4DS MEMORY LIMITED — Investor Presentation 2014

Feb 10, 2014

Infrastructure and service rich jurisdiction

Low start up capital

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FITZROY RESOURCES US based coking coal

Exposure to steel industry and tightening coking coal supply

Cost competitive environment driving down costs

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Uses

 Coking coal has properties required in steel making furnaces

 Thermal coal is used to generate electricity and is unsuitable for steel making

Premium product Not replaceable

Market

• Coking coal demand[1] is

• correlated with steel demand

 Thermal coal mines are shutting down due to price pressure from new shale gas generated electricity supply

Coking Coal Future coking coal prices higher price upswing than thermal exposure All positive for Fitzroy: A coking coal company Pure exposure to future coking coal price strength

Production methods

• All coal is mined and

• processed by the same

• methods and equipment

 Labour, infrastructure, equipment and services is becoming more available from thermal coal mine closures

Improving cost environment Weaker thermal sector assists a stronger coking sector

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1. 0.77 tonnes of coking coal is required to produce 1.0 tonne of steel - http://www.worldcoal.org/coal/uses-of-coal/coal-steel/

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Iron Ore vs Coking Coal Price History Since 1996
250
200
150
100
50
0
1996 1998 2000 2002 2004 2006 2008 2010 2012 2014
China import Iron Ore Fines 62% FE spot (CFR Tianjin port), US dollars per metric ton
East Coast USA "All quality" Coking Coal Price (USD per short ton on an f.a.s. basis)
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• The long history of coking coal prices outstripping iron ore prices has been broken recently

• If this history re-establishes itself, then this could be extremely positive for coking coal

• Sources – Coking coal price – EIA; Iron ore price – IMF Commodity Prices; Graph 2 – Credit Suisse

• Wood Mackenzie - http://www.platts.com/latest-news/coal/pittsburgh/seabornemetallurgical-coal-market-to-grow-51-21782769

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• Since 2012, seaborne coking coal has been less expensive than domestically produced for Chinese steel mills

• More expensive domestic coal and rising Chinese production costs should underpin a return to seaborne coal demand:

• “Despite being the world's biggest producer of metallurgical coal, China will continue to import seaborne material because domestic production is 3

• projected to remain flat”[2]

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West Virginia is a jurisdiction of choice for coking coal mining

• High quality premium hard coking coal

• Easy access hillside mining

• Low capital costs for mine start up

• Declining labour costs

• Extensive rail network with capacity

• Numerous third party processing options

• Mining contractors available

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Project location

• Readily available power, water and access roads

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Short term strategy

To commence mining in 2014 through low capex, scalable development using existing contract infrastructure

Fitzroy aims to become a 500,000 ton per annum producer of hard coking coal per annum during 2015

How?

• Early cash flow from low cost, auger operated George mine in NW of Emmaus property during second half of 2014

• Shallow, hillside mine at Blackstone before year-end: - Complete drilling at Blackstone

• Feasibility study and reserve completed during first half of 2014

• Commission mine at location of existing permit

• Duplicate mine at Emmaus from same mine entrance

Medium term strategy

To re-establish existing site facilities such as rail siding, rail load out and tailings dam

Fitzroy aims to become a 2 million ton per annum producer of hard coking coal per annum within three years

How?

• Demonstrate capability via short term strategy.

• Incrementally acquire new, nearby coking coal properties

• Explore for deeper coal resources at Emmaus and Blackstone

• Study viability of:

• Recommissioning of rail siding and tailings dam

• - Construction of processing facility

• Develop a larger scale, deep mine to compliment 5

• production from shallower, hillside operations

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Short term strategy
George Mine Auger Mine
Low capex
Short term strategy Scalable
Emmaus Underground Mine
c
oking coal
Mining Permit Location
production
Short term strategy
Blackstone Underground Mine
Medium term strategy Processing
Re-establish permitted site facilities Stages 1, 2 & 3 will be by use of
existing third party processing
facilities in the area
Medium term strategy
Establish resource at depth New processing facilities can be built
on existing permitted areas to
prcess future deep resources
The company will continue to assess
future nearby opportunities.
Emmaus‘ permitted facilities will
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The company will continue to assess future nearby opportunities. Emmaus‘ permitted facilities will unlock significant value in the area

