CORPORATE PRESENTATION

September 2018

A FOCUSED STRATEGY TO

INCREASE PRODUCTION

DISCLAIMER

The information contained in this presentation (this "presentation") has been prepared by Cradle Arc Plc ("the Company") as at the date of thispresentation and is subject to updating, completion, revision, further verification and amendment without notice. This presentation is for generalinformation only and is the property of the Company. Making this presentation available in no circumstances whatsoever implies the existence of acommitment or contract by or with the Company, or any of its affiliated entities, or any of its or their respective subsidiaries, directors, officers,representatives, employees, advisers or agents for any purpose.

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1

Mowana Copper Mine in Botswana

Production ramping up to 12,000tpa from current Stage 1 operations and then 21,000tpa LOM following

low capex DMS expansion project

2

PRODUCING COPPER IN BOTSWANA

CRA INTEREST 60%

RESOURCE

Measured and Indicated – 54.7Mt

at 1.17% Cu for 640 kt tonnes Cu

Inferred – 20.3Mt @ 1.08% Cu for

220 kt Cu

RESERVEProved & Probable - 31.8Mt at

1.17% Cu for 371 kt Cu

PRODUCTION

STATUS

Full time production and ramping

up to nameplate capacity

LIFE OF MINE14 years production of

approximately 21,000tpa Cu

PEAK

PRODUCTION27,000 tonnes in year 3

NPV (8%) US$272.8 million*

*Quoted in real terms at an 8% discount rate and a copper price ofUS$3.00/lb Cu

STRATEGY

▪ Deliver cash generation from Stage 1 production

▪ Revised operating model treating oxide resources as

waste

▪ Reposition Mowana as a larger scale, lower cost producer

through DMS expansion

▪ Develop wider asset base on a case-by-case basis to

realise value

A NEW APPROACH TO MOWANA

3

Using pre-concentration, mining and processing controls to simplify the project’s operations driving profit even in a low commodity price environment

HISTORY

2008 Commissioned at a cost in excess of

US$170 million by African Copper

2008-2015 Plant operated processing an

average of 775,406 tpa at an average grade of

1.72% copper ore mainly from the Thakadu

deposit

2015 Mine liquidated as commercially unviable

at depressed copper prices

2017 Acquisition out of liquidation by Cradle Arc

with a new business plan while copper prices

approx. $2.50/lb

FUTURE

TREAT OXIDES AS WASTE

• The majority of the oxides have already been ‘stripped’ out

• Focus only on transitional and sulphide ores where recovery is in line with the mining reserve plan

PLANT IMPROVEMENTS UNDERWAY AND MORE PLANNED

• Plant improvements incorporated into the re-commissioning process

• Substantial front-end upgrade to pre-concentrate through Dense Media Separation (DMS) increases throughput to an average 2.6Mtpa

• Re-positions Mowana as a larger scale, lower cost mine

IMPROVED DEBT POSITION

• Cradle Arc acquired 60% of the Mowana Mine with just $44m of

debt compared with the $110m under the previous owners

MOWANA MINE MINERAL RESOURCES AND ORE RESERVES

4

MOWANA MINERAL RESOURCES

Measured Indicated Measured + Indicated Inferred

Cut-Off(% Cu)

Tonnes(kt)

Cu(%)

Cu Metal

(kt)

Tonnes(kt)

Cu(%)

Cu Metal

(kt)

Tonnes(kt)

Cu(%)

Cu Metal

(kt)

Tonnes(kt)

Cu(%)

Cu Metal

(kt)

Oxide 0.72 572 1.58 9 980 1.45 14 1,552 1.48 23 22 1.51 0.3

Transition 0.37 1,262 1.31 17 1,884 1.17 22 3,146 1.24 39 217 1.09 2

Supergene 0.34 1,553 1.41 22 2,022 1.33 27 3,575 1.37 49 395 1.16 5

Fresh 0.29 11,689 1.3 151 34,760 1.09 378 46,449 1.14 529 19,673 1.08 213

Total 15,076 1.32 199 39,646 1.11 441 54,722 1.17 640 20,307 1.08 220

MOWANA ORE RESERVES

Category Ore (kt)Copper Grade

(% Cu)

Contained Copper Metal

(kt Cu)

Proved 12,435 1.27 157.7

Probable 19,374 1.10 213.1

Total 31,809 1.17 370.8

Mineral Resources not forming part of the Ore Reserve

Inferred 3,692 0.93 34.5

*Prepared in accordance with the Guidelines of the JORC Code (2012). Resources reported inclusive of reserves

