3rd QUARTER RESULTS

1

TERRACOM REPOSITIONED

MID TIER, MULTI JURISDICTIONAL MINER

ASX: TER • WWW.TERRACOMRESOURCES.COM 2

The information contained in this document (“Presentation”) has been prepared by TerraCom Limited (the “Company”). This Presentation does not constitute an offer or invitation toany person to subscribe for or apply for any securities in the Company. This Presentation contains summary information of a general nature about TerraCom and its activities currentas at 30 July 2020. It should be read with the Company’s other periodic continuous disclosure announcements lodged with the ASX.

While the information contained in this Presentation has been prepared in good faith, neither the Company or any of its shareholders, directors, officers, agents, employees oradvisers give any representations or warranties (express or limited) as to the accuracy, reliability or completeness of the information in this presentation, or of any other writtenor oral information made or to be made available to any interested party or its advisers (all such information being referred to as ‘information’) and liability therefore is expresslydisclaimed. Accordingly, to the full extent permitted by law, neither the Company nor any of its shareholders, directors, officers, agents, employees or advisers take any responsibilityfor, or will accept any liability whether direct or indirect, express or limited, contractual, tortious, statutory or otherwise, in respect of the accuracy or completeness of theinformation or for any of the opinions contained in this Presentation or for any errors, omissions or misstatements or for any loss, however arising, from the use of this Presentation.

This Presentation should not be considered as the giving of investment advice by the Company or any of its shareholders, directors, officers, agents, employees or advisers. Each partyto whom this Presentation is made available must make its own independent assessment of the Company after making such investigations and taking such advice as may be deemednecessary. Any estimates or projections or opinions contained in this Presentation necessarily involve significant elements of subjective judgement, analysis and assumptions and eachrecipient should satisfy itself in relations to such matters.

This Presentation may include certain statements that may be deemed ‘forward-looking statements’. All statements in this Presentation that address future activities or events areforward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statementsare not guarantees of future performance and actual results may vary materially. The Company does not represent, warrant or guarantee that the information in this Presentation iscomplete or accurate. To the maximum extent permitted by law, the Company and its directors and officers disclaim any responsibility to inform any recipient of this Presentation ofany other matter that subsequently comes to its notice which may affect any of the information contained in this Presentation. Factors that could cause actual results to differmaterially from those in forward-looking statements include market prices, continued availability of capital and financing, and general economic, market or business conditions.

Investors are cautioned that any forward-looking statements are not guarantees of future performance and that actual results or developments may differ materially from thoseprojected in forward-looking statements.

The presentation of certain financial information may not be compliant with financial captions in the primary financial statements prepared under IFRS. However, the Companyconsiders that the presentation of such information is appropriate to investors and not misleading as it is able to be reconciled to the financials accounts which are compliant with IFRSrequirements.

All dollars or $ in the presentation are Australian Dollars unless otherwise stated.

This document has been authorised for release by the Company’s disclosure committee.

DISCLAIMER

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CORPORATE OVERVIEW


TERRACOM SNAPSHOT

Country Diversification ASX listed coal producer with operations in Australia and South Africa

Cash GeneratingCapitalising on strong demand for low impurity thermal coal $

Organic GrowthNear term Brownfield and greenfield expansion opportunities from within existing portfolio and external assets

Shareholder Analysis

ASX : TER

Market Capitalisation (as at 28 July 2020) (A$ million) 105.5

Shares on Issue (million) 753.6

Options and Warrants on Issue (million) ^ 55.1

Debt (US$ million) < 162.8

Cash at Bank (US$ million) # 36.9

Net Debt (US$ million) 125.9

^ 12.6m warrants at $0.262, 1.5m options at $0.60, 41.0M shares from US$20M Convertible Note at strike price of $0.696.

< excludes US$20M Convertible Note (included in Options and Warrants). # excludes $1.3 million cash at bank attributable to non-controlling interests.


SHARE PERFORMANCE ANALYSIS


STRATEGIC POSITION OF TERRACOM – 2021 FINANCIAL YEAR

Maximise production and resultant revenue

1• The South African operations provides TerraCom with

a fixed margin return on domestic coal sales.

Natural Hedge to Sea Borne Commodity Prices

1

3


1Significant Growth

Platform3


1Multi-Jurisdictional

Operations2

• Thermal coal projects that have short term project horizons to commence production – Eloff (adjoining mining lease to Kangala in South Africa).

