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COMPANY PRESENTATION February 2013 >

Disclaimer Forward-Looking Information This document may contain forward-looking statements. These forward-looking statements are made as of the date of this document and Sierra Rutile Limited (the “Company”) does not intend, and does not assume any obligation, to update these forward -looking statements, except as required under applicable securities legislation. Forward- looking statements relate to future events or future performance and reflect Company management’s expectations or belief s regarding future events and include, but are not limited to, statements with respect to the estimation of mineral reserves and resources, the realization of mineral reserve estimates, the timing and amount of estimated future production, costs of production, capital expenditures, success of mining operations, environmental risks, unanticipated reclamation expenses, title disputes or claims and limitations on insurance coverage. In certain cases, forward- looking statements can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of suc h words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved” or the negative of these terms or comparable terminology. By their very nature forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward looking statements. Such factors include, among others, risks related to actual results of current exploration activities; changes in project parameters as plans continue to be refined; future prices of mineral resources; possible variations in ore reserves, grade or recovery rates; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of development or construction activities; as well as those factors detailed from time to time in the Company's interim and annual reports. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward- looking statements. > Working for a better Sierra Leone

Investment Highlights >

Investment Highlights > One of the largest primary rutile mines, which has achieved transformational operating improvements – World’s largest primary rutile asset with a JORC-compliant resource in excess of 600 million tonnes at 1.3% rutile – Capital investment initiated in 2010 continues to yield significant operating improvements – H2 2012 rutile production run-rate of over 103,000 tonnes per year, up from 54,000 tonnes in H1 2011 > Lanti Dry Mining project in the final stages of commissioning, providing a step-change in production – Delivered on budget and ahead of schedule – Forecast production of 30,000-35,000 tonnes per annum at a highly-competitive operating cost > Gangama Dry Mining project will deliver continued production growth and unprecedented financial returns – Gangama Dry Mining project, which will treat 1,000tph of ore, is a scaled-up (2x) version of the Lanti Dry Mining project – Scheduled to start production in 2014 – Targets high-grade resources, resulting in production of over 83,000 tonnes of rutile per annum – Pre-tax IRR of 228% and NPV 10 of US$507 million > Substantial cash flow being generated – Significant revenue growth resulting from a substantial production increase – Declining per tonne operating costs resulting from realized economies of scale and a continual focus on cost efficiency > Strong project pipeline provides additional long-term value – Both the Sembehun Dredge project and Mogbwemo Tailings project provide low-cost, long-life development opportunities > Working for a better Sierra Leone 1

Established Operation, Exceptional Growth >

A Unique World-Class Deposit > The largest primary rutile asset in 35 the world Iluka Resources 9.14mt – JORC Mineral Resource in 30 Astron Limited 3.60mt White Mountain Titanium excess of 600 million tonnes 3.46mt rutile at 1.3% rutile 25 Assemblage Value 1 (US$/t) Sierra Rutile 7.80mt > Exceptional, high value 20 assemblage World Titanium Resources 1.35mt – 76% of payable heavy 15 mineral 1 is rutile Gunson Resources 0.74mt – 22% of payable heavy Base Resources Ltd 0.95mt 10 mineral 1 is zircon Kenmare Resource 5.16mt 5 Mineral Deposits 0.44mt Bubble Size: In-Situ Rutile Resources 0 0 20 40 60 80 100 120 140 Rutile Production Growth 2013-2015 (kt) Existing Producer Construction stage Planning stage Well positioned to take advantage of the positive market fundamentals for rutile Source: Company announcements, IBMA, Credit Suisse, Sierra Rutile estimates 1. Pricing assumptions based on broker LT prices: Zircon 1,515 US$/t, Ilmenite: 180 US$/t, Rutile 1,200 US$/t > Working for a better Sierra Leone 3

Established Infrastructure and Skilled Workforce Nitti Port > Significant infrastructure already in place – Mineral separation plant expandable to >200,000 tonnes of rutile per annum – Established export port and shipping fleet with capacity to ship >200,000 tonnes per annum of rutile – A modern MFO (Marine Fuel Oil) power plant capable of producing 23MW of power (current utilisation under 9MW) – Over 80km of established haulage roads – Modern engineering and camp facilities in place > Skilled and experienced workforce Lanti Dredge operations – Experienced management team – +30 years of experience operating in Sierra Leone and with these deposits – >95% of workforce are Sierra Leonean nationals – Highly educated employees – Significant recruitment from premier universities of Sierra Leone, Fourah and Njala Substantial infrastructure and experienced workforce provide a strong foundation for growth > Working for a better Sierra Leone 4

Significant Improvement in Existing Operations Lanti Dredge operations > Lanti Dredge and process plants upgraded – Following a capital investment programme initiated in October 2010, operational improvements have driven significant production increases – Record six-month production of 51,833 tonnes of rutile in H2 2012 – 91% growth in run-rate production relative to H1 2011 – Substantial improvements in process recoveries have contributed to increased production and enhanced operating margins Process Recovery Improvements Rutile Production Performance 140% 100,000 130% Trailing 12 months production 90,000 Indexed Process Recovery (Feb 2011 = 100%) 120% 80,000 (rutile tonnes) 70,000 110% 60,000 100% 50,000 90% 40,000 80% 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 Feb-11 May-11 Aug-11 Nov-11 Feb-12 May-12 Aug-12 Nov-12 Source: Sierra Rutile > Working for a better Sierra Leone 5

Lanti Dry Mining: A Step Change in Production Project Commissioning > The Project – Targets high-grade resources, inaccessible to dredge mining, Dry mining operation totalling 28.1 million tonnes at 1.5% rutile – Adds production of 30,000 to 35,000 tonnes per annum of rutile as well as ilmenite and zircon by-products > Project Update – Ore processing plant is in the final stages of commissioning, on budget and ahead of time – Supervisors and operators are onsite and fully trained – Heavy mineral concentrate is currently being produced The Minister of Mines and Mineral Resources, opening the Lanti Lanti Dry Mining process plant in operation Dry Mining project, January 2013 The Lanti Dry Mining project has been delivered on budget and ahead of time > Working for a better Sierra Leone 6

Gangama Dry Mining: Adds Unparalleled Value > The Project Gangama deposit with resource outline – The Gangama Dry Mining project is operationally identical to the Lanti Dry Mining project – The 1,000tph project consisting of 2x500 tonne per hour units – Power, water and road access is already in place – Internal pre-feasibility study has been completed, incorporating known costs, timelines and project learnings from the Lanti Dry Mining project Gangama Dry Mining PFS: Key Project Highlights Average annual production rate (ore mined) 7.0 million tpa Average annual production rate (rutile 83,400 tpa Deposit outline produced) Process water Project life 6 years Pond Dams Up-front capital expenditure $103 million Existing roads Construction period 12 months Pre-tax NPV 10 $507 million Pre-tax IRR 228% Source: Sierra Rutile Gangama Dry Mine provides unparalleled value by accessing a high-grade resource while minimising development time and capital cost > Working for a better Sierra Leone 7