Investor Presentation – December 2012

Mount Magnet South Opportunity

• Target Au production at plus 50,000ozpa in 2013 in a strong gold market

• Substantial infrastructure in place at Kirkalocka Gold Project

• Debt financier mandated for $20m debt, $3m cost overrun and hedging facilities

• Current NPV of $75 million and IRR of 81%, revisions pending

• Competitive total production (C3) costs provide a healthy margin

• Emerging gold and copper Jumbulyer Projects provide potential:

o High grade, near surface gold to process at Kirkalocka’s processing plant

11m @ 5.3 g/t Au from 3m, 20m @ 3 g/t Au from 41m

o Evolving copper story

19m @ 1.3% Cu, 0.46 g/t Au and 4.9 g/t Ag

8m @ 1.5% Cu from surface

2012 Milestones

Completed

April 2012 - Feasibility Study

April 2012 - Kirkalocka Gold Project Ore Reserve 250,000 Oz

September 2012 - Indicated & Inferred Mineral Resource 506,000 Oz

October 2012 - Mandated financier

November 2012 - High grade gold identified at Jumbulyer Project

November 2012 - Copper anomaly identified at Jumbulyer Project

Pending in Q4 2012 to Q1 2013

Detailed engineering and design

Approvals

Improved Ore Reserve and financials

Experienced Board Includes

Reg Gillard

Non-Executive Chairman

• 30 years in corporate finance, management and governance

• Non-Executive Chairman of Perseus Mining Limited - market cap has grown from A$3.5M to A$1.0B in 7 years

• Former Chairman of Moto Goldmines Limited prior to take over by Randgold Resources Limited and Anglogold Ashanti for C$546M

• Former Chairman of Mt. Edon Gold Mines Pty Ltd prior to its takeover by Camelot Resources NL and Canada’s Teck Corporation for A$200M

Mark Pitt

Non-Executive Director

• 40 years in mine management, planning, permitting, financing and feasibility studies

• Former COO/Director for Dioro Exploration prior to takeover by Avoca Resources Ltd

• Former General Manager of Operations for Saracen Mineral Holdings (ASX gold producer with 100koz production per annum)

Patrick Flint

Non-Executive Director

• 17 years in project acquisitions, joint venture negotiations and management

• Former CFO for Moto Goldmines Limited involved in the acquisition and exploration of the Moto Gold deposits in the DRC

• Instrumental in bringing Tiger Resources Ltd’s DRC copper projects to production (current mkt. cap. A$181M)

Colin Chenu

Non-Executive Director

• 24 years as a corporate and contracts lawyer

• Partner in high profile Perth litigation practice of Bennett & Co.

Susmit Shah Company Secretary

• 25 years as a chartered accountant

• Current Director of Burey Gold and Company Secretary of several ASX/TSX cos

Experienced Project Team

Name Position Experience

Graham Howard General Manager - Project 26 yrs – underground & open pit mining

including Newcrest (Telfer and Boddington)

Craig Power OHS Corporate Consultant

(Mechanical Engineer)

35 yrs - underground & open pit mining

including BHP and Sandfire Resources

Dale Harrison Engineering and Metallurgy

Manager

22 yrs – mining industry including Wave

Engineering, Newcrest and Newmont

Roselt Crosser Mining Engineer 25 yrs – mining industry including KCGM

(The Super Pit) and Newcrest

Anthony Keers Mining Engineer

15 yrs – mining industry including Sons of

Gwalia and Gemcom

Ceirin Byrne Geotechnical Engineer 12 yrs - mining industry

Marcus Hope Geology Manager 15 yrs - underground & open pit mining

including Newcrest (Telfer and Boddington)

Amy Barker Environment & Land Access

Manager

10 yrs - mining industry including Fortescue,

ALCOA and Millennium

Tenement Status

Project # Tenements Area (km2) Status

Jumbulyer 14 20 Current

17 109 Pending

Paynes Find 2 30 Current

0 0 Pending

Kirkalocka 13 699 Current

0 0 Pending

Total 46 858

Kirkalocka

Jumbulyer

Paynes Find

276,000ozs

413,000ozs

506,000ozs

122,000ozs

305,000ozs

365,000ozs

0

100000

200000

300000

400000

500000

600000

2010

Indicated Category

+23% increase

+20% increase

Total Mineral Resource Estimate

2011 2012 2010 2011 2012

Resource Highlights

Significant increase in the Company’s total Mineral Resource Estimate year on year