• Divestment into other bulk commodities – Bauxite in the Republic of Guinea.

• TerraCom operates in two core thermal coal jurisdictions –

Australia and South Africa.


BOARD OF DIRECTORS

Wal King - Chairman, Independent Director

• Wal holds a Bachelor and Masters in Engineering and

Engineering Science and an Honorary Doctorate of Science

from the UNSW.

• Wal worked in the construction industry for over 40 years and

was CEO of Leighton Holdings Limited from 1987 until

December 2010.

• He is and a Director of Kimberley Foundation Australia

Limited, was previously Deputy Chairman of the UNSW

Foundation, and was one of the longest serving Directors of

Coca-Cola Amatil Limited.

Craig Ransley - Deputy Chairman, Executive Director

• Mr. Ransley is a qualified Fitter and Machinist (Trade

Qualified) and has a broad entrepreneurial background.

• Mr. Ransley is the founder of TerraCom (then Guilford Coal

Limited) and re-joined the Board as Deputy Chairman in

February 2020.

• Throughout the past number of years Mr. Ransley has been

instrumental in working with the Board to restructure the

Company and its balance sheet and has also been an integral

part of TerraCom’s expansion into emerging markets.

Glen Lewis - Non-Executive, Independent Director

• Glen is a qualified Coal Mine Manager and has worked in the

Coal Industry since 1980. Throughout his career he worked at

all levels of Management, including the role of General Manager

Eastern Underground Operations for Xstrata Coal NSW in 2003

and then promoted to General Manager Operations with overall

responsibility for 6 operating mines and several projects.

• Glen commenced with NuCoal Resources Ltd (ASX: NCR) in

2010 as Managing Director overseeing the listing, capital

raising, exploration and feasibility studies for a number of mining

projects in the Hunter Valley. Glen stepped down from the

position of Managing Director in 2017 but remains a Non-

Executive Director of NuCoal.

Hon. Craig Wallace - Non-Executive, Independent

Director

• Hon. Craig Wallace served as the State Minister for Main

Roads, Fisheries and Marine Infrastructure from 2009 to 2012.

His department delivered major infrastructure projects across

Queensland including the Gateway Bridge and rebuilding of

Queensland Road assets following major floods.

• In 2012 he formed Shanghai Commonwealth Investment and

Consulting (which is operating in Mainland China). The

company has a focus on building trade ties between China and

Australia with a particular focus on food products


BOARD OF DIRECTORS

Craig Lyons - Non-Executive, Independent Director

• Mr Lyons is an experienced and accomplished investment

banker and businessman with extensive strategic,

management and finance experience in various industries

having built and led a number of leasing businesses in

Southern and West Africa. He actively participates as a

chairman/director and/or investment committees and

investment funds.

• Craig currently champions a number of investments in South

Africa and Africa for companies requiring his independent

analysis, views and injection of creative energy financial

acumen, strategic guidance and access to a broad network of

relationships.

Matthew Hunter - Non-Executive Director

• Matthew has more than 20 years’ experience in the finance

industry, most recently with over 10 years’ experience in

private equity investment.

• He founded Rivendell Capital in early 2016 to provide capital

and advisory services to small and medium sized enterprises

and specialised projects.

• Prior to founding Rivendell Capital, Mr Hunter was a Managing

Director of The Carlyle Group.

• Mr Hunter is OCP Asia’s nominee director. He is presently

Non-Executive Director of Silver Heritage Group Limited,

Chairman of Measure Australia, a Non-Executive Director of

Medirent, Advisory Board Member of AtlasTrend and

Consultant engaged by OCP Asia.

Paul Anderson - Non-Executive Director

• Paul has over 30 years’ experience in senior executive

management roles in both the public and private sector.

• Mr Anderson holds formal qualifications in Building Surveying,

Engineering, Planning and Management is a member of the

Australian Institute of Company Directors.

• Paul is Bonython Coal No 1 Pty Limited’s (Bonython) nominee

director and Bonython is a substantial shareholder of the

Company and was the sole sub-underwriter of the rights issue

from earlier this calendar year.


