ACROW LIMITED — Investor Presentation 2012

Dec 5, 2012

Market Update 6 December 2012

IMPORTANT NOTICE AND DISCLAIMER

This Presentation has been prepared by Noble Resources Ltd (ABN 36 124 893 465) (“Noble”) as a summary of the company and its operations and for general information purposes only. This Presentation is not a disclosure document and was prepared exclusively for investors to whom securities can be offered without a disclosure document (pursuant to Section 708 of the Corporations Act) for the sole purpose of providing background information to enable the recipient to review the potential for the provision of equity funding to Noble. By participating in this Presentation or retaining these materials, you acknowledge and represent that you have read, understood and accepted the terms of this Important Notice and Disclaimer.

This Presentation may contain forward looking statements estimates of future earnings, the sensitivity of earnings to gold price and gold recovery rates, future gold production and sales, capital expenditure and estimates of resources and reserves and statements regarding future exploration results and the replacement of reserves (“Projections”). Any such Projections are based on assumptions which may differ materially from the actual circumstances which may arise. Noble undertakes no obligation to update any Projections for events or circumstances that occur subsequent to the date of this Presentation or to keep current any of the information provided. Past performance is no guarantee of future performance. Any estimates or Projections as to events that may occur in the future are based upon the best judgement of Noble and there is no guarantee that any of these estimates or projections will be achieved. Actual results will vary from the projections and such variations may be material. Noble has no obligation to tell recipients if it becomes aware of any inaccuracy in or omission from the information in this Presentation.

This Presentation is not intended to be an offer, invitation, solicitation or recommendation with respect to Noble securities and does not purport to cover all relevant information about any potential investment in Noble. Accordingly potential investors are advised to seek appropriate independent advice, if necessary, to determine the suitability of this investment. Neither the provision of this Presentation nor any information contained in this Presentation or subsequently communicated to any person in connection with this Presentation is, or should be taken as, constituting the giving of investment advice to any person. This Presentation does not contain legal, tax, accounting, investment or financial product advice and should not be used as the basis for making investment or other financial decisions in relation to Noble securities. You should conduct your own investigations, enquiries and analysis and place no reliance on this Presentation in evaluating any potential investment in Noble.

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This Presentation, including opinions set out in it, is based on information compiled or prepared by Noble from sources believed to be reliable, although no attempt has been made to verify such information. No representation or warranty, express or implied, is made as to the accuracy, currency, reliability, legality or completeness of the information in the Presentation. To the maximum extent permitted by law, none of Noble, its directors, employees, advisors or agents, nor any other person, accepts any liability, including without limitation any liability arising out of fault or negligence, for any loss arising from the use of the information contained in this Presentation. In particular, no representation or warranty, express or implied, is given as to the accuracy, completeness, likelihood of achievement or reasonableness of any forecasts, Projections or prospects referred to in this Presentation. This does not apply to the extent that liability by law cannot be excluded.

NOBLE - CORPORATE SNAPSHOT

Share Price

Directors

Share price (28 November ‘12) A$0.12 12 month high A$0.61 low A$0.11 Market cap ~ A$73m

Tunku Naquiyuddin Non-Executive Chairman Mr Wayne Norris Managing Director Mr Brian Thomas Non-Executive Director Ms Xi Xi Non-Executive Director Mr Anthony Ho Company Secretary

Issued Capital Ordinary shares 660.15m Unlisted options 60.66m Options NMGOA 69.01m (exp 21/07/13 @ 35c) Options NMGO 28.99m (exp 01/05/15 @ 48c)

Top 20 Shareholders 75.4%

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Resolute Mining
19.9%
Merrill-Lynch 10.8%
53.0%
Global Gold Holdings Ltd 9.9%
6.5%
Wei An Developments Ltd
Other
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NOBLE - KEY STRENGTHS

• Mine located in the heart of worldclass gold producing belt

• Gold producer with a working mill

• Commissioning and ramp-up ongoing

• Significant resource base continues to grow

• Low risk as brownfields development

• Experienced management

• • Resolute Mining (RSG) is a new major shareholder with operational experience in Africa

GHANA

• Stable West African country with English as the official language

• Africa’s second largest producer of gold

• Major export commodity is gold, representing approx. 50% of GDP

• A number of world’s largest gold companies either exploring or producing in Ghana

BIBIANI PROGRESS

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• Ramping up
production
2013
2012
Complete
financing
2011
and ramp-up
Mill
to realise
2010
commissioning
project
2009 Satellite Pit First gold
Raise Equity, potential
Exploration, production
Take
2008 Winning Mill Finance
Possession of
Bidder for Refurbishment
partner
Bibiani
Listing
Bibiani secured
on ASX
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BIBIANI

• Historical producing mine

• Operations started in 1902

• Located in the Sefwi-Bibiani Gold Belt

• Total endowment > 30Moz

• Bibiani between Ahafo (16Moz) and Chirano (5Moz)

