Announcement PDF Annual 2026 Report Directors Michael Nossal Non-Executive Chair Craig Bradshaw Managing Director Oliver Kleinhempel Non-Executive Director Zhui Pei Yeo Non-executive Director Stephen Weir Non-Executive Director Nicole Brook Non-Executive Director Constandinos (Taki) Dermedgoglou Non-Executive Director Company Secretary Virna Trout Registered Office Level 7A, 410 Queen Street Brisbane, 4000, QLD T +61 (0)7 4094 3072 W www.eqresources.com.au E info@eqresources.com.au Principal Place of Business 6888 Mulligan Highway Mount Carbine QLD 4871 Share Register Automic Pty Ltd Level 5, 126 Phillip Street, Sydney NSW 2000 T +61 (0)2 9698 5414 Auditors Nexia Melbourne Audit Pty Ltd Level 35, 600 Bourke Street Melbourne VIC 3000 T +61 (0)3 8613 8888 F +61 (0)3 8613 8800 Stock Exchange Listing Listed on the Australian Securities Exchange (ASX) ASX Code: EQR ACN: 115 009 106 ABN: 77 115 009 106 Corporate Directory 1 Non-Executive Chair’s Address 4 Managing Director’s Address 6 About EQ Resources Limited 7 Financial Review 9 Review of Operations 9 Barruecopardo Mine (Spain) 13 Mt Carbine Operations (Australia) 18 EQR Tenements 18 EQR Tenement Interests 20 Risk Management and Sustainability 25 Directors’ Report 44 Consolidated Statement of Profit or Loss and Other Comprehensive Income 45 Consolidated Statement of Financial Position 46 Consolidated Statement of Cash Flows 47 Consolidated Statement of Changes in Equity 48 Notes to the Consolidated Financial Statements 103 Consolidated Entity Disclosure Statement 105 Directors’ Declaration 106 Auditor’s Independence Declaration 107 Independent Auditor’s Report 112 Shareholder Information 115 Forward Looking Statements Contents Non-Executive Chair’s Address I am pleased to present my first letter to you as Chair of EQ Resources Limited. I joined the Board on 31 March 2026, nine months into a financial year that tested the Company and all its stakeholders. FY2026 began with some questions about the Company’s liquidity and its ability to continue as a going concern. It finished with the balance sheet recapitalised, a record June quarter for revenue and operating cash flow, and an unmodified audit opinion, as Craig Bradshaw sets out in his Managing Director’s letter. By the time I joined the Board, the turnaround was well underway and the Company’s long-held potential was beginning to be realised. That is to the credit of the EQR team and of the Board that preceded me, led by Oliver Kleinhempel, who served as Chair through the hardest part of the year. There is, of course, still much to do to realise that potential fully. We are all conscious that the recapitalisation over the last two years came at a cost to existing shareholders, and the Board thanks those shareholders who supported the placements when the outlook was far from certain. It is now incumbent on us to continue turning that support into sustained value creation. The most important part of that effort concerns the safety and wellbeing of our people. The Board is not satisfied with the safety outcomes during FY2026, although we acknowledge the considerable effort and investment made by management. We do consider that the audits and safety leadership changes now in train are the appropriate actions, and we will be monitoring the safety outcomes closely during FY2027 with a clear expectation of measurable improvement. The market in which we operate has changed fundamentally since the start of FY2026. Tungsten is a critical mineral in the fullest sense: essential to industrial manufacturing, aerospace, energy and defence, with supply concentrated in a small number of countries. In a period of complicated geopolitics, Western governments are paying far more attention to the provenance and security of supply, while prices have risen well beyond anything in the Company’s history. This places EQR in a position of rare strategic and commercial opportunity. As one of the few established tungsten producers outside China, with operating mines in Australia and Spain, EQR is already integrated into Western-aligned supply chains and continues to position itself to benefit from the strong price environment. The Board’s responsibility is to ensure that disciplined, reliable execution converts this