Symposium Resources Roadshow USA

Denver, Wednesday February 29, 2012

Connecting investors to opportunities www.symposium.net.au

Kerry Stevenson
Managing Director
Symposium


Mr Stuart A Sanderson
President
Colorado Mining Association


Wally Bucknell
Executive Director
Atlantic Gold NL


PIPELINE OF GOLD PRODUCTION
IN NOVA SCOTIA

…applying Australian expertise to an
overlooked Canadian gold province…

ASX:ATV
www.atlanticgold.com.au
March 2012 6

OVERVIEW
•Track record of gold discovery and production in
Western Australia
•Focused on the same, but now in the Meguma
Goldfield – with OPEN PIT perspective
•Established 450koz Reserves within a Resource
inventory of 1.2 million ounces
•Project pipeline:
 Touquoy – next step: development
 Cochrane Hill – next step: feasibility study
 Exploration lands – next step: discovery
7

Touquoy deposit section 21625mE 9

MINERAL RESOURCES
contained
million tonnes grade g/t ounces gold

TOUQUOY
Measured & Indicated 10.1 1.5 480,000
Inferred 1.6 1.5 77,000
TOUQUOY WEST
Indicated 0.9 1.9 54,000
Inferred 0.6 2.2 45,000

COCHRANE HILL
Indicated 4.5 1.8 251,000
Inferred 5.6 1.6 298,000

TOTAL M&I 15.5 1.6 785,000
TOTAL INF 7.8 1.7 420,00012

MINERAL RESOURCES
contained
TOUQUOY
Total 11.7 1.5 557,000
TOUQUOY WEST
Total 1.5 2.0 99,000
COCHRANE HILL
Total 10.1 1.7 549,000

TOTAL ALL 23.3 1.6 1,205,000
13

MINERAL RESERVES
contained

TOUQUOY

Proved 2.49 1.48 118,000

Probable 7.10 1.47 336,000

TOTAL 9.59 1.48 454,000

14

Touquoy gold resource and geology 16

Touquoy geology and drillhole locations 17

Touquoy deposit section 21625mE 18

Touquoy Gold Project
NQ DIAMOND CORE – HOLE MR-05-084

121–122 m : 2.16 g/t
122–123 m : 9.23 g/t
123–124 m : 8.98 g/t
Argillite host rock with no quartz veins

19


Photomicrographs of gold grains in MR-05-084 core at 122-123 m
Field of view 1 mm. Light grey = arsenopyrite, dark grey = silicates
21

TOUQUOY’S ADVANTAGES
Low strip ratio – 2.5:1
Soft ore – BWI ~ 10
Excellent metallurgy – 93.5% (70% gravity)
Coarse grind - 150µm
Low reagent consumption – 0.4kg/t CN
Excellent CN detox
No acid rock drainage – carbonate, low sulphide
Grid power – coal-fired – 5km to connect
Excellent infrastructure
Keen local and homecoming workforce
No on-site accommodation required
Supportive government

22

TOUQUOY SUMMARY FINANCIALS

Ore reserves 9.59Mt @ 1.48g/t
Production 422,000 oz
Mine life 5.0 years
Ave annual production 84,000 oz pa
Throughput 2.0mtpa
Initial capex $140 million
Gold price US$1700/oz
Cash operating costs US$597/oz
Net cash surplus (pre-tax) US$337 million
Payback period 18 mos after 1st gold
Project NPV (8%, pre-tax) $206 million
Project IRR 52.5%
24

STEPS TO PRODUCTION

 ENVIRONMENTAL ASSESSMENT APPROVAL 

 FEASIBILITY STUDY COMPLETED 

 MINERAL LEASE GRANTED 
 ACQUIRE REMAINING SURFACE TITLES
 in progress

 FINAL PERMITTING
 Industrial Approval – documentation done

 PROJECT FINANCING 28

MINERAL RESOURCES
contained
COCHRANE HILL

Indicated 4.5 1.8 251,000

Inferred 5.6 1.6 298,000

Total 10.1 1.7 549,000

33

CONCEPTUAL FINANCIALS
TOUQUOY + COCHRANE HILL
Throughput 19.0Mt @ 1.6g/t for 970koz contained
Total production 900,000 ounces
Ave annual production 93,000 ounce
Plant 2.0Mtpa relocated to CH after Touquoy
Mine life 9.7 years
Pre-production capex $140 million
Total LOM capex $254 million
Gold price $1,700 per ounce
Cash operating cost $646 per ounce
Net cash surplus (pre-tax) $721 million
Payback period 18 months after first gold pour
NPV (8%, pre-tax) $371 million
Internal rate of return 53%

38

REGIONAL EXPLORATION

39

MAJOR SEDIMENT-HOSTED GOLD DEPOSITS

Deposit Location Au (t) Grade (g/t) Age
Meguma Appalachians 120 1.5 Cambro-Ord
Juneau US Cordillera 281 1.4 Jurassic
Macreas Flat NZ 251 1.2 Jurassic
Natalka Russia 716 4.2 Permian
Nezhdaninskoye Russia 311 5.4 Permian
Bakyrichik Tien Shan 361 6.8 Carboniferous
Carlin Nevada 3000 0.9-19 Siluro-Dev
Zarmitan Tien Shan 470 9.5 Silurian
Muruntau Tien Shan 5290 3.7 Ord-Silurian
Amantaitau Tien Shan 288 3.7 Ord-Silurian
Bendigo Victoria 533 12.9 Cambro-Ord
Getchell Nevada 800 3.0 Cambro-Ord
Sukhoi Log Siberia 1920 2.8 Proterozoic
Kumtor Tien Shan 284 4.4 Proterozoic
Telfer WA 1564 1.5 Proterozoic
Brasilia Brazil 313 0.4 Proterozoic
48

LOOKING AHEAD
AT TOUQUOY:
• Acquire remaining surface titles - Q2/12 (?)
• Grant of Industrial Approval – Q2/12
• Secure project financing - Q3/12
• First gold pour – mid 2014
AT COCHRANE HILL:
Complete drill-out, commence Feasibility Study
ELSEWHERE MEGUMA:
Continue regional exploration
49

ATLANTIC GOLD NL
THE COMPANY

50

CAPITAL STRUCTURE

Fully paid shares 530.0M
Partly paid shares (20 cents paid to 9 cents) 30.3M
Options unlisted (15.5 cents, 18 months) 2.0M

Market Cap @ 4.0 cents/share: $21.0 million

51

PIPELINE OF GOLD PRODUCTION
IN NOVA SCOTIA

…applying Australian expertise to an
overlooked Canadian gold province…

ASX:ATV
www.atlanticgold.com.au
March 2012 52

Tony Tascone
Corporate Advisor
Pareto Capital


An Introduction to our Investment Advisory
Group

About Pareto Capital
Pareto is a Perth based investment advisory group offering capital raising and corporate advisory services to
resource based mining and industrial companies, as well as full service broking services to retail and wholesale
clients.

Pareto is a privately owned enterprise that has created strong alliances within the investment community. Our aim is
to create long term investor and shareholder value.

Pareto’s services include the sourcing of capital for Companies and the creation of investment opportunities for
professional investors. Pareto assists with Venture Capital, IPO's and Placements, corporate advisory and
consultancy services.

Pareto was established in 2010 and has since recapitalised a number of publicly listed entities and completed private
equity syndications as well as the sale of privately owned enterprises.

Pareto has a philosophy of investing alongside its clients through the principals, taking a significant stake in deals
offered via both personal holdings and our wholesale investment company.

