Day 2- Session 5: Global Hotspots Opportunities in Western Australia Objective Capital Global Mining Investment Conference 2010 Stationers' Hall, City of London 28-29 September 2010 Speaker: Derek Fisher - Moly Mines

1. day 2 – session 5: Global hotspots (part 1) Opportunities Western Australia Derek Fisher– CEO,Moly Mines

2. GLOBAL MININGINVESTMENT CONFERENCE 2010 Lead sponsors: Media partners: Other sponsors & participating organisations:

3. MOLY MINES LIMITED An Opportunity - Building Two Mines Global Mining Investment Conference 28th - 29th September 2010

4. Disclaimer This presentation includes “forward-looking statements” as that term within the meaning of securities laws of applicable jurisdictions. Forward-looking statements involve known and unknown risks, uncertainties and other factors that are in some cases beyond Moly Mines’ control. These forward-looking statements include, but are not limited to, all statements other than statements of historical facts contained in this presentation, including, without limitation, those regarding Moly Mines’ future expectations. Readers can identify forward-looking statements by terminology such as “aim,” “anticipate,” “assume,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “risk,” “should,” “will” or “would” and other similar expressions. Risks, uncertainties and other factors may cause Moly Mines’ actual results, performance, production or achievements to differ materially from those expressed or implied by the forward-looking statements (and from past results, performance or achievements). These factors include the failure to complete and commission the mine facilities, processing plant and related infrastructure in the time frame and within estimated costs currently planned; variations in global demand and price for molybdenum and copper; fluctuations in exchange rates between the U.S. dollar and the Australian dollar; failure to recover the resource and reserve estimates of the Project; the failure of Moly Mines’ suppliers and service providers to fulfil their obligations under construction, supply and tolling agreements; unforeseen geological, physical or meteorological conditions, natural disasters or cyclones; changes in the regulatory environment, industrial disputes, labour shortages, political and other factors; the inability to obtain additional financing, if required, on commercially suitable terms; and global and regional economic conditions. Readers are cautioned not to place undue reliance on forward-looking statements. We assume no obligation to update such information.

5. 500km Australian Iron Ore Regions Pilbara Premier producing region + 350Mt in 2009 +600Mt in 2015 Numerous stranded deposits Midwest Emerging production region Planned new port & rail development (Oakajee) 5Mt in 2009 (Geraldton) ~45Mt in 2015 (Oakajee & Geraldton) Yilgarn Exports through Esperance Kwinana port redevelopment 8Mt in 2009 (Esperance) ~30Mt in 2015 (Esperance & Kwinana) South Australia Oldest production in Australia Needs port & rail for expansion Australia Pilbara Northern Territory Spinifex Ridge Mo Queensland Western Australia South Australia New South Wales Perth Yilgarn Victoria South Australia Midwest Tasmania

6. Pilbara Region – Western Australia Deepwater Ports Iron Ore Mines Port Hedland Cape Lambert Dampier BHP Billiton Fortescue (FMG) Rio Tinto Atlas Iron Citic Pacific 5 3 2 1 4 5 1 2 3 4 5 Port Hedland 4 Dampier Anketell Point Port Cape Preston 2 3 Karratha Roebourne 6 Spinifex Ridge Mo 7 1 8 Iron Ore Projects Marble Bar 9 Balmoral South Cape Lambert Balla Balla Poondano Ridley Spinifex Ridge Iron Abydos (Atlas Iron) Wodgina Abydos (Giralia) Mt Webber McPhee Creek Nullagine Roy Hill Marillana Phils Creek FerrAus Mindy Mindy Hope Downs Western Turner Rocklea Brockman 4 West Pilbara Western Creek Blacksmith Iron Solomon Deposits Western Hub Deposits Daltons 1 14 10 27 11 Pannawonica 15 2 16 3 17 4 12 24 5 18 22 25 19 6 26 209 7 13 21 14 21 8 19 15 Tom Price 22 9 20 10 23 18 Railway Lines 17 11 24 Paraburdoo BHP FMG Rio Tinto 12 25 13 26 16 Newman 23 FMG (Proposed) Hancock (Proposed) API (Proposed) 27 50km

