EQUATORIAL RESOURCES LIMITED — Board/Management Information 2003

Nov 18, 2003

19 November 2003

The Manager Companies Australian Stock Exchange Limited

Dear Sirs

SHAREHOLDER UPDATE

The Board of Directors of Australian biotechnology company EQITX Limited (ASX:EQX) provide the following market update prior to its Annual General Meeting today:

Gingerol Project:

Milestone one activities are progressing well and the synthesis of the drug candidates required for the completion of the milestone one activities has been completed.

The synthetic chemistry has yielded new and improved synthetic methods that will assist with the future large scale synthesis and manufacture. These new synthetic methods have added real value to the technology and will make the technology more attractive to big pharmaceutical companies. The improved methods will also facilitate the timely completion of proposed future milestone activities.

In vitro pain and inflammation studies on the selected drug candidates have commenced. The results from these studies will allow the Project team to further refine and select lead compounds that will be investigated using clinically predictive animal models in milestone two. The pharmacology work is being conducted by Professor Allan Evans' group at the Centre for Pharmaceutical Research in Adelaide and Professor Macdonald Christies' group at the Pain Management Centre in Sydney.

ZingoTX, (the company established to commercialise the Gingerol Project) has already selected a sub group of compounds with known activities for pain and/or inflammation management. Initial results have been promising with compounds demonstrating the highly desirable quality of mixed activities; having both pain and inflammation moderating properties. The milestone one pharmacological assessment is expected to be completed in December allowing for informed decisions to be made regarding the commencement of milestone two activities and the injection of the second tranche of funding.

Following on from the anticipated successful completion of milestone one and the commencement of milestone two activities, selected drug candidates will be investigated utilising specific in vivo (whole animal) models for inflammatory pain including neuropathic pain.

Lipopeptide Vaccine Project:

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. 1. . . . . . . . . . .
. . . . . . . .

As announced on 14 November 2003, the Board of Management of the Cooperative Research Centre for Vaccine Technology has agreed terms with EQITX for the exclusive right to develop and commercialise new, more effective vaccines for infectious diseases, cancers and other therapeutic applications in humans.

EQITX Limited Level 3. (BM Building 1060 Hay Street, West Perth Western Australia, 6005

Phone (+61 8) 9480 0490

Fax: (÷61-8) 9480 0452

Email: info@editx.com www.editx.com

Documentation is now being prepared for the CRC constituents to ratify and sian.

Scientific Advisory Board:

The Board of Directors has moved to significantly strengthen the Company's technical team by appointing a new Scientific Advisory Board (SAB). comprising Professor Pat Holt. Professor John Hamilton and Richard Morgan.

The new Scientific Advisory Board will bring an additional wealth of commercial and scientific expertise to the Company in relevant disciplines that complement EQiTX's existing technical strengths.

The Directors are confident that the acknowledged experience and expertise of the new SAB members will assist EQiTX to capitalise on every opportunity that is presented to the Company.

Further details about the new SAB members appear at the end of this announcement.

Dr Kevin Fahey & Professor Mark Von Itzstein:

The Board is also pleased to announce that Dr Kevin Fahey and Professor Mark Von Itzstein have agreed to commit additional time to the Company.

Dr Fahey has agreed to work more closely with the Company to commercialise its various projects while Professor Von Itzstein has accepted an offer to join the Board of ZingoTX Pty Ltd.

The Board of Directors believe these additional developments will ensure EQITX is well placed to maximise the commercial opportunities of both projects, and are excited at the potential for growth in the Company during 2004.

About EQITX Limited:

EQITX Limited (ASX code: EQX) is a public listed biotechnology company dedicated to the commercial research and development of new therapeutics associated with chronic diseases and conditions affecting the aging population.

It has a highly qualified management team and an eminent body of experts who assist the Company to identify, review and select biotechnologies that will ultimately attract the commercial interest of large pharmaceutical companies.

EQITX will utilise its significant in-house expertise to manage the research and development activities for the Gingerol Project on a day-to-day basis, through a fee for service arrangement.

For further information about EQITX Limited or the Gingerol Project, visit www.eqitx.com or contact:

Dr Noel Chambers CEO EQITX Limited T: 61 8 9480 0490 E: nchambers@egitx.com

Peter Harris Professional Public Relations T: 61 8 9388 0944 E: pharris@pprwa.com.au

Attachment 1

Members of the new Scientific Advisory Board are:

Professor Pat Holt. BSc. PhD. MRCPath. DSc. FRCPath. MD (Hon). FRCPI, FAA

Professor Holt is best known for his pioneering work on the immunology of asthma and as an international authority on allergic and infectious disease.

In addition to his role as Deputy Director and Head of Division of Cell Biology at the Telethon Institute for Child Health Research in Perth. Professor Holt serves on the Scientific Advisory Board of the Edward Jenner Institute for Vaccine Research in the UK and as part of the World Health Organisation Consultative Group for Prevention of Allergic Diseases.

He has a wealth of industry experience including R&D collaborations with Pfizer (France/UK), GlaxoSmithKline (UK), ALK Abello (Denmark), Pharmacia Diagnostics (Sweden) and Wyeth Pharmaceuticals (US).

Professor Holt's international awards for achievements in research include the Pharmacia Foundation International Prize in Allergy, the King Faisal Foundation Prize in Medicine for research on asthma, and an Honorary Doctorate in Medicine from Linkoping University in Sweden.

Among his many qualifications. Professor Holt holds a PhD (1970) University of Western Australia, MRCPath (1984) Royal College of Pathologists, DSc (1990) University of Western Australia, FRCPath (1994) Royal College of Pathologists (UK), MD (Hon) (1995) University of Linköping, FRCPI (1997) Royal College of Physicians of Ireland and FAA (2001) Australian Academy of Science.

Richard Morgan C. Biol. M.I.Biol, DipRCPath

Richard Morgan has more than 25 years experience in pharmaceutical research and development. He has held various senior management positions within Preclinical Safety including Head of Toxicology at Wellcome plc and International Head of Toxicology and Preclinical Outsourcing for GlaxoWellcome plc.

With GlaxoWellcome (later GlaxoSmithKline) he was responsible for the Preclinical Safety Evaluation of more than 100 new chemical entities (NCE's) and involved in the development of a large number of successfully marketed products. After leaving GlaxoSmithKline plc and after a period as Interim Head of Preclinical for PowderJect Pharmaceuticals. Richard established his own consultancy company (R&B HealthCare Ltd), providing advice on Toxicology and Preclinical Discovery and Development to client companies in the UK and Australia.

Mr Morgan holds C.Biol. M.I.Biol (Laboratory Animal Pathology) from the Institute of Biology and Dip.RCPath (Toxicology) from the Royal College of Pathologists.

Professor John Hamilton, DSc, PhD

Professor John Hamilton is a cellular biochemist and Chief Executive Officer of the Co-operative Research Centre for Chronic Inflammatory Diseases. He is also Director of the Arthritis and Inflammation Research Centre at the University of Melbourne.

Since 1993, he has been a Professional Fellow at the University of Melbourne and Senior Principal Research Fellow of the National Health and Medical Research Council of Australia.

Prior to returning to Australia in 1981, he spent 10 years overseas in Switzerland, Canada and the USA, spending seven years in New York at the Rockefeller University and the Sloan Kettering Centre for Cancer Research.

Professor Hamilton has been a consultant for several local and overseas pharmaceutical and/or biotechnology companies, and is currently researching the area of inflammation, in particular the contribution of macrophage-lineage cells.