Company Presentation:Company Presentation:Mongolian Iron Ore andMongolian Iron Ore and

the Selenge Iron Ore Project

Robert WrixonManaging Directorg g

Company PresentationApril 2012April 2012

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COMPETENT PERSON’S STATEMENTS AND DISCLAIMERS

Competent Person’s StatementsThe information in this presentation that relates to Exploration Results and Exploration Targets is based on information compiledand reviewed by Mr Kerry Griffin, who is a Member of the Australian Institute of Geoscientists. Mr Griffin has sufficient

i hi h i l t t th t l f i li ti d t f d it d id ti d t th ti it hi h h iexperience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he isundertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting ofExploration Results, Mineral Resources and Ore Reserves’. Mr Griffin is the Technical Director of Haranga Resources Limitedand consents to the inclusion in this report of the matters based on his information, and information presented to him, in the formand context in which it appears.

The technical information contained in this announcement in relation to the JORC Compliant Resource for the BayantsogtDeposit has been reviewed by Mr Peter Ball of DataGeo Ltd, who is a member of the Australasian Institute of Mining andMetallurgy. Mr Ball has sufficient experience relevant to the style of mineralisation and type of deposit under consideration andto the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Codefor Reporting of Mineral Resources and Ore Reserves’ Mr Ball consents to the inclusion in this report of the matters based onfor Reporting of Mineral Resources and Ore Reserves . Mr Ball consents to the inclusion in this report of the matters based onhis information, and information presented to him, in the form and context in which it appears.

Exploration TargetsExploration Targets are conceptual in nature and should not be construed as indicating the existence of a JORC Code compliantExploration Targets are conceptual in nature and should not be construed as indicating the existence of a JORC Code compliantmineral resource. There is insufficient information to establish whether further exploration will result in the determination of amineral resource within the meaning of the JORC Code.

Forward Looking StatementsgThis presentation includes certain ‘forward looking statements’. All statements, other than statements of historical fact, areforward looking statements that involve various risks and uncertainties. There can be no assurances that such statements willprove accurate, and actual results and future events could differ materially from those anticipated in such statements.

Such information contained herein represents management’s best judgment as of the date hereof based on information currently

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Such information contained herein represents management s best judgment as of the date hereof based on information currentlyavailable. The company does not assume the obligation to update any forward-looking statement.

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OVERVIEW

Haranga Resources listed on ASX in Dec 2010→ Four iron ore exploration/development projects in Mongolia→ Four iron ore exploration/development projects in Mongolia

Flagship Selenge Iron Ore Project – Four Primary Targets→ Initial JORC Resource at one target (Bayantsogt)→ Large Additional Exploration Target at another (Dund Bulag)→ Close to existing rail and road infrastructure→ Next to Mongolia’s largest iron ore export mineg g→ Ability to access the massive market in northern China→ 32,000m second pass drill program commencing May 2012

L S ti M j I tLarge, Supportive Major Investor→ Lippo Group increased holding from 7.4% to 13.9% via $6m placement in March 2012→ Entire holding subject to a 12 month lock up period

Mongolian iron ore exports growing rapidly due to healthy margins and the market outlook remains strong

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COMPANY SNAPSHOT (5 April 2012)

Key statistics (A$)Share price / volume history (A$; millions)

Ordinary shares on issue 5-Apr-12 211.75m52 week low 52 week high 30 day VWAP

$0 60$) 16 0 m)

Unlisted options1 5-Apr-12 28.50m

Share price 5-Apr-12 $0.48

Market capitalisation 5-Apr-12 $101.64m

Date 9-Aug-11 16-Mar-12

Share price $0.16 $0.54 $0.46

$0.50

$0.60

Share

Pric

e (A$

12.0

14.0

16.0

Volum

e (m

Fully diluted market capitalisation 5-Apr-12 $115.32m

Cash $17.0m

Undiluted enterprise value $84.64m

Substantial shareholders

N Sh % f Sh

$0.30

$0.40

S

8.0

10.0 Diluted enterprise value2 $92.62m

Name No. Shares Held

% of Shares on Issue

Golden Rain Holdings Limited 29.47m 13.92%

Geotrass LLC 10 00m 4 72%$0.10

$0.20

2 0

4.0

6.0

Geotrass LLC 10.00m 4.72%

$0.00Mar-11 May-11 Jul-11 Sep-11 Nov-11 Jan-12

0.0

2.0

Directors’ interests

Directors collectively hold 11.5% of the securities on issue

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1. In the money options only. 36.0m options on issue in total2. Adjusted for cash received from exercise of optionsSource: Bloomberg as at 5 April 2012

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BOARD

19 years experience in the resources sector with both major and junior resource companiesCurrently a Director of Voyager Resources, Avanco Resources, Lindian Resources and Copper Range, previously Chairman of Mongolia focused Hunnu Coal Limited

Matthew WoodChairman

16 i l i i i i lti i l t i iti d Robert Wrixon

Managing Director

16 years commercial experience in engineering, consulting, mineral asset acquisition and corporate strategy (at Xstrata plc) and exploration managementPh.D in Mineral Engineering from the University of California, Berkeley and B.Eng degree in Chemical Engineering from Princeton University (USA)Previously Managing Director of Uranio Limited / Manhattan Corporation LimitedPreviously Managing Director of Uranio Limited / Manhattan Corporation Limited

