Page 1

November 2008

LOND.OL LOND.NO

London Mining plc

MINING FOR THE STEEL INDUSTRY

Presentation of Q3 2008 results

Page 2

Disclaimer

These presentation materials and accompanying verbal presentation (“Presentation Materials”) do not comprise an admission document, listing particulars or a prospectus relating to London Mining plc (“Company”) or any of its subsidiary or associated companies (together, “Group”) nor do they constitute or form part of any invitation, offer for sale or subscription or any solicitation for any offer to buy or subscribe for any securities in the Group nor shall they or any part of them form the basis of or be relied upon in connection therewith or act as any inducement to enter into, any contract or commitment with respect to such securities. These Presentation Materials do not constitute a recommendation regarding any decision to sell or

purchase securities in the Company.

These Presentation Materials are for informational purposes only and must not be used or relied upon for the purpose of making any investment decision or engaging in any investment activity. Neither the Company, nor any of its subsidiary or associated companies nor any of their respective directors, employees, agents or advisers makes any representation or

warranty in respect of the contents of the Presentation Materials or otherwise in relation to the Group or any of its businesses. In particular, no representation or warranty, express or implied, is made as to the fairness, accuracy or completeness of the information or opinions contained herein, which have not been independently verified. The information contained in these Presentation Materials is subject to amendment, revision and updating in any way without notice or liability to any party.

These Presentation Materials contain forward-looking statements, including in relation to the Group’s proposed strategy, plans and objectives. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the control of the Group that could cause the actual performance or achievements of the Group to be materially different from such forward-looking statements. Accordingly, you should not rely on any forward-looking statements and the Group accepts no obligation to disseminate any

updates or revisions to such forward-looking statements.

The Presentation Materials are confidential and being supplied to you for your own information and may not be reproduced, further distributed, passed on, or the contents otherwise divulged, directly or indirectly, to any other person or published, in whole or in part, for any purpose whatsoever. In particular, they do not constitute an offer of securities for sale in

Canada, Australia, Japan, the Republic of South Africa, or the Republic of Ireland nor must they be distributed to persons with addresses in Canada, Australia, Japan, the Republic of South Africa or the Republic of Ireland, or to any national or resident of Canada, Australia, Japan, the Republic of South Africa, the Republic of Ireland or to any corporation, partnership, or other entity created or authorised under the laws thereof. Any such distribution could result in a violation of Canadian, Australian, Japanese, South African or Irish law. It is the

responsibility of each recipient outside the UK to ensure compliance with the laws of and regulations of any relevant jurisdiction.

The securities of the Company have not been and will not be registered under the United States Act of 1933, as amended (“Securities Act”) or state securities laws and may not be offered or sold in the United States to or for the account or benefit of US persons (as such terms are defined in Regulation S under the Securities Act). These Presentation Materials shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the shares in any state in which such offer, solicitation or sale would be unlawful.

The Company has not been registered and will not register under the United States Investment Company Act of 1940, as amended.

The figures and projections included in these Presentation Materials are based on internal assumptions made by the directors of the Company and have not been reviewed or verified as

to their accuracy by a third party or independent accountant. The information contained within is subject to updating, completion, revision, verification and further amendment. While the information contained herein has been prepared in good faith, the directors can not give any representations, or warranties (express or implied) as to, or in relation to, the accuracy, reliability or completeness of the information in this Presentation, or any revision thereof, or of any other written or oral information made available to any interested party or its advisers(all such information being referred to as “Information”) and liability therefore is expressly disclaimed. Accordingly, neither the Company nor any of its shareholders, directors, officers, agents, employees or advisers take any responsibility for, or will accept any liability whether direct or indirect, express or implied, contractual, tortuous, statutory or otherwise, in respect

of the accuracy or completeness of the information or for any of the opinions contained herein or for any errors, omissions or misstatements or for any loss, howsoever arising from the use of these Presentation Materials. In furnishing these Presentation Materials, the Company does not undertake or agree to any obligation to provide the recipient with access to any additional information or to update these Presentation Materials or to correct any inaccuracies in, or omissions from these Presentation Materials which may become apparent.

