Investor Presentation April / May 2012

Investments in global oil & gas and mining opportunities

Admission to AIM Investor Presentation May 2012

Disclaimer
By accepting this document, and in consideration for it being made available to such recipient, each recipient agrees to keep strictly confidential the information contained in it and any information otherwise made available by Cluff Natural Resources Plc (the "Company"), whether orally or in writing. In the case of a corporate recipient, this presentation may only be disclosed to such of its directors, officers or employees who are required to review it for the purpose of deciding whether to make an investment in the Company. This document has been provided to each recipient at their request, solely for their information, and may not be reproduced, copied, published, distributed or circulated, to any third party, in whole or in part, or published in whole or in part for any purpose, without the express prior consent of the Company. The purpose of this document is solely to provide information to persons who have expressed an interest in investigating the possibility of investing in the Company. The information contained in this confidential document (the Presentation) has been prepared and distributed by the Company. It has not been fully verified and is subject to material updating, completion, revision, verification and further amendment. This Presentation has not been approved by an authorised person in accordance with Section 21 of the Financial Services and Markets Act 2000, as amended (FSMA). The securities mentioned herein have not been and will not be, registered under the U.S. Securities Act of 1933, as amended (the Securities Act), or under any U.S. State securities laws, and may not be offered or sold in the United States unless they are registered under the Securities Act or pursuant to an exemption from or in a transaction not subject to the registration requirements of the Securities Act. This Presentation does not constitute, and the Company is not making, an offer of transferable securities to the public within the meaning of sections 85B and 102B of FSMA and it is being delivered for information purposes only to a very limited number of persons and companies who are qualified investors within the meaning of section 86(7) of FSMA purchasing as principal or in circumstances under section 86(2) of FSMA, as well as persons who have professional experience in matters relating to investments and who fall within the category of persons set out in Article 19 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the Order) or are high net worth companies within the meaning set out in Article 49 of the Order or are certified sophisticated investors within the meaning set out in Article 50 of the Order or are otherwise permitted to receive it (together, the "Relevant Persons"). This Presentation is directed only at Relevant Persons and must not be acted on or relied upon by persons who are not Relevant Persons. Any other person who receives this Presentation should not rely or act upon it. By accepting this Presentation and not immediately returning it, the recipient is deemed to represent and warrant that: (i) they are a person who falls within the above description of persons entitled to receive the Presentation; (ii) they have read, agree and will comply with the contents of this notice; and (iii) they will use the information in this document solely for evaluating your possible interest in acquiring securities of the Company. This Presentation is not being made available to persons in Australia, Canada, Japan, the Republic of Ireland, the Republic of South Africa or any other jurisdiction in which it may be unlawful to do so and it should not be delivered or distributed, directly or indirectly, into or within any such jurisdictions. Prospective investors must rely on their own examination of the legal, taxation, financial and other consequences of an investment in the Company, including the merits of investing and the risks involved. Prospective investors should not treat the contents of this Presentation as advice relating to legal, taxation or investment matters and are advised to consult their own professional advisers concerning any acquisition of shares in the Company. Certain of the information contained in this Presentation has been obtained from published sources prepared by other parties. Certain other information has been extracted from unpublished sources prepared by other parties which have been made available to the Company. The Company has not carried out an independent investigation to verify the accuracy and completeness of such third party information. No responsibility is accepted by the Company or any of its directors, officers, employees or agents for the accuracy or completeness of such information. All statements of opinion and/or belief contained in this Presentation and all views expressed represent the directors own current assessment and interpretation of information available to them as at the date of this Presentation. In addition, this Presentation contains certain "forward-looking statements", including but not limited to, the statements regarding the Companys overall objectives and strategic plans, timetables and capital expenditures. Forward-looking statements express, as at the date of this Presentation, the Companys plans, estimates, forecasts, projections, opinions, expectations or beliefs as to future events, results or performance. Forward-looking statements involve a number of risks and uncertainties, many of which are beyond the Companys control, and there can be no assurance that such statements will prove to be accurate. No representation is made or assurance given that such statements or views are correct or that the objectives of the Company will be achieved. The reader is cautioned not to place reliance on these statements or views and no responsibility is accepted by the Company or any of its directors, officers, employees or agents in respect thereof. The Company does not undertake to update any forward-looking statement or other information that is contained in this Presentation. Neither the Company nor any of its shareholders, directors, officers, agents, employees or advisers take any responsibility for, or will accept any liability whether direct or indirect, express or implied, contractual, tortious, statutory or otherwise, in respect of, the accuracy or completeness of the information contained in this Presentation or for any of the opinions contained herein or for any errors, omissions or misstatements or for any loss, howsoever arising, from the use of this Presentation. Neither the issue of this Presentation nor any part of its contents is to be taken as any form of contract, commitment or recommendation on the part of the Company or the directors of the Company to proceed with any transaction or accept any offer and the right is reserved to terminate any discussions or negotiations with any prospective investors. The Company reserves the right without any notice or liability to the recipient of this Presentation or its advisers to: (i) change any of the procedures, timetable or requirements or terminate negotiations at any time prior to the signing of any binding agreement with investors; (ii) provide different information or access to information to different persons; (iii) agree variations to the property, rights and liabilities comprised in the Company; and (iv) negotiate at the same time with more than one person. In no circumstances will the Company be responsible for any costs, losses or expenses incurred in connection with any appraisal or investigation of the Company. This Presentation should not be considered a recommendation by the Company or any of its affiliates in relation to any prospective acquisition of shares in the Company. No undertaking, representation, warranty or other assurance, express or implied, is made or given by or on behalf of the Company or any of its affiliates, any of its directors, officers or employees or any other person as to the accuracy, completeness or fairness of the information or opinions contained in this Presentation and no responsibility or liability is accepted for any such information or opinions or for any errors or omissions.

