EQ RESOURCES LIMITED — Major Shareholding Notification 2009

Dec 2, 2009

Form 604

Corporations Act 2001 Section 671B

Notice of change of interests of substantial holder

To Company Name/Scheme ICON RESOURCES LTD ACN/ARSN 115 009 106 1. Details of substantial holder (1) Name METALS X LIMITED (“METALS X”) and its related bodies corporate listed in “Annexure A” to this notice (“Metals X Group Entities”) ACN (if applicable) 110 150 055 There was a change in the interests of the substantial holder 25 / 11 / 2009 on The previous notice was given to the company on 24 / 07 / 2009 The previous notice was dated 24 / 07 / 2009

2. Previous and present voting power

The total number of votes attached to all the voting shares in the company or voting interest in the scheme that the substantial holder or an associate (2) had a relevant interest (3) in when last required, and when now required, to give a substantial holding notice to the company or scheme, are as follows:

Class of securities (4)	Previous notice	Previous notice	Present notice
	Person’s votes	Voting power(5)	Person’s votes	Voting power(5)
Ordinary shares	5,000,000	6.90%	4,448,600	5.19%

3. Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest of the substantial holder or an associate in voting securities of the company or scheme, since the substantial holder was last required to give a substantial holding notice to the company or scheme are as follows:

Date of change	Person whose relevant interest changed	Nature of change (6)	Consideration given in relation to change (7)	Class and number of securities affected	Person’s votes affected
25/11/09	Metals X Limited and each Metals X Group Entity	Issue of 11,180,570 ordinary shares pursuant to share placement resulting in dilution of relevant interest	N/A	N/A	N/A
05/10/09 - 20/10/09	Metals X Limited and each Metals X Group Entity	On-market disposal of 551,400 ordinary shares	$61,604.82	551,400	551,400
16/10/09	Metals X Limited and each Metals X Group Entity	Issue of 1,571,427 ordinary shares pursuant to share placement resulting in dilution of relevant interest	N/A	N/A	N/A
07/08/09	Metals X Limited and each Metals X Group Entity	Issue of 500,000 ordinary shares pursuant to share placement resulting in dilution of relevant interest	N/A	N/A	N/A

4. Present relevant interests

Particulars of each relevant interest of the substantial holder in voting securities after the change are as follows:

Holder of relevant interest	Registered holder of securities	Person entitled to be registered asholder(8)	Nature of relevant interest (6)	Class and numberofsecurities	Person’s votes
Metals X Limited and each Metals X Group Entity	Metals X Limited and each Metals X Group Entity	Metals X Limited and each Metals X Group Entity	Beneficial owner	Ordinary shares 4,448,600	4,448,600

5. Changes in association

The persons who have become associates (2) of, ceased to be associates of, or have changed the nature of their association (9) with, the substantial holder in relation to voting interests in the company or scheme are as follows:

interests in the company or scheme are as follows:	terests in the company or scheme are as follows:
Name and ACN (if applicable) Nature of association N/A N/A 6. Addresses The addresses of persons named in this form are as follows: Name Address Metals X Limited Level 3, 123 Adelaide Terrace, EAST PERTH WA 6004	Name and ACN (if applicable)	Nature of association
	N/A	N/A
	Name	Address
	Metals X Limited	Level 3, 123 Adelaide Terrace, EAST PERTH WA 6004

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Signature
print name Fiona Van Maanen capacity Company Secretary
sign here date 03/12/2009
DIRECTIONS
(1) If there are a number of substantial holders with similar or related relevant interests (eg. a corporation and its related corporations, or the manager and trustee of an
equity trust), the names could be included in an annexure to the form. If the relevant interests of a group of persons are essentially similar, they may be referred to
throughout the form as a specifically named group if the membership of each group, with the names and addresses of members is clearly set out in paragraph 6 of the
form.
(2) See the definition of “associate” in section 9 of the Corporations Act 2001.
(3) See the definition of “relevant interest” in sections 608 and 671B(7) of the Corporations Act 2001.
(4) The voting shares of a company constitute one class unless divided into separate classes.
(5) The person’s votes divided by the total votes in the body corporate or scheme multiplied by 100.
(6) Include details of:
(a) any relevant agreement or other circumstances because of which the change in relevant interest occurred. If subsection 671B(4) applies, a copy of any
document setting out the terms of any relevant agreement, and a statement by the person giving full and accurate details of any contract, scheme or
arrangement, must accompany this form, together with a written statement certifying this contract, scheme or arrangement; and
(b) any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting powers or disposal of the securities to
which the relevant interest relates (indicating clearly the particular securities to which the qualification applies).
See the definition of “relevant agreement” in section 9 of the Corporations Act 2001.
(7) Details of the consideration must include any and all benefits, money and other, that any person from whom a relevant interest was acquired has, or may, become
entitled to receive in relation to that acquisition. Details must be included even if the benefit is conditional on the happening or not of a contingency. Details must be
included of any benefit paid on behalf of the substantial holder or its associate in relation to the acquisitions, even if they are not paid directly to the person from whom
the relevant interest was acquired.
(8) If the substantial holder is unable to determine the identity of the person (eg. if the relevant interest arises because of an option) write “unknown”.
(9) Give details, if appropriate, of the present association and any change in that association since the last substantial holding notice.
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Annexure “A”

This Annexure “A” of 1 page referred to in the Form 604 (Notice of Change of Interests of Substantial Holder), signed by me and dated 3 December 2009.

Signed: Fiona Van Maanen

The following bodies corporate are related bodies corporate of Metals X Limited:

• Metals Exploration Limited;

• Bluestone Australia Pty Ltd;

• Bluestone Nominees Pty Ltd;

• Bluestone Mines Tasmania Pty Ltd;

• Harbour Capital (WA) Pty Ltd;

• Metex Nickel Pty Ltd;

• Hinckley Range Pty Ltd;

• Austral Nickel Pty Ltd; and

• Agaton Phosphate Pty Ltd.