EQ Resources Limited Annual Report 2021

With the above strategic categories well defined, work being completed in these key development areas is all being used to generate site specific data to inform the ongoing BFS currently underway. What sets the Mt Carbine operation apart, is the in-depth, real time operational data and experience gained over the past 18-months that is nowbeing used to inform the BFS and the detailed design of the associated processing plant. This data and operational experience is supported by a core operational team that will allow the Company to successfully and rapidly grow operations at Mt Carbine on completion of the BFS and process the different resources at the Company’s disposal. The institutional knowledge, infrastructure and systems on site will be invaluable to the accelerated growth path the Company is on. I would like to take this opportunity to once again acknowledge that this transition would not have been possible without the ongoing efforts of the leadership and site teams working together and the healthy interaction of the EQR Board for their strategic input, guidance, and involvement in bringing the Company to where it is currently and the plans in place for the future. The Company continues to make measured progress towards the short, medium and long-term goals, with a diverse, collaborative and highly motivated team. The team at EQR is grateful for the support of all Shareholders of EQR and appreciate that our Shareholders see the value in what we are doing and where we are going. It is an exceptionally exciting time for the Company and I believe the Mt Carbine Project and the development and operational team in place will put EQR in a prime position to continue the accelerated growth path and leverage our position in the market. Kevin MacNeill Chief Executive Officer EQ Resources Limited Annual Report 2021 3