Announcement PDF resourcing the new economy for a better tomorrow EQ Resources Limited Quarterly Activities Report Quarter ended 31st March 2025 HIGHLIGHTS SALORO OPERATIONS • Phase 5 Pit produced 342,877 t of ore @ 0.188 % WO₃ (strip ratio 4.6:1) while deepening the south pit. • Phase 6 Pit pre-stripping advanced to the 690 RL in the north; Phase 7 Pit eastern ramps commenced. • Crushing-plant initiatives lifted hourly throughput from 200 t/h (Jan 2024) to 290 t/h (Mar 2025); screening efficiency at 94%. • Program of further crushing circuit optimisation, additional jigs/Falcon concentrator and table-circuit expansion is expected to raise recovery to target level of >70% over coming quarters. • Third XRT sorter and wet-screening station ordered; planned start-up Q1FY2026 will add 30–40 kt/month sorting capacity and cut operating costs. MT CARBINE OPERATIONS • Strong mining performance with 702,265 t total material moved (+23% QoQ) despite wet-season conditions; blasting volumes hit a post-restart record (603,309 t). • Ore deliveries 182,449 t (+48% QoQ); Ore grades remained modest throughout the quarter as rain season disrupted stripping above Stage 2 Pit outline (accessing high-grade Iolanthe Vein Package); Mining has reached 335-325 RL, with higher grades expected next quarter. • Funding assessment under way for the plant upgrade program that is expected to double processing capacity; Various potential debt providers conducting due diligence, while Company is waiting feedback on its grant application from US Department of Defense. EQR EXPLORATION • Soil-sample testing and characterisation for Wolfram Camp, conducted with TOMRA and the University of Queensland, are awaiting results, and planning has begun for large-scale sampling and ore sorter trials. FINANCIAL AND CORPORATE** • Group cash receipts from customers were A$17.5 million in the quarter. • Fastmarkets Ammonium Paratungstate (APT) CIF Rotterdam/Baltimore mid-price of US$385 per mtu* on 30 April 2024. • Secured A$4.5 million in funding through Offtake Agreements Prepayments within the quarter; further Prepayments outstanding, basis a series of long-term agreements signed for both Saloro- and Mt Carbine operations. Notes: * 1mtu (metric tonne unit) = 10kg WO3 , **All financial numbers are quoted in Australian dollars unless otherwise stated. Quarterly Activities Report - Quarter ended 31st March 2025 Page 1 resourcing the new economy for a better tomorrow EQR GROUP Q3 FY2025 - PRODUCTION SUMMARY Operations Mt Carbine Saloro EQR Group Unit Q2FY2025 Q3FY2025 Q2FY2025 Q3FY2025 Q2FY2025 Q3FY2025 Waste t 449,436 519,816 1,670,600 1,585,941 2,120,036 2,105,757 Ore t 123,469 182,449 379,132 342,877 502,601 525,326 Total Tonnes Mined t 572,905 702,265 2,049,732 1,928,818 2,622,637 2,631,083 W:O 3.6 : 1 2.8 : 1 4.4 : 1 4.6 : 1 4.2 : 1 4:1 Closing Ore Stock t 10,658 17,520 304,076 316,533 314,734 334,053 Gravity Plant Feed t 61,240 55,200 227,410 222,444 288,650 277,644 Gravity Plant Grade % 0.238% 0.196% 0.263% 0.234% - - WO3 Produced* mtu 9,043 6,717 33,249 29,993 42,292 36,710 Strip Ratio *Note: Metric Tonnes Unit, 1 mtu = 10kg 100% WO3 For the quarter ended 31 March 2025 (Q3 FY2025), the consolidated EQR Group produced 36,322 mtu of tungsten concentrate (Mt Carbine 6,717 mtu; Saloro 29,605), and 2.6 million total tonnes mined (Mt Carbine 0.7 million tonnes; Saloro 1.9 million tonnes). In Q3 FY2025, Mt Carbine switched to an in-house drilling model while retaining a specialist contractor for blasting. Combined with last quarter’s move to owner-operator mining, this change delivered a pronounced lift in performance: - 702,265 tonnes of open-pit material mined (+23% QoQ) - 603,309 tonnes blasted (+70% QoQ) Stripping reached the upper zone of the Stage 2 Pit outline. Ore grades remained modest in the south-east as mining is still above the main high-grade Iolanthe Vein Package. Processing output was constrained by lower ore grade and negative impacts resulting from the Far-North Queensland flooding, which saw a total of 6 weeks disruption in supplies of key consumables. The Saloro’s operations recorded another strong quarter, just short of previous quarter production record: - 380,109 tonnes crushed (-10% QoQ) and 116,007 tonnes sorted (+27% QoQ) - Crushing-plant upgrades lifted sustained throughput from ~200 t/h (Jan 2024) to ~290 t/h (Mar 2025) with screening efficiency at 94% - Gravity-circuit enhancements continued: five quadruple tables rebuilt to double-deck, multideck screen commissioned, two further table conversions scheduled Minor reduction in total concentrate output (in mtu) mainly attributable to lower grade feed as compared to previous quarter and slightly reduced plant availability, given the ongoing optimisation and rebuild works. Both metrics are expected to improve in the coming quarter, with a further capacity expansion realised with the installation of the third XRT Sorter and integrated wet-screening station in late summer 2025. Quarterly Activities Report - Quarter ended 31st March 2025 Page 2 resourcing the new economy for a better tomorrow HEALTH & SAFETY Saloro Operations Saloro recorded a modest increase in its lost-time injury frequency rate (LTIFR) from last quarter’s end; nevertheless, the figure remains well below the Spanish mining-industry benchmark. Other safety indicators improved markedly. Job-Safety Risk Assessments (“Take 5s”) totalled 1,641 for the quarter—more than double the 765 completed in Q2—with March alone 173% above the six-month average. The Safety team has conducted 3,617 alcohol test and 34 drug tests in the last quarter keeping strict safety standards. To sustain this momentum, the team at Saloro will begin reporting statistics by department and will step-up procedure reviews, training, and workplace inspections. Around 23 employees also completed a two-part firefighting course. The classroom module covered fire behaviour, response protocols, and extinguisher selection, while the practical session required participants to navigate a smoke-filled cabin and extinguish controlled fires. This training ensures personnel are equipped to manage fire incidents both on site and in everyday settings. Mt Carbine Operations 83 90 79 80 70 60 60 64 52 50 42 45 67 66 49 61 60 48 47 74 74 49 49 25 25 67 63 50 54 51 46 54 38 40 29 30 19 20 14 18 21 18 25 17 13 13 13 10 - LTIFR TRIFR Average QLD Quarries (LTIFR) MTIFR Average QLD Quarries (TRIFR) At Mt Carbine, five recordable incidents were logged in Q3 FY2025 - one less than in Q2 - reflecting continued emphasis on proactive safety measures. Alcohol and drug-testing remained rigorous, with 4,697 breath-analysis tests and 36 drug screens completed during the quarter. The site’s elected Site Safety and Health Representative (SSHR) maintained regular consultation with the workforce to ensure prompt, transparent resolution of safety concerns and to gauge perceptions of workplace risk. Quarterly Activities Report - Quarter ended 31st March 2025 Page 3 resourcing the new economy for a better tomorrow Additional initiatives strengthened the safety culture: - Weekly “lessons-learned” bulletins circulated by the Safety Team summarised relevant incident reports issued by Resources Safety & Health Queensland (RSHQ). - Twenty-nine safety procedures were either introduced or formally reviewed, and twenty-one employees completed in-house machinery-operation training. - “Take 5” personal risk assessments increased to 4,102 for the quarter, demonstrating higher worker engagement in hazard identification. Collectively, these actions support the site’s objective of reducing incidents while deepening a culture of shared responsibility for health and safety. SALORO OPERATIONS Open Cut Mining Picture above: The Barruecopardo Mine Open Pit as at March 2025 looking north, with ongoing progressive rehabilitation of the waste dumps near the water dams on the front left. During Q3 FY2025, in addition to achieving the corresponding production targets, the Operational Team at the Barruecopardo Mine focused on deepening the southern area of the pit as part of the Phase 5 Pit design. Waste stripping continued in Phase 6 Pit outline, and the pushback of Phase 7 Pit outline in the northern area was initiated. Ore production in Phase 5 Pit of the Barruecopardo Mine During the Q3 FY2025, mineral production activities have continued in the current Phase 5 Pit and have focused on the central and southern