Erdene TsengelbayarExec Director & COO

Investment Banking and resource valuation expertise, qualified mineral economist Over 25 years operational and management expertise natural resources in Mongolia

Kerry GriffinTechincal Director

Geologist with 18 years experience in exploration, resource development, mining geology and asset acquisition in Australia, Africa and MongoliaPrevious senior roles in Mongolia with Ivanhoe Mines and Aspire Mining

Timothy FlavelNon Exec Director and

Company Sec

Chartered Accountant with 20+ years experience in mining and accountingCurrently a Director of Voyager Resources and Copper Range and Company Secretary of Voyager Resources and Copper Range

Batochir SukhbaatarNon Exec Director

Successful Mongolian businessman and Joint Venture partner in the Selenge ProjectBrother of the current Mongolian Prime Minister Batbold Sukhbaatar

Daniel Crennan Melbourne-based barrister with Aickin Chambers, expertise in Corporations and Commercial Law

5Non Exec Director

Melbourne based barrister with Aickin Chambers, expertise in Corporations and Commercial LawCurrently a director of Castillo Copper Limited, previously on the board of Hunnu Coal

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HARANGA HAS FOUR MONGOLIAN IRON ORE PROJECTS

Proximity to transport & infrastructure is vital to infrastructure is vital to access the northern Chinese market

Selenge and Shavdal projects are close to existing iron ore export

imines

Selenge is the Company’s most advanced projectmost advanced project

All projects are targeting large magnetite deposits similar to those already mined in northern China

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Iron ore consumption/production forecast in China’s northern provinces(Million Tonnes at average ROM Northern Chinese equivalent grade: 20% Fe)

In 2010 China mined over 800Mt of iron ore average grade 19% Fe7Source: CRU Strategies

In 2010 China mined over 800Mt of iron ore, average grade 19% Fe

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STEEL MILLS IN NORTHERN CHINA

Inland steel mills of northern China are fed by domestic low grade magnetite minesMongolian magnetite concentrate is the perfect replacement for declining domestic supply

8Source: CRU Strategies

Mongolian magnetite concentrate is the perfect replacement for declining domestic supply

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MONGOLIAN IRON ORE EXPORT GROWTH

Quarterly Mongolian Iron Ore Exports to China

From practically zero in 2008, Mongolian iron ore

9Source: National Statistics Office of Mongoliaexports are now at an annualised rate of 6.5Mtpa

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IRON ORE SPOT PRICE AT QINGDAO

250

Iron ore fines price to March 2012 (US$/t, Fe 63%)*

200

250

US$148/t 150

50

100

0Nov-08 May-09 Nov-09 May-10 Nov-10 May-11 Nov-11y y y

Spot prices for iron ore in China have remained steady in 2012Price for magnetite conc at Baotou (Inner Mongolia) is approx US$140/t**

10* Source: Bloomberg** Source: SteelHome.cn, based on a 62% Fe content magnetite concentrate with S < 0.1% and SiO2 < 7% during March 2012

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LOCATION MEANS INHERENT COST ADVANTAGE

This is a sustainable long term advantage into Chinese steel mills reliant on domestic magnetite ore and poorly served by seaborne imports.

11Source: CRU Strategies

Mongolian iron ore exports will continue to grow

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THE SELENGE PROJECT LOCATION (Haranga: 80%)

Largest ground holding in Mongolia’s premier iron ore g pbelt 200km north of UB

Nearby to Eruu Gol mine (304Mt) and the Tumurtei (304Mt) and the Tumurtei (230Mt), Tumur Tolgoi (25Mt) iron ore deposits*

Eruu Gol iron ore mine:Eruu Gol iron ore mine:– Currently exporting 3 Mtpa– Planned expansion to 4.5 Mtpa

by end of 2012, and then y ,ultimately 8 Mtpa**

– CIC invested $700m to obtain ~35% of Eruu Gol in 2009***

Large project area, premium locationRelatively industrial region, well served by neaby rail infrastructure

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Sources: * Mineral Resources Authority of Mongolia Register of Mineral Deposits; Golomt Bank “Mongolia Economic Review – Dec 2010”** National Statistics Office of Mongolia; Company Presentation – Metals Mongolia Conference 2011*** Wall Street Journal – 29 Oct 2009 (CIC = China Investment Corp)

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ANALOG TO ERUU GOL – A BANDED MAGNETITE SKARN

Eruu Gol resource approx 304Mt

Located within a ‘magnetite hill’ hence low

New rail spur to the Eruu Gol Mine

Located within a magnetite hill hence low strip ratio, low mining cost

Banded magnetite skarn deposit hence i h f d l b fi i istraightforward, low cost beneficiation

Upgrading process is low capex (crushing, screening, dry magnetic separation)g, y g p )

Produces a 58-62% Fe magnetite concentrate from a feed grade of approx 35% Fe

ERUU GOL VALUATION:

Approx US$2.0 Bn based on 2009 CIC purchase (minimal

Eruu Gol iron ore mine production:– Currently exporting 3 Mtpa of concentrate– Expansion to 4.5 Mtpa end 2012

2009 CIC purchase (minimal production and no rail spur at the time)

– Ultimately 8 Mtpa Overburden Removal at Eruu Gol

Sources: Mineral Resources Authority of Mongolia Register of Mineral Deposits; Golomt Bank “Mongolia Economic Review – Dec 2010”.

