EQ RESOURCES LIMITED — Capital/Financing Update 2011

Jun 13, 2011

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14 June 2011

Company Announcements Office Australian Securities Exchange

Non-Renounceable Rights Issue

We refer to an announcement made earlier today concerning a Rights Issue and confirm that Icon Resources Ltd (Icon or the Company) is in the process of finalising an Offer Document for a for a non-renounceable Rights Issue of 8 New Share for every 10 Shares held by Shareholders at an Issue price of 7.5 cents per Share. The detailed announcement of the offer, including timetable and the application for quotation (Appendix 3B), will be released to the market shortly.

Attached is an amended letter which has been forwarded to option holders advising them that they cannot participate in the upcoming rights issue without first exercising their options. It also advises the option holders that their options expire on 30 June 2011.

Icon Resources Ltd

Robert J 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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14 June 2011

Dear Option Holder

Notice to Option Holders

Icon Rights Issue and Exercise of Options

Icon Resources Ltd (Icon or the Company) is in the process of preparing a Offer Document for a for a non-renounceable Rights Issue of 8 New Share for every 10 Shares held by Shareholders at an Issue price of 7.5 cents per Share and the placement of the Shortfall of Shares from the Rights Offer, if any. If you wish to exercise your options in order to participate in the Rights Issue please immediately complete the attached Application for Shares on Exercise of Options. Option Holders cannot participate in the Rights Issue without first exercising their options.

Expiry of Options

Notice is hereby given that the Icon Options you hold with an exercise price of $0.15 will expire on 30 June 2011. In accordance with Australian Securities Exchange (ASX) Listing Rules, the Company advises as follows:

1. The exercise price is $0.15 (fifteen cents) per Option.

2. Each Option exercised will be converted into one fully paid ordinary share.

3. The due date for payment for the Option exercise is by 5pm AEST on 30 June 2011.

4. If existing Option Holders do not elect to exercise their Options or do not make payment of $0.15 per Option by 30 June 2011 then their Options will lapse.

5. These Options are not quoted.

6. The last market price (closing price) of the Company’s shares, into which the Options are exercisable, was $0.10 (10 cents) at the close of trading on 10 June 2011.

7. The highest and lowest market price of the Company’s shares into which the Options are exercisable during the three months (i.e. between 10 March 2011 and 10 June 2011) immediately before this Notice was:

Highest $0.15 on 18 April 2011

Lowest $0.10 on 10 June 2011

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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To exercise your Options wholly or in part, please complete and sign the form attached with this letter and return it together with your cheque payable to Icon Resources Ltd to:

Icon Resources Ltd

Suite 505, 35 Lime Street Sydney NSW 2000

All fully paid ordinary shares issued upon exercise of the options will rank equally in all respects with the Company’s existing ordinary fully paid shares. The Company will apply for official quotation by ASX of all shares issued upon exercise of the options.

If you require any additional information or have any questions please contact Robert Waring on 0418 440 838.

Yours sincerely Icon Resources Ltd

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Robert Waring Company Secretary

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Application for Shares on Exercise of Options

I/We being the registered holders of Icon Resources Ltd Options (expiring 30 June 2011) each to acquire one Fully Paid Ordinary Share in Icon Resources Ltd hereby give notice of the exercise of Options and attach hereto my/our cheque payable to Icon Resources Ltd at $0.15 per Option in payment of such exercise.

I/We agree to my/our name/s being placed on the Register of Members in respect to the number of Shares allotted and to be bound by the Constitution of the Company.

Number of Options Held:

Multiplied by the exercise price of $0.15

Total Payment Due:

Accordingly, I/We enclose a cheque for the sum of A$__________________ being the correct amount for the exercise of __________________ Options.

Please Sign Here:

_______________ _______________ _______________ Shareholder 1 (Individual) Joint Shareholder 2 (Individual) Joint Shareholder 3 (Individual) Sole Director & Sole Company Secretary Director Director / Company Secretary

Business Telephone No. ( ) ________________________ Date_____________________

Please return to Icon Resources Ltd at the following address: Suite 505, 35 Lime Street Sydney NSW 2000

For further information, please contact the Company on 02 9279 1252.