Haddington Resources Limited

Investor Presentation – October 2009

James Brown – Group General Manager Paul Mantell – Executive Director 1 Disclaimer

This Presentation is provided on the basis that none of the Company nor its respective officers, shareholders, related bodies corporate, partners, affiliates, employees, representatives and advisers make any representation or warranty (express or implied) as to the accuracy, reliability, relevance or completeness of the material contained in the Presentation and nothing contained in the Presentation is, or may be relied upon as, a promise, representation or warranty, whether as to the past or the future. The Company here by excludes all warranties that can be excluded by law.

The Presentation contains prospective financial material which is predictive in nature and may be affected by inaccurate assumptions or by known or unknown risks and uncertainties, and may differ materially from results ultimately achieved.

All persons should consider seeking appropriate professional advice in reviewing the Presentation and all other information with respect to the Company and evaluating the business, financial performance and operations of the Company. Neither the provision of the Presentation nor any information contained in the Presentation or subsequently communicated to any person in connection with the Presentation is, or should be taken as, constituting the giving of investment advice to any person.

2 Agenda  New experienced management team  Company strategy  Key Projects

• Balline Garnet mineral sands • World class garnet resource with a current 20 + year mine life and strong economics • Decision to mine expected before year end 2009 subject to receiving regulatory approvals • Mt Webber DSO project – 30% interest • 43.7 Million tonnes DSO Resource (source Limited ASX Release 13 October 2009) • Target production 2012 (source Atlas Iron Limited Diggers and Dealers Presentation 4 August 2009) • Drilling services operations • Lithium exploration • 3 prospective lithium targets • Up to 5.0% lithium oxide in rock chip samples at Pilgangoora project * • Other assets & exploration activities • Tabalong coal and exploration prospective for base metals, precious metals and uranium  Capital Raising

*Refer to JORC Statement at rear of presentation

3 Management Team

 New experienced team: • Paul Mantell – Executive Director & CFO – An accountant with more than 30 years corporate experience in the and associated industries, including 25 years at New Hope Corporation. He has been involved in all aspects of accounting and finance, financial reporting, taxation and administration, including the responsibilities of an ASX listed entity. • James Brown – Group General Manager – Responsible for all HDN operations, is a mining engineer with over 20 years experience in the mining industry and previously held senior management roles with major mining companies in Australia and Indonesia, including 23 years at New Hope Corporation. Experience includes exploration, design and operations of medium to large scale mining operations. • Keith Mayes – Chief Operating Officer – Has over 20 years experience in the resources sector in exploration, business development, operational and financial roles with major mining companies such as North Limited, Newmont, and Oxiana in Australia, Europe and Africa.

4 Board of Directors

Allan Buckler (non-executive) – has over 35 years experience in the mining industry and has taken lead roles in the establishment of several leading mining and port operations in both Australia and Indonesia. Significant operations such as PT Adaro Indonesia have been developed under his leadership.

BT Kuan (non-executive) – has significant experience in the management of process, port and coal transportation in Indonesia and Malaysia including International Bulk Terminal on Pulau Laut, Indonesia.

Dan O’Neill (non-executive) – is a geologist and has held senior positions with a number of Australian and multinational exploration companies in locations such as Botswana, North America, South-East Asia, North Africa and Australasia. During his 30 years in mining and exploration he has worked on a range of commodities including diamonds, gold, base metals, coal, oil and gas. Mr O’Neill is also a director of (ASX:ORE) and DiamonEx (ASX:DON) .

Paul Mantell (Executive Director / CFO)

5 Management Structure

Board of Directors Allan Buckler BT Kuan Dan O’Neill Paul Mantell

Exec Dir / CFO Group General Manager Paul Mantell James Brown

COO Balline Mgr Asiadrill Mgr Keith Mayes to be filled Scott Horseman

Company Sec Group Acct Australian Projects Mgr Minvest Mgr Damon Cox Noel Young Exploration Peter Hughes Budi Utomo

Velseis Mgr Ashrie Prihantono

6 Company Strategy

 Identify, build and operate projects that deliver consistently strong cash flows and long term shareholder value

 Ultimately pay fully franked dividends

 Current key assets

• Balline mineral sands Garnet project

• Mt Webber DSO project – 30% interest

• Profitable drilling services business

• Focus on key exploration targets – base metals, precious metals, lithium, uranium, and coal

7 Balline Garnet project  Significant world class alluvial garnet deposit

 Project has an expected mine life of 20+ years and strong economics

 Plan to develop up to 150,000 tonne per annum garnet operation commencing in late 2010 subject to regulatory approvals

