ASX Code: LBY

Investor Presentation

May 2012

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Competent Person Statement

The information in the report to which this statement is attached relatesto Exploration Results, Mineral Resources or Ore Reserves compiled byMr. D. J. Holden, who is a Member of The Australian Institute of Miningand Metallurgy, with over 20 years experience in the mining andresource exploration industry. Mr. Holden has had previous relevantexperience and qualifies as a Competent Person as defined in the“Australasian Code for Reporting of Exploration Results, MineralResources and Ore reserves”. Mr. Holden consents to the inclusion in thereport of the matters based on his information in the form and contextin which it appears.

Claus Wohlert is a mechanical engineer with a Bachelor of Engineering(1st Class Hons) from the University of Canterbury, Doctor of Philosophyfrom the University of Canterbury. Dr Wohlert has over 30 years localand international experience in the oil and gas industry. His workexperience covers major oil companies and consulting firms, all phases ofthe oil and gas industry, including design engineering, construction,commissioning, and maintenance and a full range of rotating and staticequipment.

Disclaimer

This presentation contains statistical data, market research and industryforecasts that were obtained from government or other industry publicationsand reports or based on estimates derived from such publications and reportsand management's knowledge of, and experience in, the markets in whichLiberty operates. Government and industry publications and reports generallyindicate that they have obtained their information from sources believed to bereliable, but do not guarantee the accuracy and completeness of theirinformation. Actual outcomes may vary materially from those forecast in suchreports or publications, and the prospect for material variation can be expectedto increase as the length of the forecast period increases. While managementbelieves this data to be reliable, market and industry data is subject to variationsand cannot be verified due to limits on the availability and reliability of datainputs, the voluntary nature of the data gathering process and other limitationsand uncertainties inherent in any statistical survey. Accordingly, the accuracy,currency and completeness of this information cannot be guaranteed. TheCorporation has not independently verified any of the data from third partysources referred to in this presentation or ascertained the underlyingassumptions relied upon by such sources.

The images of production facilities contained in this document are not actualassets of the Company, but are representative of the proposed Urea CorpFertiliser Project.

libertyresources.com.au

Low Cost Fertiliser

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To develop a large scale, low cost urea fertiliser project which

reverses Australia’s import dependency and;

Obtain leverage to the long term trend of rising global food

consumption

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Our Vision…Liberty Resources

ASX Code: LBY

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Focus shifting from energy security to food security:

Global population growth – a new Germany born every year (approx 83m people)

Rising middle class leading to increased protein demand

Urbanisation reducing and pressuring existing farmland (particularly in China)

Material crop yields increases required to meet demand

Rising input costs impacting farmers and driving food price inflation

Australia has ample farmland - yet it is dependent on imported fertiliser

More people, requiring more food, with less land…

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Strategic Drivers

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...Rising wealth

…Rising food consumption

…Rising fertiliser demand “Over the past three

decades, the proportion

of the Chinese

population living in

urban centres has more

than doubled to almost

45 per cent.”

Presentation by Dr Philip Lowe, Assistant

Governor of the RBA (Central Bank) to the ABS Natstats conference, Australia.

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Long term Urbanisation Strategic Drivers

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Food prices hit a record in 2010, surpassing the levels seen during the 2007-08 crisis

General Mills raised prices on selected food items by as much as 7% in 2011

Source: Goldman Sachs, UN’s FAO, Casey Research

Food Inflation comes to America: General Mills, Kraft and Kellogg Hike Prices

Global Trends

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83% Food Price Explosion 2005 -08

UN Secretary-General Ban Ki-Moon: “The rapidly escalating crisis of food availability around the world has reached emergency proportions, which could lead to widespread starvation and topple governments.”

China has placed a 100% export tariff on fertiliser

“A wave of food-price inflation is moving through the world, leaving riots and shaken governments in its wake. For the first time in 30 years, food protests are erupting in many places at once.” The Economist

Source: World Bank, The Economist, Reuters

Protein Gold – “Agflation” Global Trends

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Source: Urea world market outlook and forecast, Merchant Research & Consulting Ltd 2010, and Liberty data.

Production & consumption : the gap…

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8 x Liberty sized projects are needed to meet projected global Urea demand…..

