Annual General Meeting

25th November 2014

Arvind Misra - Managing Director

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Disclaimer Forward-Looking Statements This presentation contains forward looking statements concerning the projects owned by India Resources Limited. Statements concerning mining reserves and resources may also be deemed to be forward looking statements in that they involve estimates based on specific assumptions. Forward-looking statements are not statements of historical fact and actual events and results may differ materially from those described in the forward looking statements as a result of a variety of risks, uncertainties and other factors. Forward looking statements are based on management’s beliefs, opinions and estimates as of the dates the forward looking statements are made and no obligation is assumed to update forward looking statements if these beliefs, opinions and estimates should change or to reflect other future developments. Data and amounts shown in this presentation relating to capital costs, operating costs and project timelines are internally generated best estimates only. All such information and data is currently under review as part of India Resources Limited’s ongoing development and feasibility studies. Accordingly, India Resources Limited cannot guarantee the accuracy and/or completeness of the figures or data included in the presentation until the feasibility studies are completed. Competent Person’s Statement The information in this report that relates to Exploration Targets, Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Eoin Rothery, a Competent Person who is a Member of the Australian Institute of Geoscientists. Eoin Rothery is employed by India Resources Ltd on a consultancy basis and is an employee of Thomson Resources Ltd. Eoin Rothery has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Eoin Rothery consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. The information is extracted from the report entitled “Aravalli project - supplementary update” created on 23 July 2014 and is available to view on http://www.asx.com.au/asx/research/companyInfo.do?by=asxCode&asxCode=IRL. The company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and, in the case of estimates of Mineral Resources or Ore Reserves, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement. JORC – Exploration Targets The information in this presentation relating to exploration targets should not be misunderstood or misconstrued as an estimate of Mineral Resources or Ore Reserves. Hence the terms Resource(s) or Reserve(s) have not been used in this context. The potential quantity and grade is conceptual in nature, since there has been insufficient work completed to define them beyond exploration targets and that it is uncertain if further exploration will result in the determination of a Mineral Resource.

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Highlights - 2014 More than seven years as an ASX listed Company Surda production records exceeded in the previous year - Ore Mined +6% and Ore processed tonnes +4% above. Record MIC produced of 3,850 tonnes (equivalent mined) +8% above previous. Mining Projects Surda mine contract - formally extended to March 2017 or

until the Surda Expansion project is complete Surda Expansion project – first full year, over 500m of driving

and 56m of shaft sinking complete. Rakha – Awaiting execution of the mining lease between HCL

and Government of Jharkhand, then finalize contract agreement.

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Highlights – 2014 (continued) Exploration Aravalli potential for massive Pb/Zn deposits. IRL registered the Aravalli project with the Project Monitoring Group India

sponsored by Department of Industrial Policy and promotion (DIPP). The PMG is a mechanism set up by the Indian Government to fast track large strategic projects worth in excess of A$180 million.

Placement agreement with Resource Capital Fund VI L.P. to raise A$1.6 million through the issue of 200 million shares. Funds raised used to pursue ML for Aravalli project and for general working capital purposes Agreement with Noble Resources International Australia Pty Ltd to extinguish a secured loan of A$0.72 million and related outstanding interest payments, through the issue of 90 million shares in the Company

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Highlights – 2014 (continued)

Surda stop work instruction September 2014 by HCL to stop non-essential production and development. State Government of Jharkhand was enforcing amendments to the Mineral Concession Rules 1960, impacting half the mines in the state. HCL – IRL progressing the issue in High Court, Jharkhand HCL treatment of Surda work order price as inclusive of taxes and levies, Supreme Court of India delivered its judgement to dismiss IRL’s appeal. Subsequent to the end of the quarter IRL has filed a review petition against the dismissal $672,000 for part of arbitration award (2013) settlement received

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Year ahead - 2015 Lift production at Surda and increase productivity of the Surda Expansion work Recover claims against HCL Aravalli – RCF VI unique strategic development expertise in support of Aravalli Aravalli ML application is listed with Prime Minister’s of Australia and India

project monitoring list.

