EQ RESOURCES LIMITED — AGM Information 2022

Nov 22, 2022

==> picture [178 x 157] intentionally omitted <==

==> picture [638 x 342] intentionally omitted <==

EQ RESOURCES LIMITED AGM

23 November 2022

ASX : EQR

==> picture [51 x 49] intentionally omitted <==

Disclaimer

Competent Person's Statement

==> picture [106 x 73] intentionally omitted <==

• The information in this presentation partly relates to the outcomes of the Mt Carbine Bankable Feasibility Study Update (November 2022), made available through the Company’s website www.eqresources.com.au/.

• The Company confirms that it is not aware of any new information that materially affects the information included in the corresponding market announcements and that all material assumptions and technical parameters underpinning the estimates in the relevant market announcements continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcements.

General Disclaimer

• The material contained in this document is a presentation of general information about the Company's activities current as at the date of this presentation. It is provided in summary and does not purport to be complete. You should not rely upon it as advice for investment purposes, as it does not take into account your investment objectives, financial position or needs. These factors should be considered, with or without professional advice, when deciding if an investment is appropriate.

• This document may contain forward-looking statements with respect to the financial condition, results of operations, and business strategy of the Company. These forward-looking statements are based on estimates, projections and assumptions made by the Company about circumstances and events that have not yet taken place. Although the Company believes the forwardlooking statements to be reasonable, they are not certain. Forward-looking statements involve known and unknown risks, uncertainties and other factors that are in some cases beyond the Company's control, and which may cause actual results, performance or achievements to differ materially from those expressed or implied by the forward-looking statements (and from past results).

• The Company makes no representation or warranty as to the accuracy of any forward-looking statements in this document and undue reliance should not be placed upon such statements.

• Forward-looking statements may be identified by words such as “aim”, “anticipate”, “assume”, “continue”, “could”, “estimate”, “expect”, “intend”, “may”, “plan”, “predict”, “should”, “will”, or “would” or the negative of such terms or other similar expressions that are predictions of or otherwise indicate future events or trends. The forward-looking statements included in this document speak only as of the date of this document. The Company does not intend to update the forward-looking statements in this document in the future.

2

Mt Carbine: Australia's Only Primary Tungsten Producer

Corporate Overview

Key Statistics	Key Statistics
Share Price	$0.05 per share
12-month range	$0.04 - $0.078 per share
Shares on Issue	1,453 million
Market Capitalisation	$66.8 million
Top 20 Shareholders	61%

Board & Management	Board & Management
Non-Executive Chairman	Oliver Kleinhempel
Non-Executive Director	Stephen Layton
Non-Executive Director	Zhui Pei Yeo
Non-Executive Director	Richard Morrow
Chief Executive Officer	Kevin MacNeill
Chief Geologist	Anthony Bainbridge

==> picture [110 x 76] intentionally omitted <==

Share Price Performance

==> picture [440 x 95] intentionally omitted <==

----- Start of picture text -----

2
4 6
3
7 8 9
5
----- End of picture text -----

==> picture [17 x 19] intentionally omitted <==

----- Start of picture text -----

1
----- End of picture text -----

1

• 1 Feasibility Study Resource Drilling results announced – Announcements: 06 July 2021 (link), 13 July 2021 (link), 05 August 2021 (link) 2 Updated JORC Mineral Resource announced – Announcement: 23 September 2021 (link)

• 3 Bankable Feasibility Study results announced – Announcement: 13 December 2021 (link) 4 AMGC Grant for 2[nd] XRT Sorter announced – Announcement: 25 January 2022 (link)

• 5 Underground Scoping Study results announced – Announcement: 12 April 2022 (link)

• 6 Government $6M Critical Minerals Grant announced – Announcement: 28 April 2022 (link)

• 7 Early Work Program completion announced – Announcement: 27 June 2022 (link)

• 8 Phase 1 2022 Drill Program and Updated JORC Mineral Resource announced – Announcements: 04 May 2022 (link), 20 May 2022 (link), 04 August 2022 (link)

• 9 Bankable Feasibility Study Update results announced – Announcement: 09 November 2022 (link)

4

==> picture [106 x 73] intentionally omitted <==

Mt Carbine: A Globally Significant Business

Currently in WO3 Production

Australia's only primary tungsten producer , consistently accelerating production . Open pit production to commence by April Quarter 2023.

