ALICE QUEEN LIMITED — AGM Information 2011

Nov 27, 2011

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28 November 2011

The Manager Companies ASX Limited 20 Bridge Street SYDNEY NSW 2000

(28 pages by email)

Dear Madam,

PRESENTATION TO ANNUAL GENERAL MEETING

I attach a PowerPoint presentation which is to be delivered to the shareholders present at today’s Annual General Meeting which is convened to be held at 11.00 am.

Yours faithfully

Richard Edwards Company Secretary pjn6355

Registered Office

Level 2, 66 Hunter Street Sydney NSW 2000 T: +61 2 9300 3366 F: +61 2 9221 6333

E: redwards@callabonna.com.au

Technical Office

6 Powlett Street East Melbourne Vic 3002 T: +61 3 9417 2920 F: +61 3 9417 2728 E: smccaughey@callabonna.com.au

[Callabonna Uranium Limited - ABN 71 099 247 408]

AGM Presentation 28 November 2011

Disclaimer

Disclaimer:

This document has been prepared by Callabonna Uranium Limited (“Company”) for the benefit of brokers, analysts and investors and not as specific advice to any particular party or person. Whilst technical information contained in this presentation is based upon independent technical reviews, no representation or warranty is made as to the validity, completeness, or reliability of the information in this presentation. Best efforts have been taken to ensure the accuracy of information contained, at the time of preparation. In some instances forward looking statements have been included all such instances are indicative only and subject to alteration and/or cancellation as and when the management of Callabonna Uranium Limited sees fit. Any forward looking information in this presentation has been prepared by the Callabonna Uranium Limited on the basis of a number of assumptions that may prove to be incorrect. All information contained here is general in nature.

This presentation contains a number of summaries of complex agreements and contractual arrangements which do not reflect the agreements in their entirety. Potential investors are cautioned against using the content of this presentation, in isolation, for making investment decisions. This presentation is only an overview of the Company. Before making an investment in the Company, research and the counsel of a qualified financial adviser or accountant are strongly recommended.

The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Michael Raetz. Mr Raetz has sufficient experience which is relevant to the style of mineralisation and 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 Exploration Results, Mineral Resources and Ore Reserves’. Mr Raetz consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. Mr Raetz is a member of the Australian Institute of Geoscientist.

Where eU3O8 is reported it relates to values attained from radiometrically logging boreholes with Auslog equipment using a slimline gamma ray tool. All probes are calibrated at the Adelaide Calibration facility in South Australia, and results have been calculated by David Wilson of 3D Exploration Pty Ltd.

Board

Peter Nightingale - Non Executive Chairman

Director since September 2009. Successful manager of companies that have made the transition from exploration to development and mining. Director and Company Secretary of several public companies, including Bolnisi Gold Limited, Cockatoo Coal Limited and Planet Gas Limited, 20+ years mining industry experience.

Hyunsoo (Hans) Kim - Non Executive Director

Director since September 2009. Economics graduate with an MBA from Duke University. Joined SK Energy in 1994 initially in the Corporate Planning Division, gaining exposure to strategic planning and corporate restructuring for the entire SK conglomerate. Assigned to the Office of the Board of Directors of SK Energy in 2004. Joined Coal & Mineral Resources Division in early 2008 and is currently the Managing Director of SK Networks Resources Australia Pty. Ltd.

Stephen McCaughey - Executive Director

Managing Director from July 2008 to July 2011. Exploration Geologist with 19 years experience including 14 years with BHP. Exploration Manager for Aura Energy where he led the exploration effort across Australia and Sweden. Experience in South America, Australia, Africa and Europe. As Exploration Manager BHP Tintaya he was responsible for several significant Cu-Au discoveries. MBA from Melbourne Business School with several years experience in Strategy Consulting and Banking and Finance.

Mike Raetz - Executive Director

Operations Director since September 2009, Acting Managing Director since July 2011. Geologist with over 35 years mineral exploration and mining experience mainly in Australia but also in Indonesia, South America and China. BHP World Minerals Discovery to 1999, Research fellow at Monash University to 2006. Group Managing Director of PGN Geoscience Pty Ltd a Melbourne based International consulting group.

Phillip Harman - Non Executive Director

Director since February 2009. Professional geophysicist with >30 years working for BHP Billiton in minerals exploration in a broad number of roles including Exploration Manager of South America, Exploration Manager of Western Australia and Chief Geophysicist. Managing Director of ASX listed Gravity Diamonds Limited from August 2002 until its acquisition by African miner Mwana in May 2007, and Chairman of Gippsland Offshore Petroleum since November 2004.

Highlights Going Forward

• Arunta, Mt Denison

• Uranium Project

• 4km long Mobile Metal Ion

• (‘MMI’) geochemistry uranium surface anomaly ready to drill test at Five Mile Creek Prospect

• Georgetown, Neptune U

• and Au project

• now granted so target

• definition in large caldera can proceed

• Georgetown, Delaney Gold

• JV

• drilling (Callabonna retains 49%)

Strategy

• Drill Mt Denison Five Mile Creek Prospect in the Northern Territory early in

• the new year. Priority uranium drill ready target delineated by excellent MMI soil anomaly

• Make drill ready both uranium and gold targets at Neptune and other calderas

• near Georgetown in QLD. Advanced uranium project (Dagworth extensions), plus epithermal gold prospects. First tactical use of IP here to define deep targets

• Raise funds to ensure priority exploration projects remain suitably funded

• Seek JV partners to advance other projects

• Continue search for and review of new value adding opportunities

Project Portfolio Overview

PROJECT	STAGE	TARGET	DETAILS	TYPE LOCALITY
Arunta, Mt Denison, NT (U) (REE)	Priority 1 Drill ready target	Calcrete style uranium with local granite source.	New uranium prospect defined in Oct 2011 at Five Mile Creek, >4000 m strike extent Mobile Metal Ion (MMI) surface geochemistry anomaly with a response ratio of 150 times background uranium.	Napperby deposit Langer Heinrich Granitic (Namibian Style)
Arunta, Mt Hay, NT (U)	Drill ready	Palaeo-channel uranium target	AEM defined the palaeo-channels. Regional granite source and some local elevated groundwater assays. 11 holes approved . MMI planned before drilling.	Beverley or calcrete style channel deposit
Georgetown, Neptune – Dagworth, QLD (U) (Au)	Advanced project	Volcanogenic/Caldera hosted uranium Epithermal Gold	Dagworth uranium prospect~ 50% of holes contain intercepts >300ppm. Target extension east and south into the Caldera. Cornucopia goldprospect area has untested epithermal gold anomalies.	Streltsovskoye, Russia (728Mlbs U3O8) Epithermal gold (Pajingo style)
Georgetown, Delaney QLD (Au)	Drill testing in progress	High grade vein gold deposit Sulphide concentrate sale opportunity	Planet Metals Ltd earning 51%. Lies on the Delaney Fault which hosts numerous gold deposits in the Georgetown area. Soil anomaly to be drill tested.	Kidston gold deposit Red Dam gold deposit Electric Light oxide gold mine

Project Portfolio Overview

PROJECT	STAGE	TARGET	DETAILS	TYPE LOCALITY
Georgetown, Huonfels - Ant Hill QLD (U)	Target definition	Volcanogenic/Caldera hosted uranium	EPM 18699 & EPM 18898 cover the majority of the Maureen Caldera. Maureen QLD (6.48 Mlbs U3O8) could be ‘smoke’. Preliminary reconnaissance field work conducted.	Streltsovskoye, Russia (728Mlbs U3O8)
Georgetown, Oak River QLD	Target definition	Volcanogenic/Caldera hosted uranium	Preliminary reconnaissance field work conducted Soil geochemistry and mapping to define drill targets.	Streltsovskoye, Russia (728Mlbs U3O8)
Georgetown, Mt Darcy QLD	Target definition	Volcanogenic uranium Porphyry Cu	Soil sampling to be extended. Alteration mapping. Drill targets generated.	Streltsovskoye, Russia (728Mlbs U3O8)
Curnamona, SA (U)	Drilling completed – seeking farm in partner	Sandstone hosted uranium in situ leach mines. This style can be very profitable	Holding approaching 6000 km2combined Curnamona North and South projects. Completed 100 holes using AEM to target sand bodies. Some anomalous intersections. Gained understanding of basin geology and REDOX chemistry.	Beverley(>46Mlbs U3O8)1 4 Mile(>32Mlbs U3O8)2 Beverley is an in situ leach (‘ISL’) uranium mine

