ASX RELEASE 24 February 2009

Perth: Level 2 Aquila Centre, 1 Preston Street, Como WA 6151 Telephone (61) 8 9423 0111Facsimile (61) 8 9423 0133 Brisbane: Level 11, 10 Market Street, Brisbane QLD 4000 Telephone (61) 7 3229 5630 Facsimile (61) 7 3229 5631 Thabazimbi: C/O Platina and Lood Avenue, Thabazimbi 0380, South Africa Telephone (27) 14 772 3337 Facsimile (27) 14 772 3337 Northern Cape: Stand 585 Opwag, Groblershoop, Northern Cape, South Africa Telephone (27) 798 816 459 Facsimile (27) 866 838 065

BMO Global Metals & Mining Conference Hollywood, Florida, USA Powerpoint Presentation

Aquila Resources Limited is pleased to attach a copy of the powerpoint presentation which was delivered on Monday, 23 February 2009, at the BMO Global Metals & Mining Conference being held in Hollywood, Florida, USA. Tony Poli Executive Chairman For further information regarding this announcement, please contact Tony Poli. Telephone: (08) 9423 0111 Facsimile: (08) 9423 0133 Email address: mail@aquilaresources.com.au Visit us at: www.aquilaresources.com.au

BMO Global Metals & Mining Conference

Project Overview

THE AQUILA GROUPTHE AQUILA GROUP

FEBRUARY 2009

DISCLAIMER AND WARNING

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

hi h A il id ( h h i hi i h i ) E h i d b l A il R Li i d 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-y j g g p ylooking 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) and 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 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

h it i l f l t k h ff i it ti li it ti d ti N h th iti i A il h b 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.EBITDA Assumptions: Based on current prices at an exchange rate for the Australian dollar of US75cents.

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LARGE PORTFOLIO OF PROJECTS

Bowen Basin CCoal Projects

(QLD)

Pilbara Other Minerals

Thabazimbi Iron Ore Project (South Africa)

Eagle Downs Isaac Plains Other Minerals

(WA)

Asenjo Energy Coal Project

Avontuur Manganese Project

(South Africa) Belvedere Coal Project

(QLD)

Coal Project (QLD)

Coal Mine(QLD)

Coal Project (Botswana)

Northern Cape Iron Ore Project

Washpool Coal Project

(QLD)

(QLD)

West Pilbara Iron Ore Project Cash and Liquid j

(South Africa)

Waterberg Coal Projects

Red Hill Coal Project

(QLD)

Iron Ore Project (WA)

qInvestments

(South Africa)

FEASIBILITY STUDYPRE-FEASIBILITY STUDY PRODUCTIONSCOPING STUDYEXPLORATION

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THE COMPANY

ASX 200 public company with diversified mining and diversified mining and exploration assets

Targeting coal, iron ore and manganese in various stages of development

Solid balance sheet, strong Solid balance sheet, strong cash flow and low debt levels, provide for financial security and growth opportunitiesg pp

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AQUILA RESOURCES – IRON ORE PROJECTS

Northern Cape Iron Thabazimbi I O P j t West Pilbara

Ore Project (South Africa)

Iron Ore Project

(South Africa)

West Pilbara Iron Ore Project

(WA)

FEASIBILITY STUDYPRE-FEASIBILITY STUDY PRODUCTIONSCOPING STUDYEXPLORATION

5

AQUILA RESOURCES – WEST PILBARA IRON ORE PROJECT

Aquila has, through its 50% API JV, assembled an iron ore footprint of Channel Iron Deposit Resourcesparound 10,000km2 of tenements in the Pilbara

Focus has been on the West Pilbara

ClassificationTonnes

MtFe%

SiO2%

Al2O3%

P%

LOI%

Measured 56.1 58.17 5.49 3.16 0.080 7.60

JORC(1) Resources of 493 million tonnes

An updated Resource Statement will

Indicated 241.9 56.74 5.96 3.60 0.068 8.63

Inferred 131.8 56.51 5.77 3.60 0.068 9.17

Total 429 8 56 86 5 84 3 54 0 070 8 66 An updated Resource Statement will be released in Q1 2009

Total 429.8 56.86 5.84 3.54 0.070 8.66

Bedded Iron Deposit Resources

ClassificationTonnes

MtFe%

SiO2%

Al2O3%

P%

LOI%

Indicated 19.8 61.24 3.66 2.66 0.128 5.69

Inferred 43.1 61.38 3.82 2.44 0.123 5.56

Total 62.9 61.33 3.77 2.51 0.125 5.60

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WEST PILBARA IRON ORE PROJECT – STAGE 1

