David FlanaganAtlas Iron Limited

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ASX Small to Mid Caps Conference Hong Kong 2008

Disclaimer

This presentation has been prepared by Atlas Iron Limited (“Atlas” or the “Company”). It should not be considered as an offer or invitation to subscribe for or purchase any securities in the Company or as an inducement to make an offer or invitation with respect to those securities. No agreement to subscribe for securities in the Company will be entered into on the basis of this presentation.

This presentation contains forecasts and forward looking information. Such forecasts, projections and information are not a guarantee of future performance, involve unknown risks and uncertainties. Actual results and developments will almost certainly differ materially from those expressed or implied.

There are a number of risks, both specific to Atlas and of a general nature which may affect the future operating and financial performance of Atlas and the value of an investment in Atlas including and not limited to economic conditions, stock market fluctuations, iron ore demand and price movements, timing of access to infrastructure, timing of environmental approvals, regulatory risks, operational risks, reliance on key personnel, reserve and resource estimations, native title and title risks, foreign currency fluctuations, and mining development, construction and commissioning risk.

You should not act or refrain from acting in reliance on this presentation material. This overview of Atlas does not purport to be all inclusive or to contain all information which its recipients may require in order to make an informed assessment of the Company’s prospects. You should conduct your own investigation and perform your own analysis in order to satisfy yourself as to the accuracy and completeness of the information, statements and opinions contained in this presentation before making any investment decision.

Pilbara Iron Ore Strategy

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Production October 2008

Strong Team

Near Term Cashflows

Low Capital Cost

World’s Largest Iron Ore Port

World’s Largest Iron Ore Region

Large prospective landholding

Strategically located tenements

First and only third party rail and port

access agreement with FMG

Corporate

Shareholding

Ordinary Shares 291M

Market Cap at $1.46 $425M

Cash ~A$120M

Debt A$0m

Enterprise Value $305m

Options 48m

Capital Structure

Atlas has a very strong shareholder register, comprising of international and domestic

institutions.

All $ figures refer to AUD.

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IMC Group 19.6%

Black Rock 6.2%

Hunter Hall 5.9%

LinQ Resource Fund 4.9%

Top 20 56.5%

Equity Positions

•19.9% Warwick Resources (ASX Code :WRK) Iron Ore Developer •40% Shaw River Resources (ASX Code :SRR) Diversified Explorer

Board and Management

Board of Directors

Non Executive Chairman David Nixon

Managing Director David Flanagan

Non Executive Director Jyn Sim Baker

Non Executive Director David Hannon

Non Executive Director Geoff Clifford

Company Secretary Tony Walsh

Key Management Operations Manager Ken Brinsden

General Manager Pardoo Jeremy Sinclair

Chief Financial Officer Mark Hancock

Exploration Manager Mark Gunther

Land Tenure & Approvals Garry Plowright

Mining Manager Pardoo Adam Liebenberg

Magnetite Project Director Bob Third

Iron Ore Marketing Daniel Taylor

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Pardoo Mine Layout and Exploration Targets

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Pardoo Mining Fleet

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Abydos Proposed Mine Layout

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Abydos Exploration Targets

9Widths and grades reflect results from rock chip sample traverses

Mid West Projects

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100% Ownership

Granted Mining leases

<20km to proposed rail route

Target 30-40Mt at 60-63% Fe

Pending Port and Rail

First pass drilling completed at

Weld Range – results pending

Resource due Q4 2008

Project Pipeline – State of play

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DSO Resources and Target DSO Resources Growth

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Calendar Year Ending

DSO Conceptual Production Pipeline

131 – Mid-West Production is dependent on the timely delivery of the OPR Port and Rail which is currently due for completion in early 2013..

Next 12 Months Milestones

DSO Production Oct 08

Pardoo DSO Off take agreement Oct 08

Ridley Magnetite Pre Feasibility Study Dec 08

Pardoo DSO Exports Dec 08

Complete Mid-West Scoping Study Jan 09

Revised Resources and Reserves (All Projects) Jan 09

Complete Abydos Definitive Feasibility Study Jun 09

Revised Resources and Reserves (All Projects) Jul 09

Abydos DSO Off take agreement Sep 09

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Appendix

1. DSO Resources and Reserves July 2008

2. Magnetite Resources

3. Project Development Pipeline

4. Pardoo Mine FlowSheet

5. Path to Production

6. JORC Statements

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1. DSO Resources and Reserves

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2. Magnetite Resource

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3. Project Development Pipeline

PARDOO (1Mtpa)

PARDOO (3Mtpa u/g)

ABYDOS(3mtpa s/u)

ABDYDOS (6mtpa u/g)

ABDYDOS (9mtpa ug)

MIDWEST DSO

PARDOOMAGNETITE

TOTAL

Current Resources DSO (Mt)Current Resources Mag (Mt)

