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ASX:EQRInvestor Presentation – September 2025 A globally significant tungsten producer EQ RESOURCES LTD For personal use only
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Disclaimer 2 Competent Person's Statement•The information in this presentation partly relates to the outcomes of the Mt Carbine Bankable Feasibility Study Update (May 2023), made available through the Company’s website www.eqresources.com.au/.•The Company confirms that it is not aware of any new information that materially affects the information included in the corresponding market announcements and that all material assumptions and technical parameters underpinning the estimates in the relevant market announcements continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcements. General Disclaimer•The material contained in this document is a presentation of general information about the Company's activities currently as at the date of this presentation. It is provided in summary and does not purport to be complete. You should not rely upon it as advice for investment purposes, as it does not take into account your investment objectives, financial position or needs. These factors should be considered, with or without professional advice, when deciding if an investment is appropriate.•This document may contain forward-looking statements with respect to the financial condition, results of operations, and business strategy of the Company. These forward-looking statements are based on estimates, projections and assumptions made by the Company about circumstances and events that have not yet taken place. Although the Company believes the forward-looking statements to be reasonable, they are not certain. Forward-looking statements involve known and unknown risks, uncertainties and other factors that are in some cases beyond the Company's control, and which may cause actual results, performance or achievements to differ materially from those expressed or implied by the forward-looking statements (and from past results).•The Company makes no representation or warranty as to the accuracy of any forward-looking statements in this document and undue reliance should not be placed upon such statements.•Forward-looking statements may be identified by words such as “aim”, “anticipate”, “assume”, “continue”, “could”, “estimate”, “expect”, “intend”, “may”, “plan”, “predict”, “should”, “will”, or “would” or the negative of such terms or other similar expressions that are predictions of or otherwise indicate future events or trends. The forward-looking statements included in this document speak only as of the date of this document. The Company does not intend to update the forward-looking statements in this document in the future. For personal use only
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Executive Summary 33 Global Tungsten Producer with Expandable Operating Mines •EQ Resources is a leading global tungsten producer and explorer, focused on expanding its 100% owned world-class tungsten assets at Mt Carbine in North Queensland (Australia) and Saloro at Barruecopardo in the Salamanca Province (Spain). •The Company leverages advanced minerals processing technology and unexploited resources across multiple jurisdictions, with the aim of being a globally leading supplier of the critical mineral, tungsten. Strong Market Tailwinds•Tungsten pricing has continued to rise, with strong demand within China for high-quality concentrate, supply contraction and growing policy support.•Tungsten is a designated critical mineral in multiple countries including the US, EU and Australia, with 87% of global tungsten production is concentrated in restricted countries (China, Russia, North Korea).•EQ Resources provides a secure, ethical, and diversified Western supply of tungsten to support critical industries – ensuring resilience across aerospace, defence, renewables, and tech sectors. Significant Economic Resource•Mt Carbine (Australia): Large, expandable resource at 41.7Mt @ 0.23% WO₃, with additional exploration upside through its Wolfram Camp deposit with exploration permit secured. Mt Carbine has an estimated minimum 8-year mine life using just a fraction of reserves (20%).•Saloro (Spain): Minimum 7-year mine plan, with open-pit and high-grade underground extension potential. The Saloro asset has a total Resource of 22.9Mt @ 0.20% WO₃ with Reserves of 10.5Mt @ 0.16% WO₃, with production already at 1,300t WO₃ per year and increasing. Strategic Growth and Government Funding •Secured long-term, spot-priced supply agreements with blue-chip international customers across the US, Europe, and Asia for a total value of US$124m.