“Unlocking the mineral potential of southern Greenland”

1

Overview

• ASX-listed exploration and development company

• Focused on southern Greenland

• Acquired the Kvanefjeld multi-element deposit in mid-2007

• Implemented aggressive exploration and development drill

programs to build a world class multi-element resource

2

Dr Hans Kristian Schønwandt - Executive Chairman• Former Deputy Minister of Mines for Greenland

Roderick McIllree - Managing Director• Geologist with 8 years capital markets exposure

Malcolm Mason - Technical Director• Geologist with 40 years experience.• Completed feasibility studies several of which are mines today

Simon Cato - Executive Director• 25 years working in Australian capital market• ex-listing manager of the Australian Securities Exchange in Perth Jeremy Whybrow - Exploration Director/Operations Manager• 12 years international exploration and mining experience

Simon Stafford-Michael - Non-Executive DirectorTony Ho - Independent Director

Board of Directors

3

Why Greenland?

• Politically stable

• Self-governing Danish province, long standing democracy, OECD member

• Open to exploration and mining

• Looking to mineral and hydrocarbon resources as the future foundation for its economy

• Highly prospective

• Greenland records over 4 billion years of earth history, preserving many dynamic geological events conducive to ore-deposit formation

• Greenland Geological Survey produces high quality maps, large geochemical databases, mineral occurrence databases, and airborne geophysical surveys

• Numerous exploration and mining service providers in Greenland

4

The Kvanefjeld Multi-Element Deposit

A Rare Earth Element (REE), Sodium Fluoride (NaF), Uranium Deposit (U)

Hosted within the Ilimaussaq intrusion – a rare alkaline intrusion

Situated 8km behind the coastal town of Narsaq, southern Greenland

5

Project LocationStrategic location between North American and European markets

6

Infrastructure Benefits

• The Kvanefjeld deposit is located behind the coastal town of Narsaq, southern Greenland

– Local deep water ports open year round

– Potential access to local hydroelectric power

– Close proximity to labour source

– Ability to utilise housing in Narsaq for accommodating personnel

7

Town of Narsaq

Existing port facilities

Kvanefjeld ~8km by dirt road

International airport 15km

8

The Kvanefjeld Multi-Element Deposit

Project Geography

9

The Kvanefjeld Deposit

Operations

10

Project Ownership

• Currently ownership of Kvanefjeld is structured through a Greenlandic incorporated subsidiary joint venture vehicle

• GGG owns 61%, increased to 90% with a 10M (AUD) payment, and to 100% through an additional 50M payment

• 2 Greenlandic and 2 Australian board members

11

Kvanefjeld - Resources

Historic resource produced by Danish Atomic Energy Agency:

126Mt @ 400ppm U3O8

(50,700 Tonnes U3O8 or 112 Million pounds U3O8)Historical data verified by Nuclear Energy Agency OECD (2006 Red Book)

NEW inferred resource (JORC)

338MtIncludes: 988,000t of REO @ 1.09%

1.3Mt of NaF @ 1.69%.

104,000t of U3O8 @ 0.031% (229 million lb’s)

NaF and REO resources constrained by incomplete chemical assays

Kvanefjeld Multi-Element Deposit – Long Section

12

13

1km adit increased certainty in the historical 50,700t U3O8 resource

20,000t mined from the adit

4500t taken for metallurgical test work

Pilot plant constructed in Copenhagen. Plant still in existence

Historical work conducted by Danish Authorities1956-1983

14

Kvanefjeld Multi-Element Resource/Drilling Plan (end 07)

Historical Kvanefjeld resource,

Average depth of known mineralisation increased from 180-275m (50% increase)

15

1.8k

m600m

Kvanefjeld Multi-Element DepositOre Shell

16

Rare Earth Elements Group of specialty metals with

unique physical and chemical properties

Increasing demand in technology industries

China – main supplier, now reducing export quotas for strategic reasons

Consumers looking to stable suppliers outside China

Key demand drivers - Reduction of greenhouse gasses,

- More efficient use of energy,

- Increasingly electronic/digital world

Typically reported as cumulative REO grade, with value dependant on the proportion of individual REOs

17

Rare Earth Elements - Uses

Magnets (21% of consumption) Neodymium, Dysprosium

REE make the worlds strongest permanent magnets Produce higher motor power and efficiency with reduced size and weight Increasing demand coming from hybrid car industry Used in hard-disk drives, mobile phones, iPods, laptops

Catalysts (19%) Lanthanum, Cerium

Autocatalysts (catalytic converters) – reduce vehicle emissions Cracking catalysts – increase the efficiency of oil refining Diesel additives – reduce particulate emissions

Batteries (18%) Lanthanum, Cerium, Neodymium, Praseodymium

Nickel-Metal Hydride (NMH) rechargeable batteries – REE make up about 25% of batteries weight

18

Rare Earth ElementsCommon Applications

Hybrid Cars

Flat screen TVs and monitors

iPods(miniature hard drive devices)

19

Rare Earth ElementsMarket Dimensions

World consumption of REO in 2008 ~ 135,000 t (~1.5-2B US$) 8-12% annual growth over last 10-15 years

China supplies 95% of world demand, and consumes 60% of production

However – Resources diminishing, Introduction of export quotas, production quotas, and export taxes

World demand outside China in 2008 – estimated to be ~70,000 tonnes

SHORT SUPPLY IS HERE!