Category Tonnes (Mt) Grade (g/t Au) Gold (ounces)

Indicated 9.7 1.2 365,000

Inferred 4.1 1.1 141,000

TOTAL 13.8 1.1 506,000

April 2012 FS Financial Parameters

Gold price A$1,500

(base case)

A$1,650 (base case

+10%)

A$1,350

(base case -

10%)

A$1,600

(spot price)

Net cash flow

(before tax) $66 million $100 million $31 million $88 million

NPV $48 million $75 million $19 million $66 million

IRR 55% 81% 28% 72%

Equipment Capital + Working Capital + Pre-strip of Open Pit +Cost Overrun Facility = Total $29M

A$1,650 (base case +10%)

$100 million

$75 million

81%

April 2012 Feasibility Parameters

Parameter FS Result

Ore processed - tonnes @ g/t Au1 7M tonnes @ 1.1 g/t Au

Strip Ratio 3.5 :1 Waste:Ore ratio

Average Annual throughput – oxide / primary 2.1 Mtpa / 1.6 Mtpa

Process Recovery – oxide / primary 95% / 89%

Initial capital expenditure $21.5 million

Mining Costs $19.43/t ore

Processing Costs $12.36/t ore

Administration Costs $2.29/t ore

Life of Mine (LOM) 4.75 years

Average LOM Cash Operating Cost/Oz Au (C1)2 $1,073/Oz Au

Notes: 1 The difference between the Ore Reserve and estimated processed tonnes and grade is that it is anticipated as part of the Life of Mine (LOM) plan that low grade

material will be stockpiled. The low grade material may be processed towards the end of the LOM. 2 C1 definition includes operating and administration costs, and excludes royalties.

Implementation Schedule and Catalysts

Late Q3

•Mandate financier

Decision Gate

•Robust project economics

•Favourable gold price

Q4 Detailed Project Design

•Detailed engineering design and costing

•Finance Due Diligence

•Southern infill drilling & confirmatory testwork

•Regulatory approvals

•Ore Reserve

Decision Gate

•Early Q1

•Board decision on project approval

•Regulatory approvals

•Debt finance

•Robust project economics

•Favourable gold price

Q1/Q2 Project Execution

•Long lead items

•Core Staff Recruitment

•Project Construction

•Dovetail Jumbulyer Project

Mandated Leading Global Investment Bank

Low Capital Expenditure Requirements

Top Global Investment Bank mandated to provide:

• Loan facility up to A$20,000,000

• Cost overrun facility $A3,000,000

• AUD gold hedging facility

o Subject to standard conditions for financing including:

Due diligence

Facility documentation

Satisfactory resolution of legal claim against company

11

Major Kirkalocka Project Approvals

Low Licensing and Permitting Risk

Previously Operating Mine

• Equigold processed gold at Kirkalocka until August of 2008

Approved Licences and Permits

• Project Management Plan Treatment Plant Construction

• Vegetation Clearing Permit

• Works Approval for Uplift of Tailings Storage Facility

• Prescribed Premise Licence

Pending (submitted) Licenses and Permits

• Project Management Plan to Operate

• Mining Proposal and Mine Closure Plan

• Groundwater Abstraction License – Pit Dewatering

13

Revised Ore Reserve – Q4 2012/Q1 2013

• Geotechnical diamond drilling campaign completed in October 2012.

• Resource infill RC drilling program completed in November 2012

• New resource and design parameters to be included in revised Ore Reserve

and financials expected by Q1 2013

Current Ore Reserve

Proposed Mine Design

NORTH

SOUTH

Stage 2

Stage 4

Stage 1

Stage 3

Site Infrastructure

Waste Land Form

Tailings Storage Facility

Camp

Treatment Plant

Air strip

North

Great Northern Highway

Pit

1 km

Detailed Engineering

1

2

3

1. Secondary crusher

2. Mill de-bottlenecking

3. Tertiary crusher location

Jumbulyer Project

Background

• Emerging project with significant gold and copper potential.

• 15km southwest of the town of Mount Magnet

• Under explored tenements largely held by individual prospectors

• Target small volume high grade, near surface feed to dovetail with KGP

Exploration strategy

Desktop research identified substantial historical information not previously

utilised in target generation

Systematic mapping and sampling identified a series of drill targets as the

basis of the successful November 2012 Stage 1 drill campaign.

