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AERIS RESOURCES LIMITED Investor Presentation 2012

May 10, 2012

64347_rns_2012-05-10_8dfb9381-28f3-4008-b53d-8ec0c223423e.pdf

Investor Presentation

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Capital Raising Presentation

May 2012

NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES OR TO US PERSONS

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Disclaimer
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This presentation, including information contained in this disclaimer, is given to you in strict confidence. By attending the presentation, you agree that no part of this presentation or disclaimer may be disclosed, distributed or reproduced to any third party without the consent of Straits Resources Limited (“Straits”).

This presentation is being provided for the sole purpose of providing the recipients with background information about Straits’ business. This presentation, including the information contained in this disclaimer, does not constitute an offer, invitation or recommendation to subscribe for or purchase any security and neither the presentation, disclaimer nor anything contained in them forms the basis of any contract or commitment. This presentation does not purport to summarise all information that an investor should consider when making an investment decision. It should be read in conjunction with Straits’ other continuous disclosure announcements lodged with the ASX which are available at www.asx.com.au. Before making an investment decision you should consider whether it is suitable for you in light of your own investment profile and objectives and financial circumstances and the merits and risk involved.

This presentation is not a prospectus and does not form part of any offer, invitation or recommendation in respect of shares, or an offer, invitation, recommendation to sell, or a solicitation of any offer to buy, shares in the United States or to, or for the account or benefit of, any “U.S. person” (as defined in Regulation S under the U.S. Securities Act of 1933 (the “US Securities Act)) (“US Person”), or in any other jurisdiction in which, or to any person to whom, such an offer would be illegal. Securities may not be offered or sold in the United States or to, or for the account or benefit of, any US Person, absent registration under the US Securities Act or an exemption from the registration requirements of the US Securities Act. The distribution of this presentation outside Australia may be restricted by law and any such restrictions should be observed. Any failure to comply with such restrictions may be a violation of applicable securities laws.

You should be aware that as an Australian company with securities listed on the ASX, the Company is required to report reserves and resources in Australia in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (The JORC Code 2004 Edition ) ( JORC Code ). Mining companies in other countries may be required to report their mineral reserves and/or resources in accordance with other guidelines (for example, SEC Industry Guide 7 in the United States). You should note that while the Company's reserve and resource estimates comply with the JORC Code, they may not comply with the relevant guidelines in other countries, and do not comply with SEC Industry Guide 7, which governs disclosures of mineral reserves in registration statements and certain reports filed with the U.S. Securities and Exchange Commission. In particular, SEC Industry Guide 7 does not recognise classifications other than proven and probable reserves, and, as a result, the SEC generally does not permit mining companies to disclose their mineral resources in SEC registration statements. You should not assume that quantities reported as “resources” will be converted to reserves under the JORC Code or any other reporting regime or that the Company will be able to legally and economically extract them.

To the maximum extent permitted by law, neither Straits nor its related corporations, directors, employees or agents, nor any other person, accepts any liability, including, without limitation, any liability arising from fault or negligence, for any loss arising from the use of this presentation or its contents or otherwise arising in connection with it.

You represent and confirm by attending and/or retaining this presentation, that you accept the above conditions.

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NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES OR TO US PERSONS

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Summary
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Copper (Tritton, NSW)

  • Spectacular assay result for hole 017 at Avoca Tank Prospect

  • Confirms Avoca Tank represents a major new high grade discovery, 2km from the Tritton mining operation

  • Potential to augment current production (~25ktpa), at low capital cost, using excess concentrator capacity

Gold (Mt Muro, Indonesia)

  • Expected ramp up in production adversely impacted by

  • higher waste stripping for the expanded reserve at Serujan

  • delay in accessing ore

  • Production guidance for FY12 revised down to 40,000 oz AuEq (from 45,000 oz Au Eq)

  • Production target for FY13 of 100,000 oz AuEq remains intact

Hillgrove Antimony Project

  • Following the termination of the sale agreement with Emu Nickel, Straits will pursue trade sale negotiations with parties which have made recent approaches

Equity Raising

  • Institutional placement to raise A$30m of equity to complete the Mt Muro production ramp up and for working capital requirements

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NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES OR TO US PERSONS

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Equity raising overview
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OFFER SIZE AND
STRUCTURE

