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 3 June 2026 EQR APPROVES MT CARBINE EXPANSION EQ Resources Ltd is a global tungsten producer with mining activities in Australia and Spain. Highlights: • The Board has approved the A$39m Mt Carbine Expansion Project (“The Project”) which is expected to be fully commissioned in Q3 FY2027, • The Project is designed to increase the crushing capacity (the current processing bottleneck) from ~1 mtpa to ~2 mtpa whilst streamlining and automating the existing materials handling. • The increased crushing capacity is expected to initially increase targeted production by 500 WO3 tonnes per annum based on processing the low grade stock pile (LGSP) with further increased production potentially available from additional ore sources coming from Mt Carbine resource conversion, Wolfram Camp exploration opportunity and other regional sources. • Funding of The Project is expected from current and future cash flows generated from Mt Carbine Operations as production ramp up delivers into a record price environment. EQ Resources Limited (“EQR” or “the Company”) is pleased to announce that the Board has approved the progression of the Mt Carbine Expansion Project (“the Project”) at the Company’s Mt Carbine Tungsten Mine in Far North Queensland. Board approval enables the Company to progress its development plans for the next stage of its previously announced capacity expansion plan at Mt Carbine, including increased processing capacity and associated infrastructure works. This follows the delivery of long-lead items and certain key equipment for the planned processing plant expansion, as announced in “Mt Carbine Receives Additional Equipment for Doubling of Throughput Capacity”, released 20 March 2024. Strategic importance The Project supports EQR’s primary focus of maximising value from its existing operations. The Project aligns with the Company’s recently announced drilling programs at Mt Carbine, which are intended to support Resource-to-Reserve conversion and identify higher-grade feed sources to underpin the operation’s longer- term development pathway. See: “Mt Carbine Drilling Supports Resource and Reserve Growth”, released 23 April 2026. The expanded processing capacity is expected to enable greater throughput of tungsten ore and provide the capacity required to pursue a regional hub-and-spoke model with Wolfram Camp and other potential opportunities in the broader Mt Carbine tungsten district. This positions Mt Carbine as the central processing hub within a regional tungsten basin, leveraging existing infrastructure, processing expertise and operational capability to support disciplined growth from the Company’s established asset base. The Project is also intended to improve plant efficiency by automating and integrating crushing, screening, ore sorting and product crushing into an integrated flow with ore bins, stockpiles and reclaim tunnels. This is expected to reduce excessive handling, improve material movement efficiency and reduce operating resourcing the new economy for a better tomorrow Page 2 expenditure per tonne processed. Importantly, the new circuit will reduce material handling by a factor of eight, reducing mobile equipment requirements and diesel fuel consumption. The expanded capacity is expected to position Mt Carbine to increase production in the near term and improve exposure to the current strong tungsten price environment. At the same time, the expected reduction in operating expenditure per tonne processed is expected to strengthen the Company’s resilience through commodity cycles. Together, these outcomes are expected to further position Mt Carbine as a reliable and more cost-competitive tungsten producer within EQR’s secure, reliable and traceable Western tungsten supply platform across Australia and Spain. Project scope The Company recommenced detailed engineering in December 2025 which led to a redesign of The Project and an AACE Class 3 capital cost estimate of A$39m. The approved works includes: • installation of an upgraded crushing and screening circuit and associated feed, transfer and materials handling infrastructure; • installation and integration of an upgraded ore sorting circuit and supporting infrastructure; • earthworks, civil and concrete works across staged project work areas; • structural, mechanical and piping works required to integrate the upgraded circuit with existing Mt Carbine operations; • electrical, instrumentation and control works, together with dry, wet and ore commissioning activities; • operational readiness, shutdown and cutover planning, HSE controls and commissioning support to minimise disruption to ongoing operations during execution. The Company has now advanced with project execution and procurement activities, site construction, contract formation and commissioning preparation. Figure 1: Labelled Plant Area resourcing the new economy for a better tomorrow Page 3 Indicative project execution planning and timing The Project is expected to be delivered in stages aligned with future cashflows, procurement commitments and construction readiness to minimise disruption and maintain appropriate safety, environmental and production controls. Detailed engineering is expected to continue through June 2026, with procurement and contracting continuing through the 2026 calendar year. Site works, commissioning, and ramp-up are expected to progress in stages from June 2026 through to February 2027. Full plant acceptance and performance testing is currently targeted