MACRO METALS LIMITED — Investor Presentation 2012

Sep 11, 2012

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12 September 2012

Company Announcements Platform Australian Securities Exchange Level 5 Bridge Street SYDNEY NSW 2000

ANALYST PRESENTATION

Energio Limited (ASX: EIO) advises that it is hosting 5-6 mining analysts and other visitors (collectively "Analysts") at its 100% owned Agbaja iron ore project, located in Kogi State, Nigeria between 12-14 September 2012.

The Analysts represent a number of London and Australia based broking houses, and other financing organisations operating in Africa.

Attached herewith is a copy of the presentation that will be delivered to the Analysts as part of the visit.

Yours faithfully,

Energio Limited

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Shane Volk

Company Secretary

Energio Limited ABN 28 001 894 033 ASX: EIO

13 Colin Street PO Box 1934 West Perth Western Australia 6005 West Perth Western Australia 6872 Australia Australia

Telephone: +61 8 9200 3456 Facsimile: +61 8 9200 3455 Website: www.energio.net.au

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Exploring a Potential World-class Iron Ore Project in Nigeria Analysts’ Visit - September 2012

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Disclaimer / Competent Person

Forward-looking Statements

This presentation contains forward-looking statements which are identified by words such as ‘may’, ‘could’, ‘believes’, ‘estimates’, ‘targets’, ‘expects’, or' intends’ and other similar words that involve risks and uncertainties. These statements are based on an assessment of present economic and operating conditions, and on a number of assumptions regarding future events and actions that, as at the date of this presentation, are expected to take place. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control of our Company, the Directors and our management. We cannot and do not give any assurance that the results, performance or achievements expressed or implied by the forward-looking statements contained in this presentation will actually occur and readers are cautioned not to place undue reliance on these forward-looking statements. These forward looking statements are subject to various risk factors that could cause our actual results to differ materially from the results expressed or anticipated in these statements.

Competent Person ’ s Statement

The exploration results in this presentation have been examined by Dr Warwick Crowe BSc Hons, MSc, PhD who is the Principal Geologist at International Geoscience, a Perth based Geological and Geoscience Consultancy. Dr Crowe is a member of the Society of Economic Geologists and Society for Geology Applied to Mineral Deposits. Dr Crowe has sufficient experience that is relevant to the style of Geology and type of deposit under consideration and to the activity that he is undertaking to qualify as a Competent Person as defined in the 2004 edition of the Australasian Code for Reporting of Exploration Results, Minerals Resources and Ore Reserves. Dr Crowe consents to the inclusion of this report of the matters based on his information in the form and context that the information appears.

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Corporate Overview

Energio represents a unique iron ore investment opportunity with large resource potential, proximity to infrastructure and potentially significant project scale

Corporate Snapshot ASX Code EIO Shares on Issue 239.7m Share Price¹ A$0.15 Market Capitalisation A$36m Options on Issue 16.6m Cash² A$4.1m	Corporate Snapshot	Corporate Snapshot	Corporate Snapshot
	ASX Code	EIO
	Shares on Issue	239.7m
	Share Price¹	A$0.15
	Market Capitalisation	A$36m
	Options on Issue	16.6m
	Cash²	A$4.1m
Major Shareholders³
TGP Australia Limited4			35.8%
Bedford CP Nominees5			6.5%
J&D Roberts Nominees			1.8%
Berlurly Mining Pty Ltd			1.7%
Mr James David Taylor			1.5%

Projects (Nigeria, West Africa)	Ownership
Agbaja Iron Ore Project (169km2)	100%
Additional, 258km2underexplored land package	100%

