Earnings release
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resourcing the new economy for a better tomorrow Quarterly Activities Report - Quarter ended 30 September 2026 Page 1 EQ Resources Limited Quarterly Activities Report Quarter Ended 30 September 2026 HIGHLIGHTS RECORD FINANCIAL PERFORMANCE • Record A$75.6 million of operating cashflow, closing with A$82.4 million cash and A$51.5 million receivables. • Record A$158.8 million of revenue, surging 101% (Q4 FY2026: A$79 million). • Record quarterly EBITDA of A$122.5 million and NPAT of A$114 million (unaudited). EXCEPTIONAL OPERATIONAL PERFORMANCE • Safety performance steady, with Group LTIFR of 29 (Q4 FY2026: 30). • 81% production increase to 51,233 mtu (Q4 FY2026: 28,315 mtu). • 30% improvement in cash cost at US$483/mtu (Q4 FY2026: US$711/mtu). STRONG SALES AND PRICING • Sales volumes jumped 69% to 49,715 mtu (Q4 FY2026: 29,468 mtu). • Realised prices climbed 20% to US$2,248/mtu (Q4 FY2026: US$1,875/mtu). ACCELERATING GROWTH STRATEGY • Resource and reserve drilling advanced, with updated estimates for Barruecopardo, Mt Carbine and Wolfram Camp on track for FY2027. • A$39 million Mt Carbine automation and expansion project on track for Q3 FY2027 commissioning. • Secured 10% interest in US tungsten processing JV with The Elmet Group (70%) and Blue Moon Metals (20%) to restart the 4,000 tpa Springer APT plant in Nevada. FY2027 GUIDANCE ESTABLISHED • Production: 240,000 – 280,000 mtu. • Cash costs: A$595 – 691/mtu (US$416 – 483/mtu). • Capital expenditure: A$80 – 100 million
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resourcing the new economy for a better tomorrow Quarterly Activities Report - Quarter ended 30 September 2026 Page 2 EQR GROUP Q1 FY2027 – PERFORMANCE STATISTICS SUMMARY Operations Mt Carbine Barruecopardo EQR Group Unit Q4 FY2026 Q1 FY2027 Q4 FY2026 Q1 FY2027 Q4 FY2026 Q1 FY2027 Safety Performance LTIFR Freq. 43 35 16 22 30 29 Operational Performance Material blasted t 1,170,837 1,086,411 2,637,915 2,303,695 3,808,752 3,390,106 Total Tonnes Mined t 1,059,120 1,185,113 2,518,482 2,231,318 3,607,602 3,416,431 Waste mined t 804,478 845,550 2,287,519 1,312,520 3,091,997 2,158,070 Ore mined t 254,642 339,563 260,963 918,798 515,605 1,258,361 Strip Ratio W:O 3.2 : 1 2.5 : 1 8.8 : 1 1.4 : 1 6 : 1 1.7 : 1 Closing Ore Stock - Rom t 94,890 134,548 51,072 669,541 145,962 804,089 Closing Ore Stock - LGS t 9,380,60 9,380,607 503,620 498,466 9,884,227 9,879,073 Crushing Plant Feed t 188,322 218,794 458,504 478,413 646,826 697,207 Gravity Plant Feed t 70,349 71,268 222,752 237,471 293,101 308,739 Gravity Plant Grade % 0.258% 0.291% 0.126% 0.241% Recovery % 68% 78% 54% 60% WO3 Produced* mtu 13,050 17,145 15,265 34,088 28,315 51,233 WO3 Sold* mtu 14,115 16,568 15,353 33,147 29,468 49,715 Avg Realised price US$/mtu 1,997 2,110 1,763 2,333 1,875 2,248 Cash cost** US$/mtu 1,452 716 349 366 711 483 * 1 mtu (metric tonne unit) = 10kg 100% WO3 ** Cash cost being cost of goods sold after inventory movement
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resourcing the new economy for a better tomorrow Quarterly Activities Report - Quarter ended 30 September 2026 Page 3 BARRUECOPARDO OPERATIONS The Barruecopardo Tungsten Mine open pit at end of September 2026 with the Phase 6 works in the foreground, where early access to ore has been established Health and Safety The 12-month rolling LTIFR at Barruecopardo was 22.3 at the end of September, up from 15.8 at the end of June. Safety engagement remained a priority through out the quarter. Regular safety sessions continued, along with silica awareness training, noise and dust monitoring across the workplace, and ongoing environmental and water monitoring. Open Cut Mining Barruecopardo moved from dewatering and pre-stripping to full ore production in Q1 FY2027, after mining resumed at the bottom of the pit in early July. Ore mined more than tripled to 918,798 tonnes (Q4 FY2026: 260,963 tonnes). Waste mined fell 41% to 1,342,520 tonnes (Q4 FY2026: 2,287,519 tonnes) as the focus shifted from stripping to ore. As a result, the strip ratio improved from 8.8:1 to 