CORPORATE PRESENTATIONQ4 2017

EXECUTIVE SUMMARY

• Fully financed Bel Air project commenced construction in January 2017

• First production scheduled for H2 2018

• 15km from the coast requiring minimal infrastructure and reducing operating costs

• Over 15 year LOM with initial production rate of 5.5Mtpa

• High quality product

• Responsible, sustainable bauxite production

• Using global best practise mining methods

• Environmental programme adheres to IFC and Equator Principles

• Highly experienced management team with significant African bulk commodity capability

• Additional 2.5 billion tonnes of bauxite resource at Labé

• Further exploration underway to complete PFS next year

ALUFER IS ONE OF THE MOST ATTRACTIVE BAUXITE MINING COMPANIES GLOBALLY

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KEY MANAGEMENT

• Mining engineer

• Expertise in development of natural resources projects across Africa including diamonds, precious/base metals and coal

• Founder and Chairman of LSE listed Petra Diamonds and AIM listed Chariot Oil & Gas and other private companies

Adonis PouroulisChairman

• Metallurgical Engineer

• 35 years of operational and project experience

• Extensive African experience

• Was Head of Business Development with Anglo American Plc, also serving as CEO of Anglo Ferrous Brazil Inc.

Bernie PryorChief Executive Officer

• Chartered Accountant with 15 years experience in the mining sector

• Previously with Anglo American and CFO of London Mining

• Extensive background in raising project finance and developing mining operations through construction into production

Rachel RhodesChief Financial Officer

• Geologist with 20 year across the industry – exploration, development and production

• Previously with Shangdong Iron and Steel, African Minerals and Fortescue Metals

• Expertise in optimising and delivering efficient mining operations

• Broad commercial experience -over 12 years working in the resources and power sectors

• Previously with Shangdong Iron and Steel, African Minerals and Anglo American

• Specific experience in commodities marketing, complex negotiations, supply chain and corporate strategy

Tristan ClarkeCommercial Director

Kevin McleanProject Director

• Over 35 years experience in HR and has worked extensively in francophone Africa

• Previously with B2Gold, Kinross, Newcrest and RUSAL

• Strong background in Global business management, Corporate Development, CSR and Human Capital Strategy

Guy de Granpre HR Director

• Great deal of experience in government liaison and representation for a number of companies in Guinea

• Has worked across a variety of sectors – mining, textiles and urban project development

• Previously worked withMobil, Global Alumina,Koumba Iron Ore

Lamine ToureVice Chairman BAM

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OTHER BOARD MEMBERS

• Director at the AFC

• Responsible for the natural resources team and has led their rapidly expanding franchise across sub-Saharan Africa

• Over 15 years experience in international finance and businessdevelopment.

Osam Iyahen Non-Exec Director

• Commercial lawyer specialising in corporate and finance law in the resourcessector

• Advised RCF since 2001 and joined in an in-house capacity in 2006.

• Also serves on the Board of First Bauxite Corp, First Drilling Group and Global Advanced Metals

Mason Hills Non-Exec Director

• Chartered Accountant

• 16 years experience in the mining industry and currently CFO of Dangote Cement in the DRCMiningand Sierra Rutile

• Previously with Endeavour , Anglo Gold Ashanti and De Beers.

Mukuna IlungaNon-Exec Director

• Commercial lawyer specialising in corporate and finance law in the resourcessector

• Advised RCF since 2001 and joined in an in-house capacity in2006.

• Also serves on the Board of First Bauxite Corp, First Drilling Group and Global Advanced Metals

David BrownNon-Exec Director

• 25 years in the natural resources sector

• Previously managed Rio Tinto’s global bauxite and alumina business and was head of Business Resources responsible for the integration of Alcan

• Prior to that he was BG Group as GM of strategy and portfoliodevelopment

Keith Johnson Non-Exec Director

• 14 years experience in globalfinancial markets with a focuson naturalresources

• CEO and Head of Investment at APAC Resources Limited

• Previously co-founded New City Investment Managers – a natural resources fund management house and worked for EMG Suisse S.A

Andrew FergusonNon-Exec Director

Dorian BarakNon-Exec Director

• Legal and investment background

• Private equity investor and asset manager focused on Africa, the Middle East and Europe

• Advises clients, companies and funds on investments in the natural resources, aviation and tech sectors

BEL AIR CONSTRUCTION FINANCING

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• In December 2016, Alufer successfully secured a $205m financing package from a consortium of international investors

