AGMAGMPRESENTATION

EXCO RESOURCES N.L.

PRESENTATION

24 NOVEMBER 200924 NOVEMBER 2009

Presented by Michael Anderson – Managing Director

For

per

sona

l use

onl

y

DISCLAIMER

This presentation contains forward looking statements that are subject to risk factors associated withresources businesses. It is believed that the expectations reflected in these statements are reasonablebut they may be affected by a variety of variables and changes in underlying assumptions which couldcause actual results or trends to differ materially, including but not limited to: price fluctuations, actualdemand, currency fluctuations, drilling and production results, reserve estimates, loss of market,industry competition, environmental risks, physical risks, legislative, fiscal and regulatory developments,economic and financial market conditions in various countries and regions, political risks, project delayor advancement, approvals and cost estimates.

All references to dollars, cents or $ in this presentation are to AUS$ currency, unless otherwise stated.

Information in this presentation relating to mineral resources and exploration results is based on datacompiled by Exco’s Exploration Manager Stephen Konecny and Mr Mike Dunbar (who is a full timecompiled by Exco s Exploration Manager Stephen Konecny and Mr Mike Dunbar, (who is a full timeemployee of the Mitchell River Group and a consultant to Exco Resources Ltd), both Mr Konecny andMr Dunbar are members of The Australasian Institute of Mining and Metallurgy. Mr Konecny and MrDunbar have sufficient experience which is relevant to the style of mineralisation and type of depositunder consideration and to the activity which they are undertaking to qualify as Competent Personsunder the 2004 Edition of the Australasian Code for reporting of Exploration Results, Mineral Resourcesand Ore Reserves. Mr Konecny and Mr Dunbar consent to the inclusion of the data in the form andcontext in which it appears.

2

For

per

sona

l use

onl

y

AGENDA

• Snapshot of Excop

• Strategic Overview

• Project PipelineD l t Whit D G ldDevelopment - White Dam Gold

Feasibility - Cloncurry Copper (CCP)

E l ti CCP & H l C kExploration – CCP & Hazel Creek

Joint Ventures

• Summary

3

For

per

sona

l use

onl

y

SNAPSHOT OF EXCO (ASX:EXS)

EXS – Ordinary Shares 326,065,892- Unlisted Options 19,400,000p

Current Share Price (20/11/09) A$0.26- 12-month range A$0.063 - A$0.35

Market Capitalisation (undiluted) A$84.8M(fully diluted) A$89.8M

Cash* (post October placement) A$24.0M*Barclay’s debt $12m

Major Shareholders

Ivanhoe Australia Ltd 20.2 %

Board of Directors

Barry Sullivan Chairman

JP Morgan Nominees 9.5%

Lion Selection Group Limited 8.1%

Michael Anderson Managing Director

Alasdair Cooke Executive Director

Craig Burton Non Exec Director

4

TOP 10 >56 %Craig Burton Non-Exec Director

Peter Reeve Non-Exec Director

For

per

sona

l use

onl

y

STRATEGIC OVERVIEW

OPPORTUNITY Project portfolio offers near-term opportunities to create cash flow as a platform to grow a significant business.p g g

WHITE DAM Earthworks and construction well underway. On schedule for first gold production in early 2010.g p y

CLONCURRY Critical mass of Indicated Resource in place for 10-year mine life. EIS submitted ahead of project approvals. Granted significant p j pp gstatus. Definitive Feasibility Study & ongoing exploration underway.

ORE SUPPLY Treatment of Exco’s ores at Xstrata’s Ernest Henry operation y prepresents a potential alternative to stand alone development.

HAZEL CREEK Highly prospective exploration package in established base metal province. Exco has commenced a targeted exploration program.

FUNDING Post recent A$10.1m placement & Barclays debt facility, Exco is in a strong position to progress its corporate development objectives across the portfolio of projects.