 Decision to mine expected late 2009 subject to regulatory approvals

 Prime location and access to Port of Geraldton,

 Total Mineral Resource of 226.9 million tonnes @ 3.7% heavy mineral content*

 Ore Reserves of 65.5 million tonnes @ 5.7% heavy mineral content *

 Ore Reserves garnet content 76.8% of heavy mineral providing 2.9 million tonnes of garnet *

*Refer to JORC compliance statement at rear of presentation 8 Balline Garnet project Balline Garnet Project Reserves Ore reserves (Probable) 65.5 Millon tonnes Heavy Mineral @ 5.7% content 3.7 Million tonnes Garnet @ 76.8% content 2.9 Million tonnes Timing expectation Production commencing January 2011 First Garnet Sales March 2011 Production target - Garnet Annual Garnet Production Year 1 80,000 tonnes Annual Garnet Production Year 2 100,000 tonnes Annual Garnet Production Years 3 and 4 120,000 tonnes Annual Garnet Production Years 5 + 135,000 tonnes Capital Expenditure Estimate $18 Million to $25 Million Mine life 20 years +

 Significant head grade flexibility due to size of resource

 Allows ability to compensate for commodity or currency fluctuations

 Potential to sell by products such as Ilmenite, Zircon, Rutile etc.

*Refer to JORC compliance statement at rear of presentation 9 Balline Garnet project

 2 million tonne per annum processed ore capacity

 Port facility agreement 150,000 tonnes per annum (tpa)

 Strong global demand for garnet

 Major contract pricing ranges US$200 to US$500 per tonne (indicative)

 The Company is currently considering a number of options for financing the project

10 Balline Garnet marketing  Garnet sand is a hard mineral, free of heavy metals and toxic components

 Used as a blast medium for cleaning steel structures, as well as water-jet cutting and water filtration

 Highly sought after and widely used commodity in the industrial blasting and cutting industry.

 Key markets*: Water jet cutting - 35% Abrasive blasting - 30% Water filtration - 15% Abrasive powders - 10% Other - 10%  Discussions commenced with potential customers for the garnet product

*Source: USGS, Mineral Commodity Summaries, January 2009 11 Balline Garnet location

12 Balline Garnet Development checklist  Decision to mine expected by end 2009 (subject to regulatory approvals)  Milestones reached include: ◦ Completion of JORC compliant ore reserve and mineral resources statement * ◦ Purchase of freehold land covering initial mining area ◦ Grant of mining lease M70/1280 to Australian Garnet Pty Ltd (HDN) ◦ Scoping study including Gravity Separation Plant design and flowsheet ◦ Initial infrastructure design and costing ◦ Metallurgical testing of proposed plant ore feed and recoveries ◦ Garnet market samples tested ◦ Marketing study for global garnet and supply projections ◦ Capital expenditure trade-off study ◦ Water supply production bores completed

*Refer to JORC compliance statement at rear of presentation 13 Mt Webber DSO Project

 On 12 October Haddington (HDN) announced that it had exercised an option to clawed back 30% of the Mt Webber DSO Project which currently has a 43.7 million tonne JORC compliant Resource (source Atlas Iron Limited ASX Release 13 October 2009)

 Option covers 6 HDN exploration tenements

 Mt Webber project is located in one of the tenements

 HDN and Atlas will form an unincorporated Joint Venture in Mt Webber and other tenements covered by option agreement

 HDN will be a contributing partner in Joint Venture

 Option to clawback is 4 times total exploration expenditure of $2,214,918 equating to $8,859,672

14 Mt Webber - location

15 Indonesian services

 Drilling services businesses include ◦ PT Asiadrill Bara Utama -16 larger drill rigs and up to 15 man-portable drill rigs, with consistent internal growth ◦ PT Velseis Indonesia (50% HDN) – 11 wireline units

 Profitable business with revenue growth

 Stable management team Indonesian Services Annual Revenue $US M 7,770 6,231 8,000 5,013 6,000

4,000

2,000

- 2006/2007 2007/2008 2008/2009

Australian Financial Year

16 Exploration Activities

 Lithium ◦ 3 Prospects : Pilgangoora, Finniss Range and Smithfield

 Uranium

◦ Shoobridge

◦ 8 tenements covering 345 km2

 Base and precious metals

◦ Tanami (Uranium as well)

 Tabalong coal project Indonesia

17 Lithium

1. Pilgangoora (Pilbara - WA) • Encouraging new hard rock lithium discovery

• Up to 5.0% lithium oxide in rock chip samples*

• Significant number of results from 0.4% to 5.0%* • Up to 408ppm tantalum pentoxide in rock chip samples*

• Sampled length of 700 metres (open ended)*

• Program of trenching and RC drilling planned • Plan to mobilise in-house drilling rig before end of 2009

• Confirm width and orientation of lithium bearing pegmatites

• Target lithium resource definition post drilling – may be multiple programs

*Refer to JORC compliance statement at rear of presentation 18 Lithium

Pilgangoora Location – Pilbara WA

19 Lithium

2. Finnis Range Prospect (NT)

• Previous sampling returned assays of up to 1.46% lithium oxide* • Located 50 km from Darwin

• Planning sampling program to follow up previously identified pegmatites this field season

*Refer to JORC compliance statement at rear of presentation

20 Lithium

3. Smithfield Prospect (WA)

• Located 20km south east of Greenbushes lithium mine, near Donnybrook WA.

