Annual General Meeting Perth 27 November 2009

2009 Annual General Meeting

Resolutions - summary
RESOLUTION 1 2 (a) 2 (b) Remuneration Report Re-elect C Mensink Re-elect V Sharma FOR 298,839,405 299,164,496 299,158,496 AGAINST 409,200 97,809 101,559 ABSTAIN 15,510 1,810 4,060 CHAIRMANS VOTE 166,656 166,656 166,656

Disclaimer
This presentation ("Presentation") has been prepared by Australasian Resources Ltd ("ARH") based on information available to it from its own and third party sources and is not a disclosure document nor any other form of offer to invest in ARH securities. This Presentation does not purport to contain all the information that a prospective investor may require in connection with any potential investment in ARH. Each Recipient must make its own independent assessment of ARH before acquiring any securities in ARH. You should not treat the contents of this Presentation, or any information provided in connection with it, as financial advice, financial product advice or advice relating to legal, taxation or investment matters. Before acquiring any ARH securities, you should consult your own professional advisers and conduct your own investigation and analysis in relation to ARH. This Presentation contains reference to certain intentions, expectations, future plans, strategy and prospects of ARH (Forward Looking Statements), including with respect to feasibility and development timetables, mineral grades and metallurgical recoveries, potential production rates and operating and capital costs for conceptual development plans and potential investment returns. Those Forward Looking Statements are based on certain assumptions which may or may not be achieved or on which views may differ and which may be affected by many known and unknown risks and factors outside the control of ARH. As such, ARH's actual future results, performance or achievements may be materially different from those expected, planned or intended. No representation or warranty is made and no liability accepted by ARH or any of its advisers, agents or employees as to the accuracy, completeness, currency or reasonableness of the information in this Presentation or provided in connection with it, including the accuracy or attainability of any estimates, forecasts or projections set out in this Presentation. ARH does not accept any responsibility to inform you of any matter arising or coming to ARH's notice after the date of this Presentation which may affect any matter referred to in this Presentation. Any liability of ARH, its advisers, agents and employees to you or to any other person or entity arising out of this Presentation including pursuant to common law, the Corporations Act 2001 and the Trade Practices Act 1974 or any other applicable law is, to the maximum extent permitted by law, expressly disclaimed and excluded. The distribution of this Presentation may be restricted by law in certain jurisdictions. Recipients, and any other persons who come into possession of this Presentation must inform themselves about, and observe any such restrictions. The Company advises that in accordance with the ASX Listing Rules, that the information in the Annual Report that relates to Mineral Resource is based on information compiled by Mr Michael Andrew, a full time employee with Snowden Mining Industry Consultants, a mining and resource consultancy firm. Mr Andrew is a Member of the Australasian Institute of Mining and Metallurgy and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration, and to the activity he is undertaking, to qualify as a Competent Person as defined in the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Minerals Resources and ore Reserves. Mr Andrew consents to the inclusion of the matters based on his information in the form and context in which it appears in this report. The information in the Annual Report that relates to Ore Reserve is based on information compiled by Mr Ross Cheyne, a full time employee with ORElogy (Mining Consultants). Mr Cheyne is a Member of the Australasian Institute of Mining and Metallurgy and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration, and to the activity he is undertaking, to qualify as a Competent Person as defined in the 2004 Edition of the Australasian Code of Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Cheyne consents to the inclusion of the matters based on his information in the form and context in which it appears in this report.

Presentation overview
1. CORPORATE
1.1 1.2 1.3 1.4 1.5 Share capital Vision 2008/9 review 2009/10 priorities Subsequent events

2.

PROJECTS
2.1 Balmoral South Iron Ore Project
Key objective Shougang negotiations New strategic investors Project status Project status

2.2 International Exploration Ltd (IEL)

1. CORPORATE

1.1 Share Capital

Key Information Ordinary Shares Options Share price (26 Nov 09) Market Capitalisation 442M 57M $0.50 A$265M
4.7% 6.3% 3.5% 66.4% 19.1%

Shareholder summary
66.4% Professor Clive Palmer (Mineralogy) 19.1% Other 6.3% Shougang Concord International Enterprises Company Ltd 4.7% APAC Resources Limited 3.5% Australian Minerals (Hong Kong) Holding Limited

1.2 Vision

Australasian Resources Ltd (ASX Code: ARH) will be a significant, sustainable and profitable producer of quality iron ore products.

