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RIU Explorers Conference – Fremantle, Western Australia

An emerging Western Australian Gold Company

JON PRICE

February, 2012

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Disclaimer & Important Information

• Statements and material contained in this Presentation, particularly those regarding possible or assumed future performance, production levels or

rates, resources or potential growth of Phoenix Gold Limited, industry growth or other trend projections are, or may be, forward looking statements.

Such statements relate to future events and expectations and, as such, involve known and unknown risks and uncertainties.

• This presentation may describe Measured, Indicated and/or Inferred Resources. Inferred Resources have a greater amount of uncertainty as to their

existence and greater uncertainty as to their economic feasibility. It cannot be assumed that all or any part of any Inferred Resource will ever be

upgraded to a higher category. Exploration is an inherently risky proposition and investors are advised that most exploration projects fail to identify

economic resources. The Company has at present not confirmed the economic viability of any resources at the project. The company plans further

drilling programs and studies with the objective of confirmation of any deposits and ultimately completing a feasibility study to demonstrate the

economics of the resources.

• The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr Ian

Copeland, who is a Member of The Australasian Institute of Mining and Metallurgy. Mr Copeland is a full-time employee of Phoenix Gold Limited and

has sufficient experience which is relevant to the styles of mineralisation and types 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 ‘Australasian Code for Reporting of Exploration Results, Mineral

Resources and Ore Reserves’. Mr Copeland consents to the inclusion in the report of the matters based on his information in the form and context in

which it appears.

• The information contained in this presentation is for informational purposes only and does not constitute an offer to issue, or arrange to issue,

securities or other financial products. The information contained in this presentation is not investment or financial product advice and is not intended to

be used as the basis for making an investment decision. The presentation has been prepared without taking into account the investment objectives,

financial situation or particular needs of any particular person.

• No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and

conclusions contained in this presentation. To the maximum extent permitted by law, none of Phoenix Gold Limited, their directors, employees or

agents, nor any other person accepts any liability, including, without limitation, any liability arising out of fault of negligence, for any loss arising from

the use of the information contained in this presentation. In particular, no representation or warranty, express or implied is given as to the accuracy,

completeness or correctness, likelihood of achievement or reasonableness or any forecasts, prospects or returns contained in this presentation nor is

any obligation assumed to update such information. Such forecasts, prospects or returns are by their nature subject to significant uncertainties and

contingencies.

• Before making an investment decision, you should consider, with or without the assistance of a financial adviser, whether an investment is appropriate

in light of your particular investment needs, objectives and financial circumstances.

• The information on exploration targets in this presentation are based on a conceptual range of targets as follows:

Tonnage 2 million to 15 million

Grade 1.5g/t Au to 5 g/t Au

Ounces 0.1million to 2 million

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Corporate Overview

ASX Code: PXG

Ordinary shares 110 million

Listed options 72 million

Market cap (undil.) ~$25 million

Range (since listing) $0.15 – $0.30

Average daily volume ~300,000

Directors and Senior Management

Dale Rogers Non-Executive Chairman

Jon Price Managing Director

Clay Gordon Non executive Director

Ian Gregory Company Secretary

Ian Copeland Exploration Manager

Investor Shares %

Cazaly Resources 10.1m 9.2

SHL Pty Ltd 10m 9.1

Mr JP Price 7m 6.4

Resource Capital Fund 6.5m 5.9

Ms LA Thomson 5.6m 5.1

JP Morgan Nominees 5.1m 4.6

Cerep Pty Ltd 4.0m 3.6

Grand Private Equities 1.8m 1.6

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Phoenix - the story so far…

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• Conducted global search for gold projects in 2010

• Acquired and consolidated landholding from four vendors with

595,000oz in Resource* and five separate data bases

• Listed 22 December 2010 raising $8 million at $0.20

– Focus on two of Western Australian Goldfield’s major shear zones

– By September 2011 a 977,000 oz Resource* after data base consolidation

and review – up 64 %

• The Phoenix strategy at IPO**

1. Increase Total Resource base by 50% by Dec 2011

2. Build Resource / Reserve to support a 3-5 year mine plan by Dec 2012

3. Generate cash flow to fund exploration and mine development

4. Acquire strategic projects on the two key shear zones

* Refer slide 27 – JORC Resource Inventory

** Refer prospectus dated 20 October 2010

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Project Area Location

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4 Camps with Million Ounce Potential

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• Over 480km² landholding

• 2 world class shear zones

– Zuleika Shear

• Home to million ounce deposits

• High grade open pit and

underground potential

• Phoenix tenure underexplored

along strike and at depth

– Kunanalling Shear

• Home to large base load oxide

and transitional ore

• Historic drilling limited to top 60m

• Modern structural geology absent

• Disjointed tenure re-consolidated

• Close to milling / mining infrastructure

and services

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Resources up 72% in first year* …

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• Total Resource now 29.6Mt at 1.8g/t Au for 1.68 M ounces*

