Focused on Discovery and Development

Focused onDiscovery andDevelopment

Investor PresentationFeb 2010

General Disclaimer

This presentation may contain forward looking statements that are subject to risk factors associated with resource businesses. It is believedthat the expectations reflected in these statements and opinions are reasonable but may be affected by a variety of variables and changes inunderlying assumptions which could cause actual results or trends to differ materially, including but not limited to: price fluctuations, actualdemand, currency fluctuations, production results, reserve estimates, loss of market, industry competition, environmental risks, physicalrisks, legislative, fiscal regulatory developments, economic and financial market conditions in various countries and regions, political risks,project delay or advancement, approvals and cost estimates.

ASX Code: AAG

The Company

ASX CODES: AAG, AAGO

Shares: 202,530,775Listed options: 42,469,265 (expiring 2010 and 2013)

Cash Post Completion: (Jan 2010) ~$9M

Share Price: $0.16 ($0.06 – 0.27)

Investments: ~$2M

Vital Metals (VML) 13% shareholder plus convertible note

Current Major Shareholders:Westgold Resources Ltd (WGR) – 40,000,000 (19.75%)Metals X Ltd (MLX) – 17,661,858 (8.72%) (relevant interest 28.47%)

The Board

Strong Corporate Experience Coupled with Excellent History of Practical ResourceDevelopment and Production

• Peter Cook (Non Executive Chairman) is a geologist (BSc (AppliedGeology)) and mineral economist (MSc (Min. Econ)) and is theChairman of Metals X Ltd. Peter has extensive corporate experience inthe resources sector.

• Paul Benson (Executive Director/CEO) is a geologist (BSc (Geology),MAusIMM, MAICD) with 17 years experience in mining and exploration.Formally Geology Manager and General Manager with Metals X at theCollingwood Tin Project Queensland. Also currently Non ExecutiveDirector of Vital Metals Ltd.

• Simon Eley (Executive Director) is a Corporate/Commercial lawyerwith a focus on mining and resources. He brings legal, commercial andcontract skills to the Company which will compliment the currenttechnical and scientific skills-base of the Board as it moves forward withits planned expansions through 2010.

• Brian Thomas (Non Executive Director) is a geologist (BSc, MBA, SAFin, MAusIMM, MAICD) and former Managing Director of ASX listedChrome Corporation Ltd. Brian is one of the founding directors ofNavarre Resources Pty Ltd (now Aragon) prior to its takeover byWestgold Resources NL. .

• Ben Pollard (Non Executive Director) is a Geologist with significantmining, exploration and management experience in the gold industrythroughout Western Australia. He is also a Principal Geologist of BMGSPerth managing geological consulting services in Australia andoverseas.

Key Projects and Investments

Western Australia

Lake Darlot – goldMission / Cables – High grade gold system.

Lake Lefroy - nickelKambalda – Aztec Dome EM nickel target

CMGP – Core asset gold projectMajor historic mining centre, Cue

Northern Territory

Georgina Basin - phosphateAmmaroo – Proven phosphate mineralisation

Queensland

Vital Metals Ltd (13%) – Watershed tungstenStrategic Investment – Indicated Resource 15.1M tonnes @ 0.42% WO3

Focus on core gold asset of the Central Murchison Gold Project (CMGP)

CMGP

Lake DarlotLake Darlot – Located with structural corridor just

7km north of Barricks Darlot Mine- High grade gold results- Strategic review

Highlights at Mission include:• 3m @ 11.40g/t, including 1m @ 29.65g/t• 3m @ 11.20g/t, including 1m @ 24.60g/t• 2m @ 18.62g/t, including 1m @ 20.00g/t• 2m @ 28.29g/t, including 1m @ 55.85g/t• 7m @ 11.35g/t, including 2m @ 33.62g/t• 2m @ 9.45g/t, including 1m @ 14.00g/t• 1m @ 72.42g/t

Highlights at Cables include:• 2m @ 23.94g/t• 3m @ 6.63g/t, including 1m @ 17.30g/t• 7m @ 4.46g/t, including 1m @ 17.35g/t• 9m @ 1.58g/t, including 1m @ 5.53g/t• 3m @ 16.75g/t, including 1m @ 36.00g/t• 7m @ 27.53g/t, including 1m @ 77.60g/t• 4m @ 41.96g/t, including 1m @ 107.50g/t• 3m @ 18.85g/t, including 1m @ 72.20g/t

Lake Lefroy

Lake Lefroy –Nickel Prospect over the Aztec Domewhich shows a similar regional magnetic response tothat of the nickel rich Kambalda Dome some 15km to thewest.

