Changes in EQR Board & Leadership Team • Non-executive Director since August 2019, Chair since April 2020. • Experience in project development, finance, commodity trading. • Previous roles at Outotec, Ferrostaal Group, CRONIMET. • Executive director at CRONIMET Holding GmbH. Oliver Kleinhempel - Non-Executive Chairman • Appointed in November 2017. • 35+ years in equity capital markets in the UK and Australia. • Experience in ASX listings, corporate advisory. • Directorships at Mithril Silver and Gold Limited and Pursuit Minerals Limited. Stephen Layton - Non-Executive Director • Appointed in August 2019. • Background in executive management, project planning, resource management. • Works in system integration in telecoms in South-East Asia. • Executive director at a steel-product manufacturer. Zhui Pei Yeo - Non-Executive Director • Appointed in March 2021. • Over 30 years as a sharebroker, interested in resources sector. • Chairman of Melbourne Mining Club. • Investment roles at Lowell Resources Fund Management; Fellow of AusIMM. Richard Morrow - Non-Executive Director • Background in mining, finance; former CEO of Magnetite Mines Ltd. • Experience in corporate advisory, project finance, construction management. • Member of the Australian Institute of Company Directors, GBA Capital Advisory Board. Stephen Weir - Non-Executive Director Board of Directors Stephen Weir was appointed to the Board of Directors of EQR on 19th January 2024 as Oaktree’s nominee Director and Chair of the Audit & Risk Committee. Mr Weir is a former Chief Executive Officer of Magnetite Mines Ltd (ASX:MGT), a company focused on the development of the Razorback Iron Ore Project in the Braemar region of South Australia. Mr Weir’s prior fields of expertise and senior executive roles span the mining, industrial services, energy and infrastructure sections. He has a 20-year career in corporate advisory with RFC Ambrian where he was a Managing Director, preceded by project finance (Bankers Trust), general management (Brambles) and construction management (John Holland Engineering). See ASX Announcement 19th January 2024: “Stephen Weir joins EQR’s Board of Directors”. Another change in the leadership team is the appointment of Evren Ören as Chief Operating Officer for the Saloro Operations in February 2024. With an academic background in Mining Engineering, Mineral Processing, and Business Administration, Evren brings global experience in optimising mineral processing plants, operations, and EPC management. Proficient in Spanish and English, his cross-cultural skills strengthen operations and foster collaboration within the group. A$20M Funding Facility from QIC for Mt Carbine Mine Expansion The Company and Queensland Investment Corporation (“QIC”) have entered into an agreement to establish a three-year funding facility. QIC will provide up to A$20 million from the Queensland Critical Minerals and Battery Technology Fund (“QCMBTF”). The fund’s main goal is to support the mining and refining of essential minerals and the development and production of battery technologies and advanced materials in Queensland. The 3-year loan facility will accelerate the Company’s 2 mtpa processing capacity expansion plan ongoing at the Mt Carbine Tungsten Mine with A$12M in Tranche 1. Tranche 2 of A$8M will enable the Company to push forward with the initial phase of the 2024 drilling program, aiming at defined underground targets, and to integrate these findings into a comprehensive underground feasibility study. The underground resource, which has been minimally explored, is accessible via a 1980s decline that was reopened after the quarter-end and presents higher grades and significant potential for resource expansion. This funding is contingent on meeting standard prerequisites, including project completion tests. See Announcement 8th May 2024: ‘QIC approves A$20M funding for Mt Carbine Tungsten Mine expansion’. EQ Resources Limited Annual Report 2024 5
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