EQ RESOURCES LIMITED - Capital/Financing Update 2010

A A 16[th] April 2010

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Icon Resources Ltd ACN 115 009 106 ASX: III

Chairman Dr Leon Pretorius

Managing Director Dr John Bishop

Directors Dr Andrew White Stephen Bartrop

Company Secretary Robert Waring

Contact

Suite 404, 25 Lime Street Sydney NSW 2000 Australia

Tel:+61 (0)2 9279 1252 Fax:+61 (0)2 9279 2727 [email protected]

Companies Announcements Office Australian Securities Exchange

Share Purchase Plan

Icon Resources Ltd (Icon) is undertaking a shareholder purchase plan (SPP) which provides the opportunity for eligible shareholders to purchase up to $15,000 worth of Icon shares at a price of 7.5 cents per share as detailed in the attached letter of offer which is being mailed out to shareholders on Icon’s share register on 1 April 2010 (the record date).

AShareholders whose registered address is in Australia, New Zealand and any other Tjurisdiction in which it is lawful for the Company to offer shares under this SPP are eligible to participate.

Secondary Trading Exemption

The Act restricts the on-sale of securities issued without disclosure, unless the sale Ais exempt under section 708 or 708A. By the Company giving this notice, a sale of the Securities noted above will fall within the exemption in section 708A(5) of the Act.

The Company hereby notifies ASX under paragraph 708A(5)(e) of the Act that:

a) The Company will issue the shares without disclosure to investors under Part 6D.2 of the Act
b) As at the date of the offer the Company has complied with the provisions of Chapter 2M of the Act as they apply to the Company, and
c) As at the date of the offer there is no information:

Projects Adaminaby (gold) Burketown (IOCGU)

Elizabeth Creek/ Constance Range (iron ore) Fitzroy (Copper, zinc) Mt Carbine (tungsten) New Century (zinc) Peel Fault (gold) Professor (zinc)

SE Qld (copper, zinc, gold, Molybdenum, uranium) Tara (tin)

T i) That has been excluded from a continuous disclosure notice in accordance with the ASX Listing Rules
ii) That investors and their professional advisers would reasonably require for the purpose of making an informed assessment of:
- 1) The assets and liabilities, financial position and performance, profits and losses and prospects of the Company; or
- 2) The rights and liabilities attaching to the Securities.

Icon Resources Ltd

Robert J Waring Company Secretary

Website

www.iconresources.com.au

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15 April 2010

Dear Icon Shareholder

ICON SHARE PURCHASE PLAN

Icon continues to progress the development of the Company’s 100% owned Mt Carbine Tungsten Project in far north Queensland. The current drilling program is aimed at defining mineralisation not previously included in any resource statement and your Directors are confident that a much larger resource will result from the geological modelling to be carried out at the completion of this campaign.

To complete this and other critical evaluation of Icon’s portfolio during 2010, additional funds are required and the Directors would like to offer all shareholders the opportunity to acquire shares through a Share Purchase Plan at a comparable price to the recent placement and a planned additional placement made to third parties and sophisticated investors.

Invitation to Participate in the Icon Share Purchase Plan

Following the placement of 17,249,981 shares at 9 cents per share and the same number of options at a strike/exercise price of 15 cents which expire on 30 June 2011 (see ASX announcements 22 January and 19 February 2010), your Board of Directors has decided to offer Icon’s shareholders the opportunity to acquire shares at a price of 7.5 cents per share. The Offer will be via a Share Purchase Plan (SPP), through which all Icon shareholders will be entitled to apply for up to $15,000 worth of Icon shares free of brokerage. If fully subscribed to the maximum allowable 30% of issued capital, the Offer would raise $2,068,670 through the issue of around 27.58 million shares at an issue price of 7.5 cents per share. The Board also intends to make a placement of shares at the same price of up to 15% of the issued shares, which is the number of shares that may be issued under the Australian Securities Exchange (ASX) Listing Rule 7.1. A shareholders’ meeting is intended to be held to approve the placement, which if approved by shareholders, will include participation by Icon Directors. The placement will be made through stockbroker Martin Place Securities Limited. Whilst no guarantee can be made, shareholders who qualify as sophisticated and professional investors under section 708 of the Corporations Act, and who wish to participate in the proposed placement, should contact the Company.

