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“The Next Phase in Mineral Recovery”

Technology & Applications Overview

September 2014

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The AMRT Technology & Process

The AMRT Mineral Recovery Process utilizes a patented AC electric arc furnace/smelter technology uniquely suited to profitably solve environmental and sustainability problems in the metals industries in the new century.

The Process◦ Efficiently extracts valuable metals from a wide variety of feedstocks◦ Addresses significant toxic waste problems, turning liabilities into

profit-making assets◦ Has low breakeven points (furnace size & commodity price)◦ Can directly process “fines” and other problematic materials

without intermediate steps ◦ Ideally suited for local empowerment◦ Energy efficient

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AMRT Process Uses Proprietary TechnologyAMRT Process Uses Proprietary TechnologyBasic process patent granted in UK:

◦ UK Patent GB 2430276B “Control System for an Arc Furnace” granted September 16, 2009 runs to 9/19/2025

◦ Protected in over 30 other countries◦ Additional patent issued for treatment of bauxite residue (“Red Mud”)

used in successful demonstration funded by the European Commission

Patented Process Technology is based on:◦ A proprietary thermo-dynamic model which produces an accurate mass

and energy model to predict how the process should be applied

◦ Proprietary software implemented in a digital programmable logic controller (‘PLC’) used to control the operation of the furnace

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Technology StatusTechnology StatusTwo furnaces operating in Greece funded on sole source

basis by European Commission to demonstrate treatment of waste from aluminum production.

Applications Test Furnace operated at Jet Park in Johannesburg, RSA for 2+ years

Over 3,000 successful test melts on wide variety of materials Independent “Process Audits” by universities and independent

experts, sale of products on commercial terms during tests

Test Furnace located at major copper mine in Zambia demonstrated 97%+ extraction of trace gold from copper tailings.◦ Tests independently audited by SGS Inspection Services Limited.

*Kilo Volt Amperes (KVA) and Mega Volt Amperes (MVA) are typical units for describing the size of electric furnaces, similar to electrical transformers. To a reasonable approximation, a 1000 KVA or 1 MVA furnace requires 1000 kilowatts (kW) or equivalently 1 megawatt (MW) of electric power.

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Transformer PLC

Furnace Schematic

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Basic Steps in Assessing Applications

Step 1: Obtain raw material chemical analysis (chemical concentrations in %) ◦ Protected as required by NDAs

Step 2: Run Patented Mass-Energy Balance Analysis (time needed: 2 days)◦ Paper projection of results of “recipe”

Input materials furnace output (metal + slag + volatiles) Step 3: Run material sample through WT Pilot Scale Test Furnace

(3-5 days processing)◦ Repeat runs as needed to optimize process results

Step 4: Obtain “Process Audit” by independent testing firm◦ Obtain lab analysis of output (metal + slag + volatiles)◦ Record process parameters (kWh use, reactants, emissions, etc.)◦ Validates yields, process economics suitable for bank due diligence

Step 5: Develop plan for commercial operations

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Market Solutions & GroupingsMarket Solutions & Groupings

Bauxite Residue Treatment Stainless Steel Dust Waste Scrap Steel Dust Waste Electronic Waste Auto & Refinery Catalysts

Gold recovery from Copper Tailings Lead and Zinc Slag FerroNickel Dust Chromite Fines FerroManganese

Copper/Cobalt Fines & Ore Cassiterite Fines & Ore

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Waste Treatment

Mineral Recovery

Smelting

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Sample Solution #1: Economical Disposal of Sample Solution #1: Economical Disposal of ‘Red Mud’ – A 125 Year Old Problem‘Red Mud’ – A 125 Year Old Problem

Bauxite residue – or ‘Red Mud’ – is produced during the production of alumina from Bauxite using the Bayer Process invented in 1888

Bauxite residue is a high-volume hazardous waste which is typically stockpiled or dumped with little or no treatment

Approximately 100 million tons/yr being produced without an economical or environmentally sustainable solution.

