Announcement PDF Download This Presentation: EQ RESOURCES LIMITED A globally significant tungsten producer 2025 Noosa Mining Conference 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 currently 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 market overview Tungsten has been classified as a critical mineral by the US, European Union, Australia and others. Fastmarkets APT Rotterdam High Price (US$/ mtu) • Global Tungsten reserves are 3.7 mt with an annual production of 79kt WO3. • Restricted1 countries hold 63% of global reserves and produce 87% of annual production. 1. Restricted countries classified as China, Russia and North Korea. 3 Tungsten Uses Tungsten’ exceptional hardness, high melting point and density makes it difficult to be effectively substituted. 2024 End-Use Sectors: Source: ITIA – Tungsten End-Use Analysis (2024), Demand distribution and Growth Contributors 4 EQ Resources A global tungsten producer with expandable operating mines in Australia and Spain. Key Information 2025 Calendar Year Share Price Market Capitalisation A$108 m1 Share Price A$0.0381 Securities on issue 2.8bn (481.8m options) Top 20 Shareholders >60% Operations Barruecopardo (Spain) Mt Carbine (Australia) Annual Production2 1,735 tonnes WO3 A$24.6m raised in 2025 used to reduce debt, provide working capital and progress development. US EXIM bank issued a Letter of Interest to fund a 10-year debt facility of up to US$34 m to progress the development of Mt Carbine (see ASX announcement: link). 1. 2. Closing price 21 July 2025 12 months production ending 31 March 2025 (WO3 contained) 5 Saloro (Spain) Europe’s largest tungsten mine, with outstanding ESG credentials, additional ramp-potential and regional exploration upside. Tungsten Cluster - Spain 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 Open Cut - Probable Open Cut - Total 3.33 10.15 0.14% 0.16% 470,387 1,572,535 • Producing asset with a mining lease until 2044 Stockpile - Proven 0.31 0.14% 64,143 • A$200 million capex investment pre-EQR Acquisition in January 2024 Stockpile - Probable Stockpile - Total 0.31 0.14% 64,143 All - Total 10.46 0.156% 1,636,678 • Minimum 7 years mine plan with underground extension potential • Installation of 3rd ore sorter implementation on track for Q3 2025. See ASX Announcement: ‘EQR Releases Barruecopardo Ore Reserves, With Next Phase Drilling Program Scheduled for 2025’, dated 29th October 2024. • Production 1,300 tonnes WO3 /year and climbing • 130 employees and contractors 6 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. Tungsten Cluster - Australia Orebody Resource Classification Tonnes (Mt) Grade (% WO3) WO3 (mtu) Indicated 10.13 0.075% 759,450 Indicated 2.57 0.070% 166,832 Low-Grade Stockpile Inferred 0.83 0.060% 53,789 Subtotal 13.53 0.070% 980,071 17.49 0.30% 5,235,286 Indicated W atershed 10.68 0.30% 3,217,311 Subtotal 28.17 0.30% 8,452,597 All Total 41.70 Reserve Category ROM Tonnes (Mt) WO3 (%) Contained WO3 (mtu) Open Cut - Proven - - - Open Cut - Probable 5.36 0.28% 1,500,800 • Minimum 8-year mine life uses only 19% of reserves Open Cut - Total 5.36 0.28% 1,500,800 • Underground Scoping Study underway LGSP - Proven - - - LGSP - Probable 9.77 0.075% 732,750 • Producing asset with a 19-year mining permit • A$50 million to date has been spent on development expenditure • Wolfram camp exploration permit secured • Production targeted to increase to 1,750 tonnes WO3 /year • 150 employees and contractors ! Inferred In-Situ W olfram Camp Mt Carbine 0.23% 9,432,668 LGSP - Total 9.77 0.075% 732,750 All - Total 15.13 0.148% 2,233,550 Ref EQR Annual Report 2024 (Link) Resources exclude the historical Wolfram camp resource of 2.39mt @ 0.29% WO3. (Wheeler,2015). The Mineral Resource is inclusive of the Reserve. NEQ Deposit Atlas - Wolfram Camp Tungsten Deposit or Wolfram Camp- Technical Report 7 Significant opportunity to leverage our position Tungsten Cluster - Australia Case study MASAN HIGH-TECH MATERIALS:  Strategic Collaboration on commercial and technical basis (Masan currently 100% offtaker of Australian production of EQR)  Joint development projects initiated for production enhancement at Saloro QUEENSLAND Tungsten Cluster - Spain Case study ELMET TECHNOLOGIES:  Strategic Collaboration on commercial basis (Elmet’s tungsten supply chain for western raw materials managed by EQR)  Joint funding application with US Government Case study TUNGSTEN METALS GROUP:  EQR exploring acquisition of Tungsten Metals Group, to integrate largest ferrotungsten smelter outside China into its portfolio  Value-add EQR’s concentrate production and diversify customer & product portfolio 8 Mt Carbine Open Pit & Processing Plants Barruecopardo Open Pit Why invest in us? • Two significant expandable operating mines in known tungsten rich regions. • Strong market outlook supported by uses of tungsten and geopolitical tension. • Secured offtakes at spot pricing with shipments to leading US, European and Asian customers. • Progressing sustainable funding solutions with institutions such as the US EXIM. • Genuine ESG performance. 9 Investor Relations: Peter Taylor NWR Communications T: +61 412 036 231 E: peter@nwrcommunications.com.au Registered Office: Mt Carbine Office: Suits 2, Level 11, 385 Bourke Street Melbourne, VIC 3000 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