1.5:1, reaching 0.9:1 in September. Total material extracted was 2,261,318 tonnes (Q4 FY2026: 2,548,482 tonnes) and material blasted was 2,303,695 tonnes (Q4 FY2026: 2,637,915 tonnes). Ore was mined from the pit bottom and from Phases 5 and 6. The ramp connecting Phases 5 and 6 was completed in August, and preliminary works for Phase 7 began in September . Ore mined ran ahead of plant feed requirements, lifting closing ROM stocks to 669,541 tonnes (Q4 FY2026: 51,072 tonnes) providing a significant buffer heading into the wet season and planned maintenance shutdowns. Processing Processing performance strengthened as higher -grade feed reached the plant. Ore crushed rose to 478,413 tonnes (Q4 FY2026: 458,504 tonnes), ore sorted to 206,786 tonnes (Q4 FY2026: 186,837 tonnes) and gravity plant feed to 237,471 tonnes (Q4 FY2026: 222,75 2 tonnes). Gravity plant feed grade nearly doubled to 0.241% WO ₃ (Q4 FY2026: 0.126%). Recovery improved to 59.7% (Q4 FY2026: 53.8%), reaching 62.3% in September. WO₃ production more than doubled to a record 34,088 mtu (Q4 FY2026: 15,265 mtu). August output of 12,719 mtu was the highest monthly production in the site's history. Production eased to 11,658 mtu in September as feed grade moderated from August's peak (0.277% to 0.233% gravity feed grade). The 669,541 -tonne ROM stockpile, including high-grade ore, supports feed into Q2 FY2027. Following engagement with the Territorial Service of Industry, Commerce & Economy of Salamanca, the Company is pleased to confirm that the previously reported risk of a “temporary suspension of operations” due to the partial non - compliance with the restora tion mining plan has been mitigated. The Company continues its work to address the partial non-compliance and meet the requirements of the regulator.
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resourcing the new economy for a better tomorrow Quarterly Activities Report - Quarter ended 30 September 2026 Page 4 MT CARBINE OPERATIONS The Andy White Open Pit at Mt Carbine at the end of September 2026, with ore deliveries increasing as mining progresses through the Iolanthe vein system. Health and Safety The 12-month rolling LTIFR at Mt Carbine improved to 34.8 at the end of September, down from 43.0 at the end of June. Psychosocial awareness training was rolled out across site, and a PPE improvement program ran through the quarter. Operational safety controls were strengthened with the commissioning of highwall radar monitoring. New safety leadership appointments are also expected to support further improvements. Open Cut Mining Mt Carbine set a record for quarterly material extracted at 1,185,113 tonnes, up 12% on Q4 FY2026 (1,059,120 tonnes). July was a record month at 448,495 tonnes. Ore mined rose 33% to 339,563 tonnes (Q4 FY2026: 254,642 tonnes) and waste mined increased to 8 45,550 tonnes (Q4 FY2026: 804,478 tonnes). The strip ratio improved to 2.5:1 (Q4 FY2026: 3.2:1). Material blasted was 1,086,411 tonnes (Q4 FY2026: 1,170,837 tonnes). August was low at 277,484 tonnes because drilling was diverted to final-wall redesign and a western wall pre-split trial. Blasting recovered to 452,043 tonnes in September, a new monthly high. Mining is moving into recently blasted high -grade zones, which is expected to support improved grade delivery in Q2 FY2027. Processing Plant feed increased across the circuit. Crushing plant feed rose 16% to 218,794 tonnes (Q4 FY2026: 188,322 tonnes), ore sorted rose 20% to 167,093 tonnes (Q4 FY2026: 139,327 tonnes), and sorter concentrate rose to 15,219 tonnes (Q4 FY2026: 13,279 tonnes). Gravity plant feed was 71,268 tonnes (Q4 FY2026: 70,349 tonnes) at a higher feed grade of 0.293% WO₃ (Q4 FY2026: 0.265%). Recovery averaged 78% (Q4 FY2026: 75.8%), improving each month from 73.7% in July to 84.0% in September. WO₃ produced rose 31% to 17,145 mtu (Q4 FY2026: 13,050 mtu). July output of 4,580 mtu reflected lower -grade feed early in the month. Production lifted to 6,363 mtu in August and 6,202 mtu in September as higher -grade ore arrived and sorter optimisation and equipment reliability improved feed to the gravity plant.
