Capturing Value Through Discovery

Quaterra Resources Inc. Dr. Thomas Patton, President and CEO September 2011 (604) 681-9059 [email protected]

NYSE-A: QMM / TSX-V: QTA www.quaterra.com

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Forward Looking Statement Statements contained in this presentation that are not historical fact, such as statements regarding the economic prospects of the Company’s projects, the Company’s future plans or future revenues, timing of development or potential expansion or improvements, are forwardlooking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from estimated results. Such risks and uncertainties include, but are not limited to, the Company’s ability to raise sufficient capital to fund development, changes in general economic conditions or financial markets, changes in prices for the Company’s mineral products or increases in input costs, litigation, legislative, environmental and other judicial, regulatory, political and competitive developments in countries where the Company operates, technological and operational difficulties or inability to obtain permits encountered in connection with our exploration and development activities, labor relations matters, and changing foreign exchange rates, which are described more fully in the Company’s filings with the Securities and Exchange Commission. The Company does not undertake to update any forward-looking statement that may be made from time to time except in accordance with applicable securities laws. References are made in this presentation to historic mineral resource estimates. None of these are NI43-101 compliant and a qualified person has not done sufficient work to classify these historic estimates as a current mineral resource. They should not be relied upon and Quaterra does not treat them as current mineral resources.

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Quaterra: strategic focus • Mineral exploration company focused on making significant base and precious metals discoveries in North America • Efforts are currently focused on the Yerington copper district in Nevada and gold and silver in Mexico • Established relationships with major mining companies • One of industry’s most successful exploration teams • A pipeline of assets provides a continual cycle of acquisition, exploration, development and monetization • Potential for gains in shareholder value independent of moves in metals prices

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Corporate Profile Listings:

NYSE-Amex: QMM / TSX-V: QTA

Shares outstanding:

142.9 million *

Fully diluted

173.5 million *

Market cap:

US$162 million / Cdn$166 million

Shares traded per day:

NYSE-A: 139,400 / TSX-V: 34,000 (30-day ave.)*

Cash position:

Cdn$16.5 million*

Recent Share Price:

US$1.14 / Cdn$1.16

12-month high:

US$2.21 / Cdn$2.08

12-month low:

US$1.08 / Cdn$1.10

Institutional shareholders: Maple Leaf Partners, Investors Group, Libra Advisors, Royce, CPP, Salida, AGF, Keane Capital, Peak 6, Davenport & Co. * (As of July 13, 2011)

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Management and Board of Directors A track record of discovery with extensive experience across North America Tom Patton, President and CEO, Director •

Former President and COO Western Silver; VP Exploration of Kennecott; Mining Director RTZ

Tracy Stevenson, Chairman of the Board •

Former Global Head Information Systems of Rio Tinto Plc; CFO and Director of Kennecott

Eugene Spiering, Senior VP Exploration, Director •

Former VP Exploration of Rio Narcea Gold Mines; Sr. Geologist of Energy Fuels Nuclear Inc.

Roy Wilkes, Director •

Former President International Mining Business Unit of The Washington Group; COO of Santa Fe Pacific Gold; Sr. VP Business Development at Anaconda Minerals

Lawrence Page, QC, Director •

Former director and officer of companies which have discovered and brought into production the David Bell and Page Williams mines in Ontario, and the Snip, Calpine-Eskay Creek and Mascot gold mines

Robert Gayton, Director •

Chairman of Audit Committee and has directed the accounting and financial matters of public companies in the resource and non-resource fields since 1987

John Kerr, Director •

Geological consulting engineer since 1970 who has held senior positions with public companies and been involved in the discovery of significant mineral deposits, including two producing mines and two projects waiting for production decisions

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Our projects: creating value in North America •

Portfolio of copper, gold, silver, molybdenum and uranium and projects under NAFTA umbrella

•

Playing to our strengths: North American experience and know-how

•

Operating in mining-friendly jurisdictions with a history of permitting and production

•

Growing resource nationalism ensures long-life discoveries in North America will only increase in value over time

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Yerington Copper District A world-class copper district with welldeveloped infrastructure • Global resources exceed 2.1 billion tons av 0.45% Cu • 3 porphyry Cu deposits (Yerington, Ann Mason, Bear) • Large Cu skarn deposit (Pumpkin Hollow) • Oxide deposit (MacArthur)

A total district metal endowment of 20 billion pounds of copper 7

Copper Resources of the Yerington District A A 20 20 billion billion lb lb district district poised poised for for expansion expansion

Deposit

Est. Date

Category

Pumpkin Hollow

Mar-11

Pumpkin Hollow

Ox/S

Cut-off %Cu

MI

S

0.3

352,828

0.71

5,010

Mar-11

I

S

0.3

228,707

0.52

2,379

Ann Mason

Jan-10

I

S

0.3

810,000

0.40

6,480

Bear

Historic*

S

0.3

500,000

0.40

4,000

Yerington

Historic*

Below pit

Ox/S

0.2

97,832

0.36

697

Yerington

Historic*

Near pit

Ox/S

0.2

22,814

0.30

135

MacArthur

Jan-11

MI

Ox

0.2

46,027

0.26

242

MacArthur

Jan-11

I

Ox

0.2

63,538

0.31

389

MacArthur

Jan-11

MI

S

0.2

639

0.27

3

MacArthur

Jan-11

I

S

0.2

39,476

0.33

259

2,161,861

0.45

19,594

Totals

Tons x1000

Av Grade

M Lbs Cu

* Please see important note on historic resource estimates in forward looking statement

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Yerington Copper Mine An An opportunity opportunity to to rekindle rekindle mining mining in in an an established established district district • SPS, a whollyowned Quaterra sub, acquired Arimetco’s Yerington assets • $500,000 cash, 250,000 shares and 2% NSR royalty capped at US$7.5 million • Historic resources and database of 760 holes

MacArthur MacArthur Project Project Yerington Yerington Property Property Boundary Boundary

Bear Bear Deposit Deposit

2 miles

Yerington Yerington Pit Pit Produced Produced 1.75 1.75 Billion Billion lbs. lbs. Cu Cu 162 162 Mt Mt @ @ 0.54%Cu 0.54%Cu

N N

Property covers 14.1 square miles and includes 8,600 acre ft/year water rights 9

Yerington Geology 22 Major Major Porphyry Porphyry Copper Copper Deposits Deposits • Yerington: 832 million lbs of copper in 120.6 million tons of material averaging 0.34% Cu (K. Howard,1979 historic estimate) • Bear: 4 billion lbs of copper in >500 million tons of material averaging 0.40% Cu (Dilles and Proffett, 1995 historic estimate)

Area yet to be systematically explored 10

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Yerington Mine Exploration Drilling Drilling program program to to convert convert historic historic estimates estimates to to NI NI 4343101 101 compliance compliance and and to to expand expand the the resource resource •

•

•

Initial drilling within and adjacent to the Anaconda pit Geophysical surveys and drilling to define extent of Bear deposit Preliminary metallurgical studies Significant tonnages of copper mineralization remain below and peripheral to the Yerington pit and between the pit and MacArthur copper deposit. 14

MacArthur Copper Mine A stand-alone, fully-stripped copper oxide deposit with potential for expansion •

Updated NI43-101 resource released in Q4 2010

•

Shallow mineralization, favorable topography, water, well-developed infrastructure

3500 ft

N

•

In heart of YeringtonMacArthur copper district N

Robust, near-term, open pit, run-of-mine, heap leach operation N N

•

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MacArthur Exploration 158,695 feet drilled in 242 RC & 58 core holes since April 2007 •

•

•

•

Defined 12,000 ft X 7,000 ft acid-soluble copper zone Extended zone of leachable copper in the NW and in the Gallagher Area Identified primary sulfides related to a possible porphyry system at depth N of pit Discovered porphyry Cu mineralization west of pit at Gallagher

Gallagher Gallagher Area Area

MacArthur MacArthur Pit Pit Northwest Area

North Porphyry Target

N N

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MacArthur Resource Update December 2010 NI43-101 significantly increases resource

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MacArthur 2011 Drilling Infill drill program is defining a large zone of high-grade mineralization north of the pit • • • • • • •

Ridge Zone now delineated over area 2,000 feet X 1,500 feet Several holes have intercepted significant thickness of >0.50% Tcu Expected to increase average grade and size of the deposit Expansion potential to the north and west Step-out drilling: 4,735 ft in 8 holes confirms deposit remains open Deep drilling: 5,755 ft in 3 holes continues testing for deep porphyry system at North Porphyry prospect Metallurgical samples: 3,285 ft in 26 holes for column leach tests

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MacArthur Copper Deposit 2011 DRILLING ACTIVITIES

Ridge Zone Detail Map

Areas with a Grade Thickness >30 ft.%

Existing Pit Outline

Met PQ core holes Step-out RC holes Infill RC (angle) holes N

Infill Drilling Areas

Deep core holes with RC pre-collar Deep hole (pre-collar only)

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MacArthur Copper Deposit RIDGE HIGH GRADE COPPER ZONE Drill Hole Intercepts > 0.5%TCu

DETAIL MAP Drill Hole

Area of > 0.5% TCu

Hornblende Dikes

Depth

Thick. (ft)

TCu %

A

QM-068

470.0

115.0

1.15

B

QM-070

415.0

65.0

0.76

C

QM-190

535.0

45.0

0.71

D

QM-072

750.0

35.0

0.60

E

QM-066

440.0

10.0

1.20

F

QMC-23R

340.0

25.0

1.25

G

QMC-4bR

305.0

95.0

0.57

H

QM-187

310.0

90.0

1.66

I

QM-33

280.0

40.0

0.51

J

QM-034

305.0

120.0

0.71

K

QMC-1bR

300.0

95.0

1.56

L

QMCC-1

224.0

40.0

0.54

M

QM-183

360.0

40.0

1.37

N

QM-030

250.0

80.0

0.52

0

QMCC-10

119.0

25.0

0.74

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MacArthur Future Plans 303 drill-hole locations now permitted, including 200 recently approved and bonded locations for infill holes • RC drilling to expand higher-grade zones for starter pit • Deep core drilling to test primary sulfide mineralization • Metallurgical sampling and testing • Update resource calculation • Initial evaluation of economic potential

