”Hannans aims to become a high profile player in the European iron ore industry through the development of the Kiruna Iron Project in Sweden.”

HANNANS REWARD LIMITEDASX: HNRABN: 52 099 862 129

S E P T E M B E R 2 0 1 2

Disclaimer

This Document and the information contained herein and any presentation (collectively referred to as “Information”) is proprietary toHannans Reward Limited (“the Company”, “Hannans Reward” or “Hannans”).This Document is intended to provide general background on the Company. It is not a disclosure document and is not intended as an offer,invitation, solicitation or recommendation with respect to any potential transaction.Securities of micro cap exploration companies, typically involve a high degree of risk and as such, any investment in the Company must beconsidered as purely speculative. The Information in this presentation does not purport to cover all relevant information about any potentialinvestment in the Company. Accordingly potential investors are advised to seek appropriate independent advice, if necessary, todetermine the suitability of this investment. You should not solely act in reliance on the material in this presentation. This presentation doesnot purport to be all inclusive or to contain all information which its recipients require in order to make an informed assessment of theCompany’s prospects. You should conduct your own investigation and perform your own analysis in order to satisfy yourself as to theaccuracy or completeness of the information, statements, and opinions contained in this presentation before deciding whether to make aninvestment into Hannans.The Document contains reference to certain intentions, expectations and plans of the Company. Those intentions, expectations and plans may or may not be achieved. They are based on certain assumptions which may not be met or on which views may differ. The performance and operations of the Company may be influenced by a number of factors, many of which are outside the control of theCompany. No representation or warranty, express or implied, is made by the Company or any of their respective directors, employees, agents, advisers and consultants that any intentions, expectations or plans will be achieved either totally or partially or within a prescribed timeframe or that any particular rate of return will be achieved. The Information disclosed relates to the proposed business of the Company at the date of this Document. Material information may havechanged since the date the Document was compiled. No responsibility is accepted to advise any person of any change or update any ofthe Information.Neither the provision of this Document nor any information contained in this Document or subsequently communicated to any person inconnection with this Document is, or should be taken as, constituting the giving of investment advice to any person. By accepting thisDocument you acknowledge and agree to be bound by each of the foregoing statements.The currency used throughout the presentation is Australian Dollars unless otherwise stated.

HANNANS(ASX:HNR)

AUSTRALIANickelGold

SWEDENIron

Copper-Gold

NORWAYCopper-Gold

Organisational Structure

Hannans owns JORC compliant copper-gold resources in Swedenand an extensive precious and base metals portfolio in Sweden,Norway and Australia (refer ASX release dated 10 July 2012). Thispresentation focuses solely on Hannans major iron project inSweden.

Board of Directors

Richard ScallanChairman, Hannans Reward Ltd

• Director of Hannans Reward Ltd (2004) • Mining Engineer with 54 years experience in

underground and open cut mining• Previously employed by the Anglo American

Corporation of South Africa Limited for 26 years and joined Renison Goldfields Limited in 1981 where he was employed for 21 years

Jonathan MurrayNon-Executive Director, Hannans Reward Ltd• Director of Hannans Reward Ltd (2010)• Principal legal practice areas include equity

capital markets, takeovers, project acquisitions and divestments, corporate governance, commercial law and strategy

Olof ForslundNon-Executive Director, Hannans Reward Ltd• Director of Hannans Reward Ltd (2012)• Founding director Scandinavian Resources Ltd

(2008) & Kiruna Iron AB• Geophysicist with extensive international

experience in the mineral exploration industry• Previously Regional Manager of SGU Mineral

Resources Information Office

William HicksNon-Executive Director, Hannans Reward Ltd• Founding director of Hannans Reward Ltd

(2002)• Director and secretary of Spargo’s Reward

Gold Mines NL and was instrumental in the listing on the ASX of both Central Kalgoorlie Gold Mines NL and Maritana Gold NL

Damian HicksManaging Director, Hannans Reward Ltd• Founding director of Hannans Reward Ltd

(2002)• Founding director Scandinavian Resources Ltd

(2008) & Kiruna Iron AB• Admitted Barrister & Solicitor in Western

Australia; Bachelor of Commerce (Accounting & Finance)

Markus BachmannNon-Executive Director, Hannans Reward Ltd• Director of Hannans Reward Ltd (2012)• Founding director of Kiruna Iron AB• Corporate finance professional and founding

partner of Craton Capital • Craton Capital awarded Fund Manager of the

Year at the Mining Journal’s “Outstanding Achievement Awards” during December 2010

