Strong production & significant exploration upside Mining Indaba – 7[th] Feb 2012 Presented by: Wayne Norris – Managing Director

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.
This Presentation (and the information contained herein) is confidential to Noble. This Presentation is not intended for and should not be distributed to any other person. By receipt of the Presentation, the recipient agrees that it will not transmit, reproduce or make available the Presentation (or any information contained herein) to anyone other than its professional advisers without the prior written consent of Noble. Also, this Presentation may contain information which is not “generally available” within the meaning of section 1042C of the Corporations Act 2001 (Cwlth). By participating in this Presentation or retaining these materials, you represent and warrant to Noble that neither you nor your related bodies corporate, officers, directors, employees, advisers or agents will breach Division 3 of Part 7.10 of the Corporations Act (the “insider trading” prohibitions).
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.

Issued Capital

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Ordinary shares 523.3m Unlisted Options 11.25m

Loyalty Options (exp 21[st] July 13’ @ 35c) 74.33m

Share Price 12 Month High/Low

56.5¢ (20 Jan ‘12)

80.5¢ / 47¢ ~ $350m

Market Capitalisation (fully diluted)

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--- NMG
--- Gold
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Directors

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

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Establish

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Get established in West Africa as a 150,000ozpa gold producer Improve

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Increase resources and reserves at Bibiani

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Discover

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Unveil the possibilities for underexplored Assuonta and Bibiani North projects (2 concessions 50km[2] ) Demonstrate the exploration potential at Cape Three Points, Brotet and Tumentu

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Interim maiden resource from Walsh to Grasshopper satellite deposits and historic tailings Resource of 278,000oz Reserve of 168,000oz

Main Pit Resource of 1.98Moz Reserve of 790,000oz Bibiani project updated total 2.26Moz resource 958,000oz reserve Mill feed from the satellite pits and levee material for 2-3 years Further potential from additional satellite pits with ongoing exploration

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Bibiani Mine Lease
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Located in Ghana on the Sefwi-Bibiani gold belt

Ahafo (Newmont) – 16Moz Along strike from Chirano (Kinross) - 5Moz

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Excellent infrastructure, within close proximity to suppliers and contractors Residential work force

Bibiani town next to the operations Well serviced by the Tarkwa School of Mines

Pipeline of highly trained and skilled mining professionals

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Employs 513 local Ghanaian people and 1130 contractors

Many have been at the mine over 5 years ‘Indigenous first’ policy

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Health

Onsite hospital and mobile medical facilities Mousticide mosquito eradication trial 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 local industries in the

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communities

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Commissioning of plant with historical tailings Development of satellite pits in close proximity to the processing plant

Ore to the plant Waste to lifting of tails dam Cutback of northern part of Bibiani Main Pit (Big Mug) Commenced cutback for Bibiani Main Pit Continue drilling to identify additional satellite resources

Evaluating options for underground development beneath main and satellite pits

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Operational Update

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Mining commenced in November 2011 immediately after EPA approval granted Process plant commissioning commenced in January 2012 Mining equipment on site and operational ROM Pad extended to accommodate stockpile build-up Road diversions for the pit expansions almost complete Tailings Storage Facility upgrade on-going On-site Assay Laboratory operational Slashing assay turnaround times considerably

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Exploration

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Bibiani Mine Lease
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Commenced mining from Walsh to Grasshopper satellite pits Time to maximise full resource potential of Bibiani Main Pit Walsh-Gap-Strauss possibly one pit Significant grades from Gap 2m @ 47.19g/t from 134m 2m @ 3.69g/t from 86m Targets for open pit and underground operations Reclaiming levee material Big Mug, Russell and Elizabeth to increase mine life Surface drilling ongoing on the perimeter of Main Pit

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Multi-million ounce gold district 106km² highly prospective package hosts numerous exploration targets outside current mining area Several anomalies identified which are yet to be tested Mining licence 50km² Assuonta and Bibiani North prospecting licenses 25km² each Total of 5 rigs currently working 3 Noble rigs (1 diamond, 2 RC) 2 contractor rigs (RC)

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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

Noble aims to:

Produce at 150,000ozpa annualised rate at Bibiani

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Commission the processing plant (currently underway) and ramp up throughput to 3Mtpa Significantly increase 2.26Moz resource and 958,000oz reserve base at Bibiani

