# EQR: Annual Report to shareholders Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/eqr-annual-report-to-shareholders--e87f0d9e-8257-4692-910c-37f98a3c4d79 Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03145789 Publisher: asx Original announcement: 2026-09-29T22:27:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-29T23:04:18.451Z Atlas analysis updated: 2026-09-29T23:04:18.451Z - Company: EQ Resources Limited - Ticker: EQR - Exchange: ASX - Region: Unavailable - Primary commodity: Tungsten - Secondary commodities: None reported - Document categories: Resource update, Production, Other, Capital raise - Extracted: 2026-09-29 23:04:19 UTC Narrative sentiment: 0.20 · Bullish ## Minestarters Atlas summary EQ Resources Limited reported a significant financial turnaround in FY2026, achieving a net profit of A$7.1 million and recapitalizing its balance sheet. Despite this, the company faced operational challenges, including a production shortfall due to severe weather events at both its Barruecopardo \(Spain\) and Mt Carbine \(Australia\) tungsten mines, and acknowledged unsatisfactory safety performance. The annual resource and reserve updates for both projects show a mixed picture, with some categories experiencing tonnage and contained metal declines, while others, like Barruecopardo's probable reserves, saw significant growth. Reasoning: The annual report details a significant financial turnaround for EQ Resources, achieving profitability and strengthening its balance sheet. However, operational performance was impacted by severe weather and safety concerns, leading to a production shortfall. Resource and reserve updates present a mixed picture, with some categories showing declines while others demonstrate growth, particularly in Barruecopardo's probable reserves. - Positive factor: Financial turnaround and strong balance sheet - Positive factor: Record June quarter revenue and operating cash flow - Positive factor: High tungsten prices and market positioning - Positive factor: Mt Carbine Expansion Project approved - Positive factor: Significant increase in Barruecopardo Probable Ore Reserves - Positive factor: Resource definition drilling underway at both operations - Negative factor: Production shortfall due to severe weather events - Negative factor: Unsatisfactory safety performance at both mines - Negative factor: Decline in Barruecopardo Measured Mineral Resources and Proved Ore Reserves - Negative factor: Decline in Mt Carbine In-Situ Indicated Mineral Resources and Open Cut Probable Ore Reserves \(contained metal\) Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 35 ## Classification and evidence **Financial Turnaround** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: The company reported a statutory net profit after tax of A$7.1 million \(FY2025: loss of A$39.2 million\) and EBITDA of A$50.6 million \(FY2025: negative A$29.7 million\), with a recapitalized balance sheet. Evidence · text > The Company recorded a statutory net profit after tax of A$7.1 million \(FY2025: loss of A$39.2 million\) and EBITDA of A$50.6 million \(FY2025: negative A$29.7 million\). **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The document includes detailed 'Annual Mineral Resources Statement' tables for both Barruecopardo Mine and Mt Carbine Operations, providing updated figures as of 30 June 2026. Evidence · text > Annual Mineral Resources Statement Mineral Resources as at 30 June 2026 **Reserve Update** Polarity: neutral Story-specific tag Definition: No canonical definition is currently available. Why it applies: The document includes detailed 'Annual Ore Reserves Statement' tables for both Barruecopardo Mine and Mt Carbine Operations, providing updated figures as of 30 June 2026. Evidence · text > Annual Ore Reserves Statement Ore Reserves as at 30 June 2026 **Production Update** Polarity: neutral Story-specific tag Definition: No canonical definition is currently available. Why it applies: The document provides detailed production figures for WO3 in concentrate for both Barruecopardo Mine and Mt Carbine Operations for FY2026 and FY2025. Evidence · text > Group production for the year was 118,946 mtu of WO₃ \(FY2025: 167,805 mtu\), with Barruecopardo contributing 90,666 mtu and Mt Carbine 28,280 mtu. **Safety Concerns** Polarity: negative Story-specific tag Definition: No canonical definition is currently available. Why it applies: The Managing Director explicitly states that safety performance was 'well short of acceptable' at both mines, with an increase in LTIFR at Mt Carbine. Evidence · text > I must be equally direct about safety: this year was well short of acceptable. It must be a core focus of management in FY2027. **Weather Impact** Polarity: negative Story-specific tag Definition: No canonical definition is currently available. Why it applies: The document attributes the production shortfall 'overwhelmingly weather-driven', citing a cyclone at Mt Carbine and a 1-in-50-year rainfall event at Barruecopardo. Evidence · text > The shortfall against the prior year was overwhelmingly weather-driven, and the pattern was almost cruelly symmetrical across our two hemispheres. **Capital Raise** Polarity: neutral Story-specific tag Definition: No canonical definition is currently available. Why it applies: The company raised A$56.5 million in new equity, settled A$25.8 million of debt through share issuance, and received A$23.5 million from option exercises. Evidence · text > Through a series of placements, we raised A$56.5 million in new equity to settle outstanding creditors, reduce debt and restore working capital, and settled a further A$25.8 million of debt through the issue of shares. We received A$23.5 million from the exercise of options associated with FY2025 raisings **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: All Mineral Resource and Ore Reserve estimates are explicitly stated to be reported in accordance with the JORC Code 2012. Evidence · text > The information in this report is extracted from the statement na Mineral Resource Statement June 2026” and has been prepared by Independent Resource Geologist. Mr Pohl has contributed to pr has provided professional services to the operation over many ye Universität Freiburg i.Br., Germany\), has over 25 years of experie Geologists \(EFG\) and holds the title EurGeol \(\#1728\). Mr Pohl ha mineralisation and type of deposit under consideration and the a Person as defined in the JORC Code 2012. **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: Competent Persons are named and their qualifications \(e.g., EurGeol, MAusIMM, FAusIMM, CP \(mining\)\) are provided for all resource and reserve estimates. Evidence · text > Mr Pohl has been working for Saloro during the last 6 years by pr delivering resource and grade control block models. Mr Pohl has indirect, in the securities of EQR or any associated companies. Mr Pohl consents to the inclusion in the release of the matters ba which it appears. **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: Barruecopardo Measured Mineral Resources declined by 31.8%, Barruecopardo Proved Open Cut Ore Reserves declined by 57.8%, and Mt Carbine In-Situ Indicated Mineral Resources declined by 4.0%. Evidence · table > 6.85 Context: In-Situ Measured **Grade Decline** Polarity: negative Definition: Average grade dropped >5% vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: Barruecopardo Measured Mineral Resources declined by 7.3% \(0.191% to 0.177% WO3\) and Mt Carbine In-Situ Indicated Mineral Resources declined by 6.7% \(0.30% to 0.280% WO3\). Evidence · table > 0.177 Context: In-Situ Measured **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: Barruecopardo Measured Mineral Resources declined by 36.8%, Barruecopardo Proved Open Cut Ore Reserves declined by 61.8%, and Mt Carbine In-Situ Indicated Mineral Resources declined by 8.7%. Evidence · table > 1,214,272 Context: In-Situ Measured **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: Barruecopardo Open Cut Probable Ore Reserves increased by 197.1% from 3.10 Mt to 9.21 Mt. Evidence · table > 9.21 Context: Open Cut - Probable **Grade Improvement** Polarity: positive Definition: Average resource grade improved vs prior estimate — better deposit economics. Why it applies: Mt Carbine Open Cut Probable Ore Reserves grade improved by 14.3% \(0.28% to 0.32% WO3\) and LGSP Probable Ore Reserves grade improved by 6.7% \(0.075% to 0.08% WO3\). Evidence · table > 0.32% Context: Open Cut - Probable **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: Barruecopardo Open Cut Probable Ore Reserves contained metal increased by 179.5% from 448,982 mtu to 1,254,807 mtu. Evidence · table > 1,254,807 Context: Open Cut - Probable ## Extracted facts Stored fact records: 26. Some facts used in scoring do not have a stored record. ## Resource Estimates (26) ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/eqr-annual-report-to-shareholders--e87f0d9e-8257-4692-910c-37f98a3c4d79#fact-resource-facts-0) Barruecopardo Mine · tungsten #### Identity - Project: Barruecopardo Mine - Commodity: tungsten - Region: spain - Reported Region: Spain - Ticker: EQR #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Pohl - Resource group id: resource:9c60e3beaf64e1357e0f #### Resource Data - Category: measured - Tonnes: 6850000 - Grade: 0.177 - Grade Unit: % WO3 - Contained Metal: 1214272 - Contained Unit: mtu #### Prior Estimate - Resource Date: 2026-06-30 - Prior Tonnes: 10050000 - Prior Grade: 0.191 - Prior Contained Metal: 1920400 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: Measured resources at Barruecopardo declined significantly in tonnage, grade, and contained metal compared to the prior year, indicating a reduction in high-confidence resources. - Negative factor: Tonnage declined by 31.8% - Negative factor: Grade declined by 7.3% - Negative factor: Contained metal declined by 36.8% Evidence · table > 0.177 Context: 6.85 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 6850000 against 10050000 previously **Grade Decline** Polarity: negative Definition: Average grade dropped >5% vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: 0.177 against 0.191 previously **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 1214272 against 1920400 previously ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/eqr-annual-report-to-shareholders--e87f0d9e-8257-4692-910c-37f98a3c4d79#fact-resource-facts-1) Barruecopardo Mine · tungsten #### Identity - Project: Barruecopardo Mine - Commodity: tungsten - Region: spain - Reported Region: Spain - Ticker: EQR #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Pohl - Resource group id: resource:c2c0901a0e8af03703d1 #### Resource Data - Category: indicated - Tonnes: 9520000 - Grade: 0.177 - Grade Unit: % WO3 - Contained Metal: 1682554 - Contained Unit: mtu #### Prior Estimate - Resource Date: 2026-06-30 - Prior Tonnes: 10460000 - Prior Grade: 0.174 - Prior Contained Metal: 1820000 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: Indicated resources at Barruecopardo saw a slight increase in grade but a decrease in tonnage and contained metal, resulting in a minor overall decline. - Positive factor: Grade improved by 1.7% - Negative factor: Tonnage declined by 8.9% - Negative factor: Contained metal declined by 7.6% Evidence · table > 0.177 Context: 9.52 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 9520000 against 10460000 previously **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 1682554 against 1820000 previously ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/eqr-annual-report-to-shareholders--e87f0d9e-8257-4692-910c-37f98a3c4d79#fact-resource-facts-2) Barruecopardo Mine · tungsten #### Identity - Project: Barruecopardo Mine - Commodity: tungsten - Region: spain - Reported Region: Spain - Ticker: EQR #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Pohl - Resource group id: resource:2537ce7e6d3633779f01 #### Resource Data - Category: inferred - Tonnes: 3850000 - Grade: 0.259 - Grade Unit: % WO3 - Contained Metal: 997546 - Contained Unit: mtu #### Prior Estimate - Resource Date: 2026-06-30 - Prior Tonnes: 3860000 - Prior Grade: 0.259 - Prior Contained Metal: 999300 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: Inferred resources at Barruecopardo remained largely stable in tonnage, grade, and contained metal compared to the prior year. Evidence · table > 0.259 Context: 3.85 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 3850000 against 3860000 previously **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 997546 against 999300 previously ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/eqr-annual-report-to-shareholders--e87f0d9e-8257-4692-910c-37f98a3c4d79#fact-resource-facts-3) Barruecopardo Mine · tungsten Historical result Needs review: historical\_restatement #### Identity - Project: Barruecopardo Mine - Commodity: tungsten - Region: spain - Reported Region: Spain - Ticker: EQR #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Pohl - Resource group id: resource:827d9c4c52a8c6e9fb09 #### Resource Data - Category: measured - Tonnes: 10050000 - Grade: 0.191 - Grade Unit: % WO3 - Contained Metal: 1920400 - Contained Unit: mtu #### Prior Estimate - Resource Date: 2025-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-06-30T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: Historical Measured resource estimate for Barruecopardo as of June 2025. Evidence · table > 0.191 Context: 10.05 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/eqr-annual-report-to-shareholders--e87f0d9e-8257-4692-910c-37f98a3c4d79#fact-resource-facts-4) Barruecopardo Mine · tungsten Historical result Needs review: historical\_restatement #### Identity - Project: Barruecopardo Mine - Commodity: tungsten - Region: spain - Reported Region: Spain - Ticker: EQR #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Pohl - Resource group id: resource:912b4925f31e2a44d2f2 #### Resource Data - Category: indicated - Tonnes: 10460000 - Grade: 0.174 - Grade Unit: % WO3 - Contained Metal: 1820000 - Contained Unit: mtu #### Prior Estimate - Resource Date: 2025-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-06-30T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: Historical Indicated resource estimate for Barruecopardo as of June 2025. Evidence · table > 0.174 Context: 10.46 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/eqr-annual-report-to-shareholders--e87f0d9e-8257-4692-910c-37f98a3c4d79#fact-resource-facts-5) Barruecopardo Mine · tungsten Historical result Needs review: historical\_restatement #### Identity - Project: Barruecopardo Mine - Commodity: tungsten - Region: spain - Reported Region: Spain - Ticker: EQR #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Pohl - Resource group id: resource:e45a3d59863db0d1f197 #### Resource Data - Category: inferred - Tonnes: 3860000 - Grade: 0.259 - Grade Unit: % WO3 - Contained Metal: 999300 - Contained Unit: mtu #### Prior Estimate - Resource Date: 2025-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-06-30T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: Historical Inferred resource estimate for Barruecopardo as of June 2025. Evidence · table > 0.259 Context: 3.86 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/eqr-annual-report-to-shareholders--e87f0d9e-8257-4692-910c-37f98a3c4d79#fact-resource-facts-6) Barruecopardo Mine · tungsten #### Identity - Project: Barruecopardo Mine - Commodity: tungsten - Region: spain - Reported Region: Spain - Ticker: EQR #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr J. Montero, Mr Hugh Thompson - Resource group id: resource:8e11c49af15c88a4da71 #### Resource Data - Category: proven - Tonnes: 2400000 - Grade: 0.14 - Grade Unit: % - Contained Metal: 329842 - Contained Unit: mtu #### Prior Estimate - Resource Date: 2026-06-30 - Prior Tonnes: 5690000 - Prior Grade: 0.152 - Prior Contained Metal: 865037 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: Proved Open Cut Ore Reserves at Barruecopardo experienced a substantial decline in tonnage, grade, and contained metal, indicating a significant reduction in high-confidence reserves. - Negative factor: Tonnage declined by 57.8% - Negative factor: Grade declined by 7.9% - Negative factor: Contained metal declined by 61.8% Evidence · table > 0.14 Context: 2.40 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 2400000 against 5690000 previously **Grade Decline** Polarity: negative Definition: Average grade dropped >5% vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: 0.14 against 0.152 previously **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 329842 against 865037 previously ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/eqr-annual-report-to-shareholders--e87f0d9e-8257-4692-910c-37f98a3c4d79#fact-resource-facts-7) Barruecopardo Mine · tungsten #### Identity - Project: Barruecopardo Mine - Commodity: tungsten - Region: spain - Reported Region: Spain - Ticker: EQR #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr J. Montero, Mr Hugh Thompson - Resource group id: resource:9d71b155ad3c9c161cea #### Resource Data - Category: probable - Tonnes: 9210000 - Grade: 0.14 - Grade Unit: % - Contained Metal: 1254807 - Contained Unit: mtu #### Prior Estimate - Resource Date: 2026-06-30 - Prior Tonnes: 3100000 - Prior Grade: 0.145 - Prior Contained Metal: 448982 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: Probable Open Cut Ore Reserves at Barruecopardo showed substantial growth in tonnage and contained metal, significantly offsetting the decline in proved reserves, despite a minor grade decrease. - Positive factor: Tonnage increased by 197.1% - Positive factor: Contained metal increased by 179.5% - Negative factor: Grade declined by 3.4% Evidence · table > 0.14 Context: 9.21 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: 9210000 against 3100000 previously **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: 1254807 against 448982 previously ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/eqr-annual-report-to-shareholders--e87f0d9e-8257-4692-910c-37f98a3c4d79#fact-resource-facts-8) Barruecopardo Mine · tungsten #### Identity - Project: Barruecopardo Mine - Commodity: tungsten - Region: spain - Reported Region: Spain - Ticker: EQR #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr J. Montero, Mr Hugh Thompson - Resource group id: resource:491e67228ff88801ef4f #### Resource Data - Category: proven - Tonnes: 50000 - Grade: 0.1 - Grade Unit: % - Contained Metal: 5048 - Contained Unit: mtu #### Prior Estimate - Resource Date: 2026-06-30 - Prior Tonnes: 240000 - Prior Grade: 0.173 - Prior Contained Metal: 41589 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: Proved Ore Stockpile Reserves at Barruecopardo saw a significant reduction in tonnage, grade, and contained metal, indicating depletion of higher-grade stockpiles. - Negative factor: Tonnage declined by 79.2% - Negative factor: Grade declined by 42.2% - Negative factor: Contained metal declined by 87.9% Evidence · table > 0.10 Context: 0.05 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 50000 against 240000 previously **Grade Decline** Polarity: negative Definition: Average grade dropped >5% vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: 0.1 against 0.173 previously **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 5048 against 41589 previously ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/eqr-annual-report-to-shareholders--e87f0d9e-8257-4692-910c-37f98a3c4d79#fact-resource-facts-9) Barruecopardo Mine · tungsten #### Identity - Project: Barruecopardo Mine - Commodity: tungsten - Region: spain - Reported Region: Spain - Ticker: EQR #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr J. Montero, Mr Hugh Thompson - Resource group id: resource:9c656160edb9ac259744 #### Resource Data - Category: proven - Tonnes: 180000 - Grade: 0.05 - Grade Unit: % - Contained Metal: 9155 - Contained Unit: mtu #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: Marginal Stockpile Proved Reserves represent a small, low-grade component of the overall reserve, with neutral impact on the update. Evidence · table > 0.05 Context: 0.18 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/eqr-annual-report-to-shareholders--e87f0d9e-8257-4692-910c-37f98a3c4d79#fact-resource-facts-10) Barruecopardo Mine · tungsten #### Identity - Project: Barruecopardo Mine - Commodity: tungsten - Region: spain - Reported Region: Spain - Ticker: EQR #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr J. Montero, Mr Hugh Thompson - Resource group id: resource:bfa40d74ac9e8277d36f #### Resource Data - Category: proven - Tonnes: 320000 - Grade: 0.06 - Grade Unit: % - Contained Metal: 18652 - Contained Unit: mtu #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: Scalping Stockpile Proved Reserves represent a small, low-grade component of the overall reserve, with neutral impact on the update. Evidence · table > 0.06 Context: 0.32 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/eqr-annual-report-to-shareholders--e87f0d9e-8257-4692-910c-37f98a3c4d79#fact-resource-facts-11) Barruecopardo Mine · tungsten Historical result Needs review: historical\_restatement #### Identity - Project: Barruecopardo Mine - Commodity: tungsten - Region: spain - Reported Region: Spain - Ticker: EQR #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr J. Montero, Mr Hugh Thompson - Resource group id: resource:a7109c1be922d9efcc51 #### Resource Data - Category: proven - Tonnes: 5690000 - Grade: 0.152 - Grade Unit: % - Contained Metal: 865037 - Contained Unit: mtu #### Prior Estimate - Resource Date: 2025-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-06-30T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: Historical Proved Open Cut Ore Reserve estimate for Barruecopardo as of June 2025. Evidence · table > 0.152 Context: 5.69 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/eqr-annual-report-to-shareholders--e87f0d9e-8257-4692-910c-37f98a3c4d79#fact-resource-facts-12) Barruecopardo Mine · tungsten Historical result Needs review: historical\_restatement #### Identity - Project: Barruecopardo Mine - Commodity: tungsten - Region: spain - Reported Region: Spain - Ticker: EQR #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr J. Montero, Mr Hugh Thompson - Resource group id: resource:4d1fd7f0615014f1f561 #### Resource Data - Category: probable - Tonnes: 3100000 - Grade: 0.145 - Grade Unit: % - Contained Metal: 448982 - Contained Unit: mtu #### Prior Estimate - Resource Date: 2025-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-06-30T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: Historical Probable Open Cut Ore Reserve estimate for Barruecopardo as of June 2025. Evidence · table > 0.145 Context: 3.10 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/eqr-annual-report-to-shareholders--e87f0d9e-8257-4692-910c-37f98a3c4d79#fact-resource-facts-13) Barruecopardo