NEURIZER LTD — Investor Presentation 2007

Nov 11, 2007

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12 November 2007

Manager Companies Companies Announcements Office Australian Stock Exchange Limited

By e-mail: ASX On-Line

Dear Sir/Madam

ASX Code: MTN

Presentation by Executive Director Dr John Santich

Attached please find copy Powerpoint presentation to accompany the address given by Executive Director, Dr John Santich, at the Investor Series presentation held today in Sydney. Details of presentations can be seen at the organiser’s website www.resourcefulevents.com.

Yours faithfully

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Sam Appleyard Company Secretary

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Marathon Resources Limited Uranium Information Day 12[th] November, 2007 Sydney

John Santich –Executive Director

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Disclaimer

This presentation has been prepared by Marathon Resources Limited ( Marathon ) as a presentation of general information about Marathon's activities current at the date of the presentation. It is prepared in good faith based on Marathon's own information and on data obtained from sources believed to be reliable.

It is provided in summary format and does not purport to be complete. Marathon therefore gives no warranties as to the accuracy, reliability or completeness of the information (except to the extent liability under statute cannot be excluded). The presentation is general in nature and is not intended as financial advice or an investment recommendation. Persons should obtain their own specific investment advice in respect of their particular needs, objectives and financial circumstances.

The presentation is proprietary to Marathon and is not to be used for any other purpose without Marathon's prior written consent.

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Overview

• •ASX code:

MTN

• •Issued Capital:

• 60.6m ordinary shares (rounded)* 4.799 m unlisted options

• •Market cap:

• $181m @ $3.00 (undiluted)

• •12 month range:

• •Top 20 s/holders:

• $1.17 @ close 10[th] November 2006 to $3.00 @ 7[th] November 2007 56% of issued capital @ 7[th] November 2007 (daily basis)

• Post 1 for 5 rights issue @ $2.50 announced 28[th] September 2007

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Marathon - History

	Mar 05	- Float
	Aug 05	- Mt Gee resource estimate
	Jul 06	- Crosby takeover offer
	Nov 06	- CITIC/Talbot placement
	Jun 07	- Crosby withdraws offer
	Sep 07	- Resource update
		- Scoping study Mt Gee
		- Rights Issue

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	Mt Gee Inferred Resource Sept 2007
	26.9 Kt 629 ppm 42.8 Mt Total 24.7 Kt 622 ppm 39.7 Mt Inferred 2.2 Kt 717 ppm 3.1 Mt Indicated Tonnes U3O8 Grade U3O8 Resources Tonnes *Resource Category * At 300 ppm U3O8 cut-off

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Australian Uranium Resources (Undeveloped)

Resource	U Tonnes	JORC Status	Location
Jabiluka	67,000	reserves	NT
Yeelirrie	52,500	indicated resources	WA
Valhalla	16,900 9,000	indicated resources Inferred resources	QLD
Kintyre	36,000	reserves + resources	WA
Mt Gee	2,200 24,700	indicated resources inferred resources	SA
Koongarra	14,540	reserves	SA

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Location - not in a national park ….

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… but in a planning zone ‘Environmental Class A’

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Mt Gee Location

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Mt Gee Scoping Study Updated Key Findings

• •Based on August 06 inferred resource of 42.8 mt @ 0.063 U3O8 (300 ppm cut-off)

• •Recommend underground mine

• •Mining rate ~1.5 mtpa @ 0.067% U3O8

• •Processing via atmospheric tank leach or heap leach situated away from the Flinders Ranges

• •Production around 900 tpa U3O8

• •Mine life around 9 years

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Approval Process

• •EPBC Referral

• –Public consultation

Completed Completed

• •EIS guidelines

• –Public consultation

• •EIS

• –Public consultation

• •Mining lease application

–Approval with conditions

–Marathon accepts conditions

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Mt Gee Scoping Study Challenges - Location

• •Underground mine

• •Minimal surface expression –ventilation outlets and emergency escape

• •Processing outside Flinders Ranges

• •‘Controlled Action’EPBC Act

• •Full EIS

• •Anticipating highest environmental standards re discharges, run-off etc.

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Mt Gee Scoping Study Challenges - Community

• •Direct communication of plans

•Open and transparent

• •NFCCC

–Pastoralists

–Aborigines

–Tourism operators

–Political representatives

–Chair the Hon. Neil Andrew

• •Synergistic with tourism operators and Aboriginal enterprises

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Mt Gee Scoping Study Challenges - Water

•Likely source –Great Artesian Basin

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Mt Gee Scoping Study Challenges –Lead Time

		2007	2008	2009	2009	2010	2011	2011
	Data Acquisition
	PFS
	FS
	Construction
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Western World Supply/Demand Source: WNA Global Nuclear Fuel Market 2007-2030

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Strategy

Preferred developer of uranium assets

• •Strong technical skills

• •Good government relationships

• •‘Safe pair of hands’ –Community –Environment –Safety

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Marathon Resources Mt Gee

1. Excellent U market outlook

2. Australia –‘safe’investment environment 3. South Australia –supportive of U mining

3. Significant resource

4. Strong technical team 6. The right strategy 7. Strong shareholder support

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Broker Coverage

• http://www.marathonresources.com.au/research.asp

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