A pioneer in exploration and discovery in A pioneer in exploration and discovery in James Bay Lowlands area of Northern OntarioJames Bay Lowlands area of Northern Ontario

““TheThe Spark that set the Ring of FireSpark that set the Ring of Fire””

This presentation contains certain “forward-looking statements” and “forward-looking information” under applicable securities laws. Except for statements of historical fact, certain information contained herein constitutes forward-looking statements. Forward-looking statements are frequently characterized by words such as “plan”, “except”, “project”, “intend”, “believe”, “anticipate”, “estimate”, and other similar words, or statements that certain events or conditions “may” or “will” occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. Assumptions upon which such forward-looking statements are based included that transactions will be completed, that all required third party regulatory, governmental and shareholder approvals for transactions will be obtained and all other conditions to completion of the transactions will be satisfied or waived. Many of these assumptions are based on factors and events that are not within the control of Spider Resources Inc. and there is no assurance they will prove to be correct. Factors that could cause actual results to vary materially from results anticipated by such forward-looking statements include changes in market conditions and other risk factors discussed or referred to in the annual Management’s Discussion and Analysis filed with the applicable securities regulatory authorities and available at www.sedar.com. Although Spider has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. 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 anticipated in such statements. Spider undertakes no obligation to update forward-looking statements if circumstances or management’s estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements. All dollar amounts are in Canadian dollars unless otherwise noted.

1.Spider is an exploration company with several significant properties located in the “Ring of Fire” area of the James Bay Lowlands Ontario, as well as elsewhere

2.Long term (18 years) explorer in the “Ring of Fire” area, first resource company to discover and recognize the multi-metal potential of an amazing under-explored area in Ontario, positioned itself accordingly with available funds.

3.Discoverer of diamonds, Cu, Zn, Ni, Au, Ag, Cr, and PGE’s.

4.Proven Board of Directors and Management Team with over 300 years (in aggregate) working in junior resource sector, exploration, financing, accounting and legal.

1.The “Ring of Fire” region is recognized by many as a world class discovery area for Base Metals and Chromite2.SPQ’s exploration drilling results through 2008 and early 2010 continued to confirm high grade chromite mineralization at Big Daddy3.The company is well financed ($4.3 million financing completed in Feb ’10), approximately $4 million in treasury (as of end of Q1 2010)4.SPQ’s main focus is the Big Daddy Chrome property which is subject to an option with Freewest Resources Canada Inc. (FWR:TSX.V) and KWG Resources Inc. (KWG:TSX.V). Freewest as of January 25, 2010 is a wholly owned subsidiary of Cliffs Natural Resources (CLF:NYSE), Cliffs currently owns 19.9% of KWG our co-optionee5.SPQ’s winter 2010 drill program completed on schedule and on budget6.Completed National Instrument 43-101 compliant resource estimate for Big Daddy Chrome Deposit, announced May 3, 2010

• Earl Coleman – Chairman of the Board, Director (15)• Neil Novak, P.Geo * – President, CEO, Director (33)• Richard Hamelin – VP Finance, Director (32)• Dr. James Franklin, P.Geo. – Director (45)• Norman Brewster, P.Geo. – Director (40)• Bryan Wilson – Director (35)• Hubert Marleau– Director (40)• Carmelo Marelli, C.A. – CFO (15)• Carmen Diges, L.L.B., C.F.A. – Corporate Secretary (18)• James Burns, P.Eng. VP Exploration (42)* PDAC Prospector of the Year 2010 for discovery of “Ring of Fire”

•Big Daddy Chrome Project – a “World Class” Chromite discovery on the Freewest (Cliffs) Option Property located in the James Bay Lowlands “Ring of Fire” located 4 kilometres to the NE of Noront’s Eagles Nest a Magmatic Massive Sulphide Deposit; Spider has earned 26.5% interest from Freewest as per option agreement, Spider can earn an additional 3.5% in conjunction with KWG’s efforts to earn an additional 3.5%, Spider was operator through to March 31, 2010, KWG is current Operator, Spider resumes operatorship April 1, 2011. • McFaulds Lake Project –10 VMS discoveries since initial discovery in 2002 that initially sparked the “Ring of Fire”. McFaulds #1 and 3 have undergone recent resource estimates, Spider filed NI 43-101 report in 2008 (Spider optioned project to UC Resources, Spider to contribute after UC earns up to 55%, Spider to maintain 30% interest). Best hole on project to date drilled in 2004, 18.8 metres averaging 8.02% Copper at McFaulds #3

Recent (winter 2009) ground gravity and magnetic gradient surveys, further rendered, refined, and focused drill targeting.

