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1 13 July, 2012 COMPANY PRESENTATION & NEW WEBSITE The Company is pleased to advise that Mr Brett Manning, Managing Director of Ferrowest Limited will be presenting to the AMEC Investor Briefing in Perth tomorrow morning. A copy of the presentation is attached. Shareholders should also note that the Company now has a new web site that will be available from later today. The web address remains the same as

2 The Yogi Mine Project Outline The Yogi Mine Project proposes the development of a magnetite mining and concentration operation coupled with exploration of potential direct shipping ore ( DSO ) grade haematite at the Yogi iron deposit near Yalgoo in the mid west region of Western Australia. Proposed production of magnetite concentrate will target 4,500,000 tonnes per annum ( tpa ) at 67%Fe. 3,000,000tpa would be exported through the new proposed Port of Oakajee with the other 1,500,000tpa planned to supply the Eradu MPI Project (detailed below). Exploration of potential haematite DSO targets will be a high priority for the Yogi Mine Project with the current concept, subject to satisfactory exploration, study results and government approvals, envisaging conceptual mine production of around 1.5Mtpa. The DSO would be transported by road train to Geraldton for export to China. The current magnetite Inferred Resource estimate at Yogi classified and reported in accordance with the JORC Code is million tonnes at 27.5%Fe. The target magnetite potential # at Yogi estimated at between 0.8 and 1.2 billion tonnes at an average grade of between 25.5%Fe to 29.5%Fe. Mineral Resource Estimate Million Tonnes (Mt) Fe% SiO 2 % Al 2 O 3 % P% LOI% Inferred (Fresh) Inferred (Transitional)* Inferred Total Notes: Tonnages rounded to nearest 10,000 tonnes. Cut off Grade 23.0% total Fe. Surficial oxide material is not reported as part of the mineral resource estimate. *Transitional material is partially oxidised but magnetite bearing. # The target potential is conceptual in nature as insufficient data exists to define a Mineral Resource and it is uncertain if further exploration will result in further Mineral Resource. The target potential is based upon calculations prepared by Ferrowest Limited with reference to current experience at Yogi and available data. The Eradu MPI Project Outline Ferrowest Limited is developing the Eradu MPI Project aimed at producing seaborne traded merchant pig iron ( MPI ) at 96%Fe using magnetite concentrate from the Yogi magnetite deposit near Yalgoo in the mid west region of Western Australia. Proposed initial production is 1,000,000 tonnes per annum. The plan to process the magnetite concentrate to pig iron at Eradu, 60Km east of Geraldton, is premised on the ITmk3 technology and excellent existing infrastructure servicing the project area. The resulting value added merchant pig iron product will be a relatively high margin, high quality, low volume product for export to quality electric arc furnace steel making plants worldwide. The information in this report that relates to Exploration Results and general geological commentary is compiled by Graeme Johnston, a Fellow of the Geological Society of London. Information in this report that relates to Mineral Resources or Ore Reserves is based on information compiled by Graeme Johnston and Malcolm Titley, a Member of the Australasian Institute of Mining & Metallurgy. Graeme Johnston is a Director of the Company and a geological consultant to it through Corad Pty Ltd. Graeme Johnston 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 Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Graeme Johnston consents to the inclusion in this report of the matters based on his information in the form and context in which it appears. Malcolm Titley (MAusIMM) is a Director and Principal Consultant of CSA Global and is responsible for the estimation of the Mineral Resource for the Yogi deposit. Malcolm Titley 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 Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Malcolm Titley consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

3 TAKING IRON TO A WHOLE NEW LEVEL

4 DISCLAIMER This document is NOT a Prospectus. This document is NOT an Offer or inducement to subscribe for shares. Investment in shares in Ferrowest Limited should be considered speculative. This document is the property of Ferrowest Limited and may not be reproduced, published or passed on to any other person for any purpose without the prior written approval of Ferrowest Limited. No representation or warranty, either express or implied, is made by Ferrowest Limited, its directors, employees or agents for any statement, opinion, forecast or expectation arising out of or contained in this document, nor for any omission from this document. This document contains the plans of Ferrowest Limited, which are based on certain assumptions, forecasts and forward looking statements that may or may not turn out to be correct. Ferrowest reserves the right to alter its plans in its absolute discretion. The situation in respect to prices, market demand, short term funding and project financing can change from day to day and represent a tangible risk to investment that needs careful monitoring. There are inherent risks and opportunities in world markets (including the ASX) at this time which you should consider in making investment decisions in respect of your personal circumstances and your personal investment objectives.

