25th May 2017

FNQ AusIMM Mining Roundup

Capricorn Copper MineUnearthing a Rare Copper Opportunity

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Disclaimer

� Disclaimer

This presentation contains forward looking statements that are subject to risk factors associated with the exploration and mining industry. It is believed that the expectations reflected in these statements are reasonable, but they may be affected by a variety of variables which could cause actual results or trends to differ materially.

� Exploration Targets

Exploration Targets are reported according to Clause 17 of the 2012 JORC Code. This means that the potential quantity and grade is conceptual in nature and that considerable further exploration, particularly drilling, is necessary before any identified Mineral Resource can be reported. It is uncertain if further exploration will lead to larger, smaller or any Mineral Resource.

� Competent Person

The information in this presentation that relates to Exploration Results, Mineral Resources and Ore Reserves is based on information compiled by Mr David A-Izzeddin (who is a member of the Australian Institute of Geoscientists). Mr A-Izzeddin is an employee of Capricorn Copper Pty Ltd and has sufficient experience that is relevant to the style of mineralisation and types of deposit under consideration and consents to the inclusion of the information in this presentation in the form and the context in which it appears. Mr A-Izzeddin qualifies as a Competent Person as defined in the 2012 Edition of the “Australasian Code for reporting of Exploration Results, Mineral Resources and Ore Reserves”.

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Background

Who is Capricorn Copper?

� Capricorn Copper Holdings (CCH) is a JV formed between EMR Capital and Lighthouse Minerals to acquire, refurbish and operate the Capricorn Copper Mine (CCM)

� Combines the experience and knowledge from some of Australia’s most successful copper teams and local regional knowledge – Equinox, Oxiana & Xstrata Copper

� Experienced Board of Directors:

� Owen Hegarty (Chairman)

� Craig Williams (Director)

� Ian Smith (Director)

� John Chomley (Director)

� Carl Hallion (Managing Director and CEO)

� Low cost acquisition of a large high grade copper deposit in a stable jurisdiction

Asset Description and Overview

� Fully-permitted copper mine located

~120km North of Mount Isa, Queensland

� Existing underground mine and processing

facility on C&M since 2013

� Extensive infrastructure in place and

generally in good condition

� 1.65 Mtpa sulphide flotation facility

� Existing mine development

� Water, grid power + 330 person

camp

� Access via 40km sealed highway and

85km gazetted unsealed road

� 28 mining licenses (“CCM”) and 13

exploration permits (“CCP”) covering

~1,755 sq kms

� Highway and rail connections to Port of

Townsville

Capricorn Copper

Project History

� 1882: Copper oxide ore was first discovered at Mt Oxide

� 1927: Mammoth deposit discovered and intermittently worked on a

small scale until 1969 by Shah Brothers and Foschi

� 1969 – 1977: VAM Ltd and later Consolidated Goldfields produced

copper concentrate from larger scale UG mining at Mammoth

� 1989 – 1995: Adelaide Brighton developed Mammoth to 600m and

produced copper cathode from an in situ leach operation

� 1995: Aberfoyle purchased the operation and drilled out Esperanza

� 1998: Western Metals took over Aberfoyle

� 1998: Ferric leach plant commissioned to treat Esperanza open cut ore

� 2002: Mammoth UG mining re-commenced by Western Metals

� Nov 2003: Western Metals entered receivership and Aditya Birla

purchased the operation from receivers

� 2003 – 2013: Aditya Birla converted operation into a copper

concentrate producer and mined Mammoth. Project placed into Care

and Maintenance after GFC in 2009 and again in April 2013 due to

low copper price

� Oct 2015: Project purchased by Capricorn Copper Holdings

Period Producer Ore (Tonnes) Copper

Grade (%)

Produced

Copper

(Tonnes)

