EQ RESOURCES LIMITED — Major Shareholding Notification 2010

Feb 21, 2010

Form 605

Corporations Act 2001 Section 671B

Notice of ceasing to be a substantial holder

To Company Name/Scheme Icon Resources Limited

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) 110 150 005

The holder ceased to be a substantial holder on 19 / 02 / 2010

The previous notice was given to the company on 03 / 12 / 2009

The previous notice was dated 03 / 12 / 2009

2. Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest (2) of the substantial holder or an associate (3) 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 relevantinterest changed	Nature of change (4)	Consideration givenin relation to change(5)	Class (6) andnumber ofsecurities affected	Person’s votesaffected
19/02/2010	Metals X Limitedand each Metals XGroup Entity	Issue of 6,069,441 ordinary sharespursuant to share placementresulting in dilution of relevantinterest	N/A	N/A	N/A
17/12/2009	Metals X Limitedand each Metals XGroup Entity	Issue of 153,845 ordinary sharespursuant to share placementresulting in dilution of relevantinterest	N/A	N/A	N/A

3. Changes in association

The persons who have become associates (3) of, ceased to be associates of, or have changed the nature of their association (7) with, the substantial holder in relation to voting interests in the company or scheme are as follows:

ompany or scheme are as follows:
Name and ACN (if applicable)	Nature of association
N/A	N/A

4. Addresses

The addresses of persons named in this form are as follows:

f persons named in this form are as follows:
Name	Address
Metals X Limited	Level 3, 123 Adelaide Terrace, EAST PERTH WA 6004

Signature
	print name	Fiona Van Maanen	capacityCompany Secretary
	sign here		date22 / 02 / 2010

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 4 of the form.

• (2) See the definition of “relevant interest” in sections 608 and 671B(7) of the Corporations Act 2001.

• (3) See the definition of “associate” in section 9 of the Corporations Act 2001.

• (4) 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.

• (5) 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.

• (6) The voting shares of a company constitute one class unless divided into separate classes.

(7) Give details, if appropriate, of the present association and any change in that association since the last substantial holding notice.

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 22 February 2010.

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.