Announcement PDF Annual Report 2023 Corporate Directory Directors Share Register Oliver Kleinhempel Non-executive Director Non-executive Chairman Automic Pty Ltd Level 5 126 Philip Street Sydney NSW 2000 Stephen Layton Non-executive Director T (International): +61 (0)2 9698 5414 Richard Morrow Non-executive Director Zhui Pei Yeo Non-executive Director Auditors Nexia Melbourne Audit Pty Ltd Level 12, 31 Queen Street Melbourne VIC 3000 Company Secretary T +61 (0)3 8613 8888 F +61 (0)3 8613 8800 Melanie Leydin Stock Exchange Listing Registered Office Listed on the Australian Securities Exchange (ASX) Level 4, 100 Albert Road South Melbourne VIC 3205 ASX Code: EQR T +61 (0)7 4094 3072 W www.eqresources.com.au E info@eqresources.com.au ACN: 115 009 106 ABN: 77 115 009 106 Principal Place of Business 6888 Mulligan Highway Mount Carbine QLD 4871 Contents 1 Chairman’s Address 2 Chief Executive Officer’s Letter 4 Operating and Financial Review 46 Mineral Resources and Reserves Statement 48 Competent Persons Statement 50 Directors’ Report 63 Consolidated Statement of Profit or Loss and Other Comprehensive Income 64 Consolidated Statement of Financial Position 65 Consolidated Statement of Cash Flows 66 Consolidated Statement of Changes in Equity 67 Notes to the Consolidated Financial Statements 99 Directors’ Declaration 100 Auditor’s Independence Declaration 101 Independent Auditor’s Report 105 Shareholder Information 109 Forward Looking Statements EQ Resources Limited Annual Report 2023 1 Chairman’s Address We are proud of the opportunity presented to take our exploration, mining and minerals processing expertise onto the world stage. Dear Shareholders and Friends of EQR, It is my great pleasure to present to you the 2023 Annual Report for EQ Resources Limited. The past 12 months have seen enormous changes at our Company. Not only have we paved the way for the restart of mining in the Andy White open pit, but we have been presented with an opportunity to take our exploration, mining and minerals processing expertise onto the world stage. As I write, our team at Mt Carbine, led by CEO Kevin MacNeill, is into the third month of mining primary ore from the Andy White open pit. This is the result of two years of planning and implementing the strategy outlined in our feasibility studies, which the team has delivered largely on time and cost effectively. Mt Carbine was historically one of the major global sources of tungsten. Today, with the help of so many employees, contractors and advisers, this grand old Dame of Far North Queensland’s mining history is once again making a name for itself, producing a mineral which is rated as highly critical to the global economy. GOING GLOBAL The world is calling out for new, diverse and - most importantly - sustainably produced sources of tungsten, a unique metal with a wide variety of uses in many industries and parts of daily life. Your Company is committed to be an important supplier of tungsten concentrate into the global market, from not only our Australian operations but also from Barruecopardo in Spain, subject to completion of outstanding conditions precedent as per the Sale and Purchase Agreement with global investment manager, Oaktree Capital Management. It is a delight to be working with a company such as Oaktree which has the foresight to recognise the importance of both the application of advanced technology in ore sorting but also to recognise the importance of developing a stable source of this critical metal for global industrial consumers. We look forward to welcoming Oaktree as a stakeholder in the wider group for the benefit of all shareholders. Last year, I wrote about the importance the EQ Resources Board places on Our People, Our Partners and Our Potential, our 3P’s. They certainly came to the fore in FY23 and will be even more important going into the future, both in Australia and overseas. PEOPLE, SAFETY & COMMUNITY One of the big challenges and opportunities at Mt Carbine is building and training a workforce. It is also one of the leadership team’s most rewarding experiences in rebuilding the importance and reputation of the Mt Carbine Tungsten Mine. We have had some inspiring people join us at Mt Carbine, learning to operate heavy machinery and work complicated mineral processing equipment. Our growing team has not only risen to the challenge but also embraced the need for an absolute focus on safety whilst at work. We have also been welcomed into the local community as a responsible mining operator and our work with local conservation groups has also been acknowledged. THRIVING FOR MORE EQ Resources is looking to build on the achievements of the year under review. In exploration we will be testing for extensions laterally and at depth of the Mt Carbine orebody. We will also be studying opportunities at another former great Queensland tungsten mine, Wolfram Camp, where we have been awarded the opportunity to study the potential of