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October 2011 – Hong Kong Investor Marketing

INDONESIAN COAL PRODUCTION & EXPLORATION

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Certain statements contained in this presentation, including information as to the future financial or operating performance of OrpheusEnergy Limited (“Orpheus”) and Orpheus Energy Group Pty Ltd (“OEGPL”) and its projects, are forward looking statements.

Such forward looking statements may include, among other things, statements regarding targets, estimates and assumptions in respect ofmineral reserves and mineral resources and anticipated grades and recovery rates, production and prices, operating costs and results,capital expenditures, and are or may be based on assumptions and estimates related to future technical, economic, market, political, socialand other conditions; are necessarily based upon a number of estimates and assumptions that, while considered reasonable byOrpheus/OEGPL, are inherently subject to significant technical, business, economic, competitive, political and social uncertainties andcontingencies; and involve known and unknown risks and uncertainties that could cause actual events or results to differ materially fromestimated or anticipated events or results reflected in such forward looking statements.

Orpheus/OEGPL disclaims any intent or obligation to update publicly any forward looking statements, whether as a result of newinformation, future events or results or otherwise. The words “believe”, “expect”, “anticipate”, “indicate”, “contemplate”, “target”, “plan”,“intends”, “continue”, “budget”, “estimate”, “may”, “will”, “schedule” and similar expressions identify forward looking statements.

All forward looking statements made in this presentation are qualified by the foregoing cautionary statements. Investors are cautioned thatforward looking statements are not guarantees of future performance and accordingly investors are cautioned not to put undue reliance onforward looking statements due to the inherent uncertainty therein.

Competent Person’s Statement:

The following statements apply in respect of the information in this announcement that relates to mineral resources, exploration results andexploration targets. The information is based on, and accurately reflects information compiled by Wes Harder, who is a Member of theAustralasian Institute of Mining and Metallurgy. Wes Harder is a Director of Orpheus Energy Limited and is a Geologist who has sufficientexperience which is relevant to the style of coal mineralisation and type of deposit under discussion and to the activity which he isundertaking 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". Wes Harder consents to the inclusion in the report of the material, based on his information, in theform and context in which it appears.

* JORC- Exploration TargetIt is common practice for a company to comment and discuss its exploration in terms of target and size type. The information in this presentation relating to exploration targets should not bemisunderstood or misconstrued as an estimate of Mineral Resources or Ore Reserves. The potential quantity and grade is conceptual nature, there has been insufficient work completed to define amineral resource and it is uncertain if further exploration will result in the determination of a mineral resource.

DISCLAIMERF

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EXECUTIVE SUMMARY

Orpheus Energy Limited (“OEG”) is a coal company focusing on coal production and exploration inIndonesia. OEG also owns some Australian coal and industrial minerals projects.

Orpheus has signed a strategic alliance with PT Mega Coal International (‘Mega’) which is anexisting coal producer and exporter.

ASX Code OEG

Shares on issue ~115M

Options ~53M

Share price $0.15

Market capitalisation* ~$25m

Cash $6m

Proforma Shareholding Structure(Immediately Post In Specie Distribution by Coalworks)

* Fully diluted basis

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WHY INDONESIA?

Indonesia and Australia remains the key playersin the export coal market.

Indonesia has been the fastest growingexporter, overtaking Australia as the largestsupplier to the global seaborne market in 2005.

China plans to add 1TW new coal-fired powerplants by the end of 2020, triple the size of itstotal capacity from the current 650GW.

Demand visibility from India is also strong asthe country plans to add 130GW of powerplants over the next five years.

As its import data shows, India is even morerelevant to Indonesia’s exports since its importsfrom Indonesia account for around 65% of itstotal coal imports.

The trend should only continue as India’srequirement for more low-CV coal fits with theoutput outlook from Indonesian producers.

China’s Import from Indonesia and Australia

India’s Import trend with Indonesia as a key supplier

(Source: CIMB Research)

(Source: Bloomberg, CIMB Research)

Indonesia is a key player riding on the strong and growing export coal market

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2011 EBITDA Margin

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35%40%

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Australian Margin=30%

Indonesian Margins=36%

2012 PE Multiples

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Indonesia average = 8.4X

Australia average = 13.3X

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Better Operating Margin compared to Australian coal companies

Indonesian coal companies are priced at an attractive discount of 36% compared to their Australian peers

Due to lower cost of production, Indonesian coal companies have better operating margins compared to their Australian peers.