• Refurbished and upgraded 3Mtpa processing plant

• 10 year mine life based on current parameters

• Extensive exploration program for Satellite Pits

• Resources 2.8Moz & Reserves 972,000oz

• Resources = 51.4Mt @ 1.7 g/t

• Reserves = 16.0Mt @ 1.9 g/t

NOBLE - MANAGEMENT

Corporate

MR ERIK PALMBACHS

Chief Financial Officer with 30 yrs experience mainly in the mining sector

MR MARK LAING Principal Mining Engineer with 30 yrs experience in mining and in country

On site at Bibiani

MR ROGER BANNISTER

Executive Manager Operations with 30 yrs experience in mining and in Ghana

MR HENRY TANDOH

National Ghanaian Mine Manager with 31 yrs experience in mining

MR MOHAMMED GARIBAH

National Ghanaian Exploration Manager with 33 yrs experience in mining

BIBIANI - MINING

• DAMS – Drilling And Mining Services

• Wholly owned subsidiary

• Exploration drilling for Bibiani

• Fleet owners

• Augmented with sub-contractors

• Strengths in mining

• Satellite pits, close proximity to plant

  • ROM pad directly behind Strauss pit

• Reclaiming levee material

  • Grade consistently higher than expected

• 900Koz to 1Moz in the Main Pit still to be mined after the Satellite Pits

BIBIANI - PROCESSING PLANT

• Upgrading to 3Mtpa

• SAG and Ball Mills operational

• Knelson concentrator

• commissioned

• Currently processing levee material and soft oxide ore

• First gold on 29 March 2012 – just

• 7 weeks after wet commissioning commenced

• Maiden gold shipment on 9 May

• 2012

• Gold Poured to date ~ 19,000 oz

• Commissioning ongoing

COMMUNITY RELATIONS

• Employs >1,200 local Ghanaian people

• Employees ~650

• Contractors ~550

• Health

• Onsite hospital and mobile medical facilities

• Mousticide mosquito eradication programme

• Education

• Refurbished and built schools

• Sanitation

• Built water and sanitation facilities

• Contribution funds

• $1/oz back to the local community to be used for health, education and sanitation

• Sustainability fund of additional $1/oz to cultivate new industries in the local communities

EXPLORATION

• Sefwi-Bibiani Gold Belt

• Multi million ounce gold district

• Highly prospective package hosts numerous exploration targets outside current mining area

• Several anomalies identified which are yet to be tested

• Bibiani Mine Lease

  • 50km[2]

• Bibiani North & Assuonta PLs

  • 50km[2] in total

• Ashanti Gold Belt

• Cape Three Points / Brotet / Tumentu

  • 79km[2] in total

BIBIANI

• Commenced mining from Walsh to Grasshopper satellite pits

  • Allow time to maximise full resource potential of Bibiani Main Pit

• Prospective areas

  • Aheman-Grasshopper-Gap

  • Elizabeth

  • Bibiani North

  • Targets for open and underground operations

• Big Mug, Russell and Elizabeth to increase mine life

Soil augering program at Asempaneye on Bibiani ML and Assuonta/Bibiani North PLs producing future drill targets

BIBIANI – SECTIONS

• Aheman and Grasshopper are satellite pits located to the north of the processing plant

• • Gap resource between the two pits

BIBIANI – RESOURCES & RESERVES

• Current Resource = 2.8Moz & Reserve = 972,000oz

• Independent geology modelling and mining review by Coffey Mining

• Resource upgrade by 24% & Reserve upgraded (net of ore depletion from mining)

• Increased confidence

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oz
3,000,000
2,500,000
2,000,000
1,500,000
1,000,000
500,000
0
2009 2010 2011 2012
Resource Reserve
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BIBIANI NORTH & ASSUONTA

• Prospecting Licences located to the north of the Bibiani Mine Lease

• Recent drilling at Bibiani North has shown a 320m mineralised zone to the north and 200m to the south:

• 1m @ 28.13 g/t from 53m

• • 2m @ 5.21 g/t from 29m

• Including 1m @ 8.77 g/t

• • Soil augering program in progress at Bibiani North and Assuonta PLs

CAPE THREE POINTS ROTET UMENTU / B / T

• Significant exploration portfolio at Cape Three Points

• Satin and Morrison prospects demonstrate potential for significant new gold discoveries

• Satin North hosts a 3.2km mineralised structure with minimal drilling despite significant artisanal gold mining

• • Parallel Morrison Trend now delineated over 2km via recent soil sampling – drilling to commence shortly

• Parallel Brotet trend now delineated over a 5km strike

2012 ACHIEVEMENTS

• Refurbishment, upgrade and commissioning of the processing plant (ongoing)

• First gold pour - March 2012

• Extensive drilling to upgrade the resource & reserve

• On-site assay laboratory fully operational

• Funding secured from Resolute now a new major shareholder with West African gold experience

