EQ RESOURCES LIMITED — AGM Information 2010

Sep 15, 2010

Icon Resources

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Annual General Meeting 16[th] September 2010

Icon Resources

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• Mineralised vein, Iron Duke Zone, diamond drillhole: CB52. Scheelite seen as blue/white under ultraviolet light (left) with associated wolframite as black crystals in natural light (right).

Disclaimer

The information in this presentation is published to provide information about Icon Resources Ltd (Icon) and its subsidiaries. All reasonable effort has been made to provide accurate information, but we do not warrant or represent its accuracy and reserve the right to make changes to it at any time without notice.

To the extent permitted by law, Icon accepts no responsibility or liability for any losses or damages of any kind arising out of the use of any information contained in this presentation

Competent Person’s Statement

Information in this presentation that relates to Exploration Results is 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.

Icon Resources Ltd (ASX: III)

Emerging Tungsten Producer

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Key
Focus
IPO
Drilled
Drilled
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ASX-listed - code III Near-term tungsten producer and diversified mineral explorer

Key focus: re-opening of the Mt Carbine tungsten mine Experienced, technical board and management

Dr Leon Pretorius , Chairman Dr John Bishop, Managing Director Dr Andy White, Non-exec. Director Steve Bartrop, Non-exec. Director Ian Sheffield-Parker, Project Manager

Darcy Milburn, Exploration Manager

Icon Resources Ltd (ASX: III)

‘The Teeth of Industry’

A metal with several unusual properties (chemical symbol W)

High melting point (3,400[o] C) Very heavy (≡ gold) Hardness (as tungsten carbide) second only to diamonds

No known substitute for many uses

Applications include: ‘Hard metal’ cutting/drilling tools High-speed steels, alloys Light globe filaments Mobile phones, smart windows, new technologies, aviation & military

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Icon Resources Ltd (ASX: III)

Tungsten: A Strategic Metal

The European Commission has declared tungsten a ‘critical raw material ’

China has ~65% of known global reserves but is a net importer and has declared tungsten a ‘strategic metal’

Export of concentrates not allowed

Quotas and taxes on export of refined tungsten products (APT, ferrotungsten, etc) Current Chinese reserves forecast to last only 20 years Chinese demand expected to grow by 8% in 2010

Icon Resources Ltd (ASX: III)

Tungsten Supply & Demand

Essential to modern manufacturing, demand is predicted to increase as developing nations increase their manufacturing capabilities Roskill predicts >12% supply shortage in 2015 No current Australian producers Tungsten remains under the radar of most Australian analysts

Icon Resources Ltd (ASX: III)

Tungsten Pricing

Tungsten currently traded by contracts T t i i f d ungs en pr c ng re erence by ammonium paratungstate (APT)

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$
5 yr APT Price Chart
100 metric tonne units (mtu) = 1 tonne
u
t
US$/m
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Raw concentrates 70-75% APT price

Current prices already at pre-GFC levels (on the way up)

London Metal Exchange has indicated it may soon trade tungsten

Icon Resources Ltd (ASX: III)

Tungsten Outlook

• “ Western world future supply ‘desperately thin’ & limited number of projects ” (PDAC, March 2009)

• “ Tungsten - the next sexy metal ?” (Strictly Boardroom, August 2009)

• “ Increasing deficit in tungsten from 2013 ” (Roskill, September 2009)

• “ In 2012, it will be tin, tungsten & molybdenum ” (CRU, October 2009)

• “ Tungsten a ‘critical’ raw material ” (European Commission , June 2010)

• “ China’s demand to increase 8% in 2010 ” (Investing in Tungsten, July 2010)

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CRITICAL
Economic Im p ortance
W
Source: European
Commission, June
2010.
Icon Resources Ltd (ASX: III)
Supply Risk
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Mt Carbine History

Tungsten discovered in 1883 Leadin lobal su lier of g g pp tungsten in early 20[th] century Responsible for 40% of annual Australian tungsten production in mid 1970s-80s Closed 1986 as China flooded the market and price collapsed Open cut mine with underground operation partially developed (440m decline) at mine closure

Icon Resources Ltd (ASX: III)

Mt Carbine Today

Granted Mining Leases Sealed roads and mains power ass throu h mine leases p g Several options for water Existing tailings storage facilities with several years capacity Three projects are being developed in parallel Tailings: Jan ‘11 start up Mineralised Stockpiles: Jan ‘12 start up Hard-rock: Jan ‘13 start up

Icon Resources Ltd (ASX: III)

