Announcement PDF EQ RESOURCES LTD A globally significant tungsten producer Investor Presentation – September 2025 ASX:EQR Disclaimer Competent Person's Statement • The information in this presentation partly relates to the outcomes of the Mt Carbine Bankable Feasibility Study Update (May 2023), made available through the Company’s website www.eqresources.com.au/. • The Company confirms that it is not aware of any new information that materially affects the information included in the corresponding market announcements and that all material assumptions and technical parameters underpinning the estimates in the relevant market announcements continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcements. General Disclaimer • The material contained in this document is a presentation of general information about the Company's activities currently as at the date of this presentation. It is provided in summary and does not purport to be complete. You should not rely upon it as advice for investment purposes, as it does not take into account your investment objectives, financial position or needs. These factors should be considered, with or without professional advice, when deciding if an investment is appropriate. • This document may contain forward-looking statements with respect to the financial condition, results of operations, and business strategy of the Company. These forward-looking statements are based on estimates, projections and assumptions made by the Company about circumstances and events that have not yet taken place. Although the Company believes the forwardlooking statements to be reasonable, they are not certain. Forward-looking statements involve known and unknown risks, uncertainties and other factors that are in some cases beyond the Company's control, and which may cause actual results, performance or achievements to differ materially from those expressed or implied by the forward-looking statements (and from past results). • The Company makes no representation or warranty as to the accuracy of any forward-looking statements in this document and undue reliance should not be placed upon such statements. • Forward-looking statements may be identified by words such as “aim”, “anticipate”, “assume”, “continue”, “could”, “estimate”, “expect”, “intend”, “may”, “plan”, “predict”, “should”, “will”, or “would” or the negative of such terms or other similar expressions that are predictions of or otherwise indicate future events or trends. The forward-looking statements included in this document speak only as of the date of this document. The Company does not intend to update the forward-looking statements in this document in the future. 2 Executive Summary EQ Resources (ASX:EQR) is a global tungsten producer with mining activities in Australia and Spain and is targeting to be the leading western integrated platform for tungsten raw materials Global Tungsten Producer with Expandable Operating Mines • EQ Resources is a leading global tungsten producer and explorer, focused on expanding its 100% owned world-class tungsten assets at Mt Carbine in North Queensland (Australia) and Saloro 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. • Tungsten pricing has continued to rise, with strong demand within China for high-quality concentrate, supply contraction and growing policy support. Strong Market Tailwinds Significant Economic Resource Strategic Growth and Government Funding Strong Board and Management Team to Execute • Tungsten is a designated critical mineral in multiple countries including the US, EU and Australia, with 87% of global tungsten production is concentrated in restricted countries (China, Russia, North Korea). • EQ Resources provides a secure, ethical, and diversified Western supply of tungsten to support critical industries – ensuring resilience across aerospace, defence, renewables, and tech sectors. • Mt Carbine (Australia): Large, expandable resource at 41.7Mt @ 0.23% WO₃, with additional exploration upside through its Wolfram Camp deposit with exploration permit secured. Mt Carbine has an estimated minimum 8-year mine life using just a fraction of reserves (20%). • Saloro (Spain): Minimum 