Noosa Investor Presentation - Update

Noosa Mining Conference

18 July 2024

ASX : EQR

• Interim CEO & Senior Technical Advisor since May 2019, CEO since January 2020.
• 35+ years in mining project development globally.
• Expertise in mineral processing, specifically tungsten.
• Past President of Etruscan Diamonds, founded Specialized Metallurgical Projects.

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.

Tony Bainbridge - Chief Geologist

• Focus on Mt Carbine's 'King-Vein' style mineralisation.
• Experience in tungsten projects in South Korea and Africa.
• Director at Asia Interplay Mining Ltd & AMB Exploration Pty Ltd

• Non-executiveDirector since August 2019, Chair since April 2020.
• Experience in project development, finance, commodity trading.
• Previous roles at Outotec, Ferrostaal Group, CRONIMET.
• Executive Director at CRONIMET Group.

Richard Morrow - Non-Executive Director

• Over 30 years as a sharebroker, interested in resources sector.
• Ex Chairman of Melbourne Mining Club.
• Investment roles at Lowell Resources Fund Management; Fellow of AusIMM.

Stephen Layton - Non-executive Director

• • 35+ years in equity capital markets in the UK and Australia.
  • Experience in ASX listings, corporate advisory.
  • Directorships at Mithril Resources Limited
    Ian Kirkham - Senior Financial Adviser
• 25 years in the mining oil and gas sector
• Expertise in debt and equity financing, treasury services, corporate secretarial services
• Past CFO of Eastern Star Gas & Warrego Energy Ltd

4

US $ / mtu

APT Price Rotterdam - High (US$/mtu)

365

360

355

350

345

340

335

330

325

320

Source: FastMarkets APT Price Rotterdam (US$/mtu, mtu = 10kg WO3) Average Monthly High Price

5

Tungsten - A Critical Metal

EQR Is Unhedged, Provides Spot Price Exposure To a Tight Market

One of the Most Important Critical Materials according to European Commission

• Tungsten is declared by the European Commission to be a "critical raw material" as a result of high supply-riskand high economic importance
• On March 7, 2018, U.S. Congress passed the "National Strategic and Critical Minerals Production Act" (H.R. 520) defining and including tungsten as a "critical mineral"
• Western Governments world-wideare becoming increasingly focused upon the importance of critical raw materials (incl tungsten) supply
• Down-streamTungsten end users are becoming increasingly worried about lack of visibility on future raw material supply

EU: The Most Economically Important Critical Material

Tungsten Market dominated by non-OECD members

• China accounts for over 83% of world Tungsten primary (mining) production
• Unique properties make Tungsten an essential industrial metal
• • Highest melting point of all metals and highest tensile strength, high density, hardness close to diamond, thermally and chemically stable, excellent conductor, and environmentally benign
  • End-marketapplication for light and heavy industrial, energy and military uses include in heavy metal alloys such as high-speed steel, from which cutting and pressing tools are manufactured
• Benchmark pricing continues upward trend considering tungsten's strategic relevance and precarious supply / demand situation

51.4%

32.5%

83.3%

Total World -

79kt

China

Portugal

Total World -

3,700 kt

ECONOMIC IMPORTANCE

7

5,000

4,000

3,000

2,000

1,000

-

EQR Consolidated Group

tWO3 Production Projections*

Target 3,000 -

5,000t WO3 p.a.

(up to 50% of Western Mine Supply)

Distribution End-Use (2022)

***