AN IRON ORE FUTURE IN AFRICA

Corporate Presentation, Mines & Money Hong Kong March 2013

DISCLAIMER
This document should be read in conjunction with any public announcements and reports (including financial reports and disclosure documents) released by Equatorial Resources Limited. This document has been prepared as a summary only, and does not contain all information about the Companys assets and liabilities, financial position and performance, profits and losses, prospects and the rights and liabilities attaching to the Companys securities. The securities issued by the Company are considered speculative and there is no guarantee that they will make a return on the capital invested, that dividends will be paid on the Shares or that there will be an increase in the value of the Shares in the future. Further details on risk factors associated with the Companys operations and its securities are contained in the Companys prospectus dated 1 September 2010 and subsequent announcements to the Australian Securities Exchange. Some of the statements contained in this release are forwardlooking statements. Forward looking statements include but are not limited to, statements concerning estimates of recoverable iron ore, expected iron ore prices, expected costs, statements relating to the continued advancement of the Companys projects and other statements which are not historical facts. When used in this document, and on other published information of the Company, the words such as aim could, estimate, expect, intend, may, potential, should, and similar expressions are forwardlooking statements. Although the company believes that its expectations reflected in the forwardlooking statements are reasonable, such statements involve risk and uncertainties and no assurance can be given that actual results will be consistent with these forwardlooking statements. Various factors could cause actual results to differ from these forward looking statements include the potential that the Companys projects may experience technical, geological, metallurgical and mechanical problems, changes in product prices and other risks not anticipated by the Company or disclosed in the Companys published material. The Company does not purport to give financial or investment advice. No account has been taken of the objectives, financial situation or needs of any recipient of this document. Recipients of this document should carefully consider whether the securities issued by the Company are an appropriate investment for them in light of their personal circumstances, including their financial and taxation position. *Exploration Targets: The estimates of exploration target sizes mentioned in this document should not be misunderstood or misconstrued as estimates of Mineral Resources. The estimates of exploration target sizes are conceptual in nature and there have been insufficient results received from drilling completed to date to estimate a Mineral Resource compliant with the the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code) guidelines. Furthermore, it is uncertain if further exploration will result in the determination of a Mineral Resource. The Companys staged development approach described in the Development Plan submitted to the ROC government has been based on work conducted by Equatorial as part of the Scoping Study. The Development Plan is a presentation of Equatorials potential requirements for rail and port capacity as required by the ROC government and is based on a number of assumptions with regard to possible production. As such, the Development Plan does not represent a production target or forecast and should not be relied upon by investors as a prediction when making investment decisions. Further evaluation work and appropriate studies are required to establish that the assumptions therein are valid and to determine appropriate production targets for the Project. The information in this report that relates to Exploration Results and the Scoping Study is based on information compiled by Mr Mark Glassock, who is a member of the Australasian Institute of Mining and Metallurgy. Mr Glassock is a full time employee of Equatorial Resources Limited. Mr Glassock has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration and to the activity, which he is undertaking to qualify as a Competent Person as defined in the JORC Code. Mr Glassock 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 in this report that relates to Metallurgical Test Results is based on information compiled by Dr John Clout who is a Fellow of the Australasian Institute of Mining and Metallurgy. Dr Clout is a consultant to Equatorial Resources Limited. Dr Clout has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration and to the activity, which he is undertaking to qualify as a Competent Person as defined in the JORC Code. Dr Clout consents to the inclusion in the report of the matters based on his information in the form a and context in which it appears. The information in this report that relates to in-situ Mineral Resources is based on information compiled by Mr Malcolm Titley of CSA Global UK Ltd. Mr Titley is a Member of the Australasian Institute of Geoscientists (AIG) and the Australasian Institute of Mining and Metallurgy (AusIMM) and has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration, and to the activity he is undertaking, to qualify as a Competent Person in terms of the JORC Code. Mr Titley consents to the inclusion of such information in this report in the form and context in which it appears. The information in this report that relates to Geophysical Exploration Results is based on information compiled by Mr Mathew Cooper (B.App.Sc (Geophysics) Hons.) of Resource Potentials Pty Ltd, who was engaged by Equatorial Resources Limited to provide geophysical consulting services. Mr Cooper is a member of The Australian Institute of Geoscientists and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the JORC Code. Mr Cooper consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

