Announcement PDF Download This Presentation: EQ RESOURCES LIMITED A Globally Significant Critical Mineral Producer IMARC 2024, Stall M122 Kevin MacNeill, CEO 29th - 31st October 2024 ASX : EQR Disclaimer Competent Person's Statement • The information in this presentation partly relates to the outcomes of the Mt Carbine Bankable Feasibility Study Update (May 2023), made available through the Company’s website www.eqresources.com.au/. • The Company confirms that it is not aware of any new information that materially affects the information included in the corresponding market announcements and that all material assumptions and technical parameters underpinning the estimates in the relevant market announcements continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcements. General Disclaimer • The material contained in this document is a presentation of general information about the Company's activities current as at the date of this presentation. It is provided in summary and does not purport to be complete. You should not rely upon it as advice for investment purposes, as it does not take into account your investment objectives, financial position or needs. These factors should be considered, with or without professional advice, when deciding if an investment is appropriate. • This document may contain forward-looking statements with respect to the financial condition, results of operations, and business strategy of the Company. These forward-looking statements are based on estimates, projections and assumptions made by the Company about circumstances and events that have not yet taken place. Although the Company believes the forwardlooking statements to be reasonable, they are not certain. Forward-looking statements involve known and unknown risks, uncertainties and other factors that are in some cases beyond the Company's control, and which may cause actual results, performance or achievements to differ materially from those expressed or implied by the forward-looking statements (and from past results). • The Company makes no representation or warranty as to the accuracy of any forward-looking statements in this document and undue reliance should not be placed upon such statements. • Forward-looking statements may be identified by words such as “aim”, “anticipate”, “assume”, “continue”, “could”, “estimate”, “expect”, “intend”, “may”, “plan”, “predict”, “should”, “will”, or “would” or the negative of such terms or other similar expressions that are predictions of or otherwise indicate future events or trends. The forward-looking statements included in this document speak only as of the date of this document. The Company does not intend to update the forward-looking statements in this document in the future. 2 Tungsten Uses Critical Alloy Element, Without Substitute in Most Applications Aviation Aerospace Automotive Heavy Machinery Heavy Industry Tools & Construction Medical Military EV Battery Development Green Energy Science & Tech Micro Electronics 3 Tungsten - A Critical Metal EQR Is Unhedged, Provides Spot Price Exposure To a Tight Market EU: The Most Economically Important Critical Material Raw Materials Critical Non-critical Niobium Borate Graphite Scandium Indium PGMs Beryllium Tungsten SUPPLY RISK Germanium Rhenium Lithium 3,000 Phosphate Rock Silicon Coking Coal Feldspar Kaolin Clay Gypsum Talc Silica Sand Gold Aggregates Limestone Manganese Molydbenum Potash Magnesite Silver Sulphur Zinc Nickel Titanium Copper Lead Chronium Iron Ore Austria 1.1% Spain 1.1% Portugal 0.8% Rwanda 1.2% North Korea 0.5% Other 1.5% 1,000 FY2022 Tungsten Reserves by Country Spain 1.4% Vietnam 2.7% Russia 3% Vietnam 5.7% Others 32.5% China 83% Total World – 79kt WO3 FY2023 FY2024 Mt Carbine Saloro FY2025 Asset #3 FY2026 FY2027 Asset #4 *FY 2022, FY 2023, FY 2024 Actuals + Onwards Projections. 100% Equivalent WO3 t, Wet Weight North Korea 0.8% Austria 0.3% Portugal 0.1% Russia 10.8% Bolivia 1.8% 2,000 Aluminium ECONOMIC IMPORTANCE Tungsten Production by Country Target 3,000 5,000t WO3 p.a. (up to 50% of Western Mine Supply) Hafnium Tantalum Tin Tellurium 4,000 Cobalt Vanadium Gallium tWO3 Production Projections* 5,000 Bauxite Baryte EQR Consolidated Group Total World – 3,700 kt China 51.4% May 2024 - Highest Price in 12 months with momentum **1 tonne WO3 = 100 mtus; FastMarkets Price Index (weekly change 1.5% released 10th May) . 