Services – Full Service
Broking
At Pareto, we have a team of experienced investment advisers ready to work with you to achieve your financial goals.
We are a Full Service Investment Advisory Group with a focus on long term relationships with our clients. Whether you
choose to use an adviser to assist in managing your portfolio or elect to do so yourself, you will have access to:

Domestic share trading
Access to Initial Public Offerings (IPOs) and Placements
Listed managed investments
Portfolio construction for Self-Managed Super Funds
Cash management services
Online access to your portfolio
Our Daily Market Review
Quarterly Performance Reports

Many of our new clients are referrals which we attribute to our success in combining our access to Initial Public Offerings
(IPOs) and Private Placements for clients with a traditional portfolio service based on trust and communication.

Services – Corporate
Pareto works closely with listed companies to assist in many of the Equity Capital Markets transactions and options
available to provide capital and as a means of improving the quality of an existing company’s share register through
promotion and marketing to professional and institutional clients.

At Pareto, we initially raise funds for early stage projects via our extensive network of sophisticated and wholesale
investors. Our team’s ongoing commitment to services through our corporate advisory role then introduces clients to
large scale brokers and institutional investors through a series of investor roadshows throughout Australia, Asia, Europe
and the U.S.

Our team has built outstanding institutional and broker networks in Australia and overseas. We have assisted numerous
ASX listed companies in expanding their networks and shareholder base via presentations with key investment analysts,
institutions and investment groups.

Pareto has had a successful history of identifying, financing and vending resource projects internationally via the “IPO”
process or the introduction to a suitable listed vehicle (“Shell”).

Pareto has established networks with experts and consultants to assist in this process to ensure that your specific
business and requirements are met during this critical stage in any corporate growth strategy.

Services – Roadshows
Pareto specialises in organising all meetings and introductions in the region your company desires, generally targeting
the investment communities in Hong Kong, Singapore, New York, London, Melbourne and Sydney. Our team is able to
tailor a roadshow to meet investors that are sector-specific to your company, and most importantly - we can ensure that
our itinerary fits your available time frames.

Standard roadshows usually require a minimum time allocation of 3 days if conducted in Australia and 4 days if targeting
overseas groups (this provides sufficient time for meetings and travel requirements).

Roadshows are highly effective ways of raising capital and further promoting your company to new and qualified
professional investors. We take the work out of organising this important function and companies can easily leverage
from our established relationships and contacts throughout the global investment community by outsourcing this role to
our team.

Our services include:

Australian Broker introductions and presentations
Institutional Investor Presentations and Roadshows (Australia and overseas)
Relationship management with shareholders and stakeholders (Top 20 shareholder management and analysis)
Marketing / Investor Relations strategy creation and implementation
On-going corporate advice and support to assist in promotional and fundraising requirements in the medium term.

Recent Transactions

AUD$1.5M AUD$3.4M AUD$6.0M
Trade Sale of Rights Issue Initial Public Offering
Universal Pumps Business
Corporate Adviser Corporate Adviser Lead Manager
Pareto Capital Pty Ltd Pareto Capital Pty Ltd Pareto Capital Pty Ltd
December 2011 December 2011 June/July 2011

AUD$2.45M AUD$10M AUD$1.65M AUD$1.2M

Share Placement Share Placement Share Placement Share Placement

Joint Manager and Corporate Adviser Lead Manager and Corporate Adviser Lead Manager and Corporate Adviser Lead Manager and Corporate Adviser
Pareto Capital Pty Ltd Pareto Capital Pty Ltd Pareto Capital Pty Ltd Pareto Capital Pty Ltd
May 2011 April 2011 April 2011 March 2011

Frequently Asked Questions – ADG Global Supply Case
Study
Can Pareto raise up to $10million?

Working closely with ADG, Pareto will raise sufficient capital as required, $10m was raised in various stages .
– See Appendix A attached

How well established is Pareto on the East Coast?

We have strong institutional and broker relationships on the east coast. Pareto completed 6 roadshows on the
east coast in 2011
Our approach is to partner with a broker(s) with local presence where required
Most recent example of how effectively this strategy of partnering with brokers works was with ADG and
Investor First. By partnering we introduced 8 institutional investors for a $2.45m placement. In addition
the broker initiated coverage and ongoing research

How often will we need to roadshow in 2012?

The need for capital required us to commence roadshowing immediately
The process then becomes one of raising awareness and follow up communication to ensure liquidity is
ongoing
Pareto will maintain contact with all groups post roadshow to secure potential investment in the company

Appendix A: ADG Global Supply - $9.75m Raised

December 2011 - $1.5m Trade Sale of Universal Pumps Business
Corporate adviser to the sale of the Universal Pumps business held within ADG. Pareto assisted with preparation
of the information memorandum and the marketing and structuring the transaction.

May 2011 - $2.45m Share Placement
Joint manager and corporate adviser to raise funds to increase working capital for an expansion into Europe as a
base for its African operations (placement completed exclusively to east coast institutions).

November 2010 – $3.6m Share Placement and Underwritten Rights Issue
Manager and corporate adviser of a $1m strategic placement to introduce a cornerstone investor post an
organised introduction to the group. In addition undertaking a $2.6m 1 for 3 entitlement issue (with shortfall of
$1.9m to several external groups).

December 2009 - $2.2m Share Placement and Rights Issue
Manager and corporate adviser of a $0.85m strategic placement to work towards reducing bank debt. Also
completed a $1.35m 1 for 5 rights issue (with shortfall of $0.76m placed to several external groups).

Pareto Capital Partners
Davide Bosio (B.Comm FFin GAICD)
Managing Director
Davide is the Managing Director of Pareto Capital and specialises in offering
professional customised fundraising solutions to corporate clients and
investment services to professional investors. Davide has over 10 years
experience in the finance industry as an Investment Advisor providing financial
product advice and dealing to wholesale and retail clients. Davide is currently a
Fellow Member of the Financial Services Institute of Australia (Finsia) and a
Graduate Member of Australian Institute of Company Directors (GAICD). Davide
holds a Bachelor of Commerce (Marketing) degree and a Graduate Diploma in
applied Finance and Investment.

Dino DiCosta (CA)
Director
Dino is a Director of Pareto Capital and specialises in providing Corporate
Advisory services in both the complex debt markets and global equity markets.
Prior to joining Pareto Capital, Dino spent 10 years as a Director of Credit
Suisse's Structured Product Debt Syndication and Trading team based in
London. Dino's principal role was in Debt Capital Raisings for some of the
largest financial institutions globally. Dino has holds a Bachelor of Commerce
(Acc and Bus Law) and is a member of The Institute of Chartered Accountants
(Australia). He is also the treasurer of The Strike a Chord for Cancer Foundation.

