symposium resources roadshow usa

Denver, Wednesday February 29, 2012

Connecting investors to opportunities www.symposium.net.au

Kerry Stevenson Managing Director

Symposium


Mr Stuart A Sanderson President

Colorado Mining Association


Wally Bucknell Executive Director

Atlantic Gold NL


6

PIPELINE OF GOLD PRODUCTION IN NOVA SCOTIA

…applying Australian expertise to an overlooked Canadian gold province…

ASX:ATV

www.atlanticgold.com.au

March 2012

7

•Track record of gold discovery and production in Western Australia

•Focused on the same, but now in the Meguma Goldfield – with OPEN PIT perspective

•Established 450koz Reserves within a Resource inventory of 1.2 million ounces

•Project pipeline: Touquoy – next step: development

Cochrane Hill – next step: feasibility study

Exploration lands – next step: discovery

OVERVIEW

9 Touquoy deposit section 21625mE

10

Cochrane Hill

12

TOUQUOY

Measured & Indicated 10.1 1.5 480,000

Inferred 1.6 1.5 77,000

TOUQUOY WEST

Indicated 0.9 1.9 54,000

Inferred 0.6 2.2 45,000

COCHRANE HILL Indicated 4.5 1.8 251,000

Inferred 5.6 1.6 298,000

TOTAL M&I 15.5 1.6 785,000

TOTAL INF 7.8 1.7 420,000

MINERAL RESOURCES contained million tonnes grade g/t ounces gold

13

TOUQUOY

Total 11.7 1.5 557,000

TOUQUOY WEST

Total 1.5 2.0 99,000

COCHRANE HILL

Total 10.1 1.7 549,000

TOTAL ALL 23.3 1.6 1,205,000

MINERAL RESOURCES

contained million tonnes grade g/t ounces gold

14

TOUQUOY

Proved 2.49 1.48 118,000

Probable 7.10 1.47 336,000

TOTAL 9.59 1.48 454,000

MINERAL RESERVES


15

TOUQUOY

16 Touquoy gold resource and geology

17 Touquoy geology and drillhole locations

18 Touquoy deposit section 21625mE

19

Touquoy Gold Project NQ DIAMOND CORE – HOLE MR-05-084

121–122 m : 2.16 g/t

122–123 m : 9.23 g/t

123–124 m : 8.98 g/t

Argillite host rock with no quartz veins

21

Touquoy Gold Project

Photomicrographs of gold grains in MR-05-084 core at 122-123 m Field of view 1 mm. Light grey = arsenopyrite, dark grey = silicates

22

Low strip ratio – 2.5:1

Soft ore – BWI ~ 10

Excellent metallurgy – 93.5% (70% gravity)

Coarse grind - 150µm

Low reagent consumption – 0.4kg/t CN

Excellent CN detox

No acid rock drainage – carbonate, low sulphide

Grid power – coal-fired – 5km to connect

Excellent infrastructure

Keen local and homecoming workforce

No on-site accommodation required

Supportive government

TOUQUOY’S ADVANTAGES

24

Ore reserves 9.59Mt @ 1.48g/t

Production 422,000 oz

Mine life 5.0 years

Ave annual production 84,000 oz pa

Throughput 2.0mtpa

Initial capex $140 million

Gold price US$1700/oz

Cash operating costs US$597/oz

Net cash surplus (pre-tax) US$337 million

Payback period 18 mos after 1st gold

Project NPV (8%, pre-tax) $206 million

Project IRR 52.5%

TOUQUOY SUMMARY FINANCIALS

28

ENVIRONMENTAL ASSESSMENT APPROVAL FEASIBILITY STUDY COMPLETED

MINERAL LEASE GRANTED

ACQUIRE REMAINING SURFACE TITLES

in progress

FINAL PERMITTING

Industrial Approval – documentation done

PROJECT FINANCING

Touquoy Gold Project STEPS TO PRODUCTION

29

COCHRANE HILL

33

COCHRANE HILL

Indicated 4.5 1.8 251,000

Inferred 5.6 1.6 298,000

Total 10.1 1.7 549,000

MINERAL RESOURCES


36 Cross section 3200E

38

CONCEPTUAL FINANCIALS

TOUQUOY + COCHRANE HILL

Throughput

Total production

Ave annual production

Plant

Mine life

Pre-production capex

Total LOM capex

Gold price

Cash operating cost

Net cash surplus (pre-tax)

Payback period

NPV (8%, pre-tax)

Internal rate of return

19.0Mt @ 1.6g/t for 970koz contained

900,000 ounces

93,000 ounce

2.0Mtpa relocated to CH after Touquoy

9.7 years

$140 million

$254 million

$1,700 per ounce

$646 per ounce

$721 million

18 months after first gold pour

$371 million

53%

39

REGIONAL EXPLORATION

48

MAJOR SEDIMENT-HOSTED GOLD DEPOSITS

Deposit Location Au (t) Grade (g/t) Age Meguma Appalachians 120 1.5 Cambro-Ord Juneau US Cordillera 281 1.4 Jurassic Macreas Flat NZ 251 1.2 Jurassic Natalka Russia 716 4.2 Permian Nezhdaninskoye Russia 311 5.4 Permian Bakyrichik Tien Shan 361 6.8 Carboniferous Carlin Nevada 3000 0.9-19 Siluro-Dev Zarmitan Tien Shan 470 9.5 Silurian Muruntau Tien Shan 5290 3.7 Ord-Silurian Amantaitau Tien Shan 288 3.7 Ord-Silurian Bendigo Victoria 533 12.9 Cambro-Ord Getchell Nevada 800 3.0 Cambro-Ord Sukhoi Log Siberia 1920 2.8 Proterozoic Kumtor Tien Shan 284 4.4 Proterozoic Telfer WA 1564 1.5 Proterozoic Brasilia Brazil 313 0.4 Proterozoic

49

AT TOUQUOY: • Acquire remaining surface titles - Q2/12 (?)

• Grant of Industrial Approval – Q2/12

• Secure project financing - Q3/12

• First gold pour – mid 2014 AT COCHRANE HILL: Complete drill-out, commence Feasibility Study ELSEWHERE MEGUMA: Continue regional exploration

LOOKING AHEAD

50

ATLANTIC GOLD NL

THE COMPANY

51

Fully paid shares 530.0M Partly paid shares (20 cents paid to 9 cents) 30.3M Options unlisted (15.5 cents, 18 months) 2.0M Market Cap @ 4.0 cents/share: $21.0 million

CAPITAL STRUCTURE

52

PIPELINE OF GOLD PRODUCTION IN NOVA SCOTIA

…applying Australian expertise to an overlooked Canadian gold province…

ASX:ATV

www.atlanticgold.com.au

March 2012

Tony Tascone Corporate Advisor

Pareto Capital


An Introduction to our Investment Advisory

Group

About Pareto Capital

Pareto is a Perth based investment advisory group offering capital raising and corporate advisory services to

resource based mining and industrial companies, as well as full service broking services to retail and wholesale

clients.

Pareto is a privately owned enterprise that has created strong alliances within the investment community. Our aim is

to create long term investor and shareholder value.

Pareto’s services include the sourcing of capital for Companies and the creation of investment opportunities for

professional investors. Pareto assists with Venture Capital, IPO's and Placements, corporate advisory and

consultancy services.

Pareto was established in 2010 and has since recapitalised a number of publicly listed entities and completed private

equity syndications as well as the sale of privately owned enterprises.

Pareto has a philosophy of investing alongside its clients through the principals, taking a significant stake in deals

offered via both personal holdings and our wholesale investment company.

Services – Full Service

Broking At Pareto, we have a team of experienced investment advisers ready to work with you to achieve your financial goals.

We are a Full Service Investment Advisory Group with a focus on long term relationships with our clients. Whether you

choose to use an adviser to assist in managing your portfolio or elect to do so yourself, you will have access to:

Domestic share trading

Access to Initial Public Offerings (IPOs) and Placements

Listed managed investments

Portfolio construction for Self-Managed Super Funds

Cash management services

Online access to your portfolio

Our Daily Market Review

Quarterly Performance Reports

Many of our new clients are referrals which we attribute to our success in combining our access to Initial Public Offerings

(IPOs) and Private Placements for clients with a traditional portfolio service based on trust and communication.

Services – Corporate

Pareto works closely with listed companies to assist in many of the Equity Capital Markets transactions and options

available to provide capital and as a means of improving the quality of an existing company’s share register through

promotion and marketing to professional and institutional clients.

At Pareto, we initially raise funds for early stage projects via our extensive network of sophisticated and wholesale

investors. Our team’s ongoing commitment to services through our corporate advisory role then introduces clients to

large scale brokers and institutional investors through a series of investor roadshows throughout Australia, Asia, Europe

and the U.S.

Our team has built outstanding institutional and broker networks in Australia and overseas. We have assisted numerous

ASX listed companies in expanding their networks and shareholder base via presentations with key investment analysts,

institutions and investment groups.

Pareto has had a successful history of identifying, financing and vending resource projects internationally via the “IPO”

process or the introduction to a suitable listed vehicle (“Shell”).

Pareto has established networks with experts and consultants to assist in this process to ensure that your specific

business and requirements are met during this critical stage in any corporate growth strategy.

Services – Roadshows

Pareto specialises in organising all meetings and introductions in the region your company desires, generally targeting

the investment communities in Hong Kong, Singapore, New York, London, Melbourne and Sydney. Our team is able to

tailor a roadshow to meet investors that are sector-specific to your company, and most importantly - we can ensure that

our itinerary fits your available time frames.

Standard roadshows usually require a minimum time allocation of 3 days if conducted in Australia and 4 days if targeting

overseas groups (this provides sufficient time for meetings and travel requirements).

Roadshows are highly effective ways of raising capital and further promoting your company to new and qualified

professional investors. We take the work out of organising this important function and companies can easily leverage

from our established relationships and contacts throughout the global investment community by outsourcing this role to

our team.

Our services include:

Australian Broker introductions and presentations

Institutional Investor Presentations and Roadshows (Australia and overseas)

Relationship management with shareholders and stakeholders (Top 20 shareholder management and analysis)

Marketing / Investor Relations strategy creation and implementation

On-going corporate advice and support to assist in promotional and fundraising requirements in the medium term.

Recent Transactions

AUD$1.65M

AUD$6.0M

AUD$10M

Lead Manager and Corporate Adviser Lead Manager and Corporate Adviser Lead Manager and Corporate Adviser

Lead Manager Pareto Capital Pty Ltd

Pareto Capital Pty Ltd Pareto Capital Pty Ltd Pareto Capital Pty Ltd

June/July 2011

April 2011 March 2011 April 2011

Initial Public Offering

Share Placement Share Placement Share Placement

AUD$1.2M

AUD$1.5M

AUD$2.45M

Share Placement

Joint Manager and Corporate Adviser Pareto Capital Pty Ltd

May 2011

December 2011

Corporate Adviser Pareto Capital Pty Ltd

Trade Sale of

Universal Pumps Business

AUD$3.4M

Rights Issue

Corporate Adviser Pareto Capital Pty Ltd

December 2011

http://www.auraenergy.com.au/home.html

Frequently Asked Questions – ADG Global Supply Case

Study

Can Pareto raise up to $10million?

Working closely with ADG, Pareto will raise sufficient capital as required, $10m was raised in various stages .

– See Appendix A attached

How well established is Pareto on the East Coast?

We have strong institutional and broker relationships on the east coast. Pareto completed 6 roadshows on the

east coast in 2011

Our approach is to partner with a broker(s) with local presence where required

Most recent example of how effectively this strategy of partnering with brokers works was with ADG and

Investor First. By partnering we introduced 8 institutional investors for a $2.45m placement. In addition

the broker initiated coverage and ongoing research

How often will we need to roadshow in 2012?

The need for capital required us to commence roadshowing immediately

The process then becomes one of raising awareness and follow up communication to ensure liquidity is

ongoing

Pareto will maintain contact with all groups post roadshow to secure potential investment in the company

Appendix A: ADG Global Supply - $9.75m Raised

May 2011 - $2.45m Share Placement

Joint manager and corporate adviser to raise funds to increase working capital for an expansion into Europe as a

base for its African operations (placement completed exclusively to east coast institutions).

December 2011 - $1.5m Trade Sale of Universal Pumps Business

Corporate adviser to the sale of the Universal Pumps business held within ADG. Pareto assisted with preparation

of the information memorandum and the marketing and structuring the transaction.

November 2010 – $3.6m Share Placement and Underwritten Rights Issue

Manager and corporate adviser of a $1m strategic placement to introduce a cornerstone investor post an

organised introduction to the group. In addition undertaking a $2.6m 1 for 3 entitlement issue (with shortfall of $1.9m to several external groups).

December 2009 - $2.2m Share Placement and Rights Issue

Manager and corporate adviser of a $0.85m strategic placement to work towards reducing bank debt. Also

completed a $1.35m 1 for 5 rights issue (with shortfall of $0.76m placed to several external groups).

Pareto Capital Partners

Davide Bosio (B.Comm FFin GAICD)

Managing Director

Davide is the Managing Director of Pareto Capital and specialises in offering

professional customised fundraising solutions to corporate clients and

investment services to professional investors. Davide has over 10 years

experience in the finance industry as an Investment Advisor providing financial

product advice and dealing to wholesale and retail clients. Davide is currently a

Fellow Member of the Financial Services Institute of Australia (Finsia) and a

Graduate Member of Australian Institute of Company Directors (GAICD). Davide

holds a Bachelor of Commerce (Marketing) degree and a Graduate Diploma in

applied Finance and Investment.

Dino DiCosta (CA)

Director

Dino is a Director of Pareto Capital and specialises in providing Corporate

Advisory services in both the complex debt markets and global equity markets.

Prior to joining Pareto Capital, Dino spent 10 years as a Director of Credit

Suisse's Structured Product Debt Syndication and Trading team based in

London. Dino's principal role was in Debt Capital Raisings for some of the

largest financial institutions globally. Dino has holds a Bachelor of Commerce

(Acc and Bus Law) and is a member of The Institute of Chartered Accountants

(Australia). He is also the treasurer of The Strike a Chord for Cancer Foundation.

Pareto Capital Details

Pareto Capital Pty Limited

ABN 43 131 858 681 AFSL 389 395

338 Hay Street, Subiaco, Western Australia, 6008

www.paretocapital.com.au

Anthony Tascone

Corporate Advisory

D: +61 (8) 6489 0880

M: +61 (0) 419 870 363

E: [email protected]

Chad South

Investment adviser

D: +61 (8) 6489 0833

M: +61 (0) 404 307 554


Dino Di Costa

Director

D: +61 (8) 6489 0808

M: +61 (0) 407 450 639


Davide Bosio

Managing Director

D: +61 (8) 6489 0888

M: +61 (0) 414 433 771


D: +61 (8) 6489 0800

F: +61 (8) 9380 9389

E:

[email protected]

Jason Roberts

Investment Adviser

D: +61 (8) 6489 0801

M: +61 (0) 409 296 276


http://www.paretocapital.com.au/

mailto:[email protected]






John “Gus” Simpson Executive Chairman

Peninsula Energy Limited


21-Mar-12 65

Disclaimer

This presentation is provided on the basis that the Company nor its representatives make any warranty (express or implied) as to the accuracy, reliability, relevance or completeness of the material contained in the Presentation and nothing contained in the Presentation is, or may be relied upon as, a promise, representation or warranty, whether as to the past or the future. The Company hereby excludes all warranties that can be excluded by law. The Presentation contains material which is predictive in nature and may be affected by inaccurate assumptions or by known and unknown risks and uncertainties, and may differ materially from results ultimately achieved. The Presentation contains “forward-looking statements”. All statements other than those of historical facts included in the Presentation are forward-looking statements including estimates of resources. However, forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Such risks include, but are not limited to, gold and other metals price volatility, currency fluctuations, increased production costs and variances in ore grade or recovery rates from those assumed in mining plans, as well as political and operational risks and governmental regulation and judicial outcomes. The Company does not undertake any obligation to release publicly any revisions to any “forward-looking statement” to reflect events or circumstances after the date of the Presentation, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws. All persons should consider seeking appropriate professional advice in reviewing the Presentation and all other information with respect to the Company and evaluating the business, financial performance and operations of the Company. Neither the provision of the Presentation nor any information contained in the Presentation or subsequently communicated to any person in connection with the Presentation is, or should be taken as, constituting the giving of investment advice to any person. Presentation does not relate to any securities which will be registered under the United States Securities Act of 1933 nor any securities which may be offered or sold in the United States or to a US person unless registered under the United States Securities Act of 1933 or in a transaction exempt from registration. The Exploration and Target Potential described in this presentation is conceptual in nature, and there is insufficient information to establish whether further exploration will result in the determination of a Mineral Resource

66

Existing Uranium Demand

Drivers

• 434 operating nuclear power stations (Feb 2012)

operated by 31 countries

• 240 research and medical isotope reactors

• 140 nuclear powered ships

• Consuming 200mlbs uranium p.a.

• One ton of natural uranium produces more than 40 million kilowatt-hours of electricity

• This is equivalent to burning 16,000 tons of coal or 80,000 barrels of oil

• Electricity generation costs • Gas and coal costs 5.0c per Kwh

• Nuclear costs 0.7c per Kwh

source: CNN interview CEO Southern Company Feb 2012

21-Mar-12 67

Future Uranium Demand

68

Demand in Eastern Europe, China and India will increase X 300%

•61 NPP are in construction

• 156 are in the approval stage •China, India and Eastern Europe will increase U consumption by 250% by 2030

Source : UxConsulting Q4 2011

Region

2010 Reactor

Units

U308

Demand mlbs/pa

2015 Reactor

Units

U308

Demand mlbs/pa

2020 Reactor

Units

U308

Demand mlbs/pa

2025 Reactor

Units

U308

Demand mlbs/pa

2030 Reactor

Units

U308

Demand mlbs/pa

North America 124 52 125 54 126 59 125 59 128 60

Western Europe

129 54 118 55 117 58 103 53 97 52

Japan 54 23 49 24 49 26 48 25 43 22

Eastern Europe 67 29 76 33 84 38 93 40 100 44

Asia & Oceania 61 23 101 44 144 67 181 85 221 108

Africa & Middle East

2 1 3 1 8 5 15 10 22 12

South America 4 2 6 3 6 3 8 4 11 7

TOTALS 441 183.9 478 213.1 534 254.5 573 276 622 292.8

Reactor Units and Market Demand Forecasts by Region

China, India & Eastern

Europe Nuclear Build Out Plan

The industrialisation/urbanisation of China, India and Eastern Europe requires low

cost power generation

As this scales up it is increasingly about low emissions power

And for the 21st

Century that’s about nuclear power.

69

Uranium Supply

• Kazakhstan ISL U3O8 Production Growth:

2000, 5mlbs 2008, 18mlbs 2009, 36mlbs 2011, 44mlbs

• Megatons to Megawatts program: Uranium recovery from nuclear weapons – US utilities - end of 2013 24mlbs

• Fukushima more likely to impact supply rather than demand

70

Source: : RBC Uranium Market Outlook June 2011

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

(90,000)

(60,000)

(30,000)

0

30,000

60,000

90,000

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Net Balance (LHS) World Supply (RHS) World Requirements (RHS)

(000 lbs) (000 lbs)

Supply Deficit

Global Uranium Supply / Demand

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

(90,000)

(60,000)

(30,000)

0

30,000

60,000

90,000

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Net Balance (LHS) World Supply (RHS) World Requirements (RHS)

(000 lbs) (000 lbs)

Supply Deficit

Long Term Uranium Price

71 Composite Uranium Price Projection, UxC

$0

$15

$30

$45

$60

$75

$90

$105

$120

$135

$150

87 89 91 93 95 97 99 01 03 05 07 09 11 13 15 17 19 21 23 25

© UxC

Historical Spot Ux U3O8 Price

Long-Term vs Spot

Composite Scenario

Historical Ux Long-Term U3O8 Price

72

Corporate

72

Share Price

Shares on issue 2,136m

Share price 6.7c

Market capitalisation $143m

Cash balance $20m

Debt $0

Enterprise value $123m

Equity Facility $100m

Shareholding

Directors & Associates ~ 20%

Top 20 shareholders 28.72%

Peer Comparison

Avg

EV/Resource

Multiple

Market Cap

A$

Uranerz $6.53 $187m

UR Energy Inc $3.40 $121m

Peninsula Energy Limited $2.98 $143m

Options on Issue Number Strike Expiry

Listed options (PENOA) 402,847,569 3c 30-Jun-12

Listed options (PENOC) 467,354,574 3c 31-Dec-15

Unlisted options 24,000,000 Various prices

between 4c – 12.5c Various dates from

Sept 2012 – Dec 2015

Performance Shares 18,500,000 Class C 30-Jun-14

PEN – Daily Line Chart (Close) XAO – Daily Line Chart (Close) PE Simple M(20) (Close)

5000

4800

4600

4400

4200

4200

0.14

0.12

0.08

0.06

0.04

0.02

0.1

Directors and Management

73

• Executive Chairman Gus Simpson Strong leadership, corporate and project management skills

• Executive Director - Operations Malcolm James Strong corporate project mgmt and financing experience

• Technical Director Alf Gillman Highly experienced uranium geologist

• Director Warwick Grigor Experienced mining analyst and corporate director

• Director Mike Barton Charted Accountant with strong background in resources & finance

• Executive Chairman Gus Simpson Strong leadership, corporate and project management skills

• Executive Director - Operations Malcolm James Strong corporate project mgmt. and financing experience

• Technical Director Alf Gillman Highly experienced uranium geologist

• Project Manager Al Berglund ISR mining engineer, 35 yrs+ experience

• Company Secretary Jonathan Whyte Chartered Accountant and experienced Company Secretary

Board of Directors

Executive Management

Wyoming Project Team

Karoo Project Team

• ISR Mining Expert Al Berglund ISR mining and extraction engineer, 35 yrs+ experience

• Exploration Manager Wyoming Jim Guilinger Highly experienced uranium geologist

• Hydrological Engineers Petrotek Engineering Corporation

• Mine Permitting Engineers WWC Engineering Experienced ISR permitting engineers

• ISR Process Design Engineers Lyntek Inc Denver based process design engineers

• Definitive Feasibility Study Lyntek Inc. Denver based process design engineers

• Exploration Manager Henri Lombard Experienced exploration manager

• Project Manager John Simpson Open pit and underground mining consultant

Business Plan –

10mlbs per annum before 2025

74

• To commence ISR production at Lance Projects, Wyoming in 2012/13* building

to 2.2mlbs U3O8 p.a. over 3 years (Plant capacity 3mlbs p.a.)

• Continue to develop the mineral potential at:

– Wyoming 95-145mlbs U3O8

– Karoo 90-150mlbs U3O8

Underpin balance sheet with profit from Wyoming

• Develop conventional mining and milling operation at Karoo Projects, RSA by

2016/17 building to 3mlbs U3O8 p.a. over 3 years

• Look at near production acquisition opportunities in areas of existing operations

to expand production at both CPP’s

• Long term goal to be a 10mlbs per annum uranium producer before 2025

* Subject to regulatory approval

Lance Projects-

Location & Wyoming Uranium

75

In Permitting

Hank & Nichols

Jab & Antelope

Moore Ranch

Ross

Lance Project

Lost Creek

Christensen-Irigaray

Sweetwater

Smith Ranch-Highland

Currently Licenced

Lance Projects –

Development Model

76

• 41.4mlbs U3O8 JORC compliant resource

• To build a 2.18mlbs per year ISR operation inclusive of: – Ion exchange facility ,centralised resin stripping ,drying and

packaging plant at Ross (CPP)

– Remote ion exchange facility at Barber trucking resin to CPP

• Commence production in 2012/13: Capex. – Phase 1 - 750klbs p.a. Ross production unit $63M

– Phase 2 – 750klbs p.a. Kendrick production unit $21M

– Phase 3 – 750klbs p.a. Barber production unit $60M

– Production expansion target of 3mlbs per year by 2017

• Continue to delineate 95-145mlbs of uranium mineralisation through:

– Exploration within the other 11 project areas

– Exploration in the areas between the 13 projects

• Acquisition of other projects

Resource

Classification

Tonnes Ore U3O8 U3O8 Grade

(M) kg (M) lbs (M) (ppm U3O8)

Measured 3.6 1.7 3.7 479 Indicated 7.8 3.0 7.5 433 Total M+I 11.5 4.7 11.2 448 Inferred 33.1 13.7 30.2 414 Total 44.5 18.4 41.4 422

Central Processing Plant: Reverse Osmosis System, Brine Tanks (rear)

Central Processing Plant: Ion Exchange Vessels (left), Elution circuit (right)

Lance Projects-

DFS Expanded Economic Study

77

Revenue (2011 base escalated at 2.6%) $62.58 $164 million

Operating cash cost (C1) $11.93 $26 million

Royalties & Tax $10.80 $24 million

Total Operating Cash Cost $22.73 $50 million

Ongoing Well Field Capital $8.82 $19 million

Depreciation & Amort (average) $6.71 $15 million

Total Production cost $38.26 $84 million

EBITDA $95 million

Tax (average) $14 million

Net Profit after tax (excl. depletion) $66 million

Free cash flow $76 million

NPV (before tax) $207 million

Steady State Production

Assumptions

ISR mining with centralised plant

• 2.188mlbs p.a. U3O8

• Uranium grade 422ppm

• Estimated recovery 76%

• Initial Project Cap. Ex.$63m

Phase 2 (1.50mlbs pa)$21m

Phase 3 (2.19mlbs pa)$60m

• Recovered resource 17.2mlbs U3O8

• Debt to Equity 60:40

• US$76m decommissioning and restoration included in C1 costs

• NPV Assumptions • Interest rate 8%

• Real discount rate 6%

US$ per lb US$ / Year

Market Valuation

Analysis - Uranium Producers

78

Company

Annual

Production 2011

(approx. U3O8 lbs)

Jan 31, 2012

Market Cap

(US$millions)

Pre Fukushima

Market Cap

(US$millions)

Cameco 21,700,000 9,147 14,324

Paladin 5,700,000 1,608 3,677

Uranium One 10,500,000 2,501 5,704

ERA 5,800,000 846 1,186

Production U3O8

(lbs p.a.)

$275 per pound

of production

$600 per pound

of production

Market Cap U3O8 production levels

2,180,000 6,000,000

10,000,000

$600,000,000 $1,650,000,000 $2,750,000,000

$1,300,000,000 $3,600,000,000 $6,000,000,000

Indicative Value as a function of Production:

Market Cap Per Pound of Production:

Lance Projects –

Exploration Potential

Resource Growth-Trend

3,644,099 3,813,347 3,835,486 3,960,000

5,587,760 6,681,340 7,500,039

11,130,000

15,955,169

22,454,321

30,178,789

0

5000000

10000000

15000000

20000000

25000000

30000000

35000000

40000000

45000000

PEN, March 2010 PEN, July 2010 PEN, January 2011 PEN, July 2011

lbs

U3O

8

Inferred

Indicated

Measured

281

1,106

600

805 4,738

4,738

No. PEN holes

No. NuBeth holes

4,738

4,738

80

Drilling Post June 2011

Resource Upgrade

81

Hole ID Easting Northing Total Depth (ft)

Intercept ft over PFN U3O8 grade

ppm

From (ft) GT Peak Concentration

Grade

RMR1730 501106 4934667 920 15.5'@1530ppm 830.75 2.37 4'@5160ppm

RMR1531 500813 4935919 880 21'@830ppm 714.75 1.74 11.5' @1150ppm

RMR1415 501663 4936683 840 39'@436ppm 651 1.70 9.5' @ 890 ppm

RMR1729 500766 4934567 1000 31'@485ppm 845.25 1.50 5.5'@1620ppm

RMR1610 500838 4935590 860 26.5'@390ppm 716.25 1.03 6.5' @ 540 ppm

RMRD0024 501664 4936683 710 638.75 0.99

RMR1339 503403 4938305 600 23.5'@390ppm 431.75 0.92 2.5'@1110ppm

RMR1694 501195 4934540 940 4'@1965ppm 800.25 0.79 2.5'@2990ppm

RMR1595 500745 4935782 860 20.5'@371ppm 711.75 0.76 2.5'@1750ppm

RMR1270 501784 4944022 460 5.5'@1080ppm 253.25 0.60 3'@1780ppm Top 10 average 1.24GT

RMR1431 501672 4936775 840 7'@820ppm 680.25 0.57 6' @ 940 ppm

RMR1660 500616 4934259 1000 7.5'@730ppm 848.25 0.55 3'@1140ppm

RMR1325 503847 4939968 580 7.5'@650ppm 423.75 0.49 2.5' @ 1120ppm

RMR1568 500787 4935796 840 10.5'@460ppm 703.25 0.48 2'@1000ppm

RMR1265 503811 4939486 640 7.5'@590ppm 565.25 0.44 4'@930ppm

RMR1273 503797 4939658 600 7'@630ppm 498.25 0.44 4'@910ppm

RMR1501 500983 4936617 960 11'@390ppm 865.25 0.43 3.5'@730ppm

RMR1290 502470 4943747 700 15.5'@270ppm 105.75 0.42 2.5'@590ppm

RMRD0022 501784 4944020 280 254.75 0.42

RMR1514 500794 4935918 880 17'@240ppm 714.25 0.41 2.5'@320ppm Top 20 average 0.85GT

Lance Projects –

Strategic Partner & Uranium Sales

• First sale contract USA utility: Feb 2011

WAP $75.60 per lb, 7 year contract – first delivery 2013 & 5.5%

planned production

• Boswell Capital: May 2011

Specialist uranium advisory group, ongoing role evaluating juniors for

utilities and completed DD on PEN

• Negotiations advancing with utilities and trading houses

50% to Strategic partner with investment in PEN

30% with 3-4 utilities

20% to spot sales

82

Lance Projects – Permitting

83

Mine permitting on schedule

Deep Disposal Wells • DDW feasibility study completed

• Licence application lodged

• Licence granted 30 March 2011

• Aquifer is deemed exempt

NRC Source Material Licence • Technical reports completed

• Environmental reports completed

• Licence application acceptance

• Enviro & Tech review ongoing

• BLM acknowledged NRC lead

WDEQ Permit to Mine • Technical reports completed

• Environmental reports completed

• Licence applic. accepted

• Enviro & Tech review completed

• Grant on Bonding & CPP site purchase

• Air Quality Permit granted

WWC Engineering Services fast tracking the review and issue period for the required permits by:

• Implementing continuous process of review and discussion with all stakeholders

• Regular meetings with the NRC, EPA ,WDEQ and BLM to discuss the progress

• Lodgement of composite application with all regulatory agencies

Lance Projects –

Proposed Development Schedule

84

2009 2010 2011 2012 2013

Permitting

(subject to

regulatory

approval)

Resource

Definition

Scoping Study/

PFS / DFS/EES

Project

Financing

Construction,

Commissioning,

Production

Expanded

Resource Drilling

Business Plan –

10mlbs per annum before 2025

85

• To commence ISR production at Lance Projects, Wyoming in 2012/13* building

to 2.2mlbs U3O8 p.a. over 3 years (Plant capacity 3mlbs p.a.)

• Continue to develop the mineral potential at:

– Wyoming 95-145mlbs U3O8

– Karoo 90-150mlbs U3O8

Underpin balance sheet with profit from Wyoming

• Develop conventional mining and milling operation at Karoo Projects, RSA by

2016/17 building to 3mlbs U3O8 p.a. over 3 years

• Look at near production acquisition opportunities in areas of existing operations

to expand production at both CPP’s

• Long term goal to be a 10mlbs per annum uranium producer before 2025

* Subject to regulatory approval

Karoo Projects – Location

21-Mar-12 86

Karoo Projects – Regional

Geology

21-Mar-12

87

Stratigraphic Column

Teekloof Formation

Abrahamskraal Formation

Poortjie Member

Davidskolk Member

Moordenaars/ Loxton Members

Karoo Projects – Mineral Potential

88

Exploration

Potential

Tonnes

(m)

Grade

(ppm U3O8)

U3O8

(mlbs)

Range From To From To From To

Total 36 60 1,200 1,400 90 150

Historic

Mineralisation

Tonnes Grade

(ppm eU3O8 )

Total

(eU3O8 mllbs)

Site 22 860,000 1,480 2.8

Site 45 2,786,000 700 4.3

Site 29 246,000 1,107 0.6

Total 3,892,000 1,015 7.7

Site 29 Uranium Potential

89

A

0 2.5 5 1.25

Kilometers

A

B

• 108km2 of Prospective

Poortjie Sandstone

• 308 holes drilled by Union

Carbide

• Drill-defined 600,000 lbs

U3O

8 at 1,107 ppm

• 214 RC twin and

exploration holes

completed in 2011

• 167 historic holes drilled

re-probed

• Drilling confirmed high

grade U3O

8

• >5-8mlbs U3O

8 potential

• Numerous un-tested

uranium occurrences and

channel systems

Site 29 Cross Section

90

Diagrammatic composite section

B A

181 intercepts >200ppm, 70 >1,000ppm


91

2.8mlbs U3O8 at 1,480ppm

• GT7 prospect 2.8mlbs drill-defined eU3O8

• 707 historic percussion holes drilled by JCI

• 118 RC holes and 4 diamond holes in 2011

• 160 historic holes drilled re-probed

• Stacked uranium bearing channels

• >15mlbs U3O8 potential

• Amenable to open-pit mining

• Numerous un-tested U3O8 occurrences

Site 22 Core Hole Cross Section

92

86 intercepts >1,000ppm, 272 intercepts >200ppm


21-Mar-12 93

25km

• 4.3mlbs drill-defined eU3O8

• 400 historic drilled by JCI

• 340 km2 prospective Davidskolk formation

• 16 historic holes probed in 2011

• Stacked uranium bearing channels

• Potential 15mlbs U3O8

• Numerous un-tested U3O8 occurrences

Karoo Projects – Project Schedule

94

2010 2011 2012 2013 2014 2015 2016 2017

Resource Definition (JORC

conversion)

Internal Conceptual Study

Ext. Scoping Study PFS/BFS

Construction

Commissioning Production

Expanded Resource Drilling

Karoo Projects – Development Model

95

• Multiple open-pits; with central processing facility at Site 29

• All sites within road-hauling distance

• Planning production in 2016/2017

• Continue to delineate > 120mlbs of uranium mineralisation

Process flow sheet

Karoo Projects – Conceptual Study

21-Mar-12 96

Figures are indicative only and developed for internal project evaluation purposes

Revenue $65-75 $191 million

Capex Amortisation $3.4 $11.6 million

Financing cost $1.0 $3.3 million

Operating Costs $28.5 $76.1 million

Royalty (3%) $2.0 $5.1 million

Total Costs $34.9 $96 million

Molybdenum Credit $5.2 $15 million

Depreciation $14 million

Gross Margin $110 million

Tax $29 million

Net $81 million

NPV $211 million

30% tax, Interest Rate 8%, Real Discount Rate 10%,

60:40 Debt to Equity Ratio

Assumptions

Assumptions

• Open-pit mining with conventional milling

• Central processing facility at Beaufort West near Site 29

• 30mlb U3O8

• 3mlbs pa production

• Estimated recovery 90%

• Estimated capital cost US$197 million

US$ per lb US$ / Year

Nationalisation Debate - NO

• President Jacob Zuma on Friday squashed more than two years of talk about the nationalisation of South Africa’s

mining sector, saying state control or ownership of the mines could not work.

• Asked during a televised breakfast briefing if the government planned to nationalise mines, Zuma said

emphatically: “We’re very clear. It is not our policy. We’ve been saying this inside the country, outside the country.

It cannot be. “We have answered this question many times. We are very clear,” he added. “Our policy is a mixed

economy.”

• Coming at the end of a week in which two senior ministers dismissed nationalisation as unviable and the ANC

released a study describing it as an “unmitigated disaster”, Zuma’s comments lay to rest two years of debate that

hit South Africa’s image as an investor-friendly emerging market.

• However, Malema’s suspension from the party at the end of last year and the growing ranks of declared and

heavyweight opponents of nationalisation mean the idea is not going anywhere.

• “You cannot ask for greater clarity,” said political consultant Nic Borain. “If you look at the words the document

uses, and you take what Zuma said (on Friday), I think we can put this issue to bed.