Swedish Technical Team

Amanda ScottExploration Manager

• Geologist with 8 years experience• Responsible for developing the Kiruna Iron

Project portfolio and the SCR gold and base metals portfolio since inception

• Previously Exploration Manager for Hannans Reward Ltd (2008 – 2010) and Scandinavian Resources Ltd (2010 – 2012)

Jorgen LindsköldSenior Geologist

• Geologist with more than 30 years experience in the Swedish mineral exploration industry

• Previously joined North Atlantic Natural Resources AB (NAN) now also known as Lundin Mining AB for 11 years and Bolidens mine in Renström mainly responsible in mine mapping and ore control

Christina LundmarkManaging Director (SRAB)

• Geologist with more than 15 years experience in the Swedish mineral exploration industry

• Previously Head of Division Mineral Information for the Geological Survey of Sweden (SGU)

• Responsible for SGU participation at PDAC, FEM and other international symposiums

Magnus ArnqvistManaging Director (KIAB)

• Ex-MD of Europe’s largest zinc mine • Mining engineer with Rapallo (Australia) and

Mine Manager of the Kristineberg, Storliden and Maurliden Mines (owned by Boliden)

• Bachelor of Mining from Bergsskolan Filipstad and Luleå University of Technology

Ana Braña BergshjorthGeophysicist

• Senior mining geophysicist with over 15 years experience working on international exploration in mineral commodities providing extensive geophysical expertise and capability

• Qualified Person according to the statutes of Fennoscandian Review Board and is a member of SveMin

Jan EhrenborgSenior Geologist

• Geologist with more than 40 years experience primarily for SGU and SGAB

• 15 years mapping Tertiary volcanic terrains in Nicaragua and Panama, gold exploration in Guinea (West Africa), logging drill cores for the Swedish Nuclear Fuel and Waste Management Co.

Scandinavia - Major Mining Centre

Competitive Advantage

Multiple iron ore deposits (at surface) within close proximity to a full service mining townand modern open-access infrastructure

Hannans portfolio of open pit mining opportunities sit alongside the deepest, mostmodern underground iron mine in the world (owned by LKAB)

Hannans main iron deposit (open pit opportunity) is within an Area of National Interestfor Mining, within 6km from Kiruna, 600 metres from rail and less than 60 metres fromsealed roads and power

The deep underground mine feeds four state-of-the-art pelletisers (all owned by LKAB)

Opportunity exists for Hannans to become independent producer of premium grade DRpellet feed (concentrate) or subject to agreement with LKAB, provide low cost iron ore(mined by open pit methods) to LKAB to complement higher cost iron ore (mined atgreater than 1km underground)

Scoping study will consider initial production of 2Mt of concentrate per annum

Metallurgy indicates 68% Fe concentrate product

Exploitation concession application for main deposit to be lodged Q1/2 2013

The Business Case

Market – Europe and the Middle East

Product – DR pellet feed (+68% Fe) and/or pellets

Pricing – premium to iron ore price $7 for every % above 62% Fe (approx.)

Ports – Lulea in Sweden (capacity) and or Narvik in Norway (limited capacity)

Rail – Open access, modern rail to both ports (capacity to Lulea, limited capacity to Narvik)

Power – modern power stations (10-20c/KwH powered 50% by hydro and 50% by nuclear)

Roads – modern road network

Services – 15,000 people and associated mining supplies and services

Processing – to be constructed

Resources – 473Mt @ 40% Fe plus exploration target of 203-273 @ 32-40% Fe

Focus – bring Rakkurijoki into production as fast as possible with the least amount of capital expenditure (estimated expenditure required to completed drilling through to measured category (~20,000 metres) and bankable feasibility studies, USD 25M)

1JORC resources are in the indicated and inferred category. See slide 8 for further detail

Evolution of Project

Year Key HR Milestone Land Position Drill Core (Total

Metres)

IronResources

Milestone

2008 Concept Discussion Zero

2009 First Permit Application

Zero

2010 Appointment of Geologist (Amanda Scott)

First Joint Venture

First Acquisition

98Mt JORC Resource

2011 Appointment of Geologist (Christina Lundmark)

Second Joint Venture

18,000 412Mt JORC Resource

2012 Appointment of Mining Engineer(Magnus Arnqvist)

Appointment of Iron Ore Marketing Executive (?)