Pareto Capital Details
Pareto Capital Pty Limited
ABN 43 131 858 681 AFSL 389 395 D: +61 (8) 6489 0800
338 Hay Street, Subiaco, Western Australia, 6008 F: +61 (8) 9380 9389
www.paretocapital.com.au E:
info@paretocapital.com.au

Davide Bosio Dino Di Costa Anthony Tascone
Managing Director Director Corporate Advisory
D: +61 (8) 6489 0888 D: +61 (8) 6489 0808 D: +61 (8) 6489 0880
M: +61 (0) 414 433 771 M: +61 (0) 407 450 639 M: +61 (0) 419 870 363
E: dbosio@paretocapital.com.au E: dicosta@paretocapital.com.au E: rcotton@paretocapital.com.au

Chad South Jason Roberts
Investment adviser Investment Adviser
D: +61 (8) 6489 0833 D: +61 (8) 6489 0801
M: +61 (0) 404 307 554 M: +61 (0) 409 296 276
E: jpullin@paretocapital.com.au E: jroberts@paretocapital.com.au

John “Gus” Simpson
Executive Chairman
Peninsula Energy Limited


Disclaimer
This presentation is provided on the basis that the Company nor its representatives make any warranty (express or
implied) as to the accuracy, reliability, relevance or completeness of the material contained in 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 material which is predictive in nature and may be affected by inaccurate assumptions or by known and
unknown risks and uncertainties, and may differ materially from results ultimately achieved.
The Presentation contains “forward-looking statements”. All statements other than those of historical facts included in
the Presentation are forward-looking statements including estimates of resources. 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 forward-looking statements. Such risks include, but are not limited to,
gold and other metals price volatility, currency fluctuations, increased production costs and variances in ore grade or
recovery rates from those assumed in mining plans, as well as political and operational risks and governmental
regulation and judicial outcomes. The Company does not undertake any obligation to release publicly any revisions to
any “forward-looking statement” to reflect events or circumstances after the date of the Presentation, or to reflect the
occurrence of unanticipated events, except as may be required under applicable securities laws. All persons should
consider seeking appropriate professional advice in reviewing the Presentation and all other information with respect to
the Company and evaluating the business, financial performance and operations of the Company. Neither the provision
of the Presentation nor any information contained in the Presentation or subsequently communicated to any person in
connection with the Presentation is, or should be taken as, constituting the giving of investment advice to any person.
Presentation does not relate to any securities which will be registered under the United States Securities Act of 1933 nor
any securities which may be offered or sold in the United States or to a US person unless registered under the United
States Securities Act of 1933 or in a transaction exempt from registration.
The Exploration and Target Potential described in this presentation is conceptual in nature, and there is insufficient
information to establish whether further exploration will result in the determination of a Mineral Resource

66

Existing Uranium Demand
Drivers
• 434 operating nuclear power stations (Feb 2012)
operated by 31 countries
• 240 research and medical isotope reactors
• 140 nuclear powered ships
• Consuming 200mlbs uranium p.a.

• One ton of natural uranium produces more than 40 million kilowatt-
hours of electricity
• This is equivalent to burning 16,000 tons of coal or 80,000 barrels of
oil

• Electricity generation costs
• Gas and coal costs 5.0c per Kwh
• Nuclear costs 0.7c per Kwh
source: CNN interview CEO Southern Company Feb 2012

21-Mar-12 67

Future Uranium Demand
Reactor Units and Market Demand Forecasts by Region
2010 U308 2015 U308 2020 U308 2025 U308 2030 U308
Reactor Demand Reactor Demand Reactor Demand Reactor Demand Reactor Demand
Region Units mlbs/pa Units mlbs/pa Units mlbs/pa Units mlbs/pa Units mlbs/pa

North America 124 52 125 54 126 59 125 59 128 60
Western
129 54 118 55 117 58 103 53 97 52
Europe
Japan 54 23 49 24 49 26 48 25 43 22

Eastern Europe 67 29 76 33 84 38 93 40 100 44

Asia & Oceania 61 23 101 44 144 67 181 85 221 108
Africa & Middle
2 1 3 1 8 5 15 10 22 12
East
South America 4 2 6 3 6 3 8 4 11 7
TOTALS 441 183.9 478 213.1 534 254.5 573 276 622 292.8

•61 NPP are in construction
• 156 are in the approval stage
Demand in Eastern Europe, China and India will increase X 300%
•China, India and Eastern Europe will increase U consumption by 250% by 2030
68
Source : UxConsulting Q4 2011

China, India & Eastern
Europe Nuclear Build Out Plan
The industrialisation/urbanisation of China, India and Eastern Europe requires low
cost power generation
As this scales up it is increasingly about low emissions power
And for the 21st Century that’s about nuclear power.

69

Uranium Supply
• Kazakhstan ISL U3O8 Production Growth:

2000, 5mlbs 2008, 18mlbs 2009, 36mlbs 2011, 44mlbs

• Megatons to Megawatts program:
Uranium recovery from nuclear weapons – US utilities - end of 2013 24mlbs

• Fukushima more likely to impact supply rather than demand
(000 lbs) (000 lbs)
Global Uranium Supply / Demand
90,000 lbs)
(000 (000 lbs)
350,000

300,000
60,000 90,000 350,000

300,000250,000
30,000 60,000

250,000200,000
30,000
0
200,000150,000
0
(30,000)
150,000100,000
(30,000)
(60,000) 100,000
50,000
Supply Deficit
(60,000)
Supply Deficit 50,000
(90,000) 0
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
(90,000) 0
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Net Balance (LHS)
Net Balance (LHS) World Supply (RHS)
World Supply (RHS) World Requirements (RHS)(RHS)
World Requirements 70
Source: : RBC Uranium Market Outlook June 2011

Long Term Uranium Price
$150
© UxC

$135
Long-Term vs Spot
Composite Scenario
$120 Historical Spot Ux U3O8 Price

$105

$90

Historical Ux Long-Term U3O8 Price
$75

$60

$45

$30

$15

$0
87 89 91 93 95 97 99 01 03 05 07 09 11 13 15 17 19 21 23 25

Composite Uranium Price Projection, UxC 71

Corporate
Share Price
5000 0.14

Shares on issue 2,136m 4800 0.12
Share price 6.7c
Market capitalisation $143m 4600 0.1

Cash balance $20m
4400 0.08
Debt $0
Enterprise value $123m 4200
0.06

Equity Facility $100m
0.04
4200

Shareholding 0.02
PEN – Daily Line Chart (Close)
Directors & Associates ~ 20% XAO – Daily Line Chart (Close)
Top 20 shareholders 28.72% PE Simple M(20) (Close)

Avg
Market Cap Options on Issue Number Strike Expiry
Peer Comparison EV/Resource
A$
Multiple
Listed options (PENOA) 402,847,569 3c 30-Jun-12
Uranerz $6.53 $187m Listed options (PENOC) 467,354,574 3c 31-Dec-15
UR Energy Inc $3.40 $121m Various prices Various dates from
Unlisted options 24,000,000
Peninsula Energy Limited $2.98 $143m between 4c – 12.5c Sept 2012 – Dec 2015
Performance Shares 18,500,000 Class C 30-Jun-14

72

Directors and Management
Board of Directors
• Executive Chairman Gus Simpson Strong leadership, corporate and project management skills
• Executive Director - Operations Malcolm James Strong corporate project mgmt and financing experience
• Technical Director Alf Gillman Highly experienced uranium geologist
• Director Warwick Grigor Experienced mining analyst and corporate director
• Director Mike Barton Charted Accountant with strong background in resources & finance
Executive Management
• Executive Chairman Gus Simpson Strong leadership, corporate and project management skills
• Executive Director - Operations Malcolm James Strong corporate project mgmt. and financing experience
• Technical Director Alf Gillman Highly experienced uranium geologist
• Project Manager Al Berglund ISR mining engineer, 35 yrs+ experience
• Company Secretary Jonathan Whyte Chartered Accountant and experienced Company Secretary
Wyoming Project Team
• ISR Mining Expert Al Berglund ISR mining and extraction engineer, 35 yrs+ experience
• Exploration Manager Wyoming Jim Guilinger Highly experienced uranium geologist
• Hydrological Engineers Petrotek Engineering Corporation
• Mine Permitting Engineers WWC Engineering Experienced ISR permitting engineers
• ISR Process Design Engineers Lyntek Inc Denver based process design engineers
• Definitive Feasibility Study Lyntek Inc. Denver based process design engineers
Karoo Project Team
• Exploration Manager Henri Lombard Experienced exploration manager
• Project Manager John Simpson Open pit and underground mining consultant
73

Business Plan –
10mlbs per annum before 2025
• To commence ISR production at Lance Projects, Wyoming in 2012/13* building
to 2.2mlbs U3O8 p.a. over 3 years (Plant capacity 3mlbs p.a.)