==> picture [48 x 376] intentionally omitted <==

Secured Long-Term Offtake Partnership

De-Risked

Economic Resource

Positive Market Conditions & Outlook

Genuine ESG Performance & Commitment

Experienced Leadership & Upskilled Staff in Place

Beneficial Re-Use for 2[nd ] Revenue Stream

Secured offtake via CRONIMET partnership for at least 25,000 tonnes concentrate at fair market value - worth $400 million at current pricing . Product globally accepted, shipments to some of the largest Asian, US and European consumers.

Proven production, Proven economics, Fully permitted, Infrastructure in place, Low-cost expansion ongoing, Offtake contracts in place, Government supported . Fully funded for Open pit production.

Well above world average grade, Life Of Mine at 14yr +. Stage 2 BFS Open Pit only uses 18% of Mineral Resource. Ongoing drilling expected to increase Life of Mine , further improve costs and increase production rates.

Increasing commodity price forecast combined with favourable supply-demand dynamics underpins Mt Carbine's strategic relevance in the critical minerals sector. Classified as critical mineral for its economies by US, UK, EU, Japan, South Korea & India.

EQR is committed to embedding resource efficiency to minimise environmental footprint and delivering positive societal impact while striving to lead by example through having the courage to do the right thing and be accountable.

Major milestones achieved keeping the project on track and credible . Constant staff training ensures a skilled and proficient workforce with high capability that is locally sourced with long-term commitment.

Beneficial Reuse of waste product promotes Circular Economy commitment in-line with QLD Government initiatives while generating $4 million gross revenue in 2020/2021.

5

Last 12-month Priorities – Status Update

==> picture [110 x 76] intentionally omitted <==

• ✓ Phase 1 completed and increase production to 70 to 90tpm tungsten concentrate,

• becoming profitable Phase 1 completed, 70 to 90tpm on Track

• ✓ Financial Close for Phase 2 Expansion (BFS scope) - Completed

• ✓ Drill Mt Carbine exploration targets and increase open pit optimisation tonnage, drill inferred resource to indicated (Phase 1 2022 Drilling Program) - Completed

• ✓ Further enhancing HSE standard at site, extending training program for employees - Completed & Ongoing

• ✓ Amendment to environmental authority (EA) to start open pit mining - Submitted

• ✓ Further promote ”green aggregate” products to reduce environmental footprint of regional construction sector - Completed

6

Priorities of Coming 12-months

==> picture [110 x 76] intentionally omitted <==

• Drilling of Western Extension & exploration targets (Phase 2 2022 Drilling Program)

• Construction of BFS Phase 2 (expanded crushing and screening plant)

• Re-opening underground access to decline – assess & define PFS scope of work

• Receipt of EA Amendment, re-start open-pit mining & high-grade ore processing

• Progress initiatives around energy efficiency and critical minerals traceability

• Co-ordinating with other Australian tungsten developers on suitable routes for down-streaming and value-adding (strong customer engagement)

7

Stakeholder ESG Sentiments

ESG Organisational Performance

Stakeholders were asked to rate whether the organisation was perceived to be leading or lagging across each of the 12 ESG themes. They were asked to do this for current state, as well as for where they felt the Organisation should be positioned / aiming to be.

==> picture [119 x 64] intentionally omitted <==

----- Start of picture text -----

Current
Aspiration
Materiality 1 2 3
----- End of picture text -----

==> picture [110 x 76] intentionally omitted <==

This information has been overlayed with the top 3 themes considered to be most material across the stakeholder groups.

==> picture [425 x 50] intentionally omitted <==

Organisational Performance Scale

Lagging - Organisation is not investing in this category. Meets compliance obligation but nothing additional.

