EQ RESOURCES LIMITED — Capital/Financing Update 2019

Oct 17, 2019

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18 October 2019

ABN: 77 115 009 106 (ASX: SEI)

Registered Office: Level 17 500 Collins Street Melbourne VIC 3000 Ph: (03) 9614 0600 Fax: (03) 9614 0550 www.specialitymetalsintl.com.au Postal: PO Box 1496 Mareeba QLD 4880

Company Announcements Office ASX Limited Exchange Centre 20 Bridge Street SYDNEY NSW 2000

MT CARBINE RETREATMENT PLANT REFURBISHMENT UPDATE

Speciality Metals International Limited (ASX:SEI) ( Speciality Metals or Company ) is pleased to provide a further update on the refurbishment of the Mt Carbine Retreatment Plant.

This week saw all plant and equipment delivered to the Mt Carbine site in full and in good order. On-site staff have commenced assembling the newly arrived steel support structures in preparation for the equipment to be positioned over the coming weeks. The electrical wiring and engineering work will commence once all equipment is in place.

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Speciality Metals Executive Chairman, Russell Krause, commented:

“The Board is happy with the progress that has been made to date and is confident that it has sufficient and suitably qualified staff and equipment in place to ensure the construction phase is completed within the desired timeframes.”

“Further updates will be provided as the construction phase progresses.”

About Speciality Metals International Limited

Speciality Metals plans to be a pre-eminent Australian tungsten producer from the historic Mt Carbine tungsten mine in Far North Queensland which it acquired as part of its 100% acquisition of Mt Carbine Quarries Pty Ltd in June 2019.

The Company’s exploration portfolio includes the following diversified projects:

• Lithium and other valuable mineral resources such as potassium, iodine and boron contained in subsurface brines within its Chilean exploration concessions; and

• Gold Exploration Licences (Panama Hat and Crow Mt) in New South Wales, Australia.

The Company is in the process of re-developing, its world-class tungsten assets at Mt Carbine in Far North Queensland, Australia which consist of the Mt Carbine Tungsten Mine and the Iron Duke and Petersens Lode Exploration Permits.

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 speciality metals sector.

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RH Krause

Executive Chairman

Speciality Metals International Limited

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