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National Statistics Office of Mongolia; Company Presentation –Metals Mongolia Conference 2011.Wall Street Journal 29 Oct 2009 (CIC = China Investment Corp).

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SELENGE REGIONAL MAGNETICS

The Selenge region hosts magnetite skarn deposits formed in the structural

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corridor between volcanic intrusives to the north and granites to the south

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FOUR PRIMARY TARGETS AT SELENGE PROJECT

2011 Drilling conducted at Bayantsogt (primarily), Dund Bulag and Huiten Gol

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g y g (p y) gAll targets lie within 10km - potential for a central beneficiation plant

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DRILL PLAN MAP AT BAYANTSOGT (OVER MAGNETICS)

31 of 35 holes hit iron mineralisationB d d tit k ithi Banded magnetite skarn within a large ‘magnetite hill’Selected intersections:

• 103m at 44% Fe from 225m (BTDH 20) – includes 28m at 58% Fe

• 97m at 44% Fe from 223m (BTDH 32) ( )– includes 29m at 54% Fe

• 71m at 37% Fe from 266m (BTDH 15) – includes 12m at 50% Fe

• 20m at 47% Fe from 35m (BTDH 18)• 12m at 42% Fe from 113m (BTDH 17)• 10m at 42% Fe from 113m (BTDH 8)

Consistent iron lodes from surface, increasing in size and grade at depth

16Mineralisation open in all directions and at depth

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INITIAL RESOURCE AND CROSS SECTION AT BAYANTSOGT

Cutoff Grade(% F )

Tonnes( illi )

Average Grade(% F )

JORC Code (2004) Inferred Resource Table

(% Fe) (million) (% Fe)

15% Cutoff 32.8 24.4% Fe25% C t ff 11 4 32 4% F25% Cutoff 11.4 32.4% Fe30% Cutoff 5.3 38.5% Fe

Drilling this year to expand the resourceHigh grade zone yet to be properly drill testedtested

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BANDED MAGNETITE SKARN AT BAYANTSOGT

Silica exists primarily in separate bandsGenerally more easily beneficiated than massive magnetites

Bulk samples for metallurgical test work submitted18

Bulk samples for metallurgical test work submitted

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DRILL PLAN MAP AT DUND BULAG (OVER MAGNETICS)

Dund Bulag is the largest magnetic target, again coincident with a large ‘magnetite skarn hill’Wid i li d i l d f fWide mineralised iron lodes from surface:• 60m at 20% Fe from 10m (DBDH 1) - includes 6m at 35% Fe• 85m at 22% Fe from 121m (DBDH 1)

20m at 24% Fe from 0m (DBDH 3)19

• 20m at 24% Fe from 0m (DBDH 3)• 54m at 22% Fe from 98m (DBDH 5) - includes 6m at 31% Fe

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INTERPRETED CROSS SECTION AT DUND BULAG

Large mag target with wide iron lodeswide iron lodes

Exploration Target: 120 250Mt of ore120 – 250Mt of ore

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DRILL PLAN MAP AT HUITEN GOL (OVER MAGNETICS)

Huiten Gol is a smaller anomaly, but with high grade Fe outcrops at surface2011 t d ill di d f th hi h d i i li ti i l2011 scout drill program discovered further high grade iron mineralisation, incl:• 6m at 40% Fe from 35m (HGDH 4)• 6m at 41% Fe from 33m and 3m at 55% Fe from 146m (DBDH 5)

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Further drilling is planned for Huiten Gol during the 2012 field season

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SUMMARY AND SELENGE PLAN

China mines well over 800Mt per year of iron ore, 19% Fe averagePrimarily magnetite mines output forecast to decline in grade and tonnes→ Primarily magnetite mines - output forecast to decline in grade and tonnes

→ Massive demand, high prices for Mongolian magnetite concentrate

B (BT) d D d B l (DB) d iBayantsogt (BT) and Dund Bulag (DB) are advancing→ Initial inferred resource at BT: 33Mt at 24.4% Fe→ Exploration target of 120 – 250Mt at DB→ Exploration target of 120 250Mt at DB→ Early high grade intersections at Huiten Gol, Undur Ukhaa remains to test→ Banded magnetite skarn, potential for straightforward beneficiation at a central site

L t d t t il i f t t d th i ti E G l t i→ Located next to rail infrastructure and the existing Eruu Gol export mine

12 Month Plan for Selenge Project→ 32,000m of drilling planned this year, commencing May 2012→ Thorough met test work program initiated; prelim Scoping Study by mid 2012→ $17m in the bank

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→ $17m in the bank

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