7-year mine plan, with open-pit and high-grade underground extension potential. The Saloro asset has a total Resource of 22.9Mt @ 0.20% WO₃ with Reserves of 10.5Mt @ 0.16% WO₃, with production already at 1,300t WO₃ per year and increasing. • Secured long-term, spot-priced supply agreements with blue-chip international customers across the US, Europe, and Asia for a total value of US$124m. • US EXIM Bank has issued a Letter of Interest to fund a 10-year, US$34m debt facility to progress development of Mt Carbine. • Strategic partnerships include offtake with Masan High-Tech Materials (largest non-Chinese APT refiner), potential acquisition of Tungsten Metals Group (largest Ferrotungsten smelter outside China), and supply collaboration with Elmet Technologies (US). • Building a management team with extensive mining and tungsten metal-specific experience. • Extensive knowledge of physical flows and requirements of the tungsten market. • Experience in operating downstream tungsten operations (ferrotungsten, APT, etc). 3 CORPORATE 4 Board and Management Establishing the right team for success Board of Directors Oliver Kleinhempel – Executive Chairman • Non-executive Director since August 2019, Chair since April 2020. • Executive career in global resource industry, across project development, finance and commodity trading. • Executive Director at Cronimet Group. Craig Bradshaw – Non Executive Director • 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 Australia (FINSIA) and AusIMM. Stephen Layton – Non Executive Director • 35+ years in equity capital markets in the UK and Australia. • Experience in ASX listings and corporate advisory. • Directorship Pursuit Minerals. Management Team Jono Kort Group Chief Financial Officer Kevin MacNeill Group Chief Technical Officer Alvaro Serrano Saloro Chief Executive Officer Stephen Weir – Non Executive Director • Appointed in January 2024, representing 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. Evren Oeren Saloro Chief Operating Officer Zhui Pei Yeo – 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. 5 Corporate Snapshot Key Statistics APT Tungsten Price compared to EQ Resources Share Price (A$) Share Price1 A$0.041 per share Shares on Issue ~3,091m Options on Issue ~482m Market Capitalisation1 ~A$127m Top 20 Shareholders ~66% (~10% Board/Management) Producing Operations Barruecopardo (Spain) Mt Carbine (Australia) Exploration Project Wolfram Camp (Australia) FY 2025 annual production 167,794 mtu (mtu = 10kg WO3) Source: FastMarkets APT Price Rotterdam (US$/mtu, 1 mtu = 10kg WO3) 1. Closing price on 29 August 2025 Major Shareholders ~19% ownership ~5% ownership 6 MARKET OVERVIEW 7 Tungsten market overview Tungsten has been classified as a critical mineral by the US, European Union, Australia and others Fastmarkets APT Rotterdam High Price (US$/ mtu) China imposed tungsten export restrictions (Feb'25) • Global Tungsten reserves are 3.7 mt with an annual production of 81kt WO31. • Restricted2 countries hold 63% of global reserves and produce 87% of annual production. 1. Source: US Geological Survey, Tungsten Commodity Summary, January 2025 2. Restricted countries classified as China, Russia and North Korea. 8 Tungsten market overview Tungsten’ exceptional hardness, high melting point and density makes it difficult to be effectively substituted 2024 End-Use Sectors: Source: ITIA – Tungsten End-Use Analysis (2024), Demand distribution and Growth Contributors 9 TUNGSTEN PRODUCTION ASSETS 10 Flagship Operations / 'Hub & Spoke' Opportunities Mt Carbine Open Pit & Processing Plants Historical mining assets as a source for critical minerals production Mt Carbine Open Pit & Processing Plants #1 #1 Tier 1 jurisdiction producing tungsten assets, with similar characteristics: ü Similar mineralogy: Both are hosted in sheeted quartz ü Complementary geology: Granite (Barruecopardo) and Metasediments (Mt Carbine) ü Identical mining method: Open pit blast plus truck and excavator - similar fleet ü Similar processing: Crushing, screening, XRT sorting, jigs and tables; Saloro incorporates flotation and mag.sep.cleanup, due to mineral composition ü Synergy in marketing: Both supplying the