Tim  Warman  President  

PEA  &  Development  Update  Northern  Ireland    │    Site  Visit  May  2013  

Sample  from  the  T17  vein  188  g/t  of  gold    103  g/t  of  silver  5.07%  of  copper  

Forward-­‐Looking  Informa;on  and  Qualified  Person  

This  presentaLon  contains  “forward‑looking  informaLon”  which  may  include,  but  is  not  limited  to,  statements  with  respect  to  the  compleLon  of  the  acquisiLon  (the  “AcquisiLon”)  by  the  Company  from  a  group  of  private  vendors  of  approximately  1.7  million  hectares  of  mineral  rights  over  four  greenstone  belts  and  a  historic  silver  mining  camp  in  Norway,  future  financial  or  operaLng  performance  of  the  Company  and  its  mineral  projects,  the  future  price  of  metals,  the  esLmaLon  of  mineral  resources,  the  realizaLon  of  mineral  resource  esLmates,  the  Lming  and  amount  of  esLmated  future  producLon,  costs  of  producLon,  capital,  operaLng  and  exploraLon  expenditures,  costs  and  Lming  of  the  development  of  new  deposits,  costs  and  Lming  of  future  exploraLon,  requirements  for  addiLonal  capital,  government  regulaLon  of  mining  operaLons,  environmental  risks,  reclamaLon  expenses,  Ltle  disputes  or  claims  and  limitaLons  of  insurance  coverage.  O]en,  but  not  always,  forward‑looking  statements  can  be  idenLfied  by  the  use  of  words  and  phrases  such  as  “plans,”  “expects,”  “is  expected,”  “budget,”  “scheduled,”  “esLmates,”  “forecasts,”  “intends,”  “anLcipates,”  or  “believes”  or  variaLons  (including  negaLve  variaLons)  of  such  words  and  phrases,  or  state  that  certain  acLons,  events  or  results  “may,”  “could,”  “would,”  “might”  or  “will”  be  taken,  occur  or  be  achieved.  

Forward-­‐looking  statements  are  based  on  the  opinions  and  esLmates  of  management  as  of  the  date  such  statements  are  made  and  are  based  on  various  assumpLons,  such  as  approvals  from  the  Toronto  Stock  Exchange  and  the  Norwegian  Directorate  of  Mining  will  be  obtained  in  respect  of  the  AcquisiLon,  the  conLnued  poliLcal  stability  in  Northern  Ireland  and  Norway,  that  permits  required  for  the  Company’s  operaLons  will  be  obtained  in  a  Lmely  basis  in  order  to  permit  the  Company  to  proceed  on  schedule  with  its  planned  drilling  programs,  that  skilled  personnel  and  contractors  will  be  available  as  the  Company’s  operaLons  conLnue  to  grow,  that  the  price  of  gold  will  be  at  levels  that  render  the  project  economic,  or  that  the  Company  will  be  able  to  conLnue  raising  the  necessary  capital  to  finance  its  operaLons  and  realize  on  mineral  resource  esLmates.  

Forward‑looking  statements  involve  known  and  unknown  risks,  uncertainLes  and  other  factors  which  may  cause  the  actual  results,  performance  or  achievements  of  the  Company  to  be  materially  different  from  any  future  results,  performance  or  achievements  expressed  or  implied  by  the  forward‑looking  statements.  Such  factors  include,  among  others,  general  business,  economic,  compeLLve,  poliLcal  and  social  uncertainLes;  the  actual  results  of  current  exploraLon  acLviLes;  actual  results  of  reclamaLon  acLviLes;  conclusions  of  economic  evaluaLons;  changes  in  project  parameters  as  plans  conLnue  to  be  refined;  future  prices  of  metals;  possible  variaLons  of  ore  grade  or  recovery  rates;  failure  of  plant,  equipment  or  processes  to  operate  as  anLcipated;  accidents,  labour  disputes  and  other  risks  of  the  mining  industry;  poliLcal  instability;  delays  in  obtaining  governmental  approvals  or  financing  or  in  the  compleLon  of  development  or  construcLon  acLviLes,  as  well  as  those  factors  discussed  in  the  secLon  enLtled  “Risk  Factors”  in  the  Company’s  Annual  InformaLon  Form.  

