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Aquila Resources

ASX Emerging Growth Conference

March 2011

Aquila Resources

No representation or liability: No representation or warranty is made as to the fairness, currency, accuracy, completeness, reliability or reasonableness of this presentation, or any opinions, conclusions and forward-looking statements it contains or any other information which Aquila provides to you (whether in this presentation or otherwise). Except to the extent required by law, Aquila Resources Limited (“Aquila”) does not undertake to advise any person of any information coming to its attention (including, without limitation, correcting or updating information) relating to the financial condition, status or affairs of Aquila or its related bodies corporate.To the maximum extent permitted by law, Aquila and its related bodies corporate and officers, employees and advisers are not liable for any loss or damage (including, without limitation, any direct, indirect or consequential loss or damage) suffered by any person directly or indirectly as a result of relying on this presentation or otherwise in connection with it.

Forward-looking statements: This presentation is heavily dependent on forecasts, projections or forward-looking statements (together the “Forward-looking Statements”). No representation or warranty is given as to the accuracy, completeness, reliability, financial feasibility, likelihood of achievement or reasonableness of any Forward-looking Statements contained in the presentation. Forward-looking Statements are by their nature subject to significant uncertainties and contingencies and no representation is made that any Forward-looking Statements will come to pass.

Seek your own independent advice: Do not rely on this presentation to make an investment decision. This presentation has been prepared without consideration of your objectives and needs (including, without limitation, the need if any for the information to be accurate, reasonable, complete or reliable) or your financial situation. You should make your own independent assessment of the information in the presentation and seek your own independent professional financial, taxation and legal advice in relation to the information and before taking any action in relation to any matter contained in the presentation.

Not an offer: This presentation is not intended to be an offer for subscription, invitation, solicitation or recommendation with respect to securities in Aquila in any jurisdiction. Without limiting the foregoing, this presentation is not intended as an offer, invitation, solicitation or recommendation with respect to the purchase or sale of any security in the United States, United Kingdom or Australia or to any person to whom it is unlawful to make such an offer, invitation, solicitation or recommendation. No shares or other securities in Aquila have been nor will be registered under the US Securities Act. This presentation does not constitute an advertisement for an offer or proposed offer of securities. It is not intended to induce any person to engage in, or refrain from engaging in, any transaction.

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Disclaimer

Aquila Resources

1. Company Overview2. 2011 Company Objectives3. Coal Projects4. Iron Ore Projects5. Manganese Project6. Corporate Snapshot7. Asset Overview8. Safety & Community

Agenda

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Aquila Resources

ASX 200 public company withmarket capitalisation of ~A$3.2bn1

~$300m cash and liquids with no debt

Focus on key steel making raw materials of metallurgical coal, iron ore and manganese

Production and sales from Isaac Plains Coal Mine

Growth from three Definitive Feasibility Studies due in 2011

Company Overview

1. As at 25 February 2011

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Isaac Plains(Met/Thermal Coal)Eagle Downs (Metallurgical Coal)Washpool (Metallurgical Coal)

West Pilbara(Iron Ore)

Thabazimbi (Iron ore)Avontuur (Manganese)

* Target production on 100% basis

Aquila Resources

Complete West Pilbara, Eagle Downs and Washpool Definitive Feasibility Studies

Complete Feasibility Study for Avontuur

Secure West Pilbara project financing

Explore asset divestiture to support equity portion of West Pilbara’s project financing

Identify infrastructure solution for Eagle Downs

Expedite exploration program on Aquila’s significant portfolio of tenements

2011 Company Objectives

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Aquila Resources

Isaac Plains Coal Mine (50%)Resources: 128.5 Million TonnesReserves: 50.4 Million Tonnes

Eagle Downs Hard Coking Coal Project (50%)Resources: 959 Million Tonnes*Reserves: 157.5 Million Tonnes

Washpool Hard Coking Coal Project (100%)Resources: 185.4 Million TonnesReserves: 108.2 Million Tonnes

Talwood Coking Coal Project (100%)Resources: 246.5 Million Tonnes

AUSTRALIA

Coal

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* 69Mt of the total resource is deemed PCI quality

Aquila Resources

Isaac Plains Coal Mine

JORC Coal Resources(1) (Mt)Measured Indicated Inferred Total

56.7 38.7 33.1 128.5

ROM Reserves(1) (Mt) Marketable Reserves(1) (Mt)Proven Probable Total Proven Probable Total