Stage 1 of the WPIOP is based on Channel Iron Deposits (“CID”) south west of Pannawonica

Memoranda of Understanding signed with 3 Chinese steel mills for testing of WPIOP ore (several pending)

A Definitive Feasibility Study is under way for a mine producing at least 30Mtpa with Anketell Point currently preferred for rail and port infrastructure

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WEST PILBARA IRON ORE PROJECT – STAGE 1 DFS

2 test pits have been completed and winzes are being mined to collect gsufficient sample for process design and customer test work

Sinter test work continuing with CISRI gin Beijing with highly positive results to date

Discussions to be held with 3rd parties interested in sharing rail and port facilities in the West Pilbara

Environmental Impact Assessment to be submitted late 2009*

DFS is to be completed by late 2009 *

Government approvals expected by Government approvals expected by late 2010 *

Construction commencing in 2011 *

Prod ction start p in 2013 * Production start-up in 2013 *

* Aquila estimatesAnketell Point jetty and channel (Robe facilities on the right)

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WEST PILBARA IRON ORE PROJECT – STAGE TWO

Buried and exposed CIDs identified Gravity surveys completed to define Gravity surveys completed to define

channel limits and minimise drilling required on buried CIDs

Five priority areas identified for Five priority areas identified for bedded iron deposits (see map below)

Infrastructure expansion would require a rail spur ~100kmrequire a rail spur ~100km

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THABAZIMBI – POTENTIAL FOR EXPORT

Opportunity to export 1-3Mtpa of Thabazimbi ore on existing rail infrastructureexisting rail infrastructure

Scoping Study with Transnet on rail for export due in Q1 2009

Port capacity potentially available at both Maputo and Richards Bay

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NORTHERN CAPE IRON ORE PROJECT TENEMENTS

Prospecting Licences granted for Kathu, Blackridge, and Orange Riverg g

Grant of Japies Rust pending

85km

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AQUILA RESOURCES – COAL PROJECTS

Bowen Basin C l P j t Coal Projects

(QLD)Washpool

Coal Project

Asenjo Energy Coal Project (Botswana)

j(QLD)

Belvedere Coal Project

Eagle Downs Coal Project

Isaac Plains Coal Mine

(Botswana)

W b

Red Hill Coal Project

(QLD)

(QLD) (QLD) (QLD)

Waterberg Coal Projects(South Africa)

FEASIBILITY STUDYPRE-FEASIBILITY STUDY PRODUCTIONSCOPING STUDYEXPLORATION

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PRODUCTION – ISAAC PLAINS COAL MINE

Insitu Resources (million tonnes)

Aquila – 50%

Coal quality 75% Metallurgical

JORC(2) Resources and Reserves

( )As at April 2005

Deposit Measured Indicated Inferred Total

Isaac Plains North 31 6 6 9 13 7 52 2

Coal quality - 75% Metallurgical- 25% Thermal

+17yrs mine life ramping up to 3.6Mtpa Isaac Plains North 31.6 6.9 13.7 52.2

Isaac Plains South - 56.1 31.7 87.8

Total 31.6 63.0 45.5 140.0

ROM to produce 2.8Mtpa product by 2010 (following receipt of all regulatory approvals)

ROM Reserves (million tonnes)

Deposit Proven Probable Totalepos t o e obab e ota

Isaac Plains North 26.0 2.0 28.0

Isaac Plains South - 37.5 37.5

Total 26 0 39 5 65 5Total 26.0 39.5 65.5

Production ramps up as additional port capacity is supplied at p p y ppDalrymple Bay Coal Terminal and regulatory approvals are received

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FEASIBILITY STUDY – EAGLE DOWNS COAL PROJECT

Aquila – 50%

Project located adjacent to and

Estimated Production(Mtpa) – 100% basis

Project located adjacent to and down dip of BMA’s Peak Downs

JORC(3) Resource3

4

5

6

7

8

Insitu Resources (million tonnes)

Seam Indicated Inferred Total

Q 14 70 84

0

1

2

3

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Q 14 70 84

Harrow Creek Upper 40 120 160

Harrow Creek Lower 90 240 330

D sart 46 160 206Dysart 46 160 206

Total 190 590 780

Coal quality – hard coking coal in Coal quality hard coking coal in target seams

Port capacity of 4Mtpa secured at Abbot Point

Mining Lease application submitted

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EAGLE DOWNS COAL PROJECT – PFS RESULTS

