HAVILAH RESOURCES LIMITED — AGM Information 2012

Dec 6, 2012

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From Explorer to Miner

AGM 2012 Technical Presentation

Dr Chris Giles Technical Director

Disclaimer

• The information contained in this presentation is not financial product advice. The presentation is for information purposes and is of a general and summary nature only. Havilah Resources NL (Havilah) nor any member of the Havilah Group of companies, gives no warranties in relation to the statements and information in this presentation. Investors should seek appropriate advice on their own objectives, financial situation and needs.

• This presentation contains certain statements which may constitute “forward-looking statements”. Such statements are only predictions and are subject to inherent risks and uncertainties which could cause actual values, performance or achievements to differ materially from those expressed, implied or projected in any forward looking statements.

• Havilah disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise.

• Investors are cautioned that forward-looking statements are not guarantees of future performance and investors are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty therein.

Competent Person Statement

This presentation is a summary of information extracted from several public reports released by Havilah Resources NL in the period 2008-2012. Information regarding exploration results and mineral resources in this presentation is considered by Dr Bob Johnson who is a member of the AIMM and Dr Chris Giles who is a member of the AIG and who are Competent Persons as defined in the JORC Code 2004, to be a fair and reasonable summary of the information in those public reports. Drs Johnson and Giles consent to the release of the information compiled in this presentation in the form and context in which it appears.

Score card for 2012

Based on stated objectives 1-7 at 2011 AGM

1. Bring Portia into production as soon as possible (subject to PIRSA permitting approvals,

• and then financing, contractors, manning)

•  Finalising PEPR – delay due to last minute government agency requests for more detailed technical data.

• Agreement with landholder, ongoing negotiations with contractor and financiers, expected to be finalised by the time permitting approvals come through.

2. Complete scoping study for Maldorky iron ore project (metallurgy, processing flow sheet, off-take partner/investor, mining lease proposal)

•  Mining lease proposal first draft submitted.

•  Completed key metallurgical test work, presently running 20t of ore through a lab scale plant

•  Serious ongoing discussions with several potential partners / investors.

3. Advance Kalkaroo mining lease proposal

•  Mining lease proposal now over a larger area, to be submitted early next year.

•  Substantially upgraded resource and expanded mining plan.

• Demonstrated depth continuity of Kalkaroo mineralisation, resource expansion likely

Score card for 2012

Based on stated objectives 1-7 at 2011 AGM

4. MMG exploration agreement (discover a major orebody)

•  Has progressed well – detailed aeromagnetic survey covering all of JV tenements.  14,000m aircore drilling completed and soon 1000m diamond drilling.  A substantial drilling program planned for 2013 on some excellent targets.

5. Drilling to increase iron ore resources at Maldorky North (Grants) and Lilydale

•  300 Mt iron ore resource just announced for Grants. A very substantial new mineral asset.

•  Lilydale not drilled due to native title issues.

6. Find a partner with roasting capacity for Mutooroo ore ( and possibly further drilling )

•  Searched for a suitable roaster on the east coast of China that could take direct shipping Mutooroo sulphide ore – good possibilities for follow up have been identified.

•  Further drilling not justified until treatment of Mutooroo sulphide ore is resolved.

7. Seek to monetise an asset to provide early return to shareholders

•  A formal sale process run for Kalkaroo. Considerable interest, but no suitable offers to date.

•  Bouyant copper market means there are still good possibilities to sell down an equity interest.

Analysis

1. We are still delayed by things we cannot control

•  It is not generally understood by the public that Government departments have become interested only in bureaucratic regulation and no longer help to facilitate the advancement of projects in spite of all their rhetoric, but actually actively hinder them.

•  If it affects BHP Olympic Dam expansion with their vast resources, imagine the impact it has on juniors with limited resources like Havilah !

•  Native Title remains a source of great frustration because of ambiguous legislation, legal challenges and lack of government support.

•  This has caused us delays on Portia approval, Maldorky MLP, exploration drilling programs

2. We remain highly successful on the things that we can control

•  The discovery of new mineral deposits – Grants iron ore, Wilkins copper-gold, Maldorky, Kalkaroo depths.

