CATALPA RESOURCESAUSTRALIA'S NEXT MID TIER GOLD PRODUCERPaydirt's Gold Conference 1-2 April 2009

DISCLAIMER

Presentation (in this projected form and as verbally presented) is provided on the basis that none of the Company nor its respective officers, shareholders, related bodies corporate, partners, affiliates, employees, representatives and advisers make anyrepresentation or warranty (express or implied) as to the accuracy, reliability, relevance or completeness of the material contained inthe Presentation and nothing contained in the Presentation is, or may be relied upon as, ^a promise, representation or warranty, whether as to the pas^t or the future. The Company hereby excludes all warranties that can be excluded by law. The Presentationcontains prospective financial material which is predictive in nature and may be affected by inaccurate assumptions or by known or unknown risks and uncertainties, and may differ materially from results ultimately achieved.

The Presentation contains "forward-looking statements". All statements other than those of historical facts included in thePresentation are forward-looking statements including, without limitation, (i) estimates of future earnings, and the sensitivity of earnings to the gold and other metals prices; (ii) estimates of future gold and other metals production and sales; (iii) estimates of future cash costs; (iv) estimates of future cash flows, and the sensitivity of cash flows to gold and other metals prices; (v) estimates of future capital expenditures expenditures; and (vi) estimates of reserves, and statements regarding future exploration results and the replacement of reserves.

Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief is expresse^d in goo^d faith and believed to have ^a reasonable basis. However, forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Such risks include, but are not limited to, gold and other metals price volatility, currencyfluctuations, increased production costs and variances in ore grade or recovery rates from those assumed in mining ^plans, as well as political and operational risks and governmental regulation and judicial outcomes. The Company does not undertake any obligationto release publicly any revisions to any "forward-looking statement" to reflect events or circumstances after the date of thePresentation, or to reflect the occurrence of unanticipated events, excep^t as may be required under applicable securities laws. All persons should consider seeking appropriate professional advice in reviewing the Presentation and all other information withrespec^t to the Company and evaluating the business, financial performance and operations of the Company. Neither the provision of the Presentation nor any information contained in the Presentation or subsequently communicated to any person in connection withthe Presentation is, or should be taken as, constituting the ^giving of investment advice to any person.

THE CATALPA STORY

CATALPA OVERVIEW

1,500 koz Resource / 738 koz Reserve (64% proven)
Targeting 100,000 oz pa production
First gold pour for June Qtr 2010
Initial 7 year mine life based on current Reserve
Ability to generate strong operating cash flow A\$75m pa (A\$1,400/oz post royalty)
Resource/Reserve upgrades planned;
Greenfinch upgrade April 09
Edna May 2009
Capex of A\$92m (including pre-strip)
A\$67.5m project finance facility agreed with Macquarie Bank
\$31.4M equity raised in March 2009 (A\$27M subject to shareholder approval)
Catalpa's major shareholder (Lion ) contributed A\$15m of equity in placement
SPP planned for all shareholders

SOCIAL, ECONOMIC & LOCATION BENEFITS

Two kilometres from Westonia
Westonia community very supportive of Project
Drive in/drive out roster
3 hours by road from Perth
3 hours drive west of Kalgoorlie
Less for local residents
4 hours by train from Perth or Kalgoorlie
Employment
180 peak construction (commence in May 09)
110 full time operational jobs (mid 2010)
Source 30 60 % of workers from local region
Committed to sustainable development for local communities

CORPORATE SNAPSHOT

(As at 30 March 2009)

521M shares
211M listed options
38m @ 10 cents 2010
173m @ 10 cents Oct 2011
23m unlisted options @ 6 – 14 cents
Market cap \$42M @ 8.1cps
Market cap/Resource oz \$29
Market cap/Reserve oz \$57

ha ho l de To 1 0 S p re rs	%
l d L i S i G L i i t t o n e e c o n r o u p m e	1. 0 5 5
l d h l d G i i H i o r c o n g s	3. 0 9
i Z N e r o o m n e e s	1. 7 1
d h D S M t r u m m o n a y a r g a r e	1. 1 6
k i P N a r r a n g e o m n e e s	1. 1 4
l h U B S W M t t e a a n a g e m e n	0. 9 5
h l C I t t a r e m a n g e n v e s m e n s	0. 8 8
d A N Z N i L i i t o m n e e s m e	0. 6 9
l l i C t a o n	0. 5 6
l b d i i i C F N o e r n a r o m n e e u c y	0. 6 5

\$31.4M raised March 2009 (A\$27M subject to shareholder approval)
Strong supportive shareholder base
Inclusion of new sophisticated and institutional investors on share registry
SPP for shareholders

AN EXPERIENCED BOARD

JOHN ROWE, Non-Executive Chairman

John Rowe brings a wealth of geological and business development skills to the Company. Mr Rowe has 35years experience within the Nickel and Gold industries of Western Australia. He has held a variety of positions in mine management, exploration and business development and was previously employed as an executive of Lion Ore in Australia. Mr Rowe is also a Non Executive Director of Panoramic Resources Limited (PAN)

NIGEL JOHNSON, Non-Executive Director

Mr. Johnson is a Charted Accountant with strong finance and management experience attained over a period of 36 years in both publicly listed and private companies and within a number of industries. Mr Johnson has significant expertise in financial management, equity and debt raisings, treasury and financial risk management and strategic and business planning. Most recently, Mr. Johnson was Chief Financial Officer for Straits Resource Limited, responsible for the financial, commercial and treasury activities of the Straits Group. Mr Johnson is also a non-executive director of Matrix Composites and Engineering Limited.

BARRY SULLIVAN, Non-Executive Director

Mr. Sullivan is an experienced and successful mining engineer with a career spanning 40 years. His initial mining experience was gained in the South African gold mining industry, followed by more than 20 years with Mount Isa Mines. In the final 5 years of his tenure with MIM, Mr Sullivan was Executive General Manager responsible for the extensive Mount Isa and Hilton operations. More recently, Mr Sullivan has been working with a number of smaller exploration and mining companies. Presently Mr Sullivan is a non-executive and Chairman of Exco Resources, and a non-executive Director of Sedimentary Holdings.

MURRAY POLLOCK, Non-Executive Director

Murray Pollock is a businessman with 40 years experience within the mineral resource sector, principally in drilling. Mr Pollock is a drilling and mine management services consultant for several companies.

STRONG MANAGEMENT TEAM

BRUCE MCFADZEAN, Managing Director

Mr McFadzean, 51, a mining engineer, brings over 30 years of management, mining, processing and project "start up" experience to the organisation, half of which was gained in the employ of global resources brands, Rio Tinto and BHP Billiton. Mr McFadzean has broad commodity experience in gold, iron ore, diamonds and nickel/cobalt and in a wide range of roles including corporate, managerial, technical and operational. Mr McFadzean is a non-executive director of Venture Minerals Limited.

ERIK PALMBACHS, Chief Financial Officer

Mr Palmbachs is an experienced CFO and holds an MSc in Mineral Economics and a Bachelor of Business (Accounting). He is a member of the Australian Society of Accountants (AASA, CPA) and has an impressive resume with over 30 years hands-on experience, much of which was gained in the resources sector.

STUART PETHER, General Manager - Operations

Mr Pether is an experienced Mining Engineer and holds a BEng (Mining) with an impressive resume with over 20 years hands-on and technical experience in the resources sector. Mr Pether has worked in various operational, managerial, technical and corporate roles in Australia and Canada in his career covering several commodities predominately in gold, nickel and zinc. Mr Pether is equally skilled in both open pit and underground mining environments.

CURRENT RESOURCE & RESERVE

l T R E i t t t o a e s o u r c e s m a e
f f Cu O t de Gr a	d M ea su re			d d In ica te			l d & To M ta ea su re d d In ica te			fe d In rre			l d, To M ta ea su re d d fe d In ica & In te rre
	l l M i ion To nn es	/ Go l d g t	'0 0 Ou 0 nc es	l l M i ion To nn es	/ Go l d g t	'0 0 Ou 0 nc es	l l M i ion To nn es	/ Go l d g t	'0 0 Ou 0 nc es	l l M i ion To nn es	/ Go l d g t	'0 0 Ou 0 nc es	l l M i ion To nn es	/ Go l d g t	'0 0 Ou 0 nc es
0. 5 0	1 6. 6	1. 1 5	6 1 2	1 5. 5	1. 1 3	5 6 5	3 2. 1	1. 1 4	1, 1 7 7	9. 0	1. 0	2 9 1	4 1. 1	1. 1 1	1, 4 6 9

d i E M R E t t n a a y e s e r v e s m a e
f f C O t u d G r a e		d P r o e v			b b b b l l P P r r o o a a e e		l l d d b b l & T T P P P t t o o a a r r o o e e r o a e v v
	l l i i M o n T o n n e s	/ l d G t o g	'0 0 0 O n e s u c	l l i i M o n T o n n e s	/ l d G t o g	'0 0 0 O n e s u c	l l i i M o n T o n n e s	/ l d G t o g	'0 0 0 O n e s u c
0. 5 0	1 2. 3	1. 1 9	4 7 1	6. 8	1. 2 3	2 6 7	1 9. 1	1. 2 0	7 3 8

A\$1,025 gold price used in modelling
738,000 oz Reserve (64% proved)
194,000 oz Reserve growth since Oct 2008
Greenfinch Reserve will increase mine life update on schedule to be released in the current quarter

