DOTZ NANO LIMITED — AGM Information 2012

May 22, 2012

ASX ANNOUNCEMENT

23 May 2012

CHAIRMAN’S ADDRESS TO AGM AND PRESENTATION

Chairman’s Address

It has been an eventful 12 months since our last Annual General Meeting in May 2011 with our Sydvaranger Gruve (SVG) operations recovering from the disruption Northern Iron experienced as a result of the 4 week plant outage in July and August last year to a situation today where we are experiencing increasing production rates, significant improvements in product quality and reducing unit production costs.

While not meeting our expectations in production and financial results for 2011 Northern Iron did turn in a small maiden profit of $2.9 million, we experienced a 50% reduction in lost time injuries and developed the systems and work practices which have become the bed rock for the improvements that we are currently experiencing. Probable reserves were increased by 42% during the year, the legacy issue with the sales contract with Tata Steel Europe was resolved and the company’s financial position bolstered with a restructuring and consolidation of the Company’s debt by means of new facilities provided by DNB Bank and a $21 million net equity raising in November 2011.

As we move through the second quarter of 2012, the Company has largely met the plans and targets outlined in its presentation in November 2011 and subsequent updates. Product quality has continued to improve. The sub 4% silica grades that have been achieved for prolonged periods since the installation of the new magnetic separators in March have encouraged the Company to accelerate its commitment to a $7 million upgrade to sustain this improvement in grade as production expands to name plate capacity. The final step for the de-bottlenecking program comes towards the end of June when we expect to install the new crusher screens which will reduce the amount of oversize presenting to the primary mill, and is expected to lift the plant to its 2.8 mtpa name plate capacity in the third quarter of 2012.

Once SVG can demonstrate its ability to produce high quality concentrate with about 69% iron and sub 4% silica at name plate capacity it will open up some very exciting marketing opportunities for the company in the European and Middle Eastern high quality concentrate markets and potentially the sinter fine market. Initial small scale sintering trials have been encouraging, and our announced agreement with Tata Steel today to extend these trials further may result in NFE accessing the large European sinter market.

Northern Iron has previously outlined its four year value creation strategy which includes the possibility of making improvements to the port capacity to enable the facility to load larger ore carriers and a project to double production capacity at a capital cost estimated to be US$280 to US$360 million (or a relatively attractive US$ 100 to 130 per tonne of capacity) depending upon the tailings disposal option selected. We are excited by both these projects and will continue to press forward in a properly staged manner which recognises the financial and operational capabilities of the Company.

We see the production expansion in particular as having a very strong value add for the project and as one that can drive our operating costs to the lower levels that will allow the SVG project to be robust in less certain times that may lie ahead. While current ore prices and demand for SVG concentrate remains at satisfactory levels our crystal ball for predicting future ore prices is no clearer than others and we must plan for the downside and continue to improve our ore quality and unit production costs.

The first part of the expansion project involves obtaining the regulatory approvals required to permit the increased production levels. The approval process has commenced and will be run in parallel with the engineering work to enable an investment decision to be made by the end of 2013.

Shareholders will be aware that in November 2011 the Company announced that it was initiating a strategic review with the object of maximising value for shareholders. The review covers corporate and operating strategies including a review of ownership options available to the company. Northern Iron has announced the operational strategies to shareholders by way of release of a four year value creation strategy in March 2012. Work on this strategy is continuing. While we continue to work on the corporate elements of the strategic review we must emphasise that we do not know if the process will result in any proposal coming forward which is capable of being put to shareholders with the recommendation of the Northern Iron Board. The Board is confident that if there are no such proposals then the strategic work completed for the operations to date provides a strong foundation for the Company to create value for shareholders.

The outage in July and August last year and its flow on effects into the next few months put a tremendous strain on our financiers, shareholders and the community of Kirkenes. Management, staff and contractors in particular but also directors put in tremendous hours and efforts to right this situation. It was very pleasing to see how all these stakeholders pulled together and I believe that the teamwork and operational procedures put in place during this time has been a key contributor to the improvement that we are now experiencing.

On behalf of the board I would like to thank our wonderful staff for their work and dedication over the last 12 months and I would also like to thank the community of Kirkenes, our financiers (DNB Bank and Innovasjon Norge) and our shareholders for their patience and support. We trust and believe that this loyalty will be rewarded in the years ahead.

OPERATIONS UPDATE & ANNUAL FINANCIAL RESULT*

NFE Annual General Meeting 23 MAY 2012

DISCLAIMER

Forward-looking statements

This presentation includes forward-looking statements. Forward-looking statements are only predictions and are subject to risks, uncertainties and assumptions, many of which are outside the control of NFE. Actual values, results or events may be materially different to those expressed or implied in this presentation. Given these uncertainties, recipients are cautioned not to place reliance on forward-looking statements. Any forward-looking statements in this presentation speak only at the date of issue of this presentation. Subject to any continuing obligations under applicable law and the ASX Listing Rules, NFE does not undertake any obligation to update or revise any information or any of the forward-looking statements in this presentation or any changes in events, conditions or circumstances on which any such forward-looking statement is based.

No representation or warranty (express or implied) is made by NFE or any of its directors, officers, employees, advisers or agents that any forecasts, projections, intentions, expectations or plans set out in this document will be achieved, either totally or partially, or that any particular rate of return will be achieved. This presentation includes capital cost estimates from a Scoping Study. Typically the accuracy of Scoping Study capital costs will be in a range of +50% / -35%, with a contingency of 25% applied.

COMPETENT PERSON’S STATEMENT

The information in this report that relates to mineral resources is based on information compiled by Mr Mark Owen, who is a Chartered Geologist with the Geological Society of London. Mr Owen is employed full time by Wardell Armstrong International (WAI). Mr Owen 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 Owen consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The information in this report that relates to Ore Reserves is based on information compiled by Mr Bruce Pilcher, who is a Member of the Australasian Institute of Mining and Metallurgy and is a Chartered Engineer under the Institute of Materials, Minerals and Mining. Mr Pilcher is employed full time by Wardell Armstrong International (WAI). Mr Pilcher 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 Pilcher consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

NORTHERN IRON OVERVIEW

Overview :

• 100% owner of Sydvaranger Iron Ore Project, Norway

• Operated from 1910 to 1997 (200Mt of ore mined)

• Listed on the ASX in Dec 2007, mining commenced in May 2009 and the first shipment was in Nov 2009

• High quality magnetite concentrate

• Portion of production subject to long term offtake contract with key European customer in place

• Long mine life expected

Corporate:

• ASX Code :

NFE

• Ordinary Shares: 370m

• Market capitalisation @ A$0.99: A$366m

• Cash + Receivables @ 30 April: US$53.6m

• Net Debt @ 30 April (unaudited): US$89.1m

Significant Shareholders (as of 30 April) :

• Tschudi Mining: ~20%

• OM Holdings Ltd:

• ~14 %

• Eley Griffiths Pty Ltd:

• ~9 %

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2011 HIGHLIGHTS

Operational Highlights

50% reduction in lost time injuries

Important indicator of a systematic approach to management developing

42% increase in probable reserves Production commences at Bjørnevatn

Reassessed the Bjørnevatn deposit with higher longer term ore prices Commencing ore production and waste stripping from the deposit that provides 80% of Sydvaranger’s probable reserves

Improved throughput rates

From the middle of 2011 higher processing rates have been delivered, resulting in consecutive record concentrate production quarters in Q4 2011 and Q1 2012

Tata contract renegotiated

New agreement signed reflecting more realistic quality expectations of Sydvaranger concentrate

Financial Results

Maiden profit for NFE and improved EBITDA

EBITDA of US$37.2m and NPAT of US$ 2.9m, compared to the prior year loss of US$30.4m

Debt facilities consolidated and extended[Refinanced US$30m of debt onto a longer term facility and obtained a new US$ ] 25m working capital facility with strong support from local banking partner Maintaining Our Growth Strategy Continued work towards nameplate Debottlenecking program delivered improved throuput rates and significantly capacity and improved quality improved product quality in Q1 2012

Expansion studies commenced

Stakeholder consultation and engineering studies progressed during the year. 5

2012 HIGHLIGHTS – YEAR TO DATE

Operational Highlights

Record quarterly production delivered

501 kt in Q1 2012, with similar result expected in Q2.

Product quality enhanced

Initially targeted sub 5% silica product delievered with better than expected results, with production consistently achieving sub 4% levels

Management team strengthened

New CEO of Norwegian subsidiary Sydvaranger Gruve AS appointed. An experienced nordic mining professional strengthens NFE’s local credentials

Four year value creation strategy which draws together and formalizes studies recently completed by NFE

Development of a comprehensive value creation strategy

• Achieving and sustaining nameplate capacity and product quality

• Optimizing NFE’s operating performance and profitability from existing operations

• Doubling the concentrate production capacity of Sydvaranger

Marketing strategy developing

The trial of Sydvaranger concentrate by Tata Steel for use in sinter plants potentially opens exciting new sales possibilities for NFE

Financial Results

EBITDA contines to improve

Unaudited US$ 12 m in Q1 2012

Operating costs declining with improving volumes

From an average of US$ 109 / dmt in 2011 to US$ 84 / dmt in Q1 2012. Average costs of US$ 65 / dmt expected for 2012

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HEALTH, SAFETY, ENVIRONMENT & COMMUNITY

• Sydvaranger Gruve achieved a 50% reduction in lost time injuries in 2011, and is aiming to achieve a 50% reduction in disabling injuries in 2012. Ultimately, NFE has a vision of achieving Zero Harm in its operations.

• During the year the Company focused on delivering the three main goals of it’s environmental policy - awareness, monitoring, and, control

• Continued to meet and work with a community group established in 2010 to discuss and provide feedback on SVGs environmental performance

Conducted a wide variety of monitoring activities in 2011, including noise, water quality and tailings management.

Obtained a permit for use of a new type of flocculent in the process plant during 2011, and prepared and lodged an application for its permanent use in Q1 2012. A decision is expected by the end of May.

Community support was extended in the following areas

• Increased the % of employees residing in the community from 63 to 69%

• Started apprenticeship training in five key trade areas

• Commenced sponsorship of local community and sporting groups

SENIOR MANAGEMENT – TEAM STRENGTHENED

 Managing Director – John Sanderson

• Joined NFE in Dec 2008 and appointed CEO Nov 2009

• Appointed to the board as MD Feb 2010

• Mining Engineer with 18 years industry experience, 9 years with Rio Tinto

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• Chief Financial Officer – Tony Beckmand

• Accountant (CPA)

• 16 ys industry experience, 9 years in iron ore

• Joined NFE in Oct 2008

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 CEO Sydvaranger Gruve AS – Ismo Haaparanta

• Experienced Nordic mining professional, with a degree in Process Engineering and an EMBA from Turku University

• Joins SVG from Yara International, where he was GM of a Finnish fertiliser mine, processing and port complex

• Joined SVG in May 2012, reporting to the MD of NFE and board of SVG

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• Chief Development Officer – Harald Martinsen

• Experienced business development professional

• 25 years industry experience with Norsk Hydro

• Joined NFE in Sep 2011

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RESOURCES – UPSIDE IN THE PIPELINE

Mineral Resource Summary as at 01 February 2012 (at 15% Fe total cut-off grade)	Mineral Resource Summary as at 01 February 2012 (at 15% Fe total cut-off grade)	Mineral Resource Summary as at 01 February 2012 (at 15% Fe total cut-off grade)	Mineral Resource Summary as at 01 February 2012 (at 15% Fe total cut-off grade)	Mineral Resource Summary as at 01 February 2012 (at 15% Fe total cut-off grade)	Mineral Resource Summary as at 01 February 2012 (at 15% Fe total cut-off grade)	Mineral Resource Summary as at 01 February 2012 (at 15% Fe total cut-off grade)
Deposit	Indicated (Mt)	Fe (Total%)	Inferred (Mt)	Fe (Total %)	Total Tonnes (Mt)	Fe (Total %)
Bjørnevatn	152.0	32	138.1	30	290.1	31
Kjellmannsåsen	13.2	33	4.2	30	17.4	32
Fisketind Øst	11.1	31	19.2	31	30.3	31
Tverrdalen	20.4	32	26.4	31	46.8	31
Hyttemalmen	0.4	34	1.0	32	1.4	32
Bjornfell			13.6	32	13.6	32
Söstervann			4.7	37	4.7	37
Grundtjern			2.9	34	2.9	34
Fisketind SW			17.5	33	17.5	33
Jerntoppen			17.0	31	17.0	31
Total	197.1	32	244.6	31	441.7	31

• Probable Reserves increased by 42% after reassessing the optimal size of the Bjørnevatn deposit.

• A drilling program commenced in May 2011 aimed at:

• Providing infill drilling data

• Testing a number of greenfield targets within the existing concession area

• Additional resource and reserve upgrades are expected during 2012 as infill drilling converts Inferred to Indicated Resources

Reserve Summary as at 01 February 2012 (at 15% Fe total cut-offgrade)	Reserve Summary as at 01 February 2012 (at 15% Fe total cut-offgrade)	Reserve Summary as at 01 February 2012 (at 15% Fe total cut-offgrade)
Deposit	Probable Reserve(Mt)	Fe (Total%)
Kjellmannsåsen	11.8	33
Hyttemalmen	0	0
Bjørnevatn	142.6	32
Tverdalen	11.2	31
Fisketind Øst	6.7	30
Total	172.3	32

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PRODUCTION – IMPROVING TRENDS

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• Q3’11 Qtr impacted by a 4 week unplanned maintenance stoppage on the primary mill.

• Improving production trend evident from Q4 2011

• Expect Q2 2012 to be at similar levels to Q1

• Completion of nameplate debottlenecking project in July 2012 expected to result in a 2.8 Mtpa production rate from July onwards

• Expected CY2012 shipping of 2.4 Mt

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PRODUCT QUALITY IMPROVED

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• Step change improvement in silica content delivered from the end of March following commissioning of new equipment.

• Concentrate analysis demonstrates further improvements are possible with more capital investment to remove already liberated silica from the concentrate– US$7m has been approved by the board for further works in 2H 2012.

SALES AND MARKETING UPDATE

Tata Steel Europe

• Tata Steel Europe has declared a base volume of 1.0 Mtpa till March 2016 – the maximum allowable under the contract

• Tata has exercised its 0.5 Mt buyers option for 2012

• SVG has agreed an additional 275 kt to be delivered in 2012 for trials in European sinter plants

Other

• NFE continues to ship to Asian customers via its exclusive agency agreement with OM Holdings (through its subsidiary OM Materials Pte Ltd)

• In Dec 2011 the Company dispatched its first vessel to China on a CIF basis, which is expected to result in modest improvements to achieved sales price

• Middle Eastern customers expected to show renewed interest on the back of improved product quality

• The non-met market continues to be explored, with further cargoes expected in 2012

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NORTHERN IRON VALUE CREATION STRATEGY

NORTHERN IRON VISION

EXPAND OPTIMISE PRODUCTION Long life, cost NAMEPLATE  Double the competitive ACHIEVE concentrate  Achieve sub 4% silica provider of high NAMEPLATE for blast furnace production quality iron ore capacity to 5.6 NORTHERN IRON  Achieve a 2.8 Mtpa  pellet feed Achieve sub 2% silica Mtpa pellet feed to customers in START 2012 production rate during CY12 for direct reduced  Change out the mining fleet with Europe, the Middle  Running at ~2.1  Achieved sub 5% iron (DRI) pellet feed East and Asia.  Upgrade the port to larger equipment Mtpa silica from March  5.8% silica content 2012 handle cape size vessels

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Q2 ‘12 Q3’12 2013-2014 2016
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Capital required USD m (expected to be satisfied from operating cash flows and debt)	16.0 (already committed)	50 – 60	280– 360	Note: capital costs in 2013-2016 are at scoping study level of accuracy. Expansion capital costs vary based on tailings disposal option selected.
Expected LOM operating costs (real) USD / dmt	< 50	< 55	< 40
Expected life of mine sales price FOB (% from base case)	100%	120%	120%

STRATEGIC REVIEW

• In Nov-2011, Northern Iron announced it was initiating a strategic review with a view to maximising value for all shareholders

• As outlined in an update to the market on the 15[th] May, Northern Iron continues to work with its advisors to consider a range of corporate and operational strategies including a review of ownership options available to the company

• The Strategic Review may or may not result in a specific transaction

• Northern Iron has a strong basis to continue to develop as a standalone company and deliver value to shareholders

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WHY INVEST IN NORTHERN IRON?

Resources, infrastructure and quality with value upside via low risk optimization options and potential for brownfields expansion.

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Open Cut Mine- 25+ Year Mine Life

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Concentrator- High Quality Magnetite Concentrate

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8km Railway- Owner and Sole User

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Port- Efficient and Uncongested