Recently appointed Chairman, Dr Leon Pretorius has indicated that he is willing to support the current fundraising by offering to take up 5 million shares in the placement. Shareholder approval will be required of Dr Pretorius’ participation in the placement, and shareholder approval will also be sought to “refresh” the total amount of the placement as provided for under ASX Listing Rule 7. A shareholders’ meeting to approve the placements will be held in June 2010 and shareholders will be given at least 28 days notice of the meeting.

As noted above, the purchase price of the new shares to be offered under the SPP has been set at 7.5 cents per share. This is a 19.6% discount to the average market price of the shares sold during the course of trading on the ASX for the five trading days immediately preceding the announcement of the SPP on 6 April 2010. This compares to the last closing sale price prior to the date of this letter of 9.1 cents. Icon’s shares have varied between a low of 4.2 cents and a high of 15 cents over the last 52 weeks.

The right to participate in the Offer is available only to persons who were registered as Icon shareholders at 5:00pm on the record date of 1 April 2010 and whose registered address is in Australia, New Zealand and any other jurisdiction in which it is lawful for the Company to offer shares under the SPP.

Application for shares under the Offer must be made in the Application Form accompanying this letter. The maximum investment per registered shareholder is $15,000, representing 200,000 shares. The minimum investment is $500, representing 6,667 shares. Shareholders may apply for any number of shares between these limits.

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

Icon Resources Ltd

Use of Funds

The 26 February and 6 April 2010 ASX announcements contained an update on Icon’s activities and foreshadowed this SPP. The Mt Carbine Project has a number of attractions, not least the widely-held positive long-term view for tungsten and the significant known and potential tungsten mineralisation at Mt Carbine.

The funds obtained from this raising will be used to meet the cost of drilling and to trial test batches of Mt Carbine material as well as supply general working capital.

Whilst the Board has every confidence in the future of the Company, I must point out that owning shares in an exploration company such as Icon is regarded as a speculative form of investment. Shareholders should be aware there is a risk that the market price of the shares may change between the date of this offer and the date when the new shares are issued under the SPP. The value of the shares you receive may rise or fall in market value accordingly.

Additional Information and Key Dates

If you would like to participate in the SPP, please return your completed application form, together with your cheque representing the purchase price by the closing date of 21 May 2010 .

The issue price is 7.5 cents per share. The maximum investment per shareholder is $15,000 (representing 200,000 shares) and the minimum investment is $500 (representing 6,667 shares). Shareholders may apply for any number of shares between these two limits. Shares allotted under the SPP will be issued no later than 28 May 2010. The rights attaching to the SPP Shares are identical in all respects to the existing (ordinary) shares in the capital of the Company.

Applications will be considered on a first-come, first-served basis

If applications in excess of 27,582,296 shares in total are received, then these applications will be allotted on a firstcome, first-served basis. All extra applications will be returned, so that the maximum allowed number of shares is issued (i.e. 27,582,296 shares).

A full copy of the Terms of the Icon Shareholder Share Purchase Plan is available on request from the Company and is on the Icon website. If you have any questions on the SPP, please call the Company’s office on (02) 9279 1252 during business hours.

Yours sincerely ICON RESOURCES LTD

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John Bishop Managing Director

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AI assistant

EQ RESOURCES LIMITED Capital/Financing Update 2010

64867_rns_2010-04-18_e5aad5a8-9039-4ed2-b9b3-2130da7cadcc.pdf

Contact

Share Purchase Plan

Secondary Trading Exemption

Website

ICON SHARE PURCHASE PLAN

Invitation to Participate in the Icon Share Purchase Plan

Use of Funds

Additional Information and Key Dates

Applications will be considered on a first-come, first-served basis

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AI assistant

EQ RESOURCES LIMITED — Capital/Financing Update 2010

64867_rns_2010-04-18_e5aad5a8-9039-4ed2-b9b3-2130da7cadcc.pdf

Contact

Share Purchase Plan

Secondary Trading Exemption

Website

ICON SHARE PURCHASE PLAN

Invitation to Participate in the Icon Share Purchase Plan

Use of Funds

Additional Information and Key Dates

Applications will be considered on a first-come, first-served basis

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