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Australian Junior Resources Blue Chip Australian Junior Resources Blue Chip

EMERGING STARS IN RESOURCES 2010 EMERGING STARS IN RESOURCES 2010 Proactive Investors Australia Conference Proactive Investors Australia Conference Proactive Investors Australia Conference Proactive Investors Australia Conference 10 February 2010 10 February 2010

Disclaimer

This presentation should not be relied upon as a representation of any matter that a potential investor or their adviser should consider in evaluating the Company. Potential investors must make their own independent assessment and investigation of the matters contained herein and should not rely on any statement or the adequacy or accuracy of the information provided. The Company and its related bodies corporate or any of its directors, agents, officers or employees do not make any representation or warranty, express or implied, as to the accuracy or completeness of any information, do

• t

a e a y ep ese tat o

• a a ty, e p ess o

p ed, as to t e accu acy o co p ete ess o a y

• at o ,

statements or representations contained in the presentation, and they do not accept any liability whatsoever (including in negligence) for any information, representation or statement made in or omitted from this presentation. This presentation may contain forward looking statements that are subject to risk factors associated with copper, gold,

• ther minerals and gas businesses. Based on currently available information, the Company believes that the expectations

g y p y p reflected in these statements are reasonable but they may be affected by a variety of variables and changes in underlying assumptions which could cause actual results or trends to differ materially, including but not limited to: price fluctuations, actual demand, currency fluctuations, drilling and production results, reserve estimates, loss of market, industry competition, environmental risks, physical risks, legislative, fiscal and regulatory developments, economic and financial market conditions in various countries and regions, interest and foreign exchange rates, availability of capital, political market conditions in various countries and regions, interest and foreign exchange rates, availability of capital, political risks, project delay or advancement, approvals and cost estimates. Comments in relation to exploration targets, exploration potential and resource potential referenced in this document have been made based on both historical and company technical data at hand of the time of writing. It is important to note that these targets are conceptual in nature as there has been insufficient exploration to date to define a mineral resource and it g p p is uncertain if further exploration will result in the determination of a mineral resource. Interested parties should form their

• wn view on these exploration targets.

Investors should undertake their own analysis and obtain independent advice before investing in HGO shares. All references to dollars cents or $ in this presentation refer to Australian currency unless otherwise stated All references to dollars, cents or $ in this presentation refer to Australian currency unless otherwise stated.

Key Assets

Australian Mining Company with Asian Growth Pipeline g p y p

Mining Kanmantoo : oxide Kanmantoo : oxide copper heap leach – 100% Development Kanmantoo Copper/Gold Mine: a a

• o Coppe /Go d

e 2.0MTPA -> 3.0MTPA – 100% Exploration Bird’s Head, Indonesia: gold and copper/gold – 80% Sumba, Indonesia: gold – 80% Kanmantoo: copper/gold, silver/lead/zinc 100% silver/lead/zinc – 100% Wheal Ellen: silver/lead/zinc/gold – 100% Cocata and Coulta: Cocata and Coulta: uranium – 100% Watson: uranium – 50% Munderra: base metals – 100%

2

• Mt. Lucy: magnetite – 100%

initially

Metals Outlook

Copper on the Move pp

Macquarie Bank Commodities 9 June 2009

“Right Commodities at the Right Time”

Macquarie Bank Commodities, 9 June 2009 “Looking further out, in our view, copper has the best fundamentals of any of the base metals, and should go into an economic upturn with low stocks, limited idle capacity and a lack

• f committed new projects. Over the 2011/12

period, copper could easily be as tight as it was at the height of the recent bull market ” at the height of the recent bull market. Fraser Institute 2009 “Commodity shortages could hinder recovery, Commodity shortages could hinder recovery, the world may face a shortage of raw materials and skyrocketing commodity prices as the world economy moves past the recession and into renewed growth.”

