WESTERN YILGARN NL — AGM Information 2012

Nov 27, 2012

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Iron Mountain Mining Ltd

Annual General Meeting 28 November 2012

Disclaimer

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• This presentation (in this projected form and as verbally presented) (“Presentation”) is provided on the basis that the company nor any of its respective officers, shareholders, related bodies corporate, partners, affiliates, employees, representatives and advisors make any representation or warranty (express of implied) as to the accuracy, reliability, relevance or completeness of the material contained within the Presentation and nothing contained in the Presentation is, or may be relied upon as a promise , representation or warranty, whether as to the past or the future. The company hereby excludes all warranties that can be excluded by law.

• The Presentation contains prospective financial material whish is predictive in nature and may be affected by inaccurate assumptions or by known or unknown risks and uncertainties and may differ materially form results and outcomes ultimately achieved.

• The Presentation contains “forward-looking statements”. All statements other than those of historical facts included in the Presentation are forward-looking statements. Where the Company expresses or implies an expectation of belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, forward looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forwardlooking statements. Such risks include, but are not limited to the price volatility of gold and other metals, fluctuations in production costs, variances in ore grades and recovery rates from those assumed in mining plans as well as political and operational risks, government regulations and judicial outcomes. The Company does not undertake any obligation to release publicly any revisions to any “forward-looking statement”.

• All persons should consider seeking appropriate professional advice in reviewing this Presentation and the Company.

• The information in this Presentation that relates to Exploration Results, Mineral Resources and Exploration Potential is based on information compiled by Mr Robert Sebek. Mr Sebek is an employee of Iron Mountain Mining Ltd, is a Member of the Australian Institute of Mining and Metallurgy and is a Competent Person under the definition under the definition of the 2004 JORC Code. The exploration potential described in this Presentation is conceptual in nature, and there is sufficient information to establish whether further exploration will result in the

Company Overview

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ASX Code: IRM Listed: May 2007 Share Price: $0.042 Market Cap: $6.4m 52wk Range: $0.028 - $0.06 Issued Capital: 151,980,140 FPO 32,000,000 Options (unlisted)

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$6.7m (Sep 12)

Cash:

Projects

• Miaree (WA)

• Golden Camel (Vic)

• HMS (Vic)

• -

• Wandoo (WA) sold (retained royalty)

• -

• Blythe (Tas) sold (retained royalty)

• -

• Mt Richardson (WA) sold (retained royalty)

• - 5% free carried

• Wongan Hills (WA)

• -

• Treasure (NT) seeking new JV or sale

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Treasure
JV
Golden
MT ELVIRE Camel
HMS
Blythe
Project
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WONGAN HILLS
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Miaree

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Miaree (E08/1350, E47/1309 & E47/1707)

Equity: 60.25%

• Target: Iron Ore & Gold

• JV with Red River Resources Ltd

• IRM elects not to progress to 70% by

• sole funding a further $2m

• Gold exploration drilling results from

• June 2011 inconclusive and warrant further review and assessment

• Magnetite drilling program completed

• early 2012 within E08/1350

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Miaree Magnetite

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• 6 RC holes for 2102m (av. Depth 350m)

• within E08/1350 completed March 2012

• Intersections included:

365m @ 34.09% Fe (from 38m) 376m @ 33.65% Fe (from surface) 312m @ 37.02% Fe (from 88m)

• Drilling area sandwiched between Iron Ore

• Holdings Ltd Maitland River magnetite resources (ASX 4/6/12):

• Area A (190Mt @ 28.3% Fe) Area B (811Mt @ 31.0% Fe)