Jumbulyer Drill Program 2012

NORTH

• Stage 1 November drilling targeted

mineralisation potential at Daveys, Foothills

and Pantomine Prospects

• Daveys program:

o 11m @ 5.3 g/t Au from 3m

o 19m @ 1.4 g/t Au from 9m, including;

• 6m @ 3.4 g/t Au from 12m

o 12m @ 1.8 g/t Au from surface, including;

• 3m @2.5 g/t Au from surface and

• 4m @ 2.8 g/t Au from 7m

• Foothills program:

o 20m @ 3 g/t Au from 41m

o 10m @ 1.1 g/t Au from 12m

Daveys Prospect

NORTH

Foothills Prospect

16m@6.67 g/t Au including

2m@28.7 g/t Au 10m@3.38 g/t Au

7m@2.44 g/t Au

Copper Potential in Foothills Prospect

• No previous Cu exploration

• Field mapping and sampling define

650m x 500m copper anomaly

within the Foothills Prospect

• Resampling and analysis of

historical drill hole yields:

o From surface 8m @ 1.5% Cu

(above a 0.1% Cu cut-off)

o Including 4m @ 2.8 % Cu

(above a 0.5% Cu Cut-off)

• November 2012 RC drill hole

returned:

o 19m @ 1.3% Cu (above a 0.1%

Cu cut-off), 0.46 g/t Au and 4.9

g/t Ag

Capital Structure

22

Ordinary shares on issue 493,020,816

Listed Options

Excercisable at $0.07 expiring 31 August 2014 42,479,275

Unlisted Options

Exercisable at $0.06 expiring 31 December 2012 1,500,000

Exercisable at $0.09 expiring 31 October 2013 6,000,000

Exercisable at $0.05 expiring 31 August 2014 10,000,000

Performance Shares 19,899,998

Convertible Notes

$1.0M convertible at $0.10 10,000,000

$0.5M convertible at $0.045 11,111,111

Fully Diluted Shares 594,011,200

0

500,000

1,000,000

1,500,000

2,000,000

2,500,000

3,000,000

3,500,000

4,000,000

4,500,000

0

0.01

0.02

0.03

0.04

0.05

0.06

0.07

0.08

0.09

0.1

Nov-11 Feb-12 May-12 Aug-12 Nov-12

Vo

lum

e

Sh

are

Pri

ce

(A

$)

Disclaimer and Forward Looking Statements

23

This presentation has been prepared by Mount Magnet South NL (“MMS” or the “Company”). This document contains background information about MMS

current at the date of this presentation. The presentation is in summary form and does not purport to be all inclusive or complete. Recipients should

conduct their own investigations and perform their own analysis in order to satisfy themselves as to the accuracy and completeness of the information,

statements and opinions contained in this presentation.

This presentation is for information purposes only. Neither this presentation nor the information contained in it constitutes an offer, invitation, solicitation or

recommendation in relation to the purchase or sale of shares in any jurisdiction.

This presentation may not be distributed in any jurisdiction except in accordance with the legal requirements applicable in such jurisdiction. Recipients

should inform themselves of the restrictions that apply in their own jurisdiction. A failure to do so may result in a violation of securities laws in such

jurisdiction.

This presentation does not constitutes investment advice and has been prepared without taking into account the recipient’s investment objectives,

financial circumstances or particular needs and the opinions and recommendations in this presentation are not intended to represent recommendations of

particular investments to particular persons. Recipients should seek professional advice when deciding if an investment is appropriate. All securities

transactions involve risks, which include (among others) the risk of adverse or unanticipated market, financial or political developments.

To the fullest extent permitted by law, MMS, its officers, employees, agents and advisers do not make any representation or warranty, express or implied,

as to the currency, accuracy, reliability or completeness of any information, statements, opinions, estimates, forecasts or other representations contained

in this presentation. No responsibility for any errors or omissions from this presentation arising out of negligence or otherwise is accepted.

