DOTZ NANO LIMITED — AGM Information 2008

Apr 30, 2008

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Northern Iron
May 2008
CEO AGM PRESENTATION
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Investment highlights

• Expected iron ore production by mid 2009

• Forecast production of 2.9 Mtpa magnetite concentrate over 19 year mine life

• Low risk project Simple, proven, processing of magnetite ore

• Significant existing infrastructure Short lead time to production at low capital cost intensity

• Favourable project location Close proximity for shipping to key European markets

• Well credentialed major shareholder Norwegian shipping company with roots dating back to 1883

• Experienced management and board Track record of financing, developing and operating mines

• Delivering on IPO Prospectus schedule Equipment ordered, approvals in place

• Further growth opportunities Potential to expand production from base case Construction of a pellet plant

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BACKGROUND
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Company Summary

Northern Iron Limited

• Northern Iron was listed in December 2007 to raise sufficient equity to recommence operations at the Sydvaranger Iron Project

• • Heavily oversubscribed IPO raised A$139.75m at A$2.15/share • 165 m shares and 4.3 m options on issue • 100 m shares escrowed for 2 years • Market capitalisation – A$637 m at current price of A$3.86/share Track record of financing, developing and operating mines 3

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Share Performance
NFE performance vs All Ordinaries since listing
180 NFE: +80%
160
140
120
100
All Ords:
80
(15)%
60
Note: rebased to 100 on 12 Dec 2007
Source: Iress
Track record of financing, developing and operating mines
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Index (rebased to 100)
12 Dec 07 26 Dec 07 9 Jan 08 23 Jan 08 6 Feb 08 20 Feb 08 5 Mar 08 19 Mar 08 2 Apr 08 16 Apr 08 30 Apr 08
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Project Background

Sydvaranger iron mine, Norway

• Operated in Norway from 1910 to 1997

• • During that time over 200Mt of ore was mined • Produced magnetite concentrate (67.5% Fe), super high grade magnetite concentrate (72% Fe) and pellets for the European market

• Well known, high quality product with low levels of impurities

• • Government owned and run until 1997, determined to be of regional strategic importance due to proximity to Russia during that period

• • Mine closed after end of Cold War and change of government in Norway • Massive investment in infrastructure, with US$470m spent on capital works in the last 15 years of operations

• • Majority of the capital works still intact, requirement to replace some mechanical items that have been sold/are not serviceable Relatively simple, proven processing of high quality magnetite ore 5

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Location

Sydvaranger Iron project

Port

• Mine is located 8km south of Kirkenes, where the concentrator and port are located.

Labour force

• Kirkenes regional population of 9,000

• 35km from industrial and mining towns in Russia

• Key markets

• Short distance to key iron ore markets in Western Europe

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INFRASTRUCTURE
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The project

Iron mineralisation

• Four magnetite iron deposits with JORC compliant inferred resources

• Bjørnevatn, Kjellmannsåsen, Fisketind Øst and Tverrdalen

• Further 19 prospects with known iron mineralisation

Infrastructure

• Primary crushers

• Cobbing plant

• Secondary and tertiary crusher building

• Concentrator facility including six grinding mills

• Railway and rolling stocks

• Conveyors

• Ore storage facilities

• Guaranteed capacity of the concentrate storage and ship loading facilities

Map of Sydvaranger

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Significant existing infrastructure

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Existing infrastructure

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• Primary crushers and cobbing plant
Aggregates plant
(no longer owned)
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Existing infrastructure

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• Secondary and tertiary crusher building
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Process facilities and infrastructure

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22 x Rolling
stock – dump
cars
Main office
(Tschudi
Group)
Concentrator
building
Substation -
Power utility
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Process facilities and infrastructure

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Fresh water lakes
for water supply
Railway line
Pellet silo – 75m
deep (Tschudi Group)
Port (Tschudi
Group)
Secondary and
tertiary crusher Old
building pelletising
plant site
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Port infrastructure (Tschudi Group)

• Ownership retained by Tschudi Group

• Long term agreements in place that guarantee Northern Iron priority usage of the shiploader and concentrate silos on a ‘cost plus’ basis

• Guaranteed concentrate storage of circa 180,000 dmt, with potential to double this. Silos located inside mountain

• Shiploader rated at 4,000 tph

• Priority use of port facility – no congestion issues

• Large pellet silo (200,000 dmt capacity) also available if required in future

• Port draught – 12.9m. Tschudi Group investigating deepening the port to accommodate larger vessels

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Mine infrastructure

• Existing twin 7m x 10m haulage declines from primary crusher to – 16M RL in West Bjørnevatn Pit

• Potential to use for ore and waste haulage to surface during cutbacks

• Existing 4m x 4m decline from cobbing plant to – 65M RL in Bjørnevatn West Pit

• Potential to use to convey crushed ore from in the pit to the surface at lower cost than truck haulage

• Existing four meter diameter shaft at northern end of Bjørnevatn pit to – 275M RL

• Existing exploration drives below both West and East pits that connect to the shaft

• Existing decline into UG mine below West pit, strike drives developed on three levels, one stope removed. Connects to the exploration drives

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Expected iron ore production by mid 2009

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MINERAL INVENTORY
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Mineralisation and resources

• In excess of 23 separate magnetite deposits over a strike length of 12km

• Limited modern exploration – last drilling at Kjellmannsåsen in 1956 prior to Northern Iron drilling in June 2007

• Significant exploration potential

• JORC Resources[(1,2)] estimated for four of the 23 prospects, see table below

Bjørnevatn 279Mt @ 31% Fe (total) Kjellmannsåsen 22Mt @ 33% Fe (total) Fisketind Øst 29Mt @ 31% Fe (total) Tverrdalen 43Mt @ 32 % Fe (total) Total 373Mt @ 31% Fe (total) 1) Inferred category 2) Quoted at 15% Fe (total) cut off grade The Bjørnevatn, Kjellmannsåsen and Fisketind Øst mineral resources and the Tverrdalen mineral resource are based on information compiled by Dr Jan de Visser and David Slater respectively who are geologists both with 18 years experience and are members of the Australian Institute of Mining and Metallurgy. Dr de Visser and David Slater have sufficient experience, which is relevant to the style of mineralisation and the type of deposit under consideration and to the activity which they are undertaking to qualify as Competent Persons as defined in JORC.

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Iron deposits
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Bjørnevatn mine

• Bjørnevatn is the largest pit

• It is expected to produce

• 87% of total material movement

• – 84% of the total mill feed

• The Bjørnevatn mineralisation is open at depth, and along strike on the east limb

• Drilling has indicated that the mineralisation continues for at least 300m below the resource, including – 39m grading 36.3% Fe(total) from 603m in BH93 – 47m grading 35.4% Fe(total) from 493m and 62m grading 35.0% Fe(total) from 500m in BH112

• – 58m grading 36.6% Fe(total) from 693m in BH119V

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• There is potential to use the existing underground mine development to access the mineralisation below the east pit –approximately 500m of development required to access the east limb of the iron mineralisation

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Mineral inventory

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• Based on pit optimisation an average concentrate price of US$48/t used – current contract prices are
US$110/t
• Selected pit not the optimal pit as UG mining may be cheaper in the long run
• Optimal pit captures an additional 65Mt of inventory
• New resource for Tverrdalen adjacent to Fisketind Øst pit. Pit optimisation captures 23 Mt grading 30%
Fe (total)
• Pit design and scheduling in progress for Tverrdalen
Mineral inventory [1] – base case Bjørnevatn mineral inventory
Grade % Base case pit
Fe
Deposit (Mt) (total)
Bjørnevatn 110.8 32.5
Kjellmannsåsen 13.7 33.2
Optimal pit
Fisketind Øst 7.8 30.9
Total 132.3 32.5
Base of resource
• 1Not yet a JORC compliant Reserve model
• LOM Waste : Ore ratio of 2.1:1
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Exploration

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• Drilling commenced in April 2008
• Program will initially focus on infill drilling at Bjørnevatn
• Drilling will then focus on near surface satellite deposits including Hyttemalmen, Tverrdalen and
Kjellmannsåsen
Hyttemalmen Cross Section
Drilling at Kjellmannsåsen
•
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PROJECT
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Recommencement timing

Summary recommissioning schedule

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Dec Qtr Mar Qtr June Qtr Sept Qtr Dec Qtr Mar Qtr June Qtr
2007 2008 2008 2008 2008 2009 2009
Upgrade category of JORC resources
Reserve estimate
Mine planning � �
Mine fleet selection/order � �
Pre strip
Ore mining
Tender long lead Items � �
Order long lead items � �
Refurbishment works � �
Delivery and installation of long lead Items
Approvals and permitting � �
Commissioning/concentrate production
Concentrate production planned for June 2009
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Progress since listing

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• Process Plant –Design and Refurbishment
� Design team appointed
� Detailed Engineering commenced
� Construction Manager appointed
� Refurbishment of existing mills on site commenced –six available, four required
� Refurbishment of existing primary crushers on site commenced –two available, one required
� Refurbishment of existing vacuum filters on site commenced –four available, three planned to be
used with one new filter
Concentrate production planned for June 2009
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Progress since listing

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• Process Plant -Procurement
� Order placed for 1 x 8MW mill with delivery scheduled for April 2009 – within budget and
required timeframe
� Order placed for 1 x secondary crusher with delivery scheduled for November 2008 – within
budget and required timeframe
� Order placed for 2 x tertiary crushers with delivery scheduled for November 2008 – within
budget and required timeframe
� Order placed for 1 x 35 m diameter tailings thickener with delivery scheduled for January 2009 –
within budget and required timeframe
� Order placed for pumps required - within budget and required timeframe
� Offers received for concentrate filters - order to be placed shortly with delivery scheduled for
March 2009 - within required timeframe
� Offers received for cyclones - within budget and required timeframe
� Offers received for air compressors - within budget and required timeframe
� Power supply negotiated with an additional cost of $6.4 million
Concentrate production planned for June 2009
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Progress since listing

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• Mining
� Mine schedule revised to reduce prestrip and to source more mill feed in initial years from low
waste:ore ratio Kjellmannsåsen pit
� Detailed mine schedules prepared
� Pit optimisation completed for Tverrdalen deposit to capture in pit inventory of 23 Mt grading
30% Fe(total)
� Preferred mining option is owner mining
� Bids received for supply of owner mining fleet
� Fleet supply is achievable within the required timeframe
� Fleet financing achievable within the planned budget
� Mine preparation works scheduled to commence July 2008
� Mining scheduled to commence March Qtr 2009
Concentrate production planned for June 2009
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Progress since listing

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• Resources
� Hard copy exploration data being processed in Perth
� Additional density data collected for JORC category upgrade
� Existing JORC resource estimates being updated
� Initial JORC Inferred resource estimated for Tverrdalen of 43 Mt grading 32 % Fe (total)
� New resource estimates for other satellite deposits in progress
� Drilling commenced at Bjørnevatn in mid April
• Expansion Study
� Expansion Study Manager appointed
� Test work completed to optimise crushing and grinding size
� Potential to coarsen grind size and increase throughput
� A range of throughputs considered from 8.75 Mtpa to 17.5 Mtpa
� Study to be completed in December Qtr 2008
Concentrate production planned for June 2009
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Permitting and approvals

Permit/approval	Authority	Status
Submarine disposal of tailings,	Norwegian Pollution Control Authority	Approved
waste rock disposal, water	(SFT)
drainage
Pipeline permit	The Norwegian Coastal Administration	Approved
	(Kystverket)
Municipal Planning Approval	Sør-Varanger Municipality	Approved
Concession for Northern Iron to	Norwegian Ministry of Trade and Industry	Approved
acquire the Shares in Sydvaranger
Gruve
Industrial concession	Directorate of Mining	Approved
Mining rights concession	Directorate of Mining	Approved
Rail permit/concession	Norwegian Railway Inspectorate	Submitted, being
		processed
Water extraction permit	National Norwegian Water Authorities	Approved
	(‘NVE’)
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EXPANSION STUDY
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Expansion study

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• 19 prospects outside of
Bjørnevatn, Kjellmannsåsen, Fisketind Øst and
Tverrdalen with known iron mineralisation that
do not have JORC compliant resources
– Several extensively mined in the past
– Drilling and reconciliation data available
– Historical pit designs available
• Conversion of mapping, geophysical and drilling
data into a digital format will enable the
definition of additional resources
– Both near surface and at depth
• Last major exploration program undertaken in
the 1950s
– Potential to discover further deposits
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Known mineral deposits

