Noosa Mining and Exploration Conference

Where Miners & Farmers Interests Align July 2012

Mr. Andrew Haythorpe – Managing Director

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Competent Person Statement

The information in the report to which this statement is attached relatesto Exploration Results, Mineral Resources or Ore Reserves compiled byMr D. J. Holden, who is a Member of The Australian Institute of Miningand Metallurgy, with over 20 years experience in the mining andresource exploration industry. Mr Holden has had previous relevantexperience and qualifies as a Competent Person as defined in the“Australasian Code for Reporting of Exploration Results, MineralResources and Ore reserves”. Mr Holden consents to the inclusion in thereport of the matters based on his information in the form and contextin which it appears.

Claus Wohlert is a mechanical engineer with a Bachelor of Engineering(1st Class Hons) from the University of Canterbury, Doctor of Philosophyfrom the University of Canterbury. Mr Wohlert has over 30 years localand international experience in the oil and gas industry. His workexperience covers major oil companies and consulting firms, all phases ofthe oil and gas industry, including design engineering, construction,commissioning, and maintenance and a full range of rotating and staticequipment.

Disclaimer

This presentation contains statistical data, market research and industryforecasts that were obtained from government or other industry publicationsand reports or based on estimates derived from such publications and reportsand management's knowledge of, and experience in, the markets in whichLiberty operates. Government and industry publications and reports generallyindicate that they have obtained their information from sources believed to bereliable, but do not guarantee the accuracy and completeness of theirinformation. Actual outcomes may vary materially from those forecast in suchreports or publications, and the prospect for material variation can be expectedto increase as the length of the forecast period increases. While managementbelieves this data to be reliable, market and industry data is subject to variationsand cannot be verified due to limits on the availability and reliability of datainputs, the voluntary nature of the data gathering process and other limitationsand uncertainties inherent in any statistical survey. Accordingly, the accuracy,currency and completeness of this information cannot be guaranteed. TheCorporation has not independently verified any of the data from third partysources referred to in this presentation or ascertained the underlyingassumptions relied upon by such sources.

The images of production facilities contained in this document are not actualassets of the Company, but are representative of the proposed Urea CorpFertiliser Project.

libertyresources.com.auFor

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ASX Code: LBY

Share Price (17 July 2012) $0.10

Shares on Issue 246.3m

Listed Options (LBYO 10c June 2013) 34.6m

Unlisted Employee Options 45.5m

Market Cap (undiluted) $25m

Cash (May 2012 ) $2.5m

Debt nil

Largest Shareholders (10 July 2012)

LBY Management 11.4%Dundee Corp 9.7%Auto Investment HK 8.9%Top 20 62.4%

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Top Independent Shareholder

Mr. Goodman is a director, President and Chief Executive Officer of Dundee Corporation, and Goodman Investment Counsel Inc. (formerly Ned Goodman Investment Counsel Limited.), its wholly owned subsidiary. Dundee Corporation is an independent publicly traded Canadian $4 billion dollar asset management company. The Corporation’s asset management activities are focused in the areas of the Corporation’s core competencies and include real estate and infrastructure as well as energy, resources and agriculture.

Ned Goodman has over four decades of investment experience as a securities analyst, portfolio manager and senior executive. He has an established reputation as one of Canada’s most successful investment counselors and, through Goodman Investment Counsel Inc., acts as a sub-advisor providing ongoing portfolio management to various funds and limited partnerships managed by Dundee Securities Limited (a wholly owned subsidiary of Dundee Capital Markets Inc.) and continues to provide sub-advisory services to GCIC Ltd. in respect of certain funds. Mr. Goodman has a Bachelor of Science degree from McGill University and a Master of Business Administration from the University of Toronto. He earned the designation of Chartered Financial Analyst in 1967. In 1997, he was awarded a Doctorate of Laws by Concordia University

Dundee Corp has invested in Liberty from April 2011.

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Chief Executive Officer

Justyn was previously employed at Linc Energy the largest UCG company in the world. Duringhis six years with Linc he held the positions of General Manager Government and EnvironmentAffairs, General Manager of Business Development, Executive General Manager Asia andExecutive General Manager Investor Relations.

