IPO Presentation

This document is dated January 2010

DisclaimerThis Document and the information contained herein and any presentation (collectively referred to as “Information”) isproprietary to Scandinavian Resources Limited (“the Company”).This Document is not intended for and should not be distributed to any other person than as permitted herein. By receipt ofthe Document, the Recipient agrees that it will not transmit, reproduce or make available the Document (or anyInformation contained herein) to anyone other than its professional advisers without the prior written consent of theCompany. At the request of the Company, the Recipient will return, as soon as practicable, this Document together withany reproductions of it and any other Information which the Recipient may have received from the Parties.This Document is being provided exclusively to investors that qualify pursuant to Section 708 of the Corporations Act for thesole purpose of providing background information to enable the recipient to review the potential for the provision ofequity funding to the Company. It is not intended as an offer, invitation, solicitation or recommendation with respect toany potential transaction.Potential investors must make their own independent assessment and investigation of the opportunity and should not relyon any statement or the adequacy or accuracy of the information provided. Securities of micro cap explorationcompanies, typically involve a high degree of risk and as such, any investment in the Company must be considered asspeculative. The Information provided does not purport to cover all relevant information about any potential investment inthe Company. Accordingly potential investors are advised to seek appropriate independent advice, if necessary, todetermine the suitability of this investment.The Document contains reference to certain intentions, expectations and plans of the Company. Those intentions,expectations and plans may or may not be achieved. They are based on certain assumptions which may not be met oron which views may differ. The performance and operations of the Company may be influenced by a number of factors,many of which are outside the control of the Company. No representation or warranty, express or implied, is made by theCompany or any of their respective directors, employees, agents, advisers and consultants that any intentions,expectations or plans will be achieved either totally or partially or within a prescribed timeframe or that any particular rateof return will be achieved.The Information disclosed relates to the proposed business of the Company at the date of this Document. Materialinformation may have changed since the date the Document was compiled. No responsibility is accepted to advise anyperson of any change or update any of the Information.Neither the provision of this Document nor any information contained in this Document or subsequently communicated toany person in connection with this Document is, or should be taken as, constituting the giving of investment advice to anyperson. By accepting this Document you acknowledge and agree to be bound by each of the foregoing statements.

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Who is Scandinavian Resources?• Currently unlisted, Scandinavian Resources (“SRL”) will float

on the Australian Securities Exchange in December 2009• Perth-based mineral exploration company with projects in

Norway and Sweden• SRL Technical Director, is ex-Regional Manager of the

Sweden Geological Survey’s extensive minerals database• SRL very well connected throughout Scandinavian

minerals industry

• SRL is the 12th largest exploration permit holder by area inSweden (October 2009)

• SRL’s exploration commodities currently include:

• precious metals (gold and silver)

• base metals (copper, lead and zinc)

• PGE’s (platinum and palladium)

• iron and manganese 3

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Experienced & well-connected

team

Olof Forslund Damian Hicks

Current

Developed exploration portfolio

Next phase

Upcoming ASX capital raise

Future

Commence exploration

drilling activities

Why Scandinavian Resources Ltd?

Corporate Structure

* Audited by KPMG, Sweden

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Exploration permits and applications in

Sweden and Norway

Hannans Scandinavia AB *

Reg No. 556737-6263

Scandinavian Resources Ltd

ACN 132035842

100%

100%

Board of DirectorsMR DAMIAN HICKS, Chairman (Founder)

• Founding Director of ASX listed company, Hannans Reward Ltd, a minerals exploration company, appointed Managing Director of Hannans Reward on 1 July 2007.

• Non-Executive Director of Australian funds manager Growth Equities Pty Ltd (www.growthequities.com.au)

• Holds a Bachelor of Commerce (Accounting and Finance) from the University of Western Australia, admitted as a Barrister and Solicitor of the Supreme Court of Western Australia, holds a Graduate Diploma in Applied Finance & Investment from FINSIA (formerly the Securities Institute of Australia), a Graduate Diploma in Company Secretarial Practice from Chartered Secretaries Australia and is a Graduate Member of the Australian Institute of Company Directors.

MR IAN GREGORY, Non-Executive Director & Company Secretary

• Bachelor of Business from Curtin University and over 25 years experience in the provision of company secretarial and business administration services in a variety of industries, including exploration, mining, mineral processing, oil and gas, banking, insurance and aquaculture.

