This investor presentation by The European Explorer discusses the company's acquisition of approximately 1.7 million hectares of mineral rights over four greenstone belts and a historic silver mining camp in Norway. It notes that the presentation contains forward-looking statements regarding the acquisition, future performance, mineral resource estimates and other projections that are based on certain assumptions and involve known and unknown risks and uncertainties that could cause actual results to differ materially. The company disclaims any obligation to update forward-looking statements except as required by law.

1. The
European
Explorer
│
Investor
Presenta4on
July
2012
Patrick
F.
N.
Anderson
Chairman
and
Chief
Execu4ve
Officer

2. Forward-­‐Looking
Statement
&
Qualified
Persons
This
presenta4on
contains
“forward‑looking
informa4on”
which
may
include,
but
is
not
limited
to,
statements
with
respect
to
the
comple4on
of
the
acquisi4on
(the
“Acquisi4on”)
by
the
Company
from
a
group
of
private
vendors
of
approximately
1.7
million
hectares
of
mineral
rights
over
four
greenstone
belts
and
a
historic
silver
mining
camp
in
Norway,
future
financial
or
opera4ng
performance
of
the
Company
and
its
mineral
projects,
the
future
price
of
metals,
the
es4ma4on
of
mineral
resources,
the
realiza4on
of
mineral
resource
es4mates,
the
4ming
and
amount
of
es4mated
future
produc4on,
costs
of
produc4on,
capital,
opera4ng
and
explora4on
expenditures,
costs
and
4ming
of
the
development
of
new
deposits,
costs
and
4ming
of
future
explora4on,
requirements
for
addi4onal
capital,
government
regula4on
of
mining
opera4ons,
environmental
risks,
reclama4on
expenses,
4tle
disputes
or
claims
and
limita4ons
of
insurance
coverage.
OTen,
but
not
always,
forward‑looking
statements
can
be
iden4fied
by
the
use
of
words
and
phrases
such
as
“plans,”
“expects,”
“is
expected,”
“budget,”
“scheduled,”
“es4mates,”
“forecasts,”
“intends,”
“an4cipates,”
or
“believes”
or
varia4ons
(including
nega4ve
varia4ons)
of
such
words
and
phrases,
or
state
that
certain
ac4ons,
events
or
results
“may,”
“could,”
“would,”
“might”
or
“will”
be
taken,
occur
or
be
achieved.
Forward-­‐looking
statements
are
based
on
the
opinions
and
es4mates
of
management
as
of
the
date
such
statements
are
made
and
are
based
on
various
assump4ons,
such
as
approvals
from
the
Toronto
Stock
Exchange
and
the
Norwegian
Directorate
of
Mining
will
be
obtained
in
respect
of
the
Acquisi4on,
the
con4nued
poli4cal
stability
in
Northern
Ireland
and
Norway,
that
permits
required
for
the
Company’s
opera4ons
will
be
obtained
in
a
4mely
basis
in
order
to
permit
the
Company
to
proceed
on
schedule
with
its
planned
drilling
programs,
that
skilled
personnel
and
contractors
will
be
available
as
the
Company’s
opera4ons
con4nue
to
grow,
that
the
price
of
gold
will
be
at
levels
that
render
the
project
economic,
or
that
the
Company
will
be
able
to
con4nue
raising
the
necessary
capital
to
finance
its
opera4ons
and
realize
on
mineral
resource
es4mates.
Forward‑looking
statements
involve
known
and
unknown
risks,
uncertain4es
and
other
factors
which
may
cause
the
actual
