GRANGE RESOURCES LIMITED. — Investor Presentation 2012

Mar 20, 2012

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Wayne Bould

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20% - 50% Lump and Pellets

50% - 80% Sinter

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New products from new producers:

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Contaminants are rising

Molten slag out

Molten iron out

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x 2

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Lower

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Iron Ore Pellet ~65.5% Fe

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~67% Fe
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~63% Fe
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Higher

Price

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Current key statistics (A$) Ordinary shares on issue 1 March 2012 1,154m Last share price 1 March 2012 $0.67 Market capitalization 1 March 2012 $773m Cash & Receivables 31 December 2011 $226.7m Research Bell Potter(target $1.01) Patersons(target $0.69) Citi(target $0.80) Petra Capital(target $1.06) JP Morgan(target $0.95) RBS(target $0.68) Macquarie(target $1.00) RBS Morgans(target $0.82) Merrill Lynch(target $0.75) UBS(target $0.82) 34.02% 7.83% 11.38% 46.78% Free float PML RGL Group Jiangsu Shagang Current Ownership Structure	Current key statistics (A$) Ordinary shares on issue 1 March 2012 1,154m Last share price 1 March 2012 $0.67 Market capitalization 1 March 2012 $773m Cash & Receivables 31 December 2011 $226.7m Research Bell Potter(target $1.01) Patersons(target $0.69) Citi(target $0.80) Petra Capital(target $1.06) JP Morgan(target $0.95) RBS(target $0.68) Macquarie(target $1.00) RBS Morgans(target $0.82) Merrill Lynch(target $0.75) UBS(target $0.82) 34.02% 7.83% 11.38% 46.78% Free float PML RGL Group Jiangsu Shagang Current Ownership Structure
Ordinary shares on issue	1 March 2012
Last share price	1 March 2012
Market capitalization	1 March 2012
Cash & Receivables	31 December 2011

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Australia’s Leading Magnetite Producer

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Quality assets in Tasmania and Western Australia.

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	Production and Costs December Quarter 2011	Production and Costs September Quarter 2011
Total BCM Mined	4,240,390	3,184,680
Total Ore BCM	531,189	402,846
Weight Recovery (% DTR)	41.70	34.5
Concentrate Produced(t)	612,189	556,122
Pellets Produced (t)	632,143	506,143
Direct Operating Cost A$/tonne Pellet Produced	89.65	127.72

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700,000
650,000
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Dec-09 Mar-10 Jun-10 Sep-10 Dec-10 Mar-11 Jun-11 Sep-11 Dec-11
Tonnes
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180
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40
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0
Dec-09 Mar-10 Jun-10 Sep-10 Dec-10 Mar-11 Jun-11 Sep-11 Dec-11
C1 Unit cost per tonne of pellets produced $/t
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bigger than Savage River

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3 Kilometres
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1.22 billion tonnes @ 34.1%DTR

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As at December 2011 As at February 2012 Tonnes Grade Tonnes Grade (Mt) wt% DTR (Mt) wt% DTR Measured 407 37.1 423 37.6 Indicated 40.2 40.7 87.4 38.4 Inferred 250.8 32.5 710.6 31.5 Total 698 35.7 1,221 34.1

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Collie Coal
Pipeline Route
Fired Power
Proposed 330Kv Transmission Line
Existing 132Kv Transmission Line
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1 South West Interconnected System
(Western Australia)
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Mine environmental permit   Port permits Water permit

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Granted November 2009, amendment required in 2011 for 10mtpa

Granted November 2010 Desalination permit targeted Q2 2012

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Timetable

	2011	2012	2013	2014	2014	2015
Pre- feasibility
Definitive Feasibility
Financing
Construction
Production

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• Very attractively priced

 Existing cashflow and great margins

• Dividend payer, strong yield

 Strong Balance Sheet, strong cash position,

 No net debt

• World class projects

• Proven performer with 40 years magnetite experience

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Primary contacts:

Russell Clark

managingdirector@grangeresources.com.au

Tarryn Truscott tarryn@lastsay.net.au

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Southdown Project



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