GRATIFII LIMITED — AGM Information 2012

Jun 7, 2012

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Q u a l i t y | C a p a b i l i t y | R e a l i t y

General Meeting Presentation

Friday 8 June 2012

www.waratahresources.com.au

ASX:WGO

Corporate Overview

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Waratah Resources presents a unique iron ore investment opportunity as an explorer in an emerging world class iron ore province.

Capital Structure
Ordinary Shares	199.5 million
Options (avg. ~22 cents)	28.4 million
Market Capitalisation (@10c)	$20 million
12 Month Share Price Range -	8.5c - 38c
Debt	Nil
Cash (31 March 2012)	$3.1 million

Major Shareholders
Jungle Creek Mines (Terry Streeter)	13.5%
UBS Wealth Management	14.5%
Top 20	56.5%
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Projects
Youkou (Republic of Congo)	90%
Okanabora (Republic of Congo)	80%
Mekambo-Est (Gabon)	100%

ASX Share price Performance

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www.waratahresources.com.au ASX:WGO

Quality Projects, Capable Management, Projects into Reality

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YOUKOU/ MEKAMBO-EST PROJECT

• Exploration target[1] of 1 billion tonnes of itabirite iron ore grading greater than 35% Fe

• Currently delineating iron ore grading above 35% Fe

• Beneficiation study underway for beneficiated DSO iron ore to upgrade to 60%Fe

OKANABORA PROJECT

• Exploration target[1] of1-2 billion tonnes of itabirite iron ore grading greater than 35% Fe – Drilling to commence in Q3 to delineate iron ore grading above 35% Fe

• Strategy is to be able to beneficiate up to 60%Fe

• Investigating infrastructure options and development partners

• “ ”

• • Capable and experienced management with skin in the game

• Management with significant track record of success

• Regular news flow

1.Conceptual Disclaimer: The Exploration Target is conceptual in nature and, to date, there has been insufficient exploration to define a 3 mineral resource and it is uncertain if further exploration will result in the determination of a mineral resource.

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Capable Board of Directors

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Terry Streeter , Non-Executive Chairman

• 40+ years experience in the mining and exploration industry.

• Successful investor and developer of large mining projects.

• Founder and Chairman of Western Areas Ltd (Mkt Cap $3 billion).

• Founder and Director of Jubilee Mines (Taken over by Xstrata for $3 billion).

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Rod White , Non-Executive Director

• A businessman and member of CPA Australia with 20+ years experience in senior accounting, finance, and administration roles.

• Director of Fox Resources Ltd and a Director of an accounting practice which provides advice on accounting, management and taxation matters to clients in a range of industries.

Peter Bennetto , Non-Executive Director

• 30+ years experience in banking and investment. He has had deep involvement in capital, currency and commodity markets with Societe Generale and Banque Indosuez.

• Has held company director positions in exploration, mining and manufacturing companies listed on the ASX since 1990.

• Founding director of Anaconda Nickel Ltd, and is currently Non-Executive Chairman of Ironbark Zinc Ltd.

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Jonathan Downes , Non-Executive Director

• 12+ years experience in the minerals industry and has worked in various geological and corporate capacities.

• Experience in nickel, gold and base metals and has been intimately involved with numerous private and public capital raisings.

• Founding director of Hibernia Gold (now Moly Mines Ltd); founding and Executive Director of Siberia Mining Corporation Ltd (now owned by Monarch Resources Ltd).

• Non-Executive Director of Corazon Mining Ltd, Wolf Minerals Ltd, Sabre Resources Ltd and the Managing Director of Ironbark Zinc Ltd.

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www.waratahresources.com.au

ASX:WGO

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Capable Board of Directors

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William Witham , Managing Director

• 22+ years of experience in the resources industry, with broad exposure to its technical, government and financial sectors at a domestic and international level.

