Forward-Looking Statements

This presentation contains forward looking statements concerning the projects owned by Iron Road Limited. Statements concerning mining reserves andresources may also be deemed to be forward looking statements in that they involve estimates based on specific assumptions. Forward-looking statements arenot statements of historical fact and actual events and results may differ materially from those described in the forward looking statements as a result of avariety of risks, uncertainties and other factors. Forward looking statements are based on management’s beliefs, opinions and estimates as of the dates theforward looking statements are made and no obligation is assumed to update forward looking statements if these beliefs, opinions and estimates shouldchange or to reflect other future developments. Data and amounts shown in this presentation relating to capital costs, operating costs and project timelines areinternally generated best estimates only. All such information and data is currently under review as part of Iron Road Limited’s ongoing development andproject studies. Accordingly, Iron Road Limited cannot guarantee the accuracy and/or completeness of the figures or data included in the presentation until theproject studies are completed.

Competent Person’s Statements

The information in this report that relates to Exploration Results is based on and accurately reflects information compiled by Mr Larry Ingle, who is a fulltimeemployee of Iron Road Limited and a Member of the Australasian Institute of Mining and Metallurgy. Mr Ingle has sufficient experience relevant to the style ofmineralisation and the type of deposits under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Ingle consents to the inclusion in the report ofthe matters based on his information in the form and context in which it appears.

The information in this report that relates to Mineral Resources is based on and accurately reflects information compiled by Mr Iain Macfarlane and Mr AlexVirisheff, both of Coffey Mining Ltd, who are consultants and advisors to Iron Road Limited and Members of the Australasian Institute of Mining and Metallurgy.Mr Macfarlane and Mr Virisheff have sufficient experience relevant to the style of mineralisation and the type of deposits under consideration and to the activitywhich they are undertaking to qualify as Competent Persons as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results,Mineral Resources and Ore Reserves”. Mr Macfarlane and Mr Virisheff consent to the inclusion in the report of the matters based on their information in theform and context in which it appears.

Exploration Targets

It is common practice for a company to comment on and discuss its exploration in terms of target size and type. The information in this presentation relating toexploration targets should not be misunderstood or misconstrued as an estimate of Mineral Resources or Ore Reserves. Hence the terms Resource(s) orReserve(s) have not been used in this context. Any potential quantity and grade is conceptual in nature, since there has been insufficient work completed todefine them beyond exploration targets and that it is uncertain if further exploration will result in the determination of a Mineral Resource.

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DisclaimerThe Central Eyre

Iron Project

On the Home

Straight

Larry Ingle, General Manager ● 10th SA Exploration and Mining Conference ● 28th November 2013

Forward-Looking Statements

This presentation contains forward looking statements concerning the projects owned by Iron Road Limited. Statements concerning mining reserves and resourcesmay also be deemed to be forward looking statements in that they involve estimates based on specific assumptions. Forward-looking statements are notstatements of historical fact and actual events and results may differ materially from those described in the forward looking statements as a result of a variety ofrisks, uncertainties and other factors. Forward looking statements are based on management’s beliefs, opinions and estimates as of the dates the forward lookingstatements are made and no obligation is assumed to update forward looking statements if these beliefs, opinions and estimates should change or to reflect otherfuture developments. Data and amounts shown in this presentation relating to capital costs, operating costs and project timelines are internally generated bestestimates only. All such information and data is currently under review as part of Iron Road Limited’s ongoing development and project studies. Accordingly, IronRoad Limited cannot guarantee the accuracy and/or completeness of the figures or data included in the presentation until the project studies are completed.

Competent Person’s Statements

The information in this report that relates to Resources estimated for the Boo-Loo prospect is based on and accurately reflects information compiled by Mr IanMacFarlane, Coffey Mining, who is a consultant and advisor to Iron Road Limited and a Fellow of the Australasian Institute of Mining and Metallurgy. MrMacFarlane has sufficient experience relevant to the style of mineralisation and the type of deposits under consideration and to the activity which he is undertakingto qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and OreReserves”. Coffey Mining 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 in this report that relates to Resources estimated for the Murphy South – Rob Roy prospect is based on and accurately reflects informationcompiled by Ms Heather Pearce, who is a full time employee of Iron Road Limited. This estimation was peer reviewed by Dr Isobel Clark of Xstract MiningConsultants. Dr Clark has sufficient experience relevant to the style of mineralisation and the type of deposits under consideration and to the activity which she isundertaking to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources andOre Reserves”. Xstract Mining Consultants consents to the inclusion in the report of the matters based on the information in the form and context in which itappears. The information in this report that relates to exploration potential at the Central Eyre Iron Project is based on and accurately reflects information compiledby Mr Milo Res, who is a full time employee of Iron Road Limited and a Member of the Australasian Institute of Mining and Metallurgy. Mr Res has sufficientexperience relevant to the style of mineralisation and the type of deposits 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”. Mr Res consents tothe inclusion in the report of the matters based on his information in the form and context in which it appears

Exploration Potential

It is common practice for a company to comment on and discuss its exploration in terms of target size and type. The information in this presentation relating toexploration targets should not be misunderstood or misconstrued as an estimate of Mineral Resources or Ore Reserves. Hence the terms Resource(s) orReserve(s) have not been used in this context. Any potential quantity and grade is conceptual in nature, since there has been insufficient work completed to definethem beyond exploration targets and that it is uncertain if further exploration will result in the determination of a Mineral Resource.

