Announcement PDF resourcing the new economy for a better tomorrow EQ Resources Limited Quarterly Activities Report Quarter ended 30 June 2023 EQ Resources Limited (EQR) is the 100% owner of the Mt Carbine Tungsten Mine near Cairns, a critical metal. Production recommenced in 2020 with dual product streams of tungsten concentrate and by-product high-quality specialised aggregate and road-making materials. Re-Opening and mining of the historical Andy White Open Pit commenced in June 2023. HIGHLIGHTS MT CARBINE OPERATIONS • Open Pit dewatering completed, grade control drilling ongoing. • Open cut mining restarted at the end of the quarter with the first blast and pit ore processed at the end of June. • Phase 2 expansion and plant upgrade is underway. • EQR purchased, installed, and commissioned its third TOMRA XRT ore sorter. • Concentrate production more than doubled month-on-month (June vs July) to >100 tonnes in July, in line with the ramp-up schedule. MT CARBINE DEVELOPMENT & FUNDING • Strong BFS update delivered a 47% increase in NPV. • EQR & Golding executed a mining contract for Mt Carbine. • EQR received $2.3m through R&D tax refund. • EQR completed second drawdown from $6m federal grant. • EQR collaboration with the European Raw Materials Alliance. EXPLORATION • 43% increase in Mt Carbine Ore Reserves from Western Pit. • EQR undertakes grade control drilling with the open pit restart with positive results from infill grade control drilling confirming initial ore reserve section. EQ RESOURCES LIMITED ABN 77 115 009 106 (ASX: EQR) REGISTERED OFFICE: Level 4, 100 Albert Road, South Melbourne, VIC 3205 PRINCIPAL PLACE OF BUSINESS: 6888 Mulligan Highway, Mt Carbine Qld 4871 POSTAL ADDRESS: PO Box 1496, Mareeba Qld 4880 T: (07) 4094 3072 F: (07) 4094 3036 W: eqresources.com.au resourcing the new economy for a better tomorrow MT CARBINE OPERATIONS Pit dewatering was completed during the Quarter with Golding Contractors Pty Ltd (“Golding”) arriving on site and beginning pit and site preparations for Open Pit mining. The first blast took place on the 25th of June, with ore deliveries to the crusher station starting on the 27th of June. Golding and EQR are working closely to ramp-up operations in line with forecast expectations in an accretive and sustainable manner for the operation. Grade control drilling over the period has been ongoing with certain results released to market in July. In relation to the grade control drilling in the Open Pit, the Company is pleased that results returned for the current Reserve section has been higher than anticipated. Orana Drilling Pty Ltd (“Orana”), the drill and blast contractor was awarded the grade control drilling program and have been delivering on both the grade control drilling and their drill and blast targets, making this arrangement a very efficient solution for the Company. Orana has two drill rigs on site, these two rigs will focus on the blast hole drill out expected over the next 12-months and are planned to drill approximately 12,790 holes for 134,000m of blast hole drilling to load 1,010t of emulsion explosives. Typically, a full blast will be a 325-hole and 2.5m x 2.5m pattern for approximately 60,000t per blast. The Company is sampling and assaying the vertical drill and blast holes as well as the angled RC holes to provide as much information as possible to the geology team to mark-up the ore zones accurately minimising dilution and making ore/waste movements as efficient as possible. Figure 1: 2021 vs 2023 - EQ Resources has transformed the historical Mt Carbine Tungsten Mine by bringing it back into hard rock production, solidifying its role as a critical mineral producer. Figure 2: Golding mining contractors are maintaining a clean and neat open pit operation. Quarterly Activities Report - Quarter ended 30 June 2023 Page 2 resourcing the new economy for a better tomorrow Figure 3: The Mt Carbine and Golding team have optimised the site layout to facilitate increased production and workflow activity. Figure 4: A streamlined delivery schedule for additional equipment facilitates the acceleration of production ramp-up. Figure 5: Orana Drill and Blast Rigs Quarterly Activities Report - Quarter ended 30 June 2023 Page 3 resourcing the new economy for a better tomorrow MT CARBINE PROCESSING PLANT OPERATIONS Overall, the operation prepared to transition from primarily feeding material from the Low-Grade Stockpile (“LGS”) to Open Pit Ore during the quarter. The transition from the end of June through to July has been positive for the operations team, with a focus recovery rates of the ore fed through the plant. A gradual production ramp up is scheduled in line with mining production so as not to pressurise any of the circuits at the mine, from mining through to the gravity processing plant. During July, a mobile jaw crusher was added to the crushing circuit as planned to crush the -700mm