• Continue to develop the mineral potential at:
– Wyoming 95-145mlbs U3O8
– Karoo 90-150mlbs U3O8

Underpin balance sheet with profit from Wyoming

• Develop conventional mining and milling operation at Karoo Projects, RSA by
2016/17 building to 3mlbs U3O8 p.a. over 3 years

• Look at near production acquisition opportunities in areas of existing operations
to expand production at both CPP’s

• Long term goal to be a 10mlbs per annum uranium producer before 2025
* Subject to regulatory approval
74

Lance Projects-
Location & Wyoming Uranium
Currently Licenced
Christensen-Irigaray
Sweetwater
Lance Project
Smith Ranch-Highland
Lost Creek

In Permitting
Ross
Hank & Nichols
Jab & Antelope
Moore Ranch

75

Lance Projects –
Development Model
• 41.4mlbs U3O8 JORC compliant resource
Tonnes Ore U3O8 U3O8 Grade
Resource
Classification (M) kg (M) lbs (M) (ppm U3O8)

Measured 3.6 1.7 3.7 479
Indicated 7.8 3.0 7.5 433
Total M+I 11.5 4.7 11.2 448
Inferred 33.1 13.7 30.2 414
Total 44.5 18.4 41.4 422
• To build a 2.18mlbs per year ISR operation
inclusive of:
– Ion exchange facility ,centralised resin stripping ,drying and
packaging plant at Ross (CPP)
– Remote ion exchange facility at Barber trucking resin to CPP
Central Processing Plant: Ion Exchange Vessels (left), Elution circuit (right)
• Commence production in 2012/13: Capex.
– Phase 1 - 750klbs p.a. Ross production unit $63M
– Phase 2 – 750klbs p.a. Kendrick production unit $21M
– Phase 3 – 750klbs p.a. Barber production unit $60M

– Production expansion target of 3mlbs per year by 2017

• Continue to delineate 95-145mlbs of uranium
mineralisation through:
– Exploration within the other 11 project areas
– Exploration in the areas between the 13 projects
• Acquisition of other projects
76
Central Processing Plant: Reverse Osmosis System, Brine Tanks (rear)

Lance Projects-
DFS Expanded Economic Study
US$ per lb US$ / Year Steady State Production
Revenue (2011 base escalated at 2.6%) $62.58 $164 million Assumptions

Operating cash cost (C1) $11.93 $26 million ISR mining with centralised plant
Royalties & Tax $10.80 $24 million • 2.188mlbs p.a. U3O8
Total Operating Cash Cost $22.73 $50 million • Uranium grade 422ppm
• Estimated recovery 76%
Ongoing Well Field Capital $8.82 $19 million • Initial Project Cap. Ex.$63m
Depreciation & Amort (average) $6.71 $15 million Phase 2 (1.50mlbs pa)$21m
Total Production cost $38.26 $84 million Phase 3 (2.19mlbs pa)$60m
• Recovered resource
17.2mlbs U3O8
EBITDA $95 million
• Debt to Equity 60:40
Tax (average) $14 million
• US$76m decommissioning
Net Profit after tax (excl. depletion) $66 million and restoration included in
Free cash flow $76 million C1 costs
• NPV Assumptions
•
NPV (before tax) $207 million •
Interest rate 8%
Real discount rate 6%

77

Market Valuation
Analysis - Uranium Producers
Market Cap Per Pound of Production:

Annual Jan 31, 2012 Pre Fukushima
Production 2011 Market Cap Market Cap
Company (approx. U3O8 lbs) (US$millions) (US$millions)

Cameco 21,700,000 9,147 14,324

Paladin 5,700,000 1,608 3,677

Uranium One 10,500,000 2,501 5,704

ERA 5,800,000 846 1,186
Indicative Value as a function of Production:
Production U3O8 $275 per pound $600 per pound
(lbs p.a.) of production of production

Market Cap U3O8 2,180,000 $600,000,000 $1,300,000,000
production levels 6,000,000 $1,650,000,000 $3,600,000,000
10,000,000 $2,750,000,000 $6,000,000,000
78

Lance Projects –
Exploration Potential

Resource Growth-Trend
1,106 No. PEN holes
45000000
Inferred 4,738 No. NuBeth holes
40000000 Indicated

Measured 805
4,738
35000000

30000000
600
4,738 30,178,789
25000000
lbs U3O8

281 22,454,321
20000000
4,738
15,955,169
15000000

10000000 11,130,000
6,681,340 7,500,039
5,587,760
5000000

3,960,000 3,644,099 3,813,347 3,835,486
0
PEN, March 2010 PEN, July 2010 PEN, January 2011 PEN, July 2011

80

Drilling Post June 2011
Resource Upgrade
Hole ID Easting Northing Total Intercept ft over From (ft) GT Peak
Depth (ft) PFN U3O8 grade Concentration
ppm Grade

RMR1730 501106 4934667 920 15.5'@1530ppm 830.75 2.37 4'@5160ppm
RMR1531 500813 4935919 880 21'@830ppm 714.75 1.74 11.5' @1150ppm
RMR1415 501663 4936683 840 39'@436ppm 651 1.70 9.5' @ 890 ppm
RMR1729 500766 4934567 1000 31'@485ppm 845.25 1.50 5.5'@1620ppm
RMR1610 500838 4935590 860 26.5'@390ppm 716.25 1.03 6.5' @ 540 ppm
RMRD0024 501664 4936683 710 638.75 0.99
RMR1339 503403 4938305 600 23.5'@390ppm 431.75 0.92 2.5'@1110ppm
RMR1694 501195 4934540 940 4'@1965ppm 800.25 0.79 2.5'@2990ppm
RMR1595 500745 4935782 860 20.5'@371ppm 711.75 0.76 2.5'@1750ppm
RMR1270 501784 4944022 460 5.5'@1080ppm 253.25 0.60 3'@1780ppm Top 10 average 1.24GT
RMR1431 501672 4936775 840 7'@820ppm 680.25 0.57 6' @ 940 ppm
RMR1660 500616 4934259 1000 7.5'@730ppm 848.25 0.55 3'@1140ppm
RMR1325 503847 4939968 580 7.5'@650ppm 423.75 0.49 2.5' @ 1120ppm
RMR1568 500787 4935796 840 10.5'@460ppm 703.25 0.48 2'@1000ppm
RMR1265 503811 4939486 640 7.5'@590ppm 565.25 0.44 4'@930ppm
RMR1273 503797 4939658 600 7'@630ppm 498.25 0.44 4'@910ppm
RMR1501 500983 4936617 960 11'@390ppm 865.25 0.43 3.5'@730ppm
RMR1290 502470 4943747 700 15.5'@270ppm 105.75 0.42 2.5'@590ppm
RMRD0022 501784 4944020 280 254.75 0.42
RMR1514 500794 4935918 880 17'@240ppm 714.25 0.41 2.5'@320ppm Top 20 average 0.85GT

