EQ RESOURCES LIMITED — Capital/Financing Update 2010

Sep 29, 2010

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30 September 2010

ASX Announcement

Placement Completed and In-Specie Distribution of Fitzroy Resources Ltd Shares

Icon Resources Ltd (Icon) is pleased to provide the following information:

Completion of Placement

Icon has completed a placement of 7,000,000 shares at 7.5 cents per share to sophisticated investor clients of Martin Place Securities to raise $525,000 (or $496,125 net of brokerage and GST). This completes the combined 7.5 cent Share Purchase Plan and 15% Placement (see ASX announcements of 11 June and 16 July 2010).

In-Specie Distribution of Fitzroy Resources Ltd Securities

Icon’s Fitzroy and Glentanna tenements are to be spun out into a separate company (Fitzroy Resources Ltd) with the intention of listing this company on the ASX (see the ASX announcement of 1 September 2010). It was resolved at the Board of Directors Meeting held on 16 September 2010, that, subject to necessary regulatory approvals, the 7.5 million shares and 5 million options in Fitzroy Resources Ltd that Icon is receiving as vendor consideration would be distributed, In-Specie, to Icon shareholders. This process will require certain ASX, ATO and shareholder approvals and it is likely that the shares and options will be held in escrow for a period to be agreed with ASX.

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Dr John Bishop Managing Director M: 0418 373 429

Icon Resources Ltd ACN 115 009 106 Suite 505, 35 Lime Street, Sydney NSW 2000. Telephone: +61 (0)2 9279 1252 Facsimile: +61 (0)2 9279 2727