EQ RESOURCES LIMITED — Capital/Financing Update 2013

May 26, 2013

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ASX ANNOUNCEMENT

27 May 2013

Company Announcements Office ASX Limited Exchange Centre Level 4, 20 Bridge Street SYDNEY NSW 2000

Mitsubishi agrees to provide further financial support to increase production potential at Mt Carbine

Carbine Tungsten Limited ( ASX:CNQ ) (“Carbine”) is pleased to provide an update on the Mount Carbine Project.

Mitsubishi Corporation RtM Japan Ltd (“Mitsubishi”) – Advance payment to support optimisation of tailings project

Following the recently signed MoU with Mitsubishi outlining the Group’s intention to provide funding for the Hard Rock Project once permitting has been secured, Carbine has received confirmation that Mitsubishi has agreed to provide an advance production payment of $400,000 to support the ongoing tailings retreatment production operations. The payment is expected to be received in June 2013.

The agreement and advance payment from Mitsubishi is part of a contract extension for offtake from the tailings retreatment plant, and outlines that the $400,000 will be used to undertake further optimisation work to increase and improve the potential production output.

Carbine’s Managing Director, Jim Morgan, said: “The advance payment from Mitsubishi, secured against further shipments of concentrate from our tailings retreatment facility, is another step in the longstanding relationship with Mitsubishi. The commitment from the Company’s major off-take partner represents ongoing confidence in the project’s fundamentals and management team.

“The objective to support ongoing research & development at the plant to increase potential production is also reflective of the increasingly strong demand for tungsten as the Company progresses towards securing the necessary permits to commence processing the existing tungsten stockpiles.”

Yours sincerely Carbine Tungsten Limited

A James Morgan

Managing Director

Carbine Tungsten Limited ACN 115 009 106

50 Scott Street, Bungalow, CAIRNS QLD 4870 - PO Box 1040, Bungalow, CAIRNS QLD 4870 Telephone: +61 (0)7 4052 2400 - Facsimile: +61 (0)7 4052 2444

www.carbinetungsten.com.au

(ASX: CNQ)