We give an inductive procedure for finding the extremal rays of the equivariant Littlewood-Richardson cone, which is closely related to the solution space to S. Friedland's majorized Hermitian eigenvalue problem. In so doing, we solve the "rational version" of a problem posed by C. Robichaux, H. Yadav, and A. Yong. Our procedure is a natural extension of P. Belkale's algorithm for the classical Littlewood-Richardson cone. The main tools for accommodating the equivariant setting are certain foundational results of D. Anderson, E. Richmond, and A. Yong. We also study two families of special rays of the cone and make observations about the Hilbert basis of the associated lattice semigroup.