Vault Minerals Limited · ASX:VAU

Vault Minerals — Red 5 — Investor Presentation (September 2007)

29 slides from Vault Minerals's investor presentation, Sep 25, 2007

1. Slide 1: Siana Gold Project Feasibility Study Upgrade

   For personal use only Siana Gold Project Feasibility Study Upgrade September 2007 RED5 Limited

2. Slide 2: Focused on the Philippines

   Focused on the Philippines… For personal use only ƒ Development imminent ƒ Siana Au ƒ Mapawa Au …and potential for Zn, Cu RED5 Limited

3. Slide 3: Red 5 - at a glance

   Red 5 - at a glance… For personal use only RED – ASX (21 Sept): 10.5cents Market Cap (21 Sept): A$32.5m Issued Shares: 309.2m Enterprise Value: US$27/oz (per Resource oz) Largest Shareholders: Mathews Capital 19.2% AngloGold Ashanti 13.0% Directors 4.8% RED5 Limited

4. Slide 4: Experienced Board & management

   Experienced Board & management For personal use only ƒ Colin Jackson Chairman ƒ Greg Edwards Managing Director ƒ Lance Govey Exploration Director ƒ Peter Rowe Non-executive Director ƒ Gary Scanlan Non-executive Director ƒ Frank Campagna Company Secretary RED5 Limited

5. Slide 5: Highly prospective location

   For personal use only Highly prospective location ƒ 100 million oz equivalent potential in Surigao del Norte ƒ Excellent local infrastructure ƒ Strong Community support (history of mining) ƒ Strategic land position ƒ Secure form of mining title (Mineral Production Sharing Agreement) RED5 Limited

6. Slide 6: Siana Mineral Resources - gold system open in all directions

   Siana Mineral Resources - gold system open in all directions For personal use only RED5 Limited

7. Slide 7: Siana cross-section

   Siana cross-section - highly predictable gold ore zones For personal use only RED5 Limited

8. Slide 8: Underground ore zones open at depth

   Underground ore zones ….. open at depth For personal use only RED5 Limited

9. Slide 9: Siana Mineral Resources

   Siana Mineral Resources For personal use only Category* Mt Au (g/t) Oz Ag (g/t) Oz Indicated 3.16 3.3 339,700 8.6 868,400 Inferred 3.11 7.2 717,300 13.2 1,314,500 TOTAL 6.27 5.3 1,057,000 10.8 2,183,000 *Note - consistent with JORC standards RED5 Limited

10. Slide 10: Strong community support

    Strong community support… For personal use only RED5 Limited

11. Slide 11: Through health assistance

    ...through health assistance For personal use only RED5 Limited

12. Slide 12: Welfare

    … welfare For personal use only RED5 Limited

13. Slide 13: And education programmes

    … and education programmes For personal use only RED5 Limited

14. Slide 14: Siana project design layout

    Siana project design layout - within original footprint For personal use only RED5 Limited

15. Slide 15: Open pit & underground mine design

    Open pit & underground mine design For personal use only RED5 Limited

16. Slide 16: LOM capital costs (US$) - Base Case

    LOM capital costs (US$) - Base Case For personal use only Direct & Contingency Total Indirect Open Pit 54,423,906 5,442,391 59,866,296 Underground 7,775,236 777,523 8,552,760 Total 62,199,142 6,219,914 68,419,056 RED5 Limited

17. Slide 17: LOM operating costs (US$) - Base Case

    LOM operating costs (US$) - Base Case For personal use only Open Pit UG LOM Mining 13.68 38.14* 25.41 Processing 10.13 14.89 11.96 Administration 3.66 9.49 6.04 Royalties 1.54 3.25 2.23 Total Cost / tonne 29.01 65.77 45.24 Total Cash Cost / oz^ 307 344** 330** Notes: Strip ratio: 6.4:1 Underground m

18. Slide 18: Base Case - first years

    Base Case - first 5 years For personal use only First 5 years Calendar Year 2009 2010 2011 2012 2013 LOM Gold ounces 65,866 67,240 75,169 73,479 52,214 717,413 Cash cost (US$/oz) 365 301 267 301 391 330 Total cost (US$/oz) 440 376 343 377 466 406 RED5 Limited