Continuing to assess and acquire attractive bolt-on properties in the area

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• Extracting the Ben’s Creek seam

• Mining by cheaper auger/highwall methods

• Permit and design process underway

• Aiming for coal production in second half of 2014

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Top Left: Design of the George Mine Top right: The north eastern boundary of the Fitzroy properties Bottom Left: Access track in place at level of target seam. Mining would initially expose the virgin coal in the direction of the arrows. The auger/highwall miner would then sit on the bench and mine the exposed coal Bottom right: Auger machine

Mining Permit Location

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• Drilling expected to start in February

• Blackstone Coal Resource expected in April

• Project is already permitted for mining

• In discussions with mining contractors and equipment suppliers

• Initially targeting one production face headed south

• Upon successful commissioning of first production

• face, open up second working face headed north

• Aim is to become a 500,000 ton per annum producer

Far right: The eastern boundary of the Fitzroy properties Bottom Left: Area prepared to commence mining at the northern boundary of the Blackstone property

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Mining Permit Location
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• To demonstrate capability via short term strategy.

• Incrementally acquire additional, nearby coking coal properties Mining Permit Location

• Explore for deeper coal resources at Emmaus and Blackstone

• Study viability of: Medium term strategy Re-establish permitted site facilities

• Recommissioning of rail siding and tailings dam Medium term strategy

• Establish resource at depth Construction of processing facility

• Develop a larger scale, deep mine to compliment production from shallower, hillside operations

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Pro-forma Capital Structure	Pro-forma Capital Structure
Ordinary Shares	120,042,8622
Options (exercise price $0.30)	6,000,000
Performance Shares1	20,000,000
Pro-forma Cash
As at 31 December 2013	A$1,663,0003
Pro-forma Top 20 Shareholders
Top 20	70.1%

Management	Management
Benjamin Lane Chief Executive Officer	Mining Engineer with over 17 years experience in a variety of operations, planning and commercial roles within the mining sector both in Australia and overseas
Mike Amick Chief Operating Officer	Mining engineer with a Masters in Business Administration. Career spanning operational and management roles on underground and surface mining operations in the Appalachia
Patrick Murphy Land & Permit Manager	Patrick possesses a B.S. in Civil Engineering Technology, an M.S. in Engineering – Environmental and has more than 16 years experience in the mining and environmental industries
Mike Casebolt Planning and Survey Officer	Mike is a qualified Surveyor and has over 20 years of mine planning, surveying, exploration and permit experience

1. Conditions of performance shares:

2. i. FRY share price over A$0.20 for 30 days; and

3. ii. Either:

4. Decision to mine and attaining a production rate over 15,000 ton per month; or

5. Decision to construct a processing facility on site with a production capacity of greater than 30,000 ton per month

6. Fitzroy will issue a further 10,000,000 ordinary shares to the project vendors in February/March

7. A$1,270,000 was raised through a placement and rights issue completed in January 2014. This has been added to the 31 December 2013 cash position of A$434,000

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Forward Looking Statements

Certain statements contained in this presentation, including information as to the future financial or operating performance of Fitzroy Resources Ltd and its projects, are forward-looking statements. Such forward-looking statements:

• May include, among other things, statements regarding targets, estimates and assumptions in respect of metal production and prices, operating costs and results, capital expenditures, Coal reserves and Coal resources and anticipated grades and recovery rates, and are or may be based onassumptions and estimates related to future technical, economic, market, political, social and other conditions;

• are necessarily based upon a number of estimates and assumptions that, while considered reasonable by Fitzroy Resources Ltd, are inherently subject to significant technical, business, economic, competitive, political and social uncertainties and contingencies; and

• involve known and unknown risks and uncertainties that could cause actual events or results to differ materially from estimated or anticipated events or results reflected in such forward-looking statements.

