Announcement PDF resourcing the new economy for a better tomorrow REGISTERED OFFICE: Suite 2, Level 11, 385 Bourke Street, Melbourne, VIC 3000 PRINCIPAL PLACE OF BUSINESS: 6888 Mulligan Highway, Mt Carbine Qld 4871 POSTAL ADDRESS: PO Box 1496, Mareeba Qld 4880 ABN: 77 115 009 106 (ASX: EQR) T: (07) 4094 3072 | F: (07) 4094 3036 | W: eqresources.com.au 9 December 2025 EQR ENTERS INTO BINDING TERM SHEET FOR A €15 MILLION PREPAYMENT FACILITY EQ Resources Limited is a global tungsten producer with mining activities in Australia and Spain. HIGHLIGHTS: - EQR has entered into a binding Term Sheet for a three-year €15 million prepayment facility repayable via set-off against monthly concentrate deliveries of WO3. - Under the Term Sheet, EQR and Traxys have agreed key commercial terms for a five- year, index-priced offtake for 3,500 tonnes of WO3 contained in concentrate, with a notional value of approximately A$400 million.1 - Proceeds will be used to repay €15 million of outstanding debt facilities due and payable by wholly owned subsidiary, Saloro S.L.U. EQ Resources Limited (EQR or the Company) is pleased to announce it has executed a binding Term Sheet (Term Sheet) with Traxys Europe S.A. (Traxys)for a three-year €15 million prepayment facility (the Financing Facility). In conjunction with the Financing Facility, the Term Sheet sets out the key commercial terms for an offtake and sales arrangement with Traxys as EQR’s sales and distribution agent for its Barruecopardo Mine, comprising an initial five-year offtake for a minimum 7,000 tonnes of tungsten concentrate containing at least 3,500 tonnes of WO₃ (the Commercial Offtake). With pricing referenced to the prevailing index for APT, the value of this Commercial Offtake is estimated to be approximately A$400 million.1 The parties have agreed to enter into definitive agreements to document the terms of the Financing Facility and the Commercial Offtake (the Definitive Agreements), which will be consistent with the binding provisions of the Term Sheet. Execution of the Definitive Agreements is targeted for Q1 2026. First drawdown of the Financing Facility and the Commercial Offtake becoming effective remain subject to satisfaction (or waiver) of the conditions precedent summarised in Annexure A. Proceeds from the Financing Facility will be used to refinance €15 million of the existing debt facilities owed by EQR’s 100% owned subsidiary Saloro S.L.U. Cash generated from the Barruecopardo Mine 1 This notional value is indicative only and is not a forecast of revenue or profit. resourcing the new economy for a better tomorrow Page 2 in Q4 2025 and proceeds from the recent EQR placement in December 2025 will be used to repay the remaining €5 million of debt facilities owed by Saloro S.L.U. Managing Director Craig Bradshaw said, “This is another significant step forward for the Company as we close out calendar year 2025, reducing the overall Spanish debt package by €5m and converting the balance into a three-year term debt facility with a strong business partner in Traxys. We look forward to working with Traxys over the coming period as they market Saloro’s production and, together, support supply certainty for our global customers.” Released on authority of the Board by: Further Enquiries: Craig Bradshaw Peter Taylor Managing Director Investor Relations 0412 036 231 peter@nwrcommunications.com.au About the Company EQ Resources Limited is a leading global 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. The Company 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. About Traxys Traxys is one of the leading supply chain management services companies servicing the minerals, metals and energy industries worldwide. With a distinct focus on providing added value to its partners and a global footprint at the centre of the raw materials industry, Traxys sources the metals and minerals that make the modern world possible. 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: resourcing the new economy for a better tomorrow Page 3 Annexure A Key Terms – Financing Facility Prepayee Saloro S.L.U, a wholly owned subsidiary of EQ Resources Limited Prepayor Traxys Europe S.A. Guarantor EQ Resources Limited Obligors Means the Prepayee and the Guarantor. Amount €15 million Term 36 months from closing date Interest 1 month EUR EURIBOR plus 5.5% Grace Period No principal repayments shall be due during the first six months of closing date. Repayment Mechanism Repayment by set-off from monthly deliveries of product. Covenants Customary positive and negative covenants and undertakings for a financing facility of this nature Security Interest  Security Interests over Saloro production assets.  Negative pledge covenant restricting creation of security over product and related receivables allocated to the Facility. Scope and carve-outs to be agreed in the Definitive Agreements.  First demand guarantee from the Guarantor. Use of Proceeds Refinancing of €15 million held by Saloro S.L.U. Governing Law Laws of England and Wales Conditions Precedent  Completion of confirmatory due diligence by Traxys, in form and substance satisfactory to it.  No Material Adverse Effect has occurred or is continuing in respect of any Obligor or, to the extent relevant, in the country in which any Obligor is incorporated or operates; and no Event of Default has occurred and is continuing.  No Termination Event has occurred and is continuing, and none would occur as a result of making the Prepayment under the Facility.  The Representations and Warranties are true, correct and not misleading in all material respects when made and will remain so immediately after the relevant instalment of the Prepayment is made.  All undertakings in the Prepayment Documents are being complied with, and none will be breached by the making of the Prepayment.  The Prepayor has obtained all necessary internal approvals.  Delivery of executed acknowledgements by the Obligors of the Prepayor’s assignment (or notification of assignment) of its rights under the Facility to the Prepayor’s funding partners.  No material litigation, arbitration or administrative proceedings have been commenced or threatened against any Obligor that, if determined adversely, could reasonably be expected to have a material adverse effect on the Project. The Prepayor may, by written notice to the Obligors, waive satisfaction of any of the above Conditions Precedent, in whole or in part.