September 2018 www. tri-starresources.com Disclaimer These - - PowerPoint PPT Presentation

• www. tri-starresources.com

September 2018

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These presentation slides (the “Slides”) have been issued by Tri-Star Resources plc (the “Company”) in relation to an update on activities by the

• Company. These Slides do not comprise an admission document or a prospectus relating to the Company, do not constitute an offer or invitation to

purchase or subscribe for any securities of the Company and should not be relied on in connection with a decision to purchase or subscribe for any such

• securities. The Slides and the accompanying verbal presentation do not constitute a recommendation regarding any decision to sell or purchase

securities in the Company. The Slides and the accompanying verbal presentation are confidential and the Slides are being supplied to you solely for your information and may not be reproduced or distributed to any other person or published, in whole or in part, for any purpose. No reliance may be placed for any purpose whatsoever on the information contained in the Slides and the accompanying verbal presentation or the completeness or accuracy of such information. No representation or warranty, express or implied, is given by or on behalf of the Company, directors, officers, employees, agents or advisors or any

• ther person as to the accuracy or completeness of the information or opinions contained in the Slides and the accompanying verbal presentation, and

no liability is accepted by such persons for any such information or opinions or otherwise arising in connection therewith (including in the case of negligence, but excluding any liability for fraud). The Slides contain certain statements and expressions of belief, expectation or opinion which are forward-looking statements, and which relate, inter alia, to the Company’s proposed strategy, plans and objectives or to the expectations or intentions of the Company’s directors. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the control of the Company that could cause the actual performance or achievements of the Company to be materially different from such forward-looking statements. Accordingly, you should not rely on any forward-looking statements and the Company does not accept any obligation to disseminate any updates or revisions to such forward-looking

• statements. Any statement as to the past activities of the Company’s directors should not be relied upon as being an indication of their future

performance. The Slides have not been approved by an authorized person for the purposes of section 21 of the Financial Services and Markets Act 2000 (“FSMA”). They are exempt from the general restriction on the communication of invitations or inducements to engage in investment activity set out in section 21

• f FSMA on the grounds that they are directed only at those persons who have professional experience in matters relating to investments and who are:

(i) a person of a kind described in Article 19(5) (Investment Professionals), Article 48 (certified high net worth individuals) or Article 49(2) (high net worth companies etc.) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order"); or (ii) a “qualified investor” as defined in section 86(7) of FSMA (all such persons together being referred to as “Relevant Persons”). Any investment, investment activity or controlled activity to which the Slides relate is available only to Relevant Persons and will be engaged in only with Relevant Persons. Persons of any other description, including those that do not have professional experience in matters relating to investments, should not rely or act upon the Slides. Reliance on the communication set out in these Slides for the purpose of engaging in any investment activity may expose an individual to a significant risk of losing all of the property invested or of incurring additional liability. Any individual who is in any doubt about the investment to which these Slides relate should consult a person authorized by the Financial Conduct Authority specializing in advising on investments of the kind referred to in these Slides.

Disclaimer

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Overview of Tri-Star

• Tri-Star Resources plc (“Tri-Star”) is a mineral processing company, quoted on the AIM market of the London Stock Exchange plc (Ticker:

TSTR.L), engaged primarily in the downstream value added processing of antimony.

• Tri-Star is a partner in the SPMP Project (or “Project”), an antimony and gold roaster. The Project is based in Sohar, Oman and is being

developed by Strategic & Precious Metals Processing LLC (“SPMP”), an Omani company in which Tri-Star has a 40% interest.

• Tri-Star has invested a total of $28.8 million in the form of mezzanine loans and in equity.
• SPMP Management is currently negotiating Working Capital and Letters of Credit facilities from finance institutions.
• The Project has moved into the hot commissioning phase and is expected to produce first antimony metal due at the end of October 2018

and first gold in November 2018.

• Tri-Star also has antimony exploration and mining licenses in Turkey and in Canada (New Brunswick).

Market cap (as of 24 Sep 2018): £39.99m

Tri-Star Antimony Canada Inc. Uc Yildiz Antimon Madencilik Turkey

Strategic & Precious Metals Processing LLC (registered in Oman)

99% 100% 40% 40% 20%

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Tri-Star Board of Directors

Mark Wellesley-Wood Chairman Mark has over 40 years’ experience in both the mining industry and investment banking. He was a former director of Investec Investment Banking and Securities in London and former Chairman and CEO of DRDGold Limited. Karen O’Mahony Acting CEO & CFO Karen initially joined Tri-Star as a Non-executive Director, following which she became acting CEO/CFO with a focus of assisting SPMP with funding and ramp up to production. Previously, Karen was the Deputy Chief Investment Officer at Misland Capital Ltd, a Director at Davy Stockbrokers and an Associate at Goldman Sachs. Karen is also Managing Director of PEAL Investments Ltd as well as a Non-Executive Director for SPMP and Chronos Therapeutics Ltd. Adrian Collins Senior Independent Director Adrian has worked in the fund management business for over 40 years, a large part of which was at Gartmore Investment Management where latterly he was Managing Director. He is currently Chairman of Liontrust Asset Management and CIP Merchant Capital Ltd, Bahamas Petroleum plc. Adrian was previously Chairman of Tri-Star, and is currently Chairman of the Remuneration Committee. David Fletcher Non-Executive Director David is a Partner and Non-Executive Chairman of Odey Asset Management (“Odey AM”). He has been part of the management team at Odey AM for over 20 years since joining as Chief Executive in 1995. David is also a Senior Adviser at Social Finance, a not for profit social sector

