ASX:CAS

Presentation August 2012

Brazilian Mineral Developer & Explorer

www.crusaderresources.com

2

Disclaimer The information provided in this presentation is of a general nature only. Although it has been prepared in good faith with all due care there can be no guarantee that it will continue to be accurate in the future. No one should act or rely upon the information but should undertake their own independent due diligence or seek appropriate professional advice. To the extent permitted by law Crusader Resources Limited (“Crusader”) excludes all liability from any statement in, or omission from, this presentation. Nothing in this presentation should be construed as either an offer to sell or a solicitation of an offer to buy or sell Crusader securities in any jurisdiction. Forward Looking Statements This presentation may contain certain forward looking statements and projections regarding: estimated resources and reserves; planned production and operating costs profiles; planned capital requirements; and planned strategies and corporate objectives. Such forward looking statements/projections are estimates for discussion purposes only and should not be relied upon. They are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of Crusader. The forward looking statements/projections are inherently uncertain and may therefore differ materially from results ultimately achieved. Crusader does not make any representations and provides no warranties concerning the accuracy of the projections, and disclaims any obligation to update or revise any forward looking statements/projections based on new information, future events or otherwise except to the extent required by applicable laws.

Competent Person Statement The information in this report that relates to Exploration Results is based on information compiled or reviewed by Mr. Robert Smakman, who is a Fellow of The Australasian Institute of Mining and Metallurgy and is a full-time employee of the company. Mr. Smakman has sufficient experience in the type of deposits under consideration and the activities being undertaken to qualify as a Competent Person as defined in the December 2004 Edition of the Australasian Code for reporting of Exploration Results, Minerals Resources and Ore Reserves and consents to the inclusion in the report of the matters based on the information in the form and context in which it appears. The information in this report that relates to Posse Fe Mineral Resources is based on and accurately reflects, information compiled by Mr. Bernardo Viana who is a full time employee of Coffey Mining Pty Ltd and Member of the Australian Institute of Mining and Metallurgy. Mr. Viana has sufficient experience that 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. Mr. Viana consents to the inclusion in the report of the matters based on the information in the form and context in which it appears. The information in this report that relates to Borborema Gold Mineral Resources is based on information compiled by Mr. Lauritz Barnes and Mr. Brett Gossage who are both Members of The Australasian Institute of Mining and Metallurgy. Messrs Barnes and Gossage are both independent consultants to Crusader Resources Limited. Both Messrs Barnes and Gossage have sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration, and to the activity which is being 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. Messrs Barnes and Gossage consent to the inclusion in the report of the matters based on the information in the form and context in which they appear.

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Capital Structure Board of Directors Non Executive Chairman David Archer Managing Director Rob Smakman Executive Director Paul Stephen Non Executive Director Justin Evans Non Executive Director David Netherway Significant Shareholders Dundee Corporation 19 % Directors 10 % Copulos Group 9 % Northcape Capital 7 %

ASX:CAS listed in 2004, in Brazil since 2006 (As at 14 August 2012)

Ordinary Shares

Options (exercise prices: $ 0.44 to $ 1.30)

Market Capitalisation

Treasury (30 June2012)

Share price (12 month range: $ 0.50 to $ 1.375)

Top 20 Shareholders own 67% of Share Register

9%

22%

69%

Geographical Analysis of CAS Shareholders

UK + EuropeNorth AmericaAustralia

110,146,040

4,460,000

~ $57 M

~ $5.3 M

$0.515

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Objective Mission

Cash flow from Iron ore 2012

Significant gold producer by 2014

Strategy Explore : Seridó Belt, north-east Brazil

>4,100km2

Develop : Borborema Gold Project targeting

+150,000oz pa production

Produce : Iron Ore 2012 Gold 2014

Acquisition / Consolidation :

North-east Brazil rich in opportunity

Borborema Gold Project

Posse Iron Ore Project

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Experienced Management

Rob Smakman Managing Director Successful international career (+18 yrs) as Geologist and Manager. Based in Brazil. Fluent in Portuguese.

Paul Stephen Executive Director 17 years financial services experience. Responsible for Investor Relations and Corporate Structuring. Based in Perth.

Mike Schmulian Chief Operating Officer Experienced geologist (+30 yrs).Has developed several gold projects in South America. Based in Brazil.

Andrew Beigel Chief Financial Officer 15 years corporate accounting and management experience with several CFO roles held. Based in Perth.

