EQ RESOURCES LIMITED — Capital/Financing Update 2014

Feb 2, 2014

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Media Release

3 February 2014

Carbine Tungsten Secures $1 Million From Off-Take Partner Mitsubishi Corporation RtM Japan for Hard Rock Project Development

• CNQ signs USD$1 million loan agreement with Mitsubishi Corporation RtM Japan

• Debt facility secured against 2.7% in project level equity

• MoU with Mitsubishi Corporation RtM Japan extended, including:

  • Planned intention to provide a further funding either through debt or equity

  • Mitsubishi Corporation RtM Japan retain the right to 80% offtake from stockpile production AND 50% of open pit production.

• Initial funding to be used for environmental and engineering work for stockpile processing phase of Hard Rock Project

Carbine Tungsten Limited (“The Company” or “Carbine”) (ASX: CNQ) is pleased to announce that the Company has signed a loan agreement for USD$1 million with long-term off-take partner, Mitsubishi Corporation RtM Japan (“RtMJ”).

The initial USD$1 million loan facility is secured against 2.7% in equity of Carbine’s fully owned subsidiary, Tungsten Resources Pty Ltd (“TR”) that in turn owns 100% of the Mt Carbine Tungsten project in Far North Queensland. The investment is specifically for the purposes of environmental and engineering works for the Stock Pile Project at Mount Carbine, and RtMJ will continue to participate in off-take once Carbine enters the development phase for these assets.

Carbine has also agreed to an extension to the Memorandum of Understanding (“MoU”) signed with RtMJ in February 2013 that outlines RtMJ’s intention to provide an additional funding and reiterates that under the terms of the MoU, RtMJ will have exclusive access to 80% of the tungsten product generated from the stockpiles once in production and 50% offtake from the former open pit.

Carbine’s Managing Director, Jim Morgan, said: “After successful negotiations with our long-term offtake partner RtMJ, it is very pleasing to have secured $1 million in funding for the stockpile phase of the Hard Rock project.

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)

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“The loan with RtMJ is secured against 2.7% equity in the existing mining sub lease securities of the project via a fully owned subsidiary, which not only avoids any shareholder dilution but confirms the significant underlying value of the project when compared with CNQ’s current market capitalisation.

“This loan also further demonstrates RtMJ’s confidence in Carbine’s Hard Rock Project, and builds on the growing relationship between the two parties. We look forward to continuing to strengthen our relationship with RtMJ as we collectively advance towards becoming a significant tungsten production company.

“RtMJ’s planned intention to providing an additional funding will allow Carbine to complete the development process for the tungsten stockpiles and will ensure the company is well funded as we progress the permitting required to reinvigorate the former open pit tungsten mine.

“This funding ultimately provides us with the flexibility to fast track operations at our Hard Rock project as we look to take advantage of the global tungsten supply shortage by becoming a leading low cost, low risk, long term, free market tungsten supplier.”

For further details, please contact:

Jim Morgan

Chief Executive Officer & Managing Director Carbine Tungsten Limited M: 0487 144 834 E: info@carbinetungsten.com.au W: www.carbinetungsten.com.au

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