Page 3

Agenda

► London Mining at a glance

► Q3 2008 highlights

► Steel industry outlook

► Financial overview: delivering shareholder value

► Operations overview: creating future value from our assets

► Outlook

Page 4

London Mining at a glance

► Global, diversified supplier to energy

and Steel Industry

► UK based, Oslo Axess listed

► Market cap USD 1141 million (NOK 7.3)

► 2 core divisions: iron and coal

► Rich in resource (1.3bnT Fe; 112mT Coal)

► Funding identified for all projects

► USD 310 million cash (ex div) for

investment

London Mining plc

Iron Ore Coal

Saudi

Arabia

(50%)

Mexico

(55%)

China(50%)

South Africa(28%)

Colombia(20%)

Sierra Leone

(100%)

MozambiquePort

(28%)

Zimbabwe

(28%)

Swaziland

(28%)

Botswana

(28%)

Greenland(100%)

1. As at 27th November 2008, ex div of USD 330 million

Maximise shareholder value by developing mines for the Global Steel Industry

Page 5

Q3 2008 highlights

► Record profit on sale of Brazilian operations (USD 664 million) – a 1200% return

► USD 330 million (GBP 219 million) return of cash to shareholders

► USD 310 million available to invest in our projects and new investments

► First steps to diversification: acquisition of quality coal assets

► Continued growth of our iron ore division

� Saudi strategic MOU signed with SAPIS, securing low cost financing for development

� Extensive feasibility studies at Greenland and Saudi, results for Saudi expected Dec 08

� Letter of intent signed with Wits Basin for potential Chinese investment

► Funding identified for all projects

Page 6

STEEL INDUSTRY OUTLOOK

Strategic focus on Global Steel

► Fundamental long term outlook remains strong, despite short term sentiment

► Bulk commodity market underpinned by solid structural demand fundamentals

� On going urbanisation of China and India

� Continued major investment in infrastructure and urban and industrial development in

Middle East

► Medium term capacity restrictions should stimulate commodity prices

► London Mining exceptionally placed to benefit from changes to steel industry

dynamics

� Steel producers eager to secure reliable supply of low cost bulks and energy

� Trends to pellet for DRI production

Page 8

DELIVERING VALUE

Page 9

Financial performance: delivering shareholder value

►Exceptional value delivered

� USD 664.2 million gain on disposal of Brazil operations

� USD 654.7 million net result for the period

� USD 330 million returned to shareholders by way of B and C share scheme

►Focused on building future value

� USD 31.2 million initial investment in our coal division

� USD 6.9 million spent on existing projects (Greenland and Saudi)

� USD 310 million (ex div) cash in bank available for future project funding

Page 10

Delivering maximum value: Brazil - MIL "The Case Study"

Page 11

Delivering maximum value: Brazil - MIL "The Case Study"

A return of 1200% on initial capital invested in 16 months

The right asset selection

Low entry cost: USD 65 million

► Fe (Brazil).

► Large resource. Good exploration upside (268mt)

Moving through the value chain

USD 32 million invested

► Installed experienced local management team

► Increased resource to JORC 1.1BNT by July 08

► Expanded operation programme: 0.5 ->12mtpa (24x)

► Sinter feed plant completed under budget, <9 months (3.2mtpa)

► Long term off take agreements negotiated and S-T domestic sales agreement with Vale

Delivering maximum value

USD 810 million proceeds from sale

USD 330 million returned to investors

► Strategic review implied max value through sale, not production

► Sold mine to ArcellorMittal for USD 810 million

Page 12

Share Performance and capital structure

Capital Structure

Major Shareholders:

Caspian Holdings (Ferrous Resources) 25.9%

Deutsche Bank AG 15.9%

Benbrack Charkit Ltd 11.4 %

Grandmaster Fortune (Pioneer Iron & Steel) 8.6 %

Morgan Stanley 7.9 %

CIBC World Markets 6.8 %

Naturaliste Holdings 4.9%

The Northern Trust Co 4.5 %

Pelos Strategy 3.23%

Bank of New York (Brussels) 2.9%

Fortis Bank 2.8%

UBS AG 1.73%

Goldman Sachs 1.49%

London Mining has outperformed global developers, but is trading at a discount

Ticker: LOND.OL (Reuters) LOND.NO (Bloomberg) 1. As at 26th November 2008, ex div of USD 330 million

Using equivalent Ex div share price relative to iron ore developers

-

20

40

60

80

100

120

140

Sep-08 Oct-08 Nov-08

Re

ba

se

d a

t 1

00

in

Ma

y 0

8

Aricom BaffinlandMount Gibson MurchisonSphere London Mining

incl. special

dividend

NOK 20

-12%

-90%

Page 13

CREATING FUTURE VALUE

Page 14

Diverse asset portfolio: key regions of steel production

E Europe

155mt

Africa

29mt

India

82mt

Middle East

30mt

W Europe277mt

Other Asia

233mt

China

699mt

North America

149mt

2013 forecast world steel production (mt)

