EQ RESOURCES LIMITED — Capital/Financing Update 2009

Feb 11, 2009

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ASX Announcement 12 February 2009

Icon to Acquire the Collingwood Tin Project from Metals X

Icon Resources’ Board of Directors is pleased to announce that it has negotiated an agreement to purchase Metal X Limited’s (ASX Code: MLX) Collingwood Tin Project which will provide a suitable plant for re-development of the Company’s Mt Carbine Tungsten Project.

The Terms of the deal are:

1. An upfront payment of $250,000.

2. Icon issues a 3 year term Convertible Note to Metals X for a sum of $3.75M at a coupon rate of 7.5%. Conversion of the note can take place any time after 12 months has elapsed by giving one month’s notice. Conversion can be at the higher of 5 cents per share or the volume weighted average price (VWAP) of Icon’s shares in the 3 months prior to conversion.

3. Metals X agrees to make a loan of $896,200 to Icon at a rate of 7.5% for a term of 13 months to enable Icon time to repay/cover environmental performance bonds on BNPL mining assets. Metals X has the election on maturity to elect to have the debt settled by equity in Icon at the higher of 5 cents per share or 80% of VWAP in the month the loan falls due.

4. Metals X will hold a first-ranking, fixed and floating charge over Icon’s assets, but will not object to any second-ranking charges.

5. Metals X will take a placement of 5 million shares at 5 cents per share in Icon.

6. That the conditions precedent be achieved before 29 May 2009.

The Conditions Precedent include the following:

1. Icon completing an additional minimum raising of $500,000.

2. Shareholder approvals required for the Convertible Note, loan and capital raising.

3. Satisfactory completion of due diligence.

The benefits of the deal are:

• Icon continues to fast track the development of the Mt Carbine Project with access to the second hand Collingwood plant thereby saving considerable time and expenditure.

• Icon is in discussion with a number of parties to out-source re-treatment of the Mt Carbine tailings. Collingwood has a similar resource and there is a high likelihood that the Collingwood tailings will expand and significantly enhance this project.

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

Collingwood Project

Icon Resources Ltd

• The purchase price of Collingwood is potentially ‘future dated’ scrip and is therefore less dilutive to shareholders given the current soft market conditions.

• Whilst not directly involved in the planned tailings retreatment projects, Icon will focus on preparatory studies for relocating the plant to Mt Carbine in 2010 and commencing open pit mining.

• Metals X with its considerable experience in mining and project development becomes a substantial shareholder in Icon.

Capital Raising Program

To fund the initial cash payment and working capital, Icon intends to make an additional placement of approximately 3.4 million shares at 5.8 cents per share. Icon will also be offering a Share Purchase Plan (SPP) to all shareholders to a maximum of 30% of the issued capital. Shareholders will be able to purchase up to $5,000 of shares under the SPP at a price of 5.8 cents per share, a price being the minimum price allowable under ASX Listing Rules. All shareholders on the register on 11 February 2009 (record date) will be entitled to participate in the SPP. If necessary, Icon’s Directors will, with shareholder approval, subscribe to the placement to ensure that the above Conditions Precedent are met.

Managing Director Dr John Bishop commented that “this is an exciting move for Icon as it takes the company several steps closer to Mt Carbine production while significantly reducing expected capital costs and development lead time. We would like to thank the Board of Metals X for its support in executing this agreement and we look forward to building a strong relationship with the company”.

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Collingwood Processing Plant

For further information, contact John Bishop, Managing Director 02 9279 1252 or 0418 373 429 Digital copies of this and other reports are available on our website www.iconresources.com.au. To receive email copies of future releases, subscribe by email to info@iconresources.com.au

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