He has extensive experience in the Environment, UCG and the development of a growing UCGCompany. He has served as Legal Counsel for the Department of Environment and Heritage, aDirector of Operations for the Qld EPA, Environment Advisor to the Queensland MiningCouncil, Head of Property and Environment for Air Services Australia.

Qualifications include Graduate Diploma in Legal Practice, University of South Australia,LLB(law) University of Adelaide (1993) and a double BA (Politics) and a BA (Jurisprudence)University of Adelaide ( 1991).

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Justyn Peters - BA (Politics) and a BA (Jurisprudence), LLB

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General Manager

Jake has over 26 years in the Fertiliser and Coal Gasification industries and heldSenior positions in Perdaman Chemicals & Fertilisers, GHD Oil and Gas and SasolTechnology in South Africa.

At Perdaman he was responsible for Technical and Project requirements for the$3.5 billion, 2.0 mtpa Urea Collie Coal to Urea in Western Australia.

Previous ammonia/fertiliser experience has included feasibility studies for lignite tourea projects in both Victoria and NZ as well as various ammonia projects in SouthAfrica and Mozambique. At Sasol, he initiated the $2.1b Project Turbo whichsuccessfully converts poor fuel to value added polymers.

Qualifications include: M Eng (Chemical) and BCom (cum laude Economics), givinga solid basis for world scale project development.

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Jake De Boer – M Eng Chemical, BComm Cum Laude

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Senior Mechanical Engineer

Claus started at Shell InternationalPetroleum as Project Engineer and then –Maintenance at CSBP WesfarmersFertilizer and Chemicals Plant at Kwinana,Rotating Equipment Specialist for WorleyParson Fluor Amec - Woodside EnfieldProject, Tiga Joint Venture - ConocoPhillips Bayu Undan Project and Carigali -PTTEPI Operating Company CPOC.

Claus holds a PhD in mechanicalengineering, with over 30 years ofinternational experience in the oil and gasindustry.

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Dr Claus Wohlert-Jensen, PhD Robotics, B Eng Hons 1st class

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• Meat consumption to rise 73 % by 2050

• 1 tonne of grain required for 1 tonne chicken

• 7 tonnes of grain required or 1 tonne of beef

• Substantial pressure on land productivity

Source: Food and Ag Organization of the UN

Protein the new gold- “Agflation”F

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• 1.3 Billion Chinese

• 2015 18% of China will be middle class

• 2012 China Diet 26% Protein

• 2012 USA Diet 75% Protein

• Australia is already benefiting from Chinese protein demand

9Source: FAO of the UN; USDA

Our diet is changingF

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Graph above: Projected world growth in demand for animal feed based on existing feed conversion ratios and carcass yields

Source: Food and Ag Organization of the UN

More Livestock = more feed = more fertiliser

1kilo of Beef needs 7kilo

of grain

Every 30Kilo of grain needs

1kilo of feritliser

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Ports

Rail

Pipelines

People

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Project Location - Central QueenslandF

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Great Project Site

State logging

No farms

No cropping

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Coal – 1.4 billion tonnes*

PROJECT INFERRED RESOURCE AVERAGE COAL QUALITY

DENISON 1.4 billion t Mod Sulphur thermal coal CV of 6200 Kcal/kg

GALILEE 338 million t Mod sulphur thermal coal CV of 5100 Kcal/kg

(*) This resource forms part of the Westgrove Project area resource asannounced by the Company on 21 September 2009

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How Does UCG Work?

• Clean use of massive insitu coal resource

• Deep coal - far below reach of human use

• No fraccing

• Directional drilling with oxygen injection

• Project location well away from farms

• Water table is managed

• Gasification is effective and safe.

