Head office Level 10, TIO Centre,

24 Mitchell St, Darwin NT 0800 GPO Box 2394, Darwin NT 0801, Australia

T +61 8 8924 3500 F +61 8 8924 3555

Ranger mine Locked Bag 1, Jabiru NT 0886 Australia

T +61 8 8938 1211 F +61 8 8938 1203

www.energyres.com.au ABN 71 008 550 865 A member of the Rio Tinto Group

31 May 2011 Company Announcements Office Australian Stock Exchange Limited Level 4, Stock Exchange Centre 20 Bridge Street SYDNEY NSW 2000 Dear Sir/Madam Attached is a handout provided during a meeting with analysts in Sydney and Melbourne by Rob Atkinson, Chief Executive and Steeve Thibeault, Chief Financial Officer, on Tuesday 31 May 2011 and Wednesday 1 June 2011. A copy of this handout can be found on the company’s website at www.energyres.com Yours faithfully

Robert O’Toole Company Secretary

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Los Angeles, USA.

Energy Resources of Australia LtdAustralian Financial CommunityMay 2011

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Forward-looking statementsThis presentation has been prepared by Energy Resources of Australia Ltd (“ERA”) and consists of the slides for a presentation concerning ERA.By reviewing/attending this presentation you agree to be bound by the following conditions.

Forward-looking statementsThis presentation includes forward-looking statements. All statements other than statements of historical facts included in this presentation,including, without limitation, those regarding ERA’s financial position, business strategy, plans and objectives of management for futureoperations (including development plans and subjectives relating to ERA’s products, production forecasts and reserve and resource positions),are forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which maycause the actual results, performance or achievements of ERA, or industry results, to be materially different from any future results, performanceor achievements expressed or implied by such forward-looking statements.

Such forward-looking statements are based on numerous assumptions regarding ERA’s present and future business strategies and theenvironment in which ERA will operate in the future. Among the important factors that could cause ERA’s actual results, performance orachievements to differ materially from those in the forward looking statements include, among others, levels of actual production during anyperiod, levels of demand and market prices, the ability to produce and transport products profitably, the impact of foreign currency exchange rateson sales revenues, market prices and operating costs, operational problems, political uncertainty and economic conditions in relevant areas of theworld, the actions of competitors, activities by governmental authorities such as changes in taxation or regulation and such other risk factorsidentified in ERA’s most recent Annual Report. Forward-looking statements should, therefore, be construed in light of such risk factors and unduereliance should not be placed on forward-looking statements. These forward-looking statements speak only as of the date of this presentation.

Nothing in this presentation should be interpreted to mean that future earnings per share of ERA will necessarily match or exceed its historicalpublished earnings per share.

The information in this presentation relating to exploration results is based on information compiled by Greg Rogers, who is a member of theAustralasian Institute of Mining and Metallurgy. Greg Rogers is a full-time employee of the company and he has sufficient experience which isrelevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a CompetentPerson as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. GregRogers consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

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Acknowledge Traditional Owners

The mining operations of Energy Resources of Australia Ltd (ERA) are located on Aboriginal land and are surrounded by, but separate from, Kakadu National Park.

ERA respectfully acknowledges the Mirarr, Traditional Owners of the land on which the Ranger Mine is situated.

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• Continued strong safety performance;

• Suspension of production from late January to expected late July 2011;

• Successful management of third highest wet season on record;

• Significant maintenance work completed in plant;

• Strong mining fleet utilisation resulting in higher material mined;

• Announced significant investment in water management;

– Brine concentrator

– Tailings Storage Facility

– Pond water treatment

• Decisions for Heap Leach Project and Ranger 3 Deeps Project pending

Key Outcomes in YTD - May 2011F

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SafetyContinued strong safety performance

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Indigenous Employment

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2010/2011 Wet SeasonRainfall from 01 September 2010 to 23 May 2011 (2427mm Bureau of Meteorology Jabiru Airport)