ore coming from the blasting in the Open Pit. This was implemented in July and to date is working well and giving the rest of the production circuit the feed required. XRT SORTER & GRAVITY PLANT PRODUCTION PHASE 2 EXPANSION AND PLANT UPGRADE UNDERWAY The Gravity Plant area has seen major changes this quarter with a lot of earthmoving works needing to be done to prepare concrete pads for the ongoing Phase 2 Expansion. A larger entrance to the Gravity Plant and carport was completed, a new and improved service area for heavy machinery, fitting and turning has been set up in both the Gravity Plant and the Quarry Operations with a new fabrication workshop set for construction in the coming quarter. A new inventory warehouse, housing all the spare parts is being installed with the rollout of a new inventory management system set for implementation from July to December 2023. A new electricians office and electrical stores area has been installed. The relocation of the core shed utilised as part of the setup of the new laboratory will be completed in July. All expansion works require the help of local contractors specialised in electrical engineering, civil construction, fabrication, concreting, crane operations, and other engineering services and is providing a strong boost to the local economy. The new Sandvik Crushing Plant detailed design is underway against the feasibility program which is set for commissioning in early 2024. Figure 6: Eight additional shaker tables have been installed and commissioned to increase processing capacity. This quarter has seen the Gravity Plant take another step forward, achieving positive performance metrics. Notably, tungsten concentrate production rose to 150 tons of 50% WO3 equivalent for the quarter, an increase compared to the 136 tons generated in Q3 2023 while having a relatively stable head feed throughput. To be noted for July while ramping-up production, concentrate forecast is set at >100 tonnes. This is largely attributed to the plant's record runtime averaging 81.32% over the quarter, building on the positive gains from the previous quarter's 79.59%, demonstrating enhanced efficiency and commitment from the team. Quarterly Activities Report - Quarter ended 30 June 2023 Page 4 resourcing the new economy for a better tomorrow A significant development to note is the initiation of ore deliveries from the Open Pit, which are now being processed through the plant. This major transition started towards the end of June and continued into July, marking an exciting chapter for the Mt Carbine operations. The successful integration of this new source signifies the plant's adaptability and readiness to handle shifts in operations, promising further increases in production for upcoming quarters. The month of July is the first month which has the benefit of the Open Pit Ore with the Company forecasting 110t of 50% WO3 concentrate for the month. Gravity Plant WO3 Concentrate Production (kg) 120,000 100,000 KGs 80,000 60,000 40,000 20,000 - Apr-23 May-23 Jun-23 Jul-23 (Forecast) 50% WO3 Equiv (Kg) Figure 7: Gravity Plant Concentrate Production Q4 2023 with July forecast Gravity Plant WO3 Concentrate Production (kg) 160,000 Kilograms (kg) 140,000 120,000 100,000 80,000 60,000 40,000 20,000 - Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 FY FY2022 FY2022 FY2022 FY2022 FY2023 FY2023 FY2023 2023 50% WO3 Equivalent (kg) Figure 8: Gravity Plant Concentrate production FY 2022 vs FY 2023 COMMISSIONING OF THE THIRD XRT ORE SORTER Subsequent to the quarter end, the XRT Sorter plant has received and successfully installed its third TOMRA XRT Ore Sorter (“TOMRA 3”). Over the past 12-months of operating and sorting the LGS the Company has seen an average 1012% 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% have been achieved, with stable WO3 recoveries above 95%. TOMRA 3 was fully commissioned in July and is in full operation at the time of reporting. Quarterly Activities Report - Quarter ended 30 June 2023 Page 5 resourcing the new economy for a better tomorrow With the 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. The new TOMRA 3 will be put in place of the original Pilot XRT Sorter (“TOMRA 1”) that is on site and which will undergo refurbishment works. TOMRA 3 has newer programming and increased efficiencies, therefore the operation is expecting to see immediate benefits to production. The preparation, receipt, and installation of TOMRA 3 and replacement of TOMRA 1 led to planned downtime over the quarter on the sorting circuit but will lead to increased concentrate outputs going forward. Therefore, lower sorter concentrates were produced over the period with lower throughputs, however, feed material has been stockpiled ahead of the sorters to allow minimal downtimes going forward with TOMRA 2 and TOMRA 3 running in parallel. Figure 9: The New TOMRA 3 XRT Sorter is installed and being commissioned. XRT