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Private and Confidential

Tivani Project

PresentationMay 2017

WWW.FERROXHOLDINGS.COM

This presentation does not constitute or form part of any offer for sale or solicitation of any offer to buy or subscribe for any securities nor shall it or any part of it form thebasis of or be relied on in connection with, or act as any inducement to enter into, any contract or commitment whatsoever. This presentation is being supplied to yousolely for your information and may not be reproduced, further distributed or published in whole or in part by any other person.

This presentation contains certain forward-looking statements and forward-looking information concerning the proposed financing and the business, operations andfinancial performance and condition of Ferrox Holdings (“Ferrox”). Forward-looking statements and forward-looking information include, but are not limited to, statementswith respect to estimated production and mine life of Tivani (Pty) Ltd. (“Tivani”) and Extension Properties; the estimation of mineral resources; the timing and amount ofestimated future production, if any; costs of production; and success of exploration activities. Except for statements of historical fact relating to Ferrox, certain informationcontained herein constitutes forward-looking statements. Forward-looking statements are frequently characterized by words such as “plan,” “expect,” “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 onthe opinions and estimates of Ferrox’s management at the date the statements are made, and are based on a number of assumptions and subject to a variety of risks anduncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. Assumptions uponwhich such forward-looking statements are based include that Ferrox will obtain all required regulatory and governmental approvals to production within the time periodscontemplated herein; that demand for the minerals produced will be as projected herein; and that South Africa will remain a mining jurisdiction. Many of theseassumptions are based on factors and events that are not within the control of Ferrox and there is no assurance they will prove to be correct. Factors that could causeactual results to vary materially from results anticipated by such forward-looking statements include changes in market conditions, variations in ore grade or recovery rates,risks relating to international operations, fluctuating mineral(s) and currency exchange rates, changes in project parameters, the possibility of project cost overruns orunanticipated costs and expenses, labour disputes and other risks of the mining industry, failure of plant, equipment or processes to operate as anticipated. AlthoughFerrox has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-lookingstatements, 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-lookingstatements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Ferrox undertakes no obligationto update forward-looking statements if circumstances or management’s estimates or opinions should change except as required by applicable securities laws. The readeris cautioned not to place undue reliance on forward-looking statements.

CAUTIONARY NOTE TO U.S. INVESTORS CONCERNING ESTIMATES OF MEASURED, INDICATED AND INFERRED RESOURCES

This presentation uses the terms “Measured”, “Indicated” and “Inferred” Resources as defined in accordance with National Instrument 43-101 – Standards of Disclosure forMineral Projects. United States readers are advised that while such terms are recognized and required by Canadian securities laws, the United States Securities andExchange Commission does not recognize them. Under United States standards, mineralization may not be classified as a “Reserve” unless the determination has beenmade that the mineralization could be economically and legally produced or extracted at the time the reserve calculation is made. United States readers are cautioned notto assume that all or any part of the mineral deposits in these categories will ever be converted into reserves. In addition, “Inferred Resources” have a great amount ofuncertainty as to their existence, and as to their economic and legal feasibility. It cannot be assumed that all or any part of an Inferred Resource will ever be upgraded to ahigher category. United States readers are also cautioned not to assume that all or any part of an Inferred Resource exists, or is economically or legally mineable.

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Disclaimer

WWW.FERROXHOLDINGS.COM 3

1. Ferrox Holdings Overview


Ferrox Holdings overview

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Incorporated in 2006, Ferrox Holdings Ltd. (“Ferrox”) is a British Virgin Island (“BVI”) company currently developing the mining andproduction of titanium products, iron and vanadium, through its world-class titanium ilmenite ore mining deposits in South Africa

Ferrox owns 100%, Ferrox Holdings (Lux) SA., a Luxemburg incorporated company.

Ferrox owns the Tivani Mining Deposit (“Tivani Deposit” or the “Deposit”), its flagship asset with significant existing work anddevelopment done to-date, located in the mining-friendly Limpopo Province of South Africa

The Tivani Project is favourably located in an area well known for its mining and smelting operations, and is 338 km fromJohannesburg, 371 km from the nearest deep water port, which is in Maputo (Mozambique), and 90 km to the Phalaborwa site ofexisting smelting operations

Extensive preparation work and studies have been done by the Ferrox team, with over USD 65 million of already invested in thedevelopment work of the asset, including on the geology, mine planning, mineral processing alternatives, potential product sales,corporate social responsibility with the local communities and the legal licensing aspects in a South Africa context

Titanium products: various forms of titanium dioxide (TiO2)

Iron products: pig iron

Other mineral products: vanadium, phosphates


Overview of Tivani Deposit operations

5

South Africa Operations

Given the mining deposits are located in South Africa,the company’s operations there will consist ofextraction and the initial processing of ilmenite oreinto “concentrates” form, by sending the raw materialsmined through crushers, screens, and magneticseparators

There will be one set of industrial processing modulebuilt in South Africa, consisting of four modules eachconsisting of smelter with a direct reduced iron (“DRI”)unit and a hydrometallurgical plant (“hydromet”)


Technical Studies and due diligence materials

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The current actual structure for South Africa includes Ovation Mining and Red River Exploration and Mining as the local BlackEconomic Empowerment partners

Report / Study / Testing Consultant / Specialist Firm Year CompletedReflected in

Current Business Plan

Tivani Rooiwater Project Technical Due Diligence Minxcon 2016 & 2015 Yes

Management Financial and Business Model Ferrox Internal Team 2016 Yes

Updated Metallurgical Testing Ferrox – Daniel Dutton 2017 (ex. In July) To be reflected

Third Party Legal Due Diligence Report Hogan Lovell 2015 Yes

NI 43-101 Mineral Resource Obsidian Consulting 2011 Yes

Mintek Report Clarification re Metallurgy Mintek 2013 Yes

Testing of Ferrox Ore Universal Titanium 2013 Yes

Water Use Activities: Tivani WSM Leshika Consulting (Pty) Ltd 2013 Yes

DC Arc Smelting of Titaniferous Magnetite for Tivani Mintek 2009 Yes

Mintek Metallurgical Testing Mintek 2007 Yes

Note on the Resources of Tivani Sands Obsidian Consulting 2013 Yes

Tivani Project Concept Study HSBC 2013 Changes made

Pre-feasibility Study Flour Daniel 1997 Changes made

Prelim Benefication Testing, MinerologyAssociated Mining Consultants

(Canada)1997 Changes Made


2. Titanium and Iron Products and Market Fundamentals


Ferrox’s products can be sold to a wide variety of industrial end users

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TiO2 Products

Titanium dioxide (TiO2) is a white pigment used primarily in paints and coatings, plasticsand papers. TiO2 is the most widely used pigment in the world, comprising about 70% ofglobal pigment volume

Coatings represent the largest end-use market for TiO2 (~55% of consumption). TiO2

generally accounts for ~30% of raw materials costs in architectural paint and ~10% of rawmaterial costs in industrial coating

Pig Iron

Pig iron is the intermediate product of smelting ore containing high iron content with ahigh carbon fuel, such as coke or anthracite

This product can be sold to steel mills and metal casting plants as an intermediateferrous feedstock

When melted again, pig iron can be made into other useful products such as rebars, steelproducts, etc.


Titanium markets continues to grow

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Titanium dioxide and titanium are both widely used materials, with applications spanning over a broad spectrum of industries

TiO2 – typical applications

Global Market Size = USD 20 billion


Titanium dioxide market has been growing

10

The top five TiO2 producers make up roughly 40% of the global market: Chemours (spin-out from DuPont) Cristal, Huntsman,Tronox and Kronox

China probably represents about 40% of global capacity, or about 4.5 million metric tonne

Global TiO2 capacity has grown 7% per year on average for the past five years from 7 million metric tonnes to 8.6 million metrictons and demand has probably been growing at rates closer to GDP growth

Demand growth has historically averaged 3% and emerging markets represent 70-80% of annual growth. The global TiO2 marketrepresents sales of about USD 20 billion, with paints and coatings accounting for about 50% of demand

The TiO2 customer base has consolidated. According to DuPont, the top 10 coating customers represent roughly 50% of globaldemand

World Consumption of TiO2 by End Use World Consumption of TiO2 by Industry

Other4%

Rubber3%

Inks3%Other Plastics

4%Paper

9%

Industrial Coatings

19%Architectural

Coatings36%

PVC & Polymers

22%

Consumer Products & Packaging

20%

Durable Goods &

Transportation20%

Construction60%

Source: Morgan Stanley, CEH (April 2016)


Ferrox expects to use chloride-based technology

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Two routes to produce TiO2 are chloride-based technology and sulphate based technology. The chloride based technologyproduces a higher-quality TiO2 with less waste than sulphate based process

Chloride-based technology is not “off the shelf” but propriety. There are a handful of companies with chloride-based titaniumdioxide technology

TiO2 Market and Processing Routes

Mineral Sands TiO2 Pigments Markets

Titanium-Bearing Mineral Sands

Ilmenite

Natural Rutile

Leucoxene

Synthetic Rutile

Titanium Slag

Chloride Process

Sulphate Process

• Higher Input Costs• Lower Process Costs• Higher Quality

Pig Iron

Zircon

• Lower Input Costs• Higher Process Costs• Lower Quality

Paints and Coatings

Plastics

Paper and Specialty

Auto & EngineeringComponents Castings

Ceramics

To be used by Ferrox

Source: UBS, Equity Research (April 2016)