•US EXIM Bank has issued a Letter of Interest to fund a 10-year, US$34m debt facility to progress development of Mt Carbine.•Strategic partnerships include offtake with Masan High-Tech Materials (largest non-Chinese APT refiner), potential acquisition of Tungsten Metals Group (largest Ferrotungsten smelter outside China), and supply collaboration with Elmet Technologies (US).Strong Board and Management Team to Execute•Building a management team with extensive mining and tungsten metal-specific experience.•Extensive knowledge of physical flows and requirements of the tungsten market.•Experience in operating downstream tungsten operations (ferrotungsten, APT, etc). EQ Resources (ASX:EQR) is a global tungsten producer with mining activities in Australia and Spain and is targeting to be the leading western integrated platform for tungsten raw materials For personal use only
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CORPORATE 4 For personal use only
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Board of Directors 5 Board and ManagementEstablishing the right team for successManagement Team Oliver Kleinhempel – Executive Chairman•Non-executive Director since August 2019, Chair since April 2020.•Executive career in global resource industry, across project development, finance and commodity trading.•Executive Director at Cronimet Group. Craig Bradshaw – Non Executive Director•Experienced global tungsten industry executive and former CEO of Masan High-Tech Materials, the operator of the Nui Phao Tungsten Mine and Processing Complex in Vietnam. •Qualified CPA as well as a member of the Financial Services Institute of Australia (FINSIA) and AusIMM. Stephen Layton – Non Executive Director•35+ years in equity capital markets in the UK and Australia.•Experience in ASX listings and corporate advisory.•Directorship Pursuit Minerals. Stephen Weir – Non Executive Director•Appointed in January 2024, representing Oaktree Capital Management.•Experience in corporate advisory, project finance, construction management.•Former CEO of Magnetite Mines Ltd, Member of the Australian Institute of Company Directors, GBA Capital Advisory Board. Zhui Pei Yeo – Non Executive Director•Background in executive management, project planning, resource management.•Works in system integration in telecoms in South-East Asia.•Executive director at a steel-product manufacturer. Jono KortGroup Chief Financial Officer Kevin MacNeillGroup Chief Technical Officer Alvaro SerranoSaloro Chief Executive Officer Evren OerenSaloro Chief Operating Officer For personal use only
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6 Corporate SnapshotAPT Tungsten Price compared to EQ Resources Share Price (A$)Key StatisticsShare Price1 A$0.041 per shareShares on Issue~3,091mOptions on Issue~482mMarket Capitalisation1~A$127mTop 20 Shareholders~66% (~10% Board/Management) Producing OperationsBarruecopardo (Spain)Mt Carbine (Australia)Exploration ProjectWolfram Camp (Australia) FY 2025 annual production167,794 mtu (mtu = 10kg WO3) Major Shareholders ~19% ownership~5% ownership Source:FastMarketsAPT Price Rotterdam (US$/mtu, 1mtu= 10kg WO3) 1. Closing price on 29 August 2025 For personal use only
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MARKET OVERVIEW 7 For personal use only
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8 Tungsten market overviewTungsten has been classified as a critical mineral by the US, European Union, Australia and others •Global Tungsten reserves are 3.7 mt with an annual production of 81kt WO31. •Restricted2 countries hold 63% of global reserves and produce 87% of annual production.1. Source: US Geological Survey, Tungsten Commodity Summary, January 20252. Restricted countries classified as China, Russia and North Korea. Fastmarkets APT Rotterdam High Price (US$/ mtu) China imposed tungsten export restrictions (Feb'25) For personal use only
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99 Tungsten market overviewTungsten’ exceptional hardness, high melting point and density makes it difficult to be effectively substituted Source: ITIA – Tungsten End-Use Analysis (2024), Demand distribution and Growth Contributors 2024 End-Use Sectors: For personal use only
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TUNGSTEN PRODUCTION ASSETS 10 For personal use only
