IRON BEAR RESOURCES LTD — Investor Presentation 2012

Feb 5, 2012

ASX Announcement 6 February 2012

Company Presentation

Cape Lambert Resources Limited ( ASX: CFE ) ( Company ) is pleased to attach a copy of the presentation which will be presented by Company executives at Mining Indaba this week.

Yours faithfully

Cape Lambert Resources Limited

Cape Lambert is an Australian domiciled, mineral investment company. Its current investment portfolio is geographically diverse and consists of mineral assets and interests in mining and exploration companies.

The Company continues to focus on investment in early stage resource projects and companies, primarily in iron ore, copper and gold. Its “hands on” approach is geared to add value and position assets for development and/or sale.

The Board and management exhibit a strong track record of delivering shareholder value.

Claire Tolcon

Company Secretary

Australian Securities Exchange Code: CFE

Ordinary shares 688,733,792

Unlisted Options 8,175,000 ($0.45 exp 30 Nov 2012)

Board of Directors

Tony Sage Executive Chairman Tim Turner Non-executive Director Brian Maher Non-executive Director Ross Levin Non-executive Director Claire Tolcon Company Secretary

Key Projects and Interests

Marampa Iron Ore Project Pinnacle Group Assets African Iron Limited International Goldfields Limited

Cape Lambert Contact

Tony Sage Executive Chairman

Eloise von Puttkammer Investor Relations

Phone: +61 8 9380 9555 Email: info@capelam.com.au

Australian Enquiries

Professional Public Relations David Tasker Phone: +61 8 9388 0944 Mobile: +61 433 112 936 Email: david.tasker@ppr.com.au

UK Enquiries

Tavistock Communications Emily Fenton / Jos Simson Phone: +44 (0)207 920 3150 Mobile: +44 (0)7899 870 450

www.capelam.com.au

Cape Lambert Resources Limited[ABN 71 095 047 920 ]

Corporate - 18 Oxford Close, Leederville WA 6007 Projects - Level 1, 2 Ord Street, West Perth WA 6005 United Kingdom - 14 Golden Square, London W1F 9JG

6 - 9 February 2012

Advancing undervalued mineral assets

Tony Sage - Executive Chairman

Cape Lambert is a diversified mineral investment company listed on the ASX (CFE)

Strategic Portfolio

• » Geographically diverse portfolio of mineral assets and interests

• » Multiple commodities

Fully funded

• » No bank debt

• » Cash in bank at 31 Dec 2011 A$37.5 M

• » Pipeline of quality projects

Cash flows

• » A$72.2 M receivable under African Iron takeover bid

• » Receivables and convertible notes of A$87.9 M[1]

Ownership

• » Directors hold approximately 6% of the Company

• » Top 20 hold 75.3% of the Company

• » Deferred consideration receivable from sale of Lady Annie A$5 M[2]

• 1 Legal Action has commenced to recover the final A$80 M owing from MCC.

• 2 Triggered by the achievement of certain production milestones

Strong track record of delivering shareholder value

May 2006 Oct 2007 Oct 2008 July 2010 Feb 2011 In specie In specie A$100 million A$44 million On market distribution of distribution of capital/ fully franked buy-back 54 International Global Iron dividend special million shares Goldfields (now (now African payment dividend for A$32 International Petroleum (from sale of payment million Petroleum market market cap Cape Lambert (from sale of cap A$196M) A$634M) magnetite Lady Annie deposit) Copper Project)

25 person team has the technical and commercial expertise and experience to maximise project development

Over A$150M returned to shareholders via Special Dividends and Capital returns

Investment ‘sweet spot’

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Grassroots Exploration Appraisal Construction Production
exploration
Expansion
Scoping
Value
Finance
(Share Price)
Discovery
Start-up
PFS BFS
Time
Pg 5 | February 2012
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Quality assets in project pipeline

Marampa (Fe) Leichhardt – Mt Cuthbert Sierra Leone (Cu), QLD Australia

Australis / Mojo Leichhardt - Kukuna (Fe) (phosphate, Cu, Regional (Cu), Sierra Leone Zn), QLD Australia QLD Australia

Sandenia (Fe) Guinea

Rokel (Fe) Sierra Leone

Regional Gold,

Cote d’Ivoire

New Projects

West African Emerging Iron Ore Business - “The Next Pilbara”

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Highlights

JORC resource of 680Mt at 28.2% Fe, supporting 10Mtpa high quality hematite concentrate production for >20 years.

