BLACK ROCK MINING LIMITED — AGM Information 2009

Nov 18, 2009

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Green Rock Energy Ltd 2009 Annual General Meeting

18 November 2009

▐ Formal Proceedings

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MD’s Presentation ▐

Disclaimer

• ▐ This presentation does not constitute an offer, invitation or recommendation to subscribe for or purchase any security

▐ Reliance should not be placed on the information or opinions contained in this presentation which does not take into account the particular needs or financial situation of any particular investor

• ▐ Green Rock Energy Limited has taken reasonable care in producing the text and images contained in this presentation but does not represent or warrant that the information contained herein is fair, correct, accurate, complete or up to date

• ▐ The information on these slides is not intended to give investment or other advice to anyone and the information is not a substitute for detailed investigation or analysis

• ▐ To the extent permitted by law Green Rock Energy Limited will not be responsible for any loss or damage (direct or indirect, consequential or otherwise) resulting from the use of information provided in this presentation

• ▐ Any forward looking statements made relate to future events and expectations and involve known and unknown risks and uncertainties many of which are outside the control of the Company. Green Rock does not undertake any obligation to update or revise any of the forward looking statements in this presentation.

• ▐ Competent Person Statements

Perth Basin

The information in this presentation and the full Statement of Estimated Geothermal Resources report, released to the ASX on 28 July 2009, was prepared under the direction of Dr Graeme Beardsmore, an employee of Hot Dry Rocks Pty Ltd (HDRPL). Dr Beardsmore was assisted by other employees within HDRPL but takes sole responsibility and is accountable for the report as Competent Person as defined by the Australian Code for Reporting of Exploration Results, Geothermal Resources and Geothermal Reserves (2008 Edition). Dr Beardsmore is a member of the Australian Society of Exploration Geophysicists and abides by the Code of Ethics of that organisation. Entities associated with Dr Graeme Beardsmore hold shares in Green Rock Energy Limited

Olympic Dam

The information in this presentation and the full Statement of estimated Geothermal Reserves and Resources report, released to the ASX on 3 September 2008, was prepared under the direction of James Vincent Lawless. Mr Lawless is an employee and Principal of SKM Limited who has been assisted by other employees with SKM but who takes responsibility and is accountable for the report as Competent Person in terms of the Code. Mr Lawless is a member of the Australian Institute of Mining and Metallurgy (AusIMM). SKM has been engaged as Consultant by Green Rock Energy for various commissions since 2007 but holds no financial interest in the project or in Green Rock Energy.

Slide 16

Green Rock Energy: Our capital & people

Market Capitalisation

Board of Directors

• A$12 million

Shares on Issue (GRK)

Adrian Larking Managing Director

Geoscientist and Lawyer

• 206 million

Alan Knights Resource Economist and Executive Director Accountant

Options on Issue

• 21 million

Dr Jörg Baumgärtner Director

Geophysicist and Geothermal Power Developer

Shareholders

• 2,300

• Top 20 (40%)

Richard Beresford Director

Engineer and Renewable Energy Specialist

• Directors (8%)

Scott Spencer Director

Petroleum Specialist

Slide 17

Green Rock Energy: Our purpose

▐ A developer of geothermal projects building into a major producer

• ▐ Locating resources that can be commercialised quickly

• ▐ Commencing development with lower cost, lower risk projects

• ▐ Leading to larger longer life projects

Slide 18

Green Rock Energy: Key Projects - 3 Year Plan

• ▐ Projects in good commercial locations, growth potential

• ▐ Develop two commercial demonstration projects in hot sedimentary aquifers:

• ▐ Perth – Direct Use (air conditioning/heating commercial industrial buildings throughout the Perth metropolitan area)

• ▐ Hungary Electricity Production from existing wells

• ▐ Evaluate and commence development of:

• ▐ W.A. – Perth Metropolitan, Alkimos, North Perth Basin, Collie Basin

• ▐ Hungary – 3 active projects - electricity

• ▐ Olympic Dam – EGS Project

• ▐ 2 proof of concept wells & flow circulation testing then 3-5MWe pilot plant

Slide 19

Geothermal Energy: Sources of geothermal energy

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Slide 20

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----- Start of picture text -----

Green Rock Energy Ltd:
Our projects
2009 2010 2011 2012 2013 2014 2015
Perth Stirling
Alkimos
Urban City
North Perth Basin
Olympic Dam
Hungary
Demonstration
Southern Hungary
Hungary
North East
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Slide 21

Perth Basin: Features

• ▐ Extensional sedimentary basin, 1000km long

▐ Up to 15 km deep sediments

• ▐ Geology known from existing wells & seismic data & bores

• Extensive thick sandstones

• ▐

• ▐ Known good aquifers

• ▐ Normally pressured

• ▐ Thermal traps (shale & coal)

• ▐ High heat flows in north

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Slide 22

Hot Dry Rocks Pty Ltd (2008)

Perth Basin:

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Geothermal Permits

Northern Perth ▌ (8 GEPs, 2,200km[2] )

▌ at producing oil & gas fields

▌ highest heat flow, over 95mW/m[2] , suitable for electricity generation

• ▐ near high voltage grid – connected to SWIS

• Central Perth

• ▌

(2 GEPs, 430km[2] )

• ▐ lower enthalpy – more suitable for direct heat uses

• Collie Basin

• ▐

(3 GEPs, 750km[2] )

• ▐ direct heat, electricity

Slide 23

Perth Urban Geothermal Project: GEP 1

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Permit held jointly with The University of Western Australia Green Rock Energy is Operator

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Slide 24

Perth Urban Geothermal Project: Cogeneration

▐ Combined air-conditioning & electricity generation

▐ Heating & Cooling (Absorption Chiller), plus

• ▐ Electricity Generation

• ▐ Two geothermal wells

• ▐ One production – one reinjection (3 km depth)

▐ Water temp – 80⁰C to100ºC at surface

• ▐ Absorption Chiller and Electricity Generation

▐ Uses hot geothermal water as energy source

▐ Will provide heating, cooling and hot and cold water

▐ Will produce electricity from unused geothermal water

Slide 25

Perth Urban Geothermal Project: Activities in GEP 1

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• ▌ Working with UWA and WA Geothermal Centre of Excellence

• ▌ Evaluation of seismic surveys, water bores, petroleum wells

• ▌ Study of absorption chillers

• ▌ Gravity survey

• ▌ Bore hole on campus – 208 metres

• Seismic – VSP

• ▌

• ▌ Temperature measurements in deep water bores & bore hole on campus

• ▌ Inferred geothermal resource (stored heat) estimate for air-conditioning

• ▌ Hydrodynamic water flow and temperature modelling

• ▌ Site selection for drill access, planning & prelim. design of wells & flow testing

Slide 26

Perth Urban Geothermal Project: Next Steps

▐ Geothermal Drilling Program Grant (Nov 2009) application 2009/10 ▐ Design wells & commission rig ▐ Drill 1[st] and 2[nd] geothermal wells 2010/11 ▐ Water circulation testing ▐ Design & order Absorption Chiller 2011/12 Commission ▐

Slide 27

Perth Urban Geothermal Project: Market Potential

• ▐ Commercial Demonstration Project in GEP 1

then

▐ Multiple potential projects in GEP 1

• ▐ Stirling City Centre

  • ▐ 30,000 people, high density, residential & commercial centre

• ▐ Two major shopping centres

• ▐ Six major hospitals

• Shenton Park Research Area

• ▐

• Osborne Park industrial area

• ▐

• Alkimos

• ▐ ▐ 60,000 people, next major suburb, aiming for carbon neutrality ▐ District heating and cooling

Slide 28

North Perth Basin: Overview

• ▐ Location – near Dongara oil & gas fields

• ▐ Eight exploration permits

▐ Extensive geological data and existing petroleum wells

• ▐ Electricity generation

• ▐ Near high voltage grid

• Geothermal heat source

• ▐

• ▐ Targeting aquifers with potential for electricity generation 160ºC from depths down to 4km

Slide 29

Collie Basin: Overview

• ▐ Joint venture - BHP Billiton Worsley Alumina Pty Ltd

• ▐ Green Rock is operator

• ▐ Coal fields, power plants and transmission lines

• ▐ Wellington Dam – potential for water purification

• ▐ Technology

• ▐ Water desalination, coal drying, process heat, electricity generation

• Geothermal heat source

• ▐

• ▐ Known radiogenic granites

• Excellent coal insulators

• ▐

Slide 30

Olympic Dam: The location

▐ 100% owned by GRK

2,897 km[2]

enormous energy potential

▐ Proximity to national grid & major customer

minimal transmission costs ▐ 15km to power grid 20km to mine site ▐

Access to infrastructure ▐

▐ airport, roads, engineering, labour force, medical, town services ▐ Access to water supply ▐ local groundwater aquifers

▐ Enables staged development

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...... the optimal location

Slide 31

Olympic Dam Activities

• ▐ Blanche No 1 well drilled, cored & logged to 1,935 m into hot granite

• ▐ Hydro-fracture testing

Successfully opened fractures at expected operating pressures Confirmed horizontal compressional stress

• ▐ Potential well productivity estimate – up to 7MWe net per well

• ▐ Large Inferred Geothermal Resource stored heat in 460km[2]

SKM noted less than 3 per cent of this stored heat needs to be recovered to generate a constant 400MW of electricity over a 30 year project life High heat flows 85mW/m[2] to 100mW/m[2] estimated from the new measurements to east of this area

• ▐ Next Steps – Proof of Concept Drilling

• Farmout

VSP, Drill two wells, stimulate and flow test

Slide 32

Hungary: Overview

• ▐ Member of European Union

• ▐ Proximity to international power grid

minimal transmission costs

• Access to infrastructure

• ▐

roads, engineering, labour force

• Feed-in tariff

• ▐

electricity price €100/MWh

• ▐ Enables staged development

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...... close to guaranteed market

Slide 33

Hungary: CEGE Zrt - Joint Company

• ▐ Resource potential known from 5,000 MOL wells & seismic surveys

• ▐ Joint operating company - CEGE Zrt

MOL Plc and GRK each with 50%

• ▐ Objective to develop geothermal projects in Carpathian Basin

• ▐ Hot geothermal region: 140 ⁰ C to +200 ⁰ C

• ▐ Commercial demonstration project (electricity)

West Hungary – electricity generation

Using existing oil wells or proximity to wells

▐ 2 target areas – ▐ Title secured, seismic reprocessing, well review

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Slide 34

Summary

▐ Commercial portfolio in range of geological provinces

▐ Drilling and geothermal development experience

▐ Lower cost and risk approach

▐ First project (Perth) is stepping stone to larger projects

▐ Olympic Dam very large upside potential ▐ Ground floor participation in new growth industry

▐ Similarities to coal seam gas a decade ago

Slide 35

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Green Rock Energy Ltd ……... please join us for refreshments.

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..... powering a cleaner future