ASX Small to Mid Caps, Hong Kong21 October 2010

The Pilbara’s Emerging Powerhouse

Disclaimer

This presentation has been prepared by Atlas Iron Limited (“Atlas” or the “Company”). It should not be considered as an offer or invitation to subscribe for or purchase any securities in the Company or as an inducement to make an offer or invitation with respect to those securities. No agreement to subscribe for securities in the Company will be entered into on the basis of this presentation.

This presentation contains forecasts and forward looking information. Such forecasts, projections and information are not a guarantee of future performance, involve unknown risks and uncertainties. Actual results and developments will almost certainly differ materially from those expressed or implied.

There are a number of risks, both specific to Atlas and of a general nature which may affect the future operating and financial performance of Atlas and the value of an investment in Atlas including and not limited to economic conditions, stock market fluctuations, iron ore demand and price movements, timing of access to infrastructure, timing of environmental approvals, regulatory risks, operational risks, reliance on key personnel, reserve and resource estimations, native title and title risks, foreign currency fluctuations, and mining development, construction and commissioning risk. The production targets in this presentation are subject to completion of the necessary feasibility studies, permitting and execution of all necessary infrastructure agreements.

You should not act or refrain from acting in reliance on this presentation material. This overview of Atlas does not purport to be all inclusive or to contain all information which its recipients may require in order to make an informed assessment of the Company’s prospects. You should conduct your own investigation and perform your own analysis in order to satisfy yourself as to the accuracy and completeness of the information, statements and opinions contained in this presentation before making any investment decision.

JORC – Exploration Targets: This presentation comments on and discusses Atlas’ exploration in terms of target size and type. The information relating to Atlas’ exploration targets should not be misunderstood or misconstrued as an estimate of Mineral Resources or Ore Reserves. Hence the terms Resource(s) or Reserve(s) have not been used in this context. The potential quantity and grade is conceptual in nature, since there has been insufficient work completed to define them beyond exploration targets and that it is uncertain if further exploration will result in the determination of a Mineral Resource.

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Presentation Summary

Infrastructure

Port, Transport, Power, Processing

People

Discovery, Development, Operations Management

Governance, Guidance, Risk Management

Cashflow

Revenues, Operating Margins, Cash and no debt

Growth

Resources/Reserves/Exploration

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Utah commissioning – Atlas First Ship “Bergen Max”

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Port Hedland – Utah port and stockyards

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Board and Management

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Board of Directors

Non Executive Chairman Geoff Clifford

Managing Director David Flanagan

Non Executive Director David Hannon

Non Executive Director Dave Smith

Non Executive Director Tai Sook Yee

Company Secretary Tony Walsh

Key Management

Chief Commercial Officer Mark Hancock

Chief Operating Officer Ken Brinsden

General Manager Infrastructure John McMath

General Manager Pilbara Operations Jeremy Sinclair

General Manager Land Tenure & Approvals Garry Plowright

General Manager Geology Andrew Paterson

Senior Manager Legal/Commercial Jack Cullity

Senior Manager Projects Jason Cross

Key Atlas People

Principal Mining Engineer Adam Liebenberg

Manager Technical Production Matthew Ramsden

Manager Mining, Pardoo Vahid Haydari

Manager Mining Wodgina David Wilkie

Manager Exploration Pip Darvall

Manager Resource Development Tony Cormack

Quarry Manager Pardoo Brad Turner

Senior Production Engineer Wodgina Ettienne Fourie

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Manager Safety Ken Newstead

Manager Finance Lorraine Hannett

Manager Human Resources Linda Devereux

Manager Information Technology Simon Magill

Principal Environmental Specialist Brendan Bow

Magnetite Project Director Bob Third

Manager Marketing Alvin Rajwanth

Balla Balla Project Manager Angela Johnson

Port capacity for production growth

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• Unlike many of its peers Atlas’ port capacity now mirrors production profile following Aurox acquisition

• South West Creek and Anketell provide export options for Magnetite and DSO growth projects

Operating Costs and Margins

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20%

11%

28%13%

17%

11%

Note: Sales prices adjusted to reflect FOB terms and  Atlas product grade

Corporate

ShareholdingIMC Group 12%

UBS Nominees 7%

Blackrock 5%

Top 20 59.5%

Ordinary Shares 540.0m

Market Cap at $2.60 A$1,400m

Cash as at 30 June 2010 A$155m

Debt A$0

Enterprise Value A$1,280m

Options 35.5m

Capital Structure

Investments:

45.4% Shaw River Resources (SRR) – Manganese Explorer

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Atlas’ Share Price Performance

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Pardoo DSO project location

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Pardoo DSO Project - Layout and Camp

