“Unlocking the mineral potential of southern Greenland”

1 Overview ASX-listed exploration and development company Focused on southern Greenland Acquired the Kvanefjeld multi-element deposit in mid-2007 Implemented aggressive exploration and development drill programs to build a world class multi-element resource

2 Dr Hans Kristian Schønwandt - Executive Chairman Former Deputy Minister of Mines for Greenland Roderick McIllree - Managing Director Geologist with 8 years capital markets exposure Malcolm Mason - Technical Director Geologist with 40 years experience. Completed feasibility studies several of which are mines today Simon Cato - Executive Director 25 years working in Australian capital market ex-listing manager of the Australian Securities Exchange in Perth Jeremy Whybrow - Exploration Director/Operations Manager 12 years international exploration and mining experience Simon Stafford-Michael - Non-Executive Director Tony Ho - Independent Director Board of Directors

3 Why Greenland? Politically stable Self-governing Danish province, long standing democracy, OECD member Open to exploration and mining Looking to mineral and hydrocarbon resources as the future foundation for its economy Highly prospective Greenland records over 4 billion years of earth history, preserving many dynamic geological events conducive to ore-deposit formation Greenland Geological Survey produces high quality maps, large geochemical databases, mineral occurrence databases, and airborne geophysical surveys Numerous exploration and mining service providers in Greenland

4 The Kvanefjeld Multi-Element Deposit  A Rare Earth Element (REE), Sodium Fluoride (NaF), Uranium Deposit (U)  Hosted within the Ilimaussaq intrusion – a rare alkaline intrusion  Situated 8km behind the coastal town of Narsaq, southern Greenland

5 Project Location Strategic location between North American and European markets

6 Infrastructure Benefits The Kvanefjeld deposit is located behind the coastal town of Narsaq, southern Greenland –Local deep water ports open year round –Potential access to local hydroelectric power –Close proximity to labour source –Ability to utilise housing in Narsaq for accommodating personnel

7 Town of Narsaq Existing port facilities Kvanefjeld ~8km by dirt road International airport 15km

8 The Kvanefjeld Multi-Element Deposit Project Geography

9 The Kvanefjeld Deposit Operations

10 Project Ownership Currently ownership of Kvanefjeld is structured through a Greenlandic incorporated subsidiary joint venture vehicle GGG owns 61%, increased to 90% with a 10M (AUD) payment, and to 100% through an additional 50M payment 2 Greenlandic and 2 Australian board members

11 Kvanefjeld - Resources Historic resource produced by Danish Atomic Energy Agency: 400ppm U 3 O 8 (50,700 Tonnes U 3 O 8 or 112 Million pounds U 3 O 8 ) Historical data verified by Nuclear Energy Agency OECD (2006 Red Book) NEW inferred resource (JORC) 338Mt Includes: 988,000t of 1.09% 1.3Mt of 1.69%. 104,000t of U 3 O 0.031% (229 million lb’s) NaF and REO resources constrained by incomplete chemical assays

Kvanefjeld Multi-Element Deposit – Long Section 12

13 1km adit increased certainty in the historical 50,700t U 3 O 8 resource 20,000t mined from the adit 4500t taken for metallurgical test work Pilot plant constructed in Copenhagen. Plant still in existence Historical work conducted by Danish Authorities

14 Kvanefjeld Multi-Element Resource/Drilling Plan (end 07) Historical Kvanefjeld resource, Average depth of known mineralisation increased from m (50% increase)

15 1.8km 600m Kvanefjeld Multi-Element Deposit Ore Shell

16 Rare Earth Elements  Group of specialty metals with unique physical and chemical properties  Increasing demand in technology industries  China – main supplier, now reducing export quotas for strategic reasons  Consumers looking to stable suppliers outside China  Key demand drivers - Reduction of greenhouse gasses, - More efficient use of energy, - Increasingly electronic/digital world  Typically reported as cumulative REO grade, with value dependant on the proportion of individual REOs

17 Rare Earth Elements - Uses Magnets (21% of consumption) Neodymium, Dysprosium  REE make the worlds strongest permanent magnets  Produce higher motor power and efficiency with reduced size and weight  Increasing demand coming from hybrid car industry  Used in hard-disk drives, mobile phones, iPods, laptops Catalysts (19%) Lanthanum, Cerium  Autocatalysts (catalytic converters) – reduce vehicle emissions  Cracking catalysts – increase the efficiency of oil refining  Diesel additives – reduce particulate emissions Batteries (18%) Lanthanum, Cerium, Neodymium, Praseodymium  Nickel-Metal Hydride (NMH) rechargeable batteries – REE make up about 25% of batteries weight

