Company Presentation: The Selenge Iron Ore Project

Robert Wrixon Managing Director

Platts Steel Markets Asia Conference 20 November 2012

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COMPETENT PERSON’S STATEMENTS AND DISCLAIMERS

Competent Persons’ Statements

The information in this presentation that relates to Exploration Results and Exploration Targets is based on information compiled and reviewed by Mr Kerry Griffin, who is a Member of the Australian Institute of Geoscientists. Mr Griffin 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’. Mr Griffin is the Technical Director of Haranga Resources Limited and consents to the inclusion in this report of the matters based on his information, and information presented to him, in the form and context in which it appears.

The technical information contained in this announcement in relation to the JORC Compliant Resource for the Bayantsogt Deposit has been reviewed by Mr Peter Ball of DataGeo Ltd, who is a member of the Australasian Institute of Mining and Metallurgy. Mr Ball has sufficient experience 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 Mineral Resources and Ore Reserves’. Mr Ball consents to the inclusion in this report of the matters based on his information, and information presented to him, in the form and context in which it appears.

Exploration Targets

Exploration Targets are conceptual in nature and should not be construed as indicating the existence of a JORC Code compliant mineral resource. There is insufficient information to establish whether further exploration will result in the determination of a mineral resource within the meaning of the JORC Code.

Forward Looking Statements

This presentation includes certain ‘forward looking statements’. All statements, other than statements of historical fact, are forward looking statements that involve various risks and uncertainties. There can be no assurances that such statements will prove accurate, and actual results and future events could differ materially from those anticipated in such statements.

Such information contained herein represents management’s best judgment as of the date hereof based on information currently available. The company does not assume the obligation to update any forward-looking statement.

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OVERVIEW

Flagship Selenge Iron Ore Project – Four Primary Targets Drilled → Initial JORC Resource at only one target (Bayantsogt: 33Mt) based on 2011 drilling → 250-400Mt total Exploration Target at Selenge → Close to rail and road infrastructure, easy access to market → Next to Mongolia’s largest iron ore export mine (Eruu Gol: approx 300Mt) → 2012 drilling is now complete, major JORC resource upgrade by April 2013 → Excellent metallurgical properties yield a premium magnetite concentrate → MOU for 5Mtpa of rail capacity signed with Mongolian Government and Railway Authority

Supportive Major Investor: Lippo Group → Lippo Group increased holding from 7.4% to 13.9% via $6m placement in March 2012 → Subsequently increased their interest on market to 15.3%

Mongolian iron ore exports growing rapidly due to healthy margins and the market outlook for inland China remains strong

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COMPANY SNAPSHOT (26 October 2012)

Key statistics (A$) Share price / volume history (A$; millions)

Substantial shareholders

Name No. Shares Held

% of Shares on Issue

Golden Rain (Lippo Group) 32.47m 15.33%

Geotrass LLC 10.00m 4.72%

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Directors’ interests

Ordinary shares on issue 26-Oct-12 211.75m

Unlisted options1 26-Oct-12 -

Share price 26-Oct-12 $0.20

Market capitalisation 26-Oct-12 $42.35m

Fully diluted market capitalisation 26-Oct-12 $42.35m

Cash 30-Sep-12 $8.92m

Undiluted enterprise value $33.43m

Diluted enterprise value2 $33.43m

Directors collectively hold 12.1% of the shares on issue

52 week low 52 week high 30 day VWAP

Date 17-Oct-12 16-Mar-12

Share price $0.19 $0.54 $0.22

1. In the money options only. 36.0m options on issue in total 2. Adjusted for cash received from exercise of options Source: Bloomberg as at 26 October 2012

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BOARD

19 years experience in the resources sector with both major and junior resource companies Currently a Director of Voyager Resources, Avanco Resources, Lindian Resources and Copper Range, previously Chairman of Mongolia focused Hunnu Coal Limited

Matthew Wood Chairman

Robert Wrixon Managing Director

16 years commercial experience in engineering, strategy consulting, mineral asset acquisition and corporate strategy (with Xstrata plc) and exploration management Ph.D in Mineral Engineering from the University of California, Berkeley and B.Eng degree in Chemical Engineering from Princeton University (USA) Previously Managing Director of Uranio Limited / Manhattan Corporation Limited

Timothy Flavel Director and Coy Sec

Chartered Accountant with 20+ years experience in mining and accounting Currently Director and Company Secretary of Voyager Resources and Copper Range

Batochir Sukhbaatar Non Exec Director

Successful Mongolian businessman and Joint Venture partner in the Selenge Project

Kerry Griffin Techincal Director

Geologist with 18 years experience in exploration, resource development, mining geology and asset acquisition in Australia, Africa and Mongolia Previous senior roles in Mongolia with Ivanhoe Mines and Aspire Mining