Investments in global oil & gas and mining opportunities

| CLUFF NATURAL RESOURCES PLC | MAY 2012

Important Notice
Investors should take independent advice and should carefully consider the AIM Admission Document, specifically the section headed "Risk Factors" before making any decision to purchase Ordinary Shares. Investment in the Ordinary Shares will involve significant risks due to gearing and the inherent illiquidity of the underlying investments and should be viewed as a long term investment. The Ordinary Shares may not be suitable for all recipients or be appropriate for their personal circumstances. You should carefully consider in the light of your financial resources whether investing in the Company is suitable for you. An investment in the Ordinary Shares is only suitable for financially sophisticated investors who are capable of evaluating the merits and risks of such an investment and who have sufficient resources to be able to bear any losses which may arise (which may be equal to the whole amount invested). THE ORDINARY SHARES HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "1933 ACT"), OR ANY US STATE SECURITIES LAWS. THE SHARES MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, DIRECTLY OR INDIRECTLY, WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, US PERSONS (AS DEFINED IN REGULATION S UNDER THE 1933 ACT) UNLESS THE ORDINARY SHARES ARE REGISTERED UNDER THE 1933 ACT OR AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE 1933 ACT IS AVAILABLE. THE COMPANY HAS NOT REGISTERED AND WILL NOT REGISTER UNDER THE UNITED STATES INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE "1940 ACT"). The Ordinary Shares have not been approved or disapproved by the United States Securities and Exchange Commission (the "SEC"), any US state securities commission or any other regulatory authority nor have any of the foregoing authorities passed upon or endorsed the merits of this offering or the accuracy or adequacy of this document. Any representation to the contrary is unlawful. The Ordinary Shares will be offered and sold in the United States: (i) to qualified institutional buyers within the meaning of Rule 144A under the 1933 Act ("QIBs") that are also qualified purchasers within the meaning of Section 2(a)(51) of the 1940 Act ("QPs") or to "accredited investors" as defined in Regulation D under the 1933 Act ("Accredited Investors") that are also QPs; and (ii) in accordance with any applicable laws of any US state. The Ordinary Shares will also be contemporaneously offered and sold outside the United States to non-US Persons pursuant to the requirements of Regulation S under the 1933 Act ("Regulation S"). The Ordinary Shares cannot be offered, resold, pledged or otherwise transferred in the United States or to US Persons except in accordance with the restrictions and procedures set forth in paragraph 19 of Part I of the AIM Admission Document entitled Selling Restrictions. NOTICE TO NEW HAMPSHIRE RESIDENTS: NEITHER THE FACT THAT A REGISTRATION STATEMENT OR AN APPLICATION FOR A LICENSE HAS BEEN FILED UNDER CHAPTER 421-B OF THE NEW HAMPSHIRE REVISED STATUTES WITH THE STATE OF NEW HAMPSHIRE NOR THE FACT THAT A SECURITY IS EFFECTIVELY REGISTERED OR A PERSON IS LICENSED IN THE STATE OF NEW HAMPSHIRE CONSTITUTES A FINDING BY THE SECRETARY OF STATE OF THE STATE OF NEW HAMPSHIRE THAT ANY DOCUMENT FILED UNDER RSA 421-B IS TRUE, COMPLETE AND NOT MISLEADING. NEITHER ANY SUCH FACT NOR THE FACT THAT AN EXEMPTION OR EXCEPTION IS AVAILABLE FOR A SECURITY OR A TRANSACTION MEANS THAT THE SECRETARY OF STATE HAS PASSED IN ANY WAY UPON THE MERITS OR QUALIFICATIONS OF, OR RECOMMENDED OR GIVEN APPROVAL TO, ANY PERSON, SECURITY OR TRANSACTION. IT IS UNLAWFUL TO MAKE, OR CAUSE TO BE MADE, TO ANY PROSPECTIVE PURCHASER, CUSTOMER, OR CLIENT ANY REPRESENTATION INCONSISTENT WITH THE PROVISIONS OF THIS PARAGRAPH.

