August 2018

TERRAMIN TALA HAMZA DFS PRESENTATION

Investor Presentation

Richard Taylor | CEO

2

Disclaimer

The material contained in this presentation has been prepared by Terramin Australia Limited (Terramin). It is current as at the date of this presentation.

It contains information in a summary form and should be read in conjunction with Terramin’s other periodic and continuous disclosure announcements to

the Australian Securities Exchange (ASX) available at www.asx.com.au. An investment in Terramin shares is subject to known and unknown risks, many of

which are beyond the control of Terramin. In considering an investment in Terramin shares, investors should have regard to (amongst other things) the risks

outlined in this presentation and in other announcements and disclosures made by Terramin to the ASX. This presentation contains statements, opinions,

forecasts and other material based on various assumptions which may or may not be correct.

The information contained in this presentation does not take into account the investment objectives, financial situation or particular needs of any recipient

and is not financial advice or financial product advice.

To the extent permitted by law, Terramin, its directors, officers, employees, agents, advisers and persons named in its presentation:

• give no warranty or guarantee as to the accuracy or likelihood of fulfilment, any assumptions upon which any part of this presentation is based

or the accuracy, completeness or reliability of the information contained in this presentation;

• accept no responsibility for any loss, claim, damages, costs or expenses arising out of, or in connection with, the information contained in this

presentation.

Competent Person Statement

The information in this presentation that relates to Exploration Results and Mineral Resources is based on information compiled by Mr Eric Whittaker, a

Competent Person who is a Member of The Australasian Institute of Mining and Metallurgy (AusIMM). Mr Whittaker is an employee and Principal Resource

Geologist of Terramin Australia Limited. Mr Whittaker has sufficient experience that is relevant to the style of mineralisation and type of deposit under

consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting

of Exploration Results, Mineral Resources and Ore Reserves’. Mr Whittaker consents to the inclusion in the report of the matters based on his information

in the form and context in which it appears.

The information in this report that relates to Ore Reserves is based on information compiled or reviewed by Mr Luke Neesham, a Competent Person who is

a Member of The Australasian Institute of Mining and Metallurgy (AusIMM). Mr Neesham is Principal Mining Engineer for GO Mining Pty Ltd a consulting

firm engaged by Terramin Australia Limited to prepare mining designs and schedules for the Tala Hamza Feasibility Study. Mr Neesham has sufficient

experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a

Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’.

Mr Neesham consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Aspects of the information used as inputs to or generated as part of the Feasibility Study associated with the Mineral Resources and Ore Reserves Estimates

rely upon information prepared by parties other than the Competent Persons and outside of their areas of expertise. The associated documentation has

been reviewed and utilised by the Competent Persons in compiling the Mineral Resources and Ore Reserves Estimate and Table 1 commentary.

Forward Looking & Competent Person Statements

3

Corporate Update

Corporate Snapshot - 31 July 2018

Share on issue 1,869,601,371

Market Cap $206M @ $0.11/share

Liquidity 12 Month - 120,735 shares (0.01%)