5 About Ferrowest Limited ASX Listed (Since 2006) ASX Code: FWL 128,036,181 ordinary shares Top Shareholders TFA International PL 13.12% Sin Tang Mining 5.19%% De Belle & Sheehan 5.60 % Alcardo Investments 4.03% Directors (collectively) 14.26% Directors Bryan Hughes (Chairman) Brett Manning (MD) Barry Wyatt Philip Evers Graeme Johnston Share Price: 3.6 cents (12Jul12) 5 Year Trading Range: 3.5 cents to 94 cents Market Cap $4.6M (12Jul12) Inferred Resources (magnetite) at Yogi: 27.5%Fe Target Potential # at Yogi: Billion Tonnes at 25.5% 29.5% Fe # The target potential is conceptual in nature as insufficient data exists to define a Mineral Resource and it is uncertain if further exploration will result in further Mineral Resource. The target potential is based upon calculations prepared by Ferrowest Limited with reference to current experience at Yogi and available data.

6 Yogi Mine Project Eradu MPI Project Other Projects Conventional magnetite open cut mine and concentrator at Yogi to produce 4.5Mtpa of magnetite concentrate at 67%Fe for more than 25 years. Manufacture of 1.0Mtpa merchant pig iron (MPI) in the form of 96%Fe iron nuggets using the new ITmk3 technology at Eradu, 60Km east of Geraldton. Barry s Ridge Project South east of Cue New Forest North of Tallering Peak Mine Jack Hills North west of the Jack Hills Mine A business plan with a balanced portfolio of opportunities including a solid base case, an innovative point of difference and excellent upside potential.

7 Tenement Locations For personal use only

8 Yogi Mine Project Overview Proposed 4.5Mtpa Magnetite concentrate production 25+ year mine life million tonne inferred magnetite 27.5%Fe Preliminary Feasibility Study complete Bankable Study targeted for completion in 18 months Gold, base metals and haematite exploration also ongoing Long lead time items such as flora, fauna and Aboriginal heritage largely complete. The project has no red flag issues and is well served with existing infrastructure.

9 Yogi Mine Project Location For personal use only

10 Yogi Tenements & Targets Yogi Tenement Priorities In Fill Drilling of 460Mt Inferred Resource at SAM target to upgrade to indicated and measured (leading to probable and proven reserves) * Resource drilling, starting at TWEETY with the aim of increasing the resource inventory from 572Mt toward the Bt target potential # at a range of between 25.5% and 29.5% Fe Gold, base metals and haematite exploration *Subject to successful exploration and studies # The target potential is conceptual in nature as insufficient data exists to define a Mineral Resource and it is uncertain if further exploration will result in further Mineral Resource. The target potential is based upon calculations prepared by Ferrowest Limited with reference to current experience at Yogi and available data.

11 Magnetite at Yogi Inferred Resource Estimate (Magnetite Mineralisation) Mineral Resource Estimate Million Tonnes Fe% SiO 2 % Al 2 O 3 % P% LOI% (Mt) Inferred (Fresh) Inferred (Transitional)* Inferred Total Notes: Tonnages rounded to nearest 10,000 tonnes. Cut-off Grade 23.0% total Fe *Material that is partially oxidised but magnetite bearing. Magnetite Iron Ore Concentrate Produced Fe% SiO 2 % Al 2 O 3 % TiO 2 % P% (XRF) S% (XRF) Cu% Target Potential # at Yogi, once fully drilled out, is Bt at %Fe Please refer to the Competent Persons Statement at the end of this presentation # The target potential is conceptual in nature as insufficient data exists to define a Mineral Resource and it is uncertain if further exploration will result in further Mineral Resource. The target potential is based upon calculations prepared by Ferrowest Limited with reference to current experience at Yogi and available data.

12 Project Specifications Mining by conventional open cut methods Concentration on site in a beneficiation plant using: Crushing; Grinding; and Magnetic Separation Concentrate will be transported by slurry pipeline or reinstatement of the old railway that used to run through Yogi (145km from Mullewa to the concentrator plant) Electricity will be generated on site using natural gas The existing Mid West Natural Gas Pipeline passes through the tenements and will only require a 12km branch line Relatively fresh ground water is available from pit dewatering and a proposed bore field to the immediate east of the mine 1.5Mtpa of concentrate will be transported to Eradu for the MPI plant and 3Mtpa will be exported through the proposed new Oakajee Port

13 Project Timetable Scoping Study Preliminary Feasibility Study Bankable Feasibility Study Financing Construction Completed Completed 18 months 3 months 21 months Project Life 25 Years +

14 Capital & Operating Costs * Capital Cost 4.5Mtpa Magnetite Concentrate Concept (A$) Mine & Concentrator $ 720M Railway $ 244M Power Station (BOO # ) $ Contingency (10%) $ 96M $1,060M Operating Cost 4.5Mtpa Magnetite Concentrate Production Concept (A$/t) Mining $20.03 Concentrator $34.15 Product transport and port costs $16.87 $71.05 Project NPV(10%) is estimated at A$450M and an IRR of 22.5% # Build Own Operate. * Capital and operating costs are being analysed as part of the ongoing Feasibility Studies and will be confirmed as the studies advance and become more defined. The costs shown here are indicative and provided to give some general guidance of the expectations for the t project. These costs assume all magnetite is exported and therefore does not reflect the synergies es of the value adding process to MPI.

