EQ RESOURCES LIMITED — Investor Presentation 2011

Jun 20, 2011

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The Tungsten Company

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Icon Resources Ltd

� Disclaimer

� The information in this presentation is published to provide information about Icon Resources Ltd (Icon) and its subsidiaries. All reasonable effort has been made to provide accurate information, but we do not warrant or represent its accuracy and reserve the right to make changes to it at any time without notice.

� To the extent permitted by law, Icon accepts no responsibility or liability for any losses or damages of any kind arising out of the use of any information contained in this presentation.

� Competent Persons Statement

� Information in this presentation that relates to Exploration Results is based on information compiled by Dr Andrew White who is a Fellow of the Australian Institute of Geoscientists. Dr White is a Non Executive Director of and consultant to Icon Resources Ltd 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 Exploration Results, Mineral Resources and Ore Reserves. Dr White consents to inclusion in this presentation of the matters based on his

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Corporate

� Directors

• Dr Leon Pretorius (Chairman)

• Ian Sheffield-Parker (Managing Director)

• Dr Andrew White (Non-executive Director)

• � Rob Waring (Company Secretary)

• Capital Structure

• 119,122,998 issued shares

• (214,421,396 shares after capital raising)

• � 21,810,881 options

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Strategy

• Icon will become a preeminent tungsten producer based on its Mt Carbine (N Qld) mine.

• 3-stage plan for production commencing 2011.

• Tailings retreatment (2011-2013)

• Low grade stockpile retreatment (2012-2018)

• Hard rock mining

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Tailings retreatment

Tailings ~2mt @ 0.1% WO3

50 tpm WO3 conc.

Fines recovery circuit

• Capex estimated $4.4million.

• Production start-up estimated late 2011.

• Project life ~ 2 years.

• Anticipated revenue $5 million - $9 million/ year.

• Plant becomes “fines” recovery component for next stage (low grade stockpile processing).

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Stockpile processing

• ~ 12 million tonnes Low Grade Stockpile at 0.075%WO3 + ~ 6 million tonnes reject stockpile from previous sorter operation.

• Feasibility studies (12 months) to optimise flow sheet, bankable document for plant construction.

• Planned 100 tonnes per month WO3 concentrate production – 5-7 years project life.

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The Low Grade Stockpile is a “game changer” for Icon

There is a low grade stockpile of ~12million tonnes from historic open pit mining at Mt Carbine. Trials on bulk samples of the stockpile show that X-Ray ore sorting results in at least 8x preconcentration of tungsten minerals in the low grade stockpile, implying major reduction in the size and hence capital cost of the mill required for concentration of final product.

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Hard rock Mining

Icon has a JORC compliant Inferred Resource of 39mt at 0.14%WO3 at Mt Carbine in the immediate surrounds of the historic open pit. In 1986 development for underground mining of ~7million tonnes was well advanced. The Mining Leases and surrounding Exploration Permits are under-explored, and there is significant potential to increase the global

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The magic ore sorter

Mill expanded to include Ore sorters, coarse & medium gravity ciricuit

Low grade stockpile, ~12mt @ 0.075% WO3

Mill feed Production 250kt/yr 0.6% WO 100 tonnes/ month 3 WO3 concentrate 5-7 years from 2012-3

X-Ray Ore sorter Accept

2 million tonnes/yr

Hard rock ore 39mt Inferred Resource @ 0.14% WO 3

Mill feed X-Ray Ore sorter 250kt/yr

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Mt Carbine is under explored!

Below: Google image of Mt Carbine Showing location of prospects and limit of existing exploration N

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Above, 3-D block model of WO3 grade distribution, Mt Carbine.

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Other projects - Tin

Tara prospect NSW – new target identified, to be drilled by Icon.

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N

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Other projects – Copper zinc

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• Fitzroy, Glentanna prospects

• spun out into Fitzroy Resources Ltd (FRY).

• Icon holds 20%, to be

• distributed in-specie to Icon shareholders when out of escrow (Nov. 2012).

• FRY IPO raised $5million, Nov 2010

• First two drill holes at Develin

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Icon's other projects - gold

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Peel
Fault
Weabonga
Bauloora
Mt Adrah
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• Icon's gold properties spun

• out to Gossan Hill Gold Ltd (GOS) with planned IPO late 2011.

• Icon will retain 25% and plans

• future in specie distribution to shareholders

.

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Icon's other projects

• JV's on Icon's porphyry moly-gold Crystal Mt prospect with Spencer Resources Ltd (IPO imminent), Constance Range Iron Ore with AMMG

• .

• JV partners being sought for other projects

• Burketown (Qld) IOCG.

• Professor (Tas) zinc.

• New Century (Qld) zinc-lead.

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Financial aspects

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Cash flow modelling indicates very strong IRR, even at prices much lower than the present record highs. Mt Carbine historically was in lowest quartile cost curve: test work indicates this can be repeated.

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Contacts

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Ian Sheffield-Parker Managing Director iansp@iconresources.com.au Mobile 0409 989 960