TROY RESOURCES NL All Correspondence to: ABN 33 006 243 750 - PDF document

TROY RESOURCES NL All Correspondence to: ABN 33 006 243 750 REGISTERED OFFICE Ground Floor 44 Ord Street West Perth 6005 Western Australia Telephone: (61 8) 9481 1277 Facsimile: (61 8) 9321 8237 Email: troy@troyres.com.au Web Site: www.try.com.au NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES 25 November 2010 INTRODUCTION AND CHAIRMAN’S ADDRESS – 2010 ANNUAL GENERAL MEETING OF SHAREHOLDERS Ladies and Gentlemen Welcome to the Twenty Sixth Annual General Meeting of Troy Resources. We have a quorum present, and I declare the meeting open. My name is David Dix, I am a non-executive Director of Troy Resources and will be Chairing today’s meeting. It was intended that John Dow, whom I am to replace if elected by shareholders, would chair this his final AGM as Chairman and introduce me as his replacement. As many may know, John is Chairman of Pike River Coal the company that has been involved in the terrible tragedy in New Zealand where 29 Underground miners have lost their lives. John has remained in New Zealand comforting grieving families and dealing with the media coverage. These recent events bring home the real dangers that our employees face in the mining industry. John has asked me to convey this appreciation of the privilege of serving Troy shareholders for two years as Chairman where he has made an outstanding contribution to the implementation of the expansion of operations into Latin America, and the continued improvements in board functioning and corporate governance. As John‘s replacement I am very pleased with the state in which he has left the Company. John also asked me to express his appreciation for the assistance Paul Benson has provided during his Chairmanship. I would like to introduce to you my fellow Board members and Company Secretary. Starting on my far right is …………………. We also have apologies from Mr Ken Nilsson, our Executive Director Operations, is in the middle of commissioning our new Casposo mine in Argentina and sends his apologies. I am sure you will agree shareholders’ interests are best served having him on site driving the commissioning rather than here in Perth. The sooner the mine is producing on a consistent basis, the sooner the Board can proceed in its dividend declaration. The Minutes of last year’s Annual General Meeting have previously been approved by the Directors of the Company. If you would like a copy, they are available from the Company Secretary, Mr Sadgrove. CHAIRMAN’S ADDRESS At the end of the formal business, Troy’s Managing Director, Paul Benson, will give a short presentation updating shareholders on your company’s activities. I would now like to present to you Mr Dow’s Chairman’s address.

The 201 10 financial year was o one of signif ficant achie evements fo or you comp pany, includ ding:  The rapid c construction n of the Cas sposo projec ct  The raising g of the requ uisite financ cing through h both a righ hts issue an nd a debt fa acility  The increas se in the co ompanies’ m mineral rese erves and re esources, an nd  The continu ued operatio onal improv vement at A Andorinhas. The yea ar was just as importa nt for positi ioning the C Company fo or its next s stage in grow wth. We are for recasting to o return to o the plus 100,000oz zpa of gold d with the commissio oning of Caspos so. Troy ha s the longe est forecast t mine life i in the comp pany’s histo ory and the e largest portfolio o of drill targ gets. To test these we h have just em mbarked on a $7m exp loration pro ogram. Obvi iously it is o our hope that at next year’s s AGM we w will be able e to look ba ack and see e a significa cant increas se in the Compa ny’s Reserv ve and Res ource posit tion. I note t the Compa ny has had d an except tional Healt th Safety a nd Environ nment recor rd which continu es to be a p priority for th he Board an nd manage ment. I would d like to tak ke this oppo ortunity to t thank on b ehalf of sh areholders, , managem ment and staff fo or their con ntributions o over the p past year. In particula ar, the team ms at the sites in Argenti na, Brazil a and, until re ecently, Au stralia. It’s their hard work and d dedication t that has seen th e Company y continue t o grow ove r the last ye ear. Formal business to o follow. David D Dix Chair o of the Meet ing Geological i information in this s Report has been compiled by Troy y’s Vice President t Exploration & Bu siness Developm ment, Peter Doyle, who:  Is a full time emp loyee of Troy Res sources NL  Has sufficient exp perience which is relevant to the typ pe of deposit unde er consideration a nd to the activity w which he is undert taking to qualify as a Comp petent Person as defined in the 200 04 Edition of the ‘A Australasian Code e for Reporting of Exploration Resu lts, Mineral Resources and O Ore Reserves’  Is a Fellow of the Australasian Inst itute of Mining and d Metallurgy  Has consented in n writing to the inc lusion of this data a Information of a scientific or technical nature i in this report was prepared under th he supervision of Peter J. Doyle, V Vice President Exp ploration and Business D Development of Tr roy, a “qualified pe erson” under Natio ional Instrument 4 43-101 – “Standar rds of Disclosure f for Mineral Projec cts”, a Fellow of the Austr ralasian Institute o of Mining and Met allurgy. Mr. Doyle e has sufficient exp perience, which is s relevant to the s style of mineralisa tion and type of deposit u under consideratio on, and to the ac ctivity he is under rtaking, to qualify y as a “competent t person” as defin ned in the 2004 e edition of the “Australasia an Code for Repo orting of Explorat ion Results, Mine eral Resources an nd Ore Reserves s”. Mr. Doyle has s reviewed and a approved the information contained in this s report. For furt ther information r regarding the Com mpany’s projects in Brazil, Austral lia and Argentina , including a description of Troy’s quality assurance progra am, quality control l measures, the g geology, samples collection and tes sting procedures in respect of the Sandsto one project please e refer to the techn nical reports filed which is available e under the Comp pany’s profile at se edar.com or on the e Company’s website. This report contains forward d-looking statemen nts. These forwa ard-looking statem ments reflect mana agement’s current t beliefs based on n information currently av vailable to manag gement and are b based on what m management believ ves to be reason able assumptions s. A number of f factors could cause actua al results, perform mance, or achieve ements to differ m materially from the e results expresse d or implied in th he forward looking g statements. Such factor rs include, among g others, future p prices of gold, the e actual results o of current product tion, development t and/or explorati ion activities, changes in project parameter rs as plans contin nue to be refined, variations in ore g grade or recovery y rates, plant and/o /or equipment failu ure, delays in obtaining go overnmental appro rovals or in the com mmencement of o operations. For purpose es of Clause 3.4(e e) in Canadian Ins strument 43-101, the company war rrants that Mineral l Resources which h are not Mineral Reserves do not have de emonstrated econo omic viability.

Perth, 25 November 2010 2010 AGM

Forward Looking Statements This presentation contains certain forward-looking statements and forecasts which include without limitation, expectations regarding future performance, costs, production levels or rates, reserves and resources, the financial position of Troy Resources NL (the “Company”), industry growth or other trend projections. Although such forecasts and forward-looking statements reflect current beliefs and are based on information currently available and assumptions believed to be reasonable there is no assurance that actual results will be consistent with such forecasts and forward-looking statements. A number of factors could cause actual results, performance, or achievement to differ materially from the results expressed or implied in such forecasts and forward-looking statements. For a description of such factors please see the section entitled “Risk Factors” in the Company’s amended and restated preliminary prospectus dated 10 January 2008 available under the Company’s profile at sedar.com. Nothing in this presentation should be construed as either an offer to sell or a solicitation of an offer to buy or sell securities. 2

2010 – Building the Foundations  Building Casposo Gold and Silver Mine  Improving Performance at Andorinhas  Extended the life of Sandstone  Completed financing without hedging  Increasing Reserves and Resources  Monetised the iron ore at Andorinhas  Increasing institutional/broking interest in Troy  Significant share price appreciation 3

What We Own Gold Assets  Andorinhas Gold Mine - Brazil Andorinhas Belém Gold Mine  Casposo Gold Silver Mine - Argentina  Sandstone Gold Mine – Australia (Closed) BRAZIL Brasilia Belo Horizonte Daly R iver Rio de Janeiro Sao Paulo San Juan Casposo Gold Buenos Aires S ands tone Q ue e nsla nd We ste rn Silver Mine Gold Mine Austra lia So uth X Austra lia Other Assets N. S. W. P erth S ydney  Sandstone, Australia – Nickel JV 500 km A.C.T . Vic to ria  Andorinhas, Brazil – Iron Ore 4