81

Lance Projects –
Strategic Partner & Uranium Sales

• First sale contract USA utility: Feb 2011

WAP $75.60 per lb, 7 year contract – first delivery 2013 & 5.5%
planned production

• Boswell Capital: May 2011

Specialist uranium advisory group, ongoing role evaluating juniors for
utilities and completed DD on PEN

• Negotiations advancing with utilities and trading houses

50% to Strategic partner with investment in PEN

30% with 3-4 utilities

20% to spot sales
82

Lance Projects – Permitting
Mine permitting on schedule
Deep Disposal Wells
• DDW feasibility study completed
• Licence application lodged
• Licence granted 30 March 2011
• Aquifer is deemed exempt

NRC Source Material Licence
• Technical reports completed
• Environmental reports completed
• Licence application acceptance
• Enviro & Tech review ongoing
• BLM acknowledged NRC lead

WDEQ Permit to Mine
• Technical reports completed
• Environmental reports completed
• Licence applic. accepted
• Enviro & Tech review completed
• Grant on Bonding & CPP site purchase
• Air Quality Permit granted

WWC Engineering Services fast tracking the review and issue period for the required permits by:
• Implementing continuous process of review and discussion with all stakeholders
• Regular meetings with the NRC, EPA ,WDEQ and BLM to discuss the progress
• Lodgement of composite application with all regulatory agencies

83

Lance Projects –
Proposed Development Schedule
2009 2010 2011 2012 2013

Permitting
(subject to
regulatory
approval)

Resource
Definition

Scoping Study/
PFS / DFS/EES

Project
Financing

Construction,
Commissioning,
Production

Expanded
Resource Drilling

84

Business Plan –
10mlbs per annum before 2025
• To commence ISR production at Lance Projects, Wyoming in 2012/13* building
to 2.2mlbs U3O8 p.a. over 3 years (Plant capacity 3mlbs p.a.)

• Continue to develop the mineral potential at:
– Wyoming 95-145mlbs U3O8
– Karoo 90-150mlbs U3O8

Underpin balance sheet with profit from Wyoming

• Develop conventional mining and milling operation at Karoo Projects, RSA by
2016/17 building to 3mlbs U3O8 p.a. over 3 years

• Look at near production acquisition opportunities in areas of existing operations
to expand production at both CPP’s

• Long term goal to be a 10mlbs per annum uranium producer before 2025
* Subject to regulatory approval
85

Karoo Projects – Location

21-Mar-12 86

Karoo Projects – Regional
Geology

21-Mar-12

Poortjie Teekloof
Member Formation

Moordenaars/
Loxton Members

Abrahamskraal
Davidskolk Formation
Member

Stratigraphic Column
87

Karoo Projects – Mineral Potential
Exploration Tonnes Grade U3O8
Potential (m) (ppm U3O8) (mlbs)

Range From To From To From To
Total 36 60 1,200 1,400 90 150

Historic Tonnes Grade Total
Mineralisation (ppm eU3O8 ) (eU3O8 mllbs)
Site 22 860,000 1,480 2.8
Site 45 2,786,000 700 4.3
Site 29 246,000 1,107 0.6
Total 3,892,000 1,015 7.7

88

Site 29 Uranium Potential
• 108km2 of Prospective
Poortjie Sandstone
• 308 holes drilled by Union
Carbide
B • Drill-defined 600,000 lbs
U3O8 at 1,107 ppm

A A • 214 RC twin and
exploration holes
completed in 2011
• 167 historic holes drilled
re-probed
• Drilling confirmed high
grade U3O8
0 1.25 2.5 5

Kilometers
• >5-8mlbs U3O8 potential
• Numerous un-tested
uranium occurrences and
channel systems
89

Site 29 Cross Section

A B

Diagrammatic composite section

181 intercepts >200ppm, 70 >1,000ppm
90

2.8mlbs U3O8 at
1,480ppm • GT7 prospect 2.8mlbs
drill-defined eU3O8
• 707 historic percussion
holes drilled by JCI
• 118 RC holes and 4
diamond holes in 2011
• 160 historic holes drilled
re-probed
• Stacked uranium
bearing channels
• >15mlbs U3O8 potential
• Amenable to open-pit
mining
• Numerous un-tested
U3O8 occurrences

91

Site 22 Core Hole Cross Section

86 intercepts >1,000ppm, 272 intercepts >200ppm

92


25km
• 4.3mlbs drill-defined eU3O8
• 400 historic drilled by JCI
• 340 km2 prospective Davidskolk
formation
• 16 historic holes probed in 2011
• Stacked uranium bearing channels
• Potential 15mlbs U3O8
• Numerous un-tested U3O8
occurrences

21-Mar-12 93

Karoo Projects – Project Schedule

2010 2011 2012 2013 2014 2015 2016 2017
Resource Definition (JORC
conversion)

Internal Conceptual Study

Ext. Scoping Study PFS/BFS

Construction

Commissioning Production

Expanded Resource Drilling

94

Karoo Projects – Development Model
• Multiple open-pits; with central processing facility at Site 29
• All sites within road-hauling distance
• Planning production in 2016/2017
• Continue to delineate > 120mlbs of uranium mineralisation

Process flow sheet

95

Karoo Projects – Conceptual Study
US$ per lb US$ / Year Assumptions
Revenue $65-75 $191 million
Capex Amortisation $3.4 $11.6 million • Open-pit mining with
Financing cost $1.0 $3.3 million conventional milling
Operating Costs $28.5 $76.1 million • Central processing
Royalty (3%) $2.0 $5.1 million facility at Beaufort
Total Costs $34.9 $96 million West near Site 29
Molybdenum Credit $5.2 $15 million • 30mlb U3O8
Depreciation $14 million • 3mlbs pa production
Gross Margin $110 million • Estimated recovery
Tax $29 million 90%
Net $81 million • Estimated capital cost
NPV $211 million US$197 million

Assumptions
30% tax, Interest Rate 8%, Real Discount Rate 10%,
60:40 Debt to Equity Ratio

Figures are indicative only and developed for internal project
21-Mar-12 evaluation purposes 96

Nationalisation Debate - NO
• President Jacob Zuma on Friday squashed more than two years of talk about the nationalisation of South Africa’s
mining sector, saying state control or ownership of the mines could not work.

• Asked during a televised breakfast briefing if the government planned to nationalise mines, Zuma said
emphatically: “We’re very clear. It is not our policy. We’ve been saying this inside the country, outside the country.
It cannot be. “We have answered this question many times. We are very clear,” he added. “Our policy is a mixed
economy.”

• Coming at the end of a week in which two senior ministers dismissed nationalisation as unviable and the ANC
released a study describing it as an “unmitigated disaster”, Zuma’s comments lay to rest two years of debate that
hit South Africa’s image as an investor-friendly emerging market.

• However, Malema’s suspension from the party at the end of last year and the growing ranks of declared and
heavyweight opponents of nationalisation mean the idea is not going anywhere.

• “You cannot ask for greater clarity,” said political consultant Nic Borain. “If you look at the words the document
uses, and you take what Zuma said (on Friday), I think we can put this issue to bed.

• “Read altogether, this is the ANC very clearly saying ‘Our
task as government is to get the
most out of these resources.’ Nationalisation would be a catastrophe.”