areas of the mine, between levels 575 reduced level (RL) and 565 RL. A total of 342,877 tonnes of Tungsten-bearing ore with an average grade of 0.188% WO3 have been extracted in the quarter. A total of 1.59 million tonnes of waste were extracted from the pit during the Q3 for a strip ratio of 4.6:1. The slight reduction in mining output versus the previous quarter reflects a safety-related short pauses in bottom-of-pit mining operations while Phase 6 prestripping advanced in the northern sector. Quarterly Activities Report - Quarter ended 31st March 2025 Page 4 resourcing the new economy for a better tomorrow Picture above: The ore production zone during Q3 FY2025 in the Southern Area as per Resource Block Model. Colours represent the grade of the ore. Red for high grade (>0.15% WO 3). Orange for lower grade (0.07-0.15% WO3). Blue for very low grade. (0.055-0.07% WO3). Development of the Barruecopardo Mine Phase 6 Pit, North Area Picture above: Northern area of Phase 6 Pit at level 700 RL looking South, including the access ramp and bench at level 690 RL, with ore stockpile on the front left and waste dump at the back as of the end of March 2025. Works in Phase 6 Pit outline have progressed steadily, with the north area brought down to level 700 RL and operations initiated at the 690 RL, including the construction of the access ramp. These activities have impacted the normal advancement at the bottom of the pit due to material collapse at the level 625 RL curve. This event was foreseen in the operational planning, and sufficient ore was stockpiled ahead of the processing plant ensuring uninterrupted feed to mitigate the short-term halt of mining operations at the bottom of pit. Tungsten deposits at Mt Carbine and Barruecopardo both consists of sheeted veins, and the open-pit design is aligned to track their continuity. As mining progress deeper, ore grades are anticipated to rise. Quarterly Activities Report - Quarter ended 31st March 2025 Page 5 resourcing the new economy for a better tomorrow Pictured: The Northern Area. Work done in Phase 6 Pit outline, during Q3. The green sections represent the area mined in January 2025, blue in February and red in March. Picture above: The Northern Area as of 31st March 2025. Resources Block Model in Phase 6 Pit outline showing ore block already extracted. Colours represent the grade of the ore. Red for high grade (>0.15% WO3). Orange for lower grade (0.07-0.15% WO3). Blue for very low grade. (0.055-0.07% WO3). Quarterly Activities Report - Quarter ended 31st March 2025 Page 6 resourcing the new economy for a better tomorrow Start of Open Pit Phase 7, with the development of connection ramps. Picture above: The Eastern pit slope of the Barruecopardo Open Pit , blue arrows showing the ramps in Phase 7. The east ramps for Phase 7 Pit outline have been initiated, which will connect the eastern slope with the access ramps from Phase 5 and Phase 6 leading to the waste dump. Processing During Q3 FY2025, 380,109 tonnes of ore were fed to the primary crusher - 10 % below the record volume achieved in the previous quarter. Of this total, 116,007 tonnes were processed through the Ore Sorter Plant, a 27% increase quarter on quarter. Production output has had a small 11% decline versus the previous quarter owing to slightly lower ore grade in the current area mined compared to last quarter, intermittent crusher performance and the under-performance of the legacy quadruple tables prior to their upgrade. Nevertheless, a total of 26 customer shipments were completed in the quarter, totalling 29,657 mtu of tungsten concentrate. To improve run-of-mine (ROM) stockpile management, the Operational Team at Saloro, in collaboration with the mining contractor, have introduced several pro-active actions: - Stockpiles have been repositioned closer to the ROM pad, shortening haul distances and improving efficiency. - New handling protocols now prevent excessive compaction, while oversize material is removed directly at the loading faces to reduce downstream blockages. - Direct access from the control cabin to both crusher chambers has been enabled, allowing quicker intervention. In addition - Controlled blending of stored scalping