Notes to the Consolidated Financial Statements continued ANNUAL REPORT June 2026 Notes to the Consolidated Financial Statements 4. REVENUE AND OTHER INCOME 2026 A$’000 2025 A$’000 Sales – Tungsten concentrate (i) 164,387 66,050 Sales – Quarry material 1,052 - 165,439 66,050 Other income: Diesel fuel rebates 1,158 1,461 Debt forgiveness - 1,691 Interest income 235 32 Other income 208 246 1,601 3,430 Total revenue and other income 167,040 69,480 (i) Disaggregation of revenue The table below disaggregates revenue by timing of recognition. Shipping and logistics revenue relates to shipments made on Cost, Insurance and Freight (CIF) terms only, recognised as a separate performance obligation over time. Freight and insurance on Delivered at Place (DAP) shipments are treated as a fulfilment activity (AASB 15.B65A), not a separate performance obligation. 2026 A$’000 2025 A$’000 Sale of tungsten concentrate (recognised at a point in time) 88,698 51,544 Shipping and logistics services (recognised over time) 76,845 24,248 Revenue from contracts with customers 165,543 75,792 Provisional pricing adjustment (final true-up) (104) (9,742) Total revenue 165,439 66,050 EQ Resources Limited Annual Report 2026 71
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