• NI-43-101 report by Micon International filed in March 2009 outlined scope of work for next phase of exploration, chrome target area was delineated as result of series of winter 2009 ground geophysical surveys

•Fall ’09 program encompassed ~9,000 metres of drilling (utilizing two drills), initiated base line environmental study, additional geophysical surveying, pre-planning for resource estimate drilling. Identified continuously mineralized chromite body for 1300 metre strike length to depths of 375 metres, varying widths.

• Holes consistently averaged in excess of 40% Cr2O3 over several tens of metres, with Cr:Fe ratios in 1.75 to 2.0 range (comparable to the best in the world).

Winter 2010 diamond drilling preparation of NI-43-101 compliant resource estimate

•Winter 2010 drilling entailed approximately 1,500 additional metres to test Big Daddy at 100 metre centers to define areas of near surface chromite mineralization amenable to near term exploitation.

• Micon International Ltd. was engaged to prepare and complete a NI 43-101 report, including a compliant resource estimate based upon 48 drill holes that tested Big Daddy along continuous strike length of 1000 metres to depth of 375 metres;

• Operatorship switched to KWG on April 1, 2010 – project undergoing planning for pre-feasibility program based upon indicated resource outlined in the Micon report. Planning is underway for summer 2010 program, minimum commitment from Spider in order of $2.5 million (Flow through applicable)

Massive Chromite Domain

15% Cutoff, with internal waste

The McFaulds Project is located in the James Bay Lowlands, the area of one of Canada’s newest exploration camps, and an exciting area of new, multi -metal discoveries by several exploration companies.

The project encompasses 141 staked claims (~32,000 hectares) and has had over 90 holes drilled between 2003 and the end of 2009.

Highlights include discovery of 10 individual VMS occurrences, of which 2 have undergone detail drilling with resource estimates (NI 43-101 technical report filed on SEDAR). The best drill intersection encountered 18.8m averaging 8.02% copper (Hole McF-04-57) in McFaulds #3 occurrence.

UC Resources Inc has an Option to earn up to 55% ownership in the project by spending $4.5 million on the project over 4 years (UC has earned 40% thus far by incurring in excess of $3.25 million prior to March 2010).

  

Spider Resources – McFaulds 3 Deposit

LocationIndicated ResourcesTonnes % Cu % Zn

Copper + Zinc Domain

802,000 3.75 1.1

Total, Indicated

802,000 3.75 1.1

Spider Resources – McFaulds 1 Deposit

LocationInferred ResourcesTonnes % Cu % Zn

Copper Domain 279,000 2.13 0.58Zinc Domain 560,700 0.48 3.27Total, Inferred 839,700 1.03 2.38

•Kyle Kimberlite Project – Spider discovered diamondiferous 5 kimberlites NE of the “Ring of Fire” area in the mid-1990’s. Filed NI 43-101 report in 2008 (Spider optioned project to Renforth, Spider only contributes after Renforth earns up to 55% , Spider maintains 30% interest) Discussions underway with Renforth to revisit this project agreement and make it a priority project for Spider during the last half of 2010. •Diagnos Initiative Project – a conceptual project within the Ring of Fire, using statistical analysis of proprietary geophysical datasets to generate targets similar to other known successfully tested targets. Six properties were acquired, airborne surveys completed resulting in one priority drill target (50:50 partnership with KWG, Spider is operator as per May 2006 JV agreement) • Wawa Diamond Project – Spider discovered several diamond occurrences along the Trans Canada Highway, near Wawa, in 1996. Project advanced to drill phase in 2008, main “Lalibert 156” occurrence tested, all samples yielded diamonds, more work planned. (50:50 partnership KWG can elect to contribute or dilute once Spider has earned 66.66% interest, Spider is operator of project per May 2006 JV agreement) •MacFadyen Diamond Project – a diamond exploration project near the Victor Diamond Mine, 100 tonne bulk test planned by Debuts Diamond (KWG controls Debuts, Spider to contribute to maintain 33.33%, KWG is operator per May 2006 JV agreement). Preliminary discussions underway with KWG on revisiting this agreement and working it into the Kyle project as noted above.