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Expansion study

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• A systematic study of all of these resources will be conducted with a view to expanding production to
between 12Mtpa to 15Mtpa of ore to produce in the order of 6Mtpa of concentrate
• Potential to
– Install secondary and tertiary crushing facility at mine site and increase efficiency of cobbing
plant
– Install a primary crusher at the southern deposits and convey ore to the cobbing plant to save
haulage costs
– Construct a new pelletising plant – benefit from price premium
• Operating costs are forecast to average US$32.56/t concentrate over project life
– 60% is fixed
– Significant cost savings with increase in mill throughput
• The existing infrastructure is larger than required for the base case production of 7Mtpa of ore
• An expansion of the throughput rate can be achieved in a capital efficient manner due to the excess
capacity in the infrastructure
• Expansion study is schedule for completion in the December quarter 2008
Capital efficient expansion possibilities
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PROJECT ECONOMICS
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Forecast project economics

Capital cost	US$(M)
Processplant	78.0
Mine capital	2.0
Pre strip (incl. finance charges)	13.6
Workingcapital	12.3
Total	105.9
Operatingcosts
Miningcost	US$7.25/t mill feed
Rail freight cost	US$0.71/t mill feed
Processingcost	US$5.17/t mill feed
Port costs	US$0.36/t mill feed
General and admin costs	US$0.34/t mill feed
Total	US$13.84/t mill feed
Operating costs per tonne of concentrate	US$32.56/t concentrate
Fe(mag)recovery	96.5%
Fe(non mag)recovery	10.8%
Mine life	19years
Annual concentrate	2.9Mt
Low capital cost to production		31

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IRON ORE PRICING
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Iron ore pricing

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• The demand for and production of steel in China Hamersley fines benchmark
has led to an increase in world production of 46% 9 0
between 2001 and 2006
8 0
• Hamersley Fines benchmark price of iron ore increased by 158% between 2001 and 2006 7 0
• Easy access to European market 6 0
5 0
• In 2006, Brazil supplied 43% of Western European iron ore market 4 0
• Proximity to Europe carries freight benefit for 3 0
European buyers over Brazilian imports 2 0
1 0
1998 1999 2000 2001 2002 2003 2004 2005 2006
Competitive freight advantage over Brazil Western Europe Iron Ore suppliers
(2006)
Australia
7%
Other
18%
Brazil
43%
Sweden
10%
CIS
5%Canada9% South Africa8% 33
Source: Nations Online, October 2007 Source: “The Iron Ore Market Service” CRU 2007
Price (USc/DMTU fob)
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Iron ore pricing

Freight premium

• Benefits passed on via a partial ‘freight equalisation’ in FOB pricing

• Historically, Sydvaranger’s product priced similarly to LKAB

• Between 1998 and 2006, LKAB product sold into Europe at 19% premium to Hamersley and 13% to CVRD Carajas Sinter Feed (Brazil)

• 2008 contract price for concentrate is approximately US$110/t concentrate, spot prices much higher

Marketing

• No sales agreements in place yet

• Initial discussions held with potential customers

• Potential to sell to European pellet plants and steel mills as well as spot sales to China

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Historical iron ore fines prices (JFY 1998-
90 2006)
80 LKAB Malmberget A Fines
70 Hamersley Fines Benchmark
60 CVRD Carajas Sinter Feed
50
40
30
20
10
1998 1999 2000 2001 2002 2003 2004 2005 2006
Historical LKAB to Hamersley Premium
(JFY 1998-2006)
25% 23% 23%
20% 20% 18% 19% 18%
16% 17%
15%
15%
10%
5%
0%
1998 1999 2000 2001 2002 2003 2004 2005 2006 34
Source: “The Iron Ore Market Service” CRU 2007
Price (USc/DMTU fob)
Premium (%)
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SUMMARY
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Summary

• Expected iron ore production by 2009

• � Low risk project � Significant existing infrastructure � Favourable project location � Well credentialed major shareholder � Experienced management and board � Delivering on IPO Prospectus schedule � Further growth opportunities 36

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