19. Slide 19: Base Case production profile

    For personal Quarterly use Gold Production Oz only 31 -M a 0 5,000 10,000 15,000 20,000 25,000 31 r-0 -D 9 e 30 c-0 -S 9 ep 30 -1 -J 0 u 31 n-1 -M 1 a 31 r-1 -D 2 e 30 c-1 -S 2 ep 30 -1 -J 3 u 31 n-1 -M 4 a 31 r-1 -D 5 e 30 c-1 -S 5 ep 30 -1 -J 6 u 31 n-1 -M 7 a 31 r-1 -D 8 e 30 c-1 -S 8 ep 30 -1 Ba

20. Slide 20: Accelerated Case - first years

    Accelerated Case - first 5 years For personal use only First 5 years Calendar Year 2009 2010 2011 2012 2013 LOM Gold ounces 65,866 69,650 117,184 129,142 74,590 717,413 Cash cost (US$/oz) 368 330 265 249 294 309 Total cost (US$/oz) 444 406 341 325 369 384 RED5 Limited

21. Slide 21: Accelerated Case production profile

    For personal Quarterly use only Gold Production 31 -M ar 0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 31 -0 9 40,000 -D ec -0 30 -S 9 ep -1 30 0 -J un -1 31 1 -M ar -1 31 2 -D ec -1 30 -S 2 ep -1 30 3 -J un -1 31 4 -M ar -1 31 5 -D ec -1 30 5 -S ep -1 30 6 -J un -1 31 7 -M ar -1 8 Accelerated C

22. Slide 22: Pre-tax NPV - upside potential realised

    Pre-tax NPV – upside potential realised For personal use only 200 180 160 ? 140 US$ Millions 120 100 80 60 40 20 0 Open-Pit Base Case Accelerated Case Enhanced Case US$650/oz, 8% Discount Rate RED5 Limited

23. Slide 23: Pre-tax IRR - short payback indicated

    Pre-tax IRR – short payback indicated* For personal use only 60% ? Internal Rate of Return % 50% 40% 30% 20% 10% 0% Open-Pit Base Case Accelerated Case Enhanced Case * 31 Months at US$650/oz RED5 Limited

24. Slide 24: Base Case pre-tax financials - highly leveraged to gold price upside

    Base Case pre-tax financials – highly leveraged to gold price upside use only 250 90% 80% 200 70% 60% For personal NPV (8%) 150 50% IRR 40% 100 30% 50 20% 10% 0 0% 450 500 550 600 650 700 750 800 850 900 950 Gold Price US$ RED5 Limited

25. Slide 25: Underground mine design drilling - results during Oct-Dec 07

    Underground mine design drilling - results during Oct-Dec 2007 For personal use only RED5 Limited

26. Slide 26: Project development profile

    Project development profile For personal use only Plus Alegria (?) Plus Siana Underground Extension Ounces equiv. pa Plus Underground Zinc ~10,000ozeq. pa Plus Mapawa Open-Pit ~40,000oz pa Siana Underground – up to 100,000oz pa Siana Open-Pit - 65,000oz pa+ Timeline RED5 Limited

27. Slide 27: Use of proceeds

    Use of proceeds For personal use only US$M Surface drilling – u/g resource - Dewatering 1.4 Mine staffing and fleet 1.9 Plant, infrastructure and EPCM 7.8 Other minor 2.1 Contingency 1.3 Working capital 3.5 CP financing balance 7.0 TOTAL 25.0 RED5 Limited

28. Slide 28: Strong project fundamentals - studies indicate further upside

    Strong project fundamentals - studies indicate further upside For personal use only ƒ Open Pit and Underground studies complete – 12 year plus mine life indicated (0.72Moz Au, 1.35Moz Ag) – Potential to add to production profile – Mining rate, zinc production and Mapawa enhancements – Discussions wi

29. Slide 29: Contact details

    Contact details For personal use only ƒ Level 2, 35 Ventnor Avenue ƒ West Perth, Western Australia 6005 ƒ PO Box 1911 West Perth, WA 6872 ƒ Ph: + 61 8 9322 4455 ƒ Fax: + 61 8 9481 5950 ƒ Web Site: www.red5limited.com ƒ Email: info@red5limited.com RED5 Limited

Red 5 — Investor Presentation (September 2007) on 6ix