Sorter Concentrate Production (t) 14,000 KGs (KG) 12,000 10,000 8,000 6,000 4,000 2,000 - Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 FY FY2022 FY2022 FY2022 FY2022 FY2023 FY2023 FY2023 2023 Sorter concentrate Figure 10: XRT Sorter Concentrate production FY 2022 vs FY 2023 Quarterly Activities Report - Quarter ended 30 June 2023 Page 6 resourcing the new economy for a better tomorrow QUARRY OPERATIONS The quarter saw contracts pick-up on the back of the wet season with both local and regional contracts being executed. The regional contracts focused on the provision of pre-coat material while the local contracts mainly focused on the provision of road bases, select fill and gabion materials. The quarter overall has seen tendering opportunities increase for the quarry with the quarry waiting on feedback from multiple tenders at present. The quarry has also been producing and supplying various aggregates such as road sheeting materials for the open pit mining area as well as construction materials where required around site. With the expansion of Phase 2 underway, the quarry is currently undertaking a program to understand the various aggregates required for the upcoming construction and earthworks, mainly in relation to the civil work set to be undertaken in the construction of the Phase 2 Sandvik crushing plant. Focus continues on the growth plan for the quarry business. The building and launching of a separate quarry website to aid promotion has progressed from content creation and population phase. Testing and quality assurance will commence shortly before deployment and then promotion. Figure 7: Mt Carbine Quarrying set to receive its own dedicated website. Quarterly Activities Report - Quarter ended 30 June 2023 Page 7 resourcing the new economy for a better tomorrow ESG PROGRAM OVERVIEW The Company has significantly built on its ESG position in the last quarter and continues to build a workplace culture that embodies its values as its mining operations expand. It continues to action a proactive ESG program delivering tangible outcomes against its documented commitments. The Company is encouraged to see increasing proactive employee involvement in monthly committee meetings and community centred initiatives. Utilising the Turner & Townsend JukesTodd ESG Categorisation framework to manage its ESG program, the Company’s ESG program and Foundational Commitments align to its values and purpose, and where possible, include metrics for reporting (see: Quarterly Activities Report, page 7. Dated 31 January 2023). The program incorporates the environmental and social aspects most material to its stakeholders as identified in EQR’s 2021 Stakeholder Sentiment Survey. It includes a governance framework and a program workbook which underpins how the Company measures, tracks and reports on the program’s objectives. An updated Stakeholder Sentiment Survey, and gap analysis is currently being planned as the Company prepares to align with the new ISSB reporting standards which are set to form a global baseline in sustainability and climate reporting. Although not mandatory yet in Australia, EQR plans to embed best practice into its frameworks as the Company grows so that it is well prepared to meet requirements as it reaches required thresholds. A series of policies have been reviewed, and or developed and updated both internally and by the Turner & Townsend JukesTodd ESG consultancy team which is ensuring practical application and implementation in line with the Company‘s values and Shareholder requirements. A Sustainability section on the EQ Resources website is undergoing construction. This will include accessible information communicating EQR’s framework behind its initiatives as it works towards future outward reporting. Additionally, it includes a showcase of the Company’s main ESG initiatives and transparent information speaking to each of the sections outlined in the image below. Figure 8: EQR's Sustainability tab on its website will have 7 subsections. Quarterly Activities Report - Quarter ended 30 June 2023 Page 8 resourcing the new economy for a better tomorrow Learn More Learn More Learn More Learn More Learn More Quarterly Activities Report - Quarter ended 30 June 2023 LearnMore More Learn Page 9 Learn More resourcing the new economy for a better tomorrow ENVIRONMENTAL ACTIVITIES AT MT CARBINE During the quarter, the Company has continued its pro-active work on environmental activities. As per the ongoing monitoring, revision and update list as follows: - Noise, air & vibration studies. - Environmental Management Plan revision and update. - Siam Weed Infestation management. - Water management plan update including ICMM alignment. - Updated hydrogeological study based on new shallow and deep monitoring water wells. - Blast management plan. - Waste rock & tailings management plan. - Flora and fauna studies. - Water engineering