Resource and Reserve Growth Program Barruecopardo advanced a significant resource definition drilling programme during the final quarter of FY2026, aimed at strengthening confidence in the existing geological model and testing the potential for resource growth at depth. The initial programme comprises 36 diamond drill holes for a total of approximately 12,155 metres, concentrated primarily in the eastern area of the open pit. Of the 36 holes, 16 are infill holes designed to improve confidence in the existing geological model, while the remaining 20 are targeting the deeper parts of the deposit and northern and southern extensions to assess the potential for mineral resource expansion. Geotechnical logging is being undertaken alongside geological logging across the programme, to build a stronger understanding of rock mass conditions ahead of future mine design work. Annual Mineral Resources Statement Mineral Resources as at 30 June 2026 Mineral Resources as at 30 June 20251 Orebody JORC Code Category Tonnes (Mt) Grade (% WO3) WO3 (mtu) Tonnes (Mt) Grade (% WO3) WO3 (mtu) In-Situ Measured 6.85 0.177 1,214,272 10.05 0.191 1,920,400 Indicated 9.52 0.177 1,682,554 10.46 0.174 1,820,000 Inferred 3.85 0.259 997,546 3.86 0.259 999,300 Subtotal 20.22 0.193 3,894,372 24.37 0.195 4,739,700 Annual Ore Reserves Statement Ore Reserves as at 30 June 2026 Ore Reserves as at 30 June 2025 JORC Code Category Tonnes (Mt) WO3 (%) Contained WO3 (mtu) Tonnes (Mt) WO3 (%) Contained WO3 (mtu) Open Cut - Proved 2.40 0.14 329,842 5.69 0.152 865,037 Open Cut - Probable 9.21 0.14 1,254,807 3.10 0.145 448,982 Open Cut - Total 11.61 0.14 1,584,649 8.80 0.156 1,314,019 Ore Stockpile - Proved 0.05 0.10 5,048 0.24 0.173 41,589 Ore Stockpile - Total 0.05 0.10 5,048 0.24 0.173 41,589 Open Cut & Ore Stockpile - Total 11.66 0.14% 1,589,697 9.04 0.150% 1,355,608 Marginal Stockpile - Proved 0.18 0.05 9,155 Total Including Marginal Stockpile 11.84 0.14 1,598,852 Scalping Stockpile - Proved 0.32 0.06 18,652 Total Ore Reserve 12.16 0.13 1,617,504 9.04 0.150 1,355,608 Notes: 1 The Mineral Resource as at 30 June 2025 is as described in ASX Announcement 4 November 2024. The movement in the Barruecopardo Mineral Resource and Ore Reserve estimates between 30 June 2025 and 30 June 2026 is due to mining depletion only. There has been no material change to the Mineral Resource or Ore Reserve models, or to the assumptions and technical parameters underpinning the estimates, other than depletion arising from mining and processing during the period. 2 Totals may not add up due to rounding. 3 The tonnes depleted for the actual mining have been calculated by regular topographic surveys, to which density factors have been applied to derive tonnes. These density factors are the same as described in the report for the Resource Estimate as at 30th of June 2025. 4 The Ore Reserve is the economically mineable part of the Measured and Indicated Mineral Resource. It includes allowance for ore losses and dilution during mining extraction. 5 The Ore Reserve as at 30 June 2026 includes 0.5tonnes of proved stockpiles, which were not separately identified in the 30 June 2025 comparison. Stockpiles have been estimated by Saloro from topographical survey, and assigning grades derived from the operational grade control and production estimates. 6 The Company ensures that the Mineral Resource and Ore Reserve estimates quoted are subject to governance arrangements and internal controls at both a site level and at the corporate level. Mineral Resources and Ore Reserves are prepared and reported in accordance with the JORC Code 2012, using industry standard techniques and internal guidelines for the estimation and reporting of Ore Reserves and Mineral Resources. The Mineral Resource and Ore Reserve statements included in the Annual Report were reviewed by the Competent Persons prior to inclusion. EQ Resources Limited Annual Report 2026 11
RkJQdWJsaXNoZXIy MjE2NDg3