Ore Source

1927 - 1959 Shah / Foschi 745 14.60 109 Mammoth

1959 - 1969 Foschi 5,974 9.80 585 Mammoth

1969 - 1972 Surveys and Mining Ltd 171,307 2.30 3,940 Mammoth

1972 - 1977 Gunpowder Copper Ltd 1,900,000 2.70 51,300 Mammoth

1979 - 1982 Gunpowder Copper Ltd 3,797 Mammoth

1989 - 1996 Adelaide Brighton Ltd 35,654 Mammoth

1996 - 1997 Aberfoyle Ltd 8,247 Mammoth

1998 - 2003 Western Metals Pty Ltd 2,648,128 8.41 222,583 Esperanza

2003 - 2009 Aditya Birla Minerals Ltd 6,162,144 2.50 153,797 Mammoth

2010 - 2014 Aditya Birla Minerals Ltd 2,031,463 2.02 41,167 Mammoth

1927 - 2014 TOTAL 12,919,761 3.67 521,179

Aerial view of Capricorn Copper Mine

Over 0.5 Million tonnes of historic copper production

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RES Study – New Beginnings

� Following the acquisition CCM undertook a series of technical studies to Identify the

optimal restart strategy

� The scope for the RES study was comprehensive and included:

� Geology and Mineral Resources

� Mining

� Metallurgical and processing plant engineering

� Site support and services (e.g. Environment, water management, HSEC, HR, camp)

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RES Study – new plan

Value drivers built on solid geology

Operational PerformanceOptimise tonnes and grade of ore

mined

Optimise blending of ore types

Maximise recovery & con grade

Capital EfficienciesLeverage off existing site

infrastructure

Target restart capex per annual Cu prod = <A$3,000/tpa

Cost EfficienciesRevised water management plan

Revised power, labour and procurement arrangements

ProductivityMine multiple ore zones

Debottleneck mine & plant to produce targeted 1.65Mtpa

Geological ModelDevelop a strong geological

and geomet model

Constrain models to minimise dilution and maximise grade

Increase confidence in resource conversion and classifications

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Geology

� The Capricorn Copper Project is located within the Proterozoic Western Fold Belt of the Mount Isa Inlier.

� This belt hosts the world class Cu/Pb-Zn Mount Isa Mine, and a range of other hydrothermal copper deposits including Capricorn Copper Mine, Mount Oxide, Lady Annie and Mount Kelly.

� The Mount Isa Cu deposit (255 Mt @ 3.3% Cu) and the Capricorn Copper Mine (36.8 Mt @ 2.5% Cu) are the two most significant sediment-hosted copper deposits in the Western Fold Belt. The deposits are hosted in deformed Proterozoic sediments that range in age from 1740 to 1652 Ma.

Regional Overview

The Proterozoic Mount Isa Inlier showing location of Capricorn

Copper Project and Mount Isa deposit. Tectonic units after Blake

et al (1987)

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Geological Setting

Phw

Psc

Phw

Phw

Pmw

Pmx

Pmz

Php

Phl

Psc

CAPRICORN

COPPER MINE

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� Mammoth & Mammoth North� Hosted by the Proterozoic Whitworth Quartzite of the Myally Subgroup

and the Unconformity contact with the overlying Surprise Creek Formation

� Mineralisation hosted in breccia at the intersection of the E-W trending Mammoth Fault and the N-S trending Portal Fault.

� Esperanza-Pluto � Esperanza hosted in shales of the Esperanza Formation at the structural

confluence between the E-W trending Mammoth Fault and the Mammoth Extended Fault, which are splays to the N-S trending Esperanza Fault.