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Scoping study for 10Mtpa, standalone open pit mining development complete:

» Stage 1 – 2.5Mtpa capex US$460 million; Stage 2 – 10Mtpa capex US$1.05 billion

» 22 year mine life at US$52/t FoB

» After tax NPV10% US$1 billion with IRR = 34%

<2.5km from existing refurbished heavy haulage Lunsar–Pepel railway (73km), rights to access (rail and port).

	Marampa Iron Ore Project - Overview Location » Republic of Sierra Leone » Large land position (305km2) Ownership » 100% CFE JORC Mineral Resources » 4 deposits with 680Mt at 28.2% Fe (15% Fe cutoff) » Indicated 261Mt at 28.7% Fe and Inferred 419Mt at 27.9% Fe Exploration Target1 » >6km of undrilled strike at 3 prospects » Total exploration target 0.7 – 1.0Bt at 25-35% Fe (including JORC resource) Metallurgy and Products » Coarse primary grind size (P98of 850µm), low power costs, life of mine average mass yield 37.9%, ~65% Fe concentrate » Sinter fines and pellet feed. Possible DRI feed Project stage » Scoping Study at 10Mtpa concentrate completed, feasibility and permitting commenced Rail and Port Access » Access to 5Mtpa secured. Additional 5Mtpa access in progress.	Marampa Iron Ore Project - Overview Location » Republic of Sierra Leone » Large land position (305km2) Ownership » 100% CFE JORC Mineral Resources » 4 deposits with 680Mt at 28.2% Fe (15% Fe cutoff) » Indicated 261Mt at 28.7% Fe and Inferred 419Mt at 27.9% Fe Exploration Target1 » >6km of undrilled strike at 3 prospects » Total exploration target 0.7 – 1.0Bt at 25-35% Fe (including JORC resource) Metallurgy and Products » Coarse primary grind size (P98of 850µm), low power costs, life of mine average mass yield 37.9%, ~65% Fe concentrate » Sinter fines and pellet feed. Possible DRI feed Project stage » Scoping Study at 10Mtpa concentrate completed, feasibility and permitting commenced Rail and Port Access » Access to 5Mtpa secured. Additional 5Mtpa access in progress.
	Location	» Republic of Sierra Leone » Large land position (305km2)
	Ownership	» 100% CFE
	JORC Mineral Resources	» 4 deposits with 680Mt at 28.2% Fe (15% Fe cutoff) » Indicated 261Mt at 28.7% Fe and Inferred 419Mt at 27.9% Fe
	Exploration Target1	» >6km of undrilled strike at 3 prospects » Total exploration target 0.7 – 1.0Bt at 25-35% Fe (including JORC resource)
	Metallurgy and Products	» Coarse primary grind size (P98of 850µm), low power costs, life of mine average mass yield 37.9%, ~65% Fe concentrate » Sinter fines and pellet feed. Possible DRI feed
	Project stage	» Scoping Study at 10Mtpa concentrate completed, feasibility and permitting commenced
	Rail and Port Access	» Access to 5Mtpa secured. Additional 5Mtpa access in progress.

1. The estimates of Exploration Target sizes should not be misunderstood as estimates of Mineral Resources. The estimates of Exploration Target sizes are conceptual in nature and there has been insufficient results received from drilling to date to estimate a Mineral Resource in accordance with the JORC Code (2004). It is uncertain if future exploration will result in the determination of a Mineral Resource.

Highlights

Granted exploration licence with potential to define large specular hematite deposits under laterite cover analogous to Marampa.

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Exploration target[1] of 1-2 billion tonnes at 30-40% Fe of hematite schist iron ore. Initial trenching and drilling in progress.

80km from Pepel-Lunsar railway and Atlantic Coast.

