EQ RESOURCES LIMITED — AGM Information 2023

Nov 28, 2023

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EQ RESOURCES LIMITED Annual General Meeting 29[th] November 2023

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ASX : EQR 1

Disclaimer

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Competent Person's Statement

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• The information in this presentation partly relates to the outcomes of the Mt Carbine Bankable Feasibility Study Update (May 2023), 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 forward- looking 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.

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A Globally Significant Tungsten Raw Materials Supplier

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Corporate Overview

Key Statistics	Key Statistics
Share Price	A$0.067 per share
12-month range	A$0.04 - A$0.088 per share
Shares on Issue	1.57B
Market Capitalisation	A$107 million
Top 20 Shareholders	58%(~10% Board/Management)
Board & Management
Oliver Kleinhempel	Non-executive Chairman
Stephen Layton	Non-executive Director
Zhui Pei Yeo	Non-executive Director
Richard Morrow	Non-executive Director
Kevin MacNeill	Chief Executive Officer
Tony Bainbridge	Chief Geologist

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Share Price Performance

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Feasibility Study Resource Drilling results announced – Announcements: 06 July 2021 (link), 13 July 2021 (link), 05 August 2021 (link) Updated JORC Mineral Resource announced – Announcement: 23 September 2021 (link) Bankable Feasibility Study results announced – Announcement: 13 December 2021 (link) AMGC Grant for 2[nd ] XRT Sorter announced – Announcement: 25 January 2022 (link) Underground Scoping Study results announced – Announcement: 12 April 2022 (link) Government $6M Critical Minerals Grant announced – Announcement: 28 April 2022 (link) Early Work Program completion announced – Announcement: 27 June 2022 (link)

Phase 1 2022 Drill Program and Updated JORC Mineral Resource announced – Announcements: 04 May 2022 (link), 20 May 2022 (link), 04 August 2022 (link) Bankable Feasibility Study Update results announced – Announcement: 09 November 2022 (link)

First 2022 Drill Results: Iron Duke Disvocery and Confirmation Western Extension – Announcement: 13 February 2023 (link) JORC Mineral Resources Update (+64%) announced – Announcement: 04 April 2023 (link)

Strong BFS Update Delivers 47% Increase In NPV – Announcement: 22 May 2023 (link)

EQR acquires Tungsten Producer and Secures $25M Funding – Announcement: 10 August 2023 (link) Strategic Partner Cronimet Joins EQR Register – Announcement: 18 October 2023 (link)

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A Globally Significant Tungsten Raw Materials Supplier

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WO3
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Established Production

Australia’s largest primary tungsten producer, consistently accelerating production. Recent acquisition of Saloro (Barruecopardo Mine) makes EQR the largest western supplier of tungsten raw materials.

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Secured Long-Term Offtake Partnership

Secured offtake via CRONIMET partnership at fair market value. Product from both EQR mines globally accepted, shipments to some of the largest Asian, US and European consumers.

Both mines scaled up production over recent years: proven economics, fully permitted, infrastructure in place, low-cost expansion ongoing, Government supported.

De-Risked Operations

Both resources provide economic grades well above world average. Both mines with Life Of Mine >12 years. Ongoing drilling programs at clearly defined targets provide upside potential. Both mines are located in historic regional mining clusters.

Large Economic Resources

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

Positive Market Conditions & Outlook

EQR is committed to embedding resource efficiency to minimise environmental footprint and delivering positive societal impact while striving to lead by example. Recognised by industry and Government awards.

Genuine ESG Performance & Commitment

Beneficial re-use of waste product promotes Circular Economy commitment at Mt Carbine (similar investigations initiated for Saloro). Installation of solar PV renewable energy plant(s) to lower cost and reduce environmental footprint. Saloro’s PV project is construction-ready.

