ACN 147 241 361 CORPORATE OVERVIEW JANUARY 2012 For personal use only DISCLAIMER . This Document (and the information contained herein) is confidential to the recipient. The information contained in this Document is provided to the recipient on the terms and conditions set out in this notice. The purpose of this Document is to provide the recipient with background information relating to Lemur Resources Limited (ACN 147 241 361) (“Lemur”). The recipient should not treat the contents of this Document as advice relating to legal or taxation matters and should consult their own advisers. No part of this Document may be disclosed, reproduced or distributed in any manner without the prior written approval of Lemur. Lemur and its respective directors, employees, agents, advisers and consultants shall have no liability (including liability to any person by reason of negligence or negligent misstatement) for any statements, opinions, information or matters (express or implied) arising out of, contained or derived from, or for any omissions from this Document, except liability that cannot be excluded under statute. The Document contains reference to certain intentions, expectations and plans of Lemur. Those intentions, expectations and plans may or may not be achieved. They are based on certain assumptions which may not be met or on which views may differ. TheperformanceandoperationsofLemurmaybeinfluencedbyanumber of factors, many of which are outside the control of Lemur. No representation or warranty, express or implied, is made by Lemur or any of its respective directors, employees, agents, advisers and consultants that any intentions, expectations or plans will be achieved either totally or partially. The Information disclosed relates to the proposed business of Lemur at the date the Information compiled, not the date of this For personal use only Document. Material information may have changed since the date the information was compiled. Please also see the Competent Person’s Statement on the last page. Page 2 INTRODUCING LEMUR RESOURCES . Perth‐based company focused on development of significant coal assets in Madagascar . Planning to develop thermal coal mine at its 99% owned Imaloto Coal Project, locatedintheImalotoCoalBasinin Madagascar . Board & management have significant experience in developing commercial coal mining operations in Africa . Listed on ASX in August 2011 For personal use only Page 3 INVESTMENT HIGHLIGHTS 1. Strong team . Former Deputy Chairman of Riversdale Mining Limited and former Finance Director of Coal of Africa Limited . Strong track record of developing coal assets in Africa . Links with regional governments and excellent local knowledge . Expert technical team, with over 60 years cumulative target generation experience 2. Quality assets . 176Mt of SAMREC / JORC Inferred Resource with excellent exploration upside . Raw coal suitable for domestic power generation (CV of 22.11 MJ/kg (5,280 Kcal), Ash 24.1%, Volatiles of 28.0%, Inherent Moisture of 4.9%) . Washed coal quality suitable for export (Air dried basis CV 25.18 MJ/kg (6,013 Kcal), average ash of 16.0%, Moisture of 5.3%, Volatiles of 31.1% For personal use only and Sulphur of 0.9% Page 4 INVESTMENT HIGHLIGHTS (CONT.) 3. Plan for infrastructure . Basic road infrastructure currently enables access to the site and to existing port facilities . Lemur is part of a Government sponsored consortium which aims to design and build new regional port facilities and associated road/rail infrastructure 4. Markets identified . Domestic ‐ An independent power project to supply the local electricity board and existing/planned industry operators likely to provide a ready market. MOU signed with Jiro Sy Rano Malagasy (“Jirama”) in September 2011 re IPP. Export ‐ Madagascar is ideally placed to export coal to India, which plans to expand its coal fired power generation capacity by ~60GW by 2013. India supply shortfall estimated at over 100mt by 2012. For personal use only Page 5 Company Overview Coal of Madagascar Limited (100%) Coal Mining Madagascar SARL (99%) Madagascar Permits (100%) Imaloto Coal Project Imaloto Ianapera Sakaraha For personal use only Coal Project Extension Coal Project Coal Project Page 6 ASSET LOCATION . Imaloto coalfield represents the northern most exposure of the Sakoa coal measures For personal use only . Outcropping coal measures extend for a distance of c.15km, immediately west of the north south flowing Imaloto River Page 7 KEY OBJECTIVES FOR NEXT 24 MONTHS . Commencing the Phase III Exploration Programme with the intention of better defining the limits of the coal seams converting the current inferred resource into a measured resource . Targeting an material increase of the current gross in situ JORC compliant Inferred Resource estimate of