Enterprise Value $220M

5 Year Share Price Snapshot Largest Shareholders - 31 July 2018

8.1%

3.6%

26.5%

3.8%

10.6%

14.2%

33.2%

Asipac Group Pty Ltd

Citicorp Nominees Pty Ltd

Tronic Enterprise

Development Ltd

HSBC Custody Nominees

(Australia) Ltd

JP Morgan Nominees Aust Ltd

China Non-Ferrous Metal

Industry's Foreign Engineering

& Construction Co Ltd

Other

Board and Management

Feng Sheng Executive Chairman

Michael Kennedy Non-Executive Vice-Chairman

Angelo Siciliano Non-Executive Director

Kevin McGuinness Non-Executive Director

Wang Xinyu Executive Director

Richard Taylor CEO

Simon Iacopetta CFO / Company Secretary

4

Tala Hamza Highlights

• Tala Hamza has a projected mine life of 21 years

• Deposit is open to the south and east with near mine exploration potential

• Tala Hamza is a high grade zinc and lead operation

• Concentrate production will be significant in global terms

• Terramin owns 65% of the WMZ joint-venture

• Strong joint venture partners in state-owned ENOF and ORGM

• Compelling economics from initial project

• Optimisation potential from already identified expansion cases

Long life

High grade

& large

scale

Terramin

65% &

control

Robust

economics

• Located in the heart of the Mediterranean

• Close to major infrastructure, including ports, roads and rail

Strategic

advantage

5

Mr Feng Sheng

Executive Chairman – Appointed 17 April 2013

Mr. Sheng is the Chairman of Melbourne based Asipac

Group. Mr. Sheng has been involved in the investment

sector for more than 15 years, mainly in the areas of

property and resources. Mr. Sheng is the Vice Chairman

of the Australia China Business Council (Victoria

Mr Michael H Kennedy BComm (Economics)

Non-Executive Deputy Chairman

– Appointed 15 June 2005

Mr Kennedy has enjoyed a 40 year career in the non-

ferrous mining and smelting industry, and has held a

number of senior marketing and logistics roles with the

CRA/RTZ Group, managing raw material sales.

Mr Wang XinyuExecutive Director – Appointed 2 March 2017

Mr Wang is a vice president of NFC and is currently a

director of Industrial Construction Corporation LLC

(Mongolia), China Nerin Engineering Co. Ltd and NFC India

Pvt. Ltd. Mr Wang has project management experience in

a number of smelting and mining operations in the Middle

East and Central Asia.

Board & Management

Mr Kevin McGuinnessNon-Executive Director – Appointed 17 April 2013

Mr McGuinness is a finance executive with more than 20 years

of experience as a director and in executive management with

ASX listed and private companies in the mining, medical equipment

industries and not-for-profit organisations. Mr McGuinness was

previously the Chief Financial Officer of Exact Mining Services.

Mr Angelo Siciliano FIPA, Registered Tax Agent, BBus

Non-Executive Director – Appointed 2 January 2013

Mr Siciliano has more than 20 years’ experience as an accountant in

the property sector and financial accounting. Mr Siciliano is the

Chief Financial Accountant of Asipac Group and for the last 20 years

has owned and managed an accounting practice predominantly

focussing on taxation and business consulting. Mr Siciliano is a

Fellow of the Institute of Public Accountants.

Richard TaylorChief Executive Officer

Richard is a mining executive with more than 15 years’ experience

in senior international and resource sector roles. He was most

recently Managing Director of PanAust Ltd’s Asia business

subsidiary, Phu Bia Mining Limited.

Simon lacopettaChief Financial Officer/Company Secretary

Simon is a mining executive with broad experience in corporate

finance and financial management functions in the resources and

professional services sectors. He was most recently Chief Financial

Officer of ASX listed gold miner Ramelius Resources Limited.

Board & Executives

6

Terramin will become a globally diversified top 5 base metals company through its first-mover

advantage in Algeria and strengths in stakeholder engagement and environmental stewardship

Vision & Values

Acting in a manner that is compliant

with regulatory, safety and

environmental standards

TrustAmbition

Vision

Shared success

Seeking new and innovative

opportunities to develop

and grow Terramin

Working with others, being a

member of a high performing team

Behaving with honesty

and acting with integrity

Building shareholder

confidence

Shaping perception

Listening to others

Treating fellow employees

with respect

A solutions orientated approach

and accountability for results

7

A core value of Terramin is safety and sustainability, particularly acting in a manner that both

complies and exceeds regulatory, safety and environmental standards.

Terramin Sustainability

Sustainability Program

• Mining baseline studies covering

- water sources (ground and surface water)

- soil and land quality

- air quality (noise and dust)

- ecosystems

- local community and demographics

• Developing design and management measures to

minimise impacts for all projects

• Ensuring environmental management systems

comply with all regulations and commitments

• Developing approvals for key projects

• Continual monitoring and review of environmental

data and reporting to government agencies and

the public

Baseline surveys and monitoring at Tala Hamza

8

Terramin actively engages with communities in Algeria through formal government processes as well

as employing predominantly from the local area and conducting hundreds of informal interactions

Stakeholder Engagement

Terramin Approach

• All Projects have a Community Engagement Plan

• CEP clearly identifies key stakeholders within the

community

• Outlines the framework for how Terramin engages

with the stakeholders during all stages of

development, operation and ultimately closure

• Enhances and encourages positive relations

between all parties

• Clearly disseminates information about the

company’s plans, projects, activities and potential

impacts, both adverse and positive

• Details how this information flow will be achieved

• Manages the identification and response to issues

raised by stakeholders.

