On the 19th of August there was another EQ Resources...

On the 19th of August there was another EQ Resources presentation.

EQR specific starts at around the 6 minute mark. Before that Tungsten market/use general info.

https://www.youtube.com/watch?v=mAOKvp5KN2E

—------------------------------------------------------------------------------------------------------------

8:25 - re XRT sorters:

“So we put in a 100 tonnes an hour into the machine and 10 tonnes an hour comes out of the machine with 95% of the tungsten contained in the 10% which allows us to mine very low grade ore.“ 9.5X grade increase.

“Third one coming in the near future with the second phase development.”

In the BFS, phase 1 has 1 XRT sorter and phase 2 has 2 XRT sorters. This has been changed to 3 XRT sorters for phase 2. Phase 2 is the preparation for open pit. Will adding in 50% more XRT sorter capacity have an impact to production rates?

Of note the BFS states the capability of each XRT sorter as 160tonnes/hour.

-—------------------------------------------------------------------------------------------------------------

9:05 - Quarry:

“We have been generating revenues over the last couple of years of about $4million (AUD) a year out of the quarry operation”

-—------------------------------------------------------------------------------------------------------------

Slide 55/10:00 -” Overall Tungsten recovery of 79.5% for the crushing/screening/sorting and gravity plant.” Good to hear we are still recovering at a high rate. Mention of the tungsten shipped out of Townsville(~460km by road).

-—------------------------------------------------------------------------------------------------------------

10:35- Production ramp up

“Really a de risked operation at this point, we have all our staffing in place we don't need to staff any more when the open pit ore comes on, it’s literally 10 times the grade of the ore we are treating now and that's why we get such a bump up in revenue”

-—------------------------------------------------------------------------------------------------------------

11:20: - new BFS - ‘So this new release of a BFS is coming out in the next couple of months and you will see this quite dramatic change" longer than I was hoping for but again confirming a very positive upgrade.

-—------------------------------------------------------------------------------------------------------------

13:20 - 6mil grant - money has been delayed and not received yet, still waiting, quite confident it will come through. I imagine if this is not received in a timely manner it will delay open pit mining. I don’t think it's an issue (yet).

-—------------------------------------------------------------------------------------------------------------

14:10 -

“The US from 2026 onwards no supplier providing armament to the US military is allowed to use Chinese tungsten, it has to be western sourced tungsten.”

-—------------------------------------------------------------------------------------------------------------