Budget CAPEX for initial development and one longwall A$900 million including EPCM Area Capital Cost

(A$M)one longwall A$900 million including EPCM and Contingency

Budget OPEX A$72 per tonne FOB

(A$M)

Pre-production Engineering 60

Underground Equipment 270 Budget OPEX A$72 per tonne FOB

Opportunity for top coal caving in thicker seams

Infrastructure 170

Coal Handling and Preparation 300

Access and Services 100seams

Mine Life up to 37 years with two longwalls

Total Capital Costs 900

AOperating Cost (A$ t

Second longwall timing subject to additional port allocation

Area (A$ per tonne of product)

Mining 30.66

Processing 8.24

Feasibility Study for completion by June 2009

Rail 12.35

Port 5.30

Royalty 14.21

Ad i i i & M k i 1 75Administration & Marketing 1.75

Total Operating Costs 72.51

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PRE-FEASIBILITY STUDY – BELVEDERE COAL PROJECT

Coal quality – low vol hard coking coal, low phos, sulphur and ash with good yields 80%-90%JORC(4) Resources

ROM Resources (million tonnes)

Indicated Inferred Total

All seams 1,526 2,340 3,866

Vale holds an option to acquire balance of the project at fair market value after Pre-Feasibility Study

Pre-Feasibility commenced based on 2 longwalls producing up to 7Mtpa from C and D Seams with potential production to 9MtpaP rt it li d f r t Wiggi I l d f r Port capacity applied for at Wiggins Island for 9 million tonnes

Mine life 40+ years6 Mi i L d 6 P t l L 6 Mining Lease and 6 Petroleum Lease applications have been submitted

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SCOPING STUDY – WASHPOOL COAL

Aquila – 100% Hard coking coal

Estimated Production(Mtpa) – 100% basis

g Open cut with ~60m maximum depth

of cover to coal Initial Coal Resource (5)

1

1.5

2

Insitu Resources (million tonnes)

Indicated Inferred Total0

0.5

1

Concept study to be completed

Indicated Inferred Total

All seams 33.8 104.3 138.1

200920102011201220132014201520162017201820192020

Concept study to be completed Mining and processing at 4Mtpa Market assessment MDL application lodged Port capacity applied for at Wiggins

Island for 1.6 million tonnes Equity partner participation by Q2

200917

AQUILA RESOURCES – AVONTUUR MANGANESE PROJECT

Pilbara Other Minerals

Avontuur M P j tOther Minerals

(WA)Manganese Project

(South Africa)

FEASIBILITY STUDYPRE-FEASIBILITY STUDY PRODUCTIONSCOPING STUDYEXPLORATION

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AVONTUUR MANGANESE PROJECT

Aquila – 74%q Prospecting Licence granted for Avontuur

targeting manganese Concept Study considering development Concept Study considering development

options

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AVONTUUR MANGANESE PROJECT

Northern Area – Avontuur Basin (Gravenhage) Southern Area – Extensions of Kalahari Basin

Hole IDFrom

mIntercept

mMn%

88 0 2 5 45 6 Southern Area Extensions of Kalahari Basin (Eersbegint)

60 percussion (P) and diamond (D) drill holes completed on Gravenhage

GHEX23 (P)88.0 2.5 45.6

91.5 1.5 52.2

GHEX25 (P)73.0 2.0 47.6

p g Resource Statement expected in Q1 2009

79.5 4.0 48.7

GHEX26 (P) 80.5 3.5 43.0

GHEX33 (P)93.0 2.0 43.3

GHEX33 (P)99.5 2.5 45.1

GHEX34 (D) 66.5 1.5 44.4

GHEX37 (P)51.5 1.5 41.6

GHEX37 (P)56.5 3.5 40.8

GHEX38 (P)81.0 1.5 43.5

84.5 1.0 43.9

GHEX45 (D) 105.5 2.0 42.7

GHEX56 (P) 71.5 2.0 41.5

GHEX70 (P) 80.0 1.5 41.4

GHEX72 (P) 88.0 3.0 46.5

GHEX85 (P) 65.0 9.0 43.820

COMPETENCY STATEMENTS

(1) The information in this presentation that relates to the West Pilbara Iron Ore Project is based on information compiled by Mr Stuart H Tuckey, Dr Sia Khosrowshahi and Mr Jani Kalla who are members of the Australian Institute of Mining and Metallurgy. Mr Tuckey is full-time employee of the Company. Dr Khosrowshahi and Mr Kalla are employees of Golder Associates Pty Ltd. Messrs Tuckey, Khosrowshahi and Kalla 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 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 Tuckey, Dr Khosrowshahi and Mr Kalla consent to the inclusion in the presentation of the matters based on their information in the form and context in which it appears.