Mowana has a large resource base of 75Mt at 1.15% Cu for 860kt Cu

PLANT OVERVIEW

A conventional crushing,

screening, milling and flotation

circuit

• Crushing and screening circuit consists of a

primary jaw crusher (fed from the ROM pad),

and secondary and tertiary cone crushers

presenting a -16mm feed size to the mill

• Single F L Smith rubber lined 160tph ball mill

• Conventional dual oxide/sulphide flotation

circuit

• Concentrate drying circuit, including a Larox

filter

• Concentrate bagging station

• Tailings dewatering equipment

Plant now operating and ramping up to nameplate 1.2Mtpa capacity

5

DMS Upgrade expected to double

capacity to 2.6 Mtpa

PROGRESS AT MOWANA SINCE IPO

6

Jan 2018▪ Test works confirms suitability of DMS to

Mowana Copper Mine▪ Preparatory work for DMS underway

April 2018▪ Maiden JORC (2012) mineral resource estimate

announced▪ Accelerated Development Plan implemented to

fast track access to deeper ores, with betterrecoveries and grade

▪ Delivery to site of mining fleet of 25 vehicles▪ US$10m debt funding secured

May 2018▪ Maiden Ore Reserve Estimate announced and

Life of Mine extended▪ Transitional / sulphide ores accessed with

recoveries in line with plan

June 2018▪ Project level operational cash flow break even

achievedSeptember 2018▪ Renewal of two Prospecting Licences to the

north of Mowana

ACTIONS

Accessing transitional and sulphide ores in the North Pit

Recoveries in line with operating plan in the process plant

MINING UPDATE

7

• Ramp up of mining commenced

mid-April following announcement

of accelerated development plan

• Two mining units operating full time

by end May 2018, accessing

transitional ores as expected below

960 level

• Third mining unit brought on-line in

June 2018 and fourth to be on-line

by end of September 2018 to be at

target capacity

• Approx. 1.1 million tonnes of ore

and waste were have been mined

by the end of Q2

• Mining rates approximately

doubling in the third quarter and

expected to be at full capacity of

~3Mt per quarter by Q4.

PROCESSING UPDATE

• Processing optimisation is ongoing

as the Company continues to ramp-

up to steady state production

• Some sporadic interruptions

occurred during July and August

2018

• Recoveries average of 51% for Q2

and Q3 reflecting predominantly

transitional ores

• Recoveries of up to 76% still

expected to be achieved in high

supergene ores

• Recoveries expected to reach 85%

as more sulphide dominant ores

accessed

• Approximately 4,000 tonnes

contained copper to be produced in

H2 2018

• H2 production to be weighted to Q4

as ore type processed moves from

transitional to supergene

LIFE OF MINE PLAN & VALUATIONMAIDEN ORE RESERVE

8

Discount Rate

US$m 6% 8% 10% 12%

US$

/lb

Cu

2.70 191.1 170.9 154.1 140.2

2.80 229.3 204.8 184.6 167.7

2.90 267.4 238.8 215.1 195.1

3.00 305.5 272.8 245.5 222.6

3.10 343.6 306.7 276.0 250.1

3.20 380.7 339.7 305.6 276.9

3.30 418.2 373.2 335.6 303.9

3.40 455.7 406.6 365.6 331.0

3.50 489.6 436.7 392.5 355.3

0.0%

0.2%

0.4%

0.6%

0.8%

1.0%

1.2%

1.4%

1.6%

1.8%

2.0%

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

1 2 3 4 5 6 7 8 9 10 11 12 13 14

Year

RoM Ore (Mt) Plant Feed (Mt) Feed Grade (% Cu)

• Maiden Ore Reserve Estimate by Wardell Armstrong

International: 31.8Mt @ 1.17% Cu for 370,800t Cu,

effective May 2018

• Measured & Indicated Resources of 55Mt @ 1.17% Cu –

increased 37%

• Life of mine extended to 14 years, with average LOM

production of approximately 21,000tpa Cu, peaking at

27,000tpa Cu in year 3

• Inferred Resources of 3.7Mt @ 0.93% Cu for 34,500

tonnes treated as waste in LOM schedule

• Ore Reserve Estimate gives Mowana an after tax NPV of

US$272.8 million1

• Average LOM cash costs (C1) of US$4,099 per tonne Cu

(US$1.86 per pound) 2

• Average LOM all-in sustaining costs of US$5,038 per

tonne Cu (US$2.29 per pound) 2

1. Quoted in real terms at an 8% discount rate and a copper price of US$3.00/lb Cu

2. Cash operating costs (C1) per pound of payable copper includes cash operating costs,

including treatment and refining charges ("TC/RC"), freight and distribution costs net of by-

product credits. All-In Sustaining Costs (AISC) of payable copper include cash operating

costs plus royalties and agency fees, expenditures on rehabilitation, capitalised stripping

costs, exploration and geology costs, corporate costs and sustaining capital expenditures.

