Troy – Moving to Where the Gold isSydney Mining Club4 February 2010

Forward Looking Statements

This presentation contains certain forward-looking statements and forecasts which includewithout limitation expectations regarding future performance costs production levels orwithout limitation, expectations regarding future performance, costs, production levels orrates, reserves and resources, the financial position of Troy Resources NL (the “Company”),industry growth or other trend projections.

Although such forecasts and forward-looking statements reflect current beliefs and arebased on information currently available and assumptions believed to be reasonable there isno assurance that actual results will be consistent with such forecasts and forward-lookingstatements. A number of factors could cause actual results, performance, or achievement todiffer materially from the results expressed or implied in such forecasts and forward-lookingstatements. For a description of such factors please see the section entitled “Risk Factors”in the Company’s amended and restated preliminary prospectus dated January 10 2008in the Company s amended and restated preliminary prospectus dated January 10, 2008available under the Company’s profile at sedar.com.

Nothing in this presentation should be construed as either an offer to sell or a solicitation ofg pan offer to buy or sell securities.

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Snapshot

Growing junior gold producer with a clear growth strategy

Proven record of fast-track mine development, strategic acquisitions and exploration discoveries

No debt and no hedging

A$7 2 million exploration expenditure including over 20 000m of A$7.2 million exploration expenditure including over 20,000m of drilling.

On track to achieve its vision of becoming a profitable mid tier gold On track to achieve its vision of becoming a profitable mid-tier gold producer.

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What We Own

Gold Assets Sandstone Gold Mine - Australia Andorinhas Gold Mine - Brazil Casposo Development Project - BRAZIL

BelémAndorinhasGold Mine

Casposo Development Project Argentina

Rio de Janeiro

Belo Horizonte

Brasilia

Rio de Janeiro

Buenos Aires

San Juan

Casposo Au/Ag Deposit

Sao Paulo

Other Assets Approx A$40M cash and bullion

Deposit

Sandstone Gold Mine

Approx. A$40M cash and bullion Andorinhas, Brazil – Iron-Ore Daly River, Australia – Zinc Sandstone, Australia – Nickel JV

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Corporate Snapshot

Troy Share Price Board & Senior Management

Troy has an experienced board and executive management team committed to achieving the company’s vision of growing a profitable mid-tier gold company:gold company:

Non-Executive Directors

John Dow, Non-Executive Chairman

Gordon Chambers Non E ec ti e Director Gordon Chambers, Non-Executive Director

David Dix, Non-Executive Director

John Jones, Non-Executive Director

Robin Parish Non Executive Director Robin Parish, Non-Executive Director

Senior Management Paul Benson, CEO

Ken Nilsson, Executive Director Operations

Peter Doyle, VP Exploration & Bus. Development

D id S d CFO & C S t

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David Sadgrove, CFO & Company Secretary

Troy – Moving to Where the Gold is

A t li h b ll l d f ld Australia has been well explored for gold

Future discoveries are more likely to be low grade or deeply buried with implications for size and capital

Smaller companies are drawn to countries where more attractive deposits can be found

Investors will see the largest gains from picking the winners – both in terms of geology and management

How does Troy stack up against these criteria?

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The Introduction of New Leaching Technology Played a Significant Role in Making Low-Grade Deposits Economic

Australian Gold Ore Processed

7

8

16000000

18000000

Tonnes milled

5

6

12000000

14000000 Grade milled

4

5

80000000

10000000

Grade

 g/t

Tonn

es

2

360000000

G

120000000

40000000

7

00

Gold Price Played a Similarly Important Role

World Gold Production vs Price 1970‐2008

900

1000

80,000,000

90,000,000

World Gold Production vs Price 1970‐2008

700

800

60,000,000

70,000,000

Rest of World

500

600

40,000,000

50,000,000

USD

/oz

Oun

ces

Rest of World

China

USSR/Russia

Australia

200

300

400

20,000,000

30,000,000

, ,Canada

United States

South Africa

Gold Price USD

0

100

200

0

10,000,000

20,000,000

8

00

Initially the Increase in Gold Production Came Just From the Opening of More Small Mines