• Joint technical and operating committee established

NEXT STEPS

• Complete finance process

• Dispatch of shareholder documentation targeted for Jan 2013

• Receipt of funds expected in Feb 2013

• Complete commissioning & ramp up to full commercial production

• Near term growth through extensive brownfields exploration

RESOURCES - 2.8MOZ

June 2012 JORC Mineral Resource Estimate

Bibiani Main Pit	0.5g/t cut-off	Tonnage (Mt)	Grade(Aug/t)	Cont’d Gold(Koz)
	Measured	6.50	2.4	493
	Indicated	10.48	2.0	666
	Total M&I	16.97	2.2	1,158
	Inferred	24.66	1.7	1,355
	Total	41.64	1.9	2,513

September 2012 JORC Mineral Resource Estimate

DEPOSIT	0.4g/t cut-off	Tonnage (Mt)	Grade(Aug/t)	Cont’d Gold(oz)
Aheman	Indicated	0.53	0.7	12
Walsh-Strauss	Measured	0.88	1.4	40
	Indicated	1.80	1.4	83
	Inferred	3.19	1.1	114
Elizabeth	Indicated	0.26	0.7	6
	Inferred	0.19	0.6	4
Grasshopper	Indicated	0.44	1.3	18
**Old tailings ***	Indicated	2.49	0.6	51
	Total	9.78	1.1	338

• Cut-off grade 0.0 g/t

TOTAL RESOURCES = 51.4Mt @ 1.7 g/t (2.8Moz)

RESERVES OZ - 972,000

		Bibiani Main Pit – September 2012	Bibiani Main Pit – September 2012	Bibiani Main Pit – September 2012
	0.6 g/t cut-off	Tonnes(Mt)		Grade(g/t)		Cont’d Gold(Koz)
	Proved	5.80		2.4		349
	Probable	5.70		2.1		441
	Total	11.50		2.2		790
	Walsh, Strauss & Elizabeth Pits– September 2012
	0.5 g/t cut-off	Tonnes(Mt)		Grade(g/t)		Cont’d Gold(Koz)
	Proved	0.55		1.8		30
	Probable	1.20		1.7		64
	Total	1.75		1.7		92
	Aheman, Grasshopper and Strauss-South			Satellite Pits – September 2012
	0.5 g/t cut-off	Tonnes(Mt)		Grade(g/t)		Cont’d Gold(Koz)
	Proved	-		-		-
	Probable	0.24		1.2		9
	Total	0.24		1.2		9
	**Bibiani Tailings Deposits– **			September 2012			TOTAL RESERVES =
		Tonnes (Mt)		Grade (g/t)	Cont’d Gold (Koz)		16.0Mt @ 1.9 g/t
	Proved Probable	- 2.49		- 0.6		- 51	(972,000oz)
	Total	2.49		0.6		51

COMPETENT PERSONS’ STATEMENT

The information in this presentation relating to Bibiani Main Pit, Walsh-Strauss and Elizabeth Mineral Resources are based on information compiled by Mr Brian Wolfe (BSc (Hons), PostGrad Cert, MAIG who is a Member of the Australian Institute of Geoscientists. As Mr Wolfe is no longer employed by Coffey Mining, Coffey Mining consents to the inclusion, form and context of the relevant information herein as derived from the original resource reports for which Mr Wolfe’s consent has already been given.

Mr Wolfe has sufficient experience which is relevant to the mineralisation and deposit types that are under consideration to qualify as a Competent Person as defined by the 2004 edition of the “Australasian Code for Reporting of Exploration Results, Minerals Resources and Ore Reserves” (the JORC Code).

The reported Mineral Reserves in this presentation that relates to the Bibiani Main pit, Walsh pit, Strauss pit, and Elizabeth pit Reserves have been compiled by Mr Harry Warries who is a Fellow of the Australasian Institute of Mining and Metallurgy and an employee of Coffey Mining.

Mr Warries has sufficient experience which is relevant to the style of mineralisation and the type of deposit and to the activities that are under consideration, to qualify as a Competent Person as defined by the 2004 edition of the “Australasian Code for Reporting of Exploration Results, Minerals Resources and Ore Reserves” (the JORC Code).

Mr Warries consents to the inclusion in this presentation of the matters based upon his review in the form and content in which it appears.

The information in this presentation relating to exploration data, Mineral Resource or Ore Reserves that has not been covered by Coffey Mining Pty Ltd. Is based on information compiled by Mr Mark Laing (BE (Hons) Mining), who is a Corporate Member of the Australasian Institute of Mining and Metallurgy.

Mr Laing has sufficient experience which is relevant to the mineralisation and deposit types that are under consideration to qualify as a Competent Person as defined by the 2004 edition of the “Australasian Code for Reporting of Exploration Results, Minerals Resources and Ore Reserves” (the JORC Code).

Mr Laing consents to the inclusion in this presentation of the matters based upon his review in the form and content in which it appears.

Tel: +61 (0)8 9474 6771 Fax: +61 (0)8 9474 6772 admin@nobleminres.com.au www.nobleminres.com.au