Sign the execution agreement and commence work on the Rakha Copper Project Find new contract projects 6

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Business Development - Consortiums Symbol Mining Company, Nigeria - Lead/Zinc Projects in Nigeria Gwana and Adudu - Joint capability statement submitted – India Resources Limited and Brierty

Limited offering complete mining, processing and exploration services agreement for the opening of these.

IRL – BRIERTY - Formed to tender for open pit projects and have created a database of open pit

tenders. - Initial meetings with potential clients completed. With reallocation of coal blocks

in India new opportunities will be plentiful in 2015. IRL _SHRIRAM EPC - Surda Expansion II project in operation

IRL – KOPEX - Formed to tender for underground projects. Evaluating and exploring

opportunities.

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Company Overview - Corporate

Ordinary Shares on issue current: 1000.6m Options on issue: 35.0m Share price: $0.006 Market Cap (undiluted): $6.0m

Key Statistics (A$)

Name Shares % Held Resource Capital Fund VI L.P 200,000,000 19.9%

Alexandra Resources Pty Ltd 104,822,662 10.5% Noble Resources International Australia Pty Ltd 90,00,000 9.0%

IRL Directors 87,762,773 8.8%

Chimaera Capital Limited 32,479,014 3.2%

Top 5 Shareholders

Australian Securities Exchange

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Company Overview - Board of Directors

A mining engineer with 26 years international mining industry experience. Worked with mining houses such as Rio Tinto Coal, BHP Mitsubishi Alliance, Mount Isa Mines and Griffin Coal Established Aranak Pty Ltd, a Perth-based Mining Corporate Advisory Company.

IRL has a strong Board, including individuals with extensive experience operating in India

Certified Practicing Accountant with over 25 years experience as Company Secretary, Chief Financial Officer and Commercial Manager for listed resources and industrial companies.

Andrew Simpson Chairman

David Humann Non-Executive

Director

Arvind Misra

Managing Director

Frank Campagna Company Secretary

Ravi Shastri Strategic Advisor to the

Board

International television commentator and former test match cricket champion all rounder. An advisor of the SPS Group and sits on the governing council of the Indian Premier League.

Extensive business development and global marketing experience in the resource and mining industry. Chairman of Swick Mining Services and Symbol Mining. Also non executive Director of Vital Metals. Past Chairman of Territory Resources.

Extensive accounting and finance experience as a member of the PwC Global Board of Directors and of the Global Executive Management Committee. Chairman and Managing Partner of Price Waterhouse (Hong Kong & China) and ASIA PACIFIC REGION. Chairman of Mincor Resources NL. Former Chairman of Advanced Braking Technologies Ltd., Logicamms Ltd and Exxaro Australia Sands Pty Ltd

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Business priorities – Emphasis on explore/develop

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Mine Production & Processing

Copper Surda Producing 3,850tpa Cu (equivalent mined) Employing 1,500 people plus contractors.

Copper – Rakha Issued Letter of Intent to re-open, operate and expand Rakha Copper Mine

Copper – Surda Expansion Shaft sinking and development work commenced April 2013.

Exploration & Development

Lead & Zinc Exploration in Rajasthan ML application over granted Reconnaissance Permit (RP)

Copper Exploration in Rajasthan PL application on granted RP, Badia

New Growth License Applications

One of the first foreign start-up mining companies currently operating in India...

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Financial

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Financials – profitability and cash

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Surda EBITDA is in a slow decline pending resolution of claims for material escalation, fixed costs and now the present work stoppage.

Net loss includes exploration written off. Last year the loss was reduced by receipt of funds from Swan.

-6,000,000

-4,500,000

-3,000,000

-1,500,000

0

1,500,000

3,000,000

4,500,000

6,000,000

2010 2011 2012 2013 2014

Profitability

Surda EBITDA Group EBITDA Net Profit

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Share price

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Share price aligns with ASX, does not reflect asset value

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IRL Share Price All Ordinaries Index

IRL Share Price vs All Ordinaries Index

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IRL Project Locations

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Surda – Copper Project Rakha & Surda Expansion – Copper Projects

– Jharkhand Aravalli – Lead-Zinc Project New Prospects Iron ore Diamond Projects:

Chhattisgarh, Bhandara, Dharwar

Production: Copper Exploration: Base Metal Iron Ore Diamond

Orissa

Bhandara

Surda Surda Expansion

Aravalli

Dharwar

Chhatisgarh

Jharkhand

Sikkim

Rakha

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Contracting Projects

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Surda Copper Mine and Mosaboni Concentrator plant

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Surda Mine IRL refurbished Surda and began production in November 07 Off-take contract with HCL until late 2017 or until completion

of the Surda Expansion project. Both contracts operating simultaneously.

IRL completed its seventh full year of production at Surda. Level 11 north and south of shaft 3 opened and in production

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Surda safety – Strong and sustain safety record

SURDA UNDERGROUND COPPER MINE

Safety – Comprehensive western style OHS and environmental management system. LTIFR 0.13 Surda Mine in 2014. (Compared to 3.2 for West Australian metalliferous underground mines in 2013)

Approximately 1,500 workers on site

FY'2011 FY'2012 FY'2013 FY'2014IRL 1.30 1.25 0.75 0.13

0.00

0.50

1.00

1.50

2.00LTI Frequency Rate

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Surda Copper Production 2013 – 2014 Breaking Records Records: Tonnes ore mined of 454,100t compared to 425,400t in 2013. Processed of 431,000t, compared to 413,200t in 2013. MIC equivalent mined 3,850t, compared to 2012 MIC of 3,556t.

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Surda Current and Historical Copper Production Tonnes

PREVIOUS AVERAGE MIC

PRODUCTION 215t per month

IRL PRODUCTION 285t per month

Ore transport limit reached

Stop work order

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Surda Current workings and Future Development

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Level 11

180 North and 130 South Blocks in

production

Production Development & production

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15

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New Shaft and Development, awarded to IRL/SEPC

Block 29 developing

Block 28 developing

Shaft sinking

45m

Development driving 497.5m

Block 1 and 6 extensions

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Surda Operations summary Surda production disruptions Surda mine operation suspended in early September 2014 by HCL

pursuant to a stop work order issued by the Jharkhand State Government, India. HCL applied for a stay on the order in the High Court yet to be granted, and at the same time HCL is pursuing renewal of the Surda mine lease with the Government of Jharkhand. Court decision is expected in the current month.

Permission to transport ore from mine to concentrator was exceeded in December 2013 calendar year causing disruption to MIC production.

Cash flows are reliable to fixed revenue rate and known costs, with the addition of ore from expansion contract and synergies the Surda operations shall become more profitable. Although stoppages create cash flow issues from time to time.

IRL contract is currently valid until March 2017 or until the Surda mine expansion is complete.

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IRL Shaft Sinking at Surda - the Surda II Expansion

IRL are Shaft Sinkers Achievement in 2013- 2014 Some delays with work caused by late payments and procurements from our Partner, Shriram EPC

IRL Shaft Sinking

Shaft 3

Excavation of horizontal drive Excavation Sinking of 6.6m3 X 2.4 sq m X-Sec (m) of raise (m) diameter shaft (m)

Total 504.9 89.7 46.9 34.5

Shaft Lining RCC (m3)

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Rakha Copper Project

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Hindustan Copper Limited, (HCL) a Govt. of India Enterprise invited global tenders in 2010 for Re-Opening, Operation & Expansion of Rakha Mine to produce @1.5 Mtpa of copper ore, located at Indian Copper Complex, Jharkhand.

The Board of Directors of HCL, has approved award of contract to IRL/KOPEX

HCL are expediting the execution of the mining lease with the Jharkhand State Government and then will finalise detailed contractual agreement with IRL/KOPEX in the next few months.

Scope of work includes dewatering, rehabilitation, installation of new winders for Rakha old shafts and sinking a 7.1m diameter shaft to a depth of 330m. Also excavation of a decline to 2,359m and 10,200m of drives & crosscuts at various levels.