results,
performance
or
achievements
of
the
Company
to
be
materially
different
from
any
future
results,
performance
or
achievements
expressed
or
implied
by
the
forward‑looking
statements.
Such
factors
include,
among
others,
general
business,
economic,
compe44ve,
poli4cal
and
social
uncertain4es;
the
actual
results
of
current
explora4on
ac4vi4es;
actual
results
of
reclama4on
ac4vi4es;
conclusions
of
economic
evalua4ons;
changes
in
project
parameters
as
plans
con4nue
to
be
refined;
future
prices
of
metals;
possible
varia4ons
of
mineral
grade
or
recovery
rates;
failure
of
plant,
equipment
or
processes
to
operate
as
an4cipated;
accidents,
labour
disputes
and
other
risks
of
the
mining
industry;
poli4cal
instability;
delays
in
obtaining
governmental
approvals
or
financing
or
in
the
comple4on
of
development
or
construc4on
ac4vi4es,
as
well
as
those
factors
discussed
in
the
sec4on
en4tled
“Risk
Factors”
in
the
Company’s
Annual
Informa4on
Form.
Although
the
Company
has
a]empted
to
iden4fy
important
factors
that
could
cause
actual
ac4ons,
events
or
results
to
differ
materially
from
those
described
in
forward‑looking
statements,
there
may
be
other
factors
that
cause
ac4ons,
events
or
results
to
differ
from
those
an4cipated,
es4mated
or
intended.
Forward‑looking
statements
contained
herein
are
made
as
of
the
date
of
this
presenta4on
and
the
Company
disclaims
any
obliga4on
to
update
any
forward‑looking
statements,
whether
as
a
result
of
new
informa4on,
future
events
or
results,
except
as
may
be
required
by
applicable
securi4es
laws.
There
can
be
no
assurance
that
forward‑looking
statements
will
prove
to
be
accurate,
as
actual
results
and
future
events
could
differ
materially
from
those
an4cipated
in
such
statements.
Accordingly,
readers
should
not
place
undue
reliance
on
forward‑looking
statements.
Some
technical
data
in
this
presenta4on
was
taken
from
the
technical
report
en4tled
“An
Updated
Mineral
Resource
Es4mate
for
the
Curraghinalt
Gold
Deposit,
Tyrone
Project,
County
Tyrone
and
County
Londonderry,
Northern
Ireland
dated
January
10,
2012,
prepared
by
B.
Terrence
Hennessey,
P.Geo.,
and
Dibya
Kan4
Mukhopadhyay,
M.Sc.,
MAusIMM,
of
Micon
Interna4onal
Limited
(the
Technical
Report ).
Mar4n
Moloney,
BSc.(hons),
M.AIG,
Senior
Geologist,
Dalradian
Resources,
is
the
Qualified
Person
who
supervised
the
prepara4on
of
the
explora4on
technical
data
for
Northern
Ireland
in
this
presenta4on.
Michele
L.
Cote,
MSc.,
P.
Geo.,
Dalradian
Resources,
is
the
Qualified
Person
who
supervised
the
prepara4on
of
the
explora4on
technical
data
for
Norway
in
this
presenta4on.
John
McCombe,
PEng,
Chief
Opera4ng
Officer,
Dalradian
Resources
Inc.,
is
the
Qualified
Person
who
supervised
the
prepara4on
of
the
development
technical
data
in
this
presenta4on.
The
technical
informa4on
contained
in
this
news
release
is
based
upon
informa4on
prepared
by
Messrs.
Hennessey,
Jacobs,
Villeneuve,
Damjanović
and
Foo
of
Micon
Interna4onal
Ltd.,
who
are
each
a
Qualified
Person
as
defined
by
NI
43-­‐101.
Messrs.
Hennessey,
Jacobs,
Villeneuve,
Damjanović
and
Foo
are
independent
of
Dalradian
as
defined
by
NI
43-­‐101.
2

