공고 • Jul 23
EQ Resources Limited Announces Executive Changes EQ Resources Limited announced the appointment of Mrs. Virna Trout as Company Secretary for the Company effective 23 July 2026. For the purposes of ASX Listing Rule 12.6 Mrs. Virna Trout will also be the person responsible for communications between the Company and ASX. Mrs. Virna Trout, BCom & BLaws (Hons) (University of Queensland), GAICD, Certificate in Secretarial Practice Essential, Governance Institute of Australia, is an experienced General Counsel and Company Secretary with more than 20 years' legal, corporate governance and commercial experience across listed and private companies in the mining industry, spanning various commodities and jurisdictions. Mr. Tony Di Pietro will resign from the role of Company Secretary effective 31 July 2026. New Risk • Jul 20
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 16% 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 Risk Shareholders have been substantially diluted in the past year (81% increase in shares outstanding). Minor Risk Share price has been volatile over the past 3 months (16% average weekly change). Breakeven Date Change • Jun 30
Forecast breakeven date pushed back to 2027 The analyst covering EQ Resources previously expected the company to break even in 2026. New forecast suggests the company will make a profit of AU$476.4m in 2027. Average annual earnings growth of 96% is required to achieve expected profit on schedule. 공고 • Jun 03
EQ Resources Approves Mt Carbine Expansion Project EQ Resources Ltd. had its Board approve the AUD 39 million Mt Carbine Expansion Project which is expected to be fully commissioned in the Third Quarter Fiscal Year 2027. The Project is designed to increase the crushing capacity from approximately 1 million tonnes per annum to approximately 2 million tonnes per annum whilst streamlining and automating the existing materials handling. The increased crushing capacity is expected to initially increase targeted production by 500 WO3 tonnes per annum based on processing the low grade stock pile with further increased production potentially available from additional ore sources coming from Mt Carbine resource conversion, Wolfram Camp exploration opportunity and other regional sources. Funding of The Project is expected from current and future cash flows generated from Mt Carbine Operations as production ramp up delivers into a record price environment. Board approval enables the Company to progress its development plans for the next stage of its previously announced capacity expansion plan at Mt Carbine, including increased processing capacity and associated infrastructure works. The expanded processing capacity is expected to enable greater throughput of tungsten ore and provide the capacity required to pursue a regional hub-and-spoke model with Wolfram Camp and other potential opportunities in the broader Mt Carbine tungsten district. The Project is also intended to improve plant efficiency by automating and integrating crushing, screening, ore sorting and product crushing into an integrated flow with ore bins, stockpiles and reclaim tunnels. The new circuit will reduce material handling by a factor of eight, reducing mobile equipment requirements and diesel fuel consumption. The expanded capacity is expected to position Mt Carbine to increase production in the near term and improve exposure to the current strong tungsten price environment. The Company recommenced detailed engineering in December 2025 which led to a redesign of The Project and an AACE Class 3 capital cost estimate of AUD 39 million. The approved works includes installation of an upgraded crushing and screening circuit and associated feed, transfer and materials handling infrastructure; installation and integration of an upgraded ore sorting circuit and supporting infrastructure; earthworks, civil and concrete works across staged project work areas; structural, mechanical and piping works required to integrate the upgraded circuit with existing Mt Carbine operations; electrical, instrumentation and control works, together with dry, wet and ore commissioning activities; operational readiness, shutdown and cutover planning, HSE controls and commissioning support to minimise disruption to ongoing operations during execution. The Company has now advanced with project execution and procurement activities, site construction, contract formation and commissioning preparation. The Project is expected to be delivered in stages aligned with future cashflows, procurement commitments and construction readiness to minimise disruption and maintain appropriate safety, environmental and production controls. Detailed engineering is expected to continue through June 2026, with procurement and contracting continuing through the 2026 calendar year. Site works, commissioning, and ramp-up are expected to progress in stages from June 2026 through to February 2027. Full plant acceptance and performance testing is currently targeted for March 2027, subject to procurement, contractor availability, operational interface management and normal project execution risks. The Company expects to fund the Project through a combination of current cash reserves and expected cash flows from operations. Board Change • May 20
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 4 non-independent directors. Independent Non-Executive Chair Michael Peter Nossal was the last independent director to join the board, commencing their role in 2026. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • May 01
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. 5 non-independent directors. Independent Non-Executive Director Stephen Layton was the last independent director to join the board, commencing their role in 2017. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. 
