EQ RESOURCES LIMITED ANNUAL

Operating and Financial Review

Operating and Financial Review continued Annual Mineral Resources Statement Mineral Resources as at 30 June 2026 Mineral Resources as at 30 June 20251 JORC Code Tonnes Grade WO Tonnes Grade WO 3 3 Orebody Category (Mt) (% WO ) (mtu) (Mt) (% WO ) (mtu) 3 3 In-Situ Indicated 17.34 0.280 4,935,823 18.06 0.30 5,405,901 Inferred 10.64 0.300 3,201,048 10.68 0.30 3,217,311 Subtotal 28.00 0.290 8,136,871 28.74 0.30 8,623,212 LGSP Indicated 9.38 0.075 703,546 10.126 0.075 759,450 Inferred 2.58 0.070 167,696 – – – Inferred 0.83 0.060 53,318 – – – Subtotal 12.80 0.070 924,559 10.126 0.075 759,450 TOTAL 40.80 0.220 9,061,430 38.87 0.23 9,382,662 Annual Ore Reserves Statement Ore Reserves as at 30 June 2026 Ore Reserves as at 30 June 2025 Contained Contained Tonnes WO WO Tonnes WO WO 3 3 3 3 JORC Code Category (Mt) (%) (mtu) (Mt) (%) (mtu) Open Cut - Proved – – – – – – Open Cut - Probable 4.47 0.32% 1,417,202 5.21 0.28% 1,459,735 Open Cut - Total 4.47 0.32% 1,417,202 5.21 0.28% 1,459,735 LGSP - Proved – – – – – – LGSP- Probable 9.38 0.08% 703,546 9.59 0.075% 719,030 LGSP - Total 9.38 0.08% 703,546 9.59 0.075% 719,030 All - Total 13.85 0.15% 2,120,748 14.80 0.147% 2,178,765 Notes: 1 The Mineral Resource as at 30 June 2025 is as described in last published full Mineral Resources Estimate conducted by Measured Group 15 May 2023. The movement in the Mt Carbine Mineral Resource and Ore Reserve estimates between 30 June 2025 and 30 June 2026 is due to mining depletion only. There has been no material change to the Mineral Resource or Ore Reserve models, or to the assumptions and technical parameters underpinning the estimates, other than depletion arising from mining and processing during the period. 2 Totals may not add up due to rounding. 3 The tonnes depleted for the actual mining have been calculated using block model depletion and regular topographic surveys, to which density factors have been applied to derive tonnes. These density factors are the same as described in the Ore Reserve report referenced in footnote 1. 4 The Ore Reserve is the economically mineable part of the Measured and Indicated Mineral Resource. It includes allowance for ore losses and dilution during mining extraction. 5 The Company ensures that the Mineral Resource and Ore Reserve estimates quoted are subject to governance arrangements and internal controls at both a site level and at the corporate l