*Hybrid car industry – consuming 10,000t REO pa. Looking to increase >3 fold over next few years – consuming >30,000t REO

alone

20

Increasing demand through emerging technology industries is causing a steady increase in REO prices

Prices are forecast to continue rising for the foreseeable future

*Prices in US$/kg

Rare Earth ElementsPrice History

21

Kvanefjeld Multi-Element Distribution

22

Regional Exploration

Kvanefjeld resource

During 2007 Fugro was engaged to complete a regional radiometric survey highlighting several new anomalies for ground-based evaluation

23

Regional Multi-Element Exploration Targets

7 new exploration targets

Identified by geological mapping and ground-based radiometric surveys

Geological similarities to Kvanefjeld – also hosted within the Ilimaussaq Intrusion

Priority targets to be drilled in 2008

Could add significant tonnage to the resource base

24

REE Deposit Comparisons

Deposit Comparisons

Langer Heinrich 47,930t U3O8 @ 640 ppm (primary – U3O8)In production/ramp up

Rossing Mine 190,000t U3O8 @ 320 ppm (primary – U3O8)Supplies ~7% of world demand

Kvanefjeld 104,000t U3O8 @ 310 ppm (byproduct – U3O8) Growing Resource

Uranium Resources

25

26

Deposit Comparisons

Uranium Resources

27

Based on in-ground value at current metal prices, the Kvanefjeld REE-NaF-U deposit is equivalent to:

A copper-gold porphyry deposit of:

1.4 billion tonnes at @ 0.5% Cu, 0.5g/t Au

A lead-zinc sedimentary exhalative (SEDEX) deposit of:

130 million tonnes @ 20% Zn, 8% Pb

A nickel sulphide deposit of:

70 million tonnes @ 4% Ni, 0.5% Cu, and 2g/t

combined PGE

In-Ground Value Comparisons To Other Deposit Types

27

Detailed radiometric survey (Fugro).

10,022m of diamond drilling.

Largest single season exploration program ever in Greenland.

Granted access to 11,000m of core from the historical bankable feasibility study (1956-1985)

Confirmation of economic concentrations of REE, NaF and U, confirming mulit-element nature of the Kvanefjeld

Spent DKK24m in Greenland

2007 Field Season

28

Drilling at Kvanefjeld

29

Drillers camp on Kvanefjeld plateau

30

Drill crews relaxing after a long shift

31

2007 Major Developments

Dec 07: raised A$22 million at A$1.25/share. Key investors include: Major Scandinavian Bank from the Faeroe Islands Similar industry participants Oceanic Asset Management Ltd

Aug 07: raised A$9 million at A$1.00/share, largely with Danish state pension fund managers

Appointed process design metallurgist, Peter Bartsch (previously working on BHP Olympic Dam expansion)

Appointment of Amdel and SGS Laboratories to manage metallurgical testwork

32

2008 Developments

Appointed Consulting Mineralogist and commenced bench-scale metallurgical extraction testwork.

Appointed Rare Earth market advisor and Industrial Minerals marketing specialist

Resource upgrades for REO’s and NaF expected as assays from 2007 season are completed (significant growth expected)

Finalising environmental baseline studies during 2008

Scoping Study scheduled to start Q4 2008.

2008 drill program ahead of schedule (DKK35 million budget), new multi-element exploration targets identified

Ongoing dialogue with Greenlandic authorities

33

Capital Structure

Ordinary Shares 193M

Listed Options Outstanding Ex 20c 142M

Directors Unlisted Options 22.8M

Share Price as at July, 2008 A$0.55

Market Cap (Basic) ~A$106M

Market Cap (Fully Diluted) ~A$197M

Fully diluted cash ~A$57M

One Year Share Price Shareholder Structure

Capital Structure

Top 20 shareholders own 82%

Top 20 option holders own 87%

Cash on hand (1_7_08) A$25M

Institutions hold ~17%

Insiders hold 14.5%

Directors Shares Options

Dr Hank Schønwandt 1,000,000 0

Roderick McIllree 3,102,295 8,712,000

Simon Cato 800,100 7,310,100

Jeremy Whybrow 710,000 7,150,000

Malcolm Mason 480,000 3,240,000

Simon Stafford Michael 1,000,000 0

Tony Ho 100,000 0

67M shares not tradable until 17/8/09

34

Summary

World class, JORC compliant multi-element resource;

338Mt orebody defined with scope to increase following 2008 drilling

Substantial increase in REO’s and NaF resources expected as backlog of assays are processed

Great project location - close to infrastructure in a stable OECD country

Positive initial metallurgical testing and work ongoing

Globally significant and strategic resource of REO, NaF and U, located between North American and European markets