EQ RESOURCES LIMITED — AGM Information 2009

Nov 16, 2009

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Annual General Meeting

ASX: III

Sydney, 17[th] November 2009

Disclaimer

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 should not be relied upon as a recommendation or forecast by Icon Resources Ltd.

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Corporate Overview

Icon Resources Ltd listed June ’06, ASX code: III

Issued Capital: ~75M shares (year range 3.5-14c; currently ~10c)

Another 17,250,000 shares to be issued following the recent placement which raised S1.55M

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• ~4.5M unlisted options with exercise prices of 30-45c

~17M new unlisted options with an exercise price of 15c from the recent placement

Web Site:

www.iconresources.com.au

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Board and Management

Dr Andrew White, Chairman. Consultant geologist, Extensive experience in exploration, mining and project development including previous operation at Mt Carbine. AusIMM medallist and author of ‘Management of Mineral Exploration’.

Dr John Bishop, Managing Director. Wide experience in metalliferous exploration and author of several papers on innovative geophysical techniques. Chairman of ASX listed KUTh . Energy Ltd

Steve Bartrop, Non-executive Director. Managing director of Lime St Capital and co-principal of Stock Resource. Director of ASX listed KUTh Energy Ltd. Previously a geologist with Ashton and MIM

Darcy Milburn, Exploration Manager. Experience in mineral exploration, resource development and marketing and business development with executive roles in listed resource companies.

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Icon’s Projects

Icon Resources is an emerging tungsten producer and diversified explorer with projects in eastern Australia. They include:-

Tungsten at Mt Carbine. Icon’s 100% owned flagship project on track for early development Copper-Zinc at Fitzroy Project. Inferred Resource: 1.75Mt @ 1.7% Cu + 2% Zn. Planned exploration program to expand resource

Gold at Peel Fault Project. Drill-ready targets to test Icon coincident mapping, geochem and geophysics

Tin at Tara Project. Re-interpretation of Icon geophysics to be tested by further drilling Copper-Gold-Uranium, Zinc, Nickel and Iron Ore exploration targets in NW Qld

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The Mt Carbine Tungsten Project

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Mt Carbine in 1978

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Mt Carbine –a World Class Tungsten Deposit

Historically one of the world’s largest tungsten mines Granted Mining Leases with substantial infrastructure in place Recent Scoping Study highlights the financial viability of the project On track for re-opening with a long-life mine plan Predictions for tungsten are all ‘bullish’

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The Mt Carbine Tungsten Project

Previous large operation with good track record

Historically produced half of Australia’s annual tungsten Mine closed due to low prices (~25% current price) with new underground operation partially developed

Excellent location (~45mins drive from Port Douglas) with power, sealed roads, tailings storage facilities and some permitting in place In-situ grades likely under-stated

Previous operation did not undertake metal balances or establish in-situ grade

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Program in place to reconcile model grade with historic production

Planned bulk sampling of exposed mineralisation XRF analysis of core library underway

Significant opportunity to increase resource base

Mineralisation extends beyond and below the current open cut No exploration of extensive old workings adjacent to pit

• Previous operation concentrated on wolframite with scheelite rich areas largely ignored

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Current Status of the Mt Carbine Project

Icon has 100% of the mining rights

Scoping Study has confirmed a viable project based on extracting 7-9Mt

Potential for very large upside in project value following anticipated increase in resource

Specific pit expansion targets have been identified to significantly increase both tonnage and grade

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Pre-Feasibility Study scheduled for completion by end 2010

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Scoping Study Findings

Scoping Study economic assessment strongly supports viability of Mt Carbine The Study modelled a Whittle-derived 1.5Mtpa open cut operation with a strip ratio of 1.7 and a recoverable resource of 7.2Mt @ 0.21% WO3 producing approx 2350 tonnes of WO3 in concentrate per year

Excellent potential to extend beyond the base-case five year mine plan by accessing sparsely-drilled adjacent mineralisation

Cash Cost[1] Capital Cost[2] Production Margin[3] per MTU per MTU Cost per MTU per MTU A$144 A$54 A$198 A$52

1. Includes mining, processing, freight, royalties, admin, pre-tax 2. Estimated capex of A$60M

2. Assuming the long-term revenue of A$250 per MTU

n.b. these are values are at scoping level accuracy: +/- 30%

(1 MTU of concentrate is 1/100 of a tonne or 10kg of WO3)

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Scoping Study Model

The base-case model gives a project net cash flow (after capex, admin, royalties, etc but before tax) of $59M or NPV of 46cps at 8% discount for current 75M issued shares. But reconciliation of model grade with historical records suggest in situ grade is 20% higher. Combined with an achievable 50% increase in tonnage, this gives a cash flow of close to $200M or NPV of $1.60 per share.