Aidan Platel Exploration Manager Over10 years experience in gold & base metal exploration & development. Based in Brazil. Fluent in Portuguese.

Andy Thompson Chief Geologist 18 years experience in gold, nickel and base metal exploration, development and mining. Based in Perth.

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Projects Snapshot Borborema Gold

100 % Crusader

Located in the Seridó Belt of the Borborema Province in north eastern Brazil

Historical production is estimated at ~ 250,000 oz

Current total JORC Mineral Resource of 2.43Moz

Pre-Feasibility Study established strong and robust economic case.

Bankable Feasibility Study due in 2nd half 2012

Posse Iron

100% Crusader – awaiting licensing

Located close to Belo Horizonte

JORC Resource of 36Mt @ 43.5% Fe (Indicated and Inferred)

Beneficiation plant purchased, constructed and commissioned

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Borborema Gold Project (100%)

Discovered by Garimpeiros (~ 150,000 oz)

Heap leach mine ~100,000 ozs (1980’s)

100% Crusader since August 2010

Crusader has drilled 75,000m in < 2 years

Total JORC Resource of 2.43Moz Measured and Indicated Resources of 1.87Moz (cut-off of 0.5 g/t)

Potential new gold province. First significant discovery in extensive Proterozoic mobile belt

Crusader has first mover advantage and is dominant tenement holder in the region - > 4,100km 2 land holding

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Moving Towards Production

Strong base case returned from Pre-Feasibility Study (3Mtpa)

Bankable Feasibility Study will examine expanded operation (4Mtpa) - completion in 4th quarter 2012

Production – estimated for 2014

Top 10 Brazilian Gold Mines – Annual Gold Production (oz)

High grades in early years, facilitating faster payback

Excellent infrastructure

Large regional tenement position in an emerging gold province

Rank Company Mine Production 1 Kinross Gold Paracatu 453,396 2 AngloGold Ashanti Corrego do Sitio* 361,275 3 Crusader Resources Borborema 150,000**

4 Yamana Gold Chapada 135,347 5 AngloGold Ashanti Crixas 133,166 6 Yamana Gold Jacobina 121,675 7 Vale S.A. Sossego 90,000 8 Jaguar Mining Turmalina 61,400 9 Yamana Gold Fazenda Brasileiro 55,163

10 Jaguar Mining Caete*** 54,783

*Mining complex covering Cuiaba and Corrego do Sitio mines **Estimated average production as per in-pit Resource – refer to Appendix 2 ***Mining complex composed of Roça Grande and Pilar underground mines

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Excellent Location

25km from mining town of Currais Novos (pop 42,000)

Region has rich mining history

Excellent Infrastructure

Bitumen Highway BR226, 140km from city (and port) of Natal to mine gate

Power lines traverse Crusader's tenements

Multiple water options available.

Low Cost

Low mining costs- owner operated, cheap diesel and labour Mineralisation amenable to bulk mining

Low processing costs- moderate consumables, low power costs

Government Incentives

Sudene tax concessions1 may be available – overall tax rate of 16.25%

Low government mineral royalties2 - currently 1%

Project Advantages

1A federal government economic stimulus scheme, called Sudene, provides significant benefits for businesses operation in the north east of Brazil, including Rio Grande do Norte. The scheme was introduced to boost economic activity in a relatively impoverished area of Brazil. Company tax rates are reduced from 34% to 15.25% for a period of 10 years. Other benefits include reduction in the rates of taxes such as goods and services taxes, sales taxes and import duties. 2The current rate of government royalty is 1% of sales revenue. There is also a 0.5% royalty payable to the landowners. Note that Crusader owns a number of farms in the immediate area including the one that covers the central part of the ore body.

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Mineral Resource - July 2012

July 2012 Mineral Resource Summary Table, reported at a 0.5 g/t cut-off. Parent Block 25mE x 25mN x 5mRL. Selective Mining Unit 5mE x 6.25mN x 2.5mRL. Note, appropriate rounding has been applied, subtotals may not equal total figure..