LARGE SCALE IRON PROJECTS IN REPUBLIC OF CONGO

Exploring and developing two 100% owned iron projects Large footprints in key iron clusters in Africa Staged development plan for MayokoMoussondji based on access to existing operational rail and port Massive regional potential at Badondo Experienced board and management A$58M in cash

30 YEARS OF IRON ORE PRICING (CFR CHINA EQUIVALENT)

200

150

$/dmt
100

50

0
1980 1985 1990 1995 2000 2005 2010 2012

Iron ore $/dmt

62% Fe (CFR China)

Source: Metal Bulletin, The Steel Index, Credit Suisse

THE REPUBLIC OF CONGO

BIENVENUE A BRAZZAVILLE!
Stable Oil Country actively growing its mining sector Former French colony recently celebrated 50 years of independence Oil majors including Total, Eni and Chevron operating uninterrupted for over 30 years and currently investing over US$2.5Bn per annum* Population 4.4 million, estimated real GDP Growth rate of 4.9%**

*Wood Mackenzie: Congo (Brazzaville) Country Overview July 2011, oil sector capital + operating expenditure forecasts 2011 2020 ** CIA Factbook. Estimated real GDP Growth Rate in 2012 4.9%, 2011 4.5%, 2010 was 8.8%

MINING IN THE REPUBLIC OF CONGO

Major miners now invested in Republic of Congo Mining sector is central to the governments Economic Diversification Program (Chemin dAvenir) New mining code adopted in 2005 Favourable fiscal terms for miners
3% Royalty on Revenues 10% government participation on conversion to Mining Permit
John Welborn, MD & CEO and Minister Pierre Oba, Minister of Mines ROC

MAYOKO-MOUSSONDJI IRON PROJECT

MAYOKO-MOUSSONDJI IRON PROJECT

EXPLORATION

54,000 metres of drilling

Airborne geophysics and data modelling

Extensive bulk sampling and met test work

Addition of 2 new iron permits

INFRASTRUCTURE DEVELOPMENT

World class camp facilities

Major airstrip refurbishment

On-site sample prep laboratory installed

Road construction and upgrade program

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SUPPORTING COMMUNITY & ENVIRONMENT

Employment of over 200 staff

Graduate training programs - geology & business

ESIA Baseline & Scoping Work complete

Congo Mining Community Relations Committee

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GEOLOGICAL MODEL CONFIRMED

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MAIDEN MINERAL RESOURCE ESTIMATE

Initial JORC Hematite Resource of 102 MILLION TONNES at 40.6% Fe Total JORC Mineral Resource Estimate (Hematite and Magnetite) of 767 Mt at 31.9% Fe Resource covers only 16km of more than 46km of identified mineralised strike Drilling continuing
Mayoko-Moussondji Iron Project Indicated and Inferred Mineral Resource Estimate - February 2013 Rock type Colluvium Hematite Friable Hematite Hard Hematite Total Hematite Magnetite BIF Total Resource Tonnes (Millions) 44.2 40.2 17.4 101.8 665.0 766.8 Fe % 43.9 38.6 36.7 40.6 30.6 31.9 SiO2 % 19.0 34.9 42.2 29.2 47.4 45.0 Al2O3 % 9.6 5.3 2.6 6.7 3.1 3.6 P% 0.069 0.066 0.063 0.067 0.056 0.057

* Note: Totals may not add up due to rounding. Hematite material is reported at a 32% Fe cut-off grade and Magnetite bearing BIF reported at a 15% Fe cut-off grade. The resource contains indicated and inferred resource classifications.