Titanium products – from mining to industrial end markets

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Titanium Mining to End Product Flow Diagram

Hard Rock Deposits Sand Deposits

Sulphate Ilmenite Chloride Ilmenite Rutile Zircon

Sulphate Slag Chloride Slag Synthetic Rutile

Sulphate Pigment Process

Chloride Pigment Process

Titanium Sponge

Pigment Titanium Metal

- Pants and Coatings

- Plastics

- Paper

- Inks and Fibres

- Aerospace

- Chemical

- Defense

- Welding

electrode

flux

- Ceramics

- Chemicals

- Refractories,

foundries

To be used by Ferrox

Source: Iluka Resources


Global TiO2 feedstock producers / mine location

13

Two routes to produce TiO2 are chloride-based technology and sulphate based technology. The chloride based

technology produces a higher-quality TiO2 with less waste than sulphate based process

Feedstock types include: natural rutile, synthetic rutile, chlorinatable ilmenite, sulfatable ilmenite, CP slag and SP

slag.

Map of Global Feedstock Production

Source: Deutsche Bank (October 2015)


TiO2 historical pricing by region

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TiO2 Pricing Trend

Source: Morgan Stanley, ICIS (April 2016)


3. Ferrox Mine Planning and Operations


Tivani project overview

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World class titanium (TiO2) project with large iron, vanadium and phosphateopportunities in Limpopo, South Africa

Mining Right received from the Department of Mineral Resources of SouthAfrica on December 11, 2013

Large existing mineral ore body with NI 43-101 compliant resource of 471million tonnes of titaniferous magnetite over the Tivani Project (13 square km)

Drilled 420 holes totaling 31,523 meters of stored core

Benefaction via hydrometallurgical technology in South Africa to produce highgrade 95% to 99%

Completed initial transaction to acquire neighboring Extension Properties (EP).Total EP is expected to add 1.0 to 1.5 billion tonnes to Tivani’s existing resource

Existing road, rail and port infrastructure, water resources, and available powergrid to support near term and long term mine plans. Power will be supported bybackup generators

Over USD 65 million spent to-date and recognized on the balance sheet as“exploration expenditure” under non-current assets


Tivani long term mine plan layout

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Extension Pits

Mine offices

Dumps

Tivani Pits

Explosive magazine

Tivani

Property

Primary Crusher Tailings Storage

Extension Properties

Conveyor Belt

Electrical substation

Concentrator

Dumps


Tivani mining resources

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Ferrox has extensive drill hole data, lithological and structural data for the third-party statement of mineral resources

The resource statement for Tivani has been completed by Obsidian Consulting, under the Canadian Standards of Disclosure forMineral Projects, National Instrument 43-101 codes (“NI 43-101”)

The NI 43-101 guidelines and standards for disclosures for mineral resource reporting are recognized and accepted by the variousmajor stock exchanges and institutional investors around the world with strong energy and mining influences, such as the TorontoStock Exchange, the Johannesburg Stock Exchange, the Australian Securities Exchange and the London Stock Exchange

The estimation of the mineral resource for Tivani includes multiple mineralised seams, from M5 to M12 as well as D5 to D10

The economic portion to a depth of 150 m (may vary depending on depth selected) equates to approximately 5.80% of the totalmineral resource of Tivani

At the cornerstones of NI 43-101 are the following four fundamental principles (Source: Stikeman and Elliot)

All scientific and technical disclosure (including reserve and resource information) concerning a mineral project on aproperty material to the reporting company must be prepared by or under the supervision of a qualified person or "QP";

All disclosure of the quantity and/or grade of a mineral deposit must be reported only within the prescribed five categoriesof "mineral reserves" and "mineral resources" (proven reserves, probable reserves, measured resources, indicated resourcesand inferred resources) and as set out in NI 43-101;

A technical report (sometimes required to be prepared by an independent QP), prepared as set out in Form 43-101F1, incertain circumstances must be filed to support scientific or technical mineral disclosure in respect of a mineral project on aproperty material to the company; and

Other scientific and technical mineral disclosure is restricted


Mining strategy outline

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Ferrox plans to extract ore from surface operations utilisingthe services of a mining contractor for the mining operations

Ferrox’s operational team has already been in advanceddiscussions with various local mining contractors. MRD MiningSolutions has been earmarked as the contractor

The mining method considered for the Project is conventionalopen pit mining using truck and excavator combinations

This is a conservative mining method which well-establishedwith a proven track record in similar operations. The picture tothe right is an example of an open pit truck and excavatoroperation

The weathered material, approximately 25 m to 40 m deep,will not require blasting and will be removed by an excavatorand loaded into haul trucks

The fresh rock will require blasting. Drill rigs will be used todrill blast holes to be charged with explosives and blasted

The blasted material will then be removed by an excavator andloaded into haul trucks.