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resourcing the new economy for a better tomorrow Quarterly Activities Report - Quarter ended 30 September 2026 Page 5 GROWTH STRATEGY Mt Carbine Processing Plant Expansion and Automation Project The Company commenced the A$39 million Mt Carbine Processing Plant Expansion and Automation Project (“Expansion Project”) in June 2026. The Expansion Project is on track (and in budget) for commissioning in Q 3 FY2027 and will double the crushing capacity by ~1mtpa to ~2mtpa whilst integrating and automating the existing process plant enabling significant operational and cost efficiencies. At 30 September 2026, the following key milestones are noted: • All procurement and contract packages had been awarded. • Major equipment deliveries had commenced including steel and platework. • Concreting of conveyor pedestals were underway. • Electrical design had been transferred to the construction contractor. Australia - Regional Exploration Mt Carbine Drilling Campaign The Mt Carbine drill program concluded on 15 September, with a total of 17,233 metres drilled: 12,041 metres of diamond core and 5,192 metres of RC. The program comprised 33 diamond holes, 28 RC holes and 4 RC/diamond holes. All samples have been processed and submitted for testing, and assay results will be reported once received. In parallel, the Company is updating its database management systems and has started a historical core sampling program. Wolfram Camp Project Design of the initial 8,000 metre drill program at Wolfram Camp is now complete, approximately 80 holes across the ore body, built to support resource definition for the project’s feasibility study and with geotechnical logging and geochemical characterisation incorporated from the outset. Land access clearances and management systems are being finalised through the staged cultural heritage clearance process with the native title parties. Equipment mobilisation is under way, aided by access road upgrade works completed in September. Spain - Regional Exploration The Phase 1 diamond drilling program is progressing, with 12 of the 36 planned holes completed for 5,000 metres of the 12,200-metre program. Samples from the completed holes are being logged and prepared for assay, with results to be reported once received. The program is also being extended by one additional hole to tighten drill spacing in the deeper part of the deposit, which will support the planned resource update.
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resourcing the new economy for a better tomorrow Quarterly Activities Report - Quarter ended 30 September 2026 Page 6 FINANCIAL PERFORMANCE Quarterly Cash Flow Summary A record cash on hand of A$82.3 million and a record A$51.5 million accounts receivable as at 30 September 2026 resulting from improved production and record tungsten prices. Summary of cash movement for the quarter is as follows: Opening cash balance A$ 28.2 m Cash inflows from operating activities A$ 75.6 m Cash outflows from investing activities (A$ 19.5 m) Cash inflows from financing activities (A$ 2.5 m) Closing cash balance A$ 82.4 m Cash and accruals flow Figure 1: Q1 FY2027 cash and accrual movements (A$m) INITIATION OF FY2027 GUIDANCE As the Company continues to grow and improve, it is very pleased to initiate guidance for the very first time. Guidance for FY2027 is as follows: • Production guidance of 240,000 to 280,000 mtu. • Cash cost of production guidance of A$595 (US$416) – A$691 (US$483) per mtu produced. • Capital expenditure guidance for FY2027 is A$80 – A$100 million. With the initiation of guidance, the Company will no longer provide monthly performance updates.
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resourcing the new economy for a better tomorrow Quarterly Activities Report - Quarter ended 30 September 2026 Page 7 MINERAL RESOURCES AND ORE RESERVES Mineral Resources and Ore Reserves There has been no material change to the Company's Mineral Resources and Ore Reserves since the last publication. For the latest information, please refer to: EQR Annual Report FY2026. Tenements The current tenement interests are disclosed below in accordance with ASX Listing Rule 5.3.3. Australia Tenement Name Status Current Area Grant Date Expiry date Queensland, Australia ML 4867 - Granted 358.5 ha 25/07/1974 31/07/2041 ML 4919 - Granted 7.8910 ha 22/08/1974 31/08/2041 ML 20728 Mount White Granted 42.4621 ha 9/06/2015 30/06/2030 EPM 14871 Mt Homes Granted 5 sb 13/12/2005 12/12/2030 EPM 14872 Mt Carbine Granted 11 sb 12/12/2005 11/12/2030 EPM 28898 Wolfram Camp Granted 146 sb 17/06/2024 16/06/2029 EPM 27613 Bakers Blue Granted (Renewal Lodged) 12 sb 1/03/2021 28/02/2026 EPM 27628 Mt Carbine Southern Granted (Renewal Lodged) 21 sb 1/03/2021 28/02/2026 EPM 27798 Wolfram Hill Granted (Renewal Lodged) 23 sb 30/09/2021 29/09/2026 EPM 28574 Leichhardt Creek Granted 229 sb 2/04/2026 1/04/2031 EPM 27574 XXXX Gold Granted 4 sb 10/08/2020 9/08/2030 EPM 27575 XXXX Gold Granted 9 sb 9/02/2021 8/02/2031 EPM 18171 - Renewal Pending 20 sb 29/06/1905 19/07/2026 EPM 27539 XXXX Gold Granted 18 sb 2/06/2020 1/06/2030 EPM 25139 Campbell Creek Granted 3 sb 6/01/2014 5/01/2026 EPM 19809 - Granted 11 sb 16/10/2013 15/10/2026 Spain Location Holding Entity Beneficial Interest Interest Acquired Area Expiry date Granting Salamanca, Spain C.E. Barruecopardo, 6.432-10 Saloro, SLU 100% 18/01/2024 2,100 Ha 1/11/2041 20/11/2014 P.I. Saldeana 1a Fracción, 6.432-11 Saloro, SLU 100% 18/01/2024 29,300 Ha 13 Aug.