– Increased 182% from initial acquisition

– 90% of the Resource lies between 0m and 80m from surface

• Four priority projects identified

– Castle Hill – added 306,000 oz to 559,000 oz at 1.6g/t

– Broads Dam – added 321,000 oz at 2.0g/t

– Ora Banda – increased to 397,000 oz at 1.9g/t

– Kunanalling – now stands at 245,000 oz at 1.8g/t

• Discovery costs below $5/oz


** Refer slide 2 – Exploration targets

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Castle Hill – a New Gold Deposit

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• Over 5km of continuous

mineralisation

• Remains open in all directions

• Resource envelope down only

70m

• Significant intercepts from

recent drilling

– 10 metres at 9.9g/t Au from

18m including 2m @ 27.4g/t


39m including 2m @ 39.3g/t


60m


67m

• Results of latest drilling

demonstrate potential

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Castle Hill – Base load with adjoining high grade

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Castle Hill – Open in all directions

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Broads Dam Exploring for High Grade

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• Zuleika shear

– Hosts multiple +1M oz mines at

+5g/t

– Recent discoveries below old

pits using structural geology and

deeper drilling

• Strike of 14km

– Acquisitions reconsolidate

project

– Shallow ad-hoc historic drilling

– Open along strike and at depth

• Latest drill results

– 13 metres at 4.85g/t Au from 16m




• Drilling to find the next 1M

oz underground mine

* Refer slide 27 – JORC Resource inventory

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Broads Dam – in the heart of gold territory

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Blue Funnel – the next big underground?

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Ora Banda-Grant’s Patch – no activity for 15 yrs

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• Ora Banda

– Nazzaris and Boundary first pass drilling

complete

– Potential for large scale open cut oxide and

transitional ore bodies

• Latest drill results




– 9 metres at 4.52g/t Au from surface

• Grant’s Patch – Backflip a good start

– 93k oz at 2.5g/t Au

– New paleochannel identified just outside the

Resource envelope

– Intercepts to north and south yet to be tested

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Build Mining Pipeline by Dec 2012

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• Advanced mining review on schedule

• 5 mines under assessment

– Catherwood – Feasibility Study complete

– Project forecast to deliver $15.6m free cash at A$1500/oz gold price*

– 322,000t at 2.6g/t for 25koz over 1 year mine life at cash cost of <$900/oz*

– Blue Funnel – completing the existing pit delivers 15k oz at 3.5g/t**

– Rayjax – Small tonnage (20-30,000t) but grades above 4g/t**

– Nazzaris – soft oxide ore at +2g/t**

– Outridge – mining study yields 106,000 oz at 2.1g/t**

• Aim to self fund development of progressively larger mines while

growing critical mass to + 2.5M oz

* Refer announcement – August 1, 2011

** Refer slide 2 – targets

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Generate cash: Commenced

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• 3 treatment agreements executed

– KMC’s 750,000tpa Bullant Mill

– FMR’s 1Mtpa Greenfields Toll Mill

– Norton’s 3Mtpa Paddington Mill

• Surface stockpiles treated first

– Treated 14,000t of ore through Greenfields Mill

– Sold 41,000t to the Paddington Mill

• Planning for staged development of mines

– Catherwood, Blue Funnel, Rayjax, Nazzaris, Outridge

• 3 milling options

• Targeting cash generation in the June Quarter



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Mill Locations – Options for Treatment

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FMR’s Greenfields Mill F

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Acquisitions: Broads Dam

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• 3 acquisitions on Zuleika shear in 2011

– Broads Dam corridor

– Highly prospective tenure, untouched for 5 years

– 4-5 high priority drill targets defined, drilling commenced

– Structural geology studies continuing in 2012

– Red Dam Resource

– Contains existing 173,000 oz at 2.5g/t*

– Blue Funnel Gold Mine

– Small open pit mined in the 90s at 4g/t

– Ore remains in the floor of the pit

– Cut back and underground potential to be tested



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Next Steps: Self funding explorer

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• Accelerate drill program to grow current Resource base

– Extend Castle Hill

– Grow Broads Dam

– Explore high priority green fields targets

Targeting +2.5M ounces by Dec 2012

• Advance mine plan and realise early cash flow

– Determine maximum value case for Catherwood development

– Generate cash from surface stockpiles through 3rd party mills

– Complete feasibility work on pipeline projects

– Build a 5+ year life of mine plan at +100k oz per annum

– Assess development options including mill construction

• Assess further value accretive acquisitions



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Exploration / Development Priorities

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Castle Hill

Broads Dam

Telegraph, Nazzaris

Catherwood, Red Dam

Blue Funnel deeps,

Ora Banda, Carbine North,

Backflip extensions, Whitehaven

Lady Jane, Boundary, Magdala,

Carbine, Cutters Ridge, Kintore,

Star of Fremantle, Emu, Picante

Christmas Reef, Boundary east, advanced brownfields targets

Second-order greenfields exploration targets

Priority 1

Priority 2

Priority 4

Priority 5

Priority 3

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Accelerated Drilling Programme

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• Drill program totalling 50,000m over 9 - 12 months

