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WELCOME TO THE

TITANIUM AND

ZIRCONIUM AGE

March 2012

An introduction to the Astron Group

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• Overview

• Global Ti And Zr Market

• Donald Mineral Sands Project

• Niafarang Project (Senegal)

• Technical R&D Operation

• Funding & M&A Strategy

• Management Team and Shareholder Structure

Agenda

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Overview

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Key highlights

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• ASX listed

• Dedicated focus on mineral sands mining and processing

• Strong balance sheet – $130m of cash

• Two significant near term mining projects

o Large, long-life, flagship Donald Project in Australia with anticipated Stage

1 production of 120ktpa zircon and 90ktpa rutile

o Niafarang Project in West Africa also proceeding towards development

• Significant investment in Donald already made, including $18m purchase of

water rights in December 2011

• Strong presence in Chinese mineral sands market – operate an active trading

business and retain close relationships with key customers

• Proven expertise – 25 year track record; previously built from scratch and sold

the pre-eminent mineral sands marketing and distribution business in China For

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Our goals

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To become a relevant long term competitive and dynamic player in the zircon and

TiO2 feedstock market

1 Size:

Anticipated 120ktpa of zircon production from Donald stage 1 should

immediately establish us as the number 5 player

2 Longevity:

Potential resources to satisfy the global zircon demand for 30 years and

global titanium feedstock demand for 10 years

3 Low cost to revenue:

High quality product mix

To remain cost competitive throughout the cycle

4 Technology:

To maintain our competitive advantage, expand our market and open

new opportunities utilising our high value added zircon and titanium

chemical and metal technologies

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History

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Location of operations

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Global Ti and Zr Market

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Uses of Zircon and TiO2

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Global zircon demand 1.2mt (2011) by

end use sector

Global TiO2 demand 6.5mt (2011) demand of

by end use sector

©TZMI 2012, not to be reproduced without permission ©TZMI 2012, not to be reproduced without permission For

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Zircon market structure

Demand

• Driven by unprecedented growth

in industrialisation

• Demand anticipated to grow by 56% this

decade as comparable 9% to over the

last decade

• China forecast to consume more than

50% by 2020

• Even with Donald coming on stream still

estimated shortfall of 500,000 by 2020

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0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

1990 1993 1996 1999 2002 2005 2008 2011 2014 2017 2020

'000 tonnes

Production New Projects Consumption

Supply

• Some operations coming to the

end of mine life

• Many current and future projects have

short mine life

• New projects delayed due to funding

and extended approval time

• Many projects are green field sites with

unproven record of project completion

and unknown product quality

• Increasing supply deficits starting in

2012 – 100k tonnes

©TZMI 2012, not to be reproduced without permission

Total titanium feedstock supply/demand balance: 2005–2015

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Titanium feedstock market update

Demand

• Demand still being driven by TiO2 pigment (c85%)

• Global demand for pigment => increase to

5.76 million tones in 2012 (4% above 2011 levels)

• Demand over the next decade will come from

Asia-Pacific / China

Supply

• Idle capacity from 2009 trough exhausted

• Future mining supply limited by costs and lack of

new projects coming on stream

• Global supply side => grow to 5.8 million

tonnes in 2012

• Lack of inventory in the supply chain will limit

demand growth at least into 2013

11 ©TZMI 2012, not to be reproduced without permission

Supply/demand balances for all titanium feedstocks:

2005–2015

Total titanium feedstocks supply/demand balance:

2005–2015

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Forecast supply and demand balance

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0

5

10

15

20

25

30

35

40

45

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

1996 1998 2000 2002 2004 2006 2008 2010

TiO2 units (LHS) Zircon (LHS) Companies (RHS)

'000 TiO2 units & '000 tonnes Number of companies

Total volume of titanium feedstocks and zircon under investigation as new projects

©TZMI 2012, not to be reproduced without permission

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Donald Mineral Sands Project

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• 4,039 Mt Mineral Resource (JORC*) in Project Area (1,100 drill hole database)

• 450Mt Mineral Resource (JORC*) in Mining Licence Area

*Reported in accordance with The 2004 JORC Code (The Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves).

