Investor Presentaiton

for personal use only Aquila Resources THABAZIMBI IRON ORE PROJECT Rail & Port * Opportunities for export on existing rail network of Transnet Freight Rail to the ports at Maputo or Richards Bay, subject to available capacities ❖ Domestic customers hold existing contracts for rail haulage Marketing ❖ Anticipated that the Resource has the capacity to produce at least 60% of the product as high grade lump ore For supply to both international and potential domestic customers Capex & Operating Costs Estimated capital expenditure in the range of US$150m to US$190m Estimated operating costs of US$55/t FOB 2011/12 Objectives Pre-Feasibility Study to commence in Q4 CY2011 Revised Resource Statement expected in Q1 CY2012 PROJECT DETAILS LOCATION Adjacent to the township of Thabazimbi in the Limpopo Province of South Africa RESOURCES(5) Resources (JORC) Indicated: 16Mt @ 63.6% Fe Inferred: 32Mt @ 62.5% Fe Total Resources: 48Mt @ 62.9% Fe PRODUCTS Direct ship lump and fine hematite products AQUILA INTEREST 74% PROJECTED PRODUCTION RATE 2Mtpa 20 20

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