Beneficial Waste ReUse & Renewables As Cost-Saving Measures

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Last 12 Month Priorities – Status Update

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• Drill Mt Carbine exploration targets and increase open pit optimisation tonnage, drill inferred resource to –

• indicated (Phase 1 2022 Drilling Program) Completed

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

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

• –

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

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

• Progress initiatives around energy efficiency and critical minerals traceability – On Going

• Co-ordinating with other Australian tungsten developers on suitable routes for down-streaming and –

• value-adding (strong customer engagement) On Going

• Identify opportunities for growth as a globally significant Tungsten raw materials supplier – On Going

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Corporate Priorities of Coming 12 Months

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• Global Expansion and Collaboration: Emphasis on becoming an important global supplier of tungsten concentrate, expanding beyond Australia into operations in Spain with Barruecopardo.

• People, Safety, and Community Engagemen t: Building and training a workforce, with an absolute focus on safety, and engaging with local communities as a responsible mining operator.

• Continued Exploration and Expansion: Exploring extensions of the Mt Carbine/Barruecopardo orebodies and executing the Wolfram Camp work program.

• Operational Efficiency and Technology Adoption: Continue implementing advanced technology like the TOMRA XRT ore-sorters and an advanced crushing circuit to optimise mining operations.

• Safety and Training Initiatives: Continuing to prioritise safety and training, including extensive employee development programs.

• Infrastructure Development: Completing major capital projects for the enhancement of operational capabilities.

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Tungsten – A Material of Global Critical Significance

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Tungsten is classified as a 'critical mineral’ by the US, UK, EU, Japan, South Korea, India and Australia:

• Due to its economic importance

• Supply dependency with >80% China market share

• Inability to be substituted in many end-use applications

EU Commission rates tungsten with highest ‘economic importance’; EU Critical Raw Materials Act further classifies tungsten as a ‘strategic mineral’

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Dodd Frank Act (Art.1502) – tungsten, tin, tantalum & gold defined as ‘conflict minerals’ (resulting in wide ranging traceability obligations)

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Australia-US ‘Climate, Critical Minerals & Clean Energy Transformation Compact’ defines Australian resources as ’US domestic source’

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10 U.S.C. 2533c prohibits acquisition of samarium -cobalt magnets, neodymium -iron-boron magnets, tungsten metal powder, and tungsten heavy alloy or any finished or semi-finished component containing tungsten heavy alloy from North Korea, China, Russia, or Iran.

at 3420 [O] C highest melting point of all metals

as carbide compound hardest element after diamond

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Tungsten Market Overview

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• Decades of continuously increasing dependency on China resulted in a market where today 90% of tungsten raw materials

• originate from China and other non-transparent or conflicted sources – including Russia, North-Korea and Central Africa

• Contrary to the “disturbing” supplybalance, NAFTA, EU, Japan and South Koreaalone standfor ~2/3 of end-usedemand for tungsten products

• Strategic / developed industries (automotive, energy, aerospace, defense) continue to depend on tungsten, in addition to new applications in high-tech / high-growth sectors such as batteries and semiconductors (e.g. nano tungsten oxide)

• Declining output from Chinese mines and the lack of new projects (i.e. in the western world) will result in a severe shortage and further increasing geo-political competition around this critical mineral

Forecast Scenarios

Supply / Demand

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Source: ITIA Tungsten End Use Analysis (2021)

Source: (a) Argus Tungsten Analytics (2021), (b) Roskill Tungsten Outlook to 2030 (2021), (c) ITIA Tungsten End Use Analysis (2021)

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What We Care About

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Responsible and Sustainable Critical Mineral Production

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BENEFICIAL REUSE CORE VALUES
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Health & Safety Performance

Pro-active HSE culture through upskilling of employees

No lost time injuries record achieved at 600 days prior to reset.

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, pre-starts, 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 2022/23 5,697 80 24 Take 5 Safety Assessments JSEA Job Safety Toolbox Talks Environment Analysis

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2 491
Prestart safety Training programs
meetings per day completed
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Strengthening Safety Together: EQ Resources' 2023 Safety Reset - A Testament to Our Core Values. Featuring the attendance of a member of the QLD Mines Inspectorate and a guest speaker from WorkSafe QLD sharing a personal story to promote safety awareness. This important event emphasised our commitment to 'Act Safe. Feel Safe.' but also embodied our dedication to 'Lead with Integrity.' A day of meaningful reflection and proactive engagement, aligning perfectly with our ethos of 'Buddy Up' for collective safety and 'Dig Deep' in pursuit of continual improvement in workplace safety.

