ABN 35 090 468 018 Ground Floor, 1 Altona Street, West Perth WA 6005 Telephone: +61 8 9485 2929 Facsimile: +61 8 9486 8700 www.altonamining.com

1 Decemer 2010 Australian Securities Exchange Exchange Plaza 2 The Esplanade PERTH WA 6000 Dear Sir/Madam Please find attached an amended version of the presentation released to market on 27 October 2010. Changes made are the attachment of full resource tabulations as per previous releases and a more fulsome explanation of metal equivalence. Yours sincerely

ALISTAIR COWDEN Managing Director Att. F

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Production at Outokumpu Growth from RosebyGrowth from RosebyLeverage to Copper

27 October 2010Alistair CowdenAlistair CowdenManaging Director

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Regulatory and ComplianceRegulatory and Compliance

Disclaimer This presentation and information contained in it is being provided to shareholders and investors for information purposes only. Shareholders and investors should undertake their own evaluation of this information and otherwise contact their professional advisers in the event they wish to buy or sell shares. p y yTo the extent the information contains any projections the Company has provided these projections based upon the information that has been provided to the Company. The Company does not make any representations as to the accuracy or otherwise of that third party information.

Competent Person Statement The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled and reviewed by Dr Alistair Cowden BSc (Hons), PhD, MAusIMM, MAIG, Mr Jarmo Vesanto, MSc, MAusIMM , Mr Seppo Tuovinen MSc, MAusIMM Mr Maurice Hoyle BSc MAusIMM and Mr Jani Impola MSc MAusIMM who are full timeMAusIMM, Mr Maurice Hoyle BSc, MAusIMM and Mr Jani Impola, MSc, MAusIMM, who are full time employees of the Company and have sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as Competent Persons as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ Messer's Cowden Vesanto Tuovinen Hoyle and Impola consent to theResources and Ore Reserves . Messer s Cowden, Vesanto, Tuovinen, Hoyle and Impola consent to the inclusion in the report of the matters based on their information in the form and context in which it appears.

ASX Releases Investors are advised that by their nature as visual aids, presentations provide information y , p pin a summary form. The key information on detailed Resource and Reserve statements and feasibility results can be found in Vulcan ASX releases dated 16 November 2009 and Universal ASX releases dated 21 October 2009, 11 January 2010, 23 July 2010 and 2 August 2010. these and other ASX releases can be found at altonamining.com.au. Resource and Reserve statements are appended to comply with ASX guidelines but

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investors are urged to read supporting information in full on the website.

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Attractive ValuationAttractive Valuation

(A$) market capitalisation/tonne of copper equivalent Resource*700 1 200

918 1,572

600

700

1,000

1,200EV/Resource (A$/t Cu Eq.) Market Cap (A$m)

400

500

(A$/

t Cu

Eq.)

600

800

ap. (

A$m

)

200

300

V/R

esou

rce

(

400

600

Mar

ket C

a

100

EV

200

-

Alto

na

Met

min

co

Dis

cove

ry

Adity

a

Exco

Rex

Find

ers

Tige

r

Cud

eco

Cita

del

Sand

fire

-

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See slide 2 for details of Altona ASX releases which provide further detail on Resources, Reserves and Feasibility Studies and slides 27-29 for details of Resource and Reserve statements.

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Two Clear GoalsTwo Clear Goals

Building a copper mine in Finland: O t k j t ill d 8 000t 8 400Outokumpu project will produce 8,000tpa copper, 8,400ozpa gold from first half 2012 with growth through satellite mines and cobalt-nickel revenueand cobalt nickel revenue

Building scale in copper in Australia: Roseby project already contains 0.9Mt of copper metal, we are targeting a step change in the Resource and proposed production of up to 40 000tpaproduction of up to 40,000tpa

Successful delivery of this strategy will deliver aSuccessful delivery of this strategy will deliver a significant re-rating of market capitalisation

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See slide 2 for details of Altona ASX releases which provide further detail on Resources, Reserves and Feasibility Studies, slides 27-29 for details of Resource and Reserve statements and slide 30 for metal equivalence .

