EQ RESOURCES LIMITED — Capital/Financing Update 2021

Aug 4, 2021

resourcing the new economy for a better tomorrow

05[th] August 2021

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MT CARBINE HITS BONANZA GRADES UNDER OPEN PIT

EQ Resources Limited is the 100% owner of the Mt Carbine Tungsten Mine near Cairns, Australia’s only primary tungsten producer.

EQ Resources Limited (EQR or the Company) is pleased to report bonanza grade tungsten ore intercepts in the final assays of the 16-hole resource drilling program (incl. 70m extension drilled at hole EQ012) at the historic Far North Queensland mine. The results are potentially game changers for the potential near-term re-opening of the old mine, as selected high-grade intercepts are in a zone less than 40 meters below the floor of the existing Andy White open pit.

Highlights:

• Average grades from final round of assays of the 16-hole drill program (incl. 70m extension drilled at hole EQ012) continue to significantly exceed the previously reported resource grade (JORC Code 2012) of 0.13% WO3

• High-grade intercepts in shallow Iolanthe and Bluff zones include:

• 9.11m @ 1.88% WO3 from 138.79m, incl. 0.37m @ 20.0% WO3* (32m below pit floor)

• 12.92m @ 0.59% WO3 from 135.95m, incl. 0.48m @ 12.4% WO3* (22m below pit floor)

• 5.09m @ 1.14% WO3 from 165.76m, incl. 0.18m @ 15.5% WO3* (40m below pit floor)

• 7.18m @ 1.42% WO3 from 277.00m, incl. 1.28m @ 7.0% WO3* (95m below pit floor)

• 4.05m @ 1.41% WO3 from 146.35m, incl. 0.32m @ 16.1% WO3* (45m below pit floor)

• 4.45m @ 5.09% WO3 from 156.35m, incl. 1.06m @ 13.9% WO3* (38m below pit floor)

• 10.70m @ 0.93% WO3 from 199.29m, incl. 0.57m @ 14.2% WO3* (65m below pit floor)

• 5.16m @ 1.18% WO3 from 263.74m, incl. 0.70m @ 7.0% WO3* (90m below pit floor)

• Results further supporting the consideration of a first phase open pit operation as part of ongoing Bankable Feasibility Study

• Bankable Feasibility Study progressing as planned, supported by a strengthening tungsten price environment (US$ 300/mtu** at the date of this release vs US$ 235/mtu in January 2021)

* Individually assayed intervals

• ** mtu (metric ton unit; equal 10kg)

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

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The Company is pleased that the final assay results suggest an extension to the current open pit may be a superior development option in the near term in comparison to the underground making it the preferred option. Open pit or fresh additional ore would supplement the planned treatment of the bulk-tonnage lowgrade stockpiles through an upgraded gravity and XRT Sorting plant at the site, 120 km north-west of Cairns by sealed road. The capitalization and development of the underground could then be deferred for the medium term should the pit optimization in the feasibility determine it is the optimal and most economic way forward.

The Company’s geology team has identified two controls to the high-grade mineralization being a level control and a structural control and is currently working to understand if and how these controls extend into the Iron Duke mineralization, and beyond which will continue to inform the development strategy for the deposit as it is more understood.

EQR CEO, Mr Kevin MacNeill commented, “These high-grade results would feed into initial ore reserve calculations as part of the current bankable feasibility study. Mt Carbine was a major tungsten producer in the 1970s and 80s before closure due to low global metal prices, with the recent drilling the Company is looking to drive toward once again being a major participant in the global tungsten market. I am very pleased with the success of the drill campaign and would like to give special thanks to the effort and care of our geology team, DDH1 Drilling and ALS through this process to help us in achieving this fantastic result.”

“Hole EQ015 is the best drill hole we’ve seen out of the 80 holes drilled at Mt Carbine to date and given the location just beneath the existing pit, argues well for an open pit extension. The updated ore reserve is the first stage of the feasibility study, and it is planned to release this data ahead of the publication of the full BFS report”, Mr MacNeill said.

