EQ RESOURCES LIMITED — Interim / Quarterly Report 2008

Jul 30, 2008

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

	Icon Resources Ltd
	ABN 77 115 009 106 Consolidated statement of cash flows	Quarter ended (“current quarter”)
		30 June 2008
	Cash flows related to operating activities 1.1 Receipts from product sales and related debtors 1.2 Payments for (a) exploration and evaluation (b) development (c) production (d) administration 1.3 Dividends received 1.4 Interest and other items of a similar nature received 1.5 Interest and other costs of finance paid 1.6 Income taxes paid 1.7 Other – tenement security deposits – joint venture fees received – other Net Operating Cash Flows	Current quarter 30 June 2008 $A’000	Year to date (12 months) 30 June 2008 $A’000
		0 (373) 0 0 (105) 0 7 0 0 (8) 0 0	0 (2,731) 0 0 (501) 0 97 0 0 (33) 55 53
		(479)	(3,060)
	Cash flows related to investing activities 1.8 Payment for purchases of: (a) prospects (b) equity investments (c) other fixed assets 1.9 Proceeds from sale of: (a) prospects (b) equity investments (c) other fixed assets 1.10 Loans to other entities 1.11 Loans repaid by other entities 1.12 Other (provide details if material) Net investing cash flows 1.13 Total operating and investing cash flows (carried forward)	0 0 (2) 0 0 0 0 0 0	0 0 (51) 0 0 0 0 0 0
		(2)	(51)
		(481)	(3,111)

30/9/2001

Appendix 5B Page 1

Appendix 5B Mining exploration entity quarterly report

ICON RESOURCES LTD

1.13 Total operating and investing cash flows (brought forward)	(481)	(3,111)
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	101 0 0 0 0 (13)	101 0 0 0 0 (60)
	88	41
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 of quarter	(393) 554 0	(3,070) 3,231 0
	161	161

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 Aggregate amount of payments to the parties included in item 1.2 1.24 Aggregate amount of loans to the parties included in item 1.10	Current quarter $A'000
	(73)
	0

1.25	Explanation necessaryfor an understandingof the transactions
	1.23 – ($73) Executive director salary, consulting fees and reimbursement of expenses paid to entities associated with Directors at normal commercial rates.

Non-cash financing and investing activities

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

30/9/2001

Appendix 5B Page 2

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
	200
	0
Total	200

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 47 107 0 400 554
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	112
	49
	0
	0
Total: cash at end ofquarter(item 1.22)	161

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 117071	100%	Nil	100%

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

30/9/2001

Appendix 5B Page 3

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	46,493,248*	46,493,248	FullyPaid	FullyPaid
	Nil Nil
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 1,260,870 400,000	0 0 0	Exercise price 30 45 30	Expiry date 8 Mar 2011 30 Nov 2012 30 Nov 2012
	Nil
	Nil
	Nil
7.11 Debentures (totals only)	Nil
7.12 Unsecured notes (totals only)	Nil

• On 10 July 2008 the company issued a further 5,912,229 ordinary shares at 20 cents to raise $1,182,446 and 2,956,137 free attaching options on the basis of one free option for every two shares subscribed as part of the company’s Renounceable Rights Issue. The options are exercisable at 35 cents each and expire on 30 June 2009. The ASX announcement 10 July 2008 sets out the full details of this issue.

30/9/2001

Appendix 5B Page 4

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: 31 July 2008 ( ~~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.

== == == == ==

30/9/2001

Appendix 5B Page 5

Appendix 5B Mining exploration entity quarterly report

ICON RESOURCES LTD

Schedule of Tenements as at 31 July 2008

Tenement Name	Number	Holder	Expiry	Comment
**New SouthWales **
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	29 Aug2008
Niangala	EL6683	Icon	13 Dec 2008
Upper Hunter	EL6618	Icon	29 Aug2008
Golden Crystal	EL6619	Icon	29 Aug2008
Tara	EL6532	Icon	14 Mar 2011
Tara Extended	EL6729	Icon	28 Feb 2009
Hiawatha	EL6670	Icon	27 Nov 2008
Grenfell	EL6559	Icon	12 Apr 2010
Kyloe	ELA3261	Icon
Jindabyne	ELA3262	Icon
Queensland
Elizabeth Creek	EPM14589	Cast Resources	4 Aug2010	JV with Zinifex
“New Century” Almora	EPMA15866 EPM 15867 EMPA15904 EPMA16228 EPMA16229 EPMA16230 EPMA16232	Troutstone	9 Mar 2011
Burketown	EPM15368	Icon	1 Aug2009
Leichhardt	EPM15386 EPM15387 EPM15388	Troutstone	29 Oct 2009 19 Dec 2008 19 Dec 2008
Glentanna	EPM15401	Icon	28 Jun 2008
Fair Hill	EPM16285	Icon	23 Aug2010
Helidon	EPM16454	Icon	30 Jul 2010
FitzroyProject	EPM16665	Icon	29 Nov 2012
Foresthome	EPM13961	Icon	23 Jun 2008
Iron Pot Creek	EPM17071	Icon	7 Jul 2011
Mt Carbine		Icon – Mineral Rights
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 EPM = exploration permit ELA = exploration licence application EPMA = exploration permit application

30/9/2001

Appendix 5B Page 6