See EQ Resources Annual Report 2023

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ESG Commitment & Development Highlights

EQR is working towards GRI's Disclosure Standards for voluntary reporting, currently aligning 'in reference to' these standards. Additionally, EQR has completed the ICMM Self-Assessment to evaluate alignment with their Performance Expectations.

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Social
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Governance
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Environmental
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Development of tools and platforms to manage environmental impact

Supporting, sponsorship and involvement in key community initiatives

Program Maturity and accountability: ESG Sustainability Framework and Initiatives workbook

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Launch of EQR Sustainability tab on website

Emphasis on workplace health, safety, well-being and training

promoting transparency, accountability and development towards outward reporting

Continuous transparent monitoring studies and reporting

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Recognition For Our Sustainability Efforts Responsible and Sustainable Critical Mineral Production

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Mt Carbine Open Pit Operations

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Mt Carbine Open Pit Operations
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Equipment
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• 190 tons Hitachi 1900 excavator commissioned

• Additional 3 x 775F Articulated Dump Trucks to ensure delivery of mine plan targets.

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Personnel
Drill & Blast
Activity
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• Golding are operating at close to full capacity with 38 full time staff members now on site.

• 4 mechanical fitter awaiting to join the team

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• Drill & blast activities commenced in June with the first load hauled from the Andy White Open Pit on the 27th of June 2023.

• 21 blasts have been conducted to date.

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The build and commissioning of the Golding Hitachi 1900 Excavator has been completed without incident, and this machine is now fully operational.

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W atershed
t Carbine
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Due to local roads, the machine was at shipping format on arrival.

Supervision of the build was conducted by the Golding Maintenance team with great results.

The build was completed to the highest safety standards and all contractors involved worked together to complete the build on time and within budget.

A rescue plan was also conducted to bring awareness to the operational teams in the event of an emergency.

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Mt Carbine Production

Quarter on Quarter Ramp Up, Including Q2 FY2024 Forecast

WO3 Concentrate Production 50% Equivalent (kg)

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600,000
500,000
400,000
300,000
200,000
100,000
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Q3 FY2023 Q4 FY2023 Q1 FY2024 Q2 FY2024 Forecast
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Gravity Plant WO3 Concentrate Production 50% Equivalent last four Quarters.

*Based on wet weight off the scale.

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Solidly Developing Mt Carbine Economics Since 2021 Continuous Value Generation Through Targeted Exploration, Value Engineering and Technology Deployment

Comparison of Mt Carbine Project Economics (excl. Underground Feasibility Work)