Community Participation in Tala Hamza

Biodiversity Monitoring

Farming communities in the local area of Tala Hamza and Oued Amizour

Bejaia and local port surrounds

9

Tala Hamza is one of the largest undeveloped zinc & lead mines in the world and an important part

of future supply geared towards meeting projected increases in global zinc demand next decade

Tala Hamza Overview

Overview

• World class resource containing

3.5 million tonnes of zinc and lead

• Global resource1 of 53.0 million tonnes

at 6.6% zinc plus lead.

• Joint venture with Algerian

government owned entity (65%

Terramin).

• Infrastructure available including deep

water port and international airport.

• Low operating cost due to availability

of low cost power and fuel.

• Young educated workforce available.

1. As per Tala Hamza DFS 2018

10

Infrastructure

The Tala Hamza Deposit is located close to the Mediterranean coast, within close proximity to major

roads, rail, air, energy & port facilities. The mine site is close to the township of Bejaia and will be

served by a drive in drive out workforce underpinned by Terramin’s local recruitment policy.

11

Why Zinc? Why Now?

Globally zinc and other base metals are entering a period of supply side restrictions as old mines

close, head grades fall and new mines face permitting and approval delays leading to high prices

2000

7000

12000

17000

22000

1990 1995 2000 2005 2010 2015 2020 2025 2030

Probable (bankable feasibility) Projects

Probable (financing) Projects

Possible Mine Life Extensions

Base Case Production Capability

Requirement for Zinc Mine Production

kt Zn

0

50

100

150

200

250

300

1960 1970 1980 1990 2000 2010 2020 2030

Nominal $

Real $

US

Ce

nts

pe

r lb

Source: Wood Mackenzie

LME Zinc Prices Sources of Future Mine Production

Nominal Real

1960 - 69 12 93

1970 - 79 29 141

1980 - 89 43 101

1990 - 99 51 87

2000 - 09 73 92

2010 - 19 112 118

2020 - 40 151 124

12

Galvanising and construction are the dominant first- and end-uses of zinc. Urbanisation and

industrialisation will remain the most significant force behind global zinc consumption. The

developing world will drive consumption and, as a result, galvanising will remain the main end use.

Growth in Galvanising

Source: Wood Mackenzie

11%

9%

13%

59%

5%

2%Galvanizing

Die-casting alloys

Brass semis & casting

Oxides & chemicals

Semi-manufactured

products

Misc

First-use

16%

7%

21%

50%

6%

Construction

Transport

Infrastructure

Industrial machinery

Consumer products

End-use

13

Tala Hamza is one of the largest undeveloped zinc & lead mines in the world and an important part

of future supply geared towards meeting projected increases in global zinc demand next decade

Tala Hamza – DFS Scope Changes

Evolution of the Project

• DFS 2010 saw Terramin examine large scale

bulk tonnage block cave mining method

• Block caving was unacceptable to Terramin’s

Algerian partners ENOF and ORGM

• Underhand Drift and Fill (UDF) allows for

more selective mining and does not sterilise

any areas of the deposit allowing for later

mining of lower grades

• Reduction in surface infrastructure and

location of all assets in one valley

substantially reduced pre-production capex

• Trade-off with higher operating costs

• Opportunities remain to be explored to

increase mining efficiencies during front end

design and optimisation processes

ComparisonPFS

2010 1

DFS

2010 1DFS

2018 2

Production Conc. Kt - LOM ave 425 155

Pre-Production Capex (US$M) $285 $579 $341

Total Tonnes Mined Mt 25 40 26

Zinc & Lead Metal in Conc. Mt 1.41 2.04 1.8

Tonnes Treated Mtpa 2.0 4.0 1.4

Unit Ops Cost US$/t $25.3 $19.6 $63.5

C1 Cash Cost US cents/lb payable zinc 41.5c 32.2c 52.7c

1 As per DFS Roadshow Presentation released to ASX 12 October 2010

2 DFS 2018 financial numbers are in real terms

14

Tala Hamza – DFS Capital Costs

Capital Costs

• Mining and processing infrastructure

have been centralised in a single valley

• Mining decline optimised to reduce

initial decline concepts

• Tailings dam removed and replaced

by Cement Paste Backfill (CPB) and

Cake Storage Facility (CSF)