UNDERSTANDING DMS

9

Dense Media

Separator

Grit/Slimes

Crusher Product

Mill Feed

Feed to DMS

Sinks

Floats to tails

82% 18%

40% Yield

89% Cu Recovery

60%

~2.0x uplift in Mill Feed Grade

• Dense Media Separation is anestablished mineral pre-concentrationmethod widely used in base metalsand diamond processing operations

• DMS installation is forecast toapproximately double copper throughthe existing mill

• Crusher product is pre-screened - gritand slimes are delivered directly tothe mill

• DMS separates minerals of differentdensities using gravity in a solutionwith heavier mineralised oreseparated from barren or low gradewaste

• The upgraded DMS feed is thentransferred to the Mill, effectivelyincreasing the processed grade forthe same volume of ore feed

• By reducing production unit costs,Mowana can bring lower gradetonnes into the mine plan,generating mining efficiencies

DMS Flowsheet

2.6 Mtpa of ore @ 1.17% Cu for ~21,000 tonnes of copper per year

Example DMS Unit

LOW CAPEX DMS PROGRAMMEDMS IMPLEMENTATION

DMS upgrade costings US$M

SGS TurnKey Solution Contract 11.4

SGS Contract Variation Cost 2.3

Tailings Handling 0.1

Site Remedial Action for Upgrade 1.7

Wellfield Upgrade 2.5

Total Direct Costs 18.0

Environmental Consultant EIA/EMP Update Proposed Cost 0.3

Owner's Fixed Costs 0.8

Total Indirect Costs 1.1

Contingency 0.9

TOTAL PROJECT COSTS 20.0

10

• Two 150tph DMS units are to be purchased,installed and commissioned by SGS Batemanon a turnkey basis

• Upgrades will also be required to the tailingsstorage facility, the tailings underflow pumping,and the existing borehole network

• The project will also include a review of theEnvironmental Social Impact Assessment("ESIA") and the mine's EnvironmentalManagement Plan.

• Construction of the DMS project is expected totake 11 months (SGS Bateman)

NEAR MINE EXPLORATION

11

▪ Renewal of Prospecting Licences PL33/2005 and PL180/2008

granted and valid for a period of two years

▪ Regional geophysics by previous owners shows the shear zone

extends through both tenements

▪ Potential combined strike length increased to 36km from the

current 5km within the Mowana mining licence area

▪ Subject to financing, the Company's proposed work plan

includes:

▪ Further geophysics to extend through the northernmost

PL180/2008 permit area

▪ Followed by a maiden drilling programme with the

objective of proving mineralisation within the known

structure

▪ To date, the northernmost drill holes within the Mowana licence

area, at the Mowana North Extension, returned high grade

intercepts, namely:

▪ Hole MWN007 - 50m @ 2.11%TCu from 667m depth

(including 2m @ 9.13%TCu)

▪ Hole MWN025 - 19.28m @ 2.94%TCu from 272.38m

▪ Hole DPH1, drilled in 2011, and located just north of the

Company's current mining activity at the Mowana open pit

successfully proved that mineralisation extended down to 900m

MAKALA COPPER PROSPECT

12

▪ Located approx. 70km from Mowana, being the underground

extension of the previously mined Thakadu open pit

▪ Represents an additional potential ore source for Mowana at a

rate of 1Mtpa

▪ Makala contains inferred resource of 11.5 Mt at 1.46% Cu for

168kt Cu + significant silver credits*

▪ Thakadu contains indicated resources of 2.268 Mt at 1.11% Cu

and inferred resources of 5.38 Mt at 0.63% Cu

▪ Deposit hosted within the same broad metasedimentary

package as Thakadu

▪ Three zones of copper mineralisation identified; main Makala

Ore Zone, Hanging wall Makala Ore Zone and Logolo Ore zone

▪ At Makala there is generally less variation in the thickness of

the mineralised zones than at Thakadu, with mineralisation

ranging from 30cm up to 12m at its thickest point

▪ Mining proposed to utilise a retreat open stoping method from

an adit driven from the base of the Thakadu open pit

▪ A feasibility study has been commissioned

* Note: using a cut-off grade of 0.25% Cu

SUMMARY

13

▪ Mowana is a producing copper asset in Botswana; a low risk, mining friendly jurisdiction, in a favourable copper market environment