• “Read altogether, this is the ANC very clearly saying ‘Our task as government is to get the

most out of these resources.’ Nationalisation would be a catastrophe.”

21-Mar-12 97

Investment Highlights

• Emerging uranium producer listed on the (ASX:PEN) with

established project pipeline

• DFS expanded profit projections $66 million pre-tax per annum

• 42mlbs JORC Compliant Resource and growing

• Targeting 2.2mlbs U3O8 pa from Wyoming 2012 /13

• Targeting Karoo production 2016/2017

• Exploration potential 185–295mlbs U3O8 Wyoming and Karoo

• Low CAPEX (Wyoming) – initial development expenditure US$63M

• Strong supply / demand fundamentals for uranium

98

Targeted Milestones

• April 2010: Initial JORC compliant resource at Lance

• May 2010: Pre-feasibility study completed

• July 2010: Revised JORC compliant resource

• Dec 2010: Submit final licence applications

• Jan 2011: 2nd revised JORC compliant resource

• Feb 2011: Uranium sales contract

• Mar 2011: Karoo drilling results

• April 2011 DDW Licence granted

• July 2011: 3rd revised JORC compliant resource

• Dec 2011: Definitive Feasibility Study completed

• Mar 2012: Decision to mine

• Mar 2012: 4th revised JORC compliant resource

• May 2012: Permit to Mine

• June 2012: Initial Karoo resource estimate

• June 2012: Strategic Partner

• June 2012: Project Funding

• TBN Project Construction

• TBN NRC Source Material Licence

• TBN Yellowcake production target

99

Andrew Haythorpe Managing Director & Chairman

Liberty Resources


ASX: LBY

low cost fertilizer

Competent Person Statement The information in the report to which this statement is attached relates to Exploration Results, Mineral Resources or Ore Reserves compiled by Mr D. J. Holden, who is a Member of The Australian Institute of Mining and Metallurgy, with over 20 years experience in the mining and resource exploration industry. Mr Holden has had previous relevant experience and qualifies as a Competent Person as defined in the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore reserves”. Mr Holden consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. Claus Wohlert is a mechanical engineer with a Bachelor of Engineering (1st Class Hons) from the University of Canterbury, Doctor of Philosophy from the University of Canterbury. Mr Wohlert has over 30 years local and international experience in the oil and gas industry. His work experience covers major oil companies and consulting firms, all phases of the oil and gas industry, including design engineering, construction, commissioning, and maintenance and a full range of rotating and static equipment.

Disclaimer This presentation contains statistical data, market research and industry forecasts that were obtained from government or other industry publications and reports or based on estimates derived from such publications and reports and management's knowledge of, and experience in, the markets in which Liberty operates. Government and industry publications and reports generally indicate that they have obtained their information from sources believed to be reliable, but do not guarantee the accuracy and completeness of their information. Actual outcomes may vary materially from those forecast in such reports or publications, and the prospect for material variation can be expected to increase as the length of the forecast period increases. While management believes this data to be reliable, market and industry data is subject to variations and cannot be verified due to limits on the availability and reliability of data inputs, the voluntary nature of the data gathering process and other limitations and uncertainties inherent in any statistical survey. Accordingly, the accuracy, currency and completeness of this information cannot be guaranteed. The Corporation has not independently verified any of the data from third party sources referred to in this presentation or ascertained the underlying assumptions relied upon by such sources. The images of production facilities contained in this document are not actual assets of the Company, but are representative of the proposed Urea Corp Fertiliser Project.

libertyresources.com.au

Global Population Growth

Australia’s a big Importer of Fertiliser

Gas & Coal prices rising

Lowest quartile cost producer

Proven Technology

Location Location Location

Strategic Drivers – why it is happening

ASX: LBY

Share Price* $0.08

Shares on Issue 223m

Market Cap $ 17m

Cash $2.0 m

Other Assets $2.0 m

Debt nil

Largest Shareholders LBY Management Dundee Corp

*Share information as at Feb 2012 (www.asx.com.au)

Investor relations: Karl Cahill +1 (858)531-6100 [email protected] USA

Low Cost Fertilizer

mailto:kcahill@

Management Team – Andrew Haythorpe - Managing Director

– Steve McRae- CFO

– Lance Harcourt - Projects Delivery Manager

– Claus Wohlert-Jensen - Senior Mechanical Engineer

– Erica Blumenthal – Geologist

– Jake de Boer – Coal to Urea Project Manager (app March 2012)

– Scott Cross – QLD Manager

Board of Directors – Andrew Haythorpe, MD and Acting Chairman (former mining analyst and fund

manager, company director and investor)

– Michael Fry, NED (extensive experience in capital markets and commodity, currency and interest rate risk management)

– James Becke, NED (ex founding Director of Macquarie Bank, 35 years experience in all facets of the Australian capital markets)

The Liberty Team

LBY shares purchased by management

CEO Skin in the game – shares not gifted

Shareholders and management interests aligned

Tight Share Registry - and improving

Management & Shareholders Aligned

Projects Delivery Manager Lance has been managing projects in the Offshore Oil and Gas Industry for 30 years. During this time, he has gained extensive experience in the design, construction and commissioning of oil and gas projects in Australia and overseas. Lance was an Interface Manager and Area Project Engineer on Woodside's North Rankin B Project, Topsides Construction Manager for BHP, Site Construction Manager for Roc Oil's Cliff Head A Wellhead Platform, Project Engineer and Lead Architect for the Fluor Amec JV, Lead Architect on Phillips Petroleum's Bayu Undan Project, Commercial Manager for Bouygues Offshore and Project Engineer for McDermott International.

General Manager (March 2012 ) Jake has over 26 years in the Fertiliser and Coal Gasification industries and held Senior positions in Perdaman Chemicals & Fertilisers, GHD Oil and Gas & Sasol Technology in South Africa. At Perdaman, he was responsible for technical and Project Finance requirements for the $3.5billion, 2mtpa Urea Collie Coal to Urea in Western Australia. Qualifications include; M Eng (Chemical), University of Pretoria; BCom, University of South Africa, (cum laude Economics); BEng (Honours), University of Pretoria, BSc (Chemical Engineering), University of Natal; Registration as Professional Engineer, SACPE; SAICHe (SA Institute of Chemical Engineers) Secretary; Accredited with Australian Engineering Council. Patents developed at Sasol include; Process for synthesising hydrocarbons. AP Steynberg, JW De Boer, H Nel, W Ernst, JJ Liebenberg: Sasol Technology, June 2007: US 20070142481 (2 citations), EP 1658354; Process for synthesising hydrocarbons. AP Steynberg, JW De Boer, H Nel, W Ernst, JJ Liebenberg: Sasol Technology: US 7432310, March 2005: WO 2005/019384; Fuel cells (JH Fourie / JW De Boer, United States Patent H001849; Biodiesel blending (JW De Boer / M Lamprecht, WO/2003/004588)).

Senior Mechanical Engineer Claus holds a PhD in mechanical engineering (Robotics), with over 30 years of international experience in the oil and gas industry. He started at Shell International Petroleum as Project Engineer and more recently - Rotating Equipment Specialist for Worley Parson Fluor Amec - Woodside Enfield Project, Tiga Joint Venture - Conoco Phillips Bayu Undan Project and Carigali - PTTEPI Operating Company CPOC.

Advisor Justyn joined Linc Energy in 2006, the largest UCG company in the world. During his six years with Linc, he held the positions of General Manager Government and Environment Affairs, General Manager of Business Development, Executive General Manager Asia and Executive General Manager Investor Relations. He has extensive experience in the Environment, UCG and the development of a growing UCG Company. He has served as Legal Counsel for the Department of Environment and Heritage, a Director of Operations for the Qld EPA, Environment Advisor to the Queensland Mining Council, Head of Property and Environment for Airservices Australia. Qualifications include Graduate Diploma in Legal Practice, University of South Australia, LLB(law) University of Adelaide in 1993 and a double BA (Politics) and a BA (Jurisprudence) University of Adelaide (double) in 1991.

Very low cost Fertilizer

Sources: Integer Research Limited, Liberty Resources, Uhde Shedden estimates adjusted for

,minimum $7/GJ gas or gas equivalent input cost 2020.

Source: G.Couch. IEA Clean Coal Centre. Progress with underground coal gasification. www.iea-coal.org.uk (Energy extraction for typical 12km2 deposit)

Insitu Gasification

1,300 PJs

Longwall Coal

Mining

800 PJs

Coal Bed

Methane 60 PJs

Insitu Gasification Advantage

http://www.iea-coal.org.uk/



Oil sands 3 GJ/t Alberta (Canada) Coal 18-24 GJ/t QLD Oil shale 6 GJ/t Julia Creek Shale (QLD) Source: Oil Shale & Tar Sands Programmatic EIS (http://ostseis.anl.gov/guide/tarsands/index.cfm)

*Based on Raw oil sand contains 66% sand and 33% heavy bituminous oil ** Kerogen value for Julia Creek (Qld) is 18%. Kerogen is the sole energy component of oil shale and has an energy value of 35GJ/t. Assuming 65% conversion of kerogen to kerosene with an energy value of 43GJ/t.

Barrels of Oil Equivalent

Coals advantage

http://ostseis.anl.gov/guide/tarsands/index.cfm

Population Growth

Urbanisation of emerging economies

Demand growth for Protein

LBY profit inelastic to Coal & Gas price (cost) increases

LBY Leveraged to Global Trends

A new Germany per year

83 million new people – every year

Current world population 7 billion.

Annual births 140 million, deaths 57 million

Source: "U.S. Census Bureau - World POPClock Projection". http://www.census.gov/ipc/www/popclockworld.html

"World Population Clock — Worldometers"

http://www.worldometers.info/population/International Data Base (IDB) — World Population"

"World Population Prospects:The 2008 Revision”

Population Division of the Department of Economic and Social Affairs of the United Nations Secretariat.

http://www.un.org/esa/population/publications/popnews/Newsltr_87.pdf

Increasing demand for Fertilizer

Global population growth

Urbanization

Less farm land

Substantial Middle class growth – emerging markets

• ...Rising wealth

• ...rising food consumption,

• ...fertiliser required.

“Over the past three

decades, the proportion

of the Chinese

population living in

urban centres has more

than doubled to almost 45 per cent.”

Presentation by Dr Philip Lowe, Assistant

Governor of the RBA (Central Bank) to the ABS Natstats conference, Australia.

Fertilizer – Urbanization

Source: Urea world market outlook and forecast, Merchant Research & Consulting Ltd 2010. And Liberty data

Production with consumption – the gap

New Urea capacity required

How we compare – China

How we compare - India

1.3mtpa Urea used in 2011

1.1mt imported

Ammonia imported to Urea and Explosive

Explosive (Ammonia Nitrate) shortages

Australia depends on imported fertilizer

Ports

Rail

Pipelines

People

Strategic location – farms and mines

No environmental concerns

State logging

No farms

No towns

No cropping

Coal – 1.4 billion tonnes*

PROJECT INFERRED RESOURCE AVERAGE COAL QUALITY

DENISON 1.4 billion t Mod Sulphur thermal coal CV of 6200 Kcal/kg

GALILEE 338 million t Mod sulphur thermal coal CV of 5100 Kcal/kg

(*) This resource forms part of the Westgrove Project area resource as announced by the Company on 21 September 2009

Existing Technology – directional drilling

10th February 2012

“ Carbon Energy Delivers Australian first in commercial

power production (from its underground coal

gasification (UCG) plant at Bloodwood Creek) “

ASX Announcement/ Media Release http://www.asx.com.au/asxpdf/20120210/pdf/4248kzn66fhx6t.pdf

UCG – Now commercial in QLD

2004 - UCG industry developing in QLD

2008 - QLD Govt commences scientific review

2009 - 3 Pilots approved in QLD in 2009

2011 - Positive findings on 2 Pilots

2012 - Operational recommendations

UCG – Strong Foundation

Outside the USA,

Gas = 80% of the cost of Urea

Urea is made from gas or coal

Coal prices have risen

Urea Corp will have its own Coal and Gas

Ex USA - gas & coal price rises

Urea Price driven by energy cost

Train 1 Train 2 Train3

Capex ($Am) 3,000 3,000 3,000

Urea capacity (mtpa) 2.2 4.4 6.6

Urea price ($A/t) 500 500 500

Direct Opex, FOB ($A/t) 93 88 88

Total Opex FOB ($A/t) 133 112 104

Net Margin ($A/t) 367 388 396

Project Summary

Expansion Train 2 & Train 3 Source: ** ASX Release - Technical audit completed on scoping study model 4th Sept 2010. Based on audited 30 years plant life scoping study . Excluding accounting adjustments for depreciation and amortisation. Scoping study completed to +/- 30% accuracy. Figures based on certain assumptions. If any assumption is not met, these figures may alter.

Train 1 Train 2 Train 3

Royalties (A$m) 4 7 11

MRRT (A$m) 6 11 17

Carbon Tax (A$m) 61 122 183

Carbon Tax Reduction (A$m) (61) (122) (183)

Total Opex incl taxes FOB (A$/t) 137 116 108

Project Tax Summary

Expansion Train 2 & Train 3 Source: ** ASX Release - Technical audit completed on scoping study model 4th Sept 2010. Based on audited 30 years plant life scoping study . Excluding accounting adjustments for depreciation and amortisation. Scoping study completed to +/- 30% accuracy. Figures based on certain assumptions. If any assumption is not met, these figures may alter.

1. Core focus on advancing and de-risking Urea project

2. Off take agreements

3. JV with partner for Capex requirements

4. Realise value across asset portfolio

5. Surat Basin Coal asset sales

6. Coal exploration drilling

Strategy – build the company

Small companies - Large Projects

IAS – Significant Project Determination from Govt

EPBC – Environmental Management Strategy with Govt

Potential Coal asset Sales

Syngas 1 – First gas production

Off take Agreements and Project Finance

De-risking our investment - 3 Years

New QLD Government March

New UCG Policy July

Conditional finance & off take 2012

Designated Significant Project QLD June

Exploration drilling commences June

Cheap Fertiliser for farmers campaign June

LBY Milestones for 2012

UB3, 431 Roberts Rd SUBIACO WA 6008

www.libertyresources.com.au PH: 08 9287 4488 FX: 08 9388 8862

Low cost fertilizer – Questions?

World’s first truly integrated Urea Facility

Low cost, long life (100+ yrs) operation

Reverse the balance of trade for Urea in Australia

http://www.libertyresources.com.au/

Urea (Nitrogen N )

Potash (Potassium K )

Phosphate (Phosphorous P )

Trace elements

Water + CO2

Fertilisers for food production

Air Separation Unit (ASU) – O2

Supply

2,500 tpd O2

≥ 4 Suppliers ≥ 200 Operating Plants

Syngas Clean up

10,000 tpd

≥ 6 Suppliers ≥ 200 Operating Plants

UCG - Directional Drilling

• 10,000tpd Syngas

• Many Geothermal/ Oil & Gas Contractors

From coal to Syngas

Syngas - hydrogen rich

Power Generation

Coal Gasification

C, H, O

Syngas

N2

H2S

Air Separation N2 + O2

O2

* Please note that figures are nominal only.

Sulphur S

CO2

Electricity

Syngas

Ammonia NH3

Urea CO(NH2) 2

H2 NH3

H2

Syngas Processing, Clean up, Shift and PSA

Hydrogen – essential for Ammonia

Ammonium Sulphate

Ammonium Nitrate

NH3

Electricity

Ammonia

NH3

Power

CBM

Pumps water from the ground

The gas rises

Large water removal cost – still unresolved

UCG

Extracts coal, converting coal into syngas

Uses (low quality) water to produce hydrogen

Very low cost

Large benefit, small impact

CBM vs UCG

Greg Starr Executive Chairman Gold Anomaly Limited


Investor Presentation February 2012

Drilling for world class gold and copper discoveries at Crater Mountain, PNG

Resources Roadshow presentation 27 February 2012


Disclaimer

This presentation contains forward-looking statements that are subject to risk factors associated with exploration, mine development, mining, processing and sale of minerals. Forward-looking statements include those containing such words as anticipate, estimates, should, will, expects, plans or similar expressions.

It is believed that the expectations reflected in these statements are reasonable but they may be affected by a range of variables and changes in underlying assumptions which could cause actual results or trends to differ materially. These include, but are not limited to: price and currency fluctuations, actual demand, production results, exploration results, reserve and resource estimates, loss of market, industry competition, environmental risks, physical risks, legislative and regulatory developments, economic and financial market conditions in various countries and regions, political risks, project delay or advancement, approvals and cost estimates.

Competent Person For Crater Mountain

The information contained in this report relating to Exploration Results and Mineral Resources at Gold Anomaly’s Crater Mountain project, PNG is based on information compiled by Mr P Macnab, Non‐Executive Director of Gold Anomaly Limited. Mr Macnab is a Fellow of The Australian Institute of Geoscientists and has the relevant experience in relation to the mineralisation being reported upon 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 Macnab consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Competent Person For Fergusson Island

The data in this report that relates to Mineral Resources for the Gameta Deposit is based on information evaluated by Mr Simon Tear who is a Member of The Australasian Institute of Mining and Metallurgy (MAusIMM) and who has sufficient experience 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 (the “JORC Code”). Mr Tear is a full-time employee of Hellman & Schofield Pty Ltd and he consents to the inclusion in the report of the Mineral Resource in the form and context in which they appear.

Competent Person For Croydon

The information contained in this report that relates to exploration results at Croydon, Queensland is based on information compiled by J. V. McCarthy, MAusIMM, Consulting Geologist. Mr McCarthy is a Member of The Australasian Institute of Mining and Metallurgy and has the relevant experience in relation to the mineralisation being reported upon 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 McCarthy consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

145


Key assets

Crater Mountain, PNG

Shaping up as PNG’s next large scale, bulk tonnage, gold and copper discovery

Fergusson Island, PNG

Twin gold deposits identified, PFS completed, BFS to commence shortly

Croydon, QLD

Large drilled polymetallic and gold projects in world class mineral province

146

2/21/12 Google Maps

1/2maps.google.com.au/maps?hl=en&q=png+queensland+map&gs_sm=3&gs_upl=24426l28635l0l28994l12l12l0l0l0l7l230l2476l0.5.7l12l0&bav=on.2,…

To see all the details that are visible on thescreen, use the Print link next to the map.

