EQ RESOURCES LIMITED — Capital/Financing Update 2007

Jun 13, 2007

14 June 2007

Companies Announcements Office Australian Stock Exchange Limited

ISSUE OF SHARES FOLLOWING SHARE PURCHASE PLAN (SPP) AND NOTICE UNDER SECTION 708A(5)(e)

On 8 June 2007 Icon Resources Ltd (Icon) announced a placement of 3,000,000 ordinary shares at a price of 45 cents to raise \$1,350,000. The funds have now been received and the shares have now been allotted.

The funds raised in the placement are being used to increase working capital to meet the costs incurred in exploration programmes including mapping, geophysical and geochemical surveys and drilling, negotiation of joint ventures and project development work, including metallurgy on existing and new projects.

A copy of Appendix 3B as required by Listing Rule 3.10.3 is attached.

Issue of Icon Shares - Secondary Trading Notice Pursuant to Section 708A(5)(e) of the Corporations Act 2001 ("Act")

On 14 June 2007, Icon issued 3,000,000 fully paid ordinary shares ("Securities") via a placement.

Secondary Trading Exemption

The Act restricts the on-sale of securities issued without disclosure, unless the sale is exempt under section 708 or 708A. By the Company giving this notice, a sale of the Securities noted above will fall within the exemption in section 708A(5) of the Act.

The Company hereby notifies ASX under paragraph 708A(5)(e) of the Act that:

• the Company issued the Securities without disclosure to investors under Part 6D.2 of $a)$ the Act:
• $b)$ the Company has complied with the provisions of Chapter 2M of the Act as they apply to the Company, and section 674 of the Act; and

Icon Resources Ltd ACN 115 009 106

• there is no information: $C$
• i) that has been excluded from a continuous disclosure notice in accordance with the ASX Listing Rules; and
• that investors and their professional advisers would reasonably require for the $\mathbf{ii}$ purpose of making an informed assessment of:
  • $\mathsf{A}$ the assets and liabilities, financial position and performance, profits and losses and prospects of the Company; or
  • $B)$ the rights and liabilities attaching to the Securities.

ICON RESOURCES LTD

Robert J Waring Company Secretary

Rule 2.7, 3.10.3, 3.10.4, 3.10.5

Appendix 3B

New issue announcement,

application for quotation of additional securities

and agreement

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX's property and may be made public.

Introduced 1/7/96. Origin: Appendix 5. Amended 1/7/98, 1/9/99, 1/7/2000, 30/9/2001, 11/3/2002, 1/1/2003.

Name of entity

ICON RESOURCES LTD

ABN

77 115 009 106

We (the entity) give ASX the following information.

Part 1 - All issues

You must complete the relevant sections (attach sheets if there is not enough space).

• +Class of +securities issued or to be $\mathbf{1}$ issued
• $\overline{2}$ Number of +securities issued or to be issued (if known) or maximum number which may be issued
• 3 Principal terms of the $\pm$ securities (eg. if options, exercise price and expiry date; if partly paid +securities, the amount outstanding and due dates for payment: if +convertible securities, the conversion price and dates for conversion)

Fully Paid Ordinary Shares

3,000,000 Fully Paid Ordinary Shares

Issue price of Ordinary Shares 45 cents in a placement

4	Do the +securities rank equally in all respects from the date of allotment with an existing +class of quoted +securities? If the additional securities do not rank equally, please state: the date from which they do the extent to which they participate for the next dividend, (in the case of a trust, distribution) or interest payment the extent to which they do not rank equally, other than in relation to the next dividend, distribution or interest payment	allotment	Yes. Rank equally in all respects from date of
5	Issue price or consideration	45 cents per share
6	Purpose of the issue (If issued as consideration for the acquisition of assets, clearly identify those assets)	Provision of additional capital to continue project testing and project enhancement as set out in the attached announcement
7	Date of entering +securities into uncertificated holdings or despatch of certificates	14 June 2007
8	Number and +class of all +securities quoted on ASX (including the securities in clause 2 if applicable)	Number 29,374,572	$+C$ lass Fully Paid Ordinary Shares
		Number	+Class
9	Number and +class of all +securities not quoted on ASX (including the securities in clause 2 if applicable)	13,995,714 1,200,000	Fully Paid Ordinary Shares - restricted 8 March 2011 Options - exercise price 30 cents
10	Dividend policy (in the case of a trust,
	distribution policy) on the increased capital (interests)	Full participation in any future dividends

Part 2 – Bonus issue or pro rata issue

Ouestions 11 to 33

Not applicable

Part 3 – Quotation of securities

You need only complete this section if you are applying for quotation of securities

Example: restricted securities at the end of the escrowed period, partly paid securities that become fully paid, employee incentive share securities when restriction ends, securities issued on expiry or conversion of convertible securities

Entities that have ticked box 34(a)

Additional securities forming a new class of securities

Tick to indicate you are providing the information or documents

If the +securities are +equity securities, the names of the 20 largest holders of the additional 35 +securities, and the number and percentage of additional +securities held by those holders 36 If the +securities are +equity securities, a distribution schedule of the additional +securities setting out the number of holders in the categories $1 - 1.000$ $1,001 - 5,000$ $5,001 - 10,000$ $10,001 - 100,000$ 100,001 and over

37

A copy of any trust deed for the additional +securities

Entities that have ticked box 34(b)

Questions 38 to 42

Not applicable

Ouotation agreement

• $\mathbf{1}$ +Quotation of our additional +securities is in ASX's absolute discretion. ASX may quote the +securities on any conditions it decides.
• $\overline{\phantom{a}}$ We warrant the following to ASX.
• The issue of the +securities to be quoted complies with the law and is not for an illegal purpose.
• There is no reason why those +securities should not be granted +quotation.
• An offer of the +securities for sale within 12 months after their issue will not require disclosure under section $707(3)$ or section $1012C(6)$ of the Corporations Act.

Note: An entity may need to obtain appropriate warranties from subscribers for the securities in order to be able to give this warranty

• Section 724 or section 1016E of the Corporations Act does not apply to any applications $\bullet$ received by us in relation to any +securities to be quoted and that no-one has any right to return any +securities to be quoted under sections 737, 738 or 1016F of the Corporations Act at the time that we request that the +securities be quoted.
• We warrant that if confirmation is required under section 1017F of the Corporations Act in relation to the +securities to be quoted, it has been provided at the time that we request that the +securities be quoted.
• If we are a trust, we warrant that no person has the right to return the +securities to be $\bullet$ quoted under section 1019B of the Corporations Act at the time that we request that the +securities be quoted.
• $\overline{3}$ We will indemnify ASX to the fullest extent permitted by law in respect of any claim, action or expense arising from or connected with any breach of the warranties in this agreement.
• $\overline{A}$ We give ASX the information and documents required by this form. If any information or document not available now, will give it to ASX before +quotation of the +securities begins. We acknowledge that ASX is relying on the information and documents. We warrant that they are (will be) true and complete.

= == == == ==

Sign here:

Date:

14 June 2007

(Director/Company Secretary)

Print name:

Robert J Waring

c:\my documents\asx\app 3B placementJun 07.doc/wspl