ASX Share Price Performance

										Share	Share	Share	Share	Share	Share	Share	Share	Share	Share	Share	Share	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price	Price																																															Volume ('000)	Volume ('000)	Volume ('000)	Volume ('000)	Volume ('000)	Volume ('000)	Volume ('000)	Volume ('000)	Volume ('000)	Volume ('000)	Volume ('000)
	$0.25																																																																																																			3,500
	$0.20																																																																																																			3,000
	$0.15																																																																																																			2,000 2,500
	$0.10																																																																																																			1,500
	$0.05																																																																																																			1,000
																																																																																																				500
	$0.00	Mar 12																						Apr 12																					May 12																		Jun 12															Aug 12																		Sep 12				0

¹Closing price as at 6 September 2012, ²As at 30 June 2012, ³As at 5 September 2012,[4] Escrowed until March 2014,[ 5] Escrowed until March 2013

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Highly Experienced Board

Dr Ian Burston (Non-Executive Chairman) OAM, DSc, FIEA, FIMM, FAICD

Dr Burston has more than 50 years of experience in Western Australian and international iron ore mining and export sales. He has held executive management and Board positions with some of Australia’s largest and most successful mining operations.

Mr Nathan Taylor (Non-Executive Director) LLB, BCom

Mr Taylor has extensive M&A and Capital Markets experience having worked on numerous domestic and cross border transactions throughout his career. Most recently, he was Head of Mergers and Acquisitions at BBY Limited and prior to this worked within the capital markets teams at UBS AG and Macquarie Bank.

Mr Don Carroll (Non-Executive Director) BEng (Mining), MAusIMM, MAICD

Mr Carroll was a former executive with BHP Billiton and has over 30 years of experience in the mining industry, principally overseas in Asia, USA and West Africa. During this time he was responsible for the marketing of minerals in Asia, including China, and was the President for BHP Billiton in Japan and India.

Mr Kevin Joseph (Executive Director) BEng

Mr Joseph has extensive experience in Nigeria and the West African region, and is currently the Executive Officer of KCM Mining, which holds the Company’s Exploration Licences. A 23 year resident of Nigeria, he has invaluable in-country relationships, which assists in conducting day to day business & executing the Company’s development plans.

Mr Joe Ariti (Non-Executive Director) BSc, DipMinSc, MBA, MAusIMM, MAICD

Mr Ariti is an experienced company director and mining executive with over 25 years’ experience in technical, management and executive roles including developing, managing and financing mining projects in Australia, Indonesia, PNG and the West African region.

Mr Brian King (Non-Executive Director)

Mr King has over 40 years experience in the mining industry and was the Registered Mine Manager at Rio Tinto’s Tom Price and Paraburdoo mining operations from 1982 until 1990. More recently, Mr King worked with the Terex Group in various senior roles including President of the mining group for 11 years.

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Iron Ore Market Outlook

Iron Ore - Outlook

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Population: 300,000
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“A further 650 million tonne per annum increase in global seaborne iron ore demand is required over the next 10-15 years.

Scrap generation is an increasingly ” . important consideration post 2025 Marius Kloppers – CEO, BHP Billiton May 2012

• The outlook provides an opportunity for potential, near term (<5years) iron ore producers who have access to transport infrastructure, scale and quality competitive advantages.

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Federal Republic of Nigeria

• Federal constitutional republic comprising 36 states and Federal Capital Territory, Abuja.

• Former British colony with a population of more than 163 million, which gained independence in 1960.

• • President elected by popular vote for a four year term – last election held in April 2011, next in April 2015.

• Oil and oil products account for 95% of exports (foreign exchange) and 80% of budget revenue. • Oil production approx. 2.46 million barrels per day

• GDP real growth rate 7.2% (2011), with GDP per capita of approximately $2,600 pa.

• New Mining and Minerals Act implemented in 2007.