Pardoo DSO Project – Open Pit Mining

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Pardoo DSO Project – Drill, Blast, Load, Haul 24/7

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Wodgina DSO project location

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Wodgina DSO Project – Discovery to Mine in 18mths

Wodgina DSO Project – Company Maker

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Proposed Pit Outline

Wodgina DSO Project - ROM, Stockyard, Camp

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Turner River Hub – Production Growth Strategy

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Turner River Hub DSO Project – to 12Mtpa

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Growth – N Pilbara, SE Pilbara

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Pardoo - Ridley Magnetite Project

Only 75km from Port Hedland

Progressing discussions for sale of a majority interest

Strong interest from international groups in partnering Atlas

Reserve of 970Mt at 36%Fe1, DTR grade of 68.3%Fe & 3.8% SiO2

PFS complete. Mine life >20yrs, potential to 35yrs,15Mtpa at $A36/t OPEX, $A2.7Bn CAPEX

Project resource of 2 billion tonnes @ 36.5% Fe1 with significant upside

Infrastructure in close proximity – successfully declared Goldsworthy Railway 13th August 2010

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Refer to Appendices for Resource and Reserve 

Tables, and Competent Person statements22

2500 metre

s

700 metres

Balla Balla Iron / Vanadium / Titanium Project

Only 15km from coast, 110km Port Hedland, 100km to Anketell

DFS, environmental approval

Progressing discussions for sale of a majority interest

Reserves 229Mt, 45%Fe, 0.62% V2O5, 13.8% TiO2.

Target 26yrs, ramp up to 10Mtpa at $A20/t OPEX, $1.28Bn CAPEX

Project resource of 456 Mt, 45% Fe, 0.63% V2O5, 14% TiO2 . Significant upside potential. Low alumina and silica.

Gas pipeline, adequate water,

Course grind size p80 100 micron

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Refer to Appendices for Resource and Reserve 

Tables, and Competent Person statements23

Midwest DSO Project

Adjacent to and along strike from Murchison Metals’

Jack Hills Project & Sinosteel’s Weld Range Project

State agreement for Oakajee port executed March

2009 for Mitsubishi JV consortium

Government funding of ~$700 million for Oakajee

port/rail

Initial Resource estimate of 5Mt at 64% Fe

<20km from proposed rail route

Targeting initial production of 3-4Mtpa of DSO

subject to Oakajee port and rail development

Granted mining leases with historical small scale

high-grade production at 68% Fe

Targeting 30Mt – 40Mt of DSO at 60% to 66% Fe 1

241.

Targeting 30Mt ‐40Mt of DSO at 60% Fe to 66% Fe  ‐

Refer to Appendices for JORC statement

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2004 2005 2006 2007 2008 2009 2010 - Sep•1 person•$9M Mkt Cap

•4 people•$9M Mkt cap

•12 people•$50M Mkt Cap

•25 people•$443M Mkt Cap

•80 people•$127M Mkt Cap

•150 people•$760M Mkt Cap

•290 People•$1.2Bn Mkt Cap

•7Mt DSO Resource •7Mt DSO Resource •39Mt DSO Resource•15Mt DSO Reserves•1.4Bt Mag Resource

•165Mt DSO Resource•25Mt DSO Reserve•2.1Bt Mag Resource•1Bt Mag Reserve

•205Mt DSO Resource•54Mt DSO Reserve•2.6Bt Mag Resource•1.2Bt Mag Reserve

•Utah 3Mtpa•NWIOA Formed

•Utah 6Mtpa•FMG 1mtpa•NWIOA 19.5 Mtpa

•Utah 6 Mtpa•FMG 1 Mtpa•NWIOA 19.5 Mtpa

•Utah up to 15 Mtpa•FMG 1 Mtpa•NWIOA 19.5Mtpa•Anketell req. 10 Mtpa

•Pardoo 1Mtpa •Pardoo 1.3 Mtpa •Pardoo 1.8Mtpa •Wodgina 3.2Mtpa

•IPO Dec 17th

•Atlas Gold•Pardoo Disc. •Permitting starts

•China Dialogue•Ridley Discovery

•Abydos Discovery•Ridley Scoping•Pardoo NT

•Wodgina discovery•Pardoo DFS/permit•2 Spot cargo sales•Abydos NT•Mt Webber NT

•4 x off take agr.•Mt Webber discovery•Ridley PFS•Wodgina Reserves•Wodgina infra deal•D&D Digger 2009•Wodgina NT

•6 x off take agr.•Wodgina Permit•Turner River Hub PFS•Wodgina mine start•Utah first Shipment

•$4.5M Cash •$1.9M Cash •$25M Cash •$79M Cash •$100M Cash•Financial Crisis•Lehman Collapse

•$150M Cash•ASX 200

•~$120M Cash

•4 acq. •6 acq. •7 acq •8 acq •8 acq •Warwick Merger•3 acq

•Aurox Merger•2 acq.