1. 2006/07 2527mm2. 1975/76 2500mm3. 2010/11 2427mm4. 2005/06 2107mm5. 2000/01 2052mm

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Tailings Storage Facility status as of 23 May 2011Free process water level (Relative Level 52.77m)

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Pit#1 status as of 23 May 2011Free process water level (Relative Level 14.25m)

*Temporary MOL

* Temporary maximum operating limit (MOL) as approved by the regulators

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Pit #3 status as of 23 May 2011Total pond water inventory at the end of the 2010/2011 wet season higher than 2006/2007 (Cyclone Monica)

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Water Management Improvements• Significant catchment reduction works around Pit 1 to divert pond water from the process

water catchment

• Plant modifications reduced process water inputs by approx. 500 mega litres per year

• Enhanced treatment capacity of the current process water treatment plant by 26%,

• Raising the embankment of the Tailings Storage Facility (TSF) by 4 metres to provide additional storage during the 2011/12 and 2012/13 wet seasons and until the Brine Concentrator is commissioned

• Shut-down from 28 January to maintain the TSF level below the Maximum Operating Limit

• Installation of interception trenches around waste dumps to segregate clean run-off

• Obtained approval to temporarily increase the maximum operating level of Pit 1 to store process water

Using Pit 3 for emergency water storage remains the ultimate safeguard to protect the environment and preserve the structural integrity of the TSF. Trigger protocols have been prepared in consultation with StakeholdersF

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Water Management Improvements

Interception trench

4m TSF wall raisePit 1 Catchment Work

Improved performanceof water treatment plant

Reduction of processwater inputs

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Additional Pond Water Treatment

• Addition of 11 mega litres /day of pond water treatment which doubles the current capacity

• Installation commenced April

• Foundations completed, tanks installed, pipelines installed, 5 containers installed

• To be commissioned by July 2011

• Pit 3 to be fully de-watered by Q4 2011F

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Tailings Storage Facility LiftObjective• To provide process water storage through to Pit#3

availability to accept tailings and brine concentrator commissioning

• Increase embankment by four metres

Phase 1– Phase completed

– No new land disturbance

– Water management incorporated rainfall runoff to RP2

Phase 2– Commenced February 2011 with forecast completion

mid June 2011

Phase 3– Planned for June 2011 through October 2011

– Application to change Maximum Operating Limit being drafted;

– Final crest to be Relative Level 58m

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Brine Concentrator – Conceptual Flow Sheet• Approval of $80 million to conduct a feasibility

study and to secure long lead items. Total capex estimated at $220 million

• Target capacity 1.83Gigalitres of distillate per year

• Modular to allow for phased expansion

• 2 year procurement and construction lead time with commissioning scheduled for second half of 2013

• Further studies are being conducted on brine and salt disposal. Options being considered to remove/store residual salts include:

– Blending with tailings;

– Injection into the deposited tailings (Pit 3); and

– A cystalliser to produce a solid waste

• Pilot plant studies underway at Rio Tinto’s Research Facility

• No regret decision as water must be treated

STEAM

ELECTRICITY

MECHANICAL VAPOR 

RECOMPRESSION SYSTEMS2 x Primary1 x Secondary

DISTILLATE TANK

TO WETLANDFILTER

POWERHOUSECONCENTRATED  BRINE TANK

DILUTE BRINE TANK

FEED TANK

TAILINGS STORAGE FACILITY

P P S

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2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

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Pit 3 + Stockpiled ore through primary plant

Ranger Production RangeCurrent operations including Pit 3 (ending at the end 2012) and excludes major projects such as

Ranger 3 Deeps and Heap Leach

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Capital Expenditure – Water Management (2011-2014)

Total ($ million)

