Ann: IMARC 2023 Recommercialisation of Mt Carbine Mine, page-4

Wolfram Camp – EQR Awarded Preferred Tenderer EPM

EQR is planning a similar approach as it did with Mt Carbine.

• Stage 1 – Mapping & Sample Collection

• EQR Snr Geologist with field team supported by learnings at Mt Carbine.

• Stage 2 - Drilling and geophysics work, (large scale) sample collection and sorting test work

• Wolfram Camp prior theory saw a greisen capping on altered granite, EQR to test theory of veins extending at depth.

• Focus on drilling at depth and localised areas surrounding historic Wolfram Camp pit

• Likely to complete drilling around Bamford Hill (adit through mountain, a few historic drill holes with good showings).

• Stage 3 – Drilling and scoping study

• Stage 4 – Drilling and Resource evaluation

• Stage 5 – Feasibility Study

Barruecopardo:

EQR acquired in Q3/23, expansion planned for 2024

Note: Barruecopardo Mine has been in operation since 2019, funded by US private equity group, Oaktree, on the basis of a historic bankable feasibility study; EQR is currently preparing an update of the historic independent mineral resource and ore reserves estimate and will report a JORC-compliant update within Q1/2024; until then EQR is not allowed to report financial projections for the Barruecopardo project

Beneficial re-use of waste product promotes Circular Economy commitment at Mt Carbine (similar investigations initiated for Saloro). Installation of solar PV renewable energy plant(s) to lower cost and reduce environmental footprint. Saloro’s PV project is construction-ready