	Kukuna Iron Ore Project - Overview Location » Republic of Sierra Leone » 68km2 granted licence Ownership » Pinnacle Group Assets (CFE 100%) Exploration Target1 » Three target trends with total prospective strike of ~20km » Exploration target 1 – 2.0 Bt at 30-40% Fe of hematite schist iron ore Product » High grade hematite concentrate Project stage » Early exploration » Trenching & drilling program commenced in July 2011 on priority targets Rail and Port Access » Located ~80km from existing Pepel-Lunsar railway and the Atlantic Coast. » Transport and shipping options being examined. This image cannot currently be displayed.	Kukuna Iron Ore Project - Overview Location » Republic of Sierra Leone » 68km2 granted licence Ownership » Pinnacle Group Assets (CFE 100%) Exploration Target1 » Three target trends with total prospective strike of ~20km » Exploration target 1 – 2.0 Bt at 30-40% Fe of hematite schist iron ore Product » High grade hematite concentrate Project stage » Early exploration » Trenching & drilling program commenced in July 2011 on priority targets Rail and Port Access » Located ~80km from existing Pepel-Lunsar railway and the Atlantic Coast. » Transport and shipping options being examined. This image cannot currently be displayed.
	Location	» Republic of Sierra Leone » 68km2 granted licence
	Ownership	» Pinnacle Group Assets (CFE 100%)
	Exploration Target1	» Three target trends with total prospective strike of ~20km » Exploration target 1 – 2.0 Bt at 30-40% Fe of hematite schist iron ore
	Product	» High grade hematite concentrate
	Project stage	» Early exploration » Trenching & drilling program commenced in July 2011 on priority targets
	Rail and Port Access	» Located ~80km from existing Pepel-Lunsar railway and the Atlantic Coast. » Transport and shipping options being examined.

1. The estimates of Exploration Target sizes should not be misunderstood as estimates of Mineral Resources. The estimates of Exploration Target sizes are conceptual in nature and there has been insufficient results received from drilling to date to estimate a Mineral Resource in accordance with the JORC Code (2004). It is uncertain if future exploration will result in the determination of a Mineral Resource.

Highlights

2 granted exploration licences adjacent to Bellzone’s 6.2Bt Kalia Iron Project in Guinea.

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7 weathered and fresh magnetite Banded Iron Formation targets identified with total strike length of >20km. Surface samples up to 48.5% Fe.

Preparations underway to start scout drilling at the priority targets Sandenia and Sandenia East.

	Sandenia Iron Ore Project - Overview Location » Republic of Guinea » Two granted exploration permits (608km2) Ownership » Pinnacle Group Assets (CFE 100%) Exploration Target1 » Seven exploration targets prospective for enriched oxide and magnetite BIF » Exploration target 1.5 – 2.5 Bt at 25-35% Fe Project stage » Early exploration. » Drill targets defined at Sandenia & Sandenia East » Drilling in 2H-2011 Rail & Port Access » Adjacent proposed railway Kalia - Matakang » Bellzone have signed infrastructure deal with China Int. Fund	Sandenia Iron Ore Project - Overview Location » Republic of Guinea » Two granted exploration permits (608km2) Ownership » Pinnacle Group Assets (CFE 100%) Exploration Target1 » Seven exploration targets prospective for enriched oxide and magnetite BIF » Exploration target 1.5 – 2.5 Bt at 25-35% Fe Project stage » Early exploration. » Drill targets defined at Sandenia & Sandenia East » Drilling in 2H-2011 Rail & Port Access » Adjacent proposed railway Kalia - Matakang » Bellzone have signed infrastructure deal with China Int. Fund
	Location	» Republic of Guinea » Two granted exploration permits (608km2)
	Ownership	» Pinnacle Group Assets (CFE 100%)
	Exploration Target1	» Seven exploration targets prospective for enriched oxide and magnetite BIF » Exploration target 1.5 – 2.5 Bt at 25-35% Fe
	Project stage	» Early exploration. » Drill targets defined at Sandenia & Sandenia East » Drilling in 2H-2011
	Rail & Port Access	» Adjacent proposed railway Kalia - Matakang » Bellzone have signed infrastructure deal with China Int. Fund

1. The estimates of Exploration Target sizes should not be misunderstood as estimates of Mineral Resources. The estimates of Exploration Target sizes are conceptual in nature and there has been insufficient results received from drilling to date to estimate a Mineral Resource in accordance with the JORC Code (2004). It is uncertain if future exploration will result in the determination of a Mineral Resource.