refurbishing this abandoned operation. Our geology team is also looking forward to working with and learning from our new colleagues in Spain to examine the potential for further tungsten opportunities near Barruecopardo. The year ahead is full of opportunity and we look forward to sharing these with our stakeholders as the year unfolds. Oliver Kleinhempel Non-Executive Chairman 2 EQ Resources Limited Annual Report 2023 Chief Executive Officer’s Letter The past year has once again been a year of strong growth and definitive value addition for the business driving the longterm growth of the Company. Dear Shareholders The 2022-23 Financial Year under review was certainly a year of great change and great achievement at Mt Carbine. It has been my privilege to lead a team of caring and competent mining professionals to rebuild one of the great tungsten mines in the world, outside China. The current year is also starting on a strong note as the Company not only consolidates on progress at our Far North Queensland operations, but takes the skills and lessons learned to a second mine operation in Spain, in conjunction with the team at Saloro. The EQR team has earned many accolades over the past two years, not least of which being the AMEC Environmental Award in 2022. We operate in a unique environment, something our workforce and our contractors pay special regard to in their day-to-day tasks. The Company also operates in and draws its workforce from some very unique communities. From the thriving rural service town of Mareeba to our south, the tourism hub of Port Douglas on the coast to the nearby hamlets of Mt Molloy and Julatten, we are working with local communities to provide jobs and opportunities for Australians young and old. It is the ability to work with local communities, local contractors and local people that will prove so useful as we take the next big step of further developing the Spanish tungsten mine of Barruecopardo, a mine asset which has a lot of common traits with Mt Carbine. EQ Resources has a laser-like focus on safety. The Board and management are extremely proud of the safety record in FY23. Our workforce, which numbers 95 direct employees, and more than 30 contractors in the mining operations, has come with us on this journey of ensuring we have safety as such a priority. I commend the section in this report on safety as something stakeholders can be most proud. The Company has also invested heavily in training with some remarkable achievements in giving young (and not so young) workers the skills to operate heavy machinery and work inside a complex mineral processing plant. One of the great achievements in FY23 has been to honour a Geologist who was instrumental in the resuscitation of Mt Carbine. In naming our open pit after Andy White, the Company pays tribute to the enthusiasm and energy Andy White showed in moving the project forward. EQ Resources made some remarkable progress this year in bringing the Andy White open pit up to a mineable proposition. Mining started just as the year was ending and the first fresh rock went through a processing plant that had previously only treated low-grade stockpiled ore as part of a well-planned and executed commissioning process. At the heart of the process were two high-tech TOMRA XRT ore-sorters, to which we added a third in the later stages of the financial year. TOMRAs 2 & 3 are now at nameplate capacity while our first TOMRA is undergoing upgrade and modification. EQ Resources Limited Annual Report 2023 3 Mt Carbine Tungsten Mine’s Andy White Open Pit As I write, we are working with our mining contractors Golding, a great Queensland company, to fully commission the mine fleet to move a targeted 4,320,000 tonnes of rock and waste a year. An advanced crushing circuit has been ordered and will be installed early in 2024. This circuit will not only treat Mt Carbine ore but – as part of our processing hub strategy - will have the capacity to handle ores from other sources, including from planned underground mining operations at Mt Carbine. Finally, I would like to thank all our stakeholders for their support and encouragement in rebuilding Mt Carbine. We look forward to keeping you informed about progress in Queensland and Spain through our regular Australian Securities Exchange announcements and our communications via social media. Thank you and Gracias to our readers. Regards Kevin MacNeill Chief Executive Officer 4 EQ Resources Limited Annual Report 2023 Operating and Financial Review Health & Safety Safety Safety remains a top priority in the Australian mining industry due to its high-risk nature, necessitating rigorous safety protocols to safeguard workers, communities, and the environment. Upholding safety standards ensures the well-being of stakeholders and supports the industry’s reputation and sustainability. This commitment to safety is integral for the sector’s success and global competitiveness. In the 2023 