DRILLING HIGHLIGHTS of EQ010, EQ011, EQ012, EQ013, EQ014 & EQ015:

Intercepts show continuation of high-grade mineralization in the major quartz zones, i.e. the Iolanthe, Bluff and Johnson (see plan and section view in appendix):

EQ010 22656E/26177N	Main Zones of Mineralization
	From To Interval Grade %
Bluff Bluff Bluff Bluff	136,9 139,2 2,24 0,27 156,8 159,5 2,61 0,21 167,5 171,1 3,60 0,32 173,5 182,2 8,67 0,30
EQ011 22765E/26173N	Main Zones of Mineralization
	From To Interval Grade %
Iolanthe	118,5 119,1 0,58 2,26
Bluff Bluff Bluff Bluff	137,4 138,5 1,14 0,43 141,6 141,7 0,15 6,36 145,0 145,5 0,52 2,08 176,7 176,9 0,26 3,31
Johnson	222,5 223,2 0,67 4,22

(see full tables of drill intercepts and depths in appendix)

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EQ012 22624E/26185N	Main Zones of Mineralization
	From To Interval Grade %
Iolanthe	111,5 113,6 2,14 0,53
Bluff	137,8 141,7 3,84 0,32
Dazzler Dazzler Dazzler	327,1 328,8 1,67 3,28 346,4 349,6 3,18 0,67 382,1 385,2 3,13 1,93
EQ013 22910E/26189N	Main Zones of Mineralization
	From To Interval Grade %
Bluff Bluff	136,0 148,9 12,92 0,59 165,8 170,9 5,09 1,14
Johnson Johnson	257,1 266,1 9,01 0,38 277,0 284,2 7,18 1,42
EQ014 22956E/26203N	Main Zones of Mineralization
	From To Interval Grade %
Iolanthe	133,3 143,0 9,71 0,53
Bluff Bluff	146,4 150,4 4,05 1,41 159,7 165,0 5,30 0,66
Johnson	261,1 263,3 2,25 1,72
EQ015 22841E/26177N	Main Zones of Mineralization
	From To Interval Grade %
Iolanthe	138,8 147,9 9,11 1,88
Bluff Bluff	156,4 160,8 4,45 5,09 199,3 210,0 10,70 0,93
Johnson Johnson Johnson	245,9 252,9 7,03 0,33 263,7 268,9 5,16 1,18 282,5 290,5 7,94 0,26

(see full tables of drill intercepts and depths in appendix)

All announcements related to this 16-hole drilling program can be found via following links and on the Company’s website: 16 October 2020 - High-grade structural zones extend for 1.2km: Mt Carbine historical drilling reinterpretation

30 March 2021 - EQ Resources Commences Drilling at Mt Carbine

• 21 April 2021 EQR unexpectedly intersects wide intersection of Iolanthe Zone at shallow levels & remains open to East

• 18 May 2021 EQR extends resource drilling at Mt Carbine

08 June 2021 - EQR hits shallow high-grade tungsten zones immediately below open pit

• • 06 July 2021 Mt Carbine drill results deliver more high grade tungsten intercepts - 13 July 2021 Drilling at Mt Carbine hits Iron Duke extensions

Released on authority of the Board by:

Kevin MacNeill Chief Executive Officer

Further Enquiries:

Peter Taylor Investor Relations 0412 036 231 peter@nwrcommunications.com.au

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APPENDIX 1

Plan view and cross sections:

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APPENDIX 2

Significant drill results based on the final set of assays (EQ010, EQ011, EQ012, EQ013, EQ014, EQ015 & EQ016):