18.2 32.2 50.4 14.3 18.1 32.4

Key factsUndergoing an expansion to 2.8Mtpa product

Produces metallurgical and thermal coal

Mining & ProcessingContract truck and shovel mining to be complemented by a dragline operation

Presently mining the northern deposits with work underway to finalise approvals for southern deposits

Resources & Reserves (100% Basis as at Feb 2011)

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Ownership: 50%Location: Bowen Basin region, QLD

Flyover of Isaac Plains Coal Mine

Dragline framework installed

Aquila Resources

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2011 ObjectivesSecond stage of expansion in FY2011 to take ROM production to 3.6Mtpa and product to 2.8MtpaDragline to be completed and operational by end June 2011Complete approvals for Isaac Plains South

Isaac Plains Coal MineMine has emerged from 2010/11 wet season events including Cyclones Andrew and Yasi –expect ramp up to full production by April 2011

Rail & PortLogistics contracts in place with Queensland Rail, Pacific National and Dalrymple Bay Coal Terminal for full 2.8Mtpa

Marketing Aquila, through its 100% subsidiary IP Coal Pty Ltd has assumed marketing responsibility for its 50% share of product from the Isaac Plains Coal Mine from November 2010First sale under the new arrangement has been completed

Operating costsAverage cash cost of ~A$95/tonne FOB (exc. royalties)

Stockpiles at Dalrymple Bay Coal Terminal

Aquila Resources

Eagle Downs HCC Project

Key factsProposed underground longwall hard coking coal mine immediately adjacent to and down dip from BMA’s Peak Downs MineDefinitive Feasibility Study (DFS) due Q2 CY2011* First longwall to produce hard coking coal from three target seams (Harrow Creek Upper, Harrow Creek Lower and Dysart) of up to 4.6Mtpa product coalDevelopment decision expected July 2011*


97.9 59.6 157.5 62.3 38.4 100.8


* Subject to securing appropriate rail and port capacity for the Project

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Laboratory testing of Eagle Downs hard coking coal


648 171 140 959


Aquila Resources

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Eagle Downs HCC Project Marketing

Large sample testing underway with marketing program to commence following release of DFS

Capital costsThe Feasibility Study for a single longwall producing up to 4.6Mtpa of product coal indicates capital costs of A$988m

Operating costsCash cost of A$71/tonne FOB (exc. royalties) as per the Feasibility Study

2011 ObjectivesGrant of Mining Lease & Environmental Approval Secure rail and port capacity Complete DFS Q2 CY2011*Review tenders for project work packages

Mining & ProcessingLongwall mining is the preferred method of high production underground coal extraction

Proposed 1000tph CHPP to utilise a standard washing process (screens, dense media cyclones, spirals, flotation) and produce a single hard coking coal product

Rail & PortAn expression of interest was lodged for the Stage 2 expansion of the Wiggins Island Coal Export Terminal with availability between 2015 and 2016

In the queue for the next expansion of the Dalrymple Bay Coal Terminal with availability expected in 2017

* Subject to securing appropriate rail and port capacity for the Project

Aquila Resources

Washpool HCC Project


108.8 23.9 52.7 185.5


94.7 13.5 108.3 34.1 5.0 39.1

Key factsProposed open cut hard coking coal mine DFS scope to mine and process 7Mtpa ROM, producing 2.6Mtpa of product coalDFS due for completion Q3 CY2011+15 years mine life

Resources & Reserves (100% Basis as at May 2010)

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Mining & ProcessingOpen cut mining using an electric shovel combined with cast/doze/excavate methodsCoal to be removed via four ramps with operations starting in the shallower West Pit Washpool pit layout


Aquila Resources

Rail Coal will be transported through the Blackwater Rail system for export at Wiggins Island Coal Export Terminal (WICET)

WICET Stage 1 proponents are collectively negotiating rail access with QR Network

PortWICET Stage 1 currently involves 8 participants

Washpool is part of the Stage 1 users’ group for the WICET at Gladstone, having secured 1.6Mtpa

Application for an upgrade to 2.6Mtpa

Coal will be transported through Gladstone prior to the opening of WICET

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Marketing Washpool coal has very good coking properties with CSN of >9 and CSR of 63 at 15% ash, indicating hard coking coal and potentially prime hard coking coal at lower ash

Potential for blending with low ash semi soft coking coals

Capital costsCapital costs for the expanded 2.6Mtpa operation estimated at A$396m

Operating costsCash cost of A$106/t FOB (exc. royalties)

