EASTERN RESOURCES LIMITED — AGM Information 2011

Nov 22, 2011

Eastern Iron Limited Annual General Meeting

November 2011

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Disclaimer

This release may include forward-looking statements. These forward-looking statements are based on management’s expectations and beliefs concerning future events. Forward-looking statements are necessarily subject to risks, uncertainties and other factors, many of which are outside the control of Eastern Iron Limited, that could cause actual results to differ materially from such statements. Eastern Iron Limited makes no undertaking to subsequently update or revise the forward-looking statements made in this release to reflect events or circumstances after the date of this release.

The information relating to the terms “iron ore”, “exploration target”, direct shipping ore”, “beneficiation” and “upgrade” should not be misunderstood or misconstrued as an estimate of Mineral Resources and Reserves as defined by the JORC Code (2004) and therefore the terms have not been used in this context. It is uncertain if further exploration or feasibility study will result in the determination of a Mineral Resource or Mining Reserve.

This overview of Eastern Iron does not purport to be all inclusive or to contain all information which its recipients may require in order to make an informed assessment of the Company’s prospects. You should conduct your own investigation and perform your own analysis in order to satisfy yourself as to the accuracy and completeness of the information, statements and opinions contained in this presentation and making any investment decision.

The information contained herein is general in nature and does not constitute financial product advice. If necessary, you should seek specific financial advice of your stockbroker prior to making any investment decision. This presentation has been prepared without taking into account the investment objectives, financial situation or particular needs of any investor.

The information in this report that relates to Exploration Results is based on information compiled by Greg De Ross, BSc, who is a Fellow of the Australasian Institute of Mining and Metallurgy. Greg De Ross is CEO and a full-time employee of Eastern Iron Limited and 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”. The information in this report that relates to Mineral Resources is based on information compiled by Arnold van der Heyden, BSc, who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Van Der Heyden is a full-time employee of Hellman & Schofield Pty Ltd and 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” Both Messrs Van Der Hayden and De Ross consent to the inclusion in the report of the matters based on his information in the form and context in which it appears

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Investment Highlights:

• •Strong Board and management team: operational and corporate skills in place

• Growing asset portfolio and Iron resource base in highly prospective areas in NSW, VIC and QLD

• Targeting 1-2Bt potential resource at advanced QLD projects

• Investigating potential for near term development and cash flow at Nowa Nowa

• Good progress toward producing a saleable product on NSW projects

• Good access to bulk commodity related transport infrastructure on all projects

• Tightly held register

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2010 – 2011 The year in summary

• Sept 10: Completed exploratory drilling at Hawkwood

• October 10: Entered into agreement to acquire 100% of

• Eulogie Project

• Nov 10: Completed preliminary metallurgical testwork for

• Hawkwood project

• Jan 11: Completed Eulogie Sale Agreement

• March 11: Initiated Eulogie concept development study

• April 11: Updated resource potential for Hawkwood and

• Eulogie

• May 11 : Completed transport options study for Eulogie

• June 11: Completed sighter metallurgical study for Eulogie

• Sept 11: Completed resource drilling at Eulogie

• Oct 11 : Announced Eulogie resource

• Oct 11 : Nowa Nowa option

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Eastern Iron Corporate Summary

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Capital Structure

• Tight capital structure

• 67.8 million shares

• $2.8 million cash • PlatSearch NL major shareholder (48.2%) • Share price: 14c •Top 20 hold 69% of issued shares

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Board of Directors

Glenn Goodacre BA (Macquarie) Non-Executive Chairman

Glenn Goodacre has a background as an investor in resources and the private equity industry having commenced investing in resources in the late 1960s and working in the industry in the 1980s. His experience encompasses the pre-float stages of mineral explorers through to management roles in established mining and exploration companies in Australia and the Pacific.

Greg De Ross, BSc FAusIMM Managing Director

Greg De Ross is a geologist with over 30 years experience in corporate management, exploration and mining. His experience has included a variety of roles in areas covering exploration management, feasibility studies, resource development and mining in commodities such as base and precious metals, uranium, mineral sands, coal and iron ore. He has worked extensively in Central and South East Asia, Oceania and Australia.

Wendy Corbett, BSc, DipEd (Sydney), MAIG Non-Executive Director

Wendy Corbett has 35 years experience in mineral exploration and administration. Wendy is a founding director of Eastern Iron and a member of the New South Wales Geological Advisory Committee that advises the Minister for Mineral Resources on matters relating to the Geological Survey of New South Wales. She is also a councillor of the Australian Institute of Geoscientists .

Stephen Gemell, BE Mining (Hons), FAusImm (CP), MAIME, MMICA Non-Executive Director

Stephen is a consulting mining engineer with more than 30 years experience in the mining industry, both in Australia and overseas. Stephen is currently a non-executive director of Uranium Exploration Australia Limited (ASX: UXS). Other listed company directorships held during the past three years include: Allstate Explorations NL (until 2007), Central West Gold NL (Chairman, until 2006) and Cluff Resources Pacific NL (Chairman, until 2008).

Greg Jones, BSc (Hons 1) (UTS), MAusIMM Non Executive Director

Greg Jones is a geologist with 30 years of experience in the fields of mine geology, mine and regional exploration, project generation and resource development work. His career includes 14 years with WMC Ltd in Australia, Fiji and North America and 6 years with Sino Gold Ltd in China focused primarily on base metals, nickel and gold.

Ivo Polovineo Non-Executive Director

Ivo was previously Chief Financial Officer and Company Secretary for Sino Gold Mining Limited, formerly an ASX 100 company. Ivo is a Professional Member of National Institute of Accountants (PNA) with more than 30 years experience as a CFO and Company Secretary including over 20 years in the resources sector. Ivo is currently a Company Secretary of Lynas Corporation Ltd an ASX 100 company, PlatSearch NL and Thomson Resources Ltd.

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NSW Pisolite Iron JV

• Large resource of low grade iron

• pisolites in western NSW. Exploration target tonnage +5Bt

• Product easily mined from shallow free dig material then dry mag sep’n •Iron product 45-50% Fe and high in deleterious elements

• •JV: 3E Steel committed $1.9M.

• Further resource drilling

• underway

• Metallurgical studies: Stage 1 successful in producing a +54%Fe product.

• Further testwork at Jiangsi Uni being undertaken over next 6-9 mths

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CENTRAL QUEENSLAND IRON PROJECT

A unique opportunity of large iron resources in an area of established infrastructure

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AUBURN
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• Hawkwood project

• (EFE earning 80%)

• Eulogie Project (EFE 100%)

• Auburn exploration permit (EFE 100%)

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Hawkwood Project

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• Eastern Iron earning 80% (JV with

• Rugby Mining Ltd)

• 4 Exploration licenses totalling 345 km[2]

• Work completed includes:

• •19 hole 1848m RC drilling program (2010)

• Diamond drilling (2011)

• Metallurgical testwork (2010)

• Resource drilling program completed Oct 2011

• Cooperative study into transport options study for the North Burnett Region (2011)

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Hawkwood Drilling

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• Layered igneous complex with12 km zone of mineralisation

• Multiple layers of magnetite bearing ferrigabbro up to 100m thick

• Suitable for low strip open cut mining.

• +500Mt exploration target

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Metallurgical Testwork

 Davis Tube results indicate a high grade iron concentrate with low impurities  80% of TiO2 goes to tail with potential for ilmenite by product

Fe%	V2O5%	TiO2	SiO2	Al2O3%	P%	S%	DTR%
66.6	0.67	2.2	1.8	1.7	<.001	0.14	17

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Eulogie Project

• Magnetite bearing ferrigabbro

• •Acquired by Eastern in Jan 2011 and targeted for early development due to favourable location and logistics.