Tailings Operation

Tailings resource of ~2Mt @ 0.1% WO3 Recent metallurgical advances have opened up a market for a lower grade mixed concentrate (lower cost + higher recovery for minimum price discount) Proposed simple gravity processing (spirals/tables) currently being confirmed Two-year operation, producing ~50t/month Capex <$3M Projected Jan 2011 start up Projected EBITDA: $2-4M

Above: Tailings Dam #4 ~1.8Mt @~0.1% WO3, Below: pseudocoloured image of grade & thickness

Icon Resources Ltd (ASX: III)

Stockpile Operations

Mineralised Waste ~12Mt + Reject Stockpiles ~6Mt

• • Bulk X ray ore sorter tests starting Sep ‘10

Bulk metallurgical testing of ‘accepts’ starting Oct ’10 Given positive results, a 6-8 yr operation, producing up to ~100t of concentrate per month is planned Projected Jan 2012 start up Projected EBITDA: $8-10M

Reject stockpile ‘accepts’ from laboratory X-ray ore-sorter tests, Aug ‘10

Waste stockpile bulk sample preparation for on-site X-ray ore-sorter testing, Sep ‘10

Icon Resources Ltd (ASX: III)

Hard-Rock Operation

Positive Scoping Study late ‘09 on limited legacy mineralisation Revised, JORC-compliant resource modelling based on recent 5000m core drilling program near completion Revised mining and financial models due Oct-Nov ’10 Expected long-life extended open cut / underground operation producing +200t of concentrate per month P ro ecte d J an 2013 j start up Projected EBITDA ~$30M

Icon Resources Ltd (ASX: III)

Increasing the Resource

Cross-section showing: Historic lodes (yellow), Scoping study geological model (red) plus areas with potential for more ore. (Looking north-west.)

Icon Resources Ltd (ASX: III)

Further Potential

Extensive, unexplored old workings north-west of the open cu , a ong ar t l C bi ne Hill Recently acquired EPMs surrounding and adjacent to Mt Carbine EPMs contain known tungsten workings with no mo d l i ern exp orat on Anomalous tungsten in soils identified in recent reconnaissance field surveys

Icon Resources Ltd (ASX: III)

Mt Carbine Mineralisation: Aug ‘10

Extensive Workings on Carbine Hill, not drilled

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Waste Dumps = ~12Mt @ ~0.07% WO3 (est.)

Reject Dumps = ~6Mt @ ?% WO 3

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4 Tailings = 1.6Mt @ 0.11% WO 3 (Inferred JORC Resource) plus a smaller tonnage (~0.4Mt) at a higher grade in #3 Tailings

An unclassified mineral resource of ~56Mt @ 0.07% WO3 around the open cut. (Geostat, 2009) . Incorporating:-

~1.05Mt @ 0.1% WO 3 recovered grade in open cut, ~ plus 9 . 6Mt @ 0 . 2% WO 3 beneath open cut (Inferred JORC Resource) Old workings within EPM to SE of Carbine Hill, not explored

Projected Resources: Dec ‘10

Extensive Workings on Carbine Hill, not drilled

~12Mt Waste Dumps @ 0. AA % WO 3 JORC-compliant Inferred Resource

~6Mt Reject Dumps @ 0. BB % WO 3 JORC-compliant Inferred Resource

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Hard-rock, JORC-compliant Inferred Resource of XX Mt @ 0. YY % WO 3 defined around the open cut (Geostat, 2010)

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4 Tailings = 1.6Mt @ 0.11% WO 3 (Inferred JORC Resource) plus a smaller tonnage (~0.4Mt) at a higher grade in #3 Tailings

Old workings within EPM to SE of Carbine Hill, partially explored

Summary

Projected Operations:

: Tailings[1] Production EBITDA Capex Mine Life ‘ - ~ - Jan 11 start up 50t/mth $2 4M $2M 2 yr Mineralised : Stockpiles[2] Jan ‘12 start-up ~100t/mth $8-10M $50M 6-8 yr - Hard rock[3] : Jan ‘13 start-up ~200t/mth ~$30M $5M >10 yr

1. Bulk sample processing results due end Sep ’10

2. On site ore-sorter tests Sep-Oct ‘10.

3. JORC –compliant Indicated Resource due Sep ‘10; Mining and Financial models due Oct-Nov ‘10

Icon Resources Ltd (ASX: III)

Corporate Details

Mt Carbine open cut, 1986

• Shares

~104M shares on issue 23M unlisted options Current share price ~7.5¢ Market cap ~$7.77M

Icon Resources Ltd (ASX: III)