Erdene Tsengelbayar Exec Director & COO

Investment Banking and resource valuation expertise, qualified mineral economist Over 25 years operational and management expertise natural resources in Mongolia

Daniel Crennan Non Exec Director

Melbourne-based barrister with Aickin Chambers, expertise in Corporations and Commercial Law Currently a director of Castillo Copper Limited, previously on the board of Hunnu Coal

Marshall Cooper Non Exec Director

Head of Mining Investments for Lippo Energy Representative of the Lippo Group, the Company’s largest shareholder

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AN ASX LISTED MONGOLIAN COMPANY

Operating in Mongolia for almost three years

Listed on the ASX in December 2010 → IPO heavily marketed in Mongolia through CPS International and MICC → Over 200 Mongolian shareholders (almost 20% of investor base)

All key projects are joint ventures with Mongolian partners

Two Mongolian board members

23 of 25 employees are Mongolian nationals, all based in Mongolia

Over $20m invested in Mongolia to date

Currently running Mongolia’s largest drill program → 35,000m of diamond drilling in 2012

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CSR AND ENVIRONMENTAL STEWARDSHIP

Selenge is Mongolia’s largest drill program → A social licence to operate is a must

HAR, VOR and Hunnu Coal jointly run one of Mongolia’s largest private student scholarship program → 15 students currently in the program, 6 are HAR students → 4 of the students are from the local community near Selenge → All students get summer work experience with HAR

New water bore to be donated to the local community Haranga sponsored this year’s local summer festival

30,000 spruce, pine and birdcherry trees planted and protected in 10 different areas in the local soum Exploration camp quality and drilling rehab as per western/Australian standard

8 Source: CRU Strategies; Noble Group

Iron ore consumption/production forecast in China’s northern provinces (Million Tonnes at 20% Fe grade equivalent)

In 2012 China will mine 1Bt of raw iron ore at an average grade of 17% Fe Providing only 1/3 of requirement – China is fundamentally short iron ore

9 Source: CRU Strategies

STEEL MILLS IN NORTHERN CHINA

Inland steel mills of northern China are fed by domestic low grade magnetite mines Mongolian magnetite concentrate is the perfect replacement for declining domestic supply

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MONGOLIAN IRON ORE EXPORT GROWTH

Source: National Statistics Office of Mongolia

Quarterly Mongolian Iron Ore Exports to China

From practically zero in 2008, Mongolian iron ore exports are expected to reach around 7Mt in 2012

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HARANGA HAS FOUR MONGOLIAN IRON ORE PROJECTS

Proximity to transport & infrastructure is vital to access the northern Chinese market

Selenge and Shavdal projects are close to existing iron ore export mines

All projects are targeting large magnetite deposits

Selenge is the Company’s most advanced project; currently undertaking the country’s largest drill program

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THE SELENGE PROJECT LOCATION (Haranga: 80%)

Largest ground holding in Mongolia’s premier iron ore belt 200km north of UB

Nearby to Eruu Gol mine (300Mt) and the Tumurtei (230Mt), Tumur Tolgoi (25Mt) iron ore deposits*

Eruu Gol iron ore mine: – Mongolia’s largest – Currently exporting 5 Mtpa – Building wet mag sep plant to

expand to 8 Mtpa** – CIC invested $700m to obtain

~35% of Eruu Gol in 2009***

Populous industrial and agricultural region, well served by infrastructure Availability of power and water

Sources: * Mineral Resources Authority of Mongolia Register of Mineral Deposits; Golomt Bank “Mongolia Economic Review – Dec 2010” ** National Statistics Office of Mongolia; Company Presentation – Metals Mongolia Conference 2011 *** Wall Street Journal – 29 Oct 2009 (CIC = China Investment Corp)

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ERUU GOL MINE – GOOD ANALOGUE FOR SELENGE

Eruu Gol resource approx 300Mt

Located within a ‘magnetite hill’ hence low strip ratio, low mining cost

Banded magnetite skarn deposit hence straightforward, low cost beneficiation

Upgraded using dry magnetic concentrators – 58-62% Fe magnetite concentrate from a feed

grade of approx 35% Fe – Exporting 5Mt of this product in 2012

Wet magnetic separation plant under construction – Will produce 66% Fe premium concentrate – Expansion to 8 Mtpa end 2014

Recently signed offtake agreement with Winsway for 30Mtpa by 2017

ERUU GOL VALUATION:

Approx US$2.0B based on 2009 CIC purchase (minimal production and no rail spur at the time)

US$3Bn Hong Kong IPO under discussion

New rail spur to the Eruu Gol Mine

Overburden Removal at Eruu Gol

Sources: Mineral Resources Authority of Mongolia Register of Mineral Deposits; Golomt Bank “Mongolia Economic Review – Dec 2010”.

