I t U d tInvestor UpdateAugust 2009

Forward Looking Statements

This presentation contains certain forward-looking statements and forecasts which includewithout limitation, expectations regarding future performance, costs, production levels orrates reserves and resources the financial position of Troy Resources NL (the “Company”)rates, reserves and resources, the financial position of Troy Resources NL (the Company ),industry growth or other trend projections.

Although such forecasts and forward-looking statements reflect current beliefs and arebased on information currently available and assumptions believed to be reasonable there isno assurance that actual results will be consistent with such forecasts and forward-lookingstatements. A number of factors could cause actual results, performance, or achievement todiffer materially from the results expressed or implied in such forecasts and forward-lookingstatements. For a description of such factors please see the section entitled “Risk Factors”in the Company’s amended and restated preliminary prospectus dated January 10, 2008available 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 ofan offer to buy or sell securities.

2

Overview

Troy is a dividend paying junior gold producer focused on growth

Troy’s Mission is to create value for shareholders

Troy’s Vision is to become a profitable mid-tier gold producery p g p

Track record of low-cost mine development and gold production

G ld t lli l ti Gold exposure at a compelling valuation

Exciting Casposo Gold Project

Additional value in Andorinhas Iron ore

More than A$32M in cash and bullion – post Casposo acquisition

3

More than A$32M in cash and bullion post Casposo acquisition

The Company

Junior Gold Producer Focused on GrowthListed on ASX since 1987 - symbol “TRY”Listed on ASX since 1987 symbol TRY Listed on TSX Jan 2008 - symbol “TRY”74.7M* shares outstandingA$1.505** share price (52 Week Range A$2.19 - A$0.67) ~A$110M market capMore than A$35M cash and bullion as at June, 2009Paid A$27.5M through 9 consecutive cash dividendsNo debtNo debt No forward salesInsider ownership ~14%

4

Insider ownership 14%* Includes 4.9M Partly Paid shares

** Based on 28 July, 2009

Snapshot

Troy Share Price

Ordinary Shares: 69.8m

Partly Paid Shares: 4 9m

Key Statistics (A$)

Partly Paid Shares: 4.9m

Options: 3.1m

Share Price as at 28 June 09: $1.505

Market Cap as at 28 June 09: $110mMarket Cap as at 28 June 09: $110m

Net Debt / (Cash): ($32m)

Enterprise Value: $75m

5

Senior Management

Paul Benson, CEO (Started with Troy October 2007)20 years experience; degrees in geology, mining engineering and finance. 7 years with BHP Billiton before that Rio Tinto RGC7 years with BHP Billiton – before that Rio Tinto, RGC

Ken Nilsson, Executive Director - Brazil (Started with Troy 1997)Mining engineer; 30+ years international mine construction and production experienceexperience

Peter Doyle, VP Exploration & Bus. Development (Started with Troy 2005)Geologist; 29 years exploration experience including Freeport and Gold Fields LimitedFields Limited

David Sadgrove, CFO & Company Secretary (Started with Troy 2007) Australian Chartered Accountant, trained with Ernst & Young Audit, 15+ years commercial experience with multinational listed corporations in Australia andcommercial experience with multinational listed corporations in Australia and the UK

6

Board of Directors

John Dow, Non-Executive Chairman Mining Industry Consultant; former Managing Director of Newmont Australia, + 40 years industry experience

John Jones, Non-Executive DirectorProminent participant in gold mining sector for 40+ years

Denis Clarke, Non-Executive DirectorGeologist; 30 years experience in exploration and mining

Alan Naylor Non-Executive Director Alan Naylor, Non-Executive DirectorFinancial adviser; founder of Troy; 30+ years experience

Gordon Chambers, Non-Executive DirectorC di LCanadian Lawyer

Paul Benson, Executive Director

Ken Nilsson, Executive Director

7

,

We Have a Positive Impact

People

Community

Environment

8

What We Own

Gold AssetsBRAZIL

BelémAndorinhasGold Mine

Sandstone Gold Mine

Andorinhas Gold Mine - Brazil Sandstone Gold Mine - Australia Casposo Development Project -

