EQ RESOURCES LIMITED — AGM Information 2008

Nov 19, 2008

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Moving from Explorer to Producer ASX: III

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AGM 2008, Sydney

November 2008

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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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The information in this presentation that relates to Exploration Results and Mineral Resources are based on information compiled by Dr John Bishop, who is a member of the Australian Institute of Geoscientists. - John is a full time employee of Icon, and has sufficient experience relevant to the styles of mineralisation and types of deposits under consideration and to the activity he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Dr Bishop consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

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JORC compliant Inferred Resources at Mt Carbine (tungsten) are detailed in the renounceable Rights Issue Prospectus dated 5 June 2008 (pages 13-15). JO R C co m p li a n t Inf e rr ed R esou r ces at Fi t zr oy (coppe r-zin c) a r e deta il ed in a n A S X a nn ou n ce m e n t dated 27 November 2007.

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Zinc mineralogy: Professor Project Tasmania

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The Projects
IOCGU
W
Cu/Zn
Au
Sn
Zn
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The Projects

Icon has acquired rights to 100% of the Mt Carbine Tungsten (W) Mine -Icon’s MAIN PROJECT

NW Qld: Iron oxide-copper-gold-uranium ( IOCGU ) ; zinc; nickel; Iron ore

Central Qld: Copper-gold at Fitzroy with Geophysical surveys scheduled to increase the inferred resource from 1.75Mt @ 1.7% Cu + 2% Zn

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Drill-ready Gold targets on Peel Fault

Third drilling campaign at Tara Tin Project recently completed

Adam nai b C /Au cences li l d y u recent y grante

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Mt Carbine : A ‘World Class’ Tungsten Deposit

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Mt Carbine in 1978

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I con as secure h d i ht s o t 100% o f e th Mt C ar bi t t i r g ne ungs en m ne Mt Carbine produced nearly half of Australia’s annual tungsten (43%) prior to closure in the mid 1980s (due to dumping by the Chinese) High-grade, low impurity wolframite and scheelite concentrates

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Mt Carbine: Everything in Place (except a processing plant)

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14 year Mine Lease in place Sealed road and 132 KV power line pass through the ML

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I n f erre d JORC t resources open a depth plus excellent upside potential from unexplored old workings Projected 13+ year operation

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~45 minute drive from Port Douglas & 90 minutes from Cairns on sealed roads

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old working
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Mt Carbine: A Premium Product

’ Mt Carbine s annual production of ~800t – 1200t WO 3 was in the form of high-grade, low impurity concentrates of wolframite (~88%) and Scheelite (~12%)

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	Wolframite	Scheelite
	% by weight	% by weight
WO 3	71 00 .	74 00 .
As	0.03	0.10
Sn	0.01	0.20
P	0.02	0.08
M o	0 02 .	0 02 .
S	0.15	0.70
CaO	4.00	20.00
Bi C u	0.03 0 01 .	- -
SiO2	2.50
Fe	11.00	1.20
Pb
Mn	4.00	0.15
Sb	Typical Values	trace
			High-grade concentrates
			from re-treatment of Mt
			Carbine tailings, 2008

Re-Development: A Three Stage Strategy

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• Stage 1: Re treatment of tailings plus exploration drilling of adjacent old workings

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: Stage 2 Extraction of open pit resources plus treatment of waste dumps. Existing pit expected to expand

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: Stage 3 Underground mining operation from existing decline. However it seems likely that exploration drilling of the hill will extend the open cut operations. This Strategy provides an early start with minimal capex

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Sampling Mt Carbine N[o] 4 tailings dam

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Stage 1: Re-treatment of the Tailings

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Tailings contain ~2Mt @ ~0.1% WO3 from #3 and #4 Tailings Trial tests of gravity (spirals, jigs, tables) and flotation underway

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Results have produced high-grade concentrates and indicate that good recoveries should be achievable Start up 4[th] Qtr 2009

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Pseudo-coloured image of grade x thickness, #4 Tailin g s

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Mt Carbine: Testing the tailings

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Mt Carbine: Bulk Sampling (Nov 2008)

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Mt Carbine: Bulk Sampling (Nov 2008)

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Mt Carbine: Testing the tailings

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Mt Carbine: Testing the tailings

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Stage 2: Open Pit & Waste Dumps