Ore will be transported to the processing facility and waste willbe transported to wasted rock dumps

Pit optimization model has been performed and the results areused to develop the production schedule and mine plan

The production scheduling was phased to maintain a lowerstripping ratio for as long as possible by extracting ore along thestrike of the orebodies before deepening the pits

Source: Company, Minxcon


Tivani NI 43-101 Resource Statement

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Source: Obsidian Consulting Services Tivani NI 43-101 March 6, 2011.

Extension Properties are extra to Tivani, and could provide 3x increase in the resource base

Resource ClassificationTonnage

(Mt)

Titanium Dioxide(% TiO2)

Iron(% Fe)

Iron Oxide(% Fe2O3)

Vanadium Pentoxide(% V2O5)

Phosphate(% P2O5)

Silicon Dioxide(% SiO2)

Measured – Eastern Zone 56.1 9.5% 23.5% 33.6% 0.2% 1.1% 29.9%

Measured – Central Zone 64.6 10.8% 25.2% 36.1% 0.3% 1.2% 28.1%

Indicated – Eastern Zone 60.2 9.3% 23.4% 33.5% 0.2% 1.1% 29.9%

Indicated – Central Zone 59.1 11.0% 25.5% 36.4% 0.3% 1.3% 27.4%

Total Measured & Indicated 240.0 10.2% 24.4% 34.9% 0.3% 1.2% 28.8%

Inferred – Eastern Zone 31.9 9.4% 23.9% 34.1% 0.3% 0.9% 29.7%

Inferred – Central Zone 92.5 6.8% 20.1% 28.8% 0.3% 0.6% 34.7%

Inferred – Western Zone 106.4 11.2% 25.4% 36.3% 0.3% 1.5% 26.6%

Total Inferred 230.8 9.2% 23.1% 33.0% 0.3% 1.1% 30.3%

Obsidian Consulting Services: Tivani NI 43 101 Resource Statement


Tivani NI 43-101 TiO2 Seams – M9 & M10 are high grade

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Resource Tonnage(Mt)

Fe TiO2 V2O5 P2O5*

M&I 23.1 18.6% 9.5% 0.1% high grades

Inferred 23.9 18.8% 10.1% 0.1% high grades

Total 47.0 18.7% 9.8% 0.1% high grades

M9 (3.84m)Higher TiO2


Fe TiO2 V2O5

M&I 14.2 46.2% 21.6% 0.7%

Inferred 9.3 45.0% 21.4% 0.6%

Total 23.5 45.7% 21.5% 0.6%


Fe TiO2 V2O5

M&I 31.6 43.5% 23.4% 0.5%

Inferred 22.9 43.4% 24.5% 0.4%

Total 54.5 43.5% 23.9% 0.5%

M12 (8.79m)Lower TiO2

M11 (5.18m)Mid TiO2

M10 (8.83m)Higher TiO2

Source: Obsidian Consulting Services Tivani NI 43-101 March 6, 2011.* M11 & M12 are viewed as being primary of phosphate interest with a large TiO2 by product.

Legend

Fe Iron

TiO2 Titanium dioxide

V2O5 Vanadium pentoxide

P2O5 Phosphate


Fe TiO2 V2O5 P2O5*

M&I 16.3 31.1% 15.6% 0.2% high grades

Inferred 9.2 30.3% 16.2% 0.2% high grades

Total 25.5 30.8% 15.9% 0.2% high grades


Ilmenite concentrate production flow sheet

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Designed by engineering firm: Mineral Resource Development (MRD)

Minxcon conducted an independent pitoptimisation exercise and confirmed viableopen pit mining plan

Ferrox plans to extract ore from surfaceoperations and will focus on the higherTiO2 grades

The mining method considered for theTivani Project is conventional open pitmining using truck and excavatorcombinations

The concentrator plant will be situatedadjacent to the open pit mine and will feedconcentrate into the smelters

The process flow will consist ofconcentration of ore by means of densemedium and magnetic separation toproduce a 44 to 45% TiO2 concentrate

The concentrate will then be smelted toproduce pig iron and TiO2 rich slag in SouthAfrica


Supporting infrastructure and logistics

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Rail:

Existing railway line 6km from TivaniTrains operated by Transnet Freight Rail

Deep Water Port:

Existing rail link between Palaborwa and the ports of Maputo in Mozambique (340km) and Richards Bay in South Africa (728km)

Power:

Sufficient power on the local grid to support early-stage mining activities

1. Maputo: Supermax (<60kt) category

2. Richards Bay: Cape (<150kt) category

Indian

Ocean

Indian Ocean

Port and Rail Access for Tivani Project in South Africa


Key operating licenses and permits received

24

Water License

Mining Right

Ferrox has obtained the critical licenses required to start mining operations at Tivani

Ferrox has received the approval of its “Integrated Water UseLicence Application” (IWULA)

