Investor Update June 2011 For personal use only Forward Looking - PDF document

US & Canada Roadshow Investor Update June 2011 For personal use only

Forward Looking Statements For personal use only This presentation contains certain forward-looking statements and forecasts which include without limitation, expectations regarding future performance, costs, production levels or rates, reserves and resources, the financial position of Troy Resources NL (the “Company”), industry growth or other trend projections. Although such forecasts and forward-looking statements reflect current beliefs and are based on information currently available and assumptions believed to be reasonable there is no assurance that actual results will be consistent with such forecasts and forward-looking statements. A number of factors could cause actual results, performance, or achievement to differ materially from the results expressed or implied in such forecasts and forward-looking statements. For a description of such factors please see the section entitled “Risk Factors” in the Company’s amended and restated preliminary prospectus dated 10 January 2008 available under the Company’s profile at sedar.com. Nothing in this presentation should be construed as either an offer to sell or a solicitation of an offer to buy or sell securities. 2

Dividend Paying Junior Gold Producer For personal use only  Listed on ASX (TRY) in 1987 as a Gold Explorer  Became a gold producer in Western Australia in 2000  Opened our first gold mine in South America in 2002 (Sertão)  Dual listed on the TSX in 2008  Commissioned the Andorinhas gold mine in Brazil in 2008  Acquired the Casposo gold silver project in Argentina in 2009  Paid 10 (1) consecutive cash dividends  First gold pour at Casposo in November 2010  April Casposo production 4,414 oz Au @ US$232/oz net of silver credits  No hedging  Significant exploration potential (1) 11 th Dividend declared and to be paid on June 29, 2011 3

What We Own For personal use only Gold Assets  Andorinhas Gold Mine – Brazil  Casposo Gold Silver Mine – Argentina  Sandstone Gold Mine – Australia (Closed) Performance  Dec 2010 H1 Profit of A$6.05m  FY2011 production guidance of ~80,000oz Au_eq Daly R iver S ands tone Q ue e nsla nd We ste rn Gold Mine Austra lia So uth X On Car e and Austra lia Maintenance N. S. W. P erth S ydney 500 km A.C.T . Vic to ria 4

Corporate Snapshot For personal use only Key Statistics (A$) Troy Share Price Ordinary Shares: 87.97M 4.5 Options: 4.8M Troy Share Price A$ Share Price as at June 9, 2011: $3.67 4 52 Week Range: $1.85 - $4.29 3.5 Market Cap as at June 9, 2011: ~A$320M Net Debt as of May 31, 2011 ~A$19.3m 3 Board & Senior Management 2.5 Non-Executive Directors David Dix, Non-Executive Chairman  2  Gordon Chambers, Non-Executive Director 1.5 Fred Grimwade , Non-Executive Director  John Jones, Non-Executive Director  1  Robin Parish, Non-Executive Director 0.5 Senior Management Paul Benson, CEO & Managing Director  0 Peter Doyle, VP Exploration & Bus. Development  1 ‐ Oct ‐ 08 1 ‐ Dec ‐ 08 1 ‐ Feb ‐ 09 1 ‐ Apr ‐ 09 1 ‐ Jun ‐ 09 1 ‐ Aug ‐ 09 1 ‐ Oct ‐ 09 1 ‐ Dec ‐ 09 1 ‐ Feb ‐ 10 1 ‐ Apr ‐ 10 1 ‐ Jun ‐ 10 1 ‐ Aug ‐ 10 1 ‐ Oct ‐ 10 1 ‐ Dec ‐ 10 1 ‐ Feb ‐ 11 1 ‐ Apr ‐ 11 1 ‐ Jun ‐ 11 Ken Nilsson, Executive Director Operations   David Sadgrove, CFO & Company Secretary 5

Andorinhas Gold Mine – Brazil For personal use only  Small narrow vein underground supplemented by low grade open cut stockpiles  FY2010 - 31,568oz at US$634/oz  9 months to March 31, 2011 34,364 oz @ US$584/oz Already exceeded FY10 production at a lower cost 6

7 Andorinhas, Mamão Underground Mine For personal use only

8 Melechete Lode Drilling and Grade Distribution For personal use only

9 Melechete Deep Drilling Plan For personal use only

Andorinhas – Summary For personal use only  Moving into higher grade areas  FY2010: 31koz  Guidance FY2011: ~48koz, FY2012: ~50koz  2 year mine life with potential at depth and regionally to add Reserves  Monetising iron ore royalty ~ forecast US$3m pa from calendar 2012 10

11 Casposo Project – San Juan Province For personal use only

San Juan Province Mineral Endowment Mines and Casposo Project Access For personal use only 12