• Has worked for a number companies including DMC Mining Ltd (Congo, Founding Director – successful takeover by Cape Lambert and now owned by Exxaro (JSE: EXX), Mount Isa Mines (XStrata), and Whinnen Resources Limited (Managing Director).

• During a nine year term at Aerodata Holdings Ltd he held General Manager positions in South America, Africa and Australia Asia Pacific.

Management team with offshore and operational expertise

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Charles Chabell , Africa Manager

• 25 years experience in commercial negotiations

• • Owner of a successful locomotive business in Republic of Congo

• Studied at the University of Witwaterstrand

• Lives in Congo and South Africa

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Ian Brown , Exploration Manager

• 8 years in the mining and exploration sector, with field roles situated throughout southern and central Africa

• • As a field geologist has been exposed to various geological settings and drilling programs

• Experienced in technical management of multiple exploration projects

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Quality location - an emerging iron ore province

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• Sundance, Xstrata, Core Mining (Glencore recently acquired an undisclosed stake) and others are also developing iron ore projects in RoC

• Exxaro have recently acquired African Iron

• Hanlong proposes to acquire 100% of Sundance for A$1.65 billion

• Media reports BHP Billiton in talks with Gabon over an interest in Belinga project

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Strong relationships - Governments supportive of mining

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Republic of Congo

Republic of Gabon

• Politically stable – 51 years of Independence – most recent election was held in July 2009 (7 year terms)

• • Former French colony of 3.6 million people

• Long-established international investment in country (primarily oil)

• Strongly supportive government seeking to diversify from dependence on oil exports

• Revised Mining Code in 2005 – 10% government participation, 3 % royalty and 30% tax rate)

• African Iron (Exxaro), Sundance, Xstrata, Core Mining, Glencore, Equatorial all active in Country

• Politically stable – 51 years of Independence – most recent election was held in July 2011 (7 year terms)

• • Former French colony of only 1.2 million people

• Long-established international investment in country (primarily oil)

• Strongly supportive government seeking to diversify from dependence on oil exports

• Revised Mining Code

• Total, ENI, BHP Billiton, Anglogold, Eramet, CMEC all active in Gabon

• ¹ Source: CIA Handbook

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Quality Projects - Youkou/Mekambo-Est Iron Ore Project

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• Located on the Ivindo Massif, north west of the Republic of Congo (ROC) which hosts at least 4 billion tonnes of iron ore, including the world-class Belinga, Nabeba, Avima and Badondo projects

• Youkou/ Mekambo-Est is prospective for hematite and magnetite rich itabirite iron ore mineralisation

• Exploration target[1] of 1 to 2 billion tonnes of iron ore grading >35% Fe which can be easily beneficiated

• Diamond drilling currently underway with company owned purpose-built drill rigs

• 1.Conceptual Disclaimer: The Exploration Target is conceptual in nature and, to date, 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.

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ASX:WGO

Youkou/ Mekambo-Est Iron Ore Project - Update

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• Drilling program has to date delivered 14 holes totalling 698 metres

• Best hole has been assayed by ALS Johannesburg returning 20 metres at 66.9% Fe

• Initial independent laboratory assay results verifying hand held Niton XRF Results

• Further independent laboratory assay results are pending

• Drilling continues on both the eastern and western limbs of the Youkou ridge

• Third drilling rig ordered to increase exploration campaign to speed initial resource calculations

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Quality Projects - Okanabora Iron Ore Project

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• Exploration target[1] of 1 to 2 billion tonnes of iron ore grading >35% Fe which can be beneficiated.

• Okanabora forms part of an iron ore province in the Archaean Congo Craton spanning ROC, Gabon and Cameroon.

• The deposits explored for are supergene hematite enrichments of an Archaean banded iron formation which has been recrystallised to itabirite.

• Occur in similar geological settings to large iron ore occurrences identified in Liberia, neighbouring Gabon, and currently being evaluated in ROC.

• • A drilling rig to be airlifted into the most promising sites during the September quarter.