• innovator. Previously, CEO at Leopold Joseph. David is currently Chairman of the TSTR Audit
• Committee. David is also Non-executive Director for SPMP.

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Tri-Star current objective

Strategy

Cost reduction - The Board’s focus is to implement a cost cutting strategy at the Tri-Star level, which involves maintaining a low cost base at the UK plc, Turkish subsidiary and Canadian subsidiary levels. Active management - On SPMP, the company’s strategy is centred in the active management and support of its key investment in the SPMP Project. The Company continues to hold a significant stake in SPMP and remains actively involved with the development of the Project through its representation on the Board of SPMP. Partnerships & acquisitions - As the SPMP Project moves into full operation, it is the longer term strategy of the Company to explore financing options and upstream partnerships or acquisitions to complement the SPMP Project and generate enhanced value for its shareholders.

Company objective

The company’s objective is simple: To promote and achieve medium and long term value for its shareholders.

Source: SPMP Management, June 2018

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About Antimony

Supply The world antimony production and reserves (Tons of antimony content) for the last five years is indicated in the table below: 80% of the world’s antimony is produced by China. Due to environmental crackdowns, Chinese production is dropping and consumers are looking for an environmentally compliant supplier. SPMP offers clean & ethical production and aims to account for 15-20%1 of the antimony world production. Price Global demand is rising, driven by product innovations and safety regulations.

2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000 2008 2009 2010 2011 2012 2014 2015 2016 2017 2019 USD/tonne

Historical antimony price2

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Antimony: Supply Dynamics

Sb 51

121.76

Antimony Antimony Ingot About Antimony

• A vital material in flame retardants and as an alloy in

batteries

• Top 3 metal in most commodity supply risk lists
• Naturally
• ccurring

in the earth’s crust but is significantly scarce compared to its peers

• Recent research indicates that an emerging new use for

antimony is as a nanocomposite (consisting of Sb2O3, and Fe3O4) for use as new anode materials for lithium- ion batteries.1 Antimony Trioxide

Value Added

• storage. Journal of Power Sources.

50% 35% 7% 8% Flame retardants Lead acid batteries Stabillisers and plastics Other

Primary uses of antimony2

Outputs The SPMP Project will produce Antimony Ingots and Antimony Trioxide with Gold doré and Gypsum as byproducts.

Byproducts – Gold doré & Gypsum

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About the SPMP Project

• The Project has the capacity to process at least 50,000 dry tonnes per annum of antimony concentrate, producing circa 20,000 tonnes of antimony

and at least 50,000 ounces of gold.

• The SPMP Project will produce high grade antimony ingots, powdered antimony trioxides, gold doré and gypsum.
• Environmentally sound procedures have been put in place that can handle arsenic and sulphur in the right way.
• The plant is designed with a gas circuit which means environmental credentials are deliverable.
• A unique feature of the Project’s processing technology is the ability to recover gold from refractory ores, allowing the plant to process mixed

antimony/ gold feedstocks and potentially, refractory gold dorés.

• Feedstock will be sourced internationally and will be subjected to a roasting, gas treatment and smelting process.

Source: SPMP Management, July 2018

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Management

SPMP Team

Steven Din CEO SPMP has appointed Mr. Steven Din as CEO, with effect from 1 August 2018. Steven was previously Chief Executive Officer of Konkola Copper Mines plc (79% Vedanta Resources plc) which operates the flagship Konkola underground mine and associated processing facilities in the Zambian Copperbelt, including one of the largest copper smelters in the world today. He has worked in senior leadership positions at mining and metallurgical facilities across Europe and Africa, primarily with Rio Tinto plc. Steven comes with an excellent track record in leading and developing businesses and brings with him a wealth of industry experience. His appointment is a key milestone to the successful short-term execution at SPMP and the realisation of longer term opportunities in the Antimony market. Amer Al Jabri CFO SPMP has appointed Mr. Amer Al Jabri as CFO, with effect from 12 August 2018. Amer began his career working for Oman LNG as a business analyst. He then spent 5 years working for Abu Dhabi Gas Liquefaction Company (ADGAS). In 2006, he joined Oman Trading International (OTI), an Oman Oil Company, headquartered in Dubai (DIFC) and helped set up as a commodity trader specializing trading Crude Oil, Petrochemicals & Chemicals. During his time at OTI, he was involved in Corporate Finance, Treasury and hedging. In 2012, he returned to Oman and Amer accepted the position of GM – Finance and Company Secretary with Oman Gas. Amer will be joining SPMP as CFO and will focus on establishing working capital lines and refinancing the project post commissioning. Brian Spratley General Technical Manager Brian joined Tri-Star Resources in 2010 which partnered to create SPMP in

