EASTERN RESOURCES LIMITED — AGM Information 2013

Nov 25, 2013

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CHAIRMAN’S AGM ADDRESS

Dear Fellow Shareholders,

Where have we been, and where are we going?

This year our efforts have been primarily ‐ in fact, almost unilaterally ‐ directed at advancing the Nowa Nowa iron ore project. By iron ore standards, this is a small‐scale project and, as such, should prove readily capable of having a junior company such as ourselves take it through to production. This is subject, of course, to the outcomes of the feasibility study currently approaching completion and to ensuring that all stakeholders benefit appropriately from any future development.

We decided upon completion of the scoping study in December 2013 to proceed immediately to a definitive feasibility study. There is always some risk in by‐passing the intermediate pre‐feasibility study stage, given the inherent lack of definition of both costs and revenue in scoping study projections. However, the opportunity to save time in an increasingly difficult market proved overwhelmingly attractive. Having commenced the feasibility study in March this year, we have broadened its scope en‐route to investigate alternative product beneficiation scenarios. We plan to review the outcomes of the feasibility study after the New Year.

Whereas our near‐term focus has been sharply narrowed and pointed at Nowa Nowa, our long‐term success will be dependent on establishing and balancing a project exploration/development pipeline. We are convinced that iron ore, as an export commodity, has a secure long‐term future. Prices will fluctuate, and growth levels may abate, but overall demand will remain. We are therefore determined at this time to retain iron ore as the centrepiece of our commodity strategy.

In Hawkwood and Eulogie we have two large‐scale projects in central Queensland which already form an important component of this pipeline. Nevertheless, they are of a project scale and characteristic which most likely will require external assistance to develop, preferably from an off‐ take partner. This year we have applied only limited effort in this regard, for fear of diluting our momentum at Nowa Nowa. Irrespective of the future of the Queensland group, the company will need additional projects to secure its longer‐term objectives. These projects will ideally be of a scale which will permit practicable growth, allowing us to expand our capital base to the advantage of existing shareholders, further develop our core skills, and progress towards establishing a long‐term production profile.

Funding of our work since we met last November has come from diverse sources. We have sold our New South Wales project interests to our former joint‐venture partner, and whereas we regret our inability to continue to stand alongside them, we wish them the very best in their efforts to determine a viable metallurgical process that will facilitate development. As a consequence of this cash sale, bond monies held by the New South Wales Government have been returned to us. We have received a substantial R&D refund from the Federal Government. We anticipate receipt of a grant (previously announced) from the Victorian Government, probably in the coming quarter. The

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company is extremely proud that the Victorian Government has seen fit to support us in this manner, and we will work to maintain a strong relationship with them as we proceed to development at Nowa Nowa.

All of this has permitted us to defer any formal capital raising until after the scheduled completion of the Nowa Nowa feasibility study. We will need to raise funds in 2014, but optimal quanta will very much depend on the specific outcomes of that study. Although it is risky to have deferred a raising given our current cash resources, the opportunity to do it at a later time when shareholder value may be significantly influenced by those outcomes was deemed too attractive to forgo.

Finally, it remains to me to thank my fellow directors, who constitute a very active and hands‐on board, and in particular our dedicated and unflappable managing director Greg De Ross, as well as the staff, contractors and consultants whose hard work has got us to the current stage of our development. Most importantly, I thank the shareholders, without whose support we would have made no progress. With respect to progress, the company looks forward to being able to further advise you in the very near future.

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----- Start of picture text ----- S. Gemell----- End of picture text -----

Chairman

ASX: EFE

For enquiries on your shareholding or change of address please contact: Boardroom Limited GPO Box 3993, Sydney NSW 2001 Phone: (02) 9290 9600

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ASX Announcement – 26 November 2013