Overview – an emerging iron story

• Pluton is an ASX listed emerging company • Four projects with the key focus on the development of the Irvine Island Iron Ore Project in NW • Pluton will acquire 100% of the Irvine Island Iron Ore Project following completion of the acquisition of the remaining 50% from Cleveland Cliffs • Irvine Island has an inferred resource of 54mt with potential for significant increases • Scoping Studies are positive • Targeting a large, long-life operation with production commencing in 2012/2013 • Ideal location – limited infrastructure requirement and close to end user • A strong and experienced management team Corporate structure

Capital Structure

Ordinary shares 78.3m Market cap @ $0.50 $39m Cash (no debt) $1m Options 25.4m

Shareholding*

Directors and management 12.4%

JP Morgan 9.7% Gujarat Coke 8.4% Bond Street Custodians 5.0%

* 19.9% of Pluton to be issued to Cleveland Cliffs on completion of the acquisition of the remaining 50% of the Irvine Island Iron ore at the Isthmus Region, Irvine Island, Western Australia Project History – a proven producing iron ore area

• The area around Irvine Island has a strong history of iron ore production • BHP (then AIS) commenced production at Cockatoo Island in 1951 and Koolan Island in 1963, together having produced over 120mt of high grade, low impurity iron ore • BHP undertook surface sampling and mapping on Irvine Island from the 1950s to the 1980s. Mining leases were put in place and drilling programs were recommended but BHP exited the region in the mid 1980s before drilling occurred • Portman re-opened Cockatoo Island in early 1990s and lodged an application over Irvine Island in 2000 • A confrontational approach by Portman (& BHP) to access Irvine Island proved unsuccessful • Aztec re-opened Koolan Island with a ground-breaking native title agreement in the mid 2000’s, prior to receiving a takeover bid from Mt Gibson • In 2006 Pluton entered a JV with Cleveland Cliffs to acquire 50% of Irvine Island • Since that time Pluton has made significant progress including: - Developing a strong relationship with the Mayala people and Heritage Agreement - Identifying an Inferred Resource of 54mt - Entering into an agreement to acquire the remaining 50% of Irvine Island • Pluton is now moving from exploration to development to create an emerging iron ore producer Board and Management – an experienced team

Malcolm Macpherson Non-executive Chairman • Director of Minara Resources, Range River Gold, Titanium Corporation. • Past CEO Iluka resources and director of Portman Iron Ore Ltd.

Tony Schoer Managing Director & CEO • 25 years experience in the mining and oil and gas industries. • Previously CFO of Portman Iron Ore Ltd and Vice Pres. Commercial for BHP Minerals.

Ray Schoer Non-executive Director • Previously Chief Executive of the National Companies and Securities Commission (forerunner to ASIC), and National Director of ASX.

Dr Alistair Reed Executive Director – Exploration • 18 years experience in the mining and mineral exploration industries. • Previously with MIM, BHP, WMC Resources, government, and junior explorers. PROJECTS Projects – Iron Ore Focus

Project Commodity PLV Ownership

Irvine Island (WA) Iron (Fe) PLV 50% (increasing to 100%*)

Collier Bay (WA Iron (Fe) PLV 50% (increasing to 100%*)

Dove River (Tas Copper (Cu), PLV 100% Gold (Au)

Cethana (Tas) Copper (Cu), PLV 60% Gold (Au)

* Pluton has entered an agreement to acquire 50% from Cliffs Natural Resources subject to funding Irvine Island Iron Ore Project

• Irvine Island is well located in the Kimberley Iron Ore Hub - close to Asian markets, existing ports and shipping routes - no rail is required

• Irvine Island contains both DSO iron ore and feed ore for processing. The iron ore is amenable to processing using conventional methods

• The size of the current Inferred Resource on Irvine Island already exceeds the total resource mined from nearby Cockatoo Island since mining began in 1951

• Positive scoping mining studies from both Snowden Mining Industry Consultants and AMC Consultants Pty Ltd

• Pluton has an agreement with Cliffs Natural Resources to acquire the remaining 50% of the Irvine Island Project

• Current resource of 54mt. Exploration is targeting 130Mt and potential for 200Mt over the next 12 months

• Heritage Agreement in place with Native Title Claimants (the Mayala people)

Irvine Island is one of three islands in the Kimberley Iron Ore Hub Cockatoo Island – ‘Site of the first exports of iron ore from Australia’ Infrastructure advantages

• The Irvine Island Project is a continuation of the Koolan and Cockatoo Islands ore body

• Unlike Cockatoo Island, there does not appear to be any need for engineered seawalls on Irvine Island

• Irvine Island resource potential is significantly larger than Cockatoo Island but is generally not of the same grade Irvine Island: Iron Ore at surface

• Iron ore is exposed at surface at two locations on Irvine Island: Hardstaff Peninsula and the Isthmus Region

• There is both high grade, low impurity, direct shipping ore (DSO) exposed on Irvine Island as well as lower grade feed ore for processing

• Iron ore on Hardstaff peninsula is contained Isthmus Region within two rock units: the Yampi Member and the Wonganin Sandstone

• The primary target on Irvine Island is iron ore in the Yampi Member layer. This is a 40-60m thick layer that is also mined on nearby Cockatoo and Koolan Islands