7. Pilbara Region – Western Australia Iron Ore Projects Name Owner Resource (Mt) Capacity (Mtpa) Type Balmoral South Cape Lambert Balla Balla Poondano Ridley Spinifex Ridge Iron Abydos (Atlas Iron) Wodgina Abydos (Giralia) Mt Webber McPhee Creek Nullagine Roy Hill Marillana Phils Creek FerrAus Mindy Mindy Hope Downs Western Turner Rocklea Brockman 4 West Pilbara Western Creek Blacksmith Iron Solomon Deposits Western Hub Deposits Daltons 1600 1560 455.9 10 2010 7 22.7 42.7 40 44 52.1 89.1 2420 1630 15.1 191 - 1450 60 89 35 742 52.4 511 2450 - 40 12 15 6 – 10 1 - 2 15 1 3 2 – 3.6 3 3 - 3 - 5 55 15 – 25 1.5 10 - 30 - 10 - 30 - 40 - - 60 – 160 - 2 M M M H M H H H H H H H H H H H - H H H H H H H H H H 1 5 3 2 1 4 5 Port Hedland 2 3 4 4 5 Dampier 2 3 6 Karratha Roebourne 6 7 Spinifex Ridge Mo 8 7 9 1 8 Marble Bar 10 9 11 10 27 11 Pannawonica 12 13 14 15 12 24 16 22 25 17 26 18 13 19 21 14 19 209 15 Tom Price 20 21 18 22 17 Paraburdoo 23 24 25 16 Newman 23 26 50km 27 Deposit Type, M = Magnetite, H = Hematite

8. Port Hedland - Overview Berths Wharfs - Existing Name Operator Proposed Outer Harbour Development Finucane Island PHPA1 PHPA3 - Dampier Salt Nelson Point Anderson Point 1 4 5 6 7 8 9 2 3 1 2 3 4 5 10 6 7 8 9 10 Public 1 Port Hedland 2 4 Berths Wharfs - Existing Name Operator Utah Point (Public) Harriet Point – RGP5 Burgess Point - RGP6 South West Creek FMG Extensions Public BHP Railway 3 FMG Ship Loading Conveyor Wharfs Facility Handling Areas BHP Railway Northern Name Operator BHP - Finucane Island BHP – Nelson Point FMG Utah Point 1 Airport 2 Highway FMG Railway BHP Railway 3 Great 4 Public South Hedland

9. Port Hedland – Existing & Future Berths Berths Wharfs - Existing Channel Name Operator Finucane Island PHPA1 PHPA3 - Dampier Salt Nelson Point Anderson Point 1 2 3 4 5 6 7 9 8 1 2 3 4 5 6 7 8 9 10 Public Shipping Port Hedland Berths - Under Construction BHP Railway Name Operator Utah Point Harriet Point Public Berths - Proposed Name Operator Burgess Point South West Creek FMG Extensions FMG Ship Loading Conveyor BHP Railway 10

10. Port Hedland – Port Infrastructure Anderson Point FMG Finucane Island BHP Nelson Point BHP

11. Port Hedland – Nelson Point (BHP)

13. Vision to build a major world class mining group

14. Hanlong Group US$5 billion investment poolBroome Major Road Rail Major Port Gas Pipeline Australia I n d i a n O c e a n 100kms Port Hedland Yarrie (Fe) Dampier Karratha Spinifex Ridge Marble Bar Telfer (Au, Cu) Woodie Woodie (Mn) Nifty (Cu) Tom Price (Fe) Cloudbreak (Fe) W e s t e r n A u s t r a l i a Paraburdoo (Fe) Mt Newman (Fe) 1 1 95

16. Major world Mo companyMoly Mines Limited

17. Corporate Overview

18. Spinifex Ridge Location Broome Major Road Rail Major Port Gas Pipeline Australia I n d i a n O c e a n 100kms Port Hedland Yarrie (Fe) Dampier Karratha Spinifex Ridge Moly Mines Limited Marble Bar Telfer (Au, Cu) Woodie Woodie (Mn) Nifty (Cu) Tom Price (Fe) Cloudbreak (Fe) W e s t e r n A u s t r a l i a Paraburdoo (Fe) Mt Newman (Fe) 1 1 95