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Scoping Study Recommendations

1. Infill drilling of known mineralisation within the existing lodes

2. Verify and reconcile the historic grade of the orebody (which is ~20% higher than the modelled grade) by sampling of waste and reject dumps

3. 3 . C l t e XRF f ex s i ti t d e s t a t us o f th e resource omp e assays o ng core o upgra

4. and update the mining models

5. De-water open pit

6. Trial ore-sorting and processing of bulk samples

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Budget and Timelines

Item	A$M
Cuttingand assayingof core	0.1
5,000m of infill drilling	0.9
De-wateringof the open cut	0.2
Bulk metallurgical sampling	0.4
Modelling,consultants,etc	0.3
Pre-feas design & costings	0.3
Definitive feasibilitystudy	1.3
Mt Carbine exploration drilling	0.5
Tara Tinplacer drilling	0.1
Peel Fault Gold drilling	0.3
FitzroyCu/Zngeophysics	0.2
Otherprojects	0.3
Administration,etc	1.0
Contingency	0.2
Total	$6.0

Budget for 2010-11

Timelines for 2010

Item Nov-09 Dec-09 Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 Cutting and assaying of core 5,000m of infill drilling & assaying De-watering of the open cut Bulk Metallurgical Sampling Modelling, consultants, etc Pre-feas design & costings

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Increasing the Tonnage: Plan View
Limited drilling outside of existing open cut
But good intersections close to the boundary of the presently defined mineralisation
indicate extensions highly likely
Image includes all drillholes. Intersections >0.1% shown in purple
No
All %’s are Drilling
WO
3
CB18 7m @ 0.33%
& 11m @ 0.41%
CB14 3m @ 2.25%
(vis. est.) CB39 19m @ 0.45
CB40 13m @ 0.34%
CB04 15m @ 1.3%
& 23m @ 0.53%
(vis. est.) & 7m @ 0.41%
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Increasing the Tonnage: Cross-section View

Extent of present day pit CB18 m 7 @ 0 . 33% & 11m @ 0.41% (assaying incomplete) Geological model showing blocks with >0.1% WO 3 superimposed on schematic section of historic lodes (in yellow) Regions for further ? tonnes of ore

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The Iron Duke

Potential to define large tonnage, high-grade mineralisation

Assaying of CB18 close to completion, but currently includes 7m @ 0.33% WO3 and 11m @ 0.41% WO3 (c.f. previous visual estimation of 58m @ 0.09% WO3) Assuming L=400m, D=300m, W=50m, Tonnage = 16.8Mt for sg=2.8 (c.f. Watershed, 15.2Mt @ 0.29% WO3)

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Plan View Cross Section
resource of 15Mt @ 0.3% WO3
x10 multiple on base case pit
$500M
$4.00
$400M
$3.20
$300M
$2.40
$200M
$1.60
$100M
$0.80
$0M
$0.00
300m
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Exploration Potential & Other Sources of Ore

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old working
Plan view of Mt Carbine open cut, tailings
and dumps, and mine lease boundaries
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1. Only one exploration hole has tested beneath extensive old workings along Carbine Hill (and intersected the ‘blind’ Watson’s Zone)

2. Potential for old waste dump to carry ‘grade’ material (previously reported as 0.07% WO3). .

Scheduled for bulk assaying

1. Potential for old ‘reject’ dump (of ~10Mt) to be profitably re-run through latest generation ore-sorters. Scheduled for bulk assaying.