• US$80m Senior Debt Facility• Orion Mine Finance

• US$125m of Convertible Loan Notes and Equity• The Africa Finance Corporation • Orion Mine Finance• Resource Capital Funds

• Six Year Offtake Agreement• Orion Mine Finance• Working with Alufer to market

the bauxite product and secure revenue during ramp-up

FUNDING SECURED TO TAKE PROJECT THROUGH TO FIRST COMMERCIAL PRODUCTION

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BEL AIR PROJECT TIMELINE

DecemberPre-Feasibility Studycompleted

September Exploitation permit granted

20142012 2016 201720132011 2015

December Declared “project of national interest”

NovemberFinal Definitive Feasibility Studies

December$205m financing

July Presidential decree received

AprilBel Air Feasibility Studycompleted

JuneSEIAcompleted

January Exploration commenced

June“Alufer Mining Limited” incorporated

JuneMining Convention ratified by parliament

February Mining Convention signed

February Formal opening ceremony / Construction commences

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PROJECT OVERVIEW - OPERATIONAL SUMMARY

• Direct Shipping Ore will be mined from a total of six pitso Minimum of two areas will be in operation at the

same timeo Increases production flexibility as well as providing

adequate ore blending capability• Open cast, strip mining will use surface miners• Material will be transported via truck from the pits to

the ROM tip at the export facility on coast• Ore will then be stockpiled and handled via conveyor

over a rubble causeway and loaded onto barges• Transhipment handled via self-propelled barges and

transhipment vessel to OGVs• Minimum 15 years mine life with initial production rate

of 5.5 Mtpa• Economically robust under multiple bauxite pricing

scenarios

SIMPLE LOGISTICS SET-UP: SHORT HAUL - CAUSEWAY CONVEYORS – BARGING - TRANSHIPMENT

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MINING METHOD

Benefits versus drill and blast• Minimises loss and dilution - Larger reserve• Single phase• No requirement for drilling, explosives or secondary

crushingo Safer mining operation

• Significantly reduces strip ratio, waste handling and haulage costs

• Easier to manage hydrogeology and slope stability• Improves in pit ground conditions

o Enables multi-purpose haul fleet selectiono Reduces tyre wearo Easier to operate in rainy seasono Increased productivity

• Lower fuel consumption • Reduces bulking factor for improved haulage

efficiencies• Less dust and noise• Enables ongoing rehabilitation during LOM

• Paragomina, Brazil

• Rusal, Kindia (Guinea)

• Iron Ore, Western Australia

Current surface mining operations

SURFACE MINING – LOW OPEX, MINIMAL RE-HANDLING, HIGH EFFICIENCY

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MATERIALS HANDLING SET UP

• Simple, efficient materials handling infrastructure

• Optimal trade off between capex, opex and technical robustness

• De-linking of mining process (continuous) and barge loading (batch process) Chemical dust suppression agent used to minimise environmental impact

PROJECT ADVANTAGED BY PROXIMITY TO COAST AND CONTROL OF DEDICATED LOGISTICS AND FACILITIES

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MARINE INFRASTRUCTURE AND TRANSHIPMENT

• Simple geotechnical structure placed on bedrocko Will provide access from the shore to water depth

suitable for a barge load-out bertho Core and armour material will be supplied from

quarries owned by Alufer

• Optimum balance between low capital cost, simplicity of operation and functionality

• Ore will be transferred onto the causeway conveyor via the stockpile reclaim conveyor for barge loading

• The barges will then transport bauxite to an ocean going vessel located at the Transhipment Zone (TSZ) approximately 32km offshore

• Transhipment vessels will be used to transfer the bauxite from the barges to the OGV

TRANSHIPMENT IS THE OPTIMAL METHOD FOR BULK EXPORT FROM THE BEL AIR PROJECT

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SOCIAL AND ENVIRONMENTAL

• Ongoing work includes:

o Baseline assessments

o Integrated terrestrial and marine social and environmental impact assessments

o Social and environmental management plans

o A stakeholder engagement plan

o A detailed Land Access and Resettlement Framework and Land Access and a Resettlement Plan

o A Critical Habitat review, including a Biodiversity Management Plan, a Biodiversity Action Plan and a Natural and Critical Habitat Assessment

• Throughout the project the team will work with the community to develop local enterprise initiatives and promote local supply

• Ongoing management plans will be in place to ensure compliance with IFC Performance Standard compliance and meet Equator Principles

• First Environmental Certificate of Conformity was received by the Government of Guinea in June 2013 and has subsequently been renewed annually

ALUFER IS COMMITTED TO PROMOTING & DELIVERING SUSTAINABLE DEVELOPMENT

STAKEHOLDER ENGAGEMENT IS A CORE FOCUS

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BEL AIR OPENING CEREMONY

• On 3 February 2017, the opening ceremony for the Bel Air mine was held in the village of Koundinde close to the proposed site for the mine camp.

