ANNUAL REPORT June 2026 Notes to the Consolidated Financial Statements 3. SEGMENT INFORMATION (a) Description of segments (i) Business segments The consolidated entity (the “Group”) operates solely in the tungsten mining, processing and mineral exploration industry. (ii) Operating segments Operating segments are reported in a manner consistent with the internal reporting provided to the Chief Operating Decision Maker (“CODM”). The CODM, being the Managing Director, is responsible for allocating resources and assessing the performance of the operating segments and has been identified as such based on the internal management reports reviewed by the CODM. The CODM considers the business from a geographic and operational basis, being the location and nature of the Group’s producing and development assets. The Group has determined that it has two reportable operating segments, as follows: ● Australia: include the Mt Carbine tungsten mining, retreatment and quarrying operations in Queensland, conducted through Mt Carbine Retreatment Pty Ltd and the Mt Carbine Retreatment joint operation (MtCRM), together with corporate head office costs, and exploration and other activities; and ● Spain: the Barruecopardo tungsten mining and concentrate production operations, conducted through Saloro S.L.U. and its immediate holding entity, European Tungsten Pty Ltd. (b) Segment information Australia Spain Elimination Consolidated 2026 A$'000 A$'000 A$'000 A$'000 Sale Revenue 53,784 111,655 - 165,439 Interest income 3,267 - (3,032) 235 Other income 1,366 - - 1,366 Total segment revenue (i) 58,417 111,655 (3,032) 167,040 Segment result – Adjusted EBITDA (iii) (1,443) 52,019 - 50,576 Segment assets (ii) 139,289 116,146 - 255,435 Segment liabilities (ii) 21,673 79,494 - 101,167 Other segment information Acquisitions of property, plant and equipment, and other noncurrent segment assets 21,056 13,880 - 34,936 Increase in exploration, evaluation and development costs 528 - - 528 68 EQ Resources Limited Annual Report 2026 Notes to the Consolidated Financial Statements continued
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