for March 2027, subject to procurement, contractor availability, operational interface management and normal project execution risks. Funding The Company expects to fund the Project through a combination of current cash reserves and expected cash flows from operations. EQR Managing Director, Craig Bradshaw, commented: “Board approval to progress the Mt Carbine Expansion Project reflects EQR’s clear focus on optimising and developing our existing operating tungsten assets at a time when the world is desperately short of concentrate supply. At Mt Carbine, this means building the processing capacity required to support higher ore throughput, future feed flexibility and the potential development of a regional tungsten basin around the existing operation. This Project is an important step in solidifying the position of Mt Carbine as a strong, resilient and strategically important tungsten producer. It supports near-term production growth in a strong price environment, while also improving the operating platform needed to remain competitive through the cycle. Our focus is now on disciplined execution, safe delivery and maintaining production momentum as we continue to build EQR’s Western tungsten platform.” The Company will update the market as material milestones are achieved. 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. Reporting Confirmation In preparing this announcement, the Company has relied on announcements previously made by the Company and released to ASX, including: • Mt Carbine Expansion Project Bankable Feasibility Study 2023 Economic Update, released 19 May 2023; • Mt Carbine Receives Additional Equipment for Doubling of Throughput Capacity, released 20 March 2024; • Mt Carbine Hits Quarterly Production Record, released 11 April 2024; • Investor Presentation – Euroz Hartleys Conference, released 18 March 2026 and • Quarterly Activities Report for the quarter ended 31 March 2026, released 30 April 2026. • Mt Carbine Drilling Supports Resource and Reserve Growth, released 23 April 2026. resourcing the new economy for a better tomorrow Page 4 • EQR Identifies 5 Exploration Targets for Wolfram Camp, released 7 October 2024; • EQR Progresses Regional Tungsten Hub Strategy, released 13 June 2025; and • EQR Update to ‘EQR Progresses Regional Tungsten Hub Strategy’ Announcement, released 18 June 2025. The Company confirms that it is not aware of any new information or data that materially affects those announcements previously made, or that would materially affect the Company from relying on those announcements for the purpose of this announcement. Forward-looking Statements This announcement may contain forward-looking statements. Often, but not always, forward looking statements can generally be identified by the use of forward looking words such as ‘may’, ‘will’, ‘expect’, ‘intend’, ‘plan’, ‘estimate’, ‘anticipate’, ‘continue’, and ‘guidance’, or other similar words and may include, without limitation, statements regarding plans, strategies and objectives of management, anticipated production or construction commencement dates and expected costs or production outputs. Forward looking statements inherently involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance and achievements to differ materially from any future results, performance or achievements. Relevant factors may include, but are not limited to, changes in commodity prices, foreign exchange fluctuations and general economic conditions, increased costs and demand for production inputs, the speculative nature of exploration and project development, including the risks of obtaining necessary licenses and permits and diminishing quantities or grades of reserves, political and social risks, changes to the regulatory framework within which the Company operates or may in the future operate, environmental conditions including extreme weather conditions, recruitment and retention of personnel, industrial relations issues and litigation. Forward looking statements are based on the Company and its management’s good faith assumptions relating to the financial, market, regulatory and other relevant environments that will exist and affect the Company’s business and operations in the future. The Company does not give any assurance that the assumptions on which forward looking statements are based will prove to be correct, or that the Company’s business or operations will not be affected in any material manner by these or other factors not foreseen or foreseeable by the Company or management or beyond the Company’s control. Although the Company attempts and has attempted to identify factors that would cause actual actions, events or results to differ materially from those disclosed in forward looking statements, there may be other factors that could cause actual results, performance, achievements or events not to be as anticipated, estimated or intended, and many events are beyond the reasonable control of the Company. Accordingly, readers are cautioned not to place undue reliance on forward looking statements. Forward looking statements in these materials speak only at the date of issue. Subject to any continuing obligations under applicable law or any relevant stock exchange listing rules, in providing this information the Company does not undertake any obligation to publicly update or revise any of the forward- looking statements or to advise of any change in events, conditions or circumstances on which any such statement is based. 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: