Barry Coulter, Executive Chairman

May 2014

2

DisclaimerThis presentation has been prepared by Sherwin Iron Limited (Sherwin Iron or the Company). It should not be considered as an offer or invitation to subscribe for or purchase any securities in the Company or as an inducement to make an offer or invitation with respect to those securities. No agreement to subscribe for securities in the Company will be entered into on the basis of this presentation.

This presentation contains forecasts and forward looking information. Such forecasts, projections and information are not a guarantee of future performance, involve unknown risks and uncertainties. Actual results and developments will almost certainly differ materially from those expressed or implied.

There are a number of risks, both specific to Sherwin Iron and of a general nature which may affect the future operating and financial performance of Sherwin Iron and the value of an investment in Sherwin Iron including and not limited to economic conditions, stock market fluctuations, iron ore demand and price movements, timing of access to infrastructure, timing of environmental approvals, regulatory risks, operational risks, reliance on key personnel, reserve and resource estimations, native title and title risks, foreign currency fluctuations, and mining development, construction and commissioning risk.

Sherwin Iron’s production target is based entirely on an assessment of the potential to convert Inferred and Indicated Resources to Probable Ore Reserves. The Company is yet to report a Probable Ore Reserve for the Roper River Iron Ore Project. As such there remains at present insufficient certainty with respect to whether economically mineable mineralisation exists to reliably estimate future production. The Company’s production target is subject to completion of feasibility studies, permitting and execution of all necessary infrastructure agreements.

You should not act or refrain from acting in reliance on this presentation material. This overview of Sherwin Iron does not purport to be all inclusive or to contain all information which its recipients may require in order to make an informed assessment of the Company’s prospects. You should conduct your own investigation and perform your own analysis in order to satisfy yourself as to the accuracy and completeness of the information, statements and opinions contained in this presentation before making any investment decision.

JORC – Exploration Targets: This presentation comments on and discusses Sherwin Iron’s exploration in terms of target size and type. The information relating to Sherwin Iron’s exploration targets should not be misunderstood or misconstrued as an estimate of Mineral Resources or Ore Reserves. Hence the terms Resource(s) or Reserve(s) have not been used in this context. The potential quantity and grade is conceptual in nature, since there has been insufficient work completed to define them beyond exploration targets and that it is uncertain if further exploration will result in the determination of a Mineral Resource.

Roper River Iron Ore Project Introduction

• Locations and Resources

• Project Development Timelines

• Resource and Project Development Strategy

• Project Capital and Production Capacity

• Project descriptions

• Bulk Sample Pit Operations at Area C

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4

Overview

Emerging mineral province

Previously identified deposits by BHP

Potential Large scale region - 4,000km²

Substantial potential large scale exploration resource up to 4BT (Billion

Tones)

• Initial 488Mt resource (Over 95% Indicated Resource)

Potential 31mt HG DSO and 88mt concentrated product

5

Strategic Location in an Emerging Iron Ore Province

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Highlights – Roper River Iron Ore Project

• Commenced 1.2Mtpa operation of Bulk sample pit with Haul

Road from Area C to Darwin Port

• Logistic project of Haul road from Area C to rail siding and rail

to Darwin is well advanced for 3.0Mtpa shipping from Q3 2015

• Complete Pre-Feasibility Mine Study of DSO Project for Area C

in Q2 2014

• Conduct Production Planning and detail Design of DSO Project

for Area C from Q3 2014

• Expect Status approval in July/August 2014

• Commence construction of DSO expansion Project for Area C

from Q3 2014

• Complete Area C DSO 3.0mtpa Expansionn by the Q2 2015

and full production commissioning from Q3 2015

• Commence Area X&W operations of 3Mtpa from Q3 2018

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• Capital of $45m for Area C DSO expansion Project

• Area X&W DSO project capital of $43m

• Potential $2.5billion LOM (life-of-mine) revenue from DSO project

C and X&W

• $60/tonne average LOM cash operating costs FOB of DSO project

C and X&W

• Using Platts Index iron ore price

Highlights – RRIO Project

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Hodgson Downs - Sherwin Iron FormationContinuous oolitic hematite

Deposit W extends over 8km in length, up to 1.2

km wide

Average thickness 4 metres

Close to surface

Low strip ratio

Consistent mineralisation

Surface mining technology

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RRIOP – JORC Resources

JORC （95%）indicated and （5%） Inferred Resources

Cut-off

Fe (%)Category

Tonnes

(Mt)Fe (%) SiO2 (%) Al2O3 (%) P (%) S (%) LOI (%)

X deposit

>55Higher Grade Domain

9.16 58.08 11.65 2.14 0.09 0.01 2.55

45 - 55Lower Grade Domain

28.28 48.22 19.93 2.69 0.09 0.05 6.80

35 - 45Mineral Waste Domain

6.86 42.51 28.76 3.44 0.08 0.05 5.53

Total 44.30 49.38 19.58 2.70 0.09 0.04 5.72

W deposit

>55 Higher Grade Domain 11.61 57.53 11.57 2.33 0.09 0.01 2.65

45 - 55 Lower Grade Domain 77.08 48.19 18.45 2.54 0.08 0.02 7.52

35 - 45Mineral Waste Domain

32.58 42.20 21.34 2.86 0.07 0.04 11.46

Total 121.26 47.48 18.57 2.61 0.08 0.03 8.11

C deposit

>55Higher Grade Domain

18.42 58.30 12.36 1.07 0.03 0.00 2.47

45 - 55Lower Grade Domain

52.69 46.80 27.39 1.27 0.04 0.01 3.10

35 - 45Mineral Waste Domain

175.23 41.69 32.63 1.43 0.03 0.01 4.27

Total 246.34 44.02 29.99 1.37 0.01 0.03 3.88

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Development Strategy of Roper River Iron Ore Project

• Large Resource for long mine life• A large low-grade hematite-goethite iron resource has been

established at Roper River, and exploration potential for

additional similar material appears to be excellent;

• Three group of deposits have been identified and optimised:• HG (High grade) of 59% Fe for DSO;

• LG (Low grade) of 48% Fe which can be beneficiated to 60% Fe

product from current Met test work;

• MW (Mineral waste) of 42% Fe which has not been considered

currently;

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Development Strategy of RRIO Project

• DSO Mine Operations in Stage 1 of Project Development• A higher-grade resource to DSO quality has been identified

• DSO project are low capital and unit operating cost, high profit margin,

NPV and IRR (internal rate of return)

• LG Beneficiation Operations in Stage 2 of the Project

development• Large existing LG resources for long mine life;

• Low Capex with process plant and related infrastructure which can

share site infrastructure and logistic system of DSO Operation

• Related low Opex ($/t product) with mill feed ore grade of 48% Fe from

Stockpiles

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RRIO Project (Roper River) Product

• DSO Project in Phase one Mine life of 10 years with exiting in

pit JORC Indicated resource Potential DSO product of 27mt at

59% Fe

• Total Project

• Mine life of 15 years with exiting in pit JORC Indicated

resource • Potential DSO product of 31mt at 59% Fe

• Potential beneficiated product of 88mt at 61% Fe.

• Potential total product of 119mt at 60% Fe

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Breakdown of Capital costs Annual

Production

Area C DSO Project DSO $M ~45 3.0mtpa

Area XW DSO Project DSO $M ~40 to 45 3.0mtpa

Area C LG process plant $M ~190 3.0mtpa

Area XW LG process plant $M ~190 3.0mtpa

RRIO Project Capital and Production Capacity

Project descriptions

1. Area C

• 1.2Mtpa DSO Bulk Sample Pit Operations

• 3.0Mtpa DSO Operations

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DSO Mine Production and Logistic DSO

Bulk Sample Pit Project Highlights

Site Infrastructure established

Mining

◦ HG ore of 330kt at 58% Fe mined from pit stage 1，2 and 4

◦ Crushing

HG ore of 300kt crushed with product of Fines at 58.6% Fe and Lump at 56.5% Fe;

Crushing capacity of 5kt/day with day and night shifts;

Haulage and Shipping

First Shipment of 71,000 t was in mid Oct 2013;

Second Shipment of 60,000 t was in mid January 2014;

One shipment per month from May 2014;

30 road-trains with 4,00t/day now;