• Smithfield pegmatites fall along the major Donnybrook-Bridgetown shear zone which also controls the mineralization at Greenbushes.

• Sampling program planned first quarter 2010 Talison Minerals

21 Shoobridge - uranium

 Prospective for unconformity and vein type uranium mineralisation (prospects such as Adelaide River, George Creek and Fleur de Lys)

 Thundelarra (ASX:THX) have several prospects on tenements adjacent to Shoobridge (Thunderball, Corkscrew & Bella Rose)

 VTEM survey was completed in September 2009 with some preliminary results currently being reviewed

 Liberator Prospect - best results from the 2007 field season (RC drilling)* 07LIBRC006 (3m @ 6.05% U3O8 from 39m inc.1m @18.1% U3O8 from 40m) 07LIBRC001 (6m @ 1.34 % U3O8 from 19m inc. 1m @ 4.99% U3O8 from 21m)

 Best result from the 2008 field season (Diamond Drilling) LBDD001 2m @ 1,842ppm U3O8 from 14m

*Refer to JORC compliance statement at rear of presentation 22 Shoobridge – Hayes Ck 120000 mE 122500 mE 117500 mE 112500 mE 115000 mE 110000 mE

8500000 mN 8500000 mN ThunderballThunderballThunderball(Ur) (U)(U)

EL25181 CorkscrewCorkscrewCorkscrew (U)(U) (Ur) 8497500 mN 8497500 mN

BellaBellaBella RoseRose Rose (U)(U) (Ur)

8495000 mN 8495000 mN

Hayes Creek (HDN)

8492500 mN 8492500 mN 120000 mE 122500 mE 115000 mE 117500 mE 112500 mE 110000 mE 00 mE 00 mE 00 mE

23 Tabalong coal

 Exploration phase completed in July 2008

 Pre-feasibility study completed November 2008

 Mining approvals process began in May 2009

 Government Feasibility Study to be completed in November 2009

 AMDAL (Environmental approval) expected to be completed in November 2009

 Exploitation approval expected December 2009

24 Capital Raising

• 1 for 2 fully underwritten rights issue at 17c to raise approximately $10.8m

• Funds raised under the rights issue will be used to fund the claw back of 30% of the Mt Webber Project and for working capital purposes

Offer Summary Current shares on issue 127.7m Shares expected to issued via 1 for 2 rights 63.5m issue Issue Price 17c Issue proceeds before offer costs $10.8m Shares out post rights issue 191.2m

25 JORC Compliance Balline Garnet The information in this report that relates to Ore Reserves is based on information compiled by Mr Pier Federici. Pier Federici is a Member of the Australasian Institute of Mining and Metallurgy and a full time employee of AMC Consultants Pty Ltd. He has sufficient experience relevant to the style of mineralisation and type of deposit under consideration to qualify as Competent Person as defined in The JORC Code, 2004 Edition. Pier Federici consents to the public release of the material contained within this report. Supporting documentation detailing the Ore Reserve estimate is provided as an attachment.

The information in this report that relates to Mineral Resources is based on information compiled by Therese Cameron and Rod Webster, both full time employees of AMC Consultants Pty Ltd and Members of the Australasian Institute of Mining and Metallurgy. Rod Webster has sufficient experience 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 (The JORC Code). For the purpose of this estimate, Therese Cameron has undertaken responsibility for data collection and geological input and Rod Webster has undertaken responsibility for preparing the estimate and resource classification.

The Total Mineral Resource includes Indicated (139.9Mt at 4.5% heavy mineral content) plus Inferred (87Mt at 2.3% heavy mineral content) Mineral Resources. Pilgangoora and Shoobridge The information in this report that relates to the Pilgangoora and Shoobridge exploration results is based on information compiled by Nicole de Kever, who is a member of the Australian Institute of Geoscientists. Nicole de Kever is a full-time employee of Haddington Resources Limited. Nicole de Kever has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration and to the activity she is undertaking, to qualify as a Competent Person in terms of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (JORC Code 2004 Edition). Nicole de Kever consents to the inclusion of such information in this Report in the form and context in which it appears.

26 Haddington Resources Limited

Thank you

James Brown Ph: 0427 988 898 or +62 811 859 563 Paul Mantell Ph: 0418 727 460

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