material, with the primary crusher feed has begun and will continue during ore-sorting campaigns to stabilise feed quality and throughput. Thanks to these initiatives the Crushing Plant throughput rose from around 200 tonnes per hour in January 2024 to 290 tonnes per hour at the end of March 2025. At the Gravity Plant, notable circuit upgrades progressed during the quarter. High-performance Holman-Wilfley single shaking tables are being converted to double decks to expand the recovery circuit. Legacy low-cost quadruple tables have already been replaced in-house as double-deck units, and conversions of WT 505 A and WT 505 B are scheduled. A newly commissioned multideck screen is operating to specification, achieving screening efficiencies of 94%. Quarterly Activities Report - Quarter ended 31st March 2025 Page 7 resourcing the new economy for a better tomorrow Work Program for Upcoming Quarters In an effort to improve recovery further and enhance performance, the following actions have been scheduled and listed below. Collectively, these measures are expected to lift throughput, head grade, and overall metal output, delivering an anticipated overall recovery rate of >70% once implemented. Crushing Optimisation: A new grizzly is being engineered to regulate feed size to the jaw crusher, paired with a new monitoring system for stable operation. Roll crusher implementation is planned to reduce fines generation and optimise particle size. Throughput Increase: Process adjustments and equipment reconfiguration will correct inefficiencies in the crushing section, aligning equipment operation with its optimal range. Recovery Improvements: Additional scavenger jigs and a Falcon concentrator will be introduced to capture ultra-fines and improve total metal recovery. Recommissioned jigs will be used for periodic cleaning of operational jigs. Table Circuit Expansion: Completion of the final two table conversions are expected to improve stable recovery in the final gravity circuit. Workforce Optimisation: Commissioning of auxiliary plant equipment will allow personnel to focus more on recoverycritical areas. Ore Sorter Plant Upgrades: Third XRT Sorter and Wet Screening Station to Boost Output The Processing Plant at Saloro will have its processing capabilities expanded by adding a third XRT ore sorter and upgrading the existing plant infrastructure. This move aims to increase sorting capacity by an additional 30,000 to 40,000 tonnes a month and support further production growth. The new sorter, set for installation in Q1 FY2026, along with a new wet screening station and a separate feed system for the historic low-grade ore stockpile, will allow handling larger feed size and improve plant efficiency. Figure above: Design sketch of the 3rd XRT Ore Sorter hangar and new wet screening station The benefits of the new wet screening station will be an enhancement of Ore Sorter efficiency by pre-washing and better feed classification. The screening operation redirects previously misclassified material to the Gravity Plant, avoiding material misplacement in the Ore Sorter and ensuring higher overall tungsten recoveries for the operations. The separate feed station will improve the overall availability of the upgraded Ore Sorter Plant, operating independently from the existing screening circuit and allowing the XRT Sorters to run standalone, providing greater flexibility to the operations. These upgrades will enhance ore sorting performance, raise recoveries, and reduce operating costs. ASX Announcement 17th February 2025: Saloro to Expand XRT Sorting Capacity by 50% To Support Further Production growth. Quarterly Activities Report - Quarter ended 31st March 2025 Page 8 resourcing the new economy for a better tomorrow MT CARBINE OPERATIONS Open Cut Mining Picture above: Andy White Open Pit at Mt Carbine, looking North-West, as at end of March 2025 Work on the Eastern Cut-back continued throughout Q3 FY2025 under the 1.1 million-tonne stripping program initiated in September 2024, following completion of Stage I open-pit mining in the previous quarter. - 702,265 tonnes of open-pit material were extracted, a 23 % quarter-on-quarter increase and 29 % above the pre– owner-operator