New Risk • May 15
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 14% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$4.7m free cash flow). Earnings have declined by 11% per year over the past 5 years. Revenue is less than US$1m (AU$4.2k revenue, or US$3.0k). Market cap is less than US$10m (AU$8.72m market cap, or US$6.26m). Minor Risk Share price has been volatile over the past 3 months (14% average weekly change). Reported Earnings • Mar 12
First half 2026 earnings released: AU$0.005 loss per share (vs AU$0.016 loss in 1H 2025) First half 2026 results: AU$0.005 loss per share (improved from AU$0.016 loss in 1H 2025). Net loss: AU$808.8k (loss narrowed 59% from 1H 2025). Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has fallen by 33% per year, which means it is performing significantly worse than earnings. New Risk • Mar 11
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$4.7m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$4.7m free cash flow). Earnings have declined by 11% per year over the past 5 years. Revenue is less than US$1m (AU$4.2k revenue, or US$3.0k). Market cap is less than US$10m (AU$7.78m market cap, or US$5.54m). Minor Risks Share price has been volatile over the past 3 months (13% average weekly change). Shareholders have been diluted in the past year (26% increase in shares outstanding). New Risk • Feb 28
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 13% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Revenue is less than US$1m (AU$46k revenue, or US$32k). Market cap is less than US$10m (AU$7.00m market cap, or US$4.98m). Minor Risks Share price has been volatile over the past 3 months (13% average weekly change). Shareholders have been diluted in the past year (26% increase in shares outstanding). Annonce • Oct 06
Equinox Resources Limited, Annual General Meeting, Nov 27, 2025 Equinox Resources Limited, Annual General Meeting, Nov 27, 2025. New Risk • Jul 15
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 25% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Revenue is less than US$1m (AU$60k revenue, or US$39k). Market cap is less than US$10m (AU$12.8m market cap, or US$8.41m). Minor Risk Shareholders have been diluted in the past year (25% increase in shares outstanding). Annonce • May 02
Equinox Resources Limited has filed a Follow-on Equity Offering in the amount of AUD 3.000001 million. Equinox Resources Limited has filed a Follow-on Equity Offering in the amount of AUD 3.000001 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 30,962,500
Price\Range: AUD 0.095
Discount Per Security: AUD 0.0057
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 616,448
Price\Range: AUD 0.095
Discount Per Security: AUD 0.0057
Transaction Features: Subsequent Direct Listing New Risk • Dec 13
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: AU$13.0m (US$8.29m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$4.2m free cash flow). Share price has been highly volatile over the past 3 months (20% average weekly change). Revenue is less than US$1m (AU$19k revenue, or US$12k). Market cap is less than US$10m (AU$13.0m market cap, or US$8.29m). Minor Risk Shareholders have been diluted in the past year (30% increase in shares outstanding). Annonce • Oct 10
Equinox Resources Limited, Annual General Meeting, Nov 28, 2024 Equinox Resources Limited, Annual General Meeting, Nov 28, 2024. Reported Earnings • Sep 28
Full year 2024 earnings released: AU$0.017 loss per share (vs AU$0.013 loss in FY 2023) Full year 2024 results: AU$0.017 loss per share (further deteriorated from AU$0.013 loss in FY 2023). Net loss: AU$1.75m (loss widened 43% from FY 2023). New Risk • Sep 27
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Revenue has declined by 100% over the past year. Revenue is less than US$1m. Minor Risks Latest financial reports are more than 6 months old (reported December 2023 fiscal period end). Shareholders have been diluted in the past year (30% increase in shares outstanding). Market cap is less than US$100m (AU$32.8m market cap, or US$22.6m). New Risk • May 26
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Australian stocks, typically moving 17% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (17% average weekly change). Revenue has declined by 100% over the past year. Revenue is less than US$1m. Minor Risks Less than 3 years of financial data is available. Shareholders have been diluted in the past year (29% increase in shares outstanding). Market cap is less than US$100m (AU$48.8m market cap, or US$32.3m). Annonce • May 16
Equinox Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 4 million. Equinox Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 4 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 20,000,000
Price\Range: AUD 0.2
Discount Per Security: AUD 0.012
Security Features: Attached Options
Transaction Features: Subsequent Direct Listing New Risk • Mar 12
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$2.8m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$2.8m free cash flow). Revenue has declined by 100% over the past year. Revenue is less than US$1m. Minor Risks Less than 3 years of financial data is available. Share price has been volatile over the past 3 months (14% average weekly change). Shareholders have been diluted in the past year (5.9% increase in shares outstanding). Market cap is less than US$100m (AU$26.8m market cap, or US$17.7m). Board Change • Nov 08