Certain statements made during or in connection with this presentation contain or comprise certain forward-looking statements regarding MMS’s Mineral

Resources and Reserves, exploration operations, project development operations, production rates, life of mine, projected cash flow, capital expenditure,

operating costs and other economic performance and financial condition as well as general market outlook. Although MMS believes that the expectations

reflected in such forward-looking statements are reasonable, such expectations are only predictions and are subject to inherent risks and uncertainties

which could cause actual values, results, performance or achievements to differ materially from those expressed, implied or projected in any forward

looking statements and no assurance can be given that such expectations will prove to have been correct. Accordingly, results could differ materially from

those set out in the forward-looking statements as a result of, among other factors, changes in economic and market conditions, delays or changes in

project development, success of business and operating initiatives, changes in the regulatory environment and other government actions, fluctuations in

metals prices and exchange rates and business and operational risk management. Except for statutory liability which cannot be excluded, each of MMS,

its officers, employees and advisors expressly disclaim any responsibility for the accuracy or completeness of the material contained in this statement and

excludes all liability whatsoever (including in negligence) for any loss or damage which may be suffered by any person as a consequence of any

information in this statement or any error or omission. MMS undertakes no obligation to update publicly or release any revisions to these forward-looking

statements to reflect events or circumstances after today’s date or to reflect the occurrence of unanticipated events other than required by the

Corporations Act and ASX Listing Rules. Accordingly, you should not place undue reliance on any forward-looking statements.

Competent Persons statement

The optimisation, mine design and Ore Reseve reporting was completed by Anthony Keers (CP)

MAusIMM and Roselt Croeser MAusIMM, who are directors of Auralia Mining Consultants. Anthony

Keers and Roselt Croeser have sufficient experience that is relevant to the style of mineralisation, type

of deposit under consideration and to the activity being undertaken to qualify as Competent Persons

as defined in the 2004 edition of the Australasian Code for Reporting of Exploration, Results, Mineral

Resource and Ore Reserves (JORC, 2004). Anthony Keers and Roselt Croeser consent to the

inclusion in this report of the matters based on the information in the form and context that the

information appears.

The information including Ore Reserve database compilation, project parameters and costs were

completed under the overall supervision and direction of Graham Howard MAusIMM, who is a full time

employee of Mount Magnet South NL. Graham Howard has sufficient experience that is relevant to the

style of mineralisation, type of deposit under consideration and to the activity being undertaken to

qualify as a Competent Person as defined in the 2004 edition of the Australasian Code for Reporting

of Exploration, Results, Mineral Resource and Ore Reserves (JORC, 2004). Graham Howard

consents to the inclusion in this report of the matters based on the information in the form and context

in which it appears.

Rounding, conforming to the JORC Code, may cause some computation discrepancies.

Competent Persons statement

• Competent Persons Statement Mineral Resource

• The estimation, depletion and reporting was completed by Lynn Olssen MAusIMM (CP) who is a full-time employee of Snowden Mining Industry Consultants. Lynn Olssen has sufficient experience that is relevant to the style of mineralisation, type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2004 edition of the Australasian Code for Reporting of Exploration, Results, Mineral Resource and Ore Reserves (JORC, 2004). Lynn Olssen consents to the inclusion in this report of the matters based on the information in the form and context that the information appears.

• The information including database compilation, geological interpretation and mineralisation wireframing were completed under the overall supervision and direction of Graham Howard, MAusIMM, who is a full time employee of Mount Magnet South NL. Graham Howard has sufficient experience that is relevant to the style of mineralisation, type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2004 edition of the Australasian Code for Reporting of Exploration, Results, Mineral Resource and Ore Reserves (JORC, 2004). Graham Howard consents to the inclusion in this report of the matters based on the information in the form and context in which it appears.

• Rounding, conforming to the JORC Code, may cause some computation discrepancies.

Competent Persons statement

• Competent Person’s Statements – Exploration Results

• The information in this report that relates to exploration results is based on information compiled by Graham Howard, MAusIMM, who is a full time employee of Mount Magnet South NL. Graham Howard has sufficient experience that is relevant to the style of mineralisation, type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2004 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resource and Ore Reserves (JORC, 2004). Graham Howard consents to the inclusion in this report of the matters based on the information in the form and context in which it appears.

Existing Kirkalocka Infrastructure

Crushing circuit

3.6 MW power house

Existing Kirkalocka Infrastructure

1.4 MW SAG mill

Leach tanks

Existing Kirkalocka Infrastructure

110 room camp

1800 meter airstrip and tailings

storage facility