* 13/08/2001 P.I. Saldeana 2a Fracción, 6.432-12 Saloro, SLU 100% 18/01/2024 13 Aug.* 13/08/2001 P.I. Milano, 6.432-20 Saloro, SLU 100% 18/01/2024 29,000 Ha 13 Aug.* 13/08/2011 P.I. Cortegana, 6.570 Saloro, SLU 100% 18/01/2024 16,700 Ha 14 Nov.* 14/11/2006 P.I. Almonaster, 6.572 Saloro, SLU 100% 18/01/2024 4,300 Ha 14 Nov.* 14/11/2006 P.I. Aracena, 6.649 Saloro, SLU 100% 18/01/2024 5,300 Ha 30 Oct.* 30/10/2008
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resourcing the new economy for a better tomorrow Quarterly Activities Report - Quarter ended 30 September 2026 Page 8 Location Holding Entity Beneficial Interest Interest Acquired Area Expiry date Granting Salamanca, Spain P.I. Brincones, 6.834 Saloro, SLU 100% 18/01/2024 6,100 Ha 7 May* 7/05/2013 C.E. = Mining Lease; P.I. = Exploration Permit; * renewed annually. SUSTAINABILITY & SOCIAL PROGRAMS For more information on the Company’s ESG commitments and ongoing initiatives, please visit EQR’s LinkedIn, Saloro’s LinkedIn and the Sustainability page on EQR’s website. Released on the authority of the Board by Craig Bradshaw, Managing Director, EQ Resourced. Further information: Rosalyn MacNeill John Gardner Investor Relations VECTOR Advisors ir@eqresources.com.au jgardner@vectoradvisors.au M: +61 413 355 997
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resourcing the new economy for a better tomorrow Quarterly Activities Report - Quarter ended 30 September 2026 Page 9 About EQ Resources Limited EQ Resources Limited is a leading global tungsten mining company dedicated to sustainable mining and processing practices. The Company is listed on the Australian Securities Exchange, with a focus on expanding its world-class tungsten assets at Mt Carbine in North Queensland (Australia) and 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. The Company aims to create shareholder value through the exploration and development of its current project portfolio whilst continuing to evaluate corporate and exploration opportunities within the new economy and critical minerals sector globally. 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 in resource estimates. Neither the Australian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Australian Securities Exchange) accepts responsibility for the adequacy or accuracy of this announcement. Follow us:
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Rule 5.5 ASX Listing Rules Appendix 5B (17/07/20) Page 1 + See chapter 19 of the ASX Listing Rules for defined terms. Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report Name of entity EQ RESOURCES LIMITED ABN Quarter ended (“current quarter”) 77 115 009 106 30 September 2026 Consolidated statement of cash flows Current quarter $A’000 Year to date (3 months) $A’000 1. Cash flows from operating activities 126,643 126,643 1.1 Receipts from customers 1.2 Payments for (47) (47) (a) exploration & evaluation (b) development (972) (972) (c) production (36,109) (36,109) (d) staff costs (10,326) (10,326) (e) administration and corporate costs (2,922) (2,922) 1.3 Dividends received (see note 3) 1.4 Interest received 31 31 1.5 Interest and other costs of finance paid (729) (729) 1.6 Income taxes paid 1.7 Government grants and tax incentives 1.8 Other 1.9 Net cash from / (used in) operating activities 75,568 75,568 2. Cash flows from investing activities (580) (580) 2.1 Payments to acquire or for: (a) entities (b) tenements - - (c) property, plant and equipment (18,128) (18,128) (d) exploration & evaluation (if capitalised) (226) (226) (e) investments - - (f) other non-current assets (511) (511) 2.2 Proceeds from the disposal of: - -
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 2 + See chapter 19 of the ASX Listing Rules for defined terms. Consolidated statement of cash flows Current quarter $A’000 Year to date (3 months) $A’000 (a) entities (b) tenements - - (c) property, plant and equipment - - (d) investments - - (e) other non-current assets - - 2.3 Cash flows from loans to other entities - - 2.4 Dividends received (see note 3) - - 2.5 Other (provide details if material) - - 2.6 Net cash from / (used in) investing activities (19,445) (19,445) 3. Cash flows from financing activities - - 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) 3.2 Proceeds from issue of convertible debt securities - - 3.3 Proceeds from exercise of options 1,772 1,772 3.4 Transaction costs related to issues of equity securities or convertible debt securities (199) (199) 3.5 Proceeds from Borrowings 3.6 Repayment of borrowings (2,367) (2,367) 3.7 Transaction costs related to loans and borrowings - - 3.8 Dividends paid - - 3.9 Other - Lease Repayments - Proceeds from Concentrate Sale Prepayments (1,702) (1,702) 3.10 Net cash from / (used in) financing activities (2,496) (2,496) 4. Net increase / (decrease) in cash and cash equivalents for the period 4.1 Cash and cash equivalents at beginning of period 28,180 28,180 4.2 Net cash from / (used in) operating activities (item 1.9 above) 75,568 75,568 4.3 Net cash from / (used in) investing activities (item 2.6 above) (19,445) (19,445)