EXECUTIVE MANAGEMENT TEAM – TERRACOM LIMITED

Danny McCarthy - Chief Executive Officer

• Mr McCarthy is a highly experienced mining executive having

held senior roles with Mineral Resources, Thiess, Wesfarmers,

and QCoal and has a proven record of accomplishment of

delivering exceptional results over 25 years in the resources

sector.

• Prior to joining TerraCom in December 2018, Mr McCarthy has

held the role of Chief Operating Officer for the highly regarded,

West Australian based, commodity producer and mining

services company Mineral Resources Limited (ASX: MIN).

During his time in this role, he oversaw the successful

implementation of MIN’s strategic growth initiatives.

Nathan Boom - Chief Financial Officer

• Nathan Boom holds a Bachelor of Commerce (Accounting) from

University of Wollongong and is a Chartered Accountant with a

strong resources sector background.

• His 14 year career working at large multinationals such as

Xstrata Coal and Tenova Delkor has provided him with

extensive exposure in business restructuring and associated

implementation of recovery plans also leading finance and

commercial aspects of the business. Nathan has led business

development projects and re-financing packages with banking

consortium’s, as well as has substantial experience in financial

system implementation and integration.

Craig Ransley - Deputy Chairman, Executive Director

• Mr. Ransley is a qualified Fitter and Machinist (Trade

Qualified) and has a broad entrepreneurial background.

• Mr. Ransley is the founder of TerraCom (then Guilford Coal

Limited) and re-joined the Board as Deputy Chairman in

February 2020.

• Throughout the past number of years Mr. Ransley has been

instrumental in working with the Board to restructure the

Company and its balance sheet and has also been an integral

part of TerraCom’s expansion into emerging markets.


EXECUTIVE MANAGEMENT TEAM – UNIVERSAL COAL PLC

Shammy Luvhengo – Director Business

Development

• Shammy Luvhengo is a qualified investment banker and

geologist. He started his career with Exxaro Resources before

moving into the investment world.

• Shammy worked for Investec Bank and Nedbank Capital,

structuring and implementing project finance and Black

Economic Empowerment deals within the resources industry.

• Prior to joining Universal Coal, he worked at Nkwe Platinum

Limited as head of business development and investor

relations.

Celeste Van Tonder - Chief Financial Officer

• Celeste van Tonder is a Chartered Accountant with over 10

years of professional experience in mining finance and

business development.

• Prior to joining Universal Coal, she was Group Business

Development and Investor Relations manager at Coal of Africa,

an Australian coal exploration and development company listed

on the ASX, JSE and AIM.

• Celeste is responsible for all financial and commercial facets of

the business, and is an integral part of the management team

responsible for returning shareholder value.

Tony Weber – Chief Executive Officer

• Tony Weber, co-founder of Universal Coal, is a mining

engineer with over 20 years’ experience in mining spanning

project assessment, finance, development and operations.

• Prior to joining Universal Coal, Tony was an executive director

at Nkwe Platinum Limited, an Australian-listed platinum

developer, as well as operations manager at Potgietersrus

Platinum Mine and at the Gamsberg Project.

• Tony has significant skills and experience in coordinating

project feasibility studies and has hands-on operational

experience in the coal extraction industry.

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2020 FINANCIAL YEAR


PRODUCTION PERFORMANCE – 2020 FINANCIAL YEAR

ROM ProductionYear on Year increase of

12.3Mt or 365%

Coal SalesYear on Year increase of

7.3Mt or 240%


PRODUCTION PERFORMANCE – 2020 FINANCIAL YEAR

MANAGED TONNES EQUITY TONNES

ROM Tonnes Coal Sales ROM Tonnes Coal Sales

2020FY 2019FY 2020FY 2019FY 2020FY 2019FY 2020FY 2019FY

Australia 3,052 2,647 2,589 2,298 3,052 2,647 2,589 2,298

Blair Athol 3,052 2,647 2,589 2,298 3,052 2,647 2,589 2,298

South Africa 12,592 9,651 7,727 6,721 6,838 5,560 4,205 3,810

Kangala 3,109 3,865 1,945 2,404 2,192 2,725 1,371 1,695

NCC 3,955 3,660 2,620 2,535 1,938 1,793 1,284 1,242

NBC 3,929 2,126 2,571 1,782 1,925 1,042 1,260 873

Ubuntu 1,599 - 591 - 783 - 290 -

Total 15,644 12,298 10,316 9,019 9,890 8,207 6,794 6,108

Assuming Universal Owned

for Entire Financial Year:

ROM Production ---

3.3Mt or 27% year on

year increase

Coal Sales ---

1.3Mt or 14% year on

year increase

EXISTING OPERATIONS AND PROJECTS

ASX: TER WWW.TERRACOMRESOURCES.COM 14

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Queensland, Australia


QUEENSLAND OPERATIONS AND PROJECTS

OPERATIONS

1. Blair Athol Mine (BA)

PROJECTS

1. Northern Galilee

2. Springsure

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OPERATIONS

Blair Athol (BA)


OPERATIONAL PERFORMANCE

Progressive ramp up of production at the Blair Athol mine since acquisition of the mine on 31 May 2017

THERMAL COAL 2.4MtpaROM

Export

2Mtpa export, primarily to Japan and South Korea customers

Exported through Dalrymple Bay Coal Terminal and Abbott Point Coal Terminal

Ownership 100% ownership

Life of Mine 10 years at current operational run rate

OPEN PITOwner operator model from end July 2020

Waste mining by Dragline and Dozers

Coal mining by truck & shovel.

Life of mine strip ratio of 8:1

LoM extension to +25 years with adjacent Moorlands lease (not owned by TerraCom)


OPERATIONS PHOTOS

10,000 tonne train being loaded

at the Train Load Out

Coal Washery in operation


JORC RESOURCES AND RESERVES

Resource 1 Mt

Measured 30.2

Indicated 11.6

Inferred 2.0

Total 43.8

Reserve 2 Mt

Proved 15.3

Probable 12.1

Total 27.4

Marketable Reserve 2 Mt

Proved 12.7

Probable 9.6

Total 22.3

0

5

10

15

20

25

30

35

40

45

50

RESOURCE

Measured Indicated Inferred

0

5

10

15

20

25

30

35

40

45

50

RESERVE

Proved Probable

JORC Resources JORC Reserves


REHABILITATION AND ENVIRONMENT

✓ Significant progress of rehabilitation activities at Blair Athol

• Queensland’s Department of Science (DES) issued its Financial Assurance decision for the Blair Athol Mine on 1 June 2020,

being an amount of $72.1 million (approximately $8 million less compared to when the asset was acquired in May 2017).

• The capping of the old tailings storage facility completed ahead of schedule as part of the mining operations process.

• Advancing face rehabilitation being completed, which is aimed at significantly reducing rehabilitation activities at the end of the

mine life.

Image – Current Growth of Area 53 Rehabilitation Completed in mid to late 2017


COMPLETED REHABILITATION – TAILINGS DAM

BEFORE: 2015 pre ownership

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PROJECTS

Northern Galilee

Springsure


QUEENSLAND EXPANSION | Organic Growth from Strategically Located Assets

The BA acquisition revalues TerraCom’s Australian portfolio through providing a hub for their

development across major coal basins in Queensland including:

Northern Galilee Project (1.9Bt JORC 20043) is large thermal resource with multi pit potential crossed by under-utilised rail and port system

Springsure Project* (190Mt JORC 20043) a high grade thermal/PCI resource adjacent to existing rail infrastructure with expansion potential into adjoining Fernlee Project (EPC1103)

* Note Springsure is 87% owned by TerraCom and Fernlee is 100% owned by TerraCom


QUEENSLAND EXPANSION | Northern Galilee Project


QUEENSLAND EXPANSION | Springsure Project

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South Africa

Four Operating Coal Mines

Two Thermal Coal Projects

One Coking Coal Project


SOUTH AFRICA OPERATIONS AND PROJECTS

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OPERATIONS

Kangala

New Clydesdale Colliery (NCC)

North Block Complex (NBC)

