EQUATORIAL RESOURCES LIMITED | ABN 50 009 188 694

Level 2, BGC Centre, 28 The Esplanade, Perth, WA, Australia 6000 | Phone: +61 8 9466 5030 | Fax: +61 8 9466 5029 www.equatorialresources.com.au

ASX: EQX | 26 APRIL 2012 | ASX RELEASE

FURTHER EXCELLENT METALLURGICAL TEST RESULTS RECEIVED FOR MAYOKO-MOUSSONDJI

HIGHLIGHTS

Metallurgical testing has confirmed the potential for colluvial iron mineralisation from the Makengui Prospect to produce premium lump and fines products using simple beneficiation techniques.

Combined lump and fines results include a mass recovery of 61% Fe, recovery of 76% and product grade of 63.4% Fe (calcined 65.1% Fe), 3.4% silica, 3.0% alumina and 0.051% phosphorus.

Lump reported directly to a high quality DSO product by simple wet screening, with a product grade of 64% Fe (calcined 65.7% Fe), 2.6% silica, 3.1% alumina and 0.048% phosphorus.

Fines were upgraded with a flowsheet replicating a typical Pilbara de-sanding circuit to produce a product grade of 63% Fe (calcined 64.8% Fe), 3.8% silica, 2.9% alumina and 0.052% phosphorus.

Larger bulk samples have been collected to enable more extensive upgradability testing, lump conditioning and product sinter and lump quality testing.

Equatorial Resources Limited (“Equatorial” or “Company”) is pleased to announce further excellent metallurgical testing

results from the Mayoko-Moussondji Iron Project (“Mayoko-Moussondji” or the “Project”) in the Republic of Congo

(“ROC”). The results of this testing (see Table 1) are highly encouraging and confirm that the colluvial iron mineralisation

has the potential to produce premium iron products, with high mass recovery and product calcined grade, after allowing

for removal of crystal water, of 65.7% Fe for lump and 64.8% Fe for the fines.

Dry weight % Calcined weight %

Colluvial Bulk Sample

– Head and Products

Mass

Recovery

%

Fe

Recovery

%

Fe SiO2 Al2O3 P S LOI Fe SiO2 Al2O3 SiO2

+ Al2O3

Head Sample 100.0 100.0 51.0 12.9 8.1 0.055 0.037 5.4 53.9 13.6 8.6 22.2

Lump (-25 + 8 mm) 100.0 100.0 63.9 2.6 3.1 0.048 0.022 2.8 65.7 2.7 3.2 5.9

Fines (-8 +0.038 mm) 40.6 67.5 63.2 3.8 2.9 0.052 0.020 2.5 64.8 3.9 3.0 6.9

Total Lump + Fines 61.0 75.8 63.4 3.4 3.0 0.051 0.021 2.6 65.1 3.5 3.0 6.5

% Lump 33.4

Table 1: Colluvial Bulk Sample Metallurgical Test Results

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ASX: EQX | 26 April 2012 | ASX RELEASE

Equatorial’s Managing Director and CEO, Mr John Welborn, said: “It is enormously encouraging that the significant

quantities of colluvial iron mineralisation we are delineating at Makengui have the potential to be upgraded into premium

grade lump and fines products. Our immediate development plan is focused on the DSO potential of Mayoko-Moussondji

and these results confirm the significant advantages of the massive scale potential of the project and its ability to deliver a

range of premium iron products to the market. Our metallurgical testing program is ongoing and we look forward to future

results particularly in relation to the DSO and pDSO ores.”

Mayoko-Moussondji Geological Model and Current Drilling Program

The Mayoko-Moussondji Iron Project consists of five main iron ore prospects with an aggregate prospective strike length

of over 46km and a total exploration target of between 2.3 – 3.9 billion tonnes at 30% to 65% Fe1 (refer ASX

announcement 30 November 2010 for details).

The current drilling program underway at Mayoko-Moussondji is designed primarily to target potential DSO mineralisation and oxide iron mineralisation that is easily upgradeable to a premium product contained within the enriched weathered zone of the substantial banded iron formation (“BIF”) mineralisation at the Makengui Prospect (“Makengui”). Makengui represents approximately 12km’s of the 46km’s of prospective strike at Mayoko-Moussondji and is located 500 metres from an operational railway line that leads directly to the deep water port of Pointe-Noire.

