AGM AGM Perth, WAPerth, WA22 November 201122 November 2011F

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Annual HighlightsAnnual Highlights

� Developing the 100%-owned NiWest Nickel Laterite Project (Western

Australia)

� World-class resource base with over 1.0Mt contained Ni, 85kt Co and

further upside

� Successful exploration for gold and nickel

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� Resource upgrades for nickel

� Further testing of Direct SX/EW to refine nickel flowsheet

� Developing potential gold open pit

� Gold metallurgical test work

� Ongoing discussions with strategic investors to assist development of

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Broome

Port Hedland

Karratha Over 500km2 of tenements

165,000 metres of exploration drilling to date

NiWest Nickel Laterite ProjectNiWest Nickel Laterite ProjectAdjacent to road, rail, gas and waterAdjacent to road, rail, gas and water

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Carnarvon

Geraldton

PERTH

Albany

Esperance

NiWest NickelLaterite Project

to date

7 Project areas

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MMJV Plant

MMJV North

Wanbanna GME

Project location next to Australia’s second largest Nickel producer

MMJV Haul

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Hepi GME

MMJV East

MMJV South

Eucalyptus GME

Kilkenny GME

MMJV Haul Road

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Large Defined Resource..Large Defined Resource..20 year ore supply 20 year ore supply

0.7% COG

CATEGORY

Tonnes

(Millions) %Ni %Co

Ni Metal

(tonnes)

Co Metal

(tonnes)

TOTAL Measured 45.86 0.96 0.06 441,692 28,229

Indicated 32.28 0.92 0.06 295,631 18,502

Inferred 30.32 0.89 0.06 270,250 19,600

Combined 108.46 0.93 0.06 1,007,573 66,331

0.8% COG

CATEGORY

Tonnes

(Millions) %Ni %Co

Ni Metal

(tonnes)

Co Metal

(tonnes)

TOTAL Measured 34.22 1.04 0.07 355,198 23,037

Indicated 22.41 0.99 0.06 222,273 14,189

Inferred 19.09 0.96 0.06 184,038 11,303

Combined 75.73 1.01 0.06 761,509 48,529

1.0% COG Tonnes Ni Metal Co Metal

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1.0% COG

CATEGORY

Tonnes

(Millions) %Ni %Co

Ni Metal

(tonnes)

Co Metal

(tonnes)

TOTAL Measured 19.21 1.19 0.08 228,996 15,215

Indicated 8.47 1.14 0.08 96,299 6,461

Inferred 5.07 1.14 0.07 57,741 3,786

Combined 32.74 1.17 0.08 383,036 25,463

1.2% COG CATEGORY Tonnes

(Millions)

%Ni %Co Ni Metal

(tonnes)

Co Metal

(tonnes)

TOTAL Measured 7.43 1.37 0.09 101,534 6,681

Indicated 2.23 1.31 0.09 29,165 1,981

Inferred 1.29 1.28 0.09 16,591 1,106

Combined 10.96 1.34 0.09 147,290 10,067

Resource increases of up to 18% achieved. Focus on high grade zones

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Hepi Project

6 metres @ 1.98% Ni9 metres @ 1.77% Ni6 metres @ 1.72% Ni9 metres @ 1.71% Ni

Hepi drilling 2010

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Resource upgrade completed

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Eucalyptus drilling 2011

12 km strike length

31 million tonnes resource ( to be updated)

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Murrin built new haul road

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Mt Kilkenny•25 metres @ 1.46% Ni from 0 m in MKC0661•20 metres @ 1.07% Ni from 14 m in MKC0658Waite Kauri•11 metres @ 1.11% Ni from 19 m in WKRC0310•3 metres @ 1.39% Ni from 8 m in WKRC0318

Other Nickel projects drilled during the year

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•3 metres @ 1.39% Ni from 8 m in WKRC0318•3 metres @ 1.32% Ni from 11 m in WKRC0313Mertondale•5 metres @ 1.38% Ni from 9 m in MDRC107•11 metres @ 1.33% Ni from 3 m in MDRC105

