EQ Resources Limited Annual Report 2021

Typical section through the center of the pit showing the King Vein packages underneath and to the north of the historical pit All data, including geotechnical information, has been entered into the Company’s database which was then used by the Measured Group in Brisbane to calculate an updated mineral resource for the Mt Carbine orebody. (See Mineral Resources and Ore Reserves Statement on Page 17). This mineral resource is being input into the Company’s BFS to determine the best approach to mining of these high-grade lenses and currently it is thought that this will be a combination of open pit mining as well as underground mining. The deposit is still open in multiple directions, including at depth. Therefore, further drilling with the aim of expanding the deposit size, will be completed in the future at the appropriate time. As can be seen in the picture to the right, Mt Carbine sits within a tungsten cluster and the Company is working toward better defining the Mt Carbine deposit to leverage the knowledge against deposits in the local region. EQ Resources Limited Annual Report 2021 13