Sources: IISI, Tex, SBB, Metal Bulletin, AME Estimates

London Mining has a diversified global asset portfolio, well placed for key customers

South America

72mt

Page 15

Diverse asset portfolio: iron ore division

ColombiaSierra Leone

South Africa

Saudi Arabia

Greenland

Mexico

China

Coal assets

Iron ore assets

2012 forecast world steel consumption

55% El Artillero - Mexico

Project delayed subject to

further drilling

100% Isua – Greenland

961Mt of resources @ 34% Fe2

Anticipated prod’n: 5-10 mtpa

Major exploration programme

continuing

Feasibility study (09)

100% Marampa - Sierra Leone

132Mt of estimated resources @ 34% Fe4

Anticipated prod’n: 1.5- 5 mtpa

Govt approvals for logistics route being

sought for to commence 1.5mtpa

tailings mine

50% Xiaonanshang & Matang (target, st DD)

43 Mt resources @ 24.9% Fe5

Anticipated prod’n: 0.6 – 2.4mtpa

High margin cash flows from existing mining

operation with scope for upside

London Mining’s share of resources total 1.3bn tonnes containing an estimated 461Mt of Fe1-5

1 Resource to Mexican standards2 Resource to JORC standard3 Resource to USB code in 19934 Resources provided by IMC based on historical reports5 Permitted and un-permitted resources provided by SRK to Chinese standards

Mozambique

Southern

Africa

50% Wadi Sawawin - Saudi Arabia

412Mt of estimated resources @ 42% Fe3

Anticipated prod’n 5- 15 mtpa

Bankable Feasibility Study to complete

end 08 for 5mtpa DRI pellet feed

operation

Funding commitment dependent on BFS

Page 16

Diverse asset portfolio: coal division

20% ICC - Colombia

90% of Carbo Condor Project

with 58mt of resources1

26 coke ovens being fast

tracked into production for 09

cash flow

28% DMC Energy – South Africa

70% of Rietkuil project with 288 mt of coal resources2

69.7% of Limpopo with 426 mt of coal targeted3

69.7% of Pixley Ka Seme with 234mt of coal resources2

Rietkuil is being fast tracked into production

London Mining’s current attributable share of coal resources totals 112mt

1 Inferred resources to Colombian standard2 Inferred resources to South African standard3 Resource target not included in total

28% DMC Energy – Mozambique Port

Allocation

40mtpa port allocation

Expected to be completed 2012-1328% DMC Energy – Southern Africa

New licenses: Swaziland, Botswana,

Zimbabwe

Long term growth for Mozambique

port

ColombiaSierra Leone

Saudi Arabia

Greenland

Mexico

China

South Africa

Coal assets

Iron ore assets

2012 forecast world steel consumptionMozambique

Southern

Africa

Page 17

Expectation for full funding of projects

► Funding sources identified:

� USD 310 million cash available (post capital return)

� Project cash flows from 2009

� The right strategic and off take partners to provide debt finance for larger projects

London Mining has identified all required funding to bring its projects to production

► Projects:

1. Mexico

2. Sierra Leone

3. China

4. Colombia

5. S. Africa

Estimated London Mining capital required <USD 200 million

Funded by existing cash resource then project cash flows

6. Saudi

7. Greenland

Estimated USD 2-3 billion for expansion to 10-15 mtpaDRI pellet production

Expected full debt funding through Partnership arrangements and off take

Provisional allocation

1. USD 5m (delayed?)

2. USD 50m

3. USD 40m (USD 5m escrow)

4. USD 10m (+USD 60m?)

5. USD 35m

Page 18

Outlook for London Mining

► Credible and experienced management team with ability to deliver

► Diversified portfolio of assets serving the Global Steel Industry

► Funding identified (or secured) for all projects

► Focused on delivering value to our shareholders

► Track record of delivering value

► Trading at a significant discount to cash value (67%)

This has been an historic year for London Mining and the future looks even more exciting

Page 19

For further information

Contacts:Graeme HossieCorporate Development & Deputy Managing Director

Rachel RhodesChief Financial Officer

+44 (0) 20 7201 5000

For further information: www.londonmining.co.uk

For information about trading at Oslo Axess:www.osloaxess.no/ob/auma_investor