The Aquila Group

Credit Suisse 2008 Global Steel and Mining Conference

September 2008

Disclaimer and Warning

! No representation or liability: No representation or warranty is made as to the fairness, currency, accuracy, completeness, reliability or reasonableness of this presentation, or any opinions, conclusions and forward-looking statements it contains or any other information which Aquila provides to you (whether in this presentation or otherwise). Except to the extent required by law, Aquila Resources Limited (�Aquila�) does not undertake to advise any person of any information coming to its attention (including, without limitation, correcting or updating information) relating to the financial condition, status or affairs of Aquila or its related bodies corporate.

! To the maximum extent permitted by law, Aquila and its related bodies corporate and officers, employees and advisers are not liable for any loss or damage (including, without limitation, any direct, indirect or consequential loss or damage) suffered by any person directly or indirectly as a result of relying on this presentation or otherwise in connection with it.

! Forward-looking statements: This presentation is heavily dependent on forecasts, projections or forward-looking statements (together the �Forward-looking Statements�). No representation or warranty is given as to the accuracy, completeness, reliability, financial feasibility, likelihood of achievement or reasonableness of any Forward-looking Statements contained in the presentation. Forward-looking Statements are by their nature subject to significant uncertainties and contingencies and no representation is made that any Forward-looking Statements will come to pass.

! Seek your own independent advice: Do not rely on this presentation to make an investment decision. This presentation has been prepared without consideration of your objectives and needs (including, without limitation, the need if any for the information to be accurate, reasonable, complete or reliable) and financial situation. You should make your own independent assessment of the information in the presentation and seek your own independent professional financial, taxation and legal advice in relation to the information and before taking any action in relation to any matter contained in the presentation.

! Not an offer: This presentation is not intended to be an offer for subscription, invitation, solicitation or recommendation with respect to securities in Aquila in any jurisdiction. Without limiting the foregoing, this presentation is not intended as an offer, invitation, solicitation or recommendation with respect to the purchase or sale of any security in the United States, United Kingdom or Australia or to any person to whom it is unlawful to make such an offer, invitation, solicitation or recommendation. No shares or other securities in Aquila have been nor will be registered under the US Securities Act.

! This presentation does not constitute an advertisement for an offer or proposed offer of securities. It is not intended to induce any person to engage in, or refrain from engaging in, any transaction.

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Demerging � Extracting Value From Strong �Pipeline of Projects�

Bowen BasinCoal Projects

(Qld)

PRE-FEASIBILITY STUDY

Aquila Resources LimitedAquila Exploration Limited

Asenjo EnergyCoal Project(Botswana)

WaterbergCoal Projects(South Africa)

Red HillCoal Project

(Qld)

WashpoolCoal Project

(Qld)

Isaac PlainsCoal Mine

(Qld)

BelvedereCoal Project

(Qld)

Eagle DownsCoal Project

(Qld)Northern CapeManganese Project

(South Africa)

Northern CapeIron Ore Project(South Africa)

ThabazimbiIron Ore Project(South Africa)

West PilbaraIron Ore Project

(WA)

~ AUD20mlnCash

~ AUD200mlnCash and Liquid

Investments

PilbaraOther Minerals

(WA)

EXPLORATION FEASIBILITY STUDYSCOPING STUDY PRODUCTION

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Aquila Resources - Isaac Plains Coal Mine

" Aquila Resources Limited � 50%" JORC(1) Resources and Reserves

ROM Resources (million tonnes)Deposit Measured Indicated Inferred TotalIsaac Plains North 31.6 6.9 13.7 52.2Isaac Plains South - 56.1 31.7 87.8Total 31.6 63.0 45.5 140.0

ROM Reserves (million tonnes)Deposit Proven Probable TotalIsaac Plains North 26.0 2.0 28.0Isaac Plains South - 37.5 37.5Total 26.0 39.5 65.5

" Coal quality - 75% Metallurgical- 25% Thermal

" +17yrs mine life ramping up to 3.6Mtpa ROM to produce 2.8Mtpa product by 2010

" Production ramps up as Isaac Plains South commences and additional port capacity is supplied at Dalrymple Bay Coal Terminal

" Attributable EBITDA of around A$110 - A$120m expected in 2009

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5

Aquila Resources - Eagle Downs Coal Project

" Aquila Resources Limited � 50%

" Project located adjacent to and down dip of BMA�s Peak Downs

" JORC(2) ResourceROM Resources (million tonnes)

Seam Indicated Inferred TotalQ 14 70 84Harrow Creek Upper 40 120 160Harrow Creek Lower 90 240 330Dysart 46 160 206Total 190 590 780