Institutional Placement of 48.4 million ordinary shares to raise approximately A$30
million (before costs) under Straits’ 15% placement capacity
USE OF FUNDS
Complete the Mt Muro production ramp-up – A$20m

Working capital to enable Straits to maintain a prudent liquidity buffer to support the
operation of Tritton and Mt Muro and offer expenses – A$10m
PRICING
Fixed price of A$0.62 per share
DISCOUNT
8.8% discount to 8 May closing price (last trading day prior to the Placement)

13.2% discount to the 5 day VWAP

16.6% discount to the 10 day VWAP
PLACEMENT
SECURITIES

Straits Resources Limited (ASX:SRQ) fully paid ordinary shares

Ranking equally with existing shares
LEAD MANAGER
Euroz Securities Limited - Sole Lead Manager

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Sources & Uses of funds - Feb 2012 raising
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Sources Amount (A$m) Amount (A$m)
Proceeds from Institutional Placement & SPP (before costs)
50.0
50.0
Uses
Proposed
– Feb 12
Actual
Repay the existing J.P. Morgan six month loan facility (US$10 million)
9.4
9.3
Exercise the option to terminate the offtake agreement with J.P. Morgan for shipments scheduled from 1 July
2012 (US$9 million)
8.4
8.7
Conduct further exploration and feasibility on the prospective Avoca Tank Project and associated targets near the
Tritton Copper Mine with a view to assessing potential for development and accelerate exploration at Mt Muro
10.0
1.91
Complete the Mt Muro production ramp-up
10.0
17.7
Provide Straits with working capital to enable it to maintain a prudent liquidity buffer to support the operation of
two large and growing mining operations (Tritton and Mt Muro) and to meet expenses of the offer
12.2
12.42
Total
50.0
50.0

Note 1: Spent to date and exploration continues Note 2: A$9.7 million used to fund shipping delay of Tritton concentrate

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SRQ Overview
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STRAITS
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100% 100% 100% 100%
Tritton Copper Mt Muro Gold Exploration Hillgrove Antimony Investments
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  • Sale agreement terminated • $19.5m at 30 April

  • • Trade sale process to be 2012 pursued with interested parties

  • 25k tpa currently

  • 25k tpa currently • 100k oz pa Au Eq

  • • Growth through Avoca from FY13 Tank discovery

Market Stats[2]

SRQ Major Shareholders[3 ]

ASX code SRQ Ordinary shares 456.5m Market capitalisation A$310m[1 ] Cash/Investments A$66.7m[4 ] Debt A$108m[5 ]

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Standard Chartered Private Equity 18.7%
Merricks Capital 17.3%
Baker Steel Capital Managers 7.9%
Board & Management 6.0%
Top 20 shareholders 78%
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Note 1: Based on Last Traded Price of A$0.68 per share Note 2: Post completion of the Offer (prior to transaction costs) Note 3: Prior to completion of the Offer

Note 4: Pro-forma cash and investments at 30 April 2012 (includes restricted cash of $11m) plus proceeds from placement Note 5: $45M prepaid silver facility at Mt Muro is not accounted for as debt

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Tritton Copper

NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES OR TO US PERSONS

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Tritton & Avoca Tank Overview
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  • Tritton has established a stable 25,000 tpa copper production base- 7 year reserve mine life at this rate

  • Targeting $1.80 cash costs in FY13 (exclusive of TC/RCs) from improvements in productivity and costs

  • $30m in planned mine development in FY13

  • New offtake agreement with improved TC/RC’s from July 2012

  • Plant has potential to achieve 1.8Mtpa (currently at 1.4Mtpa)

  • High grade discovery at Avoca Tank provides potential to fill spare milling capacity and reduce costs

  • Focus on extensions to Reserves below the current mining areas – North East, Larsens & Double Tanks & regional targets

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Avoca Tank – “Significant Discovery”

  • Exploration success and upside

  • Avoca Tank discovery- “significant discovery” which provides significant growth potential

  • Drilling continues at Avoca Tank

  • Number of excellent exploration targets in Tritton exploration lease to be tested in 2012

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Mt Muro Gold Mine

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Mt Muro
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Overview

  • Plant throughput capable of 1.7 Mtpa

  • Fewer working areas = stable production & lower costs

  • Resources 19.5Mt @ 1.9g/t Au & 42g/t Ag (1.8 mill oz AuEq*)

  • Reserves 515,000 Oz Au & 9.7 million oz Ag (734k oz AuEq)

  • Minimum 6 year mine plan established at plus 100 k oz per annum AuEq from FY2013

  • Exploration – targeting depth extensions to known significant gold producing structures. Structures so far only tested to relatively shallow depth.

  • *AuEq calculated using US$1500/ounce gold & US$34/ounce silver.

Recent Issues

  • Ore access delayed – requiring increased cash input

  • Revised short term plan to access ore in eastern end of Serujan pit being implemented

  • Production guidance for FY12 revised down to 40,000 AuEq oz (from 45,000 AuEq oz)

  • Production target for FY13 of 100,000 AuEq oz still intact

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Outlook
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Straits is Positioned for Growth

  • A copper and gold focused metals mining & exploration company

  • “Significant” copper growth through Avoca Tank discovery near Tritton

  • Strong production performance from Tritton and Mt Muro in FY2013

  • Driving productivity and cost improvements

  • World class exploration portfolio with geologically visible drill ready exploration targets

  • Positioned to deliver strong repeatable earnings from two fully capitalised mines in FY2013

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Tritton Key Figures
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• Tritton Production Statistics

Production Statistics from Tritton FY 2012 (9 months to Mar FY 2011 FY2010
2011)
Ore Mined Tonnes 937,054 1,160,476 911,539
(Tritton) Grade (%) 1.98 2.11 2.35
Cu Tonnes 18,554 24,486 21,451
Ore Milled Tonnes 944,176 1,163,732 906,347
Grade (%) 1.98 2. 11 2.37
Cu Tonnes 18,695 24,555 21,464
Recovery % 95.1 95.1 94.2
Concentrate Tonnes 71,263 94,483 81,183
Cu % 25 25 25
Cu Tonnes 17,791 23,354 20,226
Copper cement 454 582 621
Total copper produced 18,246 23,936 20,847

• Tritton Resources & Reserves

Resources Measured Indicated Inferred Total
Tonnes (kt) 2,620 19,950 7,340 29,910
Cu (%) 2.5 1.5 1.4 1.6
Reserves Proved Probable Total
Tonnes (kt) 1,670 8,730 10,400
Cu (%) 2.3 1.6 1.8
Cu recoverable (t) 37,000 135,000 172,000

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Mt Muro Key Figures
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• Mt Muro Production Statistics

Production Statistics Mt Muro FY FY FY
2012 (9 months to Dec 2011) 2011 2010
Ore milled 544,458 325,035 615,544
Gold grade (g/t) 1.2 2.5 2.6
Silver grade (g/t) 37 29 12
Gold recovery (%) 93.4 92.6 89.7
Silver recovery (%) 71.4 72.9 58.9
Gold production (oz) 19,834 25,022 45,521
Silver production (oz) 442,756 228,502 143,496

Mt Muro Resources & Reserves (Probable)

Resources Measured Indicated Inferred Total
Tonnes (kt) - 11,470 8,070 19,540
Au (g/t) - 2.1 1.6 1.9
Ag (g/t) - 51 29 42
Reserves (probable) Dec 2011 June2011 June2010
Tonnes (kt) 6,820 5,930 1,900
Au (g/t) 2.5 2.5 3.4
Ag (g/t) 59 59 64
Au (oz) 515,000 438,000 190,500
Ag (oz) 9,680,000 8,060,000 2,700,000
Au Eq (oz) 734,000 629,000 250,000

NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES OR TO US PERSONS

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Key Risks
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Any investment in Straits has risks attached to it and neither Straits or its Directors, management and any related entities, nor any party associated with the preparation, is able to guarantee that any specific objectives of Straits or any particular performance of shares will be achieved. Prior to making an investment decision, investors should read this entire document and carefully consider all risk factors, including those below. Investors should have regard to their own investment objectives and financial circumstances and should seek appropriate professional advice before deciding whether to invest.

EQUITY MARKETS

The price of shares quoted for trading by the ASX is impacted by various international and domestic factors. As the Company is listed on the ASX, its share price is subject to these numerous influences that may reflect both the trends in the share market and the share prices of individual companies.

GOVERNMENT

In Australia and Indonesia where the Company operates Government policies are subject to review and change from time to time and the Company relies upon Government agencies promptly and favourably dealing with applications and consents. Such matters are likely to be beyond the control of the Company. Changes in community attitudes on matters such as taxation, environment and landholder issues may bring about reviews and possible changes in government policies and regulations. Any such government action or inaction may limit or prohibit operations or require increased capital or operating expenditure and could adversely impact the Company’s business.

TAXATION

The Company is subject to various forms of taxation in Australia and Indonesia. There is an ongoing risk that changes to taxation legislation or the interpretation or enforcement of taxation laws or regulations may adversely impact revenues, and therefore the financial performance of the Company.

FOREIGN EXCHANGE RISK AND HEDGING

A majority of the Company’s revenue will be denominated in US$ whilst a majority of expenditure is in AUS$ and Indonesian Rupiah, which exposes potential income of the Company to the risk of fluctuations in foreign currency. The Company may from time to time enter into commodity and currency hedges and forward sales. If the market prices of underlying commodities are higher than the price at which the hedges have been entered into, the Company will not realise the higher prices they would have received had they not entered into such hedging arrangements. Also, hedging programs are undertaken on an assumed production profile. If production underperforms its hedging profile, the Company may be exposed to significant costs for not delivering the volumes required by such hedging or forward sale contracts.

ECONOMIC CONDITIONS AND PROJECT DELAYS

Domestic and global economic conditions may affect Company performance. Factors such as inflation, interest rates, prices and availability of critical supplies, such oil, power, water, acid and other reagents, may delay operations and impact operating costs and may adversely affect the prospects of the Company. The Company’s future possible revenue and share price can be affected by these factors all of which are beyond the control of the Company and the Directors.

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NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES OR TO US PERSONS

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Key Risks
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CONTRACTUAL AND OTHER LEGAL RISKS

All permits and contracts entered into by the Company are subject to interpretation. There is no guarantee that the Company will be able to enforce all its presumed rights under its permits and contracts. The introduction of new legislation or amendments to existing legislation or changes in regulation or administrative practices by governments, developments in existing common law or civil law, or the interpretation of the legal requirements in any of the legal jurisdictions which govern the Company’s operations or contractual obligations, could impact adversely on the assets, operations and therefore on the financial performance and share price of the Company.

LITIGATION RISK

Exposure to litigation brought by third parties such as contractors, regulators, or employees could negatively impact on the Company and its operations and licences. Legal claims, if successful could adversely impact the profits or financial position of the Company.

EXPLORATION AND APPRAISAL RISKS

Potential investors should understand that mineral projects are high-risk undertakings. The Company’s future mineral production is dependent on replenishing proved reserves through successful exploration and development. There can be no assurance that exploration of the Company’s permits will result in economic mineral reserves. The estimated costs of the Company are based on certain assumptions. By their nature, these estimates and assumptions are subject to significant uncertainties and, accordingly, the actual costs may materially differ from these estimates and assumptions. Accordingly, no assurance can be given that the cost estimates and the underlying assumptions will be realised in practice, which may materially and adversely affect the Company’s viability.

OPERATING RISKS

Development and operation of the Company’s mines is dependent upon a number of factors including mining, infrastructure, mine planning, mine management, processing facility management and reliability and regulatory requirements. Operations may be negatively impacted by mechanical difficulties, human error, incorrect technical assumptions, unanticipated mine or ground conditions, labour disputes, shortages or delays in the delivery of equipment or supplies, weather conditions, civil unrest, wars and natural disasters, blowouts, cratering, explosions, pollution, seepage or leaks, fire and earthquake and unexpected shortages or increases in the costs of fuel, other consumables, spare parts, plant and equipment.

RESERVE AND RESOURCE ESTIMATES

Reserve and resource estimates are expressions of judgment based on knowledge, experience and industry practice. Estimates which were valid when originally calculated may alter significantly when new information or techniques become available. In addition, by their very nature, reserve and resource estimates are imprecise and depend to some extent on interpretations, which may prove to be inaccurate. As further information becomes available through additional fieldwork and analysis, the estimates are likely to change. This may result in alterations to mining development plans which may, in turn, adversely affect the Company’s operations.

PRODUCTION ESTIMATES

Actual future production may vary materially from targets and projections of future production for a variety of reasons. There is greater risk that actual production will vary from estimates where production levels are intended to be expanded.

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Key Risks
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TITLE RISKS

Interests in permits are governed by the granting of licences or leases by the appropriate government authorities. The conduct of operations and the steps involved in acquiring all licences and permits involve compliance with numerous procedures and formalities. It is not always possible to correctly interpret, or comply with, or obtain waivers from, all such requirements and it is not always clear whether requirements have been properly completed, or that it is possible or practical to obtain evidence of compliance. In some cases, failure to follow such requirements or obtain relevant evidence may call into question the validity of the titles. The Mt Muro contract of work requires that each year the Company offers 51% ownership for sale to Indonesian nationals at a market related price, which can be set by agreement or arbitration. To date no Indonesian nationals have sought to initiate this process, but this could occur in the future.

This list of risk factors is not exhaustive of the risks faced by the Company or by investors in the Company. Potential investors should also have regard to SPECULATIVE the Company’s prior publications and announcements. The above factors, and others not referred to specifically above, may in the future materially affect NATURE the financial performance of the Company and the value of the shares offered under this offer. Therefore, the shares offered pursuant to this offer carry no OF INVESTMENT guarantee with respect to the payment of dividends, returns of capital or the market value of the shares. Potential investors should consider that the investment in the Company is speculative and should consult their professional advisers before deciding whether to apply for shares.

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International Offer Jurisdictions

This document does not constitute an offer of new ordinary shares ("New Shares") of the Company in any jurisdiction in which it would be unlawful. New Shares may not be offered or sold in any country outside Australia except to the extent permitted below.

Hong Kong

This document has not been, and will not be, registered as a prospectus under the Companies Ordinance (Cap. 32) of Hong Kong (the Companies Ordinance ), nor has it been authorised by the Securities and Futures Commission in Hong Kong pursuant to the Securities and Futures Ordinance (Cap. 571) of the laws of Hong Kong (the SFO ). No action has been taken in Hong Kong to authorise or register this document or to permit the distribution of this document or any documents issued in connection with it. Accordingly, the New Shares have not been and will not be offered or sold in Hong Kong by means of any document, other than (i) to "professional investors" (as defined in or in rules made under the SFO) or (ii) in other circumstances that do not result in this document being a "prospectus" (as defined in the Companies Ordinance) or that do not constitute an offer to the public within the meaning of that ordinance.

No advertisement, invitation or document relating to the New Shares has been or will be issued, or has been or will be in the possession of any person for the purpose of issue, in Hong Kong or elsewhere that is directed at, or the contents of which are likely to be accessed or read by, the public of Hong Kong (except if permitted to do so under the securities laws of Hong Kong) other than with respect to New Shares that are or are intended to be disposed of only to persons outside Hong Kong or only to professional investors (as defined in the SFO and any rules made under that ordinance). No person allotted New Shares may sell, or offer to sell, such shares, unless the sale is exempt from the prospectus and authorisation requirements of the laws of Hong Kong within six months following the date of issue of such shares.

The contents of this document have not been reviewed by any Hong Kong regulatory authority. You are advised to exercise caution in relation to the offer. If you are in doubt about any contents of this document, you should obtain independent professional advice.

Singapore

This document and any other materials relating to the New Shares have not been, and will not be, lodged or registered as a prospectus in Singapore with the Monetary Authority of Singapore. Accordingly, this document and any other document or materials in connection with the offer or sale, or invitation for subscription or purchase, of New Shares, may not be issued, circulated or distributed, nor may the New Shares be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore except pursuant to and in accordance with exemptions in the Securities and Futures Act, Chapter 289 of Singapore (the SFA ).

This document has been given to you on the basis that you are (i) an "institutional investor" (as defined in section 274 of the SFA) or (ii) a "relevant person" (as defined under section 275(2) of the SFA).

Any offer is not made to you with a view to the New Shares being subsequently offered for sale to any other party. There are on-sale restrictions in Singapore that may be applicable to investors who acquire New Shares. As such, investors are advised to acquaint themselves with the SFA provisions relating to resale restrictions in Singapore and comply accordingly.

NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES OR TO US PERSONS

International Offer Jurisdictions

United Kingdom

Neither the information in this document nor any other document relating to the offer has been delivered for approval to the Financial Services Authority in the United Kingdom and no prospectus (within the meaning of section 85 of the Financial Services and Markets Act 2000, as amended ("FSMA")) has been published or is intended to be published in respect of the New Shares.