Croydon

Crater Mountain

Fergusson Island


Crater Mountain has similar geological setting to Porgera, Wafi Link Zone, Hidden Valley, Misima

Regional Projects – Resource Ounces

147


Flagship asset – Crater Mountain Prime location • PNG: +$20bn multinational investment

transforming nation

• hosts mineral province that is home to several of the world’s largest gold/copper deposits

• province characterised by large mineralised hydrothermal systems related to intrusions underlying variably eroded volcanic complexes

Crater Mountain tenements • 4 prospects: Nevera, Nimi, Masi, Awaunita, most

advanced is Nevera which is a former BHP tier-1 (best prospectivity) asset

• Nevera previously diamond drilled by BHP/Macmin/TPJ

• similar geological setting to many PNG deposits including Porgera (Waruwari), Wafi/Golpu & Hidden Valley

• Nevera location and topography expected to enable lower development and mining costs: amenable to open pit or bulk underground mining

148

GOA Tenements

Extensive zones of gold mineralisation


Flagship asset – Crater Mountain Mineralisation model

Gold Anomaly is currently focused in the northern 20% of the Nevera Prospect

• structurally controlled, sub-volcanic intrusion related mineralisation

• widespread low sulphidation epithermal gold mineralisation, with small centres of younger high sulphidation epithermal gold mineralisation, overlying possible porphyry copper - gold source

• Main Zone comprises mixing zone carbonate - base metal sulphide - gold veins deposited +300m above porphyry source complex by mixing of downwards convecting cold groundwater with rising hot mineralised magmatic fluids

• porphyry source complex may host significant copper - gold mineralization

• Artisanal Mining Area comprises narrow steep zones of high sulphidation quartz-pyrite-gold mineralisation with some bonanza gold grades

• Potential porphyry copper-gold source of deep quartz - pyrite ± chalcopyrite ± gold veins in drill holes inferred by alteration identified in recent drilling

149

Investor Presentation February 2012 150

Crater Mountain – Mineralisation model

Nevera ‘mixing zone’

Mixing Zone 24Mt @ 1.0 g/t Au

for 790koz Au

Style of mineralisation responsible for some of the most prolific gold deposits in the Pacific Rim including Porgera (Waruwari), Kelian, Wafi - Golpu, Hidden Valley Large scale, bulk tonnage gold deposits, grade >1.0 g/t Au

Multi-million ounce gold deposits targeted 1 - 5 Moz targeted1 in Main Zone and nearby

related deposits


Crater Mountain Resource

• high grade high sulphidation epithermal gold in the Artisanal Mining Area

• new gold - copper mineralisation discovered in NEV031

• possible deep feeder zones associated with porphyries recently drilled at depth/ possible porphyry copper - gold underlying mineralised system

• remaining 80% of Nevera Prospect

• regional prospects in the Crater Mountain tenements 151

Maiden inferred resource2

• 790,000 ounces gold

• 24 million tonnes @ 1.0 g/t Au

Substantial upside

• Only considers part of Main Zone at Nevera

• Main Zone still open

• High grade zone identified within Main Zone

• Significant upside potential yet to be drilled

Does NOT incorporate


Crater Mountain – Main Zone

High grade zones recently identified within Main Zone

• Inferred resource – 790,000 oz

• Tremendous upside

• Extensive gold mineralisation

• Further drilling of high grade zone likely to increase resource and grade

Dimensions

~300m high grade zone

152


153

Nevera prospect – plan view

Recent drill results extend mineralised

‘Main Zone’ and identify new

zones

Average Main Zone intercept 201m @ 0.93g/t Au3

3D modelling identifies new high grade gold zone


Crater Mountain - drilling

Drilling summary4

• 32 holes to date

• GOA drilling

– 15 holes to date

– 13 completed

– 5 in Main Zone

– 8 x 600m+ holes

– 3 in Artisanal zone

– 2 x 1000m+ holes 154

Company Hole ID Hole From To Interval Grade

length m m m g/t Au

BHP NEV02 340 201 340 139 1.58

including 225 240 15 3.43

Macmin/ TPJ

NEV05 250 94 250 156 1.36

including 214 238 24 6.55

NEV08 450 26 392 366 0.88

including 284 342 58 1.89

358 378 20 2.33

NEV10 450 301 441 140 0.57

NEV11 349 144 349 205 0.86

including 150 176 26 2.36

Gold Anomaly

NEV018 595 22 306 284 0.82

including 20 36 16 1.92

224 243 19 3.37

262 306 44 1.52

NEV019 524 181 396 215 1.46

including 217 243 26 4.60

272 318 46 2.42

NEV021 604 198 442 244 0.52

including 198 234 36 0.76

324 360 36 0.77

374 382 8 1.30

NEV024 642 272 432 160 0.47

including 380 386 6 2.28

416 432 16 0.95

NEV025 613 246 344 98 1.06

NEV027* 1104 0 1046 1046 0.25

including 692 722 30 1.03

NEV031* 603 92 124 32 0.73

including 106 116 10 1.10

228 454 226 0.57

including 318 342 24 1.30

442 452 10 1.23


Crater Mountain – regional opportunity

Three additional prospects

Excellent potential for Crater discoveries

Nimi - channel sampling underway to assist drill hole planning

Masi Creek - field activities underway

155


Crater Mountain – upcoming catalysts

Nevera Prospect

• Upcoming drill results

– NEV030 – second 1000m+ drill hole targeting porphyry

– NEV032 – infill hole between NEV021 and NEV025

• Scoping Study 1H2012

• Further drilling

– step out & in-fill drilling to expand the mixing zone

• Resource upgrade

Regional exploration 156


Fergusson Island, PNG Twin deposits

• Gameta5 – Inferred Resources of 5.1Mt @ 1.8g/t Au for 295koz Au (2010)

• Wapolu6 – targeting 2-3Mt @ 1.3-1.8 g/t Au*

Prefeasibility Study (2004)

• Based on US$400/oz gold

• Tonnage – 0.6-1.0Mtpa over 7 – 12 years

• Grade - 2.0 - 2.2 g/t gold

• Production - 32,000 – 55,000 ozs pa

• Next step – Bankable Feasibility Study

157

Gameta 3 Pit Block model

* Refer to Endnote 6. Based on 1g/t Au cut off grade. The potential quantity and grade of the Exploration Target is conceptual in nature and there has been insufficient exploration to define a Mineral Resource. It is uncertain if further exploration will result in the determination of a Mineral Resource.


Croydon project, QLD

Gilded Rose- Jumbo

Historically rich goldfield, in excess of 1Moz produced

50 of 52 holes drilled encountered gold

Gilded Rose – strike length 1500m, best result 15m@ 6.38g/t Au & 17g/t Ag

Jumbo – strike length 750m, best result 15m @ 0.91g/t Au

Drilled gold mineralisation widths of ~50m for both prospects

158

Exploration on three exciting prospects in 2012

Jolly Tar

Two parallel gold zones identified

31 of 48 holes encountering gold, best result: 12m @ 5.94g/t Au

Eastern zone – strike length 300m, width > 100m

Western zone – strike length >900m, width ~150m, open in both directions

Graphite mineralisation may have commercial significance

Croydon polymetallic

Best intercept at A2: 4m @ 3.09% Zn, 416.6g/t Ag, 0.63% Sn, 0.42% Cu & 0.63% Pb – or 4m @13.3g/t AuEq7

Similar sulphides within 8 of 9 holes at A2 indicate presence of large mineralising system

High Sn indicative of mineralisation sourced from "tin" granite

Coincident gravity & surface IP confirms 1.5km x 1km anomaly at G1, possible source of granite

Drill testing planned to confirm if G1 is indeed the feeder source

G O L D Shallow, bulk tonnage gold projects

POLYMETALLIC Large system found


Croydon Polymetallic Project

159


Company snapshot

Price 1.8 cents

ASX Code GOA GOAOA

Shares issued 1,501 million

Options 280 million

Market cap/ Fully diluted

$25M/ $29M

Cash (31/12/2011)

Placement (19/01/2012)

$1.0M $2.1M

Major shareholders Directors and management

9.1%(undiluted)

Top 20 26.6%

160 As of 22 Feb 2012


Director’s summary

161

Sinton Spence MBE Director •Accountant •Director ships, Shell Exploration and Production PNG Limited •Principle of largest I independent PNG Based Chartered Accounting Practice

Peter Macnab Director of Exploration •Geologist •Discoverer – Co discoverer Frieda River, Misima, Wafi, Simberi, Lihir •Outstanding track record of discovery in PNG

Greg Starr Chairman •Accountant (CPA) •CEO Golden China •CEO Michelago •CEO Emperor Mines

Thomas Fermanis Director •Investment Advisor •PNG gold exploration experience •stock broking/equities trading industry

James Collins Taylor Director •Accountant •Director Union Resources •Venture Capital Co. •Deloitte Touche Tohmatsu

Non Executive Director Executive Director

Exploration, Project development, Corporate expertise, Strong governance,

Operations and Management Corporate Finance and Markets


Summary

• After only 12 months drilling, significant maiden resource at Crater Mountain gold project delivered

• Crater Mountain resources set to increase to target levels

• Significant high grade zone now identified within the large mixing zone

• Exploration team with outstanding track record

• Majority (80%) stake in Crater Mountain

• Control of second advanced PNG gold project Fergusson Island

• Croydon – gold and polymetallic projects advancing

162


Notes

1. The potential quantity is conceptual in nature and dependent on further drilling to verify it.

2. A COG of 0.50 g/t Au was used based on a review of similar bulk tonnage lower grade gold mineralisation such as Intrepid Mine’s Tujuh Bukit (0.30 g/t Au), and Maoling China, 0.50 g/t Au

3. Average hole calculated using weighted average of 10 holes drilled within Main Zone (NEV02, 05, 08, 10, 11, 18, 19, 21, 24 and 25)

4. Unless otherwise stated, the intercepts quoted for GOA’s drilling programs were calculated using a 0.20g/t Au COG, using a minimum intercept width of 2m, and a maximum of 4m of internal dilution. The intercepts are calculated using a weighted average, whereby the summation of the individual sample grade is multiplied by the sample width, then divided by the intercept length. Each sample is of half core and each sample length is 2m.

5. 2010 Hellman & Schofield Pty Limited (H&S) estimated recoverable resources of 5.1 million tonnes at 1.8 g/t for 295,000 ounces of gold for Gameta based on a 1g/t Au cut off. Multiple Indicator Kriging (MIK) incorporating a variance adjustment to reflect open pit mining selectivity was used. The estimates extend over a strike length of approximately 1.4 kilometres and extend to approximately 180 metres below surface.

6. Exploration Target for Wapolu based on 2008 Hellman & Schofield Pty Limited IGR report. 1.0g/t Au cut off grade applied. The potential quantity and grade of the Exploration Target is conceptual in nature and there has been insufficient exploration to define a Mineral Resource. It is uncertain if further exploration will result in the determination of a Mineral Resource.

7. Assumes recent commodity prices of Zinc - $2030/t or $1.01/lb, Silver - $35.38/oz or 1.14/g, Tin - $24155/t or $12.07/lb, Copper - $8394.75/t or $4.19/lb, Lead - $2138/t or $ 1.07/lb, Gold - $1784.90/oz or $57.39/g Calculation - 3.09% Zn = 68lbs/T or $68.66/T, 416.6g/t Ag = $474.92/T, 0.63% Sn = 13.86lbs/T or $167.29/T, 0.42% Cu = 9.24lbs/T or $38.72/T, 0.63% Pb = 13.86lbs/T or $14.83/T, Total @ 100% of metal value = $764.44/T equivalent to 764.44/57.39 = 13.3g/t Au equivalent

163

Gerry McGann Managing Director Incremental Oil & Gas


Incremental Oil and Gas Limited

Initial Public Offer

165

INCREMENTAL OIL and GAS (asx: IOG)

www.incrementaloilandgas.com

USA ROADTRIP

FEBRUARY 2012

Incremental Business model

– A producing oil company with a cash flow focus

– We acquire underperforming oilfields and increase production

– Focus is Onshore California

• Five projects:

– Round Mountain producing oilfield

– Sheep Springs producing oilfield

– Ventura development project

– McDonald Anticline development project

– Raven Pass exploration project

– We are 100% WI and operate all of our projects

166

167

Capital Structure

1. Options exercisable at $0.20 on or before 1 November 2014

• Formed 2009 as Private Company

• Listed January 2011 after raising $5.3m at 30 cents.

• 459 shareholders

• 135.6m shares (Directors and management 43%)

92.8m unlisted options1

• Market cap about $35 million

• NO DEBT

2010 2011

REVENUE $6.06m $7.72m

EBITDA $2.40 $3.04

IOG TEAM

DIRECTORS

CALIFORNIA

From left:

Asquith: 20 years CPA.

MacDonald: 13 years in Senate, LLB

Cronin: No 2 in Woodside (23 years)

Stowell: Founder of Anvil and Mawson West, CPA

McGann: 40 years geologist worldwide, CPG

M Pet Eng,

Over 25 years in

California

CFO

The team have done it before... SELMO FIELD PROJECTED PRODUCTION PROFILE

0

500

1000

1500

2000

2500

3000

3500

4000

4500

5000

Jan-00 Jan-02 Jan-04 Jan-06 Jan-08 Jan-10 Jan-12 Jan-14 Jan-16 Jan-18 Jan-20 Jan-22 Jan-24

BO

PD

Past Production Re-entries & New Wells

• INCREMENTAL PETROLEUM formed 2005.

• Raised $61m, bought second largest oilfield in

TURKEY

• Built production from 1500 bopd to 2000 bopd

• Commercialized West Turkey Gas

• Bought California producing assets

HOSTILE TAKEOVER ATTEMPT 2008

SETTLED MARCH 2009.

TOTAL RETURN OVER 3 YEARS 27%

Similar Board formed

INCREMENTAL OIL & GAS (IOG)

in JULY 2009

Share Price 10/05 to 02/09

-100%

-80%

-60%

-40%

-20%

0%

20%

40%

60%

80%

OS

H

ST

O

IPM

WP

L

AW

E

BP

T

AE

D

ST

X

CO

E

NX

S

ND

O

OE

L

TA

P

ST

U

AM

U

SA

E

RO

C

AZ

Z

Re

turn

on

Eq

uit

y

Dividend

Why California ?

– Significant bypassed oil left by early producers

– Few mid-sized oil companies operate in California

– Cheap and competitive service suppliers

– Excellent Fiscal regime

170

San Joaquin Basin

Sacramento

Basin

Ventura

Basin

Los Angeles Basin

The San Joaquin Basin has:

• 10 times Australia’s reserves

• 150% Australia’s production

Why California ?

– Few mid-sized oil companies operate in California

– Excellent Fiscal regime

171 0 10 20 30 40 50 60 70

TurkeySpain

ArgentinaUSA

PortugalG. Mexico

New ZealandAustralia

PeruPhillipines

TunisiaThailand

ColombiaMoroccoMongolia

ChinaIndon. Gas

CongoE. Indonesia

PNGVietnam

IndiaIvory Coast

TrinidadEcuadorAlbania

VenezuelaAlgeriaAngola

SyriaMyanmar

EgyptMalaysia

BruneiIndonesia

Contractor Share of Income Post Gov't Cut & Taxes (%)

Comparison of Fiscal Terms

(Modified from Daniel Johnston & Co., Inc.)

Royalty/Tax System

Production Sharing Contract

Service Agreement

Incremental Projects

• Producing ROUND MOUNTAIN

• Producing SHEEP SPRINGS

• VENTURA Development

• McDONALD A/C Development

• RAVEN PASS Exploration

172

• Field has produced 110m barrels

• Shallow, 18-20° API gravity oil

• 100% Working Interest

173

Round Mountain

174

Round Mountain, 2011 drilling

Drilled 6 wells in 2011

All successful

Production about 110 bopd

CAPEX only $3.5 million

Six additional locations

Have acquired >800 acres

on trend

Smoot 6 Smoot 5

175

Ventura Project

Area produced over 160

million barrels

Very thick oil columns

West Mountain

inadequately developed

176

Ventura Project

Oil column >1500’ thick

Very little water production

Plan to drill in mid year

177

McDonald Anticline

Produced 22 million barrels

Shallow, light oil

Multi reservoirs

Plan to drill 2012

At least 3 well locations

• 100% owned since January 2010

• Revenue $350-400k/month

• Paid out in cash terms in 2011

178

Sheep Springs Oilfield

179

Sheep Springs Oilfield (2)

Shallow heavier oil (15-17 API)

Produced nearby

Remaining 2P Reserves of 1.43 MMB

Raven Pass

• Flowed light oil in 1942.

Not drilled since

• Reservoir, seal, trap all

demonstrated

• 200 m barrel potential

• True wildcat

180

Gross Revenue

181

$ .0 m

$ .2 m

$ .4 m

$ .6 m

$ .8 m

$ 1.0 m

IOG Monthly Gross Revenue

MICROCAPS (<$50m)

MONEY RAISED vs MARKET CAPITALISATION

Source: Oil & Gas weekly

2012 Projected News Flow

• Drill 4-6 wells, Round Mountain vertical wells

• Drill 1-2 wells, Ventura Project

• Drill 2-3 wells, McDonald Anticline

• Raven Pass farmout

• Acquire additional projects

• Declare another after tax profit

184

DISCLAIMER AND IMPORTANT NOTICE

This presentation contains forward looking statements that are subject to risk factors associated

with oil and gas businesses. It is believed that the expectations reflected in these statements are

reasonable but they may be affected by a variety of variables and changes in underlying

assumptions which could cause actual results or trends to differ materially, including but not

limited to: price fluctuations, actual demand, currency fluctuations, drilling and production results,

reserve estimates, loss of market, industry competition, environmental risks, physical risks,

legislative, fiscal and regulatory developments, economic and financial market conditions in

various countries and regions, political risks, project delay or advancement, approvals and cost

estimates.

All references to dollars, cents or $ in this presentation are to Australian currency, unless

otherwise stated.