Resource updates on all projects drilled during the year, Eucalyptus pendingF

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Sulphur Storage

Power Station

Acid Plant

MCC

Reclaimer

Security

Administration

LabWarehouse

Crib Room

Workshop Mixed Sulphide Filter

NeutralisationSulphide Precipitation Acid Regeneration

PLS Pond Heap Feed Pond

ILS Pond 1

Gypsum Residue Filter

Sulphide Reagent

Water Treatment

Solution Bleed

Calcrete

Process OverviewProcess Overview

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Heap Leach Pad

ON-OFF Pads

ILS Pond 2

Environmental (Storm) Pond

Water Treatment

Flocculent Calcrete Stockpile

Flare Tower

Stacker

Leach Ore Transfer

Energy Self Sufficient

Reviewing modularisation approach

Precipitation with H2S to MSP ( 55% metal high value product)

Neutralisation, precipitation and materials handling work completed

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• Heap leach is a lower capital-cost alternative to HPAL

• Relatively simple technology

• Downstream flowsheet to MSP is well understood

• Low Capex: $US670 million capex (excluding contingencies), for a 3.5Mtpa throughput plant producing 30,000t Ni per annum

• Low operating costs below $US5.00/lb, and lower with Co credits

Why Heap Leach?Why Heap Leach?

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HEAP LEACH to provide a solution to the Ni supply dilemma

Heap leach is the preferred expansion option at Murrin Murrin JV (Glencore) and proposed process for a number of international projects.

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Significant project development towards a feasibility study completed

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5.4

4.04.0

5.0

6.0

Nickel Laterite Development Projects

The NiWest Project remains one of the few globally significant nickel laterite developments that is independently owned.

Key:IndependentAligned with a major

Con

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Globally significant nickel laterite development projects

NiWest – large resource , low capital

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2.4

1.8 1.71.4

1.0 0.9 0.8

0.4

0.0

1.0

2.0

3.0

Project Name KNP1 Koniambo Ravensthorpe Wingellina Ambatovy Ramu NiWest Dutwa Acoje2 Caldag

Company Name Heron Xstrata First Quantum Metals X Sherritt MCC3 GME African Eagle ENK ENK

Estimated capex (US$b)4 3.62 5.00 2.30 2.33 5.50 1.40 0.80 0.55 0.50 0.50

Processing method HPAL Fe-Ni smelter HPAL HPAL HPAL HPAL Heap Leach Heap Leach Heap Leach Heap Leach

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capital

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Market UpdateMarket Update

NPI : represents a floor at $9 - $10/lb

•Chinese Ni demand up 12% 2010 and F/C 5% 2011.

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2010 and F/C 5% 2011.•China worlds largest car maker. Currently 20M units –40M by 2020.•Ni demand for batteries continues to be strong•50% global Ni supply from laterites•Stock levels continue to fall

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Strong outlook for resource demandStrong outlook for resource demand

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Gold results including:•6 metres @ 6.60 g/t Au from

18m in DVR206•6 metres @ 12.26 g/t Au from 19m in DVR214

Including 3m @ 22 g/t Au

Recovery test work•Over 92% extraction

Devon Gold project

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Over 92% extraction

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Competent persons statementCompetent persons statement

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The information in this report that relates to Exploration Results and Mineral Resources is based on informationcompiled by Mr Stephen Hyland and Mr Shaheen Shahnaz. Mr Hyland is a member of The Australasian Instituteof Mining and Metallurgy. Mr Hyland is a Principal Consultant with Ravensgate Minerals Industry Consultants whoconsults to the Company. Mr Shahnaz is employed by GME Resources. Mr Shahnaz and Mr Hyland havesufficient experience, which is relevant to the style of mineralization and type of deposit under consideration andto the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the"Australasian Code for Reporting of Mineral Resources and Ore Reserves. Mr Shahnaz and Mr Hyland consent tothe inclusion in the report of the matters based on information provided in the form and context in which itappears.F

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GME Resources

David Varcoe

Thank YouThank You

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David Varcoe

ABN 62 009 260 315

Phone: +618 94444 396

www.gmeresources.com.au

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