2014 AJM Global Iron Ore & Steel Forecast

Dale Harris, Managing Director

March 2014

Disclaimer

Presentation of General Background

This document contains general background information about the activities of Gindalbie Metals Ltd ("Gindalbie", "Gindalbie Metals" or the "Company") current as at the date of

this presentation. It is information in a summary form only and does not contain all the information necessary to fully evaluate any transaction or investment. It should be read in

conjunction with Gindalbie's other periodic and continuous disclosure announcements to the ASX available at www.asx.com.au.

Competent Person Compliance Statement

The information in this presentation that relates to the Exploration results and data that was used to compile the Mineral Resource estimates is based upon information compiled

by Ian Shackleton. Ian Shackleton is a member of the Australasian Institute of Geoscientists (MAIG) and has sufficient experience which is relevant to the style of mineralisation

and type of deposit under consideration and to the activity to which he is undertaking to qualify as a competent person as defined in the 2004 edition of the “Australasian Code for

Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Ian Shackleton is a full-time employee of Gindalbie Metals Limited. Ian Shackleton consents to the

inclusion in the report of the matters based on his information in the form and context in which it appears.

The information in this presentation that relates to the Mineral Resources is based upon information compiled by John Graindorge. John Graindorge is a member of the

Australasian Institute of Mining and Metallurgy (MAusIMM) and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration

and to the activity to which he is undertaking to qualify as a competent person as defined in the 2004 edition of the “Austra lasian Code for Reporting of Exploration Results,

Mineral Resources and Ore Reserves”. John Graindorge is a full-time employee of Snowden Mining Industry Consultants Pty Ltd. John Graindorge consents to the inclusion in

the report of the matters based on his information in the form and context in which it appears.

The information in this presentation that relates to the Ore Reserves is based upon information compiled by Xianglin Cheng. Xianglin Cheng is a member of the Australasian

Institute of Mining and Metallurgy (MAusIMM) and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the

activity to which he is undertaking to qualify as a competent person as defined in the 2004 edition of the “Australasian Code for Reporting of Exploration Results, Mineral

Resources and Ore Reserves”. Xianglin Cheng is a full-time employee of Karara Mining Limited. Xianglin Cheng consents to the inclusion in the report of the matters based on his

information in the form and context in which it appears.

General Disclaimer

This presentation may include forward-looking statements. These forward-looking statements are based on management’s expectations and beliefs concerning future events.

Forward-looking statements are necessarily subject to risks, uncertainties and other factors, many of which are outside the control of Gindalbie Metals that could cause actual

results to differ materially from such statements. Gindalbie Metals makes no undertaking to subsequently update or revise the forward-looking statements made in this release to

reflect events or circumstances after the date of this release.

There are a number of risks, both specific to Gindalbie Metals and of a general nature which may affect the future operating and financial performance of Gindalbie Metals and the

value of an investment in Gindalbie Metals including and not limited to economic conditions, stock market fluctuations, iron ore demand and price movements, timing of access to

infrastructure, timing of environmental approvals, regulatory risks, operational risks, reliance on key personnel, reserve and resource estimations, native title and title risks, foreign

currency fluctuations, and mining development, construction and commissioning risk.

All dollar amounts shown in this presentation are in Australian dollars unless otherwise stated.

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Disclaimer

Ore Reserves and Mineral Resources Reporting Requirements

As a company with securities listed on the ASX, Gindalbie is required to report its ore reserves and mineral resources in compliance with the Australasian Code for Reporting of

Exploration Results, Mineral Resources and Ore Reserves (the “JORC Code”). While Gindalbie’s reserve and resource estimates comply with the JORC Code, they may not

comply with the relevant guidelines in other countries, and do not comply with the U.S. SEC's Industry Guide 7, which, among other things, may require the use of different

assumptions for the estimation of reserves, and does not recognise mineral resources. Accordingly, Gindalbie would not be permitted to report mineral resources in an SEC filing.

Investors should note that Gindalbie's ore reserves may be lower if they were calculated under Industry Guide 7 and that its mineral resources are not proved or probable

reserves, for the purposes of Industry Guide 7 and there can be no assurance that such mineral resources will ultimately be converted into such reserves or that Gindalbie will be

able to legally and economically extract them.

Future Performance

This announcement contains certain “forward looking” statements. The words “believe”, “anticipate”, "expect”, “project”, “forecast”, “estimate”, “potential”, “could”, “may”, “target”,

“consider” and “will” and other similar expressions are intended to identify forward looking statements. Forward looking statements, opinions and estimates provided in this

announcement are based on assumptions and contingencies which are subject to change without notice, as are statements about market and industry trends, which are based on

interpretations of current market conditions.

Forward-looking statements including projections, indications or guidance on future earnings or financial position and estimates are provided as a general guide only and should

not be relied upon as an indication or guarantee of future performance. There can be no assurance that actual outcomes will not differ materially from these statements. To the full

extent permitted by law, Gindalbie and its directors, officers, employees, advisers, agents and intermediaries disclaim any obligation or undertaking to release any updates or

revisions to the information to reflect any change in expectations or assumptions.