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PREMIUM IRON PRODUCTS

Metallurgical testing on near surface hematite delivered a premium fines iron product of 64.1% Fe with low impurities and a mass recovery of 60.7% Standard processing techniques with low technical risk Samples crushed, screened and wet processed using a typical Pilbara desanding circuit

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DEVELOPMENT PLAN
Development Plan submitted to ROC government details a staged development approach: Stage 1: 300,000 tpa hematite (premium >63% Fe) operation utilising existing rail and port infrastructure Stage 2: Increase to 2 Mtpa with incremental investment in rail and port (hematite) Stage 3: 5-10 Mtpa hematite and magnetite operation utilising new port and rail/slurry infrastructure The Development Plan is based on work done to-date as part of the Scoping Study to outline Equatorials potential requirements for rail and port capacity to the government
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RAILWAY ACCESS AND DEVELOPMENT

Equatorial has signed two agreements (MOUs) with the rail authority (CFCO)
Rail Access and 25-year User framework Agreement Railway Funding Agreement

Plan to commence transport using existing rail infrastructure and invest over time to increase capacity Rail feasibility studies completed Initial operation with 1 train set (2 locomotives, min. 40 wagons per train) operating between Mayoko and Pointe-Noire Tenders for all rolling stock currently being evaluated
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PORT OF POINTE-NOIRE ACCESS AND DEVELOPMENT

Agreement signed with the port authority (PAPN) to cooperate on studies on the infrastructure required to export iron ore from the existing port Port feasibility studies completed for Stage 1 and Stage 2 Stage 1 & 2 will utilise mobile loading equipment and wharf space within the existing port of Pointe-Noire New port required at Pointe-Indienne for Stage 3

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SCOPING STUDY
Scoping Study expected to be completed by mid 2013 Study will include estimates of operating and capital costs and timeline to production Maiden Resource being integrated into ongoing mine & processing engineering studies Rail & Port study components completed

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BADONDO IRON PROJECT

BADONDO IRON PROJECT

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IRON MOUNTAINS OF THE CONGO CRATON

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THE NEW PILBARA IN AFRICA

Hamersley Basin - Pilbara Congo, Cameroon Craton

Pilbara Embargo on iron ore exports lifted in 1960 25 mines owned by 4 companies producing more than 500mtpa 5 heavy duty railways serviced by 3 ports

Congo Craton World class iron resources Momentum building for development

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REGIONAL PROJECT POTENTIAL

PROJECT
Mbalam

COMPANY

INFERRED & INDICATED RESOURCE

775Mt @ 57% Fe

OTHER INFORMATION
Revised takeover offer by Hanlong Mining for A$1.4 Billion

Avima

580Mt @ 60% Fe

Strategic investment by Glencore and Severstal

Badondo

Drill program commenced

Exploration Target* of 1,300 2,200Mt @ 30-65% Fe

Belinga

566Mt @ 62% Fe**

Project under review by Gabon Government

*Exploration Targets: The estimates of exploration target sizes mentioned above should not be misunderstood or misconstrued as estimates of Mineral Resources. The estimates of exploration target sizes are conceptual in nature and there have been insufficient results received from drilling completed to date to estimate a Mineral Resource compliant with the JORC Code (2004) guidelines. Furthermore, it is uncertain if further exploration will result in the determination of a Mineral Resource. See page 2 for full disclaimer

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EXPLORATION PROGRAM
Over 22km of prospective iron strike identified within three distinct target prospects Mapping program revealed a thick and extensive enriched hematite blanket Hematite cap in visible cliff exposures appearing to extend over full 10km strike length of the Badondo Prospect

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INITIAL DRILLING PROGRAM COMPLETED

Scout diamond drilling program completed in December 2012 Program designed to test the thickness, quality and extent of high grade hematite mineralisation along strike of the Badondo prospect 14 holes completed for a total of 1,092 metres Company now assessing options to enable access for larger track mounted drill rigs for resource definition drilling