Bernard Rowe Managing Director

Global Geoscience Limited


Global Geoscience Limited

Greenfield Au, Cu & Ag discoveries in Nevada & Peru

ASX: GSC 27 February 2012

Disclaimer The information contained in this Presentation or subsequently provided to the recipient whether orally or in writing by, or on behalf of the Company or any of its directors, officers, employees, agents, representatives and advisers (the Parties) is provided to the recipient on the terms and conditions set out in this notice.

The information contained in this Presentation has been furnished by the Parties and other sources deemed reliable but no assurance can be given by the Parties as to the accuracy or completeness of this information.

To the full extent permitted by law:

(a) no representation or warranty (express or implied) is given; and

(b) no responsibility or liability (including in negligence) is accepted, by the Parties as to the truth, accuracy or completeness of any statement, opinion, forecast, information or other matter (whether express or implied) contained in this Presentation or its appendices or as to any other matter concerning them.

To the full extent permitted by law, no responsibility or liability (including in negligence) is accepted by the Parties:

(a) for or in connection with any act or omission, directly or indirectly in reliance upon; and

(b) for any cost, expense, loss or other liability, directly or indirectly, arising from, or in connection with, any omission from or defects in, or any failure to correct any information, in this Presentation or any other communication (oral or written) about or concerning them, or the issue of securities in the Company.

The delivery of this Presentation does not under any circumstances imply that the affairs or prospects of the Company or any information affecting it have been fully or correctly stated in

this Presentation or have not changed since the date of this Presentation or since the date at which the information is expressed to be applicable. No responsibility or liability (including in negligence) is assumed by the Parties for updating any such information or to inform the recipient of any new information of which the Parties may become aware.

Notwithstanding the above, no condition, warranty or right is excluded if its exclusion would contravene the Trade Practises Act 1974 or the Corporations Act 2001 or any other applicable law or cause an exclusion to be void.

The provision of this Presentation is not and should not be considered as a recommendation in relation to an investment in the Company or that an investment in the Company is a suitable investment for the recipient. Recipients proposing to invest in the Company must first review the prospectus and should undertake their own analysis and obtain independent advice.

Competent Person Statement

The information in this presentation that relates to Exploration Results is based on information compiled by Bernard Rowe BAppSc (Hons) MAIG. Mr Rowe is a full time employee of Lydail Pty Ltd and Managing Director of Global Geoscience Ltd and 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 December 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (The JORC Code). Mr Rowe consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

• Nevada and Peru

• Cu, Au & Ag focus

• Greenfields explorer

• Targeting large, high

value deposits

• Mostly 100% owned

• Drill ready targets

• Efficient low-cost explorer

• $4 in ever $5 spent in the ground

• $8M funding agreement with Osisko in Nevada

Company Snapshot

Lone Mt Carlin-

Style Au

Excelsior 7.6m at 5.1g/t Au

Large Porphyry Cu With high grade Ag 16.4m at 410g/t Ag

Board and Management

Rob Reynolds - Chairman

Mining/exploration finance and management

Alacer Gold, Exeter Resource Corp, Delta Gold

Bernard Rowe – Managing Director

20yrs exploration and corporate experience Ashton Mining, Drake Resources, Tri Origin

Peter Nicholson – Technical Director

30yrs exploration and management experience Geopeko, Eupene Exploration, Savage Resources

Pat Elliott - Director

Corporate finance and management Morgan Grenfell, Crossland Uranium, MIL Resources, Argonaut Resources

ASX CODE GSC

Listing Date 19 Dec 2007

Shares on Issue 143,252,000

Listed Options ($0.25, 31/8/12) 27,072,500

Top 20 48%

Directors 12%

Market Capitalisation (@ $0.07) $10M

Cash $1.2M

Corporate Profile

Major Shareholders: Osisko Mining Corporation 9.9% ABN AMRO Clearing Sydney Nominees Pty Ltd 5.3% Mr Peter Nicholson 3.9% Yarandi Investments Pty Ltd 2.8% Chifley Portfolios Pty Ltd 2.7%

• 186 Moz Au produced

• 75 Moz Au in Reserves

• 5.6 Moz Au in 2009 (world #6)

• 7% world Au production ‘09

• Fraser Institute Ranking: 1

• Recent >1Moz discoveries

• Net production royalty 1-5%

• GSC in Nevada since 2003

• Funded by Osisko Mining

Nevada

Tokop

Excelsior

Bartlett

Carlin trend 150Moz

Cortez-Pipeline 9Moz

Round Mt 20Moz

Source: Nevada Mineral Industry 2009

USGS Mineral Commodity Summaries 2010

Orovada

Lone Mt

Jerritt Canyon 11Moz

• Osisko may earn an initial 45% interest in five gold projects in

Nevada by spending a total of US$8 million over 4 years.

• Global will manage and operate during this phase.

• Upon completion of the earn-in, Osisko must select which projects

it wishes to continue funding.

• Osisko to sole-fund projects it selects through to completion of

bankable feasibility study and in doing so will increase to 70%.

• Projects not selected by Osisko will be returned to Global and

Osisko will have no ownership interest nor any other rights.

• Global and Osisko will assess other gold opportunities in Nevada.

• $2M budget for 2012 (minimum commitment) including $1M for

drilling on four projects.

Agreement with Osisko Mining

• 35 km2 property covering

highly prospective “window”

• Located between Carlin and

Jerritt Canyon gold deposits

• Results indicate excellent

potential for large Carlin-

style system

• Drill ready targets

• GSC has option to acquire

100% interest from owner

• Osisko funding exploration

Lone Mt Gold Project

Rain 4Moz Au

Gold Quarry 45Moz Au

Goldstrike 100Moz Au

Jerritt Canyon 11Moz Au

Lone Mt

• South Jasperoid Area

• New detailed gravity data

• Defines NW and NE structures –

previously unrecognised

• Zones of gravity low may represent

alteration or brecciation of

limestone

• Drill holes in red have broad zones

of anomalous Au (40ppb to

4.8ppm) and Ag (0.5 to 66ppm)

• Mineralised zones in other holes

generally weak and/or narrow

• Nearly all holes <140m deep

• Targets horizon below 150m

Lone Mt Au Gravity Low

Embayment

Alteration?

Basin

Bounding

Fault

Gravity Low

Alteration?

Gravity High

Limestone

NW Fault

Drill collars in red have

multiple broad zones of

anomalous Au and Ag

WNW Fault

Anomalous Au/Ag

in nearby holes Residual Gravity

Lone Mt Au

Broad zone

of anomalous

Au and Ag

South Jasperoid Area. From Hunsaker (2010)

• Under-explored gold zone

• Walker Lane in southern Nevada

• Drill intercepts over 2.2km of strike

• Multiple zones of shallow, oxidised gold

• Part of a much larger mineralised zone

• Gold mineralisation identified 4km to the

west and 2km to east

• GSC earning 70% by spending US$3M

over 4 years and cash payments of

$100K.

• Approx $0.5M spent to date

• Maiden drill program returned highly

encouraging results

Excelsior Gold Project

Excelsior Au

Excelsior Au Drill Results from Buster Zone

HoleID

From

(m)

To

(m)

Interval

(m)

Gold

(g/t)

gram x

metre

EX02 70.1 103.6 33.5 2.7 91.3

including 70.1 88.4 18.3 4.7 86.5

EX04 36.6 79.2 42.6 0.5 19.6

EX12 0.0 16.8 16.8 0.9 15.8

EX13 0.0 13.7 13.7 2.7 37.0

EX14 29.0 47.2 18.2 0.5 9.1

EX15 19.8 68.6 48.8 0.8 39.0

including 19.8 30.5 10.7 1.9 20.1

EX17 0.0 4.6 4.6 1.1 5.1

and 30.5 41.1 10.6 0.9 9.5

EX18 42.7 47.2 4.5 7.2 32.3

EX25 24.4 38.1 13.7 1.0 13.7

EX30 71.6 118.9 47.3 1.5 71.7

including 71.6 93.0 21.4 2.5 54.1

EX33 51.8 54.9 3.1 6.7 20.7

GE2 0.0 3.0 3.0 4.7 14.1

GE8 93.0 100.6 7.6 5.1 39 Intersections calculated using 0.4g/t Au cut-off

Excelsior Au

• Cu-Au target

• 8 sq km 100% owned

• 0.6 sq km option for 100%,

no royalties

• >1600m long zone

• Only 3 previous holes

all hit low-grade Cu-Au

• Permitted for drilling

Bartlett Cu-Au Project Main Target Cu-Au-Mo Widespread alteration IP Chg halo

Gold Anomaly >1600m long >40ppb Au in soil

28m at 0.2g/t Au from 125m to EOH

72m at 0.2g/t Au from 80m to EOH 10m at 0.3g/t Au

from 65m to EOH

• Metal endowment

• World production rankings

Copper: 2

Gold: 6

Silver: 1

• Fraser Institute Ranking: 12

• Good tenure system

• Corporate tax 30%

• Mining royalty 1-3%

• Mgmt first in Peru in 1993

Peru

Sara Sara

Chuquicamata 67Mt Cu

Escondida 47Mt Cu

Sara Sara

Cu-Ag

• Large porphyry

lithocap

• >15 sq km of

advanced

argillic alteration

• IP anomaly

• Cu-Mo, Ag-Re

mineralisation

• 70 sq km,

mostly covered

Sara Sara Cu-Ag

16.4m at 410g/t Ag 9.1g/t Re from 239m

Target Zone

Target Zone

Mancha Pampa Cu-Au Project

• Porphyry Cu target

• Untested new

discovery

• Strong Cu geochem

at surface

• 100% owned

• 2.5% NSR Royalty

• Drill ready

• $2M exploration budget for

Nevada (funded by Osisko)

• Includes $1M on drilling in

Nevada

• Drilling on four NV projects

including Lone Mt & Excelsior

• Drilling on silver target at

Sara Sara. 2000m of RC

• Generative – NV and Peru

2012 Work Program

Corporate Directory

Bernard Rowe

Managing Director

Telephone: 02 9922 5800

Mobile: 04 1944 7280

Email: [email protected]

Web: www.globalgeo.com.au

Rimas Kairaitis Chief Executive Officer

YTC Resources Limited


209

FEBRUARY 2012

BUILDING A MID-TIER

MINING COMPANY IN A

WORLD CLASS TERRAIN

210

• This presentation has been prepared by YTC Resources Limited (“YTC” 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. It is not to be distributed to third parties without the consent of YTC.

• This presentation contains forward-looking statements and projected drilling schedules that are not based on historical fact, including those identified by the use of forward-looking terminology containing such words as “believes”, “may”, “will”, “estimates”, “continue”, “anticipates”, “intends”, “expects”, “should”, “schedule”, “program” , “potential” or the negatives thereof and words of similar import.

• Management of YTC cautions that these forward-looking statements are subject to risks and uncertainties that could cause actual events or results to differ materially from those expressed or implied by the statements. Management believes that the estimates are reasonable, but should not unduly be relied upon.

• YTC makes no representation, warranty (express or implied), or assurance as to the completeness or accuracy of these projections and, accordingly, expresses no opinion or any other form of assurance regarding them. Management does not intend to publish updates or revisions of any forward-looking statements included in this document to reflect YTC’s circumstances after the date hereof or to reflect subsequent market analysis.

• By its very nature exploration for gold and copper is a high risk business and is not suitable for certain investors. YTC securities are speculative. Potential investors should consult their stockbroker or financial advisor. There are a number of risks, both specific to YTC and of a general nature which may affect the future operating and financial performance of YTC and the value of an investment in YTC including and not limited to economic conditions, stock market fluctuations, gold, copper and silver price movements, regional infrastructure constrains, securing drilling rigs, timing of approvals from relevant authorities, regulatory risks, operational risks, reliance on key personnel and foreign currency fluctuations.

• You should not act or refrain from acting in reliance on this presentation material. This overview of YTC 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.

DISCLAIMER

211

DEVELOPING AND EXPLORING GOLD AND

BASE-METALS IN THE COBAR BASIN, NSW

• YTC listed in 2007 (25c) as a junior explorer &

acquirer

• Regionally based in central NSW

• Hera- Nymagee Project purchased by YTC in mid-

2009 as a distressed sale.

• Hera since advanced through DFS and the Nymagee

Copper Deposit discovered and advanced to maiden

Resource

• YTC moving toward an integrated development in 2

Stages growing to a substantial copper-gold profile

with lead-zinc-silver credits

• Maintaining an active exploration profile to grow the

Hera-Nymagee Project into a ‘Cobar-Giant’

INTRODUCTION

212

HERA-NYMAGEE PROJECT EVOLVING AS A MAJOR COBAR STYLE MINERAL SYSTEM

• Hera (gold-base metals) & Nymagee (copper-base metals) deposits 4.5km apart

Hera –Nymagee Deposit: Contained Metal in JORC Resources*

STAGE 1: HERA DEPOSIT (YTC-100%) – DFS COMPLETE – AWAITING FINAL PERMITTING

• Near-term, high-grade gold-lead-zinc-silver development

• Operating costs of A$395/ounce (after Pb-Zn credits)

• Hera deposit open to north and south

STAGE 2: NYMAGEE DEPOSIT (YTC-95%) – MAIDEN RESOURCE ESTABLISHED

• Maiden Resource: 8.1Mt @ 1.2% Cu, 0.3% Pb, 0.7% Zn and 9g/t Ag

• High grade copper-lead-zinc & silver open to north and at depth

• Strong geological analogue to the giant CSA Mine

*Refer Appendix 1– Resources and Reserves

INVESTMENT HIGHLIGHTS

Gold (Oz) Silver (Oz) Copper (Tonnes) Lead (Tonnes) Zinc (Tonnes)

HERA DEPOSIT 321,832 1,308,320 4,042 67,278 93,870

NYMAGEE DEPOSIT - 2,342,638 95,935 26,964 52,963

TOTALS 321,832 3,650,958 99,977 94,242 146,833

213

Market Cap (at 40c/share )

Est Cash (1 Jan 2012)

Enterprise Value

249.2 m

$100m

$20m

$ 80m

5.425m

Shares on issue

Options on issue

CORPORATE SNAPSHOT

Major Shareholders (approx. %)

Institutional shareholders

(28%)

Yunnan Tin Group (12%)

China Yunnan Tin

Metals - HK(5%)

Board and Management

(3%)

Retail (48%)

1 year share chart

214

Endeavour Mine Toho Zinc Zn-Pb-Ag

CSA Mine Glencore Cu

The Peak Mine NewGold Au-Cu

Mt Boppy Mine Polymetals Au

Tritton Straits Cu

Girilambone Cu Mine Straits Resources

Mineral Hill Kimberley Metals Cu-Au-Pb-Zn

Northparkes Mine Rio Tinto Cu-Au

Cadia Mine Newcrest Cu-Au

Bourke

Cobar Nyngan

Parkes ORANGE

Bathurst

Lithgow

Newcastle

SYDNEY Cowra

Armidale

YTC Office

100kms

Cobar Gold Field

+7Moz Au Eq production

CSA Copper Mine

+1.5Mt Cu endowment

Highest grade Cu Mine in Aust

Nymagee Cu Deposit

Hera Au-Pb-Zn

Deposit

PROJECT LOCATION

Cobar

Basin

A u s t r a l i a

NSW

215

Perseverance The Peak New

Occidental

Chesne

y

New Cobar Great Cobar

Long Section: Cobar Gold Field +7Moz Au Eq production Eastern

System

QTS

North

500m

1000m

1500m

CSA +1.5Mt

Cu Western

System

10km

COBAR DISTRICT – LONG SECTION

QTS

South

Hera Gold and Base Metals

Resource: 670koz Au Eq

Reserve: 423koz Au Eq.

Nymagee Cu Deposit

96kt Cu, 92kt Pb, 147kt Zn, 2.3Moz Ag

500m

1000m

1500m

HERA - NYMAGEE PROJECT – LONG

SECTION

COBAR BASIN DEPOSITS LONG LIFE, HIGH GRADE – VERTICAL CONTINUITY

216

Hera Deposit

Au-Pb-Zn-Ag

Nymagee

Deposit

Cu-Ag-Pb-Zn

5km

N

Dominion Prospect

Au-Pb-Zn-Cu-Ag

• Hera & Nymagee deposits located

immediately west of the Rookery

Fault, near the eastern margin of

the Cobar Basin

• Equivalent structural position as

CSA Copper Mine and Peak Gold

Mine

• YTC controls 25km of prospective

strike

• Numerous gravity and geochemical

targets associated with high strain

zones for future drill testing

Nymagee JV

YTC 95%

(shaded

area)

EL 6162

YTC 100%

TENEMENT COVERAGE 25KM OF PROSPECTIVE STRIKE

Thorntons Mine

Cu-Ag

Happy Jacks Prospect

Au-Pb-Zn-Ag

Mt Hope Road

Prospect

Au-Pb-Zn-Ag

Shed Paddock Prospect

Pb-Zn-Ag Hebe Prospect

Au-Pb-Zn-Ag

Zeus Prospect

Au-Pb-Zn-Ag

N23 Prospect

Au-Pb-Zn-Cu-Ag

N19 Prospect

Au-Pb-Zn-Ag

217

Nymagee JV: YTC 95%

Nym

agee J

V:

YT

C 9

5%

EL 6162: YTC 100%

Hera Gold Deposit

Zeus Gravity Anomaly

Nymagee Copper Deposit

Untested Gravity Highs

Poorly Tested Gravity High

Untested Gravity High

Untested Gravity Highs

2km

N

Untested Gravity High

PROSPECTIVITY HERA-NYMAGEE CORRIDOR

• The Hera & Nymagee deposits are

both marked by prominent gravity

highs

• Numerous gravity targets defined

by detailed ground gravity along

7km of strike.

• Outstanding potential for Hera-

Nymagee corridor to evolve into

Cobar field equivalent

218

STAGE 1 – HERA

DEVELOPMENT HERA DFS COMPLETE – SEPTEMBER 2011** • Hera DFS confirms a financially & technically robust project

producing gold-silver doré bars and a bulk lead-zinc conc

• Resource 677,200 ounces Au Eq. at grade of 8.6g/t Au Eq*

• Reserve 423,471 ounces Au Eq. at grade of 7g/t Au Eq*

• Minimum 7.3 year mine life

• >A$510 million revenue generated in Stage 1

• Net Revenue (pre tax profit): $94.8m at Au = A$1450/oz

$152m at Au = A$1750/oz

• Production of >390,000 ounces (gold equivalent) over life of mine

• Average annual production exceeds 50,000 Au Eq. ounces over life of mine

• Life of Mine gold recovery of 94%

• Operating costs of A$395 per ounce (after Pb-Zn credits)

• Pre-Production capital of $73.5m

*Refer Appendix 2– Gold Equivalent Calculations ** Refer Appendix 5 – Hera DFS Detail

3D view of Hera Mine Design showing mine capital development,

final stope design and CRF fill.