same end customers ü Both operating adjacent to world renowned National Parks (strong ESG credential) ü Organizational and significant technical synergies (comparable operational output) 11 Saloro (Spain) Europe’s largest tungsten mine, with outstanding ESG credentials, additional ramp-potential and regional exploration upside Mt Carbine Open Pit & Processing Plants Orebody Resource Classification In-Situ Tonnes (Mt) Grade (% WO3) WO3 (mtu) Measured 8.82 0.19 1,659,959 Indicated 10.27 0.18 1,799,757 Inferred Total 3.82 22.91 0.26 0.20 995,555 4,455,272 Ref EQR Annual Report 2024 (Link) Reserve Category Tonnes (Mt) WO3 (%) Contained WO3 (mtu) Open Cut - Proven 6.82 0.16% 1,102,148 Open Cut - Probable Open Cut - Total 3.33 10.15 0.14% 0.16% 470,387 1,572,535 • Producing asset with a mining lease until 2044 Stockpile - Proven 0.31 0.14% 64,143 • A$200 million capex investment pre-EQR Acquisition in January 2024 Stockpile - Probable Stockpile - Total 0.31 0.14% 64,143 All - Total 10.46 0.156% 1,636,678 • Minimum 7 years mine plan with underground extension potential • Installation of 3rd ore sorter implementation on track for Q3 2025. See ASX Announcement: ‘EQR Releases Barruecopardo Ore Reserves, With Next Phase Drilling Program Scheduled for 2025’, dated 29th October 2024. • Production 1,200 tonnes WO3 /year and climbing • 130 employees and contractors 12 Saloro Turnaround Success Story Focus on XRT Ore Sorting & recovery enhancement / Long-term offtakes as funding opportunities • • Saloro operations transitioned under EQR’s management in mid-January 2024, followed by a detailed metallurgical assessment throughout Q1 2024 to identify immediate improvement opportunities. Quick wins were implemented, delivering first positive impacts by February/March 2024, with a focus on recovery enhancement and operational efficiencies. • All planned changes were systematically implemented, with both tungsten recovery and overall output showing significant improvement in Q3 & Q4 2024. • In Q3 2025, a third ore sorter is being installed and is expected to increase recoveries to above 70% when supplemented by further plant optimisations. • Key production improvements stem from continuous personnel training, application of XRT Ore Sorting, and the addition of a fines recovery circuit, enhancing material separation and minimising tailings losses. Updated design capacity allowing for >40,000 mtu per quarter, once improvement projects are fully commissioned as scheduled in Q4 2025. Saloro 18-month quarterly WO3 mtu production* 33,249 29,605 27,965 23,118 23,234 Q1 - 2024 Q2 - 2024 Q3 - 2024 Q4 - 2024 Q1 - 2025 28,203 Q2 -2025 *Distinct development stages since acquisition: Phase 1 (Q1/24-Q4/24) - “Quick wins” through operator training, efficiency gains and improvements based on detailed metallurgical test work. Phase 2 (Q1/25-Q2/25) – Plant modifications with reduced overall run time, while continued recovery improvements gained based on modifications. Phase 3 (Q3/25+) – Recommissioning of XRT sorting operations with 3rd ore sorter, Q4 with minor additional installations in gravity circuit and reset of highergrade ore deliveries into plant. 13 Mt Carbine (Australia) Mt Carbine Open Pit & Processing Plants Mt Carbine Mine Is Australia’s Leading Tungsten Mine and Is Consistently Exporting Concentrate to Global Consumers Tungsten Cluster - Australia Orebody 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 Low-Grade Stockpile In-Situ • Producing asset with a 19-year mining permit 10.68 0.30% 3,217,311 Subtotal 28.17 0.30% 8,452,597 All Total 41.70 Reserve Category ROM Tonnes (Mt) • A$50 million to date has been spent on development expenditure Open Cut - Proven - • Underpinned by 2023 Bankable Feasibility Study Open Cut - Probable 5.36 Open Cut - Total LGSP - Proven LGSP - Probable • Minimum 8-year mine life uses only 20% of resources • Underground Scoping Study underway • Wolfram camp exploration permit secured • Production targeted to increase to 1,750 tonnes WO3 /year W atershed Inferred Mt Carbine 0.23% WO3 (%) 9,432,668 Contained WO3 (mtu) - - 0.28% 1,500,800 5.36 0.28% 1,500,800 - - - 9.77 0.075% 732,750 LGSP - Total 9.77 0.075% 732,750 All - Total 15.13 0.148% 2,233,550 W olfram Camp Ref EQR Annual Report 2024 (Link) • 150 employees and contractors ! Orebody Table: Resources exclude the historical Wolfram camp resource of 2.39mt @ 0.29% WO . (Wheeler,2015). NEQ Deposit Atlas - Wolfram Camp Tungsten Deposit or Wolfram Camp- Technical Report; Reserve Category Table: The Mineral Resource is inclusive of the Reserve. 