Hole #	East	North	Rl	EOH	Dip	Azm(TN)	From	To	**Interval **	WO3 %	Zone
EQ010	22656	26177	387,0	245,0	-45	50	136,92	139,16	2,24	0,27	Bluff
							Incl. 139,04	139,16	0,12	4,99	Bluff
							156,84	159,45	2,61	0,21	Bluff
							Incl. 158,37	159,45	1,08	0,50	Bluff
							167,51	171,11	3,60	0,32	Bluff
							Incl. 167,51	168,05	0,54	2,08	Bluff
							173,49	182,16	8,67	0,30	Bluff
							Incl. 181,23	182,16	0,93	2,59	Bluff
EQ011	22765	26173	388,94	285,3	-45	51	118,48	119,06	0,58	2,26	Iolanthe
							137,38	138,52	1,14	0,43	Bluff
							141,55	141,70	0,15	6,36	Bluff
							144,95	145,47	0,52	2,08	Bluff
							176,67	176,93	0,26	3,31	Bluff
							222,53	223,20	0,67	4,22	Johnson
EQ012	22624	26185	388,18	412,0	-45	50	111,46	113,60	2,14	0,53	Iolanthe
							Incl. 111,46	111,73	0,27	4,10	Iolanthe
							137,82	141,66	3,84	0,32	Bluff
							Incl. 138,88	139,01	0,13	5,90	Bluff
							Incl. 141,50	141,66	0,16	2,53	Bluff
							327,11	328,78	1,67	3,28	Dazzler
							Incl. 327,11	328,34	1,23	5,44	Dazzler
							346,41	349,59	3,18	0,67	Dazzler
							Incl. 346,41	346,78	0,37	4,33	Dazzler
							382,08	385,21	3,13	1,93	Dazzler
							Incl. 383,21	384,21	1,00	5,92	Dazzler
EQ013	22910	26189	383,03	294,2	-45	48	135,95	148,87	12,92	0,59	Bluff
							Incl. 135,95	136,65	0,70	1,02	Bluff
							Incl. 140,46	140,61	0,15	3,95	Bluff
							Incl. 148,39	148,87	0,48	12,40	Bluff
							165,76	170,85	5,09	1,14	Bluff
							Incl. 165,76	166,64	0,88	3,42	Bluff
							Incl. 170,67	170,85	0,18	15,55	Bluff
							257,12	266,13	9,01	0,38	Johnson
							Incl. 257,12	257,94	0,82	2,49	Johnson
							Incl. 265,77	266,13	0,36	3,43	Johnson
							277,00	284,18	7,18	1,42	Johnson
							Incl. 277,00	277,30	0,30	3,61	Johnson
							Incl. 282,90	284,18	1,28	6,96	Johnson
EQ014	22956	26203	387,02	300,4	-45	45	133,32	143,03	9,71	0,53	Iolanthe
							Incl. 134,18	134,47	0,29	2,92	Iolanthe
							Incl. 139,20	139,44	0,24	13,90	Iolanthe
							Incl. 142,78	143,03	0,25	3,25	Iolanthe
							146,35	150,40	4,05	1,41	Bluff
							Incl. 146,35	146,70	0,35	1,65	Bluff
							Incl. 150,08	150,40	0,32	16,10	Bluff
							159,74	165,04	5,30	0,66	Bluff
							Incl. 159,74	160,12	0,38	2,55	Bluff
							Incl. 162,41	162,85	0,44	4,87	Bluff
							Incl. 164,90	165,04	2,25	1,79	Bluff
							261,05	263,30	2,25	1,72	Johnson
							Incl. 261,05	261,40	0,35	8,02	Johnson
							Incl. 263,13	263,30	0,17	6,09	Johnson

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EQ015	22841	26177	382,76	306,3	-45	50	138,79	147,90	9,11	1,21	Iolanthe
							Incl. 139,87	140,91	1,04	2,35	Iolanthe
							Incl. 144,77	145,14	0,37	20,00	Iolanthe
							156,35	160,80	4,45	5,09	Bluff
							Incl. 156,35	156,81	0,46	10,80	Bluff
							Incl. 156,81	157,11	0,30	1,27	Bluff
							Incl. 158,13	158,46	0,33	7,57	Bluff
							Incl. 159,74	160,80	1,06	13,85	Bluff
							199,29	209,99	10,70	0,93	Bluff
							Incl. 199,29	199,86	0,57	14,15	Bluff
							Incl. 207,23	207,62	0,39	3,12	Bluff
							Incl. 209,88	209,99	0,11	5,63	Bluff
							245,85	252,88	7,03	0,33	Johnson
							Incl. 245,85	246,35	0,50	1,15	Johnson
							Incl. 247,71	248,11	0,40	1,86	Johnson
							Incl. 252,64	252,88	0,24	4,04	Johnson
							263,74	268,90	5,16	1,18	Johnson
							Incl. 263,74	264,00	0,26	1,24	Johnson
							Incl. 264,62	265,32	0,70	7,03	Johnson
							Incl. 268,57	268,90	0,33	2,47	Johnson
							282,51	290,45	7,94	0,26	Johnson
							Incl. 282,51	283,15	0,64	2,97	Johnson
EQ016	23055	26321	380,4	48,4	-45	230	No significant mineralization was intersected in the 48m long EQ016 hole drilled towards grid south (see Section 23000E)
							due to fact that the South Wall Fault was found to				swing further
							north and was intersected 20m earlier than expected. This
							limits the Iolanthe	zone going eastwards beyond 23000E. It is
							interpreted the Bluff, Johnson and Iron Duke veins				will continue
							eastwards.

• Intervals represent downhole depths, not true thickness with no applied upper cut

• Results are shown where weighted averages are greater than 2m @ 0.25% WO3

• Highlighted ( bold ) intervals represent where King-Veins have been intersected above 1% WO3 grade

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 pre-eminent 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.

Competent Person’s Statements

EQ Resources’ exploration and resource work is being managed by Mr. Tony Bainbridge, AusIMM. Mr. Bainbridge is engaged as a contractor by the Company and is not "independent" within the meaning of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code). Mr. Bainbridge has sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in JORC Code 2012.