financial year, the Company showed significant safety efforts: 5,697 “Take 5 Personal Risk Assessments” were undertaken, alongside 80 Job Safety and Environment Analysis (JSEA) assessments, 24 procedural reviews, and bi-monthly toolbox meetings. Meanwhile, the Mt Carbine Operations achieved a milestone of 600 days without a Lost Time Injury (LTI), which has now been reset and currently standing at 44 days LTI-free. The period saw 7 LTIs, 9 minor medical treatments, and 9 cases addressed with first aid, the Company is dedicated to improving safety practices and ensuring the wellbeing of its employees. PROACTIVE SAFETY INDICATORS 5,697 Take 5 Safety Assessments 80 24 JSEA Job Safety Environment Analysis Toolbox Talks 2 Prestart safety meetings per day Figure 1 - Proactive Safety Indicators. Training − Over the course of the reporting period, we prioritised employee development and safety through a number of extensive training programs as follows: − − − − − − 17 employees completed Working at Heights (WAH) training. 14 employees received training in Confined Space Entry and Work. 14 employees underwent Gas Testing Atmosphere training. 21 employees trained in First Aid & CPR. 2 employees achieved Advanced First Aid certification. − − − − − − 1 employee took on the role of ICAM Lead Investigator. 1 employee completed Diploma of Surface Operations 10 employees secured Heavy Rigid Truck licenses. 17 employees completed Supervisor “S123” training. 2 individuals trained in drug and alcohol testing programs. Regular site-wide substance testing conducted. 391 employees received Verification of Competency (VOC) certifications. 1 employee obtained a Certificate IV in Workplace Health and Safety. EQ Resources Limited Annual Report 2023 5 Mt Carbine employees undertaking on-site training. In the past couple of months, the Company has introduced several key changes to enhance safety and communication within our workforce: − Photo identification Personal Danger tags for our workforce. These tags are now used when isolating machinery and plant on-site, adding an extra layer of safety to our operations. − Installation of noticeboards across the site to facilitate improved communication. These noticeboards serve as a central hub for sharing important updates, announcements, details about upcoming training sessions, information about recent changes, and other relevant safety initiatives that our workers need to stay informed and engaged. Safety Initiatives at the Mt Carbine Mine. These initiatives are only a few examples of the safety initiatives implemented by the Company during the reporting period to reinforce its ongoing commitment to prioritising the safety and well-being of its employees while fostering a culture of transparency and effective communication. 6 EQ Resources Limited Annual Report 2023 Operating and Financial Review continued Mt Carbine Operations EQR & Golding Execute Mining Contract for Mt Carbine The execution of the mining contract between EQ Resources Limited and Golding Contractors Pty Ltd (“Golding”) on 29 May 2023 marks one of the Company’s most significant achievements this year, with promising prospects for both companies. This partnership is mutually beneficial and includes a strategic approach to enhance our ties. Initially, the contract outlines a 12-18 month period based on rates and a cost-plus model to establish a site-specific baseline cost. Following this phase, the contract will transition to rise-and-run matrix rates, considering factors such as fleet composition and material type. This forward-looking strategy ensures this collaboration evolves to be efficient and costeffective as we gain a deeper understanding of our mutual operations. Golding’s Mining Project Manager, Steven Page, and Mining Superintendent, Craig Williams, with some of their newly mobilised fleet. The committed contract period of 70 months, with an estimated value of $179 million, underscores the long-term commitment and shared vision between EQR and Golding. Throughout this period, substantial material movement is anticipated, including the excavation of approximately 16.3 million tonnes of mine waste material, 6.0 million tonnes of mined ore, and 2.9 million tonnes of low-grade stockpile material. By dividing the contract into two phases, both parties demonstrate a proactive approach to managing risk in the unique context of mining hard rock tungsten. This strategy not only helps de-risk the project but also ensures the successful delivery of the project scope without the need for significant risk pricing adjustments. It also solidifies our relationship, laying the foundation for a strengthened and prosperous partnership between EQR and Golding (refer ASX Announcement ‘EQR & Golding Execute Mining Contract for Mt Carbine’ dated 29 May 2023). A streamlined delivery schedule for additional equipment facilitates the acceleration of production ramp-up. The Mt Carbine and Golding team have optimised