EQ Resources. We have complied with the relevant requirements for convening the meeting and confirmed that a quorum is present. As the time is now 2:06 P.M., I formally declare the meeting open. I'd like to introduce company directors: Mr. Oliver Kleinhempel, non-executive chairman; Mr. Stephen Layton, non-executive director; Mr. Zhui Pei Yao, non-executive director; Mr. Stephen Weir, non-executive director; and Mr. Craig Bradshaw, the managing director. I would also like to introduce our Chief Financial Officer, Mr. Jono Kor t. Ben Bester, partner with Nexia Melbourne, the company's auditor, is in attendance and will make himself available to answer any questions at the appropriate time. The notice of AGM has been provided to shareholders in accordance with the company's constitution, and a copy is available on the company's website and the ASX Market Announcements platform. I will take the notice of meeting and explanatory statement sent to shareholders as read.
The purpose of today's meeting is to consider and vote on the proposed resolutions as set out in the notice of meeting. Questions from shareholders on each of the items of business will be dealt with under the Q&A session and of the formal business. Following which, shareholders and their representatives will be invited to vote on each resolution by way of poll. Shareholders will be able to ask questions, cast direct votes at the appropriate times whilst the meeting is in progress. The format of today's meeting will be an explanation of the participation process. We will then address the formal business on today's agenda, followed by a Q&A session on the formal items of business, following which shareholders will be provided with an extra 30 seconds to vote on the resolutions.
Finally, after the formal part of the meeting, we will close the meeting and invite our Managing Director, Craig Bradshaw, to give a short presentation on the business, followed by a Q&A session on the operations of the business. Questions received during the meeting, which are similar in nature, will be grouped and answered at the appropriate time. If you have any questions which you feel have not been addressed at today's meeting, we invite shareholders to contact the company via phone or email. I will now outline the poll voting and Q&A procedure for today's meeting. With regards to the poll procedures, we will open voting at the commencement of the formal business so that you can cast votes during the formal business section of the meeting.
For those proxy holders, shareholders, and authorized representatives who have not voted prior to the meeting, please cast your votes at each of the resolutions when the poll is opened. Questions. Shareholders wishing to ask a written question, please select the Q&A icon located at the bottom of the screen. Type your questions in the Ask a Question box and press the Send arrow. Your questions will be addressed at the appropriate time. Shareholders wishing to speak and ask a question, an audio questions facility is also available during the meeting. Press the Select Raise Hand icon located at the bottom of your screen. You will be placed in a queue and authorized to speak when we reach the Q&A session. Voting.
Regarding voting at today's resolutions, all shareholders, proxy holders, authorized corporate representatives, and attorneys of shareholders who are entitled to vote will be able to do so via the webinar poll. For those proxy holders, shareholders, and authorized corporate representatives in attendance via the webinar forum who have not yet voted prior to the meeting, please cast your votes at each of their resolutions when the poll is opened. A voting box will open on your screen on the launch of the poll. It is important to note that if you have lodged a proxy form and voted prior to the meeting, you do not need to vote again at the meeting unless you wish to change your proxy instruction. For proxy holders, you will have a summary of proxy votes which will detail voting instructions, if any, for the items of business.
By completing the voting via the webinar poll, when instructed to vote in a particular manner, you are deemed to have voted in accordance with those instructions. Where the Chair has been appointed proxy on behalf of shareholders, the Chair intends to vote in favor of all the resolutions. When the poll is declared open, a poll window will appear. To vote, simply select the direction in which you'd like to cast your vote. The selected option will be marked. To submit your vote, simply click on the Submit button. You will have the ability to change your vote up until the end of the meeting. I will now turn to the formal business of the meeting. If you have a question on any of the items of business, please follow the question process as previously outlined. We will assess your questions at the conclusion of the meeting.
