Announcement PDF resourcing the new economy for a better tomorrow EQ Resources Limited Quarterly Activities Report Quarter ended 30th June 2025 HIGHLIGHTS SALORO OPERATIONS  Spanish operations delivered another strong quarter with 28,203 mtu produced thanks to a steady processing performance.  Construction works of third XRT ore sorter on schedule, with the installation of new plant upgrades, including Falcon concentrator and expanded gravity circuits, positioning the operation for further improved recovery and throughput in the coming quarters. MT CARBINE OPERATIONS  Mt Carbine achieved a modest increase in tungsten concentrate production to 6,983 mtu despite lower head grades from primarily low-grade stockpile feed, supported by stable plant performance and a strategic reset of pit design that will enable access to the high-grade Iolanthe orebody. EQR EXPLORATION  Wolfram Camp testing confirmed 86% tungsten recovery and a 16x grade upgrade using XRT sorting, advancing EQR’s Regional Tungsten Hub Strategy and supporting future local growth opportunities. FINANCIAL AND CORPORATE**  Fastmarkets Ammonium Paratungstate (“APT”) CIF Rotterdam/Baltimore mid-price of US$463 per mtu* on 30 June 2025, a +22% increase Quarter-On-Quarter (QoQ).  EQR improved its financial position by raising A$20.6 million in equity, reducing debt by €5 million, securing extended credit guarantees for remaining debt facilities and receiving a Letter of Interest from the US EXIM bank for a potential 10-year US$34 million debt facility.  Group cash receipts from customers were A$12.6 million (A$16.1 million revenue generated) in the quarter. Notes: * 1mtu (metric tonne unit) = 10kg WO3 , **All financial numbers are quoted in Australian dollars unless otherwise stated. Quarterly Activities Report - Quarter ended 30 June 2025 Page 1 resourcing the new economy for a better tomorrow EQR GROUP Q4 FY2025 - PRODUCTION SUMMARY Operations Mt Carbine Saloro EQR Group Unit Q3 FY2025 Q4 FY2025 Q3 FY2025 Q4 FY2025 Q3 FY2025 Q4 FY2025 Waste t 519,816 342,403 1,585,941 836,066 2,105,757 1,178,469 Ore t 182,449 73,056 342,877 241,381 525,326 314,437 Total Tonnes Mined t 702,265 415,459 1,928,818 1,077,447 2,631,083 1,492,906 W:O 2.8 : 1 4.7 : 1 4.6 : 1 3.5 : 1 5.0 : 1 4.7 : 1 Closing Ore Stock t 17,520 12,384 316,533 209,567 334,053 221,951 Gravity Plant Feed t 51,935 54,573 222,444 229,415 274,379 283,988 Gravity Plant Grade % 0.196% 0.168% 0.234% 0.214% - - WO3 Produced* mtu 6,717 6,983 29,605 28,203 36,322 35,187 Strip Ratio *Note: Metric Tonnes Unit, 1 mtu = 10kg 100% WO3 For the quarter ended 30 June 2025 (“Q4 FY2025”), the consolidated EQR Group produced 36,322 mtu of tungsten concentrate (Mt Carbine 6,983 mtu; Saloro 28,203 mtu), and mined a total of 1.5 million tonnes (Mt Carbine 0.4 million tonnes; Saloro 1.1 million tonnes). The Saloro operations in Barruecopardo (Spain) delivered 28,203 mtu of tungsten concentrate for the quarter. This performance was supported by a 14% increase in Sorter Plant throughput to 135,209 tonnes, steady throughput and ongoing plant upgrades at the Gravity Plant including the installation of Falcon concentrators and expanded gravity tables to support ultrafine scheelite recovery. Mining advanced in Phase 5 (central and southern zones) and Phase 6 (northern extension), unlocking new ore zones and positioning the operation for improved flexibility and ore recovery heading into FY2026. Mt Carbine (Queensland, Australia) produced 6,983 mtu of tungsten concentrate, a modest increase despite lower head grades from primarily low-grade stockpile feed, with continued strong plant recovery performance. Mining activities focused on a major pit redesign and South Wall Fault management, laying the groundwork for access to the high-grade Iolanthe orebody. Processing throughput remained stable at 54,573 tonnes through the Gravity Plant despite reduced mining volumes, supported by stockpiled ore and low-grade stockpile material. EQR strengthened its financial position during the quarter, highlighted by the repayment of €5 million of debt at Saloro and the extension of €20 million in credit guarantees from Oaktree Capital Management. Equity funding of A$20.6 million was secured through