3. Capital
Structure
TSX
DNA
STOCK
PRICE
$3.00
Shares
outstanding
89.3
million
$2.50
Fully
diluted
94.8
million
DNA
$2.00
Market
cap.
$80.4
million
$0.90
(July
26,
2012)
$1.50
July 26, 2012
$1.00
Average
volume
172,207
(30
day)
$0.50
52
Week
Range
$2.42
-­‐
$0.62
$0.00
Insider
ownership
6%
(approximate)
$26.00
$1,900
Cash
balance
Gold
(as
at
Mar
31,
2012)
$37.4
million
$24.00
$1,800
$22.00
$1,700
$20.00
$1,600
$18.00
$1,500
Analyst
coverage
Jamie
Spra]
$16.00
$1,400
$14.00
$1,300
Craig
Stanley
BMO
Junior
Gold
Index
ETF
$12.00
$1,200
Jan
Jan
Jan
Feb
Feb
Jun
Mar
Mar
Apr
Apr
May
May
All
dollars
quoted
in
$
CAD
3

4. Our
Board:
A
Track
Record
of
Discovery
and
Development
PATRICK
F.
N.
ANDERSON
KEITH
D.
MCKAY
CHAIRMAN
AND
CHIEF
EXECUTIVE
OFFICER
CHIEF
FINANCIAL
OFFICER
Former
CEO
of
Aurelian
Resources
Former
CFO
of
Aurelian
Resources
Also
Director
of
Colossus
Minerals
and
ConYnental
Gold
COLIN
K.
BENNER
THOMAS
J.
OBRADOVICH
CHAIRMAN
OF
DELTA
MINERALS
AND
AURICO
GOLD
CHAIRMAN
OF
LAGO
DOURADO
MINERALS
Also
Director
of
Mercator
Minerals,
Lundin
Mining,
Former
CEO
of
Young-­‐Davidson
Mines
Troon
Ventures,
and
Corsa
Capital
Former
Director
of
Aurelian
Resources
JOSEPH
F.
CONWAY
SEAN
E.
O.
ROOSEN
CEO
OF
PRIMERO
MINING
CORP.
CEO
OF
OSISKO
MINING
CORPORATION
Former
CEO
of
IAMGOLD
Also
Director
of
Rio
Novo
Gold,
Bowmore
ExploraYon
and
Astur
Gold
RONALD
P.
GAGEL
ARI
B.
SUSSMAN
Former
SVP
and
CFO
of
FNX
Mining
EXECUTIVE
CHAIRMAN
OF
COLOSSUS
MINERALS
CEO
OF
CONTINENTAL
GOLD
LIMITED
Also
Director
of
Adriana
Resources
and
Stonegate
Agricom
4

5. Contents
Dalradian
Summary
Northern
Ireland
Project
IntroducYon
Norway
Curraghinalt
Deposit
-­‐
Resource
Summary
Northern
Ireland
Resource
Summary
ExploraYon
–
Northern
Ireland
ExploraYon
–
Norway
5

6. The
European
ExploraYon
Company
NORTHERN
IRELAND
NORWAY
§ Posi4ve
PEA
including:
§ Posi4oned
for
mineral
discovery
− ATer-­‐tax
IRR:
41.9%
− Under-­‐explored
in
the
20th
century
− Cash
Opera4ng
Costs:
US
$532/oz
− Four
northern
greenstone
belts
with
known
mineraliza4on
− Produc4on:
Approx.
145,000
oz/year
over
15
year
mine
life
− Historic
Kongsberg
silver
district
in
south
§ High-­‐grade
2.7M
ounce
gold
resource
(all
categories)1
§ Regional
sampling
program
underway
− Stream
sediment
sampling
program
in
− Measured:
0.02
MT
grading
21.51
g/t
Au
for
progress
in
Kongsberg
silver
district
10,000
contained
ounces
− Till
and
stream
sediment
sampling
− Indicated:
1.11
MT
grading
12.84
g/t
Au
for
commencing
over
northern
greenstone
460,000
contained
ounces
belts
− Inferred:
5.45
MT
grading
12.74
g/t
Au
for
2.23
million
contained
ounces
§ Pro-­‐mining
Investment
§ 18,000m
drilling
program
started
July
9,
2012
− Government
investment
in
geological
surveys
1
Refer
to
press
release
en4tled
“Dalradian
Announces
Resource
Increase
at
Curraghinalt”
at
www.dalradian.com
6