The total period of the contract is 5 years.

The Rakha Contract offers healthy returns over a five year period and is located 7km North of IRL’s current Surda operation.

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Exploration Projects

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IRL Exploration Projects

Aravalli - Base Metals Project Sathuddia - formerly part of the Aravalli RP Hindoli - Base Metals Project, located near Aravalli Badiya - abandoned mine located close to Surda and Mosabani concentrator Diamonds - Joint venture with Vajra Diamonds Private Limited

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Aravalli Lead-Zinc Project Aravalli (lead-zinc) waiting grant of mining license (ML) 87/08. IRL-Crown have the preferential right to be granted the ML under Provisions of section 11 of the MMDR 1957 and rule 7C on the mineral concession rules, 1960. Sathuddia (Copper) discovered on RP1/2004, PL application made. Hindoli RP (base metals) application IRL - Exploration target between 95-135mt @ between 2.2 to 4.5% Zn, 0.7-1.8% Pb .Aravalli is a substantial lead-zinc Sedex Deposit similar to Mt Isa. Refer to the IRL’s ASX announcement dated July 23, 2014. Note: the potential quantity and grade is conceptual in nature, that there has been insufficient exploration to estimate a Mineral Resource and that it is uncertain if further exploration will result in the estimation of a Mineral Resource. The target is based on around 75 diamond drill holes drilled by Geological Survey of India and IRL. Further drilling to upgrade the target to a JORC Resource is planned on grant of the ML. The target was derived by 3D modelling of the lodes intersected in the 75 drillholes. Each original GSI block was looked at in turn and grade and tonnage ranges derived from variable projections horizontally and down dip; and comparisons to the historical estimate for each block; as well as allowances for lease boundaries.

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Hindoli

Aravalli

IRL RP1/2004

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Two excised mines owned by Vedanta Resources Ltd: Sindesar – Khurd & Rajpura – Dariba

CMPL - Aravalli RP 1/2004

highlights 2014

DIPP Support for the Aravalli Project: The Department of Industrial Policy, and Promotion (DIPP), India will support the Aravalli project before the Project Management Group (PMG) and the project has since been successfully registered.

Aravalli Project – ML application (ML87/08)

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HZL, 2014 AR reserve + resource of 54 million tonnes @ 6.9% Zn and

2.04% Pb

HZL, 2014 AR reserve + resource of 99 million

tonnes @ 4.32% Zn and 2.59% Pb

26 HZL numbers from public reports on hzlindia.com

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IRL – CMPL Highlights 2014 (Continued) CMPL take court action: The Jodhpur High Court has directed the State Government of Rajasthan (GOR) to consider the preferential right of CMPL to be granted the Aravalli ML. This was delivered to the GOR and Crown/ IRL are now receiving better responses. The Rajasthan Department of Mines defines the nature of the overlapping claims of mineral applications on the Aravalli project: has submitted a report defining the nature of overlapping claims of mining lease applications submitted by HZL and Terramine Developers Private Limited over prospective areas covering the Aravalli project claimed by IRL subsidiary, Crown Mining. Status report for CMPL’s ML 87/08 application from DMG: The Department of Mining and Geology (DMG) has submitted report to the GOR which states that a 667 hectare area is available in favour of IRL subsidiary, CMPL. Two overlapping PL applications of HZL are under a cancellation process which is pending with the GOR. Once complete a total of 1,500 hectares are expected to be available in CMPL’s favour. CMPL is seeking 2,500 hectares in total. ‘Invest India’ supporting CMPL: (the national investment promotion and facilitation agency for foreign investors in India) has acknowledged all IRL issues at the Aravalli base metals project. Letters of request have been sent to the Principal Secretary (Mines) of GOR and State officials enquiring about the progress made by the GOR towards the Aravalli project mining licence and prospecting licence applications.