||Pg 14 |
Rokel Iron Ore Project - Overview
February 2012
Location
» +2,000km2 of prospective
Marampa belt
Ownership
» Metal Exploration Limited
(CFE 100%)
Exploration
Target
» Hematite schist iron ore.
» One prospect at Kumrabai east of
Marampa with potential strike of 8km
» 3
known
historical
occurrences
north of Marampa
Project
stage
» Airborne magnetic geophysical
survey completed. Target generation
in progress
» Prospect mapping & sampling
underway at Kumrabai
Rail and
Port Access
» Prospect and occurrences 5-40km
from Tonkolili-Lunsar-Pepel railway|Pg 14 |
Rokel Iron Ore Project - Overview
February 2012
Location
» +2,000km2 of prospective
Marampa belt
Ownership
» Metal Exploration Limited
(CFE 100%)
Exploration
Target
» Hematite schist iron ore.
» One prospect at Kumrabai east of
Marampa with potential strike of 8km
» 3
known
historical
occurrences
north of Marampa
Project
stage
» Airborne magnetic geophysical
survey completed. Target generation
in progress
» Prospect mapping & sampling
underway at Kumrabai
Rail and
Port Access
» Prospect and occurrences 5-40km
from Tonkolili-Lunsar-Pepel railway|
|---|---|---|
||Location|» +2,000km2 of prospective
Marampa belt|
||Ownership|» Metal Exploration Limited
(CFE 100%)|
||Exploration
Target|» Hematite schist iron ore.
» One prospect at Kumrabai east of
Marampa with potential strike of 8km
» 3
known
historical
occurrences
north of Marampa|
||Project
stage|» Airborne magnetic geophysical
survey completed. Target generation
in progress
» Prospect mapping & sampling
underway at Kumrabai|
||Rail and
Port Access|» Prospect and occurrences 5-40km
from Tonkolili-Lunsar-Pepel railway|
||||

Highlights

Existing heap leach, solvent extraction and electrowinning facility at Mt Cuthbert with installed capacity of 9,000tpa of copper cathode.

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Mineral resource inventory of 8.1Mt at 0.9% Cu of oxide and transitional copper mineralisation (total contained copper ~76,000 tonnes) at Mt Watson and satellite deposits.

Large tenement package (~1,350km[2] ) of 43 granted tenements and 11 applications. Historic exploration fragmented.

Numerous oxide Cu drill targets within trucking distance of Mt Cuthbert.

Several regional oxide and sulphide Cu targets with standalone potential.

||Pg 16 |
Leichhardt Copper Project - Overview
February 2012
Location
» Mt Isa Inlier, Qld, Australia
Ownership
» 100% CFE
JORC
Resource
» Oxide and Transition:
» Total 8.1Mt at 0.9% Cu (76kt
contained Cu)
» Measured 2.8Mt at 1% Cu
» Indicated 4.3Mt at 0.9% Cu
» Inferred 1.0Mt at 0.8% Cu
Infrastructure » Mt Cuthbert SX-EW process plant
» Mt Watson open pit
» 110 person camp
Project stage
» Mt Cuthbert/Watson Operations -
Care and Maintenance
» Near-mine exploration and
metallurgical testing in progress
» Leichhardt Regional – exploration in
progress on untested EM targets at
Prospector/Leichhardt|
|---|---|

||Pg 17 |
Australis Exploration - Overview
February 2012
Location
» Northern Territory and NW Qld,
Australia
Ownership
» 100% CFE
Holdings
» Lady
Annie
Phosphate
Rights
(“LAPR”);
» 10
granted
Exploration
Licences
(7,018km2) in Northern Territory
» 4
Granted
Exploration
Licenses
(2,500km2)
and
11
applications
(5,191 km2) in NW Queensland
» 100% of Mojo Mining Pty Ltd, which
holds 15 granted Exploration Permits
(2,434km2)
Exploration
targets
» Rock phosphate in NT, QLD and
LAPR
» Large Mt Isa style base metal
deposits under younger cover rocks
at Mojo.
Project
stage
» Early exploration
» Geophysical surveys and prospecting
underway|
|---|---|