4 APT Price Update APT Price Rotterdam – 12 month + High (US$/mtu) 370 360 US $ / mtu 350 340 330 320 310 300 290 280 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Source: FastMarkets APT Price Rotterdam (US$/mtu, mtu = 10kg WO3) Average Monthly Price 5 EQR Group WO3 Production - Update EQR Monthly WO3 Production (1 mtu = 10kg WO3) 22,000 20,000 18,000 16,000 mtu 14,000 12,000 10,000 8,000 6,000 4,000 2,000 - Saloro Mt Carbine 6 Consistent Board & Leadership Team Diverse and Experienced Board & Leadership Team Kevin MacNeill - Chief Executive Officer • • • • Interim CEO & Senior Technical Advisor since May 2019, CEO since January 2020. 35+ years in mining project development globally. Expertise in mineral processing, specifically tungsten. Past President of Etruscan Diamonds, founded Specialized Metallurgical Projects. Oliver Kleinhempel - Non-executive Chairman • Non-executive Director since August 2019, Chair since April 2020. • Experience in project development, finance, commodity trading. • Previous roles at Outotec, Ferrostaal Group, CRONIMET. • Executive Director at CRONIMET Group. Richard Morrow - Non-Executive Director Stephen Weir- Non-executive Director • • Appointed in January 2024, representing Oaktree Capital Management. Experience in corporate advisory, project finance, construction management. Former CEO of Magnetite Mines Ltd, Member of the Australian Institute of Company Directors, GBA Capital Advisory Board. • • • • Stephen Layton - Non-executive Director • Zhui Pei Yeo - Non-executive Director Background in executive management, project planning, resource management. Works in system integration in telecoms in SouthEast Asia. Executive director at a steel-product manufacturer. • • • Tony Bainbridge - Chief Geologist • • • Focus on Mt Carbine’s ‘King-Vein’ style mineralisation. Experience in tungsten projects in South Korea and Africa. Director at Asia Interplay Mining Ltd & AMB Exploration Pty Ltd. Over 30 years as a sharebroker, interested in resources sector. Ex Chairman of Melbourne Mining Club. Investment roles at Lowell Resources Fund Management; Fellow of AusIMM. • • 35+ years in equity capital markets in the UK and Australia. Experience in ASX listings, corporate advisory. Directorships at Mithril Resources Limited Andrew Mooney– Chief Financial Officer • • • Over 25 years experience in mining and finance sector. Expertise in capital management, treasury, strategic planning, tax, risk management, and investor relations. Former Vice President of Investor Relations at Coronado Global Resources Inc. 7 Vertical Integration Opportunities Tungsten Cluster - Australia EQR’s positioning as a leading source of responsibly mined & non-conflict tungsten concentrate provides the company with significant leverage: EQR Position in Global (ex-China/Russia) Producing Countries QUEENSLAND EQR Awarded Permit for Historic Wolfram Camp Mine. 27 Jul 2023 (link) Tungsten Cluster - Spain Potential Partnerships, Structures & Options being explored: • Expand strategic partnerships, while M&A options being explored • EQR-Masan Memorandum Of Understanding signed in 2023: Link • Toll treat EQR concentrate to APT - Global market has capacity to absorb & demand growth is forecasted • Downstream players interested in securing guaranteed supply 8 2024 EQR Mt Carbine Tungsten Mine and Quarrying Operations, QLD, Australia 9 Mt Carbine (Australia) Mt Carbine Open Pit & Processing Plants Mt Carbine Mine Is Australia’s Leading Tungsten Mine and Is Consistently Exporting Concentrate to Global Consumers Resource Classification Tonnes (Mt) Grade (% WO3) WO3 (mtu) Indicated 10.13 0.08 759,450 Indicated 2.75 0.07 178,517 Inferred 0.83 0.06 53,789 Subtotal 13.71 0.07 991,756 Indicated 18.06 0.30 W atershed 5,405,901 In-Situ Inferred 10.68 0.30 3,217,311 28.74 42.45 0.30 All Subtotal Total 8,623,212 9,614,968 Orebody Low-Grade Stockpile Mt Carbine • Discovered 1895 - Closed 1982 - Re-opened 2020 Reserve Category • Life of Mine: 2030 Open Cut - 2032 on stockpiles ROM Tonnes (Mt) WO3 (%) Contained WO3 (mtu) Open Cut - Proven - - - Open Cut - Probable Open Cut - Total 5.93 5.93 0.28% 0.28% 1,660,400 1,660,400 LGSP - Proven - - - LGSP - Probable LGSP - Total 9.77 9.77 0.075% 0.075% 732,750 732,750 • Potential 7 years Underground Mining, Scoping Study • 19 years Mining Permit • Production ramping up to 1,750 tonnes WO3 /year • >150 staff and contractors • A$50 million expenditure in the development • Proximity to international export channels underpins low-cost production W olfram Camp Ref ASX Announcements: 4th April 2023: 64% Increase of Mt Carbine Indicated resources (In-Situ): Link.. 18th May 2023: 43% Increase in Mt Carbine Reserves from Western Pit Extension: Link. In Situ Inferred Resources: around 17% accessible Open-Cut, 83% Underground • 130km via sealed highway to Cairns International Airport 10 Existing Decline and Underground Development Mt Carbine Existing Decline - Historical Pictures 1986 