• Over 1500 people attended the ceremony including the President, Alpha Conde; the Prime Minister, Mamady Youla; the Minister for Mines, Abdoulaye Magassouba; and the British Ambassador.

• The President formally started the construction phase using a specially painted shovel to load bauxite into an excavator bucket.

Clockwise from top right: Picture 1: Alpha Conde; Picture 2: Lamine Toure (Alufer Government Relations Director), Adonis Pouroulis (Alufer Chairman), Bernie Pryor (Alufer Chief Executive Officer); Picture 3: Alpha Conde; Picture 4: Abdoulaye Magassouba; Picture 5: Mamady Youla

CONSTRUCTION OFFICIALLY STARTED AT BEL AIR:

PROJECT PROGRESS: QUARRY

• The quarry is the source of rock for the causeway

• The first blast was on 23 May

• There have subsequently been 13 successful blasts

• The yield of armour stone from the blasts has been greater than anticipated reducing the risk of having to manufacture Cubipods

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PROJECT PROGRESS: CAUSEWAY

• Causeway construction began at the start of June - is currently circa 1292m long• Water depth will be -3.4m Chart Datum

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EXPORT FACILITY AND CAMP

STRONG STAKEHOLDER SUPPORT

• Alufer’s Mining Convention signed on 1 February 2016:o The first under the new 2013 Guinean Mining Code o The first signed by the new Mines Minister

• Fiscal concessions received to encourage investment and protect sustainability of operation

• Ratification by Parliament of the Mining Convention was completed on the 1 June 2016

• Through the Mining Convention, a tax regime has been developed to promote investment in Guinea and to deliver a fair revenue balance for all stakeholders

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• Alufer has a good working relationship with the Guinean Government

• Bel Air was declared a Project of National Interest” (PIN) in December 2014

STRONG RELATIONSHIP WITH GOVERNMENT

MINING CONVENTION

APPENDICES

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CORPORATE STRUCTURE

Alufer Mining Limited (Registered in Guernsey)

Alufer (Base Metals)(Limited BVI Company)

Alufer Trading Limited (BVI Company)

Alufer (Guinea) Limited (BVI Company)

Alufer Management Services

(Limited UK Company)

Alufer Iron SA(Guinea Company)

Bel Air Mining SA(Guinea Company)

Alufer SA(Guinea Company)

Alufer Pita Labe SA(Guinea Company)

Government of Guinea

(through Soguipami)

100% 20%

100% 100% 100% 100%

100%100%65%

15%

SIGNIFICANT GROWTH POTENTIAL

• The Labé Project (100% Alufer) is situated in the Guinea highlands, approximately 350km north-east of Conakry• Longer term prospect due to infrastructure requirements• Engineering concept study completed

• Total JORC compliant resource of 2.5Bt at 43% Al2O3• High grade resource - 583Mt @ 50% Al2O3, 3% SiO2

• Completed 11,130m auger drill programme on 600m and 300m grids, and 252m core drill programme (only 25% of mineralised plateaus)

• Over 13,000 samples analysed by XRF and c. 20% through bomb digest process• Alufer will continue to evaluate other opportunities and licences to further expand the resource base over time

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DISCLAIMER

• This document has been issued by Alufer Mining Limited, a company registered in Guernsey (the “Company”) and has been issued expressly to the recipient.

• This document and any further materials supplied with it, or subsequently in connection with it and the accompanying live presentation and discussion (the “Information”) are for informational purposes only and do not constitute or form part of anyoffer or invitation to sell or issue, or any solicitation of any offer to purchase and/or subscribe for any securities and/or any investment in the Company and should not be relied on in connection with any contract or investment decision relating thereto.

• The recipient of the Information should not place any reliance on the information or opinions contained in this document or on their completeness (and in particular any forward looking statements which are inherently risky by their nature). Neither the Company or any of its directors, employees or agents gives any express or implied warranty or representation as to the accuracy or completeness of the information or opinions contained in the Materials and no liability whatsoever (except in relation to fraud) is accepted by the Company, its directors, employees or agents for any loss howsoever arising, directly orindirectly, from any use of such information or opinions or otherwise arising in connection therewith.