EV RESOURCES LTD — AGM Information 2010

Nov 29, 2010

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Finding, proving & extracting value from world class metal projects in South East Asia

Annual General Meeting 2010

Forward-Looking Statements

This presentation may contain forward-looking statements that are subject to risks, uncertainties and other factors associated with exploration and mining that are in some case beyond the control of Victory West Moly. Readers can identify a forward-looking statement by terminology such as “aim”, “anticipate”, “assume”, “believe”, “continue”, “could”, “estimate”, “expect”, “forecast”, “intend”, “likely”, “may”, “plan”, “potential”, “predict”, “project”, “risk”, “should”, “will” or “would” and other similar expressions. It is believed that the expectations reflected in these statements are reasonable but they may be affected by variables and changes in underlying assumptions which could cause actual results or trends to differ materially, including but not limited to price fluctuations, actual demand, currency movements, drilling and production results, reserve estimations, loss of market, industry competition, environmental risks, physical risks, legislative, fiscal and regulatory changes, economic and financial market conditions in various countries and regions, political risks, tenement renewals, project delay or advancement, approvals and cost estimates. Readers are cautioned not to place undue reliance on forward-looking statements.

All persons should seek appropriate financial professional financial advise in reviewing or considering the document and all other information with respect to Victory West Moly Limited and evaluating the business, financial performance and operations of Victory West Moly Limited. Neither the provision of the document nor any information contained in the document or subsequently communicated to any person in connections with the document is, or should be taken as, constituting the giving of investment or financial product advise to any person in respect of dealing in Victory West Moly securities, and no such information should be taken to constitute a recommendation or statement of opinion that is intended to influence a person in making a decision to deal in Victory West Moly securities. This document does not purport to contain all of the information that maybe required to evaluate all of the factors that would be relevant in determining whether to deal in Victory West Moly securities, including but not limited to any person’s objectives, financial situation or needs. Each person should make, and will be taken to have made, its own investigation, assessment and analysis of the information in this document and other matters that may be relevant to it in considering whether to deal in Victory West Moly securities.

JORC Exploration Targets

It is common practice for a company to comment on and discuss its exploration in terms of target size and type. The information in this presentation relating to exploration targets should not be misunderstood or misconstrued as an estimate of Mineral Resources or Ore Reserves. Hence the terms Resource(s) or Reserves(s) have not been used in this context. The potential quantity and grade is conceptual in nature, since there has been insufficient work completed to define them beyond exploration targets and that it is uncertain if further exploration will result in the determination of a Mineral Resource. In accordance with Clause 18 of the JORC Code, it is important to note that no JORC Mineral Resources or Ore Reserves have been established on these tenements and any current assessment remains subject to ongoing exploration work and drilling. The current interpretation remains preliminary and is based on exploration, evaluation and resource definition work performed by previous owners Rio Tinto and Santos. Victory West Moly have undertaken exploration work including surface mapping, trenching and geochemical surveying (soil, rock and stream sediment geochemistry), geological logging and assaying of diamond drilling and geological modeling within the areas previously defined by Rio Tinto and Santos which is demonstrating results consistent with previous outcomes presented by Rio Tinto and Santos.

Competent Persons Statement

The information in this presentation that relates to Exploration results is based on information complied by Mr Brett Gunter who is a member of The Australian Institute of Mining and Metallurgy (MAusIMM) and who has sufficient experience 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 “JORC Code”). Mr Gunter is a fulltime employee of GMT Indonesia and he consents to the inclusion in the report of the Exploration Results and/or Mineral Resource and/or Reserve in the form and context in which they appear.

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• 2 World Class Metals Assets:

• Malala Molybdenum Project (North Sulawesi)

• Initial Exploration target = 105 to 115mt @ 660-900pmm Molybdenum*. New Geological Model identifies > 300% increase in target zone = Significant upside potential

• .

• China Guangshou Group to fund 100% of expenditure to production

• VWM Group to retain 27.5% free carry Interest.

• USSU Nickel Project (South Sulawesi) - VWM to Acquire 70% Interest

• Prolific Nickel Province. Surrounded by Majors

• 40-50mt @ 1.1% to 1.9% Nickel* (across both Limonite & Saprolite Layers)

• Initial returns through low cost dig and ship operation. Potential production by Q2-2011.

• Aggressive exploration program underway targeting maiden JORC resource

• In accordance with Clause 18 of the JORC Code, it is important to note that no JORC Mineral Resources or Ore Reserves have been established on these tenements and any current assessment remains subject to ongoing exploration work and drilling.

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VWM is building a metals portfolio with an initial focus on Molybdenum and Nickel.

Finding, proving and extracting value from world class metal projects in South East Asia

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Overview – Team Building in Progress
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Robert Hyndes Chief Executive Officer

Managed growth projects in Australia, UK, Asia & US. Public market experience with capital raisings, project acquisition & strategic planning in multiple resource companies.

Rohan Erwin Project Director

Managed implementation & development of mining projects in Indonesia, South America & Australia. 20+ years in senior operational roles in mining & mine infrastructure construction.

Bill Hewitt Country Mgr - Nickel

20+ years in senior technical & management roles for international resource companies includes operations, exploration, & project management of feasibility studies.

David Lonsdale Commercial Manager

Senior management experience in international commodity trading, energy & technology in UK, Europe & Asia with focus on finance, risk management, logistics & commercial operations.

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Malala Molybdenum Project
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• 5 Highly Prospective Concessions (23,747 Ha)

• Located in North Sulawesi. Previously held by Rio and Santos (70s & 80s).