– 15,000m RC extending Castle Hill laterally and at depth

– 15,000m RC extending Broad Dam along Zuleika shear

– 5,000m DD testing depth extensions at Broads Dam

– 20,000m RAB on green fields exploration

• Budget estimate of A$4-5m

• Drill projects sequentially to allow results and remodelling

to direct next drilling round

• Represents a potential discovery cost <$10 per ounce

• Continuous news flow on a quarterly basis

* Refer slide 2 – Exploration Targets

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Exploration success – value proposition

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Resources 1.7m ozs

Ordinary shares 110m

Feb 2012 ($0.20) 36m ($7.2m)

Nov 2014 ($0.25) 36m ($9.0m)

M Cap (FD) at $0.24 $44m

Cash at bank $1.4m

EV diluted $26m

EV/Resource oz $15/oz

Potential 2.5m ozs

Ordinary shares 146m*

Nov 2014 ($0.25) 36m ($9.0m)

M Cap (FD) at $0.24 $44m

Cash at bank $3m**

EV diluted $32m

EV/Resource oz $13/oz

12

month

drill

program

$4.5m

budget

• Phoenix is targeting a minimum 2.5m oz position* in 9 - 12 months on the

back of its $4-5m budgeted drilling programme.

• February 28 2012 options in the money and underwritten generating A$7.2m

• Refer slide 2 – Exploration targets

• ** includes deduction for acquisitions and underwriting costs

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Attractive metrics

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Summary: New Self Funded Explorer

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• Motivated team in place that is delivering on strategic targets

• Highly successful drilling campaigns growing Resources

– Target +2.5 million ounces by Dec 2012

• Cash flow from stockpiles and mining progressively larger open cut mines

• Complete Feasibility Studies on flagship projects

– Convert Resource to + 500k oz in Reserves

• Build 5+ year life of mine plan at +100k ozs pa

• Very attractive metrics on an EV/resource ounce basis

• February 2012 options in the money and underwritten, $7.2m value

• Well funded to complete the drilling program and development plan

• World class shear zones untested at depth… new discoveries

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Gold bar PXG001 – here’s to many more

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L to R: Dale Rogers, Ian Copeland, Jon Price and Clay Gordon

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The People

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• Dale Rogers – Non Executive Director (Chairman)

– Mining engineer with almost 30 years experience in project development, operations and financing. Developed and managed operations in Australia and overseas.

• Clay Gordon – Non Executive Director

– Geologist and mineral economist with 25 years experience in gold mining, business development and project valuation in Australia and overseas. Current Chief Geologist and MD of Mining Assets.

• Jon Price – Managing Director

– Metallurgist with over 20 years experience in the gold sector. Developed several new open cut and underground operations near Kalgoorlie and project managed milling and heap leaching projects in Australia and overseas. Former GM at Paddington and St Ives gold mines in the Goldfields.

• Ian Copeland – Geology Manager

– Geologist and Mining Engineer with over 25 years experience in the Goldfields region. Worked as Geology/Exploration Manager with Barrick Gold, Goldfields Ltd and Placer Dome with vast experience in the Kunanalling/ Zuleika project area.

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JORC Resource Inventory

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Notes: 1. Stockpiles report material mined from historical mining operations at Lady Jane, Broads Dam, Premier, Catherwood, Bluebell, Mick Adam and

Shamrock.

2. The information in this report that relates to Exploration results and Mineral Resources is based on information compiled by Mr Ian Copeland.

Mr Copeland, who is a member of the Australasian Institute of Mining and Metallurgy and a member of the Australian Institute of

Geoscientists, is a full time employee of Phoenix Gold. Mr Copeland has sufficient experience which is relevant to the style of mineralisation

and types of deposits under consideration and to the activity which 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 Copeland has given his

consent to the inclusion in the report of matters based on the information in the form and context in which it appears.

3. Information that relates to exploration targets refers to targets that are conceptual in nature, where there has been insufficient exploration to

define a Mineral Resource and it is uncertain if further exploration will result in the determination of a Mineral Resource.

4. The information on exploration targets is based on a conceptual range of targets as follows: Tonnage range: 2 million to 15 million tonnes,

grade range: 1.5 g/t Au to 5 g/t Au

Mt Au (g/t) Au Oz Mt Au(g/t) Au oz Mt Au (g/t) Au oz Mt Au (g/t) Au oz

Castle Hill 0.18 3.4 20,000 5.46 1.6 273,000 5.35 1.5 266,000 10.99 1.6 559,000

Broads Dam 1.32 2.0 84,000 3.79 1.9 236,000 5.11 2.0 321,000

Kunanalling 0.49 2.4 38,000 0.78 1.6 40,000 2.91 1.8 166,000 4.18 1.8 245,000

Ora Banda/

Grants Patch 1.52 2.0 97,000 5.12 1.8 300,000 6.64 1.9 397,000

Carbine 1.40 1.7 78,000 1.40 1.7 78,000

Zuleika North 0.51 2.5 41,000 0.27 2.5 22,000 0.78 2.5 63,000

Stockpiles 0.50 1.2 19,000 0.50 1.2 19,000

Total 0.67 2.7 58,000 10.08 1.7 555,000 18.84 1.8 1,069,000 29.59 1.8 1,682,000

Project

Measured Mineral

Resource

Indicated Mineral

Resource

Inferred Mineral

ResourceTotal Mineral Resource

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