CW Mining LtdEmerging producer

of

Ferrochrome

Zimbabwe

The information contained in this confidential document (“Presentation”) has been prepared by CW Mining Mauritius. This Presentation is provided in confidence. By accepting this Presentation, and in consideration of it being made available to recipients, each recipient agrees to keep strictly confidential the information contained in it and any information otherwise made available by the Company, whether orally or in writing. In the case of a corporate recipient, the Presentation may only be disclosed to such of its directors, officers or employees who are required to review it for the purpose of deciding whether to make an investment in the Company. This Presentation has been provided to each recipient solely for their information, and may not be reproduced, copied, published, distributed or circulated to any third party, in whole or in part, without the express prior consent of the Company. 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Disclaimer

OPPORTUNITY

3

• South African chrome ore is the key variablein the Chinese production cost calculation

• HC FeCr production cost in China will be key,and that will be determined by:ore availability and price

chrome ore

• 0.6 tonne

ferrochrome

• 0.25 Tonne

Stainless Steel

• 1 tonne

chrome ore

• 2.5 tonnes

ferrochrome

• 1 Tonne

Stainless Steel

• 4 tonnes

Stainless Steel Drives Ferrochrome Demand

4

To produce one tonne of Ferrochrome

To make one tonne of typical Stainless Steel

Stainless Steel

60% Iron

10% nickel

18% chromium

Typical Stainless Steel Composition

Consumer goods and

medical30%

Food and catering

19%

Chemical, petrochem and energy

17%

ABC and infrastructure

15%

Industrial8%

Light automotive

7%

Other4%

USES OF STAINLESS STEEL

5

Chrome Market Fundamentals

Urbanization Driving Demand

Stainless Steel

Ferrochrome

Chrome

Sustainability

Urbanization

Energy and Climate

Clean Water

Stainless steel production increased from 2017 to 2018 by 3.4 million tonnes, or 6.8% yoy

Stainless Steel production, China and Rest of the World

6

ZIMBABWE➢ Chrome ore:

• 11 narrow but persistent chrome seams (reefs) on the Great Dyke – more than three billion tonnes.

• Alluvial and eluvial chrome deposits associated with the Great Dyke are also significant.

• Locally the concentration ranges up to 35% Cr in soils.• Platinum Group Metals are present in some of

the chrome reefs

➢ Zimbabwe also hosts many other important mineral deposits:

base metals (Cu, Ni, Li)gold diamonds

7

Zimasco ferrochrome: the SRP3 slag dump

This central region has a high quality chrome ore - which feeds through to a high quality ferrochrome product - with a desirable ratio of Cr to Fe (typically 2:1)

The SRP3 slag pile at Zimasco’s Kwekwe operations

8

Zimbabwe’s Great Dyke➢ The Great Dyke is a linear geological feature that

trends nearly north-south through the centre of Zimbabwe passing just to the west of the capital, Harare. It consists of a band of short, narrow ridges and hills spanning approximately 550 km. The Great Dyke is host to vast mineral deposits, including gold, silver, chromium, platinum group elements, nickel and asbestos.

➢ Geologically the Great Dyke is not a dyke, but is series of lopoliths roughly Y-shaped in cross-section. It is a group of layered ultramafic intrusions that extend across Zimbabwe trending about N20°E. The width of the intrusions vary from 3 to 12 km.

➢ The dyke lies within the Zimbabwe craton and has been dated at 2.575 billion years old. The Great Dyke has been undeformed since intrusion (excluding the Musengezi area) which shows that the craton had stabilised by the time the Dyke intruded.