The lower cost of production will provide additional buffer against coal price fluctuation, more so in view of the current volatile market condition.

Attractive Valuation Compared to Australian Coal Companies

(Source: Bloomberg, 15 September 2011)

(Source: Bloomberg, 15 September 2011)

WHY INDONESIA?F

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Near term objectiveTo move Orpheus’s first Indonesian coking and thermal coal production asset, the B26 project(Orpheus 51%), into highly profitable steady state mining at a production rate of 40,000 tonnesper month (~500,000 tonnes per year) from 2012.

Trial mining has been underway in 2011 and a new mine plan is nearly complete for the nextstage.

Medium term objectives• To consolidate Orpheus’s profitable mining at B26 and move the B34 project in the

neighbouring area into production, doubling total production out of this area.

• To add near-term production assets to Orpheus’s portfolio.

B34 was secured in September 2011 and further projects are under review by Orpheus, as partof the OEG – Mega Coal strategic alliance in South Kalimantan for acquisition and development.

Longer Term ObjectiveTo establish Orpheus as a high volume, highly profitable coking and thermal coal producer,infrastructure owner and coal trader in Indonesia.

CORPORATE STRATEGYF

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WAYNE MITCHELL A. A. S. A. - Executive Chairman & CEO

Mr. Wayne Mitchell is a qualified accountant with over 30 years extensive senior management experience in the natural resource sector; bothin Australia and in South East Asia. In the early 1970's, Mr. Mitchell and two partners were the initial promoters and developers of Thailand'smajor zinc deposit located at Mae Sot, Northern Thailand. Mr. Mitchell specializes in the areas of financial planning, fund raising and projectevaluation. He is also a past Chairman of listed company Central Victorian Gold Mines N.L and a director of Diversified Mineral Resources NLwhere he initiated and led the project team for the Burton Downs Coal project taken over by Portman Mining before being sold for more than$200 million. Mr. Mitchell is a co- founder and chairman of Coalworks Limited.

DAVID SMITH B Econ, Dip Mgmt - Executive MBA. - Executive Director

Mr Smith is an investment banker of 15 years experience, and was most recently at BBY Limited where he was Head Equity Capital Marketsand a member of the group's Executive and Risk Management Committee. Mr Smith joined BBY in 2004 and since that time, BBY's CorporateFinance division raised more than $4 billion for its corporate clients and now maintains regular Top 15 positions in the various AustralianInvestment Banking League Tables. He has extensively advised corporate clients in the bulk commodities sectors of coal and iron ore. In 2008,the BBY Corporate Finance division won the "Best Corporate Deal of the Year" award at the Australian Stockbrokers Foundation Awards for acoal sector client. Mr Smith maintained a Top 10 ranking in the annual SMH Age East Coles Investment Banking surveys from 2008-2010. Prior to joining BBY, he worked at Ord Minnett and then JPMorgan Chase.”

WESLEY HARDER BSc. Dip SIA. MAusIMM. - Director, Exploration

Mr. Harder is a former coal analyst with Jackson Ltd stockbrokers and has also worked with a number of stockbrokers, including Ord Minnettand Frank Renouf. He has also worked as a field exploration geologist for fifteen years in Australia and its near neighbours including Sumatraand Irian Jaya in Indonesia, mainland Papua New Guinea and New Britain Island, many parts of the Solomon Islands and Fiji. He has worked intropical and arid environments searching for a range of mineral commodities including gold, copper, coal and uranium for such majorcompanies as Newmont Mining Inc., Placer Prospecting Ltd and Pancontinental Mining Limited and Gujarat NRE Coking Coal Ltd. He was aFounding Director & CEO of Zinico Resources NL and its successors for 5 years and Mr. Harder is a founding shareholder of Coalworks Ltd.

TONY KING, BSc. BA. - Director

Mr King is a professional Metallurgist and qualified geologist with over 20 years operational and technical experience within the resourceindustry. He has held senior positions as Company Chemist for Ardlethan Tin, Gold Copper Exploration Pty Ltd and Great Northern MiningCorporation Ltd. Mr King is a former director of Allegiance Mining NL where he was General Manager – Operations. He has also been involvedin design and construction of coal washing plants and has participated in a wide variety of resource projects.