Aztec Dome structure has attracted the attention ofnickel producer Independence Group. Actively exploringthe Dome with positive results.

Aragon has completed a major SQUID EM survey overthe northern area of the tenement.

Drilling to test the identified conductor anomalies isplanned as soon as access to the Lake is possible.

Regional magnetic image of the Kambalda andAztec Dome.

Lake Lefroy

Kambalda Dome shown at samescale 15 km west of Aztec Dome

Planned drilling and EM target

Ammaroo - Phosphate

Highlight assays returned include:20m @ 16.7% P2O5 from 34m19m @ 11.0% P2O5 from 35m13m @ 14.2% P2O5 from 23m11m @ 12.2% P2O5 from 25m

• Southern Georgian Basin –proven prospective geological setting.

• Close to major roads and railinfrastructure.

• 33,400 hectares of highly prospectiveexploration ground.

• Located in the Meekatharra-Mount MagnetGreenstone belt in the Murchison Goldfieldwhere over 12M gold ounces have beenproduced since 1888.

Central Murchison Gold Project

Murchison Bell – 657 K oz JORC ResourcesCuddingwarra – 349 K oz JORC ResourcesDay Dawn (Cue) - 488K oz JORC Resources

1.49 million oz

Murchison Bell – 657 K oz JORC ResourcesCuddingwarra – 349 K oz JORC ResourcesDay Dawn (Cue) - 488K oz JORC Resources

Tonnes Au Au Tonnes Au Au Tonnes Au Au Tonnes Au Au

('000s) g/t Oz ('000s) g/t Oz ('000s) g/t Oz ('000s) g/t Oz

1600N/Shocker Murchison Bell 415 2.5 33,000 359 3.2 37,000 774 2.8 70,000

Murchison Bell Murchison Bell 3,200 4.7 484,000 700 4.2 95,000 3,900 4.6 578,000

Fender Murchison Bell - 71 4.1 9,000 - - 71 4.1 9,000

Black Swan Cuddingwarra - 222 3.5 25,000 1 1.3 - 223 3.5 25,000

Black Swan South Cuddingwarra - 315 3.5 35,000 1,816 3.8 224,000 2,131 3.8 259,000

Chieftain Cuddingwarra - 50 3.1 5,000 75 3.4 8,000 125 3.3 13,000

City of Chester Cuddingwarra - 28 2.3 2,000 82 2.4 6,000 110 2.4 8,000

City of Sydney Cuddingwarra 4 1.6 62 2.1 4,000 - - 65 2.0 4,000

Golden Gate Cuddingwarra - 65 3.0 6,000 1 2.6 - 66 3.0 6,000

Rheingold Cuddingwarra - - - 89 3.8 11,000 89 3.8 11,000

Rheingold South Cuddingwarra 23 3.3 3,000 82 3.6 10,000 96 3.4 11,000 202 3.5 23,000

3210 Day Dawn - 50 3.3 5,000 - - 50 3.3 5,000

Golden Crown Day Dawn - 95 7.5 23,000 144 8.8 41,000 238 8.3 63,000

Great Fingall Day Dawn - 349 1.9 21,000 1,500 1.4 67,000 1,849 1.5 88,000

Great Fingall Day Dawn - 755 10.0 243,000 147 6.8 32,000 902 9.5 275,000

Kinsella Day Dawn 1 2.9 54 3.1 5,000 - - 55 3.1 6,000

Mt Fingall Day Dawn - - - 30 3.1 3,000 30 3.1 3,000

Rubicon Day Dawn 19 2.9 2,000 50 2.3 4,000 12 1.3 - 80 2.3 6,000

South Fingall Day Dawn - 36 2.8 3,000 28 3.1 3,000 65 3.0 6,000

Try Again Day Dawn 1 1.8 12 3.2 1,000 178 3.1 17,000 192 3.1 19,000

Yellow Taxi Day Dawn - 80 2.4 6,000 15 2.9 1,000 94 2.5 7,000

Yellow Taxi South Day Dawn - - - 37 4.3 5,000 37 4.3 5,000Sub Total In situ 47 3.3 5,000 5,992 4.8 924,000 5,309 3.3 561,000 11,348 4.1 1,490,000

