Announcement PDF resourcing the new economy for a better tomorrow 4 November 2024 SUMMARY OF CHANGES - EQ RESOURCES LTD RELEASES UPDATED ANNOUNCEMENT OF BARRUECOPARDO ORE RESERVES, WITH NEXT PHASE DRILLING PROGRAM SCHEDULED FOR 2025 EQ Resources Ltd is a global tungsten producer with mining activities in Australia and Spain. EQ Resources Ltd (“EQR”) has today released an amended version of its recent Barruecopardo Mine Ore Reserves announcement (“Announcement”) originally released to the Australian Securities Exchange (“ASX”) on 29 October 2024. The summary of key changes between reports is as follows: • The Announcement has been enhanced to contain disclosure of Ore Reserves in compliance with ASX Listing Rule 5.9.1, including JORC Table Sections 1, 2 and 3 as required under ASX Listing Rule 5.9.2 • The Announcement has been enhanced to include cross-references to previous announcements pertaining to the Barruecopardo Mineral Resource Estimates (“MRE”) and improvement plans implemented by EQR. • The Announcement has been enhanced to include statements in compliance with ASX Listing Rule 5.23 pertaining to the Barruecopardo MRE, and inclusion of a category breakdown (JORC 2012 Clause 26) as required. • The Announcement has been enhanced for additional formatting where required. Released on authority of the Board by: Further Enquiries: Kevin MacNeill Chief Executive Officer Peter Taylor Investor Relations 0412 036 231 peter@nwrcommunications.com.au About the Company EQ Resources Limited is a leading tungsten mining company dedicated to sustainable mining and processing practices. The Company is listed on the Australian Securities Exchange, with a focus on expanding its world-class tungsten assets at Mt Carbine in North Queensland (Australia) and at Barruecopardo in the Salamanca Province (Spain). The Company leverages advanced minerals processing technology and unexploited resources across multiple jurisdictions, with the aim of being a globally leading supplier of the critical mineral, tungsten. While the Company also holds gold exploration licences in New South Wales (Australia), it aims to create shareholder value through the exploration and development of its current project portfolio whilst continuing to evaluate corporate and exploration opportunities within the new economy and critical minerals sector globally. Follow us: Page 1 resourcing the new economy for a better tomorrow 4 November 2024 EQ RESOURCES LTD RELEASES UPDATED ANNOUNCEMENT OF BARRUECOPARDO ORE RESERVES, WITH NEXT PHASE DRILLING PROGRAM SCHEDULED FOR 2025 EQ Resources Ltd is a global tungsten producer with mining activities in Australia and Spain. Highlights: • EQR on 1 February 2024, announced a Mineral Resource Estimate (MRE) for its Barruecopardo Mine in Spain (see ASX Announcement: ‘Saloro Adds 69% of Measured and indicated Resources to EQR’s In-Situ Resources Inventory’). o • Total Measured + Indicated + Inferred Resources of 24.4Mt @ 0.20% WO3 (equal to 4.74 million mtu). EQR has used an optimised pit design, mining plan and economic model with updated market parameters to determine the Ore Reserve Statement for the mine. o Total Proven + Probable Reserves of 10.5Mt @ 0.16% WO3 (equal to 1.64 million mtu). • This Ore Reserve gives EQR at least 7-years open-cut life of mine (“LOM”) base plan by increasing throughput with ongoing XRT ore sorting optimisations and process plant efficiencies. • EQR anticipates that upon completion of the next phase drilling program, scheduled to commence in early 2025, a significant portion of the existing Mineral Resource can be further upgraded to Ore Reserves, and both Resources and Reserves for the Barruecopardo Mine can be further expanded by following the ore body along its strike and at depth. mtu = 10kg WO3 EQ Resources Limited ("EQR" or "the Company") is pleased to announce the Ore Reserves for its wholly owned Barruecopardo Mine in the Salamanca Province, Spain. EQR completed the acquisition of the Barruecopardo mine on 18 January 2024 (see ASX Announcement: ‘EQR Completes Acquisition of Saloro S.L.U and $25 Million Placement with Oaktree’ dated 18th January 2024). The Ore Reserve Statement attached is the first issue under EQR ownership, using the current 2012 JORC Code Standard. Since mining recommenced in 2019, the Mineral Resource Estimates / Ore Reserve Statement were completed only on an internal basis, since the project was held by a private company. This Ore Reserve announcement has been completed utilising EQR’s latest assessments of pit design, mine plan expectations and economic parameters for tungsten. EQ Resources’ CEO, Kevin MacNeill, commented: “The release of the updated tungsten Ore Reserves for our Barruecopardo Mine is a significant development, emphasising the potential for sustained mine life over at least the next seven years. This reflects a base