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ORPHEUS BOARD & MANAGEMENTF

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DAVID OASTLER Bcom. CA. - Chief Financial Officer

David is a Chartered Accountant with over 25 years experience with various SME’s, listed and private company groups as well as services tovarious governmental agencies. David is also CFO of Coalworks Limited.

NATHAN BARTROP LLB, B Com, ACIS – Company Secretary

Mr Bartrop is a Chartered Secretary and associate member of Chartered Secretaries Australia. His previous role was as Assistant CompanySecretary at Mirabela Nickel Limited, a nickel producer in Brazil. Prior to this, he worked at ASX for 2 years as a Listings Adviser in Perth whichinvolved the provision of interpretation and advice to existing and prospective listed entities and their advisers, in relation to the application ofthe ASX Listing Rules. Mr Bartrop also has previous experience working in litigation and dispute resolution, as well as tax consulting and has aBachelor of Laws & Bachelor of Commerce from the University of Western Australia.

CHRISTOPHER HAGAN, BA. LLB - Senior Advisor and Solicitor

Mr Hagan founded his own law firm in 1982. Following his appointment as a director of, Diversified Mineral Resources NL, Mr Haganparticipated in the project development of the $200 million Burton Downs Coal Project in Queensland which was taken over by Portman Mining(Cleveland Cliffs). Mr Hagan has also founded public listed companies, Allegiance Mining NL and Zelos Resources NL (now part of GujaratNRE Coking Coal Ltd) and Coalworks Limited.

ORPHEUS BOARD & MANAGEMENTF

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ORPHEUS – MANAGEMENT JAKARTA OFFICE

THOMAS NIETSCH - Marketing Manager Jakarta Office

Mr Nietsch has worked in the coal and energy business for over 30 years, including companies such as Stinnes, Thyssen and Atel. From2004 to 2007, Mr Nietsch also worked in Indonesia for reputable coal trading houses. Between 2008-2009 he was a ship broker and coaladviser for Voegmann Gmb of Hamburg. Mr Nietsch joined OEGPL in February 2011.

RUDI HASAN PUTRA – Senior Geologist Jakarta Office

Mr Putra has a Bachelor Degree in Geological Engineering, Faculty of Mineral Technology, Trisakti University, Jakarta. Mr. Hasan hasmore than 15 years experience in the Indonesian Mining Industry. Mr. Hasan worked from 1994 to 2011 as Geologist for various miningcompanies in Indonesia. Mr. Putra joined OPL in June 2011.

HALLY PONG LANTERA TULILI - Mining Engineer Jakarta Office

Mr. Tulili has a Diploma in Mining Engineering from the University of Samarinda, East Kalimantan. Mr. Tulili worked from 2005 until 2011for various mining companies in Kalimantan. Mr. Tulili joined OPL in September 2011.

ARDIANSYAH AHMAD SITUMORANG – Accountant Jakarta Office

Mr. Situmorang has studied Economics and Business Administration in Jakarta. He worked from 2004 to 2009 for the SingaporeInternational School, Jakarta, as Finance and Accounting Supervisor. From 2010 to October 2011 he is working for Putera SampoernaFoundation as Accountant. Mr. Situmorang will join OPL in October 2011.

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PT MEGA COAL INTERNATIONAL

Founded in 2005, and is a privately-held coal mining company with an extensive local network and mining experience.

Key Management: Ir Nugroho Suksmanto (Chairman & CEO) and Mike Rhodes (President-Director).

Operates a coal mine called Alam Duta in South Kalimantan with projected production rate of 500,000 tonnes p.a.

A joint venture partner in the Oorja Coal Mine in East Kalimantan, which has been in operation for 3 years and according to PT Mega Coal International produces 80,000 tonnes per month.

Holder of a number of exploration & mining concessions in Kalimantan.

JV partners in B26 and B34, with Orpheus entitled to 51% equity share.

Strategic Alliance with Orpheus for exploration & development of further concessions and infrastructure assets in Indonesia.For

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The first project in place in partnership withMega - B26, comprising two tenements, B2and B6, which are located in East Kalimantan.

