4DS MEMORY LIMITED — Investor Presentation 2014

Feb 25, 2014

ASX: FRY

26 February 201

New seam discovery at Emmaus Coking Coal Project in West Virginia

• Two further deep drill holes completed at Emmaus

• Significant intersections in Beckley and Fire Creek seams in hole PCC-14-14

Exploration Success

Fitzroy Resources Limited (“Fitzroy) is pleased to announce continued exploration success in its latest deep hole drilling program at the Emmaus property. Both holes recorded coal intersections while hole PCC-14-14 was particularly successful intersecting 3.0 feet (0.9m) of Beckley seam before confirming the presence of the Fire Creek seam on the Emmaus property when it intersected 3.2 feet (1.0m).

The holes have been e-logged to confirm the intersection widths and geologically logged by Cardno MM&A, who provide Fitzroy with geological support.

Fitzroy is aware that both these seams are present on adjoining properties but prior to PCC-14-14, a mineable thickness of the Fire Creek seam had not been confirmed at Emmaus. Fitzroy will now turn the focus of its drilling to the hillside (above drainage) seams of Gilbert and Douglas/Red Ash at Blackstone.

Background to current drilling program

On 6 December 2013, Fitzroy announced that the first deep hole the Company had drilled below drainage intersected 3.8 feet (1.2m) of Beckley seam coal. Not only was this the thickest seam Fitzroy had encountered, but it also confirmed that like our neighbouring properties, the Beckley seam is present on the Emmaus property. PCC-13-13 was to have been drilled to the projected Pocahontas seam horizon (see stratigraphic column in figure 1) but the hole had to be abandoned in the middle of the Fire Creek seam when it became stuck.

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FIGURE 1- GENERALIZED STRATIGRAPHIC COLUMN OF ABOVE DRAINAGE COAL SEAMS AT EMMAUS/BLACKSTONE AND HIGHLIGHTING THE BECKLEY AND FIRE CREEK SEAMS.

At the end of the last program, Fitzroy had a number of permitted drilling sites and to follow up the success of PCC-13-13, decided to drill a further hole at the permitted drill site to the north at PCC-F213 and a further hole to the south at PCC-14-14.

PO Box 839 T +61 8 9481 7111 E admin@fitzroyresources.com.au West Perth WA 6872 F +61 8 9320 7501 W www.fitzroyresources.com.au

Fitzroy Resources Limited Level 1, 35 Havelock Street West Perth WA 6005

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Drilling Program Results and Discussion

The drill results are shown below in Table 1. With the completion of PCC-14-14 we now have confirmation that not only is the Beckley seam (also known as War Creek seam) present at Emmaus, but that the Fire Creek seam is present with a mineable thickness.

In the months ahead Fitzroy will continue to incrementally demonstrate the scale of a potential Coal Resource in the Beckley and Fire Creek seams in the immediate surrounds of PCC-14-14 and PCC-1313 but also across the entire Emmaus and Blackstone properties. The success of these two holes has given management of Fitzroy confidence that our aim to delineate a meaningful Coal Resource at depth is even more achievable with the presence of a second seam (Fire Creek) only 140 feet below the Beckley seam.

PCC-F2-13 was a wild cat hole, meaning it was a drill hole drilled with little geological evidence to guide it from surrounding data. The aim of drilling the hole was to intersect deeper coal seams with the potential to increase the Exploration Target announced on 10 December 2013. While the Beckley or Fire Creek seams in the north of the property were not intersected, a thick seam of Welch was intersected which may indicate a wider presence of this seam in the northern part of the property.

Importantly the absence of the deeper seams in the area around PCC-F2-13 does not sterilise the remainder of the property or significantly lower the potential size of these seams.

