EQ RESOURCES LIMITED DISCLOSURECurrent Reports (8-K / ad hoc)

EQR Signs Binding Agreement For US APT Plant JV

resourcing the new economy for a better tomorrow REGISTERED OFFICE: Level 7, 410 Queen Street, Brisbane, QLD 4000 PRINCIPAL PLACE OF BUSINESS: 6888 Mulligan Highway, Mt Carbine Qld 4871 POSTAL ADDRESS: PO Box 1496, Mareeba Qld 4880 ABN: 77 115 009 106 (ASX: EQR) T: (07) 4094 3072 | F: (07) 4094 3036 | W: eqresources.com.au 15 September 2026 EQR SIGNS BINDING FRAMEWORK AGREEMENT FOR US APT PLANT JV EQ Resources Ltd is a global tungsten producer with operations in Australia and Spain. Highlights: • EQR to acquire a 10% interest in a new US tungsten processing JV with The Elmet Group (TEG) (70%) and Blue Moon Metals Inc. (Blue Moon) (20%) to restart, own and operate the 4,000 tpa Springer ammonium paratungstate (APT) plant in Nevada, USA. • EQR to contribute its technical expertise, including engineering and project management oversight, ore-sorting technology and to supply 4,000 tonnes (in aggregate) of contained WO₃ in concentrate to the JV under an eight-year spot priced offtake agreement following APT plant commissioning. • TEG to fund the first US$75 million of restart expenditure for refurbishment and commissioning of the Springer APT plant, supported by financing from the US Department of War. • Blue Moon to contribute the Springer APT plant and associated infrastructure, and grant the JV 100% offtake rights over tungsten concentrates produced from its Springer Mine. • TEG and EQR to fund any restart costs between US$75 million and US$100 million pro rata to their relative interests, with EQR’s additional exposure capped at US$3.125 million. • All restart costs above US$100 million to be funded by the JV parties pro rata to their ownership interests. EQ Resources Limited (ASX: EQR) (EQR or the Company) is pleased to announce that it has entered into a binding framework agreement (the Agreement) with The Elmet Group (NASDAQ: ELMT) (TEG) and Blue Moon Metals Inc. (NASDAQ: BMM) (Blue Moon) in relation to the proposed restart and operation of the ammonium paratungstate (APT) processing plant (the Springer Plant) at the Springer Tungsten Project in Nevada, United States (Springer Project). The Agreement provides for the establishment of a new joint venture (JV) to own, restart and operate the existing Springer Plant, with EQR to hold an initial 10% interest. Elmet would hold 70% and act as operator, while Blue Mo