There are additional Indonesian coal projectsand infrastructure opportunities currently beingevaluated under the strategic alliance.

Block 2 & 6

• B26 is a 51/49 joint venture whichcompromises two tenements – Block 2 andBlock 6 with a total exploration target of 2.8Mtto 4.5Mt* of high grade thermal coal with somecoking coal potential.

• Block 2 has already had trial mining in 2011and the next stage mine plan is currently beingdeveloped by Minarco Mine Consult.

• Block 2 has a short term target production rateof ~500,000 tonnes per year

ORPHEUS’S FIRST INDONESIAN ASSETSF

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Block 3 & 4

• B34 is OEG’s second Kalimantan 51/49 JVproject which compromises two tenements –Block 3 (4,775ha) and Block 4 (3,126ha) with atotal exploration target of 5-10Mt and calorificvalue of 7200 to 8100 Kcal/kg*.

• B34 is located ~60km west of B26 and it isultimately planned to be mined using the sameroad/port infrastructure.

• Drilling program is planned for January 2012 toestablish a JORC resource. B34 has hadhistorical geological mapping and reported thefollowing high quality coal samples:

B3: low ash (1.5%); low total moisture(8.3% ar); energy content of 7,123Kcal/kg.

B4: low ash (1.9%); low total moisture(6.5% ar); energy content of 7,235Kcal/kg.

• Following conversion of B34 Exploration KPsinto Exploitation IUPs, scheduled for Q2 2012,mining from B34 will eventually double OEG’stotal production out of the area.

ORPHEUS’S FIRST INDONESIAN ASSETSF

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B26 PROJECT OVERVIEW B2 and B6 project is located in central-East Kalimantan approximately 100km from Balikpapan.

Commenced trial mining at B2 in Jan 2011 with several shipments of coal taking place earlier thisyear

Orpheus assumed operational management of the B2 project on 1 September 2011.

Minarco Mine Consult has been appointed to work with management in finalizing the new MinePlan for the next stage of production and for the life of mine.

ResourceBlock 2 and 6 –Total exploration target resource of 2.8Mt - 4.5Mt:

• Block 2 – JORC resource of 1.13Mt. Additional drilling has been completed, with a current exploration target of1.3Mt to 2.0Mt*. Awaiting results.

• Block 6 – Current exploration target of 1.5Mt to 2.5Mt*, and has recently undergone a substantial drilling programof over 30 drill holes to establish a JORC resource. Awaiting results.

Infrastructure• B26 port allocation has been secured which includes a conveyor and jetty. The truck distance from the B2 mine to

the barge is approximately 27km.

• Haul road improvements to facilitate streamlined truck movements to the barge loader are almost complete.

Title• Baker & McKenzie has provided independent legal verification of B26 tenement’s ownership for Orpheus and

Mega.

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B26 PROJECT OVERVIEW

The key target features of the B2 short term mining production plan include:

Initial target production of ~750,000 tonnes to be outlined in mining plan under preparation by Minarco Mine Consult. (Refer to Ravensgate Independent Geologist’s Report dated May 2011 in the Orpheus Prospectus for further information regarding the B2 resource).

B2 project port allocation has been secured ~27km away near Tampang village.

Target production rate of 40,000 tonnes per month (~500,000 tonnes per annum).

Target semi-soft coking/thermal coal production split of 15%/85%.

Target Operating Costs of ~$45 per tonne including transport, royalties and barge loader costs.

Sales offtake agreement currently being negotiated to reflect current prices.

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B26 COAL TRANSPORT

Source: Prepared by Orpheus. Not drawn to scale.

Block 2 – Coal is transported in trucksalong a haul road approximately 27kmfrom the B2 mine site. This barge islocated approximately 2km fromTampang village, East Kalimantan.These barges then travel out into thetrans-shipment area in Adang Bay. Thecoal is then transferred from the bargeonto Handimax ships.

