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EQ RESOURCES LIMITED Webinar presentation March 15[th] 2023

ASX : EQR

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Disclaimer

Competent Person's Statement

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• The information in this presentation partly relates to the outcomes of the Mt Carbine Bankable Feasibility Study Update (November 2022), made available through the Company’s website www.eqresources.com.au/.

• The Company confirms that it is not aware of any new information that materially affects the information included in the corresponding market announcements and that all material assumptions and technical parameters underpinning the estimates in the relevant market announcements continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcements.

General Disclaimer

• The material contained in this document is a presentation of general information about the Company's activities current as at the date of this presentation. It is provided in summary and does not purport to be complete. You should not rely upon it as advice for investment purposes, as it does not take into account your investment objectives, financial position or needs. These factors should be considered, with or without professional advice, when deciding if an investment is appropriate.

• This document may contain forward-looking statements with respect to the financial condition, results of operations, and business strategy of the Company. These forward-looking statements are based on estimates, projections and assumptions made by the Company about circumstances and events that have not yet taken place. Although the Company believes the forwardlooking statements to be reasonable, they are not certain. Forward-looking statements involve known and unknown risks, uncertainties and other factors that are in some cases beyond the Company's control, and which may cause actual results, performance or achievements to differ materially from those expressed or implied by the forward-looking statements (and from past results).

• The Company makes no representation or warranty as to the accuracy of any forward-looking statements in this document and undue reliance should not be placed upon such statements.

• Forward-looking statements may be identified by words such as “aim”, “anticipate”, “assume”, “continue”, “could”, “estimate”, “expect”, “intend”, “may”, “plan”, “predict”, “should”, “will”, or “would” or the negative of such terms or other similar expressions that are predictions of or otherwise indicate future events or trends. The forward-looking statements included in this document speak only as of the date of this document. The Company does not intend to update the forward-looking statements in this document in the future.

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ESG Responsibility Acknowledgement

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In the spirit of accountability,

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EQ Resources and its Mt Carbine Operations acknowledges its responsibility towards caring for the land, sea, sky and community on and within which it operates.

EQR is committed towards sustainable development of natural resources by producing a critical mineral in a way that decouples growth from environmental degradation . EQR recognises the value of Australia’s biodiversity and the of effective conservation of all Australian animal and the habitats in which live. As a of our importance species they part ESG program, EQR is engaging in community partnerships to inject meaningful support into our Environmental and Social commitments .

EQR won the AMEC 2022 Environmental Award . It reflects the importance of managing environmental impacts of mineral mining and exploration projects. It is made to a company that goes above and beyond in their management of environmental impacts or is developing innovative methods to achieve better long-term environmental outcomes.

EQR welcomes conversations to discuss our on-going commitments and opportunities to showcase how the EQR Mt Carbine Tungsten Mine produces in a way that decouples growth from environmental and social degradation.

Image: https://wallpapersafari.com/w/1TPEf4#google_vignette

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Corporate Overview

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Share Price Performance
4 6
2
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7
8 9 1
0
5
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1 Feasibility Study Resource Drilling results announced – Announcements: 06 July 2021 (link), 13 July 2021 (link), 05 August 2021 (link)

• 2

Updated JORC Mineral Resource announced – Announcement: 23 September 2021 (link)

3

3 Bankable Feasibility Study results announced – Announcement: 13 December 2021 (link) 4 AMGC Grant for 2[nd] XRT Sorter announced – Announcement: 25 January 2022 (link) 5 Underground Scoping Study results announced – Announcement: 12 April 2022 (link)

6 Government $6M Critical Minerals Grant announced – Announcement: 28 April 2022 (link)

• 7 Early Work Program completion announced – Announcement: 27 June 2022 (link)

8 Phase 1 2022 Drill Program and Updated JORC Mineral Resource announced – Announcements: 04 May 2022 (link), 20 May 2022 (link), 04 August 2022 (link)

• 9

Bankable Feasibility Study Update results announced – Announcement: 09 November 2022 (link)

1

• 0

Drilling confirms high-grade mineralized system – Announcement: 27 February 2023 (link)

4

ESG from Last Quarter

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5

WHS Statistics

WHS Safety Statistics December to February 2023

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EQR - ASX

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793
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700 600 550
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60 60
200 0 0 0 0 0 0 0 0 10 15 60 21 1 60 0 1 5
2 1 0 0 2 1 0 0 10 21 62 12 1 62 2 2 8
100 0 1 0 0 0 0 0 0 0 2 0 0 0 0 0 0 8 8 23 20 62 9 18 1 1 62 1 1 3 2 8 8 Februaury
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December January Februaury Required

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Safety Training

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• 1 employee completed Drugs of Abuse Testing Officer training,

• 7 employees completed Confined Space Enter and Work training,

• 7 employees completed Gas Test Atmosphere,

• 7 employees completed Working at heights training,

• 9 employees completed First Aid & CPR training,

• 3 employee’s completed supervisor training,

• 1 employees has completed HR -B license upgrades,

• 60 VOC’s for mobile equipment were completed.