• A secondary iron ore target on Irvine Island is the Wonganin Sandstone. The Wonganin Hardstaff Peninsula Sandstone was previously considered as waste, but has been shown to yield a marketable iron concentrate Inferred Resource of 54mt

February 2009 (Pre-beneficiation testing) • Inferred Resource of [email protected]% iron Isthmus Region iron ore September 2009 (Post-beneficiation testing) • Inferred Resource of 54Mt@49% iron (including 25Mt@55% iron). This resource is entirely contained with the Yampi Member • There is more iron contained within the Wonganin Sandstone. This is additional to current resources and exploration targets

Section AA’ Hardstaff Peninsula Wonganin Sandstone Hardstaff Peninsula iron ore

Yampi Member Strong potential to increase resource

• Geophysics and mapping confirm (reds and yellows in adjacent images) the extension of iron mineralisation into areas of proposed drilling

• The next phase of exploration is targeting up to 130Mt from Hardstaff Peninsula and the Isthmus Region, but could achieve up to 200M.

• The current Inferred Resource of 54Mt already exceeds the total tonnage from Cockatoo Island since mining began in the early 1950’s

• Exploration is targeting a >20 year mine life deposit

Hardstaff Peninsula magnetic images. Reds and yellows correspond to iron mineralisation at surface and at depth. Grade improvement via beneficiation

• Irvine Island contains both Direct Shipping Ore (DSO) and iron ore that can be processed to produce an iron concentrate

• About 20% to 30% of the current resource is estimated to be DSO ore

• Iron ore from Irvine Island has shown to be amenable to processing using conventional methods

• Unlike some ores there is no need for fine grinding, resulting in cost savings

• Processing the current Inferred Resource of 54Mt@49% iron could yield up to 37Mt at 66% 5cm iron in concentrate

• Initial results are positive with potential for

further improvement. Further testing underway Drill core from Irvine Island showing both clean Direct Shipping Ore (bottom) and with results expected in December 2009 quartz pebble-rich ore (top) requiring processing. Many of these quartz pebbles are released and can be removed during the early stages of processing. Scoping Studies Return Positive Economics

• Two scoping-level studies have been completed – Snowden Mining Industry Consultants and AMC Consultants Pty Ltd • Snowden Mining Industry Consultants • based on initial Inferred Resource of 13Mt • indicated positive results for open pit mining of the Yampi Member on Hardstaff Peninsula • AMC Consultants Pty Ltd • based on the 54mt Inferred Resource and potential extensions to the resource on Hardstaff Peninsula

• indicated positive results based on both Deep water access immediately adjacent to iron mineralisation and underground and open pit mining, including the size of the deposit on Irvine Island ultimately makes it worthwhile open pit mining of the lower grade overlying constructing a separate processing facility. Wonganin Sandstone material • Neither study considered DSO iron from the Isthmus Region • Both studies highlight the significance of Irvine Island’s location relative to shipping and Asian markets DEVELOPMENT PROGRAM Capital requirement

• Further funding is required to continue development of the Irvine Island Project • Pluton has been in discussions with a number of entities regarding a potential investment in the company but no agreement reached to date • To acquire the balance of the Irvine Island Project and take the project to feasibility by 2011-2012, the capital requirement is as follows:

Funding requirement $m

Acquire the remaining 50% of the Irvine Island project* 6.0

Phase II exploration targeting up to 130Mt 8.0

Environment and heritage studies 4.0

Working capital 2.0

Total 15.0 – 20.0

* Terms include A$5m cash, the issue of 19.9% of new shares in Pluton and a 1% FOB royalty. In addition, stamp duty costs are estimated at $1m Indicative timeline to production

4Q 09 2010 2011 2012 2013

Acquire 100% Irvine Island

Phase II Exploration

Pre-Feasibility

Feasibility

Financing

Construction

Commissioning

Production The Opportunity

• An emerging iron ore company moving from exploration to development • Key project well located, close to Asian markets and existing ports. No need for expensive rail! • The excellent location of the Kimberley Iron Ore Hub with a long history of iron ore production • A major resource with excellent potential to increase significantly • Potential for Irvine Island to be a large and long- life mining operation • Scoping studies by Snowden Mining Industry Consultants and AMC Consultants Pty Ltd return positive economics • Experienced board and management team • Continued interest from overseas parties • 37Mt at 66% iron concentrate from the current resource of 54Mt. (Top) Kelvin Hudson, Mayala. (Bottom) Mayala traditional owners with Pluton Resources personnel. Disclaimer

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Copyright Pluton Resources 2009 APPENDIX Tasmania Copper/Gold Project

Mineralisation style Bulk tonnage porphyry copper (Cu) and gold (Au)

Deposit analogues: Cadia, Grassberg • Independent expert review has confirmed a bulk tonnage Cu-Au porphyry potential and priority targets for exploration

• Exploration is adjacent to existing roads

• Very large alteration zone and magnetic feature (1.5km x 1km in size)

• $750K expenditure required to drill priority targets

• Aim is to drill the core of the porphyry and then possibly joint venture the project

(Right) Photographs of drill core from around the Cethana copper-gold porphyry prospect, Tasmania.