plan which is realised by increasing throughput with ongoing XRT ore sorting optimisations and process plant efficiencies, as we already see first positive effects from our debottlenecking and recovery enhancement programs.” Page 2 resourcing the new economy for a better tomorrow With operations and production records recently set at both Barruecopardo and Mt Carbine (see ASX Announcement ‘EQR hits new production record as China and US trade tensions impact Tungsten market’ ,dated 2 October 2024), the Company is confident that this long-term outlook for its Barruecopardo Mine will continue to make EQR a leading supplier of tungsten for many years. “Located in the Salamanca province of Spain, Barruecopardo has been a key source of tungsten, a critical metal used in various industrial applications including in the defence, aerospace, electronics, and mining industries. This Ore Reserve sets up the company to be a long-term significant producer of tungsten and one of the largest employers in the region”, said Mr MacNeill. The Ore Reserve Statement is current as of October 2024 and accounts for all mining activities undertaken to this date. Figure 1 - Ore Reserve Statement October 2024 The Ore Reserve Statement was updated in accordance with the JORC Code (2012 Edition) guidelines as highlighted in Figure 1 above. Page 3 resourcing the new economy for a better tomorrow The Ore Reserves determined are based upon the November 2023 Ore Resources Report as shown in Table 1 below with the full technical report located on our website Mineral Resource Estimation. EQR is not aware of any new information or data that materially affects the information as previously reported in the November 2023 Ore Resources Report. All material assumptions and technical parameters underpinning the estimates in the November 2023 Ore Resources Report continue to apply and have not materially changed, in determining this Ore Reserves Statement. . The information for the Ore Resources is summarised in the Attached JORC Table in Sections 1, 2 & 3. Table 1 – Barruecopardo Ore Resource Estimate as of 9 November 2023 and as previously announced on 1 February 2024. All values are rounded to reflect confidence levels in the estimate. The conversion of 2023 Ore Resources to 2024 Ore Reserve is summarised below in Table 2. For further detailed information, please refer to the Ore Reserve Statement published on the EQ Resources Website: www.eqresources.com.au/site/invest-in-us/technical-reports. Table 2 – Conversion summary of Ore Resources to Ore Reserves. Only Measured and Indicated resources were used to determine Proven and Probable Reserves respectively. Page 4 resourcing the new economy for a better tomorrow Figure 2 - Barruecopardo Tungsten Mine, 2024 Figure 3 - Potential extension WD Layout Figure 4 - End of Month Surface, August 2024 The Ore Reserves have been limited to a practical pit shell based on current known economic limits for the deposit. The report completed by independent consultancy, Mining Sense Global SL, was signed off by Competent Person Mr Hugh Thompson who has 40 years’ experience in all aspects of mining. The reserves identified in this statement are considered economically viable for extraction under current conditions, with positive prospects under future predicted scenarios, ensuring sustainability is integrated into the mine’s longterm planning. Page 5 resourcing the new economy for a better tomorrow Figure 5 - End of Year Phase Position – Anticipated evolution of the Pit at the End of Each Year in the LOM. For the Barruecopardo tungsten deposit, ramps were integrated into the pit shell with appropriate widths and grades to accommodate the planned open-cut mining fleet. The open pit shell and the low-grade stockpile (LGS) were subdivided into detailed mining blocks, which were fully scheduled, including haulage modelling, for the planned LOM. The resulting schedule was evaluated within a financial model to assess the overall economic viability of the project. Revenue generation was based solely on Ore Reserves, including the LGS, while all other materials were classified as waste. Page 6 resourcing the new economy for a better tomorrow Concentrate Price / Cost Assumptions Revenue assumptions are based on the forecast for ammonium paratungstate (APT) price starting at US$316/mtu (metric tonne unit, 1mtu=10kg WO3) in 2024 increasing to US$330/mtu in 2031. EQR believes the pricing strategy applied in the financial model to determine the Ore Reserves exhibits a conservative approach compared to actual APT prices observed in 2024. While the adopted financial model bases its revenue assumptions on a starting APT price of US$316/mtu in 2024, increasing only to US$344/mtu by 2026, and decreasing to US$330/mtu from 2027 until 2031, EQR’s internal budget reflects assumptions closer to current market