ENTITLEMENT ISSUE PRESENTATION April 2015 DISCLAIMER SC This - - PowerPoint PPT Presentation

ENTITLEMENT ISSUE PRESENTATION

April 2015

DISCLAIMER SC

This presentation has been prepared by Altura Mining Limited (“Altura” or the “Company”). It should not be considered as an invitation or offer to subscribe for or purchase any securities in the Company or as an inducement to make an invitation or offer with respect to those securities. No agreement to subscribe for securities in the Company will be entered into on the basis of this presentation. This presentation is provided on the basis that none of Altura nor its respective officers, shareholders, related bodies corporate, partners, affiliates, employees, representatives and advisers make any representation or warranty (express or implied) as to the accuracy, reliability, relevance or completeness of the material contained in the presentation and nothing contained in the presentation is, or may be relied upon as, a promise, representation or warranty, whether as to the past or the future. The Company hereby excludes all warranties that can be excluded by law. The presentation contains forward looking information and prospective financial material which is predictive in nature and may be affected by The presentation contains forward looking information and prospective financial material which is predictive in nature and may be affected by inaccurate assumptions or by known or unknown risks and uncertainties, and may differ materially from results ultimately achieved. All references to future production, production targets and resource targets and infrastructure access are subject to the completion of all necessary feasibility studies, permitting, construction, financing arrangements and infrastructure-related agreements. Where such a reference is made, it should be read subject to this paragraph and in conjunction with further information about the Mineral Resources and Exploration Results, as well as the Competent Persons' Statements. All persons should consider seeking appropriate professional advice in reviewing the presentation and all other information with respect to the Company and evaluating the business, financial performance and operations of the Company. Neither the provision of the presentation nor any information contained in the presentation or subsequently communicated to any person in connection with the presentation is, or should be taken as, constituting the giving of investment advice to any person.

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“ identification, progression and identification, progression and development from a broad portfolio

• f mineral assets”
• f mineral assets

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INVESTMENT HIGHLIGHTS

LITHIUM

• Altura has 100% ownership of the Pilgangoora Lithium project in the Pilbara region of Western Australia.
• Top 5 undeveloped hard rock resource globally with 25mt @ 1.23% Li2O* resource open in several directions. Technically

straightforward with series of outcropping Pegmatite dykes. Post Scoping Study several optimalities being pursued including potential to high‐grade at circa 1.8% Li2O during first 7 years of production.

• Altura targeting a chemical grade product at Pilgangoora, chemical grade lithium most commercially relevant with growing list of

applications to Lithium Ion and Lithium Hydroxide battery technology used in consumer electronics and Automotive technology.

• Recent technology focusing on taking spodumene concentrate directly to higher value Lithium Hydroxide product

COAL

• Delta Coal Mine: ⅓ interest in the operating Delta Coal mine East Kalimantan Indonesia, currently producing 1.4 million tonnes per

annum (mtpa), low cost production fully integrated infrastructure operation.

• Tabalong: Five IUPs with operational status, in‐principle agreement for Forestry Land Use permit for first tenement received

September 2014. Targeting production of low cost, low strip ratio, thick seam mining of high energy thermal coal +6,500kcal/kg (ar basis).

• March 2014: Tabalong highlighted in Wood Mackenzie “picking project winners” as one of best undeveloped coal projects globally.
• As per previous ASX announcements, Altura and partners progressing listing of Coal Assets on Singapore Exchange (SGX‐ST Catalist)

IRON ORE IRON ORE

• Post sale of stake in Mt Webber to Atlas (ASX announcement 24th December 2014), Altura zero ongoing liability at Mt Webber.
• Altura retains royalty over production from Mt Webber and any subsequent production from the broader exploration tenement

package (no sunset clause on agreement). MANAGEMENT

• Significant Mining Experience: a mining company run by mining people. Altura is run at board and management level by an

experienced group of executives with a significant amount of experience in commercialising resources and delivering Tier 1 projects, with the bulk of this experience gained at New Hope Corporation Ltd

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*See Altura’s ASX release of 3 October 2012 * Refer to Appendix for Resource Table and Competent Persons Statement

