Chairman’s Address Our teams deliver on the synergies, driven by the diverse expertise and everybody’s commitment to have both operations strive and succeed. Dear Shareholders and Friends of EQR, It is my great pleasure to present to you the 2024 Annual Report for EQ Resources Limited. To reflect on the past 12 months, allow me to rewind with a personal note. Back in 2018, I had my first interactions with Saloro’s management team. This was not at all related to the later transactions between the Companies. Instead, it was a joint effort with several European research institutes to develop technologies that would allow the recovery of critical raw materials from challenging mineral deposits and old mine waste stockpiles – it goes without saying that our laser-like focus was on Tungsten! To collaborate efficiently on such topics and towards a tangible outcome, one needs to share the same vision on how our sector could generate value and contribute to society in a sustainable way! Teamwork Above All Since my first interactions referred to above, mutual respect, trust and transparency formed the basis of many discussions. This has fully transpired into the leadership teams and are defined principles of the collaboration between both sites which now form the EQ Resources Group. Weekly team meetings between the senior members from both locations continue to forge the relationship and already started to deliver on the synergies driven by the diverse expertise and everybody’s commitment to have both operations strive and succeed. Continue Developing an Ecosystem We continue engaging with key customers and partners, truly believing in the value that strong ecosystems can deliver to all its members. We have built a solid relationship with one of our key customers, Masan HighTech Materials. Both sides believe in win-win-constellations. The Companies exchange technical information to effectively allow for a better utilisation of the tungsten resources mined at our sites and shipped to Vietnam. We recently announced a strategic collaboration with Elmet Technologies, a leading US tungsten manufacturer “far down our value chain”. This was intentional; we need and want to be closer to the end-users. Discipline at the Core The general outlook and recent performance of the Company look promising. Nevertheless, (cost) discipline and governance must remain at the core of our operations. As the Company grows, the management and board competencies need to expand in parallel. The Company has attracted incredible talent, as a key ingredient for any successful Company. Strategic optionality can be best played with a strong balance sheet. Our priorities are, therefore, clearly defined, and we are looking positively into the coming 12 months! On behalf of the Board, I would like to thank all shareholders for their continued support. . Oliver Kleinhempel Non-Executive Chairman EQ Resources Ltd EQ Resources Limited Annual Report 2024 1
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