I am now launching the poll. I declare it open. The first item of business is to receive and consider the financial report of the company together with the director's report and the auditor's report for the financial year ended 30 June 2025. These items are contained in the annual report and take the annual report as read. The annual report is available on the ASX Announcements platform or on the company's website. A Corporations Act requires the Accounts and Reports to be put to shareholders at an annual general meeting. However, except as set out in Resolution 1 to be considered next, there is no requirement for a vote on members to take on this item. We also note that no written questions to the auditor were received by the cutoff date, being five business days before the meeting.
For any questions on the audit, these may be directed through myself to the auditor in relation to the conduct of the audit, the audit report, the company's accounting policies, or the independence of the auditor. I am just going to see Q&A. Just so you are aware, we have not received any questions. As this matter does not require a vote, we will now move on to the first resolution. I now refer to Resolution 1, which is to consider the adoption of the remuneration report forming part of the directors' report for the financial year ended 30 June 2025. The remuneration report is set out in the directors' report in the company's 2025 annual report. The remuneration report sets out the company's remuneration arrangements for the directors and key management personnel of the company.
The vote on this resolution is advisory only and does not bind the directors or the company. The full resolution is displayed on your screen along with proxy votes received for this resolution. I move that shareholders consider and, if thought fit, pass the ordinary resolution. I now refer to Resolution 2, which relates to the re-election of Mr. Stephen Layton as a director of the company. In respect of this item of business, the proxies received are displayed on the screen. I move that shareholders consider and, if thought fit, pass the ordinary resolution. Now on to Resolution 3, which relates to the election of Mr. Craig Bradshaw as the director of the company. In respect to this item of business, the proxies received are displayed on your screen. I move that shareholders consider and, if thought fit, pass this ordinary resolution.
Resolution 4, which relates to the approval of the issue of options to Mr. Craig Bradshaw or their nominee as a director of the company. In respect of this item of business, the proxies received are displayed on the screen. I move that shareholders consider and, if thought fit, pass the ordinary resolution. Now on to the final resolution, Resolution 5, which pertains to the approval of the 10% placement facility under ASX Listing Rule 7.1A. The full resolution is displayed on your screen along with the proxy results received for this resolution. I move that shareholders consider and, if thought fit, pass the special resolution. That concludes the formal part of our business and consideration of the resolutions. I will move now to any questions that we might have received in relation to those resolutions.
I can see that we don't have any questions that have come through. As such, what we will do now is leave shareholders the ability to continue to vote for the next 30 seconds to a minute before moving on to the presentation to be provided by Managing Director, Craig Bradshaw. Okay. That's the end of that period of time. We are going to close the poll now. There have been no other items of business that have been received for consideration of the board for this meeting. I now declare that the formal part of the meeting is now closed, and we will move on to the presentation to be provided by Craig Bradshaw.
Thank you, Tony.
Sorry, Craig, we can't hear you.
Okay, we'll try again. Is that better?
Yep, you're all good.
Thank you, Tony. Thank you for shareholders for joining us for the 2025 AGM of EQ Resources. I'd like to run you through a brief presentation in terms of what we as a board have been doing with your asset and investment. Board and management. Sorry. First slide, normal disclaimer. Board and management. Board of directors, I think should be well known. From a management perspective, Jono Ko rt, Group Chief Financial Officer, joined us in 1 June 2025. I was previously a non-executive director from 1 May and joined in 1 October 2025 as managing director. Kevin McNeil, the previous CEO, agreed to continue with the organization, and we're pleased that he agreed to do so given the wealth of knowledge he's got, in particular in terms of metallurgical processing and specifically in the sorting and processing of tungsten deposits.
Very strong, very experienced management team, and look forward to working with them to take your assets to greater and greater success. Next slide, please. In terms of a corporate snapshot, as of yesterday, 26 November, share price was AUD 0.052, market cap of around AUD 197 million. Over the course of 2026 first quarter, we've raised AUD 35 million in equity and debt funding. Currently, 71% of the ownership is concentrated amongst the top 20 shareholders. Annual production for the full year 2025 was 1,678 tonnes.
