EQ RESOURCES LIMITED — Board/Management Information 2012

Apr 1, 2012

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2 April 2012

Company Announcements Office Australian Securities Exchange

Managing Director and CEO, and Progress Report

The Board of Directors is pleased to welcome Mr Andrew James (Jim) Morgan in his new role as Managing Director and Chief Executive Officer (CEO) of Carbine Tungsten Limited (ASX Code: CNQ), who commenced in this position today.

Coinciding with this the Company also advises that the cold commissioning phase of the Tailings Retreatment Plant project is now complete and that production ramp-up has commenced. As previously announced by CNQ on 30 March 2012 a representative product sample will be sent to Mitsubishi Corporation Unimetals Ltd in April 2012.

These actions will expedite the successful further development of the Mt Carbine tungsten mine into becoming a world class, long-term substantial supplier of high-quality tungsten concentrate products in the near future. This will enable CNQ to benefit from the current and anticipated future demand for tungsten concentrates that is expected to underpin the strong tungsten price.

Mr Morgan is also a Non-Executive Director of Gossan Hill Gold Limited (proposed ASX Code: GOS). GOS is a recently-announced and exciting initial public offering (IPO), and has extensive gold exploration prospects in New South Wales. CNQ will hold a 22% interest in Gossan Hill Gold should the IPO be fully subscribed. The shareholders of CNQ have the opportunity to participate in a priority share offer in the proposed ASX listing of GOS. The priority offer will close on 30 April 2012 to CNQ shareholders and on 7 May 2012 for the public offering. Mr Morgan brings a very strong project development background and capability to the Boards of both of these companies.

Carbine Tungsten Limited

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Leon E Pretorius Chairman

Carbine Tungsten Limited

ACN 115 009 106 Cairns Office: 50 Scott Street, Bungalow Queensland 4870, Tel: +61 7 4052 2400, Fax: +61 7 4052 2444 Registered Office: Suite 505, Level 5, 35 Lime Street, Sydney NSW 2000, Tel: +61 2 9279 1252, Fax: +61 2 9279 2727