EQ RESOURCES LIMITED — Capital/Financing Update 2009

May 31, 2009

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1 June 2009

Company Announcements Office Australian Securities Exchange

Icon Options Expire 30 June 2009

Icon Resources Ltd has 2,962,554 quoted options (ASX Code: IIIO) which expire if not exercised on 30 June 2009. Each of these options converts to one fully paid ordinary share in the Company upon exercise. The exercise price for these options is 35 cents ($0.35).

Any options not exercised by 30 June 2009 will expire at 5.00 pm on 30 June 2009 and will have no value i.e. option holders will not be able to exercise these options after that date.

The quotation of these options on the Australian Securities Exchange (ASX) will end at close of trading on Tuesday 23 June 2009. Option holders will not be able to trade IIIO options on the ASX after that date.

As at 1 June 2009 the market price for the underlying Icon Resources Ltd fully paid ordinary shares (ASX Code: III) was 7.5 cents. The highest market closing price for the underlying Icon fully paid ordinary shares for the past three months was 10 cents on 14 May 2009. The lowest market price for the underlying Icon fully paid ordinary shares for the past three months was 4.1 cents on 30 March 2009.

As there is little likelihood that any of these options will be exercised “as they are so far out of the money”, ASX has granted a waiver of the requirement to send a notice to each option holder of the expiry. However, Icon will send out a notice to all IIIO option holders if the market price of Icon ordinary shares exceeds 26.25 cents before 30 June 2009.

Icon Resources Ltd

Robert 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 2727