Hole ID	Seam	East	North	Surf Elev. (feet)	Top of Coal (feet)	Total Seam (feet)	Total Coal (feet)
PCC-F2-14		1,764,650	186,923	1,390
	Gilbert				57.10	2.89	2.40
	Douglas				194.40	2.24	2.24
	IaegerB				342.10	2.22	1.80
	Iaeger				454.40	0.50	0.50
	Welch				851.59	2.34	2.34
	L Raleigh				NA	NA	NA
	War Creek				NA	NA	NA
	Fire Creek				1130.91	1.23	1.23
	L. Fire Creek				1192.85	1.15	1.15
	Poca 3				1382.55	1.05	1.05
PCC-14-14		1,771,547	172,854	1,110
	Welch				NA	0	0
	L Raleigh A				388.55	1.21	1.21
	L Raleigh				NA	0	0
	War Creek				435.58	3.02	3.02
	Fire Creek				573.80	3.23	3.23
	L. Fire Creek				609.89	0.65	0.65

TABLE 1 – EMMAUS DEEP DRILL PROGRAM RESULTS – ALL HOLES WERE DRILLED VERTICALLY (NO AZIMUTH TO REPORT) WITH NQ-SIZED DRILL BIT

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Blackstone Drilling

The next stage of our drilling program is at Blackstone. This drilling will be important as it is the location of our mining permit and we intend it to be the location of our first underground mine. If Blackstone can replicate the quality results at Emmaus, it will encourage Fitzroy that when we commence production, we will be supplying a high quality product.

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FIGURE 2 - COMPLETED AND PLANNED DRILL HOLES AT EMMAUS AND BLACKSTONE

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As per the revised 2012 JORC reporting guidelines, a summary of the material information used in these exploration results, outlined in the Table 1 Report in Appendix A, is as follows:

The coal of interest is part of the Appalachian Basin. Coal deposits located on the properties are Carboniferous in age, being of the Pennsylvanian system. Coal in the region is typically bituminous with rank increasing from west to east. High-volatile bituminous coals in the west give way to low-volatile bituminous coal and anthracite in the east.

Drilling on the Emmaus Property utilized a wire-line diamond core drilling system consisting of a truck-mounted drill rig outfitted for drilling NQ-size (47.5mm or 1.87 in.) diameter core.

In most cases, drill holes were geologically logged by the driller or a geologist. Many of the bore holes were subjected to geophysical logging to offer a greater accuracy of the geology

The type of sampling and laboratory analysis has varied over time. In some cases, the coal seam core samples were divided for quality analyses, while in other samples the entire seam composites were analysed. Sample analysis was carried out by various companies throughout the various exploration programs. Quality data was provided in the form of laboratory data sheets which provide sufficient information for determining if the total recovered portion of the coal seam was delivered to the laboratory for analysis. It is assumed that samples were processed by the laboratory in accordance with American Society for Testing and Materials Standard Method of Preparing Coal Samples for Analysis (ASTM D 2013). Assumptions are based on Cardno’s familiarity with the operating companies and the companies used to perform the analysis.

For further information contact:

Mr Benjamin Lane Mr Simon Robertson Chief Executive Officer Company Secretary +61 8 9481 7111 +61 8 9481 7111

Competent Person Statement

The information in this report that relates to Exploration Results is based on and fairly represents, information and supporting documentation compiled by John E. Feddock, P.E. who is a Founding Registered Member of the Society for Mining, Metallurgy, and Exploration (SME) , a Recognized Professional Organization of The Australasian Institute of Mining and Metallurgy and a full time employee of Cardno MM&A (Cardno ). Mr. Feddock has sufficient experience relevant to the style of mineralization and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Feddock consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

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About Fitzroy Resources

Capital Structure (31 December 2013) Share Code ASX: FRY Shares on Issue 110 Million Options 6 Million Performance Shares on issue 20 Million Directors and Management Projects Tom Henderson, Chairman Emmaus: Rookwood: Will Dix, Director Hard Coking Coal Property VHMS copper/gold prospect Ric Vittino, Director West Virginia, USA 70km NW of Rockhampton, Qld Russell Lynton-Brown , Director 100km S of Charleston, WV Glentanna: Blackstone: VHMS copper/gold prospect Benjamin Lane , Chief Executive Officer Hard Coking Coal Property 140km SW of Brisbane, Qld Simon Robertson, Company Secretary West Virginia, USA 100km S of Charleston, WV

Fitzroy Resources Ltd is an Australian based coal development company, with two hard coking coal projects in West Virginia, USA.

Fitzroy’s main focus is to explore the coal potential of the Emmaus and Blackstone projects for hard coking coal and to rapidly develop into a producer of hard coking coal to the US domestic and export markets.

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FIGURE 3 – LOCATION OF EMMAUS AND BLACKSTONE

Fitzroy also owns the Rookwood and Glentanna exploration tenements in Queensland, Australia. Rookwood contains potential for the discovery of substantial VHMS copper/gold deposits beyond the existing resource.

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Appendix A: JORC CODE, 2012 EDITION – TABLE 1 REPORT

Section 1 Sampling Techniques and Data

Criteria	JORC Code explanation	Commentary
Sampling techniques	> Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as downhole gamma sondes, or handheld XRF instruments, etc.). These examples should not be taken as limiting the broad meaning of sampling. > Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. > Aspects of the determination of mineralisation that are Material to the Public Report. In cases where ‘industry standard’ work has been done this would be relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information.	> The Emmaus Property has been explored primarily by vertical subsurface drilling. Subsurface drilling is the preferred method of exploration for coal deposits in the Central Appalachian region, generally utilizing either rotary or core drilling systems, which are designed to collect core samples. Vertical subsurface core drilling is favoured for coal exploration because it provides a complete representative vertical section of the coal bearing stratigraphy for use in coal seam correlations and collection of coal samples for determination of coal rank and quality. > As of the effective date of this TR, an initial exploration program is has been completed on the Emmaus Property. > An new exploration program is being developed to further explore seams stratigraphically located below drainage. > An exploration program is being developed for the Blackstone Property and is in the permitting stage. > A Cardno geologist was present during most of the drilling, and reviewed the cores describing the coal seams, as well as roof and floor strata. > With the exception of Hole PCC-13-13 the holes were being subjected to geophysical logging by Cardno GLS and are under review by Cardno geologists. > During drilling of Hole PCC-13-13, technical problems encountered prevented the drilling company to remove steel casing from the holes. Because of this, it will not be possible to subject the bore hole to geophysical logging. Geology data reported herein is based on the driller’s log and Cardno’s independent observations of the core samples.
Drilling techniques	> Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc.) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face- sampling bit or other type, whether core is oriented and if so, by what method, etc.).	> Drilling on the Emmaus Property utilized a wire-line diamond core drilling system consisting of a truck-mounted drill rig outfitted for drilling NQ-size (47.5mm or 1.87 in.) core. > Similar equipment was used for the 2013 Emmaus exploration program, and will be used for the new Emmaus and Blackstone exploration.

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Criteria	JORC Code explanation	Commentary
Drill sample recovery	> Method of recording and assessing core and chip sample recoveries and results assessed. > Measures taken to maximise sample recovery and ensure representative nature of the samples. > Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.	> Since Cardno was not present during previous drilling activities, core recoveries were not monitored. However, many of the bore holes were subjected geophysical logging which can be analysed to provide accurate measurements of coal seam thicknesses. > Geophysical logging of many of the Emmaus holes was performed by Cardno as Marshall Miller & Associates, Inc. or Geological Consulting Services, Inc. > Cardno monitored the core recoveries of the 2013 Emmaus Exploration program. > Cardno GLS performed geophysical logging for the 2013 Emmaus exploration.
Logging	> Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. > Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc.) photography. > The total length and percentage of the relevant intersections logged.	> In most cases, drill holes were geologically logged by the driller or a geologist. > Many of the bore holes were subjected to geophysical logging to offer a greater accuracy of the geology > In the case of core drill holes, lithological logs were correlated with the geophysical logs and, where appropriate, seam thickness and elevation were adjusted. > For the 2013 Emmaus exploration, a Cardno geologist was present during most of the drilling, and reviewed the cores describing the coal seams, as well as roof and floor strata. Additionally, with the exception of Hole PCC- 13-13, the holes were subjected to geophysical logging by Cardno GLS and reviewed by Cardno geologists.
Sub- sampling techniques and sample preparation	> If core, whether cut or sawn and whether quarter, half or all core taken. > If non-core, whether riffled, tube sampled, rotary split, etc. and whether sampled wet or dry. > For all sample types, the nature, quality and appropriateness of the sample preparation technique. > Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. > Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling. > Whether sample sizes are appropriate to the grain size of the material being sampled.	> The type of sampling and laboratory analysis has varied over time. In some cases, the coal seam core samples were divided for quality analyses, while in other samples the entire seam composites were analysed. > Core samples from the 2013 Emmaus exploration program will be subjected to extensive quality analyses in order to determine their potential marketability.

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Criteria	JORC Code explanation	Commentary
Quality of assay data and laboratory tests	> The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. > For geophysical tools, spectrometers, handheld XRF instruments, etc., the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. > Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.	> Sample analysis was carried out by various companies throughout the various exploration programs. > Quality data was provided in the form of laboratory data sheets which provide sufficient information for determining if the total recovered portion of the coal seam was delivered to the laboratory for analysis. It is assumed that samples were processed by the laboratory in accordance with American Society for Testing and Materials Standard Method of Preparing Coal Samples for Analysis (ASTM D 2013). Assumptions are based on Cardno’s familiarity with the operating companies and the companies used to perform the analysis. > Analyses were performed on an as-received, air dry and washed basis unless otherwise stated. > Analyses for the 2013 Emmaus exploration program will be conducted by Gallagher Coal Research Center, Inc. located in Carb Orchard, West Virginia. Gallagher will follow ASTM D 2013 standards.
Verification of sampling and assaying	> The verification of significant intersections by either independent or alternative company personnel. > The use of twinned holes. > Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. > Discuss any adjustment to assay data.	> When applicable, coal intersection data used to generate the geologic model was cross referenced with the geophysical logs. > Partial andpreliminaryresults from completed drill holes of the current exploration program are currently under review by Cardno geologists, however, no significant corrections are expected.
Location of data points	> Accuracy and quality of surveys used to locate drill holes (collar and down- hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. > Specification of the grid system used. > Quality and adequacy of topographic control.	> The majority of drill data included location information in the West Virginia South NAD 27 State Plane Coordinate System. If coordinates were provided in an alternative coordinate system, coordinates were converted to WVS NAD27 for mapping purposes. Scanned images of USGS maps depicting data point locations were also provided for many of the data points. In a few instances, only scanned maps were provided for data point locations. These maps were digitally correlated to known reference points and approximate coordinates were extracted. > Locations of most 2013 Emmaus exploration drill holes were surveyed professionally. For those not yet surveyed, approximate locations are listed pending confirmation. > Topography is based on the United States Geological Survey’s topographic 7.5 minute quadrangle maps.

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Criteria	JORC Code explanation	Commentary
Data spacing and distribution	> Data spacing for reporting of Exploration Results. > Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. > Whether sample compositing has been applied.	> Various sources of data where utilized, as such, spacing of the drill holes used to model the Gilbert and Douglas (Red Ash) seams. > Data obtained from the 2013 Emmaus drilling will be incorporated into the model for future work. > Correlation of the target seams was simple due to the continuity of the strata and the seams observed in the data, and as is historically known.
Orientation of data in relation to geological structure	> Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. > If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.	> Drill holes have been vertically drilled. No downhole deviation logs have been collected and it is therefore not know if the drill holes have deviated away from vertical. Based on the depth of most holes, any deviation is expected to be insignificant and immaterial to the geologic characterization. > The geology of the properties is consistent with the regional trends of a northeast- southwest striking and northwestward dipping strata of one percent, or less, with little to no evidence of structural deformation in the form of faulting or folding.
Sample security	The measures taken to ensure sample security.	> Sample handling procedures are unknown. It is assumed that samples were handled in accordance with American Society for Testing and Materials Standard Method of Preparing Coal Samples for Analysis (ASTM D 2013). Assumptions are based on Cardno Cardno’s familiarity with the operating companies and the companies used to perform the analysis. > Cardno observed most of the handling and sampling procedures, which were handled in accordance with ASTM D 2013. > Cardno is familiar with the work of Gallagher Coal Research Center, Inc., which will be conducting the quality analyses and, from multiple experiences with the company for such tasks, Cardno believes results delivered by Gallagher to be reliable.
Audits or reviews	The results of any audits or reviews of sampling techniques and data.	> Cardno is reviewing all available geological information for the properties in developing the geologic model. Provided that the data is suitable, a a 2012 edition JORC compliant exploration target estimate will be produced.