Total Resource for Borborema at a 0.5 g/t cut-off increased 6% to 2.43 Moz of contained gold

Measured & Indicated Resource at a 0.5g/t cut-off increased 61% to 1.87 Moz Au (77% of total)

Excellent conversion of resources to Measured & Indicated categories

JORC Mineral Resource expanded from zero to current levels in a 2 year period

Mineralisation remains open at depth and along strike

Borborema Gold Project Mineral Resource by Multiple Indicator Kriging (MIK)

Category Tonnes (Mt) Grade (Au g/t) Contained Gold (Moz)

Measured Resources 8.2 1.22 0.32 Indicated Resources 42.8 1.12 1.55

Total Measured + Indicated 50.9 1.14 1.87 Inferred Resources 17.6 1.00 0.57

Total- All Categories 68.6 1.10 2.43

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Project Growth

PFS BFS

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Pit Optimisation Preliminary pit optimisations of 42.9 Mt @ 1.20 g/t Au for 1.66 Moz Au

Stage1 pit (first 3 years) comprises 12.2 Mt @ 1.30 g/t Au 510 koz Pit optimisation forms key input for BFS

A maiden Ore Reserve is expected to be released during the 4th quarter of 2012

Whittle 4D Pit Optimisation results for Borborema Gold Project. Optimisation parameters are detailed in Appendix 2

Whittle 4D Pit Optimisation results for Borborema Gold Project

Pit Shell

#

Tonnes (Mt)

Grade (g/t Au)

Contained Gold (Moz)

Strip Ratio

Final Bench (mRL)

Mine Life (Years)

In-pit Inferred

Resources (%)

7 12.2 1.30 0.51 3.0 340 3 0.11

11 21.1 1.19 0.81 3.6 295 5 0.41

13 42.9 1.20 1.66 6.3 190 10.5 1.23

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Projected Short Payback Period

Pit 7 – 12Mt @ 1.3 g/t, Strip 3 : 1 – 483 koz (3 yrs)

Pit 11 – 20Mt @ 1.19 g/t, Strip 3.6 : 1 – 757 koz (5 yrs)

Pit 13 – 43Mt @ 1.2g/t, Strip 6.3 : 1 – 1.55 Moz (10.5 yrs)

Initial pit shell averages 1.30 g/t Au with low strip ratio of 3:1 Higher ounces in early years should allow for faster capital payback Selective mining may allow for further improved early ounces

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Long Section

15

Cross Section Q – Q'

16

Cross Section P – P’

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Borborema Timeline

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Exploration – Attractive Address

West AFRICAN Craton

AMAZONIAN Craton (Brazil)

SAHARA Meta- Craton

CONGO Craton SF

RP Kalahari Craton

INDIAN Shield

East Antarctic Shield

13 Moz Sukari

> 26 Moz Telfer

> 5 Moz Tropicana

> 5 Moz Navachab

> 22 Moz Paracatu

Borborema Project

Neoproterozoic Orogen

Precambrian Shield

Phanerozoic Basins and Fold Belts

Crusader’s area of interest

4 Moz Jacobina

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Regional Programme Project area originally 29km2,

expanded to >4,100km2

100% owned by Crusader – first mover status

Belt has never been systematically explored for gold using modern methods

Large scale shear zones

Four immediate exploration targets prioritised

Further strategic expansion of areas is underway

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Posse Iron Ore (100%)

Small project with strong cashflow potential

JORC Resource – of 36 Mt @ 43.5 % Fe (Indicated and Inferred)

Development proposal is two stage, 6-8 years, open pit at up to 1 Mtpa ROM

Metallurgy indicates high grade Fe (> 63 %) with very low contaminants

Premium lump and fine with minimal beneficiation – highly desirable product

Stage 1 – mines department and environmental licence required

Beneficiation plant-purchased, constructed and commissioned

Total capex outlay of ˂ A$2M

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Well Positioned

Close to Belo Horizonte, Brazil’s mining heart – The Iron Quadrilateral

Roads to the mine gate – water and power to site

Customers surround the project and market is strengthening – driven by domestic growth

Letter of Intent signed with Alterosa (80 km from mine gate)

Opex – Stage 1 is estimated at ˂ A$10/t run of mine ore (ROM). Current market price is A$50-80/t product (mine gate) – strong cashflow potential

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Investment Highlights

Borborema Gold Developing into Major Project

Borborema drilling ongoing – Project remains open at depth and along strike

Bankable Feasibility Study – completion 2nd half of 2012

Brownfields & greenfields exploration underway

Established Management Team In-country

Combine Australian industry skills and Brazil’s prospectivity to explore Crusader’s high potential portfolio

Cash Generation from Posse

Cash flow from sales of high grade Posse iron ore, planned for 2012- licence dependent

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Contact Information

Head Office

Suite 2, Level 2

35 Havelock Street

West Perth WA 6005

Australia

T: +61 8 9320 7500

F: +61 8 9320 7501

E: carey@crusaderresources.com

W: www.crusaderresources.com

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The Borborema deposit geology is characterised by a 30m to 60m wide shear zone displaying a penetrative NNE-trending fabric, dipping east at around 35 degrees within a sequence of banded arkosic metapelitic schists.