Based on drilling completed to date the following potential ore types are now recognised (refer Figure 1):

DSO (Zone 1): Shallow enriched hematite mineralisation grading above 55% Fe which is capable of producing a quality saleable iron product after simple crushing and screening;

pDSO (Zone 2): Enriched loose and friable hematite-magnetite mineralisation with a grade of between 40% Fe and 55% Fe that has the potential for simple beneficiation to a premium iron product;

Colluvial (Zone 3): Erosion of the DSO and pDSO has resulted in the deposition of colluvial iron mineralisation with a grade of between 40% and 60% Fe on the flanks of hillsides and as valley fill; and

Magnetite (Zone 4): Fresh magnetite BIF with a grade of between 30% Fe and 40% Fe. This includes material previously recognised as ‘transitional’, now included with the magnetite as it is likely that it would be processed via the same process flowsheet.

Figure 1: Schematic Section Makengui Deposit

1 Exploration Target: The estimates of exploration target sizes mentioned in this announcement should not be misunderstood or misconstrued as estimates of Mineral Resources. The potential quantity and grade of the exploration targets are conceptual in nature and there has been insufficient exploration to define a Mineral Resource in accordance with the JORC Code (2004) guidelines. Furthermore, it is uncertain if further exploration will result in the determination of a Mineral Resource.

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ASX: EQX | 26 April 2012 | ASX RELEASE

The Company has previously advised the market of drilling results from Mayoko-Moussondji (refer ASX Announcements

dated 5 October 2011 and 15 March 2012) which have included significant intercepts of the colluvial iron mineralisation

which blankets the hillsides at Makengui.

Delineation of the colluvial iron mineralisation is included as part of the current drilling program which is focussed on

defining a JORC resource within the enriched iron cap in the central part of the Makengui prospect. At this stage the

colluvial mineralisation identified by current drilling remains open in all directions (refer Figure 2).

Figure 2: Currently Defined Extent of Colluvial Iron Mineralisation

Metallurgical Test Program and Mayoko-Moussondji Product Potential

Equatorial’s metallurgical testing program has been designed to demonstrate the potential for the ore types identified at

Mayoko-Moussondji to produce a range of premium iron ore products. Highly experienced iron ore metallurgist Dr John

Clout has been engaged as the Company’s Chief Metallurgical Consultant and is in charge of the testing program.

Dr Clout has over 19 years of experience in iron ore characterisation, beneficiation, process plant flowsheet design,

sintering, lump quality for the blast furnace, pelletising, as well as iron ore technical marketing. Dr Clout has worked for

the CSIRO conducting industry-focused projects and more recently played a leading role in the development of Fortescue

Metals Group Ltd as Head of Resource Strategy and General Manager R & D.

The Company’s current metallurgical testing program has been categorised into distinct work programs based on the

different mineralisation at Mayoko-Moussondji.

The program is progressing well as shown in Table 2 below.

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ASX: EQX | 26 April 2012 | ASX RELEASE

Ore Type Test Work Progress Results

DSO (Zone 1) Bulk

samples/core Bulk samples collected Expected H2 2012

pDSO (Zone 2) Bulk Samples

and core

Bulk samples collected,

testing of core samples

underway

Expected May/June 2012

Colluvium (Zone 3) Bulk Samples Bulk samples collected,

initial tests completed Received and attached.

Magnetite BIF (Zone 4) HQ Core Initial DTR tests

completed

Received and announced 24

April 2012

Table 2: Summary of Mayoko-Moussondji metallurgical testing program

Colluvial Iron Mineralisation Metallurgical Testing

Three samples of the colluvial iron mineralisation, each weighing approximately 50kg, were collected from the central

area of the Makengui prospect and sent to SGS Lakefield Oretest Pty Ltd (“SGS Lakefield”) in Perth for initial

metallurgical testing. Typical RC drill intersections of colluvial mineralisation of 14m to 38m @ 46% to 55% Fe from the

Makengui prospect were reported to the ASX on 15 March 2012.

Following head sample characterisation by wet sizing and assay, the three individual samples were combined into a

single composite sample with a head grade of 51.0% Fe, 12.9% silica and 8.1% alumina. The main iron minerals in the

sample are hematite-magnetite with minor brown goethite.