works by strategic engineering consulting firm ATC Williams Pty Ltd, a recognised leader in tailings and water management, who updated water balances and designed the upgrade of the Mt Carbine water dam. - Updated stakeholder engagement program (based on a detailed review of heritage sites around Mt Carbine). - Controlled burning. Two main bodies of work came out of the previous quarter, mainly being an update and revision of the Environmental Management Plan, Siam Weed infestation identification and management and material management for PAF. With the restart of the open pit mining, the Company has continued its engagement with local Cairns firm, Natural Resource Assessments Pty Ltd (“NRA”), to work with the operations team on site to revise and define specific work packages with monthly and quarterly reporting requirements making the tracking and execution of these tasks more streamlined. In addition to this, during routine water sampling, the Company identified that there was Siam Weed on portions of the property which the Mareeba Shire thought it had eradicated in this regional area. This is an invasive species and therefore, the relevant authorities were contacted. Their procedural guidance was followed, and eradication action taken under the guidance of NRA. As listed above, there is a list of ongoing works, monitoring, and sampling that the Company completes throughout the year, this is completed in line with the Environmental Authority conditions and in line with guidance received from NRA. Figure 13: EQR employees actively participate in consistent ecological health monitoring initiatives in the area. Quarterly Activities Report - Quarter ended 30 June 2023 Figure 14: Controlled burning in the local region. Conducted by Mitchell River Watershed Management Group, a conservation initiative supported by EQR. Page 10 resourcing the new economy for a better tomorrow SAFETY PERFORMANCE AT MT CARBINE EQR and its employees remain focused on embedding an authentic safety culture into its operations. The past quarter has seen a drive to increase workplace safety awareness, training, and implementation. Employees at Mt Carbine are being trained to actively look to reduce the risk to themselves and others by identifying hazards and addressing them before they conduct work activities. During this time numerous contractors and employees have been working side by side with only 1 minor lost time injury recorded in May of this quarter. A total of 2,147 positive safety indicators have been recorded for this quarter. Area Foreman and Supervisors have increased workplace inspections which will help the overall safety onsite by ensuring the areas they are responsible for are being maintained & kept to the appropriate standard as required by the Company. Take 5’s being completed sit at 500-600 per month and remain well above the industry requirement of 300. Although the Take 5 frequency has decreased from Q3 to Q4, focus has been to remain above required levels while emphasising an increase in workplace inspections and VOC’s, to ensure a safe work environment and core competencies are in place prior to the commencement of work activities. MT CARBINE DEVELOPMENT AND FUNDING STRONG BFS UPDATE DELIVERS 47% INCREASE IN NPV Based on the Company’s recent upgrade of the Mt Carbine Ore Reserves (see ASX announcement 43% Increase in Mt Carbine Ore Reserves from Open Pit’ dated 18 May 2023) a detailed review of the Project Economics has been performed, with consideration of changing underlying cost and revenue assumptions. The BFS Economic Update supported by a 43% increase in open pit Ore Reserves upgrade, and doubling of plant capacity from 2025, resulted in a 25% higher tungsten concentrate (50% WO3 content) output, and over a shorter period (due to doubling capacity), thus bringing revenue forward. The Project delivers strong Pre-Tax Economics* including: • • • • • NPV8** of $307.1 million*** (47% increase compared to the November 2022 BFS update of $209 million); IRR of 477%; Life of Mine EBITDA of $450 million. Low capital cost of $21.4 million has been further optimised to $18.5m (a decrease of $2.9m) as an effect of scope changes and defined costing. $7.8m has been added to reflect doubling of plant capacity, resulting in total Capex over Project life of $26.3m. Tungsten concentrate production C1 Cash Cost**** remains amongst lowest in industry with an equivalent of US$104/mtu once full capacity has been reached. Quarterly Activities Report - Quarter ended 30 June 2023 Page 11 resourcing the new economy for a better tomorrow * Concentrate sales price basis US$340/mtu (mtu = metric tonne unit, 10kg) in 2023, with a long-term forecast average of US$369/mtu (2024-2040) calculated using the average of the Roskill Base Case and High Case price level scenarios (see Chapter 16 of 2021 BFS) ** 8% discount rate applied *** $307M NPV is Project NPV; NPV