INVESTOR PRESENTATION

July 18, 2017

Disclosure

These presentation slides (the “Slides”) do not comprise a prospectus or other form of offering documentrelating to Tethyan Resources plc. (“the Company”), and do not constitute an offer or invitation to purchase orsubscribe for any securities of the Company or any other company and should not be relied on in connectionwith a decision to purchase or subscribe for any such securities.

The Slides and the accompanying verbal presentation do not constitute a recommendation regarding anydecision to sell or purchase securities of the Company or any other company. Your attention is drawn to the riskfactors set out below.

This presentation may contain forward-looking statements including, but not limited to, comments regarding thetiming and content of upcoming work programs, geological interpretations, receipt of property titles, potentialmineral recovery processes, and other related matters. Forward-looking statements address future events andconditions and therefore involve inherent risks and uncertainties. The Company’s current projects in Serbia areat an early stage and all estimates and projections are based on limited, and possibly incomplete data. Morework is required before geological and economic aspects can be confidently modelled. Actual results may differmaterially from those currently anticipated in this presentation. No representation or prediction is intended as tothe results of future work, nor can there be any guarantee that estimates and projections herein will be sustainedin future work or that the Project will otherwise prove to be economic.

The Slides and their contents are directed only at persons who fall within the exemptions from applicablesecurities laws and persons to whom distribution may otherwise lawfully be made. Any investments, investmentactivity or controlled activity to which the Slides relate is available only to such persons and will be engaged inonly with such persons. Peter Mullens Fellow AUSIMM. is a qualified person and has reviewed the technicalinformation contained herein. 2

Company Overview

Tethyan is a Project Developer with a focus on gold and copper in the Balkan

region of the great Tethyan Metallogenic Belt

• Attention to delivering shareholder value

o Clear and defined strategy

• Agile and experienced Management team

o Proven track record

• Focus on the Balkan region of the Western Tethyan belt

• Consolidating exploration licenses in the ‘Raska District’

o Historic mining district

o Drilling at potential new targets at Suva Ruda and Gokcanica projects

� Potential for major porphyry copper-gold at Suva Ruda

• Developing a portfolio of projects up the value curve

3

4

Strategy

• Market: Use recent downturn in commodities markets to discover or acquire a quality portfolio of

exploration projects which can be quickly moved to development stage.

• Team: Established an efficient and capable local team with wide-ranging expertise to progress our projects.

• Projects: The Balkan region is emerging as a highly prospective yet underexplored area for copper-gold

deposits. Tethyan has acquired projects with known mineralisation in proven mining districts in order to fast

track to drilling and exploration success.

• Pipeline: Tethyan is actively reviewing new targets and intends to stake or acquire permits over promising

mineralised systems in Serbia and the Balkan region (Bulgaria, Kosovo, Macedonia).

• Corporate Restructuring: Rolled-back the company’s stock and planned listing on the TSX-V for better

access to North American exploration and mining market.

Why the project developer model works

Company Country Project

Share Price on

Drilling or

Acquisition

Share Price

High, BuyoutAcquirer

Andean Resources Argentina Cerro Negro (gold) 2 cents CAD $ 3.6 billion Goldcorp

Exeter Resources Argentina Cerro Moro (gold) 50 cents CAD $ 8.80 Yamana

Bear Creek Mining Peru Corani (silver) 50 cents CAD $ 8.69 -

Antares Minerals Peru Haquira (copper) 20 cents CAD $ 460 million First Quantum

Monterico Metals Peru Rio Blanco (copper-moly) 20 pence £150 million Zijin Group

Aurelian Resources Ecuador Fruta Del Norte (gold) 50 cents CAD $ 1.2 billion Kinross

5

Management and the Board have experience in delivering excellent returns for shareholders.

Company Country Project

Share Price on

Drilling or

Acquisition

Share Price

High, BuyoutAcquirer

Lydian International Armenia Amulsar (gold) 40 cents CAD $ 2.95 -

Laramide Resources Australia Westmoreland (uranium) 7 cents CAD $ 15.79 -

Aquiline Resources Argentina Navidad (silver) 20 cents CAD $ 626 million Pan American

Real value is made by owning a major stake in a discovery.

Western Tethyan Mineral Belt

Tethyan belt extends over 10,000km from Asia to the Balkans and is comparable to

the Andes and Western US & Canada yet significantly less explored

• Cretaceous and Tertiary age porphyry

& epithermal copper, gold & base-

metal belts

• Number of world-class districts:

o Chelopech/Elatsite region - Bulgaria

o Bor/Timok region – Serbia

o Trepca region – Serbia & Kosovo

o Rosia Montana – Romania

• Under explored with modern

geophysics and geochemistry,

particularly for gold

6

Serbia – A Welcoming Mining Jurisdiction

• Favourable new Mining Law:

o Practical new Mining Law enacted December 2015 developed by interaction with stakeholders including local and international mining companies

o 15% corporate taxo 5% net smelter royalty

o 100% foreign ownership and repatriation of profits

• Favourable business jurisdiction as an EU candidate with political stability

• Excellent infrastructure and easy access to markets

• In-country expertise

• Low-cost operating environment

• Young population and low employment levels

• Other active companies:

o Eldoradoo Rio Tintoo Freeport McMoRano Nevsuno Dundee Precious Metals

7

A rare combination: stable government, pro-mining, low

tax, good geology and under explored

The Development

Projects

Raska District – Favourable Location

Located in a favourable region for

infrastructure

• Located in a region of historical mining

• Large, pro-mining local workforce

• Local water source

• Grid electricity

• Railway line to Adriatic Coast

• Main Rudnitza porphyry zone is on a hill

200m above surrounding ground; therefore

potential low pre-mining strip

• Potential large reduction in capital cost

due to existing infrastructure

9

Suva Ruda &

Gokcanica Projects

Two promising exploration licenses situated in a well known historic mining district:

Suva Ruda Project:

• Tethyan holds a 7 year option to buy 100%

o 4 payments of Euro 100 k to Oct 2019

o 100 % buy out for Euro 6 million. Plus bonus as part of construction cost to underlying owner

• Potential for major porphyry copper-gold project at Rudnitza

• Tethyan recently drilled in winter of 2016:

o 567m @ 0.28% copper & 0.45 g/t gold (RDD-001) from surface.

Includes 30m @ 1.45% copper & 0.4 gold (oxide)

Acquired 197km2 in Emerging Porphyry-

Epithermal Belt

10

Raska District

Gokcanica Project:

• Very large altered and mineralised system (7km x 3km), believed to host porphyry potential

Rudnitza Porphyry

Suva Ruda Project – Rudnitza Porphyry

11

Possible double-headed porphyry with

potential at depth

Total alteration system covers 1500m by 500m area defined by coincident copper-gold-molybdenum anomaly in soil sampling, with two zones of +100 ppb gold:

Southern porphyry zone

• In drillhole RDD-001 Tethyan returned 567m at 0.28% copper and 0.45 g/t gold (includes 30m @ 1.45% copper & 0.4 gold)

Northern porphyry zone

• New 600m by 400m geochemical anomaly discovered by soil sampling extends to the north

• Never drill tested

Figure: The Rudnitza porphyry area, contoured gold in soil results highlight the two porphyry centres. Results for drillholes RDD-005 to RDD-008 are pending.

Tethyan will run Quantec’s proprietary TITAN IP technology in 10 lines over the Rudnitza porphyry to

identify potential mineralisation, the TITAN system can identify targets up to 1,500m depth.

Suva Ruda Project – Rudnitza Porphyry Geophysics

12

Figure: The Rudnitza porphyry, contoured copper in soil results highlight the mineralised area, IP survey lines to be analysed in August 2017.