For

per

sona

l use

onl

y

WHITE DAM GOLD PROJECT

• Fully permitted

• Fully funded including A$16M facility with • Fully funded including A$16M facility with Barclays Capital

• JV and Operating Agreement in place with JV and Operating Agreement in place with Polymetals

• Exco retains 75% of the project

• Site works underway; plan to treat 2Mtpa commencing in early 2010

• On track for gold production in Q1/10 at a rate of 50,000oz /annum

C $ ff• Current A$ gold price offers very attractive margins with projected costs ≤A$600/oz

• Near mine potential to extend life and

6

• Near mine potential to extend life and improve project returns

For

per

sona

l use

onl

y

EXCO’s COPPER PORTFOLIO

• Cu-Au-Fe-U Projects in Mt Isa Block, NW Qld

• Region hosts a number of ‘world class’ deposits

• Established mining culture and infrastructureg

• Exco has a strategic landholding (>4,100km2)

• Three key ‘centres of gravity’

1. Cloncurry Copper Project (Feasibility)y pp j ( y)

2. Hazel Creek Project (Exploration)

3. Southern Joint Venture Projects• Ivanhoe• Xstrata

7

• Xstrata• BHP Billiton

For

per

sona

l use

onl

y

CLONCURRY COPPER PROJECT (CCP)

- Established 51Mt resource base

- 28Mt of Indicated resource plus upside

- Key deposits: E1 Camp & Monakoff

- Open-pit mining; average strip ratio 4.5

- Straightforward process & metallurgy

- By-product potential: Co, Fe, & U

- Significant infrastructure in place

- Native title agreements in place

- EIS submitted ahead of approvalspp

- “Project of Regional Significance”

- Full DFS underway

8

Full DFS underway

- Progressing funding options & partners

For

per

sona

l use

onl

y

CCP DEVELOPMENT SCENARIOS

1. STANDALONE • Critical mass of indicated resource in place for ~10 year mine lifeCONCENTRATOR DEVELOPMENT

p y• Project economics are robust at current and long-term Cu prices• Targeting production by early 2012 (subject to approvals & funding)

2. JOINT VENTURE CONCENTRATOR DEVELOPMENT

• Identical development concept to standalone scenario• Preliminary discussions underway with potential partners

DEVELOPMENTy y p p

• Significant interest in funding and off-take

3 XSTRATA / EHM Cl t k l hid t E t H Mi (EHM)3. XSTRATA / EHM ORE SUPPLY

• Closest known sulphide resources to Ernest Henry Mine (EHM)• EHM deal potentially offers lower cost base• Exco is flexible on approach to commercial structures pp s

N.B. - EIS / Approvals process covers all scenarios

9

pp p- Exco will evaluate scenarios to select best long-term value proposition

For

per

sona

l use

onl

y

CCP EXPLORATION

Testing priority targets capable of adding immediate value to the CCP:adding immediate value to the CCP:

• E1 Camp- E8 North- E8 West

• Monakoff Region

• Pumpkin Gully Syncline• Pumpkin Gully Syncline- Fisher Creek- Fisher Creek West- Fisher Creek West- Salebury- Crow’s Nest

10

Crow s Nest- Pumpkin Gully

For

per

sona

l use

onl

y

HAZEL CREEK EXPLORATION

– Greenfields exploration project

– >500km2 of highly prospective tenements

– One of few remaining underexplored beltsOne of few remaining underexplored belts

– Numerous ore grade intersections

– Geophysics has identified target potential

M j it f t t i t t d– Majority of targets remain untested

– Potential synergy with adjacent projects

– Targeted program underway at Eight Mile Creek and Turpentine South

11

p

– Initial results expected Q1/2010

For

per

sona

l use

onl

y

JOINT VENTURE AREAS

12

For

per

sona

l use

onl

y

EXS – INVESTMENT DRIVERS

MANAGEMENT: A Board & Management Team with the track record and experience to deliver value from Exco’s project portfolio

ASSET QUALITY: Strategic ground positions in highly prospective Q g g p g y p pbelts, and a resource base which continues to grow

A PIPELINE OF PROJECTS: Near-term opportunity to produceA PIPELINE OF PROJECTS: Near-term opportunity to produce significant cash flow as a platform to grow the business:

1. Construction of White Dam Gold Project in 75:25 JV with Polymetalsj y2. Stand-alone, JV and ore-supply options at the Cloncurry Copper Project3. Exploration potential at Cloncurry & Hazel Creek 4. Joint Venture optionality with ‘major’ partners including Ivanhoe

COMMITMENT: Exco is committed to expediting the path to cashCOMMITMENT: Exco is committed to expediting the path to cash flow, and to creating maximum value for shareholders

For

per

sona

l use

onl

y

THANK YOUEXCO RESOURCES N.L.

ASX: EXS

www.excoresources.com.au

For

per

sona

l use

onl

y