Argentina

BRAZIL

Rio de Janeiro

Belo HorizonteBrasilia

San Juan

Casposo Au/Ag Deposit Sao Paulo

g Volta Resources Inc. (TSX: VTR) - 3.6% Prospective exploration assets

- Brazil, Australia and Argentina

Other Assets DepositReporting cut‐off Tonnes Fe % Al2O3% SiO2% P% LOI

Mineral Resources (inclusive of Mineral Reserves)

Buenos Aires

Other Assets A$32M cash Andorinhas, Brazil – Iron-Ore Daly River, Australia – Zinc Sandstone Australia – Nickel JV

p(% Fe)

2 3 2

Andorinhas – AbacaxiIndicated 26 4,900,000 50.7 8.5 7.7 0.065 4.1Andorinhas – EstrelaIndicated 32 1,595,000 51.2 6.0 8.1 0.04 2.8TOTAL 6,495,000 50.8 7.9 7.8 0.06 3.8

Sandstone, Australia – Nickel JV

DepositReporting cut‐off(% Fe)

Tonnes Fe % Al2O3% SiO2% P% LOI

Andorinhas ‐ AbacaxiProbable 31 2,120,000 63.1 4.7 2.7 0.048 1.4

Mineral Reserves

9

, ,Andorinhas ‐ EstrelaProbable 39 690,000 64.9 1.9 4.8 0.023 1.0TOTAL 2,810,000 63.6 3.9 3.2 0.042 1.3

Proven Mine Operator and Developer

Five mines delivered over the past 10 years Five mines delivered over the past 10 years Produced ~410,000 oz of gold at average cash cost of US$201/oz over the 4

years from 2004 through 2007. FY2008 “a year of transition” with Sertão closing and Sandstone operations

140

y g pwinding down and construction of new Andorinhas mine

140

120

100

Gold Production

nces

80

60

40000’

s of

Oun

40,341oz

61,786oz

10

20

02005 20072006 20082004 2009

Troy Financial Results

Net Income & Operating MarginNet Income from Continuing Operations

Paying DividendsTroy has a track record of dividend each year since 2000

20

25

$0 065

$0.070$0.075

A$20M

A$16M

FY2009 includes ~$5m non-cash charge for legacy equity interests which were marked to

10

15

e

$0.060$0.065

$0 045$0.050

$0.055

A$16M

A$8M

A$16+M which were marked to market

A$M

5

0

5

A$/

shar

e$0.040

$0.045

$0.030A$-17.6M

FY2008 was a year of transition as the Sertão

-15

-10

-5 transition as the Sertão mine closed and Andorinhas ramped up to full production while spending over $10M for the future through exploration and iron ore

11Fiscal Years Ending June 30

-202005 2006 2007 2009 2004 2005 20062000 2001 2002 2003

Fiscal Years Ending June 30

20082007

feasibility

2008

Andorinhas Gold Mine, Brazil

From Acquisition to first production in 16 Months for < US$20M ~50,000oz/a with an initial 5-year mine life Forecast cash costs: ~US$500/oz Ongoing exploration for gold

12

Lagoa Seca Open Pit Mine

Mining Commenced April 2007 and was completed in November 2008

Mined: 409,143t @ 3.31g/t containing 43,489oz (completed pit)( p p )

Stocks: 215,382t @ 2.21g/t Au as at June 30, 2009

13

Mamão Underground Mine

14

Andorinhas Region First Mover Advantage

Consolidated Regional Land Position

JV deals to earn 100% ownership on JV deals to earn 100% ownership on two additional major land packages that triples Troy’s regional land position

Located within trucking distance of Andorinhas mill

O l i ill i i Only processing mill in region

Ongoing regional project reviews

A i ld l ti d illi Aggressive gold exploration drilling program with 60,000m completed since April 2007

15

Casposo Project – Argentina

Discovered by Battle Mountain and sold to Intrepid in 2002 after Newmont acquired Battle Mountainacquired Battle Mountain

Discovery team has stayed with the project – now Troy employees

Located in “mining friendly” San Juan province northwest Argentina in the Eastern foothills of the Andes at 2 400m ASL2,400m ASL

Acquired from Intrepid Mines May 2009

US$20m on closing and US$2m on

16

US$20m on closing and US$2m on the 6 month anniversary of first production

San Juan Province Mineral Endowment, Mines & Casposo Project Access

17

Kamila Main Zone – Resource Area

18

Kamila Zone Geology & Main Vein Zones

19

New Mineral Resource Summary

Kamila-Mercado Looking Northeast with Updated Block Model

TOTAL MINERAL RESOURCESCut‐off Gold Gold Gold

Location Category

Cut off Gold equivalent

(g/t) Tonnes

Goldequivalent

(g/t)Gold (g/t)

Silver(g/t)

Gold equivalent ounces Gold ounces Silver ounces

Casposo Indicated 0.8 and 2.0 2,369,000 7.9 5.4 201.7 602,500 414,600 15,366,000

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Casposo Inferred 0.8 and 2.0 261,000 6.7 3.6 255.1 56,200 30,000 2,140,900

Casposo – Kamila – Inca Long Section

Proposed schedule to processes 365,000tpa for 6 years producing about 50,000oz pa Gold (Au) & 1,000,000oz pa Silver (Ag)

2008 Intrepid drilling on the Inca Vein results included:– 2.85m @ 6.41g/t Au, 2,245g/t Ag– 4.62m @ 108.71g/t Au, 4,423g/t Ag– 4 86m @ 13 34g/t Au 755g/t Ag

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4.86m @ 13.34g/t Au, 755g/t Ag– 3.35m @ 12.52g/t Au, 1,115g/t Ag

Casposo Mineral Resources – Troy 2009MINERAL RESOURCES SUMMARY

Category

Cut‐off Goldequivalent

(g/t) Tonnes

Goldequivalent 

(g/t)Gold(g/t)

Silver g/t)

Gold equivalentounces Gold ounces

Silver ounces

Mineral Resources Constrained by Whittle Pit Shell ‐ Open PitCasposo Indicated 0.8 1,918,000 8.4 6.1 187.1 519,800 378,700 11,538,100p , , , , , ,

Inferred 0.8 129,000 7.0 4.8 181.8 28,900 19,700 754,000Mineral Resources Outside the Whittle Pit Shell ‐ UndergroundCasposo Indicated 2.0 451,000 5.7 2.5 264.0 82,700 35,900 3,827,900

Inferred 2.0 132,000 6.4 2.4 327 27,300 10,300 1,386,900

MINERAL RESOURCES BY VEINCut‐off Gold Gold Gold

Category

Cut off Gold equivalent

(g/t) Tonnes

Gold equivalent 

(g/t)Gold(g/t)

Silver(g/t)

Gold equivalent ounces Gold ounces

Silver ounces

Mineral Resources Constrained by Whittle Pit Shell ‐ Open PitAztec Indicated 0.8 648,000 9.8 8.0 147.5 204,800 167,200 3,073,100Inca Indicated 0.8 500,000 12.9 8.1 393.1 208,100 130,900 6,320,000B vein Indicated 0.8 498,000 5.2 4.2 75.2 82,600 67,800 1,204,400Mercado Indicated 0.8 272,000 2.8 1.5 107.6 24,300 12,800 940,600SEXT Indicated 0.8 0 0.0 0.0 0.0 0 0 0Aztec Inferred 0.8 0 0.0 0.0 0.0 0 0 0Inca Inferred 0.8 34,000 19.4 14.3 421.8 21,200 15,600 461,100B vein Inferred 0.8 1,000 2.2 1.9 17.5 100 100 600Mercado Inferred 0.8 14,000 3.2 1.8 108.1 1,400 800 48,600SEXT Inferred 0.8 80,000 2.4 1.3 94.7 6,200 3,200 243,700Mineral Resources Outside the Whittle Pit Shell ‐ UndergroundAztec Indicated 2.0 113,000 5.8 2.5 274.4 21,100 8,900 996,900Inca Indicated 2.0 244,000 6.2 2.4 312.4 48,900 19,000 2,450,500B vein Indicated 2.0 70,000 4.4 2.8 128.4 9,900 6,300 288,900Mercado Indicated 2.0 24,000 3.6 2.2 118.7 2,800 1,700 91,600

22

SEXT Indicated 2.0 0 0.0 0.0 0.0 0 0 0Aztec Inferred 2.0 3,000 6.7 1.4 438.2 700 100 42,300Inca Inferred 2.0 53,000 10.8 3.7 579.2 18,400 6,300 987,000B vein Inferred 2.0 5,000 3.2 1.0 176.7 500 200 28,400Mercado Inferred 2.0 0 0.0 0.0 0.0 0 0 0SEXT Inferred 2.0 71,000 3.4 1.6 144.2 7,700 3,700 329,200