Parameter Unit Initial BFS (December 2021) BFS Pit Optimisation (November 2022) BFS Pit Optimisation (May 2023) 104 Total Cash Cost (FCA) US$/mtu 113 118 Capital Cost A$m 22.96 21.4 26.3 Pre-tax NPV8, real A$m 131 210 307* NPV / Capex Ratio x 5.7 9.2 11.7 Payback Period years 2.25 1.5 <1 Strip Ratio (Waste:Ore) 11.1:1 3.1:1 3.9:1 Concentrate Produced (t / 50% WO3) 26,680 30,960 38,570	Parameter Unit Initial BFS (December 2021) BFS Pit Optimisation (November 2022) BFS Pit Optimisation (May 2023) 104 Total Cash Cost (FCA) US$/mtu 113 118 Capital Cost A$m 22.96 21.4 26.3 Pre-tax NPV8, real A$m 131 210 307* NPV / Capex Ratio x 5.7 9.2 11.7 Payback Period years 2.25 1.5 <1 Strip Ratio (Waste:Ore) 11.1:1 3.1:1 3.9:1 Concentrate Produced (t / 50% WO3) 26,680 30,960 38,570	Parameter Unit Initial BFS (December 2021) BFS Pit Optimisation (November 2022) BFS Pit Optimisation (May 2023) 104 Total Cash Cost (FCA) US$/mtu 113 118 Capital Cost A$m 22.96 21.4 26.3 Pre-tax NPV8, real A$m 131 210 307* NPV / Capex Ratio x 5.7 9.2 11.7 Payback Period years 2.25 1.5 <1 Strip Ratio (Waste:Ore) 11.1:1 3.1:1 3.9:1 Concentrate Produced (t / 50% WO3) 26,680 30,960 38,570	Parameter Unit Initial BFS (December 2021) BFS Pit Optimisation (November 2022) BFS Pit Optimisation (May 2023) 104 Total Cash Cost (FCA) US$/mtu 113 118 Capital Cost A$m 22.96 21.4 26.3 Pre-tax NPV8, real A$m 131 210 307* NPV / Capex Ratio x 5.7 9.2 11.7 Payback Period years 2.25 1.5 <1 Strip Ratio (Waste:Ore) 11.1:1 3.1:1 3.9:1 Concentrate Produced (t / 50% WO3) 26,680 30,960 38,570	Parameter Unit Initial BFS (December 2021) BFS Pit Optimisation (November 2022) BFS Pit Optimisation (May 2023) 104 Total Cash Cost (FCA) US$/mtu 113 118 Capital Cost A$m 22.96 21.4 26.3 Pre-tax NPV8, real A$m 131 210 307* NPV / Capex Ratio x 5.7 9.2 11.7 Payback Period years 2.25 1.5 <1 Strip Ratio (Waste:Ore) 11.1:1 3.1:1 3.9:1 Concentrate Produced (t / 50% WO3) 26,680 30,960 38,570
Parameter	Unit	Initial BFS (December 2021)	BFS Pit Optimisation (November 2022)	BFS Pit Optimisation (May 2023)
Total Cash Cost (FCA) US$/mtu 113 118				104
Capital Cost A$m 22.96 21.4				26.3*
Pre-tax NPV8, real A$m 131 210				307
NPV / Capex Ratio x 5.7 9.2				11.7
Payback Period years 2.25 1.5				<1
Strip Ratio (Waste:Ore) 11.1:1 3.1:1				3.9:1
Concentrate Produced (t / 50% WO3) 26,680 30,960				38,570

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Indicative Tax Payable from BFS modelling is +/- $95 Million over the LOM

• Capex has increased due to doubling plant capacity (without this, capex forecast is lower than last BFS)

Notes:

• The BFS has been prepared to a -20% to +20% level of accuracy. The production target and financial information in this table must be read in conjunction with the cautionary statement in the relevant ASX Release

• AUD:USD average exchange rate of 0.688 over the life of project was used for currency conversions

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Ongoing Blast Master

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Current bottom level of the pit floor divided by blasts, sorted by grade.

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Planned New UG Development to Access Iron Duke Resources

EQ026: 5.95m @ 0.94% WO3 EQ029: 9.76m @ 0.46% WO3 from 140.84m, incl. 2.25m @ 1.90% WO3 from 140.84m

EQ029

EQ026

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Saloro as Latest Member of EQR Group

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Europe’s Largest Tungsten Mine, With Outstanding ESG Credentials, Additional Ramp-Potential and Regional Exploration Upside

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World-class
Processing Plant
Open Pit
Barruecopardo
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Iberian Peninsula has historically been one of the leading Tungsten producing regions globally:

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Tungsten Cluster
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Barruecopardo History:

• Mine discovered in 1900’s, stopped in 1982;

• Redeveoped by Saloro in 2019;

• EQR acquired in Q3/23, expansion planned for 2024

Note: Barruecopardo Mine has been in operation since 2019, funded by US private equity group, Oaktree, on the basis of a historic bankable feasibility study; EQR is currently preparing an update of the historic independent mineral resource and ore reserves estimate and will report a JORC-compliant update within Q1/2024; until then EQR is not allowed to report financial projections for the Barruecopardo project.