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312m @ 37.02% Fe (88-400m) E47/1537
E08/1350
365m @ 34.09% Fe (38-403m)
Incl. 232m @ 37.14% Fe (171-403m)
189m @ 35.89% Fe (129-318m)
Incl. 152m @ 36.58% Fe (166-318m)
376m @ 33.65% Fe (0-376m)
Incl. 246m @ 36.58% Fe (130-376m)
133m @ 34.28% Fe (117-250m)
Incl. 81m @ 37.35% Fe (169-250m) hole abandoned at 250m
138m @ 34.51% Fe (103-241m)
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Iron Ore Holdings Ltd
Area B Resource
811Mt @ 31.0% Fe
Iron Ore Holdings Ltd (ASX 4/6/12)
Area A Resource
190Mt @ 28.3% Fe
(ASX 4/6/12)
E47/1537
2km
Iron Mountain Mining Ltd
Miaree South Resource
109Mt @ 34.1% Fe
(ASX 13/8/12)
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Miaree Magnetite

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Miaree Magnetite JORC Inferred Resource (ASX 13 Aug 2012)

		Inferred						Cut‐off Fe (%)
				l	i
Drilling	Tenements	Resource	Fe	A2O3	SO2	P	LOI
		(Mt)	(%)	(%)	(%)	(%)	(%)
20081	E08/1350, E47/1309 & E47/1707	177	29.68	3.18	43.80	0.05	1.80	25
20122	E08/1350	109	34.10	1.76	42.27	0.07	‐0.82	25
TOTAL MIAREE INFERRED RESOURCE		286	31.36	2.64	43.22	0.06	0.80	25

1 48 RC holes for 4229m, Av. Depth = 88m, Vertical resource projection to ‐125RL

2 6 RC holes for 2102m, Av. Depth = 350m, Vertical resource projection to ‐325RL

Miaree Magnetite

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Untested aeromagnetic anomaly from 2008 RC drilling program

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Golden Camel
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• Mining Licence 5548 (granted Feb 2012)

• Equity: 100%

• Target: Gold

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• 24.52Ha mining licence covering former

• MIN4149 that contains Cornella gold deposit

• 4 phases of historical drilling comprising 84

• RC holes for 2082m & 8 DC holes for 577.9m

• Most recent (1994) RC drilling results included: CRN105 10m @ 4.80g/t Au (28-38m) CRN106 20m @ 2.92g/t Au (6-26m) CRN109B 12m @ 4.32g/t Au (28-40m)

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MIN5548
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Heathcote Greenstone Belt
Approximate location of
Golden Camel Resource
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Golden Camel Resource

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Golden Camel Indicated & Inferred Resource (ASX 17 July 2012)

		INDICATED	INDICATED		INFERRED	INFERRED		TOTAL
Lower Cut‐off Grade (g/t Au)
			Contained Gold (oz)			Contained Gold (oz)			Contained Gold (oz)
	Tonnes (t)	Grade (g/t Au)		Tonnes (t)	Grade (g/t Au)		Tonnes (t)	Grade (g/t Au)
0.5	166,000	2.0	10,700	155,000	2.2	10,800	321,000	2.1	21,600
0.6	158,000	2.1	10,600	150,000	2.2	10,800	308,000	2.2	21,400
0.7	145,000	2.2	10,300	144,000	2.3	10,700	289,000	2.3	21,000
0.8	138,000	2.3	10,200	139,000	2.3	10,500	277,000	2.3	20,700
0.9	125,000	2.4	9,800	136,000	2.4	10,400	261,000	2.4	20,200
1.0	117,000	2.5	9,600	129,000	2.5	10,200	246,000	2.5	19,700
1.1	111,000	2.6	9,400	123,000	2.5	10,000	234,000	2.6	19,300
1.2	102,000	2.8	9,000	119,000	2.6	9,900	221,000	2.7	18,900
1.3	91,000	2.9	8,600	112,000	2.7	9,600	203,000	2.8	18,200
1.4	84,000	3.1	8,300	103,000	2.8	9,200	187,000	2.9	17,500

Golden Camel

Benefits of Golden Camel Deposit:

• Fully granted mining licence

• Cancellation of 2.5% royalty

• Existing roads to site entrance

• Cleared private land

• 100% free of Native Title

• Shallow and strong grades

• Elevated deposit = low strip ratio

• Toll treatment strategy:

• *significant capital reduction

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Golden Camel
Resource
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Golden Camel

• Project currently undergoing technical,

• metallurgical and economic evaluation as well as environmental & cultural studies