• Previously Company Secretary of: Iluka Resources Ltd which is the largest zircon producer in the world and the second largest producer of titanium minerals, with operating mines in Australia and the USA (6 years); IBJ Australia Bank Ltd being the Australian operations of The Industrial Bank of Japan (12 years) and the Griffin Group of Companies (4 years).

• Previously Chairman of the Western Australian Branch Council of the Institute of Chartered Secretaries and Administrators and served on the National Council of that body. 6

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Mr Olof Forslund : highly credentialed Swedish Technical Director

• Regional Manager of the SGU’s Mineral Resources Information Office in Mala,Sweden (2003 – 2007); SGU 1999-2007 & 1966 - 1982

• Geophysicist

• Extensive international experience in the minerals exploration industry, particularly inthe development and application of geophysical instruments and radar technology

• Assignments have covered activities in Sweden, Japan, South Korea, Germany,Belgium, Italy, France, Canada and the USA

• Founding shareholder and President of MALÅ GeoScience (www.malags.com) (1994and 1998) - MALÅ is currently the global leader in the design and manufacture ofGround Penetrating Radar (GPR) systems

• Extensive network of contacts through Scandinavia covering geophysicists,geologists, drilling companies, government and industry

• Responsible for the SGU’s active participation at the Prospectors and Developer’sConference (otherwise known as PDAC) in Toronto, Canada.

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Olof ForslundTechnical Director Scandinavian Resources Ltd

Orjan Einarsson, PrincipalGeoPartner AB

Kjell StenmarkWell known Prospector

Amanda ArrowsmithConsulting Geologist

Experienced team

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Major EU mining centre

Low Sovereign

Risk

VERY large mines

Active exploration

High quality exploration

data

(SGU, MRIO, Mala)

Potential for major

discoveries

Why Sweden?

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Sweden: a Major European Mining Centre

Excellent ore potential

• 1,000 year mining history • Largest producer of iron ore in the EU• Leading producer of base metals,

copper, zinc and lead • Leading producer of precious metals,

gold and silver

Under-explored by modern standards

Political and economic stability• Ranked 15th in the 2009 World Risk

Survey (WA ranked 12th)

Excellent infrastructure

Favourable minerals legislation

• Initial exploration permit 3 years –maximum 15 years

• Initial exploitation concessions 25 years, rolling 10 year extensions

• Government royalty 0.2% of average value of minerals mined

• No minimum annual expenditure commitment

Low corporate tax • Corporate tax rate 28%

World – class databases• SGU Mineral resources Information

Office in MalaMining know-how and highly trained

personnel

• Global leaders in supply of mining technology

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Kiruna Iron Mine • Owned by LKAB (Swedish Government) • 2Bt iron mine• Automated & Underground• Production in 2007 was 24.7Mt (76% pellets) • Production for 1st three quarters of 2008 was 18Mt• SEK6 billion concentrator and pelletising plant produced first pellets in May 2008 • Recent decision to invest SEK12.4 billion into a new main level• Town must be moved at cost of SEK12.5 billion• Capacity to produce 30Mt/y of pellets• Mining in Kiruna secure through to 2035

Sweden: very large mines

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Aitik Copper Mine • Owned by Boliden, one of Europe's largest producers of copper and a major

producer of gold & silver• Aitik has produced almost 430 Mt of ore (to 2007)• 389 Mt of proven ore reserves grading 0.2 g/t gold, 2 g/t silver and 0.29% copper

(as at January 2008) • 221 Mt of probable ore reserves grading 0.1 g/t gold, 2 g/t silver and 0.28%

copper• Measured and indicated mineral resources amount to an additional 1048 Mt• Increasing copper production from 18Mt/y to 36Mt/y• Investment in new concentrator and mining plant is SEK6 billion• The mine and its concentrator started operating in 1968.