Majority of IOIP (1969-

1972) deposits in Kiruna District

5,400 YTD 473Mt Completion of Rakkurijoki Scoping

Study(Aim)

Hannans Iron Deposit Map

JORC JORC ResourcesConceptual Target Exploration Target Inferred Indicated Measured

Kiruna - South Hotnjos/Leavka Tjåorika (15-30/45-55) Ekströmsberg (41.6/52) Ekströmsberg (30.4/52.0)Luoppovare Tjårrojåkka (52.6/51.0)

Kajpak Pattok (62.4/44.2)Renhagen (26.3/32.1)Harrejuare (16.2/43.4)

Kiruna - Central Piedjastjåkka Laukkujärvi (4-8/30-35) Rakkurijoki (74.5/39.7)Gäddmyr Åkosjegge (10-15/22-30) Rakkurijärvi (69.6/28.5)

Holmajärvi Rakkurijärvi-Discovery (10.9/38.7)

Staggotjåkka Rakkurijärvi- Tributary (4.9/28.6)Eustillako Vieto (14.0/35.7)

Eustiljåkk + Eustilvaara Puoltsa (19.1/30.2)Årosjokk

PirttivuopioKaranisvareSalvotjåkkaHolmajärvi

Kiruna - North Saivo Altavaara (55-60/26-29) Sautusvaara South (6.8/26.6) Sautusvaara South (32.0/37.4)

Rappakojärvi Sautusvaara North (1.0/44.8) Sautusvaara North (11.4/39.7)HonkavareVillenjärvi

Lannavaara Lannavaara 7 Kevus (35-45/28-35)Lannavaara 8 Paljasjärvi (40-60/30-40)

Teltaja (39-47/40-48)Other Masugnsbyn 2 Leppäjoki (5-8/35-45)

LainiojärviTervakoski

RatekSalmijärvi

Hannans Iron Deposits (Mt / Fe%)

Note: 1. Where the iron is predominantly present as magnetite, then the mass recovery will follow the % magnetite in the ore.2. The mass recovery and iron recovery are related by the iron feed grade. i.e. If the iron grade is 10% Fe and this is present as only magnetite (equivalent to14% magnetite in the feed) then a mass recovery of 14%, in a perfect separation, would achieve 100% iron recovery.3. If the iron grade is made up of 50:50 magnetite : hematite then a mass recovery of 7% would achieve 50% iron recovery. If the mass recovery was 14%, as a result of gangue included with the magnetic concentrate, the iron recovery would still be ~50%, if the gangue material did not contain iron.

Head Fe grade in feed

% magnetite in feed

material

% of mass recoveredfrom DTR

% of ironfrom feed material

present in conc. after

DTR

DTR conc Fe grade

DTR conc SiO2 grade

DTR conc Al2O3 grade

DTR conc P grade

DTR conc S grade

Ekströmsberg(Kiruna South) 52.6 28.2 25.9 44.6 70.8 0.7 0.1 0.04 0.003

Rakkurijoki(Kiruna Central) 35.9 27.7 45.2 83.8 69.2 1 0.3 0.009 0.365

Rakkurijärvi (Kiruna Central) 22.3 Insufficient

data 25.5 76.1 68.9 2.2 0.4 0.005 0.022

Puoltsa(Kiruna Central) 49.3 62.4 67.9 96.2 70.3 0.58 0.16 0.0017 0.005

Sautasvaara(Kiruna North) 47.7 No data 54.5 88.5 71.1 0.5 0.2 0.05 0.3

Vieto(Kiruna Central) 32.8 47.9 42.2 82.8 70 1.2 0.2 0.01 0.06

Rakkurijärvi Discovery Zone(Kiruna Central)

46.9 No data 60 89.6 70.8 1 0.2 0.003 0.035

Laukkujarvi(Kiruna South) 10.3 69.9 65.7 98.4 71 0.6 0.02 0.002 0.001

Gaddmyr(Kiruna Central) 64.6 No data 17.9 20.4 71.9 0.01 0.07 0.02 0.005

Preliminary Metallurgical Test Work

Most advanced deposits are Rakkurijoki and Ekströmsberg

Environmental and social impact studies are being prepared for the Rakkuri Area

Exploration drilling success may change ranking of projects significantly

Open pit mining proposal

Kiruna Hub

Rakkurijoki – Ideal Start

Rakkurijoki

Scoping Study in progress Environmental impact assessment in progress

(including Rakkurijärvi) Social impact assessment in progress (including

Rakkurijärvi) Excellent Location: 6km from Kiruna ~1km from the rail 250m from the road 10 minutes from the office