Any invitation or inducement to engage in investment activity (within the meaning of section 21 of FSMA) received in connection with the issue or sale of the New Shares has only been communicated or caused to be communicated and will only be communicated or caused to be communicated in the United Kingdom in circumstances in which section 21(1) of FSMA does not apply to the Company.

In the United Kingdom, this document is being distributed only to, and is directed at, persons who are “qualified investors” (within the meaning of section 86(7) of FSMA) and (i) who have professional experience in matters relating to investments falling within Article 19(5) (investment professionals) of the Financial Services and Markets Act 2000 (Financial Promotions) Order 2005 ("FPO"), (ii) who fall within the categories of persons referred to in Article 49(2)(a) to (d) (high net worth companies, unincorporated associations, etc.) of the FPO or (iii) to whom it may otherwise be lawfully communicated (together "relevant persons"). The investments to which this document relates are available only to, and any invitation, offer or agreement to purchase will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents.

This document is issued on a confidential basis and the New Shares may not be offered or sold in the United Kingdom by means of this document, any accompanying letter or any other document, except in circumstances in which section 86(1) FSMA applies and which do not require the publication of a prospectus. This document should not be distributed, published or reproduced, in whole or in part, nor may its contents be disclosed by recipients to any other person in the United Kingdom.

United States

The New Shares have not been, and will not be, registered under the Securities Act or the securities laws of any state or jurisdiction of the United States and may only be offered and sold to certain investors in Australia, New Zealand and selected other jurisdictions who are not US Persons and are not acting for the account or benefit of US Persons, in each case in “offshore transactions” (as defined in Rule 902(h) under the Securities Act) in reliance on Regulation S under the Securities Act.

Germany

The information in this document is not an offer to sell New Shares to the public in the Federal Republic of Germany, and an offer and sale of the securities may not be made other than in compliance with the Securities Prospectus Act (Wertpapierprospektgesetz) as of 22 June 2005 implementing Directive 2003/71/EC of the European Parliament and of the Council of 4 November 2003, and the Securities Sales Prospectus Act (Wertpapier-Verkaufsprospektgesetz), or any other laws applicable in the Federal Republic of Germany governing the issue ,offering and sale of securities.

No sales prospectus has been or will be published with respect to the New Shares and no application to the competent authorities has been made under the Securities Prospectus Act or the Securities Sales Prospectus Act to publicly market the New Shares. Accordingly, no offering document will be distributed to the public in Germany.

NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES OR TO US PERSONS

Competent Person Statements

Competent Person Statement for Mineral Resources and Drilling Results:

The information in this presentation to Mineral Resources and Drilling Results is based on information compiled by Byron Dumpleton, who is a member of the Australian Institute of Geoscientists. Mr Dumpleton is a full-time employee of Straits Resources Limited and has sufficient experience relevant to the style of mineralisation, 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 Mineral Resources and Ore Reserves”. Mr Dumpleton consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Mineral Resources reported are inclusive of Ore Reserves.

Discrepancies in Resource Table summations may occur due to rounding.

Competent Person Statement for Ore Reserves:

The information in this presentation that relates to Ore Reserves is based on information compiled by Peter Storey, who is a member of the Australasian Institute of Mining and Metallurgy. Mr Storey is a full-time employee of Straits Resources Limited and has sufficient experience relevant to the style of mineralisation, type of deposit under consideration and to the activity which he is undertaken to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code for Reporting of Mineral Resources and Ore Reserves”. Mr Storey consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Discrepancies in Reserve Table summations may occur due to rounding.

Forward-Looking Information

Certain statements contained in this press release constitute forward-looking statements or forward-looking information. The words “intend”, “may”, “would”, “could”, “will”, “plan”, “anticipate”, “believe”, “estimate”, “expect”, “target” and similar expressions are intended to identify forward-looking statements. These statements are based on certain factors and assumptions and while Straits considers these factors and assumptions to be reasonable based on information currently available, they may prove to be incorrect. Forward-looking statements are given only as at the date of this release and Straits disclaims any obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

About Straits Resources

Straits Resources Ltd (ASX Code: SRQ) is a mining and exploration company focused on copper and gold in Australia and Asia. Straits owns and operates the Tritton copper mine in NSW and the Mt Muro gold mine in Indonesia and has an exciting exploration portfolio focusing on projects in NSW and South Australia.

NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES OR TO US PERSONS