Iron Road Ltd · ASX:IRD

Iron Road — Shareholder Meeting (November 2009)

18 slides from Iron Road's shareholder meeting presentation, Nov 25, 2009

1. Slide 1: In The Starting Blocks

   lron y oad Rees Iron Road Limited Bi ee In The Starting Blocks Andrew Stocks — Managing Director Annual General Meeting — 25 November 2009

2. Slide 2: Forward-Looking Statements

   Iron. Road limited Forward-Looking Statements This presentation contains forward looking statements concerning the projects owned by Iron Road Limited. Statements concerning mining reserves and resources may also be deemed to be forward looking statements in that they involve estimates based on spec

3. Slide 3: Overview

   For personal use only Overview • Progress over the past year • Staged approach to work • Results • It has been an remarkable twelve months for the markets • A very good year for Iron Road • Chart shows entire trading history of the Company

4. Slide 4: Board and management team

   For personal use only The Company has a distinguished Board and management team that are multidisciplinary and experienced in the areas of exploration, project development, mining and finance.

5. Slide 5: Project portfolio

   For personal use only Pre‐development project with excellent infrastructure nearby, complemented by advanced and early stage exploration projects. projects Warramboo Pre‐development magnetite project in South Australia, large scale and high quality iron concentrate potential West Gawler Significant

6. Slide 6: Warramboo magnetite project

   For personal use only Pre‐development magnetite project – Mineral Resource 110Mt High quality product – concentrate grade ~70% iron Large scale targets, substantial size with potential to underpin operation. Several transport options 1. 80km west to Elliston 2. 150km south to Tumby Bay and Sheep Hil

7. Slide 7: Three staged approach at Central Eyre Iron Project

   For personal use only Iron Road adopted a three staged approach at the Central Eyre Iron Project. Each stage is defined by a question that through appropriate investigation and analysis is answered and resolved.”

8. Slide 8: Three stage approach: Stage 1

   For personal use only Three stage approach Stage 1 Is a marketable concentrate achievable across the deposit? • 32 holes, 4,465 metres of RC drilled • Magnetic and gravity surveys used to target mineralisation • Coarse ggrained magnetite g average grain size 1½mm • High quality product potential Mid

9. Slide 9: Three stage approach: Stage 2

   Iron > Road Warramboo yo limite / | Three stage approach Stage 2 Ore body continuity and understanding — is a Mineral Resource achievable?

10. Slide 10: Three stage approach: Stage 2

    For personal use only Three stage approach Stage 2 Ore body continuity and understanding – is a Mineral Resource achievable? One RC drill rig and two diamond drill rigs Collins 7 holes 1042m B L Boo‐Loo 27 h holes l 5958 5958m Boo‐Loo met 1 hole 210m Total 35 holes 7210m 200m sections drilled over 1

11. Slide 11: Metallurgy and processing results

    For personal use only • A high grade blast furnace quality concentrate (~68% Fe) may be readily produced at a coarse grind size (65µm) • Previous test work indicates that a high quality DRI concentrate (~70% Fe) may be produced at a 40µm grind • Process design demonstrates nearly two thirds of plant

12. Slide 12: Three stage approach: Stage 3

    lron > Road Warramboo yo limite / 7 Three stage approach Stage 3 Is potential size enough to justify a large scale operation?

13. Slide 13: Three stage approach: Stage 3 exploration target

    For personal use only Three stage approach Stage 3 Is potential size enough to justify a large scale operation? Independent conceptual magnetite gneiss exploration target Priority Tonnage 1 870‐1,750Mt 2 2 000‐4 2,000 4,000Mt 000Mt Total 2,870‐5,750Mt Will be used to support Concept studies Target g

14. Slide 14: Independence and partnership stance

    For personal use only • Iron Road remains independent at this time. • In no hurry to sign up an end user • If an opportunity eventuates, that is good for shareholders and stakeholders then the Company will consider • Potential partnership to be the strongest possible

15. Slide 15: Iron Road summary

    For personal use only Iron Road • Early in life cycle • Maiden Resource • Large potential • Large work programme for 2010

16. Slide 16: Work ahead – another staged approach

    For personal use only Work ahead – another staged approach Resource Further geophysics and drilling • Test global exploration target and expand mineral resource • Commence drilling 05 January 2010 Infrastructure • Options for materials handling, ports, power and water Scoping • Project size, plant d

17. Slide 17: West Gawler and closing remarks

    For personal use only • Portfolio in South Australia also includes West Gawler • Gravity survey to be followed be extensive drilling programme commencing Q1 2010 • The past year has been successful for Iron Road • This is the beginning • Our purpose is to turn the potential into reality

18. Slide 18: For personal use only

    For personal use only

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