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Exploring the Scandinavian Shield

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INCUBATION & OWNERSHIP

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KEY THEMES

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STRATEGY

AGGREGATE iron projects through corporate action

EXPLORE to increase tonnes and assess metallurgy

DEVELOP hub for processing of satellite deposits

TRANSPORT via existing & new infrastructure

MARKET product to European & Asian customers

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To implement the business model made successful by FortescueMetals Group (large cap), Atlas Iron (mid cap), BrockmanResources (mid cap), FerrAus (small cap) and ex-WarwickResources (micro cap) in the Pilbara region of Western Australia

Aggregate a meaningful land position through acquisition, jointventure and application in world class iron province - convert irondeposits with minimal historic drilling into JORC resources andultimately mining

BUSINESS MODEL

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‘PILBARA-LIKE’ SCENARIO?

Pilbara (pre-2002) Kiruna District (Today)Major Iron Miners BHP Billiton and Rio Tinto LKAB

Infrastructure ModernRail and port handling facilities

owned by major mining companies

ModernRail owned by Government

Port handling facilities owned by LKAB

Iron Province World class World classType Long-life DSO hematite iron mines Long-life (+100 years) high grade

magnetite minePotential for hematite?

Iron mineralisation Home to Australia’s largest iron mines

Regionally extensive lateral iron formations

Home to Europe’s largest iron mine

Regionally extensive magnetite occurrences

Area +500,000km2 +20,000km2Exploration Stage for Iron Advanced Relative to the Pilbara -

underexplored

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Company Tonnes (Mt)

Iron Grade

(%)

Market Cap

(AUD m)

LocationStage / Listed

ExchangeNotes

Scandinavian Resources Ltd 185 35 14 Northern

SwedenExplorerASX:SCR

Minimal exploration since 1970 Located adjacent to Kiruna town and

rail infrastructure No off-take agreements OMH own 19% of SCR

Northland Resources Inc 511 35 283 Northern Sweden

DeveloperTSX:NAU

Intensive iron exploration during last 3-5 years

Recently delivered Definitive Feasibility Study

Plan to truck ore 150km to rail head en route to Narvik

Off-take agreements with Stemcor and Tata Steel

Northern Iron Ltd 577 32 526 NorthernNorway

MinerASX:NFE

NFE negotiating long life off-take with OMH subsidiary

OMH own 16% of NFE

The table below compares characteristics of the three iron focussed resource companies in northern Scandinavia (excluding LKAB):

SCANDINAVIAN IRON COMPANIES

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9

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Refer ASX Release Dated

Tonnes (Mt)

Plus Exploration

Target Tonnes

(Mt)

Exploration Target Grade Range (% Fe)

Notes

28 June 2010 98 (1, 2 & 4)

11 October 2010 125-150 (3) 33-37

9 November 2010 87.7 25-35 (3) 25-36

Refer Rakkuri Presentation from independent consulting firm GeoVista at scandinavianresources.com and Appendix

A to the ASX announcement dated 9/11/2010

Total 185.7 150-185 (3) 25-37

The table below summarises Kiruna Iron AB’s exposure to iron tonnes within 30km of a modern mining town (Kiruna, Sweden) and rail infrastructure that leads to the deep water port (Narvik, Norway):

KIRUNA IRON AB POTENTIAL

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SUMMARY

The 100% owned Rakkuri Project –3km from Kirunavaara; refer ASX release dated 9 November 2010

The LKAB owned Kirunavaara-Luosavaara mine and the town of Kiruna

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Rakurri JORC Statements

Inferred Area Zone Grade Tonnageresources (see map) [% Fe] [Mton]

Rakkurijärvi South 101 27.2 5.5Rakkurijärvi Discovery 401 25.5 7.1Rakkurijärvi Discovery 402 26.5 3.0Rakkurijärvi Discovery 403 28.6 2.9Rakkurijoki 501 34.5 48.6Rakkurijoki 502 36.1 20.6Total 33.2 87.6

