EQ Resources (EQR) investor relations material

Strategic positioning and market fundamentals

• Delivers tungsten from Australia and Europe’s largest mines, supplying global markets amid rising demand and geopolitical tensions.

• Recognized as a critical and strategic mineral by major economies, with policy support such as the US-Australia Critical Minerals Framework and US EXIM Bank interest.

• Operates in stable jurisdictions, providing ethical and resilient supply chains outside restricted countries.

• Long-term spot-priced offtake agreements in place, serving Europe, North America, and Asia.

• Faces a tightening tungsten market with China controlling over 85% of supply and Western supply deficits driving higher prices.

Operations and production growth

• Owns and operates Mt Carbine (Australia) and Barruecopardo (Spain), both 100% owned and scalable.

• FY26 production reached 1,189 tonnes WO3, with targeted uplift to over 3,850 tpa across both mines.

• Mt Carbine expansion project underway, doubling crushing capacity to ~2mtpa, commissioning expected Q3 FY2027.

• Barruecopardo increased JORC reserves by 39%, with ongoing optimization and a 12,200m drill program.

• Wolfram Camp and regional tenements add further exploration and development potential.

Resources, reserves, and exploration

• Mt Carbine: 41.36Mt @ 0.23% WO3 resource, 14.8Mt reserves; focus on high-grade Iolanthe Vein and expansion drilling.

• Barruecopardo: 21.49Mt @ 0.19% WO3 resource, 13.87Mt reserves; 8 adjacent exploration permits targeted.

• Regional tenements expanded to 1,136km², with additional 824km² under application.

• Exploration pipeline includes Wolfram Camp, Bamford Hill, and other targets.