Although  the  Company  has  adempted  to  idenLfy  important  factors  that  could  cause  actual  acLons,  events  or  results  to  differ  materially  from  those  described  in  forward‑looking  statements,  there  may  be  other  factors  that  cause  acLons,  events  or  results  to  differ  from  those  anLcipated,  esLmated  or  intended.  Forward‑looking  statements  contained  herein  are  made  as  of  the  date  of  this  presentaLon  and  the  Company  disclaims  any  obligaLon  to  update  any  forward‑looking  statements,  whether  as  a  result  of  new  informaLon,  future  events  or  results,  except  as  may  be  required  by  applicable  securiLes  laws.  There  can  be  no  assurance  that  forward‑looking  statements  will  prove  to  be  accurate,  as  actual  results  and  future  events  could  differ  materially  from  those  anLcipated  in  such  statements.    Accordingly,  readers  should  not  place  undue  reliance  on  forward‑looking  statements.  

Some  technical  data  in  this  presentaLon  was  taken  from  the    technical  report  enLtled  “A  updated  Mineral  Resource  EsLmate  for  the  Curraghinalt  Gold  Deposit  Tyrone    Project,  County  Tyrone  and  County  Londonderry,  Northern  Ireland”  dated  January  10,  2012,  prepared  by  B.  Terrence  Hennessey,  P.Geo.,  and  Dibya  KanL  Mukhopadhyay,  M.Sc.,  MAusIMM,  of  Micon  InternaLonal  Limited  (the  “Technical  Report”).  

John  McCombe,  PEng,  Chief  OperaLng  Officer,  Dalradian  Resources  Inc.,  is  the  Qualified  Person  who  supervised  the  preparaLon  of  the  technical  data  in  this  presentaLon.  

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PRELIMINARY  ECONOMIC  ASSESSMENT  

Preliminary  Economic  Assessment  

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KEY  PEA  DATA*  3  YEAR  TRAILING  

AVERAGE  GOLD  PRICE:  5  YEAR  TRAILING  

AVERAGE  GOLD  PRICE:  

NPV  with  8%  discount  rate  (A]er-­‐tax)   $467  million   $331  million  

IRR  (A]er-­‐tax)   41.9%   33.4%  

Average  Annual  ProducLon   145,000  ounces/year  

Processing  Rate   1,700  tonnes/day  

Life  of  Mine   15  years  

IniLal  Capex  ($38M  conLngency)   $192  million  

Cash  Costs   $532/ounce  or  $125/tonne  

Diluted  Grade   8.1  g/t  Au  

Gold  Recovery   92%  

All  dollars  quoted  in  $  USD  unless  stated  otherwise  

PEA  results  released  on  July  25,  2012.    The  PEA  is  preliminary  in  nature.    It  includes  inferred  mineral  resources  that  are  considered  too   speculaLve  geologically   to  have   the  economic   consideraLons  applied   to   them   that  would  enable   them   to  be   categorized  as  mineral  reserves.    There  is  no  certainty  that  the  results  of  the  PEA  will  be  realized.  

*  Prepared  by  Micon  InternaLonal  Limited  

PEA:  Mining  

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Longhole  Mining  with  Ramp  Access  &  Truck  Haulage:  §  Local  availability  of  experienced  longhole  miners  §  More  diluLve  than  cut  and  fill  but  less  expensive  and  

easier  to  manage  §  1.8  metres  mined  width  (80%  diluLon  on  resource)  §  20  metre  sub  level  spacing  §  Less  than  10  working  faces  at  any  one  Lme  

PROJECT  PRODUCTION  RATE  

(TPD)  MINING  COST  (US$/T  MILLED)   COMMENTS  

Curraghinalt  (Dalradian,  N.  Ireland)  

1,700    (planned)  

$76.50  (US$/t  mined)  (PEA  esLmate)   1.8  m  stope  widths  

Bulyanhulu  (African  Barrick,  Tanzania)   3,300   $156.00   Narrow,  steeply-­‐dipping  veins  

Daisy  Milano  (Silver  Lake  Resources,  W.  Australia)  

540   Cash  Costs  of  $660/oz   Stope  widths  down  to  1  m  

Lawlers  (Barrick,  Australia)   2,200   $30.06  

(2003)   Shallow  dipping  veins,  2-­‐6  m  thick  

Development  tunneling  at  Bulyanhulu  Gold  Mine  

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Silver  Lake  Resources  Daisy  Milano  Mine  

PEA:  Narrow  Vein  Longhole  Mining  in  W.  Australia  

Narrow  vein  stoping  

PEA:  Conceptual  Mine  Layout  

Main  Decline  

Ore  and  Waste  Passes  

Ramp  ConnecLng  Sublevels  

ExisLng  Adit  and  Dri]s  

VenLlaLon  Raise  

Cross  Cuts  

Not  to  Scale  

PEA:  Processing  

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Op;ons  Examined:  

§  Grinding  →  Whole  Ore  Leach  

§  Grinding    →  Gravity    →  FlotaLon  of  Gravity  Tails  →  CN  of  FlotaLon  Concentrate  

§  Grinding    →  Gravity    →  FlotaLon    →  Sale  of  Concentrate(s)  

§  Grinding    →  Cu  FlotaLon    →  Pyrite  FlotaLon  →  CN  of  Pyrite  Concentrate  

PEA  Base  Case:  

§  Crushing,  grinding,  whole  ore  cyanidaLon  and  convenLonal  tailings  disposal  

§  92%  gold  recovery  

§  Opportunity  for  further  opLmizaLon  of  mill  circuit  

 

UNDERGROUND  EXPLORATION  DEVELOPMENT  

Background  

§  ExisLng  exploraLon  tunnel  permided  in  1987  and  subsequently  constructed  by  Ulster  Minerals  in  the  late  80s,  with  works  consisLng  of:  

–  A  410  m  adit  (3.0  x  2.5  m)  and  two  dri]s  totalling  290  m  (sLll  accessible,  stable  and  in  use)  

–  Ancillary  buildings  (now  removed)  

–  Onsite  stockpiles  of  surplus  rock  (since  re-­‐graded  into  exisLng  slope  contours)  

–  QuanLLes  of  mineralised  rock  transported  to  offsite  tesLng  faciliLes  

§  DGL  acquired  the  Curraghinalt  Project  in  late  2009  and  commenced  surface  exploraLon  drilling  in  2010    

§  DGL  upgraded  the  resource  esLmates  in  Q2/2011  and  again  in  Q4/2011  

–  Current  resource  stands  at  2.7  million  oz.  gold  (all  categories)  

§  DGL  completed  Preliminary  Economic  Assessment  (PEA)  in  Q3/2012  

§  Next  step  is  to  conduct  underground  exploraLon  development  

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Underground  Explora;on  Development  

Dalradian  is  requesLng  planning  permission  to  complete  approximately  2,000  m  of  underground  development  including:    §  Extending  the  exisLng  adit  by  approximately  

260  m  to  intersect  all  of  the  known  veins;  §  Dri]ing  along  several  of  the  known  veins;  §  Installing  a  ramp  to  access  the  150  m  level,  

approximately  20  m  below  the  exisLng  workings;  

§  Test  stoping  and  removal  of  a  large  bulk  sample.  

T17  

No.  1  

106-­‐16  

Bend  

Crow  

Road  

Sheep  Dip  

Mullan  

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Conceptual  Sublevel  Development

The  goal  of  the  program  is  to:  •  Demonstrate  conLnuity  of  thickness  and  grade  of  mineralized  veins.  •  Convert  addiLonal  resources  to  Measured  and  Indicated.  •  Test  mining  and  backfill  methods.  •  InvesLgate  geotechnical  and  hydrogeological  condiLons.  

•  Produce  a  bulk  sample  for  metallurgical  test  work.  •  Test  the  permiwng  process.  

Surface  Facili;es  

Proposed  Works  –  Surface  Facili;es:  

§  Designated  on-­‐site  storage  area  for  surplus  rock    

§  Temporary  water  treatment  facility  

§  Temporary  on-­‐site  explosives  store  

§  Ancillary  faciliLes:  office,  welfare,  services,  parking,  etc.  

§  Project  will  be  constructed  on  surface  lands  controlled  by  DGL  

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Permicng  Process  

§  ConsultaLon  with  The  Crown  Estate  and  DETI  §  ConsultaLon  with  other  stakeholders  &  regulators  §  Planning  permission  (DoE  Planning  Service  –  Strategic  Planning  Division)  §  Explosives  storage  consent,  revision  to  the  exisLng  discharge  consent;  water  abstracLon  licence;  

waste  management  (NIEA)  

§  Explosives  store  consent  (DoJ  /  DoE)  

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Pre-­‐  consulta;on  

Revisions  to  Exis;ng  Permits  

Mobiliza;on  and  Site  Prep.  

2013   2014  Q1   Q2   Q3   Q4   Q1  

JAN   FEB   MAR   APR   MAY   JUN   JUL   AUG   SEP   OCT   NOV   DEC   JAN   FEB   MAR  

Planning  Process  

Contractor  Selec;on  

UG  Development  

Next  Stop  

Underground  Tour  of  Curraghinalt  Deposit