Leading - Substantial investment in this category. Significantly advanced compared to industry average

==> picture [406 x 135] intentionally omitted <==

----- Start of picture text -----

Limited; 1
Respondent Understanding of ESG
Strong; 4
When rating their own understanding
Moderate; 4
of ESG, most stakeholders felt they
had moderate to strong knowledge of
what ESG is.
Good; 10
.
----- End of picture text -----

Limited Moderate Good Strong

8

ESG Commitment & Development Strategy

==> picture [237 x 178] intentionally omitted <==

==> picture [267 x 178] intentionally omitted <==

Supporting Women in Mining

Working with Local Indigenous Elders Promoting Employment

==> picture [238 x 178] intentionally omitted <==

==> picture [268 x 179] intentionally omitted <==

Mt Carbine Rodeo Sponsorship

==> picture [110 x 76] intentionally omitted <==

==> picture [238 x 178] intentionally omitted <==

Creating Diverse Teams

==> picture [238 x 179] intentionally omitted <==

Local Cancer Fundraiser Support

Supporting Regional Frogbit Sentinel Program

9

Mt Carbine Operations & BFS Update

Mt Carbine’s Major Infrastructure Advantages

De-risked Mt Carbine Open Pit & Modernisation Project is currently Australia’s only primary Tungsten mine and is exporting concentrate economically and consistently to global consumers

==> picture [99 x 123] intentionally omitted <==

----- Start of picture text -----

Road
Infrastructure
International
Airport &
Port
----- End of picture text -----

==> picture [100 x 57] intentionally omitted <==

• Tungsten concentrate currently produced at site is loaded into bulk bags, sealed and sold ex-gate at Mt Carbine.

• Sealed, maintained highway ensures consistent trucking access to mine site.

• • Close proximity to international export channels underpins low-cost production. • 130km via sealed highway to Cairns International Airport.

==> picture [100 x 56] intentionally omitted <==

• Townsville Port received $232 million upgrade in 2021, securing its position as largest port in North Australia and the economic gateway to Asia.

• • 2021 upgrade of power supply line & new substation allows plant to operate 24/7. • Will accommodate all future growth phases of Mt Carbine as production ramps up with mining of Open Pit.

==> picture [98 x 57] intentionally omitted <==

----- Start of picture text -----

Power Supply
----- End of picture text -----

==> picture [100 x 57] intentionally omitted <==

• Bulk fuel supply on site through direct local supplier ensures reliability.

• • Mt Carbine motel, roadhouse, fuel station & caravan park chalets for out-of-town specialist teams. Nearby towns of Port Douglas, Mossman, Mt Molloy & Mareeba allow up-skilled staff to be sourced locally and go home each day.

==> picture [98 x 57] intentionally omitted <==

----- Start of picture text -----

Accommodation,
Offices, Buildings
& Towns
----- End of picture text -----

==> picture [100 x 56] intentionally omitted <==

• Upgraded onsite Management & Admin offices facilitate hands-on management.

==> picture [99 x 57] intentionally omitted <==

----- Start of picture text -----

Water Supply
Security
----- End of picture text -----

==> picture [99 x 57] intentionally omitted <==

Multiple responsible sources of supply including 2 catchment storage dams, 17 investigation- and 1 production boreholes, draining of open pit, recycling of water through plant.

==> picture [99 x 57] intentionally omitted <==

----- Start of picture text -----

Mining
Infrastructure
----- End of picture text -----

==> picture [100 x 57] intentionally omitted <==

• Completed upgrades in processing facilities positions Mt Carbine as Australia’s only primary Tungsten mine currently in production and exporting consistently

• • Processing facilities are designed for steady-state production of 1Mtpa. • 2x Tomra XRT Ore Sorters secure economic viability of project.

==> picture [106 x 73] intentionally omitted <==

Perfectly situated within a Critical Minerals Cluster (W, Sn) in Far North Queensland:

==> picture [207 x 184] intentionally omitted <==

----- Start of picture text -----

Tungsten Cluster
Watershed
Mt Carbine
Wolfram Camp
----- End of picture text -----

Cluster potential - significant deposits defined in region

• Watershed: 2014 DFS by Vital Metals (2012 JORC)

• Wolfram Camp 2015 Technical Report by Almonty Industries (NI 43-101)

11

Health & Safety Performance

Pro-active HSE culture through upskilling of employees

No lost time injuries in over 500 days.

Safety and Management team continue to actively working to promote a Think First, pro-active safety culture.

Pro-active indicators of risk assessments, JSEAs, Take-5, safety permits, drug testing, safety meetings, inspections, prestarts, etc. continue to be at forefront of Company’s focus.

