EQ RESOURCES LIMITED — Capital/Financing Update 2008

Sep 23, 2008

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24 September 2008

Letter to Shareholders

Dear Icon Shareholder

I would like to update you on our Mt Carbine tungsten project and the imminent closure of the Shortfall under the Icon Rights Issue.

Firstly, we are extremely encouraged with the recent results emerging from our 100% owned Mt Carbine tungsten project and which include:

• Medium grade wolframite and high-grade scheelite concentrates have been produced by Tablelands Analytical by screening, tabling and magnetic separation of a one tonne sample taken from Tailings Dam no 4. Samples of both concentrates have been sent to an independent laboratory for assaying.

• A bulk sample of approximately 35 tonnes from Tailings Dam N[o] 4 is presently being screened for a similar treatment to determine the economics of treating all of the tailings rather than just the fines.

• Negotiations have commenced with very interested European and Asian off-takers for the tungsten concentrate. An off-take agreement is likely to include a funding arrangement to assist the capital cost of the treatment plant and, in one case, to also design and develop the plant.

• The financial return on the project has improved markedly with a decrease in the AUD/USD rate. Given similar favourable results for the waste dumps, the project now has a projected net return (before tax but after capital expenditure) in excess of $200M over a 10+ year mine life.

• As has been previously announced, Icon has appointed Ian MacLeod-Carey as project manager and the present plan is to commence treatment of the tailings in late 2009.

Despite the recent turmoil in the financial markets, a number of parties have expressed interest in the Shortfall of our renounceable Rights Issue which will close at 5pm on 3 October 2008. The Broker to the Issue, ABN AMRO Morgans will seek to place the outstanding shares and options from the Shortfall next week, as provided on page 7 of the Icon Prospectus dated 5 June 2008. Potential investors are invited to subscribe to this Shortfall as provided in the Prospectus, regardless of any previous participation by shareholders. The Prospectus can be obtained from the Company, from the Company’s website or from www.asx.com.au. A potential investor should consider the Prospectus in deciding whether to acquire the securities; and anyone who wants to acquire the securities will need to complete the application form in the Prospectus.

For further information please contact the Icon Managing Director, John Bishop on 0418 373 429 or telephone the office numbers below.

Yours sincerely

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Dr A.H. White Chairman

Icon Resources Ltd ACN 115 009 106

Registered Office: Suite 404, 25 Lime Street, Sydney NSW 2000 PO Box H116, Australia Square, 1215 T:+61 2 9279 1252 F: +61 2 9279 2727

Principal Office: 38 George Street, North Hobart TAS 7000 PO Box 2001, North Hobart, 7002 T: +61 3 6231 3948 F: +61 3 6234 3472