Fitzroy Resources Ltd disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise.

The words “believe”, “expect”, “anticipate”, “indicate”, “contemplate”, “target”, “plan”, “intends”, “continue”, “budget”, “estimate”, “may”, “will”, “schedule” and similar expressions identify forward-looking statements.

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

Competent Person Statement

The information in this report that relates to Exploration Results and the Exploration Target is extracted from the reports entitled “Due Diligence Completion & Significant Intercept – Emmaus” created on 6 December 2013 and “Technical Report Completed for Emmaus and Blackstone” created on 10 December 2013 and are available to view on www.fitzroyresources.com.au. The company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements. The company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement.’

Exploration Target Note

This presentation refers to explorations targets at Fitzroy’s projects. The potential quantity and grade of the Exploration Target is conceptual in nature in that there has been insufficient exploration to estimate a Coal Resource and that it is uncertain if further exploration will result in the estimation of a Coal Resource.

Further information can be found at www.fitzroyresources.com.au

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Exploration Target

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Seam	Type		Low	High	High	High	Average
Emmaus Property
Lower War Eagle	Surface and Highwall		400	480			440
Gilbert	Underground		1,800	1,910			1,860
Douglas	Underground		1,930	2,110			2,020
Beckley (War Creek)	Underground		5,580	9,210			7,400
Total Emmaus Property			9,710	13,710			11,720
Blackstone Property
Gilbert	Surface and Highwall		450	660			560
Gilbert	Underground		530	770			650
Douglas	Underground		650	1,040			850
Beckley (War Creek)	Underground		0	0			0
Total Blackstone Property			1,630	2,470			2,060
Total By Seam
Lower War Eagle	Varies		400	480			440
Gilbert	Varies		2,780	3,340			3,070
Douglas	Underground		2,580	3,150			2,870
Beckley (War Creek)	Underground		5,580	9,210			7,400
Total By Seam			11,340	16,180			13,780
Total By Mining Type
Surface and Highwall	Varies		850	1,140			1,000
Underground	Varies		10,490	15,040			12,780
Total By Mining Type			11,340	16,180			13,780
			Above Drainage Target Seam			Below Drainage Target Seam

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Lower War Eagle Coal

Above Drainage Target Seam Below Drainage Target Seam

1. The potential quantity and grade of the Exploration Target is conceptual in nature in that there has been insufficient exploration to estimate a Coal Resource and that it is uncertain if further exploration will result in the estimation of a Coal Resource.

2. An ASX release of the technical report and exploration target was announced on 10 December 2013. The full technical report is available on the Fitzroy website

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• Typical mid-volatile, coking coal

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• High recovery, free swell and fluidity

• Low ash and sulphur

• Mid-volatile matter

• Highly marketable

• The quality range is from historic samples within the Emmaus Property

• No samples for Lower War Eagle, Iaeger, and Beckley seams:

• These seams have been locally mined successfully and shown potential for a metallurgical grade product

• Quality results expected soon

Proximate Analysis	Wash Recovery	Ash (%)	Sulfur (%)	Btu/lb	lb SO2 per MBtu	Volatile Matter	Free Swelling Index	Max. Fluidity (DDPM)
Gilbert Seam- Processed Coal Proximate Analysis
Average Maximum Minimum # Samples	84.1 96.2 50.0 12.0	9.4 12.4 8.1 12	0.75 0.87 0.65 12	13,949 14,275 13,506 7	1.05 1.17 0.94 7	25.7 27.3 23.1 11	8.7 9.0 8.5 12	27,821 29,823 24,487 3
Douglas (Red Ash) Seam- Processed Coal Proximate Analysis
Average Maximum Minimum # Samples	84.1 99.0 53.3 14	2.6 3.6 1.8 14	0.70 1.03 0.58 14	15,153 15,362 15,019 8	0.88 0.92 0.83 8	26.9 28.4 25.8 13	9.0 9.0 8.5 14	24,910 29,696 19,693 5

1. The potential quantity and grade of the Exploration Target is conceptual in nature in that there has been insufficient exploration to estimate a Coal Resource and that it is uncertain if further exploration will result in the estimation of a Coal Resource.