STOCKPILES

Great Fingall - 108 1.0 3,000 - 108 1.0 3,000

Fingall Sands - 34 1.2 1,000 - 34 1.2 1,000

Stockpiles - 142 0.9 4,000 - - 142 0.9 4,000

TOTAL

RESOURCES 47 3.3 5,000 6,133 4.7 928,000 5,309 3.3 561,000 11,490 4.0 1,494,000

Inferred Total ResourceDeposit Mining Centre

Measured Indicated


Murchison Bell – 657 K oz Au JORC ResourcesCuddingwarra – 349 K oz Au JORC ResourcesDay Dawn (Cue) - 488K oz Au JORC Resources

Tonnes Au Au Tonnes Au Au Tonnes Au Au Tonnes Au Au

('000s) g/t Oz ('000s) g/t Oz ('000s) g/t Oz ('000s) g/t Oz

1600N/Shocker Murchison Bell 415 2.5 33,000 359 3.2 37,000 774 2.8 70,000

Murchison Bell Murchison Bell 3,200 4.7 484,000 700 4.2 95,000 3,900 4.6 578,000

Fender Murchison Bell - 71 4.1 9,000 - - 71 4.1 9,000

Black Swan Cuddingwarra - 222 3.5 25,000 1 1.3 - 223 3.5 25,000

Black Swan South Cuddingwarra - 315 3.5 35,000 1,816 3.8 224,000 2,131 3.8 259,000

Chieftain Cuddingwarra - 50 3.1 5,000 75 3.4 8,000 125 3.3 13,000

City of Chester Cuddingwarra - 28 2.3 2,000 82 2.4 6,000 110 2.4 8,000

City of Sydney Cuddingwarra 4 1.6 62 2.1 4,000 - - 65 2.0 4,000

Golden Gate Cuddingwarra - 65 3.0 6,000 1 2.6 - 66 3.0 6,000

Rheingold Cuddingwarra - - - 89 3.8 11,000 89 3.8 11,000

Rheingold South Cuddingwarra 23 3.3 3,000 82 3.6 10,000 96 3.4 11,000 202 3.5 23,000

3210 Day Dawn - 50 3.3 5,000 - - 50 3.3 5,000

Golden Crown Day Dawn - 95 7.5 23,000 144 8.8 41,000 238 8.3 63,000

Great Fingall Day Dawn - 349 1.9 21,000 1,500 1.4 67,000 1,849 1.5 88,000

Great Fingall Day Dawn - 755 10.0 243,000 147 6.8 32,000 902 9.5 275,000

Kinsella Day Dawn 1 2.9 54 3.1 5,000 - - 55 3.1 6,000

Mt Fingall Day Dawn - - - 30 3.1 3,000 30 3.1 3,000

Rubicon Day Dawn 19 2.9 2,000 50 2.3 4,000 12 1.3 - 80 2.3 6,000

South Fingall Day Dawn - 36 2.8 3,000 28 3.1 3,000 65 3.0 6,000

Try Again Day Dawn 1 1.8 12 3.2 1,000 178 3.1 17,000 192 3.1 19,000

Yellow Taxi Day Dawn - 80 2.4 6,000 15 2.9 1,000 94 2.5 7,000

Yellow Taxi South Day Dawn - - - 37 4.3 5,000 37 4.3 5,000Sub Total In situ 47 3.3 5,000 5,992 4.8 924,000 5,309 3.3 561,000 11,348 4.1 1,490,000

STOCKPILES

Great Fingall - 108 1.0 3,000 - 108 1.0 3,000

Fingall Sands - 34 1.2 1,000 - 34 1.2 1,000

Stockpiles - 142 0.9 4,000 - - 142 0.9 4,000

TOTAL

RESOURCES 47 3.3 5,000 6,133 4.7 928,000 5,309 3.3 561,000 11,490 4.0 1,494,000

Inferred Total ResourceDeposit Mining Centre

Measured Indicated


Mafeking Bore – Underexplored- Anomalous gold in limited shallow drilling.- Interpreted Great Fingall Dolerite

sequence north of tonalite intrusion


Cuddingwarra - Exploration of underexplored tenure

• Past production of 800 K oz Au• Current Resource 349 K oz Au• Focus on new discovery targeting large shallow lower grade deposits• Integration of new high quality data set (SAM survey 2009) into

extensive database• numerous untested high priority targets


Fluid PathwaysFaults and offsetsShear zonesAnomalous trendsPorphyries

Fluid TrapsPorphyriesDilatational bendsin stratigraphy

Mineralising FluidsGold anomalismMagnetite destructionQuartz veining

Target Generation

Cuddingwarra - Near Mine Targets

Resource additions - Cuddingwarra Mining Centre

Regional Geology Cuddingwarra Mining Centre


High grade quartz vein in DDH from Pit 2.Mineralisation associated with shearingon porphyry contacts

Cuddingwarra - Near Mine TargetsTargeting resource additions – Rheingold, Black Swan South, Black Swan and Golden Gate

mineralised trend over 3km strike. Strong opportunity to definedepth continuity


Black SwanBlack SwanSouth

Golden Gate

Cuddingwarra Mining Center Long-section

349 K oz JORC Resources

250m

Murchison Bell Shear - Near Mine Targets• Historic production of 2.6 Moz Au.• Current Resource 657 K oz Au.