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Bauxite Residue

Red Mud Spill in Hungary Drew World Red Mud Spill in Hungary Drew World Attention in 2010Attention in 2010

ENEXAL Program – Demonstrating a ENEXAL Program – Demonstrating a Breakthrough Solution for Red MudBreakthrough Solution for Red Mud

AMRT and the European Commission co-funded two furnaces in Greece as part of the ENEXAL Program to demonstrate treatment of bauxite residue (Red Mud):◦ A 400 kVA furnace installed and operated with the National Technical

University of Greece (NTUA) at Ypato, 60 miles north of Athens (commissioned 2011)

◦ A 1 MVA furnace installed at the plant site of Aluminium of Greece about 60 miles west of the NTUA site (commissioned 2012)

The Program has demonstrated that pig iron and mineral wool for industrial insulation can be produced from Red Mud using the Process furnace technology and commercial fiberization equipment.

EAF 1MVA

Bauxite Residue

ReducingAgents

Bag FilterOff-gas

Treatment

Particle-free gases

Material dust

Pig Iron

Hot Slag

H2O

Furnace

Red Mud Treatment

DryerRed Mud Drying

Mix

Red Mud Process Flow DiagramRed Mud Process Flow Diagram

Machine - SpinnersFiber production

Mineral Wool

Slag &

Fibers

Aluminium of Greece 1 MVA Aluminium of Greece 1 MVA Red Mud Demonstration ProjectRed Mud Demonstration Project

Primary Process Furnace – Producing Pig Iron & Hot SlagPrimary Process Furnace – Producing Pig Iron & Hot Slag

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FIBERIZATION UNIT & OUTPUTFIBERIZATION UNIT & OUTPUT

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END PRODUCTSEND PRODUCTS

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PIG IRONMeets specs for input to secondary cast iron

INDUSTRIAL INSULATIONPerformance 10% better than standard

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Sample Solution #2: Recovery of Trace Gold Sample Solution #2: Recovery of Trace Gold in Copper Tailingsin Copper Tailings

A major copper mine in Zambia is producing tailings containing an average of 4.5% copper and 50-400 ppm gold.

Analyses of technologies for recovering the gold indicated inadequate recoveries or high costs, leading the company to stockpile the tailings under guard for possible future solution.

AMRT, and mine owner agreed to move a 650 KVA test furnace to Zambia to test recoveries.

Results independently observed and tested by SGS Inspection Services Limited (SGS), a noted mineral testing firm.

Tests indicated a 97% overall gold recovery in matte form suitable for final refining into pure metal.

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DRYING COOLINGMIXING SEPARATION

Independent Engineer Pro FormaIndependent Engineer Pro Forma

Based on audited costs of materials, labor and energy, 750 KVA furnace would generate USD16.17 million/yr EBIT

Total investment cost for furnace, accessories and site under USD 2 million (WT estimate).

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Pro Forma Source: Venmyn Rand (PTY) Final Report Sept. 2010

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Process Economics for Selected Solutions

Electronic WasteFerro ManganeseStainless Steel DustTin

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Electronic Waste – Fastest Growing Waste Stream Electronic Waste – Fastest Growing Waste Stream

Example of smelting circuit boards

$5M investment $11M/yr gross profit

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Ferro Manganese – High Value Recovery Ferro Manganese – High Value Recovery

Smelting Medium-Carbon Ferro-Manganese from metallic dusts and manganese oxide from electric arc furnaces

$10M investment $24M/yr gross profit

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Stainless Steel Dust – Recycling Bag House Stainless Steel Dust – Recycling Bag House Dust With No PreprocessingDust With No Preprocessing

2-3% of feedstock captured in bag house can be directly recycled to production.

No cost or energy loss in pre-processing

$10M investment $16M/year gross profit

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Tin – Medium to High Grade Ore Smelting at Tin – Medium to High Grade Ore Smelting at Small or Large ScaleSmall or Large Scale

Processing Cassiterite concentrate into tin

Can also process medium grade ores (25-35% tin)

Efficiency at small scale adds local value

$10M investment $48M/year gross

profit