21-Mar-12 97

Investment Highlights
• Emerging uranium producer listed on the (ASX:PEN) with
established project pipeline

• DFS expanded profit projections $66 million pre-tax per annum

• 42mlbs JORC Compliant Resource and growing

• Targeting 2.2mlbs U3O8 pa from Wyoming 2012 /13

• Targeting Karoo production 2016/2017

• Exploration potential 185–295mlbs U3O8 Wyoming and Karoo

• Low CAPEX (Wyoming) – initial development expenditure US$63M

• Strong supply / demand fundamentals for uranium

98

Targeted Milestones
• April 2010: Initial JORC compliant resource at Lance 

• May 2010: Pre-feasibility study completed 

• July 2010: Revised JORC compliant resource 

• Dec 2010: Submit final licence applications 

• Jan 2011: 2nd revised JORC compliant resource 

• Feb 2011: Uranium sales contract 

• Mar 2011: Karoo drilling results 

• April 2011 DDW Licence granted 

• July 2011: 3rd revised JORC compliant resource 

• Dec 2011: Definitive Feasibility Study completed 

• Mar 2012: Decision to mine

• Mar 2012: 4th revised JORC compliant resource

• May 2012: Permit to Mine

• June 2012: Initial Karoo resource estimate

• June 2012: Strategic Partner

• June 2012: Project Funding

• TBN Project Construction

• TBN NRC Source Material Licence

• TBN Yellowcake production target 99

Andrew Haythorpe
Managing Director & Chairman
Liberty Resources


low cost
fertilizer

ASX: LBY

Competent Person Statement Disclaimer
The information in the report to which this statement is attached relates This presentation contains statistical data, market research and industry
to Exploration Results, Mineral Resources or Ore Reserves compiled by forecasts that were obtained from government or other industry publications
Mr D. J. Holden, who is a Member of The Australian Institute of Mining and reports or based on estimates derived from such publications and reports
and Metallurgy, with over 20 years experience in the mining and and management's knowledge of, and experience in, the markets in which
resource exploration industry. Mr Holden has had previous relevant Liberty operates. Government and industry publications and reports generally
experience and qualifies as a Competent Person as defined in the indicate that they have obtained their information from sources believed to be
“Australasian Code for Reporting of Exploration Results, Mineral reliable, but do not guarantee the accuracy and completeness of their
Resources and Ore reserves”. Mr Holden consents to the inclusion in the information. Actual outcomes may vary materially from those forecast in such
report of the matters based on his information in the form and context reports or publications, and the prospect for material variation can be expected
in which it appears. to increase as the length of the forecast period increases. While management
believes this data to be reliable, market and industry data is subject to variations
Claus Wohlert is a mechanical engineer with a Bachelor of Engineering and cannot be verified due to limits on the availability and reliability of data
(1st Class Hons) from the University of Canterbury, Doctor of Philosophy inputs, the voluntary nature of the data gathering process and other limitations
from the University of Canterbury. Mr Wohlert has over 30 years local and uncertainties inherent in any statistical survey. Accordingly, the accuracy,
and international experience in the oil and gas industry. His work currency and completeness of this information cannot be guaranteed. The
experience covers major oil companies and consulting firms, all phases of Corporation has not independently verified any of the data from third party
the oil and gas industry, including design engineering, construction, sources referred to in this presentation or ascertained the underlying
commissioning, and maintenance and a full range of rotating and static assumptions relied upon by such sources.
equipment.
The images of production facilities contained in this document are not actual
assets of the Company, but are representative of the proposed Urea Corp
Fertiliser Project.

libertyresources.com.au

Strategic Drivers – why it is happening

 Global Population Growth

 Australia’s a big Importer of Fertiliser

 Gas & Coal prices rising

 Lowest quartile cost producer

 Proven Technology

 Location Location Location

Low Cost Fertilizer

ASX: LBY
Share Price* $0.08
Shares on Issue 223m

Investor relations: Market Cap $ 17m
Cash $2.0 m
Karl Cahill
+1 (858)531-6100 Other Assets $2.0 m
kcahill@libertyresources.com.au Debt nil
USA
LBY Management
Largest Shareholders
Dundee Corp

*Share information as at Feb 2012 (www.asx.com.au)

The Liberty Team
 Management Team
– Andrew Haythorpe - Managing Director
– Steve McRae- CFO
– Lance Harcourt - Projects Delivery Manager
– Claus Wohlert-Jensen - Senior Mechanical Engineer
– Erica Blumenthal – Geologist
– Jake de Boer – Coal to Urea Project Manager (app March 2012)
– Scott Cross – QLD Manager
 Board of Directors
– Andrew Haythorpe, MD and Acting Chairman (former mining analyst and fund
manager, company director and investor)
– Michael Fry, NED (extensive experience in capital markets and commodity,
currency and interest rate risk management)
– James Becke, NED (ex founding Director of Macquarie Bank, 35 years experience
in all facets of the Australian capital markets)

Management & Shareholders Aligned

 LBY shares purchased by management

 CEO Skin in the game – shares not gifted

 Shareholders and management interests aligned

 Tight Share Registry - and improving

Projects Delivery Manager

Lance has been managing projects in the Offshore Oil
and Gas Industry for 30 years. During this time, he has
gained extensive experience in the design, construction
and commissioning of oil and gas projects in Australia
and overseas.

Lance was an Interface Manager and Area Project
Engineer on Woodside's North Rankin B Project,
Topsides Construction Manager for BHP, Site
Construction Manager for Roc Oil's Cliff Head A
Wellhead Platform, Project Engineer and Lead Architect
for the Fluor Amec JV, Lead Architect on Phillips
Petroleum's Bayu Undan Project, Commercial Manager
for Bouygues Offshore and Project Engineer for
McDermott International.

General Manager (March 2012 )

Jake has over 26 years in the Fertiliser and Coal Gasification industries and held Senior positions
in Perdaman Chemicals & Fertilisers, GHD Oil and Gas & Sasol Technology in South Africa.

At Perdaman, he was responsible for technical and Project Finance requirements for the
$3.5billion, 2mtpa Urea Collie Coal to Urea in Western Australia.

Qualifications include; M Eng (Chemical), University of Pretoria; BCom, University of South
Africa, (cum laude Economics); BEng (Honours), University of Pretoria, BSc (Chemical
Engineering), University of Natal; Registration as Professional Engineer, SACPE; SAICHe (SA
Institute of Chemical Engineers) Secretary; Accredited with Australian Engineering Council.
Patents developed at Sasol include; Process for synthesising hydrocarbons. AP Steynberg, JW De
Boer, H Nel, W Ernst, JJ Liebenberg: Sasol Technology, June 2007: US 20070142481 (2 citations),
EP 1658354; Process for synthesising hydrocarbons. AP Steynberg, JW De Boer, H Nel, W Ernst,
JJ Liebenberg: Sasol Technology: US 7432310, March 2005: WO 2005/019384; Fuel cells (JH
Fourie / JW De Boer, United States Patent H001849; Biodiesel blending (JW De Boer / M
Lamprecht, WO/2003/004588)).

Senior Mechanical Engineer

Claus holds a PhD in mechanical
engineering (Robotics), with over 30
years of international experience in the
oil and gas industry. He started at Shell
International Petroleum as Project
Engineer and more recently - Rotating
Equipment Specialist for Worley Parson
Fluor Amec - Woodside Enfield Project,
Tiga Joint Venture - Conoco Phillips Bayu
Undan Project and Carigali - PTTEPI
Operating Company CPOC.

Advisor

Justyn joined Linc Energy in 2006, the largest UCG company in the world. During
his six years with Linc, he held the positions of General Manager Government and
Environment Affairs, General Manager of Business Development, Executive General
Manager Asia and Executive General Manager Investor Relations.