The technical information contained in this announcement relating exploration results are based on, and fairly represents, information compiled by Mr. Bainbridge. Mr. Bainbridge has verified and approved the data disclosed in this release, including the sampling, analytical and test data underlying the information. The diamond core samples are assayed at the ALS Laboratory in Brisbane, Australia. Mr. Bainbridge has consented to the inclusion in this release of the matters based on his compiled information in the form and context in which it appears in this announcement.

Mr. Bainbridge confirms there is no new information or data in this announcement that materially affects the historical results from the report issued by the Company (formerly known as Icon Resources Limited) titled, ‘Mt Carbine Project Resource Estimate by Geostats Services, October 2010’. The information included in this announcement and all material assumptions and technical parameters underpinning this interpretation do not change this 2010 global resource estimate.

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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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JORC CODE, 2012 EDITION – TABLE 1 REPORT TEMPLATE

SECTION 1 SAMPLING TECHNIQUES AND DATA

(Criteria in this section apply to all succeeding sections.)

Criteria	JORC	Code explanation	Commentary	Commentary
Sampling	•	Nature and quality of sampling (eg cut channels, random chips,	•	All zones of potential mineralization were logged and sampled by
techniques		or specific specialised industry standard measurement tools		cutting the core interval selected in half and the complete half
		appropriate to the minerals under investigation, such as down		core being sent to ALS Laboratories in Brisbane Australia for
		hole gamma sondes, or handheld XRF instruments, etc). These		analysis.
		examples should not be taken as limiting the broad meaning of	•	Prior to cutting and sampling the core is logged with zones of
		sampling.		visual minerals of wolframite and scheelite recorded by their
	•	Include reference to measures taken to ensure sample		percentages. Scheelite glows under ultraviolet light and although
		representivity and the appropriate calibration of any		difficult to distinguish under ordinary light from quartz-carbonate
		measurement tools or systems used.		it is clearly visual under the shortwave 254nm UV light with a
	•	Aspects of the determination of mineralisation that are Material		common technique to estimate grade being to trace out
		to the Public Report.		individual crystals and determine overall percentage shown on
	•	In cases where ‘industry standard’ work has been done this		the face of the core. Often the mineralization is manifested as
		would be relatively simple (eg ‘reverse circulation drilling was		very coarse tungsten mineral crystals of up to 10cm in size.
		used to obtain 1 m samples from which 3 kg was pulverised to	•	The method used for analysis of Tungsten was ME-XRF15b
		produce a 30 g charge for fire assay’). In other cases more		where the sample was fused into a disk in a furnace and then
		explanation may be required, such as where there is coarse gold		analysed by a Bruker X-ray Fluorescent machine. ALS is a
		that has inherent sampling problems. Unusual commodities or		registered laboratory that conducts internal and external round
		mineralisation types (eg submarine nodules) may warrant		robin analysis to maintain its certification and to ensure that the
		disclosure of detailed information.		machine being used for analysis is correctly calibrated. The
				assaying is completed at 10ppm accuracy. It is important in this
				process that the sample is homogenous,and as such the

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

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Criteria	JORC	Code explanation	Commentary	Commentary
				sample is prepared by crushing and grinding to less than 200
				microns to ensure homogeneity.
			•	All quartz veins intersected in the drilling have been assayed as
				separate samples. Where the veins are more than 1m in
				downhole length then the sample is broken into two or more
				samples each with a maximum of 1m intervals. The minimum
				vein assayed is 5cm in width. Since the mineralization at Mt
				Carbine often occurs in narrow widths of 5-500cm then it is
				important to assay each such narrow zones. Either side of the
				mineralized zone, samples are also taken of the host rock on
				intervals of 1m to ascertain if the mineralization has extended
				into the host rocks.
Drilling	•	Drill type (eg core, reverse circulation, open-hole hammer, rotary	•	Drilling at Mt Carbine was completed by HQ and NQ sized
techniques		air blast, auger, Bangka, sonic, etc) and details (eg core		diamond drilling rig that used both double and triple tube-drilling
		diameter, triple or standard tube, depth of diamond tails, face-		techniques, HQ was drilled down until the south wall fault was
		sampling bit or other type, whether core is oriented and if so, by		intersected and then cased off before continuing in NQ drill size.
		what method, etc).		The footwall of this fault has no mineralization as noted under
				geology section and this fault truncates all observed
				mineralization. The full core being collected and marked for its
				depth and orientation. The core was drilled using a digital
				orientation method and the reflex act iii tool system. Recording
				hole orientation and hole survey that are wirelessly transmitted
				to backend computer for recording.
Drill sample	•	Method of recording and assessing core and chip sample	•	Core was marked with core blocks typically at 1.5 & 3.0m
recovery		recoveries and results assessed.		intervals by the drilling company using stick up techniques that
	•	Measures taken to maximise sample recovery and ensure		ensure measurement to 1cm accuracy.
		representative nature of the samples.	•	The core showed very high recoveries with 99% recovered on
	•	Whether a relationship exists between sample recovery and		the entire campaign to date. With the extreme hardness of the
		grade and whether sample bias may have occurred due to		quartz zones no loss from drilling has been recorded to date,
		preferential loss/gain of fine/coarse material.		nevertheless each interval is measure to ensure this is the case.
				The core is hard and competent and all sampling in this program
				is below the base of oxidation. Host rocks are metasediments
				that have been silicified and then crosscut by a sheeted white
				quartz veins.
Logging	•	Whether core and chip samples have been geologically and	•	The core has been re-joined into long sticks and photographed
		geotechnically logged to a level of detailto support appropriate		using ahigh resolutioncameraforbothdry andwet images. The