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• 1.Conceptual Disclaimer: The Exploration Target is conceptual in nature and, to date, 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.

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Okanabora Iron Ore Project - Update

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• The combined strike length of the ridges is over 90 kilometres.

• Ground reconnaissance has been completed within the Okanabora Project area.

• Aim was to confirm the presence of prospective Banded Iron (BIF) or Itabirite Iron Formations on Waratah’s tenure using the recently acquired LIDAR data to focus exploration on the mapped ridges.

• Encouraging initial rock chip sampling and reconnaissance mapping indicate up to 49% Fe.

• Waratah has identified at least six distinct ridges from the Lidar data which need examining.

• Once the dry season commences in June, the Company expects to conduct further field exploration.

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Infrastructure Solutions - Transport

• Waratah is evaluating a regional integrated rail and port transport cooperative agreement with companies operating nearby iron projects:

• Belinga – CMEC or BHP Billiton? 2. Badondo – Equatorial Resources Ltd 3. Avima – Core Resources Ltd

• Alternatives under consideration are to build a heavy gauge railway either from Youkou via Belinga to join the trans-Gabon railway at Booue, or via Congo to a new port at Pointe Noire.

• Other short-term alternatives include barging the ore to Brazzaville from Etoumbi, then by train to Point Noire.

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www.waratahresources.com.au

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Infrastructure Solutions - Power

• It is planned to initially run heavy fuel oil (HFO) generators onsite at Youkou/ Mekambo-Est.

• 3 new hydro-electric projects planned or under early construction in the region.

• Sinohydro Project at Makoukou on the Ivindo River

• Chollet Dam near Sembe to the north

• Liouesso Dam to the east.

• There are also hydro-electrical projects at Franceville (Gabon), Inga (Congo) and Imboulou (located 150km north of Brazzaville in Congo).

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www.waratahresources.com.au

ASX:WGO

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Peer comparisons

Company	Market Cap. (A$m)	Asset (s)	Country	Resource Tonnes	Resource Grade (Fe%)	Forecast Capex (A$m)	Target Production (Mtpa)	Distance from Waratah
Sundance Resources Ltd (ASX:SDL)	$1,230	Mbalam Project	Cameroon & Republic of Congo	484Mt DSO 2.325Bt itabirite hematite	61.1% DSO 38.0% itabirite hematite	US$4.69 billion	35Mtpa from 2014	~100km
Zanaga Iron Ore Company Ltd (AIM: ZIOC)	$210m	Zanaga	Republic of Congo	4.02Bt comprising a DSO cap over an hematite itabirite body	33.9% average	Not known - PFS complete in Q3 2011	45Mtpa from 2014 (incl. 15Mtpa sinter)	~500km
				Targets of
Equatorial Resources Ltd (ASX:EQX)	$244m	Badondo & Mayoko- Moussondji	Republic of Congo	0.7-1.2Bt high grade hematite, 2.9-4.9Bt itabirite	Targets of 40-65% hematite, 30-45% itabirite	Not known	Not known	~150km and 600km
				hematite
African Iron Ltd (ASX:AKI) Exxaro	$337m $7,600m	Mayoko	Republic of Congo	72Mt DSO Target of 900-1,300Mt basement	56.0%	A$387 million	5Mtpa from 2013	~700km
Waratah Resources Ltd (ASX:WGO)	$20m	Youkou and Okanabora	Republics of Congo and Gabon	Not Applicable	35% to 68.0%	Not known	Not known	N/A
14 Core Mining (unlisted)	$1,000?	Avima	Republic of Congo	800Mt DSO (Avima)	Up to 69.5% (Avima)	Not known	5Mtpa by 2015, then up to 20Mtpa by 2019	~180km

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WGO Achievements & Milestones to Monitor