Exploration Area Zone Grade Tonnagetargets (see map) [% Fe] [Mton]

Rakkurijärvi East 201 25.0 19.1Rakkurijärvi North 301 35.9 10.3Total 25‐36 25‐35

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Rakkuri Potential

Indicated by geo-physics as well as by Equinox drilling

Indicated by continuity in geophysics between drillintercepts

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Extract from ASX release dated 15 November 2010

The mineral resource estimate for Rakkuri (Rakkurijoki and Rakkurijärvi) is effective from 1st October, 2010 and hasbeen prepared by Mr Thomas Lindholm, MSc of GeoVista AB, Luleå, Sweden acting as an independent “CompetentPerson”. Mr. Lindholm is a fellow member of the Australasian Institute of Mining and Metallurgy (Member #230476).Mineral resources of the Rakkuri iron deposits have been prepared and categorised for reporting purposes by Mr.Lindholm, following the guidelines of the JORC Code. Mr Lindholm is qualified to be a Competent Person as definedby the JORC Code on the basis of training and experience in the exploration, mining and estimation of mineralresources of gold, base metal and iron deposits.

The Rakkuri database includes 121 diamond drillholes totalling 21,672 metres drilled between 1960’s and 2006. Thedatabase includes 3,241 Fe assays. Drill core sample lengths vary between 0.18 and 15.65 metres with 87% of thesections being 2m or shorter (average 1.58 metres). All assays were composited to 5m for use in the interpolation.Approximately 50 of the above mentioned drillholes have been assayed with a method (ALS ChemexME-ICP61a) that tops out at 30% Fe, intended instead to optimize base metal and gold assays. Of thetotal inferred resource reported below, a portion of 13 Mton, averaging 26.4% Fe, are largely defined bythose holes. Judging by analyses available from other holes in the same zone it is considered likely thatre-assaying those holes would yield an average grade considerably higher as well as a higher tonnagesince the specific gravity is highly grade dependent.

RAKKURI POTENTIAL

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WINTER DRILLING PLANS

Current Planned Comment

Foreign historical deposits

JORC compliant inferred resources

Convert SGU deposits into JORC compliant

resources

JORC inferred resources Increased tonnes and grade of JORC inferred

resources

Potentially increase size of existing JORC

inferred resources

JORC Exploration Targets

JORC inferred resources Potentially convert exploration targets into

inferred resources

Greenfields iron targets JORC Exploration Target Test greenfields exploration targets that have no diamond drilling

Exploration is being planned, managed and reviewed by independent consulting firmGeoVista. The brief to GeoVista is to complete sufficient drilling to achieve the internaltonnage and grade goals (subject to funding, permitting and weather) and to enable JORCcompliant statements (Inferred) to be published for various Company deposits as soon aspractical after interpretation of results.

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MINING JOURNAL

Gareth Tredway, Mining Journal, Thomas Lindholm, GeoVista & Gavin Wates, Patersons Securities

Gavin Wates, Patersons SecuritiesGareth Tredway, Mining Journal, Olof Forslund, Kiruna Iron AB & Rune Arnoy, Director, Port of Narvik

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MODERN KIRUNA

Kiruna TownProvince LaplandCounty NorrbottenMunicipality KirunaTotal Area 15.92 km2

Population(2005) 18,154

Time Zone CET (UTC+1)- Summer (DST) CEST (UTC+2)

Website kiruna.se

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MODERN INFRASTRUCTURE

Ice breakers in Port of Lulea, Sweden (340 km from Kiruna)Photo by Patrik Engman

Roads leaving KirunaIron ore training leaving Kiruna

None of the assets in this slide are the property of the Company. Inclusion of these pictures are for illustration only. The Company does not have access to these assets.

Ice free Port of Narvik , Norway (180 km from Kiruna)

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PORT OF NARVIK

The Port of Narvik is open fornew business and welcomescustomers to use its existinginfrastructure and build additionalinfrastructure to make use of theworld class deep water port whichis ice free 12 months a year.

