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PIL BARA INF RAST RUCT URE – A NE W L ANDSCAPE

Inve stor Pr e se ntation – Nove mbe r 2013

Russe ll T ippe r, Chie f E xe c utive Offic e r, Bro c kma n Mining Austra lia

PIL BARA INF RAST RUCT URE – A NE W L ANDSCAPE

Inve stor Pr e se ntation – F e br uar y 2014

Russe ll T ippe r, Chie f E xe c utive Offic e r, Bro c kma n Mining Austra lia

2

Disc la ime r

T his pre se nta tio n ha s b e e n pre pa re d b y a nd issue d b y Bro c kma n Mining L imite d (“Bro c kma n” o r “the Co mpa ny”) to a ssist it in info rming inte re ste d pa rtie s a b o ut the Co mpa ny. It sho uld no t b e c o nsid e re d a n invita tio n o r o ffe r to subsc rib e fo r o r purc ha se a ny se c uritie s in the Co mpa ny o r a s a n ind uc e me nt to ma ke a n o ffe r o r invita tio n with re spe c t to tho se se c uritie s. No a g re e me nt to sub sc ribe fo r se c uritie s in the Co mpa ny will be e nte re d into o n the b a sis

• f this pre se nta tio n.

T his pre se nta tio n c o nta ins fo rwa rd lo o king sta te me nts. While Bro c kma n ha s no re a so n to b e lie ve tha t a ny sta te me nts a re e ithe r fa lse , misle a d ing o r inc o rre c t, it c a nno t g ua ra nte e tha t thro ug h e ithe r pa ssa g e o f time o r a c tio ns b e yo nd the c o ntro l o f Bro c kma n, the y will no t b e c o me so . Yo u sho uld no t a c t o r re fra in fro m a c ting in re lia nc e o n this pre se nta tio n ma te ria l. T his o ve rvie w o f Bro c kma n d o e s no t purpo rt to b e a ll inc lusive o r to c o nta in a ll info rma tio n whic h its re c ipie nts ma y re q uire in o rd e r to ma ke a n info rme d a sse ssme nt o f the Co mpa ny’ s pro spe c ts. Yo u sho uld c o nd uc t yo ur o wn inve stig a tio n a nd pe rfo rm yo ur o wn a na lysis in

• rd e r to sa tisfy yo urse lf a s to the a c c ura c y a nd c o mple te ne ss o f the info rma tio n, sta te me nts a nd o pinio ns c o nta ine d

in this pre se nta tio n b e fo re ma king a ny inve stme nt d e c isio ns. T he re a re a numbe r o f risks, b o th spe c ific to Bro c kma n a nd o f a g e ne ra l na ture whic h ma y a ffe c t the future o pe ra ting a nd fina nc ia l pe rfo rma nc e o f Bro c kma n a nd the value o f a n inve stme nt in Bro c kma n inc luding a nd no t limite d to e c o no mic c o nd itio ns, sto c k ma rke t fluc tua tio ns, iro n o re d e ma nd a nd pric e mo ve me nts, a c c e ss to infra struc ture , timing o f e nviro nme nta l a ppro va ls, re g ula to ry risks, o pe ra tio na l risks, re lia nc e o n ke y pe rso nne l, re se rve a nd re so urc e e stima tio ns, na tive title a nd title risks, fo re ig n c urre nc y fluc tua tio ns, a nd mining d e ve lo pme nt.

3

Ca pita l Struc ture

As a t 17 F e brua ry 2014

Sha re s o n issue 8.4 b illio n Ma rke t c a pita lisa tio n A$502.8 millio n Ca sh o n ha nd* De b t* A$ 37.5 millio n NI L E nte rprise va lue A$ 465.3 millio n Optio ns o n issue

* E stima te d e xc lud ing T ra nspo rt Se rvic e s d isc o ntinue d o pe ra tio n

435 millio n

4

Broc kma n Pilba ra Asse ts

5

Mine ra l Re sourc e s/ Ore Re se rve s Summa ry*

Proje c t Re sourc e (Mt) Gra de (% F e ) Re se rve (Mt) Gra de (% F e ) Ma rilla na