	Other Key Assets Asset Interest Commodity Stage Location African Iron Ltd1 (ASX:AKI) 25.3% Iron Ore Exploration, near term production Republic of Congo, Africa Cauldron Energy Ltd (ASX:CXU) 18.4% Uranium Exploration Australia/Argentina Fe Limited (ASX:FEL) 19.9% Iron Ore, Gold, Nickel Exploration Yilgarn WA, Australia International Goldfields Ltd (ASX:IGS) 28.7% Gold Exploration Australia/Cote d’Ivoire/Brazil Latin Resources Ltd (ASX:LRS) 13.8% Iron Ore & Gold, Copper Exploration Peru Glory Resources Ltd (ASX:GLY) 16.4% Gold Exploration Greece	Other Key Assets Asset Interest Commodity Stage Location African Iron Ltd1 (ASX:AKI) 25.3% Iron Ore Exploration, near term production Republic of Congo, Africa Cauldron Energy Ltd (ASX:CXU) 18.4% Uranium Exploration Australia/Argentina Fe Limited (ASX:FEL) 19.9% Iron Ore, Gold, Nickel Exploration Yilgarn WA, Australia International Goldfields Ltd (ASX:IGS) 28.7% Gold Exploration Australia/Cote d’Ivoire/Brazil Latin Resources Ltd (ASX:LRS) 13.8% Iron Ore & Gold, Copper Exploration Peru Glory Resources Ltd (ASX:GLY) 16.4% Gold Exploration Greece	Other Key Assets Asset Interest Commodity Stage Location African Iron Ltd1 (ASX:AKI) 25.3% Iron Ore Exploration, near term production Republic of Congo, Africa Cauldron Energy Ltd (ASX:CXU) 18.4% Uranium Exploration Australia/Argentina Fe Limited (ASX:FEL) 19.9% Iron Ore, Gold, Nickel Exploration Yilgarn WA, Australia International Goldfields Ltd (ASX:IGS) 28.7% Gold Exploration Australia/Cote d’Ivoire/Brazil Latin Resources Ltd (ASX:LRS) 13.8% Iron Ore & Gold, Copper Exploration Peru Glory Resources Ltd (ASX:GLY) 16.4% Gold Exploration Greece	Other Key Assets Asset Interest Commodity Stage Location African Iron Ltd1 (ASX:AKI) 25.3% Iron Ore Exploration, near term production Republic of Congo, Africa Cauldron Energy Ltd (ASX:CXU) 18.4% Uranium Exploration Australia/Argentina Fe Limited (ASX:FEL) 19.9% Iron Ore, Gold, Nickel Exploration Yilgarn WA, Australia International Goldfields Ltd (ASX:IGS) 28.7% Gold Exploration Australia/Cote d’Ivoire/Brazil Latin Resources Ltd (ASX:LRS) 13.8% Iron Ore & Gold, Copper Exploration Peru Glory Resources Ltd (ASX:GLY) 16.4% Gold Exploration Greece	Other Key Assets Asset Interest Commodity Stage Location African Iron Ltd1 (ASX:AKI) 25.3% Iron Ore Exploration, near term production Republic of Congo, Africa Cauldron Energy Ltd (ASX:CXU) 18.4% Uranium Exploration Australia/Argentina Fe Limited (ASX:FEL) 19.9% Iron Ore, Gold, Nickel Exploration Yilgarn WA, Australia International Goldfields Ltd (ASX:IGS) 28.7% Gold Exploration Australia/Cote d’Ivoire/Brazil Latin Resources Ltd (ASX:LRS) 13.8% Iron Ore & Gold, Copper Exploration Peru Glory Resources Ltd (ASX:GLY) 16.4% Gold Exploration Greece
	Asset	Interest	Commodity	Stage	Location
	African Iron Ltd1 (ASX:AKI)	25.3%	Iron Ore	Exploration, near term production	Republic of Congo, Africa
	Cauldron Energy Ltd (ASX:CXU)	18.4%	Uranium	Exploration	Australia/Argentina
	Fe Limited (ASX:FEL)	19.9%	Iron Ore, Gold, Nickel	Exploration	Yilgarn WA, Australia
	International Goldfields Ltd (ASX:IGS)	28.7%	Gold	Exploration	Australia/Cote d’Ivoire/Brazil
	Latin Resources Ltd (ASX:LRS)	13.8%	Iron Ore & Gold, Copper	Exploration	Peru
	Glory Resources Ltd (ASX:GLY)	16.4%	Gold	Exploration	Greece

Notes:

1.Cape Lambert has entered into a pre-bid acceptance agreement with Exxaro Resources Limited to accept the takeover offer in respect of the portion of Cape Lambert’s shareholding which equates to 19.99% of African Iron. Acceptance of the takeover offer in respect of all African Iron shares held by Cape Lambert will result in Cape Lambert receiving up to A$72.2 M.

