EQ RESOURCES LIMITED — Capital/Financing Update 2008

May 25, 2008

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23 May 2008

Company Announcements Office Australian Securities Exchange

RELEASE OF SHARES AND OPTIONS FROM ESCROW

In accordance with Listing Rule 3.10A we advise that 14,520,286 fully paid ordinary shares and 1,150,000 options (exercise price $0.30 and expiry date 8 March 2011) classified by ASX as restricted securities are due to be released from escrow on 6 June 2008. The Company will apply for quotation of these shares within 10 business days of this date as required by Listing Rule 2.8.2.

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 9279 1252 Facsimile: +61 2 9279 272