Corporate Presentation | February 2019
Disclaimer The information contained in these slides and the accompanying oral presentation (together, the "Presentation") have not been approved by an authorised person within the meaning of the Financial Services and Markets Act 2000 ("FSMA"). If any person is in any doubt as to the contents of this Presentation, they should seek independent advice from a person who is authorised for the purposes of FSMA and who specialises in advising in investments of this kind. The information contained in this document does not purport to cover all matters that may be relevant for the purposes of considering whether or not to make any prospective investment and is not intended to provide, and should not be relied upon, for accounting, legal or tax advice. This Presentation is supplied to you solely for information. The information contained in this Presentation has been prepared by Caerus Mineral Resources (the "Company"). The Presentation and any further confidential information made available to any recipient, either orally or in writing, must be held in complete confidence and documents containing such information may not be reproduced, used or disclosed without the prior written consent of the Company. The Presentation shall not be copied, published, reproduced or distributed in whole or in part, to any other person, for any purpose at any time. The information contained in the Presentation is not intended to be viewed by, or distributed or passed on (directly or indirectly) to, and should not be acted upon by any class of person other than (i) qualified investors (within the meaning of the Prospectus Directive 2003/71/EC) and (ii) investment professionals falling within Article 19(5) and high net worth companies, unincorporated associations and partnerships and trustees of high value trusts falling within Article 49(2) respectively of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (or persons to whom it may otherwise be lawfully communicated) (together "Relevant Persons"). Persons who are not Relevant Persons should not attend the Presentation or rely on or act upon the matters communicated at the Presentation. No undertaking, assurance, representation or warranty, express or implied, is made or given by or on behalf of the Company or any of its existing or proposed members, agents, affiliates, representatives, advisers, employees or directors or any other person as to the accuracy, completeness or fairness of the information or opinions contained in this document and no responsibility or liability is accepted by any such person for any loss however arising from any use of, or reliance on, or in connection with, this Presentation or its contents or otherwise arising in connection therewith. Notwithstanding this, nothing in this paragraph shall exclude liability for any such undertaking, assurance, representation or warranty made fraudulently. Certain statements in the Presentation are forward-looking statements, and the Presentation itself has been based upon a number of assumptions, forecasts and projections of the Company which by their nature are forward looking. Forward-looking statements are typically identified by the use of forward-looking terminology such as "believes", "expects", "may", "will", "could", "should", "intends", "estimates", "potential", "anticipate", "plans" or "assumes" or similar expressions, or by discussions of strategy that involve risk and uncertainties. By their nature, forward-looking statements, assumptions, forecasts and projections involve a number of risks and uncertainties, and in some cases are based on estimates and incomplete information, that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements or by the Presentation as a whole. These risks and uncertainties, and the impact they have on the assumptions, forecasts and projections contained in the Presentation, could adversely affect the outcome and financial effects of the plans and events described herein. 2 By accepting the Presentation, you agree to be bound by these limitations and restrictions.
Caerus at a glance Copper & Gold Low Route to early resource Previously operating environmental cash-flow development and mines prematurely impact exploration closed in 1974 – Target of 10-20Mt at – Leaving ore in the ground 1.5% copper and 1g/t of gold Exploration upside - Extensions to mines defined but never evaluated - New known targets known to Mediterranean Sea previous operators but not tested Nicosia 9 exploration licences, Kambia EPL consisting of four target project Larnaka Vrechia EPL areas - Covering a cumulative 31.56km² Kalavasos EPL 3 Black Pine EPL - Potential to divest non - core Limassol assets
