EQ RESOURCES LIMITED — Investor Presentation 2008

Jun 12, 2008

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12 June 2008

Presentations

Attached is the latest Icon material which has been prepared for a series of presentations to me made by the Company.

Icon Resources Ltd

Robert Waring Company Secretary

The information in this presentation that relates to Exploration Results is based on information compiled by John Bishop, who is a member of the Australian Institute of Geoscientists. John is a full-time employee of Icon, and has sufficient experience relevant to the styles of mineralisation and types of deposits under consideration and to the activity he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. John consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Icon Resources Ltd ACN 115 009 106

Suite 404, 25 Lime Street, Sydney NSW 2000 Telephone: +61 2 9279 1252 Facsimile: +61 2 9279 2727

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Broker to the Issue

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Moving to Producer Status: Mt Carbine

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Disclaimer

No representation or warranty is made as to the accuracy, completeness or reliability of the information contained herein. Any forward-looking information in this presentation has been prepared on the basis of a number of assumptions which may prove to be incorrect. This presentation must not be relied upon as a recommendation or forecast by Icon Resources Ltd.

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Corporate Directors/Management: Dr Andrew White, Chairman Dr John Bishop, Managing Director Steve Bartrop (Non-exec. Director) Rob Waring, Company Secretary Darcy Milburn, Exploration Manager Issued Capital: 46,493,248 ordinary shares (ex-escrow 6 June 08) 2,860,870 unlisted options (exercisable at 30-45c)

52 week share price range: 10-71c; current (30 May): 22c

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2H08 Highlights

Icon has acquired rights to 100% of the Mt Carbine Tungsten (W) Mine

W

IOCGU

Drilling early June at Crow King (Peel Fault) testing strong Gold targets

Cu/Zn

Drilling at Tara Tin Project to recommence testing for tin-rich structures

Au Sn

Downhole geophysical surveys scheduled for Fitzroy to increase the inferred resource from 1.75Mt @ 1.7% Cu + 2% Zn

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Mt Carbine, North Qld

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Icon has secured rights to 100% of the Mt Carbine mine located ~80km NW of Cairns in north Qld

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Australia’s largest tungsten producer until closure in the mid 80s (due to low tungsten prices from excess Chinese supply). At the time it was

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Mt Carbine – 3 stage re-development strategy Stage 1: Re-treatment of tailings

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Stage 2: Extraction of open pit resources

Stage 3: Development of an underground operation A staged development commencing with retreating the tailings delivers early cash flows and minimises upfront capex.

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Mt Carbine Stage 1 – Retreatment of the tailings

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Stage 1: Re-treatment of ~2Mt of tailings Expected grade from records is ~0.1% WO3 (preliminary sampling has confirmed grades) Plant will involve gravity and flotation Capex estimated by Esker Pty Ltd at $6.2M plus working capital Annual tungsten production estimated at: ~700t WO 3 Total revenue estimated at ~$16M* Total operating costs estimated by Esker at $5M with scope for savings

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Mt Carbine Stage 2 – Open pit resources Open Pit is estimated to have 1Mt at 0.13% WO3 recovered grade Potential for further resources in north wall of pit and into hill Construction of front end of plant –crushing and milling Scoping studies capex $25M Production: ~1200t WO 3 over one year

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Mt Carbine Stage 2 – Open pit resources The potential to the north of the open-cut is untested, but the hill contains known wolframite and scheelite mineralisation.

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Historic tungsten workings along Mt Carbine Hill to the north of present day open-cut

Wolframite crystals in quartz - north of the open-cut

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Mt Carbine Stage 3 – underground development Underground decline (6m wide x 4m high) has been completed to ~500m

Two stopes have already been designed totalling 9.5Mt at an estimated grade of 0.22% WO3

Commencement might be deferred if exploration drilling indicates further open pit resources

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Orebody open at depth

Mt Carbine – development schedule

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uses Tungsten -

Tungsten (chemical symbol W) has exceptional properties: a very high density –comparable to gold; the highest melting point of any metal; the lowest coefficient of thermal expansion and the highest tensile strength

Tungsten has many existing uses such as turbine blades; cutting tools. It is benign and is increasingly used, eg, as a replacement for lead and depleted uranium

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Many tungsten uses have no substitute and are not recycled; eg,

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Tungsten - price Tungsten prices have increased four-fold over the last few years. China has ~66% of the world’s reserves and historically has been the world’s largest supplier but recently declared tungsten a strategic metal, effectively preventing its export. Predictions are for an increasing price with a sustained demand.

Tungsten APT United States $ per short ton unit

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US $ per sho rt to n unit
350
One short ton = 2000lb vs metric tonne = 2,204.6lb;
300 APT = Ammonium Paratungstate w hich is a more
refined product hence w ill receive a higher price than
250 tungsten concentrate
200
M o unt C arbine
mine clo ses
150
100
50
0
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Source: Metal Bulletin/Bloomberg
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Exploration Update
Major projects
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Crow King, Peel Fault NE NSW Crow King Gold –part of the crustal Peel Fault structure Historic production of ~30,000oz Au Limited modern exploration

Icon geophysical and geochemical surveys have defined strong targets Drilling June 2008

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Tara Tin, Central NSW

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Drilling in early June

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Large (~4km x 2km), covered mineralised system Significant tin / zinc intercepts from Icon and previous drilling

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New targets identified from new geophysics

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Burketown, NW Qld

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Iron Oxide Copper Gold Uranium (IOCGU), Olympic Dam style target Plus conceptual target for Voisey's Bay style nickel sulphide mineralisation Native Title Agreement in place –Heritage Clearance being negotiated

Fitzroy, Central Qld

Inferred Resource of 1.75Mt @ 1.7% Cu + 2% Zn

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Excellent potential for more stacked lenses of massive sulphides in the nearvicinity of Sulphide City and Scorpion/ Window and under the intervening Tertiary cover

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Original exploration drill holes were cased with the intention to carry out downhole geophysical (DHEM) surveys to look for further lenses, but few holes were

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Risk Ranking of III Projects

Increasing Risk

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Program

Mt Carbine W Grieves Zn Fitzroy Cu/Zn Major Projects Crow King Au

Mine feasibility Zinc metallurgy Brownfields exploration Exploration drilling Exploration drilling

Tara Sn

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Capital Raising

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Icon will be issuing a short form prospectus to raise $3M (1 for 3 at 20c per share with 1 attaching option for every 2 new shares) Majority of the funds will be spent on Mt Carbine, with development of the tailings project an early objective (~$2.5M) Funds will also be directed to drilling at Crow King, the saprolite sampling program at Tara and the geophysical survey at Burketown, as well as the on-going metallurgical work of Grieves zinc and exploration of Icon’s other tenements (~$0.5M) For further information, please contact

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Mt Carbine tailings.