Investments in global oil & gas and mining opportunities

| CLUFF NATURAL RESOURCES PLC | MAY 2012

Cluff Natural Resources Plc (CNR) is a new company founded by Algy Cluff listing on AIM, which will leverage his extensive experience and contacts to invest in global oil & gas and mining opportunities to generate value for investors.

Investments in global oil & gas and mining opportunities

| CLUFF NATURAL RESOURCES PLC | MAY 2012

Overview

New AIM investing company founded by Algy Cluff to identify global oil & gas and mining opportunities Incorporated to take advantage of increasing global pressure to exploit new reserves and resources underpinned by the long-term upward trend in commodity prices Objective is to secure projects which are under-performing, under-developed and/or undervalued to grow and unlock inherent value for shareholders Initial focus on oil & gas opportunities in the North Sea and oil & gas and mining projects in Africa Proven track record of Algy Cluff and the board of CNR in sourcing and developing natural resources projects around the world and creating shareholder value Raised 3.75 million at 5 pence per share - admission to AIM on 22 May 2012

Investments in global oil & gas and mining opportunities

| CLUFF NATURAL RESOURCES PLC | MAY 2012

Board of Directors
Algy Cluff Executive Chairman and Chief Executive Officer
In 1972 Algy Cluff formed CCP North Sea Associates to bid for North Sea oil licences in the UK sector and subsequently Cluff Oil Ltd, which acted as the management company for CCP. CCP discovered the Buchan Field, the 14th commercial oil field in the UK North Sea, in 1975. He then founded and became Chairman of Cluff Resources plc. From the early 1980s, Cluff Resources plc began to focus on mineral exploration in Africa and made several significant discoveries including a large gold discovery in Africa (subsequently the Geita Mine in Tanzania), the Freda Rebecca Mine in Zimbabwe and the Ayanfuri Mine in Ghana, prior to the acquisition of Cluff Resources plc by Ashanti Goldfields Company Limited in 1996. In the same year, backed by Anglo American Corporation, Algy Cluff founded Cluff Mining Limited (subsequently re-named Ridge Mining Plc), which was admitted to AIM in May 2000. Ridge Mining Plc was acquired by Aquarius Platinum in 2009. Algy Cluff was the Founder, Executive Chairman and Chief Executive of Cluff Gold plc from 2004 to December 2010, Executive Chairman until July 2011 and subsequently Non-Executive Chairman up to April 2012, when he stepped down to concentrate on Cluff Natural Resources. Nicholas Berry is the controlling shareholder and Chairman of Stancroft Trust Limited and Intersport Switzerland, PsC, and a Director and founder of Mintel International Group Limited, a family business. Nicholas Berry is also a Non-executive Director of The Daily Mail and General Trust plc. Peter Cowley is a geologist with 40 years of international experience in the minerals industry and has been involved in the discovery and development of a number of gold mines in Africa. Peter Cowley is also president and CEO of Loncor Resources Inc and a Director of Banro Corporation and was previously Managing Director of Ashanti Exploration Limited and Group Technical Director of Cluff Resources plc. He holds M.Sc and M.B.A. degrees and is a Fellow of I.M.M.M. He is currently a Non-executive Director of Cluff Gold Plc. Robert Danchin has over 40 years experience in the exploration industry. He was Chief Executive Officer of Anglo American plcs Exploration and Acquisition Division and the Anglo American Groups Deputy Technical Director (Geology). From 1997 to 2002, he was an Executive Director of Anglo American Corporation of South Africa Limited. In 1980, he joined Stockdale Prospecting Limited (an Australian subsidiary of De Beers) as Chief Geologist based in Australia. He remained with that company for 15 years, eventually becoming Exploration Manager heading up its Australian-based diamond exploration programme. He is currently a Non-executive Director of Cluff Gold Plc. William De La Warr has 35 years experience in the securities industry. He was Director of Credit Lyonnais Securities (Broking) Ltd, formerly Laing & Cruickshank, both in institutional sales and corporate broking. Most recently he has worked at Shore Capital Stockbrokers and is Vice Chairman EMEA at Shore Capital International Limited, having particular involvement with the natural resources team. Brian FitzGerald has over 30 years experience as a banker, having worked variously for Hambros Bank, E.D. Sassoon and Wallace Brothers Sassoon before joining Standard Chartered Bank in 1977 where he remained until 1991. He ran the Standard Chartered Investment Banking offices in Australia, Singapore and New York and returned to Head Office in 1987. Subsequently he was Chief Executive of Janson Green Plc, Chairman of Liberty Syndicate Management Ltd and Deputy Chairman of Limit Plc.

