DEVELOPING RESOURCES Company Update FOR February 2013 DEVELOPING MARKETS

DEVELOPING RESOURCES FOR DEVELOPING MARKETS FORWARD LOOKING STATEMENTS

• These materials include forward looking statements. Forward looking statements inherently involve subjective judgement and analysis and are subject to significant uncertainties, risks and contingencies, many of which are outside of the control of, and may be unknown to Centrex Metals Limited (‘Centrex’ or the ‘Company’). • Actual results and developments may vary materially from those expressed in these materials. The types of uncertainties which are relevant to the Company may include, but are not limited to, commodity prices, political uncertainty, changes to the regulatory framework which applies to the business of the Company and general economic conditions. Given these uncertainties, readers are cautioned not to place undue reliance on such forward looking statements. • Forward looking statements in these materials speak only at the date of issue. Subject to any continuing obligations under applicable law or any relevant stock exchange listing rules, the Company does not undertake any obligation to publicly update or revise any of the forward looking statements or any change in events, conditions or circumstances on which any such statement is based. • Forward looking statements include, but are not limited to, statements concerning Centrex’s planned exploration program, targeted resources, commencement of product export and other statements that are not historical facts. When used in this document, the words such as “could”, “target”, “plan”, “estimate”, “intend”, “may”, “aim”, “potential”, “should”, and similar expressions reflected in these forward-looking statements are reasonable, such as statements involving risks and uncertainties and no assurance can be given that actual results be consistent with these forward-looking statements.

DEVELOPING RESOURCES FOR DEVELOPING MARKETS CENTREX OVERVIEW

• Eyre Iron Joint Venture - 40% interest in magnetite iron ore projects with Wuhan Iron & Steel funding first $75M of development; 653Mt Mineral Resource at flagship Fusion project • Port Spencer Joint Venture - 50% interest in proposed deep- water port facility with Wuhan Iron & Steel to fund next $4M of development; State Government approval received Iron Iron • Bungalow Joint Venture – Baotou Iron & Steel earning 50% Port interest by funding first $40M of development; 338Mt Mineral Iron Base Resource Metals • Goulburn Joint Venture - Shandong 5th Geo-Mineral Prospecting Institute earning 35% for $2M exploration; ability to earn 80% by funding to production • Wilgerup - 100% interest 13.3Mt Indicated DSO Resource • Eyre Peninsula Exploration - 100% interest in iron ore rights to 7 licences in South Australia • Gundaroo - Exploration Licence Application for NSW Gold- Base Metals project near Goulburn

DEVELOPING RESOURCES FOR DEVELOPING MARKETS COMPETITIVE STRENGTHS & STRATEGY

• Substantial and growing bank of end to end project knowledge • Management team with strong total supply chain operational experience (iron ore, coal, phosphate, gold and steel) • Strong international partnerships

“Acquire, define and develop a portfolio of resource projects for developing markets to provide shareholder value.”

Our focus is on; • Bulk commodities • End to end project solutions • Value extraction • Optimising capital risk

DEVELOPING RESOURCES FOR DEVELOPING MARKETS BOARD & MANAGEMENT Jim Hazel Ben Hammond BEc, FFin, FAICD BSc (Geol), MBA, MAusIMM, GAICD Non-Executive Director Acting-CEO

Graham Chrisp Alastair Watts BSc (Geol), Dip Bus, MAusIMM BTech (CE) Non-Executive Director GM Exploration

John den Dryver Gavin Bosch BE (Mining), MSc, FAusIMM BCom, CPA, CSA Non-Executive Director GM Finance & Company Secretary

Jim White Steve Brown David Klingberg AO BApp Sci (Met), FIEAust, CP Eng Beng (Elec), MEAust, CP Eng FTSE, D UniSA, BTech, Executive Director Chief Operating Officer (Eyre FIEAust, FAusIMM, FAICD Iron Pty Ltd) Non-Executive Chairman Poh Kiat Angela Webb • Former CEO of Kinhill Dip CE CA BA (Acc), GDip Fin, GDip ACG, Limited Non-Executive Director GAICD • Former Chancellor of the Finance Manager & Company University of South Secretary (Eyre Iron Pty Ltd) Australia Lu Bingqiang AK Tareen BE (Mining) Chief Advisor – Strategic Non-Executive Director Investments India & South Asia

