VULCAN RESOURCES PRESENTS TO DIGGERS & DEALERS FORUM

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1 ABN Ground Floor, 1 Altona Street, West Perth WA 6005 Telephone: NEWS RELEASE 6 August 2008 VULCAN RESOURCES PRESENTS TO DIGGERS & DEALERS FORUM Vulcan Resources Limited (ASX: VCN, FSE: VUA, WKN: A0HHEF, Norwegian OTC: VCNR) is pleased to announce that Managing Director, Dr Alistair Cowden, will present a corporate overview at the Diggers & Dealers Forum today in Kalgoorlie, Western Australia. Attached is a copy of investor materials delivered at the Forum. This will also be available on the Company s website Please direct enquiries to: - ENDS - Alistair Cowden Managing Director Tel: admin@vulcanresources.com.au Sven Olsson AXINO AG Germany Tel: Charlotte Knudsen Crux Communications Norway Tel: +47 (97) John Phaceas Porter Novelli Tel: Mobile: About Vulcan Vulcan Resources Limited is a base and precious metals development and exploration company in Finland. The Company s primary focus is the development of the 800,000 tpa 100% owned Kylylahti coppercobalt project located in eastern Finland which has a Resource of 7.85 million tonnes grading 1.17% copper, 0.24% cobalt, 0.22% nickel, 0.49% zinc and 0.70 g/t gold. A Definitive Feasibility Study has been completed on a 10 year underground mine and concentrator producing copper-gold and zinc-cobalt-nickel concentrate for sale. All environmental and mining permits for the Project are in place and production is planned to commence in late The Kuhmo Nickel Project is 95% owned by Vulcan and has a Resource containing 38,000 tonnes of nickel metal and over 80,000 ounces of platinum and palladium (for a detailed breakdown of the Measured, Indicated and Inferred Resources, see ASX release dated 26/06/07). Vulcan also has extensive iron-vanadium-titanium and nickel-copper projects in northern Finland. Vulcan is listed on the Australian Stock Exchange (VCN), the Frankfurt Stock Exchange (VUA) and the Norwegian OTC (VCNR). Australian Securities Exchange: VCN, Frankfurt Stock Exchange: VUA (WKN: A0HHEF), Norwegian OTC: VCNR VRL1647D-AC

2 Building a new Nordic Mining House Vulcan Resources Limited Alistair Cowden, Managing Director Diggers & Dealers 2008

3 Finland back on the mining map Inmet 2002 New Boliden 2003 Agnico Eagle 2006 Talvivaara listed 2007 Norilsk 2007 Yara 2007 First Quantum Copyright 2008 Vulcan Resources Limited Diggers & Dealers - August 2008

4 Finland s Mining Industry Mine Owner Production start Pyhäsalmi Cu-Zn-pyrite Inmet 1962 Kemi Chromite Outokumpu 1967 Hitura Nickel Belvedere 1970 Siilinjärvi Phosphorus Yara 1979 Orivesi Gold Dragon 1994 & 2007 Kittilä Gold Agnico Eagle mid 2008 Talvivaara Nickel Talvivaara late 2008 Kylylahti Copper-Cobalt-Nickel Vulcan 2010/ Copyright 2008 Vulcan Resources Limited Diggers & Dealers - August 2008

5 Finnish Business Environment Excellent first world infrastructure & commercial environment, EU member & Euro zone, top ranked global economy Financial assistance potentially available from Government No royalties, 26% corporate tax Mining, processing & technology skills, high productivity mines but shortage of mining professionals Local equipment & suppliers; Outotec, Metso, Sandvik, Larox, Tamrock, etc Mining Licence & Mining Licence Extension granted 4 Copyright 2008 Vulcan Resources Limited Diggers & Dealers - August 2008

Vulcan - a value A unique value proposition for the Australian market

7 Vulcan: Building a Base Metal Mining House in Finland Kylylahti copper-cobalt-nickel project in development, first ore in late 2010 Kuhmo nickel project, defining shallow open pit Resources & exploring a 150km nickel belt Seeking partners for extensive & shallow iron-vanadium deposits US$36m cash, 227m shares on issue at 30 June 2008 Listed ASX, Frankfurt, Oslo OTC 6 Copyright 2008 Vulcan Resources Limited Diggers & Dealers - August 2008

Experienced Mining Board Barry Eldridge Chairman Mining Engineer, director Cleveland Cliffs, ex CEO Portman, ex Norths Ltd Alistair Cowden Managing Director Geologist, ex WMC, Delta, Archaean Gold