Brine concentrator ($80 million approved) 220

Tailings Storage Facility Embankment Lift (RL58m) 52

Pond Water – water treatment capacity 11ml/day 17

Pond Water Retention Ponds 30

Pit 3 tailings and process water pumping systems 48

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Rehabilitation ActivitiesCurrent operations (Pit 3 and stockpiles), excluding major projects

Description 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

Facilities Demolition 1 1 1Pit #3 Backfill 1 1 1 1 1 1Relocate Residual Stockpiles 1 1Tails Reclamation to Pit #3 1 1 1 1 1 1Water Treatment 1 1 1 1 1 1 1 1 1 1 1 1 1

• Under the current lease obligation ERA is required to perform very significant rehabilitation work

• ERA must fully rehabilitate the Ranger site by 2026

• Most significant pieces of this work are:

– Water treatment (all water must be treated on site)

– Rehabilitation of Pit#1 (water extraction and >15Mt waste rock capping required)

– Relocation of tailings dam to Pit#3 (water, tailings wall and rehabilitation of site)

– Backfilling of Pit#3 (>100Mt of material needs to be moved back into pit)

• Significant capital and resources required

• The rehabilitation program is currently being reviewed including options and costs

• Rehabilitation is required under any strategic scenario

• Progressive rehabilitation will be carried out where possible

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Exploration ProgrammeZone 2 – Ranger Lease

300m Phase 1 (2011)

Phase 2 (2011)

2011 Drillholes

Proposed Soil Sampling

Ranger Lease boundary

Geophysical survey

Zone 1 – George Town Structure

• Ranger exploration program scheduled for 2011 – 2013

• Ranger 2011 Exploration program total $9 million

• Total estimated at approximately $20 million over 2011-2013

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Business Review• Internal team assisted by KPMG reviewing ERA’s near term strategic

priorities, business activities and operating model

• Two core objectives:

– Reduce near term cash costs to ensure the business is focussing on the most strategically appropriate and value creating activities, while ensuring our people remain safe and the environment is protected

– Define a path to restructure the business for the future after closure of Pit 3, when production will be significantly lower

• Immediate focus on reducing use of contractors, maintenance costs, improving procurement practices and limiting sustaining capital expenditure

• More detail to be provided with 2011 half year results announcement

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Ranger 3 Deeps Exploration DeclineF

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Ranger 3 Deeps Exploration Decline – Critical Milestones

Milestone Target Date

Project approval June 2011

Award Site Preparation work August 2011

Commencement of Box Cut Excavation May 2012

Box Cut Excavation Completion Oct 2012

Commencement of Decline Construction Oct 2012

Commencement of Diamond Drilling Jun 2013

Decline Construction Completion Nov 2013

Diamond Drilling Completion May 2014

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Ranger 3 Deeps Exploration Decline – Potential Path to Production

• Exploration decline expected to be fully completed by 2014

• All drilling information studied and finalised

• Study completed on underground mine by early 2015

• Conversion of resources to reserves

• EIS submitted

• Mine Technical Committee approval sought for underground mine

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Proposed Heap Leach • ERA Board approval given for Feasibility Study (FS) in October 2009 ($36 million)

• Work continues on the Environmental Impact Statement (EIS) and it is expected to be ready for submission to the Northern Territory and Commonwealth Governments in H2 2011.

• Key dates:– Completion of the feasibility study Q4 2010

– Government approvals 2012

– ERA Board approval Pending FS and government approvals

– Project implementation 18-24 months

– Project completion and first production 2014 depending on all approvals

• Heap Leach approval requires wide range of stakeholders acceptance

• Approval pending

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Summary• Continued strong safety performance

• Severe rainfall season successfully managed by the suspension of production and significant water management strategies

• Expect to start up plant by end of July. Forecast production is 2400 tonnes for 2011

• Ranger 3 Deeps and Heap Leach – decision to be announced shortly

• Significant investment in water management to support ERA future

• Business review will examine strategic priorities, business activities and operational model

• Rehabilitation costs under review

• Exploration potential of Ranger Project AreaFor

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