Under explored along strike

Murchison Bell / Fender - Near Mine Targets

Targeting significant resource additions - Murchison Bell to Fender mineralised trend.


Total of 657 K oz JORC Resources with excellent UG production potential

Day Dawn – Great Fingall Dolerite (GFD) Exploration• high grade targets of the GFD (past production of 1.6 million oz Au)

extending over 12kms• targeting of high grade reef repetitions similar to that at Golden Crown and

Great Fingall


Day Dawn – Great Fingall Dolerite (GFD) Exploration• numerous open resources (Rubicon, Yellow Taxi etc)


IP survey over GFD highlighting subsurface faults in thedolerite where ore bearing fluids become trapped producingquartz reefs and splays like those seen at Great Fingall andGolden Crown

Day Dawn - Underground Resource Potential

• Golden Crown, Great Fingall, Rubicon


Current ResourcesGreat Fingall UG - 275,000 oz AuGolden Crown - 63,000 oz Au

Current ResourcesRubicon - 6,000 oz Au

Day Dawn – Historic Production


Golden Crown – Historic production 648Kt @ 13.8g/t (288Koz)

First mined in 1897 to 1902 down to 80m.

1935 WMC estimated up to 80,000tns @ 12g/t then relinquished to ACM

1983 ACM realised a depleted zone to 120m.Defined resource of 350,000tns @ 21g/t (237,000 oz).

1986 ACM sunk a shaft and commenced mining

1991 ACM taken over by Normandy.

1996 Mining ceased due to UG development being unable to keep up with therequired production rate to feed the Big Bell processing facility

Great Fingall – Historic production 1.9Mt @ 19.5g/t (1.2Moz)

First discovered in 1891 and mined until 1918.

Known as one of the world greatest mines during production before closure dueto WW1 and decline in economy

Current ResourcesGolden Crown - 63,000 oz Au Great Fingall UG - 275,000 oz Au

Quartz Reef

• Great Fingall and Golden Crown

• Within GFD as dilational fill of shears/faults

• 2-3m thick , high to very high grade

• Moderate dip (45-65)

Quartz Stockwork

•Gt Fingall, 3210, Try Again, Yellow Taxi, Mt Fingall

•Stacked Quartz sheets

•cm- several m thick, lower overall grade

•Flat dips (15-30)

Great Fingall and Golden Crown – Mineralisation


GOLDEN CROWN – High grade mineralisation


Schematic Cross Section Looking West


Exploration targeting depthextensions and possibleconvergence of lodes

500m


• Past production 800K oz Au. Current resources 349K oz Au.• Large scale low grade open pit style deposits.• Fresh approach with new data set targeting new discoveries.• Drill testing of high priority targets.

• Past production 2.6M oz Au. Current resources 657K oz Au.• Extensive mineralised shear hosting significant resources.• Drilling at Murchison Bell and Fender to significantly increase resource

inventory.

• Past production 1.6M oz Au. Current resources 488K oz Au.• Proven high grade underground potential.• Drilling for repeat high grade quartz lodes along Great Fingall Dolerite.• Drill targeting of depth extensions and possible convergence of Golden

Crown and Great Fingall reef and splays.

2010 Activity Focus

Cuddingwarra

Murchison Bell

Day Dawn

Drilling preparations complete.RC and Diamond Drill Programs due to commence at

Murchison Bell late February and continue atCuddingwarra and Day Dawn in the coming months.

Thankyou

The information in this presentation that relates to exploration, mineral resources or ore reserves is based on informationcompiled by Mr Paul Benson (B.Sc.) who is a full time employee of Aragon Resources Ltd, is a member of the AusIMM. MrBenson has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration andto the activity which he is undertaking to qualify as a competent person as described by the 2004 Edition of the“Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Benson consents tothe inclusion in this report of the matters based on his information in the form and context in which it appears.

Focused on Discovery and Development

Documents

Transcript of Focused on Discovery and Development