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 2 non-independent directors. Independent Non-Executive Director Vincent Chye was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. New Risk • Oct 23
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: AU$15.8m (US$9.93m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (15% average weekly change). Revenue is less than US$1m (AU$2.1k revenue, or US$1.3k). Market cap is less than US$10m (AU$15.8m market cap, or US$9.93m). Minor Risk Less than 3 years of financial data is available. Annonce • Oct 06
Equinox Resources Limited, Annual General Meeting, Nov 27, 2023 Equinox Resources Limited, Annual General Meeting, Nov 27, 2023. Annonce • Sep 15
Equinox Resources Announces Chief Executive Officer Changes Equinox Resources (EQN) has appointed Zekai Komur as its Chief Executive Officer ("CEO"), with immediate effect. With over 23 years in the resources sector, Zac is a seasoned leader who has held senior management roles in companies such as BHP, INPEX, Fortescue, and Northvolt. His expertise spans development, project delivery, valuations, mining, and mineral processing operations across a range of commodities, including iron ore, nickel, cobalt, and lithium. Zac's curiosity led him to specialised fields like battery cathode active materials manufacturing, where he played a pivotal role in the commissioning and start-up of Europe's first Gigafactory at Northvolt in Sweden. Mr. Komur's most recent experience includes serving as the Head of Commercialisation at Fortescue. There, he orchestrated the successful delivery of robust business plans for zero-emission products and crafted strategic joint venture partnership options for solar, wind, and BESS solutions, including capital raising. His understanding of iron ore and lithium mining, processing, marketing, and downstream conversion offers a broad array of capabilities to the Company. Zac holds a Bachelor of Chemical Engineering, a Bachelor of Chemistry, a Master of Business Administration, and is a member of the Institute of Company Directors in Australia. Equinox announced that Mr. Gower has resigned from his position as CEO to pursue other opportunities. Zac is a highly accomplished industry professional and executive leader with extensive development, analytical and management experience gained over a long career with some of the country's larger companies. His commercial acumen will add significant depth to team as the company progress to unlock the potential of world class Hamersley Iron project and Canadian lithium exploration assets. Annonce • Aug 10
Equinox Resources Limited Announces Appointment of Siyuan (Raymond) Chen as Chief Financial Officer Equinox Resources Limited announced that it has appointed Mr. Siyuan (Raymond) Chen as its new Chief Financial Officer (CFO), effective immediately. With over a decade of experience in financial management, control, planning, and analysis, Mr. Chen brings a wealth of expertise to his new role. Prior to joining the Company, Mr. Chen held senior positions at ASX listed companies Iluka Resources Ltd. and NRW Holdings Ltd, unlisted Harmony Agriculture and Food Company Pty Ltd, as well as with KPMG's audit division. His extensive knowledge extends across areas such as debt and equity funding solutions, investment evaluation, treasure management, investor relations and corporate transactions. Mr. Chen's extensive experience will further enhance the capabilities of the EQN team as it implements its exploration and development strategy. Mr. Chen is a member of the Institute of Chartered Accountants Australia and New Zealand (CAANZ) and a Fellow of Association of Chartered Certified Accountants (FCCA). Additionally, he holds a MBA from the University of Cambridge, a Master of Finance from Australian National University and a Bachelor of Commerce from The University of Melbourne. His strategic mindset, strong analytical skills, and commitment to excellence makes him a valuable addition to Company's executive team. Annonce • Jul 06
Equinox Resources Limited Announces Board Changes Equinox Resources Limited announced the following changes to the Board effective 4 July 2023. Equinox announced the appointment of Mr. Ming Tsen (Vincent) Chye as Non-Executive Director. Mr. Chye is an experienced corporate development executive with over 17 years’ experience working with ASX and internationally listed companies. Mr. Chye is currently responsible for WA corporate development for an ASX100 listed energy company with a focus on strategic decarbonisation, renewable, firming and energy storage projects. Previously, he held senior advisory and in-house positions focussing on transactions and strategic projects, including at CITIC Ltd, Wesfarmers Ltd. and Ernst & Young. In addition to extensive experience in acquisitions and equity capital markets, Mr. Chye has specific expertise in the development of greenfield mining, processing, and logistics in the bulk minerals sector. The Board considers Mr. Chye to be an independent director of the Company. Equinox announced that Mr. Mena Habib has resigned from his position as Non-Executive Director. Recent Insider Transactions • Mar 08
Insider recently bought AU$1.0m worth of stock On the 3rd of March, Bilal Ahmad bought around 5m shares on-market at roughly AU$0.21 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought AU$2.1m more in shares than they have sold in the last 12 months. Annonce • Feb 16