Area C Bulk Sample (Trial Mining) Project

Completion of Access Road from Roper Hwy to Site

17Sherwin Iron

Roper High Way

Mie Access Road

Mine

Mine Site

Open Pit

Site Infrastructure established

Crusher and

Stockpiles

Office

Site - Pit Area

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Open Pit

Stage 1

Stage 2

Stage 4

Stage 3

Site Crusher and Stockpiles

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Crushed Ore stockpile

HG Ore ROMCrusher/Screen

Office

Mining Sequence and Activities Procedure

1. Drilling and Blast Overburden

2. Overburden removal

3. Grade control drilling

4. Ore Mining by layers

5. Mining Sequence – Stage 1, 2, 4 and 3

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Stage 1

Stage 2

Stage 4

Stage 3

Haulage

Triple Roadtrains working two shifts

Haulage distance of 575km from mine site to Darwin Port;

Split haul with decoupling-recoupling at Mataranka;

10 Roadtrains from Site to Mataranka return

20 Roadtrains from Mataranka to Darwin return

Detailed Traffic Management Plan for Roper Highway

haulage (escorted convoys, signage)

Upgrade Roper High Way maintenance contract awarded

Balmoral and traditional land owner joint venture road

maintenance being established22

Area C to Darwin Port

Sherwin Iron 23

• Area C - Short term alternative to transport ore on the Roper

Hwy for the first 1.2mtpa production to Katherine Rail Siding

and Rail to Darwin Port

Katherine

Area C to Mataranka

Sherwin Iron 24

• Mid Term-construct a parallel private

road and haul ore from Area C and XW

to Mataranka new Rail Siding

Area C (Sherwin Creek) Mine Operation

• Mine life of 5 years

• Waste plus LG and ore 7:1 strip ratio 7:1

• Option to sell LG with total project strip ratio of 3:1

• Operation of 1.2Mtpa start-up and increasing to 3.0Mtpa from Q3 2015

• Truck and excavator mining fleet for pre-strip

• Soft oxidised material likely digging directly with limited blast

• Mine predominantly in dry area above the water table

• Mining and transportation to be contracted externally

25Sherwin Iron

Area C Mine

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Total Pit

Transport Logistics

• Area C

• Short term (now) - transport ore on the Roper Hwy to Darwin Port

for the 1.2 to 1.5mtpa production

• Mid Term (2014/15) - construct rail siding and access road;

transport ore for 3.0mtpa from Q3 2015

Sherwin Iron 27

Locations Plan – Site to Darwin Port

Sherwin Iron 28

User Information

• One of Top 5 Steel Maker Companies in China

• No. 13 among the top 500 manufacturing enterprises in China;

• 75,00 registered employees;

• 15 Mtpa steel production and annual processing capacity of raw iron

ore at 27Mtpa

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User Comments

Sherwin Iron Ore Characteristics

Specifications – 58% Fe, 13%SiO2, 1.2% Al2O3, 0.01% P

High Silica

Low impurity and harmful elements

The ore can be blended with low Silica or high harmful elements ore

Sherwin High Silica Fines has the same characteristics like other fines

from Australian major iron ore producers. Meanwhile its high Silica has

better liquid phase fluidity of iron ore sintering than others.

Sherwin High Silica Fines can replace about 15% other Australian

main frame fines in ore-matching and its sinter quality and Tumbler

Strength keeps stable, which can be popularly accepted by the market.

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Corporate Executive Team

Barry Coulter— Executive Chairman

Mr Coulter is a businessman who has lived and worked in the Northern Territory for 35 years.

He was a member of the Northern Territory Parliament for 16 years and served as Deputy

Chief Minister, Treasurer and Minister for Mines and Energy.

Rodney Illingworth — Executive Director

Mr Illingworth has a wealth of experience in remote areas includes the construction of roads,

management of capital projects in Northern Territory and Western Australia, overseeing

management of capital budgets, negotiation with indigenous communities throughout

Western Australia and Northern Territory, resulting in Native Title agreements.

Weifeng Li –Technical Director

Mr Li is a highly skilled mining engineer with over 20 years industry experience in Australia

and internationally, his expertise covering mine planning, budgeting, project evaluations and

feasibility studies. He has played a key role in the design, execution and management of

more than 100 open cut and underground operations including at a number of world-class

deposits such as KCGM’s ‘Super Pit.

31Sherwin Iron

Unit 4, 4 Shepherd Street, Darwin NT 0800

Telephone: +61 8 8941 3844 Fax: +61 8 8941 4355

www.sherwiniron.com.au

Rodney Illingworth – Rodney.Illingworth@sherwiniron.com.au