EQ RESOURCES LIMITED — AGM Information 2007

Nov 28, 2007

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2007 Annual General Meeting Hobart

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Summary

Icon Resources (III) raised $4M (at 20c); listed on ASX June ’06 Raised a further $2M (at 45c) in June ’07

~46 million fully paid shares; 1.2 million unlisted 30c options Market Cap: ~$15M (at 30-35c; 52 week range: 20-70c) Cash in hand: ~$1.6M Diversified explorer focussed on Eastern Australia

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Projects

NW Qld: Zinc, Nickel, Iron Ore, Uranium and IOCGU targets; incl. $5M JV with Zinifex at Eliz. Ck

SE Qld: Zinc/Copper, Gold and Uranium targets

NE NSW: Major exploration project targeting Gold, PGE’s and Nickel along the Peel Fault

Central NSW: Old Gold Fields plus the Tara Tin project

W. Tasmania: Professor Zinc scoping study plus Sandy Cape Tin

WA: Option to purchase the ‘Splinter’ iron ore prospect

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Some 2007 Highlights:

Splinter (FeO): option to investigate Azure Minerals’ magnetite iron ore project near Esperance in WA.

Fitzroy (Cu/Zn) : Resource ‘JORC’d’ and increased (1.75Mt @ 1.7% Cu + 2% Zn). Geophysical surveys planned down previous holes to search for further lenses in the near vicinity

Burketown (IOCGU): tenement granted + $40,000 Qld Govt assistance.

Professor Zinc: RCE proceeding with a staged 11 month $0.6M metallurgical program to feasibility for the Grieves zinc project.

Tara Tin: large untested IP responses plus magnetic structures Drilling to resume in ’08

Presently drilling Gold Targets in Central NSW.

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Overview of Projects Commodity / Locations iron ore

zinc gold copper/gold copper/zinc Targets/goals Status Future developments and timing

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Iron Ore: Splinter

Target : Economic iron ore deposit, (magnetite +/- hematite) ~120km NNE of Esperance Status : Three month option with possible extension leading to outright purchase.

Program : Drilling commencing next week (3 Dec) testing along strike from Azure holes + 2 new zones.

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Constance Range Splinter

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Iron Ore: Splinter

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Constance Range

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: Strategy Rapidly assess potential for magnetite at three separate prospects. If successful, attract funding to float off separate iron ore (WA) entity.

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Iron Ore: Constance Range (Eliz. ~~Ck~~ )

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Constance
Range
Splinter
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Target : Package the Constance Range iron ore prospects into a float to be Qld’s first iron ore producer.

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Status : Drilled out by BHP in the ’60s (who then found the Pilbara deposits). To be split off from the Eliz Ck JV with Zinifex.

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Pb/Zn Potential
in Lawn Hill Fm
Iron ore
deposits
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Program : Combine assets with other companies and list new entity on the ASX – probably with offtaker assistance.

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Zinc: New Century

Target : Another Century

Status : Seven applications –some approaching grant, plus the Eliz. Ck JV with Zinifex Program : Seeking JV partner to maximise expenditure on large land holding (negotiations started).

Outer Boundaries of the ‘New Century’ tenements plus Elizabeth Ck JV and the Burketown and Leichhardt permits

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New Century
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Professor
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Burketown
Leichhardt
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Zinc: Professor

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Target : to extract zinc by mid-09

Status : Processing farmed out to RCE (50% option on the process). Encouraging results – seeking Federal ‘Commercial Ready’ Grant. Decision for pilot plant early ’08.

Program : Targeting near-surface sphalerite in peaty clays. Processing higher value (more tonnes/higher grade) underlying zinc mineralisation to be assessed in a parallel program.

Near surface zinc sulphide (sphalerite) in peaty clays.

Tara

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Tin / Tungsten: Tara

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Target : Bonanza-grade tin lodes analogous to San Raphael, Peru and Cornwall, UK. (Under ~20m cover, search depends on geophysics and drilling) Status : Extensive area of alteration defined by III geophysics Encouraging tin and zinc values (including ‘grade’) from previous + III drilling. Program : Further drilling planned in early ‘08.

Tin / Tungsten: Tara

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Ground magnetics with interpreted structure

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16msec chargeability envelope plus previous drillhole traces

Magnetics

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Peel Fault
Hiawatha Grenfell
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Gold: Peel Fault

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Target : ’Mother Lode’ (Calif.) style (130+ Moz) gold deposits. Status : Eight granted licences. Mapping, geochemistry and geophysics completed on some. Program : Drilling at Weabonga; geophysics at Crow King early ’08, possibly seek JV partner for project –as work progresses.