Strategic Drivers

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SUPPLY CONSTRAINTS:

Variable crop yields

Low grain inventories

Trade barriers

Urbanization and water limiting arable land growth

Slowing gains in seeds & traits technology

DEMAND DRIVERS:

Global population growth

Steadily rising level of protein in diets

Biofuels regulations

Crop yields, and inventory levels, influence short-

term supply dynamics

Long-termsupply dynamics

are more influenced by: trade barriers, lack of arable

land growth, and technological

advancements (in seeds & traits, and

agricultural machinery)

Owning agricultural

company shares and assets

serves as hedge against food

inflation

Global Food Inflationary Storm BrewingLimited Supply v Demand

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Liberty has been advancing its 100% owned, large (potentially ‘Tier 1’), low

cost urea (nitrogen fertiliser) proposed project located in Queensland,

Australia

Analysis, project definition and scoping study have now been completed

Permitting commenced 2008

EPC granted and MDLA lodged in 2010

17,000 page Project Implementation Plan completed Jan 2012

Project underpinned by 1,400 mt existing coal (to fertiliser) resource

Off-take agreements currently in negotiation

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Ground floor exposure to this supply/demand imbalance

The Opportunity

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ASX Code: LBY

Share Price (9 May 2012) $0.11

Shares on Issue 246.3m

Listed Options (LBYO 10c June 2013) 34.6m

Unlisted Employee Options 49.5m

Market Cap (undiluted) $27.1m

Cash (May 2012 ) $3.8m

Debt nil

Largest Shareholders (8 May 2012)

LBY Management 11.4%Dundee Corp 9.7%Auto Investment HK 8.9%Top 20 62.4%

Liberty Resources – the Investment Vehicle The Company

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Very large, low cost , urea fertiliser project located in Queensland, Australia

Project is 100% owned by Liberty

Potentially ‘Tier 1’ project - our independently verified scoping study provides for:

100+ year project life

Netting a margin of A$367/t - A$396/t

Producing up to 6.6 mt per year

Project utilises UCG (Underground Coal Gasification) to convert our existing 1,400 mt coal resource into:

Urea fertiliser (over 700 mt )

Ammonia (value add opportunities – e.g., Ammonium Nitrate for explosives industry)

Technology currently exists, is available and works

Liberty has an experienced management team and access to required Intellectual Property

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Our Australian Fertiliser Project The Project

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• Angren, Uzbekistan

• 400 MWe Steam Turbine

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50 Years of commercial UCG Operation The Project

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Power Generation

Coal Gasification

C, H, O

Syngas

N2

H2S

Air SeparationN2 + O2

O2

* Nominal flows only.

SulphurS

CO2

Electricity

Syngas

Ammonia

NH3

UreaCO(NH2) 2

H2

NH3

H2

Syngas Processing, Clean up, Shift and PSA

Ammonium Sulphate

Ammonium Nitrate

NH3

Electricity

Ammonia

NH3

Power

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Converting Coal to Urea Fertiliser and other value adds... The Project

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Urea (Nitrogen N )

Potash (Potassium K )

Phosphate (Phosphorous P )

Sulphate (Sulphur S )

Trace elements

Water + CO2

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Our focus – Urea...critical to crop growth The Project

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Ports

Rail

Pipelines

People

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Strategic location: Close to farms, mines and transport infrastructure…

The Project

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State logging

No farms

No cropping

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Minimal environmental concerns The Project

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PROJECT INFERRED RESOURCE AVERAGE COAL QUALITY

DENISON 1,400 million t Mod sulphur thermal coal CV of 6,200 Kcal/kg

GALILEE 338 million t Mod sulphur thermal coal CV of 5,100 Kcal/kg

(*) This resource forms part of the Westgrove Project area resource asannounced by the Company on 21 September 2009

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Coal: Our 1.4 Billion tonne* asset The Project

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Existing technology and processes... The Project

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Management Team– Andrew Haythorpe - Managing Director

– Justyn Peters - Chief Executive Officer

– Steve McRae - Chief Financial Officer

– Jake de Boer - Coal to Urea Project General Manager

– Claus Wohlert-Jensen - Senior Mechanical Engineer

– Erica Blumenthal - Geologist

– Scott Cross - Queensland Manager

Board of Directors– Andrew Haythorpe, Managing Director and Acting Chairman (former mining

analyst and fund manager, company director and investor)

– Horst Hueniken, Non Executive Director (extensive experience in capital markets, agricultural business)

– James Becke, Non Executive Director (ex founding Director of Macquarie Bank, 35 years experience in all facets of the Australian capital markets)

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The Liberty Team The Team

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Chief Executive Officer

Justyn was previously employed at Linc Energy the largest UCG company in the world. During his six years with Linc he held the positions of General Manager Government and Environment Affairs, General Manager of Business Development, Executive General Manager Asia and Executive General Manager Investor Relations.

He has extensive experience in the Environment, UCG and the development of a growing UCG Company. He has served as Legal Counsel for the Department of Environment and Heritage, a Director of Operations for the Qld EPA, Environment Advisor to the Queensland Mining Council, Head of Property and Environment for Air Services Australia.

Qualifications include Graduate Diploma in Legal Practice, University of South Australia, LLB(law) University of Adelaide (1993) and a double BA (Politics) and a BA (Jurisprudence) University of Adelaide ( 1991).

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Justyn Peters The Team

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General Manager

Jake has over 26 years in the Fertiliser and Coal Gasification industries and heldSenior positions in Perdaman Chemicals & Fertilisers, GHD Oil and Gas and SasolTechnology in South Africa.

At Perdaman he was responsible for Technical and Project requirements for the$3.5 billion, 2.0 mtpa Urea Collie Coal to Urea in Western Australia.

Previous ammonia/fertiliser experience has included feasibility studies for lignite tourea projects in both Victoria and NZ as well as various ammonia projects in SouthAfrica and Mozambique. At Sasol, he initiated the $2.1b Project Turbo whichsuccessfully converts poor fuel to value added polymers.

Qualifications include: M Eng (Chemical) and BCom (cum laude Economics), giving asolid basis for world scale project development.

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Jake De Boer The Team

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Senior Mechanical Engineer

Claus started at Shell InternationalPetroleum as Project Engineer and morerecently - Rotating Equipment Specialistfor Worley Parson Fluor Amec - WoodsideEnfield Project, Tiga Joint Venture -Conoco Phillips Bayu Undan Project andCarigali - PTTEPI Operating CompanyCPOC.

Claus holds a PhD in mechanicalengineering, with over 30 years ofinternational experience in the oil and gasindustry.

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Claus Wohlert-Jensen The Team

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Project scoping study provides for substantial net margins over extensive time frames

Independently verified by Uhde Shedden (Thyssen Krupp)

Extensive scrutiny undertaken (over 4 years of analysis)

Project positioned at the bottom of the cost curve

Project financing model currently in progress to enable gateway to required CAPEX

Project confidence further confirmed by:

Approvals

Off-Take Interest

Recent management appointments

Recent Investor activity

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Liberty: Leverage to food demandShareholder

Value

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Scoping Study 2010Train 1 Train 2 Train3

Capex ($Am) 3,000 3,000 3,000

Urea (mt per annum) 2.2 4.4 6.6

Urea price ($A/t) 500 500 500

Direct Opex, FOB ($A/t) 93 88 88

Total Opex FOB ($A/t) 133 112 104

Net Margin ($A/t) 367 388 396

Project Life (years) 318 159 106

Source: ** ASX Release - Technical audit completed on scoping study model 4th Sept 2010. Based on audited 30 years plant life scoping study . Excluding accounting adjustments for depreciation and amortisation. Scoping study completed to +/-30% accuracy. Figures based on certain assumptions. If any assumption is not met, these figures may alter.

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Scoping Study: Tier 1 project characteristicsShareholder

Value

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Urea price: our position on the cost curve Shareholder

Value

Extremely low position on the cost curve ($US 88/t @ 6.6 mtpa)

UCG of our Coal asset enables long term control of the most major input cost: energy

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How we compare on cost curve - global producersShareholder

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$3 billion CAPEX for Train 1

‘Tier 1’ projects aggressively sought after by majors

Few exist globally with these project parameters, at this stage of development

ROI and project lifespan impressive (Train 3: A$396/t net margin x 6.6mtpa x 106 yr project life)

Project economics make it attractive to majors

Conscious of maintaining capital structure and project control throughout process

Process of de-risking in stages and moving forward at acceptable spend

Partners/Key Investors provide gateway to the capital

We have 100% of the Project, giving us choices!

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Project Finance: for a significant ventureShareholder

Value

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New senior executives join the team

March 2012 Jake de Boer

March 2012 Justyn Peters

Key investors positioning

April 2012 AUTO International Investment Limited

April 2011 Dundee Corp

2008 - 2012 Management Investment

Off-Take Agreements

Dec 2011 Ammonia Off-Take 73,000 tpa

April 2012 New Queensland Government

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Momentum building… Milestones

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Anticipating designation of “Project of QLD State Significance”

Off-Take negotiations advancing

Indicative project finance proceeding

FID study commences

EIS and next levels of permitting and de-risking

Low cost fertiliser for farmers initiative

Food demand continues to grow....

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Advancing the project… Milestones

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UB3, 431 Roberts RdSUBIACO WA 6008

www.libertyresources.com.auPH: 08 9287 4488FX: 08 9388 8862

Investors leveraged to core underlying global food demand

The jigsaw is coming together:

Project

Management Team

The world needs 8 more Liberty sized projects to meet expected demand!

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Liberty Resources: Positioned for the next 100 yearsLiberty Resources

ASX Code: LBY

Financing

Government approvals

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