Ubuntu Colliery

ASX: TER • WWW.TERRACOMRESOURCES.COM

KANGALA COLLIERY

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THERMAL COAL 3.2MtpaROM

Domestic 2Mtpa off-take contract to 2023

Sales to Eskom 2.0Mtpa

Ownership 70.5% with operational control

OPEN PIT

truck & shovel operation

~1.8:1 strip ratio

LoM extension with adjacent Eloffacquisition

0.7

1.6 2.0

2.4 2.6 2.4 2.0

0.1

0.2

0.3

0.3 0.2 0.1

-

2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY

COAL SALES

Domestic Export


THERMAL COAL 3.7 MtpaROM

Domestic

65%

1.6Mtpa to 2023 at negotiatedpricing

35% API4-linked

Exportcontracted ~650Ktpa to 2021

6,000Kcal API4 spot marketpricing

Ore Reserves 54.8Mt

Ownership 49% with operational control

Underground room and pillar

Seam production three sections

OPEN PITtruck and shovel operation

~3:1 strip ratio

NEW CLYDESDALE COLLIERY

0.2

1.4 1.7 1.8

0.3

0.8 0.8 0.8

2017 FY 2018 FY 2019 FY 2020 FY

COAL SALES

Domestic Export


THERMAL COAL 3.7 Mtpa ROM from 2020

Long term (2020)1.2Mtpa 15% ash, 5500Kcal Export coal

continuation/extension of current Eskom offtake

Short term contract2.4Mtpa

negotiating longer term offtake

Ore Reserves

55.4Mt

current operations fully regulated

Paardeplaats Mining Right and S11 granted


OPEN PITtruck and shovel operation

~2.5:1 strip ratio going forward

NORTH BLOCK COMPLEX

-

0.5

1.0

1.5

2.0

2.5

3.0

2019 FY 2020 FY

COAL SALES

Domestic Export


• Project fully regulated

• Surface Rights acquired

• CSA signed with Eskom for 1.2Mtpa

• First coal delivery to Eskom in February 2020

• 100kt of coal sales in April 2020

JORC 2012-compliant Resource

75.8Mt

Ore Reserves 9.15Mt


Domestic thermal coal projected

1.2 Mtpa

OPEN PIT

truck and shovel operation

~3:1 strip ratio

crush and screen blending operation

LoM 6 years

UBUNTU COLLIERY

-

0.1

0.2

0.3

0.4

0.5

0.6

0.7

2020 FY

COAL SALES

Domestic Export

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THERMAL COAL PROJECTS

Eloff

Arnot South

COKING COAL PROJECTS

Berenice Cygnus

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THERMAL COAL PROJECT Contiguous to Kangala, allowing for low cost expansion, long-term sustainability

6,146.7haSurface Rights

included

8,168ha

Mining Right granted

528Mt JORC 2012-compliant Resource in open pit

areas only

Potential to double up production in long term

Eloff stand-alone project of similar scope to Kangala

Kangala extension allows for uninterrupted production of 2.4Mtpa

ELOFF – KANGALA EXTENSION AND ELOFF STAND ALONE

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BERENICE CYGNUS 50% owned

• Blend coking and thermal coal project

• 1.35 billion tonne JORC Resource

• 10Mtpa open cut operation viability confirmed

• 20km from existing railway infrastructure

• Application submitted for mining right and

environmental authorisation

ARNOT SOUTH 50% owned

• Thermal coal project

• 206.6Mt JORC Resource

• Objectives post acquisition:

• drill out a Measured Resource

• complete Feasibility Study

• Secure Mining Right

7

6

ARNOT SOUTH AND BERENICE CYGNUS

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BUSINESS DEVELOPMENT

COMMODITIES DIVERSIFCATION

– BAUXITE


COMMODITY DIVERSIFICATION: ANGLO-AFRICAN MINERALS PLC6

3

Term Sheet

AAM’s bauxite resources are located in the Republic ofGuinea, one of the world’s leading countries in terms ofproven bauxite reserves (~25%)

SUMMARY

PROJECTS• Forward African Resources (FAR). A project targeting 73.0 million

metric tons of export quality bauxite resources.

• Société Minière d’Alumine S.A. (Somalu). A project with inferredresources of 459.0 million metric tons of export quality bauxiteresources.

• Tougue Bauxite and Alumina Corporations S.A. (Toubal). A project targeting 865.0 million metric tons of export quality bauxite resources.

FAR• Highly prospective exploitation license with a total area of

170 km2 located in the Dubreka / Kindia Prefecture some 170 km North-East of Conakry and some 25 km from the existing rail spur that connects the Kindia mine with the Port of Conakry.

