The key performance metrics for the Mt Carbine Mine are tabulated below: Mt Carbine UoM 2026 2025 % Change Safety performance LTIFR Freq. 43.0 36.6 (57%) Operational performance Material blasted t 2,834,951 1,441,502 97% Total tonnes mined t 2,770,009 2,240,652 24% Ore mined t 407,020 573,797 (29%) Waste mined t 2,362,989 1,666,855 42% Strip ratio W:O 5.8 : 1 2.9 : 1 (100%) Crushing plant feed t 565,141 756,318 (25%) Ore sorter plant feed t 366,199 462,105 (21%) Sorter concentrate produced t 29,528 36,117 (18%) Gravity plant feed t 226,771 238,031 (5%) Gravity plant feed grade % 0.17% 0.24% (29%) Recovery % 77% 83% (7%) WO3 produced mtu 28,280 48,782 (42%) WO3 sold mtu 28,588 50,040 (43%) Financial performance Average realised price US$/mtu 1,277 251 409% Nominal cash cost of production US$/mtu 1,013 412 (146%) Health and Safety Despite significant effort from management, the safety performance was disappointing at Mt Carbine. Training and structured toolbox talks were increased across all teams, while ongoing alcohol and drug testing continued. An independent safety audit was performed in the March 2026 quarter. Actions identified during the audit are well underway and with a new safety manager joining the Mt Carbine leadership team in Q1 FY2027, it is expected that the Company will see a step change in performance moving forward. Mining The primary objective of the mining team was to access the in-situ Iolanthe vein orebody by removing 1.6 million tonnes of overburden from the Southern Highwall and addressing a major geotechnical fault. Initial access to the Iolanthe vein occurred in March 2026, with further access progressing in accordance with the mine plan. Investment in the team, equipment and maintenance practices is starting to show with material moved during the year up 24% and a blasting record of 2.8 Mt was achieved during the year. As the team progresses into the Iolanthe vein the stripping ratio and head grade are expected to improve. Processing Processing performance at Mt Carbine in FY2026 reflected a year of plant reliability challenges balanced against a genuinely strong finish. Significant efforts have focused on improving the availability of the processing plant with significant investment in capital spares and maintenance during the second half of FY2026. Mt Carbine exits FY2026 with a clearer picture of its key plant reliability constraints and a program of engineering upgrades already underway, providing a solid foundation to convert FY2027’s improved ore access into sustained processing performance. Operating and Financial Review continued 14 EQ Resources Limited Annual Report 2026
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