EQ RESOURCES LIMITED — Capital/Financing Update 2012

Oct 21, 2012

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Carbine Tungsten Limited Tailings Retreatment Plant Update

The Board of Directors of Carbine Tungsten Limited (ASX Code: CNQ) is pleased to announce that a 15 tonne consignment of high grade Tungsten concentrate has been shipped under its recently signed contract with Mitsubishi Corporation Unimetals Ltd. Despatch took place on 12[th] October 2012 from its Mt Carbine Tailings Retreatment operation.

In addition, the Company is pleased to advise that record production rates approaching designed throughput capacity are now being achieved at its operation, following the successful installation of new direct feed and scrubbing equipment at the front-end materials handling section of the plant.

Further improvement is expected to both the plant’s availability and recovery rates when the currently bypassed trommel equipment modifications are completed. The modified trommel will provide additional screening capacity to the plant. The reconfigured trommel is expected to be reconnected back into the process circuit without interruption to existing production by the end of this month.

The Company will continue its plant production ramp-up and is confident that these measures will significantly improve overall production and economics of its Tailings Retreatment operation.

The Company continues to make good progress with its “Hard Rock” Project and funding program.

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Carbine Tungsten Limited Tailings Retreatment Plant: newly installed scrubber at work.

Carbine Tungsten Limited A James Morgan Managing Director

22 October 2012

General Enquiries:

Contact: Jim Morgan on 0487 144 834

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