1.3 2008/2009 Review

Priorities highlighted at 2008 AGM
ARH aimed to complete the following over the 12 month period to November 2009 PRIORITY
Continued development of Health Safety Environmental (HSE) policies and practices Prudent management of cash reserves Advance Balmoral South Iron Ore Project
Obtain Finance Offer from Shougang Obtain all necessary approvals

COMMENT
HSE system in place with policies, procedures, standards developed Nov 08 - $12M cash on hand (07/08 burn 08/09 burn Nov 09 - $4M cash on hand $27M $ 8M)

Finance Offer from Shougang not received and agreement lapsed July 2009 Discussions with other potential strategic investors commenced 2nd Quarter 2009 Positive EPA Report received Sept 09 after Public Environmental Review (PER) process with Ministerial Approval expected by Dec 2009 RDI Merger Agreement expired March 2009 RDI listing did not occur Advanced discussions with vendors, suppliers for Balmoral South development Increases to Mineral Resource and Ore Reserve estimates (per ASX announcement by ARH 2 April 2009 Exploration expenditure (IEL) continued

Finalise Merger with RDI Continued project development

1.3 2008/2009 Review

Share Price

December 2008 November 2009

1.4 2009/10 objectives

Australasian Resources Ltd is aiming to complete the following over the next 12 month period to enhance shareholder value:
Continued application of the HSE system to corporate and project entities Increase available cash reserves Capital raising via new strategic investor, related party or existing shareholders Apply funds to project development and any additional acquisition Advance Balmoral South Iron Ore Project Obtain Finance Offer and Off-take partner(s) Finalise implementation planning Commence construction and development Obtain all necessary approvals Continued non-iron ore project development (within IEL)

1.5 Subsequent events

The following material outcomes have occurred since the release of the Annual Report (year ending 30 June 2009) on 1 October 2009:
Positive EPA Report released after the Balmoral South Iron Ore Projects Public Environmental Review (PER) process1: Report confirms project can be managed to meet the EPAs environmental objectives and recommends Ministerial approval be given, Office of State Revenue (OSR) completed Stamp Duty assessment for the 2007 acquisition of International Minerals Pty Ltd from Mineralogy Pty Ltd2: Advice received November 2009 no duty payable $8.8M contingent liability to be removed from ARH balance sheet Department of the Environment, Water, Heritage and the Arts (DEWHA) endorsed environmental approval conditions for Balmoral South3 Aligned with state EPA report outcomes

1 per ASX announcement by ARH 5 October 2009 2 per ASX announcement by ARH - 16 November 2009 3 per ASX announcement by ARH - 19 November 2009

2. PROJECTS

2.1 Balmoral South Iron Ore

Project
Key Objective 1. Obtain project finance (~A$3b) and off-take commitment (12 Mtpa) for Balmoral South Iron Ore Project (BSIOP)
Target and advance off-take agreements with new parties Obtain Final Investment Decision (FID) from a strategic investor(s) by first half of 2010 Offer % equity in project company International Minerals Pty Ltd (100% owned subsidiary of ARH) in exchange for project financing proposal Structure deal to meet ARHs project development requirements to maximise value to shareholders

2.1 Balmoral South Iron Ore

Project
Shougang Negotiations
Jan 2007 Mar 2007 Acquisition of International Minerals Pty Ltd and right to mine 1 billion tonnes at Balmoral South Project agreement signed with Shougang entities A$56M share subscription into Australasian Resources Ltd Feasibility Study completed with Shougang Project agreement extended to March 2009 to provide Shougang with exclusive ability to fund and develop project Project agreement extended to June 2009 on a nonexclusive basis Project agreement with Shougang entities lapses; negotiations between parties suspended

Jun 2008 Sep 2008 Mar 2009 July 2009

2.1 Balmoral South Iron Ore

Project
New Strategic Investors
After the suspension of negotiations with Shougang in July 2009, ARH has focused on the development and execution of a project marketing plan which has included:
Identification of new potential strategic investors in China, Korea, India and the Middle East Discussions with interested parties in relation to product off-take and/or project financing

Interest remains high and discussions are continuing

2.1 Balmoral South Iron Ore

Project
Project Status
1.6 billion Mineral Resource (35% Inferred & 65% Indicated)1 859 Mt Ore Reserve (Probable; 22 years @ 12 Mtpa)1 Resource and Reserve upgrades well advanced Produce 300 Mt product over 25 years (12 Mtpa)

Per ASX Announcement by ARH 2 April 2009

2.1 Balmoral South Iron Ore

Project
Project Status
Mining 40 Mtpa ore for 25 years 70 Mtpa total material movement

Processing Crushing, grinding, wet magnetic separation, filtering 12 Mtpa concentrate or pellets (BF) 68% Fe

Port New shared private port under construction

Port under construction

Photos courtesy of Mineralogy Pty Ltd

2.1 Balmoral South Iron Ore

Project
Project Status
2009 2010 2011 2012 2013

Environmental Approval

Sept-Nov

Pre-implementation /Finance Offer Construction & Commissioning

Nov-Mar

Mar-Dec

Production

Dec-

2.1 Balmoral South Iron Ore

Project
Project Status
Low Sovereign risk Stable political environment Foreign investment welcome Advanced, world class project Feasibility Study completed in 2008 Strong projected demand for iron ore Strategic, long term resource High quality concentrate / iron ore pellets (+68% Fe) Opportunity to secure off-take Approvals well advanced Favourable EPA report Sino Project approved adjacent Low risk

2.1 International Exploration Ltd

(IEL)
Project Status
Sherlock Bay Project Nickel, Base metals Cat Camp Project Nickel Andover Project Base metals Copper Bore Well Project Cu, Uranium Mt Salt Uranium