CORPORATE SNAPSHOT

Capital Structure Shares on issue 467,812,181 Share price A$0 01 Share Price Graph Share price A$0.01 Market capitalisation A$4.67M Cash (31 December 2014) A$0.831 52 week trading range A$0 22 – A$0 01 52 week trading range A$0.22 A$0.01 Directors and Major Shareholders Directors: James Brown Managing Director Paul Mantell Director Allan Buckler Director BT Kuan Director Dan O’Neill Director Major Shareholders: Directors ~21% Top 20 shareholders ~68% 5

Spodumene ore sample – Altura Lithium

CAPITAL RAISING SUMMARY

Altura is undertaking a $3.12m (approx) partially underwritten equity capital raising via 2 for 3 non‐renounceable entitlement offer EQUITY RAISING Non‐renounceable entitlement offer to raise approximately $3.12m if fully subscribed, Issue of up to 311,874,787 new ordinary shares Partially underwritten up to $2.4 million $0 01 per share + one free attaching option exercisable at $0 02 for every 2 shares subscribed ENTITLEMENT OFFER $0.01 per share + one free attaching option exercisable at $0.02 for every 2 shares subscribed for under the offer 12% discount to 10 day VWAP 39% discount to 30 day VWAP 60% discount to 90 day VWAP B d l i i $0 01 (17 A il 2015) Based on closing price $0.01 (17 April 2015) Entitlement offer period from (22 April –15 May) (unless otherwise determined by the Company) Progress the Pilgangoora Lithium Pre Feasibility Study USE OF PROCEEDS Finalise SGX listing Working capital for Altura RANKING Shares issued under the entitlement offer will rank equally with existing shares

• Directors to take up full entitlements under the entitlement offer and have also entered into additional sub‐underwriting

commitments 6

ALTURA LITHIUM – PILGANGOORA PROJECT

Technically straight forward, Outcropping, substantial Outcropping, substantial resource ideally located in WA’s Pilbara region

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ALTURA LITHIUM – PILGANGOORA PROJECT

GLOBAL LITHIUM SECTOR UNDERPINNED BY ROBUST LONG‐TERM FUNDAMENTALS

Strong compounding average growth rates (CAGR) of demand for Lithium Advancing Lithium Ion and Lithium Hydroxide battery technology primarily driving demand driving demand Global demand of lithium in 2012 reached 150,200t LCE, with a value estimated at around $2.2Bn. Overall lithium demand increased at an average CAGR of 6.8% from the beginning of the millennium. (Source: Roskill) B d i f li ti (Ph T bl t t bl PC’ P t l ) Broadening range of applications (Phones, Tablets, portable P.C’s, Power tools). Future demand is projected to grow at an annual base rate of 9.7% until 2017 with optimistic forecast at 15.7%pa consumption growth. Consumption of lithium in volume terms with be largely driven by the rechargeable battery market which is predicted to grow 21 5%pa (Source: Roskill) 21.5%pa. (Source: Roskill) Automotive technology ‐ Lithium Battery technology materially improving the energy efficiency of conventional engines. Recent Deutsche Bank report (Pricing the Car of Tomorrow ‐ 15 December 2014) estimated by 2030 Electric vehicle sales to constitute 19.8% of Global vehicle sales and stated “Lithium/Graphite markets face serious undersupply if our battery growth f ” rates come to fruition” Highly concentrated market dominated by a few major suppliers serviced by small number of major projects China largest consumer of Lithium globally with majority of Lithium concentrate provided by Greenbushes project in Western Australia 8

ALTURA LITHIUM ‐ Pilgangoora project ALTURA LITHIUM Pilgangoora project

Pilgangoora project, Pilbara Region Western Australia (100% Altura)

Top 5 global deposit of hard rock Lithium (Spodumene) Technically straightforward characterised by shallow, thick and high grade lithium intercepts with consistent Li2O grade JORC Mineral Resource estimate of 25.2 million tonnes @ 1.23% Li2O* ‐ extendable and open in several directions Sufficient resource established for 20yr plus mine life Contained Lithium 310,000 tonnes Trading at significant discount to peers on enterprise value per tonne basis 17.3 Mt Indicated / 7.9 Mt Inferred Ore Resource with potential to add to resource 12 Spodumene‐rich pegmatite dykes

*See Altura’s ASX release of 3 October 2012 * Refer to Appendix for Resource Table and Competent Persons Statement

