SAVANNAH GOLDFIELDS LIMITED — AGM Information 2005

Nov 21, 2005

ACN 003 049 714

Mail Address GPO Box 5268 Brisbane Old 4001 Level 5, Santos House 60 Edward Street Brisbane Old 4000

Phone: (07) 3303 0630 Fax: (07) 3303 0601 Email: admin@rcm.com.au

Chairman's Address

2005 Annual General Meeting

Renison Consolidated Mines NL

Good Morning Ladies and Gentlemen.

Welcome to the 2005 Annual General Meeting of Renison Consolidated Mines NL.

Your Company has made significant progress in value growth for shareholders over the past 12 months.

I would like to spend a little time with you explaining some of the broader strategies that are driving the Company, reviewing the events of the past year, and highlighting some of the immediate activities going forward.

Strategies

Three years ago, your board adopted a strategic plan aimed at building a resources Company, based on multiple projects and commodities. At the time, the Company had one asset, the previously mined Tom's Gully open cut mine and surrounding leases in the Northern Territory.

That plan focussed on increasing shareholder value by:

• Maximising the value of existing assets by early development and later further production $\bullet$ . expansion and growth:
• Acquiring advanced pre-production projects which had sound fundamentals and matched our $\bullet$ skill base:
• Identifying novel exploration opportunities in areas not previously well understood:
• Utilising a broad range of funding methods to maximise leverage to growth in value of the $\bullet$ Company's assets.

Today we have a diversified portfolio of projects at various stages of development. We have one project about to enter production and others with the potential to be developed over the next few years. These projects all have growth potential. The Company has also progressively acquired the management and technical resources required to advance this portfolio of projects into the future.

The Company has also used a broad portfolio of funding methods ranging from the direct use of shareholders funds, bank debt, contactor alliancing, and farm-outs to accelerate project development timeframes.

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Gold

In a few months time, your Company will become a gold producer at the Tom's Gully underground mine in the Northern Territory. Together with the Agate Creek deposit in Queensland, the Company's medium term objective is to produce 120,000 ounces per year of gold from one underground and one open cut mine.

In the Northern Territory, the 45,000ozpa Tom's Gully underground mine is being currently developed. The Company has also commenced studies to increase production to 60,000 ozpa gold within a short period.

In Queensland, at Agate Creek, the company has defined open cut resources of 247,000 ozs. Further drilling, which commenced last week, will examine the potential to achieve a critical mass in terms of gold resources to support the development of a $60,000$ ozpa open cut mine and process plant. The results of this drilling programme will determine whether the Company will commit to a feasibility study next year.

Northern Territory

The Tom's Gully Feasibility Study, based upon a A\$540/oz gold price, was completed in January with forecast cash operating costs of A\$362/oz and total costs of A\$440/oz. The financial and risk profiles were sufficient to justify investment in the project and the recent increase in the gold price to over A\$660/oz has significantly improved the potential margins and returns.

In April, the Company finalised an Alliance Agreement covering mine operating and funding with Clough Engineering Ltd's subsidiary, PT Petrosea TBK. A firm offer for debt finance was received from N M Rothschild in August, allowing a decision to mine to be made.

Since then, mine development has moved rapidly forward. All long lead time items had previously been ordered and key personnel employed. Since then, contractor's equipment has been mobilised, workshops have been built, and the processing plant refurbishment has commenced. The portal was cut in September and the access decline is now over 150m in.

The schedule is to have the plant commissioned in March, with first gold poured soon after. Stage 1 production is planned to average 45,000ozpa gold over five years and we have already started the feasibility studies to increase production to 60,000 ozpa by increasing recovery, tailings re-treatment and incremental open cut feeds. Recent drilling success at Tom's Gully highlights the potential to extend mine life beyond 5 years

Tom's Gully is part of the regional AuQuest project which includes the Quest 29 deposits (with resources of approximately 80,000 oz of gold) and approximately 1,000 square kilometres of exploration licences. These resources and exploration licenses could become important sources of ore for processing through the Tom's Gully facility both in terms of the Stage 2 expansion with ore from Ouest 29 and longer term through further exploration success.

Oueensland

The next potential mine development is at the Agate Creek epithermal gold project in north-east Oueensland.

