DREADNOUGHT RESOURCES LTD — AGM Information 2010

Nov 29, 2010

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30 November 2010

The Manager Company Announcements Office Australian Securities Exchange 20 Bridge Street SYDNEY NSW 2000

Dear Sir/Madam

Annual General Meeting Presentation

Please find attached for release to the market, a Presentation made to the ERO Mining Limited (ASX: ERO) Annual General Meeting held 30 November 2010.

Yours faithfully

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David W Godfrey Company Secretary

ERO Mining Ltd ABN 40 119 031 864

PO Box 3126 telephone 61 8 8132 7970 Norwood 5067 facsimile 61 8 8132 7999 South Australia email info@eromining.com

62 Beulah Road Norwood 5067 South Australia

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Annual General Meeting

An Exploration Company with Emerging Development Opportunity Shane Gale Director – South East Energy Ltd

30 November 2010

Slide 1

Presentation Notes

DISCLAIMER

This presentation contains forward looking statements that are subject to risk factors associated with the exploration and mining industry. It is believed that the expectations reflected in these statements are reasonable, but they may be affected by a variety of variables which could cause actual results or trends to differ materially.

COMPETENT PERSON

The following statements apply in respect of the information in this report that relates to Exploration Results, Exploration Targets and Mineral Resources: The information is based on, and accurately reflects information reviewed by Mr Llyle Sawyer, who is a Member of Australian Institute of Geoscientists.

Mr Sawyer is a geologist employed by Geos Mining, whom are independent consultants to South East Energy Limited. He has the relevant experience in relation to the uranium and lithium mineralisation being reported on to qualify as a Competent Person as defined in the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Identified Mineral Resources and Ore Reserves. Mr Sawyer has consented in writing to the inclusion in this report of the matters based on the information in the form and context in which it appears.

EXPLORATION TARGETS

Exploration Targets are reported according to Clause 18 of the JORC Code. This means that the potential quantity and grade is conceptual in nature and that considerable further exploration is necessary before any identified Mineral Resource can be reported. It is uncertain if further exploration will lead to a larger, smaller or any Mineral Resource.

Slide 2

AGM 30 November 2010

ERO Mining Limited and South East Energy Limited

 South East Energy Limited (“South East”) is an unlisted South Australian mineral explorer formed in 2007, that has compiled a portfolio of highly prospective exploration acreage at Lake Frome, Lake Torrens and via its Padthaway projects in the South East of South Australia

• ERO Mining Limited (“ERO” or the “Company”) to acquire 100% of the issued capital of South East

 Creation of a significant lithium, uranium and gold company with active exploration and future development opportunities providing potential pathways to production

Slide 3

AGM 30 November 2010

Transaction Overview

 ERO to acquire 100% of the issued capital of South East for the issue of 152,325,014 ordinary shares and 191,250,000 options in the Company

• ERO to acquire 12 ELs covering 7,012 km²

• World class lithium exploration target at Lake Frome

• ERO focus lithium exploration, secondary focus - uranium and gold

• ERO will undertake a review of all projects and dispose of any non core assets

Slide 4

AGM 30 November 2010

New Capital Structure

As consideration for the acquisition of South East, ERO will issue:  4.5 new ERO shares for every existing South East share; and  4.5 new ERO options exercisable at 5 cents each on or before 31 October 2011 for every existing South East option

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• Placement securities to be issued

Slide 5

AGM 30 November 2010

ERO Share Price Graph

Announcement of South East Acquisition

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Cents per Share
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 Post transaction market cap of approx $15.8M[1]

1 Based on ERO share price of 4.9 cents at close of trade on 23 November 2010

Slide 6

AGM 30 November 2010

New Highly Experienced Board

The successful completion of the transaction will result in a new highly qualified Board and management team with extensive top management experience in Australian companies and specific expertise in uranium, exploration, operations, business growth and political arenas

 Mr Robert Kennedy – Non-Executive Chairman

• Mr Shane Gale – CEO

• Dr Neville Alley Executive Director

• Mr Hector Gordon – Non-Executive Director

Slide 7

AGM 30 November 2010

The New ERO

Focused on exploration and resource development throughout Australia

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Slide 8

AGM 30 November 2010

Why Lithium ?

Total Lithium Carbonate Demand Average annual prices for lithium carbonate

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Tonnes
300,000
250,000
200,000
150,000
100,000
50,000
02 04 06 08 10 12 14 16 18 20
YEAR
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Source: TRU Group – Lithium Supply and Markets Conference, Chile Source: Roskill - The lithium market: 2009 review and outlook

Slide 9

AGM 30 November 2010

Why Lithium ?

• The most economical and significant method is by evaporation processes of lithium containing brines

• Sediments have been deposited over millions of years in highland basins or depositional sinks, by erosion and leaching of nearby lithium-bearing rocks

• Producers drill wells and pump the brine into evaporation ponds

• With the removal of water, the lithium content in the brine increases to a level where it can be collected and shipped to a chemical plant for processing

ESTIMATED COSTS EX-LABOR, LITHIUM PRODUCTION FROM VARIOUS SOURCES (BYRON CAPITAL MARKETS - $CAD)

Type	Brine(Mg:Li of 1:1)	Spodumene	Clay
Variable Cost(tonne LCE)	$1,200	$3,120	$2,262
Fully-amortized Cost(tonne LCE)	$2,267	$6,453	$3,262

Slide 10

AGM 30 November 2010

Why SA Salt Lakes for Lithium?

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• Major depocentres

• Large salt lakes with brines

• Regular inflow from adjacent uplands

• Source of lithium

• Low rainfall, high evaporation

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• Right geology underlying lakes

• Right palaeoclimatic history

• Previous exploration results

• Close to infrastructure

Slide 11

AGM 30 November 2010

SEZ Tenements

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AGM 30 November 2010
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Slide 12
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? Why is Lake Frome our Key Project

Favourable levels of Li are present

Depth (Metres)	CF1 (ppm)	CF2 (ppm)
10	100	250
20	100	30
30	150	100
40	150	200
50	150	100
60	100	250
70		250
80		200

Comalco Drillholes CF3 to CF9 showed 10 to 70 ppm.

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Slide 13

AGM 30 November 2010

What is the Source of the Lithium?

Rock sources: granites, volcanics and pegmatites in the adjacent ranges. Erosion during the geological past has transported lithium and uranium into Lake Frome lowland.

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Radiometric image shows likely pathway for lithium and uranium

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300-800 ppm Li
Lake
Frome
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Slide 14

AGM 30 November 2010

Target Horizons

Lake Frome a depositional sink (everything ends up here). Formations are thickened under Lake Frome Priority 1: Namba Formation and younger horizons. Priority 2: Eyre Formation. Priority 3: Older sediments.

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Slide 15

AGM 30 November 2010

Our Immediate Exploration Plans

Proposed exploration program focusing on our priority Lake Frome project.

First quarter 2011

• Landholder access discussions and presentations to the wider community

• Aboriginal heritage clearance for drillhole program near CF 1 and CF 2

Second and third quarters 2011

• Drill fully cored reference holes to base of the Eyre Formation at CF 1 and CF 2, commencing onshore near drillhole CF1 where access is easier, to test chemistry of all brines and sediments and flow volumes

• Twenty five close spaced drillholes (500m spacing) and four one kilometre spaced drillholes to test sediments, local, shallow and deeper brines for lithium and associated chemicals and flow rates

• Test for uranium concurrently

Slide 16

AGM 30 November 2010

Proposed drillholes Lake Frome

Previous drillholes Proposed fully cored drillholes to 150m depth Proposed 25x500m spaced drillholes and 4x1km spaced drillholes

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AGM 30 November 2010

Slide 17

Lake Frome Objectives

1. Focus on near surface south-western Lake Frome and explore for potential development there first

2. Characterise lithium and other concentrations

3. Follow the same assessment approach as for South American Salars modified for different chemistry and geology

4. Develop resource estimate

• Brines are pumped to evaporation ponds (10,000 tpa LCE ponds ~$75m), and precipitate lithium concentration to approx 5% to 10% and is then further processed to lithium carbonate

• 10,000 tonne lithium carbonate equivalent per annum production (10,000 tpa LCE Processing Plant ~$160m > export?)

Slide 18

AGM 30 November 2010

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Developing a Lithium from Brine Project
1.Exploration Results
MINERAL RESOURCES ORE RESERVES
4.Probable
2.Indicated
Lithium Evaporation
Pilot Brine
Ponds
Ponds
Concentrate
LCE
3.Measured
5. Proved
Assessments
$ cost to convert
Modelling
Resources into
Reserves
Modifying Factors > Chemistry, Brine Flow, Extraction, Precipitation, Sustainability
AGM 30 November 2010 Slide 19
Increasing level of knowledge and confidence
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Summary

• Acquisition of South East

• Sale of Georgetown

 Exploration program Lake Frome

 Review all tenements to retain the best

Slide 20

AGM 30 November 2010

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Summary

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Slide 21

AGM 30 November 2010

Thank You

ASX Issuer Code: ERO Internet Address: http://www.eromining.com Registered Office Address: 62 Beulah Road, Norwood, SA, 5067 Head Office Telephone: (08) 8132 7970 Fax (08) 8132 7999 Share Registry: Computershare Investor services Pty Limited, Level 5, 115 Grenfell Street, Adelaide, SA, 5000 Share Registry Telephone: 1300 787 272

Slide 22

AGM 30 November 2010