▪ Production ramping up to 12,000tpa Cu, and will reach an average of 21,000tpa Cu over a 14 year mine life following low capex Dense Media Separation (DMS) expansion project

▪ Estimated Net Present Value of US$272.8 million at an 8% discount rate and a copper price of US$3.00/lb Cu

▪ Cradle Arc is building on over US$170 million of investment by previous owners

▪ Rapidly delivering on strategy to re-position Mowana as a profitable, larger scale, lower cost copper mine:

✓ Debt reduced and restricted on acquisition

✓ JORC 2012 resource base increased to 55Mt M&I @ 1.17% Cu + 20Mt Inferred @ 1.08% Cu

✓ Maiden open pit Ore Reserve of 31.8Mt @ 1.17% Cu for 370,800t Cu - reported within 4 months of listing

✓ Accelerated development plan implemented April 2018 – mining rates to double in Q3 and hit full capacity in Q4

✓ Recoveries being achieved to plan and set to continue to improve

✓ 4,000 tonnes of copper to be produced in H2 2018

✓ Cash generation to improve throughout H2 2018

▪ Mowana positioned for Stage 2 production expansion, leveraging management team’s has first-hand experience of installing and operating DMS units

▪ Near mine prospective assets with potential add to production profile

APPENDICES

14

BOARD AND MANAGEMENT

ROY PITCHFORD

NON-EXECUTIVE

CHAIRMAN

• Roy has in excess of 25 years’ senior management and executive experience in Southern Africa in the mining industry

• Previously of Chief Executive Officer or Managing Director for Vast Resources Plc, Central African Gold PLC, African

Minerals Limited, Cluff Resources Zimbabwe Limited, Delta Gold Zimbabwe (Pvt) Limited, African Platinum plc and

Zimbabwe Platinum Mines Ltd.

• Zimbabwean citizen who was educated in Bulawayo, where he subsequently qualified as a Chartered Accountant. He

is a past President of The Chamber of Mines of Zimbabwe

KEVIN VAN WOUW

CEO

• Kevin is a metallurgist with over 30 years’ experience in the mining industry and is currently the Non-Exec Chairman of

PenMin and a Fellow of the SAIMM

• Prior to PenMin, Kevin was the Projects Director at LionOre Mining International Limited where he was directly

responsible for the commercialisation of its Activox™ technology, as well as conceptualszing and implementing the

Commercial DMS application for Tati Nickel Mining Company (Pty) Ltd, in Botswana

MARK JONES

DIRECTOR OF

BUSINESS

DEVELOPMENT

• Graduate from the Camborne School of Mines and holding an MBA

• Mark is a mining engineer with over 35 years’ experience in mining production, 25 of which have been spent in Africa,

with specific expertise in gold and base metals in Africa, Europe and the FSU

• Founded and CEO of African Mining and Exploration plc (subsequently Savannah Resources plc) that sold the Malian

assets to Cradle Arc

ROGER WILLIAMS

NON-EXECUTIVE

DIRECTOR

• Roger is a Chartered Accountant with over 20 years’ international experience in mining finance

• In 1997 he joined Randgold Resources, working on its London Stock Exchange listing and later its secondary listing on

NASDAQ, and was appointed Group Finance Director in 2002

• Roger went on to become Chief Financial Officer of JSE-listed AECI Limited

• Directorships and interim executive appointments with various mining and mining services companies

OSCAR KIRKOVITS

NON-EXECUTIVE

DIRECTOR

• Oscar began his career at Knight Vinke Asset Management in Monaco, an activist hedge fun. Becoming a private

investor, his focus shifted in 2017 to small cap companies, mainly operating in the resource sector

• Oscar holds a Bachelor’s degree in Business, Economics and Social Sciences from the Vienna University of

Economics and Business, as well as a Master’s degree in Finance from the International University of Monaco

MICHAEL GOLDING

NON-EXECUTIVE

DIRECTOR

• Michael has over 20 years’ of corporate and project finance experience during which time he has advised on in excess

of 50 transactions in the mining industry.

• Previously the South African head of Corporate Finance for Billiton Plc, following which he acted as a director at HSBC

Investment Services Africa Limited, Actis Plc and Imara Holdings Ltd

• Currently Non-Executive Chairman to CCP 12J Fund Limited and has run a boutique corporate and project advisory

business for over 10 years

• Member of the South African Institute of Chartered Accountants and holds the degree of Master of Business

Leadership from the University of South Africa.