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ACHIEVEMENTS

• Signed convention regarding iron ore mining + exploration at Youkou	December 2010
• Key management appointments, drill rigs arrive in ROC, site preparation progresses	July 2011
• Acquisition of Okanabora	August 2011
• Transport Study Completed for 1 to 2 million tonnes per annum	September 2011
• Road re-opened between Mbomo and Olloba	September 2011
• Mekambo-Est (Gabon) Recherché Permit Granted	December 2011
• Drilling commenced on site at Youkou/ Mekambo-Est	February 2012
• First Drill Core Assay results received, third drill rig ordered	April 2012
NEXT STEPS – MILESTONES TO MONITOR
• Beneficiation study results at Youkou	Q4 2012
• Infrastructure study results for Gabon	Q4 2012
• JORC Inferred resource Youkou/Mekambo-Est	Q4 2012
• JORC Inferred resource Okanabora	Q3 2013

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Pictures of Progress on Site at Youkou/ Mekambo-Est

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Why Invest

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• Scale: The Youkou/ Mekambo-Est and Okanabora iron ore projects are located on the Ivindo Massif which hosts a number of large scale iron ore projects

• Projects currently under-explored: Historical mapping of ferrouginous quartzites and recent field results have highlighted the extreme prospectivity of the site for itabirite iron ore.

• Returns: Looking for world scale projects and associated returns

• Re-rating on exploration success: Experienced, capable explorers utilising company owned drilling rigs and equipment

• Regular activity news flow: Further assay results and outcomes of beneficiation and infrastructure feasibility studies

• Operational management team in place: Experienced executive and operational team established in Perth and in-country

• Strong Government support: Support of Ministers from both Governments de-risks project timelines

Qualit y | C a pa bilit y | R e a lit y

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Disclaimer

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This presentation has been prepared by Waratah Resources Limited (“Waratah” or the “Company”). It is not a disclosure document and should not be considered as an offer or invitation to subscribe for, or purchase any securities in the Company or as an any, inducement to make an offer or invitation with respect to those securities. No agreement to subscribe for securities in the Company will be entered into on the basis of this presentation.

This presentation contains forecasts and forward looking information. Such forecasts, projections and information are not a guarantee of future performance, involve unknown risks and uncertainties. Actual results and developments will almost certainly differ materially from those expressed or implied. Waratah has not audited or investigated the accuracy or completeness of the information, statements and opinions contained in this presentation. Accordingly, to the maximum extent permitted by applicable laws, Waratah makes no representation and can give no assurance, guarantee or warranty, express or implied, as to, and takes no responsibility and assumes no liability for, the authenticity, validity, accuracy, suitability or completeness of, or any errors in or omission, from any information, statement or opinion contained in this presentation.

Throughout this presentation all figures are quoted in A$ dollars unless otherwise stated.

You should not act or refrain from acting in reliance on this presentation material. This overview of the Company’s Projects 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 before making any investment decision.

Information in this presentation that relates to Exploration Results, Mineral Resources or Ore Reserves is based on previous announcements made by Waratah (or other relevant parties) to the ASX.

This presentation does not constitute financial product advice (nor investment, tax, accounting or legal advice) and has been prepared without taking account of any person’s investment objectives, financial situation or particular needs.

Competent Person

The information in this presentation that relates to Exploration Results and Mineral Resources is based on information reviewed and compiled by Mr. William Witham B.Sc. Geology (Hons), Waratah Geologist and a member of the Australian Institute of Geoscientists. Mr. Witham has sufficient exploration experience which is relevant to the styles of mineralisation and types 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’ (“JORC 2004”). Mr. Witham consents to the inclusion in this release of the matters based on his information in the form and context in which it appears.

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Contact Us

William Witham Managing Director Waratah Resources Warrick Hazeldine Cannings Purple +61 (8) 6314 6300

Waratah Resources Limited Level 1, 350 Hay St Subiaco WA 6008 Phone: + 61 (8) 6365 4532 admin@waratahresources.com.au

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