Mining Company & Project Valuation Group Inc. Natural Resource Limited Mining Company & Project Valuation Dr. Herman Tso, Chief Geologist HASS Natural Resources Limited HASS group Inc Address: Unit A, 7/F, Pico Tower, 66 Gloucester Rd., Wanchai , Hong Kong Website: http://www.hass-group.com

CONNECTING YOUR BUSINESS TO THE RESOURCES YOU NEED Business & Intangible Assets Valuation Natural Resources Valuation Purchase Price Allocation Financial Instruments Valuation Industrial Valuation Corporate Advisory CONNECTING YOUR BUSINESS TO THE RESOURCES YOU NEED Natural Resource Limited Project Feasibility Study Resources Estimation Evaluation Due Diligent Project Funding Technical Report Our Pledge

Argentina Australia Brazil China Indonesia Kazakhstan Malaysia Project Experience Argentina Australia Brazil China Indonesia Kazakhstan Malaysia Mongolia Philippines Russia South Africa USA Natural Resource Limited Our Pledge

Project Experience Molybdenum Coal Iron Copper Manganese Gold Nickel Oilfield Salt Lake Silver Tin Coal Copper Gold Nickel Lead Zinc Natural Resource Limited Our Pledge

Illustrations of Resources Project Experience Classification of Petroleum Resources and Reserves Petroleum Resources Classification System Natural Resource Limited Illustrations of Resources Our Pledge

Resources Inferred Indicated Measured Reserves Possible Probable Project Experience Classification of Petroleum Resources and Reserves Classification and Differences Between Mineral Resources and Reserves Resources Inferred Indicated Measured Reserves Possible Probable Proved Natural Resource Limited Differences Between Mineral Resources and Reserves (con’t) Our Pledge

Reporting Standards for Technical Report Project Experience Prepared by Competent Person - Minimum of 5 years of experience - Professionally qualified - Take overall responsibility - Independent of the issuer Natural Resource Limited Reporting Standards for Technical Report Mineral Resources Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (“JORC Code”) ; National Instrument 43-101 (“NI 43-101”); or South African Code for Reporting of Mineral Resources and Mineral Reserves (“SAMREC Code”) Petroleum Resources Petroleum Resources Management System (“PRMS”) Our Pledge

Reporting Standards for Technical Report Project Experience JORC Code (Mineral Resources) Originally issued by the Australasian Jointed Ore Reserves Committee in 1989 Purposes: Establish the Minimum Standards for Public Reporting of Mineral Resources and Ore Reserve Set out a System for the Classification of Tonnage and Grade Estimates Specify the Qualification and Experience required for Competent Person Natural Resource Limited Our Pledge

Reporting Standards for Technical Report Project Experience NI 43-101 (Mineral Resources) A mineral resource classification scheme used for the information disclosure relating in Canada Purposes: Ensure that misleading, erroneous or fraudulent information is not published Stipulate prescribed disclosure within the national instrument (such as technical information, terminology, compliant report) Comparison to JORC Code Require substantially more technical disclosure Natural Resource Limited Our Pledge

Reporting Standards for Technical Report Project Experience SAMREC Code (Mineral Resources) A required minimum standard for public reporting on exploration results mineral resources or mineral reserves in South Africa Purposes: Inform investors or potential investors and their advisers Satisfy regulatory requirements Natural Resource Limited Our Pledge

Reporting Standards for Technical Report Project Experience PRMS (Petroleum Reserves) Approved by the Society of Petroleum Engineers (SPE) Board of Directors Purposes: Provide a consistent approach to estimating petroleum quantities Evaluate development projects Present results within a comprehensive classification framework Natural Resource Limited Our Pledge

Reporting Standards for Technical Report Project Experience Russian Code & Chinese Code Conversion Guidelines Russian Resource/ Reserve Reporting Standard Natural Resource Limited Level of Knowledge P3: Regional Reconnaissance P2: Target Identification P1: Initial Trenching and Drilling C2: Scoping / Pre-feasibility C1: Feasibility Study B: Blocking out Ore Panels A: Production Our Pledge