Strong focus on training and upskilling of employees through on-site training and value-add courses.

PROACTIVE SAFETY INDICATORS – FY 2021/22

==> picture [106 x 73] intentionally omitted <==

==> picture [344 x 278] intentionally omitted <==

EQR Supervisor, Andrew Uwland (middle) is presented with the first ‘Safety Legend’ Award in QLD by the Hon Stewart, Minister of Resources (left) and Department of Resources Director General, M. Cridland.

==> picture [449 x 59] intentionally omitted <==

----- Start of picture text -----

2,806 114 24 2 28
Take 5 Safety Assessments Environment AnalysisJSEA Job Safety Toolbox Talks meetings per dayPrestart safety Traineeshipsstarted
----- End of picture text -----

12

==> picture [106 x 73] intentionally omitted <==

Mt Carbine Process Flowsheet

Technologically driven | Economically proven | Actively Producing | Consistently Selling | Environmentally Responsible

==> picture [382 x 175] intentionally omitted <==

----- Start of picture text -----

XRT Ore Sorter Plant Stockpiled for Quarry Sales
• Sorter Feed undergoes utilising X-Ray Technology10x upgrade and is 6- 40 mm • 6-40mm barren bi-product for sale in quarry as
transported to Gravity Beneficiation plant Sorter aggregate product
for tertiary crushing prior to gravity processing bi-product • Production of 18 environmentally friendly profit-
generating quarry products – beneficial reuse
promoting circular economy
----- End of picture text -----

• Ore : Low Grade Stock Pile Primary Crush & Screen

• • Currently 12Mt low-grade historical • Processing facilities are designed for steady-state production stockpile and 2Mt historical tailings throughput of 1Mtpa 6- 40mm resource is feeding production Sorter feed

• • Free-dig mining of stockpile material is • From crushing, materials are fed into and wet screening facilities currentlydry in directly fed to crushing and operation

• Stockpiled for Quarry Sales

• • 6-40mm barren bi-product for sale in quarry as aggregate product

• Free-dig mining of stockpile material is directly fed to crushing and screening facilities for sizing prior to downstream beneficiation

==> picture [98 x 7] intentionally omitted <==

----- Start of picture text -----

-6mm tungsten sorter concentrate
----- End of picture text -----

• -6mm inert manufactured sand for sale in quarry

• 6-40mm ore material is fed into the 2x Tomra XRT Ore Sorters for upgrading Gravity Beneficiation Plant

• • -6mm fines are directly pumped in a wet -6mmFines feed -6 mm Tailings slurry to Gravity Plant for beneficiation

==> picture [157 x 111] intentionally omitted <==

----- Start of picture text -----

Ore : Open Cut Mine
----- End of picture text -----

• Final Concentrate Exported

• • Accelerated Production Continues

==> picture [158 x 111] intentionally omitted <==

----- Start of picture text -----

Oversize stockpiled for Quarry Sale
----- End of picture text -----

• High-capacity Gravity Separation Tables separate heavy valuable tungsten material from the lighter-weight, barren tailings

WO3 Concentrate

• Existing infrastructure , pit and 430m decline allows cost- and time-efficient start of OC and UG works that will feed high-grade ore into existing production line

• Production process has calculated overall Tungsten recovery of 79.5% , for the crushing/screening/sorting and gravity plant

  • Mt Carbine Produces a premium Ammonium Paratungstate product that contains 50% WO3

• Oversize, uneconomical rock is stockpiled for beneficial reuse through quarry sales.

• OC Strip Ratio = 3.11 over LOM

• Tungsten concentrate currently produced at site is loaded into bulk bags, sealed and sold ex-gate at Mt Carbine for export

• Used in the building of regional breakwaters, boat ramps and infrastructure development

13

Technologically Driven, Economically Proven Overcoming Western World difficulties using Sensor Based Sorting

==> picture [106 x 73] intentionally omitted <==

==> picture [375 x 197] intentionally omitted <==

==> picture [375 x 201] intentionally omitted <==

• ✓ Quarter-on-quarter growth for all production areas (operating on a 24/7 basis)

• ✓ Early Works capital projects benefiting production outputs

• ✓ Phase 1 Crushing/Screening plant production outputs growing monthly

• ✓ Two TOMRA XRT Sorters fully operational driving concentrate outputwill

• ✓ Gravity processing plant benefiting from higher quality material with BFS planned recoveries being achieved

