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1 General Meeting 19 April 2011

2 The information in this release that relates to the Exploration Process is based on information compiled by A Johnstone who is a member of the Australian Institute of Geoscientists (AIG). Andrew Johnstone provides exploration management consulting services to Gulf Industrials Ltd and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which Andrew Johnstone has undertaken 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'. Andrew Johnstone consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. Disclaimer This document is not a disclosure document nor does it constitute the provision of financial product advice. No representation or warranty is made as to the accuracy, completeness or reliability of the information. The information is provided expressly on the basis that recipients will carry out their own independent inquiries into the matters contained herein and make their own independent decisions about the affairs, financial position or prospects of the Company which reserves the right to update, amend or supplement any information at any time in its absolute discretion. COMPETENT PERSONS STATEMENT The information in this report that relates to Mineral Resources is based on information compiled by Hennie Theart, BSc (Hons), MSc, PhD, Pr. Sci. Nat (SACNASP /88), FSEG, FGSSA, FAAG; Shaun Crisp, BSc (Hons), Pr.Sci.Nat. (SACNASP /09); and Brent Barber, BSc (Hons), MPhil, AusIMM (222559), AAPG ( ). Hennie Theart and Shaun Crisp are registered with the South African Council for Natural Scientific Professions (SACNASP), a JORC Recognised Overseas Professional Organisation "ROPO" and Brent Barber is a member of the Australasian Institute of Mining and Metallurgy (AusIMM). They are full-time employees of SRK Consulting and have experience which is relevant to the style of mineralisation, type of deposits under consideration and to the activity which they have undertaken, to qualify them as a Competent Persons, as defined in the 2004 Edition of the 'Australasian Code for Reporting of Exploration Results, Minerals Resources and Ore Reserves'. Hennie Theart, Shaun Crisp and Brent Barber consent to the inclusion in the report of the matters based on their information in the form and context in which it appears.

3 Gulf Board NE Chairman Sir Sam Jonah KBE OSG CEO Vic Fitzmaurice CFO Wayne Kernaghan NE Directors Mike Brook African Lion 3 Jonathan Best Chris Innis Bobby Jurd Corporate Advisor Mark Arnesen 3

4 Corporate Snapshot Share on Issue 429 M (ASX : GLF) Options 25M (ASX : GLFO) 52M (ASX : GLFOB) 39.5 M unlisted options Major Shareholders African Lion 3 Ltd 18.6% Jonah Capital BVI Ltd 14% Top 20 Shareholders 52% 4

5 Why Industrial Minerals? Essential raw materials for a wide range of industrial and domestic products Building blocks for industrialization Demand is consistent and long term Vermiculite / phosphate / limestone Logistics must be manageable and cost effective Price increases >30% - 50% (Vermiculite from ).

6 Gulf Projects Uganda Namekara Vermiculite Mine 55Mt JORC Inferred Resource (Example: >50y mine life at 280,000tpa possible, thus not resource constrained) Largest vermiculite resource with coarse grades Preparation for expansion to 30,000 tpa in progress for July 2011 Operational Staffing successful Expanded mining lease Expansion planning in progress (base case to 80ktpa, and 130ktpa) Carbonatite under explored (old Phosphate mine, Cu, Fe, REE, Etc.) Madagascar Soalara Limestone project Logistics study completed BFS planned Kenya Mwingi project (greenfields) Review Strategy 6

7 Namekara Vermiculite Namekara Mine

8 Namekara Vermiculite Resource JORC Inferred Resource (Red Block): 26.7% V_180μm and V_425μm Rio Tinto (2008) SRK Consulting (2009) 15m x 15m x 10m block model (grade estimation by inverse distance weighted method) Total Contained Vermiculite: 100% Premium (+9.50 mm) 8 % Large Grade (+5.60 mm) 21 % Medium Grade (+2.00 mm) 30 % Fine Grade (+1.18mm) 20 % < S/ Fine, micron, super-micron (-1.18mm) 21 %

9 Vermiculite from mine to final product Vermiculite is a product of weathered phlogopite (mica), i.e. A natural mineral that occurs in the ground, in veins and mixed with other minerals in the soil. Vermiculite ore is mined by opencast means in a quarry The ore is dried, screened, crushed and winnowed (air separated) and produces a concentrate graded by size, and sold to Exfoliators. Vermiculite expands when heated in a kiln, thus producing lightweight particles called exfoliated or expanded vermiculite. Exfoliators will apply the exfoliated product in industrial processes or onward sell it Its many uses are derived from its unique physical and chemical properties, mostly after exfoliation:- low weight, its capacity to absorb and slowly release liquids, Its excellent insulation values against heat and sound and its ability to withstand chemical attack. 9

10 Vermiculite Process Flowsheet 10

11 Vermiculite Markets Namekara is one the world s largest vermiculite resource with coarse grades (>60% of product) Coarse grades attract higher prices (>100% price differential between FINE and Coarse product) World demand 700ktpa 1,000ktpa (Dupre) (Roskill 650ktpa) Shortfall of 200ktpa 400ktpa (Actual demand not being met) Vermiculite pricing for 2011 increased between 30% and 50% Namekara resource can produce up to 280ktpa (logistics study currently underway) Dupre has sales orders >120ktpa (in Europe only) from 2012 onwards Other producers:- South Africa produce about 190ktpa, declining, no coarse grades USA Shortfall and declining mine production India, China, Japan, etc. Shortfall Brazil new capacity (Fine products only) 11