" Coal quality � Hard coking coal

" Pre-Feasibility Study Results" CAPEX for initial development

and one longwall A$892 million

" OPEX A$72 per tonne FOB

" Port capacity of 4Mtpa secured at Abbot Point

" Second longwall timing subject to additional port allocation

" Project EBITDA of around A$900m expected at 4Mtpa

Aquila Resources - Belvedere Coal Project

" Aquila Resources Limited � 24.5%

" JORC(3) Resources

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" Coal quality � low vol hard coking coal, low phos, sulphur and ash with good yields 80%-90%

" Vale holds an option to acquire balance of the project at fair market value after Pre-Feasibility Study

" Pre-Feasibility commenced based on 2 longwalls producing up to 7Mtpa from C and D Seams with potential production to 9Mtpa

" Port capacity applied for at Wiggins Island for 9 million tonnes

" Mine life � 40+ years

ROM Resources (million tonnes)

Indicated Inferred Total

All seams 1,526 2,340 3,866

Aquila Exploration - Red Hill Coal Project

" Aquila Exploration Limited � 100%

" PCI and thermal product

" Initial Coal Resource (6)

" Underground project with an open cut entry

" Concept study complete by Q3 2008

Scope:" Mining and processing at 2Mtpa

" Infrastructure

" Market assessment

" Port capacity secured from Abbot Point for 2 million tonnes

" Equity partner participation by Q2 2009

0

0.5

1

1.5

2

2.5

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

ROM Resources (million tonnes)Seam InferredLeichhardt Upper 38.3Vermont 36.7Total 75.0

Estimated Production(Mtpa) � 100% basis

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Aquila Exploration - Washpool Coal Project

0

0.5

1

1.5

2

2.5

3

3.5

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

" Aquila Exploration Limited � 100%

" Coking coal and thermal product

" Open cut with 60m maximum depth of cover to coal

" Initial Coal Resource (5)

ROM Resources (million tonnes)

Indicated Inferred Total

All seams 33.8 104.3 138.1

Estimated Production(Mtpa) � 100% basis

" Concept study to be completed by Q3 2008

Scope:" Mining and processing at 4Mtpa" Market assessment" MDL application lodged

" Port capacity applied for at Wiggins Island for 4 million tonnes

" Equity partner participation by Q2 20098

Aquila�s Port Capacity Profile

Dalrymple Bay Port Capacity

020

4060

80100120

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020Mill

ion

Tonn

es p

er A

nnum

Current Capacity Additional Capacity

Aquila Project Production*(100% Basis)

0

510

1520

25

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020Mill

ion

Tonn

es p

er A

nnum

Issac Plains Eagle Downs Red Hill Washpool Belvedere

Abbot Point Port Capacity

020406080

100120

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020Mill

ion

Tonn

es p

er A

nnum

Current Capacity Additional Capacity

Proposed Wiggins Island Port Capacity

0

20

40

60

80

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020Mill

ion

Tonn

es p

er A

nnum

Current Capacity Additional Capacity

* Assumes all necessary Statutory and Joint Venture approvals, port allocations secured and the Belvedere option is not exercised by Vale

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Implied Valuation of Aquila�s Coal Assets

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MacArthur Coal

Valuation Metric MacArthur Coal ($20/share) Implied Valuation

EV / M&I Resources A$7.38 A$4,101m

EV / M&I&I Resources A$3.77 A$6,031m

Notes:Attributable M&I Resources = 579mt, Attributable M&I&I Resources = 1,132mtSource: Company filings, broker reports, Data as at 24 July 2008

New Saraji Coal

Valuation Metric New Saraji Implied Valuation

EV / M&I Resources A$15.71 A$8,731m

EV / M&I&I Resources A$3.55 A$5,662m

Notes:New Saraji Assumptions: Acquisition Price = A$2.45bn, Attributable M&I Resources = 156mt, Attributable M&I&I Resources = 690mtSource: Company filings, Data as at 24 July 2008

Fording Coal

Valuation Metric FCCT Implied Valuation

EV / M&I Resources A$4.94 A$2,745m

EV / M&I&I Resources A$3.00 A$4,785m

Notes:Attributable M&I Resources = 2,985mt, Attributable M&I&I Resources = 4,483mtSource: Company filings, broker reports, Data as at 28 July 2008

Whitehaven Narrabri *

Valuation Metric Narrabri Implied Valuation

EV / M&I Resources A$5.72 A$3,179m

EV / M&I&I Resources A$3.96 A$6,316m

Notes:M&I Resources = 303.2mt, M&I&I Resources = 438.2mt* Thermal resourcesSource: Company filings, broker reports, Data as at 04 Aug 2008