• Inti Cemerlang – Primary Focus;

• Initial Exploration Target = 105 to 115Mt at 660-900ppm Mo * (historic Rio, Santos 7 Company data)

• 47 holes drilled with exception results – including 87m @ 1740ppm, 234m @ 1,680ppm, 87m @ 2300ppm

• New Geological Model identifies >300% increase in Target Zone (>kms and 200-300m width)

• Promistis – Discovery of Significant New Mineralised Zone

• Exploitation Approvals:

• Inti Cemerlang & Promistis - 20 year Production and Operational Licenses

• Era Moreco & Indo Surya – 3 year exploration extensions

• In accordance with Clause 18 of the JORC Code, it is important to note that no JORC Mineral Resources or Ore Reserves have been established on these tenements and any current assessment remains subject to ongoing exploration work and drilling.

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Molybdenum Market
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• 70% of Molybdenum used in steel industry

• • For manufacture of specialty steels & alloys

• • Increases hardness, toughness & weldability

• • Increases resistance to corrosion

• Increases tolerance to heat & cold

• Growing use in oil, gas & hydrocarbon refining industries

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Molybdenum Supply & Demand
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• Steel demand = Molybdenum demand

• • Growing transition to high value steels

• • Rising nickel price = Molybdenum as substitute

• • Strategic Rare Metal – China & Korea

• • Existing by-product producers at capacity

• • New mines are required

• to meet future demand

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Malala Molybdenum Project
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• Joint Venture - China Guangshou Group Corp (“CGGC”)

  • Chinese Mining Group with global operations including existing Indonesia Operations

  • Experienced Molybdenum miners – China & North Korea

  • To sole funding project to commercial and sustainable large scale production

  • CGGC to pay US$1m commitment fee and VWM Group to be retain “Free Carry” 27.5%

• Aggressive timetable to production planned

  • Management & Operational Committee to be established

  • Initial work program – Extensive roads & construction, Drilling program, Exploration Adit

  • Targeting NI 43-101 resource definition capable of commercial production within 24 months.

  • Feasibility to determine early production from high grade mineralisation within 24 months (underground)

  • Long term objective - large scale operations by 2016 (Open cut)

• In accordance with Clause 18 of the JORC Code, it is important to note that no JORC Mineral Resources or Ore Reserves have been established on these tenements and any current assessment remains subject to ongoing exploration work and drilling.

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• Target grade is high by world standards – impact on development cap-ex and op-ex

• Initial Exploration Target (containing est. 212mlbs Mo): potentially a world-class asset

• High grades are key to optimum mine economics and profitability

• Recent definition of 300% increase in Target Zone suggests Exploration Target could increase significantly – potentially one of the world’s best molybdenum assets

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Note: In accordance with Clause 18 of the JORC Code, it is important to note that no JORC Mineral Resources or Ore Reserves have been established on these tenements and any current assessment remains subject to ongoing exploration work and drilling. The current interpretation remains preliminary and is based on exploration, evaluation and resource definition work performed by previous owners Rio Tinto and Santos.

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USSU Nickel Project (1,608 Ha) – VWM Finalising Acquisition of 70% Equity Interest.

• Prolific Nickel Province – Surrounded by Majors (PT Inco, Rio Tinto)

• Redefined exploration target* through the re-evaluation of existing data;

  • Saprolite - 25-30Mt @ 1.70 – 1.90% Nickel (0.03% Cobalt & 16.2% Fe)

  • Limonite – 15-20Mt @ 1.1- 1.30% Nickel (0.05% Cobalt & 29.6% Fe)

• Significant upside - Less than 40% of concession explored

• High Saprolite vs. Limonite compared to peers (representing multiple of in-situ value)

• Experienced “Ex-Inco” local team – operational, geological and mining engineering

• Potential long DSO mining life from Saprolite zone – targeting production by end Q2 2011

• Downstream Processing – Evaluating value add opportunities to maximise return

• In accordance with Clause 18 of the JORC Code, it is important to note that no JORC Mineral Resources or Ore Reserves have been established on these tenements and any current assessment remains subject to ongoing exploration work and drilling.

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Initial Focus – Direct Ship Ore (DSO)
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• Direct Shipping Ore (DSO):

• Well established international trade

• Strong nickel demand in key Asian markets

• Low capital cost operation

• Tropical Laterite typically much higher grade than Australian deposits.

• Simple Process with High Economic Returns:

• Haul Road to port area ~3Kms

• Minimal overburden

• Conventional truck & shovel operation

• Significant Saprolite Horizon (high grade)

• Significant upside through additional exploration

• Potential Production by End Q2 2011

Typical Barging of Laterite Nickel

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USSU Nickel Project
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• DSO Options:

• Initial targeting shipment of ~1.8% Saprolite (strong demand and high returns for product)

• Historical evidence of DSO producers shipping ~1.2% Limonite (demand expected to increase with Nickel prices) – VWM to access economics and opportunities

• Downstream Processing:

• Evaluation of Hydrometallurgical & Purometallurginal processing options

  • Direct Reduction (Low Cap-ex with increased returns)

  • Heap Leaching (Medium Cap-ex with substantial increased returns)

• Analysis:

• Current drilling program will provide insight into suitability for downstream processing

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Overview
– Strategy
New
Complementary
Projects
Malala
Identify, evaluate & add value USSU Nickel Blue print for
Molybdenum
to world class metal projects Project replication
Project
Significant
China Continue to
Secure JV partners to fund interest from
Guangshou develop
development / contract offtake Offtake
Group partnerships
Partners
Potential early Diversification
Free Carried
Build significant shareholder
production/ & Re-Rating
value to Production
cash-flow of VWM Stock
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Contact
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Company Victory West Moly Limited CEO Mr Rob Hyndes 311 – 313 Hay Street Address Subiaco WA 6008 AUSTRALIA Phone +61 8 9381 5819 Fax +61 8 9388 3701 Email robhyndes @victorywestmoly.com.au Web Site www.victorywestmoly.com.au

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