12 Vermiculite Marketing DUPRE MINERALS Dupre Minerals, a wholly owned subsidiary of the Goodwin Group PLC UK. Experienced in vermiculite processing and marketing o Experienced Sales force o Purchase product F.O.B. Mombasa o Handle all product from port to final destination o Technical assistance (laboratory, product improvement, R&D, etc.) World wide distributor of Namekara product In discussions to assist Gulf to advance capacity to 130ktpa 12

13 Vermiculite Namekara Trenching in the Pit, Pit dug at site of old RioTinto drill hole Weathered Namekara (Light colour) PWC, Palabora (Very dark) Unweathered Namekara (Darker) 13

14 Namekara Vermiculite Concentrate (Crude) Premium Large Medium

15 Namekara Vermiculite Exfoliated

16 Vermiculite uses Industrial o Friction products (Brakes, clutch, etc.) Construction o Fire proofing products o Insulation and insulating products Horticultural Agricultural General 16

17 Namekara Vermiculite Sales Projection (000 tons pa) Plant 3 Plant 2 Plant

18 Namekara Current Status Social, Environmental, Safety & Health Good community relationships Equator principles Land relocation plan to date successful Nil fatalities, Nil lost time accidents, Nil community incidents Production sold 1,125t Q1/2011 1,351t Q2/2011 1,800t Q3/2011 Forecast 2,500t pm from July

19 Namekara Future Feasibility Study Vermiculite Production Expansion Resource Reserve Marketing (coarse products) Logistics (130,000tpa confirmed) Mine Planning (confirmed up to 280,000tpa product) Plant Expansions planned (50,000tpa modules) Exploration Mining Licence increased Additional minerals (Cu, Fe, Phosphate, REE) Technical Studies Phosphate, etc Vermiculite extraction improvements 19

20 Namekara Exploration Resource and sterilisation drilling: Increased in drilling pattern around the mine to move JORC resource to reserve (mine planning) Consultant appointed to review and renew Independent Competent Person s Report (Due End 2011) Exploration drilling and activities on tenements surrounding the mine (retain licenses in good standing) Exploration targets identified and project planning in progress based on 2010 drilling (6 x RC Holes) and exploration Drilling expected to start in May 2011 Target minerals Vermiculite, Phosphate, Copper, Iron Ore, REE 20

21 Namekara Rio Tinto Drilling (2 campaigns) 21

22 Namekara Future 22

23 Namekara Future - Exploration 23

24 Namekara Export Route / Logistics study Confirmed 130,000tpa / 280ktpa underway Namekara Mine Port of Mombasa 24

25 Namekara Export Route / Logistics study Confirmed 130,000tpa 25

26 Namekara Mine Vermiculite veins 26

27 Namekara Mine pit 27

28 Namekara haulers 28

29 Namekara Mine New Drier 29

30 Namekara Exploration (2010) 30

31 Community Clinic 31

32 Community New house for relocation 32

33 Community Foot ball kit 33

34 Community Food garden trials 34

35 Community first ladies employed 35

36 Madagascar 36

37 Company Growth Strategy Madagascar Soalara concept planning:- o Develop Soalara Limestone: From zero 2Mtpa (BFS limestone) 5Mtpa (PFS on other products) o Drilling / Environmental / BFS o Time table TBC o Funding - TBC Harbour development (3 rd party) delayed Logistic study completed (Confirmed temporary harbour solution for 2Mtpa) Strategic Alliance discussions (Underpinning off take, logistics, etc) Off take(s) strategy and timing critical 37

38 Madagascar Limestone Soalara Project

39 Conclusion 39

40 Conclusion Company moving from very small scale vermiculite producer to significant staged expansion, underpinned by strong market demand and robust feasibility studies Unlocking the exploration potential of one of the world s largest Carbonatites Assets under-explored Capital Requirement o Uganda vermiculite mine expansions o resource and sterilisation drilling o working capital o Feasibility studies (future expansion) o Evaluate growth opportunities 40

41 Thank You 41

42 General Meeting 19 April 2011

43 General Meeting Additional Slides 19 April 2011

44 Vermiculite Uses Industrial Construction Horticultural Agricultural General 44

45 Vermiculite Uses Industrial o Friction products, clutches, brake pads / shoes o Fire proofing (paints, boards, plaster, etc.) o Insulation (furnaces, buildings, molten materials, etc.) o refractories o Fixation of hazardous materials o Insulation blocks and shapes o Low & High temperature insulation o Molten metal insulation o Moulded products o Nuclear waste disposal o Paints o Perfume absorbents, etc. 45

46 Vermiculite Uses Construction o Acoustic finishes o Air setting binders o Construction boards (fire proof and insulating) o Floor & Roof screeds o Combined with Gypsum plasterboard o Loose fill loft and wall insulation o Filtration o Ceiling boards o Roof profiles and tiles o Wall and floor tiles o Floor boards o etc. 46

47 Vermiculite Uses Horticultural o Blocking mixes o Hydroponics o Micro propagation o Potting mixes o Root cuttings o Seed germination o Sowing compost o etc. 47

48 Vermiculite Uses Agricultural o Animal feed o Anti-caking agent o Bulking agent o Fertilizer carrier o Pesticide carrier o Seed encapsulement o Soil conditioner, etc General o Kitty litter o Flower decorations (freshness) o Odour absorption, etc. 48