Aquila Exploration � Australian Coal Tenements" Scoping Study Phase

" Red Hill" Washpool

" Exploration Phase" Mt Crocker" Wilpeena" Speculation Creek" Duaringa" Walton" Bowen River" Adler Downs" Springvale" Dawson Vale" Box Creek" Bendoba" Cornwell" Forest Vale

" Under Application" Blenheim" Blenheim Extension" Stragglers

" Total" 7,540km2

" 290km2 � Under Application11

Aquila Resources - West Pilbara Iron Ore Project

" 30+Mtpa operation via its 50% interest in the API JV

" JORC(4) Resources of 493 million tonnes

Channel Iron Deposit Resources

Classification Tonnes Mt

Fe%

SiO2%

Al2O3%

P%

LOI%

Measured 56.1 58.17 5.49 3.16 0.080 7.60

Indicated 241.9 56.74 5.96 3.60 0.068 8.63

Inferred 131.8 56.51 5.77 3.60 0.068 9.17

Total 429.8 56.86 5.84 3.54 0.070 8.66

Bedded Iron Deposit Resources

Classification Tonnes Mt

Fe%

SiO2%

Al2O3%

P%

LOI%

Indicated 19.8 61.24 3.66 2.66 0.128 5.69Inferred 43.1 61.38 3.82 2.44 0.123 5.56Total 62.9 61.33 3.77 2.51 0.125 5.60

" Pre-Feasibility Study Results" Cape Preston deep water port preferred " CAPEX for 25Mtpa case estimated to

be A$4.15 billion including EPCM, contingency and Owners� costs

" OPEX around A$16 per tonne12

West Pilbara Iron Ore Project � Stage 1 PFS Costs

Capital Expenditure

" Approximately A$1.8 billion of rail and port infrastructure capable of low cost incremental expansion

" Opportunity to share rail and port infrastructure through joint development, third party use and increased throughput

Area Capital Cost (A$M)

Mine Processing and Infrastructure 822Railway and Rolling Stock 865Port Processing, Materials Handling, Jetty & Wharf, Dredging and Ancillaries 1,328Total Direct Costs 3,015EPCM 452Contingency 594Owners� Costs 90Total Costs 4,151

Area Operating Cost (A$ per tonne)

Mining & Processing 9.05Rail 2.42Port Processing & Handling 4.00Administration & Marketing 0.63Total Operating Costs 16.10

Operating Expenditure

" Operating costs estimated to be in the lowest quartile

" EBITDA of approximately A$1.55 billion expected at 30Mtpa

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West Pilbara Iron Ore Project � Stage Two

" Buried and exposed CIDs identified

" Gravity surveys completed to define channel limits and minimise drilling required on buried CIDs

" Five drilling targets for Marra Mamba ore identified

" Strong potential exists to extend project life

" Infrastructure expansion would require a rail spur ~ 100km

0

10

20

30

40

50

60

2009 2010 2011 2012 2013 2014 2015 2016 2017

Stage 1 Stage 2

Estimated Production(Mtpa) � 100% basis

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Aquila Exploration - Other Projects

Botswana

" Asenjo Energy

South Africa" Iron Ore - Thabazimbi

- Northern Cape

" Manganese - Northern Cape

" Coal - Waterberg

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Competency Statements

(1) The information in this announcement that relates to the Reserves Statement for the Integrated Isaac Plains Project has been based on information prepared by Mr Mark Bowater and Mr Richard Hoskings. Mr Bowater is the Director of MB Mining Consultants Pty Ltd. Mark has a Bachelor in Civil Engineering from Queensland University of Technology and a Bachelor in Business from University of Southern Queensland. Mark has over 16 years experience in the open cut mining industry, including 14 years in Queensland coal. Mark has substantial experience in mining operations financial evaluations, including previously conducted reserves statements. Mark is a Member of the Australasian Institute of Mining and Metallurgy and as such qualifies as a Competent Person under the JORC Code. Mr Hoskings has a degree in mining engineering from the University of Queensland and a Master of Science in Mineral Production Management from London University. Richard is a Fellow of the Australasian Institute of Mining and Metallurgy and a member of the Mineral Industry Consultants Association and qualifies as a Competent Person under the JORC Code.

None of the following entities has any material interest or entitlement, direct or indirect, in the securities of Isaac Plains or any associated companies: Mark Bowater; MB Mining Consultants Pty Ltd; Richard Hoskings; Hoskings Resource Management. Fees for the preparation of this report are on a time and materials basis only. Mr Bowater and Mr Hosking consent to the inclusion in the reserves update of the matters based on their information in the form and context in which it appears.

