EQ RESOURCES LIMITED — Investor Presentation 2012

Mar 4, 2012

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5 March 2012

Company Announcements Office Australian Securities Exchange

Carbine Tungsten Roadshow Presentation

Attached is a copy of the latest Company presentation, which includes a review of its associated company Gossan Hill Gold Limited.

Carbine Tungsten Limited

Robert J Waring Company Secretary

Carbine Tungsten Limited ACN 115 009 106 Registered Office: Suite 505, Level 5, 35 Lime Street, Sydney NSW 2000, Tel: +61 2 9279 1252, Fax: +61 2 9279 2727 Cairns Office: 50 Scott Street, Bungalow Queensland 4870, Tel: +61 7 4052 2400, Fax: +61 7 4052 2444

Carbine Tungsten Limited

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Imminent Tungsten production from Mount Carbine

3 - stage development plan:

1. Tailings re-treatment

2. Process low grade stockpiles 3. Hard rock mining

3. Total project life ~20 years

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Deposit open at depth and along strike

Board and Capital Structure

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Executive Chairman: Dr Leon Pretorius Managing Director / CEO: Jim Morgan (designate, 2 April) Non-executive Director: Dr Andrew White Company Secretary: Rob Waring Share capital after Rights Issue: 258,962,579 Options: 4,560,870

3-Stage Development Plan

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Non-Renounceable Rights Issue

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Rights Issue Dates

Event	Date
Initial announcement of Rights Issue, lodgement of Appendix 3B	13 Feb
Despatch of Rights Issue Offer Letter to shareholders	15 Feb
Sharesquoted on an 'ex' entitlement basis	16 Feb
Record Date for determiningrights	22 Feb
Despatch of Rights Issue Offer Document and Entitlement and Acceptance Form	27 Feb
Offer ClosingDate	13 Mar
Companynotifies ASX of Shortfall	16 Mar
Allotment of New Shares, despatch of holding statements	21 Mar
Trading on ASX of New Shares on a normal settlement basis	22 Mar

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Tailings re-treatment plant: Close to production

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• Tailings re-treatment plant >90% complete

• CNQ staff finishing construction and commenced commissioning

• Off-take with Mitsubishi to be signed end March for product

• Production commencing March 2012

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Tungsten Price History: – History Repeating Itself

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Tungsten uses

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• Tungsten is a specialty metal – hardest metal, highest melting point

• Annual trade ~80,000 to 100,000 tonnes metal equivalent

• 50% used to make tungsten carbide for cutting hard substances

• 25% used for hardening steel (for tool steel, cutting steel)

• 25% used for myriad of high tech applications, mostly with no substitutes.

Tungsten pricing

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• Tungsten prices are quoted for Ammonium Para Tungstate (APT) or Ferro Tungsten alloy in Metric Tonne Units (mtu)

• 1 mtu is 1% of tungsten metal in a tonne of something (concentrate, chemical or final product)

• Price received for concentrate is at a discount to APT price, discount depends on quality of concentrate (and demand for tungsten)

• To make it easier CNQ forecasts production in mtu’s and uses a sale price reflecting anticipated current discount.

Forecast Gross Revenues

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Stage	Estimated gross revenue/year at current prices
1. Tailings	$10,000,000
2. Low grade stockpiles	$50,000,000
3. Hard rock mining	$100,000,000

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GOSSAN HILL GOLD LIMITED

ACN 147 329 833

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PROSPECTUS FOR THE OFFER OF 40 MILLION ORDINARY SHARES AT AN OFFER PRICE OF $0.20 EACH TO RAISE $8,000,000 MINIMUM SUBSCRIPTION OF $4,000,0000

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Projects

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Mt Adrah: 239,000 oz JORC Inferred Resource (>500,000 oz total contained mineralisation). IntrusionRelated Gold deposit. Coarse grained free gold plus refractory gold (not a problem anymore). Bauloora: Untested low-sulphidation epithermal vein system. Peel Fault: Orogenic, IntrusionRelated and Carlin-type gold prospects. Weabonga: Wattle Gully high-grade quartz vein analogue.

Board of Directors

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Dr Andrew (Andy) White – Executive Chairman, Geologist and Company Director, 49 years experience

Dr Leon Pretorius – Non executive Director, Geochemist and Company Director, 41 years experience

Mr A James (Jim) Morgan – Non executive Director, Electrical Engineer, 30 years Mining and Construction experience

Mr Robert Waring – Non executive Director and Company Secretary, 30 years financial accounting and Company Secretarial experience

Purpose of IPO and news flow Drilling finds ore!

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• Adequately-funded for intense exploration of carefully selected drill-ready gold targets

• Commence drilling as soon as funds raised, keep drilling to provide ongoing flow of news, more than 40% of budget spent on direct drilling costs over first 2 years

• Aim to increase Shareholder value through early discovery and extension of known gold mineralisation

• Move rapidly to develop discoveries to mining or sale

Exploration Summary

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Mt Adrah: Deep drilling and 3D IP to extend known deposit and test additional blind geophysical targets nearby Bauloora: Detailed geological mapping and early drilling targeting high grade epithermal quartz vein system (analogues of Pajingo and Cracow in Queensland)

Peel Fault : Drill out CNQ’s 2010 discovery and drill several new targets north and south of discovery Weabonga: Drill three target prospects. Target is Wattle Gully (in Victoria) style high grade (>9g/t) quartz vein mineralisation

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Capital Structure

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So what is new about Mt Adrah?

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Mt Adrah (Hobbs)

Hobbs Deposit outcrop

Old workings 150m east of Hobbs

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Mt Adrah SE extension, outcrop 600m SE of Hobbs

Old workings 160m east of Hobbs

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A note on BIOX........

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What is special about Bauloora?

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And the Peel fault?

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Mineralised Devonian sediment core (akin to Carlin-style)

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Listwanite - orogenic gold habitat

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And last but not least, Weabonga

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Cross-cutting quartz veins in black shale (Highland Mary mine at Weabonga)

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Wattle Gully Mine (Victoria) 10.9g/t