]

9

The SRP3 ProjectTargets

➢ Feasibility Study Q2 2019

➢ Raise finance for the Project

➢ Construction 2019-2020

➢ Saleable ferrochrome 2020

2019 Drilling Program of the SRP3 slag pile

10

The Nhaka Ferrochrome Project

Crush SRP3 dump material to -3mm

Grind with ball mill to 80% -300 microns

Spirals to produce concentrate of between 35% and 40% Cr content

Concentrate melted in induction furnaces

Finished productferrochrome alloy

Resource

• SRP3 slag pile Approximately 9 000 000 tonnes of material

Grade

• In situ is about 8.9% chromium

• About 3.5% is FeCr alloy

Aim

• 1 500 000 tonnes designed to be processed at peak per year

Production

• Annual production expected to be >30 000 tons of FeCr at 56%-60% Cr

Product

• Very low in

• Silicon

• Sulphur

• Carbon

Market

11

Process Design Criteria

12

CW Mining Corporate Structure

• CW Mining Ltd United Kingdom owns 100% of

CW Mining Ltd Mauritius.

• CW Mining Ltd Mauritius owns 78% of:

Nhaka Metal & Alloy Processing (Pvt) Ltd:

which owns 100% of the project

• Number of CWM shares in issue: 2,871,446

• Capex required to build Nhaka ferrochrome

project estimated at US$25million

• To be a low cost producer of ferrochrome

• Benefits from low cost electricity

Projects

Zimbabwe

Mauritius

United Kingdom

CW Mining Ltd

CW Mining Ltd

Nhaka Metal & Alloy Processing

(Pvt) Ltd

Zimbabwe ferrochrome

100%

78%

100%

13The Project

The Nhaka SRP3 ferrochrome project at Kwekwe

• >60 000 tonnes of slag dump successfully treated• Using crush, grind and spirals gravity concentration • Induction furnace successfully melted concentrate• Saleable product tested

Pilot Plant Rejected Material

SRP3 Slag Dump

Jigs and Spirals Section of Pilot Plant

14The Project

The 2017 pilot test of SRP3 slag at Kwekwe

Typical Tested SRP3 Material

SRP3 Slag Dump

Front-end ball mill at Pilot Plant

15The Project

Advantages of the Nhaka FeCr Project

• Not mining, low risk : simple truck and shovel loading and conveyors over very short distances

• Simple processing:

a) Crushing, milling, and spirals to produce an intermediate concentrate

b) Induction furnaces to remelt: to produce a saleable 60% Cr content FeCr product.

• JORC compliant mineral resource expected early in Q2 19 .

• Pilot plant and furnaces have already processed 60,000 tons to demonstrate the process.

• Zimasco previously melted their fine material in induction furnaces, for many years:

providing a track record of successful production.

• Ample electricity, water and skilled labour available

• Environmental permitting can rely on existing licenses for the current operations

• Considerable potential for growth: Further slag dumps; more SRP3 material; chrome ore smelting

16The Project

Logistics, and product to market

• Zimasco has agreed to allow CW Mining and Nhaka to use their existing logistics arrangements, at

cost

• Shipping from Kwekwe by rail to Maputo harbour, and then by ship to market

• Zimasco is understood to expect:

• The alloy product to be in the 60% Cr content bracket

• This will place it in the high carbon ferrochrome group which is favoured in the production of

some specialty stainless steels

• The product is expected to be attractiveness to specific stainless steel makers in particularly:

• USA

• Europe

• Japan

17

Zimasco and Nhaka sign agreement

18The Team

The Ferrochrome Project Management

19Strategy

CW Mining and Nhaka Strategy

• Finance and construct the plant to treat the SRP3 ferrochrome slag

• Become an established supplier to the stainless steel industry

• Potentially: propose to Zimasco to refurbish one of their idled electric

arc furnaces for:

(a) smelting stockpiled SRP3 lower grade concentrate

(b) smelting other chrome ore feedstock in Zimbabwe

• Continue to look for other opportunities in Zimbabwe

CW Mining LtdEmerging producer

of

Ferrochrome

Thank You

Tim WilliamsCEO

tim@pollexfen.comTel: +44 (0)7952 778 702

John MacleanFinance Director

jhsmaclean@gmail.comTel: +44 (0)7719 350 053

Jonathan ColvileChairman

jccolvile@gmail.comTel: +44 (0)7768 144 597