1 Beverley http://www.heathgateresources.com.au/contentmine.jsp?xcid=63 2 4 Mile http://imagesignal.comsec.com.au/asxdata/20090625/pdf/00963442.pdf 3 Honeymoon http://www.uranium1.com/indexu.php?section=uranium%20projects&page=4 4 Oban http://www.curnamona-energy.com.au/pdf/CUY_300709.pdf

Arunta – Regional Radiometrics

• Emerging important

• uranium province, excellent source rocks

• ‘Bigrlyi’ – 20.6Mlb U3O8 (Energy Metals), ‘Napperby’ 9.34 Mlb U3O8 (Toro Energy), ‘Nolans’ rare earths - phosphate - uranium deposit (30.3 Mt at 2.8% REO)

• Callabonna has three

• projects

• Mt Denison

• Mt Hay

• Moonlight

Mt Denison – Five Mile Creek Prospect

• New uranium prospect defined at

• ‘Five Mile Creek’ in October 2011

• MMI survey delineated a 4,000 metre

• well attenuated uranium anomaly with response ratio150 times background

• Coherent anomaly defined by multiple

• highly anomalous samples against a lower background

• Interpret active uranium deposition in

• Five Mile Creek channel shed from the uranium rich Wangala granite

Mt Denison – FMC prospect on the flat, view from Wangala Granite

• Wangala granite

• source of uranium

• The Wangala

• Granite is enriched near the surface in secondary uranium minerals

• Cored by

• Callabonna

Mt Denison – Five Mile Creek Prospect Drill Plan

• Five Mile Creek is

• ready to drill � Only waiting on Aboriginal Heritage Protection survey

• � 21 holes proposed

• initially

Mt Hay – Proposed drilling

• Palaeochannel uranium

target

• 80 km long channel system

• Defined by Airborne Electromagnetic survey

• MMI survey along channels

• to define direct target

• � 11 holes planned on

• existing roads

Georgetown Projects - Caldera Map

• Volcanic Caldera Play – Uranium, Gold + Cu opportunity

• Callabonna holds significant caldera projects at 5 locations

• Neptune/Dagworth

• Huonville/Ant Hill

• Oak River

• Mt Darcy

• Athena

• Three of these areas are now granted so work can advance

Target Type – Volcanogenic Uranium Deposits

• Tulukuyevsk Caldera in the Streltsovsk district of far eastern Russia is the best example of the target type we are seeking

• The one 20km wide caldera hosts >700Mlbs U3O8 at grades of >0.1% U O 3 8

• They are hosted in structural sites within the Caldera

• They range from strata-form to near vertical in fracture zones near faults

• � They have Mo and F with the uranium mineralisation

• There can be moderate to strong alteration associated with mineralisation which has a geochemical signature

Dahlkamp Franz J . Uranium Deposits of the World - Asia [Journal]. - Hamburg : Sprnger, 2009.

Target Type – Volcanogenic Uranium Deposits

Deposit	Location	Grade	Size (M
		(U3O8)	lbs
			U3O8)
Streltsovskoye	Russia	0. 235%	728
Macusani	Peru	0.12-	13++
		0.24%
Maureen	Aus	0.1%	6.3
Aurora	Nevada	0.05%	>17
	(USA)
Ben Lomond	Aus	0.27%	14

Neptune Uranium (+Au) Project

• Dagworth U project – high grade uranium mineralisation over 1.8km

• Neptune EPM 18028covers the fault zone that hosts U mineralisation at Trident (Two Gee) and Dagworth

• EPM 18625 hosts U mineralisation at Trident (Two Gee) and Dagworth

• � Access up escarpments

• EPM 18028 has been a barrier in the past

• New access track permitted up into the Caldera

• Gold and uranium targets

• Tactical first use of IP to target U and Au

Dagworth Uranium Project

� Potential to extend undercover to east and south

• Discovered in 1970s by Minatome - drilled 89 holes, > 50% with >300 ppm U

• Uranium mineralisation occurs in the basal sequences of the Newcastle Range Volcanics

• Intersections include: DAGP 85

• 2.3m @ 474ppm U3O8 from 33m

• 7.6m @ 410ppm U3O8 from 37.4m

DAGP 46

• 3m @ 711ppm U3O8 from 54m

DAGP 54

• 5m @ 351ppm U3O8 from 27m

• � 2m @ 873ppm U3O8 from 40m

• � 2m @ 643ppm U3O8 from 50m

Huonfels – Ant Hill (U and Au)