• Plan to drill 8 DC holes for approximately 500m

• 2 geotechnical holes (pit design)

• 2 metallurgical holes (recovery test work)

• 4 resource definition holes (infill & closure)

• Commencement of drilling delayed due to:

  • regulatory approvals

  • drill rig availability

  • geologist availabilty

• Accumulated data to be used in pit

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HMS Victoria

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• HMS (5 granted EL’s covering

• 550km[2] )

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• Equity: 100%

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• Target: HMS deposits within

• Murray Basin

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• Potential for offshore sheeted fine

• grained WIM-style HMS deposits and interbedded coarse grained strandline deposits

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• Ongoing review of historical

• database to identify priority targets

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• Significant variation in mineral

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HMS Victoria

• Preliminary assessment of historical

• exploration data within tenements encouraging

• New processes for extraction of fine

• grained HMS continually being trialled

• WIM150 Ext (EL5305) an extension of

• WIM150 (AZC Joint Venture) that has progressed to BFS

• EL5303 (right) pegged for its coverage of

• identified Natham & Mackenzie WIM-style HMS deposits

• Review DEM over EL5303 reveals:

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Wandoo

• Wandoo (13 granted EL’s covering 950km2)

• Equity: 0% (project sold - retained royalty)

• Target: Bauxite

• Project sold to Alpha Bauxite Pty Ltd for A$4,000,000

• Sale completed on 24 August 2012

• Iron Mountain Mining Ltd retains a royalty of A$0.75

• per dry metric tonne on any future production of bauxite ore transported from the Wandoo Project tenements

• Alpha Bauxite Pty Ltd is a private company

• comprised of Chinese Aluminium Industry and

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Blythe

• Blythe (50:50 JV with Red River Resources Ltd)

• Equity: 0% (project sold – retained royalty and

• milestone payments)

• Target: Iron Ore

• Project sold to Forward Mining Ltd under

• restructured terms for A$1,300,000 (27 June 2012)

• Total consideration payable (A$6,300,000)

• retained but under following restructured terms:

• A$1m upon first shipment of ore

• A$2m on 1[st ] anniversary of first ore shipment

• A$2m on 2[nd ] anniversary of first ore shipment

• $2m upon first shipment of ore

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Mt Richardson

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• Mt Richardson (E29/571)

• Equity: 0% (project sold 2011– retained royalty)

• Target: Iron Ore

• Cliffs Asia Pacific Iron Ore Pty Ltd (“Cliffs”)

• owner/operator

• Cliffs nominates potential for resource of 50-150Mt

• at 2011 Diggers & Dealers

• IRM retains Resource bonus & production royalty

• including:

• 2% royalty on average/tonne FOB sales of iron ore

• A$0.50 per dry metric tonne on tonnage in excess

Wongan Hills

• Wongan Hills (E702728)

• Equity: 5% free carried until decision to mine then contribute or revert to 0.625% net smelter return royalty

• Target: VHMS Base Metals & Gold

• Joint Venture between IRM/ Red River and

• Kingsgate Consolidated Ltd (KCN)

• Area subject to seasonal cropping which

• restricts access for exploration

• No work was reported by Kingsgate

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Northern Territory

• Treasure (EL25346)

• Equity: 100%

• Target: Base metals & uranium

• Mithril Resources Ltd withdraws from Treasure JV after not satisfying expenditure requirements within earn-in deadline

• Complete exploration database for EL25346

• returned to Iron Mountain Mining

• EL25346 contains identified Baldrick Ni-Cu

• Prospect

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Corporate

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• Intention to make off-market bid for all shares in United Orogen Ltd announced on 6

• June 2012

• Takeover offer of 1 Iron Mountain Mining share for every 4 United Orogen Ltd shares

• Offer deadline extended by one month to 3 October 2012

• Offer becomes unconditional on 21 September with removal of 80% minimum

• acceptance condition

• Offer closes with Iron Mountain Mining Ltd now holding 79.12% of United Orogen Ltd

• Iron Mountain Mining Ltd is currently assessing available options in relation to the

• resultant equity structure of United Orogen Ltd

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Thank you

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