Open pit mining potential Current Inferred resources of 74.5Mt @ 39.7%

Fe (down to 350m) Mineralisation currently open at a depth of

>400m Area of national interest for mining Upgrades to +68% Fe product

April to June 2012 drilling ~5,500m

Rig #1Rig #2

Rakkurijoki Project

Lannavaara Hub (80km north-east of Kiruna)

Paljasjärvi is more than 3km long

Geophysical survey indicates ~40 metres thick

Iron confirmed in drilling from 1960 (assayed by Hannans in 2012)

Metallurgical test work in progress

Joint venture with Boliden for 100% iron rights

Altavaara (10km south-east of Kiruna)

Wide intercepts of iron drilled in 2011

Metallurgical test work in progress to assess potential to create saleable iron product

Ekströmsberg (40km west of Kiruna)

Higher grade iron deposit with potential for increased tonnage

© Hans Lindberg

Significant Potential

Capital Structure and Financial Position

Ordinary shares on issue: 479,772,810

Unlisted options on issue: 21.9 million ex @ $0.07 on or before 31 October 2012 3.0 million ex @ $0.13 on or before 1 February 20136.0 million ex between $0.08 – 0.80 on or before 30 June 20130.3 million ex @ $0.07 on or before 15 September 2013

Shareholders include: Anglo American Exploration BVBlackRock Investment ManagementCraton Capital Funds

Market capitalisation: 14.4M (@ 3 cents per share)

Cash 0.8M

Investment in Atlas Iron Ltd (ASX:AGO) 4.0M

Debt 1.8M

Enterprise value: 11.4M

Independent valuation of Scandinavian assets: USD140m by SRK Global in March 2012

Notes:1. Hannans held c.2.16 million shares in Atlas Iron Ltd as at 10 August 2012, fair valued at $1.85 per share.2. Hannans has three debt facilities with the following parties:

• Morgan Stanley Smith Barney – c.$532k;• Sophisticated investor – $800k; and• Third Party - $420k.

Value Proposition

Company TONNES(Mt)

IRON GRADE

(%)

MARKET CAP

(AUD)LOCATION

STAGE /LISTED

EXCHANGENOTES

Hannans Reward Ltd

473Mt(Resources)

40 $16mNorthernSweden

ExplorerASX:HNR

• Minimal exploration since on projects since 1970

• Located adjacent to Kiruna town and rail infrastructure

• No off-take agreements

Northland Resources

Inc

85Mt(Resources)

165Mt(Reserves)

26-41 $462mNorthernSweden

DeveloperTSX:NAU

• Intensive exploration during last 5 years

• Plan to truck ore 150km to rail head en route to Narvik

• Off-take agreements with Standard Bank, Stemcor and Tata Steel

• Project finance in place

• Fully permitted

• Production Q4 2012

Northern Iron

434Mt(Resources)

166Mt(Reserves)

31-32 $418mNorthernNorway

MinerASX:NFE

• ABG has bid $518M

• Prominvest AG have bid $525M

LKABNorthernSweden

MajorMiner

• International high-tech minerals group

• One of the world’s leading producers of upgraded iron ore products

Contacts

Hannans Reward Ltd, through its subsidiary companies, holds a portfolio of mineral assets in Sweden, Norway andAustralia. Hannans has a dual strategy focused on creating a pathway to production for the Kiruna Iron Project inSweden, supplemented with precious and other base metals exploration in Sweden, Norway and Australia.

Sweden & Norway Flagship Kiruna Iron Project is 30km from the 2Bt Kiruna iron mine (owned by LKAB) – the world’s largest and most

modern underground iron mine

Pipeline of projects covering gold, copper-gold and lead-zinc prospects in Sweden and Norway

Australia Forrestania – nickel & gold project 7km north of Western Area’s Flying Fox nickel mine

Lake Johnston – nickel & gold project located 25km south east of Norilsk’s Maggie Hays nickel mine and 100kmswest of Norseman, Western Australia.

Queen Victoria Rocks – nickel and gold project located 30km south-west of Coolgardie, Western Australia.

