Crusader Resources- Australia’s next Iron Ore minerand Gold explorer

Presentation - May 2010ASX Code: CAS

Rob Smakman, Managing Director1

This presentation may contain forward looking statements that are subject to risks and other factors outside the control ofCrusader Resources Ltd. The statements are considered reasonable in the circumstances and have been prepared in good faithand with all due care, but may differ materially from actual further results and performance. To the fullest extent permitted bylaw, Crusader Holdings NL excludes all liability for any statement in, or omission from, this presentation. Investors must make andrely upon their own enquiries and due diligence in relation to the subject matter of this presentation. An investment in CrusaderResources Ltd should be considered speculative. A potential investor must assess the merits or otherwise of an investment inCrusader Holdings NL having regard to their personal, financial and other circumstances.

This document is not for distribution to United States newswire services or for dissemination in the United States. The securitiesreferred to herein have not been registered under the US Securities Act of 1933 and may not be offered or sold in the UnitedStates or to a US person absent registration or an applicable exemption from registration.

Competent Person Statement

The information in this report that relates to Exploration Results is based on information compiled or reviewed by Mr. RobertSmakman, who is a Member of The Australasian Institute of Mining and Metallurgy and is a full-time employee of the company.Mr. Smakman has sufficient experience in the type of deposits under consideration and the activities being undertaken to qualifyas a Competent Person as defined in the December 2004 Edition of the Australasian Code for reporting of Exploration Results,Minerals Resources and Ore Reserves and consents to the inclusion in the report of the matters based on his information in theform and context in which it appears.

The information in this report that relates to Mineral Resources is based on and accurately reflects, information compiled by MrBernardo Viana who is a full time employee of Coffey Mining Pty Ltd and a Member of the Australian Institute of Geoscientists.Mr Viana has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and tothe activity which he is undertaking to qualify as a Competent Person as defined in the 2004 edition of the Australasian Code forReporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Viana consents to the inclusion in the report of thematters based on the information in the form and context in which it appears.

Disclaimer

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Evaluate

Explore & Acquire

Exploration/Acquisition Project Pipeline•Lake Throssell- Uranium in WA•Juru Belem - Gold in NE Brazil•Continue to pursue value adding projects- Bigger scale Fe

Posse – Iron Ore Initiate ProductionProduction – 300kt in June 2010Production rising to 1Mtpa in 2011

Borborema Gold Project•Complete Due Diligence end June 2010•JORC resource (June 2010)•Great infrastructure and granted mining licenses - targetingdevelopment in 2011

Crusader 2010 – Poised for Growth

Develop

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Crusader Resources Ltd- Company overview

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Listed on the ASX in Feb 2004 (ASX :CAS) - In Brazil since 2006

Issued Capital

Ordinary Shares 59,657,152Options 15,260,000

Significant Shareholders

Copulos Group 22.35%Board 14.19%Canadian Institution 7.40%

Top 20 55%

• Current Share Price $0.26 - $0.30

• 12 Month Range $0.07 - $0.40

• Market Cap ~$16M

• Cash as at 31 March 2010 $1.95M

BoardNon-Exec Chairman, David ArcherManaging Director, Rob SmakmanExecutive Director, Paul StephenNon Executive Director, Murray HodgesNon Executive Director, Justin Evans

Posse –Initiating Production - JUNE 2010.Beneficiation plant purchased-finalising installationCrusher testing second week June 2010Moving to accelerate Stage2 - 1Mtpa.

Borborema Gold – 6 month Option buying- 100%Due Diligence well underwayDecision date; 30th June 2010Maiden JORC resource – Due in June- 2010.Metallurgy results (+93%)Drilling results- excellent widths and gradesGreat Infrastructure, cheap entry into significant gold project.

Lake Throssell exploration program planned - native title negotiations nearingcompletion

Sale of Parker Range tenements to Southern Cross Gold Ltd

Corporate - Conservative reaction to GFC- Maintained tight corporate structure

Strengthened balance sheet – (new significant shareholders- Canadian Institution)

Achievements – 2009/2010

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Brazil to be 5th largest economy by 2016Foreign projects not effected by new Australian “Super Profits” Tax

Brazil to be 5th largest economy by 2016Foreign projects not effected by new Australian “Super Profits” Tax

Why Brazil ?