19. Tenure EL – Exploration Licence Iron Ore Resource 1.5kms 5.3 Mt @ 59% Fe Rockchip Sample Granite GPL – General Purpose Lease 64.7% Fe Granite 55.8% Fe Basalt 59.2% Fe 60.2% Fe Basalt Iron Formation Ultramafic 55.2% Fe 56.1% Fe 61.9% Fe 61.6% Fe Iron Formation 61.4% Fe Basalt 55.1% Fe Basalt Felsics Molybdenum-Copper Resource Basalt 652Mt @ 0.05% Mo, 0.08% Cu Ultramafic Granite Basalt ML – Mining Leases Spinifex Ridge Iron Ore Project

20. Integrated Project Development Schedule Iron Ore Project Construction Operations & “FOOS” Fe Sales Moly Project Hanlong Investment US$500m Drawdown and Construction Commissioning Mo/Cu Sales 2010 2011 2012 2013 2014

21. Spinifex Ridge Iron Ore Project

22. Spinifex Ridge Site Layout Waste Dump NORTH Auton Port Hedland (170kms) Dalek Gallifrey Spinifex Ridge Molybdenum-Copper Deposit (500m) 430m Ramp down ridge Ore Reserve ROM Pad, Crushing, Ore Stockpile 4.3 Mt @ 59.2% Fe Marble Bar(50kms) Spinifex Ridge Iron Ore Project

23. Resource / Reserves & Permitting Status 50% Fe cut-off Mining leases granted Environmental approvals in place Mining proposal approved Initial port access agreement in place Spinifex Ridge Iron Ore Project

24. Construction Near Complete Haul roads established  Water pipelines laid  Camp procured  Mining contracted  Crushing/screening contracted  Plant commissioning – mid October Capital cost: <$15M Spinifex Ridge Iron Ore Project

25. Commencement of Mining Moly Mines Limited

27. First ore shipment – December 2010Spinifex Ridge Iron Ore Project

28. Sales Offtake Hanlong Steel mills Forecast Fe prices strong CRU group forecast current spot prices to remain firm through 2013/2014 Spot FOB price(1): US$129/T Strong project cashflows support moly project development (1) Platts IODEX 62% Fe CFR North China 3 September 2010, adjusted for capesize freight Moly Mines stockpile area at Utah Point, Port Hedland On track for handover 6 November 2010 Spinifex Ridge Iron Ore Project

29. Spinifex Ridge Molybdenum Project Transportation of mill sections, Perth China Information

31. Found a floor at US$15.00/lb

32. Limited western world demand through GFC

33. China currently the dominant player and net importer

34. Limited global stocks

35. End 2008 and early 2009 price levels prove unsustainable as higher cost marginal produces in China withdraw from market

36. Demand

37. Global consumption 2009: 437M lb

38. Consumption grew at 8.2% 2002-2008 before contracting in 2009

39. Stainless steel

40. Energy applicationsSupply No new supply sources – existing by-product producers at full capacity The world needs new primary molybdenum mines Large new mines need high molybdenum prices and strategic partners to be funded

41. Low-Risk / Low Cost Open Pit Mining Highlights Conventional open pit Pit design has been optimised to maximise grades early and to fit processing requirements Favourable mining characteristics: Deposit is porphyry with continuous mineralization Minimal grade control or dilution issue – low grade halo de-risks mining Minimal requirement for selective mining Mining fleet based on conventional open-pit mining equipment: Specified equipment or alternatives can be readily mobilised by contractors Conventional comminution and flotation processing Dry stack tailings – operational/environmental advantages Australia Port Hedland (170kms) Fe Pits Airstrip Mo Camp / Village Waste 1 Dry Stack Tailings ROM Waste 2 Tunnel Plant & Administration High Grade Stockpile Mo Cu Pit Pit Low Grade Stockpile Creek Diversion Channel Waste 3 Pit Office/ Workshops North Spinifex Ridge Molybdenum Project

43. Mo Equiv. reserve grade is comparable to other western world primary molybdenum projects

44. Complemented by Iron Ore

45. Fully permitted ready to buildFirst 10 yrs 0.10% 45 yr mine life Note—Reserves are a sub-set of Resources 0.02% Mo cut-off assumed for resources 0.03% Mo cut-off assumed for reserves Capacity for life extension & expansion 1 – Mo equivalent calculated on contained metal @ 4QCY09 average metal prices Spinifex Ridge Molybdenum Project