De trita l 1,528 42.6 1,001 42.4 CI D 102 55.6 48 55.5

Ophtha lmia

Co o ndine r DSO 129 58.3

• K

a lg a n Cre e k DSO 52 59.1

• Sirius DSO

109 60.0

• We st Pilba ra

Duc k Cre e k 18 56.5

T OT AL 1,938 1,049

* Refer Appendix 2 for detail

6

Ma rilla na Iron Ore Proje c t Summa ry

KE Y ST AT IST ICS Mining Re se r ve (JORC) *

1.05 Bt (Pro ve n: 133 Mt Pro b a b le : 916 Mt)

F inal pr

• duc t

and gr ade

419 millio n to nne s a t 60.5–61.5% F e

Mining Ope r ations

• Co nve ntio na l truc k

a nd sho ve l

• F

re e dig g ing

• Ave ra g e Strip Ra tio :

0.8:1 o ve r life o f mine

Annual pr

• duc tion

Up to 20 Mtpa (we t)

F ir st pr

• duc tion

Sub je c t to c o nfirma tio n

• f a n infra struc ture

so lutio n

Mine life (initial)

Ove r 20 ye a rs

* Refer Appendix 2 for detail

7

Ma rilla na Proje c t F unding Summa ry

DE VE L OPME NT F UNDING

De finition Sta tus Pote ntia l Sourc e Sta tus MINE

Ma rilla na De finitive E ng ine e ring Study (DE S) c o mple te d Jo int ve nture pa rtne r (up to 40 %) Awa iting ra il de finitio n

RAIL

Ne w inde pe nde nt ra il Pro po sing Pre - F e a sib ility Study Aurizo n Awa iting fe a sib ility studie s Ac c e ss to T PI ra il Pro c e ss initia te d Aurizo n/ BCK Awa iting

• utc o me o f the

Ac c e ss pro c e ss

PORT

Ne w fa c ilitie s a t No rth We st I nfra struc ture DE S c o mple te d Po rt inve sto r Mo U with T ia njin Po rts Gro up L e a se unde r ne g o tia tio n with Po rt Autho rity Build, Own a nd Ope ra te c o nso rtium Re c e ive d thre e (3) E xpre ssio ns o f I nte re st

8

Asse mbling 35 Mtpa – 2014

• Gro wing a c c e pta nc e tha t the Mar

illana Pr

• je c t is a c ruc ia l pa rt o f ANY ne w

Pilb a ra infra struc ture initia tive , due to its sig nific a nt to nna g e thro ug hput a nd lo ng mine life (‘ 20/ 20’ )

• Ophthalmia Pr
• je c t – b e c o ming a stra te g ic a nd sig nific a nt future pro je c t fo r

up to 15 Mtpa , impro ving the e c o no mic s o f a ny Ma rilla na infra struc ture

• ptio n (i.e . E

a st Pilb a ra I nde pe nde nt Ra ilwa y (E PI R) o r furthe r T PI Ra il Ac c e ss Applic a tio n)

• Bro c kma n is stro ng ly fo c use d o n a dva nc ing r

ail and por t infr astr uc tur e

• ptions in c o o pe ra tio n with o the rs (i.e . NWI

sha re ho lding , Aurizo n Re la tio nship Ag re e me nt, E PI R, T PI a c c e ss a pplic a tio n a nd Mo Us with T ia njin Po rts Gro up a nd F linde rs Mine s)

• Por

t L e ase and De ve lopme nt Agr e e me nt ne g o tia tio ns with PHPA we ll

pro g re sse d a nd o n tra c k to suppo rt po rt c a pa c ity a llo c a tio n a nd e na b le funding initia tive s

9

Pote ntia l use rs of Infra struc ture

Proje c t Owne r Produc t Mt Produc tion Mtpa L ife ye a rs Sta tus

Ma rilla na BCK 419 20 20 Ma jo r a ppro va ls I ro n Va lle y I OH/ MI N 135 5 27 Mo st a ppro va ls Phil’ s Cre e k MI N 15 3 5 I n pro duc tio n Pilb a ra iro n Ore Pro je c t F MS 229 15 15 PF S Mt We b b e r AGO 64 6 11 All a ppro va ls Mc Phe e Cre e k AGO 178 12 15 DF S la te 2013 Da vidso n Cre e k AGO 239 15 16 DF S De c e mb e r 2011 1,300 76

Othe r Proje c t Re sourc e s Owne r Re sourc e Mt Produc tion Mtpa

Ophtha lmia BCK 290 Up to 15 Co runna Do wns AGO 25 ? ?

