EQ RESOURCES LIMITED — Interim / Quarterly Report 2007

Oct 28, 2007

Appendix 5B Mining exploration entity quarterly report

ICON RESOURCES LTD

Appendix 5B

Mining exploration entity quarterly report

Introduced 1/7/96. Origin: Appendix 8. Amended 1/7/97, 1/7/98, 30/9/2001.

Name of entity

==> picture [452 x 501] intentionally omitted <==

----- Start of picture text -----

Icon Resources Ltd
ABN Quarter ended (“current quarter”)
77 115 009 106 30 September 2007
Consolidated statement of cash flows
Current quarter Year to date
Cash flows related to operating activities 30 September (3 months)
2007 30 September
$A’000 2007
$A’000
1.1 Receipts from product sales and related debtors 0 0
1.2 Payments for (a) exploration and evaluation (799) (799)
(b) development 0 0
(c) production 0 0
(d) administration (133) (133)
1.3 Dividends received 0 0
1.4 Interest and other items of a similar nature received 37 37
1.5 Interest and other costs of finance paid 0 0
1.6 Income taxes paid 0 0
1.7 Other – tenement security deposits (8) (8)
– joint venture fees received 0 0
– BAS GST refund 53 53
Net Operating Cash Flows (850) (850)
Cash flows related to investing activities
1.8 Payment for purchases of: (a) prospects 0 0
(b) equity investments 0 0
(c) other fixed assets 0 0
1.9 Proceeds from sale of: (a) prospects 0 0
(b) equity investments 0 0
(c) other fixed assets 0 0
1.10 Loans to other entities 0 0
1.11 Loans repaid by other entities 0 0
1.12 Other (provide details if material) 0 0
Net investing cash flows 0 0
1.13 Total operating and investing cash flows (carried (850) (850)
forward)
----- End of picture text -----

Appendix 5B Page 1

30/9/2001

Appendix 5B Mining exploration entity quarterly report

ICON RESOURCES LTD

1.13 Total operating and investing cash flows (brought forward)	(850)	(850)
Cash flows related to financing activities 1.14 Proceeds from issues of shares, options, etc. 1.15 Proceeds from sale of forfeited shares 1.16 Proceeds from borrowings 1.17 Repayment of borrowings 1.18 Dividends paid 1.19 Other – share issue costs Net financing cash flows	0 0 0 0 0 (47)	0 0 0 0 0 (47)
	(47)	(47)
Net increase (decrease) in cash held 1.20 Cash at beginning of quarter/year to date 1.21 Exchange rate adjustments to item 1.20 1.22 Cash at end ofquarter	(897) 3,231 0	(897) 3,231 0
	2,334	2,334

Payments to directors of the entity and associates of the directors Payments to related entities of the entity and associates of the related entities

1.23 1.24	Aggregate amount of payments to the parties included in item 1.2 Aggregate amount of loans to the parties included in item 1.10	Current quarter $A'000
		(55)
		0
1.25	Explanation necessaryfor an understandingof the transactions
	1.23 – salaries, directors fees and consultancy fees at normal commercial rates

Non-cash financing and investing activities

2.1 Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows Nil 2.2 Details of outlays made by other entities to establish or increase their share in projects in which the reporting entity has an interest N/A

Appendix 5B Page 2

30/9/2001

Appendix 5B Mining exploration entity quarterly report

ICON RESOURCES LTD

Financing facilities available

Add notes as necessary for an understanding of the position.

3.1 Loan facilities 3.2 Credit standby arrangements	Amount available $A’000	Amount used $A’000
	Nil	Nil
	Nil	Nil

Estimated cash outflows for next quarter

Estimated cash outflows for next quarter
4.1 Exploration and evaluation 4.2 Development	$A’000
	500
	0
Total	500

Reconciliation of cash

Reconciliation of cash at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts is as follows.	Current quarter $A’000	Previous quarter $A’000 731 144 0 2,356 3,231
5.1 Cash on hand and at bank 5.2 Deposits at call 5.3 Bank overdraft 5.4 Other – Bank bills,bank term deposits	87
	327
	0
	1,920
Total: cash at end ofquarter(item 1.22)	2,334

Changes in interests in mining tenements

6.1 Interests in mining tenements relinquished, reduced or lapsed 6.2 Interests in mining tenements acquired or increased	Tenement reference	Nature of interest (note(2))	Interest at beginning of quarter	Interest at end of quarter
	No changes
	EPM 16454 EPM 16285	100% 100%	Nil Nil	100% 100%

6.3 A full list of Icon Resources Ltd tenements is included as an attachment to this report.

Appendix 5B Page 3

30/9/2001

Appendix 5B Mining exploration entity quarterly report

ICON RESOURCES LTD

Issued and quoted securities at end of current quarter

Description includes rate of interest and any redemption or conversion rights together with prices and dates.

