ANNUAL Report June 2024 Directors’ Report 12 S. Layton There is a written agreement with Mr Layton dated 9 November 2017 in his role as Non-executive Director of the Company. Cash payments and benefits totalling $48,000 were paid to Mr Layton during the 2024 financial year. The payments were made through Bodie Investments Pty Ltd, a company in which Mr Layton has a substantial interest. R.D. Morrow There is a written agreement with Mr Morrow dated 22 February 2021 in his role as Non-executive Director of the Company. Payments and benefits totalling $48,000 were paid to Mr Morrow during the 2024 financial year. S.R. Weir There is a written agreement with Mr Weir appointed Nominee Director for Oaktree Capital Management, L.P. (“Oaktree”). Mr Weir’s compensation is covered by Oaktree. Z.P. Yeo There is a written agreement with Mr Yeo dated 12 August 2019 in his role as Non-executive Director of the Company. Cash payments and benefits totalling $4,000 were paid to Mr Yeo during the 2024 financial year whilst $44,000 were outstanding at year end. Executives K.B. MacNeill There was a written agreement with Mr MacNeill dated 1 April 2021 in his role as Chief Executive Officer. The Company or Mr MacNeill may terminate the contract by giving three month’s written notice. Mr MacNeill received cash payments and non-monetary benefits totalling $388,204 during the 2024 financial year. (i) EQ Resources’ Financial Performance EQ Resources’ financial performance for the five years to 30 June 2024 is summarised below, and the relationship between results and performance is discussed. Year ended Measure 2024 2023 2022 2021 2020 Net profit / (loss) after tax $ (2,129,588) (3,716,846) (6,063,051) (4,574,191) (3,015,680) Net assets $ 56,625,658 16,304,564 14,317,218 16,725,734 14,936,296 Cash and cash equivalents $ 3,489,532 5,335,596 1,723,426 3,504,721 2,989,859 Cash flows from operating activities $ (12,703,554) (1,392,628) (3,112,770) (3,816,722) (2,948,321) EBITDA $ (18,467,257) (829,258) (4,478,339) (3,947,550) (2,789,350) Share price at 30 June $ $0.048 $0.070 $0.047 $0.028 $0.028 Basic earnings / (loss) per share Cents (0.13) (0.26) (0.45) (0.39) (0.30) Financial Performance The loss for the consolidated Group for the financial year after tax amounted to $2,129,588 (2023: loss of $3,716,846). The Group has created value for shareholders through: ▪ 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. ▪ Full 12 months 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. Directors’ Report continued 78 EQ Resources Limited Annual Report 2024
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