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• Rapidly growing population with emerging middle class

driving growth (180 Million)

• Brazil recently admitted to the G20 (along with Australia)

• World’s 10th largest economy and growing (5th biggest

by 2016?)

• IMF predicts growth of 4.7% in 2010

• Latin Americas largest economy

• Football World Cup 2014, Olympics 2016- Strong

domestic growth

• Brazil exports > 300Mt per annum of iron ore-one of the

Worlds Biggest

• Brazil is a Top 10 global steel producer - and the biggest

“pig iron” producer in the world.

Why Brazil?

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Stage 1 - In production June 2010 with firstsales in July!

Prioritizing the accelerated expansion to - Stage2 = 1Mtpa (mid 2011)

Crusader Australia's newest Iron Ore ProducerPosse Iron, Brazil.

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Posse - Facts

•100% Owned by Crusader.

•Independent -JORC Resource estimate- of 36Mt @ 43.5% Fe

•Resource open at depth.

•Development proposal is 2 stage, 10 year, open pit culminating in 1 Mtpa ROM

•Metallurgy indicates high grade Fe (>63%) with VERY low contaminants- Premium LUMP

product- with minimal beneficiation

•Stage 1 Licenses Granted

•Stage 2 License applications underway- expected June 2011

•LOI to sell ore to local consumer Alterosa –Signed

•Beneficiation plant- purchased and in construction. Capex A$1.6M

•Mining to commence in June 2010

•Opex – Stage 1 is estimated at $R18.41/t ROM.

•Located in world famous Iron Quadrangle- MG Brazil - Home of Vale.

Location plan with smelters and Belo Horizonte

Posse MineAlterosa - Purchaser of Ore

• Close to Belo Horizonte, Brazil’s mining heart

• Good infrastructure

• Roads to the mine gate

• Main customer is 80km from mine gate.

• Water to site.

• Power installed.

• Customers surround the project and

market is growing.

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•Stage 1 High Grade Hematite•Lump product >63% Fe withlow contaminants

On site at Posse

Posse Development Plan

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- Stage 2 -

Increase production to 1 Mtpa

Expanded wet beneficiation plant - currentplant can handle throughput- needs onlyadditional “tail end”

Several high-grade (63% Fe) products includinglump and sinter and fines (mainly hematite).

All metallurgy testing indicates premiumproducts. Low contaminants- <0.02%P

Stage 2 will begin with stockpiled lower gradeore from Stage 1.

Licensing for Stage 2 is already well underway.

Drilling and further engineering will initiate in2nd half of 2010

- Stage 1 -

2 years at a production rate of 300,000 tonnes perannum run of mine (ROM).

Targeting high grade (>60% Fe) Hematite veins inStage 1

Crusader evaluating potential to double productionand to halve the timeframe for Stage 1 (strongercash flows)

Beneficiation by dry sieving to produce a premiumquality lump ore. Simple procedure. ~50% of ROMwill report to lump product.

Sales agreement in place with leading smelterAlterosa for +50% of product. Sales of Product at themine gate.

Fines products will be stockpiled for re-treatment inStage 2

Sale price estimated at $R80/t Lump.

Capital costs are estimated at ~A$1.6 million.Contract mining

Opex costs are estimated at $R18.41/t of ROM($R34/t product)

Posse Stage 1

• Outcropping Itabarite ore andHematite - free digging. Stage 1targets high grade (>62% Fe)Hematite veins

• Low strip ratio 0.95 Stage 1, (1.4LOM)

• Ore will be crushed and sorted- dry treatment.

• Selling lump product only- potential to significantly increasecash flow by also selling fines

• LOI to purchase signed withAlterosa - a strong partner.

• Product sales are at the mine gate- no transport costs to CAS

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Posse Stage 2- Expanding to 1 Mtpa

• Planning to accelerate the start of Stage

2 underway

- now expected in Mid 2011, licensing

permitting

• Expand production to ~1Mtpa ROM

• Expected life an additional

5-8 years

• Plant upgraded to treat ‘wet’ – higher

quality and more products

• Separation will be combination of

spirals, jigs and magnetic sep.