conditions, with prices starting at approx. US$330/mtu in 2024 and peaking close to US$350/mtu. EQR’s internal budget approach ensures that the company's financial planning is responsive to real-world pricing trends, enhancing its accuracy and relevance in forecasting revenue. This Ore Reserve Statement uses the actual costs for mining, processing and administration at the Barruecopardo mine the past 5 years and includes future costs derived from the current mine contracts for forward estimates as and where appropriate. These parameters are listed in the attached JORC Table Section 4. On this basis, Mining Sense generated, through Whittle Optimizer, the economic mine pit shells. This Ore Reserves Statement uses the base model which was designed to include dilution and mining recovery for assessment of economics. The financial outcome determined from the base case Ore Reserve Model is positive, supporting EQR’s position that the Barruecopardo mine is a financially viable and critical project on a global scale for the supply of tungsten. EQR’s current upgrade programs (See recent Ore Sorter & Recovery ASX announcements: 1. ‘XRT Ore Sorter Trials at Barruecopardo Mine Hitting targets’ dated 19 September 2023; 2. ‘Saloro’s XRT Sorting Performance Exceeds Expectations, Adding 26% More material to Gravity Plant’ dated 15th February 2024; and 3. ‘ MtCarbine and Saloro Operations Hit New Production Records’ dated 25th June 2024.) include planned drilling works to bring further resources into Indicated Category over the next 6 months. Completion of this drilling program is expected to further improve the economics of the project. Other Information In accordance with ASX Listing Rules 5.9.1, below is a summary of the material information relating to the reported estimates of Ore Reserves for the Barruecopardo mine. A full detailed table is included in Appendix 2 / Section 4 titled ‘Section 4 Estimation and Reporting of Ore Reserves: Barruecopardo WO3 mine; Reserve date 01 September 2024’. The below points are a summary only of the detailed table in the appendices and supplement additional information already included in the body of this announcement relating to the Barruecopardo Ore Reserves. • Criteria used for classification: o • The criteria used for classification of Proven and Probable Reserves is as follows: ▪ Proven Reserves: Inside Pit Design and Cut-off above 0.06% WO3 and of Measured Resource Category and/or reported in the different stockpiles. ▪ Probable Reserves: Inside Pit Design and Cut-off above 0.06% WO3 and of Indicated Resource Category. Mining method selected and other mining assumptions: o The mining method selected is Open Pit mining and reflects current mining operations and assumptions. o Open Pit mining is conducted by standard techniques using contractor operated equipment for drill and blast, load and haul, and auxiliary services. o No Inferred Resources are considered in the LOM planning schedule. Page 7 resourcing the new economy for a better tomorrow • • o Current cost factors applied reflect the current cost structure of the mine, including costs for activities completed by the current mining contractor. o Dilution factors: 12% planned dilution plus 15% operational dilution, for a total of 27%. o Recovery factors: 2% planned losses plus 6% operational losses, for a total of 8%. Processing method selected and other processing assumptions: o The metallurgical process is based mainly on a gravimetric concentration, the standard in high density ores mining. The process includes a crushing circuit, scalping and or sorting, wet gravimetric concentration, flotation to remove sulphides, drying, magnetic separation and final product packaging. o This metallurgical process is well known around the world for this type of deposit, with many examples in Spain and in other locations. o The expected recovery for the Ore Reserves is based on the recently implemented improvement plan at the mine. The improvement plan is detailed further in this report. The LOM assumes 58% recovery in Year 1, rising to 71%. o Some deleterious elements are noted, however have been assessed to have very limited influence on the project economics. Basis of cut-off grades and quality parameters: o • The key cut-off parameters used are: ▪ Processing and administration costs: US$11.13/t ▪ Selling costs: US$2.14/mtu ▪ Metallurgical recovery from 58% (Year 1) to 71% (all other years) ▪ Selling price: Long term US$330/mtu (WO3) ▪ Foreign exchange rate: $US/EURO 1.1 ▪ Selling contract conditions: Payability 78% Estimation methodology: o This is the first declaration of Ore Reserves under JORC (2012) since the operations commenced in 2019. o The level of the study has been focused on analysis of the current operation, and making specific checks to validate the data used in the reserve and economic models to ensure they