Equatorial Resources Limited - INITIAL EXPLORATION TARGET AT NIMBA ALLIANCE IRON ORE PROJECT

About this update from Equatorial Resources Limited

Equatorial Resources Limited (ASX:EQX) (Equatorial or Company) is pleased to announce that an initial Exploration Target has been estimated at one of six targets at the Company's Nimba Alliance Iron Ore Project ( Nimba Alliance or Project) in Guinea . The initial Exploration Target at Nimba Alliance has been estimated to be between 260 to 660 million tonnes (Mt) of iron mineralisation at a grade of between 35% to 65% Fe on the T5 Target, one of six targets at the Project. The potential quantity and grade of the Exploration Target is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource. It is uncertain if further exploration will result in the estimation of a Mineral Resource. The Exploration Target has been prepared and reported in accordance with the JORC Code. The T5 Exploration Target includes 5 to 20 Mt of weathered itabirite iron mineralisation with a grade of 45% to 65% Fe and 255 to 640 Mt of primary compact itabirite iron mineralisation with a grade of 35% to 45% Fe. The T5 Target is one of four 'hard rock' targets at the Project, which are differentiated from the Company's two priority detrital 'Canga' (enriched iron material) targets (D1 and D2) which require further work before an Exploration Target can be defined. In this regard, the Company is currently finalising plans for a maiden drill program to test the high-grade Canga mineralisation previously identified at the Company's priority D1 Target, where grab samples have shown the highest results of up to 66% Fe (refer ASX announcement 20 May 2024). This maiden drill program is expected to allow the definition of an initial Exploration Target at the D1 Target. Additional work required to test the initial T5 Exploration Target includes further mapping and surface sampling, trenching, drilling over a gridded pattern and bulk density test work at the T5 Target. These activities will be planned over the next 18 months About the Nimba Alliance Iron Ore Project Nimba Alliance is a highly prospective and potentially large-scale iron ore project located in Guinea , West Africa which was acquired by Equatorial in July 2023 . The Project covers a large landholding in Guinea's prolific Nimba Iron Ore Corridor and comprises majority ownership of two permits: 100% of the Nimba West permit covering 198km2 and 56% of the Nimba North permit covering 107km2 . The Project is located within a cluster of major iron ore projects. Transport solutions are already in place for the Project, with the Nimba West and Nimba North permits located approximately 350km and 290km respectively from Port Buchanan, and within 30km and 60km, respectively from Liberia's Lamco bulk commodity railway. The potential for the development and availability of alternative efficient transport solutions to enable efficient economic production is expanding including access to the Liberty Corridor in Liberia . In addition to the existing rail infrastructure, in February 2024 , HPX signed a letter of intent with the Government of Liberia and Guma Africa Group to develop the 'Liberty Corridor' in Liberia , an open access infrastructure supporting iron ore projects in Guinea , Liberia and other parts of West Africa . Six significant high priority near surface iron ore targets have been identified at Nimba Alliance with a total strike potential of 55km, comprising friable itabirite, compact magnetite, and detrital Canga mineralisation. Airborne Magnetics In 2011, SMFG contracted Bell Geospace Limited to undertake an airborne magnetic and radiometric survey using fully tensor gradiometry and tensor magnetics. A total of 2,400 linear km was surveyed. Data processing defined magnetic targets that were modelled to represent high priority targets for drill testing. Drilling: Historical drilling campaigns, including diamond core (DD) drilling conducted by SMFG between 2008 and 2011. A total of five exploration diamond holes were drilled within the T5 Target as shown below. A sixth hole NN44 failed and was abandoned. Three holes were drilled at the western end of the T5 Target, and 2 holes were drilled 5km east northeast. These historical holes do not have available geological logs and enriched weathered friable itabirite is estimated to be within the top 20m to 50m of the hole as demonstrated by higher grade Fe. Drilling at the T5 Target intersected high-grade iron from surface, such as hole NN0003D (14m @ 60.7% Fe) and hole NN0004D (12m @ 55.8% Fe) although drilling at the eastern end did not return the higher grade weathered enrichment. Contact: Tel: +61 8 9322 6322 Email: [email protected] Competent Persons Statement The information in this announcement that relates to Exploration Results and Exploration Targets is based on information reviewed by Mr Beau Nicholls , a Competent Person who is a Fellow of the Australian Institute of Geoscientists . Mr Nicholls is a consultant to Equatorial. Mr Nicholls has sufficient experience that is relevant to the styles of mineralisation and types of deposit under consideration, and to the activity being undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves' (JORC Code). Mr Nicholls consents to the inclusion in the announcement of the matters based on his information in the form and context in which it appears. Forward Looking Statements Statements regarding plans with respect to Equatorial's project are forward-looking statements. There can be no assurance that the Company's plans for development of its projects will proceed as currently expected. These forward-looking statements are based on the Company's expectations and beliefs concerning future events. Forward looking statements are necessarily subject to risks, uncertainties and other factors, many of which are outside the control of the Company, which could cause actual results to differ materially from such statements. The Company makes no undertaking to subsequently update or revise the forward-looking statements made in this announcement, to reflect the circumstances or events after the date of that announcement. (C) 2024 Electronic News Publishing, source ENP Newswire

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