•  Metallurgical testing programs, resource estimation, mine design and planning.

•  Compiling required permitting documentation.

Solution

• Management must patiently work through the regulatory issues with the various government agencies and native title groups until all permits are obtained.

• This costs a lot of money and management time and causes unavoidable delays.

• Shareholders need to be patient with management in the knowledge that they are doing their absolute best to progress the projects.

• Permitting delays are just a fact of life in the modern Australian operating environment which is beset with bureaucracy and red tape.

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Mineral project status

Finalisation of mine permitting, financing, Portia contractor for open pit mining operation Au Kalkaroo FS complete, finalising mining lease Cu-Au-Mo proposal, seeking development partner Maldorky N Portia Fe Cu-Au Pre-FS, JORC resources, advancing mining lease proposals Grants Mutooroo Fe Cu-Co sulphuric acid Lilydale Fe Wilkins Cu-Au Huge promise in initial drilling Exploration projects >8,000 km[2] tenements, including 7 known MMG major copper mineralised structural domes exploration initiative

Huge promise in initial drilling

Pipeline of development projects

Approx yearly increment *Estimated first production Portia gold $ 51,000 oz gold within 15 months commencement Maldorky iron ore $ 2.7 Mtpa premium product over 23 years Kalkaroo copper-gold $ 90,000 ozpa gold + 44,000 tpa copper over 13 years North Portia copper-gold Kalkaroo plant $ 235,000 oz gold +100,000 t Copper over 3 years Other projects – Mutooroo copper-cobalt, Wilkins $ Copper, cobalt, tin, iron copper-gold, Prospect Hill tin, Grants iron ore

*Estimated first production timing is subject to receipt of timely mining approvals, financing and market conditions

1. Copper-gold development business

Project*	JORC Res	FS	ML	PEPR	Comments on Current Activities and Status
					 Updated FS resource and mining model and improved project economics.
Kalkaroo Cu Au Mo					 Seeking to sell down project equity to a suitable partner.
					 Mining Lease proposal in preparation.
					 High value ore supports direct shipping for offshore processing
Mutooroo
					 A high grade copper concentrate could be produced on site.
Cu Co S
					 MiningLeaseproposal inpreparation.
					 Granted mining lease; metallurgy and mining studies in progress.
North Portia
					 Possible follow on after Portia to recover copper, gold and molybdenum in
Cu Au Mo
					oxidized ore in Kalkarooprocessingfacility.
					 Awaiting operating approvals for open pit mine from Mines Department.
Portia Au					 Employed an experienced mining engineer as project manager.
					 Workingon contract details with landowner,contractor,financiers.

 work in progress

• Portia gold project is planned to be mined by Havilah in its own right subject to finalisation of financing details and timely receipt of all mining approvals.

• All other multi-metal copper projects are in process of mine permitting and Havilah is seeking suitable partners who are interested in acquiring project equity and who can assist with financing and development.

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• 623,000 t copper and 2 million oz gold

 124.5Mt @ 0.5% Cu, 0.39 g/t Au & 18.7Mt @0.74 g/t Au in gold cap.

• 44,000 tpa copper in concentrate & 90,000 oz pa gold from 9Mtpa throughput over current 13 year mine life.

• Oxidised cap – gold and native copper.

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Optimised open pit captures 80% of current resource

Kalkaroo is very well understood

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Gold Cap 18.7Mt @ 0.74g/t Au

Native copper

Cu-Au Deposit 124.5Mt @ 0.50%Cu, 0.39g/t Au

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Kalkaroo is potentially very profitable

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At current metal prices Kalkaroo is economically robust

Based on the current resource and open pit mining model, assuming :

• 9 Mtpa ore throughput over a 13 year mine life.

• Capex of $447M including overburden removal.

• Optimised metal recoveries for gold and copper.

 Estimated mining, processing, royalty, smelting and refining costs.