219

Item Total Cost

Mining & Infrastructure (to first

ore) $26.8 million

Milling (to commissioning) $40.8 million

Administration $5.9 million

TOTAL $73.5 million

Item Cost / Tonne

Mining $ 72.79

Milling $ 34.55

Administration $ 14.25

TOTAL $ 121.59

Pre-production capital costs for the project are

estimated to be $73.5m, being the sum of surface

and process plant infrastructure and pre-production

mine capital costs as summarised in the Table below.

STAGE 1 – HERA

DEVELOPMENT OPEX & CAPEX SUMMARY

Decline

First Stoping Block

Escape way

Return air shafts

9980 Level

PRE-PRODUCTION CAPEX

SITE OPERATING COSTS

Mine Operating costs are established from a tendered schedule of rates.

Mill operating costs provided by Gekko systems.

Hera long section showing pre-production mine

capital

220

STAGE 1 – HERA

DEVELOPMENT SITE LAYOUT

221

STAGE 1 – HERA

DEVELOPMENT PERMITTING & DEVELOPMENT STATUS • YTC progressing early stage earthworks including Hera boxcut under existing Part 5 Approval

• Mining Lease Lodged January 2012

• Environmental Assessment (EA) now in finals stages of permitting – late March/early April

Hera Boxcut – 18th Feb 2012

222

HERA RESOURCE UPGRADED IN JUNE 2011 – 677kOz Au Eq

223

300m ASL

200m

ASL

100m

ASL

0m

ASL

-100m

ASL

-200m

ASL

-300m

ASL

-400m

ASL

Royal Lode

Main Lens South

Main Lens North

Footwall

Zone

NMD50W1 (Deepest Hole)

33.3m @ 0.96% Cu from 422.42m,

including

1.0m @ 12.0% Cu from 438.7m

61.0m @ 0.8% Cu from 547m, including

4.0m @ 2.0% Cu from 558m 10.0m @ 0.5% Cu from 644m

100m

N

6451

400m

N

6451

600m

N

6451

800m

N

Sha

llow

Cu

< 9

0mR

L D

eepe

r C

u >

90m

RL

90m ASL

NYMAGEE RESOURCE MAIDEN RESOURCE – DEC 2011

Nymagee Copper Deposit

December 2011 – Resource

Domains

Long Section – Looking West Grid: GDA Zone 55 - Scale as Shown

• Maiden JORC Nymagee Resource in Dec 2011,

after discovery of high grade copper in Oct

2010.

• 8.1Mt @ 1.2% Cu, 0.3% Pb, 0.7% Zn and 9g/t

Ag

• Open to the north and at depth

• Represents an analogue to the upper part of a

CSA style copper system

Shallow Footwall

South

Footwall

Zone

Shallow Footwall North

Historic Stope Voids (Main Lens)

Historic Production: 422,000 tonnes @ 5.8%

Cu

224

• Deep drilling results show the Nymagee copper

system now extends beyond 500m vertical

• Results for deepest holes show the copper system

continuing at depth:

NMD50W1: 33.3m @ 0.96% Cu from 422.42m,

including 1.0m @ 12.0% Cu from 438.7m

61.0m @ 0.8% Cu from 547m, including

4.0m @ 2.0% Cu from 558m

10.0m @ 0.5% Cu from

644m

NMD057: 16m @ 0.82% Cu from 364m

2.0m @ 2.7% Cu from 416m

67.0m @ 0.55% Cu from 450m

37.0m @ 0.30% Cu from 542m

• Results strongly encouraging for vertical extensions of

economic mineralisation

NYMAGEE OPEN AT DEPTH

225

100m

100m

WESTERN

SYSTEM QTS NORTH

EASTERN

SYSTEM

CZ

LENS

-200m

-400m

-600m

-800m

CSA – Cross Section

>1.5Mt Cu Production

>12mt @ 5% Cu Resource MINERALISATIO

N

CONTINUES TO

>2000m

MAIN SHAFT

NYMAGEE COPPER DEPOSIT vs CSA SCHEMATIC CROSS SECTION COMPARISON - LOOKING NORTH

• Nymagee evolving as the

upper part of a ‘CSA’ style

Cobar deposit

• Model suggests increasing

copper grade with

increasing depth

• Additional 1.5km depth

potential to explore

Pb-Zn-Ag Lens (off section)

SHALLOW

COPPER ZONE

NOMINAL >0.25%

Cu ENVELOPE

MAIN LENS

INTERPRETED

ROYAL LODE

INTERPRETED

CLUB HOUSE LODE

100m

100m

POTENTIAL “QTS”

TARGETS AT

DEPTH

High-Grade Cu Mineralisation

Pb-Zn

Mineralisation

Low-Grade Cu Mineralisation

DEPTH LIMIT

OF DEEPEST

DRILLING

-200m

-400m

-600m

-800m

226

NMRC090:

3m @ 2.75% Cu and 50g/t Ag

200m

N

Shallow Copper

Zones

Nymagee Main

Lode

Lead-Zinc Silver

Lens

New EM

Conductors

NMD068

Intersects Massive

Sulphides

NMD068

Nymagee

Maiden Resource

8.1Mt @ 1.2% Cu, 0.3%

Pb, 0.7% Zn and 9g/t Ag

NYMAGEE OPEN TO NORTH

• Recent drilling has intersected massive sulphides

500m to the north of the Nymagee deposit.

• Intersection is associated with northern end of new

EM conductor

• New zone potentially represents upper part of new ore

system

• Follow up drilling underway Q1 CY2012

IP

Response

NMRC111:

5m @ 0.18g/t Au, 1.3%

Cu , 1.3% Pb and 31g/t Ag

227

SUMMARY

• Hera DFS confirms a financially & technically robust project as Stage 1

• >$510 million in revenue in Stage 1 alone

• Operating Costs of A$395/oz (after Pb-Zn credits)

• Stage 1 development establishes strong foundation for development of Nymagee in

Stage 2

• Feasibility Study evaluating integration of Hera-Nymagee continuing

• Nymagee continues to expand in scale

• Open at depth and to the north

• Strong drilling commitment – minimum 10,000m diamond core drilling in 2012

• Experienced team assembled for transition from explorer to developer/producer

228

BUILDING A MID-TIER MINING COMPANY GROWTH ASSETS IN A PREMIER MINING ADDRESS

GROWTH

229

THANK YOU

copper coated drill bit - Nymagee

YTC Resources Limited

ASX:YTC

2 Corporation Place

ORANGE NSW 2800

T: +61 2 6361 4700 E: [email protected]

www.ytcresources.com


http://www.ytcresources.com/

230

Description Cut Off Tonnes Cu % Pb % Zn % Ag g/t

INDICATED

Shallow Cu Resource (above

90mRL) 0.3% Cu 5,147,000 1.00 0.10 0.20 5

Deeper Cu Resource (below 90m

RL) 0.75% Cu 1,984,000 1.80 0.30 0.60 11

Lead-Zinc-Silver Lens 5% Pb + Zn 364,000 0.50 4.40 7.80 41

INFERRED

Deeper Cu Resource (below 90m

RL) 0.75% Cu 601,000 1.30 0.10 0.20 8

GLOBAL 8,096,000 1.20 0.30 0.70 9

Contained Metal (tonnes) 96,000 27,000 53,000 69

Category Tonnes

NSR

(A$) Au g/t Ag g/t

Cu

%

Pb

%

Zn

%

Au Eq

(g/t)

Contained Au

Ozs Eq

Indicated 2,113,000 243 4.2 17.0 0.2 2.8 3.9 9.2

Inferred 330,000 207 3.5 14 0.1 2.3 3.3 7.5

Total 2,444,000 238 4.1 16.7 0.2 2.8 3.8 8.6 677,200

APPENDIX 1: RESOURCES AND

RESERVES MINERAL RESOURCE ESTIMATE- HERA DEPOSIT - JUNE 2011

MINERAL RESOURCE ESTIMATE- NYMAGEE DEPOSIT – DEC

2011

SOURCE Tonnes Au (g/t) Ag (g/t) Cu (%) Pb (%) Zn (%) Au Eq

(g/t)

Contained

Au

Ozs Eq

Development Sub-total 278,158 2.86 13.06 0.13 2.26 3.19

Stope Sub-Total 1,597,760 3.72 15.39 0.17 2.56 3.55

MINE PROBABLE RESERVE 1,875,918 3.59 15.04 0.16 2.51 3.50 7.00 423,471

PROBABLE ORE RESERVE: HERA DEPOSIT – DFS: SEPT 2011

231

APPENDIX 2 GOLD EQUIVALENT CALCULATIONS – HERA DFS & HERA

RESERVE

Metal Recovery Payability Source

Au 94% 100% YTC Metallurgical testwork and Marketing Study

Cu 88% 0% YTC Metallurgical testwork and Marketing Study

Pb 91% 95% YTC Metallurgical testwork and Marketing Study

Zn 90% 85% YTC Metallurgical testwork and Marketing Study

Ag to dore 47% 100% YTC Metallurgical testwork and Marketing Study

Ag to Bulk Con 46% 0% YTC Metallurgical testwork and Marketing Study

Metal Price Source

Au US$1450/oz 20% discount to spot

Pb US$2,500/t LME 15 month buyer

Zn US$2,318t LME 15 month buyer

Ag US$32/oz 20% discount to spot

AUD/US

D

1.00 Consensus Forecast

This report makes references to the Hera Ore Reserve, DFS outputs and metal equivalents. It is the Company's opinion

that all the elements included in the metal equivalents calculation have a reasonable potential to be recovered.

Au Equivalent calculation formula = (Metal price x metal grade) ÷ (gold price per oz ÷ 31.1)

The following metal prices, exchange rates and metal recoveries and payabilities were used for the calculation of a gold

equivalent.

232

Metal Price Source

Au US$1200/oz 90% of Consensus forecast, to May 2013 Consensus economics, May2011

Cu US$8,370/t 90% of Consensus forecast, to May 2013 Consensus economics, May2011

Pb US$2,420/t 90% of Consensus forecast, to May 2013 Consensus economics, May2011

Zn US$2,425/t 90% of Consensus forecast, to May 2013 Consensus economics, May2011

Ag US$27/oz 90% of Consensus forecast, to May 2013 Consensus economics, May2011

AUD/US

D 0.90

This presentation makes a number of references to metal equivalents. These metal equivalent values refer to those included

with Hera Resource Estimate released to the ASX on 2nd June 2011

It is the company's opinion that all the elements included in the metal equivalents calculation have a reasonable potential to be

recovered.

Au Equivalent calculation formula = (Metal price x metal grade) ÷ (gold price per oz ÷ 31)

The following metal prices, exchange rates and metal recoveries and payabilities were used in the estimation of “net

recoverable ore value per tonne (NSR)” and for the calculation of a gold equivalent.

Metal Recovery Payability Source

Au 94% 100% YTC Metallurgical testwork and Marketing Study

Cu 88% 0% YTC Metallurgical testwork and Marketing Study

Pb 91% 95% YTC Metallurgical testwork and Marketing Study

Zn 90% 85% YTC Metallurgical testwork and Marketing Study

Ag to dore 47% 100% YTC Metallurgical testwork and Marketing Study

Ag to Bulk Con 46% 0% YTC Metallurgical testwork and Marketing Study

APPENDIX 3 GOLD EQUIVALENT CALCULATIONS – HERA RESOURCE

233

Dr Wenxiang Gao Non-Executive Director

Anthony Wehby Non-Executive Chairman

Rimas Kairaitis Chief Executive Officer

Christine Ng Non-Executive Director

Richard Hill Non-Executive Director

Robin Chambers Non-Executive Director

Stephen Woodham Non-Executive Director

Over 20 years experience as a senior mining engineer in China. Dr Gao is the General Manager of Yunnan Tin Group, the world’s largest tin producer.

Partner of PricewaterhouseCoopers Australia (Coopers & Lybrand) for 19 years specialising in the provision of corporate finance advice. Anthony is based in Sydney and maintains a consulting practice providing advice on mergers and acquisitions, IPO's, funding and valuations

Geologist with over 15 years experience in minerals exploration and resource development in gold, base metals and industrial metals. Mr Kairaitis has a strong record of exploration success in NSW.

Christine is an Executive Director of China Yunnan Tin Minerals Group Co. Ltd (listed on Hong Kong Stock Exchange).

Over 15 years experience in the resources industry as both a solicitor for Clayton Utz and a geologist and commercial manager for mining companies in range of mineral commodities worldwide.

A lawyer with over 30 years experience in the resources sector. He is the Senior Partner of Chambers & Company, an international law firm based in Melbourne, and Special Counsel – China for its affiliate, the New York law firm of Chadbourne & Parke (Beijing, China).

Over 15 years experience in the mining and exploration industry, specialising in field logistics and support and land access in rural and remote environments.

APPENDIX 4 BOARD OF DIRECTORS

234

3D view of Hera Mine Design showing mine capital development,

final stope design and CRF fill.

APPENDIX 5: HERA DFS DETAIL SEPTEMBER 2011

HERA DFS

Diluted Reserve (tonnes) 1,875,918

Diluted Reserve Grade

g/t Au (on gold equivalent basis)

Net Smelter Return (NSR)

7g/t Au Eq.

$218 / tonne

Mine Life (box cut to last revenue) 7.3 years

Mining & Process Rate 350,000 tpa

Payable Metal Production

Gold Production (to dore)

Silver Production (to dore)

Zinc Production

Lead Production

Gold Equivalent Production

204,274 ounces

426,860 ounces

63,439 tonnes

43,399 tonnes

352,324 ounces

Operating Costs

Mining

Milling

Offsite costs

Administration

$72.79 / tonne

$34.55 / tonne

$49.33 / tonne

$14.25 tonne

Operating Margin (after mining and milling) $105.33 / tonne

Operating Costs (after Pb-Zn credits) $394.60 / Au ounce

Pre-Production Capital Costs (to first ore) $73.5 million

Net Revenue (pre-tax Profit)

A$1,450/oz gold price

A$1,750/oz gold price

$94.8 million

$152 million

All $ figures are as Australian Dollars

Item Input Units Source

Lead Price $2,500 US$/Tonne LME 15 month buyer

Zinc Price $2,318 US$/Tonne LME 15 month buyer

Gold Price $1,450 US$/Ounce 20% discount to spot

Silver $32 US$/Ounce 20% discount to spot

Gold Recovery to Dore 94% Recovery DFS Metallurgy Study

Silver Recovery to Dore 47% Recovery DFS Metallurgy Study

Lead Recovery to bulk Con 91% Recovery DFS Metallurgy Study

Zinc Recovery to bulk Con 90% Recovery DFS Metallurgy Study

Bulk Concentrate Grade 56% Pb + Zn DFS Metallurgy Study

Exchange Rate 1.00 AUD/USD Consensus Forecast

Key DFS Inputs

235

Dean Fredericksen –Chief Operations Officer (COO)

Dean closely involved with YTC for the last 2.5 years as a consultant. Dean was closely

involved on the assessment and Feasibility of the Hera and Nymagee Projects since

2009. Dean brings over 20 years mine geology and project assessment experience to

YTC with companies including ACM, MPI, Newcrest & Sino Gold.

Sean Pearce –Hera Project – General Manager

Sean Pearce is a mining engineer and has over 23 years operational experience in

underground metalliferous mines. Sean joins the company from Peak Gold Mines in

Cobar, where he was Mining Manager since 2007. Sean will initially be based in the YTC

offices in Orange, and will work closely with Dean and Stuart Jeffrey on the completion of

the Hera DFS. He will then take on the site management as the Project moves into mine

construction and commissioning.

Ray Dekker – Project Supervisor

Ray holds over 40 years experience in underground and open cut mining. He is a ticketed

Mine Manager and his extensive experience in the industry has included senior roles at Mt

Isa, Bendigo Gold and Renison mines. Rays, consultancy experience ranged form Project

Supervision, relieving Mine Manager and professional mentoring.

Stuart Jeffrey – Principal Geologist – Hera & Nymagee Projects

Stuart brings 20 years of both exploration and mine geology experience to the Hera and

Nymagee Projects, including a close association with the Hera Project extending back to

2004. Stuart has experience with a broad range of Companies including BHP, Triako and

CBH Resources

APPENDIX 6: YTC SENIOR MANAGEMENT BUILDING AN EXPERIENCED OPERATIONS TEAM

236

Competent Persons Statement – Exploration Results

The information in this presentation that relates to Exploration Results is based on information compiled by Rimas Kairaitis, who is a Member of the

Australasian Institute of Mining and Metallurgy. Rimas Kairaitis 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 Kairaitis consents to the inclusion in this report of the matters based on

his information in the form and context in which it appears.

Competent Persons Statement – Hera Resource Estimate

The Resource Estimation has been completed by Mr Dean Fredericksen the Chief Operating Officer of YTC Resources Ltdwho is a Member of the

Australasian Institute of Mining and Metallurgy. Mr Dean Fredericksen 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 Fredericksen consents to the inclusion in this report of the matters

based on his information in the form and context in which it appears.

Competent Persons Statement – Hera Ore Reserve

The Information in this report relating to Ore Reserves is based on work undertaken by Mr Michael Leak of Optiro Pty Ltd under supervision of Mr Sean

Pearce. This report has been compiled by Sean Pearce, who is a Member of the Australasian Institute of Mining and Metallurgy. Sean Pearce 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 Pearce consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

COMPETENT PERSONS

STATEMENTS

Michael Sandy Managing Director

Burleson Energy Limited


ASX: BUR PRESENTATION – FEBRUARY, MARCH 2012

239

Disclaimer & Important Notices

This presentation contains forward-looking statements that are subject to risk factors associated with the oil and gas industry. It is believed

that the expectations reflected in these statements are reasonable, but they may be affected by a range of variables outside the control of

Burleson Energy Limited and its Directors which could cause actual results or trends to differ materially, including but not limited to: price and

currency fluctuations, geotechnical factors, drilling and production results, development progress, operating results, reserve estimates,

legislative, fiscal and regulatory developments, economic and financial markets conditions in various countries, approvals and cost estimates.

