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eQ RESOURCES resourcing the new economy for a better tomorrow EQ Resources Limited Quarterly Activities Report Quarter ended 30 September 2021 EQ Resources Limited is the 100 % owner of the Mt Carbine Tungsten Mine near Cairns , Australia's only primary producer of tungsten , a critical metal . Production recommenced in 2020 with dual product streams of tungsten concentrate and by - product high - quality specialised aggregate and road - making materials . HIGHLIGHTS MT CARBINE OPERATIONS • Results further support the consideration of a first phase open pit operation as part of the ongoing Bankable Feasibility Study ( BFS ) . Funding of Early Works for the Mt Carbine expansion program well supported ahead of the release of the Company's BFS . BFS comprises the expansion of tungsten operations from the Company's 12m tonne low - grade ore stockpile and the reactivation of open pit mining from the Andy White pit . BFS progressing as planned , supported by a strengthening tungsten price environment ( US $ 315 / mtu ** at the date of this release vs US $ 235 / mtu in January 2021 ) . EXPLORATION Bonanza grade tungsten ore intercepts from final round of assays of the 16 - hole drill program ( incl . 70m extension drilled at hole EQ012 ) continue to significantly exceed previously reported resource grade ; Remodelling of resource provides benefit of reduced mining tonnage reporting into BFS . Mt Carbine High - Grade 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 ) Total In - Situ Hard - Rock Resource covering 9.21 million tonnes at 0.63 % WO3 , contained in only 60 % of the previous block model area providing potential for further resource growth with further drilling . • Indicated Resource at 0.74 % WO3 has 5 - times the historical bulk grade of 0.14 % WO3 . Further exploration and drill targets identified in proximity to the historic open pit . * Individually assayed intervals / ** mtu ( metric ton unit ; equal 10kg ) EQ RESOURCES LIMITED ABN 77 115 009 106 ( ASX : EQR ) 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 T : ( 07 ) 4094 3072 F : ( 07 ) 4094 3036 W : eqresources.com.au