Mine · tungsten Historical result Needs review: historical\_restatement #### Identity - Project: Barruecopardo Mine - Commodity: tungsten - Region: spain - Reported Region: Spain - Ticker: EQR #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr J. Montero, Mr Hugh Thompson - Resource group id: resource:1ab1e76369a73d191dd9 #### Resource Data - Category: proven - Tonnes: 240000 - Grade: 0.173 - Grade Unit: % - Contained Metal: 41589 - Contained Unit: mtu #### Prior Estimate - Resource Date: 2025-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-06-30T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: Historical Proved Ore Stockpile Reserve estimate for Barruecopardo as of June 2025. Evidence · table > 0.173 Context: 0.24 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/eqr-annual-report-to-shareholders--e87f0d9e-8257-4692-910c-37f98a3c4d79#fact-resource-facts-14) Mt Carbine Operations · tungsten #### Identity - Project: Mt Carbine Operations - Commodity: tungsten - Region: australia - Reported Region: Australia - Ticker: EQR #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Michael Mills - Resource group id: resource:50bed673461f7947b462 #### Resource Data - Category: indicated - Tonnes: 17340000 - Grade: 0.28 - Grade Unit: % WO3 - Contained Metal: 4935823 - Contained Unit: mtu #### Prior Estimate - Resource Date: 2026-06-30 - Prior Tonnes: 18060000 - Prior Grade: 0.3 - Prior Contained Metal: 5405901 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: In-Situ Indicated Mineral Resources at Mt Carbine saw declines in tonnage, grade, and contained metal, indicating a reduction in higher-confidence resources. - Negative factor: Tonnage declined by 4.0% - Negative factor: Grade declined by 6.7% - Negative factor: Contained metal declined by 8.7% Evidence · table > 0.280 Context: 17.34 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 17340000 against 18060000 previously **Grade Decline** Polarity: negative Definition: Average grade dropped >5% vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: 0.28 against 0.3 previously **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 4935823 against 5405901 previously ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/eqr-annual-report-to-shareholders--e87f0d9e-8257-4692-910c-37f98a3c4d79#fact-resource-facts-15) Mt Carbine Operations · tungsten #### Identity - Project: Mt Carbine Operations - Commodity: tungsten - Region: australia - Reported Region: Australia - Ticker: EQR #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Michael Mills - Resource group id: resource:acdd61f9dcc2ac90626b #### Resource Data - Category: inferred - Tonnes: 10640000 - Grade: 0.3 - Grade Unit: % WO3 - Contained Metal: 3201048 - Contained Unit: mtu #### Prior Estimate - Resource Date: 2026-06-30 - Prior Tonnes: 10680000 - Prior Grade: 0.3 - Prior Contained Metal: 3217311 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: In-Situ Inferred Mineral Resources at Mt Carbine remained largely stable, with minor declines in tonnage and contained metal. - Negative factor: Tonnage declined by 0.4% - Negative factor: Contained metal declined by 0.5% Evidence · table > 0.300 Context: 10.64 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 10640000 against 10680000 previously **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 3201048 against 3217311 previously ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/eqr-annual-report-to-shareholders--e87f0d9e-8257-4692-910c-37f98a3c4d79#fact-resource-facts-16) Mt Carbine Operations · tungsten #### Identity - Project: Mt Carbine Operations - Commodity: tungsten - Region: australia - Reported Region: Australia - Ticker: EQR #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Michael Mills - Resource group id: resource:a778d7af53001b2ebd9b #### Resource Data - Category: indicated - Tonnes: 9380000 - Grade: 0.075 - Grade Unit: % WO3 - Contained Metal: 703546 - Contained Unit: mtu #### Prior Estimate - Resource Date: 2026-06-30 - Prior Tonnes: 10126000 - Prior Grade: 0.075 - Prior Contained Metal: 759450 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: LGSP Indicated Mineral Resources at Mt Carbine saw declines in tonnage and contained metal, indicating depletion or reclassification of stockpiled material. - Negative factor: Tonnage declined by 7.4% - Negative factor: Contained metal declined by 7.4% Evidence · table > 0.075 Context: 9.38 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 9380000 against 10126000 previously **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 703546 against 759450 previously ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/eqr-annual-report-to-shareholders--e87f0d9e-8257-4692-910c-37f98a3c4d79#fact-resource-facts-17) Mt Carbine Operations · tungsten #### Identity - Project: Mt Carbine Operations - Commodity: tungsten - Region: australia - Reported Region: Australia - Ticker: EQR #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Michael Mills - Resource group id: resource:ab58cddc6879ced33c63 #### Resource Data - Category: inferred - Tonnes: 2580000 - Grade: 0.07 - Grade Unit: % WO3 - Contained Metal: 167696 - Contained Unit: mtu #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: LGSP Inferred Mineral Resources at Mt Carbine represent a small, low-grade component of the overall resource. Evidence · table > 0.070 Context: 2.58 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/eqr-annual-report-to-shareholders--e87f0d9e-8257-4692-910c-37f98a3c4d79#fact-resource-facts-18) Mt Carbine Operations · tungsten #### Identity - Project: Mt Carbine Operations - Commodity: tungsten - Region: australia - Reported Region: Australia - Ticker: EQR #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Michael Mills - Resource group id: resource:352bf5fdd1f3cde65214 #### Resource Data - Category: inferred - Tonnes: 830000 - Grade: 0.06 - Grade Unit: % WO3 - Contained Metal: 53318 - Contained Unit: mtu #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: An additional small, low-grade Inferred resource for LGSP at Mt Carbine, with neutral impact on the update. Evidence · table > 0.060 Context: 0.83 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/eqr-annual-report-to-shareholders--e87f0d9e-8257-4692-910c-37f98a3c4d79#fact-resource-facts-19) Mt Carbine Operations · tungsten Historical result Needs review: historical\_restatement #### Identity - Project: Mt Carbine Operations - Commodity: tungsten - Region: australia - Reported Region: Australia - Ticker: EQR #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Michael Mills - Resource group id: resource:9792fc588f8f7c2ce2ae #### Resource Data - Category: indicated - Tonnes: 18060000 - Grade: 0.3 - Grade Unit: % WO3 - Contained Metal: 5405901 - Contained Unit: mtu #### Prior Estimate - Resource Date: 2025-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-06-30T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: Historical In-Situ Indicated Mineral Resource estimate for Mt Carbine as of June 2025. Evidence · table > 0.30 Context: 18.06 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/eqr-annual-report-to-shareholders--e87f0d9e-8257-4692-910c-37f98a3c4d79#fact-resource-facts-20) Mt Carbine Operations · tungsten Historical result Needs review: historical\_restatement #### Identity - Project: Mt Carbine Operations - Commodity: tungsten - Region: australia - Reported Region: Australia - Ticker: EQR #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Michael Mills - Resource group id: resource:cb938157cdb5db0917ea #### Resource Data - Category: inferred - Tonnes: 10680000 - Grade: 0.3 - Grade Unit: % WO3 - Contained Metal: 3217311 - Contained Unit: mtu #### Prior Estimate - Resource Date: 2025-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-06-30T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: Historical In-Situ Inferred Mineral Resource estimate for Mt Carbine as of June 2025. Evidence · table > 0.30 Context: 10.68 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/eqr-annual-report-to-shareholders--e87f0d9e-8257-4692-910c-37f98a3c4d79#fact-resource-facts-21) Mt Carbine Operations · tungsten Historical result Needs review: historical\_restatement #### Identity - Project: Mt Carbine Operations - Commodity: tungsten - Region: australia - Reported Region: Australia - Ticker: EQR #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Michael Mills - Resource group id: resource:f58a0cef65ee29094b48 #### Resource Data - Category: indicated - Tonnes: 10126000 - Grade: 0.075 - Grade Unit: % WO3 - Contained Metal: 759450 - Contained Unit: mtu #### Prior Estimate - Resource Date: 2025-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-06-30T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: Historical LGSP Indicated Mineral Resource estimate for Mt Carbine as of June 2025. Evidence · table > 0.075 Context: 10.126 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/eqr-annual-report-to-shareholders--e87f0d9e-8257-4692-910c-37f98a3c4d79#fact-resource-facts-22) Mt Carbine Operations · tungsten #### Identity - Project: Mt Carbine Operations - Commodity: tungsten - Region: australia - Reported Region: Australia - Ticker: EQR #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Peter White - Resource group id: resource:d4124cb9a00ca3e33e46 #### Resource Data - Category: probable - Tonnes: 4470000 - Grade: 0.32 - Grade Unit: % - Contained Metal: 1417202 - Contained Unit: mtu #### Prior Estimate - Resource Date: 2026-06-30 - Prior Tonnes: 5210000 - Prior Grade: 0.28 - Prior Contained Metal: 1459735 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: Open Cut Probable Ore Reserves at Mt Carbine showed an increase in grade but a decline in tonnage and contained metal, indicating a focus on higher-grade material with a slight reduction in overall metal content. - Positive factor: Grade improved by 14.3% - Negative factor: Tonnage declined by 14.2% - Negative factor: Contained metal declined by 2.9% Evidence · table > 0.32% Context: 4.47 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 4470000 against 5210000 previously **Grade Improvement** Polarity: positive Definition: Average resource grade improved vs prior estimate — better deposit economics. Why it applies: 0.32 against 0.28 previously **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 1417202 against 1459735 previously ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/eqr-annual-report-to-shareholders--e87f0d9e-8257-4692-910c-37f98a3c4d79#fact-resource-facts-23) Mt Carbine Operations · tungsten #### Identity - Project: Mt Carbine Operations - Commodity: tungsten - Region: australia - Reported Region: Australia - Ticker: EQR #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Peter White - Resource group id: resource:4bc1ff20098de777d2cb #### Resource Data - Category: probable - Tonnes: 9380000 - Grade: 0.08 - Grade Unit: % - Contained Metal: 703546 - Contained Unit: mtu #### Prior Estimate - Resource Date: 2026-06-30 - Prior Tonnes: 9590000 - Prior Grade: 0.075 - Prior Contained Metal: 719030 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: LGSP Probable Ore Reserves at Mt Carbine showed a minor increase in grade but a slight decline in tonnage and contained metal, indicating ongoing processing of stockpiled material. - Positive factor: Grade improved by 6.7% - Negative factor: Tonnage declined by 2.2% - Negative factor: Contained metal declined by 2.2% Evidence · table > 0.08% Context: 9.38 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 9380000 against 9590000 previously **Grade Improvement** Polarity: positive Definition: Average resource grade improved vs prior estimate — better deposit economics. Why it applies: 0.08 against 0.075 previously **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 703546 against 719030 previously ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/eqr-annual-report-to-shareholders--e87f0d9e-8257-4692-910c-37f98a3c4d79#fact-resource-facts-24) Mt Carbine Operations · tungsten Historical result Needs review: historical\_restatement #### Identity - Project: Mt Carbine Operations - Commodity: tungsten - Region: australia - Reported Region: Australia - Ticker: EQR #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Peter White - Resource group id: resource:68e5d4c07ee010df87eb #### Resource Data - Category: probable - Tonnes: 5210000 - Grade: 0.28 - Grade Unit: % - Contained Metal: 1459735 - Contained Unit: mtu #### Prior Estimate - Resource Date: 2025-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-06-30T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: Historical Open Cut Probable Ore Reserve estimate for Mt Carbine as of June 2025. Evidence · table > 0.28% Context: 5.21 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/eqr-annual-report-to-shareholders--e87f0d9e-8257-4692-910c-37f98a3c4d79#fact-resource-facts-25) Mt Carbine Operations · tungsten Historical result Needs review: historical\_restatement #### Identity - Project: Mt Carbine Operations - Commodity: tungsten - Region: australia - Reported Region: Australia - Ticker: EQR #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Peter White - Resource group id: resource:4ac38bb3904e712384fd #### Resource Data - Category: probable - Tonnes: 9590000 - Grade: 0.075 - Grade Unit: % - Contained Metal: 719030 - Contained Unit: mtu #### Prior Estimate - Resource Date: 2025-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-06-30T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: Historical LGSP Probable Ore Reserve estimate for Mt Carbine as of June 2025. Evidence · table > 0.075% Context: 9.59 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.