Announcement PDF resourcing the new economy for a better tomorrow 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 5 December 2025 EQR SUCCESSFULLY UNDERTAKES $34 MILLION EQUITY RAISING EQ Resources Limited is a global tungsten producer with mining activities in Australia and Spain. HIGHLIGHTS: - EQR has received firm commitments to raise $34 million (before costs) via a share placement with an issue price of $0.05 (5 cents) per share (Placement). - In addition, funds managed by Oaktree (Oaktree) have agreed to convert the remaining A$7.25m of its pre-royalty loan to EQR equity at the same issue price of $0.05 per share. - Proceeds from the Placement will be used to support the advancement of the Mt Carbine mine to the high-grade Iolanthe Vein in Q1 2026, reducing debt, finalising outstanding trade payables and bolstering general working capital. EQ Resources Limited (EQR or the Company) is pleased to announce it has received firm commitments for $34 million of new equity via the placement of 680 million new fully paid ordinary shares (New Shares). With production ramping up at both of EQR’s tungsten mining operations and very strong tungsten market conditions, the Placement was strongly supported by a broad range of existing and new domestic and international institutional and sophisticated investors. In addition, and subject to shareholder approval, Oaktree have agreed to convert the remaining A$7.25 million balance of its pre-royalty loan to 145 million new fully paid ordinary shares in EQR (Additional Shares). As announced on 15 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$7.5 million as a pre-royalty loan, with it being reduced by A$4.25 million in September 2025.1 The remaining balance of ~A$7.25 million will (subject to shareholder approval) be converted to equity. The agreement to grant a royalty over Saloro will be subsequently terminated. EQR Managing Director Craig Bradshaw, commented: “We appreciate the strong support from new and existing shareholders which enables us to strengthen the balance sheet through debt reduction and enhance our working capital position. Operationally we remain focused at the Mt Carbine operation on driving material movements to access the higher-grade Iolanthe Vein package in Q1 2026 with record drilling and blasting volumes achieved in November. Combined with record 1 The pre-royalty loan was reduced by an A$4.25 million in conjunction with the A$22.5 million capital raise undertaken in September 2025. resourcing the new economy for a better tomorrow Page 2 production in October 2025 at our Barruecopardo’ Mine, we are well positioned to maximise the incredibly strong tungsten market conditions. Having strengthened the business through the capital raise we look forward to delivering on the potential inherent in our Tungsten assets having laid the foundation in 2025 for a strong business performance in 2026.” The Placement was conducted by Euroz Hartleys Limited and Canaccord Genuity (Australia) Limited (Joint Lead Managers). Details of the Placement The Company will issue 680 million New Shares at an issue price of $0.05 (5.0 cents) per share under the Placement to raise gross proceeds of $34 million (before costs). The issue price of A$0.05 represents a 7.4% discount to the 15-day VWAP of A$0.054. Allocations were determined by the Joint Lead Managers and the Company, with a focus on existing institutions and high-quality new investors. The New Shares under the Placement are to be issued within the remaining capacity under listing rules 7.1 and 7.1A. A total of 680 million New Shares will be issued utilising EQR’s current placement capacity with the New Shares expected to be issued on Friday 12 December 2025. To ensure parity with other investors and alignment of interests, certain Directors and management have committed to subscribe for approximately A$0.5 million of New Shares at the Placement price, subject to shareholder approval. Use of Proceeds Proceeds from the Placement will be used for the:  Repayment of outstanding trade payables (A$7.0 million);  Repayment of convertible notes (A$4.2 million);  Partial repayment (€3.5 million) of the current €20 million Spanish loan facility;  Advancement of Mt Carbine operation to access high grade Iolanthe Vein in Q1, 2026; and  General working capital and costs of the Offer. Indicative Timetable Trading halt lifted and shares recommence trading on ASX Friday, 5 December 2025 Settlement of New Shares Thursday, 11 December 2025 Allotment and normal trading of New Shares Friday, 12 December 2025 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. A general meeting of shareholders to approve the issue of Additional Shares and shares to Directors is expected to be held late January/early February 2026. 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. resourcing the new economy for a better tomorrow Page 3 The Company will pay the Joint Lead Managers a 2% management fee on gross funds raised from the placement and 4% distribution fee on gross funds raised less chairman’s list investors. Fees payable to the Joint Lead Managers are to be paid in cash and will be shared on a 50/50 basis. It should be noted that the Joint Lead Managers will not receive any fees on the exchange of debt to equity for Oaktree. Released on authority of the Board by: Further Enquiries: Craig Bradshaw Peter Taylor Managing Director 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: