EASTERN RESOURCES LIMITED — AGM Information 2012

Nov 22, 2012

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Annual General Meeting - 2012

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Disclaimer
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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 and Mineral Resources 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 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 De Ross consents 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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Overview
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• Eastern Iron Limited has three significant iron projects on the East Coast of Australia

• Strategic focus on low capex, high margin iron ore developments, close to bulk transport/export infrastructure in Australia and overseas

• Present focus on high grade Nowa Nowa magnetite/hematite deposit in VIC

• Scoping study will be delivered in November

• Current JORC resource of 11.5Mt @ 49% Fe

• Currently advancing negotiation with potential strategic partners for large scale QLD magnetite deposits

• Strong Board and Management Team with track record of identifying and developing bulk commodity deposits

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Project Portfolio
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Nowa Nowa Project (100%)

• High grade resource: Inferred 11.5Mt @ 49% Fe (magnetite/hematite)

• Scoping near-term mining development producing 0.5 - 1 Mtpa +61%Fe LIMS Fines product

• Low Capex ($30 million est.)

• Eastern Victoria, good project infrastructure, roads, power, port

• Decision pending on advancing the project to the pre feasibility stage

• Untested targets provide resource upside

Central Queensland Iron Projects – Hawkwood (50% up to 80%) & Eulogie (100%)

• Large magnetite resource close to bulk commodity transport infrastructure – roads, rail and port options.

• Positive results from concept study

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

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Recent Activity
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Rapid progress on priority Nowa Nowa Project in 2012

• Nov 2012 – Completion of Scoping Study

• Sept 2012 – Updated resource for Nowa Nowa of 11.5Mt @ 49.8% Fe

• July 2012 – Completion of drilling program at Nowa Nowa and initial drilling results

• • July 2012 – Completion of Entitlements offer to raise ~$1.27 million

• May 2012 – Appointment of Engenium to commence Nowa Nowa scoping study

• • Mar 2012 – Announced preliminary metallurgical results for Nowa Nowa

• Feb 2012 – Maiden JORC resource for Nowa Nowa of 9.47Mt @ 49.1% Fe

• Feb 2012 – Acquired 100% of Nowa Nowa Project

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Corporate Overview
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Capital Structure

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Experienced Board and Management

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• 114.6 million shares on issue

• $3.0 million cash

• PlatSearch NL (ASX:PTS) major shareholder (46%)

• Share price: 4.8c (22 Nov)

Chairman: Steve Gemell MD: Greg De Ross NED’s : Greg Jones, Wendy Corbett, Ivo Polovineo, Adrian Critchlow

• Ev $2.2M

• Top 20: 70% of issued shares

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Nowa Nowa Iron Project
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• Eastern Victoria – good local power, roads, labor, port infrastructure

• 50km[2] under exploration license

• 100% owned by Eastern Iron

• Existing global inferred resource 11.5Mt @ 49% Fe at a lower cutoff of 40% Fe

• Multiple deposits; further resource and exploration upside

• Native Title agreement in place

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• Engenium appointed to conduct scoping study – due for completion in Dec quarter

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Nowa Nowa – Primary Prospects
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Six Mile Deposit

• Exploration upside – yet to be drilled

Five Mile Deposit

• Drilled in 1950’s by Vic Govt.

• Massive

• magnetite/hematite body

Seven Mile Deposit

• High grade high silica hematite at surface

• Potential small open cut at start of development

• Unoccupied Crown Land

• Inferred 0.55Mt @ 48.3% Fe – potential to expand resource

• 11Mt @ 49.8% Fe Inferred Resource

• Diamond drilling program recently revealed 71.4m@46.3Fe from surface

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Recent drilling results confirm historical drilling

NND014 62.9m from 67.7m @ 57.6% Fe, 9.78% SiO2, 1.77% Al2O3, 0.03% P

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Five Mile Deposit - Metallurgy
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• Preliminary results from sampling of old drill core

• Crushing and Dry LIMS gives low cost high quality magnetite product similar to Pilbara fines

Dry LIMS -6.3mm	Wt%	Fe%	**SiO2% **	**Al2O3% **	P%	S%
Upper Composite	99.7	61.9	6.7	0.9	<0.01	0.62
Intermediate Composite	35.5	58.9	9.3	1.3	<0.01	0.41
Lower Composite	69.1	61.6	7.4	1.0	<0.01	0.61

• Coarse grinding produces high quality iron product:

DTR Conc.		Wt.%	Fe%	**SiO2% **	**Al2O3% **	P%	S%
Upper Composite	250 micron	86.1	67.50	3.63	0.40	0.006	0.150
Intermediate Composite	250 micron	15.5	67.60	3.30	0.35	0.003	0.092
Lower Composite	250 micron	44.2	68.70	2.82	0.30	0.003	0.084

• Further testwork with a representative suite of samples from Five and Seven Mile deposits during scoping study

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Nowa Nowa – Development Concept
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• Open Pit Mine producing up to 1Mtpa iron product.