The Mineral Resource is based on 293 RC drill holes for 19,521m and 248 diamond drill holes for 47,296.49m. Diamond and RC drilling contributed to the geological interpretation and wireframes and their associated assays have been used for the resource calculations. Most holes were drilled at 60 degrees towards 270 degrees.

The vast majority of the holes used in the Resource were drilled by Servitec Drilling.

Diamond drilling samples were collected as half core for HQ core (pre-collar) and NQ core. Sample intervals were typically 1 metre.

RC samples were collected at the drill rig as 1m samples.

All Diamond and RC drill holes were surveyed at the collar using a Total Station or a DPGS. All diamond drill holes were surveyed at 30m intervals down hole using a Peewee wellbore electronic single shot survey system.

The Resource has been drilled to 300 vertical metres on a 50m x 50m drill pattern in the Central Zone and to lesser depths in the Southern and Northern Zones. Infill drilling was included in some of the shallower areas to 25m x 25m and 12.5m x 12.5m.

QA-QC procedures were equivalent across Diamond and RC drilling. Blind QAQC samples were inserted every 20th sample including Certified Standards and Blanks. Duplicate QAQC samples were inserted every 25th sample.

All resource assays by 50g Fire Assay method with AAS finish through ALS Global’s laboratory in Belo Horizonte, Brazil. All lab pulps have been retained in storage. Interlaboratory checks have been regularly completed using Acme Analytical Laboratories Ltd’s laboratory in Santiago, Chile.

Bulk dry densities used for the Mineral Resource were based on 8,558 diamond core measurements. Mean bulk densities were calculated at 2.65 t/m3 for oxide and 2.76 t/m3 for fresh rock.

Appendix 1: MIK Resource Parameters July 2012

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Appendix 1 - continued: MIK Resource Parameters July 2012

Oxidation boundaries were wireframed and included in modelling. All densities were included to calculate a total.

The grade estimate is constrained by a mineralisation zone defined using a nominal 0.1g/t Au envelope that captures the mineralised shear zone.

The drilling within the mineralised zone has been composited to 2m intervals for the grade estimation study.

Grade distributions were reviewed and high grade cuts (high grade caps) were applied to limit the impact of outlier data. High grade cuts of 10 g/t and 40 g/t were applied to the Southern and Central Zones respectively. No high grade cuts were applied to the Northern Zone.

Detailed variography has been carried out on the gold composites and for selective indicator cut offs that have been used in the MIK grade estimation. The grade variography is characterised by moderate to high nugget effects (approximately 60% of the total variogram variance) and ranges in excess of the drill spacing to a max along strike distance of 140m.

A block model has been generated based on a 25m (East) x 25m (North) x 5m (Elevation) parent block size with sub blocking completed to 5m (East) x 6.25m (North) x 2.5m (Elevation).

Multiple indicator kriging was used to estimate the block grades within the mineralisation envelope to represent a selective mining unit of 5m (East) x 6.25m (North) x 2.5m (Elevation).

The grade estimate has been classified as a combination of Measured, Indicated and Inferred Mineral Resource in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, 2004 (the JORC Code).

Measured Resource areas have generally been drill tested at a spacing of 25m x 25m or better, Indicated Resource areas are generally defined by a drill spacing of 50m x 50m or better, and the Inferred Resource areas represent a 75m extension down dip from the Indicated blocks or 100m spaced drill sections. A long section of the distribution of the Resources categories is provided as Figure 1.

A combination of Measured, Indicated and Inferred Resource has been reported as summarised below.

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Appendix 1- continued: Mineral Resource Borborema Gold Project July 2012

Borborema Gold Project Mineral Resource by Multiple Indicator Kriging (MIK)

Category Cut-off grade

Tonnes (Mt)

Grade (Au g/t)

Contained Gold (Moz)

Measured 0.40 9.8 1.09 0.34 0.50 8.2 1.22 0.32 0.60 6.8 1.35 0.30

Indicated 0.40 53.1 0.99 1.70 0.50 42.8 1.12 1.55 0.60 34.8 1.26 1.41

Total Measured + Indicated

0.40 62.9 1.01 2.04 0.50 51.0 1.14 1.87 0.60 41.7 1.27 1.70

Inferred 0.40 23.2 0.87 0.65 0.50 17.6 1.00 0.57 0.60 13.6 1.14 0.49

Total Mineral Resource 0.40 86.1 0.97 2.69 0.50 68.6 1.10 2.43 0.60 55.2 1.24 2.20

Appendix Table 1: July 2012 Mineral Resource Summary Table, reported at a 0.5 g/t cut-off. Parent Block 25mE x 25mN x 5mRL. Selective Mining Unit 5mE x 6.25mN x 2.5mRL. Note, appropriate rounding has been applied, subtotals may not equal total figure.