Casposo Brownfields Exploration Targets

Cerro Norte Zone Looking East

Panzon Target

Cerro Norte Target DSC03102

23Juileta Vein TargetMercado NW Target

Casposo Project – Operating Statisticsas given in the AMEC Feasibility Study

YR 1 YR 2 YR 3 YR 4 YR 5 YR 6

Milled Tonnes (‘000) 356 365 365 351 183 115

Silver g/t Ag 63 115 100 119 203 247

Gold g/t Au 5.40 7.28 4.73 4.09 4.12 3.89

Silver Oz (‘000) 724 1,350 1,179 1,341 1,188 913

Gold Oz (‘000) 62 85 56 46 24 14

Recovery

Silver % 77 80 79 80 83 84

Gold % 93 94 93 93 93 93

Metal Production

Gold Oz (‘000) 58 80 52 43 23 14( ) 58 80 52 43 23 14

Silver Oz (‘000) 558 1,079 935 1,074 982 765

Equivalent Gold (1) Oz (‘000) 67 98 67 61 39 26

24

(1) Gold price assumed US$733/oz and Silver price US$11.96/oz

Casposo Project – Base case financialsas per AMEC Feasibility Study (3)

Capital Cost (US$): Life of mine operating cost: ( )– Direct $50.7 m– Indirect (3) $26.9 m– Contingency $8.4 m– Total $86.0 m

g– US$276/oz AuEq (1)

– US$90/oz after silver by-product (2)

– US$57.44/t milled

Powerline $14.5 m

Sustaining Capital $12 8 m

After tax NPV @8% (4) $(9.9)m

Sustaining Capital $12.8 m

Y 1 2 3 4 5 6

Gold and Silver Prices assumed in AMEC Study

Year 1 2 3 4 5 6

Au price (US$/oz) 763 741 725 713 703 697

Ag price (US$/oz) 13.85 12.84 12.10 11.54 11.13 10.81

25

(1) Gold price assumed US$733/oz and Silver price US$11.96/oz(2) As reported by Intrepid on July 17, 2008 – by-product costing assumes US$14/oz silver(3) Includes EPCM which represents 50% of cost(4) Based on 2008 Feasibility Study

Casposo Value Proposition for Troy

Price – using flat US$940/oz Au and US$14/oz Ag adds over US$45m to the AMEC NPVUS$45m to the AMEC NPV

Capex savings – straight to NPV (Troy Cobar Plant)

Mi Pl i O ti i ti Mine Planning Optimisation

Discovery of additional ore

– Extension of current reserves

– Brownfields discoveries

G fi ld ithi t ki– Greenfields within trucking

distance

26

Australia Sandstone Gold MineExploration Potential

Gold production for the 2007/08 year was 33,846oz

January 2009 announced d i i t t d d tidecision to extend production adding 30,000 oz through financial year 2010

Protected by A$900 put options

Nickel potential being tested by JV partner: Western Areas NL (ASX/TSX listed) Troy retains gold discoveries and exposure to nickel potential (9 drill targets identified)

Gold exploration recommenced in March Quarter 2009

27

Two Mile Hill Tonalite Hosted Resource

Two Mile Hill – X-Section 6892640NTWO MILE HILL – (TONALITE HOSTED) INFERRED RESOURCE

Cut‐off Grade Contained

grade(g/t)

TonnesGrade(g/t)

Contained ounces

0.5 10,541,000 1.3 452,000

Quartz Vein with Sulphides and Visible Gold on Margin

28

Two Mile Hill BIF Hosted Discovery

29Quartz Veining & Pyrite Replacement of BIF Photomicrograph - Gold on Pyrite Margins

Hole TRCD733 AT 260.8m

Troy’s Forecast Equivalent Gold Production& Vision for Growth

(assuming the 2008 AMEC forecast for Casposo)

Troy’s production forecast to grow through FY2012

160,000 

Troy Gold ProductionAg converted to Equivalent Au by 60:1

(assuming the 2008 AMEC forecast for Casposo)

grow through FY2012

Longest forecast mine life in company’s history

60 000

80,000 

100,000 

120,000 

140,000 

Oun

ces

Cas Ag Equiv Au Excellent exploration potential

to maintain plus 100kozpa production. ‐

20,000 

40,000 

60,000  Cas Ag Equiv Au

Casposo 

Andorinhas 

Sandstone 

Become a profitable mid-tier producer How we will achieve it:

