• Tungsten market strengthens further with APT CIF Rotterdam/Baltimore low-price up 240% QoQ and 700% YoY
• Barruecopardo operations impacted by adverse weather, with record material movement at Mt Carbine
• Balance sheet strengthening enables production ramp-up with A$15.5m cash on hand and A$15m in accounts receivable

EQ Resources Ltd reported its quarterly activities and cash flow for the period ended 31 March 2026. The key highlights include:- Tungsten market strengthening further, with Fastmarkets Ammonium Paratungstate (APT) CIF Rotterdam/Baltimore low-price up 240% quarter-on-quarter and 700% year-on-year.- Barruecopardo operations impacted by adverse weather, with significant rainfall affecting pit access and mining activities. Efforts focused on restoring pit access and advancing mining through Phases 6 and 7.- Mt Carbine achieved a record quarterly material extraction of 821,678 tonnes, despite wet weather impacts on drilling and blasting activities. Ore mined increased materially as access was established to the higher-grade Iolanthe vein system.- Balance sheet strengthening, with A$15.5 million cash on hand and A$15 million in accounts receivable, positioning the company well for the expected production ramp-up in Q4 FY2026. The company reduced its Spanish debt by a further €1.5 million and completed a €15 million three-year prepayment financing facility.- The company continues to believe it has sufficient funds to meet the production ramp-up, with A$32.7 million in revenue generated during the quarter resulting in A$19.8 million in cash receipts.

The company continues to believe it has sufficient funds to meet the production ramp-up in Q4 FY2026.

As access to the northern bottom of the pit improves and higher-grade ore zones are progressively re-established through Phases 6 and 7 at Barruecopardo, processing throughput and concentrate production are expected to improve in Q4 FY2026. At Mt Carbine, as mining access continues to improve and ore delivery increases, processing performance is expected to benefit from both higher feed rates and improved head grades, supporting stronger production outcomes in subsequent periods.