TERRAMIN AUSTRALIA LIMITEDTERRAMIN AUSTRALIA LIMITED

Angas Zinc Mine18 months onBob Singer – SA Explorers’ Conference 27 November 2009

Important informationImportant information

The information in this presentation is designed as an aid to a spoken explanation. It is not to be considered without that explanation. It is not intended to guide any investment decisions in Terramin Australia Ltd.intended to guide any investment decisions in Terramin Australia Ltd.

The information is intended as a guide to the potential of Terramin’s projects but is not predictive. Consideration of the technical and financial factors requires skilled analysis and understanding of the contextfactors requires skilled analysis and understanding of the context.

The information in this report that relates to Exploration Results and Mineral Resources is based on information compiled by Mr. Robert Singer. Mr Singer is a Member of The Australasian Institute of Mining and Metallurgy. Mr Singer is Chief Geologist and a full time employee of Terramin A t li Li it d H h ffi i t i hi h i l t t th t l f i li ti d t f d it d id ti d t thAustralia Limited. He has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting Exploration Results, Mineral Resources or Ore Reserves’. Mr. Singer consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

TERRAMIN AUSTRALIA LIMITED 27 November 2009 SLIDE No. 2

Outline of talkOutline of talk

Introduction Update on Angas Mine Update on Angas Mine What have we learnt? Stepping out Stepping out

TERRAMIN AUSTRALIA LIMITED 27 November 2009 SLIDE No. 3

Company fast factsCompany fast facts

Cash at Bank AUD25 millionDebt facility (Investec Bank) – fully drawn AUD23 millionPublic company - ASX listed

No of Shareholders 4,290Shares on issue 158 millionCommercial convertible notes AUD5.0 M

Strategic holdings:Institutions (Australian & international) 40 M sharesStrategic partners and board 40 M sharesStrategic partner convertible notes* USD30.5 M*These notes are convertible or redeemable at market by Terramin any time in 5 year term

Market Capitalisation (at share price of $0.80) ~AUD127M

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TERRAMIN AUSTRALIA LIMITED 27 November 2009 SLIDE No. 4

Angas MineAngas Mine

60 km from Adelaide Australia’s first mining

b lt ( 1845)belt (c1845) Company tenements

total 1,160km2, Angas: new discovery 1991 Mining Lease grant August 2006 MARP approved March 2007 Construction from June 2007 Milling from August 2008Milling from August 2008

Fast (but not always smooth) path to production

TERRAMIN AUSTRALIA LIMITED 27 November 2009 SLIDE No. 5

TERRAMIN AUSTRALIA LIMITED 27 November 2009 SLIDE No. 6

Angas – low operating cost attributesAngas low operating cost attributes

shallow virgin ore body grid power- low fixed price

coarse grind

precious metals credit

no fly-in fly-out

local equipment support services

TERRAMIN AUSTRALIA LIMITED 27 November 2009 SLIDE No. 7

Angas Mine – Progress to dateAngas Mine – Progress to date

Decline at -180m Decline at 180m Development on

six levels Eight stopes

completed Good

reconciliation

TERRAMIN AUSTRALIA LIMITED 27 November 2009 SLIDE No. 8

Ramp up to full productionRamp up to full production

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Q3 2008 Q4 2008 Q1 2009 Q2 2009 Q3 2009 Q4 20090

Tonnes Pb conc Zn conc

TERRAMIN AUSTRALIA LIMITED 27 November 2009 SLIDE No. 9

Tonnes Pb conc Zn conc

Building on a year of progressBuilding on a year of progress

Angas mine completes first 16 months of Angas mine completes first 16 months of production production on forecast

d bt t t d debt restructured optimisation initiatives implemented EBITDA forecast $54m over next two yearsy

The next step? –Mill expansion to increase throughput and accelerate cash flow

TERRAMIN AUSTRALIA LIMITED 27 November 2009 SLIDE No. 10

Fleurieu Project

Refocus on exploration Mapping and structural modelling at Angas Additions to database

700 drill holes (North, Aberfoyle) 4,000 surface samples (triple previous) Further BHP and CRA data to upload.