24 24 15- - -

1.45Bt39 Mt1.45Bt

Current Reserves (Mt) 7.4 7.4 - - - - 14.8 Mt

Exploration Target Mt Mag (36 – 38% Fe)Exploration Target Mt DSO (57-60% Fe)3

-30-40 Mt 30 -40 Mt 90-140 Mt 90 -140 Mt 90 -140 Mt 30 -40 Mt

1.8-2.2 Bt 1.8-2.2 Bt150-220Mt

Target additional Production (MTPA) 1 2 3 3 3 4 51 21 Mtpa1

Target Production Commence Oct 2008 Dec 2009 Dec 2009 Dec 2010 Dec 2010 2013 2013

Target Mine Life +5 Yrs +10 Yrs +10 Yrs +10 yrs +10 yrs +6 Yrs +30 Yrs

Lump:Fines Ratio 40:60 40:60 TBC TBC TBC TBC Conc.

Strip Ratio (waste:ore) 1.8:1 1.8:1 <2:1 <2:1 <2:1 TBC 0.5:1

Transport Road Road Rail / Road Rail Rail Rail / Road Pipe / Rail

Distance to Port 75 km 75 km 125 km 150 km 150 km ~450km 75 km

Port Facilities FMG2/ PHPA PHPA2 FMG2 /

PHPA2FMG2/PHPA

2 FMG2/PHPA2 Ger/Oak FMG2 / PHPA2

1 – Target magnetite project concentrate production capacity = 15Mtpa, Atlas equity production = 5Mtpa.

2 – Port Access agreement completed

3 – Exploration Target Grade 60 to 63% Fe on Midwest tenements.

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4. Path to Production – Project Timetables

Pardoo DSO Abydos DSO Mid West DSO Ridley Magnetite

First Drill Testing Aug 2005 Sep 2007 Sep 2008 Sep 2006

Resource Definition July 2006 Oct 2007 Dec 2008 July 2007

Scoping Study Nov 2005 Dec 2007 Dec 2008 Jul 2007

Native Title Agreement Mar 2006 Jul 2009 Jun 2010 Mar 2006

Pre Feasibility Study Jan 2007 Jul 2008 Dec 2009 Dec 2008

Definitive Feasibility Study Jul 2007 Mar 2009 Dec 2010 Dec 2010

Award Mining Contracts Apr 2008 Aug 2009 Aug 2011 Jun 2011

Complete Project Permitting Jun 2008 Sep 2009 Q3 2011 ~Sep 2011

Next Resource Upgrade Q4 2008 Q4 2008 Q4 2008 Q4 2008

Commence Mining / Construction Aug 2008 Oct 2009 Oct 2009 Jan 2012

Commence Production Oct2008 Dec 2009 Q2 2012 Q1 2013

Commence Shipping Dec 2008 Feb 2010 Q1 2013

As a company we are proud of our record of delivering on our promises and will protect this reputation

5. Pardoo Mine Flow Sheet

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6. JORC Statement 1 of 2

Pardoo DSO Project – References to Exploration/Production targets and PotentialAtlas has reported on 25 July 2008 a resource of 24.05 million tonnes at 56.0% Fe and a probable reserve of 7.387 million tonnes at 57.3% Fe at its 100% owned Pardoo DSO Project. While the company intends to do further exploration on the Pardoo Project tenements and remains optimistic it will report additional resources and reserves in the future, any discussion in relation to targets, resources, reserves or ‘ore’ over and above the resource of 24.05 million tonnes at 56.0% Fe and a probable reserve of 7.387 million tonnes at 57.3% Fe is only conceptual in nature. There has been insufficient exploration to define a Mineral Resource over and above the resource of 24.05 million tonnes at 56.0% Fe, and it is uncertain if further exploration will result in the determination of a Mineral Resource over and above the resource of 24.05 million tonnes at 56.0% Fe nor the development of a reserve over and above the probable reserve of 7.387 million tonnes at 57.3% Fe .

Abydos Project – References to Exploration/Production targets and PotentialAtlas has reported on 30 July 2008 a resource of 15.13 million tonnes at 56.9% Fe and a probable reserve of 7.428 million tonnes at 58.1% Fe at its 100% owned Abydos DSO Project. While the company intends to do further exploration on the Abydos Project tenements and remains optimistic it will report additional resources and reserves in the future, any discussion in relation to targets, resources, reserves or ‘ore’ over and above the resource of 15.13 million tonnes at 56.9% Fe and probable reserve of 7.428 million tonnes at 58.1% Fe is only conceptual in nature. There has been insufficient exploration to define a Mineral Resource over and above the resource of 15.13 million tonnes at 56.9% Fe, and it is uncertain if further exploration will result in the determination of a Mineral Resource over and above the resource of 15.13 million tonnes at 56.9% Fe nor the development of a reserve over and above the probable reserve of 7.428 million tonnes at 58.1% Fe.

Ridley Magnetite – References to Exploration/Production targets and PotentialAtlas has reported on 2 October 2008 a magnetite resource of 1.45 billion tonnes at 36.6% Fe at its 100% owned Pardoo Project. While the company progresses the pre feasibility study assessing the projects economics, and remains optimistic it will report additional resources in the future, any discussion in relation to targets, resources, reserves or ‘ore’ over and above the resource of 1.45 billion tonnes at 36.6% Fe is only conceptual in nature. There has been insufficient exploration to define a Mineral Resource over and above the resource of 1.45 billion tonnes at 36.6% Fe , and it is uncertain if further exploration will result in the determination of a Mineral Resource over and above the resource of 1.45 billion tonnes at 36.6% Fe , nor the development of a reserve.

MidWest Projects - References to Exploration/Production targets and PotentialWhile the company remains optimistic it will report resources and reserves in the future at its MidWest Projects, any discussion in relation to exploration targets, resource potential, reserves or ‘ore’ is only conceptual in nature, there has been insufficient exploration to define a Mineral Resource at the company’s MidWest Projects and it is uncertain if further exploration will result in the determination of a Mineral Resource.

References to Rock chip sample traversesRock chip traverse sampling method involved collection a sample totaling approximately 1 to 2 kilogram of rock chips collected by hammering surface outcrop at nominal 1 meter spacing along a predetermined traverse generally across strike of mineralization. Several rock chips are collected at each nominal 1 m spaced sampling spot.

Exploration Results in GeneralThe information in this report that relates to exploration results is based on information compiled by Mr. Mark Gunther who is a member of the Australian Institute of Geoscientists and is an employee of Atlas Iron Limited. Mark Gunther 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 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results. Mark Gunther consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

DollarsAll references to Dollars are Australia Dollars

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JORC Statement 2 of 2

Reserve EstimationThe information in this report that relates to reserve estimations is based on information compiled by Mr Ken Brinsden who is a member of the Australasian Institute of Mining and Metallurgy. Ken Brinsden is a full time employee of Atlas Iron Limited. Ken Brinsden 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 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Ken Brinsden consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Geological Data, Interpretation and Resource Estimation – Alice, Clare, Hubert, Glenda, and Connie ResourcesThe information in this report that relates to mineral resource results is based on information compiled by Mr Hamish Pescini & Mr Richard Gaze who are members of the Australasian Institute of Mining and Metallurgy. Hamish Pescini is a full time employee of Atlas Iron Limited and Richard Gaze is a full time employee of Golder Associates Pty Ltd. Hamish Pescini & Richard Gaze have sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they have undertaken to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for reporting of Exploration Results, Mineral Resources and Ore Reserves’. Hamish Pescini and Richard Gaze consent to the inclusion in the report of the matters based on their information in the form and context in which it appears.

Geological Data, Interpretation and Resource Estimation – Bobby, Floyd, Emma, Olivia, Avalon Point, Mettams, Mullaloo, and Trigg ResourcesThe information in this report that relates to mineral resource results is based on information compiled by Mr Hamish Pescini & Mr David Williams who are members of the Australasian Institute of Mining and Metallurgy. Hamish Pescini are full time employees of Atlas Iron Limited and David Williams is a full time employee of CSA Global Pty Ltd. Hamish Pescini & David Williams have sufficient experience which is relevant to the style of mineralisation and type of depositunder consideration and to the activity which they have undertaken to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’.Hamish Pescini and David Williams consent to the inclusion in the report of the matters based on their information in the form and context in which it appears.

Geological Data, Interpretation and Resource Estimation – South Limb and Dean ResourcesThe information in this report that relates to mineral resource results is based on information compiled by Mr Hamish Pescini & Mr Malcolm Titley who are members of the Australasian Institute of Mining and Metallurgy. Hamish Pescini is a full time employee of Atlas Iron Limited and Malcolm Titley is a full time employee of CSA Global Pty Ltd. Hamish Pescini & Malcolm Titley have sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they have undertaken to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Hamish Pescini and Malcolm Titley consent to the inclusion in the report of the matters based on their information in the form and context in which it appears.

Geological Data, Interpretation and Resource Estimation – MagnetiteThe information in this report that relates to mineral resource results is based on information compiled by Mr Malcolm Titley who is a member of the Australasian Institute of Mining and Metallurgy. Malcolm Titley is a full time employee of CSA Global Pty Ltd. Malcolm Titley has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they have undertaken to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Malcolm Titley consents to the inclusion in the report of the matters based on their information in the form and context in which it appears. Employees and consultants who contributed significantly to the geological and resource interpretation of the Ridley magnetite resource include Hamish Pescini of Atlas Iron and David Archer of Archer Geological Consulting

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Pilbara’s Emerging Powerhouse