Thanks to the work carried out by the geology and mining department, the grade control model shows that the tonnes of ore have increased by 2.2%, mtu have increased by 4.7% and overall grade by 2.5% when compared to the 2023 resource model. Continuous Improvement in Dilution Control Operational dilution control is a key element for Saloro at the Barruecopardo mine. Given the special characteristics of the deposit, the use of tools to accurately determine mineral movement during the blasting process has been crucial. However, these tools are always preceded by a geological analysis of the working areas. Since 2021, the Barruecopardo mine in Salamanca has been using the OREPRO 3D software. This tool allows the team to determine how the mineral moved during the blasting process once the program’s inputs are entered. With the results obtained in 2024 using the new resource model, the technical service team observed an operational dilution of 7.8% compared to the 2023 resource model, which is significantly lower than the 15% from previous years. Additionally, tonnes have increased by 8.9%, and mtu has increased by 0.4%, as shown in the table below. Mine Production and Operations Production at the mine has remained very stable throughout the year. However, the rainfall during the rainy season has been a constant monitoring element to prepare for potential issues. Using the pit centre, which was prepared as a sump during the summer in anticipation of the rainy season, operations in the northern and southern areas proceeded without any setbacks. The production figures are shown in the following table: EQR Saloro Mine Production Mining Q1 FY2024 Q2 FY2024 Q3 FY2024 Q4 FY2024 Total Ore Mined t 340,744 404,337 248,457 348,596 1,342,134 (HG+LG) mtu 63,226 64,680 43,008 65,363 236,277 grade 0.186 0.160 0.173 0.188 0.176 Waste Mined (+VLG) t 2,042,590 2,015,218 1,958,237 1,609,172 7,625,217 20,000 20,500 21,000 21,500 22,000 22,500 23,000 23,500 - 50,000 100,000 150,000 200,000 250,000 300,000 350,000 400,000 Q3 FY24 Q4 FY24 mtu Tonnes Saloro Mine Performance* Ore Extracted Tungsten Produced - Gravity Plant (mtu) 7,500 8,000 8,500 9,000 9,500 Saloro Monthly Tungsten Production (mtu)* * Reporting starting post acquisition January 2024 Operating and Financial Review continued 56 EQ Resources Limited Annual Report 2024
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