13

Gold Equivalent Calculations

Hole ID From (m)Length

(m)Cu (%) Gold (g/t)

Gold Equivalent

(g/t)

RDD-001 0 567 0.28 0.45 0.89

RDD-002 96 224 0.24 0.27 0.65

RDD-003 42 291 0.31 0.32 0.81

RDD-004 0 428 0.34 0.27 0.81

Table below is to display the Rudnitza copper-gold porphyry drilling results in ‘gold terms’:

Notes on calculations:

10m min comp length. 10m internal waste max, 0.3 trigger value AuEq

Au $ 1200 per ounce Gold equiv Cu % * 1.57

Cu $ 2.75 lb

14

• ASTER satellite imagery analysis has identified a number of new targets on the Suva Ruda license in addition to the Rudnitza porphyry

• In particular the Kremic zone in the north of the license which is a site of historic mining with reported high-grade copper mineralisation

• This area has never been explored in ‘modern’ times and will be a focus of Tethyan’s exploration in 2017

• Additional potential for Lead and Zinc veins, including historical Pb-Zn deposits (Karadak, Sastavic and Kizevak)

Consolidating the Raska District – Suva Ruda

Tethyan has entered into a joint venture over the Gokcanica permits

Site of Roman & French

silver mine, rock samples up

to 0.7 g/t gold & 189 g/t silver

High-grade gold structure, up

to 11 g/t gold in rock sampling

Previous drilling hit 12.4 m @ 1.5% Cu,

1.4% Pb, 0.8% Zn, 62 g/t Ag, 1.6g/t Au

• Porphyry-epithermal targetsituated 15km north of Rudnitza

• Roman workings on epithermal gold and silver targets

• Dealo Spend $500k by 9th May

2018 to earn 51%

o Complete PEA for 70%

o Complete Feasibility study for 80%

o JV partner fund or dilute to 1.5% NSR capped at$5 million

Consolidating the Raska District - Gokcanica

Recent stream sediment sampling by Tethyan has defined a significant gold anomaly.

• Geophysics and first drill programme planned in 2017

15

The next 6-12 months J

• Drill 2000m diamond core drilling (commenced April 24, 2017)o Target extensions to known mineralisation

• Complete Major Geophysical Programme

o TITAN IP searching between 500 and 800m for high grade porphyry potassic core

• Commence second major drill programme, 4000m to 6000mo Drilling IP targets for buried high grade porphyry system & build the size of known resourceo 5 to 10 drill holes, 600m to 800m depth

• Joint List on TSX-Vo Increase liquidity on share tradingo Gain access to North American Investors and Funds

• Commence Exploration on early stage targetso Gokcanicao Kremic & Karadak

16

Investment Case

Investment Case

• Management has a proven track record of delivering shareholder value

o They are an experienced and nimble team

• Project Developer focused on acquiring and developing projects and moving projects up

the value curve

• Portfolio approach – Consolidating ‘Raska’ flagship area

o Known mining district

o Have potential flagship development project Suva Ruda

o Continuous news flow in 2017

• Exploring in the Balkan region of the Western Tethyan Mineral belt

o Focused on Serbia – a significant historic mining district

• Defined strategy to create and develop shareholder value

18

“Peers” with Porphyry Cu-Au Projects

19Goal for Tethyan to be re-rated higher price (Current mark cap $ CAD 8 m).

Current corporate structure

Ordinary Shares in issue

168,182,052

Shares not in public hands

70,433,336(41.88%)

Total Directors Holding

11.97%

Warrants in issue105,560 at 3.48p & 2,341,500 at C$0.036

Options7,700,000 at 5p & 3,400,000 at 2.4p

Current MarketCap

£6.0 million (at 3.5p)

Cash Position £1.0 m (June 30, 2017)

20

Corporate Structure & Financials

Major Shareholders %

Southern ArcMinerals 29.91%

Pat DiCapo 5.4%

Frank Brewer 5.3%

Peter Mullens (CEO) 5.1%

Khuanchai Siphakanlaya 4.0%

Alan Fairless 3.0%

Didier Fohlen (ED) 3.0 %

Share Price Graph

12 month period

Source: LSE

Company Contact Details

For further information please contact –

21

Tethyan Resources plc info@tethyan-resources.com

Cairn Financial Advisors LLP (Nomad) 020 7213 0880

Blytheweigh (Financial PR) 020 7138 3204

SP Angel (Broker) 020 3470 0470

Appendix

Board of Directors

Dr Mike Andrews (Non-Executive

Director)Mike holds a BSc (Hons) Geology from the University of Reading,

and a PhD in exploration geochemistry from the University of

Wales. He played an instrumental role in the discovery,

exploration, feasibility and development of the Way Linggo Gold

Mine in Indonesia. Previously he has held senior roles at AuIron

Energy Ltd., Meekatharra Minerals Ltd. and managed the Teck-

MM Gold Indonesian Joint Venture. Mike is currently President &

COO of Southern Arc Minerals, President & COO of Japan Gold

and a Director of Q Investments.

.23

John Proust (Non-Executive Chairman)John received the designation of Chartered Director (C.Dir.) from

McMaster University, Directors College, Michael G. DeGroote

School of Business. He is the founder and principal shareholder of

numerous public and private companies. He has directed, managed

and advised public and private companies regarding corporate

strategy and structure, debt and equity financing, M&A and corporate

restructuring since 1986. He is currently Chairman and CEO of

Japan Gold Corp., Chairman and CEO of Southern Arc Minerals Inc.,

Chairman of Canada Energy Partners Inc., Interim President & CEO

and a director of Outrider Energy Corp., and a director of Q

Investments Ltd.

Pete Mullens (Chief Executive Officer,

Director)Peter is a geologist with over 30 years’ of extensive mining and

exploration industry experience. He has successfully helped to

develop four Canadian-listed exploration companies and is

credited with the discovery drill hole of Pico Machay in Peru and

the acquisition of Navidad (700Moz silver), Calcatreu in Argentina

(1Moz gold-silver) and Westmoreland in Australia (50Mlb’s

uranium). He is also a Non-Executive Chairman of Royal Road

Minerals Ltd (TSXV:RYR).

Gokhan Kantarcigil (Non-Executive

Director)Gokhan has over 15 years’ experience in the mining and

engineering industry. He is CEO and founder of Turkish mining

and exploration company VTG Holdings. Previously Gokhan was

involved in the discovery, construction and production of the

Brummersheim coal project in South Africa which is currently

producing in excess of 1mt of export quality thermal coal per

year. He currently trades gold and invests into gold exploration

projects.

Didier Fohlen (Executive Director)Didier has an engineering degree from the School of Geology and

Mines of Nancy. He has 35-yrs experience in exploration, mining

operations and mine closure, with a focus on investment in

emerging markets, corporate social responsibility and

environmental management. This included 15-yrs in the World

Bank Group/IFC mining group working in Europe, Africa, Middle

East and Russia.

Fabian Baker (Chief Operating Officer)Fabian has a BSc in Applied Geology from the CambourneSchool of Mines and is currently completing an executive MscinEconomic Geology with the University of Tasmania. He hasexperience in grassroots exploration through to completion ofBankable Feasibility in frontier and developing countries.Previous roles include Chief Geologist at Lydian International’snewly discovered Amulsar gold deposit and Exploration

Manager for Tigris Resources (now Royal Road Minerals),focused on a new gold and copper district in SE Turkey. In hiscapacity as COO the management of exploration in Serbia andneighbouring countries is managed by Fabian, who wasresponsible for identifying the opportunities that lead toTethyan Resource’s entry into the region.

Management

24

Nickola Savic (Regional Manager -

Balkans)Nick is a Serbian national who qualified as a geologist in thelate 70’s, following which he emigrated to Western Australiawhere he worked for a number of major companies for 20years. Nick was tasked by Dundee Precious Metals in theearly 2000’s to establish Dundee Precious Metals in Bulgariaand Serbia where Nick remained as Country Manager for a

number of years. More recently Nick managed the countryentry for First Quantum Minerals into Serbia. Nick hasunparalleled exploration and related administrativeexperience in the Balkans region and is assisting andadvising Tethyan on all local administrative aspects in Serbiaand Bulgaria.