• Located 80km from Gladstone

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• Previous exploration in 1980’s:

30 drillholes (1222m)

• •Exploration target tonnage 500Mt1000Mt

• New JORC resource: 465 Mt @ 14.2% Fe

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Magnetic image showing ferrigabbro units

Eulogie: Concept Study Resource drilling (Sept 2011) 3369m RC drilling, JORC 465 Mt magnetite ore grading 14.2%Fe; only 35% of area tested by drilling. Transport Study (June 2011) Identified preferred ore transport options Met. Study; METS (WA) (June 2011) Preliminary process design and product specs Concept Study – preliminary opex and capex estimates (Dec quarter 2011)

Eulogie Project - Sighter Metallurgical Test Program

Results:

• Magnetic separation produces saleable product (table below)

• Lower Fe and higher TiO2 than Hawkwood

• Coarse grind size (150 micron) produces acceptable product

Grind Size	Wt %	Fe %	SiO2 %	Al2O3 %	TiO2 %	P %	V %	S %
150 micron	17.6	59.34	2.72	3.61	7.03	0.002	0.541	0.65
75 micron	16.8	61.15	1.42	3.02	6.55	0.002	0.561	0.57
45 Micron	15.1	61.94	1.52	2.87	6.34	0.002	0.57	0.66
Hawkwood 75 micron	17	66.6	1.8	1.7	2.2	0.001	0.54	0.14

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Eulogie and Hawkwood Projects

Local infrastructure supports rapid potential development

Eulogie:

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Transport options include: Option 1 – 50km road to Blackwater rail line 140km to Port.

Option 2 – 50km road to Moura rail line 100km to Port

Option 3 - 80km haul road to Port

• •Possible low (operating) cost slurry pipeline option (80km). Hawkwood:

• Maryborough line (needs

• upgrading) 250km to Port

• •Joint Study with Qld Govt, Monto Coal and Aust Bauxite into regional transport options

CENTRAL QUEENSLAND TRANSPORT INFRASTRUCTURE

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Blackwater rail line
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RG Tanna coal loader
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Auckland Point

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NOWA NOWA IRON PROJECT

• First stage of new corporate strategy to focus on low capex high grade DSO projects serviced by

• existing infrastructure.

• Nowa Nowa: Recent agreement with option to acquire 100% of project

• Located in Eastern Victoria, 250km east of Melbourne.

• Massive magnetite deposits drilled by the Victorian Government in 1950’s

• Good infrastructure, sealed roads, power, rail, local labor force

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NOWA NOWA IRON PROJECT

• Multiple massive magnetite bodies faulted against volcanic rocks

• Several deposits previously drilled by GSV

• Drill core re-assayed by previous explorer: eg: DH 14 39.6m – 121.92m (82.28m) av. 56.9% Fe, 13.1% SiO2, 1.3% Al2O3

• Program over next 6 months

• Recompile drill data to resource standard

• Metallurgical testing of drill core to determine optimum development route

• Scoping development study inc transport options

• Potential for development

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The Year Ahead

	Sept-Dec 11	Jan – Mar 12	Apr – Jun 12	Jul – Aug 12
Queensland Iron Project	•Complete Scoping study • Complete resource est for Hawkwood	Discussions with potential JV partners
Nowa Nowa	• Compile resource data	• Met testwork •Transport study •Scoping study	• Commence Project permitting process	• Feasibility study
NSW Pisolite Project	• Complete resource drilling	• Beneficiation study in China		• Bulk sampling •Pilot scale testwork

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Eastern Iron - Summary

Central Queensland Iron Project (Hawkwood, Eulogie)

• Large potential iron resource close to established infrastructure.

• High quality magnetite iron product

• Eulogie concept study due for completion in December quarter

• Investigating options for next stage PFS/FS including partner funding

Nowa Nowa Project

• Recent acquisition focussing on potential for low capex high grade

• (DSO) iron ore development with possibility of near term production and cashflow

• Accelerate assessment over the next 6 months

NSW Pisolite Project

• Large resource low grade iron

• Potential to beneficiate to saleable product will be reviewed by JV

• partner of next 6 months

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Thankyou

Questions?

Suite 3, Level 1, 80 Chandos Street St Leonards,2065, Australia PO Box 956, Crows Nest,1585 Ph: 02 9906 7551 Fax: 02 9906 5233 www.easterniron.com.au

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