opportunity into sustained value. Accordingly, we are aligned on the strategy to do this. First, deliver reliable production from Mt Carbine and Barruecopardo, with greater resilience to weather and operating disruptions. Second, grow the reserves and resources around each mine. Third, pursue regional exploration and growth, with Mt Carbine and Barruecopardo as the processing hubs for district- scale operations in their proven tungsten regions. Fourth, invest sensibly in production growth and a lower cost base, of which the Mt Carbine crushing expansion approved in June is a good example. Fifth, selectively increase EQR’s participation in Western- aligned tungsten supply chains where this strengthens the Company’s strategic position, market access and shareholder value. Michael Nossal Non-Executive Chair EQ Resources Limited Annual Report 2026 1 The Board also believes that how we create value matters as much as the value we create. EQR’s values are ones I am comfortable standing behind: act safe and feel safe, tread lightly, lead with integrity, embrace difference, dig deep and buddy up. The Board is aligned on ensuring that these values set the expectations for how we treat our people, our communities and the environment, and they will guide the Company into the next phase of its development. Further to my appointment in March, Board renewal has continued. Stephen Layton stepped down on 31 July 2026 after more than eight years as a Director, a period that took in the redevelopment of Mt Carbine, the acquisition of Barruecopardo and the recapitalisation. I thank Stephen sincerely for his contribution, particularly noting the difficult times that his tenure included. We have since welcomed Nicole Brook and Taki Dermedgoglou as Non-Executive Directors. I am also pleased that Stephen Weir will continue as an independent Non-Executive Director and Chair of the Audit and Risk Committee. The Board now has a strong and diverse mix of skills and experience, well-suited to supporting the Company through our next phase of transformation. Looking ahead, FY2027 offers an opportunity the Company has not had before: higher-grade ore accessible at both mines, a growth project in execution, a sound balance sheet and a price environment that rewards production. The Board’s expectations are clear: a strong financial result that takes full advantage of the market environment; targeted growth, delivered safely and within our means; and systems, processes and governance that keep developing to the standard of an established mid-tier mining company, as we are determined that EQR is becoming. Finally, a sincere thank you to our shareholders, because this year belongs to you more than any. You stayed with the Company through the hard times, and you are now starting to see the reward for that support. An enormous thank you to Craig, his leadership team and the dedicated employees at our two mines, without whose tremendous efforts, the outcome this year may have been quite different. My thanks also to my fellow Directors for their counsel, our communities, host governments, industry bodies, customers and all our stakeholders. I am confident that your efforts and patience will we well rewarded by the Company’s bright outlook. Michael Nossal Non-Executive Chair EQ Resources Ltd Non-Executive Chair’s Address continued 2 EQ Resources Limited Annual Report 2026 EQ Resources Limited Annual Report 2026 3 Managing Director’s Address Dear Fellow Shareholders, FY2026 was a defining year for EQ Resources – and, I will say plainly, a difficult one. We began the financial year confronting acute liquidity and solvency challenges that threatened the very continuity of the business. We end it recapitalised, profitable, cash generative and with the strongest balance sheet in the Company’s history. Having stepped into the Managing Director role on 1 October 2025, in the midst of that most challenging period, I am proud of what our people achieved in the twelve months to 30 June 2026 – and clear-eyed about what we must do better. Restoring the balance sheet The first half of the year was dominated by the recapitalisation of the Company. Through a series of placements, we raised A$56.5 million in new equity to settle outstanding