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EQ RESOURCES LIMITED Capital/Financing Update 2012

Apr 15, 2012

64867_rns_2012-04-15_d7297463-28af-4ead-b3ed-82a2e2cdf6a5.pdf

Capital/Financing Update

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16 April 2012

Companies Announcement Office Australian Securities Exchange

MOUNT CARBINE PROJECT UPDATE

Tailings Re-Processing Plant

Carbine Tungsten Limited (ASX Code: CNQ) is pleased to announce that the tailings re-processing plant ramp-up is progressing well. Representative samples of product from processing of the tailings will be shipped to Mitsubishi Unimetals Corporation Ltd today. Additional product samples will also be shipped to other interested customers as requested. The Company’s next production target is to commence bulk shipments of the product. This is targeted to take place within the next six to eight weeks.

Hard Rock Development

As indicated in an announcement by the Company on 11 April 2012, the “Hard Rock” development plans are now being accelerated due to positive market demand for the product and encouraging results based upon recent drilling data currently being reviewed by the Company in terms of re-establishing the open pit mining operations at the Mount Carbine mine. Initial cash deposit requirements to ensure the “Hard Rock” project acceleration remains on track by booking the manufacturing production slots for the long-lead time equipment items, are estimated to be in the order of A$2 million. This initial funding of the long-lead items is envisaged to be raised by means of a share placement with a strategic investment partner or vendor offtake finance within the next few weeks. Options for the funding of the “Hard Rock” development project are being investigated and will be ongoing for a number of months while the feasibility studies are being completed, currently estimated to be before the end of 2012. A visit to Japan and China is being undertaken within the coming week by executives and technical representatives of the Company. Funding options for the “Hard Rock” development project will also be investigated during this trip.

Carbine Tungsten Limited

A James Morgan