� The Pluto prospect is bounded to the West and North by the Mammoth Extended Fault and abuts the formerly mined Esperanza Pit to the South

� Esperanza South� Located on the footwall of the West-dipping Esperanza Fault that

juxtaposes Eastern Creek Volcanics against Esperanza Sediments

� Mineralisation comprises chalcocite in veins with significant Ag by-products

� Greenstone� Mineralisation exists in fault bounded discrete breccia zones of stockwork

sulphide veins centred about the ENE-trending, Steeply south-dipping Mammoth Extended Fault within the Surprise Creek Formation and Whitworth Quartzite

Deposit Descriptions

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� The Geological Program was commenced in late 2015

� Re-logging

� 307 historic holes check logged for a total of 30,682m

� Focus on delineating geological units and structural domains for resource modelling and copper species for geo-metallurgical purposes

� Drilling (commenced February 2016)

� 62 drill holes completed by DDH1 for 20,880.78m

� Resource Modelling

� Updated 2012 JORC Mineral Resource estimates completed for Mammoth Deeps, Mammoth North and Esperanza South

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Overview of the Geological Program

Mammoth

r

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ESPERANZA

SOUTH

MAMMOTH

MAMMOTH

NORTH

ESPERANZA

GREENSTONE

PLUTO

H LENS

EXPLORATION

TARGET

4 LENS

E W

CROSS SECTIONLooking South

500m

The Mammoth deposit occurs at the intersection of the Mammoth Fault and the Portal Fault and plunges Northwest

Mammoth Deeps Drilling

UM158351m @ 3.73% Cu

UM158878.0m @ 1.31% Cu Inc

22.0m @ 2.03% Cu

UM157830.8m @ 4.04% Cu

UM15867.0m @ 12.64% Cu &

11.0m @ 12.65m

UM157930m @ 4.41% Cu

UM158410m @ 7.42% Cu

UM158042.0m @ 1.19% Cu

UM158945.0m @ 1.03% Cu

22 Holes completed to date for 7,366m (incl G Lens)

14.25% Cu

16.65% Cu

16.60% Cu

11.15% Cu

4.13% Cu

1m sample Assay

Greenstone

Drilling into Greenstone target, was designed to test a structural target at intersection between Mammoth Extended Fault and Cross-Fault

Capricorn Copper Mine AreaOblique View Looking South

Greenstone Drilling

Chalcocite-Bornite dominant orebody with 2012 JORC Mineral Resource of 1.73Mt @ 2.26% Cu. Sixteen holes completed to date for 6,659.1m. Excellent initial met testwork results

5.54% Cu

3.01% Cu

1.81% Cu

4.63% Cu

1m sample Assay

8.55% Cu

Esperanza South & Esperanza-Pluto

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ESPERANZA SOUTH

MAMMOTH

MAMMOTH

NORTHESPERANZA

GREENSTONE

PLUTO

H LENS

EXPLORATION

TARGET

4 LENS

E W

CROSS SECTIONLooking South

500m

The Esperanza South and Esperanza-Pluto deposits are related to the intersection of the Mammoth Fault and the Esperanza Fault and plunge Northwest

Esperanza South Drilling

SD 537

26.0m @ 4.94% Cu and

19.2m @ 1.80% Cu

SD 536

36.0m @ 4.59% Cu and

14.0m @ 3.97% Cu

SD 53513.1m @ 3.53% Cu

SD 5417.0m @ 4.12% Cu &

21ppm Ag and 32.0m @ 1.11% Cu & 12ppm Ag

SD 542

112m @ 3.14% Cu, 24ppm

Ag including 19.3m @

7.71% Cu & 59ppm Ag

and 30.0m @ 4.44% Cu &

30ppm Ag

SD 544

57.0m @ 3.92% Cu

& 33ppm Ag

SD 545

119m @ 2.30% Cu and

20ppm Ag, Including 31.0m

@ 3.02% Cu & 26ppm Ag;

& 16.0m @ 4.28% Cu &

40ppm Ag

19 Holes completed to date for 7,365m

SD 551

25.0m @ 4.74% Cu &

33ppm Ag and 27.0m @

2.11% Cu & 12 ppm Ag

SD 54938.0m @ 1.69% Cu

& 19ppm Ag

SD 550

11.0m @ 9.18% Cu &

50ppm Ag and 14.0m @

1.04% Cu & 7ppm Ag

SD 548

16.0m @ 2.84% Cu

& 28ppm Ag

SD536: 165.6 – 165.8mMassive chalcocite vein in Esperanza Siltstone

SD542: 581.5 – 581.8mMassive chalcocite-specular hematite vein

17.50% Cu

1m sample Assay

18.80% Cu

Pluto Drilling

Esperanza-Pluto have a 2012 JORC Mineral Resource of 5.48Mt @ 3.07% Cu (1.5% Cu cut-off).

Six holes completed to date at Pluto for 3,829.0m.

SD569: 386.0 – 386.3m - Massive chalcocite vein in brecciated Paradise Creek Formation Siltstone (2.34% Cu)

SD572: 547.3m – Dendritic native copper developed on bedding plane in Paradise Creek Formation Siltstone

Mineral Resource, October 2016

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Global Mineral Resource contains 901kt of copper including 60% Measured & Indicated Category Resources

� Mineral Resource estimates completed for Mammoth Deeps, Esperanza South and Mammoth North

� Current Global Resource of 36.83Mt

@ 2.45% Cu for 901kt Contained

Cu vs 995kt Cu in ABY Resource (i.e. 91% of ABY Resource)

� Current Resource inventory includes 60% M & I Resources (i.e. 21.0Mt @ 2.52% Cu)

� Limited work completed to date on Mammoth Remnants, Pluto and Greenstone. Current JORC 2012 Resources prepared by P. Ball (DataGeo).

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RES Study – Outcomes

� Improved understanding of geological controls

� Some downside in addressing the geological issues but overall

the site is more robust and clearer understanding of the upside

� Esperanza South & Esperanza

� 54% uplift in resource from ABY 2014 ESS Resource to

206.6 kt Cu

� Uplift in ESS resource category (64% M & I).

� ESS & ESP Resources remain open - best intersections in

deepest holes

� Mammoth & Mammoth North

� ABY Resource unconstrained and exhibited significant

smearing

� New structural model has proven robust

� Potential exists for further resource extensions down-dip

� Greenstone

� Drill testing has intersected significant breccia-hosted Cu

mineralisation – potential for down-plunge extensions

� Excellent metallurgy

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RES Outcomes & Findings

SIGNIFICANT DRILL INTERSECTIONS (1.5% Cu Cut-Off)

Esperanza South

• SD536 – 36.0m @ 4.59% Cu from 108.0m• SD542 – 28.0m @ 4.69% Cu from 601.0m • SD544 – 53.0m @ 4.15% Cu from 329.0m • SD545 – 11.0m @ 6.82% Cu from 409.0m • SD551 – 22.0m @ 5.33% Cu from 384.0m• SD559 – 18.0m @ 5.60% Cu from 132.0mEsperanza-Pluto

• SD540 – 11.0m @ 2.20% Cu from 324.0m • SD543 – 11.0m @ 4.50% Cu from 350.0m• SD567 – 46.0m @ 5.77% Cu from 479.0m• SD567 – 23.8m @ 5.72% Cu from 555.0mMammoth

• UM1578 – 28.8m @ 4.24% Cu from 220.0m • UM1579 – 16.0m @ 7.40% Cu from 273.0m • UM1583 – 34.0m @ 4.67% Cu from 197.0m • UM1586 – 11.0m @ 12.65% Cu from 279.0mGreenstone

• SD557 – 25.0m @ 3.80% Cu from 289.0m• SD560 – 32.0m @ 2.53% Cu from 346.0m• SD564 – 31.0m @ 3.84% Cu from 298.0m

Greenstone

Esperanza South

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Moving Forward

� Almost 90 construction jobs during construction

� More than 200 direct operational jobs under way and available by the Q3 2017

� First ore production expected in October 2017, with a four-month ramp-up to steady production

� The reopened mine is forecast to produce 30 000 t/y of copper in concentrate over an initial mine life of ten years

� Looking to invest a further A$14 million in exploration over the next two years to identify more resources, and to extend the mine life beyond the initial ten-year window

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Moving Forward

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Questions