Source: various public releases

10

Mar illana – Rail Infr astr uc tur e

11

Ba se Ca se : E a st Pilba ra Inde pe nde nt Ra ilwa y

• Co mple te d first sta g e o f E

a st Pilb a ra I nde pe nde nt Ra il Study

• Aurizo n a nd NWI

(Bro c kma n a nd Atla s) c o ntinue to c o nside r inte g ra te d ra il a nd po rt studie s

• Othe r po te ntia l use rs o f the

infra struc ture to b e invite d to pa rtic ipa te in the study

• NWI

a dva nc ing Po rt L e a se ne g o tia tio ns with PHPA to se c ure the 50 Mtpa inne r ha rb o ur a llo c a tio n in whic h Bro c kma n c a n pa rtic ipa te a s a fo unda tio n sha re ho lde r

12

Ac c e ss Ca se – T PI Ra ilwa y

• Bro c kma n sub mitte d a n a pplic a tio n to

a c c e ss the T PI ra ilwa y o n 15 Ma y 2013 unde r the WA Ra il Ac c e ss Co de (2000)

• I

nde pe nde nt a sse ssme nt indic a te s tha t T PI ha s a va ila b le ra il c a pa c ity within its c urre nt c o nfig ura tio n

• T

PI is o b lig e d unde r the Ra il Ac c e ss Co de a nd its Sta te Ag re e me nt to fa c ilita te a c c e ss fo r third pa rtie s to its ra il infra struc ture

13

Ra il Ac c e ss Re g ime – Sta tus

• Bro c kma n re q uire s a c c e ss to o nly pa rt o f the T

PI ne two rk (196 km)

• I

n Ma y 2013, T PI ma de a n a pplic a tio n to the E RA unde r se c tio n 10 (1) o f the Co de re q uiring its a ppro va l fo r ne g o tia tio ns to pro c e e d. I n Aug ust 2013, E RA a ppro ve d ne g o tia tio ns to pro c e e d re g a rding Bro c kma n’ s Ac c e ss Pro po sa l

• I

n Se pte mb e r 2013, the E RA re je c te d T PI ’ s pro po se d 2013 flo o r c o st o f $73,412,642 a nd c e iling c o st o f $575,642,6631. T PI ’ s 2010 flo o r a nd c e iling pric e sub missio n ra ng e d fro m A$5.07 – A$5.77* pe r to nne fo r its the n to ta l ra il ne two rk (280 km) b e twe e n Clo udb re a k a nd Po rt He dla nd running a t 40 Mtpa (*Se e E c o no mic Re g ula tio n Autho rity Re vie w 2010, b a se d o n WACC o f 11%)

• T

he E RA de te rmine d a floor c ost of $84,742,039 ($0.55/ tonne ba se d on 155 Mtpa ) a nd a c e iling c ost of $316,901,814 ($2.04/ tonne ba se d on 155 Mtpa ) a nd a WACC of 9.76%

• I

n Oc to b e r 2013, T PI lo dg e d Applic a tio ns with the WA Supre me Co urt fo r a judic ia l re vie w

• f the E

RA de te rmina tio n o f T PI ’ s F lo o r a nd Ce iling c o sts a nd its de c isio n to a ppro ve ne g o tia tio ns unde r se c tio n 10 o f the Co de ; a nd a De c la ra tio n tha t Bro c kma n’ s Ac c e ss pro po sa l do e s no t e nlive n the o pe ra tio n o f the Co de

• 1. As re po rte d 28 June 2013 b y Ma tthe w Ste ve ns, AF

R

14

Ra il Ac c e ss Re g ime – Sta tus

Validity Pr

• c e e ding

In this pr

• c e e ding T

PI se e ks to c halle nge the validity of Br

• c kman’s ac c e ss pr
• posal
• Orde rs fo r dire c tio n (i.e . de fine d disc o ve ry with stric t c o nfide ntia lity pro visio ns) ha ve b e e n a g re e d.
• T

PI la wye rs ha ve inspe c te d Bro c kma n’ s disc o ve re d do c ume nts.

• T

PI ha s indic a te d it inte nds to file a ny e xpe rt e vide nc e . Orde rs ha ve b e e n ma de to pro g ra m the e xc ha ng e o f info rma tio n.

• T

he filing o f e xpe rt e vide nc e sho uld b e c o mple te d b y e nd Ma rc h/ e a rly April a nd the n the pro c e e ding will b e re a dy fo r tria l. Sub je c t to the c o mple tio n o f the e xpe rt e vide nc e pro c e ss, the tria l is like ly to o c c ur in April/ Ma y.

Judic ial Re vie w Pr

• c e e ding

In this pr

• c e e ding T

PI se e ks to c halle nge the E RA’s F loor & Ce iling Cost and Se c tion 10 de te r minations

• T

his is tra c king in pa ra lle l with the Va lidity Pro c e e ding a nd will b e trie d a t the sa me time .

• T

PI a nd the E RA a re in disc ussio ns o ve r the a dmissib ility o f pa rts o f the E RA’ s suppo rting a ffida vit.

• T

he se disc ussio ns will b e c o mple te d b e fo re the ne xt dire c tio ns he a ring liste d fo r 12 Ma rc h 2014.

Injunc tion Pr

• c e e dings

In this pr

• c e e ding Br
• c kman is se e king mor

e de taile d infor mation on tr ain path r unning time s in or de r to satisfy the s.15 c apac ity te st

• T

PI ne e ds to pro vide its re spo nding a ffida vits b y e nd F e b rua ry.

• Ma tte r will mo st like ly b e he a rd in April/ Ma y a lo ng with the o the r pro c e e ding s a s pe r a b o ve .

15

Supreme Court Action seeking Judicial Review of ERA’s Section 10 and Floor and Ceiling determinations and a Declaration that Brockman’s Access proposal does not enliven the Code

16

Mar illana – Por t Infr astr uc tur e

17

Port Infra struc ture

PORT INF RAST RUCT URE ST AT US

2008

No rth We st I nfra struc ture (NWI ) e sta b lishe d jo int ve nture c o mpa ny (Bro c kma n Mining L imite d (37%); Atla s I ro n L imite d (63%);

2009

NWI g ra nte d a 50 Mtpa a llo c a tio n b y the We ste rn Austra lia n Sta te Go ve rnme nt to de ve lo p two b e rths a nd a sso c ia te d sto c kya rds in Po rt He dla nd

2011

De ta ile d e ng ine e ring study o n po rt de ve lo pme nt c o mple te d. Na tive T itle a nd E nviro nme nta l a ppro va ls ha ve b e e n g ra nte d

2012

T wo b e rth a llo c a tio ns in inne r ha rb o ur re -a ffirme d b y We ste rn Austra lia n Ministe r fo r T ra nspo rt

2012

F urthe r studie s c o nduc te d to o ptimise la yo ut a nd de sig n fe a ture s o f NWI po rt fa c ilitie s

Unde r way

Co nditio ns Pre c e de nt De e d a nd Ag re e me nt to L e a se Unde r ne g o tia tio n b e twe e n NWI a nd Po rt He dla nd Po rt Autho rity (PHPA)

18

Ophthalmia – Ne xt Phase

19

Ne xt Pha se : Ophtha lmia Iron Ore Proje c t

• 100% o wne d De po sits a t Sirius,

Co o ndine r (Pa lla s a nd Ca sto r), K a lg a n Cre e k

• Po te ntia lly a s sig nific a nt a s the

Ma rilla na Pro je c t with b e dde d he ma tite mine ra lisa tio n (DSO) disc o ve re d 15 – 30 km no rth o f Ne wma n

• Mine ra lisa tio n is ho ste d b y the

Bo o lg e e da I ro n F

• rma tio n, whic h
• pe ns up a dditio na l po te ntia l fo r

furthe r mine ra lisa tio n within the re ma inde r o f the Ophtha lmia Pro je c t a re a

• L
• c a te d o nly 70 – 80 km fro m

Ma rilla na , pro viding o ppo rtunitie s to c o nne c t to the Ma rilla na Pro je c t infra struc ture so lutio ns

20

Ophtha lmia E xplora tion Suc c e ss

Sirius De posit

• Sig nific a nt inte rse c tio ns* a t

pre do mina ntly infill drilling a t Sirius

• 176 m a t 60.7% F

e fro m 22 m in ho le SRC0137

• 160 m a t 61.7% F

e fro m 8 m in ho le SRC0140

• 164 m a t 61.2% F

e fro m 28 m in ho le SRC0139 a nd

• 116 m a t 62.0% F

e fro m 22 m in ho le SRC0131

• 130 m a t 62.04% F

e fro m 24 m in ho le SRC 0177

• Upda te d Mine ra l Re so urc e

due sho rtly

*E xplo ra tio n re sults fo r Sirius a nd Co o nd ine r we re re po rte d in ASX a nno unc e me nt d a te d 20 De c e mb e r 2013. Bro c kma n is no t a wa re o f a ny ne w info rma tio n o r d a ta tha t ma te ria lly a ffe c ts the info rma tio n inc lud e d in tha t re po rt.

21

Re c e nt E xplora tion Suc c e ss

Coondine r De posits

• Sig nific a nt inte rse c tio ns a t

e xte nsio n drilling a t Co o ndine r

• 121 m a t 59.5% F

e fro m 24 m in ho le CNRC0216

• 86 m a t 59.4% F

e fro m 24 m in ho le CNRC0222

• Ho le s lo c a te d

200 m a nd 400 m re spe c tive ly so uth-e a st

• f the e xisting Mine ra l

Re so urc e

22

Ophtha lmia E xplora tion Upside

• F

urthe r e xplo ra tio n will fo c us o n E xplo ra tio n T a rg e ts* a t Co o ndine r, fo r a po ssib le e xpa nsio n o f the Mine ra l Re so urc e inve nto ry

• ‘ T

hre e Po o ls’ a re a (inc luding the T

• p F
• rg e a nd Cruc ib le pro spe c ts)

re pre se nts o ne o f the ma in E xplo ra tio n T a rg e ts*

• Othe r E

xplo ra tio n T a rg e ts e xist a t the Sirius a nd K a lg a n Cre e k De po sits

• Inc re a se d pro je c t fo o tprint thro ug h

the 2013 a c q uisitio n o f a dditio na l te ne me nts pro vide s g re a te r fle xib ility in the lo c a tio n o f pro c e ssing a nd tra nspo rta tio n infra struc ture

* Refer Appendix 2 for detail

23

Why Broc kma n?

• Mo st a c tive in driving a n infra struc ture o utc o me
• L

a rg e st a ppro ve d junio r o wne d pro je c t in Pilb a ra

• Co re to a nything Aurizo n do e s in E

a st Pilb a ra

• Sig nific a nt e xplo ra tio n upside (Ophtha lmia )
• Stro ng sha re ho lde r suppo rt a nd c o nne c tio ns into So uth E

a st Asia

• Wo uld b e 10th la rg e st iro n o re mine r in wo rld o nc e in pro duc tio n

24

Appe ndix 1 Bac kgr

• und slide s

25

Corpora te Stra te g y

Shor t te r m

E xpe dite de ve lo pme nt o f the Ma rilla na he ma tite pro je c t lo c a te d in the e a ste rn Pilb a ra a nd a sso c ia te d ra il a nd po rt infra struc ture to full c o mme rc ia l pro duc tio n, the timing o f whic h is sub je c t to c o nfirma tio n o f a n infra struc ture so lutio n

Mid te r m

Adva nc e the Austra lia n e xplo ra tio n pipe line o f he ma tite pro je c ts, fro m g re e nfie ld e xplo ra tio n thro ug h to full c o mme rc ia l

• pe ra tio n

L

• ng te r

m

Cre a te a g lo b a lly-re no wne d mid tie r mining re so urc e s c o mpa ny thro ug h furthe r iro n o re , c o ppe r a nd c o king c o a l M&A

• ppo rtunitie s, de live ring a stra te g ic , lo w so ve re ig n risk Austra lia n

a nd g lo b a l mining a sse t po rtfo lio

26

Ma rilla na Iron Ore Proje c t – Mine

MINE ST AT US

2010 DE S c o nfirme d tha t Ma rilla na Pro je c t is fina nc ia lly ro b ust a nd lo ng life 2011 F E E D c o mple te d , inc lud ing furthe r e ng ine e ring a nd o ptimisa tio n stud ie s 2011 Na tive T itle a g re e me nts a nd ke y e nviro nme nta l a ppro va ls fina lise d a nd a ppro ve d 2013 F ina nc ing initia tive s und e r wa y

27

Ma r illa na Ir

• n Or

e Pr

• je c t – Me ta llur

g y a nd Pr

• c e ssing

Simple mining & pro c e ssing

• Sha llo w, la rg e sc a le

mining

• Simple ro b ust pro c e ss

flo w she e t

• Po sitive sinte ring

pe rfo rma nc e

• 8 mm +1 mm pro duc t

size – no ultra fine s

• Additio na l yie ld po ssib le

fro m -1mm ma te ria l

28

Ma rilla na – F ina l Produc t a nd Sinte r Pe rforma nc e

• He ma tite c o nc e ntra te with a - 8 mm +1 mm size spe c ific a tio n
• F

ina l F e g ra de s e q uiva le nt to ma jo r Pilb a ra iro n o re pro duc e rs

• Sinte r te sting c o nfirms po sitive pe rfo rma nc e o f the c o nc e ntra te , suita b le a s

a q ua lity re pla c e me nt fo r e xisting Pilb a ra fine s in b le nde d mill fe e ds

• Pa rtic ula rly b e ne fic ia l whe re c o nc e ntra te s a re use d a s sinte r fe e d

F INAL PRODUCT GRADE S F e (% ) SiO 2 (% ) AI

2O 3

(% ) S (% ) P (% ) L OI 1000°C (% )

60.5 – 61.5 6.0 – 6.5 2.5 – 3.0 <0.02 <0.08 2.0 – 3.0

29

Appe ndix 2 Re sour c e and Re se r ve Summar ie s

30

Ma rilla na Iron Ore Proje c t Mine ra l Re sourc e Summa ry

BE NE F ICIAT ION F E E D (Cut- off gr ade : 38% F e ) Mine r alisation type Re sour c e c lassific ation T

• nne s

(Mt) Gr ade (% F e )

De trita l Me a sure d 173 41.6 I ndic a te d 1,036 42.5 I nfe rre d 201 40.7 Piso lite I ndic a te d 117 47.4

Subtotal Me asur e d 173 41.6 Indic ate d 1,154 43.0 Infe r r e d 201 40.7 T OT AL 1,528 42.6

Mine ra l Re so urc e s a re inc lusive o f Ore Re se rve s

31

Ma rilla na Iron Ore Proje c t Mine ra l Re sourc e Summa ry

MARIL L ANA CID (Cut- off g ra de : 52% F e ) Re sourc e c la ssific a tion T

• nne s

(Mt) F e (% ) Ca F e (% ) AI

2O 3

(% ) SiO 2 (% ) P (% ) L OI (% )

I ndic a te d 84.2 55.8 61.9 3.6 5.0 0.097 9.8 I nfe rre d 17.7 54.4 60.0 4.3 6.6 0.080 9.3

T OT AL 101.9 55.6 61.5 3.7 5.3 0.094 9.7

Mine ra l Re so urc e s a re inc lusive o f Ore Re se rve s *Ca F e re pre se nts c a lc ine d F e a nd is c a lc ula te d b y Bro c kma n using the fo rmula Ca F e = F e % / ((100-L OI%)/ 100)

32

Ma rilla na Iron Ore Proje c t Ore Re se rve Summa ry

MARIL L ANA DE T RIT AL ORE RE SE RVE S Re se rve c la ssific a tion Mt F e (% )

Pro ve n 133 41.6 Pro b a b le 868 42.5

T OT AL 1,001 42.4 MARIL L ANA CID ORE RE SE RVE S* Re se rve c la ssific a tion Mt F e (% ) Ca F e * (% ) Sio 2 (% ) AI

2O 3

(% ) P (% ) L OI (% )

Pro b a b le 48.5 55.5 61.5 5.3 3.7 0.09 9.7

T OT AL 48.5 55.5 61.5 5.3 3.7 0.09 9.7

*Ca F e re pre se nts c a lc ine d F e a nd is c a lc ula te d b y Bro c kma n using the fo rmula Ca F e = F e % / ((100-L OI%)/ 100)

33

Ophtha lmia Iron Ore Proje c t Mine ra l Re sourc e Summa ry

*Ca F e re pre se nts c a lc ine d F e a nd is c a lc ula te d b y Bro c kma n using the fo rmula Ca F e = F e % / ((100-L OI%)/ 100)

OPHT HAL MIA DSO Mine ra l Re sourc e s (Cut- off g ra de : 54% F e ) De posit Cla ss T

• nne s

(Mt) F e (% ) Ca F e * (% ) SiO 2 (% ) Al2O 3 (% ) S (% ) P (% ) L OI (% )

K a lg a n Cre e k I ndic a te d 12.5 59.3 62.6 4.02 4.79 0.007 0.20 5.41 I nfe rre d 39.7 59.1 62.5 4.53 4.55 0.005 0.17 5.56

Sub tota l 52.1 59.1 62.6 4.41 4.60 0.006 0.18 5.52

Co o ndine r (Pa lla s a nd Ca sto r) I ndic a te d 82.5 58.1 61.7 5.61 4.48 0.008 0.17 5.76 I nfe rre d 46.4 58.7 62.1 5.37 4.40 0.006 0.18 5.44

Sub tota l 128.9 58.3 61.8 5.52 4.45 0.008 0.17 5.64

Sirius I nfe rre d 109.0 60.0 63.3 4.57 3.78 0.009 0.18 5.16

T

• ta l

290.0 59.1 62.5 4.97 4.23 0.008 0.17 5.44

34

1 E

xplor ation T ar ge ts: Any disc ussio n in re la tio n to the po te ntia l q ua ntity a nd g ra de o f E

xplo ra tio n T a rg e ts is o nly c o nc e ptua l in na ture . T he re ha s b e e n insuffic ie nt e xplo ra tio n to de fine a Mine ra l Re so urc e fo r the se te ne me nts a nd it is unc e rta in if furthe r e xplo ra tio n will re sult in de te rmina tio n o f a Mine ra l Re so urc e in the se a re a s.

E xplora tion T a rg e ts

1 Summa ry E

a st Pilba ra

De posit/ Are a T

• nne s (Mt)

F e Gra de (% )

K a lg a n Cre e k 8 – 14 56 -61 Sirius 14 – 19 56 – 61 T hre e Po o ls 20 – 60 56 – 60

T

• ta l

42 - 93 56 - 61

35

We st Pilba ra Iron Ore Proje c t Mine ra l Re sourc e Summa ry

WE ST PIL BARA DSO Mine ra l Re sourc e s (Cut- off g ra de : 54% F e ) De posit Cla ss T

• nne s

(Mt) F e (% ) Ca F e * (% ) SiO 2 (% ) Al2O 3 (% ) S (% ) P (% ) L OI (% )

Duc k Cre e k I nfe rre d 18.3 56.5 62.8 4.91 3.22 0.037 0.06 10.0

T

• ta l

18.3 56.5 62.8 4.91 3.22 0.037 0.06 10.0

*Ca F e re pre se nts c a lc ine d F e a nd is c a lc ula te d b y Bro c kma n using the fo rmula Ca F e = F e % / ((100-L OI%)/ 100)

36

Compe te nt Pe rson’s Sta te me nt

T he info rma tio n in this pre se nta tio n tha t re la te s to Mine ra l Re so urc e s a nd Ore Re se rve s a t Ma rilla na a nd Ophtha lmia is b a se d o n info rma tio n c o mpile d b y Mr I Co o pe r, Mr J F a rre ll a nd Mr A Zha ng . T he info rma tio n in this pre se nta tio n tha t re la te s to Mine ra l Re so urc e s a t Duc k Cre e k is b a se d o n info rma tio n c o mpile d b y Mr A Zha ng . T he Ore Re se rve s sta te me nt fo r Ma rilla na ha s b e e n c o mpile d in a c c o rd a nc e with the g uide line s de fine d in the Austra la sia n Co de fo r Re po rting

• f E

xplo ra tio n Re sults, Mine ra l Re so urc e s a nd Ore Re se rve s (T he JORC Co de – 2004 E ditio n). T he Ore Re se rve s ha ve b e e n c o mpile d b y Mr I a in Co o pe r, who is a Me mb e r o f Austra la sia n I nstitute o f Mining a nd Me ta llurg y a nd a full time e mplo ye e o f Go lde r Asso c ia te s Pty L

• td. Mr Co o pe r

ha s suffic ie nt e xpe rie nc e in Ore Re se rve e stima tio n re le va nt to the style o f mine ra lisa tio n a nd type o f de po sit unde r c o nsid e ra tio n to q ua lify a s Co mpe te nt Pe rso n a s d e fine d in the 2004 E ditio n o f the “Austra la sia n Co de fo r Re po rting o f Mine ra l Re so urc e s a nd Ore Re se rve s”. I a in Co o p e r c o nse nts to the inc lusio n o f the ma tte rs b a se d o n this info rma tio n in pub lic re le a se s b y Bro c kma n, in the fo rm a nd c o nte xt in whic h it a ppe a rs. Mr J F a rre ll, who is a Me mb e r o f the Austra la sia n I nstitute o f Mining a nd Me ta llurg y a nd a full-time e mplo ye e o f Go lde r Asso c ia te s Pty L td , pro d uc e d the Mine ra l Re so urc e e stima te s fo r Ma rilla na a nd Ophtha lmia b a se d o n the da ta a nd g e o lo g ic a l inte rpre ta tio ns pro vide d b y Bro c kma n. Mr F a rre ll ha s suffic ie nt e xpe rie nc e tha t is re le va nt to the style o f mine ra lisa tio n, type o f de po sit unde r c o nside ra tio n a nd to the a c tivity tha t he is unde rta king to q ua lify a s a Co mpe te nt Pe rso n a s de fine d in the 2004 e ditio n o f the “ Austra la sia n Co de fo r Re po rting o f E xplo ra tio n, Re sults, Mine ra l Re so urc e a nd Ore Re se rve s”. Mr F a rre ll c o nse nts to the inc lusio n in this pre se nta tio n o f the ma tte rs b a se d o n his info rma tio n in the fo rm a nd c o nte xt tha t the info rma tio n a ppe a rs. Mr A Zha ng , who is a Me mb e r o f the Austra la sia n I nstitute o f Mining a nd Me ta llurg y a nd a full-time e mplo ye e o f Bro c kma n Mining Austra lia Pty L

• td. pro vide d the g e o lo g ic a l inte rpre ta tio ns a nd the drill ho le da ta use d fo r the Mine ra l Re so urc e e stima tio ns a t Ma rilla na a nd Op htha lmia . Mr

Zha ng ha s suffic ie nt e xpe rie nc e tha t is re le va nt to the style o f mine ra lisa tio n, type o f de po sit und e r c o nside ra tio n a nd to the a c tivity tha t he is und e rta king to q ua lify a s a Co mpe te nt Pe rso n a s de fine d in the 2004 e ditio n o f the “Austra la sia n Co de fo r Re po rting o f E xplo ra tio n, Re sults, Mine ra l Re so urc e a nd Ore Re se rve s”. Mr Zha ng c o nse nts to the inc lusio n in this pre se nta tio n o f the ma tte rs b a se d o n his info rma tio n in the fo rm a nd c o nte xt tha t the info rma tio n a ppe a rs. Mr A Zha ng , who is a Me mb e r o f the Austra la sia n I nstitute o f Mining a nd Me ta llurg y a nd a full-time e mplo ye e o f Bro c kma n Mining Austra lia Pty L td, pro d uc e d the Mine ra l Re so urc e e stima te fo r Duc k Cre e k b a se d o n the da ta a nd g e o lo g ic a l inte rpre ta tio ns pro vide d b y Bro c kma n. Mr Zha ng ha s suffic ie nt e xpe rie nc e tha t is re le va nt to the style o f mine ra lisa tio n, type o f de po sit und e r c o nside ra tio n a nd to the a c tivity tha t he is und e rta king to q ua lify a s a Co mpe te nt Pe rso n a s de fine d in the 2004 e ditio n o f the “Austra la sia n Co de fo r Re po rting o f E xplo ra tio n, Re sults, Mine ra l Re so urc e a nd Ore Re se rve s”. Mr Zha ng c o nse nts to the inc lusio n in this pre se nta tio n o f the ma tte rs b a se d o n his info rma tio n in the fo rm a nd c o nte xt tha t the info rma tio n a ppe a rs.

37

CONT ACT

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