Stonehenge Metals Limited, Level 24, St Martins Tower, 44 St Georges Terrace, Perth WA 6000, www.stonehengemetals.com.au

Investor Series : Nickel Day Presentation

February 2008

Summary

• Corporate Overview• Mandiodo Nickel Project • Australian Exploration• Investment Summary

Corporate Overview

35.78%Top 20 Shareholders

$3.1mCash at Bank (Feb 08)

$26.05mMarket Cap. – Fully Diluted

$16.92mMarket Capitalisation

30 centsShare Price

86,850,000Fully diluted shares on Issue

6,125,000Unlisted Options

24,325,000Listed Options (entitlement issue)

56,400,000Shares on Issue

Code: SHEListed on ASX December 2006

Experienced BoardPaul RengelNon-Executive ChairmanFCA, BCom.

Todd HibberdManaging DirectorBSc. (Hons), MSc. Dip. Bus.MAusIMM

Warren StaudeNon-Executive DirectorBSc, MSc, MAusIMM., F Fin

Andrew ParkerNon-Executive DirectorLLB.

Bevan TarrattNon-Executive DirectorBCom.

Mandiodo Nickel Project• Operating Structure• Project Summary• Location and

Infrastructure• Geology• Resources• Metallurgy• Development Schedule• Exploration Blue Sky

Operating Structure

• Mining Services Agreement– Between exploration

permit holder and Stonehenge Indonesian subsidiary company

• Exclusive Marketing Agreement

• Transition to listed Indonesian Company

• New mining laws will allow direct ownership of permits

Project Summary• JORC Resource

– Measured and Indicated 10.4Mt @ 1.61% Ni*

– 167Kt nickel metal• Drilled to feasibility level• Ore - direct smelter feed• Shipping access (barges)• Exploration Potential

– 200-300Mt– 1.3 - 1.5% nickel– 2.6 - 4.5Mt nickel metal– =$USD 78-135 Billion

•ASX release, PT Aneka Tambang (ATM), 2006.

•The reader is cautioned that the potential quantity and grade of the Exploration Potential described is conceptual in nature, that there has been insufficient exploration to define a mineral resource and that it is uncertain if further exploration will result in the target being delineated as a mineral resource.

Location

• Indonesia• Southeast Sulawesi Mandiodo

Infrastructure• Existing resource• Coastal location• Shipping access (barges)• Local electricity, mobile

phone and internet coverage

• Local workforce• Sealed roads• Local domestic airport• Local Gov’t support• Perth time zone

Mandiodo

Regional Laterite Mines1. La Sampala-Rio Tinto

370 Mt @ 1.3% nickel2. Sorowako - Inco

322 Mt @ 1.8% nickel3. Bahodopi - Inco

180 Mt @ 1.8% nickel4. Pomalaa - Inco

150 Mt @ 1.8% nickel5. Mandiodo - Stonehenge

10.4 Mt @ 1.6% nickel and growing

5

21

43

Geology

• Ultramafic Bedrock– Underlies permits– Background grades of

0.3% Ni– Tropical weathering

concentrates nickel– Laterite blanket 10-25

metres thick– Laterite grades:

• 0.9% - 2.2% nickel

Geology - Laterite

• Extensive tropical laterite blanket– Typically 10-25 metres

thick– 0.8-1.5% Ni Limonite– 1.5-3.0% Ni Saprolite– Drill grids at:

• 50 by 50 metres• 100 by 100 metres• 200 by 200 metres

Existing Resources• Measured and Indicated

resource of:– 10.4Mt @1.6% nickel

• COG 1.8% Saprolite• COG 1.2% limonite

– 167Kt contained nickel– Massive resource increase

as cut off grade drops

• Drilled to feasibility level– Drill grid 50m,100m,200m– 400 diamond drill holes

The reader is cautioned that the potential quantity and grade of the Exploration target described is conceptual in nature, that there has been insufficient exploration to define a mineral resource and that it is uncertain if further exploration will result in the target being delineated as a mineral resource

Resource Drilling• Immediate drilling• Targeting resource

increase of:– 60-90Mt @1.3-1.5% nickel

• COG 1.0%– 0.7-1.2Mt nickel metal– $USD 21-36 Billion value

• Timeline– Drilling results by May 08– Resource Calc by June 08– Feasibility initiated July 08

The reader is cautioned that the potential quantity and grade of the Exploration target described is conceptual in nature, that there has been insufficient exploration to define a mineral resource and that it is uncertain if further exploration will result in the target being delineated as a mineral resource

Current Drilling

•45 hole program

•3 month timeframe

•Drilling in progress

Laterite Metallurgy

• Saprolite Metallurgy– Tropical laterite– Grade ~1.45%– SiO2/MgO ratio = 2– Fe content 18%

• >1.5% suitable for ferro-smelting or pig iron production

• Limonite Metallurgy– Tropical laterite– Grade ~1.3%– SiO2/MgO ratio = 2.2– Fe content 33%

•

Development Schedule• Direct shipping

– Truck to Beach– Beach to Barge– Barge to Ship– Ore is Free On Board– ~$USD 84/t (1.5%)– ~$USD 150/t (2.0%)– Y1 production 1.2 Mtpa– Y2 production 3.6 Mtpa– Y1 free cash flow $30M– Y2 free cash flow $100M

2009-11Mining start

2009Pre-stripping

Mid 09Govt Approval

Dec 08Feasibility complete

Nov 08Resource Calc

July 08Feasibility initiated

Jun 08Resource Calc

April 08Drilling results

Feb 08Drilling starts

DateTask

Exploration Blue SkyMandiodo North• Exploration target 150-300 Mt• Target grade 1.3 -1.8% nickel• 5 existing diamond drill holes

with the following grades:

2.1121m1442.0023m131.9126m281.7423m151.7127m14

GradeIntersection widthHoleThe reader is cautioned that the potential quantity and grade of the Exploration target described is conceptual in nature, that there has been insufficient exploration to define a mineral resource and that it is uncertain if further exploration will result in the target being delineated as a mineral resource

Exploration Cross Section

• Average thickness = 24 metres• Average Grade 1.87% Nickel• 1 Kilometre long section, open in all directions

26m @ 

1.9%Ophiolite bedrock

21m @ 

2.1%

27m @ 

1.7%

23m @ 

2.0%

23m@

1.7% 350mRL

450mRL

Mineralised limonite and Saprolitesurface

Drill Hole Grades1kmOpen Open

23m@

1.7%

23m @ 

2.0%

27m @ 

1.7%

26m @ 

1.9%

21m @ 

2.1%

Mandiodo Summary• JORC Resource

– Measured and Indicated 10.4Mt @ 1.61% Ni

– 167Kt nickel metal• Drilled to BFS level• Ore - direct smelter feed• Shipping access (barges)• Exploration Potential

– 200-300Mt– 1.3 - 1.5% nickel– 2.6 - 4.5Mt nickel metal– =$USD 65-110 Billion

Australian Exploration• Stonehenge Nickel

– Drilling– Geophysics

• Stonehenge Base Metals– Resource calculation

• Granville East Tin– Production commences

• Federation Tin-Zinc– Resource calculation

Location

• Australia• Northwest

Tasmania

Stonehenge Nickel– Two Avebury style

nickel targets• Stonehenge• Southwest

– Similar rocks and magnetic signatures to Avebury

– High resolution geophysics

– Currently waiting on Assay results

Stonehenge Base Metals

Sunshine Shear~125 metres long~10 metres wide

Best result:7m at:12.2% Zinc2.3% lead64 g/t silver

Tramway Shear6.5m @ 6.3% Zn, 2.9% Pb

and 41 g/t Ag

Resource Calculation underway

Granville East Tin

• Ore stockpiles of 6-7000 tonnes @ 1% Tin• Mill Refurbishment 98% complete• Refurbishment cost of $300,000• Planned Mill commissioning in March

Federation Tin-Zinc

• Modelling complete• Resource calculation underway

Investment Summary

• Mandiodo nickel project in Indonesia– Rapid resource and mine development– Direct shipping to smelters– Large exploration upside

• Australian projects– Stonehenge Nickel discovery potential– Lead-zinc-silver and tin-zinc resources– Tin production imminent

More Information

Level 24St Martins Tower44 St George Terrace, Perth,Western AustraliaP: +61 (8) 9325 4205F: +61 (8) 9218 8875www.stonehengemetals.com.au

Level 24Royal Exchange Building56 Pitt St, Sydney’AustraliaP: +61 (2) 9375 0100F: +61 (2) 9247 4844 www.novuscapital.com.auAFS Licence No. 238168

DisclaimerThe document is not a disclosure document nor does it constitute theprovision of financial product advice. No representation or warranty ismade as to the accuracy, completeness or reliability of the information.

The information is provided expressly on the basis that recipients willcarry out their own independent inquiries into the matters containedherein and make their own independent decisions about the affairs,financial position or prospects of the Company which reserves theright to update, amend or supplement any information at any time in itsabsolute discretion.

Please consult Stonehenge Metals for more detailed information.

Feb 2008