the combination of an institutional placement and a complimentary Share Purchase Plan. Additionally, EQR received a Letter of Interest from the Export-Import Bank of the United States for a potential 10-year debt facility of up to US$34 million to advance the Mt Carbine Expansion Project, which is designed to double processing capacity, explore and design a long-term underground operation and therefore solidify EQR’s role as a leading non-Chinese supplier of tungsten to global markets. Quarterly Activities Report - Quarter ended 30 June 2025 Page 2 resourcing the new economy for a better tomorrow HEALTH & SAFETY Saloro Operations Our operations in Spain continued to strengthen its safety culture in Q4 FY2025, with proactive engagement measures rising sharply, including a 44% increase in “Step Back Take 5” hazard assessments (from 1,730 in Q3 to 2,486 in Q4). While Lost Time Injuries rose to 23 (up from 18 in Q3), it is expected that the increased workforce participation in safety programs and hazard reporting will lead to an improved safety performance in the future. Training efforts remained strong, with eight chemical product safety sessions and five initial inductions for new employees delivered during the quarter. Under the Company’s strict zero-tolerance policy, 4,552 alcohol tests were conducted (two non-negatives managed in accordance with policy), and 18 drug tests returned no non-negative results. These actions highlight our commitment to building a safer workplace through training, vigilance, and a proactive approach to risk reduction. 66 70.0 62 59 59 58 60.0 54 52 50.0 59 51 44 43.3 60 45 45 41.2 38.1 40.0 38.1 37.7 36.2 36.6 35.0 33.8 29.3 30.0 33.1 23.4 28.0 20.0 23.7 23.7 25.9 23.4 22.0 22.5 May 25 Jun-25 19.0 18.8 16.1 10.0 13.3 13.0 10.5 10.5 Nov 24 Dec 24 0.0 Jun 24 Jul 24 Aug 24 Sep 24 Oct 24 Jan 25 Feb 25 Mar 25 Apr 25 MTIFR: Medically Treated Injury Frequency Rate LTIFR Mining (Spain) IFR: Incident Frequency Rate LTIFR: Lost Time Injury Frequency Rate Picture above: 12-months Rolling Frequency Rate Graph for Saloro per million working hours. Mt Carbine Operations EQ Resources recorded a significant improvement in safety performance at Mt Carbine this quarter, with total recordable incidents decreasing from 9 in Q3 FY2025 to 6 in Q4 FY2025, representing a 80% quarter-on-quarter reduction. Alcohol and drug testing continued as part of our zero-tolerance policy, with over 5,045 breath analyses conducted. 4 non-negative results for alcohol were recorded and were managed according to Company policy. 27 drug screening tests were completed, with 0 non-negative results returned. Proactive safety engagement continued in the quarter, with “Step Back Take 5” hazard assessments increasing by 43% quarter-on-quarter (from 4,102 in Q3 FY2025 to 5,858 in Q4 FY2025), reflecting an enhanced safety culture across site teams. Key training initiatives included site-wide Explosives Awareness Training and re-inductions for all personnel with over two years of service. Additionally, Safe Handling and Transport of Explosives training was rolled out across the workforce. Several critical safety procedures and work instructions were reviewed and updated this quarter, covering areas such as incident notification and investigation, hazard and risk management, training systems, PPE compliance, hot works, gas detector usage, and emergency risk management. To reinforce safety communication, monthly toolbox meetings led by Foremen were introduced, each featuring a Safety Focus Point—May centred on “Guarding” and June on “Awareness of Surroundings.” These initiatives collectively reflect our ongoing commitment to improving site safety, systems compliance, and workforce awareness. Quarterly Activities Report - Quarter ended 30 June 2025 Page 3 resourcing the new economy for a better tomorrow 90 83 79 80 70 74 67 66 74 73 67 65 63 61 60 48 47 61 60 54 49 50 50 51 49 54 49 49 46 40 37 40 29 25 30 25 25 24 24 24 APR-25 MAY-25 JUN-25 21 18 20 17 13 13 13 10 JUN-24 JUL-24 AUG-24 SEP-24 OCT-24 LTIFR Average QLD Quarries (TRIFR) NOV-24 DEC-24 JAN-25 MTIFR Average QLD Quarries (LTIFR) FEB-25 MAR-25 TRIFR Picture above: 12-months Rolling Frequency Rate Graph for Mt Carbine per million