The IWULA is a critical requirement for the water usage andgrants the water use license for Tivani

Received in February 2016, after a rigorous application

Mining Right received on December 11, 2013 from theDepartment of Mineral Resources, South Africa

Mining Right Has 30-year duration

Covering an area of 1,274 hectares or 13 square km

Mining Right comprises of Mohlaba’s location 567 LT


4. Mineral Processing and Production


Illustrative processing and product flow chart

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Resource Extraction Mineral Processing

TiO2 SlagChlorinatable

Pig Iron

Products

Ilmenite ConcentrateSmelting

Customers

HydrometallurgicalProcessing

99% pure TiO2

Chlorinatable

Customers

Customers


Description of processing flow chart

27

Tivani Processing Flow Schematic

RoM~23% TiO2

Concentrate ~44 to 45%

TiO2

Concentrator ~50% TiO2

Recovery

Smelter/DRI

Pig Iron (98% Fe) Slag (>70% TiO2)

Hydroment Plant

99% TiO2 Pure

Based on the processing schematics in the company’s business plan, with the verification from third party technical consultant Minxcon, Ferrox has an integrated model from mining to the production of iron and titanium end products

The mining is assumed to be contractor operated (contract mining) and includes a capital portion for the contractor’s equipment

The concentrator plant will be situated adjacent to the open pit mine and will feed ilmenite concentrate into modules 1 to 4 as the tonnes ramp up with the staggered construction of:

All four modules in South Africa each with a smelter with DRI and a hydromet plant

The concentrator and smelting recoveries and mass pulls are based on historic laboratory and pilot plant test work. The concentrate grade could be improved to over 50%

The leaching recoveries are based on technical recoveries validated by Ferrox’s metallurgical experts


Target smelter feed composition

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Compound AnalysisNon Selective

AnalysisSelective

TiO2 45.8% 43.4%

FeO 41.2% 39.0%

Fe2O3 10.9% 15.5%

P2O5 1.2% 2.0%

Others 0.9% 0.1%

Total 100.0% 100.0%


Target composition of TiO2 slag

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Parameter Chloride GradeMinimum

Chloride GradeMaximum

Sulphate Grade

Size <850µm - >106µm <850µm - >106µm <106µm

Total Ti as TiO2 85 100 >75.00

Ti2O3 15 35 <25.00

Insolubles - - <4.00

Total Fe as FeO - 12 -

Metallic Fe - 0.5 -

CaO - 0.18 -

MgO - 1.2 -

MnO - 2 <0.4

V2O5 - 0.6 <0.4

Cr2O5 - 0.3 <0.17

Al2O3 - 2 -

SiO2 - 2.2 <6.0

ZrO2 - 0.35 -

NbO2 - 0.3 -

P2O5 - 0.12 -


Target composition of pig iron

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PIG IRON SPECIFICATION LMPI grade 3 PIG IRON SPECIFICATION LMPI grade 4 STANDARD SPECIFICATION STEEL GRADE PIG IRON

Brazilian Grade Pig Iron

GUARANTEED CHEMICAL ANALYSIS GUARANTEED CHEMICAL ANALYSISS 0.010% max S 0.05%

TYPICAL CHEMICAL ANALYSIS TYPICAL CHEMICAL ANALYSIS TYPICAL CHEMICAL ANALYSIS

LOWER LIMIT UPPER LIMIT LOWER LIMIT UPPER LIMIT LOWER LIMIT UPPER LIMITC 3.4% 4.1% C 2.8% 3.8% C 3.50% 4.50%Si 0.2% 0.4% Si 0.0% 0.4% Si 1.50%S 0.001% 0.010% S 0.0% 0.3% S 0.05%P 0.023% 0.030% P 0.019% 0.030% P 0.15%

Mn 0.033% 0.045% Mn 0.005% 0.117% Mn 1.00%Cr 0.03% 0.05% Cr 0.04% 0.05% Cr Not specifiedTi 0.00% 0.04% Ti 0.00% 0.04% Ti Not specifiedV 0.01% 0.03% V 0.02% 0.03% V Not specified


5. Corporate, Board and Management Team


Board of directors and management overview

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Ferrox Board of Directors and Senior Management Team

Terrence P. Duffy Chairman & Director

Terrence Duffy serves as the Chief Investment Officer of Lionhart Group, a hedgefund and a private equity fund. Mr. Duffy has many years of experience in thedevelopment of mining operations in South Africa, including Eastern PlatinumLtd. (ELR:TSX) and Petra Diamonds Limited (PDL:LON).

David Sims DirectorFor the past 25 years David Sims has provided offshore financial services tocompanies in USA, Canada, UK, Switzerland, Brazil, Hong Kong, Japan and SouthAfrica and is currently director of several international Hedge Funds.