3 14 Mt Carbine Transformation Re-development of historic Open Pit Mine in less than 5 years 2021 2022 2023 2024 15 Mt Carbine (Australia) Accelerating access to high-grade lolanthe vein package with a target of 450ktpm mining rate Ramp-up Status • • Mining rate proven to now be able to consistently deliver 200ktpm Targeting 450ktpm by H1 CY2026 as final pre-strip unlocks Iolanthe highgrade ore Current Operations • Stripping of south-wall to expose Iolanthe Vein Package (0.66% WO₃) a priority • RC confirmation drilling completed; high-grade zones now being prepared for extraction Plant & Expansion • • Proven plant performance; expanded capacity onsite and quick to connect • • Up to US$17m in US Department of Defense grant pending EXIM Letter of Interest issued to fund a debt facility of US$34m for up to 10 years Doubling of throughput targeting commencement in Q4 2025 once funding secured Mt Carbine quarterly WO3 mtu production 30,000 25,000 20,000 Cost Optimisation • • Owner-operated mining aiming to deliver lower unit costs Internalisation of drilling with 2x Sandvik rigs and 24/7 operations lowers $/t strip ratio • Wider benches, larger blasts improving sequencing and recoveries Southwall and Eastern Cutback stripping commenced 15,000 10,000 5,000 Q1 - Q2 - Q3 - Q4 - Q1 - Q2 - Q3 - Q4 - Q1 - Q2 2023 2023 2023 2023 2024 2024 2024 2024 2025 2025 16 Southwall stripping to unlock Iolanthe high-grade veins 335-325 RL as transition zone from low-grade to high-grade (confirmed by 2024 RC Drill Program) Pic. 1: Resources Block Model showing an extract of the ore blocks in the ore body in the South-East below 335RL Eastern cutback). Colors represent the grade of the ore. • Pink for high grade (>0.2% WO3). • Blue for low grade. (>0.08% - <0.2% WO3). 17 Mt Carbine Project Profile - Significant Resource Upside Long-term Development Targets & High Reserve Conversion Potential Current Ore Reserves / Mine Planning covers only ~20% of the known Mineral Resources (JORC). 18 BUSINESS DEVELOPMENT 19 Value-add through Ecosystem Integration EQR developed a vast network within the global tungsten ecosystem, establishing win-win-relationships • EQR management team specialises in development of mines and supply of tungsten concentrates. Case study MASAN HIGH-TECH MATERIALS: • EQR has two producing mines, has rights to explore and develop Wolfram Camp with high potential assets nearby. § Joint development projects initiated for production enhancement at Saloro • EQR assets located in Tier 1 jurisdictions in potential critical minerals clusters with a strong history of mining. • Elaborating opportunities for downstream processing through acquisition or strategic partnerships. § Strategic Collaboration on commercial and technical basis (Masan currently 100% offtaker of Australian production of EQR) Case study ELMET TECHNOLOGIES: § Strategic Collaboration on commercial basis (Elmet’s tungsten supply chain for western raw materials managed by EQR) § Joint funding application with US Government Case study TUNGSTEN METALS GROUP: Ability to become the largest (integrated) tungsten supplier to end users outside of China. § EQR exploring acquisition of Tungsten Metals Group, to integrate largest ferrotungsten smelter outside China into its portfolio § Value-add EQR’s concentrate production and diversify customer & product portfolio 20 Corporate Contact: Investor Relations: Oliver Kleinhempel Executive Chairman T: +61 438 542 260 Peter Taylor NWR Communications T: +61 412 036 231 E: okleinhempel@eqresources.com.au E: peter@nwrcommunications.com.au Registered Office: Mt Carbine Office: Suits 2, 385 Bourke Street Melbourne, VIC 3000 Australia 6888 Mulligan Highway, Mt Carbine Qld 4871 PO Box 1496, Mareeba Qld 4880 E: info@eqresources.com.au www.eqresources.com.au Follow us on