creditors, reduce debt and restore working capital, and settled a further A$25.8 million of debt through the issue of shares. We received A$23.5 million from the exercise of options associated with FY2025 raisings, and we refinanced €15 million of external debt in Spain with Traxys Europe S.A. over a three-year term at EURIBOR plus a margin of 5.5%. The results of that work are evident throughout this report. The Company recorded a statutory net profit after tax of A$7.1 million (FY2025: loss of A$39.2 million) and EBITDA of A$50.6 million (FY2025: negative A$29.7 million). At 30 June 2026 we held A$28.2 million in cash (FY2025: A$1.9 million) and a net working capital surplus of A$16.2 million, against a restated deficit of A$96.8 million a year earlier. Most importantly, the financial statements in this Craig Bradshaw Managing Director report carry an unmodified audit opinion: the going concern qualification that attached to our previous accounts no longer applies. The liquidity and solvency challenges that defined the start of FY2026 are now well behind us. That outcome was only possible because our shareholders backed the Company when it mattered most. The recapitalisation came at a real cost – shares on issue increased from 2.7 billion to 5.1 billion – and we do not take that support lightly. Our obligation now is to convert a repaired balance sheet into sustained returns. Safety I must be equally direct about safety: our performance this year was well short of acceptable, and it will be a core focus of management in FY2027. At Barruecopardo, the lost time injury frequency rate improved from 22.5 to 15.8, a step in the right direction but still too high. At Mt Carbine, the LTIFR deteriorated from 36.6 to 43 – a result that is simply not good enough, despite significant effort and investment from management during the year. We have not waited for this report to act. Independent safety audits were completed at both operations during the second half, actions arising are well underway, and a new safety manager joins the Mt Carbine leadership team in the first quarter of FY2027. Structured training, toolbox engagement and comprehensive drug and alcohol testing continue across both sites. Nothing we mine is worth an injury, and the Board and I expect a step change in performance in the year ahead. 4 EQ Resources Limited Annual Report 2026 Operations and weather Group production for the year was 118,946 mtu of WO₃ (FY2025: 167,805 mtu), with Barruecopardo contributing 90,666 mtu and Mt Carbine 28,280 mtu. The shortfall against the prior year was overwhelmingly weather-driven, and the pattern was almost cruelly symmetrical across our two hemispheres. At Mt Carbine, insufficient water leading into the end of the December 2025 quarter constrained processing, before cyclone-related weather systems through the wet season disrupted mining, blast cadence and production in the March 2026 quarter. At Barruecopardo, a 1-in-50-year rainfall event – the wettest start to a year in Salamanca in some five decades – flooded the southern pit and significantly curtailed production through the March and June 2026 quarters, forcing mining into lower-grade areas at a higher strip ratio. These events have taught us a clear lesson, and we will not rely on the weather being kinder next year. In future years we will mitigate this risk by building ROM stockpiles ahead of the wet seasons at both operations, ensuring the processing plants can continue to run at capacity when pit access is restricted. I am pleased to report that both operations exited the year strongly. At Mt Carbine, first access to the higher-grade Iolanthe vein was achieved in March 2026 following the removal of 1.6 million tonnes of overburden from the Southern Highwall, and June quarter production rose 176% to 13,050 mtu – the operation’s best quarter in over two years. At Barruecopardo, the higher-grade southern ore body was re-accessed in the first week of July 2026 following an extensive dewatering effort. The June 2026 quarter delivered record group revenue of A$79 million and record operating cash flow, momentum we carry into FY2027. A transformed tungsten market Our recovery has coincided with an extraordinary shift in the tungsten market. The