reflect the reality of the current operations. This has been combined with an assessment of non-modelled Modifying Factors such as permitting and closure assessment. o The Mineral Resources Estimate (MRE) that forms the basis of the Ore Reserves determined for the Barruecopardo mine was announced to the ASX in February 2024. Mineral Resources are reported inclusive of Ore Reserves. o The competent person, Mr Hugh Thompson, has relied on Mining Sense in his assessment. Mr Thompson has known Mining Sense professionally for 10 years. Mining Sense are located in Spain. Mining Sense have visited the site six times during the Ore Reserve estimation process. Page 8 resourcing the new economy for a better tomorrow • Material modifying factors: o o Environmental approvals: ▪ The project environmental impact assessment has been completed. operating permit(s) was granted in December 2014. ▪ There has been no non-compliance registered against these operating permits since the site came into operation. ▪ The rehabilitation of the waste storage facilities is well underway, and progressively completed during the mine life. The required Mining tenements, other governmental factors and infrastructure requirements: ▪ An application to increase the waste storage capacity of the mine will be made during 2024. As the footprint of the final waste storage facility is well inside the general concession perimeter, there is every reason to expect this variation will be swiftly granted. ▪ Changes to the waste storage capacity may require a new environmental assessment if the changes are deemed to be ‘material changes in the project permit’. ▪ Good relations with local municipality and regional governments are maintained. ▪ The operation is in far western rural Spain, near the border with Portugal. The location is well served with local roads and social infrastructure. Process water and electricity are sourced from offsite providers with nearby networks. No accommodation is required onsite. ▪ Any mine life extension implied by this Ore Reserve announcement should be served by the current infrastructure. For further detailed information, please refer to the ‘Barruecopardo Ore Reserve Statement, October 2024’ published on the EQ Resources Website: www.eqresources.com.au/site/invest-in-us/technical-reports Released on authority of the Board by: Further Enquiries: Kevin MacNeill Chief Executive Officer Peter Taylor Investor Relations 0412 036 231 peter@nwrcommunications.com.au About the Company EQ Resources Limited is a leading tungsten mining company dedicated to sustainable mining and processing practices. The Company is listed on the Australian Securities Exchange, with a focus on expanding its world-class tungsten assets at Mt Carbine in North Queensland (Australia) and at Barruecopardo in the Salamanca Province (Spain). The Company leverages advanced minerals processing technology and unexploited resources across multiple jurisdictions, with the aim of being a globally leading supplier of the critical mineral, tungsten. While the Company also holds gold exploration licences in New South Wales (Australia), it aims to create shareholder value through the exploration and development of its current project portfolio whilst continuing to evaluate corporate and exploration opportunities within the new economy and critical minerals sector globally. Page 9 resourcing the new economy for a better tomorrow Competent Person’s Statements This Ore Reserve Statement for the Barruecopardo Mine has been prepared by independent consultant Mining Sense Global SL under the guidance of Mr Hugh Thompson. The Barruecopardo Mine consists of (a) the Barruecopardo open pit and (b) Stockpiles A, B & QP. The estimates of Open Cut Ore Reserves for the Barruecopardo Mine Project as at October, 2024 presented in the announcement and corresponding report have been prepared in accordance with the requirements of the 2012 edition of the Australasian Code for Reporting of Mineral Resources and Ore Reserves (2012 JORC Code). Mr Thompson is a qualified Mining Engineer, (BE (Mining), has over 40 years of experience in in the feasibility, design, and operations of mining projects in Australia, Asia-Pacific, Africa and South America. He led numerous multi-discipline projects, working with professionals from backgrounds such as Environmental, Community, Geology, Mining, Processing, Infrastructure and Corporate aspects of projects. He has a B. Eng (mining), and a Grad. Dip (Finance). He is both a Fellow of the AusIMM and a CP mining. He holds First Class Mine Managers Certificates for; Western Australia, Queensland and Papua New Guinea and is a Fellow of the Australasian Institute of Mining and Metallurgy (FAusIMM). Mr Thompson 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. Mr Thompson consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. Neither