• Huonfels and Ant hill EPM covers the Maureen Caldera

Ant Hill EPM 18890 �

Adjacent to Mega Uranium’s Maureen Deposit - 6.3Mlb U O associated 3 8 resource[1 ] with Palaeozoic volcanics and sediments above an unconformity

Huonfels EPM 18699

The same unconformity and geology extends into Callabonna’s project and known uranium mineralisation within it has the same geological setting as that at the Maureen deposit

• Huonfels now granted

Oak River (U and Au)

• On the structurally controlled eastern edge of the NRV graben

• Known uranium occurrences from work in the 1970s.

• Surface rock chip sampling returned results up to 4.36% U O 3 8

• Drilling of the southern most prospect returned 0.26% U3O8 over 0.24 metres

• Untested potential to the north in structural corridor with anomalous rockchip (up to 0.51% U3O8) and soil geochemistry

• Basal NRV will also be targeted

• Tenement now granted

Mt Darcy U and Au/Cu

• dfzgsdfgdsfgsdfg

• Mount Darcy Project is a caldera collapse feature with porphyry Cu-Au potential.

• Also has potential for uranium similar to Maureen deposit

• Mega’s Lineament uranium project some 3 kilometres to the south east

• MMI soil sampling has generated copper anomaly characteristic of porphyry style (Cu core with Pb-AgZn outer zone)

• Callabonna intend to:

• extend the soil sampling,

• map alteration; and

• generate drill targets

Delaney and Central gold projects, QLD - JV with Planet Metals Limited

Georgetown

• Callabonna Holds 15 km of the Delaney Fault Zone (DFZ) in EPM 18181 and EPM 18699

• The DFZ is the major control on gold in the region

• Numerous historic workings, past productions mainly oxide

• Tactical use IP and MMI to find undiscovered sulphide lodes

• New export potential of ‘dirty gold concentrates’ from refractory ore

• Callabonna can retain 49% of the project after Planet Metals earn their 51%

Delaney Gold Project – JV with Planet Metals Limited

• Delaney Gold Prospect is located 22 km north of Georgetown in EPM 18181

• Drilling ready to commence

• Callabonna has defined 5 structural targets based on geochemical sampling

• Historic,18 RC holes were drilled (Target C on map) to follow up the best rockchip results and all holes intersected gold grades of economic significance:

• 12 m @ 10.1 g/t gold in DCV 3

• 9 m @ 3.81 g/t gold in DC1

• 6 m @ 4.1 g/t gold in DCV 1

• 8 m @ 3.88 g/t gold in DCV 2

• 4 m @ 2.66 g/t gold in DCV 4

• 8 m @ 1.96 g/t gold in DC4

• 2m @ 2.37 g/t gold in DC 7

• Callabonna via a JV with Planet Metals Limited expects immediate drilling to commence of Target D (no previous holes here) about 400m south of Target C

View of the Electric Light pit located south of Delaney (a Deutsche Rohstoff project)

• Electric Light is located about 4 km south of the Delaney prospect along the DFZ

The resource here is reportedly 80,000 oz much of which has recently been mined from the oxide zone by Deutsche Rohstoff and processed in a CIP plant in Georgetown

Callabonna controls much of the DFZ north and south of here

The sulphide potential remains a bigger opportunity along the entire length of the DFZ

Curnamona

� Sediment hosted uranium in the Frome Embayment � AEM flown to locate channels � Drilled a total of 101 holes most completed to approximately 120 metres � Holding approaching 6,000km[2] now seeking a JV partner to continue exploration � Advanced understanding of the basin and advantage of operating experience � Also seeking to capitalise on experience with strategic farm in options

Curnamona

• Use of Aircore has

• enabled more cost efficient drilling

• Gamma logging is carried

• out inside the rods

• Excellent samples are

• recovered

• Water discovered can be

• lifted and sampled

• Less environmental

• impact due to less water carting and no need for sumps

Areas intended for farm out

� Callabonna has a large strategic holding in the Frome Embayment approaching 6,000km[2]

� Callabonna has holds the Strangways project in the Artesian Basin 900km[2]

Thank you