DREADNOUGHT RESOURCES LTD — AGM Information 2012

Nov 5, 2012

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Annual General Meeting 2012

Kevin Lines Chief Executive Officer Tuesday 6 November 2012

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M I N I N G
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Presentation notes

M I N I N G

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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.

Exploration target

Exploration targets are reported in accordance with clause 18 of the JORC code. This means that potential quantity and grade is conceptual in nature, and there has been insufficient exploration to define a mineral resource. It is uncertain if further exploration will result in the determination of a Mineral Resource.

Competent person

The information in this PRESENTATION that relates to Exploration Results, Mineral Resources and Ore Reserves is based on information compiled by Mr K Lines who is a member of the Australasian Institute of Mining and Metallurgy. Mr Lines is an employee of ERO Mining Limited. He has more than five years of relevant experience in the style of mineralisation and types of deposit under consideration and consents to inclusion of the information in this report in the form and context in which it appears. He qualifies as a Competent Person as defined in the 2004 Edition of the “Australasian Code for reporting of Exploration Results, Mineral Resources and Ore Reserves”.

ERO MINING LIMITED – ANNUAL GENERAL MEETING – 6 NOVEMBER 2012

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Corporate overview

M I N I N G

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629.2 million Shares on issue (at 30 September 2012) Shareholders 2171 Recent trading Shares 0.004-0.007 cents Market capitalisation $2.5–4.4 million

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Top 5 shareholders Shares (M)
Maximus Resources Ltd 44.6
RMK Su er Pt Ltd 37.7
p y
Tri le Ei ht Gold Pt Ltd 25.6
p g y
Mr Hector Gordon 23.9
Aloren (No 148) Pty Ltd 20.9
To 5 Total 24.3% 152.7
p
Directors’ interests 13.9%
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ERO MINING LIMITED – ANNUAL GENERAL MEETING – 6 NOVEMBER 2012

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M I N I N G

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Key events

• ERO now with sharper exploration focus and better balance sheet.

• Exploration moratorium lifted over Woomera Prohibited area. On-ground exploration at Billa Kalina (IOCGU) now targeted for late 2012 to early 2013.

• Exploration re-commences at Welbourn Hill within the Northern Gawler Project (IOCGU).

• Successful capital raising, well supported by shareholders.

• Exploration commenced over Padthaway (SA) tenements for heavy mineral sands (HMS).

• Significant progress made in rationalising ERO Mining’s extensive tenement holdings, with efforts to continue into 2013.

• Sale of the Georgetown Alluvial Gold Mining (Qld) assets.

ERO MINING LIMITED – ANNUAL GENERAL MEETING – 6 NOVEMBER 2012

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M I N I N G
Project locality
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M I N I N G
Project locality
NT
Tanami Mill Tan ami
Granites Mill
QLD
Eromanga
WA
Basin
North Gawler Craton
SA
Prominent Hill Beverley
Olympic Dam Wert a loona
Gawler
Billa Kalina
Craton
NSW
Moralana
Padth a way
VIC
Lithium project
500km
IOCG project
Gold project
Uranium project TAS
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ERO MINING LIMITED – ANNUAL GENERAL MEETING – 6 NOVEMBER 2012

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Iron oxide, copper, gold +/- uranium projects

M I N I N G

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BILLA KALINA

Prominent Hill    PEEWEENAPEEWEENA  Olympic DamOlympic DamOlympic DamOlympic Dam DAMDAM  CarapateenaCarapateenaCarapateenaCarapateena G A W L E R    Punt HillPunt HilPunt HillPunt Hill C R A T O N

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G2
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O'Driscoll lineaments G2 & G9

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 Mine
 Prospect
0 100 200 km
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ERO earning 50% in joint venture with MXR

• Priority exploration project within Woomera Prohibited Area (WPA).

• Midway between Olympic Dam and Prominent Hill.

• Exploration moratorium now lifted.

• Deed of Access – Exploration anticipated Q4 2012.

• Gravity survey to confirm and define 10 mgal anomaly at Peeweena Dam – January 2013.

• Drilling program to follow – results dependent.

ERO MINING LIMITED – ANNUAL GENERAL MEETING – 6 NOVEMBER 2012

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M I N I N G

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Northern Gawler Craton, South Australia

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Coongra 1
Nicholson 1
EL4019
EOB 2
EL4020
Nicholson 2
-
27º20'
EL4050
WHD 2
Diamond Drillhole
Historic Drillhole
Fault
0 5 km
Gravity Contour
134º 134º20'
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100% ERO Mining

• Grossly underexplored northern margin of the Gawler Craton.

• Significant alteration and anomalous Cu mineralisation in wide spaced drilling.

• Monax Alliance Pty Ltd complete detailed gravity survey September 2012, but withdrew from further exploration.

• Project remains 100% ERO Mining.

• Exciting discovery potential remains untested.

• ERO seeking partner to advance exploration in the Northern Gawler.

ERO MINING LIMITED – ANNUAL GENERAL MEETING – 6 NOVEMBER 2012

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Tanami, Northern Territory, gold/uranium projects

M I N I N G

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• World Class Proterozoic gold province – including +6 million ounce Callie deposit.

• Largely aboriginal freehold land – requires patience to acquire significant tenement holdings.

• ERO strategy commenced 2008-09 with strong in-house knowledge of prerequisites for success.

• Long term outlook now beginning to “bear fruit”. Two granted tenements with more to come.

• Suplejack Project is the only tenement with uranium exploration rights in the Tanami.

• Documented potential for unconformity-related uranium deposits similar to South Alligator River.

• Recent recognition by the Gold Sector of the Tanami’s potential with rapid increase in exploration expenditure.

• Major discovery successes in 2011–12 by Tanami Gold NL (+1 million ounces gold resource at Groundrush) and ABM Resources NL (+3 million ounce gold resources at Old Pirate/Twin Bonanza).

ERO MINING LIMITED – ANNUAL GENERAL MEETING – 6 NOVEMBER 2012

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Tanami projects

M I N I N G

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ERO Mining Limited – TANAMI PORTFOLIO

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S U P L E J A C K
EL27806
S T A T I O N
Talbot North 0 40 km
Groundrush Mine
ELA28493 G
ELA27921
Groundrush Ext
Groundrush South
-20°  Tanami
EL26625
Mine ELA27997
Suplejack Mt Solitaire
 Rabbit Flat Roadhouse
Callie Gold Mine E  The Granites
ELA27995
Officer Hill South
-
21°
ELA27511
Highland Rocks
Granted Exploration Licence EEEE Mine
Exploration Licence Application GGGG Mine (disused)
Pastoral Lease  Processing plant
Tanami Road
Rd
Lajamanu
130° 131°
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ERO MINING LIMITED – ANNUAL GENERAL MEETING – 6 NOVEMBER 2012

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Tanami projects

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M I N I N G
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 Groundrush (+ 1million ozs Au)
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 Ripcord (emerging gold discovery)

GROUNDRUSH SOUTH

• Along strike to the south of Groundrush Mine and Ripcord deposit.

• Groundrush – 750,000 ozs gold mined with a further plus 1 million ozs resources below base of open pit.

• Ripcord – emerging discovery by TAM.

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0 1 km
Exploration licence - Granted
Exploration licence - Application
ML22934
Mining Lease
 Mineral Deposit
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ELA27921
EXPLORATION
TARGETS
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• ERO exploration application area covers almost identical geological setting.

• Drill targets already identified.

• Anticipate grant of title in second half of 2013.

ERO MINING LIMITED – ANNUAL GENERAL MEETING – 6 NOVEMBER 2012

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M I N I N G Tanami projects

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-19°40'
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SUPLEJACK PROJECT

• Granted tenement with rights to explore for uranium and gold.

• Previous studies, by AGSO, highlight the strong geological similarities with uranium rich South Alligator River region of the NT.

-19°50'

• Uranium mineralisation intersected in historic drilling to the immediate south of Suplejack tenure.

• Shallow cover has limited the effectiveness of early exploration.

• Magnetic images indicate strong similarities with the structural/ geological setting of the Callie Gold Mine.

• ERO actively seeking JV partner for this exciting project.

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EL26625
Suplejack
-20°
Challenger 2
   6m@1.5 g/t + U
0 5 km
11
130° 130°10'
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ERO MINING LIMITED – ANNUAL GENERAL MEETING – 6 NOVEMBER 2012

M I N I N G Tanami projects

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HIGHLAND ROCKS

• Large exploration licence .

• application – 484 km[2]

• No effective modern exploration.

• NTGS mapping indicates highly favourable setting for gold mineralisation.

• Significant outcropping quartz veining throughout tenement.

• Structural setting similar to that at Callie Mine.

• Anticipate access for exploration commencing mid–2013.

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ELA27511
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Exploration Licence Application
0 5 km Existing Track
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ERO MINING LIMITED – ANNUAL GENERAL MEETING – 6 NOVEMBER 2012

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Padthaway Project, South Australia

M I N I N G

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100% ERO mining

• First phase exploration completed by Iluka Resources late 2011.

• Heavy mineral sands (HMS) results positive but Iluka elect to withdraw from JV.

• Strong interest from other HMS producer/explorers to partner with ERO.

• Confidentiality Agreement signed and data review underway.

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• Targeting new JV agreement by end 2012.

ERO MINING LIMITED – ANNUAL GENERAL MEETING – 6 NOVEMBER 2012

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Wertaloona and Moralana, SA – lithium projects

M I N I N G

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100% ERO Mining

• Two significant projects areas at Lake Frome

• (Wertaloona) and Lake Torrens (Moralana) in South Australia. Targeting lithium rich brines in salt lake environment.

• On-ground exploration programs suspended after completion of initial drilling phase in mid 2011.

• Review of both the mineralisation model and the exploration methodology is underway. Initial approach was overly expensive and poorly matched to ERO’s cash position.

• ERO remains very positive on the future outlook for lithium and it’s emerging role in modern society.

• Decision on the future direction of the Company’s lithium exploration program targeted for early 2013.

ERO MINING LIMITED – ANNUAL GENERAL MEETING – 6 NOVEMBER 2012

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M I N I N G The next 12 months for ERO Mining

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• Access to the exciting Peeweena Dam anomaly at Billa Kalina, (after 4 years of waiting). Potential for a significant IOCGU discovery.

• Acceleration of exploration across the Tanami Portfolio.

• Gold/uranium at Suplejack Project.

• Gold at Groundrush South and Highland Rocks.

• Renewal of exploration for heavy mineral sands at Padthaway Project.

• Continue to find the balance between full funding of exploration by our Company and sharing the risks through targeted joint ventures with quality explorers.

2013 – “WHEN PATIENCE PAYS DIVIDENDS”

ERO MINING LIMITED – ANNUAL GENERAL MEETING – 6 NOVEMBER 2012

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M I N I N G

THANK YOU

ERO Mining Limited Annual General Meeting 6 November 2012

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