Mr Thompson 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. Fees for the preparation of this report are on a time and materials basis only. Mr Thompson consents to the release of the report, in the form and context in which it appears. Forward-looking Statements This announcement may contain forward-looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Particular risks applicable to this announcement include risks associated with planned production, including the ability of the Company to achieve its targeted production outline due to regulatory, technical or economic factors. In addition, there are risks associated with estimates of resources, and there is no guarantee that a resource will have demonstrated economic viability as necessary to be classified as a reserve. There is no guarantee that additional exploration work will result in significant increases to resource estimates. Neither the Australian Securities Exchange nor its Regulation Services Provider (as that term is defined in policies of the Australian Securities Exchange) accepts responsibility for the adequacy or accuracy of this announcement. Follow us: Page 10 resourcing the new economy for a better tomorrow Appendix 1 – Signed Ore Reserve Statement Ore Reserve Estimate ORE RESERVE ESTIMATE FOR THE BARRUECOPARDO W MINE Prepared by: Mining Sense Global, SL And reviewed by: Mr. Hugh Thompson For: Saloro SLU Page 11 resourcing the new economy for a better tomorrow Page 12 resourcing the new economy for a better tomorrow Page 13 resourcing the new economy for a better tomorrow Appendix 2 – JORC Table – Page 14 resourcing the new economy for a better tomorrow Page 15 resourcing the new economy for a better tomorrow Page 16 resourcing the new economy for a better tomorrow Page 17 resourcing the new economy for a better tomorrow Page 18 resourcing the new economy for a better tomorrow Page 19 resourcing the new economy for a better tomorrow Page 20 resourcing the new economy for a better tomorrow Page 21 resourcing the new economy for a better tomorrow Page 22 resourcing the new economy for a better tomorrow Page 23 resourcing the new economy for a better tomorrow Page 24 resourcing the new economy for a better tomorrow Section 4 Ore Reserves Page 25 resourcing the new economy for a better tomorrow Page 26 resourcing the new economy for a better tomorrow Page 27 resourcing the new economy for a better tomorrow Appendix 3 – Consent of Qualified Person Page 28 resourcing the new economy for a better tomorrow Appendix 4 - MATERIAL INFORMATION SUMMARY OF BARRUECOPARDO MINE 2024 ORE RESERVE ESTIMATE FOR THE BARRUECOPARDO W MINE Prepared by: MiningSense Global, SL And reviewed by: Mr. Hugh Thompson For: Saloro SLU October 2024 Page 29 resourcing the new economy for a better tomorrow EXECUTIVE SUMMARY Introduction Saloro S.L.U. (a subsidiary of EQ Resources) is currently mining the Barruecopardo Tungsten deposit located in the municipality of Barruecopardo in the Castilla y León region of Western Spain. The mining operation began in 2019, and the annual production is 260.000mtu of high quality WO 3 scheelite concentrate. Operations consisting of an open pit mine and a processing plant. Mining Sense Global SL has been requested by Saloro SLU to complete a Ore Reserve Estimates report (ORE) compliant with JORC (2012) code for reporting reserve estimates. Where JORC is the Joint Ore Reserves Committee (https://jorc.org/). To do so, Mining Sense Global SL, based in Salamanca Spain, has worked with Mr. Hugh Thompson, from Teneriffe Services Ltd. Based in Brisbane, Australia, who has acted as the Competent Person. The Table 1 Summarises the Competent Person and other experts who assisted in completing this Ore Reserve Estimation report. Table 1 -Table 1 Competent Person and Other Experts List of Competent Persons Independent Responsibility company of Saloro Teneriffe Overall Reserves CP Yes Services Position / Competent Person Hugh Thompson Professional Designation F. AusIMM, CP (mining) Other Experts assisted the competent person Expert Position / company Responsibility Chapters Independent of Saloro Professional Designation 2.1, 3.1, 3.2, 6, 10, 11 12, 13, 14, 16, 17 Appendix 1, 2, MiningSense 4, 5 Yes María de los Ángeles Ramos MiningSense 3.5, 3.6, 7.4, 9 Yes Mining Eng. Col. 713Sur Carlos Mezquita MiningSense 4, 5 Yes Geologist Mercedes Mallo MiningSense 1, 2.2, 2.3, 3.3, 3.4, 3.5, 3.7.1, 7.2, 7.3, 7.4, 7.5, 8, 10, 15, 18, Appendix 3, 6 Yes Mining Eng. Col. 4980 Pedro Jiménez Saloro SLU Metallurgic, Ch.11 No Saloro SLU Mineral Processing, Ch.11.3.1 & 11.3.2 Yes Jesús Montero Evren Ören 1BarruecopardoWMine M. AusIMM, IMEB Member, Mining Eng. Col. 526-Sur Doc.No.SLO_ORE_2410 Page 30 resourcing the new economy for a better tomorrow This report is more extensive than is usual for a typical JORC 2012 ORE report. This is