Therefore, undue reliance should not be placed on forward-looking statements.

This Presentation is provided on the basis that none of the Company nor its respective officers, shareholders, related bodies corporate,

partners, affiliates, employees, representatives and advisers make any representation or warranty (express or implied) as to the accuracy,

reliability, relevance or completeness of the material contained in the Presentation and nothing contained in the Presentation is, or may be

relied upon as, a promise, representation or warranty, whether as to the past or the future. The Company hereby excludes all warranties that

can be excluded by law.

All persons should consider seeking appropriate professional advice in reviewing the Presentation and all other information with respect to the

Company and evaluating the business, financial performance and operations of the Company. Neither the provision of the Presentation nor

any information contained in the Presentation or subsequently communicated to any person in connection with the Presentation is, or should

be taken as, constituting the giving of investment advice to any person.

Competent Person Statement: The information in this report that relates to oil and gas exploration results and hydrocarbon resources is based on information verified by Mr Michael Sandy (BSc(Hons) Melbourne University), who is a petroleum geologist. Mr Sandy is a Director of, and consultant to, the Company. Mr Sandy has more than thirty years experience in this discipline and he consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

Abbreviations: Gas: Bcf = billion cubic feet, mmcf = million cubic feet Condensate: b = barrels, bc = barrels of condensate ,mmb = million barrels, WI = Working Interest, NRI = Net Revenue Interest

Burleson (BUR) at a Glance

Financials Market snapshot

Market cap ~A$12m (3cps) Ordinary shares: 420 m

Cash ~A$6m, no debt EV ~$6m

Options Listed : 139 m (10c strike, 2013) Unlisted: 2.5 m (Expiry June 2012)

Revenue from 4 producing wells

70% liquids A $170k per month net to BUR

Shareholders: ~1,500

Gas and liquids (condensate and NGL)

production

Top 20 : ~27%

Low cost Wilcox wells

12 Month Range: $0.028 – $0.09

BUR equity 36 to 75% - usually 38%

Av. Trading Volume: ~450k/day

240

Jargon/acronyms

Mcf = thousand cubic feet of gas (current price ~ $2.60/mcf)

Bcf = billion cf (if sold today, revenue ~ $2.6m)

Condensate sells for the same price as oil (currently ~$110/barrel)

NGL = natural gas liquids (e.g. propane) sell for ~60% of oil price

“Wet” gas contains NGL which are stripped and sold separately

Boe = barrels of oil equivalent, mmboe = million boe

Enterprise value EV = how much it would cost to buy a company

Market capitilization + debt – cash

2P reserves = proved (proved developed producing + proved undeveloped) plus probable

EV/ boe = how much value the market assigns to a company’s reserves

241

242

An Experienced and Well Credentialed Team

A key asset for BUR is the relationship with AKG Energy a private, Austin Texas based, oil and gas company. AKG (Kugler family) have two board members and a significant shareholding in BUR.

BOARD MR NORMAN ZILLMAN - Non-Executive Chairman – Geologist. 40+ years experience in resources industry. Formerly Crusader Limited, Beach Petroleum and inaugural MD Queensland Gas. MR MICHAEL SANDY - Managing Director - Geologist. 35+ years experience in resources industry. Formerly Oil Search and Novus Petroleum.

MR JOHN MCALWEY - Non-Executive Director, Lawyer. 40 + years’ in the resources and finance sectors. Formerly chairman and director of a number of listed resources companies.

DR ANDREW KUGLER JR Non-Executive Director - Geologist, Geophysicist. 45 years international and USA oil industry; Ten years with majors, remainder as owner/CEO of private and public companies. MR KHIB KUGLER - Non-Executive Director, Geologist, Geophysicist with Business Degree. 30+ years in oil and gas USA and internationally. Formerly with Texaco and ChevronTexaco. Current VP G&G at AKG Energy, L.P. ------------------------------------------------------------------------------------------------------------ MR KEVIN LYNN - Company Secretary - Chartered Accountant, 20+ years’ experience in accounting and finance with public companies. --------------------------------------------------------------------------------------------------------------------------- MR KARRAS KUGLER – Petroleum Engineer. BS Petroleum Engineering 1991, University of Texas. Formerly Platt, Sparks & Associates Petroleum Engineers, MR GREIGH KUGLER – Petroleum Landman. BBA Petroleum Land Management 1990, University of Texas. Formerly Marathon Oil Company,

243

CC3D Project Area and BUR Track Record

BUR’s main Project area (“CC3D”) Colorado County, Texas, between Houston and Austin and bisected by Interstate Highway I10.

2006: Following IPO drilled 5 Austin Chalk

horizontal wells for 5 successes, but well

costs escalated so…

Now target conventional reservoirs

with low cost wells based on 3D seismic, onshore Texas.

Five discoveries from seven wells in 2010/2011 drilling campaign Includes large Heintschel field and Joann

83% drilling success rate 100% success rate for wells drilled in

CC3D area.

244

Heintschel #1: Discovery of a Large Field

Discovered April 2010 by H#1, much better results than expected Two successful follow-up wells, D Truchard #1 (Nov 2010) and H#2 (Dec 2010) Reservoir requires fracture stimulation, but is highly productive and liquids rich Existing wells received modest “fracs”

Schematic cross section

245

Heintschel reserves audit: 2.9 mmboe 2P reserves net to BUR’s WI

Independent reserves audit by DeGolyer and MacNaughton (D&M)

With an estimate of the In-Place volumes for the whole field.

Gross 2P reserves of 2.5 mmb of hydrocarbon liquids (condensate + NGL) plus 30 Bcf of dry gas. BUR share 30% NRI is 9 Bcf and 0.75 mmb (~2.3 mmboe) BUR share 38% Working Interest ~ 2.9 mmboe

BUR Enterprise Value ~A$6m

So BUR’s EV/2Pboe is currently ~A$2. Lowest EV/2Pboe on the ASX?

D&M’s study indicates that the field can be developed commercially, even using vertical wells

2P = proved plus probable; mmboe = million barrels of oil equivalent; WI = working interest, NRI= net revenue interest; NGL= natural gas liquids ; EV/boe = enterprise value per boe

246

Heintschel Field Upside

D&M 2P area represents just ~20% of the total field area as mapped on 3D seismic by

operator AKG Energy.

D&M In-Place numbers for the whole field: 3.6 mmb condensate plus 125 Bcf “wet” gas Equates to 9.2 mmb liquids plus 111 Bcf dry gas Using D&M recovery of 60%, equates to recoverable volumes of ~ 5.4 mmb and 67

Bcf dry gas. BUR WI share > 6 mmboe

Operator AKG and BUR believe the field could contain >160 Bcf wet gas plus >10 mmb condensate, If so, BUR WI share >10 mmboe!

Specialist consultant IPT predicts horizontal wells on Heintschel with multiple, staged

fracs will produce at several times the rates and total volumes of existing vertical wells.

Assuming this scenario, the field can be fully developed with excellent financial returns.

Proposed Horizontal Well TRUCHARD #2H

2,300’ (701m) lateral

Development Well

(2011)

DISCOVERY Well

(2010)

Development Well

(2011)

Heintschel (Wilcox 11,080) Field In-Place: 9.2 mmb + 111 Bcf dry gas

248

Heintschel field: what next?

Next stage: planning to drill a horizontal well with multiple, staged fracs

Truchard #2H planned for late 1Q12 Gross cost to drill, frac and complete = US$6m +- 0.5m

A full field development plan will be finalised late 1st half 2012

2H12 and on: develop the Heintschel field via a series of horizontal wells

Lower Wilcox “Prairie Bell” Shale

Lower Wilcox “Prairie Bell” Sand

Lower Wilcox Sand

Proposed Horizontal Well TRUCHARD #2H

2,300’ (701m) lateral

Untested closure

Dry Hole (1981)

Development Well

(2011)

Heintschel (Wilcox 11,080) Field 2P reserves: 2.5 mmb liquids + 30 Bcf dry gas 2P area is 20% of the 4,400 ac. structure

Multiple staged fracs

250

Wildcat Exploration Prospects 36% to 75% (usually 38%) working interest in ~26,000 ac

Acreage has a number of Wilcox prospects plus a very large Edwards carbonate prospect. It also has Eagle Ford shale potential.

Advanced Wilcox Prospects: Peikert: A Heintschel “look-alike” with potential for 57 Bcf + 1.6 mmb condensate Moeller #2: Located 475m updip and 53m structurally high to Moeller #1 (hydrocarbon shows). Potential for 10.4 Bcf and 0.24 mmbc. Hill #2: Colorado County, 4 way closure with potential for 5.7 Bcf and 0.17 mmb Wharton South: Wharton County, four separate structures with potential for 40 Bcf gas. Edwards Prospect Woppa 350 bcf Edwards reef prospect, with 250 Bcf potential in deeper target. On trend with the producing, 600 Bcf Word (Edwards reef) field. Deep, high cost, wells – to be farmed out.

Additional prospects being generated by:

The “IK3D” project (BUR has 38% of a right to

secure 1000 sq miles of 3D seismic from a large

data base)

The “CC3D” project

251

Peikert Prospect – a Heinstchel “look-a-like” Potential for 57 Bcf and 1.6 mmb

252

Woppa Prospect – could live up to its name! Potential for 350 Bcf + 250 Bcf deeper target

253

Summary

BUR 36% to 75% (usually 38%) working interest in ~26,000 acres 83% drilling success rate 4 producing wells generate revenue (3 Heintschel, 1 Joann) $6m cash

Heintschel is the main game

BUR 2P reserves of 2.9 mmboe (net to WI) BUR EV/boe ~$2! Cheapest in the sector?

Field In Place volumes 9.2 mmb liquids plus 111 Bcf dry gas

>6 mmboe net to BUR assuming 60% recovery Field could be even larger (160 Bcf plus liquids, recoverable).

D&M indicate the Heintschel field is commercial even with vertical wells IPT predict multi-fracced horizontal wells will be excellent producers Will drill Truchard #2H in late 1Q12 Heintschel development plan late 1H 2012.

To resume exploration drilling, farmouts in progress (NAPE, APPEX)

254

Burleson Contacts

Registered Office: LEVEL 6, 9 BARRACK ST SYDNEY NSW 2000 Phone +61 2 8252 6177 Contact: Michael Sandy Managing Director Email [email protected] Web www.burlesonenergyltd.com

D. Truchard #1 well Current Project Locations


http://www.burlesonenergyltd.com/

Anthony Simpson Managing Director

Black Range Minerals Limited


256

Resources Road Show

February 2012

JORC Resource 90.9mlbs U3O8

@ 600ppm

Market Capitalisation

~$25.2million (at $0.030).

Cash reserves ~ $4.1 million.

Shares %

Board &

Management

41.3 m 4.9

Top 20 284.9 m 33.9

Total 840.9 m 100

Alan Scott Non-Executive Chairman

Tony Simpson Managing Director

Ben Vallerine Executive Director

Mike Haynes Non-Executive Director

Duncan Coutts Non-Executive Director

Nick Day Company Secretary

Bev Nichols Chief Financial Officer

Competent Persons Statement

and Disclaimer The information in this report that relates to Mineral Resources at the Hansen and Taylor Ranch Uranium Projects is based on information

compiled by Mr. John Rozelle who is a member of the American Institute of Professional Geologists, which is a Recognised Overseas

Professional Organisation. Mr John Rozelle compiled this information in his capacity as a Principal Geologist of Tetra Tech. Mr.John Rozelle has

sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration and to the activity that he is

undertaking to qualify as a Competent Person as defined in the 2004 Edition of the “Australian Code for Reporting of Exploration Results,

Mineral Resources and Ore Reserves”. Mr. John Rozelle 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 Exploration Results is based on information compiled by Mr. Ben Vallerine, who is a member of The

Australian Institute of Mining and Metallurgy. Mr Vallerine is Exploration Manager, USA for Black Range Minerals Ltd. Mr. Vallerine 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 “Australian Code for Reporting of Exploration Results, Mineral Resources

and Ore Reserves”. Mr. Vallerine consents to the inclusion in the report if the matters based on his information in the form and context in which it

appears.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS:

Certain information in this press release constitutes forward-looking statements under applicable securities law. Any statements contained in this

press release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often

identified by terms such as “may”, “should”, “anticipate”, “expects” and similar expressions. Forward-looking statements necessarily involve

known and unknown risks, including, without limitation, risks associated with exploration, marketing and transportation; loss of markets; volatility

of commodity prices; currency and interest rate fluctuations; imprecision of reserve estimates; environmental risks; competition; inability to

access sufficient capital from internal and external sources; changes in legislation, including but not limited to income tax, environmental laws

and regulatory matters. Readers are cautioned that the foregoing list of factors is not exhaustive.

Although Black Range believes that the expectations reflected in this forward-looking information are reasonable in light of the experience of its

officers and directors, current conditions and expected future developments and other factors that have been considered appropriate, undue

reliance should not be placed on them because Black Range can give no assurance that they will prove to be correct. The forward-looking

statements contained in this press release are made as of the date hereof and Black Range undertakes no obligation to update publicly or revise

any forward- looking statements or information, whether as a result of new information, future events or otherwise, unless so required by

applicable securities laws.

Neither the Australian Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Australian Stock

Exchange) accepts responsibility for the adequacy or accuracy of this press release.

257

Uranium Market Overview

258

Demand

World Nuclear Association

estimates that the global fleet of

434 operating nuclear reactors

consumed 163Mlbs of U3O8 in

2011.

Reactor numbers have been

flat for the last 5 years but there

are 61 reactors currently in

construction.

The growth is mainly non-

OECD countries like China and

India where there is a struggle

to keep up with demand growth

and balance pollution problems.

Supply

In 2011 mine production was

estimated at 144Mlbs of U3O8,

with the balance coming from

secondary sources.

The USA-Russia HEU deal

ends in 2013 reducing supply

by 24Mlb U3O8.

The current low price of U3O8 is

causing the predicted mine

supply growth to fall behind

predictions; e.g., Areva has

decided to suspend the

Trekkopje uranium mine

project.

0

20

40

60

80

100

120

140

160

Arithmetic Average: US $83/lb

Incentive Price Analysis

Source: JP Morgan Estimates

259

Value Proposition

260

ASX Price Mkt Cap EV Resource U3O8 EV/lb Grade Size

Company Name Code $ $m $m (mlbs) (ppm) A$/lb Rank Rank

Aura Energy AEE 0.22 30 23 689 166 $0.03 18 1

Stonehenge Metals SHE 0.04 12 10 69 324 $0.14 9 9

A-Cap Resources ACB 0.27 54 45 261 152 $0.17 20 4

Marenica Energy MEY 0.02 9 8 43 85 $0.19 21 13

Black Range Min. BLR 0.03 27 22 91 600 $0.24 4 7

Bannerman Res BMN 0.23 67 53 170 193 $0.31 17 5

Energy Ventures EVE 0.04 14 12 38 248 $0.32 16 16

UraniumSA USA 0.135 20 15 42 284 $0.36 14 14

Energy & Min Aus EMA 0.08 32 23 60 490 $0.38 5 10

Curnamona Energy CUY 0.07 5 2 5 260 $0.40 15 21

PepinNini Minerals PNN 0.09 8 4 5 298 $0.80 12 20

Deep Yellow DYL 0.12 135 125 123 286 $1.02 13 6

Energy Metals EME 0.39 60 34 29 316 $1.17 10 17

Uranex UNX 0.34 62 59 44 163 $1.34 19 12

Toro Energy TOE 0.084 82 63 44 433 $1.43 6 11

Manhattan Corp MHC 0.35 32 32 17 300 $1.88 11 19

Peninsula Energy PEN 0.07 160 140 41 422 $3.41 7 15

Paladin Energy PDN 1.78 1,487 2,076 520 679 $3.99 2 2

Extract Resources EXT 8.51 2,137 2,083 515 401 $4.04 8 3

Summit Resources SMM 1.68 366 358 76 664 $4.71 3 8

Alliance Resources AGS 35 120 85 17 3,257 $5.00 1 18

Simple Average Grade and EV/lb 477 $1.49

Excluding Producers Grade and EV/lb 345 $1.26

Stage

# of

Constituents

43-101/JORC

EV/Lb Avg

Global

Resource

EV/Lb Avg

Producer 6 $6.85 $4.87

Developer 4 $5.11 $4.88

Feasibility 11 $0.87 $0.85

Pre-Feasibility 8 $1.52 $1.41

Exploration 31 $1.03 $0.99

60 $1.86 $1.68

261

Source: Versant Partners

EV/Lb Averages by Stage

Value Proposition

262

Great combination of low EV/lb, Grade and Resource size.

Growth opportunity as increased confidence surrounding

permitting increases the EV/lb. eg Valued at $1.26/lb equates to

BLR @ $0.14.

Solid mining jurisdiction; e.g., Kazakhstan, at 32% of global mine

production, rates behind Papua New Guinea in terms of Political

Stability according to the Fraser Institute Survey(2010-11)

Targeting The USA

263

Energy Security?

20% of US electricity comes

from nuclear power plants

104 (23%) of the world’s 441

nuclear power plants are

located within the US

21 additional reactors are either

proposed, planned or under

construction in the US

The Nuclear Regulatory

Commission voted recently

(February 11, 2012) to grant a

license to build two reactors (1st

since 1978)

US reactors consume around

50 million pounds U3O8 per

annum – 85% of which is

imported

In 2010 the US produced 4.23

million pounds of U3O8, with 6

active production facilities

currently operating

The US generates more

electricity from nuclear power

plants than any other country in

the world

Hansen/Taylor Ranch Resources

264

JORC Code compliant

resources, applying a

250 ppm cut-off:

68.9 Mt at 600 ppm

for 90.9Mlbs of U3O8

JORC Code compliant

resources, applying a

750 ppm cut-off:

16.6 Mt at 1200 ppm

for 43.8Mlbs of U3O8

Project Summary

265

Targeting production in 2015/2016 in the USA.