I think the core thing there, the business has had significant challenges that we've been working our way through the course of 2025, but we're a long way down the path of solving those challenges and really building the sound foundation for the organization to continue to deliver and achieve its production capabilities and financial capabilities as a result of the work that's been done. Next slide. From a market perspective, why is tungsten so interesting to the world? The challenge with tungsten is it goes into so many different applications. There's no single product that you look at that is more consuming of tungsten than others. It goes into so many different industries and in different industrial applications, and it's core to making those applications work. It goes into things like when you think of medical devices that may be known to shareholders, MRI devices.
Every MRI device has got 150 kg of tungsten. It goes into etching of computer chips. The material that does the etching of computer chips is a tungsten hexafluoride, WF6. It goes into the tungsten wire that's used to cut the wafers or the silicon wafers that make computer chips. It goes into industrial applications for high-speed manufacturing. It goes into the cutting blades that produce sanitary napkins, baby nappies. It goes into the punching tools that make aluminium cans. When you look across the plethora of industries that consume it, it has a lot of applications, and the individual consumption of tungsten in each of them is not significant, and it's not significant to the overall cost of the final product, but the product doesn't work without tungsten.
That is why it has become a critical and strategic mineral by the EU, U.S., Japan, Korea, Australia, and other developed countries. Fundamentally, commerce and industry do not work without access to it as a core ingredient to industrial manufacturing. Within that, it is not so much the demand side that becomes interesting in tungsten. Demand for tungsten has continued to grow at 2%, 2.5%, 3.5% consistently for the last 50 years. The interesting part of tungsten is on the supply side. When you look at supply, 85% of tungsten has been supplied over the last 20 years out of China to meet global demand. 50% of demand has been consumed in China. 50% of demand has been consumed in the rest of the world. What that results in is a structural deficit in the supply of tungsten into the rest of the world outside China.
Fundamentally, that's what's been the catalyst for the price improvement that we've seen within the market over the last, in particular, last 12 months. Next slide, please. What we've seen since February 2025, the Chinese government passed legislation that restricted the supply of tungsten to dual-use applications. Essentially, China stopped exporting tungsten in the form of intermediate tungsten chemicals, ammonium paratungstate, blue tungsten oxide, yellow tungsten oxide, including tungsten metal powders and tungsten carbides that could be used by downstream industries into both defense applications and commercial applications. The problem with that is that when you buy tungsten in 20-tonne lots, you end up using it in 5 k, 10 k, 100 k. You don't use it as an end-use customer in 20-tonne lots.
Because of that, there's been limited export approvals from China, and that's put a squeeze on the rest of the world in terms of sourcing tungsten for end use. Roughly 30% of tungsten comes from recycling existing tungsten materials and products. The balance then has to come from primary, which is where EQR, your company, comes into the fore with the assets that we have in Carbine in North Queensland and in Salamanca in Spain. When you look at the price, price in February 2025 was around AUD 330 per 10 kg per MTU. It had sat at that price consistently for the prior three to four years, oscillating between a 290 and a 330.
Since the ban has come in in February 2025, the price has moved through the AUD 700 mark, and as of last Friday, was trading in the order of AUD 735 per MTU on the low, up to AUD 780 per MTU on the high. It's also worth noting that China, during the last two years, imported a record volume of tungsten concentrate in 2024, and as at the end of September 2025, had already surpassed that record volume in 2025. Fundamentally, you've got a situation where China supplies 85% of the world's demand, but it's also consuming units out of the rest of the world for whatever that they're doing in China. That has further exacerbated the supply shortage that exists in the rest of the world. From a pricing perspective, it is a strong fundamental for us in the tungsten world to continue to supply in that market.