(2) The information in this presentation that relates to the Isaac Plains Project Resource Statement has been based on information compiled by Mr Graeme Hewitt and Mr Mal Blaik who are members of the Australian Institute of Mining and Metallurgy Mr Hewitt is a full time employee of Vale Graeme Hewitt and Mr Mal Blaik who are members of the Australian Institute of Mining and Metallurgy. Mr Hewitt is a full time employee of Vale Australia and is seconded to the Bowen Central Coal Management to manage the exploration and evaluation of a series of project interests held by Aquila Resources Limited and Vale Australia including Isaac Plains. Mr Hewitt is a qualified Geologist (BSc (Hons) University of NSW, MBA (University of Queensland) and a Fellow of the Australasian Institute of Mining and Metallurgy and as such qualifies as a Competent Person under the JORC Code. Mr Hewitt holds shares in Aquila Resources Ltd. 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 Hewitt and Mr Blaik consent to the inclusion in the presentation of the matters based on their p pinformation in the form and context in which it appears.

The information in this presentation that relates to the Reserves Statement for the Integrated Isaac Plains Project has been based on information prepared by Mr Mark Bowater and Mr Richard Hoskings. Mr Bowater is the Director of MB Mining Consultants Pty Ltd. Mark has a Bachelor in Civil Engineering from Queensland University of Technology and a Bachelor in Business from the University of Southern Queensland. He has over 16 years experience in the open cut mining industry, including 14 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 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. Mr Hoskings has a degree in Mining Engineering from the University of Queensland and a Master of Science in Mineral Production Management from London University. Mr Hoskings is a Fellow of the Australasian Institute of Mining and Metallurgy and a member of the Mineral Industry Consultants Association and qualifies as a Competent Person under the JORC Code. Mr Bowater and Mr Hoskings consent to the inclusion in this presentation of the matters based on their information in the form and context in which it appears.

(3) The information in this presentation that relates to the Eagle Downs Resource Statement has been based on information compiled by Mr Graeme Hewitt and Mr Mal Blaik who are members of the Australian Institute of Mining and Metallurgy. Mr Hewitt is a full time employee of Vale Australia and is seconded to the Bowen Central Coal Joint Venture to manage the exploration and evaluation of a series of project interests held by Aquila Resources Limited and Vale Australia. Mr Hewitt is a qualified Geologist (BSc (Hons) University of NSW, MBA (University of Queensland) and a Fellow of the Australasian Institute of Mining and Metallurgy and as such qualifies as a Competent Person under the JORC Code. Mr Hewitt holds shares in Aquila Resources Ltd. 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 Hewitt and 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.

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COMPETENCY STATEMENTS

(4) The estimates of Coal Resources for the Belvedere Coal Project presented in this presentation have been carried out in accordance with the JORC Code. The information that relates to Belvedere Coal Resources, is based on information reviewed by Mr Pat Hanna, who is a Fellow of The AusIMM and was previously an employee of SRK Consulting. Mr Hanna has sufficient experience which is relevant to the style of mineralisation and type of d it d id ti d t th ti it hi h h i d t ki g t lif C t t P M H t t th i l i i deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person. Mr Hanna consents to the inclusion in the presentation of the matters based on his information in the form and context in which it appears.

(5) The information in this presentation that relates to the Washpool Coal Project, is compiled by Mr Blair Richardson and modelled and reviewed by Mr Lyon Barrett. Mr Richardson is a previous employee of Aquila Resources Ltd, with 25 years experience in geology and over 15 years experience in resource evaluation. Mr Richardson 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 which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the JORC Code. Mr Richardson holds shares in Aquila Resources Ltd.

Mr Barratt is a full time employee of Salva Resources and has over 15 years experience in geology and over 10 years experience in resource evaluation. Mr Barrett 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 which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the JORC Code.

Mr Richardson and Mr Barrett consent to the inclusion in the presentation of the matters based on this information in the form and context in which it appears.

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THANK YOUTHANK YOU

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