Rune Arnoy, Director, Port ofNarvik explains the opportunitiesoffered by the Port to Kiruna IronAB directors Olof Forslund andDamian Hicks.

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MINERAL RESOURCES & THE EU

Europe uses ca. 20% of the world’s mineral resources

Europe produces ca. 3-5 % of the world’s mineral resources

Source : Geological Survey of Sweden Mineral Information Division, 21 April 2010

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Damian HicksChairman• Founding director• Founding director of Hannans

Reward Ltd in 2002, currently Managing Director

• Bachelor of Commerce(Accounting & Finance) from University of Western Australia

• Admitted as Barrister & Solicitor in Western Australia

Olof ForslundTechnical Director• Founding director• Geophysicist with extensive

international experience in the mineral exploration industry

• Majority of career with Geological Survey of Sweden (SGU); commenced in 1966

• Previously Regional Manager of SGU Mineral Resources Information Office

Ian GregoryDirector & Company Secretary• Over 25 years experience in the

provision of company secretarial services in the exploration, mining, mineral processing, and other industries

• Former Chairman of the ICSA, WA branch

Paul ThomasNon-Executive Director• Metallurgist in the mining industry

for 25 years• Managing Director of

OM Holdings Ltd’s (ASX: OMH) subsidiary, OM Manganese

BOARD OF DIRECTORS

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CAPITAL STRUCTURE

ASX Codes SCR & SCRO

Total Ordinary Shares 63.35 M

Market Cap @ $0.22 $13.9 M

Cash plus Convertible Loan*(After payment of USD4M to Anglo & Rio)

$2.65 M

Loan drawn down $0.35m

Enterprise Value $14.1 M

Total Options ($0.20 - $0.75)

33.8M, 25 cent options expire 31 October 2011

66 M

$8.45M

Shareholdings %

Equity & Royalty Investments Ltd 32.01

OM Holdings Ltd 19.57

LLB Fund Services AG 9.76

Top 20 Shareholders 76.65

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TOP 20 SHAREHOLDERSRank Name Units % of Units

1. EQUITY & ROYALTY INVESTMENTS LTD 20,000,001 31.572. OM HOLDINGS LIMITED 12,227,218 19.30

3. JP MORGAN NOMINEES AUSTRALIA LIMITED 6,110,000 9.64

4. HR EQUITIES PTY LTD 1,325,001 2.09

5. UPSKY EQUITY PTY LTD <UPSKY INVESTMENT A/C> 1,146,668 1.81

6. TASMAN METALS LTD 882,353 1.397. MANNWEST PTY LTD 843,750 1.33

8. MOSSISBERG PTY LTD 666,667 1.05

9. ZELMAN PTY LTD 650,000 1.03

10. DYPSO PTY LTD <HENTY SUPER A/C> 633,333 1.0011. KINTORE (WA) PTY LTD 633,333 1.00

12. MERRILL LYNCH AUSTRALIA (NOMINEES) PTY LTD 576,667 0.91

13. KISDA PTY LTD <MAUJO S/F A/C> 500,000 0.7914. MR JAMES UNGER 500,000 0.7915. REDBROOK NOMINEES PTY LTD 450,000 0.7116. CYDAC PTY LTD 400,000 0.6317. HR EQUITIES PTY LTD 310,000 0.49

18. MR WILLIAM MAXWELL HICKS + TANIA JANE HICKS 300,000 0.47

19. ERIC PRESTON PTY LTD 275,000 0.43

20. AGGREGATED CAPITAL PTY LTD 250,000 0.39

Totals: Top 20 holders of ORDINARY FULLY PAID SHARES 48,679,991 76.84

Total Remaining Holders Balance 14,674,005 23.16

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Company Iron Tonnes (Mt) –

excludes Exploration

Targets

Iron Grade

(%)

Type Market Cap (AU$ m)