When you look at new mines, new mines take in the order of 10-15 years today to bring a new mine into operation from discovery through to commissioning and production. Even if they're fast-tracked, new mines supply is probably 7-9, maybe 5-7 in extremely rare occurrences. If you have operating tungsten or critical or strategic mineral supply in the world today, then you're in a unique opportunity with a reasonable runway to be supplying into the current market. Next slide. Our assets, your assets, we have two operating assets. We have the Mount Carbine operation in North Queensland, which produces a wolframite concentrate, which we supply into Vietnam, which is then converted into ammonium paratungstate and tungsten oxides, and then on-exported into Korea, Japan, the US, Canada, and the EU.
Equally, our operation in Spain produces a scheelite-based tungsten concentrate, which is also exported into the US, the EU, Japan, Korea, and a variety of other countries, also including some volume going into Vietnam. In terms of recovery, the wolframite mineralization is much easier to recover because it's hard and heavy, and we achieve recoveries in that space in the order of 79%-80%. Scheelite at the Saloro operation is much harder to recover because it's a calcium-based material, so it's friable. It breaks up the more you handle it. When EQR acquired that asset, it historically achieved recoveries in the order of 38%-45%. With the work that's been done implementing EQ's intellectual property into that asset, that recovery's been moved from the 38%-45% through into the low 60s. We expect that improvement to continue as we bed down the technological improvements that we've installed.
Next slide. In terms of safety performance, I think one of the lowlights I would look to own as coming in from a Managing Director and as Non-Executive Director is our safety performance at our assets is not where we would like them to be. Both at Mount Carbine and at Barruecopardo, our lost-time injury frequency rate is well above what we believe is acceptable. Fundamentally, our view is that every person who comes on to one of our sites has the expectation to go home safely at the end of their shift, whole and intact, and no impact from a medical perspective. We have got a lot of work to do to actually improve our safety performance. That work has commenced in terms of ensuring that our people are appropriately scaffolded to ensure that they understand operationally what is required in terms of safety.
They have the skill sets and the training to be able to identify hazards, remove hazards, eliminate hazards, and fundamentally don't do a job if it cannot be done or conducted safely. We've undertaken fit-for-work tests from a drug and alcohol fatigue perspective, job safety analyses, as well as then conducting further training at both sites to get behavioral ownership of safety up from where it is. Next slide. From a Barruecopardo perspective, during the year, we moved 7 million tonnes of material. We mined 1.3 million tonnes. During the year, we did have a period where we were only processing low-grade stockpiles that enabled us to clean up the run-of-mine pad where we feed the processing plant, enabling us to get better feed into the processing plant by having more room to run a much better stockpile management process.
As a result of that, during the year and the improvements we've installed in the processing plant, we were able to achieve a 63.3% recovery as a record part of the year. In October, which is outside of the financial year, we were able to achieve record production of 120 tonnes of tungsten in concentrate for the month. Our expectation is that that's around where we should be on an ongoing basis in terms of these assets, the asset in Spain, as we get all of the elements of the installation of new equipment working in harmony with each other. Next slide. The other key announcement we made during the year in terms of our Saloro asset was the increase in reserves of 39%.
That really came on the back of two elements, both the increase in recoveries from the 38%-45% through into the 60s, as well as an adjustment in the pricing that's been used to calculate the reserves. Historically, reserves were calculated at Saloro at AUD 330 per MTU. We updated the model in terms of the reserves and used a AUD 450 per MTU price, which is still well short of where we are at spot, sitting at our APT, Fastmarkets, mid of around AUD 750 per MTU. That gives us about 8+ years plus mine life in Saloro in terms of the processing plant, but we see further opportunity both within the asset itself and within the region to further extend that mine life from where we are today. Next slide.
In terms of utilisation of the asset, when you look at the reserve, we've only converted 45% of the known mineral resource into reserve, and we're planning on doing additional drilling at the Saloro asset that hasn't been done previously because of cash constraints under previous owners, as well as ourselves in terms of the asset. As that asset is now cash-generating, we're moving our mind forward in terms of how do we further enhance that asset. We're planning on 37 holes for 12,000 m through calendar year 2026.
