ACN 147 241 361

CORPORATE OVERVIEW

JANUARY 2012 For personal use only use personal For 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 use personal For 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 . 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 use personal For

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 use personal For 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 use personal For

Page 5 Company Overview

Coal of Madagascar Limited (100%)

Coal Mining Madagascar SARL (99%)

Madagascar Permits (100%)

Imaloto Coal Project Imaloto Ianapera

For personal use only use personal For 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 use personal For . 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 use personal For 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 use personal For

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 use personal For 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 use personal For 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 Port, where infrastructure planning

is underway to provide a mineral bulk handling export facility. For personal use only use personal For

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.

. The Port at Tulear currently being redeveloped to manage increased traffic

. Lemur part of Government backed consortium to redevelop the Port of Antseraka (Soalara) as mineral export base for the region

. Consortium is made up of Agetipa (Government Agency), Lemur, Thai National Energy Company (PTT) and Sheritt International

. Re‐establishment of pre‐existing infrastructure linking the region to the Port is a long term option

. Existing road infrastructure currently provides access to the Imaloto Coal Project (requires upgrading)

For personal use only use personal For . Upgrading existing rail infrastructure used in the 60’s provides long term option for the coal companies and haulage to the deep water port once redevelopment is completed Page 13 13 INFRASTRUCTURE COMPARISON (CONT.)

Company Projects Location EV Coal Ownership %Area Resource (Mt) Distance to Port Infrastructure Distance to A$m Quality (ha) India (Kochi – SW coast) Imaloto Coal Thermal 180km via existing Investigating export route through ~5,150km Lemur Madagascar 10 99% 6,900 177 Project /CC road to proposed port redevelopment of Port of Antsekara. Tulear from Tulear ~1,100km to a New Immediately west of existing rail, road and Coal Terminal (either power corridor running the length of eastern the TKR or Techobanine Botswana, connecting into Zimbabwe, South African Sese Coal 9,354km from Botswana 85 Thermal 100% 28,800 2,730 port proposals: to Africa and Mozambique. Initial 3.5mtpa Energy Project Walvis Bay Walvis Bay, Namibia or operation could utilise this infrastructure, but Techobanine, 20mtpa operation would require new rail and Mozambique) port to be provided by third parties Techobanine, Current intention to rail coal west to a port in Mozambique : 1300km; Namibia (as opposed to east to Mozambique) Mmamabula 9,354km from CIC Energy Botswana 40 Thermal 100% ‐ 2,420 Namibia (TKR Route 1): via the Trans Kalahari Rail (TKR). Rail and port Coalfield Walvis Bay 1500km; Namibia (TKR required to be built. Consortium established Route 2): 1390km to bid for development of TKR project. 40km by road from existing rail system that provides access to domestic markets and to 6,213km from Maputo: 890km; Resources Waterberg, Thermal the ports of Maputo, Richards Bay and Maputo, Boikarabelo 77 74% 8,397 6,400 Richards Bay: 1065km; Generation South Africa / SSCC Durban. MOU with Transnet to transport 6,456km from Durban: 1136km product to ports and Mpumalanga Highveld Richard’s Bay from 2014. Some upgrade works required 6,213km from Potential for a rail spur (it will cost $20m and Limpopo, Maputo, Maputo: 800km; it needs to be 7km in length) to link the province, 6,456km from Firestone Waterberg 46 Thermal 60% 7,979 1,883 Richards Bay: 1298km; project to existing TFR rail. Waterberg Waterberg, Richard’s Bay, Durban: 1500km coalfield lies adjacent to Eskom's coal power South Africa 6,615km from stations. Also within 20km of national roads Durban 6,213km from 5km north of Haverglen Coal Loading and Delmas Road to Maputo (~400‐ Maputo, Thermal 30%1 879 88 railway sliding, 30km west of Kendal Power Brakfontein district, 450km) and Richard’s 6,456km from

For personal use only use personal For station. Located nearby the Kangala Project. Universal South Africa Bay (~510‐570km); Richard’s Bay 32 Coal 70km from rail to 6,213km from 7km south of New Clydesdale RBCT rail Maputo (470km) and Maputo, Kriel district, Thermal 50%1 860 83 siding. 20km north east of the Kriel and Roodekop Richard’s Bay (630km) 6,456km from South Africa Matla Power stations. Richard’s Bay 1. Earning up to 50% in both projects (option to acquire 74%). Page 14 Source: Bloomberg (13 Dec 11), company announcements. DOMESTIC MARKET OPPORTUNITIES

Lemur is positioned to benefit from emerging domestic Malagasy development projects as a natural supplier of thermal coal and/ or electrically to meet

power demand. For personal use only use personal For

Page 15 15 DOMESTIC MARKET OPPORTUNITIES (CONT.)