12 Spodumene rich pegmatite dykes identified to date 9

pp p

ALTURA LITHIUM ‐ Pilgangoora project ALTURA LITHIUM Pilgangoora project

• Progressing to Pre‐feasibility in 2015
• Post Scoping Study, several optimalities being pursued including potential for high grading first 7 years of

production with potential to mine at circa 1.8% Li2O, closely resembling Greenbushes feedstock

• Alt ra p rs ing lo

capital option for con ention dig cr sh grind floatation circ it prod cing chemical

• Altura pursuing low capital option for convention dig, crush, grind, floatation circuit producing chemical

grade >6.5% Lithium concentrate for export to third party processing

• Current pricing for chemical grade concentrates trading in excess of A$500

Current pricing for chemical grade concentrates trading in excess of A$500

• Consolidation in sector with Talison transacting at circa 16x EBITDA earnings.
• Strengthening concentrate prices highlight strategic value of Pilgangoora and compelling fundamentals of
• Strengthening concentrate prices highlight strategic value of Pilgangoora and compelling fundamentals of

underlying Lithium market.

• Altura currently conducting process to attract offtake / strategic investment partner for project
• Altura currently conducting process to attract offtake / strategic investment partner for project

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COAL – DELTA

Samarinda

Delta Coal

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DELTA COAL

PRODUCTION

• Altura acquired a ⅓ interest in early 2013 ‐ Altura provides technical support to mine operations
• Fully infrastructure integrated coal mine located in East Kalimantan Indonesia – commenced production
• Fully infrastructure integrated coal mine located in East Kalimantan, Indonesia commenced production

in 2004

• Currently producing at 1.4mtpa rate of thermal coal ‐ 5,600 kcal – air dried basis – plan to increase to

2mtpa with minimal capital input

• Low ash non‐beneficiated coal product ideally suited to power generation and industrial uses
• Competitive Average Life of Mine (LOM) operating cash cost of US$36 92/tonne FOB Barge
• Competitive Average Life of Mine (LOM) operating cash cost of US$36.92/tonne FOB Barge
• JORC Reserve and Resource update planned for Q2 2015

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DELTA COAL – MINE TO MARKET

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COAL – TABALONG

Samarinda

Delta Coal

1 Ownership 70% Altura and 30% PT UJI to form the Tabalong JV 2 Ownership 80% Tabalong JV and 20% Local partner

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TABALONG COAL

PRODUCTION

• Five (5) IUPs covering 17,000 hectares located in South Kalimantan, Indonesia
• Tabalong JV ‐ 70% Altura and 30% local partner
• Targeting high energy coals with exploration highlighting significant potential for PCI and

metallurgical coal products.

• Aim to produce up to 1.5 mtpa blend of thermal and metallurgical coals
• Consistent with company strategy of low capital intensity, low operating cost and

straightforward pathway to market via third party infrastructure.

• Operation Production status achieved for all five (5) IUPs

All fi (5) IUP t k f E l ti t O ti P d ti

• All five (5) IUPs taken from Exploration to Operation Production
• In‐principle Forestry Land Use Permit approval for SPK received in September 2014
• Mine construction planned for 2016 – subject to funding
• Parallel approval for SCC Forestry Land Use Permit substantially complete

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COAL - SINGAPORE LISTING

NEWCO

• Spin‐out of Altura’s coal assets into new Singapore company (Newco)
• Altura and partners plan for consolidation of coal assets into new Singapore based vehicle

N i t d t li t SGX ST C t li t th S i d li ti l tf f th Si

• Newco intends to list on SGX‐ST Catalist, the Sponsor‐supervised listing platform of the Singapore

Exchange Securities Trading Limited (“SGX‐ST”)

• AJM Shareholder approval for coal asset divestment on 12 February 2015
• New funds to be raised as part of the listing to allow for development of the Tabalong coal project in

New funds to be raised as part of the listing to allow for development of the Tabalong coal project in 2015, and to grow the new coal business

• Newco will have a new board and Altura will be a controlling shareholder (as defined by the SGX‐ST)
• Altura’s final shareholding in Newco will depend on the valuation of the coal assets and the ultimate

g p capital raising

• Subject to the approval of the draft Offer Document by the SGX‐ST, the IPO process will complete

during 2015 l d f l l f d ll ll f f

• Consolidation of its coal assets into a separate coal focused entity will allow for recognition of

Altura's investment in these Indonesian coal assets, build on the existing coal business and provide financial resources required for the development and further exploration of the Tabalong Coal project.

