EQ RESOURCES LIMITED — Board/Management Information 2014

Apr 7, 2014

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8 April 2014

Carbine Tungsten Limited Strengthens management team and readies for Hard Rock production.

The Board of Directors of Carbine Tungsten Limited (“the Company” or “Carbine”) (ASX Code: CNQ) is pleased to announce the appointment today of Mr Jovo Basic as General Manager (Operations) for Carbine. Mr Basic’s extensive technical expertise and past direct operational experience of the Mt Carbine Hard Rock open pit operation makes him ideally suited to manage the establishment and operations of its Hard Rock stockpile and open pit developments.

Mr Basic has over 40 years’ experience in the design, development and operation of a wide variety of major international mining projects and has been instrumental in the design and operation of some of the world’s largest mining operations over the course of his career. Of specific importance is Mr Basic’s past direct hands on experience of Mt Carbine’s previous large scale open pit processing operation during the final years of its past operation as Australia’s largest tungsten producer. Mr Basic’s in depth past operational experience and noteworthy metallurgical credentials make him ideally suited to the task of bringing the Mt Carbine Hard Rock Project into successful production.

Mr Basic holds B.S., Applied Science – Metallurgy, Kalgoorlie School of Mines, 1980 and Associate in Metallurgy, Kalgoorlie School of Mines, 1975. He has over 40 years’ experience with a strong technical and managerial background in the development and operational phases of mineral processing plants for a diversity of minerals - gold (free-milling and refractory), copper, iron ore, uranium, tungsten, nickel, and shale oil. Mr Basic has strong technical, analytical, and interpretative skills. His major responsibilities have included plant operations; project and plant reviews and evaluations; project study and design management, including external project consultants and organisations; project financial analysis; and life-cycle costing of processing and equipment options.

Carbine’s Managing Director, Jim Morgan, said: “The Board and I are delighted to welcome Jovo as part of the senior management team. Jovo’s high calibre international project background and his past direct hands on experience of the Mt Carbine Hard Rock operations is a winning formula for Carbine. Jovo’s commitment to return to the Mt Carbine project after 28 years of working on major international mining projects in senior technical positions and his passion to now bring the Hard Rock Project phases back into production is a significant coup and endorsement for Carbine and the Mt Carbine tungsten project.”

Jim Morgan

Chief Executive Officer & Managing Director Carbine Tungsten Limited E: info@carbinetungsten.com.au W: www.carbinetungsten.com.au

Carbine Tungsten Limited ACN 115 009 106

50 Scott Street, Bungalow, CAIRNS QLD 4870 - PO Box 1040, Bungalow, CAIRNS QLD 4870 Telephone: +61 (0)7 4052 2400 - Facsimile: +61 (0)7 4052 2444

www.carbinetungsten.com.au

(ASX: CNQ)