quarterly average - an especially strong outcome given that the work was carried out during the wet-season months. - 603,309 tonnes of material have been blasted, a strong 70% increase compared to Q2FY2025, following the last quarter’s switch to in-house drilling and using a blasting contractor, an all-time record since the re-starting of the open pit operations in July 2023. - Ore deliveries totalled 182,449 tonnes for the quarter, a 48% increase on Q2FY2025. Ore grade was modest consistent with mining focused on the upper benches 375-365 RL - but production has now entered the upper zone of the Stage 2 Pit accessing the high-grade Iolanthe Vein Package. Quarterly Activities Report - Quarter ended 31st March 2025 Page 9 resourcing the new economy for a better tomorrow S E Picture above: Resources Block Model showing an extract of the ore blocks in the ore body in the South-East. Colours represent the grade of the ore. Red for high grade (>0.2% WO3). Blue for low grade. (>0.08% - <0.2% WO3). The Mining Operations have progressed at the level 335-325 RL at the end of April in the South-East with grades expected to continue rising in the next quarters and in line with the extensive RC drilling performed, ie. around the Iolanthe- and Johnson Vein Packages. The Iolanthe Vein Package represents the main ore body targeted in the Stage 2 Pit and still remains mainly under the South side of the current pit outline with more stripping required to make it accessible. Based on the RC drilling, first ore deliveries from this area are expected in the level 345-335 RL, with high-grade ore delivered from level 325-315 RL and below. Picture above: CAT 320 Excavator and Volvo 60 tonnes Articulated Dump trucks in the South Area at level 375-365 RL Processing Ore deliveries from the open pit have met the Crushing Plant requirements without significant reliance on the historic lowgrade stockpile. However, head-feed grade remained modest because the mining operations are still in the Stage 2 Pit stripping phase. The operation therefore prioritised fresh, short-haul pit ore, which is easier to treat. The Ore Sorter Plant Quarterly Activities Report - Quarter ended 31st March 2025 Page 10 resourcing the new economy for a better tomorrow processed 103,301 tonnes for the quarter, 5% more than in Q2, yielding nearly 7,000 tonnes of sorter product. Gravity Plant output totalled 6,717 mtu, constrained by the lower ore grade from the areas current mined as part of the stripping program. Funding alternatives are presently under evaluation for a plant upgrade program that will double the processing capacity, with all equipment of the new Sandvik Crushing Plant already on site, and head grades are projected to strengthen in the next quarter as mining advances into the deeper, higher-grade benches of the Stage 2 Pit. Quarry operations Mt Carbine Quarry continues to strengthen its regional presence through ongoing project support and community engagement. This quarter, supply of 20mm concrete aggregates to BZ Contractors for the Daintree River project remains consistent, alongside the continued delivery of approximately 17,000 tonnes of 4.3 road base to Keltone Constructions at Hurricane Station. The quarry also maintains ongoing product supply to the Mossman Quarry and has recently begun providing materials to nearby Brooklyn Station part of the Brooklyn Wildlife Sanctuary that contains World Heritage listed habitats for road maintenance initiatives. In a proactive step toward local infrastructure development, the quarry has engaged with local ministers and council representatives regarding the proposed upgrade of Bushy Creek Bridge. Mt Carbine Quarry has committed up to A$150,000 worth of quarry products to support the project, with formal meetings scheduled for Q4 FY2025 to further discussions. FINANCIAL & CORPORATE Empowering EQR’s Next Phase of Growth Through Strategic Appointments EQ Resources has expanded its four-year partnership with VISTRA Australia (“Vistra”), appointing the firm to provide CFOadvisory services in addition to the company-secretarial and governance support already delivered by Melanie Leydin. The Vistra team will be led by Chartered Accountant and Governance