As you can see on the picture on the things on the left-hand side of your screen, we're looking to put additional drill holes into the eastern side of the pit to both convert resource into possible reserve, but also looking to test the boundaries of the resource because from a pit perspective, the ore body is open in that direction. Returning to Mount Carbine. Next slide. The Mount Carbine asset in 2025 produced 487 tonnes of tungsten in concentrate. It was challenged during the year as a result of the fact that we had large waste material in front of us that had a geotechnical fault.
The south wall, we had about 1.3 million tonnes of waste that had a fault through the top of it that we needed to work our way through, both safely and to ensure that none of the operations were put at risk. Equally, during the year, we transitioned from an outsourced contractor model to owner-operator, and that was done during a difficult period when there was flooding in North Queensland. The consequence of that moving from an outsourced contractor to owner-operator had significant cost of the operation in terms of both gearing up, getting equipment, but also flooding having an impact in terms of access to explosives such that our costs went up significantly relative to where they were expected to be, and our cash burn was impacted as well.
We did not get into really mining in that southern area until October 2025, and now we are moving through that space. Next slide. When we look at the Mount Carbine asset, we have currently got eight years of mining in reserve ahead of us from where we are today, but that eight years is based on a reserve that utilizes a AUD 330 per MTU price. We need to do work to update that to more closely align with where we expect long-term pricing to be, but we will not undertake that work until we also do further drilling. One of the opportunities we see at the Mount Carbine asset, not dissimilar to what we have got in the Saloro asset, is only a portion of the resource has been converted to reserve, and there is additional drilling required to better understand, but also look to convert further resource to reserve as we go forward.
Next slide. This slide clearly demonstrates that in terms of, and the colors are the opposite of what we utilized in the Saloro slide, basically because we're currently running two different softwares between Spain and Australia. That is something we will correct at some time in the future. When you look at on the bottom right-hand side, you can see the red is the resource ore zones, and the blue is the current reserve. In the case of Carbine, we've only converted 23% of the known resource into reserve, and we've got further work to do to convert more resource to reserve or do more drilling to get the confidence that's required to be able to convert resource to reserve in future, as well as to better understand the ore body from what it is today.
You can see on the main picture, the cutaway model, the main ore zone that we're chasing at the moment is the Iolanthe vein. That Iolanthe vein system has got drilling into it where we've identified 1.6 million tonnes of ore grading 0.26% tungsten, and that'll be the base feed for the processing plant over the next three years along with the low-grade stockpile. Next slide. The next slide gives an update in terms of where we're sitting in the Carbine pit at the moment. That slide is as of last week. You can see we're coming down from the 365 RL on the right of screen down to the 355 RL.
The ore zone that we're targeting in terms of the top of the Iolanthe is between the 325 and the 335 zone, but we do have ore fingers that come up through that 335-345 zone that have been identified through grade control drilling. We do expect to start seeing some of the ore from Iolanthe come in as we monitor the 335-345 level. The sequence of mining in this space will be that we'll come in on the A zone, move through the B zone, come down through the C zone, and then that puts us on top of the Iolanthe vein at that 335 RL. That work will continue to be conducted over the next few months.
We commenced night shift as of the 14th of November, and since we've commenced night shift, we're consistently meeting the daily targets that are required to be operating at 400,000 tonnes per month of waste removal in the pit to access the ore zones. Next slide. The other key challenge that we've had as a business that shareholders will be well aware of, we've in fact that the balance sheet, I think EQR has suffered in the past for being undercapitalized and having to do what's necessary to make the business work. We are looking to address that and also looking to push short-term commitments into longer-term debt that's appropriate and matched to the cash flows that we expect the assets to generate.
