EQ RESOURCES LIMITED — Capital/Financing Update 2012

Nov 4, 2012

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Carbine Tungsten Limited

Hard Rock Project Cornerstone, Off-take and Funding Letter of Intent

The Board of Directors of Carbine Tungsten Limited (ASX Code: CNQ) is pleased to announce that a Letter of Intent (LOI) indicating a keen interest in securing approximately 50% of the projected plant production output from its planned Hard Rock stockpiles and open pit mining project has been received from an International Trading House.

This potential off-taker has indicated in the LOI that a significant proportion of the Hard Rock Project’s funding requirements may be met by a loan or equity facility arranged by them. The LOI is subject to further evaluation and Board approval.

The CNQ Board and staff have developed a long-term, positive relationship with the counterparty over the past couple of years and have more recently been engaged in analysing and investigating the feasibility of re-establishing the Mt Carbine hard rock mining facility. The close relationship developed to date is an important ingredient in the future success of CNQ’s Hard Rock Project.

This LOI follows on from a A$2 million dollar strategic placement investment made by the multinational construction and mining group Mota-Engil earlier this year.

The Hard Rock Project is scheduled to commence production at an average of 265,000 metric tonne units of Tungsten concentrate commencing in the first quarter of 2014. The Indicated Resources on which the project is based stands at 18.1 Mt at an estimated global average grade of 0.14% WO3, with a further Inferred Resource of 29.3 Mt at 0.12%WO3.

The Hard Rock Project is currently in the initial environmental permitting and engineering phase and is in many aspects a “brown fields” project development.

Early construction activities have commenced particularly in clearing and preparing existing infrastructure components for re-use.

This LOI is considered by the CNQ Board to clearly display confidence in its Hard Rock Project by another well-known and respected International company. The Company is receiving strong interest for all of the Hard Rock Project’s production , and will continue to explore the best range of off-take and funding options available.

Carbine Tungsten Limited

A James Morgan Managing Director

General Enquiries:

Contact Jim Morgan on 0487 144 834

5 November 2012

Carbine Tungsten Limited

ACN 115 009 106

Cairns Office: 50 Scott Street, Bungalow, Cairns QLD 4870, Tel: +61 7 4052 2400, Fax: +61 7 4052 2444 Registered Office: Suite 505, Level 5, 35 Lime Street, Sydney NSW 2000, Tel: +61 2 9279 1252, Fax: +61 2 9279 2727