Mt Carbine Existing Decline – RE-OPENED 8 JULY 2024 11 Mt Carbine - Exploration & Underground Potential Iron Duke 2 North West Pit Extension BFS Pit 1 Resources Drilling to bring in more resources from inferred to indicated 2 Exploration Drilling Iron Duke zone 3 Hole EQ026 depth extents 1 Hole EQ026 5.95m@0.94% WO3 Resources: Indicated Resources Extension Hole Resources: Inferred Resources Existing decline Planned development 3 Target Zone 12 Two High Grade Zones To Be Investigated With Further Drilling Iron Duke Western Extensions Saloro (Spain) as Latest Member of EQR Group Saloro (Spain) as Latest Member of EQR Group Europe’s Largest Tungsten Mine, With Outstanding ESG Credentials, Additional Ramp-Potential and Regional Exploration Upside Barruecopardo Open Pit Orebody In-Situ Resource Classification Tonnes (Mt) Grade (% WO3) WO3 (mtu) Measured 8.82 0.19 1,659,959 Indicated 10.27 0.18 1,799,757 Inferred Total 3.82 22.91 0.26 0.20 995,555 4,455,272 Reserve Category Tonnes (Mt) WO3 (%) Contained WO3 (mtu) Open Cut - Proven 6.82 0.16% 1,102,148 • Discovered 1900 - Closed 1982 - Re-opened 2019 Open Cut - Probable Open Cut - Total 3.33 10.15 0.14% 0.16% 470,387 1,572,535 • 10 years mine plan (Ore Reserve estimate update pending) Stockpile - Proven 0.31 0.14% 64,143 • Mining lease until 2044 Stockpile - Probable Stockpile - Total 0.31 0.14% 64,143 All - Total 10.46 0.156% 1,636,678 • Production 1,300 tonnes WO3 /year • 90 staff and 40 contractors See ASX Announcement: ‘EQR Releases Barruecopardo Ore Reserves, With Next Phase Drilling Program Scheduled for 2025’, dated 29th October 2024. • A$200 million expenditure in the development • On the border with Portugal, proximity to international export channels 15 Saloro - Recovery Optimisation 38% to 70% XRT Sorters Disruptive Technology in the Tungsten Market • XRT Sorters added 26% more material to the downstream Gravity Plant starting Q3 FY2024. • SALORO PROCESS FLOW 340,000 tonnes stockpile of previously discarded >6mm ore now available for reprocessing, with an estimated 20,000 mtu contained. 38% recovery Target 70% recovery 16 Wolfram Camp – EQR Awarded EPM Opportunity & Strategic Rationale Wolfram Camp Historical Operations Reported Reserve and Mineral Resource from the Wolfram Camp Deposit Orebody Reserve Classification Tonnes (Kt) Grade (% Wo3) Grade (%Mo) Wolfram Camp Probable 375 0.22 - Orebody Resource Classification Tonnes (Kt) Grade (% Wo3) Grade (%Mo) Indicated 514 0.23 0.07 Inferred 1,879 0.31 0.08 Total 2,393 0.29 Mt Carbine 0.07 Wolfram Camp (Wheeler,2015). The Mineral Resource is inclusive of the Reserve. NEQ Deposit Atlas - Wolfram Camp Tungsten Deposit or Wolfram Camp- Technical Report EQR Awarded Permit for Historic Wolfram Camp Mine. 18 June 2024 (link) Opportunity Strategic Rationale • • Historical resource adds 2,393Kt @ 0.29% WO3 under EQR management. • • Perfectly situated within a Critical Minerals Hub (W, Sn): Cluster Potential in region. Two Primary Exploration Zones: Wolfram Camp & Bamford Hill- • Potential for a processing hub 477 km2 area. • Proximity: 2-hours from Mt Carbine by good road infrastructure. ~ 5M tonnes Low Grade Stockpile and Tailings containing • Able to share management costs. • Strong potential for economic deposit. • Government support. Tungsten, Molybdenum and Bismuth (recent work done by University of QLD highlights potential). 17 What We Care About Responsible and Sustainable Critical Mineral Production Act Safe. Feel Safe. Embrace Difference Tread Lightly Dig Deep Buddy Up Lead with Integrity Act safe at work. Care and respect each other. Feel safe to be yourself. Diversity of thinking, skills and background creates value and drives innovation. Embed resource efficiency to minimise environmental footprint & deliver positive societal impact. Go one better. Strive to continuously learn and improve. Challenge the status quo. Collaboration is key to realising shared value. Have courage to do the right thing. Be accountable. BENEFICIAL REUSE Read More on our ESG Commitments: Click 18 Strategic Partners Endorsement Through Funding & Grants Strong Support for Critical Minerals Projects in Australia Department of Resources Department of State Development and Infrastructure 19 20 Site Contact: Investor Relations: Kevin MacNeill Chief Executive Officer T: +61 438 542 260 E: kmacneill@eqresources.com.au Peter Taylor NWR Communications T: +61 412 036 231 E: peter@nwrcommunications.com.au Registered Office: Mt Carbine Office: Level 4, 100 Albert Road South Melbourne, VIC 3205 Australia E: info@eqresources.com.au 6888 Mulligan Highway, Mt Carbine Qld 4871 PO Box 1496, Mareeba Qld 4880 www.eqresources.com.au Follow us on