approximately 176mt a via the Phase III Exploration Programme . Seeking acquisition and consolidation opportunities to complement existing coal projects and expand coal resources both in Madagascar and worldwide . Initiating independent infrastructure scoping study which will include the preparation of a high level site layout plan as well as all items of infrastructure required to support a sustainable coal mining and export facility capable of For personal use only producing up to 5 mtpa, including any future production from the Imaloto Coal Project and other regional projects Page 8 KEY OBJECTIVES FOR NEXT 24 MONTHS (CONT.) . Commissioning a mining scoping study detailing the appropriate mining method to be used for the Imaloto Coal Project ore body . Contributing to a pre‐feasibility study into the required infrastructure upgrades and developments, including the upgrading of the existing Port of Tulear which will be used initially for exporting the coal, and the later development of the old deep water Port of Antsekara, and the proposed rail route . Seeking to secure the first coal fired Independent Power Producer License in the area, in conjunction with the local electricity utility company Jirama. MOU executed in September 2011 . Undertaking testing to assess the coking coal potential of the resource For personal use only Page 9 COAL QUALITIES Raw coal is suitable for power generation or may be beneficiated to export quality. Inferred Resource (Raw) >0.5 Metre Seam Thickness Discounted for Geological Losses for Faults and Weathering Length RD GTIS Seam Area (m) Gm/cc (Mt) Top 2,240 0.82 1.56 27.1 Upper 2,418 1.49 1.76 69.7 Main 2,050 2.67 1.52 79.8 Total 176.6 Wash‐table for Main Seam Analyses of 2011 drilling programme based on the analysis of 23 samples (air‐ dried basis) CV IM Ash VM FC S Yield RD MJ/k % % % % % % g F1.50 5.3 16.0 31.1 47.6 0.90 25.18 67.2 For personal use only F1.60 5.3 17.8 30 46.9 0.91 24.50 80.3 F1.70 5.3 19.2 29.4 46.1 0.93 23.97 87.1 Key: RD = Relative Density, IM = Inherent Moisture, VM = Volatile Matter, FC = Fixed Carbon, S = Sulphur, CV = Calorific Value Source ‐ Competent Persons Report as contained in the Company's Prospectus dated 30 June 2011 and ASX Announcement 27 January 2012 Page 10 10 COAL QUALITY COMPARISON Company Key Project Country Coal Quality Resource Yield %Energy – Ash (% Sulphur Volatile Inherent CSN (Mt) kcal/kg adb) (% adb) Matter Moisture (adb) % (% adb) Lemur1 Imaloto Coal Project Madagascar Thermal 177 67.2% 6,013 16.0% 0.90% 31.1% 5.3% 2 African Energy Sese Coal Project Botswana Thermal (Export) 2,730 45.0% 4,670 22.9% 0.3% 23.0% 8.0% Mmamabula Coalfield Thermal (Export) 60.0% 5,594 17.7% 0.7% 24.1% 3 CIC Energy Botswana 2,420 Mmamabula Coalfield Thermal (Secondary) 7.5% 4,274 27.5% 1.1% 20.1% Boikarabelo Thermal (Export) n/a 5,800 14.0% 0.7% 33.0% 4.6% Resources Thermal (Secondary Boikarabelo South Africa 6,400 n/a 4,400 29.0% 0.7% 26.0% 4.4% Generation Product) Boikarabelo SSCC n/a 6,770 10.0% 0.7% 38.0% 4.6% 4.0 4 Firestone Waterberg South Africa Thermal 1,883 45.4% 4,984 30.1% 0.8% 24.6% 3.0% Kangala5 Thermal (Domestic) 124 61. 9% 5,400 46.7% 1.1% 14.0% 3.8% Brakfontein Thermal (Export) 40.9% 6,329 15.5% 1.0% 22.9% 4.5% Universal Coal South Africa Thermal (Secondary 87 Brakfontein 22.0% 4,888 29.8% 0.8% 17.1% 4.4% product) Roodekop Thermal (Export) 83 n/a 4,084 37.9% 0.7% 20.0% 2.6% 1. Washed Product specifications RD=1.50, results of 2011 drilling program. For personal use only 2. Washed Product specification RD>1.5, <1.7 adb. The Sese Project will also produce a secondary product suitable for power station supply. 3. Washed Product specification adb. Thermal Export yield based on 900Mt of beneficiated export product and Secondary Domestic product based on 112Mt out of 1,500Mt of plant feed. 4. Washed Product specification RD=1.90. CV in MJ/kg converted to kcal/kg . Quality specifications are for the combined Vetleegte, Massenburg & Hooikraal properties only. This represents 85% of the total defined resource. Quality specifications updated as at March 2011. 5. Based on weighted average of main and south seam. Yield based on 5,400k/cal product from 3,340k/cal raw energy content. Specifications reflect weighted average of raw product. Page 11 INFRASTRUCTURE OVERVIEW The Imaloto Coal Project is situated in the south west of Madagascar. Favourably located near existing port of Tulear and adjacent to proposed Soalara Port, where infrastructure planning is underway to provide a mineral bulk handling export facility. For personal use only Page 12 12 INFRASTRUCTURE OVERVIEW (CONT.) Lemur is part of a Government backed consortium to develop infrastructure in the region. Port and rail development will provide an access route to supply the growing demand from export markets for thermal coal.