attributable to EQR as 50% portion of LGS Joint Venture and 100% of Open Pit results to $270M **** C1 Cash Cost: Direct costs (mining and processing cost), plus local G&A and by-product credits from sale of aggregate through quarry, but excluding royalty; Exchange rate AUD/USD 0.688 Table 1 - Comparison of Consolidated Project Economics The BFS Update now contemplates a 10-year production schedule with the Project delivering impressive economics including a NPV8 of $307 million and an IRR of 477%. The BFS Update covers total concentrate production of approximately 38,570 tonnes (50% WO3 content), an increase of 25% over the last BFS output. The Project implementation was split into two phases, with the Company having successfully completed Phase 1 Scope as per the initial BFS (December 2021). The BFS Update highlights that scope changes and cost updates have resulted in a positive net effect of approximately $2.9 million in total Capex savings. An additional $7.8m has been added to capital expenses to account for doubling of plant capacity in 2025. The BFS Update had been prepared by independent lead study manager Turner & Townsend JukesTodd Pty Ltd. The full BFS report is available on the Company’s webpage. EQR & GOLDING EXECUTE MINING CONTRACT FOR MT CARBINE The two Parties have agreed to the first 12-18 months to be completed on a rates and cost-plus basis to establish a sitespecific baseline cost, thereafter, the Parties intend to transition to rise and run matrix rates, on fleet composition and material type basis. The committed Contract period is 70 months and represents an estimated Contract value of $179 million. The estimated material movement over the Contract period includes: • • • Approx. 16.3 million tonnes mine waste material; Approx. 6.0 million tonnes mined Ore; Approx. 2.9 million tonnes low-grade stockpile material. The Parties agreed to split the Contract into two phases to ensure a refined understanding of the schedule of costs regarding the unique nature of mining hard rock tungsten. This was done to help de-risk the Project and ensure scope delivery without having to build significant risk pricing upside into the Contract. Quarterly Activities Report - Quarter ended 30 June 2023 Page 12 resourcing the new economy for a better tomorrow Figure 9: EQR and Golding representatives inspecting the Open Pit walls. Figure 10: Goldings Contractors and some of their new mining equipment. EQR RECEIVES $2.3M THROUGH R&D TAX REFUND The Company received a $2.3 million tax refund in support of the Company’s extensive R&D programs conducted at its Mt Carbine Tungsten Mine, in preparation for the Open Pit restart. The various optimisation trials, comparisons of different technologies and equipment, and selected modifications in the process flowsheet, have proven very effective over the past 12 months with the main process Key Performance Indicators improving month by month. Quarterly Activities Report - Quarter ended 30 June 2023 Page 13 resourcing the new economy for a better tomorrow Figure 12: Plot Logic sensor, scanning drill core. Figure 11: Sample scan for Quartz vein and Wolframite rich ore EQR COMPLETES SECOND DRAWDOWN FROM $6M FEDERAL GRANT The Company received the $3.96 million second tranche payment from the Federal Government $6 million grant under the Critical Mineral Accelerator Initiative (CMAI). The co-investment received from the CMAI will be utilised to support implementation of the scope defined in the Company's recently updated Bankable Feasibility Study (see ASX announcement ‘Strong BFS Update Delivers 47% Increase In NPV’ dated 22 May 2023) for a large-scale, sustainable source of the globally recognised critical mineral. The $3.96 million drawdown will contribute towards the further upgrade of the gravity plant and additional drilling. These efforts will encompass processing relatively low-grade ore stockpiled above ground and high-grade resources identified in the Andy White Open Pit. Figure 19: Tungsten bags ready to ship. Quarterly Activities Report - Quarter ended 30 June 2023 Figure 20: Previous CMAI site tour showcased the successful acceleration of the Mt Carbine Tungsten Project. Page 14 resourcing the new economy for a better tomorrow EQR COLLABORATION WITH THE EUROPEAN RAW MATERIALS ALLIANCE The Company has entered into a collaboration agreement with the European Raw Materials Alliance (“ERMA”) and the ERMA has referred to the Company in the ‘European Call for Action’ report published on 16 May 2023 during the EU Raw Materials Week held in Brussels, Belgium. ERMA was launched on 29 September 2020 as part of an Action Plan on Critical Raw Materials by the European Commission and is a body corporate supported by the European Institute of Innovation and Technology (“EIT RawMaterials”). EIT RawMaterials and ERMA are co-funded by the European Commission, comprising more than 350 partners from all areas of the