3

Metals Outlook

World Industrial Production & Commodity Prices y

Core of argument for secular reversal of g the long term decline of real commodity prices

4

Kanmantoo Project

South Australian Region g

• South Australia is one of the

most prospective terrains in most prospective terrains in the world Home of the Big One; Olympic Dam Olympic Dam

• Historically neglected and

vastly under explored

• Initial project at Kanmantoo

will produce cash flow to fund Hillgrove’s exploration and development development

• Strategy to commence new

developments once mine d underway Upside from additional regional satellite reserves Underground high grade targets e.g. Bremer Mine

Hillgrove’s Near Term Focus

Kanmantoo Project

Kanmantoo Copper/Gold Mine 2009 pp

6

Kanmantoo Project

Ore Body

7

Kanmantoo Project

Snapshot p

• Kanmantoo was operated by

NBH/ SBH/EZ as their first open p cut mine from 1971-1976, mining around 4.1Mt of copper ore

• Hillgrove commenced work at

Hillgrove commenced work at Kanmantoo in 2003, with production planned in 2011

• Low cost access to critical water
• Low cost access to critical water,

power and transport infrastructure

• Attractive employment costs

d t t fl i fl t compared to remote fly-in fly-out mine operations

• Total (0.25% Cu Cut Off Grade Model)

Type Tonnes Cu Au Ag Cu Metal Au Ag Kt % g/t g/t Tonnes Ounces Ounces Oxide 1,125 0.8 0.2 3.3 8,600 6,900 121,000 Transitional 1 620 0 8 0 2 2 9 12 200 9 600 152 000 Transitional 1,620 0.8 0.2 2.9 12,200 9,600 152,000 Fresh 29,447 0.9 0.2 3.2 271,500 174,600 3,040,700 Total 32,192 0.9 0.2 3.2 292,200 191,100 3,313,600

8

Kanmantoo Project

Summary

Resources: 292,700 tonnes copper @ 0.9%

y

194,700 ounces gold @ 0.2g/t 3,326,300 ounces silver @ 3.2g/t Mining Stage 1: Oxide heap leach operation 450tpa contained copper Mining Stage 2: 2.0Mtpa sulphide float operation to produce 20 000tpa copper in concentrate produce ~20,000tpa copper in concentrate Mining method: Open cut with underground potential Mine life: 6.5 year mine life with potential to extend Capex: AUD$98 million Production: ~20,000tpa copper in concentrate Q1-Q2 2011 Cash operating cost: USD$1-50/lb @ Cu price USD$2.60 AUD/USD = 0.80 Concentrate: 60-114,000tpa @ 24% copper, 3.5g/t gold, 66g/t silver

9

Kanmantoo Project

Low Risk Features

Operational histor significantl de risks the project

• Operational history significantly de-risks the project
• Known, simple metallurgy with excellent recoveries
• Large database of exploration, mining and processing information
• Capital cost per tonne of annual copper in concentrate produced

Capital cost per tonne of annual copper in concentrate produced <50% of global average

• Head grade > the weighted average global head grade

Head grade the weighted average global head grade

• Low cost power, water, transport and labour
• Geotechnically sound ground conditions
• Low political risk environment

10

Kanmantoo Project

Pillara Plant/Heap Leach Operation p p

Pillara Mine’s process plant and associated equipment and buildings Kanmantoo Project‘s

• xide ore heap leach

processing operation equipment and buildings

11

Exploration Focus

Kanmantoo Near Mine Prospects

12

Kanmantoo Project

Uniquely Positioned

• Only Australian mid-cap copper developer with production planned to

q y

start in 2011:

• $98 million capex
• Mining Lease 6345 granted
• MARP conditionally approved
• All feasibility studies, metalurgical testing completed
• Freehold land of 835ha (2,063 acres) acquired
• Pillara process plant acquired
• Long lead time equipment acquired
• Progressing project financing → FID
• Short latency project ideally positioned to come on stream at the start
• Short latency project ideally positioned to come on stream at the start
• f a global synchronised global economic recovery

13

Regional Pipeline – Indonesia

Highly Prospective Advanced Gold Exploration g y p p

14

Bird’s Head Project

Regional Setting g g

Bird’s Head covers part of the interpreted westward continuation of the New Guinea ‘Orogenic Belt’

15

Bird’s Head Project

Indonesia/New Guinea Gold-Rich Porphyry Cu Deposits y y

Five of Top 20 Know Gold-Rich Porphyry Copper Deposits1

Rank Deposit Province Tonnage Au Au Cu Cu p g (Mt) (g/t) (t) (Wt %) (Mt) 1. Grasberg East Papua 2,480 1.05 2,604 1.13 28.02 7. Panguna Bougainville 1,415 0.57 799 0.46 6.51 9 B t Hij S b 1 644 0 35 572 0 44 7 23 9. Batu Hijau Sumbawa 1,644 0.35 572 0.44 7.23 11. Ok Tedi PNG 700 0.64 446 0.64 4.48 17. Frieda River PNG 1,103 0.32 354 0.61 6.73

Source: Economic Geology, Volume 100, p. 803

16

____________________

• 1. Ranked on contained gold.