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16(Source: PT Tunis Bumi Menggala (mining contractor), November 2010)

Overburden removal

COAL PRODUCTION IN BLOCK 2F

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COAL PRODUCTION IN BLOCK 2 (Cont’d)Open pits in B2

(Source: Orpheus, January 2011)

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COAL PRODUCTION IN BLOCK 2 (Cont’d)Coal getting in Pit 4 at Block 2

(Source: Orpheus, January 2011)

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CONVEYOR & LOADING JETTY NEAR BLOCK 2

Conveyor and loading jetty located approximately 27km from Block 2

(Source: Orpheus, January 2011)

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SUMMARY OF B26 COAL QUALITYSummary of the B26 Coal Resource by JORC Classification

Resource Category Block 2Indicated

Block 2Inferred Total

Density 1.45 1.45 1.45

Average Thickness ~0.5 - 1.5m ~0.5 - 1.5m ~0.5 - 1.5m

Tonnes (million) 0.95 0.18 1.13

Total Moisture (ar)% 7.6 8.1 7.7

Ash (adb)% 19.1 13.7 18.2

Volatile Matter (adb)% 26.6 25.8 26.5

Fixed Carbon (adb)% 56.9 59.5 57.3

Total Sulphur (adb)% 1.44 0.86 1.35

Gross Calorific Value (adb)% 6,520 7,080 6,600

B26 – Coal Exploration Target by Tenement

License Target (Mt) CommentBlock 2 1.3 – 2.0 Not inclusive of the JORC resource of 1.13mil tonnes.

Block 6 1.5 – 2.5 Awaiting 2011 coal drilling results.

Total 2.8 – 4.5 B26. Average CV range 5,950 to 7,100 kcal/kg (adb).

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(Source: Ravensgate, March 2011)

B2 COAL QUALITY

Block 2 Stockpile and Pit Coal Quality Assays – Grab Samples

No

Laboratory Client Mass Air Drying Residual Total Moisture in

the Ash Volatile Fixed Total Calorific Calorific

HGI

Relative Crucible

Sample Sample Received Loss Moisture Moisture Analysis

sample Matter Carbon Sulphur Value Value Density Swelling

ID No. ID Kcal/g Kcal/g No.

(gr) % % % % % % % %

ar adb ar Adb Adb Adb Adb Adb Daf

1 KT.00744/11 SP No.1 2,965.60 2.4 1.3 13.7 26.8 58.2 2.66 7402 91 9

2 KT.00744/11 SP No.2 4,636.40 7 2.6 28.6 21.9 46.9 0.91 5712 95 5

3 KT.00745/11 SP No.3 2,774.40 7.8 2.4 32.8 21 43.8 1.17 5387 91 5

4 KT.13449/10 Pit 1 28,945.00 1.79 0.96 6.52 28.86 63.66 2.56 8074

5 KT.13450/10 Pit 2 28,260.00 1.51 0.77 9.8 27.63 61.8 3.94 7846

6 KT.00242/11 Pit 3 5,744.70 1.89 1.13 3 1.14 7.75 27.97 63.14 0.81 7925

7 KT.00243/11 Pit 4 7,205.70 3.53 1.38 4.86 1.32 14.83 27.61 56.24 3.09 7296

8 KT.00244/11 SP No.2 3,028.50 1.97 1.05 3 1.04 17.29 25.08 56.29 1.23 7110

Total 3.92 1.44 16.4 25.86 56.25 2.05 7094

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B6 COAL QUALITY

(Source: Ravensgate, March 2011)

Coal Quality Sample Assays for Block 6

No

Laboratory Client Mass Air Drying Residual Total Moisture in the Ash Volatile Fixed Total Calorific Calorific

HGI

Relative Crucible

Sample Sample Received Loss Moisture Moisture Analysis sample Matter Carbon Sulphur Value Value Density Swelling

ID No. ID % Kcal/g Kcal/g No.

% % % adb % % % %

(gr) ar adb ar Adb Adb Adb Adb db Daf

1 KT.9013/07 BBA19-S1 4,760.60 4.3 3.16 7.32 3.16 14.34 24.38 58.12 0.67 6776 8213

2 KT.9014/07 BBA19-S2 4,884.80 3.3 1.47 4.72 1.4 6.77 26.65 65.18 0.53 7946 8653

3 KT.11650/07KP6-25 C –

S17,44.00 13.29 1.16 18 16.93 63.91 1.65 6994 8652 100 1.46 9

4 KT.11651/07KP6-25 C –

S21,238.40 16.6 1.02 19.68 16.24 63.06 1.64 6897 8697 99 1.47 8.5

5 KT.11652/07KP6-17 C -

S11,070.90 10.28 1.38 29.1 16.47 53.05 0.99 5904 8493 94 1.55

6 KT.11653/07KP6-17 C -

S21,074.50 8.12 1.23 32.1 15.85 50.82 0.39 5644 8466 86 1.62

7 KT.15963/07KP6-01 AC (S1&S2)

1,252.30 3.52 1.74 5.2 1.82 29 17.44 51.74 0.94 5785 8362 89 1.48

8 KT.15964/07KP6-07 AC (S1&S2)

615.5 10.1 1.89 11.71 1.99 22.34 16.93 58.71 0.63 6438 8508 94 1.47

9 KT.15965/07KP6-25 AC –

S1418.6 15.85 2.86 18.26 2.94 23.48 18.74 54.84 0.37 6048 8220 1.48

10 KT.15966/07KP6-27 C (S1&S2)

483.2 15.84 2.24 17.73 2.16 39.9 14.93 43.01 0.62 4698 8108 1.67

11 KT.15967/07 526 9.08 1.23 10.2 1.26 15.4 17.27 66.33 1.14 7210 8624 98 1.34

Total 11.22 1.77 22.71 18.35 57.16 0.87 6395 8454 94 1.5

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CY2011 CY2012B2 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

Funding Finalised

Capital Expenditure

Drilling

Upgrade to mine status/JORC

Commencement of Trial Mining

Mine Design Finalised

Commencement of Phase 2 Trial Mining

B6

Drilling

Mine design Finalised

Conversion to Exploitation KP

Appointment of Mining Contractor

Commencement of Trial Mining

First Trial Shipment

B26 TIMETABLEF

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ADDITIONAL INDONESIAN PROJECTS

Orpheus has progressed plans to expand the Strategic Alliance with PT Mega Coal

International for the new acquisition phase of the Strategic Alliance.

A number of projects have been identified for possible acquisition under the

strategic alliance located in the Kintap and Tapin areas of South Kalimantan and in

East Kalimantan which all have good infrastructure including good proximity to

barge loaders or appropriate port sites and transport options.

The framework has been developed to allow completion of the following activities:

• Technical review of each project;

• Memorandum of Understanding with each owner;

• Term Sheet for Orpheus Participation; and

• Completion of legal due diligence.

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AUSTRALIAN PROJECTSHodgson Vale Project is located in SE Queensland in proximity to other producing coal mines. Past drilling shows coal measures exist in the EPC with medium grade export quality coal

potential. Drilling is planned in Q4 2011 to explore for coal in the southern zone of EPC 1145.

Ashford Past drilling shows potential for chemical grade Ground Calcium Carbonate (GCC). Orpheus proposes to outline zones of high quality limestone suitable for GCC through a

drilling program in Q4 2011. A high quality (white rating index of over 91%) exploration target 30-40Mt* of ground

calcium carbonate exist in EL6511

Wingen Project lies just north of Unimin’s operating bentonite mine. Past work show potential for high quality bentonite Orpheus’s joint venture partner has previously located outcropping bentonite on EL7142 Existing granted EL7124 has been extended by ELA 3657 which upon grant will enable a

drilling program to commences in Q4 2011.

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INVESTMENT HIGHLIGHTS

Trial coal production has commenced at B26.

Orpheus has secured its second Indonesian coal project, B34.

Strong Indonesian partner, PT Mega Coal International, providing

for future Indonesian JV coal projects/infrastructure opportunities.

Experienced management.

Strong global demand for export quality coking and thermal coal.

Attractive project financial economics.

Undervalued compared to Indonesian peers.For

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ENQUIRY AND CONTACT

Orpheus Energy Limited(ASX Code: OEG)

Level 5 44 Miller Street NORTH SYDNEY 2060

Phone +61 2 9922 3930

Fax +61 2 9929 6820

Wayne Mitchell wmitchell@orpheusenergy.com.auMobile No. +66 819 185 878David Smith: dsmith@orpheusenergy.com.auMobile No. +61 414 239 849F

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