• EBT estimates in this graph are derived from cash flow projections based on an optimised open pit mining model, and are subject to receipt of timely mining approvals, financing and prevailing market conditions and no material changes to the current mine plan, opex, capex and confirmation of the proposed processing flow sheet and metal recoveries.

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Mineralisation open to east, presently poorly defined by drilling

More resource potential

Mineralisation open to west

• Along strike to west and east

Kalkaroo copper-gold deposit

• Down dip

• Along Kalkaroo fault

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Proof :

Ore grade intersection in recent deep diamond drillhole KKDD401 approx. 150m down dip of the nearest drillhole and outside current open pit design

More Kalkaroo’s to be found ?

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Substantial near mine exploration upside.

Proof : Three new discoveries made by Havilah during the past eighteen months. All within trucking distance of Kalkaroo. Based on wildcat drilling of conceptual targets.

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Portia gold project- Havilah’s first mine

• 67,000 ounces of gravity recoverable gold in base of Tertiary resource.

• Excellent potential to extend mine life high grade gold drill intercepts and low grade gold halo in bedrock below.

• Progressing operating approvals and contracts with landowner, contractor, financier.

• Appointed experienced mining engineer as project manager

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Conceptual open pit design

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Patchy high grade gold Initial mining objective mineralisation in bedrock 67,000 oz JORC resource 26 metres of 15.4 g/t Au at base of Tertiary clay Weathered bedrock 13 metres of 33.5 g/t Bedrock

Portia - small mine, good return

**PORTIAGOLD PROJECT -OPERATING ECONOMICS ESTIMATE ***	**PORTIAGOLD PROJECT -OPERATING ECONOMICS ESTIMATE ***	**PORTIAGOLD PROJECT -OPERATING ECONOMICS ESTIMATE ***	**PORTIAGOLD PROJECT -OPERATING ECONOMICS ESTIMATE ***
PortiaProject JORCresource of 720,000 t @2.9 g/t (uncut)for67,000 ounces
Mineral resourcewithinoptimised openpit design is 355,000 t @4.7g/tfor53,822ounces
Wasteremoved to expose goldlayer	7M m3
Revenue
53,822ounces @ 95%recovery
x A$1550 / ounce	79,254,000
Expenses
Wastemining cost @ $3.30/cm	23,100,000
Goldlayer mining cost @ $2/t	710,000
Gold processing cost @ $5/t	1,775,000
Adminand overheads est.	1,500,000
Siteworksincludingroad upgrading	2,000,000
Royalties @ 3%	2,378,000
Capex(process plant, camp)	4,000,000
TotalCosts	35,463,000
Cash Surplus	43,791,000	Within 15months ofcommencement

• ~~Financial estimates in this table are derived from cash flow projections based on an optimised open pit mining model , and are~~ subject to receipt of timely mining approvals, financing and prevailing market conditions and no material changes to the current mine plan, gold recoveries, opex and capex.

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Portia processing plant key components

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Twin 50 tph In-line Jigs with Spinners for heavy mineral and gold separation

120 tph Trommel for washing ore

2. Iron ore development business

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----- Start of picture text -----

The major emerging Braemar iron ore province
Infrastructure development
Havilah’s three
opportunities on railway
iron ore projects
and port facilities
Grants
Maldorky Project – positive aspects
 Closest to railway - 26km flat terrain
 Highest grade - 30% Fe
 Best mining economics - due to
minor overburden
 Soft ore-low energy for beneficiation
 Yields a low impurity, premium
sought after product
----- End of picture text -----

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Maldorky has favourable economics for iron ore prices >US$60/t FOB, provided capex is minimised by using existing infrastructure.

Based on the current resource and open pit mining model, assuming :

• 2.7 Mtpa premium saleable product over a 23 year mine life.

• Capex of $50M due to lack of overburden, simple processing, existing infrastructure.

• US $ iron ore price and 1:1 US:AUD exchange rate.

• Best estimates for current mining, processing, royalty and transport costs.

• EBT estimates in this graph are derived from cash flow projections based on an optimised open pit mining model , and are subject to receipt of timely mining approvals, financing and prevailing market conditions and no material changes to the current mining plan, opex, capex and confirmation of the proposed processing flow sheet and saleable product recoveries.

Grants iron ore discovery

304 Mt of 24% Fe, only 8km from railway line

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A large homogeneous slab of iron ore extending from surface to 180 m depth, with no overburden and minimal waste

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• 100m wide skarn ironstone mineralised zone with long low grade copper-gold drill intersections

• 3km long mineralised structural corridor, of which only 300m length drill tested so far.

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• Potential for discovery of a large ironstone hosted copper-gold deposit.

• 1 km from railway line

Strategic objectives for 2013

• Commence Portia open pit gold mine – subject to DMITRE permitting

• approvals, financing, contractors, manning.*

• Complete scoping study for Maldorky iron ore project – metallurgy,

• processing flow sheet, mining lease proposal, PEPR.*

• Advance Kalkaroo to mining stage - mining lease proposal, PEPR, native

• title agreement.*

• Seek Mutooroo sulphide ore treatment solution*

• MMG exploration agreement – discover a major orebody.*

• Seek investment partners – on suitable terms to help with development of

• Havilah’s mineral projects and marketing of product

• Improve Havilah’s market recognition and corporate profile.

• Essentially the same strategic objectives as for 2012.

JORC resource metal inventory

Copper: 915,500 tonnes (Kalkaroo + Mutooroo + North Portia)

Gold: 2,400,000 ozs (Kalkaroo + Mutooroo + Portia + North Portia)

Cobalt: 17.5 M Kg (Mutooroo)

Molybdenum : 8.45 M Kg (Kalkaroo + North Portia)

Copper:915,500 tonnes(Kalkaroo + Mutooroo + North Portia) Gold:2,400,000 ozs (Kalkaroo + Mutooroo + Portia + North Portia) Cobalt:17.5 M Kg(Mutooroo) Molybdenum :8.45 M Kg(Kalkaroo + North Portia)	Copper:915,500 tonnes(Kalkaroo + Mutooroo + North Portia) Gold:2,400,000 ozs (Kalkaroo + Mutooroo + Portia + North Portia) Cobalt:17.5 M Kg(Mutooroo) Molybdenum :8.45 M Kg(Kalkaroo + North Portia)	Copper:915,500 tonnes(Kalkaroo + Mutooroo + North Portia) Gold:2,400,000 ozs (Kalkaroo + Mutooroo + Portia + North Portia) Cobalt:17.5 M Kg(Mutooroo) Molybdenum :8.45 M Kg(Kalkaroo + North Portia)	Copper:915,500 tonnes(Kalkaroo + Mutooroo + North Portia) Gold:2,400,000 ozs (Kalkaroo + Mutooroo + Portia + North Portia) Cobalt:17.5 M Kg(Mutooroo) Molybdenum :8.45 M Kg(Kalkaroo + North Portia)	Copper:915,500 tonnes(Kalkaroo + Mutooroo + North Portia) Gold:2,400,000 ozs (Kalkaroo + Mutooroo + Portia + North Portia) Cobalt:17.5 M Kg(Mutooroo) Molybdenum :8.45 M Kg(Kalkaroo + North Portia)	Copper:915,500 tonnes(Kalkaroo + Mutooroo + North Portia) Gold:2,400,000 ozs (Kalkaroo + Mutooroo + Portia + North Portia) Cobalt:17.5 M Kg(Mutooroo) Molybdenum :8.45 M Kg(Kalkaroo + North Portia)	Copper:915,500 tonnes(Kalkaroo + Mutooroo + North Portia) Gold:2,400,000 ozs (Kalkaroo + Mutooroo + Portia + North Portia) Cobalt:17.5 M Kg(Mutooroo) Molybdenum :8.45 M Kg(Kalkaroo + North Portia)	Copper:915,500 tonnes(Kalkaroo + Mutooroo + North Portia) Gold:2,400,000 ozs (Kalkaroo + Mutooroo + Portia + North Portia) Cobalt:17.5 M Kg(Mutooroo) Molybdenum :8.45 M Kg(Kalkaroo + North Portia)	Copper:915,500 tonnes(Kalkaroo + Mutooroo + North Portia) Gold:2,400,000 ozs (Kalkaroo + Mutooroo + Portia + North Portia) Cobalt:17.5 M Kg(Mutooroo) Molybdenum :8.45 M Kg(Kalkaroo + North Portia)	Copper:915,500 tonnes(Kalkaroo + Mutooroo + North Portia) Gold:2,400,000 ozs (Kalkaroo + Mutooroo + Portia + North Portia) Cobalt:17.5 M Kg(Mutooroo) Molybdenum :8.45 M Kg(Kalkaroo + North Portia)	Copper:915,500 tonnes(Kalkaroo + Mutooroo + North Portia) Gold:2,400,000 ozs (Kalkaroo + Mutooroo + Portia + North Portia) Cobalt:17.5 M Kg(Mutooroo) Molybdenum :8.45 M Kg(Kalkaroo + North Portia)
Project*	Resource Category	Tonnes (Mt)	Copper (%)	Gold (g/t)	Molyb- denum (ppm)	Cobalt (%)	Contained Copper (tonnes)	Contained Gold (ounces)	Contained Moly (kg)	Contained Cobalt (kg)
Kalkaroo1	Gold Cap Measured	18,690,000		0.74				445,000
	CuAu Measured	85,890,000	0.52	0.41			622,500	1,561,000
	CuAu Indicated	38,620,000	0.45	0.33			Added to above	Added to above
	Mo Inferred	4,500,000			615				2,768,000
Portia4	Inferred	720,000		2.9				67,000
North Portia3	Indicated (supergene)	2,750,000	1.0	0.65	451		101,000	234,500	5,680,000
	Inferred (sulphide)	8,610,000	0.85	0.64	531		Added to above	Added to above	Added to above
	Indicated (supergene Mo only)	7,732,000			340				Added to above
Mutooroo2	Measured sulphide	4,149,000	1.23	0.18		0.14	192,000	92,700		17,540,000
	Indicated sulphide	1,697,000	1.52	0.35		0.14	Added to above	Added to above		Added to above
	Inferred sulphide	6,683,000	1.71	0.21		0.13	Added to above	Added to above		Added to above
	Measured oxide	598,000	0.56	0.08		0.04
Total all proj.	All categories	172,908,000					915,500	2,400,000	8,450,000	17,540,000

• Based on JORC resources, details released to ASX on : 1. 29/2/12 2. 18/10/10 3. 23/10/10 4. 26/6/09

Havilah projects current status

Project*	JORC Res	FS	ML	PEPR	Comments on Current Activities and Status
					 Awaiting operating approvals for open pit mine from Mines Department.
Portia Au					 Employed an experienced mining engineer as project manager.
					 Workingon contract details with landowner,contractor,financiers.
					 Updated FS resource and mining model and improved project economics.
Kalkaroo Cu Au Mo					 Seeking to sell down project equity to a suitable partner.
					 Mining Lease proposal in preparation.
					 High value ore supports direct shipping for offshore processing
Mutooroo
					 A high grade copper concentrate could be produced on site.
Cu Co S
					 MiningLeaseproposal inpreparation.
					 Granted mining lease; metallurgy and mining studies in progress.
North Portia
					 Possible follow on after Portia to recover copper, gold and molybdenum in
Cu Au Mo
					oxidized ore in Kalkarooprocessingfacility.
					 Metallurgical testwork and processing flow sheet design in progress.
Maldorky Fe
					 First draft MiningLeaseproposal submitted.
					 Metallurgical test work to confirm processing is similar to Maldorky ore.
Grants Fe
					 Further drillingto expand and upgrade status of resource.
					 Promising projects with mutiple ore-grade intersections.
Lilydale Iron
Wilkins Copper					 Drilling to JORC resource status next step as circumstances permit.
Prospect Hill Tin

 work in progress