Equinox Resources Limited Secures an Additional 121Km2 of Claims in Ontario, Canada Equinox Resources Limited announced that it has secured an additional 121km2 of claims in Ontario, Canada. Equinox has staked additional land in Canada comprising of 585 claims, covering a total 121 km2. The newly staked mining claims are located in the Larder Lake mining division of Ontarioand are situated on and near the "Case Batholith" complex. The Case Pegmatite system associated with the batholith is well documented and hosted in the south-eastern part of the Case batholith. Ontario is a mining friendly jurisdiction and well serviced by the highway, roads, and associated infrastructure. This ground was staked for nominal application costs ($40k) and is considered by the Company tobe a Greenfield exploration opportunity, with minimal modern exploration completed. This spend is within the budget of Equinox's prospectus dated 31 August 2021 as supplemented bythe supplementary prospectus dated 7 September 2021 (together, the Prospectus) outlined in theCompany's use of funds (Use of Funds). Annonce • Jan 09
Equinox Resources Limited Appoints Mr. Jiahe He as Chief Executive Officer Equinox Resources Limited announced the appointment of highly experienced mining executive and experienced Iron Ore, Lithium and battery metals industry professional, Mr. Jiahe "Gower" He as Chief Executive Officer. Gower is a trusted, respected and highly experienced mining executive and a certified CPA with over 20 years' experience in the resources sector. He has recently held various senior positions at Mitsui overseeing Mitsui's strategic trade and investment plans across a variety of commodities including Iron Ore, Lithium, and other battery related minerals. At Mitsui, Gower also managed stakeholder management at various levels within the mining industry, both domestically and internationally, planned and executed divisional strategies to the Australian and Japanese head quarters. Through his work with Mitsui, Gower also managed joint venture engagements including marketing and global partners network, implemented company marketing and operational strategies, oversaw joint ventures, managed M & A, stakeholder management and dispute resolutions. Gower was also previously an Executive Director of potential West Australian Lithium miner Red Dirt Metals Ltd. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 2 non-independent directors. Independent Non-Executive Director Mena Habib was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Annonce • Oct 07
Equinox Resources Limited, Annual General Meeting, Nov 29, 2022 Equinox Resources Limited, Annual General Meeting, Nov 29, 2022. Annonce • Aug 24
Equinox Resources Limited Provides Updated Hamersley Project Environmental Survey Equinox Resources Limited advised that it has engaged key environmental specialists, Umwelt, to advance and co-ordinate works on baseline environmental studies at the Hamersley Iron Ore Project in the Pilbara, Western Australia (Hamersley Project). Umwelt has 25+ years of experience in environmental and social consulting, successfully completing over 5,000 projects across Australia in the public and private sectors, including infrastructure, mining, industrial, urban development, defence, and state and commonwealth government sectors. The Company has been working with Umwelt to undertake an environmental gap analysis and develop an environmental approvals strategy for the Hamersley Project as part of the Hamersley Project development planning. The gap analysis highlighted the need for further supporting environmental studies, the first of which have now commenced. The Company has engaged specialist consultants to commence flora and fauna studies identified by Umwelt in its gap analysis report. These environmental studies have been designed to be carried out in parallel with the planned heritage survey1, with the first phase comprising a desktop study (database and literature search) and non-ground disturbing studies of the project area. This work will help gain a deeper understanding and form part of larger environmental studies which may be required following the completion of the heritage survey. These studies are important in understanding the ultimate environmental permitting process for the Hamersley Project, and in particular, the key activities required to de-risk and progress the potential development of the project. Annonce • Jul 28
Equinox Resources Limited Provides an Update to the Market on the Upcoming Heritage Survey At the Hamersley Iron Ore Project Equinox Resources Limited provided an update to the market on the upcoming heritage survey at the Hamersley Iron Ore Project. As previously announced, the Company has been openly working with the Wintawari Guruma Aboriginal Corporation ("WGAC") to secure suitable accommodation for the survey party of the WGAC's in-house cultural heritage group-Yular Heritage, in light of the impacts of COVID-19. The Company announced that the requested updated archaeological and ethnographic surveys to be undertaken on the Hamersley Project are expected to commence mid September 2022. Heritage surveys are a necessary part of a consultative and collaborative approach to progressingpotential project development and Equinox is committed to carrying these out with the utmost respect as part of the Company's environmental, social and governance responsibilities. Given that the Company is seeking to pursue development on Eastern Guruma country, the company have sought to consult extensively with the WGAC on planned activities which form part of the overall project development plan. During this process the WGAC have made clear to the Company that new heritage surveys are required ahead of any ground disturbance activities occurring on-site. Recent Insider Transactions • Jun 18