Fastmarkets APT benchmark rose from around US$350/mtu in March 2025 to approximately US$2,900/mtu by the end of June 2026, driven by Chinese export restrictions and surging strategic demand for secure, Western- sourced supply. As a leading tungsten producer in the Western world, with long-term offtake agreements at both operations, EQ Resources is exceptionally well placed to benefit – but only if we produce. That is why the operational discipline, weather resilience and safety improvement described above matter so much. Investing in growth With the balance sheet restored, we returned to growth in the second half. In June 2026 the Board approved the A$39 million Mt Carbine Expansion Project, which will double crushing capacity from approximately 1 Mtpa to 2 Mtpa and automate the crushing, screening, ore sorting and product handling circuits, with commissioning expected to commence in the March 2027 quarter. Resource drilling programs are underway at both operations – approximately 12,155 metres at Barruecopardo and 7,700 metres at Mt Carbine – supporting resource and reserve updates in late 2026, and a 12,000-metre program at Wolfram Camp commences in the second quarter of FY2027. We also materially expanded our regional footprint, lifting our tenement holdings around Mt Carbine from 783 km² to 1,136 km², with a further 824 km² under application, through the acquisition of the Hodgkinson tenement package from Sunshine Metals and of Aus Critical Minerals and TTTP1, which brought with them the mining licence for Mt White. Together these transactions underpin our hub-and-spoke strategy, positioning Mt Carbine as the central processing hub of a district-scale tungsten province in Far North Queensland. Outlook and thanks FY2027 begins with the higher-grade zones open in both pits, a strengthened balance sheet, a A$39 million growth project in execution and a tungsten price environment unlike any in living memory. Our priorities are unambiguous: a step change in safety performance, weather-resilient operations underpinned by ROM stockpiling, delivery of the Mt Carbine Expansion Project, and continued growth in resources and reserves across both districts. To our employees and contractors in Queensland and Salamanca, who worked through floods, cyclones and considerable uncertainty with resilience and professionalism – thank you. To my Board colleagues, thank you for your counsel through a demanding year. And to our shareholders, who stood by the Company through its most testing period, thank you for your patience and support. FY2026 asked a great deal of everyone associated with EQ Resources. I am confident the foundations laid this year will reward that faith. Yours sincerely, Craig Bradshaw Managing Director EQ Resources Limited Annual Report 2026 5 EQ Resources Limited (EQR or the Company) is building a connected Western tungsten platform, anchored by two producing mines in Australia and Spain and supported by long-term offtake, customer and strategic partner relationships. Barruecopardo Mine is the largest tungsten mine in Europe, comprising an open pit and a modern processing plant that combines ore sorting and gravity separation. The Company holds eight adjacent exploration tenements supporting future growth. Concentrate from Barruecopardo is sold under long-term volume-based agreements referencing the Fastmarkets Tungsten APT 88.5% WO3 Rotterdam CIF price for the month of shipment. Mt Carbine, on the Mulligan Highway northwest of Cairns, was historically one of the world's major tungsten mines and has been progressively redeveloped - initially through the processing of historical stockpiles and now through open pit mining of the primary orebody. Ore is upgraded using two ore sorters ahead of a gravity circuit producing a tungsten concentrate for export. The Company holds significant exploration tenements in the region including Wolfram Camp and the mining licence for Mt White. Concentrate from Mt Carbine is sold under a long-term volume-based agreement referencing the Fastmarkets Tungsten APT 88.5% WO3 Rotterdam CIF price for the month prior to shipment. About EQ Resources Limited 6 EQ Resources Limited Annual Report 2026 Financial Review A$28.2m Cash on hand (FY25: A$1.9 million) A$50.6m