IRON ROAD LIMITED — AGM Information 2012

Nov 22, 2012

Through the Looking Glass A Look Into Iron Road’s Future Annual General Meeting, 23 November 2012

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Forward-Looking Statements

This presentation contains forward looking statements concerning the projects owned by Iron Road Limited. Statements concerning mining reserves and resources may also be deemed to be forward looking statements in that they involve estimates based on specific assumptions. Forward-looking statements are not statements of historical fact and actual events and results may differ materially from those described in the forward looking statements as a result of a variety of risks, uncertainties and other factors. Forward looking statements are based on management’s beliefs, opinions and estimates as of the dates the forward looking statements are made and no obligation is assumed to update forward looking statements if these beliefs, opinions and estimates should change or to reflect other future developments. Data and amounts shown in this presentation relating to capital costs, operating costs and project timelines are internally generated best estimates only. All such information and data is currently under review as part of Iron Road Limited’s ongoing development and project studies. Accordingly, Iron Road Limited cannot guarantee the accuracy and/or completeness of the figures or data included in the presentation until the project studies are completed.

Competent Person’s Statements

The information in this report that relates to Exploration Results is based on and accurately reflects information compiled by Mr Larry Ingle, who is a fulltime employee of Iron Road Limited and a Member of the Australasian Institute of Mining and Metallurgy. Mr Ingle has sufficient experience relevant to the style of mineralisation and the type of deposits 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 Ingle consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The information in this report that relates to Mineral Resources is based on and accurately reflects information compiled by Mr Iain Macfarlane and Mr Alex Virisheff, both of Coffey Mining Ltd, who are consultants and advisors to Iron Road Limited and Members of the Australasian Institute of Mining and Metallurgy. Mr Macfarlane and Mr Virisheff have sufficient experience relevant to the style of mineralisation and the type of deposits under consideration and to the activity which they are undertaking to qualify as Competent Persons as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Macfarlane and Mr Virisheff consent to the inclusion in the report of the matters based on their information in the form and context in which it appears.

Exploration Targets

It is common practice for a company to comment on and discuss its exploration in terms of target size and type. The information in this presentation relating to exploration targets should not be misunderstood or misconstrued as an estimate of Mineral Resources or Ore Reserves. Hence the terms Resource(s) or Reserve(s) have not been used in this context. Any potential quantity and grade is conceptual in nature, since there has been insufficient work completed to define them beyond exploration targets and that it is uncertain if further exploration will result in the determination of a Mineral Resource.

Iron Road’s vision is to become a trusted and reliable supplier of premium iron concentrates to the Asian marketplace.

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Key to achieving this vision is IRD’s pathway to development that recognises current market constraints and utilises the common product specification of its two South Australian resource districts to enable a flexible development strategy.

Central Eyre Iron Project

• Large, 20Mtpa development that requires an industry partner to finance and develop rail and port infrastructure

Gawler Iron Project

• Potential for small 1-2Mtpa development that can provide early sustaining cash flows

• Close to established rail infrastructure with port access

• Provide product to gain early market acceptance for CEIP analogous product

Board Peter Cassidy Non-executive Chairman Julian Gosse Non-executive Director Ian Hume Non-executive Director Jerry Ellis Non-executive Director Leigh Hall AM Non-executive Director Andrew Stocks Managing Director Management Board & Management Shading represents appointment since last AGM Shading represents employee in place at last AGM 2012 has been a year of transformation in preparation for execution of our strategy

5 Larry Ingle General Manager Alan Millet Infrastructure Manager Aaron Deans Project Manager Fop Vanderhor Project Manager, Gawler Jeff Reilly Marketing Manager Laura Johnston Regulation & Approvals Manager Lex Graefe Chief Financial Officer Milo Res Geology Manager Nicole Semler Metallurgy Manager Peter Bartsch Study Manager Sharon Schumacher Project Controls Manager Simon Telford Commercial Manager Steve Green Environmental Manager Tim Elmer Mining Manager

Through the Looking Glass – Our Natural Advantage

Magnetite gneiss

• Earth’s forces have done much of the hard work for us

• • The rock has been heated to ~1000ºC, typically banded iron formations heated only to ~300ºC

• • Expels many impurities

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• Analogous to glass

• Results in coarse brittle rock, easily processed

• Does not require pelletising

• Different to typical fine grained, hard to grind BIF magnetite

• Strategy to acquire these types of deposits

Large, long life project with an opportunity for an industry partner to finance and build infrastructure

• Iron Road currently 100%

• Mineral Resources are of sufficient scale to support long life operations, plant and infrastructure funding requirements

• • Premium product for a growing market

• Typical sinter feed quality is reducing over the long term; however

• Iron Road will provide consistent high quality concentrate to the sinter market

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Utilities • Power • Water

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Community

Community L • Water Processing o c a Partner & Finance t Board & i Mining Management o Rail n Offtake Government Resource Port

Significant Resource base and growing – underpins very long life Exploration targets 3,000 operation Mineral Resource • Current Mineral Resource 2.6 billion tonnes @ 16.8% Fe 2,000 • We now believe that the ultimate Mineral Resource is 1,000 likely to be at the upper end of the Exploration Target of 2.8-5.8 billion tonnes @ 0 18-25% Fe reported in 2009 Project could therefore deliver one billion tonnes of concentrate

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*Full Resource outlined at Appendix 1, Exploration Target notes at page 2