There are a number of risks, both specific to Gindalbie and of a general nature which may affect the future operating and financial performance of Gindalbie and the value of an

investment in Gindalbie including and not limited to economic conditions, stock market fluctuations, iron ore demand and price movements, timing of access to infrastructure,

timing of environmental approvals, regulatory risks, operational risks, reliance on key personnel, reserve and resource estimations, native title and title risks, foreign currency

fluctuations, and mining development, construction and commissioning risk.

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Corporate Snapshot

• Listed in ASX since

1994

• Major shareholder–

Ansteel(36%)

• 1,900 km2 tenement

holding in Western

Australia

• Key asset – 50%

stake* in Karara Project

(50% Ansteel)

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* A series of convertible shareholder loans provides Ansteel with the right to move to

approx. 62% ownership of Karara

• Resource of ~2.4 billion tonnes* supports long-life operation

• Construction completed, final ramp-up phase

• First magnetite concentrate shipment, January 2013

• Infrastructure in place for future expansion

Karara – a large, high quality magnetite project

* See resource table in appendix section

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Video

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Karara History

First DSO

Shipment

• First Karara

Development

Talks between

Gindalibe and

Ansteel

• MOU signed

• Offtake Agreement

Signed

• Senior Debt

Facility Signed

First

magnetite

concentrate

shipped

• Feasibility Study

Completed

• JV signed

First magnetite

concentrate

produced

• Environmental

Approval

Received

• Construction

started

2006

2007

2009

2010

2011

2012

2013

Karara Process Simplified Flow Sheet

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Premium Product for Global Market

• Ansteel purchasing 70% of production

under life-of-mine offtake contract

• Strong interest from major steel mills

for remaining production

• Concentrate pricing based on Platts

IODEX 62% Fe CFR Index, plus

premium for iron content and quality

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Karara – A Premium Product

Karara

Concentrate

Hamersley

Pilbara Blend

Fe% (Iron) 68.2% 62.2%

SiO2% (Silica) 4.75% 3.6%

Al2O3% (Alumina) 0.10% 2.1%

P% (Phosphorus) 0.01% 0.1%

High iron content, low impurities

• Karara Phase II

Post Phase I optimisation

Relatively low cost expansion and

attractive economics

• Lodestone (GBG – 100%)

Large scale magnetite deposit

(1,482mt resource*)

Evaluation program to identify DSO

opportunities

Assessing options to crystalise value

• Targeting further DSO resources

Gindalbie Growth Opportunities in Mid West

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* See resource table in appendix section

Our Future

• Deliver Karara Phase 1

• Maximise potential of our Mid

West position;

Leverage off infrastructure,

Phase 2 and tenement

landholding

• Build on our strengths;

Experienced team

Local knowledge

Strong Chinese partner and

relationship

• Assess options to diversify

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Appendix

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Magnetite Resources

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Karara Mining Ltd Magnetite Resources Inclusive of Ore Reserves as at 30 June 2012

Gindalbie Metals Ltd Magnetite Resources Inclusive of Ore Reserves as at 30 June 2012

Magnetite Reserve

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Karara Mining Ltd Magnetite Reserve as at 30 June 2012

Hematite Resource

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Karara Mining Ltd Hematite Resources Inclusive of Ore Reserves as at 30 June 2012

Gindalbie Metals Ltd Hematite Resources Inclusive of Ore Reserves as at 30 June 2012

Hematite Reserve

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Karara Mining Ltd Hematite Reserve as at 30 June 2012

Hinge Resource

JORC (2004) Tonnes (Mt) Fe (%)

SiO2 (%)

Al2O3 (%)

P (%)

S (%)

LOI (%)

Measured 0.68 60.2 6.4 1.8 0.08 0.02 4.9

Indicated 0.99 60.4 6.9 1.8 0.07 0.01 4.0

Inferred 0.04 58.1 7.1 1.9 0.12 0.01 7.0

Total 1.70 60.3 6.7 1.8 0.07 0.02 4.4

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JORC (2004) Oxidation

State

Tonnes (Mt)

Fe (%)

SiO2 (%)

Al2O3 (%)

P (%)

S (%)

LOI (%)

Inferred Transitional 0.61 59.6 9.0 0.8 0.06 0.01 2.3

Inferred Fresh 0.75 60.7 7.7 0.8 0.06 0.01 2.4

Total 1.37 60.2 8.3 0.8 0.06 0.01 2.4

Karara Mining Ltd - Hinge Magnetite Mineral Resource Reported above a 0% Fe cut-off grade

as at Dec 31, 2012

Karara Mining Ltd - Hinge Hematite Mineral Resource Reported above a 57% Fe cut-off grade

as at Dec 31, 2012

*Small discrepancies may occur due to rounding

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For more information contact Michael Weir

Manager Corporate &

Investor Relations

T: +618 9480 8700

F:+618 9480 8799

michael.weir@gindalbie.com.au

Level 9, London House

216 St Georges Tce, Perth WA 6000

www.gindalbie.com.au