working hours. LTIFR: Lost Time Injury Frequency Rate; MTIFR: Medical Treatment Injury Frequency Rate; TRIFR: Total Recordable Injury Frequency Rate. SALORO OPERATIONS Open Cut Mining Picture above: The Barruecopardo Mine Open Pit (Spain) at the end of June 2025. Phase 5 – Ore Production in Central and Southern Pit Areas During Q4 FY2025, mining activities in Phase 5 were focused on the central and southern zones of the open pit, between elevations 575RL and 560RL. These areas delivered 241,381 tonnes of ore (342,877 tonnes in Q3 FY2025) at an average grade of 0.200% WO₃, in line with the mine plan. A total of 836,066 waste tonnes were extracted during the quarter. Quarterly Activities Report - Quarter ended 30 June 2025 Page 4 resourcing the new economy for a better tomorrow Picture above: Resource Block Model of the Ore production zone in the Southern Area of the Open Pit, main target of the Phase 5. Red is high grade, orange low grade and light blue very low grade. Phase 6 – Development of Northern Pit Extension Picture above: Northern area of Phase 6 at elevation 700RL, including the access ramp and 690RL bench, with ore stockpile and waste dump as of the end of June 2025. Phase 6 development continued during the quarter, focusing on advancing bench construction in the northern section of the pit. Works progressed at elevation 700RL with the access ramp and reached the mineralised zone at 690RL for the first time. This milestone marks a key step in unlocking new ore zones in the northern pit, supporting future production flexibility. As of the end of June 2025, two mineralised blasts had been successfully prepared and are ready for haulage to the stockpile. Quarterly Activities Report - Quarter ended 30 June 2025 Page 5 resourcing the new economy for a better tomorrow Phase 6 Phase 5 Figure above: The Southern Area main target in Phase 5; Northern Area main target in Phase 6 during Q4FY2025, red zone highlights mining activities conducted in the first half of the quarter, green in the second half of the quarter. Picture above: The Northern Area of the Open Pit. Red rectangle shows two blasts containing Ore waiting to be hauled to the feed stockpile. June 2025. Processing Processing activities at the Barruecopardo Mine during Q4 FY2025 focused on both throughput optimisation and targeted circuit upgrades to improve scheelite recovery, particularly from ultrafine fractions. A total of 372,172 tonnes of ore was processed through the primary crusher (Q3 FY2025: 376,206 tonne), of which 135,209 tonnes (+14% increase from 116,907 tonnes in Q3 FY2025) were directed through the ore sorters, resulting in 24,964 tonnes of recovered material (+14% increase from 21,357 tonnes in Q3 FY2025). Total mtu production for the quarter reached 28,203, comprised of 9,141 mtu in April, 10,005 mtu in May, and 9,057 mtu in June, representing a -5% decrease compared to the previous quarter, primarily due to a lower feed grade, as only stockpiled material from the ROM pad was processed throughout May and June. Quarterly Activities Report - Quarter ended 30 June 2025 Page 6 resourcing the new economy for a better tomorrow During the reporting period, the operations at Barruecopardo processed material from historic stockpiles as part of a strategy to reorganise the ROM Pad to increase capacity and optionality for future ore management. A new geostock model was implemented, classifying stockpiles solely by WO₃ grade and eliminating impurity levels as control variables. This change, made possible by prior plant improvements and a simplified flowsheet, allows greater flexibility in blending and processing. By consuming and reclassifying these legacy stockpiles, the operational team is ensuring a more consistent plant feed while preparing for more efficient blending strategies going forward. Overall stockpile inventories declined from 822,000 tonnes at the end of Q3 to 720,000 tonnes in Q4 FY2025, leaving several months of feed available. Several operational measures were also implemented in the crushing area to stabilise throughput and improve material consistency. Coordination with the mining contractor led to increased stockpile levels at the primary crusher. Plant upgrades progressed