2. An ASX release of the technical report and exploration target was announced on 10 December 2013. The full technical report is available on the Fitzroy website

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Mining Methods

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• Above drainage coal seams have low gas content and are more readily accessible from the hillside

• Fitzroy aims to study the viability of a drift mine using Room and Pillar Mining methods.

• A relatively low capital expense for mine access and much faster access to coal and coal revenue would be anticipated

• An opportunity exists at the George Mine to establish an auger mine in the Ben’s Creek seam

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Typical small mine “face up” into hillside

• Underground Coal in the Appalachians is mostly mined utilising thin seam extraction methods

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• Mining to a minimum height (eg 40 inches) is typical

• Equipment exists, such as that shown below and above, that can “clean mine” coal to seam thicknesses as low as 26 to 30 inches

• Coal is typically conveyored to the mine entry where it is either processed on site or transported to third party processing facilities

CAT CM210 Thin seam continuous miner

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GE F330 thin seam continuous miner

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Due Diligence Period

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The Emmaus and Blackstone Technical Report[1] was commissioned to assist Fitzroy during its due diligence period.

Key findings include:

• Little to no evidence of faulting or folding

• The above drainage target seams are generally contiguous

• Based on the available quality data the target seams are characterized as midvolatile, low sulfur bituminous coking coal

• Can potentially be mined by underground and highwall methods

When assessing the Exploration Target[1,2] , reasonable prospects of economic extraction were assessed by considering factors such as infrastructure, likely mining methodology transportation and permitting

Cardno has endorsed the proposed exploration program to potentially identify and quantify mineral resources

1. An ASX release of the technical report and exploration target was announced on 10 December 2013. The full technical report is available on the homepage of the Fitzroy website 2. See Exploration Target note on page 2 of this presentation

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• Due diligence drilling has confirmed presence of shallow, hillside coking coal at Emmaus and identified a significant intersection in deeper seams

• Cardno Independent Technical Report[2] now available on Fitzroy Resources home page

• Achievable Targets:

• Short term target to commence low capex, rapid mine start up using third party processing and existing mine permit

• Medium term target to construct process and rail facility on site

• Cardno has defined a range of Exploration Target[2,3] for the Emmaus and Blackstone properties:

Area	Exploration Target Tons Range	Exploration Target Tons Range	Exploration Target Tons Range
	Low	High	Average
Emmaus Property	9,710	13,710	11,720
Blackstone Property	1,630	2,470	2,060
Total	11,340	16,180	13,780

Note: Detailed target and quality range shown in Appendix of this presentation.

1. Under option to Premier

2. An ASX release of the technical report and exploration target was announced on 10 December 2013. The full technical report is available on the Fitzroy website

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1. See Exploration Target note on page 2 of this presentation

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• Drilling has been done in two phases:

• Phase 1 - test and validate the hillside coal seams[1]

• Phase 2 – test the potential for deeper coal[1]

• Results have show the following:

• Phase 1 Confirms previous understanding of above drainage seams

• Phase 2 –Hole 14 has intersected 3.8ft (1.2m) of coal in the Beckley seam

• A significant intersection was found at depth[2]

• Only deep hole drilled in program

• Where no other previous drilling has been confirmed

• Provides walk up targets in the 2014

• Potential upside for future

 The potential for walk up, early stage mining entries has been confirmed

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1. All coals that are above the natural water table and hence not gas prone are referred to as ‘above drainage’. These coals typically have lower mining capital expenditure and are simpler technically. Below drainage seams can be mineable but typically require greater capital expenditure to access the coal seams. However these seams are often continuous as they are less prone to being subjected to erosion and weathering. 2. Due Diligence and Historic Drilling results were released in the Fitzroy ASX Announcement dated 6 December 2013

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