Click to edit Master title style • Click to edit Master text styles – Second level • Third level – Fourth level » Fifth level Fingerboards Mineral Sands Project ANALYSTS PRESENTATION May 2017
Click to edit Master title style Disclaimer The document does not purport to contain all the information which an Investor may require in order to make an • Click to edit Master text styles informed assessment of the company’s prospects. Although the company has used its best efforts in preparation, the company does not give any guarantee to the accuracy or reliability of the information in this document. The contents are private and confidential and are being provided to the Recipient on the condition that they do not reproduce, – Second level communicate, disclose or discuss it with any other person without the prior written consent of the Company. Kalbar shall not be liable for the correctness and/or accuracy of the information nor any differences between the • Third level information provided and actual outcomes, and furthermore reserves the right to change its projections from time to time. Except for statutory liability which cannot be excluded, Kalbar, its officers, employees and advisers expressly disclaim any responsibility for the accuracy or completeness of the material contained in this presentation and exclude – Fourth level all liability whatsoever (including in negligence) for any loss or damage which may be suffered by any person as a consequence of any information in this presentation or any error or omission there from. » Fifth level Kalbar accepts no responsibility to update any person regarding any inaccuracy, omission or change in information in this presentation or any other information made available to a person nor any obligation to furnish the person with any further information. Forward‐looking statements This document contains forward‐looking statements which incorporate an element of uncertainty or risk, such as ‘intends’, ‘may’, ‘could’, ‘believes’, ‘estimates’, ‘targets’ or ‘expects’. These statements are based on an evaluation of current economic and operating conditions, as well as assumptions regarding future events. These events are, as at the date of this document, expected to take place, but there is no guarantee that such will occur as anticipated or at all given that many of the events are outside the Company’s control. Accordingly, the Company cannot and does not give any assurance that the results, performance or achievements expressed or implied by the forward looking statements contained in this document will actually occur. The Company may not update or revise any forward‐looking statement if events subsequently occur or information subsequently becomes available that affects the original forward‐looking statement. confidential 2
Fingerboards Mineral Sands Project Click to edit Master title style Contents • Click to edit Master text styles Highlights Slides 4-8 – Second level Resource Slides 9-11 • Third level Project Slides 12-18 – Fourth level Benchmarking Slides 19-22 » Fifth level Market Slides 23-26 confidential 3
Highlights Fingerboards Mineral Sands Project Click to edit Master title style The Fingerboards Mineral Sands Project is one of the highest grade undeveloped zircon projects in the world with • Click to edit Master text styles the lowest cost of entry The Fingerboards Project is the first mining operation within the giant Glenaladale Deposit which contains 50Mt HMC and is owned 100% by Kalbar – Second level Resources The Fingerboards project will mine the richest part of the deposit and process 7Mt of Heavy Mineral Concentrate (HMC) including 1.9Mt of zircon • Third level over a period of 18 years. The HMC contains zircon and other valuable titanium and rare earth minerals which will be shipped to Mineral Processing Centres in China and – Fourth level elsewhere in Asia, feeding a growing demand for high value mineral sands concentrate Kalbar Resources has the executive team to deliver what will be a game changing project in the mineral sands industry » Fifth level Permitting is anticipated to be completed in Q3 2018 with first production in 2019 confidential 4