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Criteria	JORC	Code explanation	Commentary	Commentary
		Mineral Resource estimation, mining studies and metallurgical		core has a geotechnical log completed and core marked up and
		studies.		measured for recovery etc. Using the marks provided during the
	•	Whether logging is qualitative or quantitative in nature. Core (or		drilling an orientation line is marked down the full length of the
		costean, channel, etc) photography.		core. Post sampling, core has been selected for alteration
	•	The total length and percentage of the relevant intersections		mapping and petrographic studies but have yet to be sent to the
		logged.		relevant consultancy’s.
			•	Logging is quantitative in its description of alteration intensity,
				mineral types in percentages using geological percentage
				charts.
Sub-sampling	•	If core, whether cut or sawn and whether quarter, half or all core	•	Core is cut in half using a diamond saw along the centre line
techniques		taken.		marked referred above being the mark for the orientation of the
and sample	•	If non-core, whether riffled, tube sampled, rotary split, etc and		core. Half core was used in all sampling collection.
preparation		whether sampled wet or dry.	•	Each sample was weighed and marked correctly in consecutive
	•	For all sample types, the nature, quality and appropriateness of		order with a space left for insertion of standards and this was
		the sample preparation technique.		done every 10thsample for 10% checks and balances. No
	•	Quality control procedures adopted for all sub-sampling stages		samples were combined for assay with each sample assayed
		to maximise representivity of samples.		separately and is either a vein or host rock.
	•	Measures taken to ensure that the sampling is representative of	•	EQ Resources completed a comprehensive assessment of past
		the in situ material collected, including for instance results for		core including duplicates and repeats to establish that the ALS
		field duplicate/second-half sampling.		assaying shows consistency and accuracy and historical results
	•	Whether sample sizes are appropriate to the grain size of the		were accurate. EQ Resources inputs 10% of the samples sent to
		material being sampled.		the laboratory as either a blank or predetermined assay
				standard. With each batch of results sent there is a minimum of
				5 check samples inserted.
Quality of	•	The nature, quality and appropriateness of the assaying and	•	Tungsten best corresponds to X-ray Fluorescence assay
assay data		laboratory procedures used and whether the technique is		techniques and the best of these techniques uses a fusion disk
and		considered partial or total.		where a representative sample of the core is taken after fine
laboratory	•	For geophysical tools, spectrometers, handheld XRF		grinding until a homogenous sample is obtained (<200 microns)
tests		instruments, etc, the parameters used in determining the		and then melted in an arc furnace to produce a clear fused disc.
		analysis including instrument make and model, reading times,		This disk is then x-rayed with the fluorescence recorded by way
		calibrations factors applied and their derivation, etc.		of spectral peaks. The machine needs to be calibrated to record
	•	Nature of quality control procedures adopted (eg standards,		quantitative results. The instrument is Bruker multi-shot XRF
		blanks, duplicates, external laboratory checks) and whether		machine with a X-ray scan of 1 minute applied to each disk to
		acceptable levels of accuracy (ie lack of bias) and precision have		get the light and heavy elements. All checks are also assayed in
		been established.		each batch in their order with 10% check samples submitted
				alternativelybeingeither a blank,a tungsten standard or a