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Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria	JORC Code explanation	Commentary
Mineral tenement and land tenure status	> Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. > The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	> The Emmaus and Blackstone Properties are located within the New River Formation of the Appalachian Basin in McDowell and Wyoming Counties, West Virginia immediately north of the community of Iaeger. > Emmaus Partners LLC leases the coal within the Emmaus Property from numerous private owners. > After review of the option and exploration agreements and the underlying leases, Cardno believes these documents represent fairly the Emmaus Property. > For the Blackstone Property, Marco Land Company Leases the coal to the Blackstone Energy Corporation. > Cardno did not review the Blackstone Leases and relied upon PCC’s information in terms of controlled mineral within the property. Cardno assumed PCC’s depiction of the terms to be accurate. > Fitzroy Resources Ltd., an Australian based company, signed an option agreement to acquire Premier Coking Coal Limited and its subsidiary, Premier Coking Coal, a United States of America (USA) based coal exploration and a development company. In turn, Premier Coking Coal holds an option to acquire the mineral rights of the Emmaus Property from Emmaus Partners LLC, and from the Blackstone Energy Corporation for Blackstone. > There are no known obvious legal or environmental encumbrances that would impede coal property acquisition.
Exploration done by other parties	> Acknowledgment and appraisal of exploration by other parties.	> The Emmaus Property has been explored primarily by vertical subsurface drilling which was completed by Virginia Crews Coal Company, a subsidiary of former Massey Energy Coal Company, now Alpha Natural Resource, Inc. Various exploration programs were conducted in the late 70s through the late 80s. > An exploration program was completed in December 2013 on the Emmaus Property, which was managed by PCC and observed by Cardno. > A new exploration program is being developed to explore seams stratigraphically located below drainage levels on the Emmaus Property. > An exploration program is being developed for the Blackstone Property, and is currently in the permitting stage.

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Criteria	JORC Code explanation	Commentary
Geology	> Deposit type, geological setting and style of mineralisation.	> The coal of interest is part of the Appalachian Basin. > Coal deposits located on the properties are Carboniferous in age, being of the Pennsylvanian system. > The coal seams of interest, including the Lower War Eagle, the Gilbert, and the Douglas (Red Ash) seams, are found in the Kanawha Group. The Iaeger, Beckley (War Creek) and Fire Creek are in the New River Group. Seams below the Fire Creek are in the Pocahontas Group. > Coal in the region is typically bituminous with rank increasing from west to east. High- volatile bituminous coals in the west give way to low-volatile bituminous coal and anthracite in the east. Sulfur contents of coals are typically higher in the west, decreasing to the east. > Depositional environments in the upper portion of the stratigraphic sequence are typically of upper deltaic-alluvial plain sequences, heavily dominated by sandstone, with coals that are typically erratic in nature. The lower portion of the sequence is typically of transitional or lower deltaic plan environments, with siltstones and shales being more prevalent, and coal seams generally exhibiting regularity and consistency. > The geology of the properties is consistent with the regional trends of a northeast- southwest striking and northwestward dipping strata of one percent, or less, with little to no evidence of structural deformation in the form of faulting or folding. The target seams are generally contiguous across the majority of the properties, with occasional localized absences.
Drill hole Information	> A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes:  easting and northing of the drill hole collar  elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar  dip and azimuth of the hole  down hole length and interception depth  hole length. > If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.	> A detailed list of the Emmaus Property drill holes, from previous exploration programs, used to define the exploration target can be found in this announcement. > All drill holes are provided with West Virginia South NAD 27 easting and northing coordinates.

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Criteria	JORC Code explanation	Commentary
Data aggregatio n methods	> In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of high grades) and cut-off grades are usually Material and should be stated. > Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. > The assumptions used for any reporting of metal equivalent values should be clearly stated.	> Existing coal quality data has been tabulated by Cardno and the average coal quality values were calculated and summarized. > Coal quality data to be obtained from the 2013 Emmaus and proposed exploration programs will be tabulated by Cardno and the average coal quality values calculated and summarized.
Relationshi p between mineralisati on widths and intercept lengths	> These relationships are particularly important in the reporting of Exploration Results. > If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. > If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (e.g. ‘down hole length, true width not known’).	> Coal thickness values from all coal intersections and down hole geophysical logs are considered to be vertical thicknesses. Seams dips have little effect on the vertical thickness of the seam.
Diagrams	> Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.	> Appropriate geologic data maps, diagrams and exhibits are included in this TR.
Balanced reporting	> Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	> All of the available exploration data from previous exploration programs was provided by Premier Coking Coal, and has been included and used appropriately.
Other substantive exploration data	> Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	> No other geological data other than those previously mentioned are known to exist.

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