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Atlas Iron Limited 67 David Flanagan Atlas Iron Limited 67 ASX Small to Mid Caps Conference Hong Kong 2008 Disclaimer This presentation has been prepared by Atlas Iron Limited (“Atlas” or the “Company”). It should not be considered as an offer or invitation to subscribe for or purchase any securities in the Company or as an inducement to make an offer or invitation with respect to those securities. No agreement to subscribe for securities in the Company will be entered into on the basis of this presentation. This presentation contains forecasts and forward looking information. Such forecasts, projections and information are not a guarantee of future performance, involve unknown risks and uncertainties. Actual results and developments will almost certainly differ materially from those expressed or implied. There are a number of risks, both specific to Atlas and of a general nature which may affect the future operating and financial performance of Atlas and the value of an investment in Atlas including and not limited to economic conditions, stock market fluctuations, iron ore demand and price movements, timing of access to infrastructure, timing of environmental approvals, regulatory risks, operational risks, reliance on key personnel, reserve and resource estimations, native title and title risks, foreign currency fluctuations, and mining development, construction and commissioning risk. You should not act or refrain from acting in reliance on this presentation material. This overview of Atlas does not purport to be all inclusive or to contain all information which its recipients may require in order to make an informed assessment of the Company’s prospects. You should conduct your own investigation and perform your own analysis in order to satisfy yourself as to the accuracy and completeness of the information, statements and opinions contained in this presentation before making any investment decision. Pilbara Iron Ore Strategy Production October 2008 Strong Team Near Term Cashflows Low Capital Cost World’s Largest Iron Ore Port World’s Largest Iron Ore Region Large prospective landholding Strategically located tenements First and only third party rail and port access agreement with FMG 3 Corporate Shareholding Atlas has a very strong shareholder register, IMC Group 19.6% comprising of international and domestic institutions. Black Rock 6.2% Hunter Hall 5.9% LinQ Resource Fund 4.9% Top 20 56.5% Capital Structure Ordinary Shares 291M Market Cap at $1.46 $425M Cash ~A$120M Debt A$0m Equity Positions Enterprise Value $305m •19.9% Warwick Resources (ASX Code :WRK) Iron Ore Developer Options 48m •40% Shaw River Resources (ASX Code :SRR) Diversified Explorer All $ figures refer to AUD. 4 Board and Management Board of Directors Key Management Non Executive Chairman David Nixon Operations Manager Ken Brinsden Managing Director David Flanagan General Manager Pardoo Jeremy Sinclair Non Executive Director Jyn Sim Baker Chief Financial Officer Mark Hancock Non Executive Director David Hannon Exploration Manager Mark Gunther Non Executive Director Geoff Clifford Land Tenure & Approvals Garry Plowright Company Secretary Tony Walsh Mining Manager Pardoo Adam Liebenberg Magnetite Project Director Bob Third Iron Ore Marketing Daniel Taylor 5 Pardoo Mine Layout and Exploration Targets 6 Pardoo Mining Fleet 1 Abydos Proposed Mine Layout 8 Abydos Exploration Targets Widths and grades reflect results from rock chip sample traverses 9 Mid West Projects 100% Ownership Granted Mining leases <20km to proposed rail route Target 30-40Mt at 60-63% Fe Pending Port and Rail First pass drilling completed at Weld Range – results pending Resource due Q4 2008 10 Project Pipeline – State of play 11 DSO Resources and Target DSO Resources Growth Calendar Year Ending 12 DSO Conceptual Production Pipeline 1 – Mid-West Production is dependent on the timely delivery of the OPR Port and Rail which is currently due for completion in early 2013.. 13 Next 12 Months Milestones DSO Production Oct 08 Pardoo DSO Off take agreement Oct 08 Ridley Magnetite Pre Feasibility Study Dec 08 Pardoo DSO Exports Dec 08 Complete Mid-West Scoping Study Jan 09 Revised Resources and Reserves (All Projects) Jan 09 Complete Abydos Definitive Feasibility Study Jun 09 Revised Resources and Reserves (All Projects) Jul 09 Abydos DSO Off take agreement Sep 09 14 Appendix 1. DSO Resources and Reserves July 2008 2. Magnetite Resources 3. Project Development Pipeline 4. Pardoo Mine FlowSheet 5. Path to Production 6. JORC Statements 15 1. DSO Resources and Reserves 16 2. Magnetite Resource 17 3. Project Development Pipeline PARDOO PARDOO ABYDOS ABDYDOS ABDYDOS MIDWEST PARDOO TOTAL (1Mtpa) (3Mtpa