• Processing plant utilises gravity feed to

reduce opex costs

• Port and transport facilities minimised

with ‘rotatable container’ - ‘rotainer’ model

• Project footprint minimised to reduce

land access costs

1 AUD: USD FX 0.76

2 DFS 2018 financial numbers are in real terms

Project CAPEX 2 DFS 1 US$M

2018

DFS 1 AU$M

2018

Direct Capital

Mining 96.9 127.5

Processing Plant & Surface Infrastructure 186.3 245.1

Total Direct Capital 283.2 372.6

Total Indirect Capital 58.22 76.7

Total Pre-Production Capital (Direct & Indirect) 341.4 449.2

Total Sustaining Capital 144.4 190.0

Total Life of Mine Capital 485.8 639.2

15

Tala Hamza – Key Financials

2018 DFS 4

Key Financial Metrics

Base Case3 High Case

Nominal Nominal

Commodity Price Metrics

Zinc price - LOM average US$1.25/lb US$1.50/lb

Lead price - LOM average US$1.05/lb US$1.11/lb

Cost Metrics

C1 Operating Costs - LOM average US$0.53/lb US$0.55/lb

All-in Sustaining Costs (AISC) - LOM average US$0.61/lb US$0.64/lb

Financial Metrics

Discount rate 8.0% 8.0%

Start-up-capital costUS$341M

(A$449M)

US$341M

(A$449M)

Sustaining capital costUS$144M

(A$190M)

US$144M

(A$190M)

NPV8 Post-tax nominal 1 2 US$303M

(A$399M)

US$553M

(A$728M)

IRR Post-tax nominal (%) 1 14% 19%

Free cash flow - Post tax nominal 1 US$1.5B

(A$2.0B)

US$2.1B

(A$2.8B)

Payback Period 9 years 7 years

1 NPV and IRR assume a 2 year pre-production capital work program

2 NPV is pre-financing

3 Long term Base Case commodity pricing assumptions are derived from Woods Mackenzie forecasts at Jun-18. Exchange rate assumption is AUD/USD FX 0.76

4 DFS 2018 financial numbers are in real terms unless otherwise noted

16

Resources, Reserves and grade data sourced from latest company announcements

Market capitalisation as at 30 June 2018

Tala Hamza is competitive with peer projects at the pre-production stage and the project

presents attractive exposure to zinc and lead production over the next two decades

Terramin Strategy – Zinc Peers

Simon to update with

Zinc peers

-

100

200

300

400

500

600

700

-

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

Ironbark

(Citronen

Resource)

Terramin

(Tala Hamza

Resource)

New Century

(Century

Tailings

Reserve)

Terramin

(Tala Hamza

Reserve)

Heron

(Woodlawn

Resource)

Red River

(Thalanga

Resource)

Zinc of Ireland

(Kildare

Resource)

Consolidated

Zinc

(Plomosas

Resource)

Metals Australia

(Manindi

Resource)

A$

Millio

ns

Me

tal T

on

ne

s M

illio

ns

Contained Metal Tonnes v Market Cap

Insitu Metal 100% Tala Hamza Market Cap 65% Tala Hamza

17

The Tala Hamza Deposit remains open in

multiple areas. Land access achieved through

the grant of the Mining Lease opens up the

opportunity for a second access, maintain

mine life and support expansion

of the processing plant.