15

CAPITAL STRUCTURE

Financing

✓ Pre-IPO: £3.25 million secured October 2017

✓ IPO: £2.4 million raised December 2017/ January 2018

✓ Issued US$10 million loan note

✓ $4m raised for capital structure simplification August 2018 16

Market AIM

Ticker CRA.L

Share price 3.80p

Market Cap* £10.5 million

Shares in issue 276,391,999

Raised ~£6 million in pre-IPO and IPO raisings (before expenses) and raised US$10m debt financing post- IPO to accelerate mining at Mowana

Major Shareholders

Kevin van Wouw - 41.79%

City Financial - 13.33%

Hadron Capital - 8.26%

*as at 17 September 2018

FUNDING

Cradle Arc acquired a 60%

interest in the Mowana mine

with US$44 million of debt

compared to US$110 million

under previous owners

Stated borrowings are at the

Leboam level so only 60%

attributable to Cradle Arc:

• $21 million structured as an

unsecured long-term shareholder

loan from ZCI on favourable terms

• $19.9 million secured debt to ZCI

and liquidator

• $10 million loan notes raised in

April 2018 to accelerate mining

and retire offtake linked debt –

raised at Cradle Arc level and

largely on-lent to Leboam

17

100%

60%

100%

40%

CRADLE ARC INVESTMENTS

(PTY) LIMITED (CAI)ZCI LIMITED (JSE: ZCI)

LEBOAM HOLDINGS (PTY)

LIMITED

CRADLE ARC PLC (CRA)

MOWANA COPPER MINE

Cradle Arc has receives a management fee equal to 1.5%

of revenue from Mowana

CORPORATE STRUCTURE

GOLD EXPLORATION

Gold Exploration Joint Ventures in West

Africa allow Cradle Arc to retain exposure

to these potentially significant greenfield

projects, whilst its joint venture partners

fund and manage the exploration work

programmes

• Over 475,000 oz Au already defined

within the exploration portfolio

• The right ‘addresses’ for significant

gold discoveries

• Strong joint venture partners with track

records of making gold discoveries

18

MALI

100% owned project gold exploration project on main transcurrent shear zone

(“MTZ”) in western Mali

• 137 km2 exploration permit covering regional significant structure

• Exploration funded and managed by Indiana Resources from

September 2018

• Multiple high-grade discoveries

• Significant data set compiled by Randgold now being utilised by

Indiana

Joint Venture with Ashanti Gold Corp. (TSX-V: AGZ)

Sale of this project to Ashanti has been agreed for C$1 million (received) and

1.5% NSR (retained)

• 64 km2 exploration permit adjacent to Kossanto West

• Ashanti funding and managing all exploration to PFS

• 247,000 oz Au JORC resource already established

Joint Venture with Cora Gold Ltd (LON: CORA). Cora owned 34% by

Hummingbird Resources Ltd (LON: HUM)

• 250 km2 exploration permit in southern Mali

• Fully funded to BFS

• Significant historical exploration work completed and targets

delineated

MATALA & DUNROBIN GOLD PROJECTS

19

Asset Overview

CRA INTEREST 100%

LOCATION Zambia

RESOURCE 761koz at 2.3g/t Au

STATUS Optioned for JV and potential sale

Option Agreement – July 2018

• Non-exclusive option granted to Singa to acquire Luiri (100% owned subsidiary holding the Matala and Dunrobin licences) for total cash consideration of US$2.5 million

• In addition, Cradle Arc will receive a royalty of 1.5% of gross revenue up to a maximum aggregate amount of the Net Present Value of US$2.5 million, discounted at 8%.

• Singa also granted an non-exclusive option to form a joint venture for the operation of Matala and Dunrobin. In the event the JV Option is exercised, any such joint venture terminates upon the commencement of commercial gold production. In the event that Singa elects to exercise the JV option, Cradle Arc has the right to require Singa to exercise the Share Option

CONTACTS STRAND HANSON: NOMAD

JAMES DANCE

E: JAMESDANCE@STRANDHANSON.CO.UK

T: +44 (0) 20 7409 3494

WWW.STRANDHANSON.CO.UK

TAVISTOCK COMMUNICATIONS LIMITED: PR

CHARLES VIVIAN / GARETH TREDWAY

E: CHARLES.VIVIAN@TAVISTOCK.CO.UK / GARETH.TREDWAY@TAVISTOCK.CO.UK

T: : +44 (0)20 7920 3150

WWW.TAVISTOCK.CO.UK

CRADLE ARC PLC

KEVIN VAN WOUW: CEO

T: +27 (0) 11 380 7505

WWW.CRADLEARC.COM

21

CORPORATE PRESENTATION

June 2018

A FOCUSED STRATEGY TO

INCREASE PRODUCTION