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Criteria	JORC	Code explanation	Commentary	Commentary
				repeat sample with a known grade. Precision is 10ppm for this
				technique with our samples noted as being significant above
				1000ppm. Only in one instance do the results not match visual in
				sample no.	100216 and 100217, which are vein and host rock.
				By the weights of each of these samples it was determined that
				the grade of 0.72% was in the vein not the host rock ie samples
				at thelabhave beenswitched.
Verification of	•	The verification of significant intersections by either independent	•	Each mineralized interval is recorded by the Site Resource
sampling and		or alternative company personnel.		geologist and then checked for accuracy by the company’s chief
assaying	•	The use of twinned holes.		geologist prior to cutting and sampling occurs.
	•	Documentation of primary data, data entry procedures, data	•	No twinned	holes have been completed in this program
		verification, data storage (physical and electronic) protocols.	•	Data is completed using a paper log sheet with the information
	•	Discuss any adjustment to assay data.		then transferred to a digital database holding all the information
				on drilling, surveying, assays, recovery, geotech info etc.
			•	No upper cuts were applied in reporting exploration results and
				only results	where an individual assay was taken are used. No
				partial intervals or subset were used.
			•	Drill intervals quoted are down hole intervals as the true widths
				will only be	determined once accurate orientation of the veins
				occur.
Location of	•	Accuracy and quality of surveys used to locate drill holes (collar	•	Surveying of the drill holes were completed using a Garmin
data points		and down-hole surveys), trenches, mine workings and other		GPS61 model GPS for locating the collar coordinates in WGS84
		locations used in Mineral Resource estimation.		Datum system. Downhole surveys were conducted each 30m
	•	Specification of the grid system used.	down the hole with the exception of the pre collar zones. These
	•	Quality and adequacy of topographic control.	zones reached up to 120m in depth with HW casing being
			installed prior to continuing drilling in NQ sized core. All survey
			data was input into the database and then plotted using Leapfrog
			Mining Software to determine any swings in the hole.
			Topography has in 2020 been upgraded to10cm accuracy using
			a LIDAR Drone survey technology with the topography having
			high resolution photography overlaid.
			•	Holes in July were surveyed by Differntial GPS against known
				trig stations	and converted to local grids by professional surveyor
				Neil Murphy who was Project Manager from Brazier Motti Pty Ltd
				based in Cairns, North Queensland.
Data spacing	•	_Data spacing for reporting of Exploration Results. _	•	Drillingis currently designedto completethetesting of thezone

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Criteria	JORC	Code explanation	Commentary	Commentary
and	•	Whether the data spacing and distribution is sufficient to		beneath the historical pit at a spacing of 50 x 50m.
distribution		establish the degree of geological and grade continuity	•	In several locations, drilling spacing’s were completed down to
		appropriate for the Mineral Resource and Ore Reserve		25m to provide additionally data and confirm the grade and
		estimation procedure(s) and classifications applied.		widths of zones etc.
	•	Whether sample compositing has been applied.	•	Sampling compositing has occurred in the reporting of results of
				this press release using weighted averages for the assay result
				and a total distance for the length of the geological interval.
Orientation of	•	Whether the orientation of sampling achieves unbiased sampling	•	The drilling was done at right angles to trend of the
data in		of possible structures and the extent to which this is known,		mineralization on a localized grid that has been used since the
relation to		considering the deposit type.		1960’s and this local grid has been used to orientate all 90+ drill
geological	•	If the relationship between the drilling orientation and the		holes completed on the property. This allows for regular spacing
structure		orientation of key mineralised structures is considered to have		and interpretations of the deposit veins.
		introduced a sampling bias, this should be assessed and	•	Depending on the hole angle and attitude of the vein the
		reported if material.		released results which are down hole intervals will report a
				longer interval than the true width of the vein. No bias has been
				determined for the mineralization as the mineralized veins show
				remarkable parallel zones and it is deemed that the drilling has
				been completed at the best angle to give a true indication of the
				zones.
Sample	•	The measures taken to ensure sample security.	•	Core is transported daily to the Company’s fenced core shed
security				yard. This yard remains locked after work hours and contains a
				roofed shed within which core racks are installed the house the
				core. On a more permanent basis each hole is cling wrapped
				and put on a separate pallet and put in its number place at the
				core farm.
			•	All samples are taken and bagged and placed in this locked
				enclosure in larger 1 tonne bags. Rejects from the sampling are
				also stored should check be required or further element analysis
				be needed. The larger bags are inspected on arrival at ALS to
				ensure no tampering has occurred to the samples.
Audits or	•	The results of any audits or reviews of sampling techniques and	•	An internal audit of techniques was completed to check any
reviews		data.		sample bias or variances being introduced to the samples. No
				bias were encountered.

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SECTION 2 REPORTING OF EXPLORATION RESULTS

(Criteria listed in the preceding section also apply to this section.)