the site layout to facilitate increased production and workflow activity. EQ Resources Limited Annual Report 2023 7 Reopening of the Andy White Open Pit Commencement of open cut mining operations. Another significant achievement for the year involved the dewatering of the Andry White open pit which was completed during the last quarter of the 2022 calendar year. Open cut mining activities kicked off with the inaugural blast undertaken on 24 June 2023, promptly followed by the commencement of ore deliveries. The excitement surrounding this significant and historic milestone was palpable as EQR embarked on the next phase of its operations. Golding and EQR are working collaboratively to ramp-up operations in line with forecast expectations in an accretive and sustainable manner. CEO, Kevin MacNeill, inspecting the Andy White open pit. Mt Carbine Expansion This year has truly been a thrilling and transformative journey for the Mt Carbine Mine. It has witnessed the successful completion of major capital projects that has reshaped the operational landscape. The Company has embarked on a remarkable path of expansion, optimisation and growth across all sections, marking a significant milestone in the history of Mt Carbine. These strategic initiatives have not only enhanced the site’s operational capabilities but have also fortified our commitment to excellence and innovation. As we reflect on this exceptional year, we are excited about the future opportunities in the continued pursuit of our mission to deliver exceptional value to our stakeholders. − − − Mt Carbine Tungsten Mine and Quarrying Operations, QLD, Australia, July 2021. − − − − − − − Mt Carbine Tungsten Mine and Quarrying Operations, QLD, Australia, July 2023. − Earthmoving works initiated in Q1 for concrete pad preparation for Phase 2 Capital Works Program. Service road improvements and groundwork around water storage facilities completed by MC Group. Improved entrance and new parking area at Gravity Plant. New service areas for heavy machinery in each operational area. Upgrades completed for service access roads and dump truck roadways in May 2023. Significant earth moving work planned for Golding’s infrastructure needs. New inventory warehouse established housing spare parts, consumables, and equipment. New inventory management system rollout planned from July to December 2023. Electrician’s storage, office, and workspace set up. New fabrication workshop to be set up postfinancial year end with estimated completion by Q1 2024. New Sandvik Crushing Plant detailed design is underway as per the BFS which is set for commissioning in early 2024. 8 EQ Resources Limited Annual Report 2023 Operating and Financial Review continued All expansion works required the services of specialised contractors such as electrical engineers, civil construction, fabrication, concreting, crane operations, and other engineering services. All contractors are sourced locally wherever possible, encapsulating the Company’s strong commitment in supporting the local economy. Commissioning of the Jaw Crusher for the Crushing Plant In July 2023, a mobile jaw crusher was integrated into the crushing circuit to reduce the oversized -700mm ore from the open pit blasting to a more manageable -170mm fraction, significantly reducing the amount of oversize material. It has also resulted in the volume of oversize material separated during the initial screening phase of the circuit being dramatically minimised with feed input optimised. With the commencement open pit ore deliveries, the operations have experienced a higher proportion of material in the sortable fraction, which is an overall benefit to the operation due to the low-cost nature of XRT Ore Sorting. TOMRA 3 will be put in place of the original Pilot XRT Ore Sorter (“TOMRA 1”) which will undergo refurbishment works before being placed back into the circuit. Tomra 3 has the advantage of newer programming and increased efficiencies, therefore the operation is expecting to see immediate benefits to production. Whilst the preparation, receipt and installation of TOMRA 3 and replacement of TOMRA 1 led to downtime during Q4 the subsequent increases in concentrate outputs has far outweighed this lost time. Newly commissioned TOMRA 3 Ore Sorter. Crushing and Screening Plant with the Cone Crusher at the forefront. Commissioning of TOMRA 3 During the last quarter of 2023 financial year, a third XRT Ore Sorter (‘Tomra 3) was acquired. Over the past 12-months of operating and sorting the LowGrade Stockpile (“LGS”) material, the Company has seen an average of 10-12% mass yield from the feed to concentrate and has optimised the processing parameters to maximise tungsten recoveries. Since starting to process the primary ore from the Andy White open pit an increased mass yield ranging between 15-18% on the open cut ore has been achieved, with stable WO3 recoveries above 95%. TOMRA 3 was commissioned in July 2023 and is in