INVESTOR PRESENTATION

31 MAY 2012

EURO PACIFIC GLOBAL INVESTMENT CONFERENCE

Forward Looking Statements

This presentation contains certain forward-looking statements and forecasts which include without limitation, expectations regarding future performance, costs, production levels or rates, reserves and resources, the financial position of Troy Resources Limited (the “Company”), industry growth or other trend projections. Although such forecasts and forward-looking statements reflect current beliefs and are based on information currently available and assumptions believed to be reasonable there is no assurance that actual results will be consistent with such forecasts and forward-looking statements. A number of factors could cause actual results, performance, or achievement to differ materially from the results expressed or implied in such forecasts and forward-looking statements. For a description of such factors please see the section entitled “Risk Factors” in the Company’s amended and restated preliminary prospectus dated 10 January 2008 available under the Company’s profile at www.sedar.com. Nothing in this presentation should be construed as either an offer to sell or a solicitation of an offer to buy or sell securities.

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Troy - A Profitable Mid Tier Gold Producer

• Listed on the ASX (1987) and TSX (2008) Code: TRY

• Early mover into South America opening Sertao in 2002

• Two operating gold mines

• Andorinhas, Para State, Brazil

• Casposo, San Juan Province, Argentina

• Sandstone, WA, Australia – free carry Ni exploration JV with Western Areas (WSA)

• Just 89.15m share on issue

• Paid 12 fully franked cash dividends over the last 12 years

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Troy – A Period of Strong Growth

• FY 2011: 17% increase in gold production to 71,614 oz

• FY 2011: 25% reduction in cash costs to US$554/oz net of silver credits

• FY 2011: Net Profit of A$14.6m

• Paid 12th fully franked cash dividend of 6 cents per share in January 2012

• December Quarter: 39% increase in gold production to 33,329 oz

• December Quarter: 36% reduction in cash costs to US$373/oz net of silver credits

• 76% increase in H1 FY2012 profit after tax to A$10.7m

• Excludes additional A$5.5m unrealised PAT at the end of the half on unsold production

• March Quarter 32,774 oz gold @ US$407/oz net of silver credits

• Guidance FY2012: 140 koz gold equivalent, FY2013 160 koz gold equivalent

• Doubled Casposo exploration budget to $15m

• Discovery of new high-grade zone at Casposo delivering 19% increase in M+I contained gold equivalent

• S&P ASX Top 200 Index from April 19, 2012

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Corporate Snapshot

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Ordinary Shares: 89.9M

Options: 4.6M

Share Price as at 31 May 2012: $4.13

52 Week Range: $3.01 - $5.01

Market Cap as at 31 May 2012: ~A$365M Net Cash as of 31 March 2012: ~A$15.1M

[Cash A$32.1m + Debt A$17.5m]

Key Statistics (A$)

Senior Management • Paul Benson, CEO & Managing Director • Peter Doyle, VP Exploration & Bus. Development • Ken Nilsson, Executive Director Projects • David Sadgrove, CFO & Company Secretary • Andrew Storrie, COO

Non-Executive Directors • David Dix, Non-Executive Chairman • Gordon Chambers, Non-Executive Director • Fred Grimwade, Non-Executive Director • John Jones, Non-Executive Director • Robin Parish, Non-Executive Director

Shareholders

Andorinhas Gold Mine - Brazil

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3.2m @ 72.78 g/t Au

Andorinhas Gold Mine - Brazil

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• FY2010: 31,568oz at US$634/oz

• FY2011: 49,099oz at US$519/oz

• December Quarter 2011: 12,625oz at US$542/oz

• March Quarter 2012: 12,295oz at US$535/oz

• Guidance FY2012 – 50koz • YTD March 31, - 37.8koz

• Current Reserves support the operation through to FY15 with potential at depth and regionally to extend the mine life