Jigalong – base metals project located 150km east of Newman, Western Australia

Contact details in relation to this presentation:

Damian HicksManaging DirectorHannans Tel: +61 8 9324 3388

Magnus ArnqvistManaging DirectorKiruna IronTel: +46 703 22 55 37

Christina LundmarkManaging DirectorScandinavian ResourcesTel: +46 703 22 15 18

Kiruna Iron ProjectAdditional Information

Multiple infrastructure options

Existing open-access government owned heavy gauge rail infrastructure

Capacity constrained but expanding

Increased flexibility and options on the Kiruna-Luleårail

Northland Resources expect to gain access on Kiruna-Narvik rail

Annual allocation and access by social and economic assessment criteria

Two existing port options

Luleå ‘ready to go’ +/-2mtpa with room for expansion

Narvik a gateway to the USA, Middle & Far East

Slurry pipeline (5 or 10mtpa) potentially provides independent wholly owned infrastructure option

Rail, Road, Port & Pipeline

Increased capacity according to national plan 2015 Estimated increase in iron ore shipments Luleå –

Riksgränsen by 80% from 2010 to 2020, most before 2015 Current capacity on Kiruna to Narvik line is fully utilised Capacity is slightly better from Kiruna to Luleå, where short

trains are easier to adapt to the infrastructure

“New Money” Will allow Trafikverket to extend passing stations earlier

than planned so that the capacity better meets the demand Capacity study, Governmental Commission Time frame, 2012 – 2021 In the longer perspective, 2050

Getting on the Track Permits required from Swedish Transport Agency Application for capacity to Swedish Transport Administration

(STA) Capacity allocated on an annual basis on same terms as

others users Where there are conflicts due to congestion, the STA must

consider the socioeconomic benefits of allocating the capacity among different users

Source: Trafikverket Presentation. Date: 8 September 2011

Rail

Rail at Port of Lulea

LKAB Assets

Rail to Luleå and Port of Luleå Option

Utilise existing open access gauge rail from Kiruna to Luleå (340km)

Port of Luleå

Currently 2mtpa capacity with expansion potential

Sweden’s largest port for dry bulk handling

Top 5 amongst Swedish ports for tonnage handled

DWT 55,000 tonnes (11,8m)

Annual goods turnover c. 9mt

Called by c. 700 vessels/yr

Secured all-year access

Regular destinations mainly within Baltic region

LKAB export c. 6mtpa ex Luleå

LKAB owned infrastructure at Lulea

Port – Luleå

Preliminary study completed by Raw Materials Group in October 2011

5mtpa and 10mtpa options CAPEX est. for 5mt is US$185m and 10mt is US$231m (1SEK=0.154 US$)

OPEX est. for 5mt is US$0.69/tonne and 10mt is US$0.62/tonne

Transport by pipeline Port of Narvik

Utilise existing open access heavy gauge rail from Kiruna to Narvik (180km) Narvik Port handles shipping for LKAB and a 10mtpa terminal for Northland

Resources is being built Can handle Capesize vessels Ice-free Expansion planned on rail and port

Source: Port of Narvik Presentation. Date: 15 September 2011

Port - Narvik

Company Today 2015 2020LKAB 18mt 28mt 34mt

Northland 0mt 5mt 7mtHannans 0mt 0mt 5mt

Other 0mt 0mt 4mtTotal 18mt 33mt 50mt

Kiruna Kommun Sami Villages Laevas Girjas Gabna Talma

Land & Home Owners Kiruna Residents Government Narvik Municipality Lulea Kommun Shareholders Regulators

Port of Narvik, Norway (photo courtesy of Narvik Port)

Social, Economic & Environment

Sami organisations consider that the Swedish Mining Law contravenes the European Union Directive on HumanRights and therefore all exploration and mining activity in Sweden is a breach of these human rights. Samiorganisations are therefore opposed to the activities of exploration and mining companies including ScandinavianResources AB and Kiruna Iron AB. In general the Sami position is that mining operations may destroy both the futureof the reindeer husbandry industry and the ability to practise, and pass on, the traditional Sami way of living.

Kiruna Iron AB is a member of SveMin, an employers and industry association for mines and mineral and metalproducers in Sweden. The Ethical Rules of SveMin states that the task of the mining industry is to supply societywith minerals and ore in a responsible manner and with long-term profitability. Minerals and metals are essential to awell-functioning and modern society. Metals are produced from ore and may be continuously recycled. SveMinmembers will promote sustainable development and efficient, balanced, long-term management of energy and naturalresources while showing due consideration for people, the economy, the environment and the society in general.