(2) The information in this announcement that relates to the Eagle Downs Resource Statement has been based on information compiled by Mr Graeme Hewitt and Mr Mal Blaik who are members of the Australian Institute of Mining and Metallurgy. Mr Hewitt is a full time employee of Vale Australia and is seconded to the Bowen Central Coal Joint Venture to manage the exploration and evaluation of a series of project interests held by Aquila Resources Limited and Vale Australia. Mr Hewitt is a qualified Geologist (BSc (Hons) University of NSW, MBA (University of Queensland) and a Fellow of the Australasian Institute of Mining and Metallurgy and as such qualifies as a Competent Person under the JORC Code. Mr Hewitt holds shares in Aquila Resources Ltd. Mr Blaik is a Principal Consultant of JB Mining Services Pty Ltd. Mr Blaik is a qualified geologist (BSc App Geol (Hons) University of QLD, 1979) and is a member of the Australasian Institute of Mining and Metallurgy and as such qualifies as a Competent Person under the JORC Code. Mr Hewitt and Mr Blaik consent to the inclusion in the resource report of the matters based on their information in the form and context in which it appears.

(3) The estimates of Coal Resources for the Belvedere Coal Project presented in this announcement have been carried out in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code), 2004, prepared by the Joint Ore Reserves Committee of The Australasian Institute of Mining and Metallurgy (AusIMM) and The Australasian Institute of Geoscientists and Minerals Council of Australia, December 2004. The information in this announcement that relates to Belvedere Coal Resources, is based on information reviewed by Mr Pat Hanna, who is a Fellow of The AusIMM and is a full time employee of SRK. Mr Hanna 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 JORC Code. Mr Hanna consents to the inclusion in the announcement of the matters based on this information in the form and context in which it appears.

(4) The information in this announcement that relates to Mineral Resources is based on information compiled by Mr Stuart H Tuckey, Dr Sia Khosrowshahi and Mr Jani Kalla who are members of the Australian Institute of Mining and Metallurgy. Mr Tuckey is full-time employee of the Company. Dr Khosrowshahi and Mr Kalla are employees of Golder Associates Pty Ltd. Messers Tuckey, Khosrowshahi and Kalla have sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as Competent Persons as defined in the 2004 Edition of the �Australasian Code of Reporting of Exploration Results, Mineral Resources and Ore Reserves�. Mr Tuckey. Dr Khosrowshahi and Mr Kalla consent to the inclusion in the report of the matters based on their information in the form and context in which it appears.

(5) The estimates of Coal Resources for the Washpool Project presented in this announcement have been carried out in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code), 2004, prepared by the Joint Ore Reserves Committee of The Australasian Institute of Mining and Metallurgy (AusIMM) and The Australasian Institute of Geoscientists and Minerals Council of Australia, December 2004. The information in this announcement that relates to Washpool Coal Resources, is compiled by Mr Blair Richardson and modelled and reviewed by Mr Lyon Barrett. Mr Richardson is a full time employee of Aquila Resources Ltd, with 25 years experience in geology and over 15 years experience in resource evaluation. Mr Richardson is a member of The Australasian Institute of Mining and Metallurgy and 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 JORC Code. Mr Richardson holds shares in Aquila Resources Ltd.

Mr Barratt is a full time employee of Salva Resources and has over 15 years experience in geology and over 10 years experience in resource evaluation. Mr Barrett is a member of The Australasian Institute of Mining and Metallurgy and 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 JORC Code.

Mr Richardson and Mr Barrett consent to the inclusion in the announcement of the matters based on this information in the form and context in which it appears.

(6) The estimates of Coal Resources for the Red Hill Underground Project presented in this announcement have been carried out in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code), 2004, prepared by the Joint Ore Reserves Committee of The Australasian Institute of Mining and Metallurgy (AusIMM) and The Australasian Institute of Geoscientists and Minerals Council of Australia, December 2004. The information in this announcement that relates to Red Hill Coal Resources, is compiled by Mr Blair Richardson and modelled and reviewed by Mr Lyon Barrett. Mr Richardson is a full time employee of Aquila Resources Ltd, with 25 years experience in geology and over 15 years experience in resource evaluation. Mr Richardson is a member of The Australasian Institute of Mining and Metallurgy and 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 JORC Code. Mr Richardson holds shares in Aquila Resources Ltd. Mr Barratt is a full time employee of Salva Resources and has over 15 years experience in geology and over 10 years experience in resource evaluation. Mr Barrett is a member of The Australasian Institute of Mining and Metallurgy and hassufficient 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 JORC Code. Mr Richardson and Mr Barrett consent to the inclusion in the announcement of the matters based on this information in the form and context in which it appears

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Thank You