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Why Copper?Why Copper?A step change in copper markets in 2005

High price level due to strong rise in Low price level due to high inventories

$7 126

g p gChina’s demand, insufficient production output and low inventories

Low price level due to high inventories and at times production surpluses

$7,290

$

$6,952$7,126$6,731

$ ,

$5,164

$3,684

$2,868

$1,780$1,558$1,577$1,714 ,

Average of 1st half of decade: 1,919 Average of 2nd half of decade: 5,931

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2000 2001 2002 2003 2004 2005 2006 2007 2008 2009[Source: Aurubis]

2010

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Corporate Snapshot Corporate Snapshot ((ASX: AOH, FSE: A20)ASX: AOH, FSE: A20)

Strong share price performance since announcing go ahead at Outokumpu

Shares on issue 245.3M

p

S a es o ssue 5 3Market Cap @ 26c A$64MOptions ($1.50) 1.5MCash A$10MConverting notes* A$14M

Liquidity ASX: 800,000/dayFSE: 200 000/dayFSE: 200,000/day

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* Notes can convert prior to June 2011 maturity at $1.80/share. Convert automatically at maturity into shares at the 5 day VWAP or at $1.80 /share if the share price is $1.80 or greater.

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Outokumpu Copper ProjectOutokumpu Copper Project

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Luikonlahti Plant

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Stable, Skilled Mining JurisdictionStable, Skilled Mining Jurisdiction

26% corporate tax rate, no mining royaltiesg ySupportive government, potential financial assistanceStrong performing Euro zone economy, low sovereign riskMajor mining, smelting equipment industryBig players: Agnico EagleBig players: Agnico Eagle, Anglo American, Inmet, First Quantum, Talvivaara and Western Areas

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Mill and 9 Satellite DepositsMill and 9 Satellite Deposits

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Kylylahti Mine Site

Old Talc

Old Talc Pits

Old Talc Waste Dump

Power Line

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Portal Site

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Luikonlahti Processing HubLuikonlahti Processing Hub

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Key MetricsKey Metrics550,000 tpa of ore at 1.6% Cu, 0.7g/t AugDecline mine, longhole open stoping, cemented waste fillClean copper-gold concentrate and zinc concentrates

Copper: 8 000 tonnes pa- Copper: 8,000 tonnes pa- Gold: 8,400 ounces pa

Zinc: 1 600 tonnes pa- Zinc: 1,600 tonnes pa940tpa cobalt and 450tpa nickel (US$50m of metal pa) to temporary ( $ p ) p yconcentrate storage

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Outokumpu HighlightsOutokumpu Highlights

8-9 years mine life - growth at depth and from satellites

Luikonlahti Shaft and Plant

and from satellitesGranted licences and permitsEstablished plant and infrastructureEstablished plant and infrastructure at Luikonlahti8,000tpa copper,8,400oz pa gold, p pp , , p gLow capital cost of US$39mReadily marketable copper-gold andReadily marketable copper gold and zinc concentratesPotential revenue stream from cobalt and nickelDFS July 2010, construction

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commenced

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Robust EconomicsRobust Economics

US$NPV (US$3/lb copper) 80MNPV (US$3/lb copper) 80MIRR 37%Average EBITDA 29M paAverage EBITDA 29M paCapital cost:- mill & tailings refurbishment 12Mmill & tailings refurbishment 12M- mine infrastructure and decline 27M

Total 39MTotal 39MMill operating cost 10/tMine operating cost 33/tp gOperating cost per pound copper after credits 1.33/lb

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See slide 2 for details of Altona ASX releases which provide further detail on Resources, Reserves and Feasibility Studies, slides 27-29 for details of Resource and Reserve statements and slide 30 for metal equivalence calculation method.

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What next in Finland?

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Road construction at Kylylahti mine site

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Project Plan and Potential Growth

2009 2010 2011 2012 2013 2014Acquire Mill

St 1

Acquire Mill

Feasibility

Stage 1 Mine Construction

Mill Refurbishment

Production

Stage 22nd MineFeasibility Mine Development

Cobalt ProductFeasibility Plant Construction Production

Stage 2

Exploration - Kylylahti Deeps, Saramaki, Valkeisenranta

Construction ProductionMill ExpansionFeasibility

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Mt Isa Mt Isa –– World Class Mineral FieldWorld Class Mineral Field

World class deposits of copper gold lead zinccopper, gold, lead, zinc, silver, uraniumMajors have significant j gpresence: BHPB, Xstrata, Ivanhoe, MMG

fEstablished work force, infrastructure, major mines and smeltersmines and smeltersAltona has key strategic tenement position p(2,000km2)

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Roseby Roseby -- Leverage to CopperLeverage to Copper

100% owned 900,000t copper resourcecopper resourceLargest copper inventory in Australia not in the hands of a majorXstrata exploring for ‘big d it ’ t d th ithdeposits’ at depth with option to purchase 51% at independent marketindependent market valuationXstrata option expires in p pJune 2012

See slide 2 for details of Altona ASX releases which provide further

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pdetail on Resources, Reserves and Feasibility Studies and slides 27-29 for details of Resource and Reserve statements.

