Slide 1: EQ Resources Limited
EQ RESOURCES LIMITED A leading producer of tungsten – a critical and strategic mineral July 2026 ASX : EQR
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: Corporate Overview
Corporate Overview EQ Resources is delivering tungsten into global supply chains from Australia & Europe’s largest tungsten mines Capital Structure Shareholders Production WO3 Investment Case Market Cap1 $1.4Bn FY26 Production: 1,189 t ✓ Strong Market Fundamentals Oaktree1 17% ✓ Scalable, Producing
Slide 4: Board
Board An established Board providing governance and oversight Board of Directors Michael Nossal – Independent Non-Executive Chairman Craig Bradshaw – Managing Director • Mining executive with global strategy, governance and • Experienced global tungsten industry executive. business development exper
Slide 5: Executive Team
Executive Team A leadership team with deep industry expertise. Leadership Jono Kort - Group Chief Financial Officer Alvaro Serrano – Saloro Chief Executive Officer • 20+ years in resources including PanAust, Coronado and BHP. • 20+ years in finance and executive leadership roles. • Chartered Account
Slide 6: 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 EQR has extensive experience in developing, operating U.S,
Slide 7: 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 co
Slide 8: Two Producing Mines in Tier 1, Tungsten Rich Regions
Two Producing Mines in Tier 1, Tungsten Rich Regions Both operations are 100% owned with scalable opportunities Key Facts Mt Carbine | Australia1 Australia’s Tungsten Cluster Tungsten Production 28,280 mtu (FY26) Targeted Production3 225,000 mtu per annum Mineral Resource2 41.4Mt @ 0.23% WO3 Reserve
Slide 9: Targeted Annual Production Uplift Underway
Targeted Annual Production Uplift Underway1 A clear pathway to maximizing existing operations’ annual production and life-of-mines Targeted Annual Production1 On track to achieving our targeted production uplift WO3 Tonnes 3,850 Barruecopardo 500 Installed & commissioned key equipment increasing r
Slide 10: Expanding Mt Carbine Operations
Expanding Mt Carbine Operations Reserves make up only 23% of the Resource Priority focus Resources and Reserves • Processing the high-grade Iolanthe Vein of 1.6mt @ 0.262% WO3 • Drilling Program Underway: 27 hole 7,830m on mining lease resource in-fill and expansion. • Install and commissioning purc
Slide 11: Mt Carbine Expansion Project
Mt Carbine Expansion Project On track for commissioning in Q3 FY2027 Automating and increasing crushing capacity from ~1 mtpa to ~2 mtpa1 Overview • A$39m expansion project is underway with expected commissioning in Q3 FY2027. • Increases production capacity by 500t WO3 from low grade stockpile ore
Slide 12: Wolfram Camp
Wolfram Camp Opportunity to develop hub and spoke with the expanded Mt Carbine operation Overview Historic Foreign Estimate • Located ~60kms south of Mt Carbine Operations. • Historical mining operation awarded to EQ Resources in 2024 Estimate Tonnes Grade WO3 Orebody1 Category (kt) (%WO3) (mtu) as
Slide 13: Mt Carbine Regional Prospectivity
Mt Carbine Regional Prospectivity Recent acquisitions1 have increased regional exploration tenements to 1,136km2 Overview • Exploration and regional development activities aimed at delivering an organic pipeline of development projects to transform its producing Mt Carbine tungsten operation into a
Slide 14: Expanding Barruecopardo Operations
Expanding Barruecopardo Operations Reserves make up only 45% of the Resource Priority focus Resources and Reserves • Optimising newly installed processing and sorting capacity • Improving the consistency of feed grade and operational Resource Tonnes Grade WO3 Orebody1 Classification (Mt) (%WO3) (mtu
Slide 15: Strategically Positioned
Strategically Positioned EQR is one of the largest producers of tungsten outside of restricted countries, with spot-price agreements in place, supplying European, North American and Asian markets. EQR is a significant producer in non-restricted countries1 EQR Production underpinned by long term spot
Slide 16: A Leading Western Tungsten Producer Positioned for Structural Supply Tightness
A Leading Western Tungsten Producer Positioned for Structural Supply Tightness1 Rare public-market exposure to producing Western tungsten today, with high-grade growth ahead. Diversified Scalable Producer Strategically Positioned Producing operations in Australia and Spain with a A leading Western n
Slide 17: Follow us on
Corporate Contact: Investor Relations: Craig Bradshaw Rosalyn MacNeill Managing Director ir@eqresources.com.au Registered Office: Mt Carbine Office: Suite 2, Level 11, 385 Bourke Street 6888 Mulligan Highway, Melbourne, VIC 3000 Mt Carbine Qld 4871 Australia PO Box 1496, Mareeba Qld 4880 E: info@eqr