EQ RESOURCES LIMITED — Capital/Financing Update 2012

Mar 15, 2012

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16 March 2012

Company Announcements Office Australian Securities Exchange

Carbine Tungsten One-for-Five Non-Renounceable Rights Issue

Carbine Tungsten Limited (the Company) advises that it has closed its NonRenounceable Rights Issue pursuant to which a maximum of 43,160,569 new fully paid ordinary shares may be issued on the basis of one new share for every five shares held by shareholders at an issue price of 9 cents per share. There were 26,478,146 shares applied for under the Rights Issue (which included a ‘Top-Up Offer’) and the amount subscribed was $2,383,033.14. The Shortfall was therefore 16,682,423 shares or $1,501,418.07.

Subject to final clearances, it is anticipated that the 26,478,146 new shares will be issued on 21 March 2012, in accordance with the timetable set out in the Rights Issue Offer Document (released to the ASX on 14 February 2012).

In accordance with the Offer Document, the Company reserves the right to place the Shortfall shares in their sole discretion to institutional, professional, sophisticated and other investors to whom disclosure under Part 6D.2 of the Corporations Act is not required.

The Directors take this opportunity to thank all Carbine Tungsten shareholders for their support for the Rights Issue.

Carbine Tungsten Limited

Robert J Waring

Company Secretary

Carbine Tungsten Limited ACN 115 009 106

50 Scott Street, Bungalow QLD 4870, Tel: +61 7 4052 2400, Fax: +61 7 4052 2444