Location

Notes

Scandinavian Resources

185 35 Magnetite 14 Sweden ExplorerASX:SCR

Beowulf Mining

140 39 Magnetite 41 Sweden ExplorerBEM:LN

DMC Mining 33 56 Itabirite 46 Republic of Congo

Acquired by Cape Lambert Resources Ltd

Cazaly Resources

28 55 Hematite 47 Western Australia

ExplorerASX:CAZ

Centaurus 132 31 Itabirite 101 Brazil ExplorerASX:CTM

FerrAus 276 56 Hematite 229 Western Australia

DeveloperASX:FRS

Northland Resources

511 35 Magnetite 283 Sweden DeveloperTSX:NAU

Northern Iron 577 32 Magnetite 526 Norway MinerASX:NFE

Atlas Iron 204(excludes Balla Balla)

56 Hematite 1,604 Western Australia

MinerASX:AGO

Consolidated Thompson 909 29 Magnetite CAD2.7Bn Canada

MinerTSX:CLM

Scandinavian Resources Ltd currently represents a low cost entry into the Scandinavian iron sector. The table below summarises Scandinavian, Australian, African and Canadian iron companies and their stages of development. Not all iron deposits are the same and infrastructure solutions in each jurisdiction vary.

LOW COST ENTRY FOR IRON SECTOR

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INCUBATION STRATEGY

Scandinavian Resources

Ltd ASX:SCR

Precious & BaseMetals

Gold, copper, lead, zinc, silver

CaledonidesNorway / Sweden

BulkCommodities

Iron (Fe)

Kiruna DistrictNorthern Sweden

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INCUBATION STRATEGY

CaledonidesNorway / Sweden

Lake Embrace – copper-lead-zinc-silver Bleikvassli – zinc-lead-copper-silver

GterarfjelletDaningen – copper

Sarksjon – gold-silver-copper-lead-zinc Sielkentjakke – copper

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INCUBATION STRATEGY

Scandinavian Resources Group

Public Databases

Sweden Geological SurveyNorwegian Geological Survey

Private Databases

Anglo American(Sweden only data )

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SGU EXPLORATION DATA

Geological Survey of Sweden

“The SGU Mineral Information Office in Mala, is a ‘one stop shop’ for

public exploration data!”

Christina Lundmark,

Regional Manager, SGU

SGU Core Archive

SGU Data Library

Olof Forslund (SCR Technical Director)

Previously Regional Manager of SGU Mineral Resources

Information Office who appreciates the quality of this source of

information

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Olof Forslund andJohn BridsonSGU Core LibraryApril 2010

INCUBATOR TEAM

Photo by: Anders Olsson

Olof Forslund and GeoVista partner Thomas Lindholmat the Skuokimjokk Prospect in October 2010;Patersons Securities Corporate Finance ExecutiveGavin Wates looks on

Olof Forslund, Kiruna Iron AB Director, StellanBurman, Consulting Geologist and Jorgen Lindskold,Kiruna Iron AB Geologist

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INCUBATOR TEAM

Scandinavian Resources AB office in Mala Sweden, SGU document archive (behind left) & SGU Mineral Resources Information Office (behind right)

Scandinavian Resources Ltd would like to acknowledge the valuable contribution made by Staff at the SGU Regional Information Office to the development of its portfolio.

Olof Forslund, Jorgen Lindskold and Berit Sandstom at SCR office Mala

Mrs Amanda Arrowsmith, Exploration Manager, Scandinavian Resources Ltd in the Caledonides

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BOULDER HUNTERS VIDEO

Visit www.scandinavianresources.com to view the video

Caledonides Precious & Base Metals“The best boulder hunting season in 40 years!”