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IRL Aravalli Mine Licensing update RP 1/2004 granted Aug 1 2005 Crown Mining Private Limited (CMPL) owned by IRL

India Resources Limited

ML lapsed inactivity renewal application rejected. Under Revision

The application has already been rejected by the Gov. India because the area is under CMPL RP1/2004

HZL failed its obligations and renewal notice rejected by State Gov. Rajasthan.

Revision petition filed by HZL

Grant of RP to CMPL on 1/8/2005 is before the approval of the Gov. India and CMPL have the preferential right

The PL application of HZL was rejected prior to the grant of

RP1/2004

IRL - Crown Mining Private Limited ML Application

IRL _ Diamond Drilling 3,348metres

Rajpura – Dariba ML (Excised)

Sindesar – Khurd ML (Excised)

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Disputed Receivables in India Values are at 31 October 2014 and increasing. If resolved in our favour, they will improve our ongoing cash flow. We may potentially receive the amounts listed below:

* Claims approved by HCL Board $2.2M * Work Stoppage (Sept/Oct) /Fixed cost $2.4M TDS Payable from Govt. of India $0.6M Total $5.2M

* The $4.6M potentially payable by HCL remains subject to negotiation/verification by HCL. Payment is expected in current quarter.

Claims continue to increase due to increase in Copper price as a result of Arbitration wins and interest payments accruing with time. IRL has a number of other claims it will shortly raise with HCL. IRL is also pursuing its claim against HCL regarding its treatment of the rates as though it was inclusive of taxes. 29

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Summary & outlook RCF and Noble investment has improved IRL’s balance sheet and share registry. This provides significant strength to IRL in securing Aravali ML. India under the new Government is making sweeping changes to make India as favourite investment destination. India Resources is recognised as one of the few investors in the National “Make in India” campaign. IRL has a strong order book and capability to execute the mining contracts in India. Management team has worked hard to establish mine operations. With the experienced team in place IRL board can now focus on diversification and new project development. Surda extension, expansion and Rakha development gives IRL an enviable platform from which it can grow underground contracting. IRL-Brierty partnership provides IRL an opportunity to diversify its contracting business to open pit mining. 30

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Appendix-1 India’s Economic Growth –

Reasons to Invest

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Key Economic Indicators in India India's real GDP grew by 4.4 per cent in 2013. The International Monetary Fund, forecasts GDP growth of 5.4 per cent in 2014 and 6.4 per cent in 2015. Foreign direct investment (FDI) is likely to be a focus of the Modi Government. Inflation continues to decrease, with the IMF expecting consumer price inflation to reach 8 per cent in 2014 down from 9.5 per cent in 2013. Inflation is expected to decrease to 7.5 per cent in 2015. India ranks 134 out of 189 countries in the World Bank’s ease of doing business index in 2014. http://www.dfat.gov.au/geo/india/india_brief.html

http://yourstory.com/2014/09/make-in-india-narendra-modi/

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Australia – India Relationship Australia has placed India at the forefront of its international partnerships.

The leaders of both countries appear keen to strengthen the bond beyond

the shared values of democracy, multiculturalism, cuisine and cricket.

http://www.theguardian.com/world/2014/nov/18/narendra-modi-visit-marks-improved-relationship-with-australia-media-say http://www.dfat.gov.au/geo/india/india_brief.html 33

Hon Narendra Modi visit marks improved ties with Australia.

Prime Minister Modi said "My memorable visit to Australia ends tonight, but a new journey of our relationship has begun.“

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New Government initiative in India

http://www.afr.com/p/special_reports/opportunityasia/modi_make_red_india_push_tape_take_Ky3HSXiZWnWTV3PLweJzgI http://yourstory.com/2014/09/make-in-india-narendra-modi/

Hon. Narendra Modi introduced the “Make in India” drive in September 2014 to attract investment and revive economic growth. IRL in “Make in India”.

IRL MD met Indian Prime Minister. MSME minister visited IRL.

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Effect after the election and new government in power

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http://dupress.com/articles/global-economic-outlook-q3-2014-india/

Strong positive sentiment among investors before and after the election Significant increase in foreign institutional funds and Indian share market

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