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11 Flagship Operations / 'Hub & Spoke' OpportunitiesHistorical mining assets as a source for critical minerals productionMtCarbineOpenPit&ProcessingPlants MtCarbineOpenPit&ProcessingPlants #1 #1 Tier 1 jurisdiction producingtungstenassets,withsimilarcharacteristics:üSimilarmineralogy:Botharehostedinsheeted quartzüComplementarygeology:Granite(Barruecopardo) andMetasediments(MtCarbine)üIdenticalminingmethod:Openpitblastplustruck andexcavator-similarfleetüSimilarprocessing:Crushing,screening,XRT sorting,jigs andtables;Saloroincorporatesflotationand mag.sep.cleanup, due to mineral compositionüSynergy inmarketing:Bothsupplyingthesameend customersüBothoperatingadjacenttoworldrenownedNational Parks(strongESGcredential)üOrganizationalandsignificanttechnicalsynergies (comparable operational output) For personal use only
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Saloro (Spain)Europe’s largest tungsten mine, with outstanding ESG credentials, additional ramp-potential and regional exploration upside See ASX Announcement: ‘EQR Releases Barruecopardo Ore Reserves, With Next Phase Drilling Program Scheduled for 2025’, dated 29th October 2024. •Producing asset with a mining lease until 2044•A$200 million capex investment pre-EQR Acquisition in January 2024•Minimum 7 years mine plan with underground extension potential•Installation of 3rd ore sorter implementation on track for Q3 2025.•Production 1,200 tonnes WO3 /year and climbing•130 employees and contractors12 Reserve CategoryTonnes (Mt) WO3 (%) Contained WO3 (mtu) Open Cut - Proven 6.82 0.16% 1,102,148 Open Cut - Probable3.33 0.14% 470,387 Open Cut - Total 10.15 0.16% 1,572,535 Stockpile - Proven 0.31 0.14% 64,143 Stockpile - Probable Stockpile - Total 0.31 0.14% 64,143 All - Total 10.46 0.156% 1,636,678 Orebody Resource Classification Tonnes (Mt) Grade (% WO3) WO3 (mtu) M easured 8.82 0.19 1,659,959 Indic ated 10.27 0.18 1,799,757 Inferred 3.82 0.26 995,555 Total 22.91 0.20 4,455,272 In-Situ MtCarbineOpenPit&ProcessingPlants Ref EQR Annual Report 2024 (Link) For personal use only
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23,118 23,234 27,965 33,249 29,605 28,203 Q1 - 2024Q2 - 2024Q3 - 2024Q4 - 2024Q1 - 2025Q2 -2025 Saloro 18-month quarterly WO3 mtu production*•Saloro operations transitioned under EQR’s management in mid-January 2024, followed by a detailed metallurgical assessment throughout Q1 2024 to identify immediate improvement opportunities.•Quick wins were implemented, delivering first positive impacts by February/March 2024, with a focus on recovery enhancement and operational efficiencies.•All planned changes were systematically implemented, with both tungsten recovery and overall output showing significant improvement in Q3 & Q4 2024.•In Q3 2025, a third ore sorter is being installed and is expected to increase recoveries to above 70% when supplemented by further plant optimisations.•Key production improvements stem from continuous personnel training, application of XRT Ore Sorting, and the addition of a fines recovery circuit, enhancing material separation and minimising tailings losses. 13 SaloroTurnaroundSuccessStoryFocus on XRT Ore Sorting & recovery enhancement / Long-term offtakes as funding opportunities Updated design capacity allowing for >40,000 mtu per quarter, once improvement projects are fully commissioned as scheduled in Q4 2025. *Distinct development stages since acquisition:Phase 1 (Q1/24-Q4/24) - “Quick wins” through operator training, efficiency gains and improvements based on detailed metallurgical test work.Phase 2 (Q1/25-Q2/25) – Plant modifications with reduced overall run time, while continued recovery improvements gained based on modifications.Phase 3 (Q3/25+) – Recommissioning of XRT sorting operations with 3rd ore sorter, Q4 with minor additional installations in gravity circuit and reset of higher- grade ore deliveries into plant. For personal use only
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Mt Carbine (Australia)Mt Carbine Mine Is Australia’s Leading Tungsten Mine and Is Consistently Exporting Concentrate to Global ConsumersMtCarbineOpenPit&ProcessingPlants Watershed MtCarbine WolframCamp 14 •Producing asset with a 19-year mining permit•A$50 million to date has been spent on development expenditure•Underpinned by 2023 Bankable Feasibility Study•Minimum 8-year mine life uses only 20% of resources•Underground Scoping Study underway•Wolfram camp exploration permit secured•Production targeted to increase to 1,750 tonnes WO3 /year•150 employees and contractorsRef EQR Annual Report 2024 (Link) 14 Orebody Resource Classification Tonnes (Mt) Grade (% WO3) WO3 (mtu) Indicated 10.13 0.075% 759,450 Indicated 2.57 0.070% 166,832 Inferred 0.83 0.060% 53,789 Subtotal 13.53 0.070% 980,071 Indicated 17.49 0.30% 5,235,286 Inferred 10.68 0.30% 3,217,311 Subtotal 28.17 0.30% 8,452,597 All Total 41.70 0.23%9,432,668 Low-Grade Stockpile In-Situ Reserve CategoryROM Tonnes (Mt) WO3 (%) Contained WO3 (mtu) Open Cut - Proven - - - Open Cut - Probable 5.36 0.28% 1,500,800 Open Cut - Total 5.36 0.28% 1,500,800 LGSP - Proven - - - LGSP - Probable 9.77 0.075% 732,750 LGSP - Total 9.77 0.075% 732,750 All - Total 15.13 0.148% 2,233,550 TungstenCluster - Australia Orebody Table: Resources exclude the historical Wolfram camp resource of 2.39mt @ 0.29% WO3. (Wheeler,2015). NEQ Deposit Atlas - Wolfram Camp Tungsten Deposit or Wolfram Camp- Technical Report; Reserve Category Table: The Mineral Resource is inclusive of the Reserve. ! For personal use only
