EQ RESOURCES LIMITED — AGM Information 2011

Sep 6, 2011

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ANNUAL GENERAL MEETING 2011

Marking The Transition From Diversified Mineral Explorer , Icon Resources Ltd (ASX:III) To Tungsten Producer, Carbine Tungsten Limited

Wednesday, 7 September 11

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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 Andrew White who is a Fellow of the Australian Institute of Geoscientists. Dr White is a Non Executive Director of and consultant to Icon Resources Ltd 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 Exploration Results, Mineral Resources and Ore Reserves. Dr White consents to inclusion in this presentation of the matters based on his information in the form and context in which it appears.

Projected mine life for hard rock mining is based on the existing Inferred Resource estimate and present interpretations that at least half of this will constitute ore reserve.

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ASX: CNQ
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Wednesday, 7 September 11

CORPORATE

Directors

• Dr Leon Pretorius (Chairman)

• Ian Sheffield-Parker (Managing Director)

• Dr Andrew White (Non-executive Director)

• Rob Waring (Company Secretary)

Capital Structure

• 179,067,822 issued shares

• (215,065,723 shares after capital raising)

• 4,560,870 options

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Wednesday, 7 September 11

NO LONGER A JUNIOR EXPLORER

We have reached some significant milestones this year

• X-Ray Ore sorter trials on the bulk samples from the mineralised stockpiles very positive, showing an eight-times upgrade to mill feed can be achieved

• Completion of the metallurgical testwork and flowsheet design on the Mt Carbine tailings retreatment

• Completion of a successful rights issue

• Fitzroy copper-zinc prospects sold to new company, Fitzroy Resources Ltd (ASX:FRY)

• Gold prospects vended into new company, Gossan Hill Gold Limited, IPO planned fourth quarter 2011 (market permitting)

• Processing plant to begin concentrate production from the tailings has been purchased

• Icon Resources is on its way to becoming a pre-eminent tungsten producer

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The X-ray ore sorter on site at Mt Carbine.

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Daily production samples from the ore sorter results in mounds of reject material.

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The feed hopper and conveyor to the X-ray ore sorter.

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The Kelsey Jig for tailings retreatment. Installation will take 3 months.

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Wednesday, 7 September 11

THREE POINT STRATEGY

• Tailings retreatment (2011-2013)

• Low-grade stockpile retreatment (2012-2018)

• Hard rock mining (2014 - )

• Exploration to continue on the hard rock resource with potential for world class ore body

• Anticipated 20-year mine life

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Mt Carbine can produce 5% of the world’s annual tungsten demand

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Wednesday, 7 September 11

TAILINGS RETREATMENT

• Capital Expenditure estimated $4.4 million - we are on budget

• Production start-up estimated late 2011

• Production ramp up during the first quarter 2012

• Project life ~ 2 years

• Estimated 2 million tonnes at 0.1% WO3

• Approximately 5,000 mtu per month

• Cautiously estimated revenue of $5 million - $9 million / year

• Plant becomes “fines” recovery component for next stage (low grade stockpile processing)

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Wednesday, 7 September 11

THE LOW GRADE STOCKPILE IS A ‘GAME CHANGER’

• Bulk sampling of the 12 million tonne low grade stockpile from previous 3

• mining indicated a stockpile grade of 0.075% WO

• Trials on bulk samples of the stockpile show that X-Ray ore sorting results in at least 8 x pre-concentration of tungsten minerals in the low grade stockpile, resulting in major reduction in the size of the processing plant required

• Ore sorting delivers 250,000 tpa as mill feed instead of 2 million tpa

• Plans are to fast-track final feasibility studies and flow sheet design of low grade stockpile processing, to continue taking advantage of the high tungsten concentrate prices

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Wednesday, 7 September 11

THE MAGIC ORE SORTER

3 Low grade stockpile ~12mt @ 0.075% WO

Mill feed X-Ray 250kt/yr Ore sorter 0.6% WO3 Accept 2 million tonnes/yr

Mill expanded to include ore sorters, coarse & medium gravity circuit

Estimated Production

10,000 mtu / month of WO3 concentrate 5-7 years from 2012-3

3 Hard rock ore 39mt Inferred Resource @ 0.14% WO

Mill feed X-Ray Ore sorter 250kt/yr 1.1% WO3 Accept 2 million tonnes/yr

20,000 mtu / month of WO3 concentrate > 15 years production

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Wednesday, 7 September 11

STOCKPILE PROCESSING

• Approximately 12 million tonnes Low Grade Stockpile at 0.075% WO3 and approximately 6 million tonnes reject stockpile from previous sorter operation

• Feasibility studies to optimise flow sheet has commenced

• Several sources of funding are available for plant construction

• 3

• Planned 10,000 mtu per month WO production – estimated 5 - 7 years project life

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Wednesday, 7 September 11

HARD ROCK MINING

• Icon has a JORC compliant Inferred Resource of 39 million tonnes at 0.14% WO3 at Mt Carbine in the immediate surrounds of the historic open pit

