Western Plains Resources Ltd Coober Pedy Coober Pedy Iron Ore Projects Iron Ore Projects ...or… … ...or Ironman chases PB to provide chases PB to provide Ironman safe harbour harbour for port developers for port developers safe Bob Duffin, Executive Chairman Bob Duffin, Executive Chairman SAREIC Conference,1 May 2008 SAREIC Conference,1 May 2008
IMPORTANT NOTICE � This presentation contains forward looking statements concerning the projects owned by WPG. Statements concerning mineral resources and ore reserves may also be deemed to be forward looking statements in that they involve elements based on specific assumptions. � Forward looking statements are not statements of historical fact, and actual events or results may differ materially from those described in the forward looking statements as a result of a variety of risks, uncertainties and other factors. Forward looking statements are based on WPG’s beliefs, opinions and estimates as of the date they are made and no obligation is assumed to update forward looking statements if these beliefs, opinions and estimates should change or reflect other future developments. � Data and amounts shown in this presentation relating to capital costs, operating costs and project timelines are based on consultant reports, contractor quotes and internally generated estimates. WPG cannot guarantee the accuracy and/or completeness of the figures or data in this presentation. � All dollar amounts indicated in this presentation are in Australian dollars unless otherwise stated. April 29, 2008 2 SAREIC Presentation 1 May 2008 Western Plains Resources 2
Key Corporate Information Directors: – Bob Duffin (executive chairman) – Heath Roberts (executive) – Gary Jones (executive) – Bob Richardson (non executive) – Len Dean (non executive) – Dennis Mutton (non executive) – Lim See Yong (non executive) Executives – Martin Jacobsen (COO) – Greg Harding (CFO) Issued shares 79.6m – Myles Fang (Business Development - China) – Larissa Brown Unlisted options 13.3m Cash:$7.1m (28 April) Fully diluted 92.9m Directors control 26m voting shares plus options Good core group of top 50 Market $88m shareholders capitalisation (at $0.95/share) April 29, 2008 3 SAREIC Presentation 1 May 2008 Western Plains Resources 3
Our Iron Ore Projects • DSO: Peculiar Knob RL 103 and Buzzard and Tui (MC 3810) deposits at Hawks Nest • Magnetite: Kestrel (MC 3809) and Goshawk, Harrier, Eagle, Kite and Falcon (EL 3196) at Hawks Nest • Peculiar Knob tenement is 90 km S of Coober Pedy, 30 km E of the Stuart Highway, 15 km NW of Oxiana’s Prominent Hill mine and 85 km E of the Adelaide-Darwin railway line • Hawks Nest tenement EL 3196 (within which MCs 3809 and 3810 lie) is 115 km SSE of Coober Pedy, straddles Stuart Highway and is 45 km east of the railway line • It is approximately 580 kilometres by rail from Gina siding to Whyalla, Port Bonython or Port Pirie and 2,150 kilometres to Darwin April 29, 2008 4 4 SAREIC Presentation 1 May 2008 Western Plains Resources 4
Site Map April 29, 2008 5 5 SAREIC Presentation 1 May 2008 Western Plains Resources 5
Game Plan • Bring PK DSO into production ASAP at 3 mtpa – could be in 2009 • Bring Buzzard/Tui DSO into production 12 months later at 1.5 mtpa so that total DSO sales increase to 4.5 mtpa for 10 year DSO project life • Continue exploration to expand DSO resource/reserves and extend life • Conduct BFS on magnetite deposits with a view to commencing magnetite concentrate exports at a minimum of at least 6 mtpa from 2012 for >30 year project life • Develop potential for downstream value add processing of magnetite – pellets, DRI, pig iron etc • Understand new type of deposits discovered by recent drilling program – non shipping grade haematite BIF (“BFO” – 35 to 45% Fe) and how to upgrade it to prepare a marketable product April 29, 2008 6 6 SAREIC Presentation 1 May 2008 Western Plains Resources 6
Status of Approvals • NTMA signed and registered • PK MLA lodged May 2007 (in draft – final August 2007 after feedback) and ML offer expected in May 2008 • PK BFS completed Sept 2007 and project capex banked • MPLs surveyed and ready to be lodged when lease conditions known; MARP in final stages of preparation • Negotiations with pastoral lease holders, EL holders, contractors have gone as far as possible until all conditions known and other approvals are in place • Department of Defence approval to operate inside Woomera Prohibited Area still pending • EOI for development of iron ore export facility at Port Bonython expected to be advertised on 5 May 2008 April 29, 2008 7 7 SAREIC Presentation 1 May 2008 Western Plains Resources 7