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Advanced Development ProjectAdvanced Development Project

DFS for 5Mtpa, 26ktpa Cu operation completed in 2009 on 3 of 12 resources pNative title agreement in placeEnvironmental permitting well advancedp gResource of 132 Mt at 0.7% Cu, 0.1g/t AuReserve of 48Mt at 0.7% Cu, 0.1g/t AuStudy used A$ 7,346/t Cu for an NPV of US$123M and 20% IRRUS$123M and 20% IRRNumerous opportunities for optimisationof projectof project

Little Eva See slide 2 for details of Altona ASX releases which provide further detail on Resources, Reserves and Feasibility Studies, slides 27-29 for details of Resource and Reserve statements and slide 30 for metal equivalence calculation method

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Orestatements and slide 30 for metal equivalence calculation method.

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Reserve Upside: Little EvaReserve Upside: Little Eva

Pit constrained by US$2/lb Cu priceUS$2/lb Cu priceResource constrained byconstrained by 0.3% Cu cut-off gradegPotential to bulk deposit and capture significant intercepts outside pit designpit design

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Roseby Roseby –– Big Resource PotentialBig Resource Potential3 Reserves, 9 Resources and many prospects and workingsNo serious exploration expenditure for 15 yearsResource is already equivalent to a 5.2M ounce gold depositLittle drilling deeper than 100mAll deposits open, many targets f t ifor extensions235m at 0.45% Cu172m at 0 70% Cu172m at 0.70% Cu194m at 1.50% Cu

5 KMSee slide 2 for details of Altona ASX releases which provide further detail

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5 KMpon Resources, Reserves and Feasibility Studies, slides 27-29 for details of Resource and Reserve statements and slide 30 for metal equivalence calculation method.

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Exploration Upside: BlackardExploration Upside: BlackardXstrata alliance has delivered a largely untested new discovery beneath large oxide Resource

46Mt Resource

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What is the way forward for Roseby?What is the way forward for Roseby?

Drilling by Altona on t di d itextending deposits

Drilling by Xstrata beneath BlackardBlackardSystematic prospectivityanalysis and drill deposit y pextensions and targetsAim to materially increase resources through drillingresources through drilling and re-estimation of resourcesInvestigate a bulk tonnage operation at 8Mtpa for 40ktpa C

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40ktpa Cu Old copper workings at Roseby

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Altona Outstanding Copper InventoryAltona Outstanding Copper Inventory

2.0

MillionsOutokumpu Project

Roseby Project

1.5

y j

1 053 000t

1,285,000t

1,053,000t

1.0

429,000ozs

0.5

0.0Copper

(Tonnes)Gold

(Ounces)Copper Equivalent*

(Tonnes)

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(Tonnes) (Ounces) (Tonnes)See slide 2 for details of Altona ASX releases which provide further detail on Resources, Reserves and Feasibility Studies, slides 27-29 for details of Resource and Reserve statements and slide 30 for metal equivalence calculation method.

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Altona in Six MonthsAltona in Six Months

OutokumpuDecline mine tunnel underwayDecline mine tunnel underwayProcess plant refurbishment underwayunderwayFinancing completedOfftake (concentrate sales)Offtake (concentrate sales) agreements completed

RosebyXstrata drilling completedXstrata drilling completedAltona drilling completedResource upgrade pending

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Resource upgrade pending

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AltonaAltona MMININGINING LLIMITEDIMITED

The Best Positioned Copper PlayThe Best Positioned Copper Play

-- CashCash-- Imminent productionImminent production

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-- 100% owned plant100% owned plant-- Unparalleled metal inventoryUnparalleled metal inventory

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Kylylahti Resources & ReservesKylylahti Resources & Reserves

Tonnes(m)

Cu(%)

Co(%)

Ni(%)

Zn(%)

Au(g/t)

Resources

Measured 0.62 1.35 0.27 0.17 0.47 0.60

Indicated 7.47 1.25 0.24 0.20 0.54 0.70

Inferred 0.31 0.97 0.24 0.18 0.70 0.57Inferred 0.31 0.97 0.24 0.18 0.70 0.57

Total 8.40 1.25 0.24 0.20 0.54 0.68

Contained metal (t) 105 000 20 160 16 800 45 360 183 560Contained metal (t) 105,000 20,160 16,800 45,360 183,560(ozs)