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Gold: Peel Fault

Very little modern exploration

Prospective for Au, Ni and PGE Analogies with 130+Moz Californian ‘Mother Lode’ Geophysics (aeromagnetics/ radiometrics plus 3D-IP) completed at Weabonga and Niangala. Mapping recently completed at Crow King Drilling planned at Weabonga early ’08.

Crow King

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Gold: Central NSW

Target : Intrusive-related, bulk gold mineralisation in old gold fields with little previous exploration

Status : Two granted licences: Hiawatha and Grenfell. Presently drilling at Grenfell; Hiawatha to follow (Dec).

Program : Follow up drilling in early ’08 given favourable results.

XRF (‘Niton’) surveying at Grenfell

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Copper/Gold: Burketown

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Burketown Adaminaby

Target : Iron oxide Copper Gold Uranium (IOCGU)

Status : Licence Granted / NT Agreement in place. $40,000 Innovative Exploration Grant from Qld Govt.

Program : Innovative geophysical survey partially funded by IEG followed by drilling.

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Copper/Gold: Burketown

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Near – coincident magnetic & gravity anomalies under 300-400m cover. Olympic Dam-style IOCGU target

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Extensive system of altered mafic dykes with similarities to Canada’s large Voisey Bay nickel deposit

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Gravity

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Magnetics

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Copper/Gold: Adaminaby

Target : Porphyry Copper / Gold

Status : Two applications covering 10 little-explored porphyry copper occurrences as defined by the DPI (none over the old Kyloe Mine –described as a “large porphyry”) Program : geological mapping, followed by semi-regional geochemistry; followed by targeted geophysical surveys; followed by drilling.

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Copper/Zinc: Foresthome

Foresthome Glentanna

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Target : Volcanic-hosted Massive Sulphides

Status : Granted; inferred resource of 1.75Mt @ 1.7% Cu + 2% Zn.

Program : Down hole geophysical surveys of old drill holes in Dec 07 to find more lenses close to existing mineralisation plus regional EM/IP in 1Q08, followed by drilling.

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Copper/Zinc: Foresthome

Sulphide City Cross-Section

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perspective view looking SE

Three part exploration program:

To look for further lenses in the Sulphide City / Scorpion 500m corridor. Intensely explore the several targets and prospects within a few km of Sulphide City / Scorpion. Regional exploration over the ~40km long trend of prospective host rocks (Rookwood Volcanics).

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Copper/Zinc: Glentanna

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Target : Volcanic-hosted Massive Sulphides Status : Granted; historic estimate of 0.2Mt @ 5% Zn.

Program : Airborne geophysical survey to (a) locate earlier response near known sulphides and (b) better resolve old survey and thus locate further occurrences; scheduled for 1H08 followed by drilling.

Copper/Zinc: Glentanna

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Under-explored old workings & copper staining, Silverwood Copper Mine, Glentanna

Grieves Quarry

LS22: 3.45m @ 0.62% Cu, 2.15% Pb, 7.07% Zn, 72g/t Ag

50m

Grieves Quarry: 50m x 50m 1970s GSQ drilling grid Glentanna est. 0.2Mt @ 5% Zn

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Uranium

Fair Hill

Target : caldera-style uranium Status : granted Program : mapping & geochem surveys scheduled for 1H08

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Fair Hill

Helidon

Target : Roll front Uranium derived from underlying granite (high radon) Status : granted Program : mapping and geochem surveys scheduled for 1H08

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New Ventures

Since listing, III has reviewed a significant number of potential new prospects.

We look for prospects and projects that play to our strengths and strategies. We will continue to do that.

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To Summarise

Exploration Strategy:

Use our strengths especially geophysics to fast-track drill targeting.

Keep a drill turning, testing targets that are strongly supported by geophysics, geochemistry and geology. Turn as many properties over as resources permit. Target metals with short lead time to production. : Development Strategy

Move quickly to develop major finds using our skills, networks and backers . Farm-out smaller development opportunities.

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Disclaimer

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No representation or warranty is made as to the accuracy, completeness or reliability of the information contained herein. Any forward-looking information in this presentation has been prepared on the basis of a number of assumptions which may prove to be incorrect. This presentation must not be relied upon as a recommendation or forecast by Icon Resources Ltd.

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Zinc mineralogy: Professor Project Tasmania