N b f O ti d G ld P d ti i A t li

g

10000000

12000000

100

120Number of Operations and Gold Production in Australia

8000000

10000000

80

100

ons

No of ops

Ounces

600000060

ounces

o of ope

ratio

2000000

4000000

20

40no

00

9

Mines have got Bigger to Compensate for Falling Grades and Increasing Capex

Average Output per Operation

g g p

200000

Average Output per Operation

150000

nnum

100000

ces pe

r an

50000

ounc

0

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Small Mines are Disappearing – this has an Impact on the Likely Returns for Investors

100%Australian Gold Production by Annual Output

p y

80%

90%

100%

60%

70%

80%

>500,000ozpa

40%

50%

60%

250,000‐500,000ozpa

100,000‐250,000ozpa

50,000‐100,000ozpa

20%

30%

<50,000ozpa

0%

10%

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Evolution of the Australian Gold Industry –Implications for Investorsp cat o s o esto s

Its hard to create value out of large low grade deposits unless you are a major

Difficult to fund for a junior

Value leakage to the banks via options and/or hedging Value leakage to the banks via options and/or hedging

Reopening old mines comes with its own risks

A move offshore requires a clear view on the country – not all developing countries are created equal!

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Issues for Offshore Operations

Political Risk Political Risk

Corruption

Fiscal Regime, Tax and Royalties

Infrastructure—power, water, transport

Land Use

Community Issues Community Issues

Have a clear view of Management and the Board

How Does Troy Measure Up?

Troy has a track record of low cost mine development and production

We focus on low-capex relatively high-grade gold deposits in jurisdictions we are comfortable operating in

− Sandstone, WA

− Sertao, Brazil

− Andorinhas, Brazil

− Casposo, Argentina

Troy has paid A$30.5M in ten consecutive fully franked cash Troy has paid A$30.5M in ten consecutive fully franked cash dividends

Troy has been operating in South America since 2002 and Troy has been operating in South America since 2002 and Casposo will be the 3rd mine we have built and operated there.

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San Juan Province Mineral Endowment, Mines & Casposo Project Accessp j

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Casposo Project Update

All major permits in place All major permits in place Site civil and earthworks commenced Tanks manufactured locally have begun arriving on sitey g g Gold processing plant held in storage in Australia was shipped to

Argentina in December 2009 Other pieces of plant purchased in Canada, Australia, Germany and

the USA Although still in the early stages of project development Troy expects Although still in the early stages of project development, Troy expects

Casposo to be: On schedule (first production September quarter 2010); and Under budget (US$41.5M capital spend to first production)

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Casposo Project – October 2009

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Cobar Plant in Transit to the Port of Newcastle – November 2010e cast e o e be 0 0

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Cobar Plant in Transit to the Port of Newcastlee cast e

19

Casposo Project – January 29, 2010

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Casposo Project – January 29, 2010Plant Leach Tanks Looking Westa t eac a s oo g est

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Casposo Project – January 29, 2010Access Road Development and Pre-Strip of Kamila Deposit

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Casposo Project – January 29, 2010Julieta Vein Looking WestJulieta Vein Looking West

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Conclusions

Troy recognised early the need to move to where the gold is

We build mines quickly, efficiently and at low costq y, y

We have two operating mines and an exciting growth prospect

W h f ll b ilt kf b l i l ll We have successfully built our workforce by employing locally

Maintained a strong balance sheet-no hedging

Developing local knowledge as a platform for expansion and further value creation

Thank youy

Appendix A

Competent Person Statement

Information of a scientific or technical nature in this report was prepared under the supervision of Peter J Doyle Vice President ExplorationInformation of a scientific or technical nature in this report was prepared under the supervision of Peter J. Doyle, Vice President Exploration and Business Development of Troy, a “qualified person” under National Instrument 43-101 – “Standards of Disclosure for Mineral Projects”, and is a member of the Australasian Institute of Mining and Metallurgy. Mr. Doyle has sufficient experience, which is relevant to the style of mineralization and type of deposit under consideration, and to the activity 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. Doyle has reviewed and approved the information contained in this report. For further information regarding the Brazil, Australia and Argentina pp p g g gprojects, including a description of Troy’s quality assurance program, quality control measures, the geology, samples collected and testing procedures in respect of the Troy’s project please refer to the technical report which are available under the Company’s profile at www.sedar.com.