“ Low-cost, de-risked redevelopment of former copper-gold mines hosting significant residual mineralisation, strike extensions and new targets underpinned by low-technology reprocessing of oxide ores and dumps for early ” cash flow to fund future growth 4
Board and Management MICHAEL JOHNSON, CHAIRMAN: Mike Johnson DSc. PhD., MSc., held the Rio Tinto Chair of Environmental Science at the University of Liverpool (1994-2005). He remains External Adviser to Rio Tinto plc, Lundin Mining Corporation and New Boliden AB. He was chairman of Glebe Mines Ltd, the principal fluorspar mining company in Western Europe, and variously held similar Director roles with Savannah Resources plc and Columbus Copper Inc during the period 2009-2016. Professor Johnson also holds advisory positions with the World Bank/IFC and United Nations (Environment Programme). MARTYN CHURCHOUSE, CEO: Martyn is a geologist with 33 years’ experience in Europe and Africa in exploration, mine development, feasibility and as a mine manager. He worked for Anglo American and Gold Fields before joining the Junior Mining Sector and has been involved in bringing a number of exploration companies to the AIM Market. Martyn was an adviser to Georgian Mining Corporation prior to which he was Senior Adviser New Business Development to Lundin Mining Corporation. ANDREW DANIELS, NON-EXECUTIVE DIRECTOR: Andrew has more than 30 years of experience in capital markets, exploration and management. Former Global Mining Finance director for Deutsche Bank. Andrew also worked for various groups including Anglo American Western Mining Corp, Kilborn SNC, Lavalin and Minorco Services BV. Executive management experience includes roles as VP Exploration and COO for a number of junior exploration companies. NIGEL CHAPMAN, EXPLORATION MANAGER (non-Board): Nigel is a geologist specialising in project generation, implementation and management of exploration and Resource assessment programmes. Most recently he has been a consultant with Rio Tinto Exploration in Peru focusing on VMS and IOCG Copper projects. 5
Our Focus
NEW TARGET GENERATING STRATEGY No modern exploration since 1974 OXIDE RESOURCES Oxides never previously targeted now representing low-cost short- term cash flow option DUMP RESOURCES Low-grade, low-cost easily accessible heap or tank leach Nicosia option Kambia EPL Larnaca HIGH GRADE Residual sulphide mineralisation Vrechia EPL in prematurely closed mines Kalavasos EPL Black Pine EPL BULK TONNAGE SCOPE Limassol Kalavasos, Mala & N. Mathiatis stockworks Our Licences 7
Strategy • Multiple sources of ore provides scope for incremental growth • Rapid & low-cost generation of JORC Mineral Resources & early cash flow • Capitalise on copper demand & benefit from gold credits • De-risking drilling & exploration by focusing on brownfield sites • Prematurely closed mines with known Resources • Extensions to existing mine Resources • Known mineralisation not previously tested • Newly generated targets using modern techniques • Reprocessing of dumps & tailings 8 • Bulk copper-gold hypogene targets
Kalavasos Licence Kalavasos: 1.91Mt @ 1.5 - 2.5% Cu Landaria: 65Kt @ 0.5% Cu Mavri Sykia: 376Kt @ 1.5 - 2.5% Cu Platies: 439Kt @ 2.5 - 3% Cu Mavridia: 400Kt @ 1.5% Cu Petra: 226Kt @ 1 - 2.5% Cu Mousoulos: 1.66Mt @ 1 - 2.5% Cu 9
Kalavasos Licence • A combination of two exploration Mine Year Ore Cu (%) Residual Mined Resource licences capturing all historic (Mt) (Mt) mines (8.75km 2 ) Kalavasos 1937 - 56 1.91 1.0 - 2.5 To be assessed • 13 massive sulphide bodies Mousoulos 1964 - 76 1.66 1.0 - 2.5 0.94 discovered and mined between 1937-77 Mavridia 1971 - 77 0.40 1.5 0.50 Petra 1953 - 57 0.226 1.5 - 2.5 0.30 • Remnant sulphide ore Landaria 1963 - 64 0.065 0.5 0.25 reported to be 2.58Mt at Mavri Sykia 1954 - 77 0.376 1.5 - 2.5 0.59 >1.5% copper Platies 1955 - 58 0.044 2.5 - 3.0 To be assessed • Historic mining of 61,450t of oxide zone produced Total 4.68Mt 2.58Mt 16,490oz of gold (8.3g/t) 10
Landaria Mavri Sykia Mousoulos Petra Stockwork & massive sulphide remnants Open pit ore remnants Lower grade bulk tonnage supplemented by gold & Low-Grade Ore & Waste Stockpiles & Dumps known but untested mineralisation Kalavasos future feedstock 11
Kalavasos Early Production Plan Mavridia Oxide Leach Mavridia Oxide Ore Target: 500Kt at 1% copper • • Trial Mining & Processing Heap Leach • • 85% Recovery 250 – 500Kt at 0.5 - 1% copper March 2019 September 2019 12
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