Value Proposition	Value Proposition
	Asset	A$ Value
	Cash at 31 December 2011	37.5M
	Cash Receivables and Convertible Notes1	160M
	Equities (mark-to-market)2	47M
	Marampa (100%)3	500M?
	Australis (100%)	?
	Pinnacle (100%)	?
	Cape Lambert South (100%)	?
	Rokel (100%)	?
		++744.5M

Notes:

• 1.Cash receivables include the final payment to be received in respect of the sale of the Cape Lambert project, repayment of convertible notes and amount due to be received under African Iron takeover bid.

• 2.Equities were marked-to-market on 31 January 2012.

• 3.Marampa value based on “asking price” in respect of a trade sale.

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Tony Sage Executive Chairman

Tim Turner

Non-Executive Director

Brian Maher

Non-Executive Director

Ross Levin

Non-Executive Director

Over 26 years experience in corporate advisory, funds management, capital raisings and management of exploration companies.

Over 25 years experience in management and business consultancy and a partner in an accountancy practice.

Mining engineer with over 40 years experience in the mining industry working in Australia, Liberia, Guyana & the Philippines.

Holds degrees in both Law and Economics, extensive experience in acquisitions, corporate restructuring, and takeovers and is currently a senior partner in the commercial division of Rigby Cooke Lawyers.

Joe Ariti General Manager

Fiona Taylor

Chief Financial Officer

Kim Bischoff

General Manager – Exploration

Claire Tolcon

Company Secretary / Legal Counsel

Metallurgist with over 25 years experience in the mining industry working in Australia, Indonesia, PNG and Africa.

Chartered accountant with over 13 years experience in both commerce and professional practice in South Africa, Australia and the UK.

Geologist with 28 years experience in exploration, development and mining, working in Australia, Southeast Asia and Africa.

Lawyer with 14 years experience primarily in the areas of equity capital markets, mergers and acquisitions, corporate governance and mining and resources.

Capital Structure	Capital Structure
Ordinary shares (ASX: CFE)	689M
Market Cap at $0.565	$389M
Cash and receivables1	$198M
Options ($0.45 exp 30 Nov 12)	8.3M
Securities (marked-to-market)	$47M
Enterprise value	$144M

Shareholders	Shareholders
African Iron	17.7%
Top 20	75.3%
Institutions Including: Capital World BlackRock Henderson JP Morgan	~37%
Directors	6%

Average Daily Trading Volume 2012 (year to date) 1.7 M

Notes:

1.Based on Dec 2011 cash position + A$72.2 M receivable under African Iron takeover bid + convertible notes and other receivables of A$87.9 M.

Appendix - Corporate Snapshot

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• African Iron subject to takeover bid under which Cape Lambert could receive A$72.2 M.

Competent Persons Statement

The Metallurgical information in this presentation is based on information compiled by GV Ariti who is a Member of The Australasian Institute of Mining and Metallurgy. Mr. Ariti 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 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr. Ariti consents to the inclusion in this report of the matters based on his information in the form and the context in which it appears.

The Exploration information in this presentation is based on information compiled by K Bischoff who is a Member of The Australasian Institute of Mining and Metallurgy. Mr. Bischoff 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 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr. Bischoff consents to the inclusion in this report of the matters based on his information in the form and the context in which it appears.

Mineral Resources

Exploration Target Size Statements

Target sizes quoted in this presentation are conceptual in nature and in respect of the target sizes quoted, 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. Target sizes referred to in this presentation refer to potential tonnages of iron ore mineralisation that have been estimated using available exploration information including historic and contemporary geological mapping, geochemical sampling of outcrops, pits and trenches, wide spaced diamond drill holes and modelling of ground and airborne geophysical survey data.

This presentation has been prepared by Cape Lambert Resources Limited (“Cape Lambert” 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 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. Cape Lambert 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, Cape Lambert 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 Australian dollars (A$) unless otherwise stated.

You should not act or refrain from acting in reliance on this presentation material. This overview of the Company 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 Cape Lambert’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 Cape Lambert (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.

Tony Sage Executive Chairman Eloise von Puttkammer Investor Relations

PO Box 144 West Perth WA 6872 Ph: +61 8 9380 9555 Fax: +61 8 9380 9666

www.capelam.com.au

Australian PR

Professional Public Relations David Tasker

• 61 8 9388 0944 / + 61 (0)433 112 936

UK PR

Tavistock Communications Emily Fenton / Jos Simson +44 (0) 20 7429 6603 / +44 (0)7899 870 540