There are a number of domestic mining and industrial operations planned which will require a ready supply of power, including: . Sherritt Internationals US$5b Ambatovy Nickel Project which will require circa 400kt of coal to fire its 120mw power plant . Rio Tinto’s mineral sands operation (located on east side of Madagascar) – barging diesel from a port on West side of the island for power generation; . DP Jindal Group’s proposed cement factory & limestone mine, located between Imaloto Coal Project and the Port – requires coal for factory and potentially power; . PTT’s proposed coal mining operations; . Asia Thai Mining’s proposed coal mining operations; and . Other planned projects in the region, Energizer Resources Inc. Vanadium project, backed approximately 20km from the Sekoa Coal Basin

. Proposed development of an independent power project (IPP) near the Imaloto For personal use only use personal For Coal Project in conjunction with the local electricity board

. Lemur aims to be awarded the first coal fired IPP licence in Madagascar Page 16 16 EXPORT MARKET OPPORTUNITIES

India’s growing demand for power and large scale grid expansion is driving continued demand for imported thermal coal. Madagascar is well located to capitalise on these opportunities.

Two day freight advantage compared to coal exported from RBCT (South Africa).

Other conveniently located

For personal use only use personal For export markets include Mauritius, Kenya, Pakistan and Sri Lanka. Page 17 17 EXPORT MARKET OPPORTUNITIES (CONT.)

India's Growing Coal Demand

Coking Coal Power‐Domestic Coal Based Power‐Imported Coal Based Sponge Iron Cement Others

1,800

1,600 1.2 Bt of demand growth 120 Mtpa, or 11% CAGR 1,400

1,200

1,000

Mt 40 Mtpa, or 8% CAGR 800

600

400

200

0 For personal use only use personal For FY06 FY07 FY08 FY09 FY10 FY11F FY12F FY13F FY14F FY15F FY16F FY17F FY18F FY19F FY20F

Page 18 18 TEAM

Lemur’s team brings a broad range of technical, corporate & operational experience to the Company.

Andrew Love ‐ Non Executive Chairman

. Previously Non‐Executive Independent Deputy Chairman of Riversdale Mining Limited (subject of successful $4b takeover by Rio Tinto) . Currently Chairman of Roc Oil Company Limited, an Independent Director of Charter Hall Office Trust and formerly a Non‐Executive Director of Lend Lease Primelife Limited and a Director of the Museum of Contemporary Art in Sydney . Former Senior Partner of Ferrier Hodgson Chartered Accountants . Extensive experience in energy projects, particularly in Africa and more generally in the energy and resource

For personal use only use personal For sectors both internationally and within Australia

Page 19 TEAM (CONT.)

Blair Sergeant ‐ Managing Director

. Former Finance Director of Coal of Africa Limited. During his tenure, Coal of Africa completed over $200m of acquisitions, raised in excess of $300m in equity, secured $70m in debt, brought 2 mines into production, completed a DFS on another proposed mine and grew coal production from nil to 4Mtpa . Prior to CoAL, Mr Sergeant served as a Non‐ Executive Director and/or Company Secretary to numerous ASX companies and was the founder of boutique corporate advisory outfit, Evolution Capital Partners. He holds a Bachelor of Business and a Post Graduate Diploma in Corporate Administration from Curtin University, WA and is a Chartered Accountant For personal use only use personal For and Company Secretary

Page 20 RECENT COAL TRANSACTIONS

Lemur’s EV / Resource multiple of A$0.08/t is at a significant discount to recent coal transactions.