• Exclusive exploration licence initially for 3 years, followed by two extensions of 2 years

• Mining Lease granted for 25 years renewable every 20 years

• Government is a regulator – no “free carried participation”

• Favourable fiscal regime for foreign mining companies

• Corporate tax rate - 35%

• Royalty, iron ore - 3% ad valorem

• Accelerated depreciation and amortisation provisions

• Exempt from all other Nigerian taxes

Source: CIA – World Fact Book, Mining and Minerals Act 2007

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Agbaja Project Overview

Snapshot	Snapshot
Location	• Kogi State, Central Nigeria • Approx. 200km by sealed road south east of the capital city, Abuja
Mineralisation	• Channel iron deposit (CID) enriched by weathering • Typical in-situ grades1- 40% Fe, 12% Al2O3, 18% SiO2, 0.68% P, 0.08% S & 10% LOI • Typical thickness – 14metres (10-18metres) • Beneficiation required to produce 58-62% Fe products
JORC Resource	• Maiden JORC resource scheduled for release late September 2012
Exploration Target2	• 1.6 – 2.7Bt at 35 – 53% Fe
Potential Products	• Sinter Fines • Iron Ore Concentrate
First Production	• Estimated mid-late 2015
Mine Life	• Minimum 20 year mine life based on 20Mtpa
Rail	• Operating heavy gauge railway within 68km of Agbaja Project, linking Port Warri • Latent capacity exists on the railway
Port	• Existing commodities/container port – Port Warri • Draft ≈ 7metres, 30,000DWT (Handysize) vessels • Tranship to larger vessels off shore

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1At 10% Fe cut-off, after completion of approximately 14,000m of RC drilling

2The estimate of Exploration Target Size should not be misunderstood as an estimate of a mineral resource. The estimate of Exploration Target Size is conceptual in nature and insufficient exploration has been completed to estimate a mineral resource in accordance with the JORC Code (2004). Further it is uncertain if further exploration will result in the determination of a mineral resource.

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Ownership Structure

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Agbaja and Infrastructure Locations

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Land Position and Potential

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• 15 granted Exploration Licences (EL) for a land package of 427km[2]

• Current focus on EL 12124: Agbaja I Project (169km[2] ) with prospective CID plateau area of 83km[2]

• 7 other ELs prospective for CIDs (65km[2] ) with total prospective CID plateau area of 91km[2]

• E x p l o r a t i o n t a r g e t f o r a l l prospective CID areas of 1.6 – 2.7Bt at 35 - 53% Fe[1 ]

• 7 ELs to west and SW prospective for Banded Iron Formation (BIF) (194km[2] )

1The estimate of Exploration Target Size should not be misunderstood as an estimate of a mineral resource. The estimate of Exploration Target Size is conceptual in nature and insufficient exploration has been completed to estimate a mineral resource in accordance with the JORC Code (2004). Further it is uncertain if further exploration will result in the determination of a mineral resource

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• Interpreted to be a Channel Iron Deposit (Cretaceous oolitic – pisolitic ironstone)

• Shallow, flat-lying

• Comprises iron-bearing nodules termed ooids (1-2mm) and pisoids (2-9mm) in an iron-rich matrix.

• Goethite, maghemite, limonite and hematite.

• Weathering overprint has enriched iron grades.

Geology and Mineralisation

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Drilling and Resource Definition

• Focused on Agbaja Project (EL 12124) only

• Initial resource drilling area ≈15km[2] of total Agbaja CID plateau area of 83km[2] (18% of prospective area)

• Drilling:

• 200 x 100m pattern

• Completed 579 RC and 11 D i a m o n d h o l e s ( t o t a l 14,000m)

• 1 3 6 R C h o l e s t o b e completed plus 7 holes to test for deeper repetition of CID units as part of initial resource drilling program

• Maiden JORC resource estimate Sept quarter 2012.