EBITDA (FY25: negative A$9.5 million) A$154m Net Assets (FY25: A$36.3 million) Key Performance Indicators EQ Resources Limited Annual Report 2026 7 Financial Review Financial Performance and Position The Company reports a statutory net profit after tax of A$7.1 million for the year ended 30 June 2026, compared to a statutory net loss after tax of A$39.2 million as at 30 June 2025. EBITDA for the year was A$50.6 million, compared to a negative A$29.7 million in FY2025. At 30 June 2026, the Company held A$28.2 million (FY2025: A$1.9 million) of cash on hand and had a net working capital surplus of A$16.2 million (FY2025: restated deficit of A$96.8 million). Year ended Measure 2026 2025 2024 2023 2022 Net profit / (loss) after tax A$’000 7,113 (39,228) (14,425) (3,717) (6,063) Net assets A$’000 154,268 36,287 44,330 16,305 14,317 Cash and cash equivalents A$’000 28,180 1,874 3,490 5,336 1,723 Cash flows from operating activities A$’000 (5,595) (16,918) (12,704) (1,393) (3,113) EBITDA A$’000 50,576 (9,513) (5,169) (829) (4,478) Share price at 30 June A$ 0.290 0.040 0.048 0.070 0.047 Basic earnings / (loss) per share Cents 0.18 (1.70) (0.13) (0.26) (0.45) Funding Primary focus during year was to recapitalise the Company and refinance external financing facilities. Key actions completed during the year were as follows: − Raising A$56.5 million in the first half of the year to settle outstanding creditors, reduce debt and provide working capital to progress Company objectives. − Settling A$25.8 million of debt with the issuance of shares in parallel to the capital raises performed in the first half of the year. − Refinancing €15 million of external debt over a three-year period with an interest rate of EURIBOR plus a margin of 5.5% with Traxys Europe S.A. − Receiving A$23.5 million from the exercise of options associated with FY2025 capital raising activity. Shares on Issue Due to the recapitalisation of the Company, issued capital increased to A$198.3 million (FY2025: A$93.5 million, with ordinary shares on issue increasing from 2,727,672,193 to 5,115,488,534). 8 EQ Resources Limited Annual Report 2026 Review of Operations Barruecopardo Mine (Spain) 15.8 LTIFR per million hours worked for the year (FY25: 22.5) A$16.3m of operating cash flow was generated during the year (FY25: A$1.7 million) WO3 in concentrate was produced (FY25: 119,023 mtu) 90,666 mtu Key Performance Indicators EQ Resources Limited Annual Report 2026 9 The key performance metrics for the Barruecopardo Mine are tabulated below: Barruecopardo Mine UoM 2026 2025 % Change Safety performance LTIFR Freq. 15.8 22.5 31% Operational performance Material blasted t 9,208,641 7,040,148 31% Total tonnes mined t 8,603,184 7,016,943 23% Ore mined t 1,138,272 1,344,365 (15%) Waste mined t 7,464,912 5,672,578 32% Strip ratio W:O 6.6 : 1 4.2 : 1 (57%) Crushing plant feed t 1,674,956 1,445,453 16% Ore sorter plant feed t 635,722 455,102 40% Sorter concentrate produced t 121,651 86,575 41% Gravity plant feed t 925,279 904,599 2% Gravity plant feed grade % 0.19% 0.26% (27%) Recovery % 55% 57% (4%) WO3 produced mtu 90,666 119,023 (24%) WO3 sold mtu 89,087 116,586 (24%) Financial performance Average realised price US$/mtu 851 259 228% Nominal cash cost of production US$/mtu 357 229 (56%) Operating and Financial Review continued Health and Safety Efforts continued to build a proactive safety culture with ongoing weekly training being delivered across the operation with ongoing alcohol and drug testing for persons entering site. This included external training on several critical activities such as working at heights, hot works and the risk of respirable crystalline silica. The Company also commissioned independent assessments of its safety culture, policies and procedures continuing its ISO 45001 (safety) and ISO 14001 (environment) certifications. An independent risk assessment was conducted in April 2026. Mining The mining team performed exceptionally well during the year despite the 1-in-50-year rain event during the March quarter. Material moved was significantly greater than FY2025 despite the challenges created by the event. Unfortunately, due to the rain event, the team operated in a lower grade area of the pit than anticipated leading to a substantially higher strip ratio and a lower feed grade for the year. The higher-grade ore body was re-accessed in the first week of July 2026. Processing Processing performance at Barruecopardo in FY2026 reflected the year’s mining disruption, with output declining through the middle of the year before a partial recovery into year-end. Across FY2026, the site crushed approximately 1.67 million tonnes of ore, sorted approximately 636,000 tonnes through its ore sorting circuit, and processed approximately 925,000 tonnes through the wet plant, producing 90,666 mtu of WO₃ in concentrate for the year at an average recovery of 55.3%. 