DEVELOPING RESOURCES FOR DEVELOPING MARKETS CORPORATE OVERVIEW

• Capital Structure (ASX:CXM) – Shares on Issue: 313.6M – Options & Rights on Issue: 3.3M – Market Capitalisation (@ $0.19): A$ 59.6M – Cash (31st December 2012): A$ 63.3M – Cash (Forecast Ex-Dividend 11th March 2013) A$ 47.6M

Top 10 Shareholders % Issued Capital South Cove Ltd 25.8 Wugang Australian Resources Investment Pty Ltd 12.9 Baotou Iron & Steel (Group) Company Ltd 7.0 HSBC Custody Nominees (Australia) Ltd 5.3 SEL Holdings Ltd 5.2 United Iron Ltd 4.8 Mr Sik Ern Wong 2.6 Davan Nominees Pty Ltd 2.0 Mr Melvin Boon Kher Poh 1.7 Keng Chuen Tham 1.4 Total 68.7

DEVELOPING RESOURCES FOR DEVELOPING MARKETS INITIAL FOCUS & RECENT DEVELOPMENTS

• Progress existing developments – Support feasibility studies for the WISCO and Baotou iron ore joint ventures (SA) – Progress Federal Government approvals for Port Spencer deep water export facility (SA) • Maximise value from existing portfolio – Finalise transaction for third Chinese backed joint venture over base metals project (NSW) – Complete initial exploration drilling at the Kimba Gap iron ore prospect (SA) – Review ground gravity survey results at the Wilgerup DSO hematite project (SA) • Acquisitions – Acquire two early stage bulk commodities projects in 2013 • Capital management – Consider cash requirements for existing and future business – Special dividend announcement

DEVELOPING RESOURCES FOR DEVELOPING MARKETS EXISTING DEVELOPMENTS

DEVELOPING RESOURCES FOR DEVELOPING MARKETS EYRE PENINSULA IRON ORE

• Eyre Iron Joint Venture - 40% interest in magnetite iron ore projects with Wuhan Iron & Steel funding first $75M of development; 653Mt Mineral Resource at flagship Fusion project • Port Spencer Joint Venture - 50% interest in proposed deep-water port facility with Wuhan Iron & Steel to fund next $4M of development; State Government approval received • Bungalow Joint Venture - Baotou Iron & Steel earning 50% interest by funding first $40M of development; 338Mt Mineral Resource • Wilgerup - 100% interest 13.3Mt Indicated DSO Resource • Eyre Peninsula Exploration - 100% interest in iron ore rights to 7 licences in South Australia

DEVELOPING RESOURCES FOR DEVELOPING MARKETS EYRE IRON JOINT VENTURE (CXM 40%)

• 653Mt of Mineral Resource Defined to date at the Fusion Magnetite Project, including 287Mt Measured and Indicated* • More resource updates expected in early 2013 • Additional Exploration Targets still to be drilled out • Targeted at 5Mtpa concentrate production • Critically, independent infrastructure solution • Plant 40km from port, concentrate delivered via slurry pipeline • Power from the national grid • Water via desalination plant • Scoping study completed May 2012 • Definitive feasibility study well underway with final scope to be agreed April 2013

*Refer slide 21 for full details

DEVELOPING RESOURCES FOR DEVELOPING MARKETS PORT SPENCER (CXM 50%)

• WISCO have entered into a 50/50 joint venture for the development of a deep- water bulk commodity facility at Port Spencer • Multi user facility, 20 mtpa, opportunity for low cost expansion • 500m jetty to 20m deep water Cape capable port, no dredging required • Excellent government support for a key infrastructure project • South Australian government development approval for Phase 1 received December 2012 • EPBC referral process underway