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IRON ORE

Mt Webber and JV Tenements

• As per ASX announcement on 24th December 2014, Altura divested its stake in the Mt Webber project
• Whilst a difficult decision Altura was absolved of its project debt and accumulated losses at time of
• divestment. Former partner Atlas Iron now reviewing its operations and suspended production from Mt

Webber.

• Post divestment the Iron Ore price has continued to deteriorate
• Altura retains a royalty over attributable production from Mt Webber of 1% providing risk free exposure

Altura retains a royalty over attributable production from Mt Webber of 1% providing risk free exposure to iron ore price recovery or AUD depreciation

• Altura also retains a royalty over any future production from other JV tenements with Atlas
• Royalty hurdle is at A$95.00 62% Pilbara Fines CFR ex Hedland vs. Current prevailing price of circa ~A$65

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Timetable for a Non‐Renounceable Entitlement Offer

Event Date Event Date

Announcement of Offer 23 April 2015 Offer Document, Appendix 3B and Section 708AA cleansing notice released to ASX 23 April 2015 Ex Entitlement Date 27 April 2015 Record Date to determine Entitlement to New Shares and New Listed Options 29 April 2015 Despatch of Offer Document and Application Form and announcement that despatch completed 1 May 2015 Offer opens for receipt of Applications 1 May 2015 Closing Date for Applications and payment in full (by 5.00pm EST) 15 May 2015 Closing ate for Applications and payment in full (by 5.00pm ST) 5 May 0 5 ASX notified of under subscriptions 20 May 2015 Despatch date of holding statements 25 May 2015 Trading commences for New Shares and New Listed Options on a normal basis 25 May 2015 g p y

These dates are indicative only and subject to change. The Company, in conjunction with the Underwriter, reserves the right, subject to the Corporations Act and the ASX Listing Rules, to vary the above dates.

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CATALYSTS FOR 2015 AND BEYOND CATALYSTS FOR 2015 AND BEYOND

• Coal Business
• Singapore Newco listing during 2015 – fully funded coal business with Altura as major shareholder
• Delta Coal annual production to move to 2mtpa – reduction in operating costs
• Tabalong Coal – secure Forestry Permit approval after satisfying in‐principle approval requirements
• Tabalong Coal ‐ investment decision to proceed to production for SPK mining area
• Lithium
• Lithium
• PFS for Pilgangoora, pursuing further efficiencies reducing capex, high grade options
• Conducting process in conjunction with PFS to secure strategic investment partner to assist in

progression of project to commercialization

• Iron Ore
• Risk free exposure to recovery in iron ore price or deprecation in Australian Dollar
• Risk free exposure to recovery in iron ore price or deprecation in Australian Dollar
• Altura retains a royalty over production from Mt Webber project and surrounding exploration leases
• Royalty of 1% in excess of A$95/t Pilbara 62% fines (CFR) ‐ no sunset clause attaching

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THANK YOU THANK YOU. QUESTIONS?

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APPENDICES APPENDICES

PILGANGOORA

Pilgangoora Li O Resource October 2012 #

MINERAL RESOURCES ESTIMATES

Pilgangoora Li2O Resource – October 2012 # Zone Resource Tonnes Li2O % Li2O tonnes C1 E1 N1 Indicated 14,992,600 1.27 190,783 C1, E1, N1 Inferred 7,239,155 1.22 88,173 S1 Indicated 2,295,335 1.11 25,374 Inferred 630,175 0.95 6,012 Subtotal Indicated 17,287,935 1.25 216,157 Inferred 7,869,330 1.20 94,185 , , , Total All Resources 25,157,265 1.23 310,342

The information in this table was prepared and first disclosed under the JORC Code 2004. It h t b d t d i t l ith th JORC C d 2012 th b i th t th i f ti h t t i ll h d It has not been updated since to comply with the JORC Code 2012 on the basis that the information has not materially changed since it was last reported. # Based on 0.7% Li2O cut-off grade

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KEY RISKS KEY RISKS

Altura Mining Limited is subject to a number of risk factors both specific to its business and of a general nature. Altura’s business, financial condition and results of operations could be materially and adversely affected by the occurrence of any of the risks associated with the business. As a result, the traded price of Altura’s shares could decline and shareholders could lose all or part of their investment . The risks outlined should not be considered exhaustive of the risks faced by Altura and its investors but these and other risks could have a material impact on the financial performance of Altura and the value of Altura shares. p p

• Operating and Development Risks
• The ability of Altura to achieve production targets, or meet operating and capital expenditure estimates on a timely basis cannot be assured. For example, development and

expansion projects may require approvals, permits or licences that may not be received on a timely basis. In addition, decisions regarding development and expansion projects may be subject to the successful outcome of operational reviews, test work, studies and trial mining.

