The key performance metrics for the Barruecopardo Mine are tabulated below: Barruecopardo Mine UoM 2026 2025 % Change Safety performance LTIFR Freq. 15.8 22.5 31% Operational performance Material blasted t 9,208,641 7,040,148 31% Total tonnes mined t 8,603,184 7,016,943 23% Ore mined t 1,138,272 1,344,365 (15%) Waste mined t 7,464,912 5,672,578 32% Strip ratio W:O 6.6 : 1 4.2 : 1 (57%) Crushing plant feed t 1,674,956 1,445,453 16% Ore sorter plant feed t 635,722 455,102 40% Sorter concentrate produced t 121,651 86,575 41% Gravity plant feed t 925,279 904,599 2% Gravity plant feed grade % 0.19% 0.26% (27%) Recovery % 55% 57% (4%) WO3 produced mtu 90,666 119,023 (24%) WO3 sold mtu 89,087 116,586 (24%) Financial performance Average realised price US$/mtu 851 259 228% Nominal cash cost of production US$/mtu 357 229 (56%) Operating and Financial Review continued Health and Safety Efforts continued to build a proactive safety culture with ongoing weekly training being delivered across the operation with ongoing alcohol and drug testing for persons entering site. This included external training on several critical activities such as working at heights, hot works and the risk of respirable crystalline silica. The Company also commissioned independent assessments of its safety culture, policies and procedures continuing its ISO 45001 (safety) and ISO 14001 (environment) certifications. An independent risk assessment was conducted in April 2026. Mining The mining team performed exceptionally well during the year despite the 1-in-50-year rain event during the March quarter. Material moved was significantly greater than FY2025 despite the challenges created by the event. Unfortunately, due to the rain event, the team operated in a lower grade area of the pit than anticipated leading to a substantially higher strip ratio and a lower feed grade for the year. The higher-grade ore body was re-accessed in the first week of July 2026. Processing Processing performance at Barruecopardo in FY2026 reflected the year’s mining disruption, with output declining through the middle of the year before a partial recovery into year-end. Across FY2026, the site crushed approximately 1.67 million tonnes of ore, sorted approximately 636,000 tonnes through its ore sorting circuit, and processed approximately 925,000 tonnes through the wet plant, producing 90,666 mtu of WO₃ in concentrate for the year at an average recovery of 55.3%. 10 EQ Resources Limited Annual Report 2026
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