EASTERN RESOURCES LIMITED — Investor Presentation 2012

Mar 4, 2012

Eastern Iron Limited

Feb 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 Hellman & Schofield 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 identifying high grade DSO, low capex, high margin iron ore developments – low to medium tonnage, 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 @ 50% Fe (magnetite/hematite)

• Scoping near term mining development producing +0.5 Mtpa product

• Low Capex (expect less than $25 million)

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

• Accelerate assessment over the next 6 months

• 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

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Capital Structure

• Tight capital structure

• 68.8 million shares

• $1.8 million cash (Dec 2011)

• PlatSearch NL (ASX:PTS) major shareholder (46.4%)

• Share price: 7.5c (22 Feb 12) • Ev $3.6M •Top 20 hold 70% of issued shares

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Board of Directors

Glenn Goodacre BA (Macquarie) Non-Executive Chairman

Glenn Goodacre has a background as an investor in resources and the private equity industry having commenced investing in resources in the late 1960s and working in the industry in the 1980s. His experience encompasses the pre-float stages of mineral explorers through to management roles in established mining and exploration companies in Australia and the Pacific. He is a non executive Director of Convergent Minerals (ASX:CVG)

Greg De Ross, BSc FAusIMM Managing Director

Greg De Ross is a geologist with over 30 years experience in corporate management, exploration and mining. His experience has included a variety of roles in areas covering exploration management, feasibility studies, resource development and mining in commodities such as base and precious metals, uranium, mineral sands, coal and iron ore. He has worked extensively in Central and South East Asia, Oceania and Australia.

Wendy Corbett, BSc, DipEd (Sydney), MAIG Non-Executive Director

Wendy Corbett has 35 years experience in mineral exploration and administration. Wendy is a founding director of Eastern Iron.

Stephen Gemell, BE Mining (Hons), FAusImm (CP), MAIME, MMICA Non-Executive Director

Stephen is a consulting mining engineer with more than 30 years experience in the mining industry, both in Australia and overseas. Stephen is currently a non-executive director of Argent Minerals (ASX: ARD), Indochine Mining Limited (ASX:IDC) and UCL Resources (ASX:UCL).

Greg Jones, BSc (Hons 1) (UTS), MAusIMM Non Executive Director

Greg Jones is a geologist with 30 years of experience in the fields of mine geology, mine and regional exploration, project generation and resource development work.

Ivo Polovineo Non-Executive Director

Ivo was previously Chief Financial Officer and Company Secretary for Sino Gold Mining Limited, formerly an ASX 100 company. Ivo is a Professional Member of National Institute of Accountants (PNA) with more than 30 years experience as a CFO and Company Secretary including over 20 years in the resources sector. Ivo is currently a Company Secretary of Lynas Corporation Ltd an ASX 100 company, PlatSearch NL, Silver City Minerals Limited and Thomson Resources Ltd.

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Corporate Strategy

Objective: Develop a pipeline of projects which are capable of aggregating into moderate total tonnages (2-5Mtpa), low capex, low op cost, high margin

• •Focus on small tonnage low capex high grade DSO iron mines with access to port

• Individual projects: (eg Nowa Nowa)

• 5-20Mt High grade magnetite or DSO hematite,

• capex <$30 million

• •Develop a growth platform based on multiple deposits rather than a single large scale (large capex) development.

• Atlas Iron (ASX:AGO) model

• Secure partner funding to advance Queensland projects allowing EFE to focus on near term development opportunities – Nowa Nowa

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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 @ 49.2% Fe Inferred Resource

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Seven Mile Deposit

• High grade DSO hematite at surface

• • Potential small open cut at start of development • Inferred 0.55Mt @ 48.3% Fe – potential to expand resource

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Five Mile - Metallurgy

• Preliminary results from limited drill core sampling:

• Head assays indicate potential for DSO operation:

	Fe	SiO2	Al2O3	P	S
	(%)	(%)	(%)	(%)	(%)
Upper Comp	62.3	6.75	0.9	0.010	0.540
Intermediate Comp	55.4	10.6	2.28	0.013	0.800
Lower Comp	60.0	8.24	1.11	0.008	2.560

• Coarse grinding 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 form Five and Seven Mile deposits

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NOWA NOWA IRON PROJECT

 Development Concept:

• Open Pit Mine producing approx +0.5Mt 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 bulk loader to 50,000 – 75,000t vessels

• Product options including:

• Mine, crush and ship unprocessed

• ore (DSO)

• Lump magnetite, crush and dry

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

• Crush, grind and WHIMS; P80 106

• 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] 50%Fe mag/hem

•Multiple bodies of massive magnetite •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)

• Upgrade Five and Seven Mile resource

• Large diameter core drilling for metallurgical and market testing

• Firm transport arrangements

• Investigate offtake options Feasibility study (Mid – Early 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 • 1Mtpa mined, either LIMS: 60% mass recovery to produce 0.6Mtpa

• hem/magnetite +61%Fe product or DSO.

• Indicative total cash costs $55 -65/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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Eulogie Project

• New JORC Resource: 465 Mt @ 14.2% Fe

• Vanadiferous Magnetite

• Expln target tonnage 500Mt-1000Mt[1]

• Acquired by Eastern in Jan 2011 and targeted for early development due to favourable location and logistics.

• Located 80km from Gladstone

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1 Potential exploration target tonnages and grades in this report are conceptual in nature as there has been insufficient exploration to define a Mineral Resource and it is uncertain if further exploration will result in the determination of a Mineral Resource. Tonnages and grades are not to be quoted outside this context.

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Eulogie and Hawkwood Projects

Local infrastructure supports rapid potential development

Eulogie:

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Transport options include: Option 1 – 50km road to Blackwater rail line 140km to Port.

Option 2 – 50km road to Moura rail line 100km to Port Option 3 - 80km haul road to Port

• •Possible low (operating) cost slurry pipeline option (80km). Hawkwood:

• Maryborough line (needs

• upgrading) 250km to Port

• •Joint Study with Qld Govt, Monto Coal and Aust Bauxite into regional transport options

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Eulogie Project – Concept Development Study

• Open Pit mine, 20Mtpa ROM ore • 3.2 Mtpa magnetite concentrate

• 80km road transport to Gladstone Port

• Loading through multi-user wharf to +100 Kt vessels

• Capex est. $500-600M

• Cash costs est. $75-80/t concentrate FOB Gladstone

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Fig: Oblique view of resource model showing ferrigabbro layers and drill holes

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Hawkwood

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• Layered igneous complex with12 km zone of mineralisation

• •Suitable for low strip open cut mining.

• +500Mt exploration target

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 Eastern Iron earning 80% (JV with Rugby Mining Ltd, RUG:Venture)  4 Exploration licenses totalling 345 km[2]  Work completed includes:

• High resolution airborne magnetic survey

• RC drilling program (2010)

• Diamond drilling (2011)

• Metallurgical testwork (2010)

• Resource drilling program completed Oct 2011 • Cooperative study into transport options study for the North Burnett Region (2011)

Fe%	V2O5%	TiO2	SiO2	Al2O3%	P%	S%	DTR%
65.7	0.53	1.7	2.4	1.7	<.001	0.14	17

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CENTRAL QUEENSLAND TRANSPORT INFRASTRUCTURE

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Blackwater rail line
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RG Tanna coal loader
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Auckland Point

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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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