Notes to preparation of Mineral Resources and Mineral Reserves for CasposoNotes to preparation of Mineral Resources and Mineral Reserves for Casposo

1. Mineral Resources are estimated using a US$1,000/oz gold price and US$15/oz silver price. An economic function that includesoperating costs, metallurgical recoveries and royalty costs has been applied.

2. Rounding as required by reporting guidelines may result in apparent differences between tonnes, grade and contained metal content.3. Tonnage and grade measurements are in metric units. Gold ounces are reported as troy ounces.4. All Mineral Reserves are reported in the Probable category5. Mineral Reserves are estimated using a gold price of US$690/oz and US11.80/oz silver price and an economic function that includes

operating costs, metallurgical recoveries and royalty costs.6. Cut-off grades for Mineral Resources were 0.8g/t gold equivalent for open pit and 2.0g/t gold equivalent for underground. Goldg g g q p p g g q g

equivalent grades for Mineral Resources were based on metal prices of US$915/oz gold and US$13/oz silver and processingrecoveries of 93.7% for gold and 80.6% for silver.

7. Cut-off grades for Mineral Reserves were 1.56g/t gold equivalent for open pit and 3.5g/t gold equivalent for underground. Goldequivalent grades for Mineral Reserves were based on metal prices of US$690/oz gold and US$11.8/oz silver and processingrecoveries of 93.7% for gold and 80.6% for silver.

8. The information regarding Mineral Reserves is drawn from the technical report entitled “NI 43-101 Technical Report, Casposo Project– Argentina” June 2009 that was filed on 11 June 2009 by Troy under its profile on SEDAR at sedar.com.

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Troy Resources NL2009 Reserve and Resource Statement

Comparison of 2008 and 2009 Reserve/Resource StatementRESOURCES BY CATEGORYRESOURCES BY CATEGORY

2008 2009 Change

TonnesGrade(g/t)

Ounces TonnesGrade(g/t)

Ounces

Measured 777 000 1 95 48 800 582 000 1 40 26 400 ‐45 9%Measured 777,000 1.95 48,800 582,000 1.40 26,400 45.9%Indicated 4,504,400 3.51 507,300 6,250,000 4.30 867,000 70.9%M&I 5,281,400 3.28 556,100 6,832,000 4.05 893,400 60.7%

Inferred 2,857,000 2.03 186,000 13,357,600 1.50 648,400 248.6%

Satellite resources at Sandstone are currently being investigated for potential to

TOTAL 8,138,400 4.97 742,100 20,189,600 3.74 1,541,800 107.8%

Satellite resources at Sandstone are currently being investigated for potential to supply

Millfeed to processing facility. Drilling at Two Mile Hill will test high grade Banded Iron Formation (BIF)Iron Formation (BIF)

Drilling and development at Mamão Underground mine at Andorinhas will target resource/reserve extensions to known mineralisation

Exploration will commence shortly at Casposo to test extensions to known vein systems and to infill gaps in current resource model

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Troy Resources NL2009 Reserve and Resource Statement

RESOURCE AND RESERVE SUMMARY In addition to gold the 2009

Category TonnesGrade(g/t)

Ounces

Gold Mineral Reserves

Proved 582,000 1.4 26,400

Reserve/Resource Statement contains significant quantities of Silver. This is contained within the Casposo deposit and will be mined and processed

Probable 2,742,000 5.8 513,100

TOTAL 3,324,000 5.0 539,500

Silver Mineral Reserves

concurrently with the gold reserves

Current mine plans have about 1moz of silver produced annually from Casposo in

Silver Mineral Reserves

Probable 1,734,000 120.0 6,695,500

TOTAL 1,734,000 120.0 6,695,500

addition to 50,000oz of gold

Gold Mineral Resources

Measured 582,000  1.4 26,400 

Indicated 6,250,000 4.3 867,000

Inferred 13,358,000 1.5 648,400

Silver Mineral Resources

Indicated 2,369,000 201.7 15,363,000

Inferred 261,000 255.1 2,141,000Inferred 261,000 255.1 2,141,000

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