Allen J. Palmiere Chief Executive OfficerAllen Palmiere has a long career in the mining industry. Mr. Palmiere haspreviously held Chief Executive Officer positions at Barplats Investments Limited,Hudbay Minerals Inc. (HUD:TSX) and Adriana Resources (ADI:TSXV).

The team at Ferrox consists of a number of highly experienced individuals, who have a steady track record of developing miningassets, minimizing risks and achieving an attractive shareholder return

Ferrox’s Management Team and Board have extensive mining and industrial expertise. They have successfully put mining andprocessing assets into production and operations with a strong exit track record

The team is very hands-on and has developed the business plan for Ferrox in a modular way, to be able to quickly put the asset intofirst production and hence significantly de-risking the operations


South African technical team

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Dean Richards Geologist

Dean Richards has over 22 years of experience in mining and mineralsexploration industry. He is the founder of Obsidian Consulting Services, based inJohannesburg, South Africa. He is a Registered Scientific Professional and amember of Geological Society of South Africa. He has previously worked atGemcom Africa and Tronox (Exxaro).

Dr. Michael Seeger

Mining Engineer-Business Development

Dr. Micheal Seeger has over 19 years of experience in the heavy minerals, ironore, gold and coal mining sectors. He has worked across the globe on operationsand mine development projects for the companies like: Iscor Mining, Anglo Coal,Anglogold Ashanti, Newmont, Kaiser Aluminium and Universal Coal. He is basedin Johannesburg, South Africa.

Harry Rose Project Consultant

Harry Rose has over 54 year of experience in coal mining engineering, minehealth and safety, mine ventilation engineering and mine accidents &investigation. He has previously been a Senior Manager and Member of theExecutive Committee at Billiton EnergyCoal. He has previously worked atNational Coal Board (UK), Anglo American, Denison Mines and Gencor. He isbased in Johannesburg, South Africa.

Daniel DuttonMetallurgist and Smelting Expert

Daniel Dutton has 20 years of experience in iron, steel, alloys and vanadiumindustry. He has previously worked at Highveld Steel and Vanadium. He is anexpert in Metallurgical Engineering (Extractive and Chemical) . He is based inJohannesburg, South Africa.


Ferrox in-house advisors and BEE representatives

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Thomas Knobel Company CounselThomas Knobel over 20 years of experience as in-house counsel practicing attorney in the South African Mining. Mr. Knobel is an expert in dealing with the intricate mining specific legal topics within South Africa

Bowman Gilfillan Africa Group

Corporate and Legal Counsel

Bowman Gilfillan is a premier South Africa based corporate law firm. They are one of the oldest and largest law firms in Africa that has a track record in providing a comprehensive range of legal and corporate services for over 100 years

Chief of the BakunaCommuity

Black Empowerment Partner

Bakuna Community has a 26% BEE interest in Tivani Pty Limited and has a good relationship with Ferrox’s management team.

Yonela NgcaiBlack Empowerment Partner

Representative of Ovation Mining equity shareholders for and on behalf of NUMSA (National Union of Metal Workers in South Africa).Ovation has 10% BEE interest in Tivani Pty and serves as a strategic BEE party to Ferrox


Appendix 1 – Management and Board CV’s


Management and South African Technical Team

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Terrence P. Duffy

Chairman and Director of the

Board

Mr. Terrence Duffy serves as the Chairman and Director of the Board of Ferrox Holdings. He is also theChief Investment Officer of Lionhart Group, a hedge fund and a private equity fund based in Canada

Mr. Duffy has many years of experience in mining operations and development in South Africa,including Eastern Platinum and Petra Diamonds

Mr. Duffy is a founder of Lionhart Group and has successfully invested in a number of mining andresources companies. Founded in 1993 by Mr. Duffy with less than $10 million, the firm evolved into atruly global organization that allocates capital across different strategies in various industry sectors andasset classes, including a focus and core competence in mining and natural resources investments

Mr. Duffy’s investment strategies and in-depth risk management have allowed Lionhart to produceabove-average returns in seventeen out of nineteen years

Under Mr. Duffy’s leadership, Lionhart has have a successful track record in private equity naturalresource investments. From 2002 –2012, Lionhart achieved an average total return of 173%, with 22investments and an average investment horizon of 3.7 years

Lionhart has received many industry awards for its hedge funds, private equity funds, and for naturalresources investing, including 9 awards from Barclay Hedge (#1 ranking five times), 3 awards fromHedge Fund Review, 2 from EuroHedge and 4 others

Mr. Duffy has held several key roles prior to forming Lionhart. As Head Trader of Global EquityDerivatives at First Interstate Capital Markets, he was instrumental in producing significant profits forthe bank’s proprietary accounts

Mr. Duffy holds a Bachelor of Science degree in Mathematics and Computer Science from PurdueUniversity