• The assets of Altura as any others, are subject to uncertainty with resource tonnes, grade, recovery, ground conditions, operational environment, funding for development,

y j y g y g p g p regulatory changes, accidents and other unforeseen circumstances such as unplanned mechanical failure of plant or equipment, storms, floods, bushfires or other natural

• disasters. If faced by Altura, these circumstances could result in Altura not realising its operational or development plans or in such plans costing more than expected or

taking longer to realise than expected. Any of these outcomes could have an adverse effect on Altura‘s financial and operational performance.

• Funding Risks
• In the ordinary course of operations and development, Altura is required to issue financial assurances, particularly insurances and bond/bank guarantee instruments, to

secure statutory and environmental performance undertakings and commercial arrangements. Altura‘s ability to provide such assurances is subject to external financial and credit market assessments, and its own financial position.

• There can be no assurances that the funds raised through the capital raising will be sufficient to successfully achieve all the objectives of Altura’s overall business strategy.
• Market Fluctuation Risks
• Substantially all of Altura‘s revenues and cash flows are related to commodity markets. Therefore, the financial performance of Altura

is exposed to fluctuations in commodity markets . Altura’s commodity end market prices may be influenced by numerous factors and events which are beyond the control of Altura .

• Risks to Achieving Increased Production
• Whilst Altura considers there to be a reasonable basis for the production forecasts at the Delta project, the forecasts are subject to a number of factors, many of which

cannot be foreseen and are beyond the control of Altura . These factors may cause the production forecasts not to be achieved or to be achieved later than expected

• Government Policy Changes
• Government policies are subject to review and changes from time to time. Such changes are likely to be beyond the control of and may affect industry profitability as well as

Altura’s capacity to explore and mine. At present, Altura is not aware of any reviews or changes that would affect its tenements. However, changes in community attitudes

• n matters such as taxation, competition policy, environment and land rights issues may bring about reviews and possibly changes in government policies. There is a risk that

such changes may affect Alturas plans or its rights and obligations in respect of its tenements. Any such government action may also require increased capital or operating expenditures and could prevent or delay certain operations by Altura.

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KEY RISKS KEY RISKS

• Environmental Risk
• The operations of Altura are subject to laws and regulations concerning the environment. As with most exploration projects and mining operations, Altura’s activities are

expected to have an impact on the environment, particularly in relation to mining and production. It is Altura’s intention to conduct its activities to the highest standard of environmental obligation, including compliance with all environmental laws. environmental obligation, including compliance with all environmental laws.

• Estimate Risk
• The Mineral Resources for Altura‘s assets are estimates only and no assurance can be given that any particular recovery level of lithium will in fact be realised. Altura‘s

estimates comply with the JORC Code, however Mineral Resources and Ore Reserves are expressions of judgement based on knowledge, experience and industry practice, and may require revision based on actual production experience. Estimates that are valid when made may change significantly when new information becomes available.

• Costs Risks
• Altura has significant commodity and energy requirements and it relies on being able to fulfil those requirements at a cost which does not negatively impact on its cash
• flows. A number of factors (such as rising oil prices, macro‐economic factors such as inflationary expectations, interest rates, currency exchange rates (particularly the

strength of the US dollar), as well as general global economic conditions and political trends) may lead to an increase in commodity and energy costs which may materially adversely affect the earnings of Altura.

• Sovereign Risk
• Possible sovereign risks associated with operating in Indonesia include, without limitation, changes in the terms of mining legislation, changes in the foreign ownership

requirements in Indonesia, changes to royalty arrangements, changes to taxation rates and concessions, expropriation by the government or private entities and changes in the ability to enforce legal rights.

• Any of these factors may, in the future, adversely affect the financial performance of Altura and the market price of its shares. No assurance can be given regarding future

bili i I d i h i hi h Al i h f h i stability in Indonesia or any other country in which Altura may, in the future, have an interest.

