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Supplying high quality iron ore to the global steel industry 22 August 2013

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Disclaimer

2

Introduction Graeme Hossie – Chief Executive Officer

Highlights

4

Marampa, Sierra Leone (100% owned)

Zero fatalities and lost time injuries for the period

Production volumes for H1 2013 up 229% year on year to 1,535,000dmt

Production and sales guidance unchanged, run rate of 5Mdmt/a expected to be achieved by year end

Wet season measures in place and performing as expected

Life of mine study to be completed in Q3 2013

Financial

First reported group operating profit of USD10.2m, an increase of USD15.8m

EBITDA contribution from Marampa of USD39.3m, an increase from USD13.1m in H1 2012

Operating cost of USD62/dmt, down 18% year on year as expected

Capital estimate of USD340m to complete 5Mdmt/a is reiterated, USD48m remaining

Strong balance sheet to complete expansion with USD72m cash at end of June

Operations Jim North – Chief Operating Officer

H1 2013 H1 2012 FY 2012

Concentrate produced (dmt) 1,535,000 670,000 1,522,000

Average daily production rate (wmt/d) 10,337 3,912 4,530

Sales (dmt) 1,483,000 559,000 1,191,000

Average concentrate grade sold (Fe%) 64.0 65.5 64.9

Moisture content (%) 7.5 5.9 6.7

Average FOB price (including hedges) (USD/dmt)* 99 106 104

Average freight (USD/dmt) 34 43 39

H1 2013 production numbers

6 * Post hedging, pre-marketing related costs

0

100

200

300

400

Rai

nfa

ll (m

m)

2012/13 rainfall

Average rainfall (1996 to 2011)

4

6

8

10

12

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May June

Rainfall and moisture management

7

Co

nce

ntr

ate

mo

istu

re c

on

ten

t (%

)

Transportable moisture limit

CONCENTRATE MOISTURE WELL BELOW TRANSPORTABLE LIMIT OF C.10.5%

Wet season

Above average rainfall

SIERRA LEONE RAINFALL

MARAMPA CONCENTRATE MOISTURE CONTENT

0

200,000

400,000

600,000

800,000

1,000,000

1,200,000

1,400,000

1,600,000

Q1 Q2 Q3 Q4 Q1 Q2

2012 2013 5Mdmt/a

Production Sales

First ungeared panamax vessel

First self propelled barge

Floating crane transhipment unit

Second self propelled barge

Additional barging capacity

Production and sales growth

8

Pro

du

ctio

n (

WM

T)

PRODUCTION AND SALES VOLUME DOUBLED SINCE YEAR END

Rectification program completed on Pride of Marampa

Mining and processing

9

Mining

ROM stockpile of over 2Mt in place

2Mt of in-pit ore stocks exposed ahead of wet season and maintained to date

Processing

Installed processing capacity is now 3.6Mdmt/a

Concentrate grade expected to increase to 65% Fe over Q4 with commissioning of ball mills

Expansion to 5Mdmt/a in Q4

• Civils and foundations complete

• Equipment installation underway

• Optimisation programme in current budget

• Power plant increased from 12 to 15MW

Logistics

Haul road and trucking

Haul fleet increased to move additional production, expanded fleet to arrive during Q3 2013

Improvement works to haul road undertaken for 2013 wet season delivering as expected

Barging

First self propelled barge operating from mid-April, second from mid-June

Additional barges to arrive in H2 for additional production volume

Transhipment

Loading of ungeared vessels using floating offshore transhipment platform commenced at end of March

Second transhipment vessel arrived in May and commenced operations immediately

Additional capacity allows faster loading of ocean going vessels in wet season

SALES GUIDANCE OF 3.6 TO 3.8MDMT MAINTAINED

10

Financial Rachel Rhodes – Chief Financial Officer

Financial summary

12

FIRST REPORTED GROUP OPERATING PROFIT DRIVEN BY SUCCESSFUL RAMP UP

First reported group operating profit of USD10.2m, an increase of USD15.8m

Group EBITDA of USD24.0m, a USD24.2m increase from H1 2012 (loss of USD0.2m)

Revenue of USD142.1m at Marampa, up 246% year on year

Operating cost of USD62/dmt, down 18% year on year

1.1Mdmt of H2 2013 sales hedged at an average price of USD120/dmt CFR; 0.7Mdmt of H1 2014 sales hedged at an average of USD118/dmt

Capital cost estimated to achieve 5Mdmt/a is unchanged at USD340m, USD48m residual spend

Strong balance sheet to complete expansion, following corporate debt restructuring: USD72m cash at end June

Further undrawn offtake prepayment facility of USD25m

Revenues of USD142m (average USD96/t FOB (including hedging))

Group EBITDA profit of USD24.0m (USD24.2m improvement)

Marampa EBITDA contribution of USD39.3m

Corporate costs reduced with further savings identified

Finance charge of USD25.7m includes

• USD5.7m unwinding of discount on non recourse royalty

Financial highlights: P&L

13

Income Statement 2013

(USDm)

2012 (USDm) Restated

Revenue 142.1 57.7

EBITDA 24.0 (0.2)

Sierra Leone 39.3 13.1

Greenland (0.3) (0.6)

Saudi (0.1) (0.4)

Corporate cash (10.1) (11.6)

Corporate non-cash (4.8) (0.7)

Depreciation (13.8) (5.4)

Profit / (loss) from operations 10.2 (5.6)

Fair value gains – BlackRock royalty 10.5 0.6

Net finance costs (25.7) (14.1)

Taxation 2.1 2.5

Loss after tax (2.9) (16.6)

Discontinued operations (2.1) (2.0)

Loss for period (5.0) (18.6)

Marampa EBITDA – HY 2013

14

USD39.3M FOR HALF YEAR WITH FOCUS ON MARGIN IMPROVEMENT

0

20

40

60

80

100

120

140

CFR Freight andmarketing

Fe premium Hedging FOB Royalties Cash cost Inventoryajustment

EBITDA

USD

/dm

t

Near term cost evolution

15

DRIVEN BY ECONOMIES OF SCALE AND PROGRAMME OF CONTINUOUS IMPROVEMENT

HY operating cost of USD62/dmt shows we are on track for target of USD50/dmt as we exit 2013

43% of costs were fixed at 1.5Mdmt and a further 40% under contract

Further cost reductions expected

-11

-9

-2

-6 1

0

10

20

30

40

50

60

70

80

2012 Actual Mining Processing Road G&A Port, barging andtranshipment costs

2014 (e)

Reduced mine development and move to activity based contracts

Steady state operations and improved rates Fixed overhead Transhipment

offset by improved cycle times and new barging contracts

Switch to MFO Fixed costs on higher volume U

SD/d

mt

0

5

10

15

20

25

30

35

2012 2013(e) Steady state

London office Other projects

Corporate cost evolution

16

CORPORATE CASH COST REDUCTION PLAN BEING IMPLEMENTED

USD

m

2013 initiatives eg

• Reduction of senior management

• Head office salary freeze

• Waiver of executive cash bonuses

• Consolidation of technical team

Further initiatives scheduled to target steady state corporate cash cost of less than USD15m as part of all-in cost reduction plan

Cash flow from operations has increased by USD43.0m

• Positive EBITDA contribution from Marampa

• USD13.5m increase in receivables from ramp up in exports and mobilisation payments relating to Marampa

USD50.9m invested in Marampa, including:

• USD33m – 5Mdmt/a project (including optimisations)

• USD10.3m – owners team & overhead

• USD3.2m – development studies

Net USD5.5m from financing:

• USD84m raised from net SCB debt restructuring

• (USD55m) repaid to Vitol – unsecured loan

• (USD18m) interest paid (including USD5.6m Vitol 2012/13 charge)

Cash balance of USD71.8m

Cash flow statements

Period ended 30 June 2013

USDm 2012

USDm

Cash balance brought forward 92.7 67.8

Cash flow from operations 26.1 (14.0)

Investing cash out flow (52.5) (113.9)

Sierra Leone (50.9) (94.9)

Greenland (15Mdmt/a BFS) (1.1) (5.7)

Saudi (0.1) (0.4)

Colombia (ovens & exploration) (0.3) (10.2)

Other (0.1) (2.7)

Financing activities 5.5 151.3

Exchange - -

Net cash inflow/(outflow) (20.9) 23.4

Cash balance carry forward 71.8 91.2

17

Proforma net debt

New USD180m facility used to restructure existing debt

Debt facilities in place for >2 years

• Underpins project completion and further expansion

Interest cost of USD34m, falls as debt repaid over 2 years

Strong cash flow generation permits net debt reduction or further restructuring at appropriate time

18

NET DEBT SUPPORTED BY STRONG CASH FLOW GENERATION

Proforma net debt (USDm) 30 Jun

2013 31 Dec

2012

Cash 72 93

Bank loans (178) (91)

Convertible bond (100) (98)

Unsecured Vitol facility - (58)

Finance lease (18) (19)

Net debt (224) (173)

Strong balance sheet to fund 5Mdmt/a

Strong internal cash generation

• Increased realised prices with operation of transhipment vessels loading non geared vessels

• Reduced USD/t operating costs through optimisation and economies of scale

• Funding of non-core projects significantly reduced

19

External sources of funds (30 June 2013) USDm

Cash on balance sheet – 30 June 2013 72

New Vitol prepayment facility 25

Total external sources of funds 97

Capital projects (2013) USDm

Sierra Leone – expansion to 5Mdmt/a (committed) 48

Sierra Leone – additional high return projects (uncommitted)

10 - 15

Sierra Leone - expansion studies 4

Greenland – EIA permitting 1

Total capital projects (2013) 63 - 68

Recurring

Sierra Leone – estimated sustaining capital 10 - 12

Summary

20

2013 priorities

21

Ramp up of Marampa to 5Mdmt/a by end 2013 on track and on budget

Life of mine study for Marampa to be completed in Q3 2013

Potential for near term incremental expansion under review

Cost reduction initiatives to reduce Marampa operating costs below USD50/dmt

• Economies of scale with higher volume

• Programme of continuous improvement

Disciplined use of free cash flow

• Funding the extension of the mine life and high return incremental expansions

• Cost reduction initiatives

• Reduction of net debt

Isua exploitation permit negotiations progressing, expected by end of 2013

FOCUS ON HIGH RETURN INVESTMENT OPPORTUNITIES AT MARAMPA