10 EQ Resources Limited Annual Report 2026 Resource and Reserve Growth Program Barruecopardo advanced a significant resource definition drilling programme during the final quarter of FY2026, aimed at strengthening confidence in the existing geological model and testing the potential for resource growth at depth. The initial programme comprises 36 diamond drill holes for a total of approximately 12,155 metres, concentrated primarily in the eastern area of the open pit. Of the 36 holes, 16 are infill holes designed to improve confidence in the existing geological model, while the remaining 20 are targeting the deeper parts of the deposit and northern and southern extensions to assess the potential for mineral resource expansion. Geotechnical logging is being undertaken alongside geological logging across the programme, to build a stronger understanding of rock mass conditions ahead of future mine design work. Annual Mineral Resources Statement Mineral Resources as at 30 June 2026 Mineral Resources as at 30 June 20251 Orebody JORC Code Category Tonnes (Mt) Grade (% WO3 ) WO3 (mtu) Tonnes (Mt) Grade (% WO3 ) WO3 (mtu) In-Situ Measured 6.85 0.177 1,214,272 10.05 0.191 1,920,400 Indicated 9.52 0.177 1,682,554 10.46 0.174 1,820,000 Inferred 3.85 0.259 997,546 3.86 0.259 999,300 Subtotal 20.22 0.193 3,894,372 24.37 0.195 4,739,700 Annual Ore Reserves Statement Ore Reserves as at 30 June 2026 Ore Reserves as at 30 June 2025 JORC Code Category Tonnes (Mt) WO3 (%) Contained WO3 (mtu) Tonnes (Mt) WO3 (%) Contained WO3 (mtu) Open Cut - Proved 2.40 0.14 329,842 5.69 0.152 865,037 Open Cut - Probable 9.21 0.14 1,254,807 3.10 0.145 448,982 Open Cut - Total 11.61 0.14 1,584,649 8.80 0.156 1,314,019 Ore Stockpile - Proved 0.05 0.10 5,048 0.24 0.173 41,589 Ore Stockpile - Total 0.05 0.10 5,048 0.24 0.173 41,589 Open Cut & Ore Stockpile - Total 11.66 0.14% 1,589,697 9.04 0.150% 1,355,608 Marginal Stockpile - Proved 0.18 0.05 9,155 Total Including Marginal Stockpile 11.84 0.14 1,598,852 Scalping Stockpile - Proved 0.32 0.06 18,652 Total Ore Reserve 12.16 0.13 1,617,504 9.04 0.150 1,355,608 Notes: 1 The Mineral Resource as at 30 June 2025 is as described in ASX Announcement 4 November 2024. The movement in the Barruecopardo Mineral Resource and Ore Reserve estimates between 30 June 2025 and 30 June 2026 is due to mining depletion only. There has been no material change to the Mineral Resource or Ore Reserve models, or to the assumptions and technical parameters underpinning the estimates, other than depletion arising from mining and processing during the period. 2 Totals may not add up due to rounding. 3 The tonnes depleted for the actual mining have been calculated by regular topographic surveys, to which density factors have been applied to derive tonnes. These density factors are the same as described in the report for the Resource Estimate as at 30th of June 2025. 4 The Ore Reserve is the economically mineable part of the Measured and Indicated Mineral Resource. It includes allowance for ore losses and dilution during mining extraction. 5 The Ore Reserve as at 30 June 2026 includes 0.5tonnes of proved stockpiles, which were not separately identified in the 30 June 2025 comparison. Stockpiles have been estimated by Saloro from topographical survey, and assigning grades derived from the operational grade control and production estimates. 