He has extensive experience in the Environment, UCG and the development of a
growing UCG Company. He has served as Legal Counsel for the Department of
Environment and Heritage, a Director of Operations for the Qld EPA, Environment
Advisor to the Queensland Mining Council, Head of Property and Environment for
Airservices Australia.

Qualifications include Graduate Diploma in Legal Practice, University of South
Australia, LLB(law) University of Adelaide in 1993 and a double BA (Politics) and a
BA (Jurisprudence) University of Adelaide (double) in 1991.

Very low cost Fertilizer

Sources: Integer Research Limited, Liberty Resources, Uhde Shedden estimates adjusted for
,minimum $7/GJ gas or gas equivalent input cost 2020.

Insitu Gasification Advantage

Coal Bed
Methane
60 PJs
Longwall Coal
Mining
Insitu Gasification 800 PJs
1,300 PJs Source: G.Couch. IEA Clean Coal Centre. Progress with underground coal gasification. www.iea-coal.org.uk (Energy extraction
for typical 12km2 deposit)

Coals advantage
Barrels of Oil Equivalent

Oil sands 3 GJ/t Alberta (Canada)

Coal 18-24 GJ/t QLD

Oil shale 6 GJ/t Julia Creek Shale (QLD)
Source: Oil Shale & Tar Sands Programmatic EIS (http://ostseis.anl.gov/guide/tarsands/index.cfm)
*Based on Raw oil sand contains 66% sand and 33% heavy bituminous oil
** Kerogen value for Julia Creek (Qld) is 18%. Kerogen is the sole energy component of oil shale and has an energy
value of 35GJ/t. Assuming 65% conversion of kerogen to kerosene with an energy value of 43GJ/t.

LBY Leveraged to Global Trends

Population Growth

Urbanisation of emerging economies

Demand growth for Protein

LBY profit inelastic to Coal & Gas price (cost) increases

A new Germany per year
 83 million new people – every year

 Current world population 7 billion.

 Annual births 140 million, deaths 57 million

Source: "U.S. Census Bureau - World POPClock Projection". http://www.census.gov/ipc/www/popclockworld.html

"World Population Clock — Worldometers"

http://www.worldometers.info/population/International Data Base (IDB) — World Population"

"World Population Prospects:The 2008 Revision”

Population Division of the Department of Economic and Social Affairs of the United Nations Secretariat.
http://www.un.org/esa/population/publications/popnews/Newsltr_87.pdf

Increasing demand for Fertilizer

 Global population growth

 Urbanization

 Less farm land

 Substantial Middle class growth – emerging markets

Fertilizer – Urbanization
• ...Rising wealth
• ...rising food consumption, “Over the past three
• ...fertiliser required. decades, the proportion
of the Chinese
population living in
urban centres has more
than doubled to almost
45 per cent.”

Presentation by Dr Philip Lowe, Assistant
Governor of the RBA (Central Bank) to the
ABS Natstats conference, Australia.

New Urea capacity required
Production with consumption – the gap

Source: Urea world market outlook and forecast, Merchant Research & Consulting Ltd 2010. And Liberty data

Australia depends on imported fertilizer

 1.3mtpa Urea used in 2011

 1.1mt imported

 Ammonia imported to Urea and Explosive

 Explosive (Ammonia Nitrate) shortages

Strategic location – farms and mines

 Ports

 Rail

 Pipelines

 People

No environmental concerns

 State logging

 No farms

 No towns

 No cropping

Coal – 1.4 billion tonnes*
PROJECT INFERRED RESOURCE AVERAGE COAL QUALITY
DENISON 1.4 billion t Mod Sulphur thermal coal CV of 6200 Kcal/kg
GALILEE 338 million t Mod sulphur thermal coal CV of 5100 Kcal/kg

(*) This resource forms part of the Westgrove Project area resource as
announced by the Company on 21 September 2009

Existing Technology – directional drilling

UCG – Now commercial in QLD
10th February 2012

“ Carbon Energy Delivers Australian first in commercial
power production (from its underground coal
gasification (UCG) plant at Bloodwood Creek) “

ASX Announcement/ Media Release http://www.asx.com.au/asxpdf/20120210/pdf/4248kzn66fhx6t.pdf

UCG – Strong Foundation

 2004 - UCG industry developing in QLD

 2008 - QLD Govt commences scientific review

 2009 - 3 Pilots approved in QLD in 2009

 2011 - Positive findings on 2 Pilots

 2012 - Operational recommendations

Ex USA - gas & coal price rises

 Outside the USA,

 Gas = 80% of the cost of Urea

 Urea is made from gas or coal

 Coal prices have risen

 Urea Corp will have its own Coal and Gas

Urea Price driven by energy cost

Project Summary
Train 1 Train 2 Train3

Capex ($Am) 3,000 3,000 3,000

Urea capacity (mtpa) 2.2 4.4 6.6

Urea price ($A/t) 500 500 500

Direct Opex, FOB ($A/t) 93 88 88

Total Opex FOB ($A/t) 133 112 104

Net Margin ($A/t) 367 388 396

Source: ** ASX Release - Technical audit completed on
 Expansion Train 2 & Train 3 scoping study model 4th Sept 2010. Based on audited
30 years plant life scoping study . Excluding accounting
adjustments for depreciation and amortisation. Scoping
study completed to +/- 30% accuracy. Figures based on
certain assumptions. If any assumption is not met, these
figures may alter.

Project Tax Summary
Train 1 Train 2 Train 3

Royalties (A$m) 4 7 11

MRRT (A$m) 6 11 17

Carbon Tax (A$m) 61 122 183

Carbon Tax Reduction (A$m) (61) (122) (183)

Total Opex incl taxes FOB (A$/t) 137 116 108

 Expansion Train 2 & Train 3 Source: ** ASX Release - Technical audit completed on
scoping study model 4th Sept 2010. Based on audited
30 years plant life scoping study . Excluding accounting
adjustments for depreciation and amortisation. Scoping
study completed to +/- 30% accuracy. Figures based on
certain assumptions. If any assumption is not met, these
figures may alter.

Strategy – build the company

1. Core focus on advancing and de-risking Urea project

2. Off take agreements

3. JV with partner for Capex requirements

4. Realise value across asset portfolio

5. Surat Basin Coal asset sales

6. Coal exploration drilling

Small companies - Large Projects

De-risking our investment - 3 Years

IAS – Significant Project Determination from Govt

EPBC – Environmental Management Strategy with Govt

Potential Coal asset Sales

Syngas 1 – First gas production

Off take Agreements and Project Finance

LBY Milestones for 2012

 New QLD Government March

 New UCG Policy July

 Conditional finance & off take 2012

 Designated Significant Project QLD June

 Exploration drilling commences June

 Cheap Fertiliser for farmers campaign June

Low cost fertilizer – Questions?
 World’s first truly integrated Urea Facility

 Low cost, long life (100+ yrs) operation

 Reverse the balance of trade for Urea in Australia

UB3, 431 Roberts Rd
SUBIACO WA 6008
www.libertyresources.com.au
PH: 08 9287 4488
FX: 08 9388 8862

Fertilisers for food production

 Urea (Nitrogen N )

 Potash (Potassium K )

 Phosphate (Phosphorous P )

 Trace elements

 Water + CO2

From coal to Syngas

Air Separation Unit (ASU) – O2 Syngas Clean up
Supply
10,000 tpd
≥ 6 Suppliers
2,500 tpd O2
≥ 200 Operating Plants
≥ 4 Suppliers
≥ 200 Operating Plants

UCG - Directional Drilling
• 10,000tpd Syngas

• Many Geothermal/
Oil & Gas Contractors

Hydrogen – essential for Ammonia
Air Separation Electricity Electricity Power
N2 + O 2 Power Generation

NH3 Ammonium
N2
Nitrate
Syngas CO2
O2 Urea
Syngas Processing, Ammonia CO(NH2) 2
Clean up, Shift and PSA NH3 NH3
H2 H2
Ammonia
Syngas H2S
NH3
Coal Gasification
Sulphur Ammonium
C, H, O S Sulphate

* Please note that figures are nominal only.