8 Experienced Mining Board Barry Eldridge Chairman Mining Engineer, director Cleveland Cliffs, ex CEO Portman, ex Norths Ltd Alistair Cowden Managing Director Geologist, ex WMC, Delta, Archaean Gold Heikki Solin Non-Executive Director, Chairman of Finnish Subsidiaries Lawyer, ex Business Development Manager Outokumpu Michael Blakiston Non-Executive Director Lawyer, director Platinum Australia & Aurora Oil, Axiom Properties Fiona Harris Non-Executive Director Accountant, ex director Alinta, Portman Eric Hughes Chief Financial Officer / Joint Co. Sec Accountant, ex BHPB, Amity Oil, Roebuck, Ironclad, director Platinum Australia 7 Copyright 2008 Vulcan Resources Limited Diggers & Dealers - August 2008

Internationally Experienced Management Eric Hughes Chief Financial Officer Accountant, ex BHPB, Amity, Roebuck, Ironclad Campbell Baird General Manager, Operations Mining Engineer, ex WMC, Norths,

9 Internationally Experienced Management Eric Hughes Chief Financial Officer Accountant, ex BHPB, Amity, Roebuck, Ironclad Campbell Baird General Manager, Operations Mining Engineer, ex WMC, Norths, SRK John Brodziak Project Manager, Kylylahti Engineer, ex Rio Tinto, Portman Jarmo Vesanto Manager, Finland Ex Outokumpu Nick Walker Exploration Manager Geologist, Ex Outokumpu Seppo Tuovinen Mining Manager, Finland Mining Engineer, ex Outokumpu 8 Copyright 2008 Vulcan Resources Limited Diggers & Dealers - August 2008

10 Top 10 Shareholders Verdipapirfondet KLP Norway Board & Management Australia/Finland Range UK Pareto Growth AS Norway Finnish Industry Investment Ltd Finland Sempra Metals USA Holberg Norden Norway Skagenf Vekst Norway LinQ Resources Australia SEB Private Bank S.A. Norway Top 10 hold 45%, Top 40 71%, 227 million shares on issue Country No. of Shares % Issued Capital (millions) 9 Copyright 2008 Vulcan Resources Limited Diggers & Dealers - August 2008

12 Project Status Fully permitted Straightforward underground mine & concentrator Low sovereign risk, government & community support Robust economics, rapid payback Leverage to copper, cobalt & nickel, metal mix is a natural hedge Close to smelters & refineries, advanced negotiations for sale of copper-gold & cobalt-nickel-zinc concentrates 10 year mine life, potential for 15 years Engineers appointed, work commenced Financing negotiations in progress 11 Copyright 2008 Vulcan Resources Limited Diggers & Dealers - August 2008

A Long Mining History - 80mlbs Cu, 1moz Au since 1914 12

14 History of Outokumpu Region Discovery of Kivisalmi ore boulder 1908 Discovery of Outokumpu (Keretti) orebody 1910 First mining at Outokumpu 1913 Outokumpu invents flash furnace 1947 Open Luikonlahti & Vuonos 1958/1973 Kylylahti discovery 1984 Close Luikonlahti, Vuonos, Keretti Outokumpu withdraws from mining business 2003 Vulcan acquisition 2004 Kylylahti PFS 2005 Kylylahti DFS Copyright 2008 Vulcan Resources Limited Diggers & Dealers - August 2008

Project Location 14 Copyright 2008 Vulcan

16 Schematic Cross Section Local Geology Complex polyphase deformation Upper Amphibolite metamorphism for 200Ma No modern analogue 15 Copyright 2008 Vulcan Resources Limited Diggers & Dealers - August 2008

17 Copyright 2008 Vulcan Resources Limited Diggers & Dealers - August 2008

18 Kylylahti is growing; targeting 10Mt Potential Extensions Current Resource 1.17% Cu, 0.24% Co, 0.22% Ni, 0.49% Zn, 0.7 g/t Au Extensions? 17 Copyright 2008 Vulcan Resources Limited Diggers & Dealers - August 2008 Metal Intensity - Long section showing copper equivalent multiplied by thickness

19 Regional Resources 250m lbs contained copper Tonnes Cu Co Ni Zn Au (Mt) (%) (%) (%) (%) (g/t) Kylylahti Saramaki Vuonos TOTAL Nickel & gold not always assayed 18 Copyright 2008 Vulcan Resources Limited Diggers & Dealers - August 2008