46. Phase 1 – Startup Project 10 Mtpa Initial head-grade – 0.07% Mo, 0.11% Cu (1st 10 years) 12-13 Million lbs Mo per year Utilizes large scale equipment purchased for 20 Mtpa plant 20 month construction period from full project funding Capital cost - A$528M – A$558M (plus A$70M for power station if not financed by 3rd party) Operating cost US$7.20/lb (1) (first 10 years – mine gate) 10 Mtpa Resource Pit Shell 20Mtpa Resource Pit Shell 0.02% Mo Shell 0.09% Mo Shell - High Grade Core 0.04% Mo Shell (1) – At commercial production. Source: NI43-101 Technical Report dated 25 August 2009

47. Long Lead Equipment Orders Completed Spinifex Ridge Molybdenum Project

49. Moly Mines believes long term molybdenum prices required to be > US$20/lb to support new primary mine development and meet projected supply shortfallSource: NI43-101 Technical Report dated 25 August 2009 adjusted for forward curves

50. Mo and Fe Forecast Project Cashflows…..this decade Mo cashflow continues Mo production continues for 20+ years Mo production starts Fe production starts

51. Experienced Team Board of Directors Mr. David Craig - Chairman Mr. Michael Senft - Independent Non-Executive Director An experienced businessman and lawyer, who has held and holds Executive and Board positions in the fields of law, financial services and the resources industry. Appointed as Chairman in 2009 Over 25 years investment banking experience having held senior executive roles with Merrill Lynch and UBS in New York and London. Mr. David Nixon – Independent Non-Executive Director Dr. Derek Fisher – CEO/Managing Director A mechanical engineer with 40 years experience in the mining and construction industries in Southern Africa, Australia, New Zealand, Canada and Indonesia. Over 40 years of worldwide experience in the resource industry, more than 20 years experience as a manager of publicly listed resource companies, in addition to serving as a director of mining companies that developed mines in Australia, Mongolia, Armenia and the DRC. Mr. Steven Xiao – Executive Director Over 15 years experience in finance and investment working for globally recognised investment banks and financial organisations. Skilled in capital utilisation and industry integration with extensive global M&A experience. Mr. Liu Han – Non-Executive Director Over the past 10 years Mr. Liu has built the Sichuan Hanlong Group into a modern and international company . He is well known fort his philanthropic work and has been awarded national recognition. Mr. Liu was named one of the 10 most influential people on the economy of Sichuan in the past 30 years. Mr. Andy Zhmurovsky – Non-Executive Director Holds a Bachelor of Business Administration with Honors from the University of Texas at Austin. Mr. Zhmurovsky is the Senior Vice President within the Energy and Infrastructure Group at TCW. Mr. Sun Xiaodong – Non-Executive Director A experienced executive with responsibility for a broad portfolio of companies including mining, infrastructure, LPG, pharmaceuticals and property development. Mr. Nelson Chen – Alternate Non-Executive Director Mr. Liu has appointed Mr. Chen as his alternate director. Mr Chen holds postgraduate degrees in finance and accounting and is fully bilingual. He brings with him extensive cross cultural professional experience. Moly Mines Limited

