ANNUAL REPORT June 2026 Notes to the Consolidated Financial Statements 9. CONTRACT LIABILITIES 2026 A$’000 2025 A$’000 Current Non-Current Total Current Non-Current Total Deferred Revenue (i) 11,227 - 11,227 - - - Contract liability- offtake (ii) 5,079 - 5,079 13,143 - 13,143 Total contract liabilities 16,306 - 16,306 13,143 - 13,143 (i) Deferred Revenue Deferred revenue comprises advances received from customers under offtake and supply arrangements, recognised as a contract liability until the related tungsten concentrate is delivered and control transfers. (ii) Contract Liability – Offtake 2026 A$’000 2025 A$’000 Contract Liability – Offtake Balance at the beginning of the year 13,143 4,906 Offtake secured during the year - 3,220 Offtake repaid during the year (7,653) - 50% recognition upon JV acquisition - 4,906 Unrealised foreign exchange (gain) / loss (411) 111 5,079 13,143 The initial offtake advance is denominated in USD and the Offtake Advance Agreement between Cronimet Asia Pte Ltd and Mt Carbine Retreatment Pty Ltd governs the terms and repayment of this advance. During the year, the Group drew down and fully repaid a further offtake prepayment facility of US$2,108,802 from the Company's offtake partner, Cronimet Asia Pte Ltd, under the Supply & Purchase Agreement between Cronimet Asia Pte Ltd and EQ Resources Limited. This advance was denominated in USD and was repaid in full on 9 June 2026, with no balance outstanding at 30 June 2026. The contract liability arrangements for the Offtake Advance are secured as follows: • general security deed from Mt Carbine Retreatment Pty Ltd over its present and subsequent acquired assets; • general security deed from Cronimet Australia Pty Ltd over all its present and subsequent acquired assets; and • mortgage from Mt Carbine Quarries Pty Ltd over mining leases ML4867 and ML4919. This mortgage also includes an interest over “Featherweight Property”, which is all other property of Mt Carbine Quarries Pty Ltd other than the mining leases. The mortgage is limited recourse in that it is limited to the value of the mining leases. 80 EQ Resources Limited Annual Report 2026 Notes to the Consolidated Financial Statements continued
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