Grow and extend production in the short termGreen and brown fields exploration

Become a profitable mid tier producer

30

Green and brown fields explorationCapture value from existing strategic equity stakesM+A

Compelling Value

Troy Today: ~A$110M Market Capitalization– More than 30% of Troy Market Cap supported by cash and bullion

~A$35MCash and bullion

Andorinhas Gold MineSandstone Gold Mine

C A A P j t

~A$65M

Casposo Au-Ag Project Andorinhas Iron Ore

Gold Processing Plant Exploration in Brazil

E l ti i A t li

31

Exploration in Australia Exploration in Argentina

Th k YThank You

32

Appendix A

Competent Person Statement

Information of a scientific or technical nature in this report 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”, and is a member of the Australasian Institute of Mining and Metallurgy. Mr. Doyle has sufficient experience, which is relevant to the style of mineralization and type of deposit under consideration, and to the activity 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”. Mr. Doyle has reviewed and approved the information contained in this report. For further information regarding the Brazil, Australia and Argentina projects, including a description of Troy’s quality assurance program, quality control measures, the geology, samples collected and testing procedures in respect of the Troy’s project please refer to the technical report which are available under the Company’s profile at

dwww.sedar.com.

Notes to preparation of Mineral Resources and Mineral Reserves for Casposo

1. Mineral Resources are estimated using a US$1,000/oz gold price and US$15/oz silver price. An economic function that includesti t t ll i l i d lt t h b li doperating costs, metallurgical recoveries and royalty costs has been applied.

2. Rounding as required by reporting guidelines may result in apparent differences between tonnes, grade and contained metal content.3. Tonnage and grade measurements are in metric units. Gold ounces are reported as troy ounces.4. All Mineral Reserves are reported in the Probable category5. Mineral Reserves are estimated using a gold price of US$690/oz and US11.80/oz silver price and an economic function that includes

operating costs metallurgical recoveries and royalty costsoperating costs, metallurgical recoveries and royalty costs.6. Cut-off grades for Mineral Resources were 0.8g/t gold equivalent for open pit and 2.0g/t gold equivalent for underground. Gold

equivalent grades for Mineral Resources were based on metal prices of US$915/oz gold and US$13/oz silver and processingrecoveries of 93.7% for gold and 80.6% for silver.

7. Cut-off grades for Mineral Reserves were 1.56g/t gold equivalent for open pit and 3.5g/t gold equivalent for underground. Goldequivalent grades for Mineral Reserves were based on metal prices of US$690/oz gold and US$11.8/oz silver and processing

i f 93 7% f ld d 80 6% f il

33

recoveries of 93.7% for gold and 80.6% for silver.8. The information regarding Mineral Reserves is drawn from the technical report entitled “NI 43-101 Technical Report, Casposo Project

– Argentina” June 2009 that was filed on 11 June 2009 by Troy under its profile on SEDAR at www.sedar.com.

Andorinhas Mineral Resources andReserves

I di d RP b bl R I f d R(3)Indicated Resources

747 000

Probable Reserves

Mamão

Tonnes Au(g/t)

ContainedAu Ounces

8 70 207 660 815 600

Tonnes Au(g/t)

ContainedAu Ounces

9 86 258 500 81 600

Inferred Resources

Tonnes Au(g/t)

ContainedAu Ounces

6 35 16 600(1)

(3)

(2)747,000480,200

--

1,227,200

MamãoLagoa SecaLagoa Seca West

Total

8.703.10

--

6.51

207,66048,320

--

255,980

815,600699,600800,000

2,315,200

9.862.801.10

4.70

258,50063,00028,300

349,800

81,600--

1,600,000

1,681,600

6.35--

1.29

1.54

16,600--

66,400

83,000

( )

(1)

( )

(2)

Notes:

(Taken from Snowden NI43-101 report as at 30 June 2007)

1. Using a cut-off of 2 g/t Au2. Using a cut-off of 0.8 g/t Au3. The Indicated Mineral Resources are inclusive of Mineral Reserves

34