steadily, with the installation of Falcon concentrators targeting the recovery of ultrafine scheelite that had previously bypassed the conventional gravity circuit. Additionally, a new quadruple (4-deck) table was installed to expand treatment capacity for flotation products, enhancing recovery in the fines circuit. The spiral circuit was also modified to feed seven gravity tables, contributing to improved performance across the fines section. Expansion of the ore sorter section is underway, with full operational readiness expected in Q1 FY2026. This will allow an expanded capacity utilisation of the crushing and screening sections, resulting in higher-grade feed into the gravity plant and support further increases in overall recovery and plant efficiency. The third XRT ore sorter arrived on-site on 30 July, with mechanical installation and electrical cabling scheduled through 8 August. Commissioning with TOMRA technicians is planned for 11 August, with full production expected by 15 August. In parallel, upgrades to the scalping system are underway, including a phased transition to a wet scalping screen and the future installation of an independent feeding hopper to further enhance throughput efficiency at the ore sorter plant. Picture above: The Falcon Concentrator before commissioning in the Processing Plant Quarterly Activities Report - Quarter ended 30 June 2025 Page 7 resourcing the new economy for a better tomorrow Pictured above left: the existing building containing the two ore sorters being extended to make room for the third ore sorter. Picture above right: the ore sorter distribution hopper installation progressing. MT CARBINE OPERATIONS Picture above: Mt Carbine Mine Open Pit (Australia) as of June 2025 with mining activities progressing in the Southeast and ongoing stripping on the South side. Quarterly Activities Report - Quarter ended 30 June 2025 Page 8 resourcing the new economy for a better tomorrow Open Cut Mining The quarter saw advancement of the open pit development aligned with the updated pit shell and revised mine design implemented under the leadership of the new mining team, led by David Laulau. This period marked a major reset in Mt Carbine’s open pit strategy, with a strong focus on fasttracking the extraction of the South Wall Fault area to unlock long-term access to the Iolanthe orebody. The updated mine plan realigns the pit shell and ramp design around the South Wall Fault, with mining efforts during the quarter focused on developing the new, geotechnically optimised layout. Despite the positive momentum in planning and mine design, mining volumes were constrained and blasting schedule delayed. Total material movement for the quarter was 415,459 Picture above: Mining operations progressing in the Southern area of the pit tonnes (Q3 FY2025: 702,265 tonnes), comprising 342,403 tonnes of waste and 73,056 tonnes of ore, representing a 41% decrease quarter-on-quarter. Nonetheless, the mining team was able to make meaningful progress on free-dig material within the redesigned pit shell, supplemented by the extraction of blasted material from the limited blasts undertaken. Four blast patterns have been drilled in preparation for the next round of blasting along the South Wall Fault with an additional blast pattern drilled out in the northeast corner of the pit, setting the stage for the upcoming blast sequence. On the 27th of June, the pit was closed to complete a full review and upgrade of Mt Carbine’s blasting systems and documentation. The site finalised a revised Blast Management Plan, Broad Brush Risk Assessment (BBRA), and associated policies and procedures to support the transition to a downhole blasting contractor model. Under this structure, the site will assume responsibility for blast design and shot firing, with explosives delivered and loaded on the day by the contractor, significantly improving scheduling flexibility and reducing cost to the company. On the 22nd of July, the Mines Department signed off all of the updated documentation allowing Mt Carbine to proceed with appointing an explosives supplier to restart blasting activities under its own management. The strip ratio increased to 4.7:1 (Q3 FY2025: 2.8:1), reflecting