Now, during the quarter, overdue payables from between the end of June 2025 and the end of first quarter have been reduced by AUD 15.6 million as at the end of October, with negotiations remaining and continuing with the balance of AUD 12.6 million being finalised over the next couple of months. Available cash at the end of October was AUD 12 million, and the asset in Spain has been cash-generating since August 2025, with the Australian assets expected to be cash-generating from February 2026 based on current pricing and advancements in the pit. From a Spanish debt refinance perspective, we've recently given an update to the market today.
The term sheets have been received for refinancing of the EUR 20 million of Spanish debt, including our plan to repay EUR 3.5 million of that outstanding debt from cash that we have on hand at our Saloro operations, and we are advancing the balance to be resolved with new term facilities. Due diligence has been completed with counterparties for completion of those new term facilities and advancing them to binding outcomes. As part of that progress on the refinancing of the Spanish debt, Oaktree Capital have agreed to extend the letters of guarantee that cover the Spanish debt to date, and that is expected to cover the period required to finalize the new financing facilities.
Discussions are also well advanced with the Spanish lenders regarding the extension of the Spanish debt in line with the Oaktree letters of guarantee to enable the new facilities to be completed and to replace the existing Spanish debt in a considered and managed fashion. Where that brings us, next slide, is where we are today. We've clearly identified a number of challenges that the business has had. We've been working through fixing those and ensuring that those are not impediments to the business as we go forward. Your business and your company today, it is a diversified scalable producer, both with an asset in Australia and an asset in Spain that's fundamental to global supply chains in terms of tungsten and critical strategic minerals. We have long-term offtake agreements, and those agreements are all at spot pricing.
We have no fixed pricing in place, and all of our contracts are linked to pricing, which is around the month of shipment and not all the month prior to month of shipment. From a market perspective, we have supportive market fundamentals, and we have more customers wanting our product today than we have production, and that continues globally across the tungsten space because of the structural deficit on the supply side. Quite simply, we're not aware of any significant solutions that are going to make that or resolve that situation anytime soon, which puts us in a very good position in terms of both supply and into the market, as well as the pricing we're receiving for your products. We're strategically positioned.
We are integrated into global supply chains, and we have an experienced team from a management and board perspective to ensure that as stewards of these assets, we ensure that the assets are positioned, that they're fundamentally sound, and that they move forward as good producers and financially secure. Thank you for your time. Thank you for your patience as shareholders, and look forward to delivering outcomes for you in the future. Thank you.
Thanks, Craig. Just going to questions, noting that we haven't had any questions from our shareholders in attendance, we will look to. I think we are opening the floor to questions if people have got questions on any of the elements of my presentation. I don't think we haven't received one at this point. Hang on. You have. We've got one that's just come on. Two. What is the opportunity to expand both operations?
Craig?
Yeah. The operation in Spain, at the moment, not looking to expand that. It'll be a case of bedding down the work that we've already done and ensuring that continues to deliver. Our expectation is that that asset should be running at recoveries around the 65%-68% with the work that's been done, and then incrementally we'll improve from there with a target in the order of 70%-71% on an ongoing consistent basis. That is going to be a challenge, but that's where we believe that asset should be producing at based on the work we've done and the equipment we've installed. The key thing, I think, in the Spain asset will be to really understand the geology and expanding the resource and the reserve.
I'd like to think that we get that mine life well beyond the 10-year mark with the work that we have planned over the next year or so in that space. With the asset in Carbine, it is a different outlook. As a business, we'd already acquired the equipment that's necessary to expand the front end of that circuit in the crushing, sorting, and jigging area within that space. The back end of that plant in the gravity circuit has excess capacity available to it. That equipment has been largely purchased and is available for installation, but we haven't had the funding to install it. We are in discussions with a variety of off-takers or end-use customers in various markets who are interested in funding the AUD 16 million that are required to install that equipment in return for off-take that's associated with that equipment.
