Building a diversified carbon steel business Investor Presentation 7 August 2007

1. Building a diversified carbon steel business Investor Presentation 7 August 2007

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3. Building a Diversified Carbon Steel Business • Led by the team that transformed ConsMin into a near $1b company • Financial backing from Noble Group, DCM DECOmetal and Lehman Brothers • Significantly re-rated after bringing Frances Creek mine into production (first year expected production of 1.5 mtpa of iron ore) • Growth through exploration excellence and M&A opportunities

4. Corporate Overview Capital Structure Independent Expert’s View “ We consider the value of Territory to be between $0.98 and $1.08… [which] closely corresponds to the price underlying the upcoming investment of 200m shares [at $1] by Noble, DCM, and Lehman.” BDO Valuation Report, 31 July 2007 VWAP Analysis Shareholders Noble Group 21% Remaining TTY Shareholders 46% Directors Kiernan 9% OM Holdings Ltd 13% Westoz Investment Company Ltd 5% Confluence Asset Management Ltd 6% ¹ As at 3 August 2007. ² As at June 30, including $0.4m in option proceeds. ³ As per the BDO Valuation Report dated 31 July 2007.

5. Frances Creek Enters Production Commenced production in June 2007 First railing of high grade iron ore in July 2007

6. Territory Re-rated as Milestones Achieved 19 Jun 07 Commenced first production at Frances Creek 17 Jul 07 Announced Bid for ConsMin 20 Jul 07 Railed first ore to Darwin 3 Aug 07 Independent TTY valuation released 7 Mar 07 Agreement with NLC and traditional land owners, 13 additional mining leases granted 31 May 07 Name change to Territory Resources. Crawley Placement approved 28 Feb 07 Enter life-of-mine marketing agreement with Noble Group 6 Jul 07 Reaches agreement with Arafura Resources to acquire three of its tenements. Future royalty obligations terminated 2 Aug 07 Secures life-of-mine off-take agreement with Noble 2 Jul 07 Enters HoA on the Tambao manganese project in Burkina Faso 27 Mar 07 Agreement with Freight Link to provide rolling stock and rail transport 6 Feb 07 Announced $30m Placement to Crawley Resources Source: IRESS

7. Accessing Strong Global Demand • Chinese demand for iron remains exceptionally strong • Backed by Noble Group, the world’s largest non-producer provider of Iron Ore • “Win – win” marketing and off-take agreement in place Noble’s Iron Ore Volumes (million MT) Source: Noble Group

8. Territory’s $3.55 Offer for ConsMin • $3.55 value per CSM share¹ • $2.00 cash & 1.5 TTY shares for every 1 CSM share • Total transaction value of $937 million¹ Consideration Committed Funding • Noble Group – $150 million equity² • DCM DECOmetal – $75 million equity² • Lehman Brothers – $100 million convertible bonds ² –$320 million bridge facility Key Conditions 90% minimum acceptance No material adverse change Regulatory approvals Listings ASX 1 Based on Preferred Case in updated independent valuation report by BDO and released to the ASX on 3 August 2007. 2 Equity committed at $1 per TTY share.

9. $937 Million Fully Funded Offer ConsMin Share Price ($) Privat builds up 13.5% stake Territory offer price: $3.551 Pallinghurst $3.30 IndependentExpert Range2 $2.32 - $2.77 1 Based on Preferred Case in updated independent valuation report by BDO and released to the ASX on 3 August 2007. 2 PricewaterhouseCoopers Supplementary Independent Expert’s Report dated 28 June 2007 based on the midpoint CSM value (ex dividend).

10. Superior Value on all Measures Territory offer price: $3.555 18% Premium 7% Premium 10% Premium 39% Premium CurrentBid 58% Premium RevisedScheme OriginalScheme 4 ¹ PricewaterhouseCoopers Supplementary Independent Expert’s Report dated 7 June 2007 based on the midpoint CSM value (ex dividend). ² PricewaterhouseCoopers Supplementary Independent Expert’s Report dated 28 June 2007 based on the midpoint CSM value (ex dividend). ³ Based on equity analyst’s estimates. 4 VWAP to 3 August 2007. 5 Based on Preferred Case in updated independent valuation report by BDO and released to the ASX on 3 August 2007.

11. DCM and Noble trade 75% to 80% of ConsMin’s manganese and 100% of its chromite Hold approximately 12% of ConsMin between them Global Investor Group Territory’s financial partners have committed $620 million cash International leader in trade of ores, ferro alloys, noble alloys and metals, worldwide Leading manager in the global supply chain of agricultural, industrial and energy products Enterprise value of US$4.3b with cash of US$600 million Global investment bank, headquartered in New York Listed on the NYSE with a market capitalisation of $32 billion Knowledgeable strategic investors

12. Proven Track Record • Noble, DCM and Michael Kiernan are the original team that led ConsMin for almost a decade • Together we created a near $1b company • During this time, a $10,000 investment became $133,750 • The team are ready to do it again ConsMin Shareholder Value Created During Michael Kiernan’s Tenure Graph depicts the value of a $10,000 investment in ConsMin from Michael Kiernan becoming Managing Director in 31 March 1998 until Michael Kiernan’s announced decision to retire as Managing Director on 18 October 2005.

13. Territory’s Vision for the Combined Group • The next step in building a $2.5b carbon commodity supplier • Install “hands on” board and management • Focus the business on bulk carbon commodities • Divest Jabiru shareholding • Turnaround Nickel operations prior to divestment • Diversify with mineral sands exposure, particularly zircon • Digging and delivering • Refocused group will be cashed up post divestments • Significantly grow production • 10Mt per year iron ore producer • 1Mt–2Mt manganese producer • 250Kt–500Kt chromite producer • Ramp up exploration and development activities

14. Summary • Territory has achieved a significant capital market re-rating • Enters iron ore production • BDO values Territory at $1.03 per share (Preferred Case) • $937 million fully funded offer • Delivers ConsMin shareholders $3.55 value per share and a “ticket to ride” • Significant premium across all measures • Led by the original team that built ConsMin into a near $1b company • Backed by Noble Group, DCM DECOmetal and Lehman Brothers with $645 million cash • Refocused group will be cashed up post divestments • Building a well capitalised open pit surface miner with vision

15. Territory Resources Purple Communications Michael Kiernan Chairman Ph: (+61 8) 9324 7002Email:mlk@crawleyinvestments.com.au Warrick Hazeldine Ph: (+61 8) 9485 1254 Fax: (+61 8) 6263 0455 Email:whazeldine@purplecom.com.au www.territoryresources.com.au