Expansion Case 1: Increase Mining Rate

OA083

OA095OA076

TH039

704150E

Drill Pb+Zn%

Unfinished business

• Tala Hamza mineralisation is open to the east

• Historic eastern most holes only intersected

the upper lode

• WMZ drillhole TH039, eastern most hole to

intercept the deeper lode

• TH039 intercepted from 381m, 106.4m @ 5.6% PbZn

• includes 413m, 5m @ 14.48% PbZn

• and from 436m 12.1m @ 11.48% PbZn

18

The Tala Hamza District is heavily mineralised. There are a number of nearby under explored zinc targets that

provide the potential for conveying or haulage to a centralised processing hub at the Tala Hamza Deposit.

Expansion Case 2: Near Mine Deposits

19

Algerian environmental and social concerns ruled out block caving and sub-level caving. The revised

DFS looked at alternate methodologies to cater for poor rock quality and water management

Mining & Waste Management

Mining Method

• Tala Hamza deposit is deep (greater than

500 metres)

• Early works focus on decline development

and accessing early ore mineralisation

• Mining method recommended by NFC and

ENFI adapted from nickel and coal

operations in China and Australia

• Mining method limits production output and

requires multiple faces to be in operation at

any time

• Opportunities to optimise once permitting

completed and land access is available

0 100Metres

20

UDF was selected as an alternative to block caving and is required to deal with the poor quality

of rock within the mine area. Tailings are blended with concreting agents to fill and stabilise voids

Mining Method: Underhand Drift & Fill (UDF)

• Underhand drift and fill (UDF) mining is a technique

similar to the cut and fill mining method often used

in narrow vein deposits.

• UDF permits mining in low strength or highly

stressed rock types and improves control in difficult

ground conditions.

• The main difference to narrow-vein is that instead of

cuts along the vein, a lattice of drifts, also referred to

as stopes or cells are mined alongside each other

across a massive ore body

• Conventional cut and fill or overhand cut and fill, is a

bottom up mining method where the first level is

extracted and filled and then the consecutive level is

mined by working on top of the fill to progress

mining.

• Underhand mining is where a cemented fill is used

in combination with steel reinforcing, allowing

mining to occur beneath the fill.

21

Process Plant Layout & Design

The DFS 2018 maintains the same standard process plant design concept as DFS2010 with the

exception of the introduction of dry stack tailings storage and use of cement paste backfill

22

Tala Hamza processing will utilise conventional flotation technology. Process plant infrastructure

has been consolidated entirely within Valley B and provides scalability options going forward

Process Plant Layout & Design

The process plant design has a

small footprint ad maximises the

local land form to achieve

efficiency within the process

ROM Crusher & stockpile

SAG & Ball Mill

Lead & zinc flotation

Tailings thickening

Concentrate filtration & storage

Reagents

23

Trucking containerised concentrate to the Port of Bejaia has been chosen as the most efficient

method. Rotatable containers avoids additional capex at the Port of Bejaia.

Transportation & Logistics

Rotatable containers stacked

at port awaiting ship loadingContainer in process of ship loading Port of Bejaia

24

• Competitive cost structure for new projects

• Low labour costs and educated workforce

• Access to reliable and cost effective port and energy sources

• Low pre-production capital cost

• Starter project for broader regional development potential

• Infrastructure contained within one valley

• Spare capacity and potential to increase throughput

• No tailings dam required

• Standard flotation technology

• National highway to deep water port

• Grid electricity

• Proximity to Bejaia requires no camp facilities

Project Benefits

Cost 2nd

Quartile

Low Capex

Simple

Processing

1st Class Infrastructure

25

New management team has been appointed with a clear pipeline of activities to deliver

on Terramin’s base and precious metals strategies. Current status:

Tala Hamza – Forward Looking Plan

Formal submission of the DFS to the Government of Algeria01

Wilaya (local administration approvals)02

Land access and acquisition of sites designated to host infrastructure03

Optimisation and FEED (Front End Engineering and Design) works04

Early works road access and administration establishment05

Establishment of owner’s team and EPCM06

26

Timeframes are for indicative purposes only. The project has been delayed while working with the

Algerian authorities to address environmental and social aspects. Timeframes may extend.

