Eq Resources Limited · ASX:EQR
Eq Resources — Investor Presentation (September 2025)
21 slides from Eq Resources's investor presentation, September 2025
Slide 1: EQ Resources Ltd – Investor Presentation September 2025
EQ RESOURCES LTD A globally significant tungsten producer Investor Presentation – September 2025 ASX:EQR
Slide 2: Disclaimer
Disclaimer 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 i
Slide 3: Executive Summary
Executive Summary 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 Global Tungsten • EQ Resources is a leading global tungsten producer and explorer, focused on
Slide 4: Corporate
CORPORATE 4
Slide 5: Board and Management
Board and Management Establishing the right team for success Board of Directors Management Team Oliver Kleinhempel – Executive Chairman Jono Kort • Non-executive Director since August 2019, Chair since April 2020. Group Chief Financial Officer • Executive career in global resource industry, across p
Slide 6: Corporate Snapshot
Corporate Snapshot Key Statistics APT Tungsten Price compared to EQ Resources Share Price (A$) Share Price1 A$0.041 per share Shares on Issue ~3,091m Options on Issue ~482m Market Capitalisation1 ~A$127m Top 20 Shareholders ~66% (~10% Board/Management) Barruecopardo (Spain) Producing Operations Mt C
Slide 7: Market Overview
MARKET OVERVIEW 7
Slide 8: Tungsten market overview
Tungsten market overview Tungsten has been classified as a critical mineral by the US, European Union, Australia and others Fastmarkets APT Rotterdam High Price (US$/ mtu) China imposed tungsten export restrictions (Feb'25) • Global Tungsten reserves are 3.7 mt with an annual production of 81kt WO31
Slide 9: Tungsten market overview
Tungsten market overview Tungsten’ exceptional hardness, high melting point and density makes it difficult to be effectively substituted 2024 End-Use Sectors: Source: ITIA – Tungsten End-Use Analysis (2024), Demand distribution and Growth Contributors 9
Slide 10: Tungsten Production Assets
TUNGSTEN PRODUCTION ASSETS 10
Slide 11: Flagship Operations / 'Hub & Spoke' Opportunities
Flagship Operations / 'Hub & Spoke' Opportunities Historical mining assets as a source for critical minerals production Tier 1 jurisdiction producing tungsten assets, with similar characteristics: & Processing Plants Mt Carbine Open Pit ü Similar mineralogy: Both are hosted in sheeted quartz #1 ü Co
Slide 12: Saloro (Spain)
Saloro (Spain) Europe’s largest tungsten mine, with outstanding ESG credentials, additional ramp-potential and regional exploration upside Resource Tonnes Grade WO3 Orebody Classification (Mt) (% WO3) (mtu) Measured 8.82 0.19 1,659,959 & Processing Plants Mt Carbine Open Pit In-Situ Indicated 10.27
Slide 13: Saloro Turnaround Success Story
Saloro Turnaround Success Story Focus on XRT Ore Sorting & recovery enhancement / Long-term offtakes as funding opportunities • Saloro operations transitioned under EQR’s management in mid-January 2024, followed by a detailed metallurgical Saloro 18-month quarterly WO3 mtu production* assessment thr
Slide 14: Mt Carbine (Australia)
Mt Carbine (Australia) Mt Carbine Mine Is Australia’s Leading Tungsten Mine and Is Consistently Exporting Concentrate to Global Consumers Tungsten Cluster - Australia Resource Tonnes Grade WO3 & Processing Plants Mt Carbine Open Pit Orebody Classification (Mt) (% WO3) (mtu) Indicated 10.13 0.075% 75
Slide 15: Mt Carbine Transformation
Mt Carbine Transformation Re-development of historic Open Pit Mine in less than 5 years 2021 2022 2023 2024 15
Slide 16: Mt Carbine (Australia)
Mt Carbine (Australia) Accelerating access to high-grade lolanthe vein package with a target of 450ktpm mining rate 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 ore Current Operatio
Slide 17: Southwall stripping to unlock Iolanthe high-grade veins
Southwall stripping to unlock Iolanthe high-grade veins 335-325 RL as transition zone from low-grade to high-grade (confirmed by 2024 RC Drill Program) 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
Slide 18: Mt Carbine Project Profile - Significant Resource Upside
Mt Carbine Project Profile - Significant Resource Upside Long-term Development Targets & High Reserve Conversion Potential Current Ore Reserves / Mine Planning covers only ~20% of the known Mineral Resources (JORC). 18
Slide 19: Business Development
BUSINESS DEVELOPMENT 19
Slide 20: Value-add through Ecosystem Integration
Value-add through Ecosystem Integration EQR developed a vast network within the global tungsten ecosystem, establishing win-win-relationships • EQR management team specialises in Case study MASAN HIGH-TECH MATERIALS: development of mines and supply of § Strategic Collaboration on commercial and tung
Slide 21: Follow us on
Corporate Contact: Investor Relations: Oliver Kleinhempel Peter Taylor Executive Chairman NWR Communications T: +61 438 542 260 T: +61 412 036 231 E: okleinhempel@eqresources.com.au E: peter@nwrcommunications.com.au Registered Office: Mt Carbine Office: Suits 2, 385 Bourke Street 6888 Mulligan Highw
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