SveMin has recently started a sub-committee for the relations between the reindeer husbandry and the miningindustry. The chairman of the sub-committee is Christina Lundmark, Managing Director of Scandinavian ResourcesAB.

Kiruna Iron AB has carried out its activities at all times in an open and transparent manner with regard to the Samiinterests through many face-to-face meetings, the provision of detailed written information and the carrying out ofexploration activities at times where the interests of the reindeer herders are not impacted. Kiruna Iron’s legal teamhave confirmed that the Company has exceeded the requirements of the mining legislation with regard tocommunications with affected persons and the Company will continue to do so.

Sami Interests

LKAB 2010 key statistics: Operating profit SEK12,281M 26Mt of iron products (21Mt pellets) 4,100 employees

The Kiruna ore deposit mined by LKAB is the world’s largest known continuous body of iron ore. About 26Mt of crude ore ismined each year. It is a single, continuous, rich magnetite orebody that is more than 4km long and has an average width ofabout 80m. LKAB knows that it extends to a depth of at least 1,500m, and there are indications that it continues to a depth ofup to 2km. The present main level, from which the ore is gathered, is at a depth of 1,045m (measured from the zero point atthe original peak of Mt. Kiirunavaara). LKAB is now building a new main level at 1,365m.

The Malmberget mine consists of about 20 orebodies, of which ten are currently mined. Most of the deposit consists ofmagnetite ore, but non-magnetic hematite also occurs. The present main level of the Malmberget mine is at a depth of 1,000meters. About 14 Mt of crude ore is extracted from the orebodies each year

Kiruna population: c. 18,000

Kiruna, LKAB’s Kiruna orebody overlaid on image

Source: LKAB web site & Annual Report 2010

Kiruna – A City in Transformation

Since April 2010• Kiruna Iron Plc established with initial assets• Completed Tasman Metals Ltd JV• Acquires 100% of the Rakkuri Project from Anglo American• Acquires portfolio of iron permits from Grängesberg Iron AB• Environmental and social impact studies commenced• Maiden JORC resource of 412mt @39% Fe published• SRK Consulting independently values Kiruna Iron Project at

US$140M in accordance with 2005 Valmin code1

• Signs co-operation agreement with Boliden to earn 100% interest in Lannavaara

• Conceptual study into iron slurry pipeline completed• Appointed Managing Director• Updated JORC resource to 473Mt @ 40% Fe• Completed 23,400m of drilling at Kiruna Iron project

2012 and beyond• Drill

― Rakkurijoki – inferred to measured― Ekströmsberg – inferred to measured― Paljasjärvi – convert exploration target to JORC resources― Greenfields targets to Exploration Targets

• Studies― Social impact― Environmental― Metallurgical― Logistics

• Exploitation licence application/s • Engage with

― Sami Villages― Government Agencies― Kiruna Residents

• Produce high grade concentrate

1Code for the technical assessment and valuation of mineral and petroleum assets and securities for independent expert reports

History and plan

JORC Compliant Indicated Mineral Resource TableProspect Mt Fe (%) P (%) S (%)Sautusvaara South 32.0 37.4 0.06 1.63Sautusvaara North 11.4 39.7 0.09 0.44Ekströmsberg 30.4 52.0 Unavailable UnavailableTOTAL 73.8 43.0 - -JORC Compliant Inferred Mineral Resource TableProspect Mt Fe (%) P (%) S (%)Rakkurijärvi 69.6 28.5 0.07 0.93Rakkurijoki 74.5 39.7 0.28 0.89Discovery Zone 10.9 38.7 0.05 0.95Tributary Zone 4.9 28.6 0.05 1.08Sautusvaara South 6.8 26.6 0.09 1.82Sautusvaara North 1.0 44.8 0.05 0.46Vieto 14.0 35.7 0.14 1.46Puoltsa 19.1 30.2 0.025 0.01Renhagen 26.3 32.1 0.23 0.03Harrejaure 16.2 43.4 0.04 0.01Ekströmsberg 41.6 52.0 Unavailable UnavailableTjårrojåkka 52.6 51.0 Unavailable UnavailablePattok 62.4 44.2 1.96 UnavailableTOTAL 399.9 38.1 - -