FEASIBILITY STUDY UPDATE

Average production of more than 100,000 oz/pa
91.6% recovery rate
Mill on site ready to construct
Processing 2.8 Mtpa of ore ramping up to 3.2 Mtpa
LOM Cash operating cost of A\$636/oz (pre-royalty)
LOM Cash operating margin totals A\$343M at A\$1,200/oz gold price
A\$92M capex (including pre-strip)
Government Approvals imminent and infrastructure available

2008 FEASIBILITY STUDY – EDNA MAY PIT

58 Mt mined
•19 Mt ore
•39 Mt waste
2:1 strip ratio
6.3 years
processing
4 stage cutback

PROCESS PLANT UPDATE

SABC FF circuit
Mine to Mill strategy
Reduced SAG feed size
Reduced pebble crush size
Increase gravity circuit capacity
60% increase in leach/absorption capacity

OPEN PIT & UNDERGROUND POTENTIAL

Open pit expansion to…..
Underground potential expanding on 2008 drilling success

Greenfinch excluded from Feasibility StudyFurther drilling required
Drilling completed in February 2009
Resource & Reserve this month

Open to west and down dip

FAVOURABLE VALUATION METRICS

* Proforma adjusted for A\$92M Edna May funding

FAVOURABLE VALUATION METRICS

Source: Production for 12 months ended 31 December 2008Catalpa estimate

PROJECT FINANCING

Capex of A\$92M (including pre-strip)
A\$67.5M project finance facility agreed
Comprising
A\$55M secured loan
Up to A\$10M mezzanine facility
A\$2.5M performance bond faculty
Gold hedge at A\$1,544 per ounce for 352koz of gold (Represents 24% of Edna May's Resource before Greenfinch upgrade
Macquarie to be issued up to \$10M of options with an exercise price of 125% of the placement price. If the mezzanine facility is not drawn only half options will be issued

Balance of funding to be raised from equity

\$31.4M raised March 2009 (subject to shareholder approval)
Lion commits A\$15m to the raising
SPP planned for all shareholders
Austock Corporate Finance engaged to manage the equity component

PROJECT TIMELINE – MILESTONES TO MONITOR

PROJECT TIMELINE

Commence construction May 2009
Commissioning April 2010
First gold May 2010

CATALPA UPSIDE FROM FEASIBILITY STUDY

Reduced capital
Reduced operating costs
Greenfinch Open Pit
Reserve in April 2009
Further drilling to west 2009
Further drilling at depth 2009/10
Edna May Open Pit
Final pit re-optimised at higher gold price June quarter 2009
Further drilling below FS pit September quarter 200 9
Underground opportunity
Continued geological review of underground mineralisation
Plan for further drilling 2009/10
Conclusion
- Growth of Reserves in 2009 & 2010
- Improved Feasibility Study production profile from 2010

CATALPA VALUE PROPOSITION

Experienced team with track record of delivering projects
Favourable valuation metrics
Well defined and understood resource upside potential
Feasibility Study completed and assumptions conservative
Debt funding complete and Equity financing almost complete
Supportive major shareholder (Lion Selection @ 51.05%)
Favourable environment to negotiate capital & operating costs
Plant on site and most permits issued
Grid power and town infrastructure adjacent to the project
Strong cash margin provides a platform for growth

CONTACT

Bruce McFadzeanManaging DirectorCatalpa Resources LimitedTel (08) 9321 3088

Warrick HazeldineInvestor Relations PurpleCommunicationsTel (08) 9485 1254

www.catalparesources.com.au

COMPETENT PERSONS

The exploration data have been supplied according to the JORC Code for the reporting of Mineral Resources and Ore Reserves by Mr Nick Winnall (Exploration Manager), a full-time employee of Catalpa Resources Limited. Mr. Winnall is a Member of the Australasian Institute of Mining and Metallurgy (AUSIMM) 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 December 2004 edition of the "Australasian Code for reporting of Exploration Results, Mineral Resources and Ore Reserves" (JORC Code). Mr. Winnall consents to the inclusion in the report of the matters based upon his information in the form and context in which it appears.

The information in this report that relates to mineral resources is based on work completed by Mr Nicolas Johnson, who is a Member of the Australian Institute of Geoscientists. Mr Johnson is a full time employee of Hellman and Schofield Pty Ltd and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to theactivity 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'. Mr Johnson consents to the inclusion in the report ofthe matters based on his information in the form and context in which it appears.

The information in this report that relates to mineral reserves is based on work completed by Mr Harry Warries, who is a Member of the Australian Institute of Geoscientists. Mr Warries is a full time employee of Coffey Mining and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity whichhe 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'. Mr Warries consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

AI assistant