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Demonstrate the immense exploration potential of Assuonta, Bibiani North, Cape Three Points, Brotet and Tumentu projects Become an established member of West Africa’s mid-tier gold sector Continue to be a welcome and respected member of the local community in Bibiani Continue to generate strong shareholder returns

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High quality assets in the heart of worldclass gold producing belt
Emerging gold producer in 2012
Experienced management with operational experience in Africa
Pipeline of new and potentially very significant exploration targets at Bibiani
Significant resource base continues to grow
Significant exploration upside at Northern & Southern Bibiani, Cape Three Points, Brotet and Tumentu
Growth through targeted acquisitions and future exploration

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Noble Mineral Resources Ltd Tel: +61 (0)8 9474 6771 [email protected]

March 2010 JORC Mineral Resource Estimate

0.5g/t cut-off	Tonnage	Grade(Aug/t)	Cont’d Gold(oz)
Measured	6,560,000	2.05	430,000
Indicated	13,370,000	1.77	760,000
Total M&I	19,920,000	1.86	1,190,000
Inferred	13,060,000	1.89	790,000
Total	32,980,000	1.87	1,980,000

November 2011 JORC Resource Estimate

DEPOSIT	0.4g/t cut-off	Tonnage	Grade(Aug/t)	Cont’d Gold(oz)
Aheman	Indicated	607,500	0.73	14,300
Walsh-Strauss Preliminary	Measured Indicated Inferred	1,748,000	1.68	94,400
		2,430,000	1.12	87,500
		6,000	1.69	300
Grasshopper	Indicated Inferred	433,200	1.25	17,400
		4,800	1.20	200
Old tailings *	Indicated	2,860,200	0.70	64,000
	Total	8,089,700	1.07	278,100

Cut-off grade 0.0 g/t

TOTAL RESOURCES = 41.1Mt @ 1.71 g/t (2.26Moz)

Bibiani Main Pit Proved and Probable Ore Reserves – June 2011	Bibiani Main Pit Proved and Probable Ore Reserves – June 2011	Bibiani Main Pit Proved and Probable Ore Reserves – June 2011	Bibiani Main Pit Proved and Probable Ore Reserves – June 2011	Bibiani Main Pit Proved and Probable Ore Reserves – June 2011	Bibiani Main Pit Proved and Probable Ore Reserves – June 2011	Bibiani Main Pit Proved and Probable Ore Reserves – June 2011	Bibiani Main Pit Proved and Probable Ore Reserves – June 2011	Bibiani Main Pit Proved and Probable Ore Reserves – June 2011	Bibiani Main Pit Proved and Probable Ore Reserves – June 2011	Bibiani Main Pit Proved and Probable Ore Reserves – June 2011	Bibiani Main Pit Proved and Probable Ore Reserves – June 2011	Bibiani Main Pit Proved and Probable Ore Reserves – June 2011
	Oxide			Fresh			Fill			Total
	Tonnes	Grade	Oz	Tonnes	Grade	Oz	Tonnes	Grade	Oz	Tonnes	Grade	Oz
	Kt	g/t	Kozs	Kt	g/t	Kozs	Kt	g/t	Kozs	Kt	g/t	Kozs
Proved	‐	‐	‐	5,020	2.17	349	‐	‐	‐	5,020	2.16	349
Probable	360	1.34	16	6,280	2.02	407	340	1.73	19	6,980	1.97	441
Total	360	1.34	16	11,300	2.08	756	340	1.73	19	12,000	2.05	790
Derived from Measured and Indicated Mineral Resources usinga cut‐offgrade of 0.6g/t