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HIGH GRADE IRON CONFIRMED FROM INITIAL DRILL RESULTS

Excellent assay results including: over 42 meters at 63% Fe from Hole 1; and over 49m at 64% Fe from Hole 2 Low contaminant levels

Hole ID BADDD00001 Including BADDD00002

From 0 4 1.9 43.8

To Metres 42 40 10 92.4 92.4

Interval 42 36 8.1 48.6 40.4

Fe % 62.9 63.8 65.6 64.2 65.6

SiO2 % 2.6 1.3 2.86 4.42 2.61

Al2O3 % 2.97 2.97 1.85 2.24 2.01

P % 0.16 0.17 0.04 0.05 0.06

S % 0.02 0.02 0.003 0.002 0.002

LOI 1,000C 3.9 3.9 1.23 1.05 0.97

Including

52

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CORPORATE UPDATE

EXPERIENCED MANAGEMENT TEAM

Ian Middlemas
Chairman

Chartered Accountant with over 20 years mining industry experience; extensive corporate and management expertise Extensive corporate experience as a senior executive in finance and the natural resources industry Previously Head of Specialised Lending in Western Australia for Investec Bank (Australia) Ltd Professional experience as a CFO and senior management team member with international mining companies including IMX Resources Ltd and Moto Goldmines Ltd Previously Resource Estimation Manager / Mine Resource Manager for Fortescue Metals Group Ltd Oversaw the definition of over 10 billion tonnes of iron ore in record time Former District Geologist - Mainland Papua New Guinea with Barrick and previously Exploration Manager at AngloGold Ashanti's Sadiola & Yatela gold operations in Mali where in 2010 he successfully completed over 200,000 metres of drilling under budget. Previously Head of Resource Strategy for Fortescue Metals Group Ltd Directly responsible for the design of the Rocket Fines and Special Fines products (over 110mt shipped) Previously Consultant Engineer in the design and construction of major facilities of Fortescue Metals Group Ltds Cloudbreak plant. Project Manager for feasibility studies for Royal Resources Ltd, Ferrum Crescent Ltd and Aurox Resources Ltd (now Forge Resources Ltd) London capital markets experience. Management experience in the development of exploration projects in Africa. Holds an MBA from INSEAD and is a CFA Charterholder

John Welborn

Managing Director & CEO

Andrew Steers

Chief Financial Officer

Mark Glassock Ian Cooper John Clout

General Manager Geology

Exploration Manager

Chief Metallurgical Consultant

Rainer Dreier
Project Manager

Hugo Schumann

Head of Business Development

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CAPITAL STRUCTURE

EQUATORIAL RESOURCES LTD (ASX: EQX) Current Issued Capital Fully Diluted Market Capitalisation (Undiluted @ A$1.24) Cash at 28 February 2013 Top 20 Shareholders:

As at 15 Mar 2013

119.8 million shares 130.2 million shares A$148.6 million A$58.1 million 80.1% 16.7% 10.0% 5.7%

Directors & Associates

10.5%

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THE EQUATORIAL ADVANTAGE

Access to Existing Infrastructure Massive Scale Potential of Projects High Quality Product Potential Well Funded Strong Rationale for Regional Cooperation
AFRICAS NEXT MAJOR IRON COMPANY
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Perth:

Level 2, BGC Centre, 28 The Esplanade Perth, WA 6000, Australia GPO Box 2519, Perth, WA 6831 Phone: +61 8 9466 5030 Fax: +61 8 9466 5029

London:

38 Jermyn Street London, SW1Y 6DN United Kingdom Phone: +44 207 478 3900 Fax: +44 207 434 4450

Pointe-Noire:

03 Avenue de Loango 2eme Etage, Ndjindji Arrondissement 1 EP Lumumba Pointe-Noire Rpublique du Congo

Brazzaville:

Rue Loth Quartier Tlvision Brazzaville Rpublique du Congo