EQ Resources Limited (EQR or the Company) is building a connected Western tungsten platform, anchored by two producing mines in Australia and Spain and supported by long-term offtake, customer and strategic partner relationships. Barruecopardo Mine is the largest tungsten mine in Europe, comprising an open pit and a modern processing plant that combines ore sorting and gravity separation. The Company holds eight adjacent exploration tenements supporting future growth. Concentrate from Barruecopardo is sold under long-term volume-based agreements referencing the Fastmarkets Tungsten APT 88.5% WO3 Rotterdam CIF price for the month of shipment. Mt Carbine, on the Mulligan Highway northwest of Cairns, was historically one of the world's major tungsten mines and has been progressively redeveloped - initially through the processing of historical stockpiles and now through open pit mining of the primary orebody. Ore is upgraded using two ore sorters ahead of a gravity circuit producing a tungsten concentrate for export. The Company holds significant exploration tenements in the region including Wolfram Camp and the mining licence for Mt White. Concentrate from Mt Carbine is sold under a long-term volume-based agreement referencing the Fastmarkets Tungsten APT 88.5% WO3 Rotterdam CIF price for the month prior to shipment. About EQ Resources Limited 6 EQ Resources Limited Annual Report 2026
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