• Exploration Risks
• Exploration activities are speculative by nature and therefore are often unsuccessful. Such activities also require substantial expenditure and can take several years before

it is known whether they will result in additional mines being developed. Accordingly, if the exploration activities undertaken by Altura do not result in additional reserves, this may have an adverse effect on the company's financial performance.

• Foreign Exchange Rate Risk
• Altura is an Australian business that reports in Australian dollars. Revenue is derived from the sale of products in US dollars, therefore movements in the US$/A$ exchange

rate or the Indonesian Rupiah/A$ may adversely or beneficially affect Altura‘s cash flows.

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COMPETENT PERSON STATEMENT

Pilgangoora – Western Australia The information in this presentation that relates to Exploration Results or Mineral Resources is based on information compiled by Bryan Bourke, who is a member of the Australian Institute of Geoscientists and a full‐time employee of Altura Mining Limited Bryan Bourke has sufficient experience which is relevant to the style of mineralisation and type of deposit Mining Limited. Bryan Bourke has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration and to the activity he is undertaking, to qualify as a Competent Person in terms of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (JORC Code 2004 Edition). Bryan Bourke consents to the inclusion of such information in this Report in the form and context in which it appears. This information was prepared and first disclosed under the JORC Code 2004. It has not been updated since to comply with the JORC Code 2012 h b i h h i f i h i ll h d i i l d 2012 on the basis that the information has not materially changed since it was last reported. 25

APPENDIX 2 ‐ PRO FORMA CONSOLIDATED BALANCE SHEET

Proforma Proforma

Notes:

• Proceeds received from the entitlement issue are

presented in the pro forma balance sheet net of estimated transaction costs

Actual 31-Dec-14 (A$000's) Proforma 31-Dec-14 Underwritten Amount (A$000's) Proforma 31-Dec-14 Full Subscription (A$000's) CURRENT ASSETS Cash and cash equivalent 831 3,161 3,863 Trade and other receivables 3,978 3,978 3,978 TOTAL CURRENT ASSETS 4 809 7 139 7 841

estimated transaction costs.

• Post balance date (31 Dec 2014) the sale of Mt

Webber was approved at EGM in February 2015.

• In reading this slide please also refer to the notes

TOTAL CURRENT ASSETS 4,809 7,139 7,841 NON-CURRENT ASSETS Exploration expenditure 14,704 14,704 14,704 Investment in associates 18,857 18,857 18,857 Property, plant and equipment 1,890 1,890 1,890 Other non current assets 3 450 3 450 3 450

which accompany the balance sheet on the next slide

Other non-current assets 3,450 3,450 3,450 TOTAL NON-CURRENT ASSETS 38,901 38,901 38,901 TOTAL ASSETS 43,710 46,940 46,742 CURRENT LIABILITIES T d d th bl 2 172 2 172 2 172 Trade and other payables 2,172 2,172 2,172 Other current liabilities 613 613 613 TOTAL CURRENT LIABILITIES 2,785 2,785 2,785 NON-CURRENT LIABILITIES Interest bearing liabilities 15,820 15,820 15,820 TOTAL NON-CURRENT LIABILITIES 15,820 15,820 15,820 TOTAL LIABILITIES 18,605 18,605 18,605 NET ASSETS 25,105 27,435 28,137 EQUITY Issued capital 75,114 77,444 78,146 Reserves 657 657 657 Accumulated losses (51,214) (51,214) (51,214) 24,557 26,787 27,589 Non-controlling interests 548 548 548

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TOTAL EQUITY 25,105 27,435 28,137

APPENDIX 2 NOTES TO THE PRO‐FORMA BALANCE SHEET

• Completion of the Mt Webber sale to Atlas occurred following the EGM in February 2015.
• The pro‐forma balance sheet has been prepared on the basis of accounting policies normally adopted

by the Company.

• Assumes the net proceeds of the entitlement offer fully subscribed.
• The financial information is presented in abbreviated form insofar as it does not include all of the

disclosures required under Australian Accounting Standards applicable to the financial statements.

• The pro forma balance sheet illustrates the effect of the abovementioned pro forma adjustments and in

particular the effects of the entitlement issue. It is not intended to represent the actual financial particular the effects of the entitlement issue. It is not intended to represent the actual financial position of the company upon completion of the capital raising. The actual impact is dependent on a range of factors , many of which are outside the control of the Company.

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