Bird’s Head Project

Historical Drainage Anomalies g

Stream Sediment Anomalies by Gold Work by Normandy and past explorers highlighted 16 high

• rder anomalies, with Bird’s Head containing 10 of these

17

Delta Prospect

West Delta Area

Over 5m silica-pyrite-albite altered monzonite with malachite after fine monzonite with malachite after fine grained chalcocite in hanging wall Close up of above hanging wall rock with quartz-sulphide veining/stockwork

Clay altered & brecciated monzonite

18

Bird’s Head

Delta Prospect p

Copper Rock Geochemistry

• High of 17.9% Copper
• Multiple results in 1-20%

range range

• High grade mineralisation of

epithermal style plus broad l d ith low grade copper with intrusives suggests porphyry style mineralisation

Bird’s Head

Delta Prospect p

Gold Rock Geochemistry

• Confirms large corridor of

mineralisation

• Peak value of 205g/t gold
• Peak values 205g/t gold,

471g/t silver, 17.9% copper, 471g/t silver, 17.9% copper, 6.3% lead, 7.5% zinc (not same sample)

Bird’s Head

Delta Prospect p

Significant Trench Intercepts

T hi lt fi d Trenching results confirmed presence of high grade epithermal mineralisation F ll d illi i d Follow up drilling intersected:

• 14.35m @ 1.71g/t gold and

2.55g/t silver from 13m in KSD1, incl. 7.55m @ 2.97g/t gold and 3.56g/t silver

• 6.1m @ 1.25g/t gold and

2.96g/t silver from 19.1m and 6.6m @ 5.96g/t gold and 3.18g/t silver from 54.9m KSD6 5 9 S 6

• Drilling has been sparse

and erratic to date; shoot geometry in an epithermal geometry in an epithermal deposit usually necessitates a high density of drilling

2 Kilometres

Bird’s Head Project

Central Prospects p

Gold (g/t) Geochemistry Significant untested geochemical anomalies, i.e. stream anomaly at Quebec similar to that originally defined by Alpha/Bravo anomalies

22

Bird’s Head Project

Alpha Prospect p p

Gold (g/t) Soil Geochemistry

1 Kilometre 1 Kilometre

Batu Hijau

Extensive gold mineralisation, which appears to be strongly structurally controlled

23

Bird’s Head Project

Alpha Prospect p p

Drilling, Trenching Locations on Gold Soil

• Bonanza trenching

grades gold

Locations on Gold Soil Geochemistry

B15 B15 Anomaly Anomaly B15 B15 Anomaly Anomaly A17/19 A17/19 Anomaly Anomaly A17/19 A17/19 Anomaly Anomaly

grades, gold associated with epithermal quartz veins V li it d d illi

• Very limited drilling

completed to date with

• nly 5 drill holes

Si ifi d illi

A18 A18 Anomaly Anomaly A18 A18 Anomaly Anomaly

• Significant scout drilling

results including 17.45m @ 2.16g/t gold, 18 36g/t silver 0 29%

y

18.36g/t silver, 0.29% copper, 2.08% lead and 5.31% zinc in AD1

• 1 6m @ 108 5g/t gold
• 1.6m @ 108.5g/t gold

and 16g/t silver in AD4

24

Bird’s Head Project

2009 / 2010 Program

2009:

g

2009: Historical data review and compilation Socialisation Logistics established Established coastal base camp and Delta fly camp Geological mapping, rock chip sampling and trenching 2010:

• Geophysics
• Drilling

25

Bird’s Head Project

Key Attributes y

Bird’s Head is an exciting exploration project: Bird s Head is an exciting exploration project:

• Favourable tectonic setting in tertiary volcanics
• Outstanding surface geochemistry
• Strong indications of a multi-phased mineralising system, epithermal
• ver printing porphyry
• Two advanced exploration prospects (Delta and Alpha), could be drill

ready in six months ready in six months

• Numerous high order stream anomalies still require follow up
• Limited drill testing has occurred but not at sufficient density to either

advance or downgrade potential prospect areas

26

Bird’s Head Project

Summary

• The Bird’s Head Project represents an excellent opportunity to explore for

The Bird s Head Project represents an excellent opportunity to explore for large scale epithermal and porphyry style mineralisation within a geological setting that has been proven to host world class deposits