Developing new exploration model

TERRAMIN AUSTRALIA LIMITED 27 November 2009 SLIDE No. 11

Fleurieu Project

Three prong strategyA N Mi Angas Near Mine Incorporate structural model

W lk di t i t d ill t t Walk up district drill targets Old mines

S ti f li h i Supporting surface sampling or geophysics

Regional and DistrictF ll i ti t Follow up existing prospects

Geophysics and geochemistryGenerate new targets

TERRAMIN AUSTRALIA LIMITED 27 November 2009 SLIDE No. 12

Generate new targets

Angas mapping

Anastomosing system Anastomosing system HW and Garwood not separate shears but part of this system

Mineralisation in north east striking shear Mineralisation in north east striking shear Re-oriented into reverse shears (340)

Gi t l ti l h l Gives current lenticular morphology Thickening of ore controlled by anastomosing links

G t h t b li it d b h Garnet host may be limited by shears

TERRAMIN AUSTRALIA LIMITED 27 November 2009 SLIDE No. 13

Angas Mapping140 L l- 140 Level

GarwoodRankine

Hanging Wall

NNNN

TERRAMIN AUSTRALIA LIMITED 27 November 2009 SLIDE No. 14

Angas Mapping140 L l- 140 Level

TERRAMIN AUSTRALIA LIMITED 27 November 2009 SLIDE No. 15

Angas Mapping140 L l R ki N th- 140 Level Rankine North

TERRAMIN AUSTRALIA LIMITED 27 November 2009 SLIDE No. 16

Angas MineAngas Mine -Near Mine potential

TERRAMIN AUSTRALIA LIMITED 27 November 2009 SLIDE No. 17

Angas MineAngas Mine -Near Mine potential

TERRAMIN AUSTRALIA LIMITED 27 November 2009 SLIDE No. 18

Fleurieu Project

PREAMIMMA MINE

BREMER MINE

KANMANTOO MINE

TERRAMIN AUSTRALIA LIMITED 27 November 2009 SLIDE No. 19

ANGAS ZINC MINE

Fleurieu Project

MonartoMonartoMonartoMonarto

DistrictDistrict

PreamimmaPreamimma

DistrictDistrict

Warla DistrictWarla District

Brinkley DistrictBrinkley DistrictHarriet HillHarriet Hill

StrathalbynStrathalbyn

DistrictDistrict

DistrictDistrict

TERRAMIN AUSTRALIA LIMITED 27 November 2009 SLIDE No. 20

Monarto - Preamimma District

MonartoMonarto

PreamimmaPreamimma

DistrictDistrict

DistrictDistrict

TERRAMIN AUSTRALIA LIMITED 27 November 2009 SLIDE No. 21

Preamimma exploration

SoilsSoilsSoilsSoils131ppb Au 131ppb Au 1,717ppm As 1,717ppm As

Rock Chips up toRock Chips up to2.7g/t Au 2.7g/t Au

ChargeableChargeableIP featureIP feature

N

Underground sample Underground sample A 9 0 /tA 9 0 /t

Historic WorkingsHistoric Workings

TERRAMIN AUSTRALIA LIMITED 27 November 2009 SLIDE No. 22

Au 9.0 g/tAu 9.0 g/t

Preamimma exploration

TERRAMIN AUSTRALIA LIMITED 27 November 2009 SLIDE No. 23

Fleurieu Project

TERRAMIN AUSTRALIA LIMITED 27 November 2009 SLIDE No. 24

Fleurieu Project

TERRAMIN AUSTRALIA LIMITED 27 November 2009 SLIDE No. 25

TERRAMIN AUSTRALIA LIMITEDTERRAMIN AUSTRALIA LIMITED

Angas Zinc Mine18 months onBob Singer – SA Explorers’ Conference 27 November 2009