u/g) (3mtpa s/u) (6mtpa u/g) (9mtpa ug) DSO MAGNETITE Current Resources DSO (Mt) 24 24 15 39 Mt --- Current Resources Mag (Mt) 1.45Bt 1.45Bt Current Reserves (Mt) 7.4 7.4 - - - - 14.8 Mt Exploration Target Mt Mag (36 – 38% Fe) - 1.8-2.2 Bt 1.8-2.2 Bt Exploration Target Mt DSO (57-60% Fe)3 30-40 Mt 30 -40 Mt 90-140 Mt 90 -140 Mt 90 -140 Mt 30 -40 Mt 150-220Mt Target additional Production (MTPA) 1 2 3 3 3 4 51 21 Mtpa1 Target Production Commence Oct 2008 Dec 2009 Dec 2009 Dec 2010 Dec 2010 2013 2013 Target Mine Life +5 Yrs +10 Yrs +10 Yrs +10 yrs +10 yrs +6 Yrs +30 Yrs Lump:Fines Ratio 40:60 40:60 TBC TBC TBC TBC Conc. Strip Ratio (waste:ore) 1.8:1 1.8:1 <2:1 <2:1 <2:1 TBC 0.5:1 Transport Road Road Rail / Road Rail Rail Rail / Road Pipe / Rail Distance to Port 75 km 75 km 125 km 150 km 150 km ~450km 75 km FMG2/ FMG2 / 2 FMG2 / Port Facilities PHPA2 FMG /PHPA FMG2/PHPA2 Ger/Oak PHPA PHPA2 2 PHPA2 1 – Target magnetite project concentrate production capacity = 15Mtpa, Atlas equity production = 5Mtpa. 2 – Port Access agreement completed 3 – Exploration Target Grade 60 to 63% Fe on Midwest tenements. 18 4. Path to Production – Project Timetables As a company we are proud of our record of delivering on our promises and will protect this reputation Pardoo DSO Abydos DSO Mid West DSO Ridley Magnetite First Drill Testing 3 Aug 2005 3 Sep 2007 3 Sep 2008 3 Sep 2006 Resource Definition 3 July 2006 3 Oct 2007 Dec 2008 3 July 2007 Scoping Study 3 Nov 2005 3 Dec 2007 Dec 2008 3 Jul 2007 Native Title Agreement 3 Mar 2006 Jul 2009 Jun 2010 3 Mar 2006 Pre Feasibility Study 3 Jan 2007 Jul 2008 Dec 2009 Dec 2008 Definitive Feasibility 3 Jul 2007 Mar 2009 Dec 2010 Dec 2010 Study Award Mining Contracts 3 Apr 2008 Aug 2009 Aug 2011 Jun 2011 Complete Project Jun 2008 Sep 2009 Q3 2011 ~Sep 2011 Permitting Next Resource Upgrade Q4 2008 Q4 2008 Q4 2008 Q4 2008 Commence Mining / Aug 2008 Oct 2009 Oct 2009 Jan 2012 Construction Commence Production Oct2008 Dec 2009 Q2 2012 Q1 2013 Commence Shipping Dec 2008 Feb 2010 Q1 2013 5. Pardoo Mine Flow Sheet 20 6. JORC Statement 1 of 2 Pardoo DSO Project – References to Exploration/Production targets and Potential Atlas has reported on 25 July 2008 a resource of 24.05 million tonnes at 56.0% Fe and a probable reserve of 7.387 million tonnes at 57.3% Fe at its 100% owned Pardoo DSO Project. While the company intends to do further exploration on the Pardoo Project tenements and remains optimistic it will report additional resources and reserves in the future, any discussion in relation to targets, resources, reserves or ‘ore’ over and above the resource of 24.05 million tonnes at 56.0% Fe and a probable reserve of 7.387 million tonnes at 57.3% Fe is only conceptual in nature. There has been insufficient exploration to define a Mineral Resource over and above the resource of 24.05 million tonnes at 56.0% Fe, and it is uncertain if further exploration will result in the determination of a Mineral Resource over and above the resource of 24.05 million tonnes at 56.0% Fe nor the development of a reserve over and above the probable reserve of 7.387 million tonnes at 57.3% Fe . Abydos Project – References to Exploration/Production targets and Potential Atlas has reported on 30 July 2008 a resource of 15.13 million tonnes at 56.9% Fe and a probable reserve of 7.428 million tonnes at 58.1% Fe at its 100% owned Abydos DSO Project. While the company intends to do further exploration on the Abydos Project tenements and remains optimistic it will report additional resources and reserves in the future, any discussion in relation to targets, resources, reserves or ‘ore’ over and above the resource of 15.13 million tonnes at 56.9% Fe and probable reserve of 7.428 million tonnes at 58.1% Fe is only conceptual in nature. There has been insufficient exploration to define a Mineral Resource over and above the resource of 15.13 million tonnes at 56.9% Fe, and it is uncertain if further exploration will result in the determination of a Mineral Resource over and above the resource of 15.13 million tonnes at 56.9% Fe nor the development of a reserve over and above the probable reserve of 7.428 million tonnes at 58.1% Fe. Ridley Magnetite – References to Exploration/Production targets and Potential Atlas has reported on 2 October 2008 a magnetite resource of 1.45 billion tonnes at 36.6% Fe at its 100% owned Pardoo Project. While the company progresses the pre feasibility study assessing the projects economics, and remains optimistic it will report additional resources in the future, any discussion in relation to targets, resources, reserves or ‘ore’ over and above the resource of 1.45 billion tonnes at 36.6% Fe is only conceptual in nature.
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