CBM vs UCG
 CBM

 Pumps water from the ground

 The gas rises

 Large water removal cost – still unresolved

 UCG

 Extracts coal, converting coal into syngas

 Uses (low quality) water to produce hydrogen

 Very low cost

 Large benefit, small impact

Greg Starr
Executive Chairman
Gold Anomaly Limited


Drilling for world class gold and copper
discoveries at Crater Mountain, PNG

Resources Roadshow presentation
27 February 2012
Investor Presentation February 2012

Disclaimer
This presentation contains forward-looking statements that are subject to risk factors associated with exploration, mine development, mining, processing and sale
of minerals. Forward-looking statements include those containing such words as anticipate, estimates, should, will, expects, plans or similar expressions.

It is believed that the expectations reflected in these statements are reasonable but they may be affected by a range of variables and changes in underlying
assumptions which could cause actual results or trends to differ materially. These include, but are not limited to: price and currency fluctuations, actual demand,
production results, exploration results, reserve and resource estimates, loss of market, industry competition, environmental risks, physical risks, legislative and
regulatory developments, economic and financial market conditions in various countries and regions, political risks, project delay or advancement, approvals and
cost estimates.

Competent Person For Crater Mountain
The information contained in this report relating to Exploration Results and Mineral Resources at Gold Anomaly’s Crater Mountain project, PNG is based on
information compiled by Mr P Macnab, Non‐Executive Director of Gold Anomaly Limited. Mr Macnab is a Fellow of The Australian Institute of Geoscientists and
has the relevant experience in relation to the mineralisation being reported upon 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 Macnab consents to the inclusion in the report of the matters
based on his information in the form and context in which it appears.

Competent Person For Fergusson Island
The data in this report that relates to Mineral Resources for the Gameta Deposit is based on information evaluated by Mr Simon Tear who is a Member of The
Australasian Institute of Mining and Metallurgy (MAusIMM) and who has sufficient experience relevant to the style of mineralisation and type of deposit 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 (the “JORC Code”). Mr Tear is a full-time employee of Hellman & Schofield Pty Ltd and he consents to the
inclusion in the report of the Mineral Resource in the form and context in which they appear.

Competent Person For Croydon
The information contained in this report that relates to exploration results at Croydon, Queensland is based on information compiled by J. V. McCarthy,
MAusIMM, Consulting Geologist. Mr McCarthy is a Member of The Australasian Institute of Mining and Metallurgy and has the relevant experience in relation to
the mineralisation being reported upon 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 McCarthy consents to the inclusion in this report of the matters based on his information in the form and context
in which it appears.

Investor Presentation February 2012 145

2/21/12 Google Maps

Key assets To see all the details that are visible on the
screen, use the Print link next to the map.

Crater Mountain, PNG
Fergusson
Shaping up as PNG’s next large scale, bulk tonnage, Crater Island
gold and copper discovery
Mountain

Fergusson Island, PNG
Twin gold deposits identified, PFS completed, BFS
to commence shortly
Croydon

Croydon, QLD
Large drilled polymetallic and gold projects in
maps.google.com.au/maps?hl=en&q=png+queensland+map&gs_sm=3&gs_upl=24426l28635l0l28994l12l12l0l0l0l7l230l2476l0.5.7l12l0&bav=on.2,… 1/2

world class mineral province

Regional Projects – Resource Ounces

Crater Mountain has similar geological setting to
Porgera, Wafi Link Zone, Hidden Valley, Misima 147
Investor Presentation February 2012

Flagship asset – Crater Mountain
Prime location
• PNG: +$20bn multinational investment
transforming nation
• hosts mineral province that is home to several of
the world’s largest gold/copper deposits
• province characterised by large mineralised
hydrothermal systems related to intrusions
underlying variably eroded volcanic complexes
Crater Mountain tenements
• 4 prospects: Nevera, Nimi, Masi, Awaunita, most
advanced is Nevera which is a former BHP tier-1
(best prospectivity) asset GOA
Tenements
• Nevera previously diamond drilled by
BHP/Macmin/TPJ
• similar geological setting to many PNG deposits
including Porgera (Waruwari), Wafi/Golpu &
Hidden Valley
• Nevera location and topography expected to
enable lower development and mining costs:
amenable to open pit or bulk underground mining Extensive zones of gold mineralisation

Flagship asset – Crater Mountain
Mineralisation model

Gold Anomaly is currently focused in the northern 20% of the Nevera Prospect
• structurally controlled, sub-volcanic intrusion related mineralisation
• widespread low sulphidation epithermal gold mineralisation, with small centres
of younger high sulphidation epithermal gold mineralisation, overlying possible
porphyry copper - gold source
• Main Zone comprises mixing zone carbonate - base metal sulphide - gold veins
deposited +300m above porphyry source complex by mixing of downwards
convecting cold groundwater with rising hot mineralised magmatic fluids
• porphyry source complex may host significant copper - gold mineralization
• Artisanal Mining Area comprises narrow steep zones of high sulphidation
quartz-pyrite-gold mineralisation with some bonanza gold grades
• Potential porphyry copper-gold source of deep quartz - pyrite ± chalcopyrite ±
gold veins in drill holes inferred by alteration identified in recent drilling

Crater Mountain – Mineralisation model
Multi-million ounce gold deposits targeted
Nevera ‘mixing zone’ 1 - 5 Moz targeted1 in Main Zone and nearby
related deposits

Mixing Zone
24Mt @ 1.0 g/t Au
for 790koz Au

Style of mineralisation
responsible for some of the
most prolific gold deposits in
the Pacific Rim including
Porgera (Waruwari), Kelian,
Wafi - Golpu, Hidden Valley
Large scale, bulk tonnage gold
deposits, grade >1.0 g/t Au


Crater Mountain Resource
Maiden inferred resource2
• 790,000 ounces gold
• 24 million tonnes @ 1.0 g/t Au
Substantial upside
• Only considers part of Main Zone at Nevera
• Main Zone still open
• High grade zone identified within Main Zone
• Significant upside potential yet to be drilled
Does NOT incorporate

• high grade high sulphidation epithermal gold in the Artisanal Mining Area
• new gold - copper mineralisation discovered in NEV031
• possible deep feeder zones associated with porphyries recently drilled at depth/ possible porphyry copper -
gold underlying mineralised system
• remaining 80% of Nevera Prospect
• regional prospects in the Crater Mountain tenements

Crater Mountain – Main Zone
High grade zones recently identified within Main Zone
• Inferred resource –
790,000 oz
• Tremendous upside
• Extensive gold
mineralisation
• Further drilling of
high grade zone
likely to increase
resource and grade
Dimensions
~300m high grade zone

Nevera prospect – plan view
Recent drill results
extend mineralised
‘Main Zone’
and identify new
zones

Average Main Zone intercept
201m @ 0.93g/t Au3

3D modelling identifies new
high grade gold zone


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