• ✓ Skilled workforce in place, HSET Systems established and strong

==> picture [363 x 202] intentionally omitted <==

14

Mt Carbine Ore Reserves - Increase by 29%

==> picture [597 x 366] intentionally omitted <==

----- Start of picture text -----

Reserve Tonnes
Orebody Classification (Mt) Grade (%WO3) WO3 (Mtu)
- -
LGS - Proved
Low Grade Stockpile 750,000
LGS - Probable 10 0.08%
- - +29%
Open Pit - Proved
In- Situ 1,155,000
Open Pit - Probable 3.50 0.33%
All TOTAL 13.50 1,905,000
Reserve Tonnes
Orebody Classification (Mt) Grade (%WO3) WO3 (Mtu)
- -
LGS - Proved
Low Grade Stockpile 759,750
LGS - Probable 10.13 0.075%
- -
Open Pit - Proved
In- Situ 898,380
Open Pit - Probable 1.26 0.713%
All TOTAL 11.39 1,658,130
September, 2022
December, 2021
----- End of picture text -----

==> picture [110 x 76] intentionally omitted <==

Key take-aways:

• Increase in Reserves by 256,000 Mtu in a smaller pit design as we bring in the ‘halo’ ore

• Pit designed so 95% of this increase comes into Year 1

• Strip Ratio drops from 11:1 to 3:1

• Reserves are anticipated to grow into Phase 3 Pit

For further details refer to ASX Announcement dated 16 September 2022: Material Increase In Mount Carbine Ore Reserve

15

Compelling Economics

Strong BFS Update enhanced by 29% Open Pit Reserve Upgrade

==> picture [106 x 73] intentionally omitted <==

==> picture [714 x 403] intentionally omitted <==

16

==> picture [943 x 467] intentionally omitted <==

----- Start of picture text -----

3
5
4
2
6
1
Mt Carbine Expansion & Development Plan
----- End of picture text -----

100% owned by EQ Resources

Mt Carbine Mine Site

17

Mt Carbine Phased Development Plan

Includes integration of open pit and processing facility modernisation

BFS Scope

Stage 1

Stage 2

Focus: Commencement of open pit mining. Crushing and screening plant and processing plant will be upgraded to further reduce operating costs and improve the tungsten recovery from the open pit high grade ore.

Focus: Minimal capital expenditure, incremental improvements to increase the mine’s productivity and profitability focusing solely on the mining and processing of the Low-Grade Stockpile.

Stage 2 Projected pit encompassing additional resource

Stage 1 Crushing and Screening Circuit Design

==> picture [273 x 136] intentionally omitted <==

==> picture [258 x 136] intentionally omitted <==

Stage 2 Crushing and Screening & Sorting Circuit Design

Stage 1 Crushing and Screening Circuit in production

==> picture [273 x 138] intentionally omitted <==

==> picture [258 x 138] intentionally omitted <==

==> picture [110 x 76] intentionally omitted <==

Stage 3

Focus: Underground Mining; >82% of current Mineral Resources are not in the Open Cut BFS but rather sit below the planned pit & in the Iron Duke Formation. A full scoping showed a longlife Underground Mine has potential and EQR should complete a PFS on this option.

Stage 3 Projected additional underground resource

==> picture [262 x 249] intentionally omitted <==

18

Development Timeline

Phased approach for early cash flow, with continuous Resource development

==> picture [110 x 76] intentionally omitted <==

==> picture [961 x 434] intentionally omitted <==

----- Start of picture text -----

UG Facilitation Early Works Funding & Bankable Secure Western
Environmental Doc Internal Engineering Feasibility UG Scoping Expansion MRE Nov 2022: Extension UG Resource
Approval Approval Study Complete Complete Study Funding Update BFS Update Reserve Update Update
✓ ✓ ✓ ✓ ✓ ✓ ✓
2021 2022 2023 2024
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Feasibility – Mineralised Stockpile
Secure Funding Facility
& Open Pit 1 MTPA Plant Ordering & Construction
Phase 1 Western
Gravity Plant UG Scoping Restart - OC Mining
Extension
Upgrade to Study
Resource Update
1,000tpd
Western Extension
Early Works Upgrade – Crushing Plant UG reopen & UG
Drilling & Reserve
Resource Drilling
Update
Processing of Mineralised Stockpile – increasing with plant capacities
✓ ✓
Application - 1Mtpa
Mining & Sorting Approval - 1Mtpa Application - Up to 1Mtpa gravity Approval - 1Mtpa Amendment Application - Approval – Extraction 19
Mining & Sorting processing gravity processing Extraction Open Pit Mining Open Pit Mining
----- End of picture text -----