010,00020,00030,00040,00050,00060,000

FY12 FY13 FY14 FY15 FY16 FY17

Au 0

z

Andorinhas Production Profile

Scheduled Reserve Ounces

Potential for additional

ounces from Melechete Extension,

Arame, M1 Vein, Lagoa Seca West,

Coruja, Luiza

Exploration Potential

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Potential to add resources at depth Exploratory sill in

Arame Resource

Melechete Lode Drilling and Grade Distribution

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Casposo Project – San Juan Province

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San Juan Mineral Project Endowment Mines & Casposo Project Access

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Casposo – the Crown Jewels

• Reached budget throughput midway through month of September 2011 • 6,606 oz Au @ unit cash cost of US$377/oz Au net of silver credits

• December Quarter 2011 production 87% increase to 20,701 oz Au with unit cash cost falling 60% to US$270/oz Au net of 274,660 oz of silver credits (silver up 96%)

• Co product costing 25,873 oz Au_eq (up 86%) at US$551/oz Au_eq (down 38%)

• March 2012 Quarter 20,479 oz Au at US$330/oz net of 281,492 of silver credits • Co product costing 25,965 oz Au_eq at US$616/oz Au_eq

• Guidance FY2012 - 90koz gold equivalent • YTD March 31 – 65.8koz

• The site moved from diesel generated power to grid power in December further lowering costs

• Significant exploration results at Casposo with potential dependent on mine planning, to:

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Blue Sky

13 Aurora Vein

Oveja Negra

Oveja Negra East

Lucia Vein

Maya Vein

Mercado Deposit

Kamila Pit

Panzon Vein

Total Gold Equivalent Production

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Aim to avoid the drop in production in Years 3 and 4 through proving up additional higher grade ore – eg Kamila SE Extension

Aim to extend mine life through proving up additional surface and underground Reserves

Original data from 2010 NI 43-101 – Actual results delayed by slower than expected ramp up

Casposo 2010 Mining Reserves

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Highest value intercept on the property to date HOLE: CA08250

7.2m @ 108.7g/t Au 4,423g/t Ag

New Resource Area Focused on First 500m of 1.5km Structure

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New Resource Area Focused on First 500m of 1.5km Structure

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Note: Discrepancies may occur due to rounding

Note: Discrepancies may occur due to rounding

Table 1a: Kamila Southeast Resource Estimate (Using 2g/t Au_Eq Cut-off)

Resource Classification Tonnes Gold (g/t Au)

Silver (g/t Ag)

Gold Equivalent Au_Eq (g/t)

Contained Metal (Au_Eq oz)

Measured 96,000 6.68 770 17.68 54,600

Indicated 161,000 4.43 572 12.61 65,300

Total Measured & Indicated 257,000 5.27 646 14.50 119,900

Inferred 226,000 3.00 281 7.01 51.000

Table 1b: Kamila Southeast Resource Estimate - High Grade Zone (Above 5g/t Au_Eq Cut-off)

Resource Classification Tonnes Gold (g/t Au)

Silver (g/t Ag)

Gold Equivalent Au_Eq (g/t)

Contained Metal (Au_Eq oz)

Measured 87,500 7.24 832 19.13 53,500

Indicated 109,000 6.05 767 17.00 59,600

Total Measured & Indicated 196,000 6.58 796 17.95 113,100

Inferred 108,000 4.72 417 10.68 37,100

Total Gold Equivalent Production

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Original data from 2010 NI 43-101 – Actual results delayed by slower than expected ramp up