Mineral Resource Estimates DSO Deposits Category Million Fe P SiO 2 Al 2 O 3 LOl Tonnes % % % % % • Peculiar Knob Measured resource 13.4 63.7 0.01 7.4 0.3 0.5 Indicated resource 4.1 63.4 0.02 8.2 0.2 0.4 Inferred resource 1.5 64.5 0.02 6.0 0.3 0.3 Total resource 19.0 63.7 0.02 7.5 0.3 0.5 Category Million Fe P SiO 2 Al 2 O 3 LOl Tonnes % % % % % • Buzzard Measured resource 12.1 62.1 0.05 8.1 1.4 0.9 Indicated resource 1.5 60.3 0.06 7.9 2.6 1.8 Inferred resource 0.5 62.3 0.07 8.5 1.1 0.8 Total resource 14.1 62.0 0.05 8.1 1.6 1.0 Category Million Fe P SiO 2 Al 2 O 3 LOl Tonnes % % % % % • Total Measured resource 25.5 62.9 0.03 7.7 0.8 0.7 Indicated resource 5.6 62.6 0.03 8.1 0.8 0.7 Inferred resource 2.0 64.0 0.03 6.6 0.5 0.4 Total resource 33.1 62.9 0.03 7.7 0.8 0.7 April 29, 2008 8 8 SAREIC Presentation 1 May 2008 Western Plains Resources 8
Peculiar Knob DSO • BFS completed September 2007 • Simple specular haematite deposit; high grade Fe with virtually no impurities • Very sharp break between ore and wall rocks • Lies beneath 15-30 m cover • Effectively all resource reports to reserves • LOM W:O strip ratio 3.6:1 • Lump: fines - 35%:65% April 29, 2008 9 9 SAREIC Presentation 1 May 2008 Western Plains Resources 9
Buzzard DSO • Generally similar to Peculiar Knob though marginally lower Fe and marginally higher SiO 2 • Cover about 35m • Metallurgical testwork and mine design commenced April 2008 • Buzzard is seen as a satellite pit to main Peculiar Knob operation April 29, 2008 10 10 SAREIC Presentation 1 May 2008 Western Plains Resources 10
DSO Economics Capex FOB Opex • PK BFS completed (A$m) (A$/t DSO) September 2007 – cost Mine site 39.0 17.90 estimates updated for Port Siding/Logistics 16.4 23.10 Bonython April 2008 Port 53.4 3.00 • Export 3 mtpa growing to Royalties 3.90 4.5 mtpa after 1 year Totals 108.8 47.90 • Capex <US$30/annual tonne • Opex near mid point of cost curve for greenfield projects • Cash operating margin >$50/t at benchmark price April 29, 2008 11 11 SAREIC Presentation 1 May 2008 Western Plains Resources 11
DSO Funding • Xin Sheng International Private Limited (Singapore company with Chinese connections) agreed to provide $115m funding for project development as mix of equity, debt and convertible note • Xin Sheng to take 90% of PK DSO at benchmark price (plus 7% for first 2 years) and all of Hawks Nest DSO less 10% on amounts in excess of 1.5 mtpa • Xin Sheng has sought to renegotiate deal in light of Whyalla port access issue • WPG will be able to sell remainder on spot market (well above benchmark, even after 2008/9 65% price rise) or to other long term customers • WPG has entered into non binding MOUs with 3 Chinese steel mills plus Korean trader to place uncommitted tonnages on favourable pricing terms April 29, 2008 12 12 SAREIC Presentation 1 May 2008 Western Plains Resources 12
Mineral Resource Estimates Magnetite Deposits Category Million Fe P SiO 2 Al 2 O 3 LOl Tonnes % % % % % • Kestrel Measured resource 100 37 0.06 37 0.8 0.6 Indicated resource 60 36 0.06 38 1.0 0.8 Inferred resource 60 36 0.06 39 1.1 0.8 Total resource 220 36 0.06 38 0.9 0.7 Category Million Fe P SiO 2 Al 2 O 3 LOl Tonnes % % % % % • All magnetite Kestrel – measured, 220 36 0.06 38 0.9 0.7 indicated and inferred Goshawk - inferred 148 35 - - - - resource Harrier - inferred 54 35 - - - - resource Eagle - inferred 92 31 - - - - resource Kite - inferred 30 51 - - - - resource Falcon - inferred 25 32 - - - - resource Total resource 570 36 - - - - April 29, 2008 13 13 SAREIC Presentation 1 May 2008 Western Plains Resources 13
Hawks Nest Aeromagnetics April 29, 2008 14 14 SAREIC Presentation 1 May 2008 Western Plains Resources 14
Kestrel Magnetite • Kestrel is a BIF that outcrops at Hawks Nest • Drilled to 135m depth over strike length of 1,200m with lines 100m apart • Total resource 220 mt at 36% Fe • Excellent metallurgical characteristics – 45% mass recover to concentrate without fine grinding nor flotation • Scoping study to produce 6 mtpa magnetite concentrate completed April 2008 April 29, 2008 15 15 SAREIC Presentation 1 May 2008 Western Plains Resources 15
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