Mt Carbine Production Ramp-Up

==> picture [712 x 440] intentionally omitted <==

----- Start of picture text -----

OC Mine opening
subject to permitting
Concentrate
Tonnes 3000 – 6000T
6000
0.33% WO3
3000
XRT Sorter Upgrade
Two Sorters with Early
Power Upgrade Works Plant Commissioned:
Single Sorter with 24/7 LGS Only
crush & screen operation :
Tailings + LGS Feed (70/30)
Production Guidance
900 – 1200T
2021
Pilot Sorter with Gravity Plant:
1000 Tailings + LGS (90/10) 500 – 750T 0.08% WO3

240 – 360T 0.08% WO3
0.08% WO3
✓ ✓
. .
2021 Current Next 9 months Next 12-24 months
----- End of picture text -----*

Next 9 months

==> picture [110 x 76] intentionally omitted <==

Plant Processing Capacity*

1Mtpa Processing Capacity

360ktpa processing Capacity

20

Basis 50% WO3 concentrate // Based on new pit design // **Actual / estimated feed grade

Phase 2 2022 Drilling Program - Key Objectives

==> picture [601 x 410] intentionally omitted <==

==> picture [106 x 73] intentionally omitted <==

First

Resource Drilling - 19 holes

• Increase Indicated Resources in the western area

• Fills in the gaps in Dyke West Zone & Main BFS Pit

• Could add 4 years to open pit mine life

21

Phase 2 2022 Drilling Program - Key Objectives

==> picture [572 x 417] intentionally omitted <==

==> picture [106 x 73] intentionally omitted <==

Second

Exploration Drilling - 4 holes

• Explore new high-grade vein discoveries; Located in soil sampling within the Iron Duke System (Ruby & Crown Veins)

• Explore around previous highgrade intersect in Hole EQ026 (5.95m@0.94%WO3)

22

==> picture [106 x 73] intentionally omitted <==

Exploration Drilling Overview

==> picture [869 x 417] intentionally omitted <==

----- Start of picture text -----

Iron Duke 2
North West Pit Summary
BFS
Extension
Pit
1 Resources
•
Target to bring in more
Resources in western
1
Hole EQ026
pit for further pit
5.95m@0.94% WO3 expansion
Extension Hole
Exploration
2 • Iron Duke zone
•
Hole EQ026 depth
3
extents
Target Zone
3
----- End of picture text -----

23

Strategically Aligned With Key Stakeholders

==> picture [199 x 66] intentionally omitted <==

==> picture [208 x 66] intentionally omitted <==

==> picture [190 x 46] intentionally omitted <==

==> picture [114 x 115] intentionally omitted <==

==> picture [107 x 90] intentionally omitted <==

==> picture [139 x 80] intentionally omitted <==

==> picture [191 x 191] intentionally omitted <==

Endorsement Through Funding & Grants Strong support for critical minerals projects in Australia

==> picture [115 x 106] intentionally omitted <==

==> picture [217 x 71] intentionally omitted <==

==> picture [161 x 119] intentionally omitted <==

Queensland METS Collaborative Projects Fund (METS Ignited) ASX Announcement 24 July 2020: Government Support for Mt Carbine Mine Waste Transformation Initiative Advanced Manufacturing Growth Center (AMGC) ASX Announcement 25 January 2022: Federal Government Co-Invests in High-Tech Ore Sorting Critical Minerals Accelerator Initiative (CMAI) ASX Announcement 19 September 2022: Federal Government Funding for Mt Carbine Reconfirmed

24

==> picture [345 x 171] intentionally omitted <==

Follow us on

==> picture [34 x 32] intentionally omitted <==

==> picture [43 x 32] intentionally omitted <==