Institute Associate Tony Di Pietro, who brings more than 20 years’ finance-leadership experience with ASX-listed companies operating internationally. CEO Kevin MacNeill has transitioned to Chief Technical Officer (“CTO”) on 1 April 2025. This change allows him to concentrate on technical improvements at the Saloro and Mt Carbine operations while working reduced hours for personal reasons. Mr MacNeill, who has steered EQR since 2019, will continue to drive operational excellence and support the Company’s expansion and M&A pipeline. Effective the same date, Non-Executive Chairman Oliver Kleinhempel has assumed the role of Executive Chairman until a new CEO/Managing Director is appointed, after which he will revert to a Non-Executive capacity. Mr Kleinhempel, a key architect of EQR’s strategy since 2019, will focus on capital management and long-term direction. He has also resigned as a director of CRONIMET Australia Pty Ltd following that company’s transfer of its Mt Carbine joint-venture interest to EQR in July 2024. The Board has welcomed Craig Bradshaw as a Non-Executive Director. Mr Bradshaw brings extensive tungsten-industry expertise, having served as CEO of Masan High-Tech Materials (operator of the Nui Phao mine and complex in Vietnam) and as Managing Director of H.C. Starck Tungsten Powders, with facilities in Germany, China and Canada, prior to its sale to Mitsubishi Materials in December 2024. Earlier roles include senior positions at Mt Isa Mines, MMG’s Sepon operations and Toll Holdings. A qualified CPA, he holds a Business degree and is a member of FINSIA and AusIMM. The Board views his deep market insight and operational track record as a significant asset for EQR’s growth agenda. Finally, David Laulau has been appointed General Manager of the Mining Operations at Mt Carbine. Mr Laulau brings more than 26 years’ open-pit and underground experience across Papua New Guinea and Australia, managing large workforces and multimillion-dollar budgets with a strong focus 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 addition further bolsters EQR’s senior leadership capability. Acquisition of Tungsten Metal Group Progressing The Company has progressed on its proposed acquisition of Tungsten Metals Group (TMG), which operates the largest ferrotungsten (FeW) plant outside China. Although both parties completed significant due diligence under a binding Heads of Agreement (HoA) and an exclusivity period ended on 31 January 2025, definitive agreements have yet to be signed. Discussions remain ongoing, and EQR will keep shareholders informed as they progress. Once finalised, the acquisition would enable EQR to diversify its product offerings and vertically integrate its tungsten operations, leveraging the TMG Group’s large-scale, cost-competitive FeW facility. Quarterly Activities Report - Quarter ended 31st March 2025 Page 11 resourcing the new economy for a better tomorrow ASX Announcement 14th February 2025: EQR Provides Update to Ferrotungsten Producer Acquisition. Tungsten Markets Five Long-Term Contracts Secure EQR’s Global Tungsten Supply Western buyers have responded to China’s new export-licence regime by locking in multi-year offtake deals that include sizeable advance payment clauses. Suppliers demand these prepayments to cushion the timing risk of securing export licences, while buyers value the price visibility and security of supply. In effect, the US-China trade war has nudged the market away from spot trading and toward relationship-based contracts that stabilise revenue for mining companies and offer downstream producers a hedge against further policy shocks. At the same time, geopolitical pressure is accelerating investment in non-Chinese mining and processing capacity. Projects in Australia, Canada, South Korea and Vietnam have drawn fresh capital, from U.S. Defense Production Act funds to private equity, aimed at building a fully Western tungsten chain. Western consumers will continue relying on established suppliers like EQR to fill the supply gap created by Chinese export controls considering that most new mining projects can face long lead times before any concentrate reaches the market. Producers such as EQR are moving downstream