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 3 + See chapter 19 of the ASX Listing Rules for defined terms. Consolidated statement of cash flows Current quarter $A’000 Year to date (3 months) $A’000 4.4 Net cash from / (used in) financing activities (item 3.10 above) (2,496) (2,496) 4.5 Effect of movement in exchange rates on cash held 577 577 4.6 Cash and cash equivalents at end of period 82,384 82,384 5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts Current quarter $A’000 Previous quarter $A’000 5.1 Bank balances 82,384 28,180 5.2 Call deposits - - 5.3 Bank overdrafts - - 5.4 Term Deposits - - 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above) 82,384 28,180 6. Payments to related parties of the entity and their associates Current quarter $A'000 6.1 Aggregate amount of payments to related parties and their associates included in item 1 - 6.2 Aggregate amount of payments to related parties and their associates included in item 2 - Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments. Payments to Directors and Senior Executives for salaries (including superannuation), fees, consultancy and expense reimbursements.
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 4 + See chapter 19 of the ASX Listing Rules for defined terms. 7. Financing facilities Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. Total facility amount at quarter end $A’000 Amount drawn at quarter end $A’000 7.1 Mt Carbine Offtake Advance Facility 5,030 5,030 7.2 Mt Carbine Working Capital Facility 2,001 2,001 7.3 Saloro Prepayment Facility 22,518 22,518 7.4 Total financing facilities 29,550 29,550 7.5 Unused financing facilities available at quarter end - Include in the box below a description of each facility above, including the lender, interest rate , maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well. 7.6 7.1 Secured no interest loan with Cronimet Asia Pte Ltd to be repaid from free cashflows over life of mine. 7.2 Unsecured Loan with Cronimet Asia Pte Ltd at an interest rate of SOFR + 3.00% p.a and no definitive maturity date. 7.3 Secured loan with Traxys Europe S.A. at an interest rate of EURIBOR + 5.50% p.a and a maturity date of March 2029. 8. Estimated cash available for future operating activities $A’000 8.1 Net cash from / (used in) operating activities (item 1.9) 75,568 8.2 Capitalised exploration & evaluation (Item 2.1(d)) (226) 8.3 Total relevant outgoings (item 8.1 + item 8.2) 75,342 8.4 Cash and cash equivalents at quarter end (item 4.6) 82,384 8.5 Unused finance facilities available at quarter end (item 7.4) - 8.6 Total available funding (item 8.4 + item 8.5) 82,384 8.7 Estimated quarters of funding available (item 8.6 divided by item 8.3) N/A Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7 as “N/A”. Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7. 8.8 If item 8.7 is less than 2 quarters, please provide answers to the following questions: 8.8.1 Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not? 8.8.2 Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful?
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 5 + See chapter 19 of the ASX Listing Rules for defined terms. 8.8.3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis? Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered. Compliance statement 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A. 2 This statement gives a true and fair view of the matters disclosed. Date: 28 October 2026 Authorised by: The Board (Name of body or officer authorising release – see note 4) Notes 1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter , how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so. 2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, t he definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report. 3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity. 4. If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the Board. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”. 5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations, the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained , that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity , and that the ir opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.