RReservesProbable 4.34 1.56 0.29 0.17 0.58 0.65

C t i d t l (t) 67 850 12 600 6 200 25 200 90 800

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Contained metal (t) 67,850 12,600 6,200 25,200 90,800(See ASX release of 23 July 2010 and 2 August 2010 for details of estimation)

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Outokumpu Area ResourcesOutokumpu Area Resources

Deposit Tonnes(m)

Cu eq(%)

Cu(%)

Co(%)

Ni(%)

Zn(%)

Au(g/t)

Kylylahti 8.40 2.3 1.25 0.24 0.20 0.54 0.68Saramäki 3.40 1.1 0.71 0.09 0.05 0.63 -V 0 76 2 3 1 76 0 14 1 33Vuonos 0.76 2.3 1.76 0.14 - 1.33 -Hautalampi 3.16 1.8 0.36 0.11 0.43 0.07 -Riihilahti 0 14 2 2 1 69 0 04 0 16Riihilahti 0.14 2.2 1.69 0.04 0.16 - -Valkeisenranta 1.54 1.8 0.29 0.03 0.71 - -Särkiniemi 0.10 1.9 0.35 0.05 0.70 - -Särkiniemi 0.10 1.9 0.35 0.05 0.70Sarkalahti 0.19 2.2 0.33 - 1.02 - -Niinimaki 0.08 2.5 0.32 0.04 1.07 - -Total 17.47 2.0 0.87 0.16 0.27 0.41 -Copper equivalent calculation detailed on slide 30. Kylylahti details on slide 27. See Vulcan ASX

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release of 16 November 2009 for a detailed classification of the other resources.

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Roseby Resources Roseby Resources & Reserves& Reserves

Tonnes(m)

Cu(%)

Au(g/t)

Cu(tonnes)

Au(ounces)( ) ( ) (g ) ( ) ( )

Resources

Measured 30.1 0.69 0.03 207,700 29,000Measured 30.1 0.69 0.03 207,700 29,000

Indicated 56.1 0.68 0.06 381,000 108,000

Inferred 46 35 0 68 0 08 315 200 119 200Inferred 46.35 0.68 0.08 315,200 119,200

Total 132.5 0.68 0.06 901,000 256,000

Reserves

Proven 29.1 0.69 0.06 201,000 56,100

Probable 17.0 0.70 0.01 119,600 5,500

Total 47.9 0.70 0.04 335,300 61,600

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Total 47.9 0.70 0.04 335,300 61,600

Details in Universal Resources ASX release 11 January 2010

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Metal EquivalenceMetal EquivalenceMetal equivalence is provided to assist investors in assessing the value of polymetallic ResourcesThe calculation of metal equivalence requires 3 inputs:- metal prices assumed- recoveries to concentrates- a factor to reflect the potential commercial return from payable metals recovered to various

concentrates Metal prices assumed are copper; US$6612/t, cobalt; US$ 37,468/t, nickel; US$ 17,081/t, zinc; US$ 1,653/t and gold; US$ 1,000/ozAverage life of mine recoveries to concentrate at Outokumpu (Kylylahti, Saramaki and Vuonos deposits) are copper 91.5%, gold 72%, zinc 50%, cobalt 48% and nickel 59%. Nickel and cobaltdeposits) are copper 91.5%, gold 72%, zinc 50%, cobalt 48% and nickel 59%. Nickel and cobalt recoveries for the other Outokumpu area resources are 85%, copper recovery is 91.5%. No gold or zinc is recovered from these depositsAverage life of mine recoveries for Roseby are copper 75% and gold 95%. Details were disclosed to ASX on 23 July 2010 in the Outokumpu Definitive Feasibility Study and on11 January 2010 in theASX on 23 July 2010 in the Outokumpu Definitive Feasibility Study and on11 January 2010 in the Roseby Definitive Feasibility StudyFactors applied to reflect concentrate sales terms are copper 90%, gold 90%, zinc 60%, cobalt 60% and nickel 70%The calculation formula for metal equivalence is the sum of the product of the three inputs for each metal divided by the product of the reference metal price, recovery and the ‘payability’ factorIt is the opinion of the Company that the metal recoveries disclosed in the published feasibility studies for both projects are reasonable and that there is a reasonable potential that revenue will be achieved

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for both projects are reasonable and that there is a reasonable potential that revenue will be achieved from recoverable metals

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