• The Project covers a large area of what is interpreted to be the westward

continuation of the New Guinea “Orogenic Belt” which contains the giant Ertsberg/Grasberg, Porgera and Ok Tedi deposits Ertsberg/Grasberg, Porgera and Ok Tedi deposits

• Project has key ingredients to potentially host a deposit of significant size
• Two advanced prospects which could be drill ready in six months
• Indonesian mining law has recently seen many favourable changes
• Highly energised Indonesian partners

E ll t t ti l t di ki ld l b d

• Excellent potential to discover a company making world class ore body

27

Indonesia

Sumba Island Prospect (80%) p ( )

• IUP Explorasi No 322/kep/HK/2009 granted on 2 November for six years on

Sumba covering an area of 1 000km2 Sumba covering an area of 1,000km2

• Hillgrove’s Indonesian partner PT Fathi Resources free carried to decision to

mine with 20% interest

• Sumba offers a leg up into previously identified gold mineralisation zone (BHP)

not followed up due to economic conditions of late 1990’s Better results from BHP ette esu ts o trenching include:

• 3m @ 49.38g/t gold
• 4m at 16.73g/t gold

g g

• 4m at 6.7g/t gold
• 9m at 5.87g/t gold
• 9m at 6 1g/t gold

9m at 6.1g/t gold

• 13m at 2.05g/t gold
• 16m at 1.56g/t gold

N t T hi l l d t d di l Note: Trenching was largely conducted perpendicular to quartz veins and continuous sampling conducted at 1m intervals. Hillgrove still searching for reports that contain specific information on drill hole locations, assays and any other exploration data.

28

Sumba Project

Pahandanjal Region j g

29

Sumba Project

Significant rock chip/float assays from Pelitilira Prospect g p y p

30

Sumba Project

Masu – Current Focus

31

Sumba Project

Pelitilira Prospect p

Strongly siliceous Strongly siliceous float sample with malachite staining and abundant

32

disseminated pyrite and galena

Sumba Project

Pahandanjal Prospect - Western Vein j p

Outcropping vein zone (identified by Hillgrove in rock chip sampling in May-June) was trenched in October-December 2009 revealing multiple high grade lodes which are trenched in October December 2009 revealing multiple high grade lodes which are enveloped by low grade alteration

Significant trench results include:

• Trench FT1: 9m at 6 51g/t gold 9 4g/t silver within 18m zone at 3 93g/t gold 8 02g/t silver
• Trench FT1: 9m at 6.51g/t gold, 9.4g/t silver, within 18m zone at 3.93g/t gold, 8.02g/t silver
• Trench FT2: 5m at 7.5g/t gold, 18g/t silver and 1m at 6.73g/t gold, 72.2g/t silver
• Trench FT3: 7m at 8.34g/t gold, 6.17g/t silver
• Trench FT4: 4m at 10.04g/t gold, 17.18g/t silver ,2m at 3.34g/t gold, 4.25g/t silver and 1m

t 3 68 /t ld 1 8 /t il at 3.68g/t gold, 1.8g/t silver

• Trench FT5: 2m at 6.25g/t gold, 21.35g/t silver, 2m at 12.5g/t gold, 11.6g/t silver, 1m at

10.2g/t gold, 17.5g/t silver and 2m at 1.03g/t gold, 1.2g/t silver

• Trench FT100: 15m at 1.51g/t gold, 6.18g/t silver
• Trench FT101: 1m at 11.5g/t gold, 20.8g/t silver, and 2m at 1.13g/t gold, 3.7g/t silver, and

1m at 4.71g/t gold, 3.7g/t silver

• Trench FT102: 4m at 5.34g/t gold, 10.40g/t silver
• Trench FT103: 3m at 2.35g/t gold, 8.57g/t silver.
• Results highlight the Masu Project’s potential to host multiple, high-grade, fracture-

controlled vein systems, of comparable grades and dimensions to high grade ith l l l hid ti t i d l h i I d i hi l

Trench FT103: 3m at 2.35g/t gold, 8.57g/t silver.

33

epithermal low sulphidation systems mined elsewhere in Indonesian archipelago

• Results pinpointed high quality drill targets for testing at start of the dry season

Sumba Project

Pahandanjal Prospect j p – Western Lode

34

Sumba Project

Pahandanjal Prospect j p – Western Lode

35

Sumba Project

Pahandanjal Prospect – Eastern Vein j p

Trenching at southern end confirmed presence of high grade zone at an interpreted t t l i t ti R lt i l d structural intersection. Results include:

• FT18: 14m at 6.97g/t Gold and 10.74g/t Silver including 4m at 10.18g/t gold and

15.05g/t Silver and 2m at 9.29g/t gold and 10g/t silver. Eastern Vein system strikes approximately NNW and outcrops over at least 600m, but exhibits multiple intersecting lodes which vary from ENE to ESE. Trench results also indicate a low grade alteration halo to many of the lodes The ENE and WNW also indicate a low grade alteration halo to many of the lodes. The ENE and WNW trending lodes generally occur as brecciated and disseminated low grade zones, with higher grades at structural intersections. Previously reported results from Hillgrove’s 2008 field program included the identification of a 200m x 200m gold in soil anomaly peaking at 0.67g/t gold. Follow-up trenching have proven that a broad zone of low grade gold mineralisation exists in this area. Results include:

• FT12: 46m at 1.01g/t Gold,5.21g/t Silver incl. 20m at 1.35g/t Gold, 7.89g/t Silver
• FT21A: 46m at 1.02g/t Gold and 2.63g/t Silver (not all results received)

36

FT21A: 46m at 1.02g/t Gold and 2.63g/t Silver (not all results received)

• FT13: 74m at 0.5g/t Gold and 3.19g/t Silver.

Sumba Project

Pahandanjal Prospect j p – Eastern Lode

37

Sumba Project

Pahandanjal Prospect – Far South Western Vein j p

38

Strong silica-kaolin breccia float

Sumba Project

Masu Project j

39

Sumba Project

2009 / 2010 Program

2009:

g

Historical data review and compilation Socialisation Logistics established Base camp built Geological mapping, k hi li rock chip sampling and trenching 2010: 2010:

• Further mapping,

sampling and trenching p g g

• Drilling in early 2010

40

Introduction to Hillgrove

Board of Directors

Non-Executive Legend Director Executive Director Management Team

Dean Brown AO Chairman David Archer Managing Director Ron Belz Director John Quirke Director John Gooding Director Dale Ferguson

General Manager – Exploration & Operations

Geoff Stewart

General Manager – Business Development

Russell Middleton

Chief Financial Officer & Company Secretary

Jim Kerr

New Project Evaluation Manager

Cam Schubert

General Manager – Kanmantoo Project

Good Governance, Project Development and Extensive Mining Expertise

41

Key Investors

Hillgrove’s Top 10 Shareholders g p

RBS Sempra Metals & Concentrates Corporation 10.0% Copulos Family 4.4% Ras Al Khaimah Minerals & Metals Investments 4.1% Scott Family 3.6% Mr David S Archer 3.3% Escor 1.5% Dr Kohlhase Vermogensverwaltungs 1.4% Dimensional Fund Advisors 1.2% Maple Leaf Capital 1.0% Arcadian Asset Management 1 0% Arcadian Asset Management 1.0%

42

Eastern Star Gas Limited Investment Investment

• Hillgrove identified Narrabri CSG opportunity in 2003 and took a 32.5%

direct JV interest

• JV interest swapped for 172 million ESG shares in 2006
• Sold 19.9% share/option holding in ESG for $172 million cash to Santos

p g in July 2009

• Up to 31 December 2010 Santos ‘top-up’ payment to Hillgrove of:

p p p p y g

• 100% of price above $1-00 if ESG taken over by Santos
• 50% of price above $1-00 if ESG taken over by a third party

50% of price above $1 00 if ESG taken over by a third party

• Debt (convertible bonds) and interest all redeemed totaling $49.8 million

43

Hillgrove Resources Limited

Half Year Financial Highlights – 31 July 2009

• Profit/earnings driven by ESG shareholding:

g g y

NPAT ($m) EPS (cents) FY2007 10.8 4.9 FY2008 (4 9) (2 0) FY2008 (4.9) (2.0) FY2009 11.1 3.4 Half 2010 54.0 13.1

• Dividends paid:
• 6 October 2009

1 cent per share

• 30 November 2009

1 cent per share

• Hillgrove is in an income tax payable position as at 31 Jan 2010 and

potentially may declare fully franked dividends of ~$10 million1

• Cash of $130.0 million or 27 cents per share (nil debt)2
• Net assets of $146.7 million or 35 cents per share

44

____________________

• 1. Following a profit on the sale of the ESG investment and after settlement of Hillgrove’s existing income tax liability of approximately $23 million. 2. Cash balance as at 21/

1/ 10 .

