Eq Resources Limited · ASX:EQR
Eq Resources — Shareholder Meeting (November 2025)
18 slides from Eq Resources's shareholder meeting presentation, Nov 27, 2025
Slide 1: EQ Resources Limited Annual General Meeting
EQ RESOURCES LIMITED A leading producer of tungsten enabling independent global supply chain certainty ASX : EQR EQ Resources Annual General Meeting 27th November 2025
Slide 2: Disclaimer
Disclaimer Competent Person's Statement • The information in this presentation relates to EQ Resources Ltd’s two principal operations — the Mt Carbine Tungsten Mine in Queensland, Australia, and the Barruecopardo Tungsten Mine in Salamanca, Spain — as well as to exploration and Mineral Resource work
Slide 3: Board and Management
Board and Management Establishing the right team for success Board of Directors Management Team Oliver Kleinhempel – Non-Executive Chairman Craig Bradshaw - Managing Director • Non-executive Director - August 2019, Chair - April 2020. • Global tungsten industry leader; former CEO Masan High-Tech • E
Slide 4: Corporate Snapshot
Corporate Snapshot Share Price Options on Market Cap Recent Funding Issue $0.052 $197 Million +$35 Million in as at ~572 Million as at Equity/Debt Funding 26 November 2025 Options on Issue 26 November 2025 EQR is advancing a sustainable tungsten platform in Q1FY2026 delivering reliable, scalable sup
Slide 5: Why Tungsten, Why Now
Why Tungsten, Why Now Right Metal, Right Timing, Right Team Critical & Strategic by Design Allied Policy Tailwinds Exceptional Tungsten Expertise Tungsten listed as critical and strategic by the EU, US$8.5 bn US – Australia Critical Minerals Framework EQR has extensive experience in developing, U.S,
Slide 6: Market Dynamics Driving Higher Prices
Market Dynamics Driving Higher Prices Ethical, sustainable supply chain positioned to capitalise on tightening markets and policy tailwinds. Deepening Structural Deficit Tight Market, Strengthening Prices Increased Production in Near Term China controls 85%+ of global tungsten supply. APT pricing re
Slide 7: Flagship Operations / 'Hub & Spoke' Opportunities
Flagship Operations / 'Hub & Spoke' Opportunities EQR’s dual tungsten hubs in Australia and Spain form the backbone of a scalable Western supply platform Tier 1 Jurisdiction Producing Tungsten Assets, with Similar Characteristics: Mt Carbine Open Pit & Processing Plants Similar mineralogy: Both are
Slide 8: Health & Safety
Health & Safety Lost Time Injury Frequency Rate * 60 50 51 49 49 54 54 Saloro 48 47 49 46 Mt Carbine 50 40 Barruecopardo 40 37 45 30 14 training courses 20 28 26 training courses undertaken 23 22 22 undertaken 19 19 16 ~20,000 10 13 13 11 11 0 fit to work test conducted (Drug & Alcohol) 16,249 17,11
Slide 9: Saloro Barruecopardo
Saloro Barruecopardo Mining Processing ~7.0 Mt 63.3% Material moved Highest monthly recovery achieved ~1.3 Mt Ore mined 1.45 million tonnes ~5.7 Mt of ore crushed Waste mined 0.9 4.4:1 million tonnes processed Strip ratio through the Gravity 209,000 t +52% Closing stockpile increase Ore Sorter throu
Slide 10: Saloro (Spain)
Saloro (Spain) Europe’s largest tungsten mine, with outstanding ESG credentials, additional ramp-potential and regional exploration upside. Tungsten Cluster - Spain Resource Tonnes Grade WO3 Orebody Classification (Mt) (% WO3) (mtu) Measured 7.68 0.18 1,380,549 Indicated 10.00 0.18 1,768,030 In-Situ
Slide 11: Barruecopardo Project - Significant Resource Upside
Barruecopardo Project - Significant Resource Upside1 Current Ore Reserves and mine plans cover only part of the JORC Mineral Resource, with additional Mineral Resources outside the current mine plans that may be evaluated through future drilling and studies Current Ore Reserves covers only ~45% of t
Slide 12: Mt Carbine Mine
Mt Carbine Mine Mining Processing 2.24 756k millions tonnes tonnes of material extracted ore crushed 0.57 48,771 million tonnes of ore mtu produced 1.67 462k million tonnes tonnes of of waste ore sorted Transition ~79% to Owner Operator final recovery ~55 staff in mining operations 4th November 2025
Slide 13: Mt Carbine (Aus): In Production, Expanding For Growth
Mt Carbine (Aus): In Production, Expanding For Growth Australia’s flagship tungsten mine — long-life asset advancing toward higher-grade production and underground expansion. Tungsten Cluster - Australia Resource Tonnes Grade WO3 Orebody Classification (Mt) (% WO3) (mtu) Indicated 10.13 0.08% 759,45
Slide 14: Mt Carbine Project Profile - Significant Resource Upside
Mt Carbine Project Profile - Significant Resource Upside1 Current Ore Reserves and mine plans cover only part of the JORC Mineral Resource, with additional Mineral Resources outside the current mine plans that may be evaluated through future drilling and studies Current Ore Reserves / Mine Planning
Slide 15: South Wall Stripping Underway to Unlock Higher-Grade In-situ Ore
South Wall Stripping Underway to Unlock Higher-Grade In-situ Ore - Southern Wall stripping momentum continues to build with night shift commencing from 14 November 2025 - Daily movement rates now consistently meeting target of 400,000 tonnes per month. - Mining continues through the 365 RL in Novemb
Slide 16: Balance Sheet – Repair & Simplification Underway
Balance Sheet – Repair & Simplification Underway The Board has been focused on simplifying and strengthening the Balance Sheet to ride out unforeseen events which have previously had significant impact to The Company’s development. Overdue Payables Reduction Spanish Debt Refinance Progress Overdue p
Slide 17: Investment Case
Investment Case EQ Resources is a global tungsten producer with mining activities in Australia and Spain and is aiming to be the leading western integrated platform for tungsten materials1. Diversified Scalable Producer Strategically Positioned Global producer with producing operations in Spain and
Slide 18: Follow us on
Corporate Contact: Investor Relations: Craig Bradshaw Peter Taylor Managing Director NWR Communications T: +61 437 027 223 T: +61 412 036 231 E: cbradshaw@eqresources.com.au E: peter@nwrcommunications.com.au Registered Office: Mt Carbine Office: Suite 2, Level 11, 385 Bourke Street 6888 Mulligan Hig