Ann: 2023 AGM CEO Presentation, page-5

Main takeaway from todays AGM is the forecast output for this quarter. Not great. Not good, Average. Kevin explained he too was expecting more but they had issues with water and crushing which impacted output. They have overcome the issues but the fixes are costing money. The new crusher can't come soon enough. Overall I did not feel Kevin's normal exuberance. This quarter looks like it will be a miss for the first profitable quarter. I don't expect any major surprises come late January. It's ramp up, things happen, a further 3 months until positive cash flow is annoying but manageable.

Another major piece of news was the announcement of plans to add a new portal from the open cut pit which will join the current portal and allow access to major underground ore zones. This will cost $$$ and I would hope they fund it from the current operations in the future. I don't expect they will move for some time on this as further studies are required. There was mention of some potential trial underground mining though.

Saloro - Todays announcement was great news. A few days until completion is fantastic. I for one will be celebrating once the deal is done. I think the acquisition will be transformative for EQR. It is also the trigger for the dissolution of the JV another event worthy of a celebration.

It was also mentioned again that the surrounding areas in Spain have a lot of potential much like Mt Carbine. In a previous webinar it was mentioned:
-The Solaro permits covers 4 other mines(not drilled for 100 years) and a direct deposit to Barruecopardo -Valdegallagos
the other four are
- Mina Marta
- Mina El Bollo
- MIna Saturno
- Mina Plus Ultra

Viewing the last 12 months of achievements shows what the great team at EQR have achieved.

The next 12 months look even busier. IMO we need laser focus on getting the two current operations into profitability. There is a lot happening and with the 35m euro in debt risks are now greater. 25m coming in from the completion of the deal and the wrap up of the JV will both result in EQR having a bit more runway for the next phases. Until the bank balance starts to grow lets stick to slow and steady.