full operation at the time of this report. Gravity Plant Upgrades This year, significant enhancements were made to the Gravity Plant, boosting operational efficiency: − − − − − − − First three aging conveyors replaced with a more efficient model, enhancing feed throughput. Introduction of a cone crusher circuit, replacing the rolls crusher, improving the Plant’s reliability and performance. Reduced reliance on external crushing contractors by internally processing 40mm sorter product, enhancing self-sufficiency and offering cost savings. Revamped the Plant’s feeding area with new conveyors and ramps, optimising material handling. New Schenk Dewatering Screen and larger rolls crushers installed to double the Plant’s capacity. A second Mineral Jig, set for commissioning in Q3 2023, will further enhance capacity. Post-year end, eight concentrate shaking tables were added, increasing output, with two stacks of four shaking tables planned to optimise mineral separation processes. These upgrades underscore our dedication to innovation and establish us as a forefront tungsten producer for the Western World. EQ Resources Limited Annual Report 2023 9 results. This has led to a greater detail in grade and plant control for variations in material and processes enabling the operations team to make more informed and timely decisions during production. Eight additional shaker tables have been installed and commissioned to increase processing capacity. Laboratory Upgrades and Core Shed Relocation. The laboratory’s operational scope at Mt Carbine has expanded significantly with the commencement of open cut operations. The Company has developed and implemented a quality assurance system with regular samples sent to external third-party laboratory, Australian Laboratory Services (ALS), for validation. With 20% in-house quality checks and 10% of production and grade samples sent to ALS, as part of the Company’s quality assurance program, the technical team ensures that the calibration of the laboratory equipment is on point. Previously the on-site laboratory was manned by a single employee who was responsible for daily production samples to be sent weekly to ALS in Brisbane for assay, with a typical turnaround time of 4-5 weeks and between 80 to 150 samples being submitted per month. Now, EQR’s newly equipped laboratory can process and assay on average 80 samples per day with a 24-hour turnaround on Mareeba Office Facade. Newly constructed laboratory and core shed. EQR Corporate Office - Mareeba The EQR Group now has a presence in Mareeba, with the opening of it’s Corporate Office in June 2023. Mareeba is located approximately 1 hour from Mt Carbine and together with other local communities, supply a large percentage of the Mt Carbine Mine’s daily operational requirements. The Corporate Office overseas the functions of finance, accounts payable/receivable, payroll and general administration functions for the Mt Carbine Mine Site and currenlty employs five full-time employees from the Mareeba and Atherton Tablelands region. 10 EQ Resources Limited Annual Report 2023 Figure 2 - Mt Carbine Process Flow & Beneficial Re-Use. Operating and Financial Review continued EQ Resources Limited Annual Report 2023 11 Crushing, XRT Sorting & Gravity Plant Activities The operation successfully transitioned from primarily utilising material from the LGS to processing primarily tungsten-rich open cut ore. Since the beginning of the open pit operations, the shift yielded positive outcomes for the operations team, who focused on enhancing the recovery rates of the ore processed through the XRT Ore Sorter Plant resulting in higher grade feed into the Gravity Plant. A significant increase in production has been seen since the introduction of primary ore from open cut mining. The positive results from the processing of the primary ore has also seen tungsten recovery rates higher than expected which supports strong production trends going forward. EQR’s planned ramp up in production is on target with production records continuously being achieved. Grade control measures are now playing a pivotal role in our mining operations, ensuring the consistent quality of ore feed grades entering the crushing plant. EQR’s geology team plays an active role in delineating the ore zones in the open cut and ensuring ore deliveries are received at their designated ore bays prior to processing. Furthermore, we integrate cutting-edge technology into our grade control efforts through the utilisation of aerial drone imagery. These aerial surveys provide a comprehensive view of the mining area, aiding in the identification of key geological features and potential variations in ore grade distribution or zone delineation. This real-time visual data empowers our team to make rapid adjustments to our daily planning, optimising the extraction process and ensuring that the feed delivered for processing aligns with planning. Crushing Plant The commissioning of the Phase 1 Crushing Plant was concluded during the year, and it now operates on a 24/7 roster. Significant to the crushing operations was the implementation of a slurry line to efficiently transport fines directly from the Crushing Plant to the Gravity Plant. This strategic move substantially reduces the need for double handling of -6mm materials, optimising our operations, and curbing machinery operations hours. 