13 at 2,400m AMSL Mine is 30km from Calingasta For personal use only

Delays in Ramp Up to Full Production For personal use only  Relatively complex circuit  Merrill Crowe (due to silver)  Dry Tailings (due to seismically active area)  Closed circuit for water balance  Initial difficulty with tailings filter performance  Clay binding filter cloth  New Flocculent  Introduction of antiscalant Tails Filtering January 2011  Introduction of diatomaceous earth and cellulose  Various challenges with:  Merrill Crowe filters  Thickeners/clarifiers  Commissioning of electronics/plant monitoring and control systems  Training and supervision  Expect to reach budget throughput in June quarter Tails Filtering March 2011 14

Casposo Ramp Up For personal use only  March Quarter Produced:  4,318 oz Au @ US$974/oz (net of 72koz silver credits)  or 6,118 oz Au_eq @ US$1,153/oz Au_eq (co-product costing)  Averaged 250tpd compared to design of 1100tpd  Month of March:  2,465 oz Au @ US$477/oz net of silver credits  Averaged 360tpd  Month of April:  4,414 oz Au @ US$232/oz net of silver  Averaged 550tpd  Mining comfortably ahead of the plant – stockpile at March 31:  145,877 t @ 7.1g/t Au and 97.7 g/t Ag  Over 4 months stockpile at budget rates! 15

Open Cut, Underground and Processed Tonnes For personal use only Original data from 2010 NI 43-101 – Actual results delayed by slower than expected ramp up Year 3 Year 4 Year 1 Year 5 Year 6 Year 2 16

Total Gold Equivalent Production For personal use only Original data from 2010 NI 43-101 – Actual results delayed by slower than expected ramp up Aim to avoid the drop in production in Years 3 and Aim to extend mine life 4 through proving up additional higher grade ore – through proving up additional eg Kamila SE Extension surface and underground Reserves Year 2 Year 4 Year 6 Year 1 Year 3 Year 5 17

Unit Costs and Production For personal use only Original data from 2010 NI 43-101 – Actual results delayed by slower than expected ramp up NI 43-101 Assumed silver price at $17/oz falling to $15/oz Unit Costs and Production Life of FY 2017 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Mine 30 ‐ Jun ‐ 17 Unit Cost: By ‐ Product Costing (after Silver credits) Gold Produced Oz 320,841 81,846 90,394 43,741 35,012 49,901 19,946 ‐ USD/ Oz (Au) Unit Cash Cost (net Ag net of Silver credits) 120.49 127.00 151.39 349.36 387.83 (88.18) (495.32) ‐ Total unit Cost net of silver (inc deprn & amort) USD/oz 448.85 455.38 505.01 779.50 681.63 157.85 (238.07) ‐ Unit Cost: Co Product Costing Equivalent Gold Produced Oz 463,494 96,056 110,705 60,681 64,576 92,520 38,956 ‐ USD/ Oz Equivalent Gold (Au+Au unit cash cost Ag) 382.05 270.94 307.08 517.03 645.20 390.05 209.97 ‐ Total Equivalent Gold unit total cost (deprn & amort) USD/oz 609.03 550.74 595.83 827.10 804.49 522.75 341.68 ‐ Based on forecasts given in May 2010 43-101 Report . The table will be updated in 2011 once actual operating costs are established 18

19 Blue Sky For personal use only

Casposo – Low Sulphidation Epithermal Deposit For personal use only South American Low Sulphidation Epithermal Deposits Total Endowment 8 7 6 5 million ounces 4 3 2 1 0 20

Kamila – Mercado Deposit Geology For personal use only The NW- SE Structural Corridor is a Key Driver in Placement of Mineralisation 21

Casposo 2010 Mining Reserves For personal use only Highest value intercept on the property to date HOLE: CA08250 7.2m @ 108.7g/t Au 4,423g/t Ag Contained metal value over US$10,000 per tonne at US$1500/oz Au and US$35/oz Ag. 22

Kamila Southeast Target Inca Vein Initial 2011 Drilling For personal use only 23

High Grade Intercepts Drilled in April For personal use only Note the quoted gold equivalent grade assumes a conversion of 70:1 for converting silver to gold equivalent. This is a conservative approach to enable comparisons to the reserve published in 2010. The ratio of 70:1 assumes the differential metallurgical recoveries assumed in the NI43101 Report produced in 2010 and the metal prices assumed at that time. Because silver prices have risen proportionally more than gold prices, this ratio is increasingly conservative for high silver grade intercepts. Using the same assumptions for metallurgical recoveries but current prices of: Au – US$1500/oz and Ag – US$35/oz Gives a conversion ratio of 50:1 to convert silver to gold. The impact can be seen for hole CA-11-300 5.4m @ 8.18 g/t Au and 2,607 g/t Ag Was reported as 45.43 g/t Au_eq assuming a conversion ratio for silver to gold of 70:1 The grade would be 60.3g/t Au_eq if the conversion ratio of 50:1 was assumed. 24

25 Inca Vein CA-11-295 Cross Section For personal use only

26 Inca Vein CA-11-300 Cross Section For personal use only

27 Inca Vein CA-11-297 Cross Section For personal use only