EQ RESOURCES LIMITED — Capital/Financing Update 2011

Jun 15, 2011

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16 June 2011

Company Announcements Office Australian Securities Exchange

Non-renounceable, Underwritten 8:10 Rights Issue

Further to the announcement on 15 June 2011 by Icon Resources Ltd (the Company) regarding a non-renounceable rights issue, the Company confirms that the following letter will be dispatched to shareholders today informing them of the rights issue.

Icon Resources Ltd

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Robert Waring Company Secretary

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

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16 June 2011

Dear Icon Shareholder

NON-RENOUNCEABLE RIGHTS ISSUE

This notice is provided to inform you that on 15 June 2011, Icon Resources Ltd (Icon, III or the Company) lodged an Offer Document with the Australian Securities Exchange (ASX) in respect of a pro-rata non-renounceable rights issue of shares at an issue price of 7.5 cents per share (Rights Issue), to be issued on the basis of eight New Shares for every ten shares.

A copy of the Offer Document together with an Entitlement and Acceptance Form will be mailed to eligible shareholders on 28 June 2011 .

Under the Rights Issue, shareholders with a registered address in Australia, New Zealand or Singapore (“Eligible Shareholders”) are being invited to subscribe for one New Share for every eight existing shares held as at the Record Date.

The Rights Issue will raise up to $7.15 million before costs. The Issue is not underwritten. Eligible Shareholders will have the opportunity to apply for additional New Shares and Directors reserve the right, at their discretion, to place any New Shares not taken up by Eligible Shareholders.

The proceeds of the Rights Issue will primarily be applied to the advancement of the Company’s Mt Carbine Tungsten Project. The Company is now in a position to move ahead with its plans to make Mt Carbine Icon’s first operating mine. The Company plans to commence tungsten production later in 2011.

Eligible Shareholders’ entitlements pursuant to this Rights Issue are non-renounceable and accordingly Eligible Shareholders may:

• take up their Rights in full or in part;

• do nothing in which case their Rights will lapse; or

• � take up their Rights in full and apply for additional New Shares.

No action is required to be taken at this stage . If you intend to take up your Rights in full or in part, or apply for additional New Shares, then you should take appropriate action when you receive a copy of the Offer Document together with an Entitlement and Acceptance Form which will be mailed to Eligible Shareholders on 28 June 2011 .

Shareholders with a registered address outside of Australia, New Zealand or Singapore are not eligible to participate in the Rights Issue.

Further details of the courses of action available to Eligible Shareholders are set out in the Offer Document.

Icon Resources Ltd ABN 77 115 009 106

Registered Office :

Suite 505, Level 5, 35 Lime Street, Sydney NSW 2000 PO Box H116, Australia Square NSW 1215 T: +61 2 9279 1252 F: +61 2 9279 2727

Icon Resources Ltd

Rights Issue

Key information and indicative dates in respect of the Rights Issue are as follows:

Offer Document lodged with ASX	15 June 2011
Existing Shares are quoted on an “Ex” basis	17 June 2011
Record Date(date for determining entitlements of Eligible Shareholders toparticipate in the Offer)	23 June 2011
Offer Document Despatched to Eligible Shareholders(expected date ofdespatch of Offer Document and Entitlement and Acceptance Forms)	28 June 2011
Opening Date	28 June 2011
Closing Date	12 July 2011
Securities quoted on a deferred settlement basis	13 July 2011
Company to notify ASX of undersubscriptions/Shortfall (if any)	15 July 2011
Allotment Date and deferred settlement trading ends	20 July 2011
Anticipated despatch date of holding statements for New Shares	20 July 2011
Trading commences for New Shares on ASX	21 July 2011

This timetable is indicative only. The Company reserves the right to vary the above dates subject to the ASX Listing Rules.

Further details on the Rights Issue are contained in the Offer Document. A copy of the Rights Issue offer document will be available for review on the ASX website www.asx.com.au and on the Company’s website www.iconresources.com.au.

Icon shareholders should consult their stockbroker, solicitor, accountant or other financial adviser if they are in any doubt as to the Rights Issue.

Icon’s Board welcomes you to participate further in the continued development and growth of the Company by subscribing for New Shares. If you have any queries, please contact please contact the undersigned.

Yours sincerely

Icon Resources Ltd

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Robert J Waring Company Secretary

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