Sweden: very large mines

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Sweden: active exploration

• Only the Swedish state was permitted to conduct exploration until 1992

• Now more than 100 exploration companies now active in Sweden I including:

Anglo AmericanPhelps DodgeRio TintoTeck Cominco

• Australian-listed companies active in Scandinavia include:Dragon Mining Ltd (ASX:DRA)Avalon Minerals Ltd (ASX:AVI)Aura Energy Ltd (ASX:AEE)Northern Iron Ltd (ASX:NFE)Vulcan Limited (ASX:VCN)Golden Rim Resources Ltd (ASX:GMR)

• US$92 million spent on exploration in 2007 (US$49:2006)

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Sweden: high quality exploration data

SGU Mineral Resources Information Office (SGU) • A ‘one-stop-shop’ for exploration in Sweden

All government and private exploration data has been merged and stored• >8,000 exploration reports• 100,000 maps of various kinds• Drill core and drill hole logs• Field notes etc• 20,000 mineralised boulders• >4,000km of drill core

SGU offers explorers:• Aerial geophysical data covering al of Sweden (magnetic radiation and

electromagnetic)• Ground geophysical data (magnetic, electromagnetic, gravity and

petrophysical)• Geochemical data (soils, stream peat, stream sediment and bedrock)• Bedrock data (rock type distribution, age, chemical and mineralogical

composition, tectonics and mineral deposits)

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SGU Mineral Resources Information Office, Mala, Sweden

Swedish Minister for Resources & Olof Forslund

Drill core archive, > 4,000km of core

SGU Data Library

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• Malå, Sweden is located in Västerbottencounty, approximately 950 km north of Stockholm

• Home of the SGU Mineral Information Office• Home of Olof Forslund

Malå, Sweden

Kiruna Project• Iron (copper) targets• ~30km SW of the giant LKAB owned Kiruna (2Bt) iron mine

Lake Embrace (Famnvatnet)• Gold-copper-lead-zinc targets• Located to the south of the ØrtfjellFe deposit and the Mofjellet Zn-Cu deposit

Swampy Mountain (Våtmyrberget)• Platinum and palladium targets• Iron-copper-gold targets• Located in the Skellefte mining district

Exploration Project Pipeline• 13 tenements

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SRL: exploration project locations

18Scandinavian Resources Ltd

Kiruna Project

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Kiruna Project

Hannans Scandinavia AB is a wholly owned subsidiary of Scandinavian Resources Ltd

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100Mt@40% Fe

Au Ag Cu

ppm ppm ppm

SKU09010 0.19 3.2 6300

Fe SiO2 Al2O3 P

% % % %

SKU09006 68.2 1.58 0.6 0.001

Fe SiO2 Al2O3 P

% % % %

SKU09013 64.1 4 0.23 0.007

Fe SiO2 Al2O3 P

% % % %

SKU09002 54 19.7 0.51 0.036

Kiruna Project

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Fe SiO2 Al2O3 P

% % % %

SKU09006 68.2 1.58 0.6 0.001

Luppovare Prospect

Kjell Stenmark, August 2009

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Fe SiO2 Al2O3 P

% % % %

SKU09013 64.1 4 0.23 0.007

Kuosatjvare Prospect

Olof Forslund & Amanda Arrowsmith, August 2009

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Skuokimjokk ProspectFe SiO2 Al2O3 P

% % % %

SKU09002 54 19.7 0.51 0.036

Olof Forslund & Amanda Arrowsmith, August 2009

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KIRUNA PROJECT Fe (XRF) SiO2 (XRF) Al2O3 (XRF) P (XRF) Au (ICP-AES) Ag (ICP-MS) Cu (ICP-MS)

Skuokimjokk Prospect % % % % ppm ppm ppm

SKU09001 49.5 21.1 0.89 0.045 0.559 0.56 125.5

SKU09002 54 19.65 0.51 0.036 0.012 0.18 40.8

SKU09003 34.1 47.1 0.41 0.023 <0.001 0.12 12.7

SKU09004 41.5 36.8 1.18 0.034 <0.001 0.18 8

Luppovare Prospect

SKU09005 51.7 17.7 1.51 0.003 0.005 0.09 5.2

SKU09006 68.2 1.58 0.6 0.001 <0.001 0.11 5.3

SKU09007 49.8 17.8 4.21 0.007 <0.001 0.14 13.4

Kuosatjvare Prospect

SKU09008 34.1 36.8 6.56 0.193 0.002 0.1 29.3

SKU09009 33.8 33.2 8.14 0.102 <0.001 0.06 8

SKU09013 64.1 4 0.23 0.007 <0.001 0.1 8.4

Riekko Prospect

SKU09010 9.18 44.8 15.2 0.427 0.188 3.2 6300

Piedjasjtåkka Prospect

SKU09012 4.43 68.4 12.3 0.027 0.011 0.47 3670

Kiruna Project High Grade Samples

Collected by Scandinavian Resources Ltd, August 2009

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Lake Embrace (Famnvatnet) Project

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Famnvatnet ProspectAu (ICP-AES) Ag (ICP-AES) Cu (ICP-AES) Pb (ICP-AES) Zn (ICP-AES)

ppmppm Ore Grade % Ore Grade % Ore Grade % Ore Grade

FAM09007 0.023 2.93 29.70JS010 0.013 1.32* 13.00*

FAM09008 0.791 114 2.13 3.63 10.35JS011^ 0.621 105* 1.87* 3.00* 8.05*

*Ore Grade (AAS)^ BoulderFAM09007 (collected August 2009) & JS010 (collected August 2008) are from similar location FAM09008 (collected August 2009) & JS011 (collected August 2008) are from similar location

Lake Embrace (Famnvatnet) Project

Massive, banded pyrite-galena-sphalerite ore at Famnvatnet, Norway. Grid reference 469798E 7300161N at an elevation of 628m; Sample JS011.

Cu 1.87%Pb 3.00%Zn 8.05%

Ag 105ppmAu 0.621g/t

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Lake Embrace (Famnvatnet) Project

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Kilvassaksla ProspectAugust 2009

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Lake Embrace Project samplesLake

Embrace Au (ICP-AES)

Ag (ICP-MS)

Cu (ICP-MS)

Pb (ICP-MS) S (ICP-MS) Zn (ICP-MS)

Ag (ICP-AES)

Cu (ICP-AES)

Pb (ICP-AES)

Zn (ICP-AES)

Jofellet Prospect ppm ppm ppm ppm % ppm

ppm Ore Grade

% Ore Grade

% Ore Grade

% Ore Grade

FAM09001 0.001 0.16 68.8 4.3 0.73 33

FAM09002 0.01 0.71 27.5 95.5 0.05 22Kilvassaksla Prospect

FAM09003 <0.001 0.44 279 14.7 2.77 44

FAM09004 0.103 0.34 2650 3.8 6.24 20

FAM09005 0.002 0.21 457 3.9 5.03 36

FAM09006 0.008 0.45 3210 6.9 >10.0 27

JS008 0.013 0.3 427 4 1.44 141

JS009^ 0.025 0.5 3080 <2 7.69 15Famnvatnet Prospect

FAM09007 0.023 31.1 71.8 >10000 >10.0 >10000 2.93 29.70

FAM09008 0.791 >100 >10000 >10000 >10.0 >10000 114 2.13 3.63 10.35

JS010 0.013 14.6 26 >10000 >10.0 >10000 1.32* 13.00*

JS011^ 0.621 >100 >10000 >10000 >10.0 >10000 105* 1.87* 3.00* 8.05**Ore Grade

(AAS)

^ Boulder

FAM09007 (collected August 2009) & JS010 (collected August 2008) are from similar location

FAM09008 (collected August 2009) & JS011 (collected August 2008) are from similar location

Collected by Scandinavian Resources Ltd, August 2009

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Geophysical survey (VTEM) over Lake Embrace Project completed September 2009

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Preliminary interpretation of VTEM data generated many targets requiring follow up

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Swampy Mountain (Vatmyrberget) Project

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Swampy Mountain Project prospective for IOCG mineralisation

Ag Cu W Au Fe

ppm % ppm ppm %

KS08204 8.7 0.9 2,470 0.1

KS08105 32.5 4.56 1,540 0.1

KS08106 29.8 2.47 370 0.39 32.3

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Exploration Goals 2010

Kiruna Project (Sweden)

• Exploration drilling to test iron targets• Establish inferred JORC resource

Famnvatnet Project (Norway)

• Exploration drilling to test 12 VTEM targets• Identify high grade mineralisation with good strike length and

depth potential

Exploration Pipeline

• Work up current projects in exploration pipeline to ‘Major Project’ status

Business Development

• Review mining opportunities for acquisition

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PROJECT PROSPECT COMMODITY COUNTRY AUNIT CURAREA TSTATUS APPDATEMajor Projects