One of the largest uranium resources in the USA.

High-quality development opportunity in a pro-uranium jurisdiction.

Geotechnical studies confirm amenable to U/G, surface & borehole

mining methods.

Update of previous feasibility study for conventional mining and

processing methods underway.

Permitting activities commenced.

Leaching tests confirm +95% recoveries (acid or pressure alkaline).

Borehole mining suitability tests completed.

Ablation process tests encouraging (95% U in 10% of the mass).

Project Timeline

266

Targeting Mine Permit by 2015

Hansen Uranium Deposit –

Long Section

267

Hansen Uranium Deposit –

Cross Section

268

Project Location

269

30km NW of Cañon City, the location

of one of the USA’s five licensed

uranium mills

In the state of Colorado - an

agreement state for permitting

(simpler process)

Energy Fuels Resources Corp. has

obtained all permits required to build

the first new conventional uranium

processing facility in the USA in the

past 25 years – in Colorado

Hosts AngloGold-Ashanti’s Cripple

Creek heap leach gold mine (historic

production of 23Moz gold)

Established mining industry and

mining culture in the district

History

270

Tallahassee Creek

Uranium District

Uranium first

discovered in the

district in 1954

From 1954 until 1972

–16 small open pit

and underground

uranium mines

operated in the

Tallahassee Creek

district

History

271

Hansen Uranium

Deposit

Hansen Uranium

Deposit discovered in

1977

The Hansen Deposit

fully permitted for

mining in 1981

More than 2,200 holes

drilled for more than

350,000 metres

Hydraulic Borehole Mining

272

Selective mining method

Controlled economic pace of

mining

Low capital costs

Utilization of clean, high

pressure water for mining

Lifting of ore to surface in

controlled, safe and closed

environment

Replacement of ore with

sealed inert waste rock

Small surface imprint with

mobile equipment

Photo courtesy Kinley Exploration

Hansen Borehole Mining Layout

273

11 metre cylinders

plotted on high-grade

mineralisation at the

Hansen Deposit –

indicating possible

borehole mining

layout

Proposed open pit

boundary from 1981

feasibility study

100 metres

Single Well Economics

274

Unweighted Averages

Grade: 0.088% U3O8

Thickness: 17.6 metres

Sandstone Hosted

Uranium Deposit

Uplift event exposes uranium bearing source rock

Uranium is eroded out of the exposed source rock and

forms uranium and secondary mineral bearing solutions

Uranium and secondary mineral bearing solution migrate

through surface or permeable subsurface channels into

the sandstone formation

Uranium minerals are left as a patina (outer coating)

around the grains in the formation

275

Flow Chart Combining

Hydraulic Mining and Ablation

276

Water to DI/RO

reclaimed

Hydraulic Miner Uses high pressure water to mine the ore.

Ablation Slurry from the hydraulic miner is pumped through the injection nozzles. This creates

the high energy impact zone that scours the uranium from the host rock materials and

removes the patina.

Grain Removal Screen Screen system removes the grains fraction from the post-ablation slurry stream.

Gravity Separation Elutriation system separates the light fines fraction from the target heavy minerals.

Light Fines Out Heavy Fines to Mill

Resources Road Show

February 2012

Appendix 1: Hansen/Taylor Ranch

JORC Resources

278

Indicated (0.025% Cut-Off) Inferred (0.025% Cut-Off) Total (0.025% Cut-Off)

Deposit Tonnes

Grade U3O8 (%)

Tonnes of U3O8

Pounds of U3O8 Tonnes

Grade U3O8 (%)

Tonnes of U3O8

Pounds of U3O8 Tonnes

Grade U3O8 (%)

Tonnes of U3O8

Pounds of U3O8

Hansen 11,600,262 0.067 7,768 17,124,620 16,399,487 0.062 10,101 22,269,792 27,999,749 0.064 17,869 39,394,412

Boyer 9,102,294 0.059 5,403 11,912,352 7,577,863 0.064 4,871 10,737,856 16,680,157 0.062 10,274 22,650,208

Picnic Tree 1,703,693 0.073 1,248 2,750,840 337,473 0.054 183 403,308 2,041,166 0.070 1,431 3,154,148

NW Taylor 2,385,649 0.058 1,388 3,061,003 3,940,027 0.043 1,710 3,769,842 6,325,676 0.049 3,098 6,830,845

Noah 1,438,200 0.055 784 1,728,025 4,956,582 0.055 2,736 6,031,920 6,394,782 0.055 3,520 7,759,945

High Park 1,954,983 0.053 1,028 2,267,000 433,634 0.077 333 734,000 2,388,617 0.057 1,361 3,001,000

Other (Taylor) 409,627 0.031 126 278,146 4,398,939 0.039 1,729 3,811,314 4,808,565 0.039 1,855 4,089,460

Other (Hansen Area) 333,771 0.085 285 627,955 2,020,228 0.077 1,552 3,421,397 2,353,999 0.078 1,837 4,049,351

Total 28,928,480 0.062 18,030 39,749,941 40,064,232 0.058 23,215 51,179,428 68,992,711 0.060 41,244 90,929,369

Indicated (0.075% Cut-Off) Inferred (0.075% Cut-Off) Total (0.075% Cut-Off)

Deposit Tonnes

Grade U3O8 (%)

Tonnes of U3O8 Pounds of U3O8 Tonnes

Grade U3O8 (%)

Tonnes of U3O8 Pounds of U3O8 Tonnes

Grade U3O8 (%)

Tonnes of U3O8

Pounds of U3O8

Hansen 3,126,521 0.129 4,041 8,908,599 3,909,667 0.125 4,904 10,811,979 7,036,188 0.127 8,945 19,720,578

Boyer 3,010,039 0.103 3,097 6,828,444 2,951,979 0.100 2,964 6,534,032 5,962,018 0.102 6,061 13,362,476

Picnic Tree 532,517 0.141 749 1,650,994 55,338 0.123 68 149,744 587,856 0.139 817 1,800,738

NW Taylor 373,571 0.154 574 1,265,849 346,530 0.098 338 745,633 720,101 0.127 912 2,011,481

Noah 259,397 0.114 295 649,647 806,233 0.125 1,010 2,227,132 1,065,630 0.122 1,305 2,876,779

High Park 326,587 0.114 372 820,000 130,635 0.163 212 468,000 457,221 0.128 584 1,288,000

Other (Taylor) - - - - 234,961 0.105 246 542,864 234,961 0.105 246 542,864

Other (Hansen Area) 84,368 0.213 180 396,180 428,191 0.196 839 1,849,296 512,559 0.199 1,019 2,245,476

Total 7,713,001 0.121 9,308 20,519,713 8,863,534 0.119 10,581 23,328,680 16,576,535 0.120 19,889 43,848,392

Applying a 0.025% cut-off:

Applying a 0.075% cut-off:

Appendix 2:

Global Uranium Comps

279

February 17, 2012 All figures in $CAD Based on Global Resource Resources and Reserves (MM lbs)

SUM Exch Company Name Stage

Stock

Price

Market

Cap

(MM) MKT/LB EV/LB

Avg

Grade P&P M&I Inferred

Historica

l Total

BLR ASX Black Range Minerals Ltd. (ASX:BLR) Exploration $0.04 29.54 $0.32 $0.23 0.06% 0 39.75 51.18 0 90.93

CCO TSX Cameco Corp. (TSX:CCO) Production $22.30 8,802.93 $8.39 $8.41 9.39% 484.04 141.65 355.67 67.28 1,048.64

DML TSX Denison Mines Corp. (TSX:DML) Production $1.75 673.16 $2.01 $1.84 1.57% 2.87 78.8 39.51 214.11 335.29

ERA ASX Energy Resources of Australia Ltd. (ASX:ERA) Production $1.32 683.4 $1.03 $0.04 0.31% 246.2 272.64 144.74 0 663.59

PDN TSX Paladin Energy, Ltd. (TSX:PDN) Production $1.80 1,440.00 $2.75 $4.20 0.08% 159.2 192.06 136.91 34.58 522.74

UEC AMEX Uranium Energy Corp. (AMEX:UEC) Production $3.88 292.01 $6.91 $6.37 0.07% 0 6.53 12.5 23.24 42.27

UUU TSX Uranium One Inc. (TSX:UUU) Production $2.70 2,584.44 $7.87 $8.32 0.06% 47.97 153.23 127.35 0 328.54

AGS ASX Alliance Resources Ltd. (ASX:AGS) Development $0.44 150.11 $8.58 $6.51 0.32% 0 8 9.5 0 17.5

EFR TSX Energy Fuels Inc. (TSX:EFR) Development $0.32 39.68 $2.09 $1.71 0.21% 0 7.86 4.44 6.73 19.03

URZ AMEX Uranerz Energy Corp. (AMEX:URZ) Development $2.50 192.58 $10.10 $7.88 0.10% 0 15.72 3.34 0 19.06

URE TSX UR-Energy Inc. (TSX:URE) Development $1.18 122.34 $4.46 $3.41 0.07% 0 23.72 3.71 0 27.43

ACB ASX A-Cap Resources Ltd. (ASX:ACB) Feasibility $0.29 58.03 $0.37 $0.29 0.02% 0 50.2 107.6 0 157.8

BAN TSX Bannerman Resources Limited (TSX:BAN) Feasibility $0.25 58.61 $0.34 $0.33 0.02% 0 118.96 51.12 0 170.08

BKY ASX Berkeley Resources Ltd. (ASX:BKY) Feasibility $0.38 66.23 $0.85 $0.18 0.05% 0 34.9 43.15 0 78.05

EXT ASX Extract Resources Ltd. (ASX:EXT) Feasibility $9.19 2,306.78 $4.29 $4.14 0.04% 320 38.41 179.6 0 538.01

FSY TSX Forsys Metals Corp. (TSX:FSY) Feasibility $0.75 60.1 $0.58 $0.54 0.01% 60.5 16.7 27.07 0 104.27

KRI TSX Khan Resources Inc. (TSX:KRI) Feasibility $0.18 9.82 $0.25 $0.10 0.13% 30.68 6.61 1.39 0 38.69

MGA TSX Mega Uranium Ltd. (TSX:MGA) Feasibility $0.31 79.7 $2.03 $1.35 0.11% 0 34.56 4.76 0 39.32

STM TSX Strathmore Minerals Corp. (TSX:STM) Feasibility $0.50 44.97 $0.42 $0.33 0.09% 0 36.85 19.51 50.5 106.87

TUE TSXV Titan Uranium Inc. (TSXV:TUE) Feasibility $0.20 25.96 $0.84 $0.76 0.11% 0 30.4 0 0.65 31.05

TOE ASX Toro Energy Ltd (ASX:TOE) Feasibility $0.09 86.84 $1.74 $1.12 0.05% 0 25.84 24.21 0 50.05

TVC TSXV Tournigan Energy Ltd. (TSXV:TVC) Feasibility $0.10 19.37 $0.34 $0.16 0.34% 0 32.24 25.4 0 57.64

AIW ASX Australian American Mining Corporation Limited (ASX:AIWP) Pre-Feasibility $0.05 3.37 $0.27 ($0.08) 0.09% 0 0 12.31 0 12.31

BYU TSXV Bayswater Uranium Corp. (TSXV:BYU) Pre-Feasibility $0.21 4.69 $0.10 $0.09 0.08% 0 11.46 10.16 23.73 45.35

LAM TSX Laramide Resources Ltd. (TSX:LAM) Pre-Feasibility $0.84 57 $0.88 $0.85 0.12% 0 43.26 19.07 2.7 65.03

PEN ASX Peninsula Energy Limited (ASX:PEN) Pre-Feasibility $0.07 146.67 $3.54 $2.87 0.04% 0 11.2 30.2 0 41.4

PWE TSX Powertech Uranium Corp. (TSX:PWE) Pre-Feasibility $0.17 17.56 $0.73 $0.87 0.14% 0 17.06 6.85 0 23.91

RSC TSX Strateco Resources Inc. (TSX:RSC) Pre-Feasibility $0.56 81.16 $2.27 $2.50 0.41% 0 7.78 19.22 8.8 35.8

UEX TSX UEX Corp. (TSX:UEX) Pre-Feasibility $0.86 174.64 $1.98 $1.88 0.74% 0 72.77 15.49 0 88.25

UNX ASX Uranex Limited (ASX:UNX) Pre-Feasibility $0.42 71.24 $2.40 $2.28 0.01% 0 4.35 25.4 0 29.74

Source: Versant Partners and Capital IQ (February 17, 2012)

Appendix 2:

Global Uranium Comps (cont.)

280 Source: Versant Partners and Capital IQ (February 17, 2012)

February 17, 2012 All figures in $CAD Based on Global Resource Resources and Reserves (MM lbs)

SUM Exch Company Name Stage

Stock

Price

Market

Cap

(MM) MKT/LB EV/LB

Avg

Grade P&P M&I Inferred

Historica

l Total

BLR ASX Black Range Minerals Ltd. (ASX:BLR) Exploration $0.04 29.54 $0.32 $0.23 0.06% 0 39.75 51.18 0 90.93

ABE TSXV Abitex Resources Inc. (TSXV:ABE) Exploration $0.05 4.75 $0.72 $0.59 0.53% 0 1.96 4.63 0 6.59

AEK ASX Anatolia Energy Limited (ASX:AEK) Exploration $0.11 10.84 $0.83 $0.68 0.12% 0 8.12 4.94 0 13.06

AEE ASX Aura Energy Limited (ASX:AEE) Exploration $0.22 29.11 $0.05 $0.04 0.02% 0 0 638 0 638

CZQ TSX Continental Precious Minerals, Inc. (TSX:CZQ) Exploration $0.32 16.56 $0.02 $0.00 0.02% 0 14.41 1,037.96 15.34 1,067.71

CXZ AMEX Crosshair Energy Corp. (AMEX:CXZ) Exploration $0.62 29.76 $1.22 $1.06 0.05% 0 12.91 10.4 1.1 24.41

CUE TSXV Cue Resources Ltd (TSXV:CUE) Exploration $0.06 6.85 $0.72 $0.74 0.04% 0 8.3 1.2 0 9.5

DYL ASX Deep Yellow Ltd. (ASX:DYL) Exploration $0.13 146.58 $1.23 $1.11 0.03% 0 39.01 80.57 0 119.58

EMX ASX Energia Minerals Limited (ASX:EMX) Exploration $0.05 5.48 $0.73 ($0.12) 0.03% 0 0 7.46 0 7.46

EME ASX Energy Metals Limited (ASX:EME) Exploration $0.33 50.74 $2.99 $1.27 0.09% 0 4.9 12.08 0 16.98

FIS TSXV Fission Energy Corp. (TSXV:FIS) Exploration $0.77 79.11 $2.62 $2.04 0.35% 0 4.42 25.8 0 30.22

FTE ASX Forte Energy NL (ASX:FTE) Exploration $0.07 48.7 $4.20 $3.42 0.03% 0 0 11.6 0 11.6

JNN TSXV JNR Resources Inc. (TSXV:JNN) Exploration $0.13 13.8 $14.86 $13.69 0.09% 0 0 0 0.93 0.93

KIV TSXV Kivalliq Energy Corp. (TSXV:KIV) Exploration $0.51 62.53 $2.30 $2.04 0.69% 0 0 27.13 0 27.13

YEL TSXV Macusani Yellowcake, Inc. (TSXV:YEL) Exploration $0.16 17.24 $0.63 $0.13 0.02% 0 10.37 16.97 0 27.34

MEY ASX Marenica Energy Ltd (ASX:MEY) Exploration $0.02 9.97 $0.15 $0.12 0.02% 0 9.6 58.4 0 68

MAW TSX Mawson Resources Ltd. (TSX:MAW) Exploration $1.32 68.22 $0.54 $0.46 0.03% 0 0.12 15.17 110 125.29

GEM TSXV Pele Mountain Resources Inc. (TSXV:GEM) Exploration $0.13 17.41 $0.37 $0.32 0.05% 0 15.18 31.44 0 46.63

PIT TSXV Pitchblack Resources Ltd. (TSXV:PIT) Exploration $0.14 3.1 $0.11 $0.08 0.06% 0 0 0 29 29

PXP TSXV Pitchstone Exploration Ltd. (TSXV:PXP) Exploration $0.12 5.43 $1.32 $0.84 0.23% 0 0 4.1 0 4.1

RGT TSX Rockgate Capital Corp. (TSX:RGT) Exploration $1.12 129.02 $5.01 $3.70 0.11% 0 18.65 7.09 0 25.74

SMM ASX Summit Resources Ltd. (ASX:SMM) Exploration $1.82 396.72 $6.38 $6.20 0.08% 0 32.7 29.44 0 62.14

TU TSXV Tigris Uranium Corp. (TSXV:TU) Exploration $0.23 13.68 $0.43 $0.13 0.11% 0 32.08 0 0 32.08

UWE TSXV U308 Corp. (TSXV:UWE) Exploration $0.58 59.55 $1.54 $0.35 0.08% 0 13.6 25.04 0 38.64

ULU TSXV Ultra Uranium Corp. (TSXV:ULU) Exploration $0.05 1.74 $0.32 $0.31 0.06% 0 0 0 5.49 5.49

URC TSXV Uracan Resources, Ltd. (TSXV:URC) Exploration $0.09 11.95 $0.27 $0.25 0.01% 0 6.86 37.1 0 43.95

UNR TSXV Uranium North Resources Corp. (TSXV:UNR) Exploration $0.10 8.56 $0.88 $0.58 0.09% 0 0 9.71 0 9.71

URRE NASDAQ Uranium Resources, Inc. (NasdaqCM:URRE) Exploration $0.95 88.85 $0.81 $0.77 0.17% 0 0 0 109.15 109.15

USA ASX Uraniumsa Limited (ASX:USA) Exploration $0.14 20.62 $0.90 $0.69 0.03% 0 0 22.9 0 22.9

VEM TSX Vena Resources Inc. (TSX:VEM) Exploration $0.33 41.12 $1.54 $1.16 0.02% 0 13.66 13.07 0 26.73

VAE TSXV Virginia Energy Resources Inc. (TSXV:VAE) Exploration $0.20 19.5 $0.61 $0.52 0.08% 0 28.56 0 3.4 31.96

Thank you for attending