DEVELOPING RESOURCES FOR DEVELOPING MARKETS BUNGALOW JOINT VENTURE (CXM 70%)

• Baotou Iron & Steel Group (“Baogang”) have a 30% interest, Centrex retains a 70% interest • Baogang have the right to commit a further A$16 million to earn a 50% interest • 338Mt Mineral Resource including 22Mt Measured and 164Mt Indicated* • 5Mtpa of concentrate production to be exported from Port Spencer • Achievable infrastructure solutions for power, water and product transport • Prefeasibility Study expected completion in early 2013 • Regional opportunities

*Refer slide 23 for full details

DEVELOPING RESOURCES FOR DEVELOPING MARKETS WILGERUP (100%)

• 100% Centrex owned DSO hematite project at Wilgerup • Massive hematite JORC Mineral Resource of 13.3Mt @ 57.7% Fe* • All mining approvals received • Off-take agreements already in place • Develop in line with Port Spencer development • Options to add value being explored • Upgrading of existing lower grade hematite and magnetite • Recent gravity survey being reviewed for further DSO targets

*Refer slide 24 for full details

DEVELOPING RESOURCES FOR DEVELOPING MARKETS BUILD PORTFOLIO VALUE

DEVELOPING RESOURCES FOR DEVELOPING MARKETS NSW BASE METALS (100%)

• Goulburn Joint Venture • Heads of Agreement signed for $2M exploration program for Shandong 5th Geo-Mineral Institute to earn 35% • Further option to acquire up to 80% by funding through to production • Promising IP anomalies • Diamond drilling planned for early 2013

• Gundaroo • Exploration Licence Application 4744 roughly 10km west of Goulburn project • 100% Centrex tenement application. • 280km2 covering a structural corridor with historically defined gold and base metals mineralisation

DEVELOPING RESOURCES FOR DEVELOPING MARKETS KIMBA GAP (CXM 100%)

• Part of 5 Exploration Licences adjacent to the existing Middleback Ranges iron ore mines • 4km strike of outcropping Banded Iron Formation (BIF) coincident with magnetic and gravity anomalies • Native Title Mining Agreement for Exploration in place • First pass drilling program planned for early 2013 targeting both DSO and magnetite mineralisation • Prospect located 50km north of Bungalow Joint Venture

DEVELOPING RESOURCES FOR DEVELOPING MARKETS BUSINESS DEVELOPMENT

• Actively pursuing acquisition opportunities in early stage bulk commodities projects • Centrex to take acquisitions through conceptual development and resource definition • Leveraging off international networks to fund project developments • Proven track record of securing foreign investments with third Chinese backed joint venture signed in January 2013 • Former Senior Trade Commissioner to India appointed to aid with marketing current and future projects

DEVELOPING RESOURCES FOR DEVELOPING MARKETS CAPITAL MANAGEMENT

DEVELOPING RESOURCES FOR DEVELOPING MARKETS SPECIAL DIVIDEND

• Conservative approach, but realising value to shareholders • Centrex has surplus cash taking into account • Range of cash requirements for development assets • Cash requirements for business development • Other factors • Franking credits available, unutilised • Return to shareholders of capital gained from past transactions • Logical outcome – return of surplus cash to shareholders via fully franked dividend

DEVELOPING RESOURCES FOR DEVELOPING MARKETS RESOURCE APPENDICIES

DEVELOPING RESOURCES FOR DEVELOPING MARKETS COMBINED FUSION RESOURCES

Refer slide 22 for individual deposit breakdowns

DEVELOPING RESOURCES FOR DEVELOPING MARKETS FUSION RESOURCES

DEVELOPING RESOURCES FOR DEVELOPING MARKETS BUNGALOW RESOURCES

* DTR (percent weight recovery) and concentrate results were from Davis Tube test work performed at -38µm.

# Due to the effects of rounding, overall totals may not be able to be reproduced from individual classification totals.

DEVELOPING RESOURCES FOR DEVELOPING MARKETS WILGERUP RESOURCES

DEVELOPING RESOURCES FOR DEVELOPING MARKETS