• In 1986 development for underground mining of ~7 million tonnes was well advanced

• The Mining Leases and surrounding Exploration Permits are under-explored, and there is significant potential to increase the global tungsten resource for future hard rock mining

• Drilling is planned for November, before the wet season begins

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Wednesday, 7 September 11

ENTERING A RISING MARKET

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Moving&52&Week&Price&Chart&for&Tungsten&APT&(EU)&
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$/mtu&
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1. One mtu is 1% of a metric Tungsten quoted in metric tonne units (mtu) of WO 3. tonne and contains 10kg of WO

Price for APT @ US$460-470 per mtu has doubled in last twelve months (approximately US$46,000 per tonne of tungsten metal contained in APT).

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CONTACT

Ian Sheffield-Parker Managing Director iansp@iconresources.com.au Mobile 0409 989 960 PO Box 640 Edge Hill, Qld 4870 Subscribe to email alerts on the website www.carbinetungsten.com.au

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MT CARBINE IS UNDER-EXPLORED

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Below: Google image of Mt Carbine showing location of prospects and limit of existing exploration N

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Above, 3-D block model of WO3 grade distribution, Mt Carbine.

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Wednesday, 7 September 11

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A Gold Focused IPO with Resources, Advanced and Grass Roots Projects Anticipated Listing Late 2011 Sponsored by Icon Resources Ltd

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Disclaimer

The information in this presentation is published to provide information about Gossan Hill Gold Ltd (GOS) and its subsidiaries. All reasonable effort has been made to provide accurate information, but no warranty or representation is made to its accuracy and the presenters reserve the right to make changes to the information at any time without notice. To the extent permitted by law, GOS 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.

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Projects and Plans

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4 quality projects, all drill-ready

•  2 Icon projects: recent Peel Fault discovery and Weabonga

•  2 vends: Mt Adrah with 239,000 oz inferred resource (JORC), Bauloora an untested low sulphidation vein system.

•  Raise $8 million late 2011

•  Drilling through to end 2013, providing market with continuous additional resource and discovery results

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Board Structure

Dr Andy White - Executive Chairman

45 years experience in exploration and mining. Director Icon Resources Ltd

Rob Waring - Non Executive Director and Co. Secretary 30 years financial and company secretary experience. Co. Secretary for Icon Resources Ltd

Dr Leon Pretorius - Non Executive Director

40 years experience in exploration, project development and mining. Chairman Icon Resources Ltd, formerly Executive Director Paladin Energy Ltd and Deep Yellow Ltd

Capital Structure	Capital Structure
	Shares	Owner	Capital $
Issued at incorporation	3,000,000	Icon/BUT	3,000
Venture capital (seed)	4,000,000 at 10 cents		400,000
Vendors	15,000,000	Icon
Vendors	10,000,000	BUT
Vendors	1,600,000	Robust
Offered under prospectus	32,000,000 @ 25 cents		8,000,000
	65,600,000		8,403,000

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Mt Adrah Highlights

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 On Gilmore Suture

 Inferred Resource 239,000oz at 1.13g/t Au to 120m

 Open at 315m

 Target: >1.5moz to justify bulk underground mine

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Peel Fault Highlights

 Icon virgin discovery in 2010 drilling 3 holes – 14m @ 1g/t, 8m @ 1.7g/t, 2m @ 3.69g/t Au

 Gold in altered quartz monzodiorite dykes, adjacent carbonate-rich, carbonaceous sediments

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 Targets: “granite” hosted gold, Carlin-style carbonate sediment-hosted gold

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Weabonga-Niangala

 Unexplored100yr old goldfield

•  Rock chips to 50g/t with visible gold

•  Highland Mary mine closed in 1916, average grade 44.8g/t (historical records)

 Target: Wattle Gully (Victoria) analogue which produced 450,000oz at 9.5g/t Au

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Bauloora

 Untested recently identified low-sulphidation epithermal vein system (photo of sample from vein outcrop)

•  Rock chip assays up to 36g/t Au

•  Visible gold in rock chips

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•  No previous drilling, 2km strike length

•  Target; Analogue of Cracow >2moz @ 9g/t, Pajingo >2.3moz @ 12g/t

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Exploration Program

 Drilling to dominate exploration in first 2 years - drill ready targets at all prospects

 Mt Adrah: Resource needs >quadrupling to be economic 3D-IP and deep drilling to extend known deposit and test blind targets nearby

 Peel: Drill out discovery, several target models to test  Weabonga: Drill 3 target prospects  Bauloora: Detailed geological mapping and drilling

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Milestones

 Seed: In place ($400k)  Draft prospectus – complete 15/9/11  Due diligence – about to commence  Sponsoring broker – selection pending  All the “ducks lined up” for IPO in October 2011 Contact:

Dr Andy White, Executive Chairman, mob 0411 110 513 Gossan Hill Gold Ltd Suite 505, 35 Lime St., Sydney, NSW 2000.