Now, it will take us in the order of nine months to install that equipment and commission it. What we're looking at is processing the large low-grade stockpile through that additional installation so it doesn't detract from fresh ore mine life in the pit from what we've got today, but the off-take then meets requirements for customers and the funding that they would put up to install that equipment. That continues to be under various stages of negotiation and discussion. Beyond that, we've also got opportunities at Carbine given the fact that only 23% of the resource has been converted to reserve. There is a pre-feasibility study that's been completed on the underground. We've got further work to do to optimise that from pre-feasibility study through to back-awar feasibility study. We've also got the Wolfram Camp EPM to the south.
It's roughly 60 km to the south of the Carbine processing facility. That asset was last in operation around 2013, 2014. It does have a processing plant that has been put under care and maintenance. It was part of the Queensland Abandoned Mines Program, of which I think two out of the 130 abandoned mines have been offered to the industry, and EQR was lucky enough to be able to complete a tender to acquire the Wolfram Camp asset. Within that context, the last time that asset was in operation was when the tungsten price was around AUD 165 per MTU. Current tungsten price is sitting around AUD 750 on the mid. I think there's opportunities there. Even simplistically, looking at the old pits that were last in operation at AUD 165, I think there's opportunities for remnant mining in that space.
There's a large low-grade stockpile that, as we've announced to the market, we've done initial test work in terms of its amenability to sorting. Of the low-grade stockpiles, there are two styles of stockpile that are there. One of them sorts better than the other, but we've got further work to do to optimize that. We believe there's opportunity to sort that product, upgrade it, and take that material through processing at the Carbine asset, as well as there are other targets that we've been working on and developing that we'd look to drill in future once the cash flow for the Carbine asset is sound and continuing.
Equally, there's opportunities regionally at both locations where there are deposits at surface that have been identified that don't justify a processing plant in and of themselves and the technical risk that's associated with building a processing plant of the nature that's required to recover tungsten, but would be certainly amenable to processing through an existing facility. From a strategy perspective, that strategy is not dissimilar to what you see in the Western gold fields, as an example, where a number of operators have run hub-and-spoke type operations doing mining and delivering ore through to a processing plant. In our space, my expectation is that we would do crushing, sorting, possibly jigging to upgrade the material. From a mass perspective, we're not moving so much material. Within a certain distance, that's going to be viable and economic based on the numbers we've worked through. Thank you.
We have one further question here. Summer period can have weather impacts. Do you expect that the Mount Carbine 40 KT per month mine rate will be continued?
Yes. In terms of the 400,000 tonnes per month movements that we're running from the Carbine pit, as at the end of October, we had 1.2 million tonnes of material to move on that southern wall. We've been working with the engineers to rejig the plan in that space somewhat now that we've worked through the geotechnical fault. That 400,000 tonnes a month from the 14th of November is deliverable. My expectation is that we will get through that southern wall material by the end of January, February, subject to weather conditions. There's nothing we can do about weather conditions. They are what they are.
Under normal conditions, we can continue to operate, but it just depends on what happens through the wet season. Now, that said, we do need a wet season. Every year, we want a certain volume of rain to come in so we can refresh our ponds and fill up our facilities so that we have sufficient water to run the processing plant for the next 12 months until the following wet season. In terms of the business itself, we have installed additional holding capacity. We're in the process of installing cyclones to be able to recycle more water back into the process because periodically, historically, the operation has had to shut down due to insufficient water. We're looking to remove that risk from the business as we go forward.
Currently, the back end of the plant is operating on water, but the front end of the plant is on half tonnes because we're concerned about the volume of water that we're holding on site at the moment. We expect over the next few weeks to recommence wet crushing and wet jigging in the process, which will then further enhance our throughput from where we are today.
Okay. Thanks, Craig. That brings us to the end of the meeting. I'll just inform shareholders that the poll results will be collated with our proxy results for today's resolutions and will appear on the ASX later today on the announcement platform. With that, we'd like to thank you for your attendance today and continued support. Thank you all. Thank you all.
Thank you, Tony. Thank you, Tony. Thank you. Thank you to the board.