Big Daddy Chrome Project Big Daddy Chrome Project KWG as Operator to provide work program for next phase of option KWG as Operator to provide work program for next phase of option earn-in with respect to Freewest (Cliffs). Minimum program expected to earn-in with respect to Freewest (Cliffs). Minimum program expected to be in order of $4 - 5 million, of which be in order of $4 - 5 million, of which Spider must expend $2 – 2.5 Spider must expend $2 – 2.5 million prior to end of March 2011million prior to end of March 2011, in order to earn additional 1.5%, , in order to earn additional 1.5%, bringing Spider’s interest level to 28%, however KWG could bringing Spider’s interest level to 28%, however KWG could recommend a much larger pre-feasibility program. Over-expenditure recommend a much larger pre-feasibility program. Over-expenditure gets applied to next earn-in.gets applied to next earn-in.~$9 million program left to be expended by March 31, 2012 for Spider ~$9 million program left to be expended by March 31, 2012 for Spider and KWG to fully vest with 30% each in Big Daddy. and KWG to fully vest with 30% each in Big Daddy. Spider contributes 50% of all costs in agreement with KWG to earn up Spider contributes 50% of all costs in agreement with KWG to earn up to 60% aggregate interest from Freewest (Cliffs). Spider has ~$4 to 60% aggregate interest from Freewest (Cliffs). Spider has ~$4 million in bank as of end of Q1 2010.million in bank as of end of Q1 2010.

McFaulds ProjectMcFaulds Project

UC to continue exploration to achieve their 55% earn-in, Spider to review UC results UC to continue exploration to achieve their 55% earn-in, Spider to review UC results as they happen, work with UC once their earn-in is achieved, if done before year as they happen, work with UC once their earn-in is achieved, if done before year end ($??)end ($??)

Kyle ProjectKyle Project

Spider to renegotiate agreement with Renforth to move project along quicker ($??).Spider to renegotiate agreement with Renforth to move project along quicker ($??).

Wawa ProjectWawa Project

review results of 2009 plan next drill phase ($150K) .review results of 2009 plan next drill phase ($150K) .

Diagnos Initiative ProjectDiagnos Initiative Project

KWG and Spider contemplating drilling one hole to test target immediately east of KWG and Spider contemplating drilling one hole to test target immediately east of ROF, estimate at $150,000 ($75K each)ROF, estimate at $150,000 ($75K each)

New ProjectsNew Projects

Spider is always on the lookout for new exciting projects, has identified a few new Spider is always on the lookout for new exciting projects, has identified a few new projects, negotiating terms for acquisition at present ($500K)projects, negotiating terms for acquisition at present ($500K)..

Spider Resources Inc, founded in 1992 as a diamond exploration resource company. It is now 2010. Spider has matured over the past 18 years to become a very successful exploration company, with a very proud history of exploration success, not only in diamonds but in base and precious metals, also in chromite. Our success speaks for itself. We are the envy of many other explorers in the junior resource sector. What was once an exciting exploration project, has just become an exciting pre-development project. Big Daddy is a world class chromite deposit.

“Spider is the spark that set off the Ring of Fire, this spark continues to burn bright. Spider is changing, the spark is now a flame, watch us change, but don’t watch from a distance!”

Market InformationCurrent Price: $0.10 (May 07, 2010)52 Week Hi/Low: $0.15/$0.025 (May 07, 2010)Outstanding Shares: 473,469,598 Fully Diluted: 659,913,773Auditor: McCarney Greenwood LLPLegal Counsel: McMillan LLPBank: Royal Bank of CanadaInvestor Relations: Investor Cubed Inc.Web Site: www.spiderresources.com