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Insitu Gasification Advantage

Source: G.Couch. IEA Clean Coal Centre. Progress with underground coal gasification. www.iea-coal.org.uk (Energy extraction for typical 12km2 deposit)

Insitu Gasification

1,300 PJs

Longwall Coal

Mining

800 PJs

Coal Bed Methane

60 PJs

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Santos/Petronas/

Total/Kogas

7,700 PJ

Source: CSG 3P reserves 6/11Denison coal at 65%e

In situ SNG

~12,000 PJ

APLNG

15,600 PJ

BG Group9,800 PJ

Shell/CPC

10,400 PJ

SNG gas comparison to CSGF

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UCG Now commercial in Qld

10th February 2012

“ Carbon Energy Delivers Australian first in commercial

power production (from its underground coal

gasification (UCG) plant at Bloodwood Creek) “

ASX Announcement/ Media Release http://www.asx.com.au/asxpdf/20120210/pdf/4248kzn66fhx6t.pdf

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50 Years of Commercial OperationF

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From UCG to SYNGAS

Air Separation Unit (ASU) – O2

Supply

2,500 tpd O2

≥ 4 Suppliers ≥ 200 Operating Plants

Syngas Clean up

10,000 tpd≥ 6 Suppliers

≥ 200 Operating Plants

UCG - Directional Drilling

• 10,000tpd Syngas

• Many Geothermal/Oil & Gas Contractors

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SYNGAS- Hydrogen RichF

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Power

0.7c/kWhrSyngas

N2

H2S

Air SeparationN2 + O2

O2

$80/t Urea FOB

* Please note that figures are nominal only site cash costs. They include Injune to Gladstone Project costs only , no depreciation, tax, royalties or remote offsite admin and marketing.

SulphurS

CO2

Electricity

AmmoniaNH3

Urea

CO(NH2) 2

H2

NH3

Syngas Cleanup, PSA, H2

Very low cost fertiliser

Ammonium Sulphate

Ammonium Nitrate

$79/t NH3 FOB

Ammonia

7$/t O2

Well Syngas$1.30/GJ

NH3

Clean Syngas$1.70/GJ $74/t

NH3

Coal Gasification For

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Urea Price – Liberty Position on the Cost Curve

Extremely low position on the Urea cost curve ($US 88/t @ 6.6 mtpa)

Underground gasification of our Coal asset enables our long term control of the

most major input cost: ENERGY

The Attractive MarginF

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Train 1 Train 2 Train3

Capex ($Am) 3,000 3,000 3,000

Urea capacity (mtpa) 2.2 4.4 6.6

Urea price ($A/t) 500 500 500

Direct Opex, FOB ($A/t) 93 88 88

Total Opex FOB ($A/t) 133 112 104

Net Margin ($A/t) 367 388 396

Expansion Train 2 & Train 3 Source: ** ASX Release - Technical audit completed on scoping study model 4th Sept 2010. Based on audited 30 years plant life scoping study . Excluding accounting adjustments for depreciation and amortisation. Scoping study completed to +/- 30% accuracy. Figures based on certain assumptions. If any assumption is not met, these figures may alter.

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Sources: Integer Research Limited, Liberty Resources, Uhde Shedden estimates adjusted for

,minimum $7/GJ gas or gas equivalent input cost 2020.

Very low cost fertiliserF

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Urea (Nitrogen N )

Potash (Potassium K )

Phosphate (Phosphorous P )

Trace elements

Water + CO2

Fertiliser needed - NPK F

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1. Advancing and de-risking Urea project

2. Off take agreements

3. JV with partner for Capital

4. Surat Basin Coal asset sales

5. Coal drilling

Future MilestonesF

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Population Growth/Urbanisation

Protein demand growth

LBY is immune to rising energy costs

World’s first truly integrated Urea Facility

Low cost, long life (100+ yrs) operation

LBY- a rare investmentF

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3 Headlines this week

THE AUSTRALIAN (July, 2012)

“FOOD THE NEXT CHINA BOOM”

“CHINESE MINING EXECUTIVE WOULD RATHER INVEST IN AUSTRALIA’S AGRICULTURE TO MEET FOOD DEMAND”

“CHINA. GM CROPS CAN FEED OUR DINING BOOM”

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Food demand is growing

Fertiliser is THE way to satisfy food demand growth

The picture is coming together:

Project

Management Team

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Financing

Government approvals

LIBERTY (ASX: LBY)Positioned for growth

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