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Quaterra-Freeport joint ventures Earn-in agreements with Freeport McMoRan Exploration Corporation on two projects with potential funding of US$10m •

SW Tintic, Utah: Freeport has option to acquire 70% by spending US$5m over four years. Quaterra funded to bankable feasibility study

•

Cave Peak, Texas: Freeport has option to acquire 70% by spending US$5m over four years. Quaterra funded to bankable feasibility study Southwest Tintic project, Utah

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Precious metals in Mexico •

Focused on finding other Peñasquito-type deposits

•

Strategic alliance with Goldcorp guarantees funding of US$10m for two years of work

•

Gold and silver prospects are in the heart of the Mexican Silver Belt (“Faja de Plata”)

•

Land position of more than 950 sq. miles in underexplored areas with operating mines in close proximity •

Favorable mining environment with long history of production and well-developed infrastructure 23

Quaterra-Goldcorp strategic alliance •

Three-year agreement starting in 2010 provides US$10m over two years for generative work by Quaterra along Peñasquito trend in central Mexico

•

Agreement combines the strengths of the teams that discovered and built Peñasquito

•

Goldcorp has option to acquire 65% of any property by spending an additional US$2m over two years on advanced exploration and by completing a bankable feasibility study

•

At Quaterra’s option, Goldcorp will underwrite loan guarantees for mine construction

•

Currently 12 properties covering over 950 sq. miles included in Investment Framework Agreement

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Sierra Sabino Precious Metal Prospect, Mexico First project to be advanced in Quaterra-Goldcorp alliance under Investment Framework Agreement •

Located in Central Mexican Silver Belt in western San Luis Potosi, approx. 120km south of Peñasquito

•

Prospective for intrusiverelated precious and base metals mineralization

•

Goldcorp to spend additional US$1 million in 2011 2011 Plan: core drilling program in progress

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Nieves Silver Project, Mexico A growing silver resource with open-pit potential • Indicated resource: 4.5 m tons av. 103.4 g/t Ag; 15.26 m oz. Ag @ 45 g/t cutoff • Inferred resource: 14.5 m tons av. 83.8 g/t Ag; a further 39.1 m oz. Ag • Resource calculation covers limited area of prospective ground • 50/50 joint venture with private syndicate • Strong land position, excellent infrastructure in area of historic production • Attractive potential acquisition target for near-term production

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Nieves Silver Project, Mexico

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Nieves Geologic Map Showing Drill-Hole Locations California vein

San Gregorio vein

Concordia vein

Santa Rita vein

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Nieves Cross Section Development potential •Favorable metallurgy •Soft Rock •86% silver recovery on runof-mine mineralization •Power, water at shaft •Flat, vacant land •Exploration upside 2011 plans •Updated NI43-101 resource calculation •Preliminary economic evaluation •Drilling in progress

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Herbert Glacier Gold Deposit, Alaska Multi-ounce gold intercepts by partner Grande Portage in historic Juneau Gold Belt • 4 holes intersected visible gold • Results from 3 holes exceptional o

Hole 11E-2: 15.27m ave 1.08 oz/ton at depth of 137.1m

o

Hole 11E-1: 8.82m ave 0.42 oz/ton at depth of 107m

o

Hole 11D-1: 3.05m ave. 2.3 oz/ton at depth of 136m

• Shorter intervals of higher grade • Intercepts have significant width. Veins have significant strike and are open at depth • Drilling to continue into the fall Grande Portage 65%, Quaterra 35%

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2011 Milestones • Yerington: Finalize acquisition and commence drilling

Insert pic

• MacArthur: Expand resource and complete preliminary economic evaluation. Deep drilling to explore for primary sulfide deposit • Nieves: Complete current drill program. Evaluate results for future drilling • Identify, evaluate and drill high-priority precious metals targets with strategic partner Goldcorp in central Mexico • Monitor and evaluate results from drilling by joint venture partners Freeport and Grand Portage • Aggressively pursue copper opportunities in the Western Cordilleran Cave Peak, Texas

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Quaterra’s Investment Opportunity Adding value through the pursuit of new mines in North America: •

Portfolio of advanced and early-stage copper and precious metals properties in the U.S. and Mexico in mining-friendly locations

•

Large, targeted exploration programs in world-class, 100%-owned Yerington copper district, Nevada, and on Nieves silver property in Mexico

•

Joint venture partners funding exploration and development of other base and precious metal properties with outstanding geological potential

•

Management team and network of industry contacts with a proven track record in mineral discovery and development

A scarcity of new discoveries and long lead times to new production ensure that exploration successes will be rewarded

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