MINES

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• MINES MONEY
• AUSTRALIA DAY
• GORDON TOLL, CHAIRMAN
• RICHARD SWANN, MANGING DIRECTOR
• November 2007

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Forward looking statements

• This presentation and answers to subsequent
  questions contain certain forward-looking
  statements. All statements, other than
  statements of historical fact, that address
  activities, events or developments that Compass
  believes, expects or anticipates will or may
  occur in the future are forward-looking
  statements. Forward-looking statements are often,
  but not always, identified by the use of words
  such as seek, anticipate, believe, plan,
  estimate, expect, and intend and statements
  that an event or result may, will, can,
  should, could, or might occur or be
  achieved and other similar expressions.
• These forward-looking statements reflect the
  current internal projections, expectations or
  beliefs of Compass based on information currently
  available to Compass. Forward-looking statements
  are subject to a number of risks and
  uncertainties, including those detailed from time
  to time in filings made by Compass with
  securities regulatory authorities, that may cause
  the actual results of Compass to differ
  materially from those discussed in the
  forward-looking statements, and even if such
  actual results are realized or substantially
  realized, there can be no assurance that they
  will have the expected consequences to, or
  effects on Compass.
• Compass expressly disclaims any obligation to
  update or revise any such forward-looking
  statements.

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Outline

• Corporate Background
• HNC Relationship
• Oxide Base Metals Project
• Sulfide Base Metals Project
• Uranium
• Exploration
• Strategy Future

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Compass Board

• Gordon Toll Chairman
• Richard Swann Managing Director
• Phil Cohen Executive Director Company Secretary
• Dr Malcolm Humphreys Non-executive Director
• John Chappell Independent Non-executive Director
• Dr Thomas Girgensohn Independent Non-executive
  Director
• Philip Wood Independent Non-executive Director

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History

• 1987 list on Australian Stock Exchange
• 1990 acquire Rum Jungle/Batchelor tenements
• 1994 acquire Northern Territory leases from Rio
  Tinto
• 1998 prove up commercial design process
• 1999 receive 4.8M RD grant from Australian
  Government, matched for by Compass
• 2001 receive Major Project Facilitation status
  from Australian Government
• 2007 evolving from explorer to developer to
  producer

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Share Capital Outstanding

• 127,076,512 Fully paid ordinary shares
• 644,000 Unlisted partly paid employee shares
• 3,050,000 Unlisted options

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Market capitalisation
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Location and Interests

• 84 M t base metals resources
• 14.5 M lb uranium resources
• World-class minerals province
• High grade uranium intersections
• Strong pipeline of projects

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Northern Territory

• Strategic location
• 90 km from Darwin, 7 km NW of Batchelor
• Close to road, rail, port, power, workforce
• Extensive tenements
• Close to Australias richest uranium province
• Highly prospective for uranium and base metals
• Compass exploration since 1995

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Hunan Nonferrous Metals Corporation
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Strategic partnership

• Signed Cooperation Contract September 2006
• Signed 3 Joint Venture Agreements April 2007
• Developing Browns Oxide Project
• Feasibility study for Sulfide Project commenced
• Regional Exploration JV for base and specialty
  metals

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Browns Oxide Project

• Environmental approvals for Browns 2006
• Initial production three years
• Additional oxide resources for further five to
  six years
• Commissioning early 2008
• Throughput 1.3 Mt/y
• Capital cost about A100 M
• Reduced capital by use of second hand components

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Flow sheet

• Insert flow sheet

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Sulfides Feasibility Study

• Funded 100 by HNC
• Will examine production scenarios eg initial
  capacity (2 Mt/y to 4 Mt/y), incremental
  increase, processing options
• HNC to sole fund construction of plant to
  capacity of 4 Mt/y (formula to split costs if
  capacity higher)
• Capex anticipated between 750 M and 1000 M
• HNC has options to defer but Compass can continue
  HNC buy back rights or relinquish interest
• Feasibility study 12-18 months (under way),
  permits and approvals (6-12 months concurrent
  with study), construction 12-18 months
• Production potential between 2010 to 2011