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Premium Grades, Lower Processing Costs
72
EMG-Beyondie VMC-Yalgoo CEIP high grade (higher revenue)
70 ARH-Balmoral IRD-CEIP (40 micron) IRD-CEIP (53 micron) coarse grind (higher margin)
AGO-Ridley IRD-CEIP (75 micron)
GRR-Southdown
68 GBG-Karara CXM-Bungalow CXM-Fusion
ACS-Magnetite Range
CXM-Carrow
66 IRD-CEIP (106 micron)
CFE-Cape Lambert
64
62
60
•
Test work to date shows desirable concentrate may be
58 FXR-Mt Oscar produced at CEIP at a competitive cost
•
Mineralisation is consistent, as is concentrate quality
56
0 20 40 60 80 100
P80 Grind Size – micron
10
Concentrate Grade - % iron
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67% Fe
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~62% Fe
~57% Fe
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Gross Margins Cash Costs

Pilbara New Lower Iron Road Reference Quality Pilbara Products Products Products

Steel mills will pay a quality differential for IRD concentrates

• Value-in-use characteristics confirmed for CEIP concentrate in Japanese and Chinese testing

• Primary value-in-use benefits derived from increasing efficiency, productivity improvements and reduction of input costs by using IRD concentrates

• Steel mills derive significant benefits using IRD concentrates in their battle with declining quality

• Large scale conventional mining

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• standard drill, blast, load, haul operations

• • PFS “base case” open cut mining operation, low strip ratio of 0.8 to 1 (ratio of waste to ore)

• Proven, off-the-shelf equipment

Typical excavator Cat 6090, 980 tonne machine

• After mining, ore upgraded by on site concentrator

• Process consists of crushing, grinding and magnetic separation

• Common process, not new technology

• Mechanical processes, not chemical

• After separation, ore is stockpiled for load-out onto trains

• Proven, off-the-shelf equipment

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Aerial view of the Karara Iron Project

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• Project will utilise standard gauge railway

• Technical review of potential rail routes

• Significantly shorter than Pilbara and Brazilian routes

• Alignment preference is to bypass towns

• Rail corridor to be utilised for other infrastructure – power, water pipeline

• • Water supply from outside district, independent of existing local supply structure

• High voltage power upgrade – ideally will serve entire district, not just CEIP

• Proven, off-the-shelf equipment

• East coast of Eyre Peninsula offers sheltered, deep locations with relatively short jetty required reducing capital cost

• To serve variety of vessel sizes up to Cape size – same as Pilbara

• Port site land acquisition currently underway for Iron Road sponsored facility – Large multi-user facility (+30Mtpa)

• – No dredging or breakwater required

• – Further expansion potential for multiuser access

• Watching brief on two third party options, though both offer uncertain suitability and timing

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• Iron Road is committed to taking its place as a member of the communities in which we operate

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• Investing in local social infrastructure – major sponsor and supporter of local community events since 2009

• Toll free contact number and extensive community programmes in place

• Programme expanding to include infrastructure areas

the region

Potential for small 1-2Mtpa development that may provide early sustaining cash flows

• Iron Road 90%

• Average in situ grades ~25% iron, with higher grade zones of ~36% iron

• Metallurgical study of several composite samples indicates excellent beneficiation characteristics

• 67-71% Fe (p80 @ 106µm)

• Mineral Resource drilling contract awarded

• • Scoping study underway

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• Modular plant layout

• Modules to be designed for rail transport.

• ~25km from TransAustralian rail with connection to bulk ports

• • Dry process flow sheet. Minimal water required reducing costs

• High quality iron concentrate with similar characteristics to that expected from CEIP

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Iron Road seeks to measure the effectiveness of capital utilisation

• Discovery cost to date 2.6 cents per Mineral Resource tonne

• • Discovery cost to date 10.6 cents per concentrate tonne

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CEIP

• i. Delineate a further 400-500Mt of magnetite gneiss with a grade of 16-18% iron at CEIP for 3.0-3.1Bt of Mineral Resource. This would equate to over 500Mt of deliverable magnetite concentrate

• ii. Lodge Mining Lease Application iii. Lodge application for Major Project status with Minister for Planning

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iv. Complete DFS by Dec 2013 Gawler

• i. Establish maiden Mineral Resource for Gawler with a target of 55-95Mt of magnetite with a grade of 20-25% iron, equating to over 15Mt of magnetite concentrate

• ii. Complete Gawler scoping study by June 2013

An achievable development path with the company transforming from explorer to long-life producer by building the business on:

• Providing premium quality concentrates to meet growing supply gap to Asian steel producers who face steadily declining feedstock quality in terms of lower grades and rising impurities

• The high margin of an estimated one billion tonnes of premium quality, low impurity, coarse grain iron concentrate

• Enhanced returns utilising Iron Road sponsored infrastructure, including an all-weather, bulk tonnage port solution without the need for break-waters, dredging or trans-shipment of ore

Another View Through The Looking Glass

“IRD may also gain synergy benefits in the future from its first mover advantage in building strategic infrastructure in the region.” *

“Our modelling suggests that even after dilution the stock could be worth at least 10 times the current share price at start up…” *

• Blue Ocean Equities Pty Limited research dated 8 November. Available at www.ironroadlimited.com.au

On the Road to Production

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Appendices

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	Central Eyre	Iron Project	Global	Mineral Resource Estimate	Mineral Resource Estimate
Location	Classification	Tonnes (Mt)	Fe (%)	SiO2 (%)	Al2O3 (%)	P (%)	LOI (%)
Murphy South	Indicated Inferred	1,108 668	16.0 16	53.2 53	12.9 13	0.08 0.08	0.4 1.3
Boo-Loo	Inferred	328	17	52	12	0.09	2.1
Rob Roy	Inferred	493	16	54	13	0.08	0.4
Total		2,597	16	53	13	0.08	0.8

The Murphy South and Boo-Loo mineral resource estimates were carried out following the guidelines of the JORC Code (2004) by Coffey Mining Ltd.