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CONTACT DETAILS

Mr. Damian Hicks Mr. Olof ForslundChairman Technical Directordhicks@scandinavianresources.com (E) oforslund@scandinavianresources.com (E)

Perth, Western Australia Details Mala, Sweden+61 8 9324 1153 (T) +46 703 225 133 (T)

Ground Floor Skolgatan 428 Ord Street 930 70 Mala, SwedenWest Perth, Western Australia

Postal AddressPO Box 1668 Skolgatan 428 Ord Street 930 70 Mala, SwedenWest Perth, Western Australia, 6872

admin@scandinavianresources.com (E)www.scandinavianresources.com (W)

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COMPETENT PERSON STATEMENT

The information in this report that relates to exploration results is based on information compiled by Mrs Amanda Arrowsmith,Consulting Geologist, who is a Member of the Australian Institute of Mining and Metallurgy. Mrs Arrowsmith is a consultant to Scandinavian Resources Ltd. Mrs Arrowsmith has sufficient experience, which is relevant to the style of mineralisation and typesof deposits under consideration and to the activity which has been undertaken to qualify as a Competent Person as defined by the 2004 edition of the “Australasian Code for the Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mrs Arrowsmith consents to the inclusion in the report of the matters based on the information in the form and context in which it appears.

Notes(1) ASX has granted a waiver in relation to the reporting of non-JORC compliant foreign estimates. Waiver disclosures in accordance with ‘ASX companies update 11/07’ are contained in ASX release dated 28 June 2010. (2) Includes attributed tonnes assuming Scandinavian Resources Ltd meets earn-in commitments in accordance with the Tasman Metals Ltd joint venture. (3) The prospects which comprise the exploration target have been subjected to diamond drill testing, ground geophysics and interpretation by the Geological Survey of Sweden reviewed by Mrs Amanda Arrowsmith and Mr Thomas Lindholm. The potential quantity and grade of the exploration targets is conceptual in nature, 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) JORC Resources of 66.4 Mt & Historical foreign estimates of 31.5 Mt.

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This Document and the information contained herein and any presentation (collectively referred to as “Information”) is proprietary to Scandinavian Resources Limited (“the Company”). This Document is not intended for and should not be distributed to any other person than as permitted herein. By receipt of theDocument, the Recipient agrees that it will not transmit, reproduce or make available the Document (or any Information contained herein) to anyone other than its professional advisers without the prior written consent of the Company. At the request of the Company, the Recipient will return, as soon as practicable, this Document together with any reproductions of it and any other Information which the Recipient may have received from the Parties. This Document is being provided exclusively to investors that qualify pursuant to Section 708 of the Corporations Act for the sole purpose of providing background information to enable the recipient to review the potential for the provision of equity funding to the Company. It is not intended as an offer, invitation, solicitation or recommendation with respect to any potential transaction. Potential investors must make their own independent assessment and investigation of the opportunity and should not rely on any statement or the adequacy or accuracy of the information provided. Securities of micro cap exploration companies, typically involve a high degree of risk and as such, any investment in the Company must be considered as speculative. The Information provided does not purport to cover all relevant information about any potential investment in the Company. Accordingly potential investors are advised to seek appropriate independent advice, if necessary, to determine the suitability of this investment. The Document contains reference to certain intentions, expectations and plans of the Company. Those intentions, expectations and plans may or may not be achieved. They are based on certain assumptions which may not be met or on which views may differ. The performance and operations of the Company may be influenced by a number of factors, many of which are outside the control of theCompany. No representation or warranty, express or implied, is made by the Company or any of their respective directors, employees, agents, advisers and consultants that any intentions, expectations or plans will be achieved either totally or partially or within a prescribed timeframe or that any particular rate of return will be achieved. The Information disclosed relates to the proposed business of the Company at the date of this Document. Material information may have changed since the date the Document was compiled. No responsibility is accepted to advise any person of any change or update any of the Information.Neither the provision of this Document nor any information contained in this Document or subsequently communicated to any person in connection with this Document is, or should be taken as, constituting the giving of investment advice to any person. By accepting this Document you acknowledge and agree to be bound by each of the foregoing statements.

DISCLAIMER