The initial test to deduce whether the colluvial iron mineralisation had the potential to produce a premium iron ore product

used wet screens and simple wet gravity separation. The sample was wet scrubbed in an ISO tumble drum to break up

clays then wet screened to produce four size fractions, lump (>8mm and <25mm), fines (>2mm and <8mm), >25mm

(which was crushed to fines) and less than 2mm.

The lump reported as a ‘DSO’ fraction straight to product. The natural fines fraction was upgraded using a single stage

static jig at SGS Lakefield. The fraction below 2mm was upgraded at the NAGROM laboratories in Perth, Australia where

clays and quartz sand were rejected using two stages of hydrosizer, with the final underflow product upgraded using a

Wilfley table. The less than 2mm flowsheet was designed to simulate a typical Pilbara desanding plant circuit that uses a

simple hydrocyclone-upcurrent classifier-spiral circuit.

The results of this testing are included in Table 1 and are considered to be highly encouraging as they indicate that the

colluvial iron mineralisation has the potential to produce premium iron products, with a mass recovery for combined lump

and fines of 61% and product grade of 63.4% Fe, 3.4% silica, 3.0% alumina and 0.052% phosphorus. Other

contaminants were very low. The product calcined grade, after allowing for removal of crystal water, was 65.7% Fe for

lump and 64.8% Fe for the fine product.

These exciting results are part of Equatorial’s ongoing metallurgical testing program. Detailed metallurgical and product

quality test work on bulk sample and diamond drill core samples of DSO, colluvial and pDSO mineralisation types will

continue over the coming months. The larger sample sizes will allow for more extensive upgradability testing, lump

conditioning and product sinter and lump quality testing.

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ASX: EQX | 26 April 2012 | ASX RELEASE

For further information contact:

John Welborn Managing Director & CEO

Telephone: +61 8 9466 5030

Email: info@equatorialresources.com.au

Web: www.equatorialresources.com.au

The information in this report that relates to Exploration Results, other than Metallurgical Test Results and Geophysical Exploration Results, is based on information compiled by Mr Sean Halpin, who is a member of the Australian Institute of Geoscientists. Mr Halpin is a full time employee of Equatorial Resources Limited. Mr Halpin has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration and to the activity, which 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 Halpin consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. The information in this report that relates to Metallurgical Test Results is based on information compiled by Dr John Clout who is a Fellow of the Australasian Institute of Mining and Metallurgy. Dr Clout is a consultant to Equatorial Resources Limited. Dr Clout has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration and to the activity, which 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’. Dr Clout consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. The information in this announcement that relates to Geophysical Exploration Results is based on information compiled by Mr Mathew Cooper (B.App.Sc (Geophysics) Hons.) of Resource Potentials Pty Ltd, who was engaged by Equatorial Resources Limited to provide geophysical consulting services. Mr Cooper is a member of The Australian Institute of Geoscientists and has sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity which 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 Cooper consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

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ASX: EQX | 26 April 2012 | ASX RELEASE

ABOUT EQUATORIAL RESOURCES Equatorial Resources Limited (ASX:EQX), is focused on the exploration and development of two 100% owned potentially

large-scale iron ore projects located in the politically stable and investment friendly Republic of Congo (“ROC”) in the

emerging global iron ore province of Central West Africa.

The Mayoko-Moussondji Iron Project, located in the southwest region of the ROC, has an estimated global exploration

target of between 2.3 and 3.9 billion tonnes1 of iron mineralisation at a grade of 30% to 65% Fe. The project has access

to a rail line running directly to the deep-water port of Pointe-Noire, where the Company’s operational office is located.

The Badondo Iron Project, in the northwest region of ROC, has an estimated global exploration target of between 1.3

and 2.2 billion tonnes1 of iron mineralisation at a grade of 30% to 65% Fe. The project is located within a regional cluster

of world-class iron ore exploration projects including Sundance Resources’ Mbalam and Nabeba projects.

For further information contact:

John Welborn Managing Director & CEO

Telephone: +61 8 9466 5030

Email: info@equatorialresources.com.au

Web: www.equatorialresources.com.au

1 Exploration Target: The estimates of exploration target sizes mentioned in this announcement should not be misunderstood or misconstrued as estimates of Mineral Resources. The potential quantity and grade of the exploration targets are conceptual in nature and there has been insufficient exploration to define a Mineral Resource in accordance with the JORC Code (2004) guidelines. Furthermore, it is uncertain if further exploration will result in the determination of a Mineral Resource.

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