12 EQ Resources Limited Annual Report 2023 Operating and Financial Review continued Efficient transportation of fines from the crushing Plant to the Gravity Plant has been achieved through the successful implementation of slurry lines. In parallel, our commitment to achieving the highest standards is reflected in the ongoing training efforts for crusher-specific operations, aimed at equipping our crews across all plants, with plant-specific specialised skills. As part of our evolving operational strategy, six employees have transferred to Golding. Originally hired as operators within EQR, they will now play a pivotal role in the contractor’s load and haul operations, facilitating the mining of the open cut ore. EQ Resources Limited Annual Report 2023 13 Gravity Plant W03 Equ. Concentrate Production (t) 450.00 400.00 Gravity Plant 350.00 The diligent execution of continuous improvement 300.00 programs during the previous financial year has yielded 250.00 substantial benefits in the current financial period, 200.00 resulting in an impressive average running time of 150.00 78%. This demonstrates significant progress from the 100.00 72% achieved the previous year. The Gravity Plant has 50.00 had a record year with over 362,000 tonnes of -6mm head feedQ1through the PlantQ3 over the Q4 target of 336,000 2023 Q2 2023 2023 2023 Q1 2024 tonnes. This head feed consisted of -6mm fines material 50% WO3 Equiv September Forecast and the XRT Sorter concentrate. TTotal otal FFeed eed MMaterial aterial ProProduced duced in To(t) ns 200,000 180,000 160,000 140,000 120,000 100,000 80,000 60,000 40,000 20,000 Q1 2023 Q2 2023 Fines (Hauled + Pumped) Q3 2023 Q4 2023 GravitPlant y PlantHead Head Feed Feed TThroughput hroughput (t) (t) Gravity Sorter Feed (est) 120,000.00 Figure 3 - Total Head feed in the Crushing Plant for 2023. Ore Sorter Concentrate Production (Tonnes) Ore Sorter Plant 14,000 The Ore Sorter Plant has recently received a new XRT 12,000 “TOMRA 3” to replace the original “TOMRA 1”. sorter TOMRA 3 has been successfully commissioned and is 10,000 delivering improved availability rates and feed production 8,000 consistency. Furthermore, the installation of a new conveyor belt for sorter product has expanded our output 6,000 stockpile capacity, consequently reducing the need for 4,000 excessive machinery traffic to sustain production levels. A 2,000 noteworthy transformation within the Ore Sorter Plant involves the conversion of the dry screen into a wet screen. This adaptation for the efficient of fines Q1 2023 allowsQ2 2023 Q3 2023pumping Q4 2023 that were traditionally loaded and hauled after being collected during the screening process of the 40mm material. This tungsten-rich material is now seamlessly Total Feed Material Produced in Tons pumped directly to the Crushing Plant and subsequently forwarded to the Gravity Plant, thereby minimising the 200,000 handling of feed and enhancing operational efficiency. 180,000 160,000 Parallel to our approach at the Crushing Plant, operators 140,000 assigned to the Ore Sorter Plant undergo continuous 120,000 training to specialise their skill sets for their specific 100,000 roles within the plant. This initiative aims to elevate the 80,000 proficiency of our on-site workforce. Over the past 60,000 40,000the Sorter Plant has achieved an average yield year, of20,000 10.52%, processing 405,000 tonnes of feed and producing 42,808 tonnes of tungsten-bearing sorter Q1 2023 Q2 2023 Q3 2023 Q4 2023 concentrate for further crushing and processing through Fines (Hauled + Pumped) Sorter Feed (est) the Gravity Plant. OOre re So rter CoConcentrate ncentrate ProdProduction uction (Tonn(t) es) Sorter 14,000 12,000 10,000 8,000 6,000 4,000 2,000 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Figure 4 - Ore Sorter Concentrate Production for FY 2023. 100,000.00 80,000.00 60,000.00 40,000.00 20,000.00 Q1 2023 Q2 2023 Head Feed Q3 2023 Q4 2023 Target Head Feed Figure 5 - Gravity Plant Head Feed for 2023. Gravity GravitPlant y PlanWO t W033Equ. Equ. Concentrate Concentrate PProduction roduction (t) (t) 450.00 400.00 350.00 300.00 250.00 200.00 150.00 100.00 50.00 Q1 2023 Q2 2023 50% WO3 Equiv Q3 2023 Q4 2023 Q1 2024 September Forecast Figure 6 - Gravity Plant W03 Concentrate Production for 2023. *Based on wet Gweight ravity Poff lantthe Heascale. d Feed Throughput (t) 120,000.00 Despite ongoing success, the operational landscape presented its share of challenges over the year. 100,000.00 Shipping costs escalated beyond expectations, leading to80,000.