The project had more than \$3.5m spent on exploration before it was acquired by Renison. When our current drilling programme is completed. Renison will have spent \$1.5m and will have earned a 65%

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interest in the project. During the year, a 39 hole drill programme, a resource estimate, and scoping studies were completed.

With nearly 250,000 ounces in resources at Sherwood and nearly half of this indicated by Whittle optimisation studies to be extractable by low cost, open cut mining methods, the project is half way towards resource "critical" mass. We are hopeful that the current 125 hole shallow drill programme will get the project to critical mass and enable the Company to commit to a feasibility study next year, targeting development in 2007. Agate Creek also has bonanza grade targets at depth and regional targets, which will provide potential growth for the project after any initial development at Sherwood. Drilling of these is planned this coming year.

Also in Queensland, we completed ground appraisal on the Eidsvold Gold Project and delineated initial drill targets. This was a very high grade deposit producing 100,000 ounces of gold from 100,000 tonnes of ore in the late nineteenth century. No further exploration has been undertaken since then, prior to the project being acquired by Renison. Once we have completed access arrangements we will be able to commence a drilling programme.

Coal - New South Wales

The strategy for the Ashford Coking Coal project was to achieve early development (taking advantage of buoyant commodity price conditions), whilst allowing longer term larger growth options to be developed. The sale of 50% of the Ashford Coking Coal Project, and subsequent listing in February of Northern Energy Corporation Ltd (NEC), has facilitated this strategy. This has ensured that the Company's capital and management resources have been primarily focussed on advancing the gold projects in the Northern Territory and Oueensland.

Renison currently owns 50% of the Ashford Coking Coal project and 18% of NEC. NEC is funding the Ashford project bankable feasibility study, which when this is completed, and by issuing Renison a further 5 million NEC shares, will earn it an additional 25% interest in the project.

With technical assistance from our exploration team, NEC was able to make rapid progress at Ashford after listing and has now completed a 32 hole drilling programme and confirmed, or more probably improved upon, previous geological models and coal quality expectations. An initial inferred resource of 14 million tonnes was subsequently estimated in September. Further drilling over the next couple of months is expected to increase this initial resource. Washability tests and coal quality testwork is expected to confirm the potential to produce a premium quality hard coking coal product. The potential for growth past the initial project area has been highlighted with early positive exploration results outside of the initial resource area.

Further regional exploration has highlighted the potential for more coal deposits north of Ashford. Renison has a shared interest with NEC in an additional exploration license being applied for at Bonshaw West.

With NEC initially focussing on, and providing funding for, the early development at Ashford, we have been able to apply some of our exploration concepts and financial resources on other coal areas. This resulted in the discovery of a new Permian coal sequence at Arrawatta, north of Inverell. The first hole intersected a multi-seam package of coal with a cumulative coal thickness of 28.5m. Preliminary coal quality testwork has indicated the coal to be similar to Ashford coal.

This previously unexplored area indicates the presence of a coal bearing basin of an age similar to the Sydney and Bowen Basins. This discovery highlights the potential for the discovery of other new coal fields in the Inverell region.

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This has been an exciting discovery and is a credit to the company's exploration team. A large drilling programme is commencing very shortly to determine the potential of this discovery. The results of this programme will be presented over the next couple of months.

Conclusion

Your Company has added considerable value and depth to its assets during the year, both through advancing the gold assets already held such as Tom's Gully and Agate Creek and also via the rapid progress in the Coking Coal projects at Ashford and Arrawatta. These developments have added considerable depth to our asset base and provide an exciting potential development profile for the Company going forward.

The advancement of the Company's projects has been reflected in the value of your Company. In early 2003, the Company's market capitalisation was under \$7m. Today your Company is capitalised at over \$70m.

Your Company's progress would not be possible without the commitment and drive of its management and staff. It is my observation, that they are a motivated and committed team, focussed on growing the Company and its projects in a progressive and professional manner. I thank them for their efforts during a year which has been not only been demanding at times but has been the most exciting and successful under current management.

In conclusion, I would like to thank you for allowing me the privilege of chairing the Renison Consolidated Mines' Board and thank my fellow Board members for their positive contribution and support.

We are all committed to adding further value to your holdings in the coming year.

Thank vou.

I would now like to hand over to the Managing Director, Richard Seville, who will give you a presentation on the current status of Tom's Gully Mine Development and progress with the Company's other projects

Chris Rawlings Chairman