knowledge triangle of industry, universities and research and development in the raw materials sector. The collaboration agreement has been signed after an initial assessment by ERMA of EQR’s capabilities and recent successes with the development and reactivation of the Mt Carbine tungsten mine. The aim of the agreement is to explore a potential participation by EQR in the European tungsten mining sector. ERMA provides EQR access to its wide network of public and private institutions in the raw materials sector, including financing structures to support any potential project investment in the future. This entry point to get in touch with European parties exploring tungsten mining production is highlighting the significant experience gained from the recent development at Mt Carbine and could be a good common ground to share with mine owners in Europe (See ASX Announcement ‘EQR Collaboration with the European Raw Materials Alliance’ dated 17 May 2023). EQR SIGNS PARTNERSHIP MOU WITH MASAN HIGH-TECH MATERIALS EQR signed a Memorandum of Understanding (“MOU”) with its existing joint venture partner, CRONIMET Australia Pty Ltd (“Cronimet”), and Masan High-Tech Materials Corporation (“Masan”) related to the Mt Carbine Tungsten Project. The MOU will establish a working relationship based on reciprocity and mutual benefit, exchanging knowledge and experiences around tungsten exploration, mining, and processing, potentially assessing new project opportunities, and new product applications. The MOU is augmented by an existing long-term offtake agreement Cronimet Group has signed with Masan, which will see approximately 70% of Mt Carbine's production for the next four years allocated to Masan. The proposed strategic partnership between EQR, Cronimet and Masan aims to continue Mt Carbine’s growth into a world-class sustainable tungsten operation. Figure 21: Dr. Franziska Brantner and Dr. Markus Ederer in back row, company representatives of EQ Resources, Cronimet and Masan in front row. Quarterly Activities Report - Quarter ended 30 June 2023 Page 15 resourcing the new economy for a better tomorrow EXPLORATION ACTIVITIES During this quarter, the Company released an updated Resource Statement (see ASX Announcement ‘64% Increase of Mt Carbine Indicated Resources (In-Situ)’ dated 4 April 2023) followed by an updated Reserve Statement (see ASX Announcement ‘43% Increase in Mt Carbine Ore Reserves From Western Pit’ dated 18 May 2023). This culminated in an updated Bankable Feasibility study ( see ASX Announcement ‘Strong BFS Update Delivers 47% Increase In NPV’ dated 22 May 2023). The documents can be found on the Company’s Website under Technical Reports. RESOURCE UPDATE With the addition of a further 7 holes reported in the last quarter the Company undertook a reassessment of the resources. There was sufficient increase in the indicated resource to complete an update to the Mineral Resource Estimation (MRE) to show the results of extension work immediately west of the BFS pit design (December 2022). The total drilling to date at Mt Carbine used for this updated MRE now comprises 96 holes for 24,337m of diamond drilling. Highlights of the updated resource are as follows: • The increase in the latest resource ‘Mt Carbine Mineral Resource Estimate* (“MRE”) Dated 4th April was a 64% increase of the metal contained in Indicated Resources (In-situ), adding ~2.11 million mtu**. • The Global MRE (Inferred- & Indicated category) increases by 28.6% to ~9.61 million mtu**. • Indicated Resources (In-situ) expanded from 12Mt @ 0.27% WO3 to 18.1Mt @ 0.30% WO3, adding significant metal value to the Company’s inventories. • The additional high-grade mineralisation was located in the Dyke West Zone and the Northern Iron Duke Zone. • Model shows the mineralisation remaining open at depth and along strike. * 0.05% WO3 cut-off grade ** mtu = metric ton unit, equals 10kg WO3 Table 2: Mt Carbine Mineral Resources Estimate as of April 2023 Quarterly Activities Report - Quarter ended 30 June 2023 Page 16 resourcing the new economy for a better tomorrow The Company remodelled this MRE using a similar set of parameters as defined by the Measured Group when calculating the June 2021 and August 2022 Resource Statements with only minor modifications (for details see ‘Annex 1 - Mineral Resource Statement’). The calculation used a ‘Kriged Variable Orientated Estimation’ methodology for the model. It was found the single variogram applied in previous estimations was not suitable for the western extensions where changes in vein orientations were observed. The strike changes of the veins in this area moved from grid east-west to grid south-west and was recorded from surface mapping of the veins as well as reflected in the recent orientated drill core. The updated MRE uses the same 0.05% WO3 cut-off as defined in our previous Resources and Reserves Statements (see Mt Carbine Expansion P