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David Sims

Director of the Board

Mr. David Sims is currently a Managing Director of Sentinel International Management SA inthe Cayman Islands

For the past 25 years he has provided offshore Financial Services to companies in USA, Canada,UK, Switzerland, Brazil, Hong Kong, Japan and South Africa and is currently director of severalInternational Hedge Funds

Mr. Sims has abundant expertise in structuring, administering, and managing Hedge Funds andother alternative investment vehicles domiciled primarily in the British Virgin Islands andCayman Islands

Sentinel International Management SA was founded by Mr. Sims in 1997 as part of the BeaconGroup of Companies and was renamed at the end of 2014 and is now again, privately ownedSentinel International Management SA specialises in the provision of director services toAlternative Investment Funds and Managers

Prior to Sentinel / Beacon Fund Advisors, Mr. Sims was a Director of Citco Fund Services andCitco (BVI) Ltd.

A resident of the British Virgin Islands, Mr. Sims is originally from South Africa and speaksAfrikaans

Mr. Sims graduated from the University of Cape Town in 1981



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Allen J. Palmiere

Chief Executive Officer

Mr. Allen Palmiere has had a long career in the mining industry internationally, specializing in a varietyof mining operations having served in C-suite mining executive positions for over the past 25 years

Mr. Palmiere has previously held CEO positions at Barplats, Hudbay Minerals and Adriana ResourcesInc.

From 2009-2015, Mr. Palmiere served as President and CEO of Adriana Resources, raised $180 millionfor the company, expanded its iron ore resource base, completed the feasibility study for the companyand negotiated a JV with a large Chinese company

From 2004 to 2009, Mr. Palmiere served both in the position of CEO and Chairman of the Board forHudbay Minerals, a publicly listed mining company on the TSX (C$ 3 billion)

He restructured the company’s board, revised the governance structure and established a newoperations team

From 2004 to 2006, Mr. Palmiere was instrumental in the turnaround of Barplats, engaged in therebuilding of the management team and accelerated the mining production. Barplats was sold toEastplats in 2006 which resulted in 1,000% return and created Canada’s largest platinum producer

From 2003 to 2009, he served as the President and CEO of another Canadian listed mining company,Silk Road Resources

Prior to this, for 10 years Mr. Palmiere was the CFO and VP of Zemex, a Canadian listed miningcompany. During his tenure, he closed 12 acquisitions in the first 8 years and raised $1.2 billion in debtand equity to fund growth and acquisitions. He grew the company’s EBITDA at 20% per annum whiletripling the size

Mr. Palmiere holds a Bachelor of Commerce degree from University of British Columbia in 1979 and hasbeen a Chartered Accountant (British Columbia Institute of Chartered Accountants) since 1981



39

Dean Richards

Senior Geologist

Mr. Richards is a seasoned geologist from South Africa and has experience working with a number oflarge, well-known mining projects

Mr. Richards has over 22 years of experience in mining and minerals exploration industry. He is thefounder of Obsidian Consulting Services, based in Johannesburg, South Africa. Prior to Obsidian, Mr.Richards was with Gemcom Africa (Pty) Ltd. for 8 years

Obsidian is a small independent, international consulting practice that provides a range of geological,mining and IT related consulting services to the international minerals industry with a specialisation ingeological modelling and ore reserve estimation and reporting

In addition to reserve estimation and reporting, Mr. Richards is also an expert in the design andimplementation of purpose built solutions for mine planning that cover all areas from pit optimization toshort term scheduling

Mr. Richards has project experience in a wide range of mines: titanium, iron ore, chrome, platinum,diamonds, gold, copper, vanadium, lead, zinc, etc.

Mr. Richards was the Project Leader on the Kentani Heavy Minerals Project (titanium), Eastern Cape,Exxaro (now Tronox). He led the completion of various logistical studies and extraction scenarios,including financial modelling and an audit of the reported resources with respect to Zircon

A few of the notable mining companies Mr. Richards has worked extensively with in the past includeGlencore, Xstrata, De Beers, Gem Diamonds, and Tronox

Mr. Richards is a Registered Scientific Professional and a member of Geological Society of South Africa

Mr. Richards holds a BSc (Hons) in Geology, from the University of Natal, Durban



40

Dr. Michael Seeger

Senior Mining Engineer and

Business Development

Dr. Seeger has over 19 years of experience in the heavy minerals, iron ore, gold and coal mining sectors.He is based in Johannesburg, South Africa

He has worked across the globe on operations and mine development projects for companies such asIscor Mining, Anglo Coal, Anglogold Ashanti, Newmont, Kaiser Aluminium and Universal Coal

Dr. Seeger is a mining engineer and an experienced mine developer who has raised capital for miningprojects. He also has experience in developing mining projects from exploration to operations andimproving the profitability of mining operations

He was a Co-Founder and Director of Universal Coal, where he spent four years to bring the Kangala CoalMine from a development stage to a construction ready status by putting in place: exploration andfeasibility study, coal off-take agreements, mining and processing contracts, as well as securing projectfunding

Prior to this, Dr. Seeger co-founded a mining contracting company Injula Mining Operations (Pty) Ltd,where the company mined 1.5 million tons of thermal coal per annum for 6 years on behalf of Anglo Coalfor South Africa's utility Eskom with an opencast mining fleet and a staff and workforce compliment of185 people

Dr. Seeger held responsible for daily operational management of Injula Mining, including production,health and safety, cost control, industrial relations, offtake contract negotiations with clients, etc.