Regional Growth 2 billion lbs Cu, 1m oz Au produced (1914-1995) from Outokumpu field Two satellite deposits Commanding

20 Regional Growth 2 billion lbs Cu, 1m oz Au produced ( ) from Outokumpu field Two satellite deposits Commanding tenement portfolio Numerous prospects & targets 19 Copyright 2008 Vulcan Resources Limited Diggers & Dealers - August 2008

A Straightforward Project 20 Copyright 2008 Vulcan

Definitive Feasibility Study SNC-Lavalin Australia managing engineer Subcontractors SRK Mining, Golder Associates, Outotec, Ammtec, Quantitative Group, etc 18 month study including review &

22 Definitive Feasibility Study SNC-Lavalin Australia managing engineer Subcontractors SRK Mining, Golder Associates, Outotec, Ammtec, Quantitative Group, etc 18 month study including review & optimisation 15km Vulcan drilling, 45km Outokumpu Oy historic drilling (JORC Resource) Peer reviews; AMC, Minproc, Ahma Engineering, etc Post DFS value engineering complete 21 Copyright 2008 Vulcan Resources Limited Diggers & Dealers - August 2008

23 Kylylahti Resources & Reserves Resource Classification Tonnes Cu (%) Co (%) Ni (%) Zn (%) Au (g/t) Measured 686, Indicated 6,973, Inferred 195, Total 7,854, Reserve Classification Tonnes Cu (%) Co (%) Ni (%) Zn (%) Au (g/t) Proven 603, Probable 6,342, Total 6,945, Reserves are a subset of Resources * See ASX announcement dated 14 April Copyright 2008 Vulcan Resources Limited Diggers & Dealers - August 2008

Mine Design 800,000 tpa steady state production 10 year mine life, potential for additional life from extensions & satellite Resources Mining from 110 to 700m

24 Mine Design 800,000 tpa steady state production 10 year mine life, potential for additional life from extensions & satellite Resources Mining from 110 to 700m below surface Paste & waste rock fill Contract mining to year 3, thereafter owner operator 23 Copyright 2008 Vulcan Resources Limited Diggers & Dealers - August 2008

26 Operating Costs US$/tonne Mining 22.9 Processing 13.9 Administration & Overhead 2.5 Concentrate transport, sale costs, etc 6.2 Total 45.5 (Costs estimated in Euro, average Euro:US$ of 1.2 assumed for production period) (Costs do not include offsite charges & deduction s made by customers against metal revenues, eg TC/RC) 25 Copyright 2008 Vulcan Resources Limited Diggers & Dealers - August 2008

27 Capital Costs US$ (m) Box cut, decline to 1 st production & mine infrastructure 40.0 Concentrator, infrastructure, utilities, etc 69.3 Paste Plant & Tailings 11.2 Owners Costs 14.6 EPCM 16.5 Contingency 18.5 Total (Costs estimated in Euro. Euro:US$ of 1.40 assumed for construction period) 26 Copyright 2008 Vulcan Resources Limited Diggers & Dealers - August 2008

28 Kylylahti Annual Metal Production Copper-gold Concentrate: Copper 8,800 t Gold 11,900 oz Bulk Concentrate: Cobalt Nickel Zinc Copper 1,900 t 1,350 t 3,800 t 1,700 t Copper Flotation 27 Copyright 2008 Vulcan Resources Limited Diggers & Dealers - August 2008

29 DFS Metal Prices (US$) Current Price Average Price Long Term Price* Copper (lb) Cobalt (lb) Nickel (lb) Zinc (lb) Gold (oz) Euro:US$ * Forecasts for production period of Copyright 2008 Vulcan Resources Limited Diggers & Dealers - August 2008

Annual Revenues Nickel Copper Cobalt Zinc Gold US$ 11m US$ 57m US$ 73m US$ 5m US$ 8m US$ 154m

31 Key DFS Financials After tax real NPV (8%) US$149m After tax IRR 29.5% Average EBITDA (yrs 1-5) US$84mpa Copper Equivalent Cash Operating Cost US$1.05/lb Cu eq Operating Cost US$46/t Capital Cost US$170m Payback from 1 st production In year 3 Life of Mine Revenues US$1,286m Financials are pre-financing costs See appendix for copper equivalent calculation 30 Copyright 2008 Vulcan Resources Limited Diggers & Dealers - August 2008