6 The Company ensures that the Mineral Resource and Ore Reserve estimates quoted are subject to governance arrangements and internal controls at both a site level and at the corporate level. Mineral Resources and Ore Reserves are prepared and reported in accordance with the JORC Code 2012, using industry standard techniques and internal guidelines for the estimation and reporting of Ore Reserves and Mineral Resources. The Mineral Resource and Ore Reserve statements included in the Annual Report were reviewed by the Competent Persons prior to inclusion. EQ Resources Limited Annual Report 2026 11 Competent Person’s Statement - Barruecopardo Mine Mineral Resources The information in this report is extracted from the statement named “Barruecopardo Scheelite Mine - Annual Mineral Resource Statement June 2026” and has been prepared by Mr Jörg Pohl, Consultant to Saloro and Independent Resource Geologist. Mr Pohl has contributed to previous Resource estimates for Barruecopardo and has provided professional services to the operation over many years. Mr Pohl is a qualified Geologist (MSc Geology, Universität Freiburg i.Br., Germany), has over 25 years of experience, is a member of the European Federation of Geologists (EFG) and holds the title EurGeol (#1728). Mr Pohl has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and the activity being undertaken to qualify as a Competent Person as defined in the JORC Code 2012. Mr Pohl has been working for Saloro during the last 6 years by providing consulting expertise in resource estimation, delivering resource and grade control block models. Mr Pohl has no material interest or entitlement, direct or indirect, in the securities of EQR or any associated companies. Mr Pohl consents to the inclusion in the release of the matters based on his information in the form and context in which it appears. Ore Reserves The information in this report is extracted from the statement named “Barruecopardo Scheelite Mine - Annual Ore Reserves Statement June 2026” and has been prepared by Mr Jesús María Montero González, Principal Mining Consultant and Director of Mining Sense Global SL. and reviewed by Mr Hugh Thompson. Mr Montero is a qualified Mining Engineer (MSc Mining Eng., Universidad Politécnica de Madrid - Spain), has over 24 years of experience and is a member of the Australasian Institute of Mining and Metallurgy (AusIMM) FAusIMM 3111131. Mr Montero has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and the activity being undertaken to qualify as a Competent Person as defined in the JORC Code 2012. Mr Hugh Thompson is a FAusIMM and CP (mining), with AusIMM membership # of 111 543. Mr Montero and the Mining Sense Global SL team have been working for Saloro during the last 7 years by providing consulting expertise in mine design and mine schedule for medium and long term. Neither Mr Thompson, Mr Montero or Mining Sense Global SL has any material interest or entitlement, direct or indirect, in the securities of EQ Resources Limited or any associated companies. Mr Montero and Mr Thompson consent to the inclusion in the release of the matters based on their information in the form and context in which it appears. Operating and Financial Review continued 12 EQ Resources Limited Annual Report 2026 Mt Carbine Operations (Australia) 43.0 LTIFR per million hours worked for the year (FY25: 36.6) (A$14.1m) net operating cash outflow (FY25: negative A$7.9 million) WO3 in concentrate was produced (FY25: 48,782 mtu) 28,280 mtu Key Performance Indicators EQ Resources Limited Annual Report 2026 13 The key performance metrics for the Mt Carbine Mine are tabulated below: Mt Carbine UoM 2026 2025 % Change Safety performance LTIFR Freq. 43.0 36.6 (57%) Operational performance Material blasted t 2,834,951 1,441,502 97% Total tonnes mined t 2,770,009 2,240,652 24% Ore mined t 407,020 573,797 (29%) Waste mined t 2,362,989 1,666,855 42% Strip ratio W:O 5.8 : 1 2.9 : 1 (100%) Crushing plant feed t 565,141 756,318 (25%) Ore sorter plant feed t 366,199 462,105 (21%) Sorter concentrate produced t 29,528 36,117 (18%) Gravity plant feed t 226,771 238,031 (5%) Gravity plant feed grade % 0.17% 0.24% (29%) Recovery % 77% 83% (7%) WO3 produced mtu 28,280 48,782 (42%) WO3 sold mtu 28,588 50,040 (43%) Financial performance Average realised price US$/mtu 1,277 251 409% Nominal cash cost of production US$/mtu 1,013 412 (146%) Health and Safety Despite significant effort from management, the safety performance was disappointing at Mt Carbine.