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15 Mt Carbine TransformationRe-development of historic Open Pit Mine in less than 5 years 2021 2022 2023 2024 For personal use only
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16 Ramp-up Status•Mining rate proven to now be able to consistently deliver 200ktpm •Targeting 450ktpm by H1 CY2026 as final pre-strip unlocks Iolanthe high-grade oreCurrent Operations•Stripping of south-wall to expose Iolanthe Vein Package (0.66% WO₃) a priority•RC confirmation drilling completed; high-grade zones now being prepared for extractionPlant & Expansion•Proven plant performance; expanded capacity onsite and quick to connect•Doubling of throughput targeting commencement in Q4 2025 once funding secured•Up to US$17m in US Department of Defense grant pending•EXIM Letter of Interest issued to fund a debt facility of US$34m for up to 10 yearsCost Optimisation•Owner-operated mining aiming to deliver lower unit costs•Internalisation of drilling with 2x Sandvik rigs and 24/7 operations lowers $/t strip ratio•Wider benches, larger blasts improving sequencing and recoveries Mt Carbine (Australia)Accelerating access to high-grade lolanthe vein package with a target of 450ktpm mining rate - 5,000 10,000 15,000 20,000 25,000 30,000 Q1 -2023Q2 -2023Q3 -2023Q4 -2023Q1 -2024Q2 -2024Q3 -2024Q4 -2024Q1 -2025Q2 -2025 Mt Carbine quarterly WO3 mtu productionSouthwall and Eastern Cutback stripping commenced For personal use only
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17 Southwall stripping to unlock Iolanthe high-grade veins Pic. 1: Resources Block Model showing an extract of the ore blocks in the ore body in the South-East below 335RL Eastern cutback).Colors represent the grade of the ore. •Pink for high grade (>0.2% WO3). •Blue for low grade. (>0.08% - <0.2% WO3). 335-325 RL as transition zone from low-grade to high-grade(confirmed by 2024 RC Drill Program) 335 RL 325 RL 315 RL305 RL 345 RL For personal use only
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18 Mt Carbine Project Profile - Significant Resource UpsideLong-term Development Targets & High Reserve Conversion Potential Current Ore Reserves / Mine Planning covers only ~20% of the known Mineral Resources (JORC). For personal use only
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BUSINESS DEVELOPMENT 19 For personal use only
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20 Value-add through Ecosystem IntegrationEQR developed a vast network within the global tungsten ecosystem, establishing win-win-relationships •EQR management team specialises in development of mines and supply of tungsten concentrates.•EQR has two producing mines, has rights to explore and develop Wolfram Camp with high potential assets nearby.•EQR assets located in Tier 1 jurisdictions in potential critical minerals clusters with a strong history of mining.•Elaborating opportunities for downstream processing through acquisition or strategic partnerships. Case study MASAN HIGH-TECH MATERIALS:§Strategic Collaboration on commercial and technical basis (Masan currently 100% offtaker of Australian production of EQR)§Joint development projects initiated for production enhancement at Saloro Case study TUNGSTEN METALS GROUP:§EQR exploring acquisition of Tungsten Metals Group, to integrate largest ferrotungsten smelter outside China into its portfolio§Value-add EQR’s concentrate production and diversify customer & product portfolio Case study ELMET TECHNOLOGIES:§Strategic Collaboration on commercial basis (Elmet’s tungsten supply chain for western raw materials managed by EQR)§Joint funding application with US Government Ability to become the largest (integrated) tungsten supplier to end users outside of China. For personal use only
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Corporate Contact: Investor Relations:Oliver Kleinhempel Peter TaylorExecutive Chairman NWR CommunicationsT: +61 438 542 260 T: +61 412 036 231E: okleinhempel@eqresources.com.au E: peter@nwrcommunications.com.au Registered Office: Mt Carbine Office: Suits 2, 385 Bourke Street 6888 Mulligan Highway,Melbourne, VIC 3000 Mt Carbine Qld 4871 Australia PO Box 1496, Mareeba Qld 4880 E: info@eqresources.com.au www.eqresources.com.au Follow us on For personal use only