6.0

5.0

4.0

3.0

2.0

1.0 Median: 0.57

0.0 Ito JPw Coal ‐

Mine ‐

Lemur Hunnu Energy Project

Premier MDL162 Firestone Coal Resources

Creek) Generation Linc

Resources Prospecting

Creek) Resources

Centennial Chapudi Aston Griffin Aston Aston (Maules (Maules Hancock Resource

Lanco Macarthur Yancoal Coal of Acquirer J Power1 Itochu IPO Banpu Banpu Adani Linc GVK3 IPO CESC Infratech2 Coal Australia2 Africa Stake 10% 15% 100% 33% 90% 80% 100% 100% 100% 10% 100% 100% 100% 10% SHCC/PCI/ Type SSCC/Th SSCC/Th Thermal SSCC/Th Thermal SSCC/Th Thermal Thermal Met/Th Thermal Thermal Th/SSCC Thermal Th

Date Oct-11 Dec-10 Dec-10 Aug-10 Aug-10 Jul-10 Sep-11 Sep-11 Aug-10 Sep-11 Sep-11 Aug-11 Nov-10 Sep-10 For personal use only use personal For EV (A$m) 3,700 2,219 750 1,177 347 2,385 392 297 2,689 566 1,260 14 74 97 – 100% Basis Resource (Mt) 679 610 250 610 222 2,218 674 539 7,800 1,882 7,144 176 1,040 3,122 – 100% Basis 1. Transaction Pending. 2. In production. Page 21 3. Transaction Pending. 79% Alpha and 100% Kevin’s Corner Projects. Source: Company announcements, Citi Coal M&A Report (Dec 10), Intierra, Bloomberg (10 Sep 11). AUDUSD translation: 0.9817. 21 CORPORATE SNAPSHOT

Share price 18 cents Shares –currently on issue 192.5 m Shares – fully diluted (for options) 205.5 m Market capitalisation (undiluted) A$34.65 m Cash on hand ~ A$22 m Enterprise value A$12.65 m Enterprise value/ tonne 7.18 cents per tonne Board/Management ~ 6% diluted Top Twenty Shareholders 56.52% diluted

RANKTOP SHAREHOLDERS COMPANY –15 AUGUST 2011 NUMBER OF SHARES PERCENTAGE OF TOTAL HOLDING 1COAL OF AFRICA LIMITED 32,500,000 16.88

2OAK NOMINEES LIMITED 21,250,000 11.04

3 SKEET NOMINEES PTY LTD 8,750,000 4.55

4JPMORGAN NOMINEES AUSTRALIA LIMITED 6,750,000 3.51

For personal use only use personal For 5HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED 5,000,000 2.60

Page 22 CONTACT

HEAD OFFICE:

3 Richardson Street, West Perth, BLAIR SERGEANT Western Australia, 6005 MANAGING DIRECTOR AUSTRALIA Mobile: +61 413 677 110 Tel: +618 9481 1198 Email: [email protected] Fax: +618 9 486 1258 Email: [email protected]

JOHANNESBURG REPRESENTATIVE OFFICE: ANTHONY VILJOEN # 5 Fricker Road NON EXECUTIVE DIRECTOR Illovo Mobile: +27 82 507 1439 Johannesburg 2116 Fax +27 86 503 1463 SOUTH AFRICA Email: [email protected]

Tel: +27 11 459 2840 For personal use only use personal For

Page 23 COMPETENT PERSONS STATEMENT

The information in this Report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Richard Wadley, who is a Member or Fellow of South African Institute of Mining and Metallurgy and is also a Professional Natural Scientist (Pr.Sci. Nat.), registered with the South African Council for Natural Scientific Professions, a ‘Recognised Overseas Professional Organisation’ (‘ROPO’) included in a list promulgated by the ASX from time to time. Richard Wadley is employed by The MSA Group. Richard Wadley 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’. Richard Wadley consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The information in this Report that relates to Mineral Resources or Ore Reserves is based on information compiled by Michael Hall, who is a Member of the Australasian Institute of Mining and Metallurgy and is also a Professional Natural Scientist (Pr.Sci. Nat.), registered with the South African Council for Natural Scientific Professions, a ‘Recognised Overseas Professional Organisation’ (‘ROPO’) included in a list promulgated by the ASX from time to time. Michael Hall is employed by MSA Geoservices. Michael Hall 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’. Michael Hall consents to the

inclusion in the report of the matters based on his information in the form and context in which it appears. For personal use only use personal For

Page 24