7. Northern
Ireland:
§ Our
flagship
asset:
Curraghinalt
U.K.
&
BRITISH
ISLES
NORTHERN
mesothermal
high-­‐grade
gold
deposit
IRELAND
§ Excellent
regional
infrastructure
Curraghinalt
Deposit
§ Over
84,000
hectares
under
explora4on
Lonmin
license
§ Poten4al
exists
for
further
precious
and
base
metals
deposits
Irish
Salt
Mining
Gor4n
Rousky
Cavanacaw
Galantas
Gold
Omagh
BELFAST
Conroy
Diamonds
&
Gold
In
produc4on
Exploring
for
Pla4num
and
Extensive
since
late
2007
gold
along
a
palladium
underground
50
km
trend
explora4on
mining
7

8. Brownfields
ExploraYon:
Curraghinalt
Trend
GLACIATED
TERRAIN
WITH
MINIMAL
OUTCROP
Hole
12-­‐CT-­‐154
Golan
Burn
.65m
@
15.04
g/t
Au
Outcropping
veins
including
60cm
@
61.43
g/t
Au
Hole
11-­‐CT-­‐99
3.2m
@
5.34
g/t
Au
Hole
12-­‐CT-­‐153
.45m
@
10.22
g/t
Au
.33m
@
14.15
g/t
Au
Scotch
Town
Peak
of
10.52
g/t
Au
In
mineralized
boulders
Curraghinalt
Deposit
Resource
as
at
Nov
2011
–
Measured:
0.01
Moz
Au
(0.02MT
@
21.51
g/t)
Indicated:
0.46
Moz
Au
(1.11MT
@
12.84
g/t)
Inferred:
2.23
Moz
Au
Alworries
(5.45
MT
@
12.74
g/t)
1.88
metres
@
20.8
g/t
Au
in
vein
in
quarry
• intercept in hole 11-CT-99 projected up dip to 170m mSL 8

9. Curraghinalt
NI
43-­‐101
Technical
Report
Measured
0.02 MT @ 21.51 g/t Au for 0.01
4.1m:
42.7
g/t
@
depth
42.9m
N
1.6m:
56.3
g/t
@
depth
416.2m
million contained ounces
2.0m:
482.7
g/t
@
depth
77.0m
Indicated 1.3m:
65.7
g/t
@
depth
159.8m
1.11 MT @ 12.84 g/t Au for 0.46 2.0m:
24.0
g/t
@
depth
41.5m
million contained ounces 3.3m:
16.9
g/t
@
depth
615.7m
Road
Inferred Sheep
Dip
5.45 MT @ 12.74 g/t Au for 2.23 ABB-­‐D
Mullan
million contained ounces ABB-­‐G
T17
Kiln
Shear
No1
§ Prepared by Micon International 106-­‐16
Limited V75
Bend
§ Dated January 10, 2012 Crow
§ Includes drilling up to August
2011 – more than 13,000 Crows
Foot
Shear
metres drilled on the deposit
since resource cut-off 0
200
400
KILOMETRES
9
9

10. Curraghinalt:
A
Growing
Resource
1986-­‐2011
CURRAGHINALT
RESOURCE
ESTIMATE
• 1986-­‐1987
resources
es4mates
are
historical
non
43-­‐101
compliant
resources
3
60,000
• 2003
to
2011
resource
es4mates
are
2.5
50,000
reported
43-­‐101
compliant
2
40,000
• Images
presented
for
illustra4ve
purposes
Million
of
Ounces
Metres
Drilled
only
1.5
30,000
1
20,000
0.5
10,000
0
0
1989
01-­‐May-­‐1997
01-­‐Oct-­‐1997
30-­‐Jan-­‐2003
27-­‐Jan-­‐2005
29-­‐Nov-­‐2007
30-­‐Nov-­‐2009
30-­‐Nov-­‐2011
1986
1996
Resource
EsYmate
Measured
Indicated
Inferred
Metres
Drilled
10