Dr. Seeger was a Mining Engineer with Iscor Mining (Exxaro Resources and now Tronox) from 1995 to2000. Iscor Mining is a mineral sands (titanium) mining company in South Africa

Dr. Seeger received his BSc and MSc in Engineering, as well as his PhD in Mineral Economics all from theUniversity of the Witwatersrand



41

Daniel Dutton

Chief Metallurgist and Smelting Expert

Mr. Dutton is a highly regarded metallurgist from South Africa, with 20 years of experience in thevanadium, titanium, iron, steel and alloy industry, with in-depth knowledge in operations, marketing andsales, technical consulting, process evaluation, design and implementation of technologies, and researchand development

He specializes in mining, beneficiation and pyro metallurgical processes. In particular, he is a respectedleader in the market with regards to technical capabilities in the vanadium, iron and steel, titanium andother metallurgical commodity sectors

Mr. Dutton has been a technical consultant to a number of well-known mining companies, such as AdityaBirla Group, Metmar Specialty Metals, Highveld Steel and Vanadium etc.

Mr. Dutton has extensive expertise in the design, construction, commissioning, and evaluation of miningprocessing plants, including a number of titanium plants

Mr. Dutton holds various patents in the recovery of titanium and vanadium from titanium rich slag bymeans of a novel sulphate process, as well as the manufacturing of VRB electrolyte powder (Hivox Route)

For example, Mr. Dutton was the Project manager of a team involved in the construction of a fusion,digestion, hydrolysis, bleaching, doping and coating plant for the processing of titanium bearing slag toproduce white pigments and also the removal of vanadium from the slag. This process is patented in hisname

From 1994 to 2008, Mr. Dutton served in an executive role with the Highveld Steel and VanadiumCorporation. For three years after, he served in a similar role with Vanchem Vanadium Products

Mr. Dutton holds degrees in Metallurgical Engineering and Chemical Engineering



42

Thomas Knobel

In-House Chief Legal Counsel

Director of FerroxSubsidiaries: Tivani(Pty) Limited, Tivani

Mining (Pty) Ltd, Red River

Exploration and Mining (Pty) Ltd, Muhlava Mining

(Pty) Ltd

Mr. Knobel is a qualified attorney, notary and conveyancer in South Africa

He has over 20 years of experience as in-house counsel practicing attorney in the South AfricanMining Industry, based in Johannesburg, South Africa

He is the Director of Tivani (Pty) Ltd, Tivani Mining (Pty) Ltd, Red River Exploration and Mining(Pty) Ltd, Muhlava Mining (Pty) Ltd, wholly owned subsidiaries of Ferrox Holdings Ltd. Mr. Knobelis also the founder of TA Knobel Attorney

Mr. Knobel is a specialist lawyer with a focus on new (development) mining projects in SouthAfrica, including the corporate and commercial legal work of these projects

He has formally worked as Legal Adviser for Dulker Mining (Xstrata Coal), various Glencore SouthAfrica subsidiaries, Eastplats, BHP Billiton, AECI Ltd and Golds Fields SA Ltd.

Mr. Knobel served as the sole Legal Counsel for Duiker Mining / Xstrata Coal from March 2001 toMarch 2004. Duiker Mining was held by Glencore South Africa until 2002, when the Glencorecoal assets were sold into Xstrata Ltd and subsequently listed on the London Stock Exchange

Mr. Knobel received a BA degree in Law and Zulu in 1981 from The University of theWitwatersrand. He received his LLB (Wits) in 1983



43

Harry Rose

Project Consultant

Mr. Rose will serve as Project Consultant for Ferrox Holdings

Mr. Rose has over 54 year of experience in coal mining engineering, mine health and safety,mine ventilation engineering and mine accidents & investigation

He has previously been a Senior Manager and Member of the Executive Committee at BillitonEnergyCoal

He has previously worked at National Coal Board (UK), Anglo American, Denison Mines andGencor

Mr. Rose is based in Johannesburg, South Africa


Appendix 2 – Photos


Photos

45


Photos

46


Contact

47

Terrence P. DuffyChairman, Ferrox Holdings

[email protected]

Allen J. PalmiereCEO, Ferrox Holdings

[email protected]

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