• Mine DSO hematite from 7 Mile first then magnetite/hematite from 5 Mile

• Explore other ore sources (6 Mile and extensions to 5 Mile)

• Road transport 220km to Eden Port (other transport options to Port Anthony and Western Port)

• Eden - loading from existing wharf facilities to 50,000 – 60,000t vessels

• MOU with operators of Eden Facility (SEFE)

• Product options include:

• Coarse magnetite, crush and magnetic separation (LIMS) from upper magnetite rich zone; -6mm +61% Fe

• Crush, grind and WHIMS; 250 micron: 68% Fe

• Approx. 2 year development time frame, incl. BFS, permitting and approvals

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Eden Wharf Conveyor and Bulk Loading facility

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Nowa Nowa – Activity Outlook
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Jul – Sept 12 Oct – Dec 12 Jan – Mar 13 Apr – Jun 13 Jul – Sept 13 Oct – Dec 13	Jul – Sept 12 Oct – Dec 12 Jan – Mar 13 Apr – Jun 13 Jul – Sept 13 Oct – Dec 13	Jul – Sept 12 Oct – Dec 12 Jan – Mar 13 Apr – Jun 13 Jul – Sept 13 Oct – Dec 13	Jul – Sept 12 Oct – Dec 12 Jan – Mar 13 Apr – Jun 13 Jul – Sept 13 Oct – Dec 13	Jul – Sept 12 Oct – Dec 12 Jan – Mar 13 Apr – Jun 13 Jul – Sept 13 Oct – Dec 13	Jul – Sept 12 Oct – Dec 12 Jan – Mar 13 Apr – Jun 13 Jul – Sept 13 Oct – Dec 13	Jul – Sept 12 Oct – Dec 12 Jan – Mar 13 Apr – Jun 13 Jul – Sept 13 Oct – Dec 13
Scoping Study Upgrade Five and Seven Mile resource Large diameter core drilling for metallurgical and market testing Firm transport arrangements Investigate off take options Opex and Capex estimates
Feasibility Study Resource drilling (5 Mile, 7 Mile) Exploration drilling (5 Mile East, 6 Mile) Permitting and approval (EES) process

Conceptual project parameters[1] to form basis of Scoping study

• 1 Mtpa mined LIMS: 75% mass recovery to produce 0.75Mtpa (approx.) hem/magnetite

• +61%Fe fines product.

• Indicative total cash costs $60-70/t FOB

• Indicative Capex $30-35M

Note 1: This conceptual project does not imply economic viability and further work is required in particular in the areas of resource definition and metallurgy before the projects viability can be assumed.

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Nowa Nowa – Additional Resource

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7 Mile: 0.55Mt[1] DSO hematite

6 Mile: undrilled

• Multiple bodies of massive magnetite

• Exploration and resource upside potential:

• Extensions to Five Mile

• Undrilled Six Mile

5 Mile: 8.92Mt[1] 50%Fe mag/hem

1 Details included in resource announcement by EFE on 10 Feb 2012

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Five Mile Deposit

• Original 1950’s drilling left parts of the magnetic anomaly untested. • Next drilling program will test northern part of the main anomaly and apparently faulted block to the north. • Both areas have thinner overburden 15-30m and could be an ideal location for a starter pit.

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Central Queensland Iron Project
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A unique combination of large iron resources in an area of established infrastructure

• Hawkwood Project

• (50% earning 80%)

• Eulogie Project

• (100%)

• Auburn exploration permit (100%)

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Eulogie Iron – Vanadium Project
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• Completed concept development study.

• Close proximity of existing infrastructure incl. Port

• and rail (80km west of Gladstone)

• JORC Resource: 465 Mt @ 14.2% Fe, 3.0% TiO2,

• 0.097% V

• Vanadiferous Magnetite concentrate product

• Exploration Target Tonnage 500 -1000Mt[1]

• Granted Mining Development Lease (MDL) 100%

• owned by Eastern Iron Limited

• Magnetite Concentrate at 150 micron final grind:

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Assay (%)
Fe SiO2 Al2O3 TiO2 S P MnO MgO V
DTR
61.45 1.44 3.29 6.81 0.623 0.000 0.29 1.370 0.571
Mags
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1 Potential exploration target tonnages and grades in this report are conceptual in nature as there has been insufficient exploration to define a Mineral Resource and it is uncertain if further exploration will result in the determination of a Mineral Resource. Tonnages and grades are not to be quoted outside this context.

