EQ RESOURCES LIMITED — Interim / Quarterly Report 2009

Jan 29, 2009

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

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Icon Resources Ltd
ABN Quarter ended (“current quarter”)
77 115 009 106 31 December 2008
Consolidated statement of cash flows
Current quarter Year to date
Cash flows related to operating activities (6 months)
31 December 31 December
2008 2008
$A’000 $A’000
1.1 Receipts from product sales and related debtors 0 0
1.2 Payments for (a) exploration and evaluation (425) (950)
(b) development 0 0
(c) production 0 0
(d) administration (75) (171)
1.3 Dividends received 0 0
1.4 Interest and other items of a similar nature received 5 16
1.5 Interest and other costs of finance paid 0 0
1.6 Income taxes paid 0 0
1.7 Other – tenement security deposits 20 10
– joint venture fees received 0 0
– other 0 0
Net Operating Cash Flows (475) (1,095)
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 (3) (5)
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 (3) (5)
1.13 Total operating and investing cash flows (carried (478) (1,100)
forward)
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Appendix 5B Mining exploration entity quarterly report

ICON RESOURCES LTD

1.13 Total operating and investing cash flows (brought forward)	(478)	(1,100)
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 (8)	1,084 0 0 0 0 (92)
	(8)	992
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	(486) 539 0	(108) 161 0
	53	53

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
	54
	0

• 1.25 Explanation necessary for an understanding of the transactions

1.23 – $54,000 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 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

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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
	100
	0
Total	100

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 27 512 0 0 539
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	14
	39
	0
	0
Total: cash at end ofquarter(item 1.22)	53

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
	EL 6619 EL6670 EPM15386 EPM15387 EPM15388 EPM16665 EPM13961 ELA26/2007	100% 100% 100% 100% 100% 100% 100% 100%	100% 100% 100% 100% 100% 100% 100% 100%	Nil Nil Nil Nil Nil Nil Nil Nil
	EPM 17604	100%	Nil	100%

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

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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 – ordinary shares (b) Decreases through returns of capital, buy- backs	55,918,311	55,918,311	FullyPaid	FullyPaid
	12,834 3,500,000 Nil	12,834 3,500,000	20 12.5	20 12.5
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 2,962,554	0 0 0 2,962,554	Exercise price 30 45 30 35	Expiry date 8 Mar 2011 30 Nov 2012 30 Nov 2012 30 Jun 2009
	6,417	6,417	35	30 Jun 2009
	Nil
	Nil
7.11 Debentures (totals only)	Nil
7.12 Unsecured notes (totals only)	Nil

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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: 30 January 2009 ( ~~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.

== == == == ==

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Appendix 5B Mining exploration entity quarterly report

ICON RESOURCES LTD

Schedule of Tenements as at 29 January 2009

Tenement Name	Number	Holder	Expiry	Comment
New South Wales
Bingara	EL6681	Icon	13Dec2008	Renewal
CrowKing	EL6648	Icon	18 Oct2008	Renewal
Trilby	EL6680	Icon	13Dec2008	Renewal
Baldwin	EL6682	Icon	13Dec2008	Renewal
Weabonga	EL6620	Icon	29Aug2010
Niangala	EL6683	Icon	13Dec2008	Renewal
Upper Hunter	EL6618	Icon	29Aug2010
Tara	EL6532	Icon	14 Mar 2010
TaraExtended	EL6729	Icon	28Feb2009
Grenfell	EL6559	Icon	12 Apr 2010
Kyloe	EL7178	Icon	14Jul 2010
Jindabyne	EL7179	Icon	14Jul 2010
Queensland
ElizabethCreek	EPM14589	CastResources	4 Aug2010	JV OZ
“New Century”	EPM15866 EPM 15867 EMPA15904 EPMA16228 EPMA16229 EPMA16230 EPMA16232	Troutstone	21 Sep 2011 9 Mar 2011
Burketown	EPM15368	Icon	1 Aug2009
Glentanna	EPM15401	Icon	28 Jun 2008	Renewal
Fair Hill	EPM16285	Icon	23Aug2010
Helidon	EPM16454	Icon	30 Jul 2010
Iron Pot Creek	EPM17071	Icon	7 Jul 2011
FitzroyProject	EPM 17604	Icon	20 Oct2010
ConstanceRange	EPMA17895	Troutstone
Mt Carbine	ML 4867 ML 4919	Icon – Mineral Rights		Sub-Lease
Tasmania
HentyRd	EL47/2004	South Eastern Resources	10Feb2010
AmberCk	EL8/2005	South Eastern Resources	29Mar 2011

EL = exploration licence ELA = exploration licence application

EPM = exploration permit EPMA = exploration permit application

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Appendix 5B Page 6