11. Preliminary
Economic
Assessment
PEA
Key
Data
3
Year
Trailing
Average
Gold
Price
$1378/ounce
NPV
with
8%
discount
rate
$467
million
IRR
(ATer-­‐tax)
41.9%
Payback
from
Day
1
of
Construc4on
2
years
Average
Annual
Produc4on
145,000
ounces/year
Life
of
Mine
15
years
Ini4al
Capex
($38M
con4ngency)
$192
million
Cash
Costs
$532/ounce
or
$125/tonne
Diluted
Grade
8.1
g/t
Au
Gold
Recovery
92%
PEA results released on July 25, 2012. The PEA is preliminary in nature. It includes inferred mineral resources that are
considered too speculative geologically to have the economic considerations applied to them that would enable them to be
categorized as mineral reserves. There is no certainty that the results of the PEA will be realized.
11
All
dollars
quoted
in
$
USD
unless
stated
otherwise
11
11

12. PEA:
Mining
§ Longhole
Mining
with
Ramp
Access
&
Truck
Haulage:
– Local
availability
of
experienced
longhole
miners
– More
dilu4ve
than
cut
and
fill
but
less
expensive
and
easier
to
manage
§ Cost
trade-­‐off
not
material
– 1.8
metres
mined
width
(80%
dilu4on
on
resource)
– 20
metre
sub
level
spacing
– Less
than
10
working
faces
at
any
one
4me
12
12
12

13. Comparable
Longhole
OperaYons
Project
ProducYon
Mining
Cost
Comments
Rate
(tpd)
(US$/t
milled)
Curraghinalt
1,700
(planned)
$76.50
(US$/t
mined)
1.8
m
stope
widths
(Dalradian,
N.
Ireland)
(PEA
es4mate)
Westwood
2,200
(planned)
$62.46
15
m
high
stopes,
with
(Iamgold,
Quebec)
mineable
widths
down
to
1.2
m
Bulyanhulu
3,300
$156.00
Narrow,
steeply-­‐dipping
(African
Barrick,
veins
Tanzania)
Daisy
Milano
540
Cash
Costs
of
$660/oz
Stope
widths
down
to
1
m
(Silver
Lake
Resources,
W.
Australia)
Lawlers
2,200
$30.06
Shallow
dipping
veins,
2-­‐6
m
(Barrick,
Australia)
(2003)
thick
13

14. PEA:
Processing
§ OpYons
Examined:
§ Grinding
–
Whole
Ore
Leach
§ Grinding
–
Gravity
–
Flota4on
of
Gravity
Tails
–
CN
of
Flota4on
Concentrate
§ Grinding
–
Gravity
–
Flota4on
–
Sale
of
Concentrate(s)
§ Grinding
–
Cu
Flota4on
–
Pyrite
Flota4on
–
CN
of
Pyrite
Concentrate
§ Preferred
opYon:
§ Crushing,
grinding,
whole
ore
cyanida4on
and
conven4onal
tailings
disposal.
§ 92%
gold
recovery
Silverlake’s Daisy Milano Mine
§ Opportunity
for
further
op4miza4on
of
mill
circuit
14
14
14

15. Permijng
Permijng
§ Working
with
government
to
op4mize
the
permiwng
process
§ Awai4ng
water
discharge
permit
for
underground
drilling
–
near
term
§ Next
step
–
planning
for
underground
explora4on
development
15
15
15

16. Phase
I
Drilling
CURRAGHINALT
DEPOSIT
§ Commenced
drilling
high
priority
targets
July
9,
2012
§ Increase
confidence
in
current
numbers
§ Pull
in
outlying
holes
§ Greater
than
15,000
metres
drilled
since
last
resource
update
§ Updated
resource
es4mate
targeted
Q1
2013
16

17. Phase
II
Drilling
CURRAGHINALT
TREND
2012
Geophysics
High Resolution Aeromagnetic
Image flown over Curraghinalt
Trend – April 2012
2012
Geochem
Historical Geochem with Extended
2012 Soil Survey
Curraghinalt
Trend
Glaciated terrain with minimal
outcrop
17

18. Becoming
Part
of
the
Community
18

19. Norway:
“Let the Treasure Hunt
Begin”
Industry Minister, Trond Giske at Press conference announcing new direction in
19 mineral strategy for Norway

