EQ RESOURCES LIMITED — AGM Information 2023

Nov 28, 2023

resourcing the new economy for a better tomorrow

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29[th] November 2023

CHAIRMAN’S ADDRESS

EQ Resources Limited ( EQR or the Company ) is pleased to release the Chairman’s address to be presented at the Annual General Meeting (AGM) to be held at 3.00pm (AEDT) today, 29 November 2023.

Chairman’s Address:

Dear Shareholders and Friends of EQR,

It is my pleasure to welcome you all to the 2023 Annual General Meeting of EQ Resources Limited.

Allow me to start this year’s review with a general and rather personal reflection of what we are currently seeing around the world.

I would leave it to better equipped economists to comment on high inflation and rapidly rising interest rates as seen in the recent two years, and its potential impact on commodity prices moving forward. In times when geopolitical conflicts seem to swiftly transform into military confrontation, these cyclical economic challenges should anyway rather be seen a “secondary problem”.

It is sad that we need to remind ourselves more often these days about the absolute basic rights of any human being: to live in peace while thriving for security and prosperity! Some may (rightly) argue these basic values have been undermined throughout history of mankind. But the sheer number of regional, violent, and clearly human rights violating conflicts currently flaring up, with direct and indirect involvement of what we typically consider “developed nations”, is truly concerning!

FROM ‘IN DEPENDENCE’ TO INDEPENDENCE.

Without commenting further on the hellishness of ongoing military confrontations, what seems to become a norm are the “economically fought” and trade related conflicts that have settled in the political leader’s minds across the globe, and which seem to have found widespread acceptance across social classes. These are not conflicts around beliefs or religion but are typically related to access to resources and therefore the capacity for economic growth.

It might sound far-fetched but developing access to and mining of critical minerals, by definition, follow a wider theme, and if a higher degree of resource independence is a tool to reduce geo-political tensions and conflicts, then EQ Resources has contributed positively to the world, over and above the sole generation of shareholder value and other economic means. This shall drive everybody involved!

But let us now review the development and the performance of the Company during the past year.

The past 12 months have seen enormous changes at our Company. As we are meeting today, our team at Mt Carbine, led by our CEO, Kevin MacNeill, and our Chief Geologist, Tony Bainbridge, is into month five of mining primary ore from the Andy White open pit. This is the result of two years of planning and implementing the strategy outlined in our feasibility studies. We have reached a stage where our geology- and mining models can now be refined with real-life data and those reconciliations assist our teams in further optimising the mine plan and the overall operations.

Not only have we paved the way for the restart of mining in the Andy White open pit, but we have been presented with an opportunity to take our exploration, mining, and minerals processing expertise onto the world stage.

REGISTERED OFFICE: Level 4, 100 Albert Road, South Melbourne, VIC 3205 PRINCIPAL PLACE OF BUSINESS: 6888 Mulligan Highway, Mt Carbine Qld 4871 POSTAL ADDRESS: PO Box 1496, Mareeba Qld 4880 ABN: 77 115 009 106 (ASX: EQR) T: (07) 4094 3072 | F: (07) 4094 3036 | W: eqresources.com.au

resourcing the new economy for a better tomorrow

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WHY GOING GLOBAL?

The world is calling out for new, diverse and - most importantly - sustainably developed sources of tungsten, a unique metal with a wide variety of uses in many industries and parts of daily life.

Three years ago, EQR started an exciting journey to become a leading and reliable supplier of tungsten concentrate into the global market, not only from our Mt Carbine operation but moving forward also from the Barruecopardo Mine in Spain.

The Leadership Team has performed a thorough due diligence on the Saloro venture. We are convinced of the strategic- and operational synergies that are presented by the combination of both mining assets under EQR leadership. The acquisition of the fully commissioned Barruecopardo Mine assists EQR in building economy-of-scale and de-risks EQR from a project portfolio point of view. The mines produce slightly different concentrate qualities which could address different end-use markets and therefore further provides optionality moving forward.