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Appendix 1- continued: July 2012 MIK Resource Classification and Drilling

Figure 1: Long section showing the resource classification and drilling

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Appendix 2: Pit Optimisation Parameters

Pit optimisation of the Borborema Gold Project was completed by consultants working on the BFS. The optimisations were completed on the updated MIK block model containing all Mineral Resources categories using Whittle software. The main optimisation inputs are as per Appendix Table 2 below, as provided by Crusader and the study team and are preliminary parameters only.

Borborema BFS Pit Optimisation Inputs

Gold price US$1,350/oz

Government royalty 1% revenue

Discount rate 5%

Mining recovery 98%

Overall Pit slopes 36 FW, 52 HW degrees

Milling rate 4Mtpa

Average processing recovery 95.8%

Average mining cost US$2.71/t mined

Average mill throughput cost US$14.68/t milled

Appendix Table 2: Borborema BFS Pit Optimisation Inputs

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The summary results for the maximum, average discounted pit shell, to be used for ongoing BFS mining engineering work, are as per Appendix Table 3 below:

The MIK block model is a recoverable mining model which replicates the grade tonnage likely in mining but an additional 2% ore loss has been allowed for mining operations. Within the pit shell effectively all the Measured and Indicated Resources are contained within the selected shell plus less than 0.5Mt of Inferred Resources.

Appendix 2 - continued: Pit Optimisation Parameters

Borborema BFS Pit Optimisation Results

Optimal in-pit Resources (all categories) 42.9Mt Resources grade 1.20g/t

Gold produced (after ore loss and processing) 1.56Moz Strip ratio 6.3:1 (t:t) Max pit depth 300m NPV5 US$426M

5Based on in-pit resources for all categories and assumptions in Appendix 2, Table 2

Appendix Table 3: Borborema BFS Pit Optimisation Results

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$1.36

$1.65 $1.70 $1.74

$1.95

$3.00

Valu

atio

n Pe

ndin

g

Valu

atio

n Pe

ndin

g

Valu

atio

n Pe

ndin

g

$0.00

$0.50

$1.00

$1.50

$2.00

$2.50

$3.00

$3.50

PCF Argonaut Casimir Bell Potter Ord Minnett Petra CanaccordBGF

Clarus Macquarie

Recent Broker Target Pricing

Source: Broker Reports

Appendix 3: Recent Broker Target Pricing

CAS share price as at 08/08/12 - $0.60

31

Appendix 4: Licensing

» Licencing – probably two slides

32 Appendix 4 - continued: Borborema Permitting Schedule (IDEMA & DNPM)

33

Appendix 4 - continued: Posse Permitting Schedule (SUPRAM / DNPM)

34

Appendix 5: Pre-Feasibility Study Completed September 2011

3Mtpa Base case Mining inventory (In-pit Inferred & Indicated Resources, US $1,150 Gold) 1.18Moz (27Mt @ 1.39 g/t)

Mining throughput rate 3Mtpa Mine life 9 years Annual production* Up to 180koz (ave 131koz) Estimated capex** US $169M Estimated opex US $558/oz Metallurgical recovery 96% NPV (10%) pre-tax US $250M IRR 32.9 %

Strip ratio (life of mine) 4.23:1

* This is not a production forecast by the Company but an outcome of the PFS. There remains at present insufficient certainty with respect to whether economically mineable mineralisation exists to reliably estimate future production. Further exploration and studies are required to determine this. The Company is of the opinion that the Inferred and Indicated Resources have a reasonable prospect of eventual economic extraction. Under the JORC Code, an Ore Reserve is the economically mineable part of an Indicated or Measured Mineral Resource, as at the date of reporting, taking into account mining, metallurgical, economic, marketing, legal, social, and governmental factors (Modifying Factors). At this stage the Company has not yet progressed the Inferred and Indicated Resource or progressed the modifying factors sufficiently to define an Ore Reserve. As such, the production assumptions in the PFS should not be used as a basis for investment decisions about shares in the Company. ** Assumes owner operated and includes 15% contingency. Does not include sustaining capex.