2

Disclaimer

PhD Project - Influence of crustal architecture and reworking on iron formations of the southern Gawler Craton

Geology

Price Metasediments

Warramboo Magnetite Gneiss

Kathleen Horgan Lane

Geology

Previous understanding of geological age

Current understanding of geological age

PRICE METASEDIMENTS

~730Ma

(After Oliver & Fanning,1997).

Meeting the Vision – With High Quality Products

Expected Product Specifications

• 67% Fe concentrate, 3.3% silica, 1.9% Alumina, 0.005% Phosphorous.

• Coarse sinter feed product– Was -106µm (p80)– Now expected >-130µm (p80)

• Similar to northern domestic Chinese concentrates.

• Same product specification throughout life of production.

Resource Base

• 3.7 billion tonnes @ 16% Fe. • Production life of 20Mtpa of 67% Fe product.• Exploration potential of 8-17 billion tonnes at

an in-situ grade of 14-20% iron.*• Expected mine life of +30 years and up to

1.5-3.0Bt of shipped concentrate.

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Iron Road is studying a fully integrated iron ore

supply business, including logistics chain

* The information in this report relating to exploration targets should not be misconstrued as anestimate of Mineral Resources of Ore Reserves. Hence the terms Resource(s) or Reserve(s)have not been used in this context. The potential quantity and grade of an exploration target isconceptual in nature since there has been insufficient work completed to define the prospects asanything beyond exploration target. It is uncertain if further exploration will result in thedetermination of a Mineral Resource, in cases other than the Boo-Loo, Dolphin and MurphySouth/Rob Roy prospects.

CEIP- Definitive Feasibility Study

6

7

Mine

• Large scale conventional open cut mining- drill, blast, load, haul

• Main Pit 6.5km long, 1.2km wide, ~630m deep.• 300Mtpa material movement.• Strip ratio of ~1.1:1 (Main Pit).• 12m benches, 65-75⁰ batters.• 24m batter face (2x12m benches).• Main mobile plant- 80 x Cat 797F 360t haul trucks

9 x Cat 6090 980t face shovels25 x Atlas Copco PV271 drill rigs3 x Cat D11 dozers 8 x Cat D10 dozers5 x Cat 24H graders6 x Cat 16H graders6 x Cat 785 water trucks

• On-site crushing, grinding, magnetic & gravity separation.

• Common process, established technology.• Ore treatment throughput ~150Mtpa. • Fixed plant-

– Primary crushers: 3 x gyratory

– Primary grinding: 3 x 22MW SAG Mills

– Rougher magnetic separation: 90 x 3

– Grinding: 3 x 22MW Ball mills

– Gravity rougher & cleaner spirals: 192 x 3

– Cleaner magnetic separation: 60 x 3

– Conc. dewatering/washing: 3 x belt filters

– Tail stacking filters: 12 x belt filters

– Tail stacking systems: 2 x stackers

– Conc. Production: 20Mtpa @ 67% Fe

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View of the Karara Iron Project, WA

Processing

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• Single infrastructure corridor- rail, water & power.

• Standard gauge heavy rail- 145km mine to port, potential to connect to national network.

• Six trains per day each way (empty & full), 11.5hr cycle.

• 150 cars, 1.5km long & 11,700t product.

• Twin rotary car dumper- 660,000t stockpile at port.

• Seawater pipeline from port, small desal unit on site.

• High voltage power upgrade – serve entire district.

Infrastructure Corridor

• 1,100 hectares land parcel secured, sufficient to cater for third parties.

• 1.6km modular jetty and wharf structure.• Modular Offloading Facility (MOF) & tug

harbour.• 30Mtpa capacity at commissioning

– 20Mtpa required for CEIP• Capesize & Panamax capable.• Ship loader servicing two berths.• Cost effective expandability

– Scalable to 90Mtpa• First and only Capesize port in South

Australia.

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Cape Hardy visualisation

Port

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Modularisation

• Plant components designed to maximise modularisation opportunities.

• Full 3D laser surveys completed over proposed module transport route.

• Nominal module window- 40m high x 12m wide x 40m long.

• Modules being designed as high density process units-include lighting, piping, fixed plant, services.

• Wet pre-commissioning in module yard prior to delivery.• Provides opportunities to-

o Reduce schedule risk (front loading of SMP, E&I works and pre-commissioning).

o Overall schedule benefit.o Reduced CAPEX.o Minimize ‘footprint’

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CEIP Global Mineral Resource

Location ClassificationTonnes

(Mt)Fe(%)

SiO2(%)

Al2O3(%)

P (%)

Murphy South/Rob Roy

Measured 2,222 15.69 53.70 12.84 0.08

Indicated 474 15.6 53.7 12.8 0.08

Inferred 667 16 53 12 0.08

Boo-Loo Inferred 328 17 52 12 0.09

Total 3,691 16 53 13 0.08

CEIP Indicative Concentrate Specification – 106 micron (p80)

Iron (Fe) Silica (SiO2) Alumina (Al2O3) Phosphorous (P) LOI

67% 3.3% 1.9% 0.005% -2.6

The Murphy South/Rob Roy mineral resource estimate was carried out following the guidelines of the JORC Code (2004) by Iron Road Limited and peer

reviewed by Xstract Mining Consultants (Rob Roy). The Boo-Loo mineral resource estimate was carried out following the guidelines of the JORC Code (2004)

by Coffey Mining Ltd.

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CEIP Mineral Resource Statement