We are now in the very final stage of completing the Saloro transaction, while already aligning the management teams both in Australia and Spain under Kevin’s leadership.

HOW IMPORTANT IS IT TO PARTNER WITH INDUSTRY LEADERS IN UNCERTAIN TIMES AND VOLATILE MARKETS?

The Board and Leadership Teams are extremely pleased to continue working with a partner such as Oaktree, which has market foresight and recognises the importance of developing a stable source of tungsten for global industrial consumers.

Besides Oaktree’s entry to EQR’s share register, we are pleased to have Cronimet joining the register as well as in the coming weeks, which comes as part of the restructuring of the Mt Carbine joint venture activities. Cronimet will be a reliable and value-add shareholder of EQR.

The mentioned scale of the combined operation shall allow us to further build strong client relationships, as we did with Masan High-Tech Materials through the signing of the strategic partnership agreement in April this year. Masan High-Tech Materials is a highly integrated tungsten producer with wide geographic reach and tungsten downstream operations in Vietnam, Germany and Canada.

THE IMPORTANCE OF OUR PEOPLE, SAFETY, ENVIRONMENT & COMMUNITY ENGAGEMENT.

One of the biggest challenges – and likewise opportunity – at our operations is building and training a solid workforce. We have had some inspiring people join us at Mt Carbine over the years, and we are impressed of the skillset and work attitude of our new colleagues in Spain. It didn’t take long for the Board to recognise the positive spirit and alignment between both teams in Australia and Spain.

Our growing team has not only risen to the challenge faced by the expanding operations but also embraced the need for an absolute focus on safety while at work.

Over the years we have also imbedded ourselves into the local community as a responsible mining operator and our work with local stakeholders around social events and environmental programs has been well received.

A very important point to highlight is the continued support by the Federal and State Governments, which gives us confidence that we have set the right strategy for EQR and execute it following the highest standards. Over the past three years the Company has received three grants from various programs, in addition we have been decorated with the Environmental Award by AMEC, one of the leading mining industry associations, for the achievements around the beneficial re-use of the process waste generated at Mt Carbine. We are proud that the Queensland Government decided to award us the development opportunity of the well-known Wolfram Camp and Bamford Hill prospects located just 100km from Mt Carbine.

The year ahead is full of opportunities, and we look forward to sharing the progress with all of you as the year unfolds.

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resourcing the new economy for a better tomorrow

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I do hope that the rest of the meeting stays informative and addresses any questions that you may have. Otherwise please feel free to reach out to Kevin MacNeill or the Board any time in future.

Released on behalf of the Board by:

Further Enquiries:

Melanie Leydin Peter Taylor Company Secretary Investor Relations EQ Resources Limited 0412 036 231 peter@nwrcommuniciations.com.au

About the Company

EQ Resources Limited is an ASX-listed company transforming its world-class tungsten assets at Mt Carbine in North Queensland; leveraging advanced technology, historical stockpiles and unexploited resource with the aim of being the preeminent tungsten producer in Australia. The Company also holds gold exploration licences in New South Wales. The Company aims to create shareholder value through the exploration and development of its current portfolio whilst continuing to evaluate corporate and exploration opportunities within the new economy and critical minerals sector.

Forward-looking Statements

This announcement may contain forward-looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Particular risks applicable to this announcement include risks associated with planned production, including the ability of the Company to achieve its targeted production outline due to regulatory, technical or economic factors. In addition, there are risks associated with estimates of resources, and there is no guarantee that a resource will have demonstrated economic viability as necessary to be classified as a reserve. There is no guarantee that additional exploration work will result in significant increases to resource estimates. Neither the Australian Securities Exchange nor its Regulation Services Provider (as that term is defined in policies of the Australian Securities Exchange) accepts responsibility for the adequacy or accuracy of this announcement.

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