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EQR & Saloro’s Global Significance

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Arguably the two best producing tungsten assets today, with similar characteristics:

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• Both in Tier 1 jurisdictions

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• Similar mineralogy : Both are hosted in sheeted quartz

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• Complementary geology: Granite (Barruecopardo) and Metasediments (Mt Carbine)

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• Identical mining method: Open pit blast plus truck and excavator - identical fleet

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• Similar processing: Crush, screen, XRT-sorting, jigs and tables; Saloro incorporates flotation and mag.sep.cleanup, producing a higher-grade product

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EQR will have a production second only to Vietnam in ex China/ Russia producing countries, and second only to Nui Phao (Masan Group, Vietnam) compared to top producers ex China/Russia.

• Identical Marketing: Both supplying the same end customers

• Both operating adjacent to world renowned National Parks ( strong ESG credential )

• Organisational and significant technical synergies

(comparable operational output)

Read More on EQR’s Saloro Acquisition:

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Click
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Saloro Transaction Summary – Key Terms

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• EQR through its wholly-owned subsidiary, European Tungsten Pty Ltd, agreed to acquire 100% of Saloro for a

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• nominal consideration of EUR1

• European Tungsten also acquired the benefit of all of the intercompany loans owed by Saloro to the Oaktree Group (which is approximately EUR80mio) for EUR1 (meaning no repayment of those loans to Oaktree, as now owned by EQR)

• Closing conditional upon the satisfaction of certain conditions precedent, including the approval of foreign direct investment agencies in both Australia and Spain

• EQR will issue 278 million shares at an issue price of $0.09 per share (representing a ~30% premium to the 15 days VWAP) and grant 78 million Options (with an exercise price of $0.10 per share, exercisable during the period of 2 years following the Completion Date)

• Saloro currently has outstanding debts of approximately EUR35mio to various reputable third-party Spanish banks, at very competitive interest rates (EUR5mio repaid from Subscription proceeds, additional EUR5mio from proceeds of Oaktree options exercise).

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Wolfram Camp – EQR Awarded Preferred Tenderer EPM

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Opportunity & Strategic Rationale

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Wolfram Camp
Historical Operations
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Perfectly situated within a Critical Minerals Hub (W, Sn) in Far North Queensland:

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Tungsten Cluster
W atershed
Mt Carbine
W olfram Camp
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Opportunity

Strategic Rationale

• Proximity : Within 2-hours from Mt Carbine by

• Two Primary Exploration Zones.

• good road infrastructure.

• 477 km[2] area.

• Potential access to historic processing plant .

• Major areas of Wolfram Camp & Bamford Hill.

Cluster potential - significant mineral deposits defined in the region:

• Able to share management costs .

• Historic Waste Dumps are a priority ( recent

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Watershed: 2014 DFS by Vital Metals (2012 JORC)

• work done by University of Queensland

• Potential for a processing hub (“tungsten cluster”).

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highlights potential).

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

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• Strong potential for economic deposit.

EQR Awarded Permit for Historic Wolfram Camp Mine. 27 Jul 2023 (link)

• Government support.

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Strategic Partners

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Endorsement Through Funding & Grants Strong Support for Critical Minerals Projects in Australia

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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

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Inflection Point of Value

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INCREASING MARKET CAP & NPV INCREASING SHARE PRICE
350 0.08
307
0.07
0.07
300
0.06
250
0.05
209
0.05
200
0.04
0.03
150 131
~100 0.03
100
100 33%
0.02
50
50 24%
20 0.01
15%
0 0.00
01/07/2021 01/07/2022 03/07/2023
2021 2022 2023 2021 2022 2023
JULY yearly
Market Cap
share price

NPV .
$AUD
$AU Millions
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%Of Market Cap

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Site Contact:

Kevin MacNeill

Chief Executive Officer

T: +61 438 542 260

E: kmacneill@eqresources.com.au

Registered Office:

Level 4, 100 Albert Road South Melbourne, VIC 3205 Australia

E: info@eqresources.com.au

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Investor Relations:

Peter Taylor NWR Communications

T: +61 412 036 231

E: peter@nwrcommunications.com.au

Mt Carbine Office:

6888 Mulligan Highway, Mt Carbine Qld 4871 PO Box 1496, Mareeba Qld 4880 www.eqresources.com.au

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