Life of mine strip ratio of 6.9

Washpool HCC Project

Aquila Resources

Talwood Coking Coal Project


- 137.1 109.4 246.5

Key facts Potential underground long wall mining operation producing coking coal

Mining & ProcessingThe tenement is adjacent to, immediately east of and down dip from the BMA Goonyella Riverside and Peabody North Goonyella mining operationsCurrently reviewing mining options in three target seams: Leichhardt, Vermont and Middle Goonyella from Rangal and Moranbah Coal Measures

2011 ObjectivesContinue resource definition workPrefeasibility Study anticipated during Q3 CY2011

Resources & Reserves (100% Project Basis as at Feb 2011)

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Drill rig at Talwood


Aquila Resources

Thabazimbi Iron Ore Project, SOUTH AFRICA (74%)Resources: 47.6 Million Tonnes @ 62.9% Fe

West Pilbara Iron Ore Project, AUSTRALIA (50%)Resources: 927 Million Tonnes @ 57.4% FeReserves: 445 Million Tonnes @ 57.1% Fe

Iron ore

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Aquila Resources

West Pilbara Iron Ore ProjectKey facts

DFS due for completion Q2 CY2011Stage 1 production capacity of 30MtpaGranted “Major Project Facilitation” status by the Federal GovernmentEnvironmental assessments before Government

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Ownership: 50%Location: Pilbara region, WA


West Pilbara JORC Iron Ore Resources (5)

Measured Indicated Inferred Total*Tonnes (Mt) 264 500 163 927Fe (%) 58.6 56.9 57.2 57.4

West Pilbara JORC Iron Ore Reserves (5)

Proven Probable Total*Tonnes (Mt) 165.7 279.4 445.1Fe (%) 58.0 56.5 57.1

Tenement areas, proposed railway route and port

* Reserves have been derived from the Stage 1 Channel Iron Deposits only

* Resources include Stage 1 & Stage 2 Channel Iron Deposits and Hardey Bedded Iron Deposits

Aquila Resources

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Marketing 38 Memoranda of Understanding signed with steel mills in China, Japan, Korea and TaiwanPositive feedback from product testing undertaken by Chinese Institutes and steel mills confirms up to 20% WPF addition levels to sinter plant feeds

RailNegotiations to commence for a State Agreement for the Project railway

PortState Government has granted approval for a multi-user facility at Anketell Point to be developedFMG and MCC were identified by the State as additional potential foundation proponents for the development of the portInterest in access expressed by additional parties

West Pilbara Iron Ore ProjectCapital costs*

Capex category A$mMine 1,322Rail 1,779Port 1,825Total Direct Costs 4,926ePCM 319Contingency 529Total Project Costs 5,774

Proposed Anketell Point port layout* 2010 Feasibility Study Capex (Real)

Aquila Resources

West Pilbara Iron Ore ProjectOperating costs*

Area Opex (A$/tonne)

Mining 8.97Processing 2.43Rail Operations 3.03Port Operations 3.23Administration 1.82Total Costs 19.48*

“Comparable Pilbara costs per tonne for: - CID Producer A $21.30; - BID Producer A $21.40;- BID Producer B $34.60; - Pellet feed developer $44.90.”

2011 Objectives

Appointment of an Project Managing Contractor

Government environmental approvals for mine, rail and port

Project funding arrangements to be finalised

Long lead and early start capital items to be procured

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Project Timeline

* 2010 Feasibility Study (real) ex royalty

Aquila Resources

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Resource Potential

Drill TargetsWeckl DowneyBuckland Hills

Mapping TargetsSouthern RangeFarquharPowellGrohl PaiceMoon/Copeland/Palmer

West Pilbara Iron Ore Project

TBC Vicki

Aquila Resources

West Pilbara Iron Ore Project Funding

Sources (Equity)

$300m in cash and liquids

Proceeds due from sale of Belvedere interest

Three projects (Washpool, Thabazimbi and Avontuur) in which control is held and stakes could be sold

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Sources (Debt)

Interest from China Development Bank as well as major international and Australian financial institutions in providing debt funding

Liquid conditions in US high-yield bond market

In conjunction with its financial adviser, Aquila is currently reviewing a number of funding options for Aquila’s approximate A$3 billion (50%) share of WPIOP direct capital costs

Approximately $1 billion Approximately $2 billion

Aquila Resources

Thabazimbi Iron Ore Project

Key factsTwo iron Prospecting Rights granted in the Thabazimbi Province south of Kumba Iron Ore’s operating minesThe Meletse Deposit identified and currently the subject of a Scoping Study due for completion Q1 CY2011Proposed open cut mine producing up to 4Mtpa Ore body remains open at depth and along strike


