Directors’ Report ANNUAL Report June 2024 Directors’ Report 3 The Directors of EQ Resources Limited (“EQ Resources” or “the Company”) present their report on the consolidated entity (Group), consisting of EQ Resources and the entities it controlled at the end of, and during, the financial year ended 30 June 2024. Directors The following persons were Directors of EQ Resources during the whole of the financial year and up to the date of this report unless otherwise stated: ▪ Oliver Kleinhempel, Non-executive Chairman ▪ Stephen Layton, Independent Non-executive Director ▪ Richard Morrow, Independent Non-executive Director ▪ Stephen Weir, Non-executive Director (Appointed: 19 January 2024) ▪ Zhui Pei Yeo, Non-executive Director Company Secretary Melanie Leydin Principal Activities The principal activities of the Group during the 2024 financial year focused on the following: ▪ Acquisition of Saloro S.L.U. (“Saloro”) on 18 January 2024 to strengthen EQR’s relevance in the global tungsten industry, with the Company, upon acquisition, becoming the largest independent tungsten concentrate producer outside of Australia. ▪ Commencement of open cut mining activities at the Mt Carbine Andrew White Open Pit. ▪ Continued optimisation of the production processes and recoveries from the Gravity and XRT Sorter Plants at both the Mt Carbine and Barruecopardo operations. ▪ Securing funding for the Mt Carbine and Barruecopardo operations and undertaking activities to advance each project, including significant capital upgrades to plant and equipment. ▪ The execution of a definitive agreement to acquire the Mt Carbine Joint Venture interest from CRONIMET. ▪ The continuation of focused drilling programs to further define the Mt Carbine Tungsten resource. ▪ The continued assessment of the exploration potential of the Group’s tungsten tenements in Far North Queensland whilst engaged in Farm-In and Joint Venture Agreement over its gold exploration licences in New South Wales. The Group also continues to evaluate other corporate and exploration opportunities within the new economy and critical minerals sector. Results The net result of operations for the consolidated entity after applicable income tax expense was a loss of $2,129,588 (2023: loss of $3,716,846). Dividends No dividends were paid or proposed during the period. EQ Resources Limited Annual Report 2024 69
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