National Statistics Office of Mongolia; Company Presentation – Metals Mongolia Conference 2011.

Wall Street Journal 29 Oct 2009 (CIC = China Investment Corp).

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ERUU GOL – A 5MTPA INTEGRATED EXPORT OPERATION

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THE IRON MINERALISATION CORRIDOR AT SELENGE

Almost all the best magnetite skarn deposits known to exist in Mongolia are located in this Iron Mineralisation Corridor in Selenge Province

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TARGETS IDENTIFIED AT SELENGE PROJECT

All four primary targets drilled and contain significant intervals of iron ore Two new targets recently identified

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DRILL PLAN MAP AT BAYANTSOGT (OVER MAGNETICS)

46 of 53 holes have hit iron mineralisation

Selected intersections:

• 103m at 44% Fe from 225m (BTDH 20) – includes 28m at 58% Fe

• 97m at 44% Fe from 223m (BTDH 32) – includes 29m at 54% Fe

• 71m at 37% Fe from 266m (BTDH 15) – includes 12m at 50% Fe

• 20m at 47% Fe from 35m (BTDH 18) • 12m at 42% Fe from 113m (BTDH 17) • 10m at 42% Fe from 113m (BTDH 8)

Consistent iron lodes from surface, increasing in size and grade at depth Mineralisation remains open to the SW and at depth

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INITIAL RESOURCE AND CROSS SECTION AT BAYANTSOGT

Cutoff Grade (% Fe)

Tonnes (million)

Average Grade (% Fe)

15% Cutoff 32.8 24.4% Fe 25% Cutoff 11.4 32.4% Fe 30% Cutoff 5.3 38.5% Fe

Drilling this year will expand the resource High grade zone has been extended

JORC Code (2004) Inferred Resource Table

New Exploration Target is 40-60Mt

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DRILL PLAN MAP AT DUND BULAG (OVER MAGNETICS)

Dund Bulag is the largest target, again coincident with a large ‘magnetite skarn hill’ Very wide iron lodes from surface: • 85m at 22% Fe from 121m (DBDH 1) • 20m at 24% Fe from 0m (DBDH 3) • 54m at 22% Fe from 98m (DBDH 5) -

includes 6m at 31% Fe • 132m at 20% Fe from 103m (DBDH 8) • 126m at 20% Fe from 242m (DBDH 9)

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INTERPRETED CROSS SECTION AT DUND BULAG

Very low strip ratio

Exploration Target: 200 – 300Mt of ore

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EXCELLENT METALLURGICAL PROPERTIES

Banded Magnetite Skarn mineralisation at Selenge: Coarse grained with SiO2 primarily in separate bands Far more easily beneficiated than typical Australian massive magnetites

Even the lower grade ore produces a 65-66% Fe concentrate at 75µm grind High Fe and low impurities should allow premium pricing

Deposit/ Prospect

Average Raw Fe Grade

Average Mass Yield

Fe (%)

SiO2 (%)

Al2O3 (%)

S (%)

P (%)

Bayantsogt 30.1% 29.1% 65.77 3.25 0.96 1.03 0.02 Dund Bulag 18.5% 18.0% 65.15 5.34 1.32 0.18 0.00 Huiten Gol 27.7% 29.8% 68.78 1.90 0.41 0.01 0.01

Summary of All DTR Tests from Every Metre of 2011 Mineralised Core

Average Concentrate Quality (75µm Grind, 10% Yield Cutoff)

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INLAND CHINESE IRON ORE PRICES REMAIN STRONG

US$102/t

US$130/t

Source: AME Group Monthly Iron Ore Outlook October 2012

Monthly Average Spot Prices for Seaborne Imports vs Inland Domestic Iron Ore

23 Source: CRU Strategies, Macquarie Bank, ProMet Engineers’ Techno-Economic Assessment on the Selenge Iron Ore Project

LOW END OF THE COST CURVE

This is a sustainable long term advantage into the inland northern Chinese steel mills reliant on domestic magnetite and poorly served by seaborne imports.

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SUMMARY AND SELENGE PROJECT PLAN

China mines ~1Bt per year of iron ore, 17% Fe average → Primarily magnetite mines - forecast decline in grade and tonnes → Growing demand and high prices for magnetite concentrate in inland northern China

Bayantsogt and Dund Bulag are well advanced → High grade Huiten Gol and new discovery at Undur Ukhaa give further upside → Total Exploration target of 250 – 400Mt for the four drilled targets only → Excellent Met Results: 65-66% Fe concentrate achieved

Highly positive preliminary Scoping Study

Six month newsflow for Selenge Project → 35,000m drill program almost complete, substantial resource uplift expected by April 2013 → Mining Licence application underway – final submission by end 2012 → More Met Testing: Coarser grind sizes and dry magnetic separation → Full feasibility study to commence in 2013