Atlas’ Growth

Growing Independent Iron Ore Producer

Diverse shareholder register

Diverse in customer base - geography and steel production

Multiple viable transport infrastructure solutions

Multiple mines and mining operations

Multiple mining contractors

Multiple port options Anketell, SW Creek, Utah, Oakajee

6 off-take agreements – more to come in 10/11

Low cost producer – globally competitive

Spot market pricing

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Presentation Summary

Infrastructure

Port, Transport, Power, Processing

People

Discovery, Development, Operations Management

Governance, Guidance, Risk Management

Cashflow

Revenues, Operating Margins, Cash and no debt

Growth

Resources/Reserves/Exploration

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Working 24/7 to build a great Australian Company

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APPENDICES

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DSO Reserves

Reserve EstimationThe information in this report that relates to Reserve estimations is based on information compiled by Mr Ken Brinsden, who is a member of the Australasian Institute of Mining and Metallurgy. Ken Brinsden is a full time employee of Atlas Iron Limited. Ken Brinsden 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 of Exploration Results, Mineral Resources and Ore Reserves’. Ken Brinsden consents to the inclusion in the report of the matters based on his information in the form and context in which it appears

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Atlas Summary Reserves Table – 30 June 2010Reserve Classification Kt Fe(%) SiO2 (%) AI2 O3 (%) P% S% LOI% CaFe%

Sub Total Proven 14,273 58.2 5.5 1.5 0.09 0.05 8.7 63.7

Probable 39,418 57.5 6.2 1.9 0.08 0.03 8.9 63.1

Grand Total** All Reserves 53,691 57.7 6.0 1.8 0.08 0.03 8.8 63.2

Note: Bedded ore reserves estimates at cut-off grades in the range of 54-56% Fe

Reserves at Mt Webber are subject to Joint Venture interests in the ratio AGO 70% : AJM 30%

DSO Resources

Atlas Iron Limited - Resource Inventory July 2010Region Resource

Classification Kt Fe(%) SiO2 (%) Al2 O3 (%) P(%) S(%) LOI(%) CaFe(%)

North PilbaraMeasured 17,210 57.7 5.9 1.6 0.09 0.06 8.7 63.2

Indicated 56,500 56.9 6.9 2.0 0.08 0.03 8.8 62.4

Inferred 59,000 56.5 7.4 2.4 0.08 0.04 8.9 62.0

Southeast Pilbara Inferred 67,000 55.9 7.1 3.5 0.06 0.03 8.5 61.1

Midwest Inferred 5,000 64.1 3.3 2.7 0.05 0.01 1.6 65.1

TotalMeasured 17,210 57.7 5.9 1.6 0.09 0.06 8.7 63.2

Indicated 56,500 56.9 6.9 2.0 0.08 0.03 8.8 62.4

Inferred 131,000 56.5 7.1 3.0 0.07 0.03 8.4 61.7

Grand Total 204,710 56.7 7.0 2.6 0.07 0.03 8.5 62.0

Geological Data, Interpretation and Resource Estimation – DSO Projects The information in this report that relates to mineral resource results on Atlas’ DSO Projects is based on information compiled by Mr.Tony Cormack who is a member of the Australasian Institute of Mining and Metallurgy. Tony Cormack is a full time employee of Atlas. Tony Cormack has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he has undertaken 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’. Tony Cormack consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.

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Exploration Targets

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1.

Refer to previous slide for more detailed breakdown

Atlas Iron Limited – Statement on Global Exploration TargetAtlas has reported a total resource inventory of 204.7 million tonnes at 56.7% Fe consisting of resources at Pardoo, Abydos, Turner River, Mt Webber,

Wodgina, Weld Range, Jimblebar Range, Western Creek, Warrawanda and Caramulla South. While the Company intends to do further exploration on its tenements and remains optimistic it will report additional resources and reserves in the future, any discussion in relation to targets, resources, reserves or ‘ore’ over and above the resource of 204.7 million tonnes at 56.7% Fe is only conceptual in nature. There has been insufficient exploration to define a Mineral Resource over and above the resource of 204.7 million tonnes at 56.7% Fe, and it is uncertain if further exploration will result in the determination of a Mineral Resource over and above the resource of 204.7 million tonnes at 56.7% Fe.

