EQ Resources Limited Annual Report 2021

Panama Hat – Broken Hill This license was renewed with all 19 units without reduction, and is valid up until 29th November, 2024. Exploration in this area has been hampered by extensive calcrete cover and recent scientific developments have shown that sampling of calcrete can identify underlying tracing of gold deposits. The initial orientation test sampling showed anomalies in the calcrete emerging and showed a strong trend across the known ‘line of lodes’. Given the success of this approach, the Company will complete the survey over the entire gold field and then review for drill targets once the COVID-19 inter-state travel restrictions are eased. Operating and Financial Review continued Plot of gold values (ppb) obtained in calcrete samples of Willyong Tank ≥ 5ppb is the threshold for gold anomalous value Plot of god values (ppb) obtained in calcrete samples of Panama Hat Grid, ≥ 5ppb is the threshold for gold anomalous value Crow Mountain – New England The Crow Mountain tenement is under renewal and this is expected in Quarter 4, 2021 with a 50% reduction in land area. The license covers part of the Great Serpentine Belt in the western New England province of north eastern NSW. Shallow marine sediments of late Devonian age on the western side of the tenement are separated from much older deep marine sediments and intrusive rocks on the eastern side of the tenement by a major north-south trending structure, the Peel Fault. The fault is well known for the belt of serpentinite, formed by alteration of pre-existing ultra-mafic intrusive exposed for several hundred kilometres along the fault. 14 EQ Resources Limited Annual Report 2021