-

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

450,000

FY2013 FY2014 FY2015 FY2016 FY2017

Tonnes

Financial Year Ending June 30

CASPOSO OPEN CUT, UNDERGROUND AND PROCESSED TONNES

Open Cut

Underground

New 2012 Mine Plan

New 2012 Mine Plan

-

20,000

40,000

60,000

80,000

100,000

120,000

140,000

FY2013 FY2014 FY2015 FY2016 FY2017

Ounces

Financial Year Ending June 30

CASPOSO RECOVERED GOLD EQUIVALENT PRODUCTION OUNCES

Gold Silver in GoldEquivalent

New 2012 Mine Plan

0

20000

40000

60000

80000

100000

120000

140000

1 2 3 4 5 6

Au_eq Oz

Financial Years

COMPARISON BETWEEN PREVIOUS (2010) PRODUCTION SCHEDULE AND THE NEW (2012) SCHEDULE - GOLD

EQUIVALENT OUNCES

Original 2010 ProductionSchedule adjusted for delayedramp up

Improved Schedule

-

20,000

40,000

60,000

80,000

100,000

120,000

140,000

FY2013 FY2014 FY2015 FY2016 FY2017 FY2018

Ounces

Financial Year Ending June 30

CASPOSO EXPLOTATION POTENTIAL

Gold Silver in Gold Equivalent

Ongoing exploration aimed at maintaining

production levels and Reserve

Growth

Gol

d an

d G

old

Equi

vale

nt (A

u/Au

_Eq

Oun

ces

659,147oz

382,500 oz

506,400 oz

574,600 oz

-

100,000

200,000

300,000

400,000

500,000

600,000

700,000

2009 Reserve 2010 Reserve 2012 Reserve

CASPOSO RESERVE GROWTH

79,047oz Au_Eq (Produced as of Feb 29,2012)

Gold_Eq Ounces (LH)

2012: 43101 Reserve Growth

Kamila - Julieta Structural Corridor

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2011 Julieta Drilling Results

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Castaño Nuevo Target, Argentina

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Looking Forward

• Casposo reaching its full potential – it already is one of the lowest cost gold mines reporting on the ASX

• Guidance FY2012: 140 koz gold equivalent, FY2013 160 koz gold equivalent

• Ongoing exploration at Casposo and Andorinhas

• Opened of Troy office in Toronto raising the profile in North America

• Continue to look for the next M+A opportunity

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THANK YOU

Qualifying Statements

Au_Eq grade calculated using gold to silver ratio of 1:60. The gold: silver ratio is determined using metal price and recovery factors and determined according to the parameters below:

– Au Price US$1500/oz – Ag Price US$28/oz – Au processing recovery 90% – Ag processing recovery 80%

– Metal prices approximate 3 year averages for each of gold and silver. – Processing recoveries were determined from updated metallurgical testwork carried out by independent consultants on diamond drill core from Casposo.

The equivalency factor is calculated by the formula: Gold to Silver ratio = (gold price ÷ silver price) x (gold recovery ÷ silver recovery) = (1500 ÷ 28) x (.90 ÷ .80) = 60 Gold equivalency (Au_Eq) is calculated by the formula: Au_Eq g/t = Au g/t + (Ag g/t ÷ 60.00)

Information of a scientific or technical nature that which relates to exploration results, Mineral Resources or ore Reserves was prepared under the supervision of Peter J. Doyle, Vice President Exploration and Business Development of Troy, a “qualified person” under National Instrument 43-101 – “Standards of Disclosure for Mineral Projects”, a Fellow of the Australasian Institute of Mining and Metallurgy. Mr. Doyle has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration, and to the activity he is undertaking, to qualify as a “competent person” as defined under the Australian JORC Code as per the 2004 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr. Doyle has reviewed and approved the information contained in this announcement. Mr. Doyle is:

• Is a full time employee of Troy Resources Limited • Has sufficient experience which is relevant to the 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’ • Is a Fellow of the Australasian Institute of Mining and Metallurgy • Has consented in writing to the inclusion of this data

For further information regarding the Company’s projects in Brazil, Australia and Argentina, including a description of Troy’s quality assurance program, quality control measures, the geology, sample collection and testing procedures in respect of the Company’s projects please refer to the technical reports filed which are available under the Company’s profile at www.sedar.com or on the company’s website.

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