Non-Executive Chair’s Address I am pleased to present my first letter to you as Chair of EQ Resources Limited. I joined the Board on 31 March 2026, nine months into a financial year that tested the Company and all its stakeholders. FY2026 began with some questions about the Company’s liquidity and its ability to continue as a going concern. It finished with the balance sheet recapitalised, a record June quarter for revenue and operating cash flow, and an unmodified audit opinion, as Craig Bradshaw sets out in his Managing Director’s letter. By the time I joined the Board, the turnaround was well underway and the Company’s long-held potential was beginning to be realised. That is to the credit of the EQR team and of the Board that preceded me, led by Oliver Kleinhempel, who served as Chair through the hardest part of the year. There is, of course, still much to do to realise that potential fully. We are all conscious that the recapitalisation over the last two years came at a cost to existing shareholders, and the Board thanks those shareholders who supported the placements when the outlook was far from certain. It is now incumbent on us to continue turning that support into sustained value creation. The most important part of that effort concerns the safety and wellbeing of our people. The Board is not satisfied with the safety outcomes during FY2026, although we acknowledge the considerable effort and investment made by management. We do consider that the audits and safety leadership changes now in train are the appropriate actions, and we will be monitoring the safety outcomes closely during FY2027 with a clear expectation of measurable improvement. The market in which we operate has changed fundamentally since the start of FY2026. Tungsten is a critical mineral in the fullest sense: essential to industrial manufacturing, aerospace, energy and defence, with supply concentrated in a small number of countries. In a period of complicated geopolitics, Western governments are paying far more attention to the provenance and security of supply, while prices have risen well beyond anything in the Company’s history. This places EQR in a position of rare strategic and commercial opportunity. As one of the few established tungsten producers outside China, with operating mines in Australia and Spain, EQR is already integrated into Western-aligned supply chains and continues to position itself to benefit from the strong price environment. The Board’s responsibility is to ensure that disciplined, reliable execution converts this opportunity into sustained value. Accordingly, we are aligned on the strategy to do this. First, deliver reliable production from Mt Carbine and Barruecopardo, with greater resilience to weather and operating disruptions. Second, grow the reserves and resources around each mine. Third, pursue regional exploration and growth, with Mt Carbine and Barruecopardo as the processing hubs for districtscale operations in their proven tungsten regions. Fourth, invest sensibly in production growth and a lower cost base, of which the Mt Carbine crushing expansion approved in June is a good example. Fifth, selectively increase EQR’s participation in Westernaligned tungsten supply chains where this strengthens the Company’s strategic position, market access and shareholder value. Michael Nossal Non-Executive Chair EQ Resources Limited Annual Report 2026 1
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