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Eulogie Project – Concept
Development Study
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• Open Pit mine, 20Mtpa ROM ore

• Low waste to ore ratio (0.3)

• 3.2 Mtpa magnetite concentrate

• 80km road or rail transport to

Gladstone Port

• Loading through multi-user wharf at Gladstone to +100 DWT vessels

• Total Capital Cost est. $610M

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Drill section of ferrigabbro layers

• Cash costs est. $76/t concentrate FOB Gladstone

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Hawkwood Iron – Vanadium Project
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• Eastern Iron earning 80% (JV with Rugby Mining Ltd, RUG:TVX)

• 4 Exploration licenses totalling 345 km[2]

• Work completed includes:

• High resolution airborne magnetic survey

• RC drilling program (2010, 11)

• Diamond drilling (2011)

• Metallurgical testwork (2010)

• Resource drilling program completed Oct 2011

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

• Target tonnage 500-1000Mt[1]

• David Tube Testwork results:

Fe%	**V2O5% **	**TiO2 **	**SiO2 **	**Al2O3% **	P%	S%	DTR%
65.7	0.53	1.7	2.4	1.7	<.001	0.14	17

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1 Potential exploration target tonnages and grades in this report are conceptual in nature as there has been insufficient exploration to define a Mineral Resource and it is uncertain if further exploration will result in the determination of a Mineral Resource. Tonnages and grades are not to be quoted outside this context.

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Eulogie/Hawkwood Projects -
Infrastructure
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Access to Local Infrastructure Supports Potential Development

Eulogie Project:

Transport options include:

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• 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 Project:

• Maryborough line (needs upgrading) 250km to Port

Gladstone Port

• Potential to access Barney Point wharf and loader +5Mtpa after 2015.

Central Queensland Transport Infrastructure

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Blackwater rail line

Moura rail line

Gladstone Port

RG Tanna coal loader

Barney Point

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NSW Pisolite Iron JV
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• NSW tenements farmed out to 3E Steel, a private local company with Chinese financial backing.

• Completed further drilling to expand current resource and define additional area for possible mine development.

• Extensive beneficiation testwork at Chinese Universities to reduce levels of contaminants in pisolite product

• Bulk sampling planned and further beneficiation testwork planned for early 2013

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Recent downturn due to destocking in China
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Recent prices below $90/t were temporary due to Chinese destocking and have rebounded as . buyers returned to the market (currently Pilbara Fines $120-125/t CNF China)

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Source Macquarie Research July Sept 2012

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Iron Ore Pricing – look for value
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• Medium term pricing will be determined by pace of new supply additions (over-estimated?) and the capital and operating costs of new capacity

• Successful new projects will be those with low capital intensity (low capex/tonne of annual production) and low operating cost – high return eg: Nowa Nowa est $30-50/ annual tonne

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Eastern Iron – Value Proposition
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Eastern Iron poised for a valuation re-rating as the Nowa Nowa Project moves to completion of Scoping Study, to Feasibility Study, to Production.

Enterprise Value – Iron producers

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Eastern Iron A$1.4/t - 1Mtpa
BC Iron A$93.9/t - 1.5Mtpa
Mount Gibson Iron A$110.5/t - 4Mtpa
Atlas Iron A$131.6/t - 5.5Mtpa
Grange Resources A$132.6/t - 2Mtpa
Northern Iron A$152.7/t - 2Mtpa
Fortescue Metals A$178/t - 50Mtpa
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Investment Summary
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• Eastern Iron is focused on:

• Potential for near-term development of Nowa Nowa

• Realising value from its large scale Queensland magnetite projects

• Recent capital raising – well funded to complete scoping study at Nowa Nowa.

• Potential to complete feasibility study & commencement of production by mid 2014.

• Nowa Nowa – next 6 months

• Complete Scoping Study

• Metallurgical drilling and testwork

• Market testing

• Agreements on port access

• Initiate Feasibility study

• Queensland Iron Project - progress discussions for farm out.

• Pursue strategic acquisition opportunities

Eastern Iron Limited

Level 1, 80 Chandos Street St Leonards, NSW 2065

T: +61 2 9906 7751 www.easterniron.com.au Twitter: @EasternIronEFE

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