EASTERN RESOURCES LIMITED — Investor Presentation 2012

May 17, 2012

Eastern Iron Limited

May 2012

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Disclaimer

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 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 and 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”. The information in this report that relates to Mineral Resources is based on information compiled by Arnold van der Heyden, BSc, who is a Member of the Australasian Institute of Mining and Metallurgy. Mr van der Heyden is a full-time employee of H & S Consultants Pty Ltd and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and 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” Both Messrs van der Heyden and De Ross consent 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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Eastern Iron – Summary

Three significant iron projects on the East Coast of Australia. Strategically focused on low capex, high margin iron ore developments, close to bulk transport/export infrastructure in Australia and overseas.

Present focus on newly acquired Nowa Nowa deposit

Nowa Nowa Project (100% EFE)

• High grade resource: Inferred 9.5Mt @ 49% Fe (magnetite/hematite)

• Scoping near term mining development producing 0.5 - 1 Mtpa +60%Fe Dry LIMS product

• Low Capex (expect less than $25 million)

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

• Engenium appointed to deliver Scoping Study by Q2, 2012/13

• Untested targets provide resource upside

Central Queensland Iron Projects (Hawkwood, Eulogie)

• Large iron 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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Eastern Iron Corporate Summary

Capital Structure

• Tight capital structure

• 68.8 million shares

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• $1.3 million cash (Mar 2012) • PlatSearch NL (ASX:PTS) major shareholder (45.8%)

• Share price: 7.0c (19 April )

• Ev $3.2M

•Top 20 hold 70% of issued shares Experienced Board and Management

Chairman: Glenn Goodacre MD: Greg De Ross NED’s : Greg Jones, Wendy Corbett, Ivo Polovineo (PTS), Steve Gemell

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NOWA NOWA IRON PROJECT

 Located in Eastern Victoria – good local power, roads, labor, port infrastructure  50 sq km held under exploration licence  100% owned by Eastern Iron  Multiple deposits; further resource upside

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• Drilled in 1950’s by Vic Govt.

Five Mile Deposit:

• Massive magnetite/hematite body

• Unoccupied Crown Land

• Native Title Agreements in place

• 8.9Mt @ 49% Fe Inferred Resource

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Seven Mile Deposit

• High grade DSO hematite at surface

• Potential small open cut at start of development

• Limited drilling: NN25 0-53.5m @

• 61.5% Fe

• Inferred 0.55Mt @ 48% Fe – potential

• to expand resource

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Five Mile - Metallurgy

• Preliminary results from limited drill core sampling:

• Crushing and Dry LIMS gives low cost high quality magnetite product

Dry LIMS - 6.3mm
	Wt.%	Fe%	**SiO2% **	**Al2O3% **	**TiO2% **	MnO%	P%	S%
Upper Comp	99.7	61.9	6.7	0.9	0.06	0.03	<0.01	0.62
Middle Comp	35.5	58.9	9.3	1.3	0.07	0.01	<0.01	0.41
Lower Comp	69.1	64.0	6.3	0.8	0.05	0.02	<0.01	0.61
Average	68.1	61.6	7.4	1.0	0.06	0.02	<0.01	0.54

• Coarse grinding and magnetic separation produces high quality feed:

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 from current drill program

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Deep Water Port Facilities at Eden

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Two wharf options: SEFE wharf with stock pile areas, wharf conveyor and ship loader. Upto small panamax 6070,000DWT

• Naval wharf with hard stand area, high standard newly constructed, wharf loading 3540,000DWT

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NOWA NOWA IRON PROJECT

 Development Concept:

• Open Pit Mine producing 1Mt pa iron product.

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

• Explore other ore sources eg 6 Mile.

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

• Eden - loading from existing wharf facilities to 50,000 – 75,000t vessels

• Product options including:

• Coarse magnetite, crush and dry

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

• Heavy Media separation of hematite

• from non mags

• Crush, grind and WHIMS; 250

• micron: 68% Fe

• 2-3 year development time frame, inc

• BFS, permitting and approvals

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Nowa Nowa – Additional Resource Potential

7 Mile: 0.55Mt[1] DSO hematite 6 Mile: undrilled 5 Mile: 8.92Mt[1] 49%Fe mag/hem

•Multiple bodies of massive magnetite/hematite •Eastern extensions to 5 Mile and undrilled 6 Mile target represent exploration upside to total resource.

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

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NOWA NOWA IRON PROJECT - Next steps

Scoping study (April – Sept quarter 2012)

• Engenium recently appointed

• Upgrade Five and Seven Mile resource

• Large diameter core drilling for metallurgical and market testing

• Firm transport arrangements

• Investigate offtake options Feasibility study (Early - Mid 2013)

• Resource drilling (5 Mile, 7 Mile)

• Exploration drilling (5 Mile East, 6 Mile)

• Initiate permitting and approval (EES) process Conceptual project parameters[1] to form basis of Scoping study • 1-1.5 Mtpa mined LIMS: 70% mass recovery to produce +0.6Mtpa

• hem/magnetite +60%Fe product.

• Indicative Capex $20-25M, total cash costs $50 -60/t FOB

• •Note: 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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CENTRAL QUEENSLAND IRON PROJECT

A unique opportunity of large iron resources in an area of established infrastructure

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• Hawkwood project

• (EFE earning 80% currently at 50%)

• Eulogie Project

• (EFE 100%)

• Auburn exploration

• permit (EFE 100%)

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Eastern Iron - Investment Summary

Eastern Iron is focused on the potential for near term development of Nowa Nowa and other high grade DSO opportunities and realising value from its large scale Queensland magnetite projects

Seeking to raise further capital to fund the completion of the feasibility study at Nowa Nowa and complete further resource and exploratory drilling.

Program over next 6 months includes:

• Nowa Nowa

• •Metallurgical drilling and testwork

• •Market testing

• •Lock in agreements on port access

• •Initiate Feasibility study

• Queensland Iron Project – progress discussions for farm out.

• Active search for further project opportunities in line with strategic objective

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Thankyou

Questions?

Suite 3, Level 1, 80 Chandos Street St Leonards,2065, Australia PO Box 956, Crows Nest,1585 Ph: 02 9906 7551 Fax: 02 9906 5233 www.easterniron.com.au

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