Tala Hamza – Indicative Time Frames

Approvals & Permitting01

Early Works and FEED02

EPCM03

Construction04

2018 2019 2020 2021

WE ARE

HERE

27

Terramin Demerger of Gold Assets

Terramin has announced a strategic review looking at the demerger of its precious and base metals

business. The focus of today’s presentation is the South Australian gold assets:

28

Bird in Hand Gold Project has significant exploration upside – deposit open at depth and historic

mines highlight the potential along strike. Current Bird in Hand Resource stands at 252,000 ounces.

Bird-in-Hand – Exploration Upside

Planned

Infill drilling

Planned Extension

drilling

29

The Bird-in-Hand mine will be one of the highest grade mines in Australia. Regional exploration

will focus on similar high-grade opportunities identified from historical 19th Century workings

Bird-in-Hand – High Grade Potential

1. Aurum Analytics March Quarter 2018 - Final Report. Bird in Hand Resource grade, remaining reflects quarterly production grade.

0

2

4

6

8

10

12

14

16

18

Fost

erv

ille

Gw

alia

Bir

d in

Ha

nd

Nic

ols

on

s

Wa

ihi

Pe

nn

y's

Fin

d

Ag

ne

w L

aw

lers

Ta

na

mi

He

ra

Cra

cow

Mt

Ca

rlto

n

Jun

de

e

Gra

nn

y Sm

ith

Mo

un

t M

on

ge

r

De

fle

cto

r

Ka

lgo

orl

ie O

ps

Da

rlo

t

Ch

alle

ng

er

Sun

rise

Da

m

St I

ves

Ca

rosu

e D

am

To

min

gle

y

Mu

ng

ari

Mt

ma

gn

et

Op

s

Ce

ntr

al M

urc

his

on

Ka

lgo

orl

ie

Sou

th K

alg

oo

rlie

Tro

pic

an

a

Fort

nu

m

Th

un

de

rbo

x

Nu

llag

ine

Hig

gin

svil

le

Ma

tild

a-W

ilu

na

Mt

Ra

wd

on

Du

keto

n S

ou

th

Ra

ven

swo

od

Ed

na

Ma

y

Co

wa

l

Ca

dia

Ma

cra

es

Du

keto

n N

ort

h

Te

lfe

r

Bo

dd

ing

ton

Ern

est

He

nry

Gra

de

1 (

g/t

)

30

Terramin has a pipeline of high grade potential gold targets that will form the basis of its

aspirational target of 1m Oz in resource from existing tenements and potential acquisitions.

Terramin Exploration Pipeline – Pathway 1m Oz

252k Oz Resource

500k Oz Planned Resource Drilling

750k Oz Advanced Exploration

1m Oz Targeting

Bird inHand

BIHDeeps

TheRidge

PipelineLadyJane

Kap 2 Kap 3

MP 1

Cam 2

AngasNorth

TheSlopes

PfeifferWild

Horse

Black-bird

TheBrind

BirdEst

31

Terramin is in the right place at the right time and with the right projects and people

to capitalise on a strong price environment for its key commodities

Reasons to Invest in Terramin

• Zinc & lead historic

high levels

• Gold in AUD at record prices

• Strong long term

fundamentals

Right Commodity

• Algeria an emerging

mining jurisdiction

• First mover advantage

• Multiple near mine targets

• High grade gold targets

• Low opex

Right Assets

• Significant base & precious

metals experience

• Long association with the

projects

• Strong shareholder support

Right People

32

For further information please contact:

Contact Details

Richard Taylor

Chief Executive Officer

Simon Iacopetta

Chief Financial Officer

Main Office

Unit 7, 202-208 Glen Osmond Road,

Fullarton, Adelaide

South Australia, 5063

T +61 (0) 8 8213 1415

F +61 (0) 8 8213 1416

info@terramin.com.au

terramin.com.au

33

Annex: Tala Hamza Resources & Reserves

2009 Resource

Tala Hamza

Terramin

Interest (%)

Measured + Indicated Resource Inferred Resource Total Resource

Tonnes

(Mt)

Zn

(%)

Pb

(%)

Tonnes

(Mt)

Zn

(%)

Pb

(%)

Tonnes

(Mt)

Zn

(%)

Pb

(%)

Tala Hamza - 51.1 4.87 1.27 17.5 3.7 0.6 68.6 4.6 1.1

Total - 51.1 4.87 1.27 17.5 3.7 0.6 68.6 4.6 1.1

Terramin Share 65% 33.2 4.87 1.27 11.4 3.7 0.6 44.6 4.6 1.1

1 November 2009 Tala Hamza Resource was prepared and reported in accordance with the Australasian Code for Reporting of Exploration Results, Minerals Resources and Ore Reserves,

December 2004 (JORC Code 2004).