32 Why we are Base Metal Bulls! Supply: constrained by aging mines, falling grades, power & infrastructure constraints; Costs: escalating & compounded by financial markets & growing sovereign risk Demand: China, India, etc relentless growth in intensity of metal usage 31 Copyright 2008 Vulcan Resources Limited Diggers & Dealers - August 2008

Cobalt Markets Cobalt market in deficit, record high prices Exceptional demand growth driven by batteries in devices & hybrid vehicles & high tech alloys; new supply needed Congo projects struggling

33 Cobalt Markets Cobalt market in deficit, record high prices Exceptional demand growth driven by batteries in devices & hybrid vehicles & high tech alloys; new supply needed Congo projects struggling with security, power supply, costs, title risk, complexity of producing cobalt intermediate products, non government organisation opposition to artisan mining, etc New supply from nickel laterites challenged by spiralling acid & other costs CRU has price remaining strong to Copyright 2008 Vulcan Resources Limited Diggers & Dealers - August 2008

reverting to Marginal cost of production 34 Copyright

35 Kylylahti financials have little cobalt price risk TODAY Historic cobalt prices Vulcan uses prices reverting to Marginal cost of production 34 Copyright 2008 Vulcan Resources Limited Diggers & Dealers - August 2008

37 Copper Price Demand growth requires new annual production from an Escondida every 2 years Analyst forecasts range from US$3.00-$4.50/lb to year average US$3.20/lb (US$7,000/t) 36 Copyright 2008 Vulcan Resources Limited Diggers & Dealers - August 2008

39 Lanfranchi (Pan) Cost Comparison Nickel Equivalents 10 Flying Fox (WSA) Sallay Malay (Pan) Kylylahti (VCN) Long (IGO) Radio Hill (Fox) Mincor 5 Operating Cost/lb Ni Copyright 2008 Vulcan Resources Limited Diggers & Dealers - August 2008

Strong Local Support 40 Copyright 2008 Vulcan

42 Community & Environment Environmental & building permits granted, environmental monitoring ongoing Supportive local government & community, 17% local unemployment Approximately 130 jobs during construction Approximately 200 permanent jobs 41 Copyright 2008 Vulcan Resources Limited Diggers & Dealers - August 2008

Kuhmo - defining sulphide nickel Resources 42 Copyright

Project Outline 49 granted Claims, 26 Reservations 37,000t of nickel metal in 5 shallow historic Resources 12 drilled komatiite hosted nickel sulphide occurrences Concept of central

44 Project Outline 49 granted Claims, 26 Reservations 37,000t of nickel metal in 5 shallow historic Resources 12 drilled komatiite hosted nickel sulphide occurrences Concept of central processing plant, multiple open pits & subsequent underground mines 95% owned, 5% free carried interest to Dragon Mining 43 Copyright 2008 Vulcan Resources Limited Diggers & Dealers - August 2008

Analogous to Australia 150km long greenstone belt similar to Cosmos, Kambalda & Forrestania camps Abundant targets, under-explored, well understood

45 Analogous to Australia 150km long greenstone belt similar to Cosmos, Kambalda & Forrestania camps Abundant targets, under-explored, well understood geological model Australian experience reinforces that sulphides lead to mine discoveries 44 Copyright 2008 Vulcan Resources Limited Diggers & Dealers - August 2008

46 Outstanding Exploration Potential Many recent high-grade nickel deposits discovered in similar terrains in Canada & Australia No discoveries in Finland as no systematic exploration using modern geophysical tools - only sporadic company exploration since 1970 s & geological survey work in the 1990 s Geological model indicates high potential High Mg komatiites Multiple sulphide occurrences over 150km Variety of styles Kambalda, Mt Keith, Raglan Extensive geochemical anomalism Immature exploration 45 Copyright 2008 Vulcan Resources Limited Diggers & Dealers - August 2008

47 Mineral Resources 2006 Location Tonnes (Mt) Ni (%) Cu (%) Co (%) Pt (%) Pd (%) Vaara Peura-aho Hietaharju Sika-aho n/a n/a n/a Arola n/a n/a n/a n/a Total contained nickel 37,765 tonnes 1 Indicated & Inferred Resources. For a breakdown see Resource estimate by Snowden & Associates in ASX Release 23 November GTK, 1998 Polygonal Resource Estimate, available in Public domain but not reported under JORC Code. Vulcan review classified as Inferred Resource. 3 Outokumpu, Polygonal Resource Estimate, available in Public domain but not reported under JORC Code. Vulcan review classified as Inferred Resource 46 Copyright 2008 Vulcan Resources Limited Diggers & Dealers - August 2008

Recent Drilling Peura-aho high grade shallow massive sulphides (58m @ 1.3% Ni) Hietaharju massive sulphides & high PGE (5m @ 6.