TOTAL Mt Fe (%)Indicated & Inferred 473.7 40.5

Kiruna Hub – JORC Resources

Kiruna HubProspect Tonnage Range (Mt) Grade Range (Fe%)Åkosjegge 10-15 23-30Altavaara 55-60 26-29Laukkujärvi 4-8 30-35Leppäjoki 5-8 35-45Tjåorika 15-30 45-55Total Hub 1 89-121 31.8-38.8

Lannavaara HubProspect Tonnage Range (Mt) Grade Range (Fe%)Kevus 35-45 28-35Paljasjärvi 40-60 30-40Teltaja 39-47 40-48Total Hub 2 114-152 32-41

TOTAL Mt Fe (%)Hub 1 & 2 203-273 32.1- 39.6

The JORC Exploration Targets have been subjected to diamond drill testing, ground geophysics and interpretation by the Geological Survey of Sweden reviewed by Mr Thomas Lindholm, of GeoVista AB. The potential quantity and grade of the exploration targets is conceptual in nature, there has been insufficient interpretation to define a JORC Mineral Resource and it is uncertain if further interpretation will result in the determination of a JORC Mineral Resource.

JORC Exploration Targets

High Level Estimates of OPEX

The estimated OPEX for a similar project (highest level only taken from publicly available information) is as follows:*

Figures in USD/tonne of concentrate

Mining 19.5Processing 12.1Admin 2.4Royalties 0.4Rail to Narvik 4.5 (say 9 to Lulea)Port fees 1.5Contingency 1.6

Total OPEX 42 (FOB Narvik)

The calculation of the margin for Asian delivery (USD/t concentrate)Reference price China 10068% Fe price China 142 (using a USD7 premium per % point above 62%)Less freight to Narvik 35Price FOB Narvik 107

Margin 107 – 42 is 65/t

* These numbers have not been independently verified by Hannans and appropriate caution should be used when considering these figures

ProjectNo. of Holes

Drilled by KIAB

Year Drilled

Metres Drilled Comments

Rakkurijärvi 6 2011 1488 Phase 1Rakkurijoki 8 2011 3083 Phase 1Rakkurijoki 2 2011 883 Phase 2 Infill Drilling

Rakkurijoki 16 2012 5453 Phase 2 Infill Drilling (13,000m)

TOTAL (To date) 32 - 10,907 -

© Hans Lindberg

Rakkuri Drilling

© Hans Lindberg

Rakkurijoki Drilling Schematics

Rakkurijoki Section A – A’

Rakkurijoki Section B – B’

Rakkurijoki Section C – C’

Rakkurijoki Section D – D’

Notes to PresentationKiruna Iron Project• Iron in Sweden, a low sovereign risk jurisdiction • Hannans’ main iron deposit is located 6km from the largest iron mine in Europe which is owned by LKAB, a global high tech minerals business

owned by Swedish Government• LKAB produce ~26Mt of iron products annually; LKAB 2010 operating profit 12,218M SEK (USD1,784M)• LKAB mine iron ore from Kiruna and Malmberget, both areas are being mined at greater than 1km underground and produce iron products (pellets

and concentrate) for the European and Middle Eastern markets (www.lkab.com) • LKAB and Hannans control the iron ore prospective land position around the world class mining centre of Kiruna• Next iron ore company Northland Resources Inc is based 150km east of Kiruna (due to commence iron concentrate production in Q4 2012,

TSX:NAU, www.northland.eu)• Competing takeover offers exist for Norwegian iron ore mining company Northern Iron Ltd (in production, ASX:NFE, www.northerniron.com.au) • Hannans’ global iron resource of 473Mt in northern Sweden• All deposits are open pit opportunities• Hannans’ strategy is to build a central processing hub from which to feed in the surface ore deposits to produce a premium quality concentrate and

potentially iron ore pellets• Hannans’ metallurgy suggests premium quality concentrate can be produced (+68% Fe and very low deleterious elements)• Hannans has completed 20,000 metres of diamond core drilling on the iron deposits• Deposits range from JORC indicated resources to conceptual targets• An internal scoping study will commence on the main deposit in August 2012 with mining exploitation concession application to be lodged 1st Q 2013• Main deposit 600m from ‘open access’ rail • Roads and Power less than 100m from main deposit• 180km from project to deep water port in Narvik, Norway• 340km from project to port in Lulea, Sweden