2. Tailings: totalling approximately 2Mt @ 0.11% WO3 (JORC compliant)

Plan view of Mt Carbine open cut, tailings and dumps, and mine lease boundaries

Projected News Flow

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Nov-09 Dec-09 Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10
Complete XRF Assaying
of Iron Duke Hole
Drilling Starts at Tara Tin Project
Drilling Starts at Mt Carbine (with monthly updates)
Tara Drill Results (positive results will warrant follow up)
Drilling Starts at Peel Fault Gold Project
Revised Resource Model
incorporating validated assays
Peel Fault Drill Results (positive results will warrant follow up)
Fitzroy Geophysics Starts
Results of Bulk Sampling of Dumps
Preliminary Ore Sorter Test Results
Fitroy Geophysics Results
Upgraded Resource
Pre-Feasibility
Study Released
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Australian Tungsten Resource Companies (Sorted by Market Capitalisation)

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0.9Mt @ 0.4% WO3
Mt
WO3
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Oct., ‘09

*Within a larger ‘exploration target’ of 55-60Mt @ 0.07-0.09% WO3

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Tungsten Price

Tungsten prices up x 4 (in US$) over the last few years China, with ~60% of the world’s reserves, is now a net importer Price down ~20% (in US$) in recent months, but analysts predict sustained demand. Concentrates now back to ~US$150 and rising

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Tungsten is usually priced in metric tonne units (mtu) of WO3 which is 10kg of WO3 or 7.93kg W. Prices are also quoted in the refined product APT (ammonium paratungstate) which trades at a premium of 2030% above the WO3 price.

from International Tungsten Industry Association Meeting, Vancouver Sep 2009

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from International Tungsten Industry Association Meeting, Vancouver Sep 2009

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Outlook for Tungsten

“Tungsten –the next sexy metal?” (‘Strictly Boardroom’, Aug ‘09)

“Increasing deficit in tungsten from 2013 on” (Roskill, Sep ‘09)

“In 2012, it will be tin, tungsten & molybdenum” (CRU, Oct’09)

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• Mt Carbine is one of these projects !

Haywood Securities, Talking Tungsten PDAC, Mar 2009

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Tungsten Distribution and Production

Annual consumption is ~80kt of which ~20kt is recycled Traded through individual contracts –not (yet) via the LME. China has majority of supply but is now a net importer

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Tungsten Properties & Occurrence

Highest melting point and tensile strength of all metals Lowest coefficient of expansion of all metals Very heavy (similar to gold) - high thermal and electrical conductivity Tungsten carbide is the hardest material next to diamond Commonly occurs as - Wolframite , (Mn,Fe)WO4 - black in colour Scheelite , CaWO4 - light brown; fluoresces under UV light

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Concentrates produced from Mt Carbine tailings in 2008

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Tungsten Applications

Tungsten is mostly used for ‘hard metal’ construction (machine-cutting tools, etc). Growing applications in: electronics, medicine and catalytic converters. Annual consumption is ~80kt of which ~20kt is recycled.

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Some ‘Everyday’ Uses of Tungsten

Car horns & safety switches (conductive) Golf clubs, golf balls, golf shoe spikes Snow tyre studs Vibrating mechanism in a mobile phone Dental drills

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Light globes

Ball point pens (hard-wearing) Heated car windows

Fishing sinkers (heavy; non-toxic) A replacement for chrome plating?

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Economic GeologyOther Active Exploration Projects

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Peel Fault Gold Project, NE NSW

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Extensive old gold workings with little if any modern exploration

Analogous to 130Moz ‘Mother Lode’ in California (structure, Listwanite alteration, etc)

Drilling scheduled to test strong targets defined by Icon mapping/geochemistry/3DIP in Nov09 – Mar10

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Cross-section through Icon 3D IP at Magnesite Hill prospect, Crow King showing proposed drillhole to test chargeability response beneath surface gold anomaly

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Tara Tin Project, Central NSW

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Previous drilling has identified a large area of tinbearing mineralisation

Re-interpretation of Icon geophysics has identified potential for extensive placer tin

Drilling scheduled to test targets defined by Icon 3D resistivity in Nov09 – Mar10

• Large, underlying hard rock target still regarded as highly prospective

Plan view of basement topography immediately beneath the overburden, based on Icon’s 3D resistivity survey. Deep channels (in blue) will be targeted by the drill program

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1km
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Fitzroy Cu/Zn Project, Central QLD

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EM and IP surveys planned to test host horizon under cover

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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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Contact Details

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Dr John Bishop, Managing Director Email : jbishop@iconresources.com.au Mobile : +61418 373 429 Darcy Milburn, Exploration Manager Email : dmilburn@iconresources.com.au Mobile : +61418 799 472

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

Website www.iconresources.com.au