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Current Understanding of Deposit

•	3 n o r t h t r e n d i	n g
	paleochannels defined	to
	date
•	CID unit average thickness
	14m (range 2 - 28m)
•	Depth to top of CID unit	2 –
	12m
•	Depth to base of CID unit 8
	– 30m
•	Average drilled grades:
	Cutoff % Fe Fe(%)	Al2O3 (%)	SiO2 (%)	P (%)	S (%)	LOI (%)
	10 39.5	12.1	18.1	0.68	0.08	10.6
	20 41.5	11.9	15.1	0.71	0.07	10.8

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Resource & Exploration Program

• Remaining 136 Stage 1 resource definition RC holes planned to recommence end of September

• Additional, diamond metallurgical sample drilling to follow

• Step-out drilling planned to test channels to north and south at Agbaja Project

• Regional work at Koton Karfi and Bassa ELs to northeast and southeast planned

• Agbaja mineral resource and Exploration Target update 1H 2013.

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Beneficiation Program

• Bulk samples from 11 completed diamond holes now received in Australia

• Initial program to define SG (JORC resource) mineralogy and liberation characteristics including:

• QEMSCAN and mineralogy

• mineral liberation analysis

• Following understanding of liberation and mineralogy, scope detailed metallurgical test program to produce saleable iron ore products

• Preliminary Bond Work Index tests have returned 13kWh per tonne – soft material

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• Additional 38 diamond holes planned for met test composites

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Rail & Steel making Infrastructure

Proximate to existing infrastructure with latent capacity

• Existing, operational heavy haul railway (Government owned), within 68km of Agbaja Project

• Itakpe iron ore beneficiation plant, located within 50km of Agbaja Project - nameplate capacity of 3.3Mtpa concentrate production (Government owned and currently on care & maintenance)

• Ajaokuta Steel Complex located on the banks of the Niger River and within 65km of Agbaja - nameplate capacity of 10Mtpa of steel production (Government owned and currently on care & maintenance)

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Major highway entering Lokoja from Abuja
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Ajaokuta – Warri Rail Line; Standard
Gauge – 23t axle load capacity
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Port Warri

Warri Area

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§ Population: 300,000
§ Serves as a cargo transit point between the Niger River and the Atlantic Ocean
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Port Warri

Currently capable of handling 30,000DWT (Handysize) vessels

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Development Activities

• Maiden JORC Resource

• =

September 2012

• Met/Beneficiation Test Work

• =

Underway

• Infrastructure Reviews

• Port / Marine =

• q

Underway

Rail = q

Proposals received

Power = q

• Preliminary mining study

• =

Commence H1/13 Commence Q4/12

• Environmental & Social Reviews =

• Iron Ore Market Studies

• =

Proposals requested Commence H1/13

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H.M.Massi of Agbaja
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Strong Community Support

• Strong support by the Massi of Agbaja, HRH Abubakar Isa Alugbere, and within the 11 local Agbaja communities

• Commitment to local content,

• Exclusive recruitment of workers from the Agbaja communities, and

• Local procurement of goods and services

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KCM Mining Personnel

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Sector Performance

Energio peer share price performance (rebased to 100)¹ Out performed peers

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140.0

120.0

100.0

80.0

60.0

40.0

20.0

-­‐
Mar-­‐12
Apr-­‐12
May-­‐12
Jun-­‐12
Jul-­‐12
Aug-­‐12
EIO
AU
AMI
LN
LOND
LN
EQX
AU
BZM
LN
NXR
AU
TAW
AU
SDL
AU
AFF
LN
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¹All share prices have been indexed from 15 March 2012 to closing price as at 7 September 2012

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Value Proposition

• Imminent Maiden JORC Resource: Published late September 2012

• Significant Resource Potential & Project Scale: Large landholding, Exploration Target Size with maiden JORC resource from drill testing only ≈18% of Agbaja Project

• Proximity to Transport and Steel Making Infrastructure: Operating, underutilised heavy haul railway connecting Port Warri and Ajaokuta Steel Complex both located within 65km of Agbaja Project

• Strong Government and Community Support: government policy to diversify from dependency on oil revenues and develop solid materials mining sector

• First Mover: First mover advantage into Nigeria

• Board Track Record: Board with a track record of delivering value to shareholders in the West African iron ore space

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