company) is pleased to announce that Saloro S.L.U (Saloro), a 100%owned subsidiary of EQR, has executed a binding term sheet (Term Sheet) with funds managed by Oaktree Capital Management, L.P. (“Oaktree”), for a US$7.5 million royalty-based funding package. The parties have mutually agreed on the principal terms and key commercial provisions, with a commitment to finalise definitive transaction documents expeditiously. In consideration for an initial payment of US$7.5 million to EQR, EQR will grant Oaktree a 2.5% royalty. This royalty will be calculated on the basis of gross proceeds received by Saloro from the sale of tungsten concentrate from its Barruecopardo Project in the Salamanca Province, Spain. Proceeds from the royalty funding will be used to fund ongoing and essential capital projects at Saloro, alongside bolstering working capital to strengthen the group’s balance sheet. Further details on the royalty Term Sheet are listed in Annex 1 below. Executive Chairman, Mr Oliver Kleinhempel, commented: “We are pleased to be securing further support from our largest shareholder Oaktree. Over the past 18 months, Saloro executed a number of improvement projects at the Barruecopardo operation, leading to significantly improved metal recoveries in each process step. The third XRT sorter currently under construction will provide Saloro additional capacity in the frontend, which shall lead to a further expansion of tungsten concentrate output. Additional equipment to support further recovery gains have already been ordered, the royalty will assist implementation of the remaining work program. The timing is just right, as prices improved significantly in the first half of 2025 with China holding firm on their tungsten export restrictions.” Released on authority of the Board by: Further Enquiries: Oliver Kleinhempel Executive Chairman Peter Taylor Investor Relations 0412 036 231 peter@nwrcommunications.com.au PRINCIPAL PLACE OF BUSINESS: 6888 Mulligan Highway, Mt Carbine QLD 4871 REGISTERED ADDRESS: Suite 2, Level 11, 385 Bourke Street, Melbourne VIC 300 ABN: 77 115 009 106 (ASX: EQR) T: (07) 4094 3072 | F: (07) 4094 3036 | W: eqresources.com.au resourcing the new economy for a better tomorrow About the Company 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. Follow us: Page 2 resourcing the new economy for a better tomorrow Annex 1: Key terms and conditions of the royalty Term Sheet 1. Parties Saloro S.L.U (as ‘Payer’) An affiliate of funds managed by Oaktree Capital Management, L.P.(as ‘Payee’) EQ Resources Limited (EQR) and European Tungsten Pty Ltd (ETP) (a 100%-owned EQR company and sole shareholder of Saloro S.L.U) (as ‘Guarantor’) 2. Project The Barruecopardo tungsten mine, Salamanca Province, Spain. 3. Product Mineral elements and compounds, under or upon the surface or sub-surface of the Barruecopardo mining area, containing tungsten. 4. Royalty 2.5% of gross proceeds received by Payer from the sale of tungsten concentrate. 5. Upfront Payment US$7.5 million, payable within five business days after the Commencement Date (being the date upon which all of the Conditions Precedent have been satisfied or waived). 6. Buy-Back Option On or prior to the 5th anniversary of the Commencement Date the Payer may issue a notice in writing (Buy-back Notice) to the Payee that it wishes to buy-back a minimum of 25% of future royalty obligations by making a pro rata percentage repayment of the Upfront Payment within 30 business days. This right may be exercised multiple times by the Payer with the percentage being calculated by reference to the original royalty. 7. Security The following security is to be granted in favour of the Payee to guarantee the Payer’s payment obligations:  security granted over EQR’s shares in ETP, with such security being subordinated behind any existing security; and  existing security over ETP’s shares in Payer is expanded to cover payment defaults under the Royalty agreement (Security) 8. Transferability The Payee shall be entitled to transfer rights and obligations in relation to the Royalty at any time to any third party. 9. Conditions Precedent to Upfront Payment: 1. 2. 10. Binding agreement EQR obtaining any and all shareholder approvals required by the ASX Listing Rules (including but not limited to approvals required under ASX Listing Rule 10.1 for grant of the Security) or, in lieu of such approvals, EQR having obtained a waiver from ASX negating the need for those approvals; and Other conditions usual for a transaction of this nature. As soon as practicable, the Parties will negotiate in good faith and seek to agree to the definitive transaction documents which must reflect and incorporate the terms and principles set out in the Term Sheet, which are binding as between the Parties. Page 3