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Sulfides - project concept

• At production capacity of 4 Mt/y can mine for gt
  20 years
• Produce annually
• 155,000 tonnes of lead (recoveries 93)
• 37,000 tonnes of copper (recoveries 93)
• 6,500 tonnes of cobalt (recoveries 91)
• 4,500 tonnes of nickel (recoveries 90)
• Silver credits not included (150,000 oz?)
• Zinc not enough certainty yet to include
• With HNC participation Compass free-carried to
  substantial annual production
• Production figures are estimates, rounded to
  the nearest 500 tonnes

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Sulfides - project economics
Based on internal models and assumptions and
external scoping studies and attributable to
Compass share only (1) Cu (from US 1.50 to US
3.13), Cu (US 12.50), Ni (from US 4.50 to US
10.78), Pb (US 0.35). Near term prices for Cu
and Ni are derived from the forward curve with a
revision to the long term average forecasts as
estimated by market analysts (2) Cu US3.00, Co
US15.00, Ni US10.00, Pb US0.75 (3) Cu (US
3.47), Co (US 27.20), in (US 16.26), Pb (US
1.20)
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Uranium 100 Compass

• Primary commercial use of uranium is for power
  generation
• Uranium provides 16 of global electricity
  generation
• Demand is predictable
• 435 current reactors supply 370 GWe and require
  78,500 tonnes of uranium oxide
• World electricity use growth forecast to grow 85
  to 2030 (World Energy Outlook 2006)
• 28 reactors under construction 23 GWe (World
  Nuclear Association)
• 222 planned and proposed 187 GWe (World Nuclear
  Association)
• Each additional GWe requires 195/t year of
  uranium oxide and 3x for initial load (World
  Nuclear Association)

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Uranium prospects
Whites
Dysons
Mt Fitch
Rum Jungle East
Browns East
Rum Jungle Creek
Rum Jungle Creek South
Waterhouse No 2
Waterhouse 3
Kylie
Wadjulla
QML 2
South Kylie East
QML 3
Dannii
Burnetts
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Rum Jungle
Previous mining
Whites uranium, copper
Dysons - uranium
Intermediate - copper
Copperleach of intermediate ore
Photo 1980
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Uranium value

• ASX metric Mt Fitch JORC resource valued at
  A230 M
• TSX metric Mt Fitch JORC resource valued at
  A350 M
• Rum Jungle historical mining of 10 M lb
• What would the valuation look like with similar
  discovery(s) at Browns East drilling in progress
  with impressive results
• and/or Rum Jungle Creek South
• and/or Dysons
• and/or Kylie
• and/or Sargents
• These are all targets in our exploration program

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Exploration

• 2007 exploration activities increased by 50
• Drilling at Rum Jungle, Browns East, Mt Fitch
• Future exploration Mt Fitch South (copper), Mt
  Fitch (copper), Rum Jungle East (uranium)
• Aeromagnetic and radiometric survey in Western
  NSW
• NSW drilling at Ironbark (gold), Parkes and
  Tomingley West
• Cuttaburra, Western NSW (copper, zinc, tungsten,
  silver)

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NT Resource base
1 Cut offs gt0.5 Cu, 3 Pb or 0.10 Co 2 Cut
off gt0.5 Cu, lt0.5 Cu gt0.05 Co (Knox partners)
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Polymetalic resources
Mineralisation

Dysons
Whites
Browns East
RumJungleEast
Intermediate
Browns
Browns zinc
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Compass strengths

• HNC Joint Venture ? capital for development and
  feasibility studies
• Rum Jungle Australias first uranium mine and
  most prospective uranium exploration ground in
  Australia
• Good recent drill results
• Strong commodity prices and strong outlook
• Diversity of base metals Cu, Co, Zn, Pb, Ni
• Strong international investor base ? access to
  capital and partners to bring assets into
  production

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Compass growth strategy

• Over the next five years
• Double Northern Territory base metals inventory
• Sulfide plant another operation
• Annual revenue of A1B
• Pay dividends
• Portfolio of uranium assets
• 1 greenfields discovery

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Ongoing steps

• New management team
• Board restructure
• Finalise decision and detail of NSW and Peru
  exploration spinout
• Sulfide feasibility study
• Resource upgrade and continue additional drilling
• Complete environmental studies required for
  permitting
• Commence permitting processes for sulfide and
  uranium projects

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Your next steps

• Visit us at our booth!