Equatorial Resources (ASX: $EQX) Quarterly Report Highlights

Equatorial Resources Limited (ASX: $EQX) has released its quarterly report for the quarter ended 31 March 2024. The company is concentrating on five high-priority, near surface iron ore targets at its Nimba Alliance Iron Ore Project. Equatorial also reported positive developments in its international arbitration against the Republic of Congo, with the ICSID tribunal dismissing Congo's counterclaims in their entirety. The company remains in a strong financial position with approximately $14.1 million in cash and 131.4 million shares on issue.

Executive Commentary on Nimba Project and International Arbitration

The Company is pleased with the progress made at the Nimba Project, particularly the identification of extensive detrital material with direct shipping ore potential. We are looking forward to the grab sample assay results and the subsequent expanded field program, which will aid in refining our plans for potential drilling. Regarding the international arbitration against the Republic of Congo, we are encouraged by the positive outcome of the ICSID tribunal dismissing Congo's counterclaims. We remain committed to seeking compensation for the violations of the Congo-Mauritius BIT and protecting our investments in Congo.

Summary of Equatorial Resources (ASX: $EQX) Quarterly Report

Equatorial Resources (ASX: $EQX) is actively progressing its Nimba Alliance Iron Ore Project, with plans for an expanded field program following positive results from the initial exploration. The company also reported favorable developments in its international arbitration against the Republic of Congo, with the ICSID tribunal dismissing Congo's counterclaims. Equatorial remains in a strong financial position, with significant cash reserves to support its exploration and development activities, as well as pursue the dispute resolution process and additional business opportunities in the resources sector.