EASTERN RESOURCES LIMITED — AGM Information 2014

Nov 18, 2014

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CHAIRMAN’S ADDRESS

ANNUAL GENERAL MEETING ‐ 19 NOVEMBER 2014

Dear Fellow Shareholders,

You are no doubt aware of the marked and well‐publicised changes that have occurred in the iron ore market in recent months. The apparent over‐supply associated with the slow‐down of growth in China has led to a sharp decline in iron ore prices, with some commentators stating that they cannot foresee a sustained price above US$100 per tonne in the near‐ to medium‐term. This, along with the major producers stated intent that they will continue to maintain the high levels of production that their recent and future capital infusions will provide, points to a stark outlook for junior companies in the iron ore sector. Many have placed their projects on hold whilst their boards and management attempt to find solutions to the impact of heavily‐reduced iron ore prices on project economics.

Your Company is distinguished from this group in two very important ways.

Firstly, at Nowa Nowa we have identified a product transport scenario which significantly reduces the projected off‐site costs. The option involves higher capital costs for product handling systems, offset by heavily reduced highway haulage costs. Because of increased product quality specifications, higher revenue per tonne of product is also expected. As an additional advantage, the Nowa Nowa project is now constrained to the State of Victoria and no longer straddles two state administrative systems.

Secondly, we have the additional good fortune that our project area hosts base metal mineralisation. In addition to the historical drill results that indicate the presence of material grades of copper, recent exploration has revealed geophysical anomalies worthy of further investigation.

In short, we remain committed to progressing Nowa Nowa as Eastern Iron’s principal project. We may review other opportunities should they arise, particularly if they permit us to establish a multi‐ project pipeline and provide further stability and growth to shareholder wealth. We will take care that such external project reviews, should they be undertaken, do not detract from our efforts at Nowa Nowa.

I take this opportunity to thank my fellow directors for their commitment, and Eastern Iron’s employees and consultants, who have worked patiently and steadfastly towards achieving our objectives. Our chief executive, Greg De Ross, has stepped down from the board but continues to lead the Company’s operational team.

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The Company is grateful for the support that it has received from the community, in particular from residents in the Nowa Nowa district, from the Gunaikurnai People and from the Government of Victoria. Finally, perhaps most importantly, I thank shareholders for their ongoing commitment to Eastern Iron. Without your support, we could not advance our project and strive to progress the Company.

Steve Gemell 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 – 19 November 2014