Atlas Exploration Target Table – January 2010

Project AreaTonnage Range Grade Range Current

Resource1

Mt Mt Fe(%) Fe(%) MtNortheast Pilbara 166 226 56 60 133Southeast Pilbara 231 492 57 60 67Mid-West WA 30 40 60 66 5

WA 427 758 57 60 205

Balla Balla Resources

Balla Balla Mineral ResourcesThe information that relates to Exploration and Minerals Resources is based on information compiled by Matt Chinn, Stephen Godfrey and Richard Gaze who are members of the Australasian Institute of Mining and Metallurgy. Matt Chinn is a full-time employee of Aurox. Stephen Godfrey and Richard Gaze are full time employees of Golder Associates. Matt Chinn, Stephen Godfrey and Richard Gaze 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 for Reporting of Exploration Results, Mineral Resources and Ore Reserves.’ Matt Chinn, Stephen Godfrey and Richard Gaze consent to the inclusion of matters based on this information in the form and context in which it appears

Balla Balla Magnetite Mineral Resource Estimate – December 2009

ReserveClassification

Tonnes(Mt) Fe (%) V2 O5 %

TiO2 inConcentrate

(%)

Measured 219 45 0.64 14

Indicated 87 45 0.65 14

Inferred 150 44 0.68 14

TOTAL 456 45 0.66 14

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Balla Balla Iron / Vanadium / Titanium Project Reserves

Aurox Balla Balla Magnetite Ore Reserve Estimate – June 2010

ReserveClassification Mt Fe(%) V2 O5 (%) TiO2 (%)

Proved 185.1 45.1 0.62 13.8

Probable 43.9 44.3 0.60 13.6

TOTAL RESERVE 229.0 45.0 0.62 13.8

Balla Balla Ore ReservesThe Balla Balla Ore Reserves were estimated by Mr Steve Craig, a member of the Australian Institute of Mining and Metallurgy and a full-time employee of Orelogy Pty Ltd, who has 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 a Competent Person as defined in the Australasian Code for the Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Steve Craig consents to the inclusion Reserve information in the form and context in which it appears.

Ridley Magnetite Resource

Ridley Magnetite In-Situ Resource – November 2008Resource Classification Mt Fe

(%)SiO2(%)

AI2 O3(%)

P(%)

S(%)

LOI(%)

Density(g/cm3)

Indicated 1,100 36.6 39.4 0.08 0.09 0.05 3.9 3.5

Inferred 910 36.4 39.1 0.08 0.09 0.05 4.4 3.5

All Resources 2,010 36.5 39.3 0.08 0.09 0.05 4.1 3.5

Ridley Magnetite Resource, Davis Tube Concentrate Grades – November 2008

Resource Classification Mt

Concentrate Mass

Recovery (%)

Fe(%)

SiO2(%)

AI2 O3(%)

P(%)

S(%)

LOI(%)

Indicated 1,100 37.0 68.9 4.1 0.03 0.01 0.01 -2.7

Inferred 910 37.5 68.9 4.1 0.02 0.01 0.1 -2.7

All Resources 2,010 37.2 68.9 4.1 0.03 0.01 0.01 -2.7

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Ridley Magnetite Reserve

Ridley Magnetite Reserve Estimate – April 2009

ReserveClassification

Tonnes(Mt)

Fe(%)

ConcentrateProduct (Mt)

Fe inConcentrate

(%)

SiO2 inConcentrate

(%)

Probable Reserve 970 36.0 330 68.3 3.8

Total Reserve 970 36.0 330 68.3 3.8

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Geological Data, Interpretation and Resource Estimation – Ridley MagnetiteThe information in this report that relates to mineral resource results on the Ridley Magnetite Project is based on information compiled by Mr Malcolm Titley who is a member of the Australasian Institute of Mining and Metallurgy. Malcolm Titley is a full time employee of CSA Global Pty Ltd. Malcolm Titley has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they have undertaken 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’. Malcolm Titley consents to the inclusion in the report of the matters based on their information in the form and context in which it appears

Ore Reserve Estimation Ridley Magnetite DepositThe sections in this report that relate to the Ridley Ore Reserves are based on information compiled under the direction of Mr Bruce Gregory. Mr Gregory is a Member of the Australasian Institute of Mining and Metallurgy and is a full time employee of AMC Consultants Pty Ltd. Mr Gregory has sufficient experience relevant to the style of mineralization and type of deposit under consideration 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 Gregory consents to the inclusion in the report of the matters based on their information in the form and context in which it appears.

Competent Persons Statement

Exploration Results The information in this report that relates to exploration results is based on information compiled by Mr.Andrew Paterson who is a member of the Australian Institute of Mining and Metallurgy and is an employee of Atlas Iron Limited. Andrew Paterson 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 of Exploration Results. Andrew Paterson consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

DollarsAll references to Dollars are Australia Dollars

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