Conservative cashflow modelling (10% discount rate and US $1300 gold price), returns robust investment case

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Appendix 6: Proposed Layout for Borborema

3 stage crushing with standard CIL and gravity treatment – estimated ~ 96% recoveries

Co-disposal of thickened tailings with waste - better water and environmental solution

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Appendix 6 – continued: Preliminary Site Layout & Conceptual Pit Shell

Preliminary site layout showing conceptual pit shell, waste dumps and resource drilling sections Q-Q’ and P-P’

37

January 2012

15m @ 3.36 g/t Au from 142m in CRDD-097

16m @ 7.20 g/t Au from 245m in CRDD-115

- Including: 7m @ 15.41 g/t Au from 252m

16m @ 7.87 g/t Au from 74m in CRRC-211

- Including: 3m @ 35.67 g/t Au from 81m

18m @ 2.04 g/t Au from 0m in CRRC-228

18m @ 5.86 g/t Au from 59m in CRRC-284

- Including: 7m @ 15.35 g/t Au from 62m

Appendix 7: 2012 Drilling Highlights

February 2012

17m @ 5.24 g/t Au from 64m in CRRC-286

- Including: 4m @ 17.75 g/t Au

15m @ 4.91 g/t Au from 190m in CRDD-119

- Including 3m @ 14.86 g/t Au

22m @ 3.15 g/t Au from 104m in CRRC-215

April 2012

27m @ 8.49 g/t Au from 278m in CRDD-138 (including 5m @ 37.10 g/t Au)

26m @ 3.17 g/t Au from 301m in CRDD-141 (including 3m @ 18.46 g/t Au from 308m)

26m @ 2.73 g/t Au from 294m in CRRDD-136

June 2012

34m @ 2.77 g/t Au from 287m in CRRDD-146

20m @ 2.87 g/t Au from 194m in CRDD-151

17m @ 2.55 g/t Au from 304m and 5m @ 3.61g/t Au from 327m in CRDD-134 (a combined interval of 38m @ 2.60 g/t Au from 304m)

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Appendix 8: Why Brazil?

Opportunity and Potential

Vastly underexplored, high discovery potential of world class mineral deposits

Top 10 global steel producer - One of the world’s top pig iron producers

World’s 6th largest economy - Latin America’s largest and G20 member

Rapidly growing population – Emerging middle-class driving growth

Exploration spend ($/ha) by country

Australia Canada Chile Peru Brazil

30

25

20

15

10

5

0

$ 28

$ 21 $ 21 $ 20

$2.7 2250

2750

3250

1425

1525

1625

1725

1825

1925

Equ

ival

ent G

old

Pri

ce (B

RL)

GO

LD P

RIC

E (U

SD)

Au Price (USD) Equivalent Au Price (BRL)

1 Year Historical Analysis - US Au Price vs. Brazilian Au Price

39

Appendix 9: Peer Comparison Emerging Producers

PRODUCERS EXPLORERS DEVELOPERS

EVadj/Ratios (A$)

AMX AZM

BDR¹

GRY NMG PVM

KGD

SIH

NYO

CAS

AGC

RN

BGC

BSX

MNM

CPN

AVERAGE

40

60

80

100

120

140

160

180

200

1200 1600 2000 2400 2800 3200 3600 4000

EVadj/Production(oz) (A$)

EVa

dj/R

esou

rce(

oz)

(A$

)

Estimated revaluation as CAS approaches production²

Crusader Australian Canadian Average

CAS: Crusader PVM: PMI Gold RN: Rio Novo

AMX: Ampella KGD: Kula Gold BGC: Brazilian Gold

AZM: Azumah SIH: Sihayo BSX: Belo Sun

BDR: Beadell NYO: Nyota MNM: Magellan

GRY: Gryphon CPN: Carpathian

NMG: Noble AGC: Amarillo

EV Adj: Enterprise Value adjusted for expected capital expenditure

¹ Beadell's (BDR) production at the Tucano Project is expected by the third quarter of 2012. The company will no longer be part of this Developers Peer Comparison Chart at that stage.

Market Capitalization: as at 17 July 2012

Sources: ASX, TSX, company presentations and broker research

² Average data on Australian junior gold producers provided by Credit Suisse as at March 2012