《ATLAS IRON LIMITED》.pdfVIP

QUARTERLY REPORT ATLAS IRON LIMITED MARCH 2012 27 April 2012 HIGHLIGHTS FOR THE MARCH 2012 QUARTER  Consistent with guidance, 1.21 Mt (WMT) shipped during the March 2012 Quarter; impacted predominantly by Tropical Cyclones Heidi and Lua, and the unplanned breakdown of the Utah Point ship loading facility in January 2012  Atlas remains on track to ship approximately 5.5 to 5.7Mt (wet) for the 2012 financial year  Atlas achieved an average price per tonne for its 57.5% Fe product of ~ USD 124 CFR (DMT) for the March 2012 quarter  Cash operating costs (FOB, excluding royalties) remain consistent with guidance for the 2012 financial year of $42-45/t, despite lower shipped volumes in the March 2012 quarter  Acquisition of iron ore rights on the Daltons Joint Venture at the Mt Webber DSO project  Yerecoin magnetite project sale completed and the Balla Balla magnetite project sale is expected to be completed in the June 2012 Quarter  David Flanagan appointed as Executive Chairman, Ken Brinsden appointed Managing Director and ex-Fremantle Port CEO Ms Kerry Sanderson AO appointed as an independent non-executive director  Subsequent to the end of the March 2012 Quarter Atlas entered into a binding Memorandum of Understanding with QR National (ASX:QRN) to progress the feasibility of an independent railway in WA‟s Pilbara region  Abydos and Mt Dove DSO projects approved for investment  An announcement on the Horizon 1 (North Pilbara expansion projects) was released on 27 April 2012  $362 million cash on hand at 31 March 2012 “This has been a s