Kiruna Project Luppovare 1 Fe-Cu-Au Sweden ha 874 Granted 8/07/2008Luppovare 2 Fe-Cu-Au Sweden ha 11,755 Granted 17/08/2008Luppovare 3 Fe-Cu-Au Sweden ha 10,391 Pending 17/08/2008

Piedastjokko 1 Fe-Cu-Au Sweden ha 2,168 Granted 8/07/2008Piedastjokko 4 Fe-Cu-Au Sweden ha 4,258 Granted 18/08/2008Piedastjokko 5 Fe-Cu-Au Sweden ha 1,255 Granted 18/08/2008

30,701Lake Embrace Farmvattnet 1 - 95 Cu-Pb-Zn Norway ha 2,275 Granted 3/10/2008

Farmvattnet 96 - 348 Cu-Pb-Zn Norway 6,048 Pending 9/09/2009Farmvattnet 349 - 564 Cu-Pb-Zn Norway 5,160 Pending 9/09/2009

Övre Elsvatnet Zn Norway Pending 9/09/200913,483

Swampy Mountain Vatmyrberget 1 Au-Ag-Cu-Pb-Zn-Ni Sweden ha 2,028 Granted 29/11/2007Vatmyrberget 2 Au-Ag-Cu-Pt-Pd Sweden ha 2,158 Granted 8/04/2008

Vatmyrberget 3 Au-Ag-Cu-Pb-Zn-Ni Sweden ha 414 Granted 8/04/20084,600

Exploration PipelineCu-Au Sweden ha 229 Granted 7/04/2008Zn-Pb Sweden ha 315 Granted 26/10/2007Cu-Au Sweden ha 214 Granted 26/10/2007

Au Sweden ha 470 Granted 28/11/2007Zn-Pb Sweden ha 100 Granted 28/11/2007Zn-Pb Sweden ha 100 Granted 28/11/2007Mn-Fe Sweden ha 321 Granted 9/07/2008Mn-Fe Sweden ha 1,006 Granted 8/07/2008Mn-Fe Sweden ha 281 Granted 8/07/2008Mn-Fe Sweden ha 268 Granted 8/07/2008Mn-Fe Sweden ha 324 Granted 8/07/2008

Fe-Cu-Au Sweden ha 1200 Granted 11/01/2008Fe-Cu-Au Sweden ha 1,387 Granted 8/07/2008

Au Sweden 400 Pending 24/09/2009Pb-Zn Sweden 400 Pending 24/09/2009Cu Sweden 2,293 Pending 24/09/2009

9,308

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AUD$6.5 million IPO December 2009 (ASX)

20 cents per share (ASX listed)PLUS1:1 free attaching option (ASX listed) exercisable at 25 cents on or before 31/10/11

Capital Structure

Minimum Raising (AUD$6.5m) - Shares

Round Shares Price Funds RaisedCorporate

Vendor 20,000,000

Seed 8,666,667 0.075 650,000

IPO 32,500,000 0.2 6,500,000

61,166,667

Minimum Raising ($6.5m) - Options

Round Options Ex Price ExpiryCorporate

Vendor 20,000,000 0.2 31/10/2012

Seed 8,666,667 0.2 31/10/2012

Directors 2,250,000 0.2 31/08/2011

IPO 32,500,000 0.25 31/10/2011

63,416,667

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Planned expenditure

Year 1 Year 2

$ $ $

Seed raise 650,000

Total funds raised in IPO 6,500,000

Total funds available 7,150,000

Exploration expenditure 4,435,000

Kiruna Project 1,250,000 1,250,000

Lake Embrace 650,000 650,000

Swampy Mountain 250,000 250,000

Total Exploration 2,150,000 2,150,000

Expenses of the Offers 715,000

Financial repayments 500,000

General working capital 1,500,000

Total funds applied 7,150,000

* Indicative only and subject to change

** Exploration expenditure from 1 July 2009

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Acknowledgements

Scandinavian Resources Ltd acknowledges the excellent assistance provided to it by the staff at:

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Swedish Brands – Entrepreneurial, Global & Successful

Global

Contact Details

Mr Damian HicksScandinavian ResourcesChairman

Ground Floor 28 Ord StreetWest Perth Western Australia 6005

Telephone: +61 8 9324 1153Facsimile: +61 8 9324 3366Mobile: +61 419930087Email: damianh@scandinavianresources.comWebsite: www.scandinavianresources.com

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