Processing Crushing Operations In the first month of FY2024, the Mt Carbine Mine undertook a strategic shift, transitioning from re-processing low-grade, historical stockpiles to focusing predominantly on extracting and processing tungsten-rich ore from open pit operations. This shift not only represents a move towards more efficient mining practices but also opens up new economic opportunities and possibilities for sustainable growth. Since initiating open cut mining, the operations team has diligently worked on optimising the Ore Sorter Plant to accommodate to the new ore, significantly enhancing the recovery rates. This improvement has led to a higher-grade feed into the Gravity Plant, markedly increasing production volumes. Introducing primary ore from the open pit operations has exceeded initial expectations in tungsten recovery rates, reinforcing strong production trends. The Crushing Plant at dusk at Mt Carbine with its vibrating screen in the foreground and cone crusher in the background. The feed through the Crushing Plant from the open pit averaged 0.16% WO3 over the last 12 months, climbing over 0.24% WO3 in June 2024 when processing the ore blocks at the bottom of the pit Level 295-285m RL, in contrast to the 0.074% WO3 average from the Low-Grade Stockpile (“LGS”). The focus was on processing high-grade ore first, then transitioning to medium-grade ore, using the best available material from a combination of stockpiled ore from the Open Pit and fresh ore deliveries. This relatively low-grade feed mix from Stage I Open Pit is expected to improve in the months ahead, i.e. once entering Stage II Open Pit as the mining operations will dig deeper into the vein systems. For comparison, the average LOM grade as per the Mt Carbine Ore Reserves is expected at 0.28% WO3 - significantly higher in grade compared to the average ore grade mined during the first year. To accommodate the increased grade, the team had to adapt the plant and crushing operations to handle the new material being delivered. The first blasts produced larger-than-expected oversized material due to certain drill holes not blasting as expected and higher-than-planned dilution, resulting in a lower grade than anticipated. Blasting and dilution controls have since been implemented, leading to more consistent grades reaching the stockpile and processing plant as blasting continued month-by-month. Significant upgrades have been made to the crushing circuit to improve efficiency and throughput as part of ongoing efforts to optimise mining operations at the Mt Carbine Mine. In July 2023, a Terex Finlay Mobile Jaw Crusher J-1175 was integrated into the production process as the primary crusher, reducing oversized -700mm ore from the Open Pit to a more manageable -170mm fraction for the Crushing Plant. This significantly lowered the amount of oversized material that would have otherwise been rejected. The primary crushing step is crucial, as it prepares the feed by nearly eliminating all oversized materials, preventing potential blockages, bottlenecks, and increasing availability at the fixed crushing plant. Operating and Financial Review continued 34 EQ Resources Limited Annual Report 2024
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