ongoing waste movement required to establish access to high-grade zones. Ore mined during the period consisted primarily of medium-grade material from the Johnson Vein and a small piece of the Iolanthe vein accessible in the eastern section of the pit. ROM ore stock at quarter-end stood at 12,384 tonnes (Q3 FY2025: 17,520 tonnes). Quarterly Activities Report - Quarter ended 30 June 2025 Page 9 resourcing the new economy for a better tomorrow Picture above: Stripping activities progressing in the South side of the open pit where the old processing plant use to once stand. Processing Processing activities remained steady throughout the quarter, with the site continuing to operate under constrained availability of fresh high-grade ore from the pit. Total material fed to the Gravity Plant was 54,573 tonnes (Q3 FY2025: 51,935 tonnes), maintaining throughput despite reduced mining volumes. The plant processed a blend of medium-grade ore from the Johnson Vein and stockpiled ore, alongside material reclaimed from the Low-Grade Stockpile (LGSP) to supplement daily feed. Average head grade for the quarter was 0.168% WO₃ (Q3 FY2025: 0.196% WO₃), reflecting the transitional nature of the feedstock. Nonetheless, strong recovery performance from the gravity circuit, combined with operational discipline, enabled a modest increase in concentrate production to 6,983 mtu (Q3 FY2025: 6,717 mtu), despite the lower feed grade. Plant availability remained stable, although several critical maintenance items continued to operate under deferred rebuild schedules. Operational teams continued to demonstrate resilience, with minimal unplanned downtime and proactive adaptation to fluctuating feed conditions. Water availability stabilised during the quarter, following the late onset of the wet season and improved dam levels. ROM feedstock and concentrate bag stock both remained tightly managed, with end-of-quarter concentrate shipments partially delayed due to logistics disruptions earlier in the period. These were largely resolved by quarter end. The site remains well positioned to recover the higher grade ores once available, however, will continue processing LGSP along with any ore deliveries from the pit as and when available to maximise grade to the processing plant. Quarterly Activities Report - Quarter ended 30 June 2025 Page 10 resourcing the new economy for a better tomorrow Quarry operations Mt Carbine Quarry continues to deepen its role as a key regional supplier across Far North Queensland. During the quarter, the team successfully completed the 17,000-tonne road base supply to Keltone Constructions at Hurricane Station, immediately transitioning into a new contract for the delivery of Armour Rock to support breakwater construction at Cairns' northern beaches. Regular deliveries of 20mm concrete aggregate to BZ Contractors for the Daintree River project and bulk material to Mossman Quarry remained consistent throughout the period. Product also continued to be supplied to Brooklyn Station within the World Heritage-listed Brooklyn Wildlife Sanctuary, supporting road maintenance works under ecological preservation constraints. General aggregate sales continued steadily across the quarter, supporting small to medium infrastructure and maintenance projects in the region. Plant optimisation works also contributed to improved operational efficiency, enabling more consistent output and faster fulfilment of large orders. Quarterly Activities Report - Quarter ended 30 June 2025 Mt Carbine Quarry Material used on the Cairns Northern Beaches Page 11 resourcing the new economy for a better tomorrow FINANCIAL & CORPORATE Financing Activities - Strengthening the Balance Sheet and Advancing Strategic Growth Projects In the last quarter of FY2025, the Company focused on strengthening its Balance Sheet by raising A$20.6m in capital to support its debt restructuring requirements, working capital needs and to progress strategic capital works at both its Australian and Spanish operations. The A$20.6m raised consisted of the following capital market activities:  Placement of A$18.8 million completed in May 2025 (ASX Announcement: EQR Announces Significant Equity Raise and Share Purchase Plan) Completion