• The Measured Mineral Resource for the three of the five plateaux in line with JORC Code (2012):

• 73 million metric tons, averaging 39.9% total alumina and 4.8% total silica

• Measured 26 million metric tons, Indicated 11million metric tons and Inferred 36 million metrictons

TERM SHEET Binding term sheet subject to customary conditions precedent for the benefit ofTerraCom, including due diligence. In return for the granting of an exclusivityperiod until 31 August 2020, TerraCom has agreed to pay a US$500,000refundable deposit that is first ranking over all assets of AAM.

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RESOURCES AND RESERVES STATEMENT


RESOURCES AND RESERVES STATEMENT

RESERVES RESOURCES RESERVES RESOURCES

Proved Probable Total Measured Indicated Inferred TotalAttributable to

TerraCom

Attributable to

TerraCom

Tenement Mt Mt Mt Mt Mt Mt Mt Mt Mt

AUSTRALIA 15.3 12.1 27.4 30.2 238.6 1,903.0 2,171.8 27.4 2,171.8

Blair Athol1,2 15.3 12.1 27.4 30.2 11.6 2.0 43.8 27.4 43.8

Springsure3 - - - - 43.0 148.0 191.0 - 191.0

Northern Galilee –

Hughenden Project3 - - - - 133.0 1,076.0 1,209.0 - 1,209.0

Northern Galilee –

Clyde Park Project3- - - - 51.0 677.0 728.0 - 728.0

SOUTH AFRICA 134.2 13.1 147.3 676.5 1,246.1 582.3 2,504.9 78.4 1,264.3

Kangala4,5 28.3 - 28.3 51.3 15.0 32.3 98.7 20.0 69.6

NCC4,5 48.2 6.6 54.8 88.8 41.8 6.0 136.7 26.9 67.0

Ubuntu4,5 9.2 - 9.2 31.7 39.4 4.7 75.8 4.5 37.1

Arnot South4,5 - - - 2.3 65.3 139 206.6 - 103.3

Eloff4,5 - - - 11.8 266.0 250.6 528.3 - 258.9

NBC4,5 48.5 6.5 55.0 65.7 17.7 25.4 108.7 27.0 53.3

Berenice Cygnus4,5 - - - 424.9 800.9 124.3 1,350.1 - 675.1

TOTAL 149.5 25.2 174.7 706.7 1,484.7 2,485.3 4,676.7 105.8 3,436.1


REFERENCES

1 – Refer to ASX Announcement on 30 September 2019 for further information and clarification on the Blair Athol JORC Resource. The Company confirms that it is not aware of any

new information or data that materially affects the information included in the original announcement; and that all material assumptions and technical parameters in the

announcement made in the original announcement continue to apply and have not materially changed.

2 – Refer to ASX Announcement on 30 September 2019 for further information and clarification on the Blair Athol JORC Reserve. The Company confirms that it is not aware of any

new information or data that materially affects the information included in the original announcement; and that all material assumptions and technical parameters in the

announcement made in the original announcement continue to apply and have not materially changed.

3 – Refer to ASX Announcement on 30 September 2019 for further information and clarification on the Northern Galiliee (Hughenden and Clyde Park) and Springsure JORC

Resource. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original announcement; and that all

material assumptions and technical parameters in the announcement made in the original announcement continue to apply and have not materially changed.

4 – Refer to Universal Coal plc ASX Announcement on 30 September 2019 for further information and clarification on the Kangala, NCC, Ubuntu and NBCJORC Reserve. The

Company confirms that it is not aware of any new information or data that materially affects the information included in the original announcement; and that all material assumptions

and technical parameters in the announcement made in the original announcement continue to apply and have not materially changed.

5 – Refer to Universal Coal plc ASX Announcement on 30 September 2019 for further information and clarification on the Kangala, NCC, Ubuntu, Arnot South, Eloff, NBC and

Berenice Cygnus JORC Reserve. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original

announcement; and that all material assumptions and technical parameters in the announcement made in the original announcement continue to apply and have not materially

changed.

6 – Refer to ASX Announcement on 24 February 2020. The Company is currently progressing the due diligence on AAM and therefore at this stage is classing the resource tonnage

as an exploration target. The potential quantity and grade of an exploration target is conceptual in nature, there has been insufficient exploration to determine a mineral resource and

there is no certainty that further exploration work will result in the determination of mineral resources or that the production target itself will be realised. Further evaluation work and

appropriate studies are required to establish sufficient confidence that the target will be met.

42

THANK YOU

3rd QUARTER RESULTS

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