20. Another
Mining
Friendly
JurisdicYon
Karasjok
• The
new
Mineral
Act
legisla4on
passed
in
Kautokeino
Pasvik
January
2010
to
promote
mining
ac4vi4es
Rombak
• Minister
of
Industry
announces
large
investment
over
4
years
to
iden4fy
mineral
resources
SWEDEN
RUSSIA
• Dalradian
has
acquired
mineral
rights
over
6
areas
including
four
greenstone
belts
and
an
FINLAND
historic
silver
mining
district
NORWAY
Kongsberg
HELSINKI
• Proper4es
total
more
than
1,700,000
Bamble
OSLO
hectares
STOCKHOLM
Dalradian
Concession
Areas
• Country
with
good
infrastructure,
educated
Greenstone
Belts
workforce
and
stable
government
20

21. Here
be
Monsters…
1. Kijlä
Gold
Mine
– Largest
gold-­‐mine
in
Europe
– Total
Reserves
+
Resources
=
7.4
Moz
Au
2. SakaYllampi
Discovery
– Possibly
largest
nickel-­‐copper
deposit
discovery
in
Europe
(reported
samples
of
4%
Ni)
– Announced
by
AngloAmerican
on
November
3rd,
2011
3. Pechenga
District
– In
Russia
~
25km
from
Norwegian
border
Dalradian
Concession
Areas
– Probable
reserves
of
150Mt
@
1%
Ni
and
Proven
Reserves
of
30Mt
@
2%
Ni,
1%
Cu,
Greenstone
Belts
0.04%
Co
4. Bidjovagge
Gold-­‐Copper
Mine
– Historical
produc4on
of
greater
than
200,000
ounces
of
Au
&
14
M
pounds
of
Cu
21

22. Greenfields
ExploraYon
Norway
NORWAY
EXPLORATION
Regional
reconnaissance
sampling
to
idenYfy
best
targets
+1M
oz.
Au
equivalent.
§ Boots
are
on
the
ground!
§ 3
teams
on
stream
sediment
sampling
in
the
Kongsberg
silver
district
–
approximately
50%
complete
§ Till
sampling
program
beginning
over
the
two
largest
northern
greenstone
belts
§ Extensive
program
of
consolida4ng
and
reinterpre4ng
historic
and
new
geophysical
data
to
iden4fy
priority
explora4on
targets
§ Crews
will
complete
programs
over
southern
concessions
in
the
fall
22

23. The European Explorer
Patrick F. N. Anderson
Chairman &
Chief Executive Officer
Investor Relations
Shae-Lynn Mathers
Director, Investor Relations
smathers@dalradian.com
416.583.5622
Trading Symbol:
DNA on TSX
Executive Office:
Dalradian Resources Inc.
155 Wellington Street West
Suite 2920
Toronto, Ontario
Canada M5V 3H1
www.dalradian.com
23

24. Curraghinalt
NI
43-­‐101
Technical
Report
§ Prepared
by
Micon
Interna4onal
Limited
§ Dated
January
10,
2012
§ Updated
from
May
10,
2010
and
reflects
revised
gold
price
Curraghinalt Mesothermal Gold Deposit
Measured
0.02 MT @ 21.51 g/t Au for 0.01 million contained ounces
Indicated
1.11 MT @ 12.84 g/t Au for 0.46 million contained ounces
Inferred
5.45 MT @ 12.74 g/t Au for 2.23 million contained ounces
Notes:
§ Combined royalties of 6%
§ Assumes US$900/oz and an economic cut-off grade of 5 g/t Au over a minimum thickness of 0.10 metres, diluted to 1 metre at 0 grade
§ Using a cut-off grade of 5 g/t
§ All veins less than 10 cm were excluded
§ Width or vein thickness is measured at 90 degrees to the vertical
§ "Vein thickness" refers to a zone of grade and may not be 100 per cent vein material
§ Please see "A Mineral Estimate for The Curraghinalt Gold Deposit, Tyrone Project, County Tyrone and County Londonderry, Northern Ireland” dated January 10,
2012 and available at www.dalradian.com
24

25. Tyrone
Project:
Curraghinalt
&
Glenlark
Trend
DG4
Curraghinalt
Deposit
DG3
DG1
DG2
25