• Multiple products produced- including

lump, fines and sinter feed 14

Borborema Gold Project• Crusader has a 6 month option for

100% of the Borborema Gold Project inNE Brazil. Exercise date June 30th.

• Historic production is estimated at~300,000ozs

• Excellent Infrastructure includes;

1. 2 hours drive on FederalHighway to State capital, Natal,and international airport.

2. Water and high tension powerline to site

3. 3 granted mining leases; totalarea now 46km2

4. Surface rights to the area overthe main deposit - 752Ha. Noland holder issues- Crusader willown land title.

• All historical RC/diamond drilling andtrenching has been consolidated into adatabase for resource estimation

• Crusader will pay ~A$2.4M toundertake DD and accept the option.As of June

• JORC Resource estimate due June2010.

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Defined mineralization fromdrilling and trenching

Mineralisation definedover 3.5kms and remainsopen- NE and SW!

Borborema Gold- Historical Drilling- 1980’s

•Exploration and Mining work from the 1980’s- 90’s included202 RC holes, 20 diamond holes with better results;

4m @ 16.52 g/t Au from 0m in RC hole MP111/P-1495m @ 9.92 g/t Au from 8m in RC hole MP111/P-1016m @ 6.59 g/t Au from 0m in RC hole MP111/P-14316m @ 18.01 g/t from 13m in RC hole MP/P-27*16m @9.68 g/t from 0m in RC hole MP P-58*12m @ 8.39 g/t from 3m in RC hole MP/P 59*

•The drilling results cover the Morro Pelado (or Xapetuba) openpit (approximately 90 holes within the pit) as well as theimmediate along strike extensions of the pit

•The work focussed on the oxide portion of the resource.

•Oxide material was successfully treated via heap leach- (Brazil’sfirst) recovering ~100,000ozs.

•The surface mineralisation has been traced over 3.5 kms.Mineralisation of the main trend is open on surface along strikein both the NE and SW directions.

*mined out16

Borborema Gold - 2007

.•Caraiba Mineração Ltda. (Caraiba) conducteddiamond drilling in 2006/7. Of the 75 drill holesthat were completed, 25 were not cut, sampled orassayed.

•Significant results from this drilling included;

6m @ 13.74 g/t Au from 119.6m-hole 275-02

6m @ 11.98 g/t Au from 84.5m-holes 525-01

16m @ 3.92 g/t Au from 77.4m – hole 1000-02

4.75m @ 8.72 g/t gold from 116.8m-hole 821.02

•Drilling covered the deeper portions of theresource- confirming continuity at depth

•Drill spacing was ~60m x 60m

•Caraiba also performed preliminary

•Metallurgical studies.

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Borborema GOLD 2010- Crusader Due Diligence-Drilling

3D model built fromhistorical data.

Au contours: 0.4, 0.6, 0.8, 1.0, 1.5, 2.0 and 3.0 g/t

Crusader has sampled 25 holes(previously drilled by Caraiba)to complete the 60m x 60m drill patternover the main part of the project.Better results include;5m @ 11.27g/t from 40m in hole 715_026m @ 4.39g/t Au from 55m in hole 715_031m @ 16.7g/t from 27.4m in hole 1075_044m @ 7.00g/t Au from 69m in hole 400-047m @ 5.37g/t Au from 35m in hole 775-04

Borborema- Section 400

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Metallurgy

• Non - refractory, free milling andpresented no difficulties for traditionaltreatment techniques.••Test 1 looked at the gravityseparation of the gold from thesample, with the tails later treatedwith a cyanide leach (simulating aCarbon in Leach or CIL circuit). Therecovery from this test was 94.6%.••Test 2 analysed direct CIL treatmentof the ore at 2 different grind sizes 74and 53um). Recoveries from thistestwork were 93.4 and 93.0%respectively.

•Cyanide and Lime consumption werebelow average = lower operationalcosts.

Crusader Valuation

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• CAS is under-rated against small iron ore developers and producers

– CAS will be producing this month

– simple logistics, no infrastructure bottlenecks, low capital costs....

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