2 Resource Estimate assumed the bulk mining method of block caving.

3 Resource classification; Measured - drill spacing < 50 m, Indicated - drill spacing 50 to 75 m, Inferred – drill spacing +75m.

4 Estimated at a nominal 2.5% ZnEq cut-off for the Measured and Indicated Resources with internal waste included (~approximately 8Mt @ 1.9% Zn + Pb).

5 Zinc Equivalence formula %ZnEq = %Zn + 0.59 x %Pb.

6 Inferred Resource is at a 2.5% zinc equivalent cut-off within the 1% lead + zinc outline.

7 The 2009 Resource was inclusive of Reserves

2018 Resource

Tala Hamza

Terramin

Interest (%)

Indicated Resource Inferred Resource Total Resource

Tonnes

(Mt)

Zn

(%)

Pb

(%)

Tonnes

(Mt)

Zn

(%)

Pb

(%)

Tonnes

(Mt)

Zn

(%)

Pb

(%)

Tala Hamza - 44.2 5.54 1.44 8.9 4.0 0.7 53.0 5.3 1.3

Total - 44.2 5.54 1.44 8.9 4.0 0.7 53.0 5.3 1.3

Terramin Share 65% 28.7 5.54 1.44 5.8 4.0 0.7 34.5 5.3 1.3

1 January 2018 Tala Hamza Resource Estimate prepared and reported in accordance with the Australasian Code for Reporting of Exploration Results, Minerals Resources and Ore

Reserves, December 2012 (JORC Code 2012).

2 Resource Estimate assumes the selective mining method of Underhand Drift and Fill.

3 Resource classification; Indicated - drill spacing <75 m, Inferred – drill spacing +75m.

4 Zinc Equivalence formula %ZnEq = %Zn% + %0.856 Pb.

5 Estimated at a 3.0% ZnEq cut off within the 1% lead + zinc outline.

6 The 2018 Resource is inclusive of Reserves

Tala Hamza Resource

34

Annex: Tala Hamza Resources & Reserves

2010 Reserve

Tala Hamza

Terramin

Interest (%)

Probable Reserve Total Reserve

Tonnes

(Mt)

Zn

(%)

Pb

(%)

Tonnes

(Mt)

Zn

(%)

Pb

(%)

Tala Hamza - 38.10 4.78 1.36 38.10 4.78 1.36

Total - 38.10 4.78 1.36 38.10 4.78 1.36

Terramin Share 65% 24.80 4.78 1.36 24.80 4.78 1.36

1 2010 Ore Reserves reported under JORC-2004

2 Reserves estimated based on Block Caving Mining Method

3 Total extraction included 46.8Mt, less 6.9Mt waste material separated and 1.8Mt Inferred or unclassified material

4 Cut-off grade was 2.5% ZnEq

1 2018 Ore Reserves Estimate is reported in accordance with JORC-2012

2 Designs and schedules use the Underhand Drift and Fill method

3 Project cut-off grade is 4.5% Pb+Zn (approx. 4.4% ZnEq)

2018 Reserve

Tala Hamza

Terramin

Interest (%)

Proved Reserves Probable Reserves Total Reserves

Tonnes

(Mt)

Zn

(%)

Pb

(%)

Tonnes

(Mt)

Zn

(%)

Pb

(%)

Tonnes

(Mt)

Zn

(%)

Pb

(%)

Tala Hamza - - - - 25.9 6.3 1.8 25.9 6.3 1.8

Total - - - - 25.9 6.3 1.8 25.9 6.3 1.8

Terramin Share 65% - - - 16.8 6.3 1.8 16.8 6.3 1.8

Tala Hamza Resource