Insider recently bought AU$1.0m worth of stock On the 14th of June, Sufian Ahmad bought around 5m shares on-market at roughly AU$0.20 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought AU$1.0m more in shares than they have sold in the last 12 months. Annonce • May 17
Equinox Resources Limited Announces Resignation of Daniel Taylor as Managing Director Equinox Resources Limited advised that its Managing Director, Mr. Daniel Taylor, has tendered his resignation, which is effective immediately. Annonce • May 10
Equinox Resources Limited Announces Board Changes Equinox Resources Limited announced that Mr. Robert Martin appointed as Non-Executive Chairman and Mr. Agha Shahzad Pervez appointed Executive Director and Mr. Rod Baxter and Mr. Hugh Callaghan have resigned from their positions as Non-Executive Chairman and Non-Executive Director, respectively. Mr. Robert Martin is a commercial businessman with over 25 years' experience across a broad range of sectors including, mining, manufacturing, mining services and capital markets. Mr. Martin previously operated a highly successful global mining services company which became a leading provider of products and services to the mining industry. Mr. Martin now runs a family office in Western Australia with a focus on investing and supporting emerging private and public businesses and currently holds the positions of Non-Executive Chairman at ASX-listed Critical Resources Limited and Non-Executive Director at Pathfinder Resources Limited and Parkd Limited. The Board considers Mr. Martin not to be an independent director as he is also a director of the Company's substantial shareholder, Pathfinder Resources Limited. Mr. Agha Shahzad Pervez is an experienced corporate accountant, CFO, Director and Company Secretary, with over 10 years' experience working with ASX listed companies. Mr. Pervez currently holds the role of Executive Chairman for Viridis Mining and Minerals Limited and Chief Financial Officer for Pathfinder Resources Limited, and previously held the roles of CFO and Company Secretary at Resonance Health Limited. Mr. Pervez is also the current CFO of Equinox and will continue to provide CFO services to the Company following his board appointment. The Board does not consider Mr. Pervez to be an independent director given his engagement with the Company as Chief Financial Officer. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Independent Non-Executive Director Mena Habib was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Annonce • Apr 26
Equinox Resources Limited Announces A Planned 27 Hole, 2,700 Metre Infill Reverse Circulation Drilling Program Equinox Resources Limited announced that based on the work completed by CSA Global, the company announced a planned 27 hole, 2,700 metre infill Reverse Circulation ("RC") drilling program. The program was designed to provide infill drilling to the zone of current JORC Indicated Resources, which is anticipated to be the location of initial potential mine development. The objective is to provide appropriate ore body definition to support mine planning and feasibility studies. In addition to the RC drilling, the proposed program included an additional 700 metres of targeted PQ Diamond Drilling ("DD"), to provide samples to conduct metallurgical test work, product lump and fine ore sintering assessment at respected iron and steel research institutes as well as providing samples to potential customers for product testing. During the March quarter Equinox completed all drilling preparation works required to support the drilling program, which included procuring all required drilling consumables, appointing tier 1 drilling contractors and securing all required Department of Mines, Industry Regulation and Safety (DMIRS) approvals. The Company has continued with its extensive community engagement, including its regular open and consultative dialogue with the Wintawari Guruma Aboriginal Corporation (WGAC) with regards to the company's planned drilling and future potential development program. As previously announced, the Company had requested that updated archaeological and ethnographic surveys were required to be undertaken on the planned drilling area and ultimately on the entire Hamersley Project. Heritage surveys are a necessary part of a consultative and collaborative approach to progressing potential project development and Equinox is committed to carrying these out with the utmost respect as part of the Company's environmental, social and governance responsibilities. Additionally, the operating environment has changed significantly, principally with regard to how resources companies engage with their key indigenous stakeholders, since the historic events in the Pilbara, that resulted in the destruction of items of cultural significance. These historic events have been keenly felt by the WGAC given the impacts on Eastern Guruma country by mining