18 Rare Earth Elements Common Applications Hybrid Cars Flat screen TVs and monitors iPods (miniature hard drive devices)

19 Rare Earth Elements Market Dimensions  World consumption of REO in 2008 ~ 135,000 t (~1.5-2B US$)  8-12% annual growth over last years  China supplies 95% of world demand, and consumes 60% of production  However –  Resources diminishing,  Introduction of export quotas, production quotas, and export taxes  World demand outside China in 2008 – estimated to be ~70,000 tonnes SHORT SUPPLY IS HERE! *Hybrid car industry – consuming 10,000t REO pa. Looking to increase >3 fold over next few years – consuming >30,000t REO alone

20 Increasing demand through emerging technology industries is causing a steady increase in REO prices Prices are forecast to continue rising for the foreseeable future *Prices in US$/kg Rare Earth Elements Price History

21 Kvanefjeld Multi-Element Distribution

22 Regional Exploration Kvanefjeld resource During 2007 Fugro was engaged to complete a regional radiometric survey highlighting several new anomalies for ground-based evaluation

23 Regional Multi-Element Exploration Targets  7 new exploration targets  Identified by geological mapping and ground-based radiometric surveys  Geological similarities to Kvanefjeld – also hosted within the Ilimaussaq Intrusion  Priority targets to be drilled in 2008  Could add significant tonnage to the resource base

24 REE Deposit Comparisons

Deposit Comparisons Langer Heinrich 47,930t U 3 O 640 ppm (primary – U 3 O 8 ) In production/ramp up Rossing Mine 190,000t U 3 O 320 ppm (primary – U 3 O 8 ) Supplies ~7% of world demand Kvanefjeld 104,000t U 3 O 310 ppm (byproduct – U 3 O 8 ) Growing Resource Uranium Resources 25

26 Deposit Comparisons Uranium Resources

27  Based on in-ground value at current metal prices, the Kvanefjeld REE-NaF-U deposit is equivalent to:  A copper-gold porphyry deposit of: 1.4 billion tonnes 0.5% Cu, 0.5g/t Au  A lead-zinc sedimentary exhalative (SEDEX) deposit of: 130 million 20% Zn, 8% Pb  A nickel sulphide deposit of: 70 million 4% Ni, 0.5% Cu, and 2g/t combined PGE In-Ground Value Comparisons To Other Deposit Types

27  Detailed radiometric survey (Fugro).  10,022m of diamond drilling.  Largest single season exploration program ever in Greenland.  Granted access to 11,000m of core from the historical bankable feasibility study ( )  Confirmation of economic concentrations of REE, NaF and U, confirming mulit-element nature of the Kvanefjeld  Spent DKK24m in Greenland 2007 Field Season

28 Drilling at Kvanefjeld

29 Drillers camp on Kvanefjeld plateau

30 Drill crews relaxing after a long shift

Major Developments  Dec 07: raised A$22 million at A$1.25/share. Key investors include:  Major Scandinavian Bank from the Faeroe Islands  Similar industry participants  Oceanic Asset Management Ltd  Aug 07: raised A$9 million at A$1.00/share,  largely with Danish state pension fund managers  Appointed process design metallurgist, Peter Bartsch (previously working on BHP Olympic Dam expansion)  Appointment of Amdel and SGS Laboratories to manage metallurgical testwork

Developments  Appointed Consulting Mineralogist and commenced bench-scale metallurgical extraction testwork.  Appointed Rare Earth market advisor and Industrial Minerals marketing specialist  Resource upgrades for REO’s and NaF expected as assays from 2007 season are completed (significant growth expected)  Finalising environmental baseline studies during 2008  Scoping Study scheduled to start Q  2008 drill program ahead of schedule (DKK35 million budget), new multi-element exploration targets identified  Ongoing dialogue with Greenlandic authorities

33 Capital Structure Ordinary Shares 193M Listed Options Outstanding Ex 20c 142M Directors Unlisted Options 22.8M Share Price as at July, 2008 A$0.55 Market Cap (Basic) ~A$106M Market Cap (Fully Diluted) ~A$197M Fully diluted cash ~A$57M One Year Share PriceShareholder Structure Capital Structure  Top 20 shareholders own 82%  Top 20 option holders own 87% Cash on hand (1_7_08) A$25M  Institutions hold ~17%  Insiders hold 14.5% DirectorsSharesOptions Dr Hank Schønwandt1,000,0000 Roderick McIllree3,102,2958,712,000 Simon Cato800,1007,310,100 Jeremy Whybrow710,0007,150,000 Malcolm Mason480,0003,240,000 Simon Stafford Michael1,000,0000 Tony Ho100,0000  67M shares not tradable until 17/8/09

34 Summary  World class, JORC compliant multi-element resource;  338Mt orebody defined with scope to increase following 2008 drilling  Substantial increase in REO’s and NaF resources expected as backlog of assays are processed  Great project location - close to infrastructure in a stable OECD country  Positive initial metallurgical testing and work ongoing  Globally significant and strategic resource of REO, NaF and U, located between North American and European markets