EASTERN RESOURCES LIMITED — AGM Information 2013

Nov 25, 2013

==> picture [718 x 141] intentionally omitted <==

AGM Presentation November 2013

==> picture [721 x 136] intentionally omitted <==

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.

==> picture [721 x 44] intentionally omitted <==

Nowa Nowa Project (100%)

• High grade Five Mile Deposit: 9.5Mt @ 50% Fe (magnetite/hematite)

• Completed scoping study in 2012 for mining development producing 0.8 Mtpa +58%Fe Fines product

• Low Capex ($32 million est. from scoping study)

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

• Project advanced to 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

==> picture [721 x 44] intentionally omitted <==

WC1

• Eastern Iron Limited (ASX:EFE) is an advanced exploration company with three significant iron projects on the East Coast of Australia

• Targeting low capex, high margin iron ore developments, close to bulk transport/export infrastructure

• Focused on developing the high grade Nowa Nowa magnetite/hematite deposit in VIC

• Final feasibility study due for completion Dec 2013

• Current JORC resource of 9.5Mt @ 50% Fe

• Low CAPEX, excellent infrastructure in place

• Targeting development late 2014

• Board & Management team - track record of identifying and developing mineral resource projects.

==> picture [721 x 44] intentionally omitted <==

• Nov 2013 – Approx $1 mill from R&D rebate and sale of NSW tenements

• Oct 2013 – Vic Govt infrastructure Grant

• Sept 2013 – Mining Licence application for 5 Mile

• Jun 2013 - Updated resource at 5 Mile deposit; 9.5Mt @ 50% Fe

• Feb 2013 – Engenium appointed to complete Feasibility Study

• Nov 2012 – Completion of Scoping Study

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

• H2 2012 – Commenced scoping study

• H1 2012 – Acquired 100% of Nowa Nowa project and announced maiden JORC resource of 9.47Mt @ 49.1% Fe

==> picture [721 x 44] intentionally omitted <==

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

• 50km[2] under exploration license

• 100% owned by Eastern Iron

• Existing global resource 10 Mt @ 50% Fe at a lower cutoff of 40% Fe

• Multiple deposits; further resource and exploration upside

• Unoccupied Crown land – heavily logged State Forest

==> picture [432 x 286] intentionally omitted <==

• DFS scheduled for completion in 2013

==> picture [721 x 44] intentionally omitted <==

==> picture [721 x 136] intentionally omitted <==

----- Start of picture text -----

Nowa Nowa – Prospects
----- End of picture text -----

Six Mile Deposit

• Exploration upside – yet to be drilled

Five Mile Deposit

• Drilled in 1950’s by Vic Govt.

• Massive magnetite/hematite body

• Unoccupied Crown Land

• 9.6Mt @ 50% Fe Resource

• EFE has drilled 8 diamond holes

Seven Mile Deposit

• High grade high silica hematite at surface

• Potential small open cut at start of development

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

• Single diamond drillhole 71.4m@46.3Fe from surface

• 5 additional holes drilled in Q2 2013

Massive replacement magnetite mineralisation

Ore body horizontal approx 70m thick

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

• Recent drilling results confirm historical drilling

==> picture [721 x 44] intentionally omitted <==

	Measured Indicated Inferred Total Prospect Mt Fe% Mt Fe % Mt Fe % Mt Fe % Five Mile 2.1 52 3.7 50 3.9 50 9.6 50

==> picture [721 x 136] intentionally omitted <==

----- Start of picture text -----

Five Mile Prospect
----- End of picture text -----

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: 9.6Mt 50%Fe mag/hem

==> picture [721 x 136] intentionally omitted <==

==> picture [721 x 92] intentionally omitted <==

----- Start of picture text -----

Scoping Study- Key outcomes
----- End of picture text -----

	Item Outcome Miningrate Max 4.8Mtpa(ore and waste) Life of Mine(LoM) 8years Averageproduction(Over LoM) 0.8Mtpa LoM waste:ore ratio 2.3:1 Averagegrade 58%Fe(fines) product Capex $32 million FOB Cost/tonne $70 LOM revenues $800 million+ Mass recoverytoproduct 80%

==> picture [721 x 136] intentionally omitted <==

----- Start of picture text -----

Nowa Nowa - Project Update
----- End of picture text -----

• Feasibility Study on schedule for completion in December 2013.

• Project description based on Scoping study results.

• Environmental and related studies completed in parallel with Feas. study to reduce the predevelopment timeframe.

• Mining Licence application submitted in October 2013.

• Project referred to Vic Govt for assessment in Nov. 2013.

• Targeting grant of Mining License in march quarter 2014 and development approvals in Dec quarter 2014.

• Subject to Board review of FS results, possible project start up in Dec quarter 2014.

==> picture [721 x 44] intentionally omitted <==

Mining

• Open Cut mining 1Mt ore pa.

• At 40% Fe lower cut, 8.6Mt ore mined over 10 yr mine life (potential for resource extensions)

• LOM strip ratio, 2.3:1; 19.8Mt waste rock.

• The expected open pit excavation will be approximately 700-800 m long by 300-400 m wide at the surface;

• The pit is expected to have a maximum depth of 195m, surface area of 175,000m[2]

• Scoping study assumed contractor mining but owner mining is being examined in FS

• Broken ore hauled to ROM for crushing

==> picture [316 x 383] intentionally omitted <==

==> picture [721 x 44] intentionally omitted <==

==> picture [721 x 136] intentionally omitted <==

----- Start of picture text -----

Nowa Nowa - Metallurgical Results
----- End of picture text -----

Processing

• Simple beneficiation process : Crushing (no grinding), dry LIMS, loading for export

• Several beneficiation options examined: DSO, Dry LIMS, Wet LIMS, WHIMS at various sizings.

• Dry LIMS selected to maximise grade of product, minimise capital cost and simplify permitting process (no tailings dam or water supply and management system).

• Dry LIMS testwork averages 86% mass yield to a 56% Fe product (approx 10% SiO2, 1.5% Al203, 1.5% S) ; further optimisation to be completed to upgrade final product.

==> picture [503 x 386] intentionally omitted <==

Features:

• 1km from process plant to sealed road

• • No site

• accommodation. Project footprint confined to small catchment area simplifying control of runoff.

• Zero discharge from mining area during operations

• Degraded forest land

• • No endangered flora or fauna or high value habitat.

• No sensitive cultural heritage sites

==> picture [721 x 44] intentionally omitted <==

==> picture [721 x 136] intentionally omitted <==

----- Start of picture text -----

Nowa Nowa – Project Description
----- End of picture text -----

Transport

• Product trucked 220km along sealed (Princes) highway to Eden (std. B doubles – 42t)

• • Trucking route bypasses built up areas.

• • Low traffic volumes, well within design capacity of Highway

• • 800ktpa equals 60 one way truck movements per day (24/7; 85% avail.)

• • Positive discussions with VicRoads

==> picture [374 x 248] intentionally omitted <==

==> picture [721 x 44] intentionally omitted <==

==> picture [721 x 136] intentionally omitted <==

----- Start of picture text -----

Nowa Nowa – Project Description
----- End of picture text -----

Transport

• Product trucked to SEFE port and wharf facility at Two Fold Bay (Eden)

• Only bulk loader on Aust east coast between Port Kembla and Geelong

• MOU with SEFE (HOA in preparation)

• Currently low (<20%) utilisation

• Capacity upto 60,000t vessels, approx 1 shipment every 3 weeks.

• Assume new stockpile and reclaiming area on SEFE site

==> picture [721 x 136] intentionally omitted <==

• Capital Cost: Total $32M inc contingency

• Study emphasis on minimising capex at the expense of opex

• Operating Cost: Total FOB $70/t inc $35 transport and port costs

• Possible changes in FS:

• Used crushing plant

• Utilise existing stockpile and reclaim system at SEFE

Capital Cost	$M AUD
Mine	3.6
Process Plant	5.0
Transport	2.8
Port storage/shiploading	4.8
Project Infrastructure	5.1
Indirect, owners, Contingency	10.5
Total	31.8

• Higher capacity trucks (56t)

• Grant of Mining Licence – targeting March 2014

• Execute Native Title agreement (PC Deed) with Gunai Kunai people. – December 2013

• Complete Feasibility Study – Dec 2013

• Victorian Government decision on permitting – Jan 2014 (project referral submitted Nov 2013)

• EES or statutory endorsement route (local Govt planning permit)

• Strong community support (zero objections to ML appl’n)

• Project approvals poss. DecQ 2014.

• High grade resource defined by drilling

• Scoping Study indicates robust economics

• High grade “fines” product

• Excellent infrastructure with access to bulk port

• Low impact development in degraded crown land

• All the elements for a development in place

• Committed to Feasibility Study due for completion in late 2013

==> picture [236 x 177] intentionally omitted <==

• Low capital provides protection from possible volatility in iron ore market

• Target project commitment in late 2014

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

$EV/Ann Tonne Prodn

==> picture [721 x 322] intentionally omitted <==

----- Start of picture text -----

EFE 5.7
WDR 104.3
BCI 121.3
Northern Iron 53.8
FMG 347.5
0.0 50.0 100.0 150.0 200.0 250.0 300.0 350.0 400.0
----- End of picture text -----

==> picture [721 x 136] intentionally omitted <==

----- Start of picture text -----

Iron Ore Price Forecasts
----- End of picture text -----

Most generally forecasting a long term decline in price

Global Iron Ore Forecasts of Industry and Financial Companies $/t

	Source	Forecast indicator	2012	Q1	Q2	Q3	Q4	2013	2014	2015	Long- term
				2013
	Consensus forecast	Iron ore fines (62% Fe, CFR China)	130	133	136	130	122	129	125	115	97
	Max- forecast	Iron ore fines (62% Fe, CFR China)	130	145	183	183	140	157	158	135	150
	Min- forecast	Iron ore fines (62% Fe, CFR China)	130	115	120	110	110	106	100	90	80

Source: Metal Expert Consulting Jan 2013

==> picture [721 x 136] intentionally omitted <==

----- Start of picture text -----

Iron Ore Pricing
US$ Iron Price over last 12 mths
----- End of picture text -----

US$ Iron Price over last 12 mths 2013 2012

But prices continue to surprise on the upside and are becoming more stable

==> picture [721 x 216] intentionally omitted <==

----- Start of picture text -----

A$ Iron Ore price since April 2013
----- End of picture text -----

Eastern Iron Limited

Level 1, 80 Chandos Street St Leonards, NSW 2065

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

Twitter: @EasternIronEFE

==> picture [721 x 307] intentionally omitted <==