EQ Resources Limited Annual Report 2021

32 EQ Resources Limited Annual Report 2021 Directors’ Report continued ANNUAL Report June 2021 Directors’ Report 18 Executives K.B. MacNeill There was a written agreement with Mr MacNeill dated 5 May 2020 in his role as an Interim Chief Executive Officer and Senior Technical Advisor of the Company. This contract would continue until the earlier of one (1) year from its commencement or until a subsequent engagement agreement is entered into, with the ability to extend the term on a yearly basis. Cash payments and benefits totalling $36,000 were paid to Mr MacNeill during the 2021 financial year. These payments were made through Specialised Metallurgical Projects (Pty) Limited, a company in which Mr MacNeill has a substantial interest. The above agreement was superseded by a written Executive Employment Agreement with Mr MacNeill dated 1 April 2021 in his role as Chief Executive Officer. The Company or Mr MacNeill may terminate the contract by giving three month’s written notice. Cash payments and benefits totalling $190,457 were paid to Mr MacNeill under this Agreement during the 2021 financial year. K. Cavallaro There was a written Executive Employment Agreement with Ms Cavallaro dated 8 May 2020 as Chief Commercial Officer and Chief Executive Officer Designate under which the Company or Ms Cavallaro may terminate the contract by giving three (3) months’ written notice. This Agreement also covered Ms Cavallaro’s appointment as Executive Director on 1 October 2020. Cash payments, superannuation and benefits totalling $232,147 were paid to Ms Cavallaro during the 2021 financial year. Ms Cavallaro resigned as Chief Commercial Officer and Executive Director on of 15 January 2021. A.M. Wing There was an agreement dated 22 January 2019 whereby Mr Wing agreed to provide Company Secretarial services to the Company. The Company or Mr Wing may terminate the contract by giving one month’s written notice. Cash payments and benefits totalling $8,000 were paid to Mr Wing during the 2021 financial year. The payments were made through Northern Star Nominees Pty Ltd, a company in which Mr Wing has a substantial interest. Mr Wing resigned as Company Secretary as of 1 September 2020. C.P. Godfrey There was a written employment agreement with Mr Godfrey dated 9 November 2019 in his role as Chief Operating Officer of the Company. Cash payments, superannuation and benefits totalling $95,562 were paid to Mr Godfrey during the 2021 financial year. Mr Godfrey ceased employment with the Company on 31 July 2020. (i) EQ Resources’ Financial Performance EQ Resources’ financial performance for the five years to 30 June 2021 is summarised below and the relationship between results and performance is discussed. Year ended Measure 2021 2020 2019 2018 2017 Net profit / (loss) after tax $ (4,574,191) (3,015,680) 3,808,863 (1,478,746) (9,888,710) Net assets $ 16,725,734 14,936,296 10,905,040 2,672,436 2,371,501 Cash and cash equivalents $ 3,504,721 2,989,859 217,962 602,675 1,048,000 Cash flows from operating activities $ (3,816,722) (2,948,321) (1,627,127) (1,368,767) (916,448) EBITDAX $ (3,947,550) (2,789,350) 3,847,034 (1,022,747) (865,010) Share price at 30 June $ $0.028 $0.028 $0.031 $0.019 $0.010 Basic earnings / (loss) per share Cents (0.39) (0.30) 0.67 (0.29) (2.27)