The Tungsten Company

Icon Resources Ltd (ASX: III)

Icon Resources

DisclaimerThe 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 Person’s StatementInformation in this presentation that relates to Exploration Results is based on information compiled by Darcy Milburn, who is a member of the Australian Institute of Mining and Metallurgy. Mr Milburn is a full-time employee of Icon 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 of Exploration Results, Mineral Resources and Ore Reserves”. Mr Milburn consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Scheelite fluoresces under ultraviolet light. ‘Iron Duke’ lode, Mt Carbine

Icon Resources Ltd (ASX: III)

Corporate

Experienced, technical board and managementDr Leon Pretorius, ChairmanDr Andrew White, Non-exec. DirectorIan Sheffield-Parker, Managing DirectorDarcy Milburn, Exploration Manager

Shares price & market capASX-listed - code III

~119 million shares on issue

23 million unlisted options

Current share price ~14¢

Market cap ~$20 million

Icon Resources Ltd (ASX: III)

Icon Project Overview

Icon to be the tungsten producer, based on its Mt Carbine (North Queensland) projectIcon’s copper/zinc VMS prospects spun off to listed entity Fitzroy Resources (ASX:FRY) (completed December 2010)Icon’s gold prospects to be spun off to Gossan Hill Gold - IPO planned early 2011

Icon Resources Ltd (ASX: III)

Tungsten - the ‘Cutting Edge’ of Industry

Tungsten has a range of strategic applications essential to modern society

‘Hard metal’ cutting/drilling tools

High-speed steels, alloys

Light globe filaments

Mobile phones, smart building windows, new technologies, aviation & military

Tungsten is a rare metal with no substitutes for its applicationsMost important applications are tungsten carbide and hardening steelDemand is predicted to increase as developing nations increase their manufacturing capabilities

Icon Resources Ltd (ASX: III)

Tungsten Market

~60,000 tpa W tradedDominated by China - 65% of world resources@ 2010 China had 80% of production, now net importerWestern production depleted or facing long lead to start-up Roskill predicts >12% supply shortage in 2015No current Australian producers

Metal price: Tungsten concentrates min 65% - China

Date 2010-12-09

Market China

Icon Resources Ltd (ASX: III)

Mt Carbine - Competitive Advantages

Granted Mining Leases (Native Title extinguished) Environmental ApprovalSuperb Infrastructure

Mine site is ~45 minutes drive to Port Douglas, 1.5 hours to Port of CairnsSealed roads, mains power pass through mine leases, several options for waterExisting tailings storage with several years capacity

18-20 year production from tungsten in

TailingsLow grade stockpilesHard rock inferred resource

New market for low grade concentrates

Icon Resources Ltd (ASX: III)

Mt Carbine - Strategic Advantages

Production start-up third quarter 2011Best pre-concentration result from ore sorting of all tungsten ‘would be's’Strategic holding of highly prospective exploration ground around existing mine leasesStrong exploration program planned in ML's and EPM's to feed market with on-going discovery/resource upgrades over next 2-3 years and extend potential mine lifeOpportunity to build credibility as producer before hard rock mining starts – reducing risk of hard rock mining, capital raising Mill in place and paid for before hard rock mining starts – reducing risk of price falls

Icon Resources Ltd (ASX: III)

Mt Carbine open cut, 1986Mt Carbine deposit is typical of its type:

Low grade, but potentially very large (75% of mineralised system still not explored)

Mt Carbine is different from many other tungsten deposits:The low grade ore is highly amenable to substantial pre-concentration by ore sorting

Mt Carbine - Quality

Icon Resources Ltd (ASX: III)

Mt Carbine Plan

1. Retreat the tailings (2Mt @ 0.1% WO3 (JORC) inferred resource - for 600 tpa WO3 for 2 years

2. Retreat low-grade stockpiles (12Mt @ 0.075% WO3) for 1,200 tpa WO3 >5 years

3. Hard-rock mining (JORC) inferred resource of 39mt @ 0.14% WO3 for 2,400 tpa WO3 >10 years

Icon Resources Ltd (ASX: III)

Summary

• Projected Operations

• * tonnes of WO3 in mixed concentrate @ >52% WO3

• 1. Bulk sample processing confirmation April 2011• 2. On site ore-sorter tests Nov/Dec 2010 and Jan 2011

Production* EBITDA Capex Mine Life

Tailings1:

2011 start-up ~50t/mth ~$5M/yr $4M 2 years

Low grade stockpiles2:2012 start-up

~100t/mth ~$15M/yr $20M >5 yrs

Hard-rock: ~200t/mth ~$30M/yr $5M >10 yrs

Icon Resources Ltd (ASX: III)

Working Capital Requirements

$2.5M operating costs until cash flow from first sales 1

$2M mine lease expenditure, feasibility studies and exploration

$2M ML purchase

$4M construction of tailings processing plant 2

Total $10.5M

1 and 2 are essential for tailings production

Icon Resources Ltd (ASX: III)

Contact Details

• Ian Sheffield-Parker

• Managing Director

• Mobile: 0409 989 960

• Email: iansp@iconresources.com.au

• (Onsite at Mt Carbine)