52. Experienced Team – Management Key Managers Mr. Collis Thorp – Chief Operating Officer Mr. David Pass –Manager Metallurgy David holds a Bachelor of Science and a double major: Extractive Metallurgy and Chemistry from Murdoch University, Western Australia and hasover 25 years hard rock mining experience. Prior to joining Moly Mines David spent 12 years with Placer Dome’s (now Newmont Mining) Granny Smith operation holding senior metallurgist, plant operator and processing manager positions.David has also held senior metallurgical roles at Plutonic Gold Mine and with BP Mineral Australia. 40 years mining experience, having operated and managed open-pit and underground mines in Australia and internationally. Experience covers precious, base and specialty metal operations, including gold, tin, tungsten, titanium and zircon. Mr. Graeme Kininmonth –Manager Health & Safety and Environment Mr. Andrew Worland – Company Secretary , General Manager Commercial & Marketing Graeme holds a Bachelor of Science from Australian National University and has over 30 years experience including management of project approvals processes in senior environmental and site management positions for Straits Resource ,Sons of Gwalia and Cable Sands. Andrew is a qualified accountant with a Bachelor of Commerce (Accounting and Finance) from the University of Western Australia. Over 16 years corporate, finance and company secretarial experience in the resources industry commencing with Arthur Andersen Chartered Accountants and spending the last 12 years in senior management positions within mining houses. Mrs. Barbara Kwiecien –Manager Land Administration Mr. John McEvoy – Chief Financial Officer 28 years of international experience within land and tenure administration and land access negotiations. An accredited mediator, she has facilitated her work internationally, specifically with indigenous people. John is a Chartered Accountant and holds a Bachelor of Science Honours in Mathematics with Applications from Southampton University. John has held mine accountant, commercial manager roles and financial controller roles since 1989 and has held CFO or Company Secretary roles for Australian and AIM listed companies since 2004. Previously held positions with Barrick Gold, Wiluna Mines & Cable Sands. Mr. Mike Gloyne – General Manager Operations Mike holds a Bachelor of Science, Mining Engineering, University of Newcastle Upon Tyne, England, a WA Unrestricted Quarry Managers Certificate and a Northern Territory Mine Managers Certificate.Over 30 years of mine management and operations experience in iron ore, manganese and gold for companies including Hamersley Iron (now Rio Tinto) and Dominion Mining. Over 10 years in executive management positions with major mining contractors such as Henry Walker, Boral and Brambles. Ms. Xu Chuanmei MA Degree from China University of Geosciences. Ms Xu has extensive experience working with Chinese and international resource sectors, and is highly skillful in intercultural communications and negotiations. She also specialises in international trade and marketing. Moly Mines Limited

53. Competence and Responsibility Molybdenum CopperThe information in this release that relates to drill data and geological interpretation is based on information compiled by Dr Derek Fisher, Mr Ben Cairns who are Members of the Australasian Institute of Mining and Metallurgy. The information in this release that relates to Mineral Resources is based on information compiled by Mr Clay Gordon who is a Member of The Australasian Institute of Mining and Metallurgy and the Australian Institute of Geoscientists. Dr Fisher is employed by Trillium Investments Pty Ltd which is contracted to provide management services to Moly Mines, Mr Cairns is a full-time employee of Moly Mines and Mr Gordon is employed by Mining Assets Pty Ltd.Each of Dr Fisher, Mr Cairns and Mr Gordon have sufficient experience which is relevant to the style of mineralization 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’. They consent to the inclusion in this release of the matters based on their information in the form and context in which it appears. Iron OreThe information in this presentation that relates to drill data and geological interpretation is based on information compiled by Mr Ben Cairns who is a Member of the Australian Institute of Geoscientists. The information in this presentation that relates to Mineral Resources is based on information compiled by Mr Clay Gordon who is a Member of The Australasian Institute of Mining and Metallurgy and the Australian Institute of Geoscientists. Mr Cairns is a full-time employee of the company and Mr Gordon is employed by Mining Assets Pty Ltd.Both Mr Cairns and Mr Gordon have 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’. Both Mr Cairns and Mr Gordan are Qualified Persons within the meaning of such term under National Instrument NI43-101 . Mr Cairns and Mr Gordon consent to the inclusion in this presentation of the matters based on their information in the form and context in which it appears.The information contained in this presentation that relates to Mineral Reserves is based on information compiled and verified under the supervision of Mr Roger Pooley who is a Member of The Australasian Institute of Mining and Metallurgy. Mr Pooley is a Senior Mining Consultant with SRK Consulting (Australasia) Pty Ltd, 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 Qualified Person for purposes of National Instrument 43-101 and as a Competent Person as defined in the 2004 edition of The Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves under JORC.Mr Pooley consents to the inclusion in the presentation of the matters based on his information in the form and context in which it appears in this document. Moly Mines Limited

54. 50 Kings Park Rd, West Perth, WA, 6005, AUSTRALIA Telephone: +61 8 9429 3300 Fax: +61 8 9429 3399 Telephone: +1 416 371 7541 Email: info@molymines.com Website: http://www.molymines.com Stock market codes: ASX: MOL, TSX: MOL, FWB: HJ1 Moly Mines Contact Details

55. GLOBAL MININGINVESTMENT CONFERENCE 2010 Lead sponsors: Media partners: Other sponsors & participating organisations: