Announcement PDF resourcing the new economy for a better tomorrow 3 September 2025 EQR ANNOUNCES SUCCESSFUL $22.5M INSTITUTIONAL PLACEMENT EQ Resources Limited is a global tungsten producer with mining activities in Australia and Spain. HIGHLIGHTS: - EQR has received firm commitments to raise $22.5M (before costs) via a share placement with an issue price of $0.032 (3.2 cents) per share (Placement). - Demonstrating broad appeal, the Placement attracted significant interest from a range of institutional and sophisticated investors, encompassing both new and established investors from domestic and international markets. - Proceeds from the Placement will be used to support Mt Carbine production and growth initiatives, creditor management and improvement of debt position, working capital and Placement costs. EQ Resources Limited (“EQR” or “the Company”) is pleased to announce the Company has received firm commitments for $22.5M of new capital from a well-supported placement of 703.125 million new fully paid ordinary shares (New Shares). Strong support was shown for the Placement from a broad range of existing and new institutional and sophisticated investors. EQR Chief Financial Officer, Jono Kort, commented: “We are pleased that we successfully closed this placement at a time where tungsten prices are at record highs. Our Saloro operation in Spain commissioned several improvement projects in August 2025 which could not have been achieved without the royalty arrangement agreed to with our largest shareholder, Oaktree. This placement will enable us to efficiently pursue the further development of the Mt Carbine operation by further progressing the south wall stripping to access the high-grade Iolanthe vein, to progress the doubling of plant capacity initiative and improve both our working capital and debt position.” The Placement was conducted by joint lead managers, Canaccord Genuity (Australia) Limited and Henslow Pty Ltd (Lead Managers). Details of the Placement The Company will issue 703.125 million New Shares at an issue price of $0.032 (3.2 cents) per share under the Placement to raise gross proceeds of $22.5M (before costs). The 15-day VWAP REGISTERED OFFICE: Suite 2, Level 11, 385 Bourke Street, Melbourne, VIC 3000 PRINCIPAL PLACE OF BUSINESS: 6888 Mulligan Highway, Mt Carbine Qld 4871 POSTAL ADDRESS: PO Box 1496, Mareeba Qld 4880 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 price of the Company’s shares used to calculate the issue price was $0.036. The issue price represents a 11.3% discount to the 15-day VWAP. The Placement Offer Securities comprises the following: (a) The issue of Offer Securities utilising the Company’s remaining capacity under listing rules 7.1, 330,000,000 Ordinary Shares, and 7.1A, 240,245,602 Ordinary Shares, (Tranche 1); and (b) The issue of the balance of the Offer Securities subject to shareholder approval under listing rule 10.11 (Tranche 2). The Company may proceed with Tranche 1 irrespective of whether shareholder approval for Tranche 2 is obtained. A total of 570.245 million New Shares will be issued under Tranche 1 utilising EQR’s current placement capacity with an approximate issue date of Tuesday, 9 September 2025. A further total of 132.879 million New Shares are to be issued under Tranche 2, subject to shareholder approval at an Extraordinary General Meeting (EGM) to be held in October 2025. These shares are to be issued to EQR’s largest shareholder, funds managed by Oaktree Capital Management L.P. (Oaktree) who have subscribed for new shares on a pro-rata basis to their existing shareholding, with a value of approximately A$4.25M. In August 2025, EQR executed an agreement with Oaktree for a 2.5% NSR royalty on the Saloro operation, the grant of the royalty being subject to conditions (i.e. shareholder approval). Oaktree advanced US$7.5m as a pre-royalty loan. The Company intends to reduce the pre-royalty loan by A$4.25M utilising funds received from Oaktree’s A$4.25M participation in the Placement. Any NSR royalty grant will be reduced proportionately. Use of Proceeds Proceeds from the Placement will be used to support Mt Carbine production and growth initiatives, creditor management, debt restructuring as required, cover costs of the Placement, and for working capital. Indicative Timetable Trading halt lifted and shares recommence trading on ASX Settlement of new shares under Tranche 1 Wednesday, 3 September 2025 Monday, 8 September 2025 Allotment and normal trading of New Shares Tuesday, 9 September 2025 under Tranche 1 Expected date of EGM to approve the issue of Monday, 20 October 2025 New Shares under Tranche 2 Expected date of Settlement of New Shares Friday, 24 October 2025 under Tranche 2 Expected date of allotment and normal