EQ RESOURCES LIMITED — Capital/Financing Update 2008

Jun 17, 2008

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18 June 2008

Companies Announcements Office Australian Securities Exchange

Renounceable Rights Issue Prospectus

In relation to the current renounceable rights issue by Icon Resources Ltd (ASX codes: III and IIIR), the Prospectus and a personalised Entitlement and Acceptance Form (see ASX announcement on 2 June 2008) are today being mailed to every Icon shareholder, together with the attached covering letter.

Icon Resources Ltd

Robert J Waring Company Secretary

Icon Resources Ltd ACN 115 009 106

Suite 404, 25 Lime Street, Sydney NSW 2000 Telephone: +61 2 9299 5855 Facsimile: +61 2 9279 2727

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18 June 2008

Dear Icon Shareholder

Renounceable Rights Issue Prospectus

Further to my letter to you of 4 June 2008, please find enclosed Icon’s Prospectus for the above Rights Issue together with your personalised Entitlement and Acceptance Form.

These documents require your urgent attention as the Rights Issue Offer closes at 5:00pm AWST on 2 July 2008.

Your Rights are renounceable and may therefore be traded on the ASX, up to and including 25 June 2008 under ASX code IIIR.

Icon Directors will be participating in the Rights Issue as we believe the Company is now transforming from junior explorer to a tungsten producer with the recent Mt Carbine agreement. We commend you to do likewise and should you so wish, you may subscribe for additional Rights.

For further information concerning the Rights Issue and any issues regarding the completion of the enclosed Forms, please contact the Company.

Icon Resources Ltd

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John R Bishop Managing Director

Icon Resources Ltd ACN 115 009 106

Suite 404, 25 Lime Street, Sydney NSW 2000 Telephone: +61 2 9299 5855 Facsimile: +61 2 9279 2727