Total 360 1.34 16 11,300 2.08 756 340 1.73 19 12,000 2.05 790 Derived from Measured and Indicated Mineral Resources usinga cut‐offgrade of 0.6g/t	Total 360 1.34 16 11,300 2.08 756 340 1.73 19 12,000 2.05 790 Derived from Measured and Indicated Mineral Resources usinga cut‐offgrade of 0.6g/t	Total 360 1.34 16 11,300 2.08 756 340 1.73 19 12,000 2.05 790 Derived from Measured and Indicated Mineral Resources usinga cut‐offgrade of 0.6g/t	Total 360 1.34 16 11,300 2.08 756 340 1.73 19 12,000 2.05 790 Derived from Measured and Indicated Mineral Resources usinga cut‐offgrade of 0.6g/t	Total 360 1.34 16 11,300 2.08 756 340 1.73 19 12,000 2.05 790 Derived from Measured and Indicated Mineral Resources usinga cut‐offgrade of 0.6g/t	Total 360 1.34 16 11,300 2.08 756 340 1.73 19 12,000 2.05 790 Derived from Measured and Indicated Mineral Resources usinga cut‐offgrade of 0.6g/t	Total 360 1.34 16 11,300 2.08 756 340 1.73 19 12,000 2.05 790 Derived from Measured and Indicated Mineral Resources usinga cut‐offgrade of 0.6g/t	Total 360 1.34 16 11,300 2.08 756 340 1.73 19 12,000 2.05 790 Derived from Measured and Indicated Mineral Resources usinga cut‐offgrade of 0.6g/t	Total 360 1.34 16 11,300 2.08 756 340 1.73 19 12,000 2.05 790 Derived from Measured and Indicated Mineral Resources usinga cut‐offgrade of 0.6g/t	Total 360 1.34 16 11,300 2.08 756 340 1.73 19 12,000 2.05 790 Derived from Measured and Indicated Mineral Resources usinga cut‐offgrade of 0.6g/t	Total 360 1.34 16 11,300 2.08 756 340 1.73 19 12,000 2.05 790 Derived from Measured and Indicated Mineral Resources usinga cut‐offgrade of 0.6g/t	Total 360 1.34 16 11,300 2.08 756 340 1.73 19 12,000 2.05 790 Derived from Measured and Indicated Mineral Resources usinga cut‐offgrade of 0.6g/t	Total 360 1.34 16 11,300 2.08 756 340 1.73 19 12,000 2.05 790 Derived from Measured and Indicated Mineral Resources usinga cut‐offgrade of 0.6g/t
Bibiani Walsh to Grasshopper Satellite Pits Proved and Probable Ore Reserves – October 2011
	Oxide			Transition			Sulphide			Total
	Tonnes	Grade	Oz	Tonnes	Grade	Oz	Tonnes	Grade	Oz	Tonnes	Grade	Oz
	Kt	g/t	Kozs	Kt	g/t	Kozs	Kt	g/t	Kozs	Kt	g/t	Kozs
Proved	181	1.30	8	132	1.70	7	753	2.22	54	1,065	2.00	69
Probable	448	1.39	20	172	1.71	9	102	2.05	7	722	1.56	36
Total	628	1.36	28	303	1.70	17	855	2.20	61	1,787	1.82	105
Derived from Measured and Indicated Resources usinga cut‐offgrade of 0.5g/t
TOTAL RESERVES = 16.7Mt @ 1.79 g/t (958,000oz) Bibiani Tailings Deposits Probable Ore Reserves– November 2011 Deposit Tonnes Kt Grade Au (g/t) Cont’d Gold Kozs Dams 1 & 2 850 0.74 20 Levees 6 & 7 2,030 0.65 43 Total 2,880 0.68 63

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The information in this presentation relating to exploration data and resource estimates has been reviewed 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.

AI assistant

ACROW LIMITED Investor Presentation 2012

64288_rns_2012-02-06_6dafb5e2-02cf-4e9f-8c67-89310e9b9cfe.pdf

Issued Capital

Directors

Establish

Discover

Employs 513 local Ghanaian people and 1130 contractors

Health

Operational Update

Exploration

Noble aims to:

March 2010 JORC Mineral Resource Estimate

November 2011 JORC Resource Estimate

AI assistant

ACROW LIMITED — Investor Presentation 2012

64288_rns_2012-02-06_6dafb5e2-02cf-4e9f-8c67-89310e9b9cfe.pdf

Issued Capital

Directors

Establish

Discover

Employs 513 local Ghanaian people and 1130 contractors

Health

Operational Update

Exploration

Noble aims to:

March 2010 JORC Mineral Resource Estimate

November 2011 JORC Resource Estimate

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ACROW LIMITED Investor Presentation 2012