	Total number	Number quoted	Issue price per security (see note 3) (cents)	Amount paid up per security (see note 3) (cents)
7.1 Preference +securities (description) 7.2 Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy-backs, redemptions	Nil
	Nil
7.3 +Ordinary securities 7.4 Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy-backs	44,893,248	30,897,534	FullyPaid	FullyPaid
	1,522,962* Nil	1,522,962 Nil	45	Fully Paid
7.5 +Convertible debt securities (description) 7.6 Changes during quarter (a) Increases through issues (b) Decreases through securities matured, converted	Nil
	Nil
7.7 Options 7.8 Issued during quarter 7.9 Exercised during quarter 7.10 Expired during quarter	1,200,000	0	Exercise price 30	Expiry date 8 March 2011
	Nil
	Nil
	Nil
7.11 Debentures (totals only)	Nil
7.12 Unsecured notes (totals only)	Nil

• Allocation of shares under SPP. Funds were received in June quarter, shares allotted in early July 2007

Appendix 5B Page 4

30/9/2001

Appendix 5B Mining exploration entity quarterly report

ICON RESOURCES LTD

Compliance statement

• 1 This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Act or other standards acceptable to ASX (see note 4).

• 2 This statement does give a true and fair view of the matters disclosed.

Sign here: Robert J Waring Date: 29 October 2007

( ~~Director/~~ Company Secretary)

Print name: Robert J Waring

Notes

• 1 The quarterly report provides a basis for informing the market how the entity’s activities have been financed for the past quarter and the effect on its cash position. An entity wanting to disclose additional information is encouraged to do so, in a note or notes attached to this report.

• 2 The “Nature of interest” (items 6.1 and 6.2) includes options in respect of interests in mining tenements acquired, exercised or lapsed during the reporting period. If the entity is involved in a joint venture agreement and there are conditions precedent which will change its percentage interest in a mining tenement, it should disclose the change of percentage interest and conditions precedent in the list required for items 6.1 and 6.2.

• 3 Issued and quoted securities The issue price and amount paid up is not required in items 7.1 and 7.3 for fully paid securities .

• 4 The definitions in, and provisions of, AASB 1022: Accounting for Extractive Industries and AASB 1026: Statement of Cash Flows apply to this report.

• 5 Accounting Standards ASX will accept, for example, the use of International Accounting Standards for foreign entities. If the standards used do not address a topic, the Australian standard on that topic (if any) must be complied with.

== == == == ==

Appendix 5B Page 5

30/9/2001

Appendix 5B Mining exploration entity quarterly report

ICON RESOURCES LTD

Schedule of Tenements as at 26 October 2007

TenementName	**Number **	**Holder **	Expiry	Comment
NewSouth Wales
Bingara	EL6681	Icon	13 Dec 2008
Crow King	EL6648	Icon	18 Oct 2008
Trilby	EL6680	Icon	13 Dec 2008
Baldwin	EL6682	Icon	13 Dec 2008
Weabonga	EL6620	Icon	29Aug2008
Niangala	EL6683	Icon	13 Dec 2008
Upper Hunter	EL6618	Icon	29Aug2008
Golden Crystal	EL6619	Icon	29 Aug2008
Tara	EL6532	Icon	14 Mar 2008
Tara Extended	ELA2953	Icon
Hiawatha	EL6670	Icon	27 Nov 2008
Grenfell	EL6559	Icon	12 Aug2008
Kyloe	ELA3261	Icon
Jindabyne	ELA3262	Icon
Queensland
Elizabeth Creek	EPM14589	Cast Resources	4 Aug2010	JV with Zinifex
“New Century”	EPMA15866 EMPA15867 EMPA15904 EPMA16228 EPMA16229 EPMA16230 EPMA16232	Troutstone
Burketown	EPM15368	Golden Reef being transferred to Troutstone
Leichhardt	EPMA15386 EPM15387 EPM15388	Troutstone	19 Dec 2008 19Dec 2008
Glentanna	EPM15401	Icon	28 Jun 2008
Fair Hill	EPM16285	Icon	23 Aug2010
Helidon	EPM16454	Icon	30 Jul 2010
FitzroyProject	EPMA16665	Icon
Almora	EMPA16232	Troutstone
Foresthome	EPM13961	Icon	23 Jun 2008
Tasmania
HentyRd	EL47/2004	South Eastern Resources	10 Feb 2010
Amber Ck	EL8/2005	South Eastern Resources	29 Mar 2011
SandyCape	ELA26/2007	Icon

EL = exploration licence

Appendix 5B Page 6

30/9/2001

Appendix 5B Mining exploration entity quarterly report

ICON RESOURCES LTD

ELA = exploration licence application EPM = exploration permit EPMA = exploration permit application

Appendix 5B Page 7

30/9/2001