15 Eradu MPI Project Overview Proposed 1.0Mtpa Merchant Pig Iron (MPI) production 25+ year project life ore supplied by the Yogi Mine Project New ITmk3 iron making technology Preliminary Feasibility Study complete Bankable Study targeted for completion in 18 months Proposed plant site has natural, gas, rail, road and port MPI is currently selling for around US$430/t in Asia Merchant pig iron (96%Fe) is a high value, relatively low volume product with a niche market that is underserviced in the Asian region. Brazil is the major competitor but has double the shipping cost to Asia.

16 Eradu MPI Project Location For personal use only

17 Project Specifications 1.5Mtpa of 67%Fe magnetite concentrate from Yogi will be consumed each year 1.0Mtpa of MPI will be produced in the form of Iron Nuggets and exported The main Dampier to Bunbury Natural Gas Pipeline will supply gas for the furnace and power Magnetite concentrate will arrive by either the existing rail on the southern boundary of the plant site, a slurry pipe or possibly road trains along the Geraldton to Mount Magnet Highway MPI will be transported by rail to the Port of Geraldton for export Geraldton Port is ideal for MPI, which generates no dust and can be exported over any loader 55,000dwt vessels used through Geraldton are ideal for the high value MPI cargo Cutting edge ITmk3 iron making technology is very efficient with about 30% less GHG MPI Spec: 96 97% Fe % C < 0.05% S

18 Steel Dynamics ITmk3 Plant Ferrowest proposes to use the same ITmk3 technology as the Steel Dynamics plant in Minnesota Photos: Courtesy of Steel Dynamic Inc.

19 ITmk3 Process Flow For personal use only

20 Environmental Benefits VOC Paticulates (PM10) SOx NOx Gaseous Emissions ITmk3 Advantages Lower energy consumption Reduced CO2 emissions Reduced transportation costs Carbon Gases CO2 - From Mine to Finished Steel Kg per MT of Steel Produced ITmk3 Blast Furnace Source: US Department of Energy KG/MT Steel Produced BF-BOF Route Steel Making Routes ITmk3 -EAF Route Photo: Courtesy of Steel Dynamic Inc. Source: US Department of Energy

21 Scoping Study Completed Preliminary Feasibility Study Bankable Feasibility Study Completed 18 Months Eradu MPI Project Financing 3 Months Commence Construction 21 Months Production Project Timeline

22 Capital & Operating Costs * Capital Cost 1.0Mtpa MPI (A$) MPI Plant & Services $510M Other Site Services $ 40M Power Station (BOO # ) $ Contingency (10%) $ 55M $605M Operating Cost 1.0Mtpa MPI (A$/t) $290/t Long Term Average Sale Price (US$/t CFR Asia) $500/t Project NPV(10%) is estimated at A$357.6M and an IRR of 23.9% # Build Own Operate. * Capital and operating costs are being analysed as part of the ongoing Feasibility Studies and will be confirmed as the studies advance and become more defined. The costs shown here are indicative and provided to give some general guidance of the expectations for the project. These costs assume that the mine only produces sufficient concentrate for the MPI operation and therefore does not reflect ect the capital cost per tonne reductions from an expanded 4.5Mtpa magnetite concentrate operation at the Yogi mine.

23 The Ferrowest Opportunity Yogi tenement package Large, long life, magnetite ore body Relatively close to the coast Co located with existing infrastructure Long lead environmental items cleared Unique MPI based business plan Magnetite concentrate production for the Chinese market Niche MPI market opportunity Higher margins through value adding Possible entry price opportunity and only 128M shares on issue

24 Thank you for your time

25 Competent Persons Statement The information in this report that relates to Exploration Results and general geological commentary is compiled by Graeme Johnston, a Fellow of the Geological Society of London. Information in this report that relates to Mineral Resources or Ore Reserves is based on information compiled by Graeme Johnston and Malcolm Titley, a Member of the Australasian Institute of Mining & Metallurgy. Graeme Johnston is a Director of the Company and a geological consultant to it through Corad Pty Ltd. Graeme Johnston 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 Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Graeme Johnston consents to the inclusion in this report of the matters based on his information in the form and context in which it appears. Malcolm Titley (MAusIMM) is a Director and Principal Consultant of CSA Global and is responsible for the estimation of the Mineral Resource for the Yogi deposit. Malcolm Titley 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 Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Malcolm Titley consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.