• Stage 1

• Stage 1a & 1b combined anticipated to produce 950ktpa of HMC (approximately 120ktpa zircon, 90ktpa rutile)

• 30 year mine life

• Majority of approvals (including EES) in place for Stage 1a

• Stage 2

• Additional anticipated 475ktpa of HMC

• Plan to mine the Jackson Deposit to the south of Donald

• Low strip ratio averaging 2.6 : 1 with large consistent planar orebody

• Test pit dug to confirm:

• Ore processing and recoveries

• Product acceptance by customers

• Completion of Definitive Feasibility Study in progress

• Strong marketing expertise and long standing, ongoing relationships with key Chinese customers

Overview

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✓ 300km to Port of Melbourne

✓ Close to existing infrastructure

✓ Road and rail networks in place

✓ Low sovereign risk

✓ Skilled workforce available

✓ Zircon and titanium are widely forecast to remain supply constrained for many years

✓ Excellent project development fundamentals

✓ Large consistent planar ore body allows for low strip ratios

✓ Pre-feasibility shows impressive returns

✓ Major environmental approvals completed

✓ Huge long-life resource

✓ Opportunity for expansion of current 30+ year plan and value adding to create even

greater returns

✓ Expansion capacity enables the project to become one of the world's largest zircon

and titanium mining operations

✓ Significant investment in the project has already been made

✓ Purchase of 7.0GL pa of water entitlements is sufficient for Stages 1a and 1b

✓ Purchase of 1,700 acres of land in the mining licence area

Key advantages

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Location in Murray Basin

Location

Tenements and proposed project phasing

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Neighbouring tenements and proximity of other mines

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Approvals

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Approvals completed

Environmental effects statement ✓

Mining licence ✓

Approvals in progress

Work plan

Co-location of MSP

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Geological formation

• Fine grained deposits: formed off-shore; large, planar and well-sorted; typically

low-moderate grade; particle size D50 = 50 micron

• Coarse grain deposits: formed on-shore; narrow, varying and stranded; typically

high grade; particle size D50 = 120 micron

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Geology Mining licence – MIN 5532

• Database with 1,100 drill holes

• Resource of 450 Mt within MIN 5532

to sustain operations +20 years (at 15Mtpa)

• MIN 5532 is ~15% of the Exploration Area

*Reported according to the 2004 JORC Code

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AREA HM%

RESOURCE

TONNES

(MT)

STRIP

RATIO**

(AVERAGE)

1 5.2 4* 5.5

2 4.5 407 1.6

3 3.7 951 0.9

ML 4.5 452 1.3

4 4.2 267 1.7

5 5.1 545 1.5

6 6.1 427 1.7

7 Jackson 6.1 486 4.3

8 Jackson 5.5 501 4.0

Total 4,039

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Area 1 is not

classified in

the resource

Geology DMS resources split by area

Northern extent of

resource estimate

MIN 5532

All values are based on a 1% HM cut-off without

allowance for dilution and mining recovery.

*Based on small number of holes

**Calculation: tonnes below 1% HM/tonnes above 1% HM

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Processing steps

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Mine sequence

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Source: RJ Robbins – Definitive Engineering Study 2011

Plant layout

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• Flexible mining fleet in truck and excavator

• Portable mining hopper allows for short haul minimising cost

• Strip ratio year 1 to 5 of 2.1, life of mine 2.6

• Direct backfill and in-pit tailings disposal allowing for low cost waste disposal

and rehabilitation

• Large planar orebody allows for efficient ore removal

Mining method and fleet

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Utilities, infrastructure and logistics

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Infrastructure, utilities and logistics

• 300kms to Port of Melbourne

• Skilled workforce available

• 70kms to rail hub

• Earthen water channels in place

• Possible access to Federal and State Government funding

Recent milestones

• 7.0 GL of high security water rights already secured

• 1,700 acres of land already purchased

To come

• Purchase or access agreements over further acres of land required

• 18km of road to be widened

• 73km power line to be built

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• Have existing close relationships with key target customers

- Retained our Chinese trading business after the sale of the

processing/marketing operations to Imerys in 2008

- Understand key requirements of customers

- Maintain very close interface with market

• Retain significant presence in China

- 90 employees across our Chinese trading and R&D operations

• Extensive history in Chinese market place

- 25 year track record

- Previously built marketing and distribution business from scratch

• Products sold under periodic contracts

- Aim to secure off take arrangements in due course

Marketing and customers

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Product mix split by revenue

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Forecast product mix split by revenue and volumes

Product mix split by volume

©TZMI 2012, not to be reproduced without permission

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Niafarang Project (Senegal)

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Overview

• Large coastal – based mineral sands deposit

• High grade – no overburden – low slimes

• EIS underway to convert exploration licence to

mining concession

• Exploration area c450km2

• Area drilled out to north

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Senegal:

Niafarang Deposit

Pre Mining Development

2007–11

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2012 plan

• Exploration licence renewed until 26 November 2013

Phase 1

• Definitive feasibility study - initiated start of 2012

• Environmental approval - anticipated during 2012

• Mining Licence - anticipated during 2012

Phase 2

• Exploration program - initiated start of 2012

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Technical R&D Operation

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Overview

Aim is to maintain our competitive advantage, expand our market and open new

opportunities by developing new, high value added, technologies

Zircon Washing Project

• Aim to develop an economic process to reduce the uranium and thorium content

of specific zircon sands

• Initial results in laboratory and on small pilot plant scale are positive

• Further testing planned at demonstration plant scale

• Processing methodology and engineering currently being reviewed by an

independent expert

Other

• Current initiatives focused on mineral separation processes, and

zirconium/titanium metals/chemicals

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Refinement to advanced chemicals and metals will add considerable value

• Pricing differentials between materials and advanced chemicals and

metals are substantial

Zr Ti

Value add through technology

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Funding and M&A Strategy

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Balance sheet 31 December 2011

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• Overheads covered by interest received and trading income

• Balance sheet takes no account of any possible uplift in Donald and Niafarang projects or land

use rights shown at book cost

• Spent c$50m on the purchase and development of the Donald Project

• Includes water rights of $18m

ASSETS

Current assets $m

Cash and cash equivalents 128.1

Other current assets 13.9

Total current assets 142.0

Non-current assets

Property, plant and equipment 14.7

Intangible assets (includes water rights) 46.4

Land use rights 8.7

Total non-current assets 69.8

TOTAL ASSETS 211.8

LIABILITIES

Current liabilities

Total current liabilities 5.8

Total non-current liabilities 4.9

TOTAL LIABILITIES 10.7

NET ASSETS 201.1

CAPITAL AND RESERVES ATTRIBUTABLE TO THE

OWNERS OF ASTRON LIMITED 201.1

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Future funding and M&A plan

Funding

• Anticipate Donald Stage 1a and Stage 1b to be funded separately

• Prefer early funding to be via equity until cashflows are established

• Open to strategic / cornerstone investors

• Funding at either corporate level or project level

• Would consider non-vanilla financing solutions

M&A

• Will consider M&A if market conditions deteriorate

• May prevent Donald from being funded

• May be cheaper to buy than develop assets

• Would seek to use our strong balance sheet to buy assets

• Prefer

• In our areas of expertise

• Cash flow

• Operational leverage

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Management Team and

Shareholder Structure

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Management expertise

• Board with strong industry and corporate governance expertise

• Experienced Exco with expertise in mineral sands, financing and marketing

• Excellent network in Chinese zircon and titanium feedstock markets

• Operational team has strong project development experience in the mineral

sands sector

• Utilise highly experienced consultants to complement team

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NAME POSITION EXPERIENCE

Gerry King* Chairman Chairman since 1985. Formerly a partner of law firm Philips Fox. Over 30 years experience in corporate and

business advising including acting as a director of a number of Australian public companies.

Ron McCullough* Non-executive director Has 35 years mining experience including mineral sands mining in WA and bauxite and coal mining. Also been

involved in civil engineering design and construction of various engineering works.

Rob Flew* Non-executive director 37 years’ experience in the resources sector. Held senior positions at BHP Billiton including Company Secretary

and VP Investor relations.

Alex Brown*# President Managing Director since 4 February 1988. Has over 30 years experience in the construction, mining and

exploration. Built the Astron business to what it is today.

Kang Rong*#

Executive Director Oversees Astron’s China operations and marketing. Was largely responsible for the growth and development

of Astron in China and remains responsible for the group’s customer network.

Hayden Stockdale# CEO Previously executive director/partner at Goldman Sachs. Extensive experience in assisting and financing mining

companies through high growth phases.

Mark Nielsen# CFO & Company

Secretary Experience includes CFO of three listed companies and private equity and corporate finance experience with

Anglo American and JP Morgan.

Board and Exco

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* Board member

# Exco member

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EXECUTIVE POSITION EXPERIENCE

Simon Peters Project Executive

Donald

Over 10 years experience in mine operations, project development and construction. Has previously held senior

positions within both Rio Tinto and Henry Walker Eltin (now Leighton Construction), with significant experience in

Iron Ore, Gold and Mineral Sands.

Mark Coetzee Project Executive

Niafarang Responsible for Astron’s Senegal operations. 25 years experience in constructing and managing the mining

projects in Africa.

Boris Matveev Chief Geologist and

Project Executive 30 years experience in mining industry and geoscientific studies. 17 years in executive & senior positions with

public mining & exploration companies in Australia & UK – including Board executive roles.

Guo Zhibin Technical Director

R&D Over 25 years experience in chemical production plants, process design and technological research and

development.

Zhou Kui Director MSP Over 20 years of experience in mineral separation processing.

Emma Vogel Development

Manager Donald

Has over 10 years experience in both mining operations and project development. Prior to joining Astron she

previously held senior operational roles within Rio Tinto and HWE, and has significant experience in Mineral

Sands and Iron Ore.

Noel Hawken Principal Metallurgist

Donald

20 years of experience in the mining industry, including project development, design, commissioning and

operation of processing plants in both the diamond and mineral sands industry. Prior to joining DMS he held

metallurgical roles with Iluka Resources located in the Murray Basin region, he was involved in the

commissioning and operation of several mineral sands processing plants.

Matt Grundy Project Engineer

Donald

9 years experience in mining operations, project development and operational improvement. Prior to joining

DMS he held specialist operational roles within Rio Tinto and has significant experience in Iron Ore, Gold and

Mineral Sands.

Project Team

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Consultants – Donald

AREA CONSULTANT

Mine Design & Resource Geology Australian Mining Consultants (AMC)

Exploration Geology Exploration Management Services (EMS)

Geology & Hydro Geology Mr John Smart (ex Rio Tinto)

Environmental Coffey Natural Systems

Tenement Management Elletson Mining

Metallurgical Robbins Metallurgical

Engineering RJ Robbins & Associates

Mineral Separation plant approvals Worley Parsons

Process Flow Verification Roche Mining (Now CPG)

Mineralogy Geochempet Services

Heavy Mineral Analysis Western Geolabs

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Consultants – Donald

AREA CONSULTANT

Mapping & Geological Database Resource & Exploration Mapping

Radiation Australian Radiation Services / ANSTO

Flora & Fauna Ecology Partners

Cultural Heritage Landskape Consulting

Power Parsons Brinckerhoff

Water W3+

Roads Driscoll Engineering

Drilling Provider Wallis Drilling

Agricultural Advisor Mr John Griffith

Land Valuations Wimmera Valuation Services

Legal DLA Piper

Independent Technical Expert SRK Consulting

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*Subject to approvals to be top hatted by Astron Corporation Limited

Shareholding and projects

ASTRON LIMITED*

Other Top 20

Shareholders

21%

Firback/PT Arafua

70%

Remaining Shareholders

(610)

9%

Donald Mineral Sands

Project

(Victoria, Australia)

Trading Business

(Shenyang, China)

Niafarang Mineral

Sands Project

(Senegal)

Technical R&D

(Yingkou, China)

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This presentation has been prepared by Astron Limited (the ‘‘Company”). It should not be considered as

an offer or invitation to subscribe for or purchase any securities in the Company or as an inducement to

make an offer or invitation with respect to those securities. No agreement to subscribe for securities in the

Company will be entered into on the basis of this presentation. This presentation contains forecasts and

forward looking information. Such forecasts, projections and information are not a guarantee of future

performance and involve unknown risks and uncertainties. Actual results and developments will almost

certainly differ materially from those expressed or implied. The Company has not audited or investigated

the accuracy or completeness of the information, statements and opinions contained in this presentation.

Accordingly, to the maximum extent permitted by applicable laws Astron makes no representation and

can give no assurance, guarantee or warranty, express or implied, as to, and take no responsibility and

assume no liability for, the authenticity, validity, accuracy, suitability or completeness of, or any errors in or

omission, from any information, statement or opinion contained in this presentation. You should not act or

refrain from acting in reliance on this presentation material. This overview does not purport to be all

inclusive or to contain all information which its recipients may require in order to make an informed

assessment of the Company's prospects. You should conduct your own investigation and perform your

own analysis in order to satisfy yourself as to the accuracy and completeness of the information,

statements and opinions contained in this presentation before making any investment decisions.

Competent Person’s Statement

The information in this report relating to Mineral Resources is based on information compiled by Rod

Webster. Rod Webster is a full time employee of AMC Consultants Pty Ltd and a Member of the

Australasian Institute of Mining and Metallurgy and Australian Institute of Geoscientists. He has sufficient

experience relevant to the style of mineralisation and type of deposit under consideration, and to the activity

he undertook to qualify as a Competent Person as defined in the JORC Code, 2004 Edition.

March 2012

Disclaimer, forward looking statements and Competent Person’s Statement

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