Mining of open pit resources (~1Mt @ 0.2% WO3 plus 1-2Mt from desi g nated u/ g resource with p otential for more ) Evaluate waste dumps (10-14Mt @ ~0.1% WO3) Plus exploration drilling of old workings north of existing pit Planned production of ~1500T WO3 per yr

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High Grade Mineralisation extending into open cut floor at mine closure (1986)

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Unsampled High Grade Mineralisation beyond the Open Cut

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Stage 3: Underground Mining

A fully developed underground mining plan can be implemented to access the underground Inferred Resource of ~10Mt @ 0.22% WO3 if th t t b l d . e open cu canno e en arge

~ Existing 500m decline would be completed and the previous plan to install an underground crusher plus conveyor belts reviewed.

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existing decline

Underground Mine Plan: North-south cross-section

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Tungsten Applications

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Tungsten is the hardest metal with the highest melting temperature and tensile strength

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Tungsten is mostly used for ‘hard metal’ construction but has growing applications in: electronics, medicine and catalytic converters

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After North American Tungsten Corporation

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Tungsten Price

T t i h i d f our- f o n over e as th l t f ungs en pr ces ave ncrease ld (i US$) ew years. China, with ~66% of the world’s reserves, has historically been the world’s largest supplier but is now a net importer. Analysts predict a sustained demand.

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or 7 . . Tungsten is usually priced in metric tonne units (mtu) of WO 3 which is 10kg of WO 3 93kg W Prices are also quoted in the refined product APT (ammonium paratungstate) which trades at a premium of 20-30% above the WO3 price.

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Historic Tungsten Price

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1973
1929
1987
No historic correlation between the price of tungsten and global financial crises.
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Mt Carbine: 2.5 r devel t schedule yea opmen

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Assumes WO 3 p rice of US$200/mtu; exchange rate of 85c & recovery of 75% producing ~1500t WO3 per yr from 2011 Net cash (after capex, pre-tax) of ~$15M per year from 2011 for 10+ years

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Mt Carbine: Projected Net Cashflow

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Net cash (after capex, pre-tax) of ~$15M per year from 2011 for 10+ years

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Mt Carbine: 1900s

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Mt Carbine: 1972

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Working the quartz scree prior to modern mining

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Mt Carbine: late 1970s
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Mt Carbine: 1970s-80s

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Mt Carbine: 2008

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Contact Details

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Dr John Bishop, Managing Director Email : jbishop@iconresources.com.au Mobile : +61418 373 429

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Sydney Office

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Suite 404, 25 Lime St, Sydney, NSW, 2000 Postal: PO Box H116 Australia Square, NSW, 1215 Phone: + 612 9279 1252

Wolframite, Mt Carbine

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Hobart Office

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38 George St , North Hobart , Tasmania , 7000 Postal: PO Box 2001 North Hobart, Tas., 7002 Phone: +613 6231 3948

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Website www.iconresources.com.au

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North West Qld
Burketown
IOCGU
Leichhardt
FeO
Zinc
Elizabeth Ck
JV
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Copper/Gold: Burketown, NW Qld

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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/Zinc: Fitzroy, Central Qld

Icon 100% owned project Inferred Resource of 1.75Mt @ 1 . 7% Cu + 2% Zn Excellent potential for more stacked lenses of massive sulphides

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Downhole geophysics to look for more sulphides near defined lenses 3D I n d uce d P o ar sa l i ti on o es t t t a dj acen areas t

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Gold: Peel Fault, NE NSW

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Icon 100% owned ro ect p j

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Target: ‘ Mother Lode ’ (California) style + M oz ld d it s (130 ) go epos Limited previous exploration Strong drill targets defined by recent Icon exploration programs

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Crow King, Peel Fault 3D-IP targets

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Tin: Tara, Central NSW

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Regional gravity with drillhole locations

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Icon 100% Project Large (~4km x 2km), covere d ti n as cass it er it e ( ) mineralised system

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Significant tin / zinc intercepts from Icon and previous drilling Several targets generated from hi g h reso ut on res st v ty, eta l i i i i d il e d magnetics, 3D-IP.

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Copper/Gold: Adaminaby, SE NSW

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Target: Porphyry Copper / Gold style mineralisation Recently granted licences over numerous under-explored mineral occurrences and old mines