of a complimentary Share Purchase Plan (“SPP”), raising A$1.8 million in June 2025 (ASX Announcement: EQR Announces Completion of Share Purchase Plan) During the quarter, the Company reduced its outstanding debt facilities held by Saloro S.L.U (EQR’s 100% owned Spanish subsidiary and operator of the Barruecopardo mine) by €5 million representing 25% of total debt facilities outstanding (ASX Announcement: Saloro Debt Repayment of EUR5M Completed). EQR’s major Shareholder, Oaktree Capital Management, extended its credit guarantees for the remaining €15 million facility with Banco Santander and €5 million facility with Caxia Bank (ASX Announcement: Saloro Credit Facilities in Process of Extension). These guarantees, supporting all external debt facilities, remain in place until the end of 2025 providing EQR with a stable platform to continue it refinancing discussions. EQR continues to pursue sustainable funding solutions for its strategic plan. In June 2025, EQR received a Letter of Interest from the Export – Import Bank of the United States (“US EXIM”) to potentially fund EQR with a 10-year debt facility of up to US$ 34 million to progress the development of the Mt Carbine Operations (ASX Announcement: US EXIM Issue Letter of Interest for Mt Carbine). Available under the US Government’s Supply Chain Resiliency Initiative, the funding would support the doubling of processing capacity and extending the current mine life at Mt Carbine Operations. These milestones demonstrate EQR’s focused approach to capital management, balance sheet optimisation, and project delivery, as the Company continues to scale its operations to meet growing global demand for responsibly sourced critical minerals. Strengthening Leadership to Support EQR’s Global Growth Strategy EQ Resources Limited (ASX: EQR) continues to build a high-calibre leadership team to support its international growth ambitions with the appointments of Mr Andrew Goledzinowski AM as Senior Advisor for Government Relations and Mr Jonathan Kort as Chief Financial Officer. Mr Goledzinowski, appointed effective 1 July 2025, brings over four decades of diplomatic experience, having served as Ambassador to Vietnam, High Commissioner to Malaysia, and Deputy Permanent Representative to the United Nations. In his advisory role, he will support EQR’s engagement with government stakeholders across Australia, Europe, the United States, and Vietnam—leveraging his deep international networks and prior involvement in key EQR initiatives, including stakeholder engagement and due diligence for the TMG smelter. Mr Kort commenced as CFO on 1 June 2025 and joins EQR’s Global Leadership Team. With more than 20 years of experience in mining and infrastructure, including senior roles at PanAust, BHP, and Coronado Global Resources, he will lead the Company’s financial, governance, and strategic planning functions. A Chartered Accountant with a Master’s in Mineral Economics, Mr Kort brings a strong track record in financial leadership and operational execution to help drive EQR’s next phase of development. Tungsten Markets Tungsten Market Dynamics Remain Favourable Amid Tightening Supply and Geopolitical Pressures The global tungsten market continues to face tightening supply and rising strategic importance, creating favourable conditions for EQ Resources. Over 85% of the world’s tungsten raw materials originate from China and other opaque jurisdictions, while Western demand — driven by the U.S., EU, Japan, and South Korea — accounts for over 50% of enduse consumption. Demand remains underpinned by critical sectors such as automotive, aerospace, defence, energy storage, and semiconductors, with no viable substitutes for tungsten in these applications. Recent geopolitical developments have further tightened supply. In response to U.S. tariffs, China has introduced export controls on several tungsten products and reduced their domestic mining quotas by 6.5% for H1-2025 further signalling its preference to preserve domestic resources of critical minerals. Concurrently, Chinese imports of Western raw materials Quarterly Activities Report - Quarter ended 30 June 2025 Page 12 resourcing the new economy for a better tomorrow have doubled, reflecting