through acquisitions (e.g., the proposed purchase of Tungsten Metals Group’s ferrotungsten smelter) so they can capture more value within secure jurisdictions. These shifts, together with a higher and more volatile APT price, mean inventory now ties up more working capital: processors must finance larger stocks and meet stricter collateral terms from lenders. Overall, supply-security strategies are reshaping cash-flow patterns across the tungsten sector, embedding higher fixed commitments but also strengthening non-Chinese resilience. EQR has entered into five new offtake agreements, worth an estimated US$124 million at current tungsten prices, covering around 470 containers of 50% WO₃ concentrate from its Australian and Spanish operations. With each contract tied to Fastmarkets’ APT price, EQR will supply approximately 25% of its production to Europe, 25% to North America, and the remainder 50% to Asia. These long-term deals come amid growing tungsten demand outside China, driven by recent Chinese export restrictions. Each agreement includes an advance payment component.. ASX Announcement 19th March 2025: EQR Signs Five Long-Term Offtake Agreements For The Next 24 Months. Source: Fastmarkets. Tungsten APT 88.5% WO3 min cif Rotterdam and Baltimore duty-free, $/mtu WO3 The APT Mid Price has increased from US$330/mtu at the end of Q2 FY2025 to US$380/mtu at the of Q3 FY2025 recording a substantial 15% increase Quarter-on-Quarter and a 21% increase Year-on-Year from March 2024. Tungsten shipments are invoiced and settled in U.S. dollars. Quarterly cash flow report Cash flows from operating activities In Q3 FY2025, net cash used in operating activities totalled A$1.2 million. Pleasingly, the Saloro business generated positive operating cashflows of A$2.1 million. The positive cashflow generation from Saloro is due to a very strong production quarter with concentrate production of 33,249 mtu achieved and recoveries consistently above 60%. Mt Carbine generated negative operating cashflows of A$3.3 million in the quarter due to lower concentrate output, and from changes Quarterly Activities Report - Quarter ended 31st March 2025 Page 12 resourcing the new economy for a better tomorrow to the mine plan that is currently focussing on waste stripping works to gain access to the high-grade Iolanthe ore body, expected to start being mined in the coming quarter. Cash flows from investing activities In Q3 FY2025, net cash used in investing activities totalled A$1.6 million. During the quarter, the Company invested a further A$1.0 million at Mt Carbine, using mine waste to raise the noise & visual bund at the site, which is a requirement under the Mt Carbine Mining Lease. A further A$0.6 million was dedicated to acquiring plant and equipment. Cash flows from financing activities In Q3 FY2025, Net cash from financing activities totalled A$7.7 million. Cash and financing facilities As of 31 March 2025, the Company held cash of A$1.9 million, a decrease from A$0.9 million in cash held at 31 December 2024. Spanish loan facilities remained relatively static in Euros, with headroom of A$0.8 million at quarter end. Payments to related parties of the entity and their associates during the quarter were $107k compromising of Director fees as outlined in the Appendix 5B. All numbers included in the Quarterly Cash Flow Report are unaudited. SUSTAINABILITY & SOCIAL PROGRAMS High-School students visit Mt Carbine Twenty-four students from St Augustine’s College in Cairns had a site tour Mt Carbine, rotating through the laboratory, maintenance workshop, retreatment circuit and open-pit geology stations after an introduction by Ryan MacNeill and Mick Barry. The visit offered hands-on exposure to mineral analysis, heavy-equipment maintenance, sustainable resource recovery and mine geology, sparking strong interest in resources-sector careers. EQ Resources regards initiatives like this as vital for cultivating the next generation of talent. By demonstrating how vibrant and technologically advanced the Australian mining industry has become— and the breadth of high-quality career paths it offers—the Company helps ensure a skilled workforce for the future while giving students a tangib