Open Pit Operations Open pit mining operations commenced at level 325m RL in June 2023 following the execution of a Mining Services Agreement with Brisbane-based Golding Contractors Pty Ltd (“Golding”) and conducted using conventional methods, employing a fleet of 6x CAT 775 dump trucks carrying 63 tonnes of material and 2x smaller articulated Volvo trucks carrying 40 tonnes of material all being loaded by excavators ranging from 50 to 190 tonnes. Mining is conducted on 10-meter blast benches, with double bench mining carried out using three 3.3-meter flitches per bench. Two drill and blast rigs perform approximately 22,000 meters of drilling each month, with 4 to 6 blasts taking place, each with a maximum size of 65,000 tonnes. Each blast is limited to 18 tonnes of explosives due to truck size. The maximum blast size is also limited by noise and vibration restrictions set by the Mines Department to limit any effects on the nearby community. Early blasting designs established the optimal patterns for noise, vibration, ore fracture size, spacing, and powder factors. Currently, EQR employs a blast design of 10-meter-deep holes of 89mm size on a 2.4 x 2.6 meter pattern with approximately 2 meters of stemming. The pit design features 20-meter walls and 8-meter berms, resulting in a 59-degree engineered slope that has proven to be highly stable. Waste material was primarily utilised to construct a noise and visual bund around the eastern end of the pit. Weathered material was used to line and seal various areas as needed. EQR opted for a slower startup phase than initially planned in the BFS, primarily due to recruitment challenges and the need to establish base costs for contractors on a cost-plus basis, with a ramp up following the startup phase to a monthly target of 300,000 tonnes ore + waste. EQ Resources Limited Annual Report 2024 27
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