EQ RESOURCES LIMITED — Capital/Financing Update 2011

Jun 14, 2011

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15 June 2011

RIGHTS ISSUE CLEANSING NOTICE

Icon Resources Ltd ACN 77 115 009 106 (Icon or the Company) has today released an Offer Document for an 8-for-10 non-renounceable rights issue to eligible shareholders pursuant to which a maximum of 95,298,398 fully paid ordinary shares may be issued at a price of $0.075 per share. Eligible shareholders may, in addition to taking up their entitlements in full, apply for additional shares in excess of their entitlements of up to a maximum of 1,333,334 shares at the same price as under the rights issue. Additional shares will only be available where there is a shortfall between applications received from eligible shareholders and the number of New Shares proposed to be issued under the rights issue (Top-Up Facility).

Accordingly, Icon gives notice under section 708AA(2)(f) of the Corporations Act 2001 (Cth) (Corporations Act) that:

1. the abovementioned ordinary shares will be issued without disclosure to investors under Part 6D.2 of the Corporations Act ; and

2. as at the date of this notice, Icon has complied with:

   • (a) the provisions of Chapter 2M of the Corporations Act as they apply to Icon;

   • (b) Section 674 of the Corporations Act ; and

   • (c) no information that:

     • (i) has been excluded from a continuous disclosure notice in accordance with the ASX Listing Rules; and

     • (ii) investors and their professional advisors would reasonably require for the purpose of making an informed assessment of:

       • the assets and liabilities, financial position and performance, profits and losses and prospects of Icon; or

       • the rights and liabilities attaching to the new shares.

The following sets out the potential effect the issue of new shares under the rights issue will have on the control of the Company and the consequences of that effect:

• (i) If all shareholders take up their entitlement under the rights issue, the rights issue will have no effect on the control of Icon.

• (ii) If an eligible shareholder does not take up their entitlement in full, that shareholder’s proportionate shareholding will be diluted.

• (iii) The proportioate shareholdings of shareholders who are not residents in Australia, New Zealand or Singapore will be diluted as those shareholders are not entitled to participate in the rights issue.

• (iv) The rights issue is not underwritten. In the event that there is a shortfall in the take up of entitlements by eligible shareholders under the rights issue, the Directors reserve the right to place the shortfall at their sole discretion, and Icon does not expect this to have any material effect on the control of Icon.

Icon Resources Ltd

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Robert J Waring Company Secretary

Icon Resources Ltd ABN 77 115 009 106

Suite 505, Level 5, 35 Lime Street, Sydney NSW 2000 T: +61 2 9279 1252 F: +61 2 9279 2727