Management• Experienced Board of directors• Experienced Scandinavian based minerals exploration and mining team

Opportunity• Partner with Hannans to build a major iron ore business in a low sovereign risk jurisdiction, within 6km from the largest most modern underground

iron ore mine in the world• Hannans deposits are all open pit opportunities• Hannans has not pre-committed any future off-take to any party

Competent Persons Statements

The information in this document that relates to exploration results is based on information compiled by Ms Amanda Scott, Exploration Manager, ScandinavianResources Ltd, who is a Member of the Australian Institute of Mining and Metallurgy. Scandinavian Resources is a subsidiary of Hannans Reward Ltd and Ms Scott is afull-time employee of Scandinavian Resources Ltd. Ms Scott has sufficient experience, which is relevant to the style of mineralisation and types of deposits underconsideration and to the activity which has been undertaken to qualify as a Competent Person as defined by the 2004 edition of the “Australian Code for the Reportingof Exploration Results, Mineral Resources and Ore Reserves”. Ms Scott consents to the inclusion in the report of the matters based on the information in the form andcontext in which it appears.

Competent Persons Statement-Rakkurijärvi, Rakkurijoki, Discovery, Tributary Zone, and Puoltsa Mineral ResourcesThe mineral resource estimate for Rakkurijärvi, Rakkurijoki, Discovery, Tributary Zone and Puoltsa is effective from 13 January 2012 and has been prepared by MrThomas Lindholm, MSc of GeoVista AB, Luleå, Sweden acting as an independent “Competent Person”. Mr Lindholm is a member of the Australasian Institute of Miningand Metallurgy (Member 230476). Mineral resources of the Rakkuri iron deposits have been prepared and categorised for reporting purposes by Mr Lindholm, followingthe guidelines of the JORC Code. Mr Lindholm is qualified to be a Competent Person as defined by the JORC Code on the basis of training and experience in theexploration, mining and estimation of mineral resources of gold, base metal and iron deposits.

Competent Persons Statement-Ekströmsberg, Tjårrojåkka and Pattok Mineral ResourcesThe mineral resource estimate for Ekströmsberg, Tjårrojåkka, and Pattok is effective from 22 July 2011 and has been prepared by Dr Christopher Wheatley of BehreDolbear International Ltd, UK, acting as an independent “Competent Person”. Dr Wheatley is a member of the Institute of Materials Minerals and Mining (Member450553). Mineral resources of the Ekströmsberg, Tjårrojåkka, and Pattok have been prepared and categorised for reporting purposes by Dr Wheatley, following theguidelines of the JORC Code. Dr Wheatley is qualified to be a Competent Person as defined by the JORC Code on the basis of training and experience in theexploration, mining and estimation of mineral resources of gold, base metal and iron deposits. Dr Wheatley consents to the inclusion in the report of the matters basedon the information in the form and context in which it appears.

Competent Persons Statement-Vieto, Sautusvaara, Renhagen and Harrejaure Mineral ResourcesThe mineral resource estimate for Vieto and Sautusvaara is effective from 26 July 2011 and the mineral resource estimate for Renhagen and Harrejaure is effectivefrom 13 January 2012 and has been prepared by Mr Geoffrey Reed of Minarco-MineConsult acting as an independent “Competent Person”. Mr Geoffrey Reed is amember of the Australasian Institute of Mining and Metallurgy (CP)(Member 205422). Mineral resources of Vieto, Sautusvaara, Renhagen and Harrejaure have beenprepared and categorised for reporting purposes by Mr Reed, following the guidelines of the JORC Code. Mr Reed is qualified to be a Competent Person as defined bythe JORC Code on the basis of training and experience in the exploration, mining and estimation of mineral resources of gold, base metal and iron deposits. Mr Reedconsents to the inclusion in the report of the matters based on the information in the form and context in which it appears.

Competent Persons Statement-Exploration TargetsThe information in this document that relates to JORC Exploration Targets is based on information reviewed by Mr Thomas Lindholm of GeoVista AB, Luleå, Swedenacting as an independent “Competent Person”. Mr Lindholm is a member of the Australasian Institute of Mining and Metallurgy (Member 230476). Mr Lindholm isqualified to be a Competent Person as defined by the JORC Code on the basis of training and experience in the exploration, mining and estimation of mineral resourcesof gold, base metal and iron deposits. Mr Lindholm consents to the inclusion in the report of the matters based on the information in the form and context in which itappears.