EQ RESOURCES LIMITED — Share Issue/Capital Change 2022

Nov 6, 2022

Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

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Announcement Summary

Entity name

EQ RESOURCES LIMITED

Date of this announcement

Monday November 07, 2022

The +securities the subject of this notification are: Other

Total number of +securities to be issued/transferred

Total number of ASX +security +securities to be code Security description issued/transferred Issue date New class - code Unlisted Options 6,250,000 07/11/2022 to be confirmed

Refer to next page for full details of the announcement

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Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

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Part 1 - Entity and announcement details

1.1 Name of entity

EQ RESOURCES LIMITED

We (the entity named above) give notice of the issue, conversion or payment up of the following unquoted +securities.

1.2 Registered number type

ABN

Registration number

77115009106

1.3 ASX issuer code

EQR

1.4 The announcement is

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New announcement

1.5 Date of this announcement

7/11/2022

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Part 2 - Issue details

2.1 The +securities the subject of this notification are:

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Other

Please specify

Appendix 3B lodged on 31 October 2022 regarding issue of 27,250,000 free attaching unlisted options.

2.2a This notification is given in relation to an issue of +securities in a class which is not quoted on ASX and which:

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does not have an existing ASX security code ("new class")

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Part 3C - number and type of +securities the subject of this notification (new class) where issue has not previously been notified to ASX in an Appendix 3B

New +securities ASX +security code +Security description New class - code to be confirmed Unlisted Options +Security type ISIN code Options Date the +securities the subject of this notification were issued 7/11/2022 Will all the +securities issued in this class rank equally in all respects from their issue date? Yes Have you received confirmation from ASX that the terms of the +securities are appropriate and equitable under listing rule 6.1? No Please provide a URL link for a document lodged with ASX setting out the material terms of the +securities being issued. https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02590996-2A1409783?access_token=8 3ff96335c2d45a094df02a206a39ff4 Options Details +Security currency Exercise price Expiry date AUD - Australian Dollar AUD 0.06500000 7/11/2025 Details of the existing class of +security that will be issued upon exercise or conversion of this new class of company option Other Description One fully paid ordinary share will be issued for every one option exercised (ASX: EQR).

Any other information the entity wishes to provide about the +securities the subject of this notification

The balance of the Tranche 1 Placement Options amounting to 21,000,000 Options are yet to be issued. These Options are expected to be issued shortly. A further 1,250,000 unlisted options will be issued to the Directors upon shareholders' approval.

Please provide any further information needed to understand the circumstances in which you are notifying the

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Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

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issue of these +securities to ASX, including why the issue of the +securities has not been previously announced to the market in an Appendix 3B

N/A - Appendix 3B lodged 31 October 2022 regarding issue of 27,250,000 free attaching unlisted options.

Issue details

Number of +securities

6,250,000

Were the +securities issued for a cash consideration?

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No

Please describe the consideration being provided for the +securities

Investors under the Placement offered one (1) free attaching unlisted option for every four (4) New Shares subscribed for and issued, exercisable at $0.065 (6.5 cents) on or before 7 November 2025.

Purpose of the issue

Other

Additional Details

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Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

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Part 4 - +Securities on issue

Following the issue, conversion or payment up of the +securities the subject of this application, the +securities of the entity will comprise:

(A discrepancy in these figures compared to your own may be due to a matter of timing if there is more than one application for quotation/issuance currently with ASX for processing.)

4.1 Quoted +Securities (Total number of each +class of +securities quoted)

	Total number of
ASX +security code and description	+securities on issue
EQR : ORDINARY FULLY PAID	1,344,186,938

4.2 Unquoted +Securities (Total number of each +class of +securities issued but not quoted on ASX)

	Total number of
ASX +security code and description	+securities on issue
EQRAK : OPTION EXPIRING 17-SEP-2023 EX $0.065	25,000,000
EQRAL : CONVERTIBLE NOTES	4,000,000
EQRAB : OPTION EXPIRING 05-MAY-2023 EX 4C	2,000,000
EQRAC : OPTION EXPIRING 05-MAY-2023 EX 6C	3,000,000
EQRAJ : OPTION EXPIRING 23-JUN-2024 EX $0.06	10,000,000
EQRAI : OPTION EXPIRING 23-JUN-2024 EX $0.06	12,000,000
EQRAF : OPTION EXPIRING 01-FEB-2024 EX $0.04	2,000,000
EQRAD : OPTION EXPIRING 01-JUL-2023 EX 4C	2,000,000
EQRAE : OPTION EXPIRING 01-JUL-2023 EX 6C	3,000,000
EQRAH : OPTION EXPIRING 25-MAY-2024 EX $0.06	22,000,000
EQRAG : OPTION EXPIRING 19-MAR-2024 EX $0.0432	30,000,000
New class - code to be confirmed : Unlisted Options	6,250,000

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Part 5 - Other Listing Rule requirements

5.1 Were the +securities issued under an exception in Listing Rule 7.2 and therefore the issue did not need any security holder approval under Listing Rule 7.1? No

5.2 Has the entity obtained, or is it obtaining, +security holder approval for the issue under listing rule 7.1? No

5.2b Are any of the +securities being issued without +security holder approval using the entity's 15% placement capacity under listing rule 7.1? Yes

5.2b.1 How many +securities are being issued without +security holder approval using the entity's 15% placement capacity under listing rule 7.1?

6,250,000 unlisted options

5.2c Are any of the +securities being issued without +security holder approval using the entity's additional 10% placement capacity under listing rule 7.1A (if applicable)? No

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