Nicholas Berry Deputy Chairman Peter Cowley Non-Executive Director Dr Bobby Danchin Non-Executive Director

The Earl De La Warr DL. Non-Executive Director Brian FitzGerald Non-Executive Director

Investments in global oil & gas and mining opportunities

| CLUFF NATURAL RESOURCES PLC | MAY 2012

Track Record - Algy Cluff

Over 40 years experience in natural resources and generating returns for shareholders helped to develop the idea for CNR Responsible for the discovery and commissioning of the Buchan oil field in the North Sea and discovering and commissioning numerous successful mines throughout Africa:
Discovered the Geita Mine in Tanzania (a large African gold discovery) Freda Rebecca Mine in Zimbabwe Kalsaka Mine in Burkina Faso, the Baomahun 2Moz discovery in Sierre Leone and the Yaoure discovery in Cote dIvoire (Cluff Gold)

Founded and successfully listed three Africa-based mining companies and one oil company - two of which sold to third parties yielding significant returns for investors:
Cluff Oil Ltd Cluff Resources plc acquired by Ashanti Goldfields in 1996 Cluff Mining Ltd (later named Ridge Mining Plc) acquired by Aquarius Platinum in 2009 Cluff Gold plc a gold mining company with a market capitalisation of approximately 135m founded by Mr. Cluff in 2004 who acted as Non Executive Chairman having previously been the Executive Chairman and Chief Executive

Investments in global oil & gas and mining opportunities

| CLUFF NATURAL RESOURCES PLC | MAY 2012

Track Record - Algy Cluff

Early 1970s: Founder of CCP North Sea Associates and later, Cluff Oil Ltd Early 1980s 1996: Founder and Chairman of Cluff Resources plc Late 1980s: Listed Cluff Resources Zimbabwe on the Harare Stock Exchange 1996 2004: Co-founder and Chairman of Cluff Mining Limited 2003 2012: Non Executive Chairman of Cluff Gold plc Mr. Cluff continues to launch companies in the areas of resources and energy: Cluff Geothermal Ltd; Cluff Africa Associates Ltd; Cluff Coal Ltd; and Cluff Oil Ltd.

Investments in global oil & gas and mining opportunities

| CLUFF NATURAL RESOURCES PLC | MAY 2012

Opportunities in the North Sea

Oil & gas projects in the North Sea targeted due to: buoyant prices favourable supply/demand fundamentals North Sea Strong interest in UK North Sea Licensing rounds round 26 resulted in 190 awards covering 2,818 blocks Upstream investment is on the rise hit a record 7.5 billion in 2011 expected to continue to increase March 2012 Budget presents opportunities to acquire assets and/or act as a consolidator of small operators in the North Sea

Investments in global oil & gas and mining opportunities

| CLUFF NATURAL RESOURCES PLC | MAY 2012

Opportunities in Africa

Opportunities sought in both established economies such as South Africa and post conflict countries including Cote dIvoire, Sierra Leone and Liberia Increase in political stability provides solid foundation for strong economic growth in Africa:
Poised to become the worlds second fastest growing region in 2012 6% average economic growth across the 54 countries forecast by IMF expected to drive the emergence of a middle class and increased demand for infrastructure and power

Huge increase in commodity related activity across the continent:

Oil, gold and iron ore in West Africa Copper in the Democratic Republic of Congo Oil & gas in West and East Africa - Number of new discoveries including Uganda by Tullow Oil and Heritage Oil, offshore Ghana by Tullow Oil and offshore Mozambique by Anadarko consortium

Significant opportunity to increase Africas capacity as a major energy producer Successful track record of board of CNR in acquiring and operating resource projects in Africa
Investments in global oil & gas and mining opportunities
| CLUFF NATURAL RESOURCES PLC | MAY 2012 10

Investment Criteria
Projects with relatively low exploration risk sought: Where the asset is underperforming, undeveloped and/or undervalued in the early stage of the development cycle The resource and/or the deposit has attractive fundamentals Where the geology, extraction and processing is not expected to be overly complex Assets that have the potential for unlocking significant value through corporate action Primarily exploration or development stage assets targeted, but producing assets not ruled out Where the technical, logistical and social and environmental issues are satisfactorily considered

Investments in global oil & gas and mining opportunities

| CLUFF NATURAL RESOURCES PLC | MAY 2012

11

Investment Strategy

Utilise Algy Cluffs extensive experience and global contacts built up during his 40 years involvement in the resources arena to source and acquire new investments AIM-listed company, ready to execute opportunities which may enhance discussions with potential vendors and partners Provide capital for exploration, feasibility studies, development and/or expansion Back promoters and/or management teams where necessary seek management participation and board representation Work closely with governments to identify opportunities and develop investments

Investments in global oil & gas and mining opportunities

| CLUFF NATURAL RESOURCES PLC | MAY 2012

12

Disciplined Investment Process

Projects to be subjected to rigorous due diligence:

Deal Flow opportunities to be sourced through the CNR directors contacts in the industry Region/Location Analysis - research conducted to understand the fundamentals of each project Financial Analysis - assumptions identified and tested and economics scoped Reserves Analysis - reserves for each project carefully reviewed in advance of independent due diligence Project Inspection - site to be visited (as necessary) to identify any additional issues and expenditure Capital Markets View - ensure the project is in line with investors expectations Independent Due Diligence - projects subject to a competent persons report in line with best industry practice NOMAD Consultation CNR will consult with its nominated adviser Board Approval - all investments must be approved by the board of CNR

Investments in global oil & gas and mining opportunities

| CLUFF NATURAL RESOURCES PLC | MAY 2012

13

Investment Case

Opportunity to participate in a growth focused oil and gas and mining investment company backed by founder Algy Cluff and a highly experienced board of directors Highly experienced board of directors with:
a proven track record in creating substantial value for investors experience in sourcing and developing projects in the resource sectors and creating value a thorough understanding of taking opportunities forward and completing transactions in the North Sea and Africa a wide network of government and business contacts experience in managing AIM quoted companies an extensive network of contacts well placed to identify investments

Number of possible resource project targets already identified in the North Sea and Africa

Investments in global oil & gas and mining opportunities

| CLUFF NATURAL RESOURCES PLC | MAY 2012

14

Structure

Placing raised 3.75 million to give a market capitalisation of 4.35 million Structure: Founder Shares IPO investors (at 5p per share) Founder Warrants (@ 5p) (5 year life) IPO Investor Warrants (@ 10p) (3 year life)

10,000,000 75,000,000 5,000,000 37,500,000

5 yr Long Term Incentive Agreement over 3% of share capital p.a. awarded to Algy Cluff based on share price performance* Options over up to 5% of share capital can be awarded to other directors and management at market price

*Price targets: 10p per share in year to 31 Dec '12; 15p per share in year to 31 Dec '13; 22.5p per share in year to 31 Dec '14; 33.75p per share in year to 31 Dec '15; 50.625p per share in year to 31 Dec '16.

Investments in global oil & gas and mining opportunities

| CLUFF NATURAL RESOURCES PLC | MAY 2012

15

Contacts

Cluff Natural Resources plc 15 Carteret Street, London SW1H 9DJ Tel: +44 (0) 20 7340 9790 www.cluffnaturalresources.com

Shore Capital Corporate Limited Bond Street House 14 Clifford Street London W1S 4JU Tel: +44 (0) 20 7408 4050

St Brides Media & Finance Ltd Chaucer House 38 Bow Lane London EC4M 9AY +44 (0) 20 7236 1177

Investments in global oil & gas and mining opportunities

| CLUFF NATURAL RESOURCES PLC | MAY 2012

16