EASTERN RESOURCES LIMITED — AGM Information 2012

Nov 22, 2012

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CHAIRMAN’S ADDRESS – ANNUAL GENERAL MEETING 2012

Eastern Iron has remained focussed on progressing its iron ore projects to enhance shareholder value.

Our primary efforts have been directed at the Nowa Nowa project in Victoria. This project has advanced considerably during the past year, with our Scoping Study approaching completion. Current indications are that a future mining operation, should it come to fruition, will be simple and should require a relatively small capital cost, making it readily within Eastern Iron’s capability to build and manage. Since year end, we have announced a 23% increase in delineated mineral resources at the principal deposit, Five Mile.

The Queensland Iron Project, comprising the Hawkwood and Eulogie deposits, remains the centre post of our longer‐term plans. At Hawkwood, a maiden resource was announced in May, representing an important step in establishing a significant resource base. Although the resource tonnage is less than that at Eulogie, the exploration target at Hawkwood is considerably larger than the delineated resource. Eastern Iron is reviewing the varying options available with respect to further resource delineation, metallurgical testwork and potential development. Subject to successful feasibility outcomes, it is likely that the Queensland Iron Project will require substantial capital infusion to develop.

Investigation of our large, low‐grade New South Wales iron ore properties continues under the direction of our joint venture partner, 3E Steel.

The Company continued to review other exploration and development opportunities from time to time during the year, but we are very cognizant of the dangers in dissipating our management efforts at times when our near‐development projects require focused attention.

Eastern Iron has only realised its achievements through the application and perseverance of its staff and consultants. It is through their efforts, combined with shareholders’ support, that we are approaching a position where our asset value may be unlocked. Adrian Critchlow filled a casual vacancy as a director during the year, bringing entrepreneurial and additional project development skills to the board. Ian White also joined us as Company Secretary.

In particular, I wish to recognise the efforts and capability of Glenn Goodacre. Glenn was the Chairman of the Company from its inception in 2007 until late this year, and provided conspicuous leadership throughout that period. We wish him well in his future endeavours. Your new chairman will find his example difficult to emulate.

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Steve Gemell Chairman