48 Recent Drilling Peura-aho high grade shallow massive sulphides 1.3% Ni) Hietaharju massive sulphides & high PGE 6.4g/t Pt + Pd) Vaara thick low grade intercepts 0.43% Ni) 47 Copyright 2008 Vulcan Resources Limited Diggers & Dealers - August 2008

Massive Nickel Sulphides Results include: 22.1m @ 1.

49 Massive Nickel Sulphides Results include: 1.8% Ni, 0.6% Cu, 2.8g/t PGE (Hietaharju) 2.2% Ni, 0.6% Cu, 4.1g/t PGE (Peura-aho) 48 Copyright 2008 Vulcan Resources Limited Diggers & Dealers - August 2008

50 Next Steps Drill out shallow open pits Metallurgical testwork Environmental baseline studies Resource estimates & pit optimisations Brownfield & regional exploration Winter drilling at Hietaharju 49 Copyright 2008 Vulcan Resources Limited Diggers & Dealers - August 2008

51 Vulcan s Vanadium Assets Syöte - Porttivaara 13 Granted claims covering 30km of very large Fe-Ti magnetite deposits in the Kollisma complex. Mustavarra mine is a small excision from Vulcan s tenement position. Lapland Claims covering Akanvaara & Koitelainen deposits, small high V grade, potential PGE, Cu & Ag credits Otanmäki Claims covering remnant shallow mineralisation & old Vuorokas underground mine 50 Copyright 2008 Vulcan Resources Limited Diggers & Dealers - August 2008

52 How to measure Vulcan? Kylylahti production equivalent to 9,000tpa of nickel Equates to Independence (A$575m) or Albidon (A$860m) 51 Copyright 2008 Vulcan Resources Limited Diggers & Dealers - August 2008

53 Metal Equivalence Metal equivalence is a useful measure of the combined value of the five metals (Cu, Co, Ni, Zn, Au) that to contribute to the revenue for the Kylylahti Project. It permits the comparison of Kylylahti with other copper or nickel dominant base metal projects. In order to account for the varying degree to which different metals contribute to revenue, costs are adjusted by a revenue factor. Revenue is calculated after accounting for metallurgical recovery, smelter & refinery deductions & charges & concentrate transport charges etc. Metal prices assumed & metallurgical recoveries are detailed in the presentation. The revenue factor adjusts for the relative contribution of all metals to revenue expressed as if the revenue was contributed by an individual metal such as copper. The calculation is: Metal eq cost = cost/(copper in concentrate x Revenue factor Revenue factor = Revenue attributable to all metals Revenue attributable to individual metal only 52 Copyright 2008 Vulcan Resources Limited Diggers & Dealers - August 2008

54 Competent Person Statement The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Dr Alistair Cowden BSc (Hons), PhD, MAusIMM, MAIG, Mr Nicholas Walker, BSc (Hons), MSc, MAIG and Mr Jarmo Vesanto, MSc, MAusIMM, who are full time employees of the Company and have sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as Competent Persons as defined in the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Dr Alistair Cowden, Mr Nicholas Walker and Mr Jarmo Vesanto consent to the inclusion in the report of the matters based on their information in the form and context in which it appears. Vulcan Resources Limited This presentation and information contained in it is being provided to shareholders and investors for information purposes only. Shareholders and investors should undertake their own evaluation of this information and otherwise contact their professional advisers in the event they wish to buy or sell shares. To the extent the information contains any projections the Company has provided these projections based upon the information that has been provided to the Company. The Company does not make any representations as to the accuracy or otherwise of that third party information. 53 Copyright 2008 Vulcan Resources Limited Diggers & Dealers - August 2008

VULCAN RESOURCES AND UNIVERSAL RESOURCES MERGER TO CREATE SIGNIFICANT COPPER-FOCUSSED GLOBAL DEVELOPMENT COMPANY

VULCAN RESOURCES AND UNIVERSAL RESOURCES MERGER TO CREATE SIGNIFICANT COPPER-FOCUSSED GLOBAL DEVELOPMENT COMPANY Level 2, 91 Havelock Street, West Perth Western Australia 6005 Phone: +61 (0)8 9486 8400 ABN 60 100 072 624 Facsimile: +61 (0)8 9486 8700 Ground Floor, 1 Altona Street, West Perth WA 6005 www.universalresources.com.au