The Board also believes that how we create value matters as much as the value we create. EQR’s values are ones I am comfortable standing behind: act safe and feel safe, tread lightly, lead with integrity, embrace difference, dig deep and buddy up. The Board is aligned on ensuring that these values set the expectations for how we treat our people, our communities and the environment, and they will guide the Company into the next phase of its development. Further to my appointment in March, Board renewal has continued. Stephen Layton stepped down on 31 July 2026 after more than eight years as a Director, a period that took in the redevelopment of Mt Carbine, the acquisition of Barruecopardo and the recapitalisation. I thank Stephen sincerely for his contribution, particularly noting the difficult times that his tenure included. We have since welcomed Nicole Brook and Taki Dermedgoglou as Non-Executive Directors. I am also pleased that Stephen Weir will continue as an independent Non-Executive Director and Chair of the Audit and Risk Committee. The Board now has a strong and diverse mix of skills and experience, well-suited to supporting the Company through our next phase of transformation. Looking ahead, FY2027 offers an opportunity the Company has not had before: higher-grade ore accessible at both mines, a growth project in execution, a sound balance sheet and a price environment that rewards production. The Board’s expectations are clear: a strong financial result that takes full advantage of the market environment; targeted growth, delivered safely and within our means; and systems, processes and governance that keep developing to the standard of an established mid-tier mining company, as we are determined that EQR is becoming. Finally, a sincere thank you to our shareholders, because this year belongs to you more than any. You stayed with the Company through the hard times, and you are now starting to see the reward for that support. An enormous thank you to Craig, his leadership team and the dedicated employees at our two mines, without whose tremendous efforts, the outcome this year may have been quite different. My thanks also to my fellow Directors for their counsel, our communities, host governments, industry bodies, customers and all our stakeholders. I am confident that your efforts and patience will we well rewarded by the Company’s bright outlook. Michael Nossal Non-Executive Chair EQ Resources Ltd Non-Executive Chair’s Address continued 2 EQ Resources Limited Annual Report 2026
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