Criteria	JORC	Code explanation	Commentary	Commentary
Mineral	•	Type, reference name/number, location and ownership including	•	All 16 holes completed to date have been located within ML4919
tenement and		agreements or material issues with third parties such as joint		and ML4867 owned by Mt Carbine Quarries Pty Ltd which is a
land tenure		ventures, partnerships, overriding royalties, native title interests,		100% wholly owned subsidiary of EQ Resources. All licenses
status		historical sites, wilderness or national park and environmental		are in good standing.
		settings.	•	ML4867 (358.5Ha) is up for renewal on 31/7/2022 and ML4919
	•	The security of the tenure held at the time of reporting along with		(7.891Ha) is up for renewal on 31/8/2023. No impediments exist
		any known impediments to obtaining a licence to operate in the		at the current point for operations on these licenses.
		_area. _
Exploration	•	Acknowledgment and appraisal of exploration by other parties.	•	Historical drilling is extensive with the history of previous mining
done by other				and drilling outlined in the Company’s Annual reports available
parties				on the Company’s website.
			•	In reference to this drilling all historical holes with their
				intersections compiled using the same criteria as current drilling
				has been reported in previous press announcements (High-
				grade structural zones extend for 1.2km: Mt Carbine historical
				drilling reinterpretation – 16thOctober, 2020) has been recorded
				on all sections and plans and this has been completed by
				various companies over the past 25 years.
Geology	•	Deposit type, geological setting and style of mineralisation.	•	The deposit falls into the sheeted hydrothermal tungsten vein
				style that is associated with the Mareeba Granodiorite. The veins
				are narrow from 5 to 500cm in width and extend for up to 1.2km
				along strike as currently understood. They have been drilled over
				a 400m vertical extent and occur in groups designated as zones
				and referred to as Iolanthe, Bluff, Wayback, Johnson, Dazzler
				and Iron Duke. The veins with higher grade mineralization occur
				as late veins and overprints on a extensive early vein system
				that has weaker tungsten mineralization or no mineralization.
				This late overprint is what EQ Resources is chasing in the
				current drill program.
Drill hole	•	A summary of all information material to the understanding of the	•	Included in the sections and plans are all the relevant
Information		exploration results including a tabulation of the following		information required to show the hole location and the
		information for all Material drill holes:		mineralized sample location.
	o	easting and northing of the drill hole collar	•	Anyzones from historical drillingare also shown on the sections

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Criteria	JORC	Code explanation	Commentary	Commentary
	o	elevation or RL (Reduced Level – elevation above sea level in		and included in any interpretation presented. To be complete,
		metres) of the drill hole collar		the table here shows the hole status to date. This release refers
	o	dip and azimuth of the hole		to Holes EQ010, 011, 012, 013, 014, 015 & 016.
	o	down hole length and interception depth
	o	hole length.
	•	If the exclusion of this information is justified on the basis that
		the information is not Material and this exclusion does not
		detract from the understanding of the report, the Competent
		Person should clearly explain why this is the case.
Data	•	In reporting Exploration Results, weighting averaging	•	Weighted averages are used for any results combined with no
aggregation		techniques, maximum and/or minimum grade truncations (eg		upper cuts applied. A zone reported may contain results with no
methods		cutting of high grades) and cut-off grades are usually Material		grade provided it is the same zone used on other sections, so as
		and should be stated.		to maintain geological uniformity between the sections.
	•	Where aggregate intercepts incorporate short lengths of high	•	Only those zones where the combined metal factor being the
		grade results and longer lengths of low grade results, the		‘grade x interval’ is above 2m@0.25% * i.e. a metal factor of 0.5
		procedure used for such aggregation should be stated and some		Tungsten Trioxide (WO3) are reported as being significant in this
		typical examples of such aggregations should be shown in detail.		release, e.g. 0.3m @ 8.0% WO3 has a metal factor of 2.4 and
	•	The assumptions used for any reporting of metal equivalent		qualifies but 4m @ 0.1% with metal factor of 0.4 does not qualify.
		_values should be clearly stated. _
Relationship	•	These relationships are particularly important in the reporting of	•	The results reported are downhole intercepts’ and not true
between		Exploration Results.		widths. Although all drilling has been completed at right angles to
mineralisation	•	If the geometry of the mineralisation with respect to the drill hole		the strike of the veins, the holes may intercept the vein at an
widths and		angle is known, its nature should be reported.		angle given that the veins generally are from 60-90 degrees in
intercept	•	If it is not known and only the down hole lengths are reported,		dip. To determine true width requires the individual veins to be
lengths		there should be a clear statement to this effect (eg ‘down hole		orientated in space and the surveyed hole to also be known at
		_length, true width not known’). _		thatpoint.