Meletse Iron Ore JORC Resource (6)

Tonnes (Mt)

Fe (%)

Measured - -Indicated 15.9 63.6Inferred 31.7 62.5Total 47.6 62.9

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Ownership: 74%Location: Thabazimbi, SOUTH AFRICA

Meletse iron ore deposit lodes, resource extent and exploration target area

Aquila Resources

Meletse drill cross section

Thabazimbi Iron Ore ProjectRail & Port

Domestic customers hold existing contracts for rail haulageOpportunities for export on existing rail network of Transnet Freight Rail to the ports at Maputo or Richards Bay, subject to available capacities

MarketingAnticipated that the Resource has the capacity to produce at least 60% of the product as high grade lump oreFor supply to both potential domestic and international customers

2011 ObjectivesScoping Study due for completion Q1 CY2011Feasibility Study expected to commence Q3 CY2011Revised Resource Statement expected in Q3 CY2011

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Aquila Resources

Manganese

Avontuur Manganese Project (74%)Resources: 108.9 Million Tonnes @ 38.6% Mn

SOUTH AFRICA

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Aquila Resources

Avontuur Manganese Project

Key facts on the Gravenhage DepositProposed open cut & underground mine

Feasibility Study due for completion Q3 CY2011

Up to 2Mtpa production target

Opportunities for domestic & export sales


Avontuur Manganese JORC Resources (7)

Tonnes (Mt)

Mn (%)

Measured 26.3 39.3Indicated 34.5 38.7Inferred 48.1 38.2Total 108.9 38.6

Maiden Reserve expected in Q3 CY2011

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Ownership: 74%Location: Northern Cape, SOUTH AFRICA

Manganese Market

Company Manganese Mine Jan– Dec 10 (Mt)

BHP Billiton (South Africa, Australia)

Wessels, MamatwanGroote Eylandt

Subtotal

3.44.07.4

ASSMANG (South Africa) Nchwaning, Gloria 3.1

Vale (Brazil) Azul (Para)Urucum (Mate Grosso)Others (Minas Gerais)

Subtotal

1.50.20.11.8

Comilog (Eramet) (Gabon) Moanda 3.2

OM Holdings (Australia) Bootu Creek 0.8

ENRC (Kazakhstan) 1.0

Total 17.3

Production at major manganese mines in 2010

With target production of up to 2Mtpa manganese ore, Avontuur Manganese Project would join the list of major manganese mines

Source: Company announcements

Aquila Resources

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Mining & ProcessingInitially mining as an open pit, with subsequent underground mining from an open pit access

Rail & PortAquila is pre-qualified with Transnet for a reallocation of capacity for the Port Elizabeth export corridor in 2013Aquila is participating in a joint industry study into the expansion of the Saldanha Bay export corridor, which comprises the OREX rail line and port facilities at Saldanha Bay

2011 ObjectivesMaiden ReserveFeasibility Study Q3 CY2011

Resource PotentialSignificant potential to discover additional high grade manganese resources within the Avontuur Prospecting Right, south of the Gravenhage Deposit

Avontuur Manganese Project

Aquila Resources

Corporate SnapshotBoard

Tony Poli (CEO & Executive Chairman)

Charles Bass (N.E.D.)

Gordon Galt (Ind. N.E.D.)

Derek Cowlan (Ind. N.E.D.)

Dai Zhihao (N.E.D.)

Substantial ShareholdersCapital Structure

Experienced board and management team with a high degree of alignment with shareholders

Strong institutional backing and ~4,000 shareholders

Enhanced financing capability through presence of Baosteel and China Development Bank relationships

Share price (A$)1 8.63

Shares on issue (m) 374.3

Market capitalisation (A$m) 2 3,230

Net cash and liquids (A$m) ~300

Enterprise value (A$m) 2,930

Directors 40%

Baosteel Group 15%

M&G Investment Management 14%

BlackRock Investment Management 5%

1. Closing price as at 25 February 20112. Based on undiluted shares on issue

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Aquila Resources

Asset OverviewCoal Iron Ore Manganese

Project Isaac Plains Eagle Downs Washpool Talwood West Pilbara Thabazimbi Avontuur

Location QLD QLD QLD QLD WA South Africa South Africa

Ownership (%) 50 50 100 100 50 74 74

Product type Mixed Hard coking Hard coking Coking DSO DSO Oxide

Development stage Production DFS DFS Scoping Study DFS Scoping study Feasibility

study

Resource size (Mt) 128.51 9592 185.53 246.54 927.05 47.66 108.97

Reserve size (Mt) 50.41 157.52 108.33 -# 445.15 -# -#

Target production (Mtpa) 2.8 4.6 (stage 1)8.0 (stage 2) 2.6 -# 30 (stage 1)

40-45 (stage 2) up to 4.0 up to 2.0

Estimated mine life 15 years > 20 years 15 years -# > 15 years > 10 years > 15 years

Estimated cash cost (A$) 95/t 71/t* 106/t* -# 20/t* -# -#

Start-up capex (A$m) producing 988* 396* -# 5,774* - # - #

1-7 Please refer to Competency Statements on page 28 to 30* Costs are based on the relevant Feasibility Study # Release of estimated costs and other details are premature for the current stage of the project

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Aquila Resources

Aquila is committed to providing a safe and healthy work environment with a “zero harm”culture

Safety highlights for 2010 include: The West Pilbara Iron Ore Project has recorded a Lost Time Injury Frequency Rate (LTIFR) of 3.9 injuries per million man hours worked across all project and exploration activities as at January 2011The Aquila Coal group achieved a Lost Time Injury Frequency Rate (LTIFR) of zero injuries per million hours worked across all operations, projects and explorationA Coal Exploration Safety Management System developedSignificant improvement at Thabazimbi, South Africa with zero lost time injuries. The LTIFR was reduced from 7.7 to zero per million man hours

Safety & CommunityAquila is committed to building strong, lasting relationships with communities and key stakeholder groups as it is integral to the success of Aquila’s projects

Community highlights for 2010 include:

Heritage Agreements with the Kuruma Marthudunera People for exploration and rail development activities for the West Pilbara Iron Ore Project

Cultural Heritage Agreements with the Bidjara People, Kangoulu People and Barada Barna People for Washpool and Eagle Downs Hard Coking coal projects

Increased community liaison regarding Social and Labour plans in South Africa for the purpose of submitting a Mining Right application

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Aquila Resources

(1) The information in this presentation that relates to the Isaac Plains Resource Statement has been compiled by Mr Mal Blaik. Mr Blaik is a Principal Consultant of JB Mining Services Pty Ltd. Mr Blaik is a qualified geologist (BSc App Geol (Hons) University of Queensland, 1979) with over 20 years experience in coal geology and over 15 years experience in resource evaluation. Mr Blaik is a Member of the Australasian Institute of Mining and Metallurgy and as such qualifies as a Competent Person under the JORC code. The Resource Statement has been prepared under the guidelines of the December 2004 edition of the Australian Code for Reporting of Mineral Resources and Ore Reserves (the JORC Code). Neither Mr Blaik nor JB Mining Services Pty Ltd (JBMS) have any material interest or entitlement, direct or indirect, in the securities of Bowen Central Coal or any companies associated with Bowen Central Coal. Fees for the preparation of this report are on a time and materials basis.The information in this presentation that relates to the Isaac Plains Reserves Estimate has been prepared by Mr Mark Bowater. The estimates of Coal Reserves for Isaac Plains North (ML 70342) and Isaac Plains South (MLa 70361) have been carried out in accordance with the 2004 edition of the Australian Code for Reporting of Mineral Resources and Ore Reserves (The JORC Code). Mr Bowater is the Director of Echelon Mining Services. Mr Bowater has a Bachelor in Civil Engineering from Queensland University of Technology and a Bachelor in Business from University of South Queensland. Mr Bowater has over 20 years experience in the open cut mining industry, including 18 years in Queensland coal. Mr Bowater has substantial experience in mining operations financial evaluations, including previously conducted reserves statements. Mr Bowater is a Member of the Australasian Institute of Mining and Metallurgy and as such qualifies as a Competent Person under the JORC Code. Neither Mr Bowater or Echelon Mining Services have any material interest or entitlement, direct or indirect, in the securities of Bowen Central Coal or any associated companies. Fees for the preparation of this report are on a time and materials basis.

(2) The information in this presentation that relates to the Eagle Downs Resource Statement has been based on information compiled by Mr Mal Blaik who is a member of the Australasian Institute of Mining and Metallurgy. Mr Blaik has over 30 years experience in geology and over 20 years experience in coal resource evaluation. Mr Blaik is a Principal Consultant of JB Mining Services Pty Ltd. Mr Blaik is a qualified geologist (BSc App Geol (Hons) University of QLD, 1979) and is a member of the Australasian Institute of Mining and Metallurgy and as such qualifies as a Competent Person under the JORC Code. Mr Blaik consent to the inclusion in the presentation of the matters based on their information in the form and context in which it appears.The information in this presentation that relates to the Bowen Central Coal Management Pty Ltd mining lease reserves, is based on information prepared by staff of Bowen Central Coal Management Pty Ltd and reviewed by Mr Geoffrey Watson, who is a member of the Australian Institute of Mining and Metallurgy and as such qualifies as a Competent Person under the JORC Code. Mr Watson is a full time employee of Runge Ltd. Mr Watson consents to the inclusion in the presentation of the matters based on their information in the form and context in which it appears.

Competency Statements

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Aquila Resources

(3) The information in this presentation that relates to the Washpool Resource Statement has been based on information compiled by Mr Rod Doyle, who is a full-time employee of Aquila Resources Limited. He is a qualified Geologist (BSc Geology UOW 1978 and MAppSc UNSW 1988) with some 30 years experience in coal geology, coal mining and resource evaluation. He is a member of the Australasian Institute of Mining and Metallurgy and qualifies as a Competent Person under the JORC Code. Mr Doyle holds shares in Aquila Resources Limited.

The Reserves Estimate was prepared by Mr Ross Haupt who is a Director of Xenith Consulting Pty Ltd. He has a Bachelor Degree in Mining Engineering from University of Queensland with over 25 years experience in the open cut coal mining industry and substantial experience in mining operations. Ross Haupt is a Member of the Australasian Institute of Mining and Metallurgy and as such qualifies as a Competent Person under the JORC Code.

Mr Doyle and Mr Haupt consent to the inclusion in the presentation of the matters based on their information in the form and context in which it appears.

(4) The information in this presentation that relates to the Talwood Resource Statement has been based on information compiled by Mr Rod Doyle. He is a full-time employee of Aquila Resources Limited. He is a qualified Geologist (BSc Geology UOW 1978 and MAppSc UNSW 1988) with some 30 years’ experience in coal geology, coal mining and resource evaluation. He is a member of the Australasian Institute of Mining and Metallurgy and qualifies as a Competent Person under the JORC Code. Mr Doyle consents to the inclusion of this information in this presentation, where the information presented is in the form and context in which it appears.

(5) The information in this presentation that relates to Mineral Resource Estimates was prepared under the supervision of Mr Stuart Tuckey. Mr Tuckey, who is a member of the Australasian Institute of Mining and Metallurgy, is full-time employee of the API Management Pty Ltd. Mr Tuckey has sufficient experience which is 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 Persons as defined in the 2004 Edition of the ‘Australasian Code of Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Tuckey consents to the inclusion in the presentation of the matters based on his information in the form and context in which it appears.

Competency Statements

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Aquila Resources

Competency StatementsThe information in this presentation that relates to Ore Reserves is based on information compiled by Mr Steve Craig, Managing Director of ORElogy (Mining Consultants). Mr Craig is a Member of the Australasian Institute of Mining and Metallurgy and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration, and to the activity 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”. Mr Craig consents to the inclusion of the matters based on his information in the form and context in which it appears in this presentation.

(6) The estimates of iron ore Resources for the Meletse Iron Ore Deposit presented in this presentation have been prepared in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves 2004 (“the JORC Code”). The estimates are based on information compiled by Mr Brent E Green who is a member of the Australian Institute of Geoscientists and a full time employee of Aquila Resources Limited. Mr Green has sufficient experience which is 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 JORC Code. Mr Green consents to the inclusion in the presentation of the matters based on his information in the form and context in which it appears.

(7) The information in this presentation that relates to the Avontuur Manganese Resources, which include the Gravenhage and Eersbegint Deposits, was prepared under the supervision of Mr Brent E Green who is a member of the Australian Institute of Geoscientists and Mr Bernhard Siebrits (for Gravenhange Manganese Resource estimate) who is a member of the Australasian Institute of Mining and Metallurgy. Mr Green is full-time employee of Aquila Resources Ltd and Mr Siebrits is a fulltime employee of Golder Associates Africa Ltd. Mr Green and Mr Siebrits have sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as Competent Persons as defined in the 2004 Edition of the ‘Australasian Code of Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Green consents to the inclusion in the presentation of the matters based on his information in the form and context in which it appears.

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asx emerging growth conference · washing process (screens, dense media cyclones, spirals,...

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