Chief Executive Officer’s Letter Dear Shareholders, As we reflect on the past year, I am proud of the extraordinary progress EQ Resources (“EQR”) has made. This past year has been transformative for the Company, driven by a series of strategic milestones that have fortified our position as the leading primary tungsten producer outside of Asia and Russia. With each step forward, we have demonstrated our commitment to operational excellence, continuous improvement in safety, sustainable growth, and value creation for our shareholders. Saloro Acquisition: A World-Class Asset One of the most exciting developments this year was the acquisition of Saloro’s Barruecopardo mine, a world-class tungsten project with high-quality equipment and an exceptional team of professionals. This acquisition is a gamechanger for EQR. It not only expands our portfolio of premium tungsten assets but also enhances our production capacity and bolsters our standing in the global tungsten market. The integration of Saloro into our operations hasn’t been without its challenges, but it is starting to bear the fruits of our labour and we are confident that this asset will contribute significantly to our growth in the near term. Unlocking the Potential of Mt Carbine Mt Carbine continues to demonstrate its tremendous potential. Over the past year, we have made significant strides in open-cut mining operations growing our production profile along with operational outputs. The underground mine has a promising future, with the majority of Resources yet to be converted to Reserves with several highvalue and high-priority mining areas identified as great underground mining targets. This presents a substantial opportunity for resource expansion and value realisation as we progress with our conversion efforts. Moreover, we are now mining zones rich in high-grade tungsten, with grade increasing at depth. Our latest rounds of drilling have confirmed this, and we are confident that as we continue to expand our operations at Mt Carbine, the best is yet to come. I believe the quality of the ore we are encountering positions us well to deliver strong production volumes and increase shareholder value over the next 12 months. Leading the Western Tungsten Market With the continued growth of Mt Carbine, the addition of Saloro and the grant of the Wolfram Camp exploration permit, EQR has solidified its position as the largest primary tungsten concentrate producer outside of Asia and Russia. This achievement is particularly significant given the strategic importance of tungsten in global supply chains. Tungsten is critical mineral for modern technologies, and our operations ensure a stable and secure supply of this essential material to industries globally. In an environment where global demand for critical minerals is increasing, our leadership in tungsten production places EQR at the forefront of the industry’s future. We remain committed to scaling our operations responsibly and sustainably to meet this demand. EQ Resources is focused on long-term growth, leveraging our expanding operations and sustainable practices to strengthen our leadership in the tungsten market and deliver lasting value for our shareholders well into the future. 2 EQ Resources Limited Annual Report 2024
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