operations. Given that the company is seeking to pursue development on Eastern Guruma country, the company has sought to consult extensively with the WGAC on planned drilling activities which form part of the overall project development plan. During this process the WGAC have made clear to the Company that new heritage surveys are required ahead of any ground disturbance activities occurring on-site. Additionally, it should be noted that the potential impact of COVID-19 on indigenous communities is understandably a key concern for the WGAC. The WGAC have advised the Company that in order for necessary heritage surveys to be completed, suitable COVID-safe accommodation needs to be secured for the survey party of the WGAC's in-house cultural heritage group-Yular Heritage. The WGAC are particularly keen to avoid having their survey team accommodated in mining camps or population centres in the Pilbara. Annonce • Mar 10
Equinox Resources Limited Provides Hamersley Project Update Equinox Resources Limited presented a project update on the implementation of the Company's systematic development focussed strategy for its Hamersley Iron Ore Project ("Hamersley Project"). User's Company has been concentrating on the key activities required to de-risk and progress the potential development of the project. Port and Logistics Study: As part of the Company's development strategy, the Company appointed Stantec Australia (formerly Engenium) to undertake a Port and Logistics Options study ("the Study") for consideration in the Company's potential development of the Hamersley Project. The study investigated and assessed all potential options that may be available to access the iron ore market by road, rail and port. The Study results indicate there are multiple road and port options available for the Hamersley Project. Each option combination will be further assessed in detail during planned feasibility studies to determine associated impacts and potential capital costs. Hamersley Project Site to Port Hedland: The options available to potentially haul product from the Hamersley Project site to Port Hedland, from where multiple producers ship iron ore, is depicted in Figure 1 below. Three potentially viableroad route options have been identified; Hamersley Project site via Nanutarra- Munjina Road through to the Great Northern Highway (Figure 1 - Route A1) - distance 353km; Hamersley Project site viaNanutarra-Munjina Road via Mt Bruce Road and Karijini Drive through to the Great Northern Highway(Figure 1 - Route A2) - distance 404km; and Hamersley Project site via Bingarn Road to Tom Pricethrough to the Great Northern Highway via Karijini Drive (Figure 1 - Route A3), distance 475km.A key berth in this port location is Utah Point, a dedicated public user berth, which is owned andoperated by the Pilbara Ports Authority ("PPA"). Recent public announcements have indicated thatthe entire Port Hedland export facility has been re-assessed and the overall capacity of the locationhas been remodelled and increased. Equinox Resources' submission for potential future capacityallocation at the Utah Point public export facility has been confirmed by the PPA.Hamersley Project Site to the Onslow: A number of road options exist to truck product from the Hamersley Project site to the Onslow portlocation. As shown in Figure 2 below, the shortest route from the Hamersley Project site to Onslow is OptionF1, which traverses the Nanutarra Munjina Road and then west to Nanutarra via the Manuwarra RedDog Highway, where it joins the North West Coastal Highway ("NWCH"), then north to the turn off toOnslow and then through to the port via Onslow Road. This is 448km in length.Two other options are shown in Figure 2. Route Option F2, which is 539km and requires thecompletion of Phase 4 of the Main Roads Western Australia ("MRWA") Munuwarra Red Dog Highway("MRDH"). The route traverses a short section of Nanutarra-Munjina Road before taking theHamersley Road through to the Rio Tinto Dual Access Road where it will link in with the MRDHthrough to Karratha where it joins the NWCH through to the Cape Preston West turnoff and thenthrough to the Onslow port. The third route, Option F3, which is 535km, is similar to F1 but goes through Tom Price andParaburdoo to maximise the use of existing bitumen road.There is significant activity by existing large iron ore producers in the Pilbara at present, withnumerous conceptual port and logistics options being considered at Port Hedland and in the Onslowarea. These include potential port and logistics-hub development in the Ashburton region andexpansion of export capacity in South-West Creek and at Utah Point (Port Hedland) and potentialupgrades of public roads that are relevant to the Hamersley Project.Environmental Approvals: The Company has appointed Umwelt to conduct an environmental requirements gap analysis on theHamersley Project and provide the Company with a detailed Environmental Approvals process andestimates to complete all required surveys, assessment and application support documentation, aspart of the Hamersley Project development planning. The analysis and assessment is scheduled tobe completed in second quarter of 2022. Business Development: The Company is currently reviewing and assessing a number of potential opportunities and partnerships that may have a strategic fit for the Company and that have the potential to deliver valuefor Shareholders. 