• Currently we have 30 employees have been signed up for with the RTO Civil Safety for government funding to complete a Certificate 3 in Surface Extraction Operations.

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Capital Projects - Ongoing/Complete in prep for HG Ore

✓ Additional tables ordered and on their way to site

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• ✓ Duplicate jig – ordered

• ✓ Engineering complete for screen and crusher setup for higher jig concentrate

• ✓ Additional rolls crushers ordered, larger than the ones we have

• ✓ Upgrade underway of existing jaw crusher to crush 170mm x 300mm

✓ Engineering on Sandvik plant ongoing – Can still process ore with current plant

• ✓ Lab expansion ordering underway

• ✓ HV Electrical Upgrade study underway – nearing completion

✓ Electrical infrastructure upgrades – all over site, strengthening infrastructure (Ongoing)

• ✓ New cone crusher to crush sorter product – (completed)

• ✓ Relocation of feed end at gravity plant (completed)

• ✓ PLC at phase one crusher- (completed)

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Development Timeline

Phased approach for early cash flow, with continuous Resource development

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UG Facilitation Early Works Funding & Bankable Secure Western
Environmental Doc Internal Engineering Feasibility UG Scoping Expansion MRE Nov 2022: Extension UG Resource
Approval Approval Study Complete Complete Study Funding Update BFS Update Reserve Update Update
✓ ✓ ✓ ✓ ✓ ✓ ✓
2021 2022 2023 2024
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Feasibility – Mineralised Stockpile
Secure Funding Facility
& Open Pit 1 MTPA Plant Ordering & Construction
Phase 1 Western
Gravity Plant UG Scoping Restart - OC Mining
Extension
Upgrade to Study
Resource Update
1,000tpd
Western Extension
Early Works Upgrade – Crushing Plant
Drilling & Reserve UG reopen &
Update Resource Drilling?
Processing of Mineralised Stockpile – increasing with plant capacities
✓ ✓ ✓
Application - 1Mtpa
Mining & Sorting Approval - 1Mtpa Application - Up to 1Mtpa gravity Approval - 1Mtpa Amendment Application - Approval – Extraction 9
Mining & Sorting processing gravity processing Extraction Open Pit Mining Open Pit Mining
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Environmental Permit Granted

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Environmental Authority Study & Amendment Completed.

Fully Permitted to commence open cut mining operations

Opportunity taken to upgrade the EA

• Water management plan ATC Williams

• Upgraded TSF and Water Pond design

• • New Groundwater Hydrology Model including new boreholes drilled for monitoring

• Installed Automated Monitoring systems

• Noise and dust study

• Flora and Fauna study

• Stakeholder engagement

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Open Cut Mining Update

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Pit Pumping will be completed in March. Grade Control Rig arrives 10[th] April, can do both RC or core.

Goldings arriving with limited equipment in combination with EQR equipment already on site for a ramp-up start to open cut Mining. Goldings safety & operations start arriving on site this week coming.

• Working on ore ramp up scheduling Drill Blast (Orana) starting relevant site preparations.

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Golding’s prep works initiated.

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• Goldings Safety Team on Site to finalize integration of safety systems.

• Goldings operational team to initiate construction of workshops, washing bays, haul road mark outs, magazines etc. in preparation for June start and ramp up of open cut mining.

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Exciting Drilling Results – Iron Duke & Western Extensions

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A
B
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Drilling confirmed previous targets with both Iron Duke & Western Extension showing significant high-grade extensions.

A. Iron Duke can now be linked to sections 150m to the east and surface outcrops.

• B. Western extension shows repeat

of high-grade pit ore.

Mineralization at both locations remain wide open.

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Iron Duke Extension

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Iron Duke intersection extends mineralization 120m to west

• 8.65m @ 0.56% WO 3 incl.

2.25m @ 1.90% WO 3

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Western Extension - High Grade zone joins EQ026

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Zone of High-grade from Hole EQ026 continues plunging west with Hole EQ031 intersecting

• 18.24m @ 1.00% WO3 (include. 5.51m @ 3.20% WO3

• Opens up potential for significant ore body.

• Close proximity to existing decline makes deal UG ore.

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Summary

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EQR is excited on these extensions as potential to add significant new MTU units. Confirms western stage III with optimization to confirm what goes to Open Cut and what to UG.

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Pit Extension & Underground Potential

Pit Extension

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• Last drilling phase brings pit extension into focus.

• Upgraded Western Zone to Indicated Resources

• Opened Potential of High-Grade Extensions

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Follow us on

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