Some press coverage from Tuesdays update. AUSTEX PROJECT UPDATE...

Some press coverage from Tuesdays update.

AUSTEX PROJECT UPDATE - NewTungsten Production Records at both Mt Carbine & Saloro.

EQRESOURCES EQR Mt Carbine Tungsten FNQ new production record of 70.4wmt of 50%WO3 over 7day period, due 16% improvement in Open Pit grade. Also, its SaloroMine Spain had a weekly production record of 50wmt of 50% WO3 eq.

EQR Restarted the Mt CarbineTungsten Mine in 2021 with Stage 1 involving the re-processing low gradestockpiles and tailings from historic operations, with Ore Sorting technologysuccessfully introduced to increase the grade going into the Plant. Atthe same time drilling identified higher grade lenses of Tungstenmineralisation over 1.2kms of strike providing potential for Open Pit &Underground Development. In June 2023 mining to extend and deepen thehistoric pit commenced. Since then, infill drilling at 10m spacinginto the Iolanthe Vein System ahead of Open pit development has outlinednumerous individual stacked veins with true widths of 0.3-2.5m at 0.5% to3.66%WO3 Grades. Drilling suggests that the veins increase in grade as the Stage 2Pit commences at the 325m level and the Iolanthe Vein system is only one of 4major vein packages at Mt Carbine. In 2024 the Company hopes to drill24,000m with the aim of converting 2Mt of Inferred with grade >0.5% WO3 toIndicated for the Stage 1 underground operations and also north of the Open Pitto convert 4.2Mt @ 0.5% WO3 also at Inferred status. The CurrentResource at Mt Carbine is 24.4Mt @ 0.2% WO3 for 4.7Mmtu WO3. The Open Pit OreReserves are 5.9Mt @ 0.28% WO3 for 1.66Mmtu WO3.

In August 2023 acquired SpanishTungsten Producer Saloro & its historic Barruepardo Tungsten mine, whichSalaro had brought back into production in 2019. The deposit comprisesvein and sheeted vein coarse nuggetty scheelite mineralisation styles. Sincetaking over the Operation EQR have improves the throughput by debottleneckingthe Gravity Plant and installing a second Ore sorting plant which has increasedproduction by 26%. Further improvements are to come. The Ore Reserves 25.4Mt @ 0.26% WO3 for 7.26 Million MTU with anupdate due in Q3 24.

In Q1 24 Mt Carbine produced507t of 50% WO3 Concentrate (368t in Q4 23) and Saloro 356t (332t) taking theGroup Production to 863t of 50% WO3 Concentrate. EQR have come along andsince migrating to processing tailings to hard rock mining at Mt Carbine andacquiring Saloro, the Company achieved a 6.5-fold increase in Concentrateproduction from Q2 23 to Q1 24.EQR advise it is the largest independenttungsten raw material supplier outside China.

Not bad considering the realHead Office is just down the hill from Mt Carbine at beautiful Port Douglas –

REGARDS ROB

ROBMURDOCH - FAusIMM (CP - Geology & Management) FAIG