primarily due to the time that has passed since the previously released Ore Reserves Estimate for this property, there have been numerous updates and changes in many areas fundamental to the estimate of the ore reserve. Therefore, the documentation contained herein is correspondingly more comprehensive. Background The Barruecopardo Tungsten deposit was sporadically mined from the early 1900’s until the 1980’s. The mining activity was re-started in 2019 and, up to December 2023, a total of 35.5Mt of total rock has been mined. Of this, 6.5Mt was mined as ore to produce a scheelite saleable concentrate, and the rest, 29Mt, was considered waste and sent to the waste dump. The most important documents in the recent history of the project are: • • • • The current Mining License was requested via submission to the Mining Authority as the request for Exploitation Project (EP), C.E. Barruecopardo, Nº6.432-11 (“Proyecto de Explotación”. Sadim, 2011). Sadim is a Spanish consulting firm. The submission for the EP included the required components of the Rehabilitation Plan and the Environmental Impact Assessment. The latest has not been provided for its review to develop this ORE report. The EP request was granted in 2014, as noted below. Mineral Resource Estimation Barruecopardo Tungsten Deposit. CSA Global Resources, 2012. Feasibility Study Saloro SLU Barruecopardo Tungsten Project. CSA Global Resources, 2012. Mineral Resource Estimation Barruecopardo deposit. JORC Code Edition 2012 technical report. Jörg Pohl, 2024. The base technical information date is December 2023, and the effective date of the Ore Reserve Estimate is the 1st of September 2024. Reliance on other experts Hugh Thompson as Competent Persons accomplished mining professional with 40 years of experience in the feasibility, design, and operations of mining projects in Australia, Asia-Pacific, Africa and South America. He led numerous multi-discipline projects, working with professionals from backgrounds such as Environmental, Community, Geology, Mining, Processing, Infrastructure and Corporate aspects of projects. He has a B. Eng (mining), and a Grad. Dip (Finance). He is both a Fellow of the AusIMM and a CP mining. He holds First Class Mine Managers Certificates for; Western Australia, Queensland and Papua New Guinea. The competent person, Hugh Thompson, has not visited the site. He has relied on Mining Sense Global SL for their site visit verifications, noting the long relationship Mining Sense Global SL has had with Saloro since they began operations in 2019. Hugh Thompson has known Mining Sense Global SL professionally for 10+ years. Hugh Thompson held regular meetings with Mining Sense Global SL during the delivery of this service; mostly via video conferences and one in-person meeting. Mineral asset Barruecopardo mine licence and operating permit were submitted for approval on 11 January 2011. These permits were granted, as follows: Page 31 resourcing the new economy for a better tomorrow • On the 16th of January 2014 the Environmental License, (“Declaración de Impacto Ambiental”) (DIA), was granted, and published on the 6th of February 2014 in the public bulletin “Boletín Oficial de Castilla y León” ORDEN FYM/2014. • The Mining License was granted on the 19th of December 2014 as “Concesión de Explotación Barruecopardo” (C.E. BARRUECOPARDO Nº6.432-10). This allows the extraction of Tungsten, according to the Spanish mining regulation. The validity of the Mining License is for 30 years, being renewable two more times for the same period. The project site, and mining concession is 100% owned by Saloro SLU. On August 2023 EQ Resources Limited (EQR) acquired a 100% interest in Saloro from Oaktree. Oaktree remains a substantial shareholder in EQR, because of the transaction. The Barruecopardo project, covers 6.052km2 is in the municipality of Barruecopardo, Figure 1, in the Salamanca province of Castilla y León, in Western Spain. This is 260km WNW of Spain’s capital Madrid and close to the Portuguese border. The mine is 4 Kms south of Barruecopardo village and is accessed by the public roads DSA-573 and DSA-570 public roads. These roads connect through with the town of Vitigudino (population2,700), and through to the regional capital of Salamanca (population 150,000) 95 Kms from the mine. Figure 1 Location of Barruecopardo Mineral Resource Estimate This section is based on the document “JORC TECHNICAL REPORT Mineral Resource Estimation of Barruecopardo Tungsten deposit”, prepared by Jörg Pohl (EurGeol. #1728) for SALORO SLU. in November 2023. The first JORC resource reported by CSA in 2012 was based on 83 diamond drill holes (DD) drilled between 2006 and 2011. Seven more DD holes were added in 2012 and 2015 to test the deposit's eastern extension. In 2019, 27 DD holes were drilled to investigate structural control. Between 2021 and 20