Reporting Standards for Technical Report Project Experience Russian Code to JORC Code Conversion Guidelines Natural Resource Limited Our Pledge

Reporting Standards for Technical Report Project Experience Definition of the New Chinese Resource Category Scheme Natural Resource Limited Chinese Code to JORC Code Conversion Guidelines Our Pledge

Chapter 18 Project AGENDA Experience Our Pledge Part 1 Chapter 18 1.1 Introduction to the Mining Industry 1.2 Key Changes and New Requirements of HKEx Listing Rule on Mineral Companies - Chapter 18/18A 1.3 Important Issues - Listing Requirements - Disclosure Requirements - Preparation of Reports 1.4 Recent Technical Advisory and Valuation Projects of ROMA Natural Resource Limited Part 2 Valuation 2.1 Reporting Standards for Valuation 2.2 Determination of the Value of Mineral/Petroleum Assets Our Pledge

Chapter 18 Project Experience Our Pledge Part 1- Chapter 18 Mining Industies - Definte Life - Limited resouces Other Industries - Going comcern - Terminal value(DCF) Natural Resource Limited Key Changes and New Requirements of Chapter 18/18A Purpose of Rule Change: Increase shareholders and investors’ confidence in junior mining companies listed in the HKEx Our Pledge

Chapter 18 Project Experience Chapter 18/18A Chapter 18/18A (con’t) New Rules - Effective on 3 June 2010 Exclude early stage exploration companies from listing Industry experience requirement of Competent Person has been increased from 3 to 5 years Disclose specific risks and general risks Natural Resource Limited Chapter 18/18A (con’t) Allow mineral and exploration companies to list without needing the financial track record of Listing Rule 8.05 Mineral resources and mineral reserves must be reported separately Our Pledge

Chapter 18 Project Chapter 18/18A (con’t) Experience Our Pledge Allow companies to list only if they have a minimum of the following resources: Petroleum Companies - At Least a meaningful portfolio of Contingent Resources Minernal Companies - At least meaniful portfolio of Indicated Resource Natural Resource Limited Our Pledge

Disclosure Requirements Project Experience Listing Requirements Chapter 18 All Mineral Companies Companies that only have Inferred or Prospective Resources will not be eligible for an IPO listing under the new Chapter 18 rule Demonstrate working capital for 125% of budgeted needs for at least the next 12 months ( 13 months) Disclosure Requirements Natural Resource Limited Interim and Annual Reports have to include: Details of its exploration, development and mining production activities A summary of expenditure incurred on these activities during the period under review Our Pledge

Preparation of Reports Important Issues – Preparation of Reports Project Experience Chapter 18 Important Issues – Preparation of Reports Natural Resource Limited Our Pledge

Chapter 18 Important Issues Project Experience Our Pledge Early Stage Exploration Companies Must outline their plans to proceed to production, supported by an independent Scoping Study Mineral companies which do not satisfy Rule 8.05(1) (Profit Test), but are applying to list under Listing Rule 18.04 must demonstrate a clear path to commercial production Pre-feasibility studies are required Natural Resource Limited All Mineral Companies Must demonstrate that they have adequate rights to participate actively in the exploration or exploration and extraction of resources, either by: Having controlling interests in a majority (by value) of the assets in which they have invested; or Through other rights, which give them significant influence in decisions over the extraction of those resources Our Pledge

Insights from Our Recent Project Experiences Chapter 18 In order to smoothen the listing and transaction transaction process, we suggest: Make sure that both the technical and valuation reports are prepared in accordance with the reporting standards accepted by the HKEx Have sufficient due diligence conducted Show that you have conducted sufficient researches on the involved market and mineral resources Have sufficient disclosure of information required by the HKEx in the circular (Do not try to hide anything) Natural Resource Limited Our Pledge