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Criteria	JORC	Code explanation	Commentary	Commentary
			•	For orientation, all veins are being measured for both Alpha and
				Beta angels to enable the absolute dip and direction of each vein
				to be determined in the orientated core. The veins do vary in
				their strike and dip and until the orientations have been entered
				into the database along with the surveyed hole angles, and run
				through the leapfrog mining software true widths are not known.
				Interception true widths may vary from being 0.3 of the downhole
				interval to no change to the downhole intervals. The point of
				interception of the vein and the attitude of the hole at this point
				determines the true width and this calculation has not been
				done. It should also be noted that in quite a few instances the
				angles of the same vein varies significantly on either margin. In
				these instances true width will be calculated on the average dip
				and strike When any resources will be calculated in the future
				only true width intervals will be used.
Diagrams	•	Appropriate maps and sections (with scales) and tabulations of	•	A local grid is used in the drilling to ensure the drilling has been
		intercepts should be included for any significant discovery being		completed at right angles to the strike of the mineralization. The
		reported These should include, but not be limited to a plan view		local grid is at a 51 degree rotation westwards to true north.
		of drill hole collar locations and appropriate sectional views.	•	Local Grid North-South is aligned at 51 degrees true north with a
				yearly deviation occurring as the continents drift.
			•	The six sections included in this press release show both of the
				sections where results have been received and also shows the
				current interpretation of the geology for these section including
				faults, surveyed hole traces including any historical old holes
				traces and their results. As the spacing of the current holes is
				nominally 50m, each section represents a slice that is 25m either
				side of the reported drill hole for completeness. The sections are
				shown looking grid west with a true north arrow indicating the
				lock grid offset. North and South is shown on the sections to
				orientate the reader as well as the Easting of the section clearly
				shown at the top of each section. To show how the sections
				relate to each other and to other holes completed in this program
				a plan is provided with grid sale and each section has been
				marked by its Local Grid Easting on which it occurs. Scale is
				shown in meters by a 50 x 50m grid pattern over both plans and
				sections. On both plans and sections the present geological
				interpretation is indicative togive the readerguidance on the

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Criteria	JORC	Code explanation	Commentary	Commentary
				zones being drilled. Holes with no assay information are shown
				in blue.
Balanced	•	Where comprehensive reporting of all Exploration Results is not	•	All zones that meet the criteria of significant as defined above
reporting		practicable, representative reporting of both low and high grades		have been recorded and shown on the associated cross-
		and/or widths should be practiced to avoid misleading reporting		sections. Where there is a blank it means no results met with the
		of Exploration Results.		criteria used as significant results. At this point only the data is
				represented with the most recent geological interpretation but no
				resource association is implied with the release of these results.
			•	The zones on each section refer only to the results being
				released for the current hole and the results of adjacent old
				holes are not included as this is not new information.
Other	•	Other exploration data, if meaningful and material, should be	•	The mineralization occurs as narrow late quartz veins
substantive		reported including (but not limited to): geological observations;		overprinting an earlier phase of quartz veining that reaches up to
exploration		geophysical survey results; geochemical survey results; bulk		30% of the zones marked on the sections. Although all quartz
data		samples – size and method of treatment; metallurgical test		veins are sampled to be complete, most are from the earlier
		results; bulk density, groundwater, geotechnical and rock		event that has no mineralization associated with it. The
		characteristics; potential deleterious or contaminating		interpretation is cantered on those veins that do carry tungsten
		substances.		and what is perceived as the controls to these zones.
			•	More than 100 bulk densities have been completed at the project
				and the host rock and mineralized zones record bulk densities of
				2.6 and 2.8 respectively with 2.74 as the averaged bulk density.
			•	The South Wall Fault marked on the maps has truncated much
				of the veining as shown on the sections. Current interpretation of
				this fault is that is a reverse thrust fault with the footwall dropping
				an unknown distance.
Further work	•	The nature and scale of planned further work (eg tests for lateral	•	The Company may consider further drilling to outline the limits of
		extensions or depth extensions or large-scale step-out drilling).		the mineralization in both strike and depth constraints. The target
	•	Diagrams clearly highlighting the areas of possible extensions,		is limited to what might be considered in an open cut extension
		including the main geological interpretations and future drilling		of the pit but several holes were extended to look at the potential
		areas, provided this information is not commercially sensitive.		of additional veins such as Iron Duke for a future underground
				operation.

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