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Atlas Iron 17th Annual Global Iron Ore & Steel Forecast 11 – 12 March 2014

David Flanagan

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This presentation has been prepared by Atlas Iron Limited (“Atlas”). It should not be considered as an offer or invitation to subscribe for or purchase any securities in Atlas or as an

inducement to make an offer or invitation with respect to those securities. No agreement to subscribe for securities in Atlas will be entered into on the basis of this presentation or any

information, opinions or conclusions expressed in the course of this presentation.

This presentation is not a prospectus, product disclosure document or other offering document under Australian law or under the law of any other jurisdiction. It has been prepared for

information purposes only. This presentation contains general summary information and does not take into account the investment objectives, financial situation and particular needs of any

individual investor. It is not financial product advice and investors should obtain their own independent advice from qualified advisors having regarding to their objectives, financial situation

and needs. Neither Atlas nor any of their related bodies corporate are licensed to provide financial product advice.

This presentation and information, opinions or conclusions expressed in the course of this presentation contain forecasts and forward looking information. Often, but not always, forward

looking statements can be identified by the use of forward looking words such as "may", "will", "expect", "intend", "plan", "estimate", "anticipate", "continue" and "guidance", or other similar

words and may include statements regarding plans, strategies and objectives of management, anticipated production or construction commencement dates and expected costs or

production outputs. Such forecasts, projections and information are not a guarantee of future performance and involve unknown risks and uncertainties which may cause actual results and

developments to differ materially from those expressed or implied. Forward looking statements in this presentation only speak at the date of issue. Subject to any continuing obligations

under applicable law or any relevant stock exchange listing rules, in providing this information Atlas does not undertake any obligation to publically update or revise any of the forward

looking statements or to advise of any chance in events, conditions or circumstances on which any such statement is based.

There are a number of risks specific to Atlas, and of a general nature which may affect the future operating and financial performance of Atlas and the value of an investment in Atlas

including and not limited to economic conditions, stock market fluctuations, iron ore demand and price movements, timing of access to infrastructure, timing of environmental approvals,

regulatory risks, operational risks, reliance on key personnel, reserve and resource estimations, native title and title risks, foreign currency fluctuations, and mining development,

construction and commissioning risk. The production, shipping and/or export targets in this presentation or expressed during the course of this presentation are subject to completion of the

necessary feasibility studies, permitting and execution of all necessary infrastructure agreements.

You should not act or refrain from acting in reliance on this presentation, or any information, opinions or conclusions expressed in the course of this presentation. This presentation does not

purport to be all inclusive or to contain all information which you may require in order to make an informed assessment of the prospects of Atlas. You should conduct your own investigation

and perform your own analysis in order to satisfy yourself as to the accuracy and completeness of the information, statements and opinions contained in this presentation before making

any investment decision. No representation or warranty, express or implied, is made in relation to the fairness, accuracy or completeness of the information, opinions and conclusions

expressed in the course of this presentation. To the maximum extent permitted by law, Atlas and its officers, employees, agents and advisors expressly disclaim any responsibility or liability

for any direct, indirect or consequential loss or damages suffered by any person, as a result of or in connection with this presentation or any action taken by you on the basis of the

information, opinions or conclusions expressed in the course of this presentation.

All references to future production and production & shipping targets and port access made in relation to Atlas are subject to the completion of all necessary feasibility studies, permit

applications, construction, financing arrangements, port access and execution of infrastructure-related agreements. Where such a reference is made, it should be read subject to this

paragraph and in conjunction with further information about the Mineral Resources and Ore Reserves, as well as any Competent Persons' Statements.

This presentation and information, opinions or conclusions expressed in the course of this presentation should be read in conjunction with Atlas’ other periodic and continuous disclosure

announcements lodged with the ASX, which are available on the Atlas website.

Any references to reserve and resource estimations should be read in conjunction with Atlas’ other periodic and continuous disclosure announcements lodged with the ASX, which are

available on the Atlas website.

Disclaimer

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Horizon II Infrastructure Options

McPhee Creek1 Resources – 251Mt Reserves – 178Mt

SE Pilbara1 Resources – 715Mt Reserves – 239Mt

1. Refer to ASX Announcement, “Reserve – Resource Update” of 24 July 2013

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Current Operations

Producing Mines

Pardoo, Wodgina, Mt Dove and Abydos

Development Mines

Mt Webber – mining commenced Dec 13 Qtr,

Haulage from Jun 14 Qtr

Logistics

Utah Yard 2 port facility fully operational

Current export rate > 10Mtpa (proven at 12Mtpa

run rate)

Port entitlement at Utah Point to facilitate growth

up to 15Mtpa

Mine Life Extension, Production Expansion

Near mine exploration

Product mix

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Mt Webber – The Next Horizon I Mine

Mining operations commenced December 13

Haulage expected Q4 FY14

Completion of accommodation village on time and

budget

Government approvals received for upgrade of

Hillside-Marble Bar public road

63.7Mt of Mineral Resources1 - 54.9Mt is Ore

Reserves1

Low strip ratio mine – Life of Mine strip ratio ~0.3 to 1

Produce at a rate of ~3Mtpa growing to 6Mtpa

Stage 2 approved for development, with haulage

expected Q2 FY15

1. Refer to ASX Announcement, “Reserve – Resource Update” of 24 July 2013

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Horizon I Additional Potential

Brownfields exploration

Greenfields exploration potential

Corunna Downs discovery continues

to impress+

Greenfields exploration success at

Miralga Creek ++

Values fines product potential

+ Refer to ASX Announcement of 9 December 2013, “Outstanding drill results show Corunna Downs is emerging as a major new North Pilbara iron ore province” and ASX

Announcement of 31 January 2014, “North Pilbara Exploration and Resource Development Success” for further details. ++ Refer to ASX Announcement of 31 January 2014, “North Pilbara Exploration and Resource Development Success” for further details.

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Port Capacity

Current and future entitlements:

Up to 15Mtpa capacity at Utah Point

Additional allocation up to 31.5Mtpa through

proposed South West Creek Port (NWI) in

Port Hedland

46.5Mtpa port capacity gives Atlas ability to:

Drive organic & inorganic pit-to-port growth;

and

Match rail solutions to optimise port capacity

and development costs

Utah Yard 2 Facilities

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Corporate Snapshot

Shareholding

IMC Group 9.41%

Dimensional 5.02%

Top 20 56%

Ordinary Shares on issue 915.5M

Market Cap at $1.055* A$966M

Cash* A$409M

Debt drawn* A$304M

Enterprise Value* A$861M

Options 12.1M

Capital Structure

*as at 20 February 2014

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Resources and Reserves

In the last two years, Atlas’ reserves and resources have increased by over

500% and 80% respectively

Atlas has significant assets to underpin its growth strategy over the long

term

1. Refer to ASX Announcement, “Reserve – Resource Update” of 24 July 2013

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Atlas (NWI) – South

West Creek – Up to

31.5Mtpa

Atlas – Utah Point

Up to 15Mtpa

Port Allocation at Port Hedland Port