Project Experience Valuation Our Pledge 1. CIMVAL Set out in Canada Outline the sections to be included in the Valuation Report Valuation 2. SAMVAL Set out in South Africa Relatively less restrictive compared to the VALMIN Code and the CIMVAL Code Necessary to carry out a site visit by a Competent Valuator or by a Competent Person or an expert Natural Resource Limited Our Pledge

Recent Technical Advisory – Natural Resources Industry Recent Job Technical Stock Code Report Nature Mine Type Remarks Internal Reference Purpose Issued Report Date & Purpose March-11 Yorkshire Capital Limited - Technical Due Diligence Report Petroleum ROMA EPI (Holdings) Limited 689 Resources Estimation Report Bao Yuan Holdings Limited 692 Resources Review Report Iron & Titanium dioxide Natural Resource Limited Our Pledge

Issued Report Date & Purpose Recent Job Technical Stock Code Report Nature Mine Type Remarks Public Documentation Purpose Issued Report Date & Purpose March-10 Bao Yuan Holdings Limited (formerly known as Ching Hing (Holdings) Limited) 692 Technical Report Iron & Titanium dioxide BMI Technical Consulting April-10 Solartech International Holdings Limited 1166 Copper, Gold & Silver May-10 Mongolia Investment Group Limited (formerly known as Ming Hing Waterworks Holdings Limited) 402 Coal August-10 China Properties Investment Holdings Limited 736 Competent Person’s Report, Feasibility Study Copper & Molybdenum ROMA June-11 eForce Holdings Limited 943 Natural Resource Limited Our Pledge

Issued Report Date & Purpose Recent Job Valuation Stock Code Report Nature Mine Type Remarks Public Documentation Purpose Issued Report Date & Purpose July-10 China Precious Metal Resources Holdings Co., Ltd. 1194 Natural Resources Valuation Gold & Nickel ROMA August-10 China Properties Investment Holdings Limited 736 Copper & Molybdenum October-10 Gold November-10 Honbridge Holdings Limited 8137 Iron February-11 King Stone Energy Group Limited 663 Coal June-11 eForce Holdings Limited 943 Natural Resource Limited Our Pledge

Issued Report Date & Purpose Valuation Stock Code Report Nature Mine Type Remarks Accounting Reference Purpose Issued Report Date & Purpose October-10 G-Resources Group Limited 1051 Intangible Assets Valuation Gold & Silver Greater China (Roma as Consultant) January-11 Ming Fung Jewellery Group Limited 860 Gold ROMA March-11 China Mining Resources Group Limited 340 Intangible Assets/Business Valuation Molybdenum North Mining Shares Co. Ltd. 433 Gold & Iron Ascent Partners (Roma as Consultant) Iron China Precious Metal Resources Holdings Co., Ltd. 1194 Gold & Nickel June-11 Recent Job Natural Resource Limited Our Pledge

Reporting Standards for Valuation Part 2 Valuation Natural Resource Limited Reporting Standards for Valuation Standards and Guidelines for Valuation of Mineral Properties (“CIMVAL” code); South African Code for the Reporting of Mineral Asset Valuation (“SAMVAL” code); or Code for the Technical Assessment and Valuation Mineral and Petroleum Assets and Securities for Independent Expert Reports (“VALMIN” code) Our Pledge

Determination of the Value of Mineral/Petroleum Assets Valuation Determination of the Value of Mineral/Petroleum Assets Market-Based Approach Natural Resource Limited - Comparing prices of business entities in a similar nature - e.g. Using price-to-sales ratio (P/S ratio) - Estimate the price using information of similar transactions Our Pledge

Income-Based Approach Valuation Income-Based Approach - Economic benefits due to the income producing capability Estimation of value depends on cost structure of companies Adopt discount cash flow (DCF) method Natural Resource Limited Cost-Based Approach - Aggregating the costs of developing the asset to its current condition, or replacing that asset Our Pledge

Determination of the Value of Mineral/Petroleum Assets Valuation Natural Resource Limited