trading of Monday, 27 October 2025 New Shares under Tranche 2 The timetable is indicative only and remains subject to change at the Company’s discretion, subject to compliance with applicable laws and the ASX Listing Rules. The Company reserves the right to change the timetable, subject to regulatory requirements. Page 2 resourcing the new economy for a better tomorrow All shares issued under the Placement will rank equally with existing ordinary shares from their date of issue. The Appendix 3B’s for the proposed issue of securities under the Placement will follow this announcement. The Lead Managers will be paid a 2% management fee and a 4% capital raising fee in cash for their assistance with the Placement. The management fee is to be calculated on the total gross amount raised under the placement while the 4% capital raise fee calculation will not include the funds raised from Oaktree. In addition, the Company has agreed to issue 113.8 million options to the Lead Managers (Lead Manager Options), subject to shareholder approval. The Lead Manager Options will have an expiry of 3 years from date of issue, with 56.9 million options to be exercisable at $0.0448 and 56.9 million options to be exercisable at $0.0512. The Lead Manager Options are to be split between the Lead Managers on a 60:40 ratio (Canaccord: Henslow). Appendix 1 provides details of the Lead Manager Options Released on authority of the Board by: Oliver Kleinhempel Executive Chairman Further Enquiries: Peter Taylor Investor Relations 0412 036 231 peter@nwrcommunications.com.au 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. 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 to resource estimates. Neither the Australian Securities Exchange nor its Regulation Services Provider (as that term is defined in policies of the Australian Securities Exchange) accepts responsibility for the adequacy or accuracy of this announcement. Follow us: Page 3 resourcing the new economy for a better tomorrow Appendix 1 TERMS AND CONDITIONS OF LEAD MANAGER OPTIONS The Lead Manager Options (Options) entitle the holder to subscribe for Shares on the following terms and conditions: (a) Each Option gives the Option holder the right to subscribe for one Share. To obtain the right given by each Option, the Option holder must exercise the Options in accordance with the terms and conditions of the Options. (b) An Option holder shall be entitled to attend any meeting of the members of EQR but is not entitled to vote at any meeting of the members of EQR unless they are, in addition to being an Option holder, a member of EQR. (c) The Options will expire at 5:00 pm (AEST) three (3) years from the date of issue (Expiry Date). Any Option not exercised before the Expiry Date will automatically lapse on the Expiry Date. (d) The amount payable upon exercise of each Option (Exercise Price) will be as follows: a. for 50% of the Options, AUD$0.0448 per Share, being a 40% premium to the Offer issue price of AUD$0.032 per Share; and b. for the remaining 50% of the Options, AUD$0.0512 per Share, being a 60% premium (160%) to the Offer issue price of AUD$0.032 per Share. (e) The Options held by each Option holder may be exercised in whole or in part, and if exercised in part, multiples of 1,000,000 must be exercised on each occasion. (f) An Option holder may exercise their Options by lodging with EQR, before the Expiry Date: a. a written notice of exercise of Options specifying the number of Options being exercised; and b. an electronic funds transfer for the Exercise Price in respect of the number of Options being exercised, (Exercise Notice). (g) An Exercise Notice is only effective when EQR has received the full amount of the Exercise Price in cleared funds. (h) Within five Business Days of receipt of the Exercise Notice accompanied by the Exercise Price, EQR shall: a. allot the number of Shares required under these terms and conditions in respect of the number of Options specified in the Exercise Notice; b. record the Option holder as the holder of those Shares in its register of members; and c. deliver holding statements in respect of those Shares to the Option holder. (i) All Shares allotted upon the exercise of Options will upon allotment rank pari passu in all respects with other Shares. (j) The Options are not transferable. (k) The Options do not entitle the Option holder to any dividend or distribution rights or any rights on liquidation or winding up EQR. (l) EQR will not apply for quotation of the Options on ASX. Page 4 resourcing the new economy for a better tomorrow (m) EQR will apply for quotation of all Shares allotted pursuant to the exercise of Options on ASX within three Business Days after the date of allotment of those Shares. Page 5