a strategy to build critical stockpiles and potentially disrupt Western supply chains. These factors have already driven APT prices up from US$380/mtu at the end of Q3FY2025 to US$463/mtu at the end of Q4 FY2025 recording a substantial 22% increase Quarter-on-Quarter and a 37% increase Year-on-Year from beginning of July 2024 to end of June 2025 in U.S. dollar. Tungsten shipments from both Mt Carbine and Barruecopardo are invoiced and settled in U.S. dollars, reflecting the global pricing convention for critical minerals. As EQR is unhedged against foreign exchange fluctuations, the Company benefited during the quarter from a favourable shift in the USD/AUD exchange rate. The slight appreciation of the U.S. dollar against the Australian dollar effectively increased the AUD-equivalent revenue received for each shipment, providing a positive uplift to cash flow and margin. As EQR also remains unhedged with regards to the underlying tungsten price, the Company is well positioned to capture full value from further price increases, with its operations in Australia and Spain providing stable, transparent, and secure sources of supply to Western customers. Figure above: 12 months history APT Mid Price. Source: Fastmarkets. Tungsten APT 88.5% WO3 min cif Rotterdam and Baltimore duty-free, $/mtu WO3 Quarterly Cashflow Report Cash flows from operating activities In Q4 FY2025, net cash used in operating activities amounted to A$11.55 million. The Company generated unaudited revenue of A$16.1 million with cash receipts totalling A$12.6 million. Saloro generated positive operating cashflows of A$0.095 million. Mt Carbine generated negative operating cashflows of A$11.64 million in the quarter due to lower concentrate output, and from changes to the mine plan that is currently focussing on waste stripping works to gain access to the high-grade Iolanthe ore body. Cash flows from investing activities In Q4 FY2025, net cash used in investing activities totalled A$2.19million. During the quarter, the Company invested a further A$2.1 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. Cash flows from financing activities In Q4 FY2025, net cash from financing activities totalled A$13.73 million. This primarily consisted of A$20.6 million (before fees) from the Equity Placement along with the extinguishment of a short-term loan of A$1.2 million via the issue of shares as part of the Equity Placement. Saloro also repaid A$8.74 (€5 million) debt facility held with Banco Santander S.A. in line with the debt security extension and roll-over of certain debt facilities. Cash and financing facilities As of 30 June 2025, the Company held cash of A$1.87 million, a decrease from A$1.92 million in cash held at 31 March 2025. Spanish loan facilities remained relatively static in Euros, with headroom of A$2.73 million at quarter end. Quarterly Activities Report - Quarter ended 30 June 2025 Page 13 resourcing the new economy for a better tomorrow Payments to related parties of the entity and their associates during the quarter were $194k compromising of Director fees as outlined in the Appendix 5B. All numbers included in the Quarterly Cash Flow Report are unaudited. SUSTAINABILITY & SOCIAL PROGRAMS Saloro CEO Leads Regional Mining Innovation Cluster Álvaro Serrano, CEO of Saloro and President of the National Cluster for Sustainable Mining of the Iberian Peninsula (ISMC), led the Cluster’s recent board meeting held in León, Spain. Over the past year, ISMC successfully executed 18 European-funded projects, securing more than €2.6 million in direct funding for its network of nearly 90 partner organisations—primarily small and medium-sized enterprises based in Castilla y León and Andalusia. In total, the Cluster has mobilised over €150 million across its initiatives. The assembly reviewed key achievements and set strategic priorities for 2025, reinforcing Saloro’s leadership in fostering sustainable mining innovation across the region. Mt Carbine Supports Cancer Council’s Biggest Morning Tea As part of its ESG and community engagement efforts, the Mt Carbine team participated in Australia's Biggest Morning Tea in support of the Cancer Council. 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