Hillgrove Resources Limited

ASX Code: HGO - Key Investment Metrics y

Hillgrove Resources 9/02/10 Share Price1 $ 0.37 Ordinary shares # 477.8M Fully diluted shares2 496 7M

Trading History

Fully diluted shares2 496.7M Fully diluted market cap. $183.8M Cash3 $129.4M

3 5 4.0 4.5 0.5 0.6

Trading History Hillgrove Resources

Price (A$)

Cash from options $ 5.1M Tax liability4 $ 23.4M Enterprise value $ 72.7M

1 0 1.5 2.0 2.5 3.0 3.5 0.2 0.3 0.4 0.5

p $ Asset book value 31 July 2009: Kanmantoo $ 31.6M

0.0 0.5 1.0 0.1

P, P & E $ 20.0M Other exploration $ 6.4M Total $ 58 0M

Volume Close

Total $ 58.0M

____________________

• 1. As at 9 February 2010. 2. Including ‘in the money options’, noting there are a further 12.39 million options exercisable at between 37.5c and 65c. 3. As at 9 February 2010.
• 4. Tax on sale of ESG shares.

44

Hillgrove Resources Limited

Copper Peer Valuations pp

EV (US$) / C E i l t C t i d M t l (t)

• Hillgrove is currently

trading at US$452/t

• f contained copper

i l t

1,600

EV (US$) / Copper Equivalent Contained Metal (t)

US$/t Producing Development and Exploration

equivalent reserve

• Aditya Birla and

Panaust trade on

1,200 1,400

superior multiples due to their producing projects

800 1,000

EV Reserves EV Resources

• Hillgrove is likely to

experience a material uplift in valuation as

400 600

p Kanmantoo progresses towards commissioning

200 URL DML EXS HGO FND CGG CDU AVM ABY PNA

____________________ Source: Company announcements and share price information as at 12 November 2009. A$/ US$ exchange rate at 93.00.

46

Hillgrove Resources Limited

Investment Summary

• Strong Balance Sheet $130 0 million cash or 27 cents per share 2009

y

• Strong Balance Sheet: $130.0 million cash or 27 cents per share 2009
• Targeting discovery of world class gold and copper/gold ore bodies:

2,815 km² – West Papua and Sumba

• Kanmantoo Copper/Gold Mine: Oxide heap leach moving to 2 0MTPA
• Kanmantoo Copper/Gold Mine: Oxide heap leach moving to 2.0MTPA

mine with production targeted for 2011 plus significant resource extension potential >10 years mine life

• Eastern Star Upside: Santos ‘top-up’ on takeover >$1-00 per share
• People: Leading team of corporate, exploration and mining professionals
• Growth: Linked to expected medium term synchronised global growth
• Growth: Linked to expected medium term synchronised global growth

47

Exploration Results

Competent Persons p

The information in this report that relates to Exploration Results announced by Hillgrove Resources Limited and InterMet Resources Limited is based on information compiled by Mr Dale Ferguson who is a Member of The Australasian Institute of Mining and Limited is based on information compiled by Mr Dale Ferguson, who is a Member of The Australasian Institute of Mining and

• Metallurgy. Mr Ferguson is the Executive Director – Exploration and Operations of Hillgrove Resources and has sufficient relevant

experience 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 Ferguson consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. The information in this report that relates to Exploration Results announced by Hillgrove Resources Limited and InterMet Resources Limited is based on information compiled by Mr Adam Freeman, who is a Member of The Australasian Institute of Mining and

• Metallurgy. Mr Freeman is the Exploration Manager of Hillgrove Resources and has sufficient relevant experience to qualify as a

C t t P d fi d i th 2004 Editi f th ‘A t l i C d f R ti f E l ti R lt Mi l R Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Freeman consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. The information in this report that relates to Mineral Resource estimates is based on information compiled by Mr Paul Payne who is a The information in this report that relates to Mineral Resource estimates is based on information compiled by Mr Paul Payne, who is a Member of The Australasian Institute of Mining and Metallurgy. Mr Payne is a full-time employee of Runge Limited and has sufficient relevant experience 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 Payne consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. The information in this report that relates to Ore Reserve estimates is based on information compiled by Mr Geoff Davidson, who is a Member of The Australasian Institute of Mining and Metallurgy. Mr Davidson is a principal consultant with Snowdens Mining Consultants and has sufficient relevant experience to qualify as a Competent Person as defined in the 2004 Edition of the ‘A t l i C d f R ti f E l ti R lt Mi l R d O R ’ M D id t t th ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Davidson consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

48