Highlights Who is Kalbar Resources? Click to edit Master title style Unlisted Australian public company Executive team have deep mineral sands experience • Click to edit Master text styles Directors and executives own 80% of the company – Second level Neil O’Loughlin Victor Hugo, PhD Managing Director Chief Operating Officer • Third level Co-founder and Executive Director of Ex General Manager of Marketing for Iluka (7 Basin Minerals Ltd, Neil is a geologist who years), Head of Exploration and Technology – Fourth level led the technical team that discovered and for Iluka (3 years). Experience with leading took through to bankable feasibility industry consultancy TZMI, producers RBM several commercial mineral sands deposits and Cable Sands. Victor has been major figure » Fifth level in the Murray Basin prior to merging with in the development of the concentrate Iluka Resources market in Asia and is widely recognised as a leading industry expert Non Executive Directors Robert Bishop, Executive Chairman Brad Farrell has 45 years industry experience and was the Chairman Rob is the Founder of Kalbar Resources. He and founder of Basin Minerals Limited. has 20 years experience in the mining and Jim Kerr is a Geologist with over 25 years exploration and mining finance industries, Rob is a chemical development experience engineer and Mining Analyst with a strong Brad Pettersson is an accountant and a Mining Advisory background in mineral sands Consultant Ian Warden is a Mining Analyst and previously worked with Rio Tinto confidential 5
Highlights Click to edit Master title style Pre-Feasibility Outcomes PFS Key Highlights • Click to edit Master text styles Post-tax NPV of A$406M at a 10% discount rate – Second level IRR of 80% Fingerboards Project EBITDA of A$1.5 billion over the LOM • Third level Total net cash flow of just over A$1 billion over the LOM – Fourth level Average Revenue to Cash Cost Ratio (R:C) of >2. » Fifth level Pay back on the development capital of $106M of only 1.5 years 6
Highlights Click to edit Master title style TZMI Inducement Analysis Low capital and high margins, strong financials even at bottom of market • Click to edit Master text styles – Second level • Third level – Fourth level » Fifth level 7
The Resource Click to edit Master title style Mineral Resource Statement An independent mineral resource estimate was Fingerboards Resource Statement JORC Compliant SRK Feb 16 completed by SRK in Feb 2016 M Tonnes THM % Zircon Rut92 Ilmenite Leucoxene REM* • Click to edit Master text styles Mt % % of HM % of HM % of HM % of HM % of HM ‘High Grade Fingerboards Area’ 118Mt @4.4% HM Upper Sands 91 1.2 23.3 17.3 33.6 7.8 2.7 (marker and sub marker only) containing >5Mt HMC Marker 29 11.0 34.2 13.5 32.3 6.3 4.6 and 1.6 Mt Zircon – Second level Sub Marker 89 2.3 29.6 15.5 34.1 7.2 3.1 ‘Fingerboards Area’ 209Mt @3%HM Total 209 3.0 30.9 14.8 33.1 6.8 3.8 containing >6Mt HM and 1.9 Mt Zircon ‘Glenaladale Deposit’ 2.7Bt @1.8%HM Marker & Sub Marker Only JORC Compliant SRK Feb 16 • Third level containing >50Mt HM incl. 10Mt Zircon Strip Ratio Tonnes THM Zircon Rut92 Ilmenite Leucoxene REM* Method by Heavy Liquid Separation and mineralogy (BCM)/(t) Mt % % of HM % of HM % of HM % of HM % of HM KIS (Kalbar In-Situ) resource estimate (internal non – Fourth level 1.8 117.8 4.4 30.7 15.0 33.6 6.9 3.5 JORC) for Fingerboards Project Area » Fifth level Marker & Sub Marker Within Planned Mine Footprint Kalbar In Situ (KIS Fingerboards Project Area HG 163Mt @3.92%HM (marker and sub marker only) , containing 2.1Mt Strip Ratio Tonnes Zircon TiO2 REO Zircon (0.89%ZrO2, 1.93% TiO2, 0.12% REO) (BCM)/(t) Mt % in situ % in situ % in situ Method by XRF-ICP MS of +38u-212 sand fraction 1.72 162.67 1.32 1.93 0.12 Updated Resource expected to be completed by *Rare Earth Minerals Xenotime/Monazite August 2017 Section from initial mining area (vertically exaggerated) Figure shows SRK Glenaladale Resource (green) SRK Indicated Resource (orange) SRK ‘Fingerboards area’ (Yellow outline) Kalbar Fingerboards Project area (Red box) confidential 8
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