• 2014. Previous to this, Brian

worked at Techpro, Crew Gold and Anglo American gaining 44 years experience as a mining engineer. Duan Anderson General Production Manager Duan is a qualified Chemical Engineer and Metallurgist. He worked his way up to a senior managerial role with Anglo American, where he was responsible for an

• peration producing more

than 2.6m Pt. oz. pa. Salik Kawaja General Commercial and Contracts Manager Mechanical Engineering and APMP background. Salik was previously Head

• f

Commercial Projects with BP and AB foods. Salik has many years of experience as a Project Commercial Manager. Ian Hendry Worley Parsons Project Manager for SPMP Ian began working for Worley Parsons RSA in 2009, responsible for all mineral processing engineers. He has been a Project Manager for SPMP since Jan 2017. Previously he worked for Vhumbanani and Anglo Platinum. Bojan Kuzmanic Feedstock & Sales Worked for Trafigura Group from 2011 to 2015, his final position was as Co-Head of Zinc Concentrates Book based in Switzerland. Prior to Trafigura, he worked for Pechiney World Trade and Euromin SA. Metals

Executive team

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SPMP Investment Highlights

Location

• The plant is strategically situated close to the Port of Sohar for ease of receiving materials and delivering product
• Access to low-cost energy and exceptional infrastructure

Strategic Advantages

• Oman tax exemptions because the company is based in the Sohar Free Zone corporate tax holiday
• Core IP technology used in clean processing of antimony

Exceptional People

• Strong management team with significant experience in the metals market
• The SPMP Board of Directors have a wide range of expertise which has helped manage the project from inception

through to near completion Scale

• The first antimony roaster outside of China in 30 years, and the world's first clean plant, designed to EU

environmental standards

• At full capacity it will represent 15-20% of average annual world antimony production

Demand for Product

• Antimony consistently ranks high in EU and US risk lists for supply of chemical elements required to maintain

the current economy & lifestyle

• Global demand is rising, driven by product innovations and safety regulations

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SPMP Operational Highlights

SPMP Construction Milestones

• The Project is currently under construction and c. 99% complete as of last RNS update in

September 2018

• The Plant is currently being commissioned
• Offtake agreements for all products are currently being agreed with buyers globally

Appointment of a New SPMP CEO

• Mr. Steven Din has been appointed as Chief Executive Officer, with effect from 1st August

2018

• He was the Chief Executive Officer of Konkola Copper Mines plc which operates the flagship

Konkola underground mine and associated processing facilities in the Zambian Copperbelt Commissioning Site health and safety

• June 2018: The first batches of concentrate arrived on site
• July 2018: Hot commissioning commences and production of CATO, IATO, Gypsum expected
• First antimony and gold metal ingots due in Q4 2018
• The site has achieved a total of 2.48m man hours without any injuries
• Employees are currently being put through HSE training, with 68 employees having

completed the training

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• Diverse supplies of concentrate

secured from regions around the world

• Significant international demand

for the end products produced by the plant given its EU approved environmental standards

Contracting

• Full production 20 kt p.a. of

antimony and 50,000 oz p.a. of gold reached by 2019

• On the cusp of production: Plant

construction is now 98% complete

• Hot commissioning commenced

In July 2018 and is to be followed by the production of antimony and gold ingot from October 2018

Progress & Production

• Potential for substantial phase

two:

• Increase of upstream and

downstream involvement

• Capacity increase
• Parallel projects from same

technology base

Future prospects

Summary

Tri-Star’s main activity is through it’s Joint Venture (40% stakeholding) in the SPMP Project. The Project is attractive for the following reasons:

• Powerful proprietary technology

for processing a wide range of antimony and gold ores

• Environmentally sound

procedures that can handle arsenic, and mercury in the right way

• Unique industry positioning:

Ability to process gold ores as well as antimony

Technology

• Top management hires of Steven

Din as CEO and Amer Al-Jabri as CFO

• Steven Din is an experienced CEO

with a background in Vedanta Resources plc and Rio Tinto plc

• Amer Al-Jabri has in depth

corporate finance experience in Oman with a background in Oman Gas and OTI

Team

• The first new antimony roaster
• utside of China in 30 years
• Designed to EU environmental

standards – the world’s first clean plant

• At full capacity represents 15-20%
• f average annual world

antimony production

Global significance

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Appendix

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Turkey

• Tri-Star currently owns 90% of the exploration and mining rights for a historical artisanal mine in a known antimony belt in

the Murat Dagi mountains of western Turkey (“Göynük Project”).

• The property comprises of a permitted mining area of 47 hectares within an exploration area of 783 hectares. The licence is

currently being maintained with no active exploration or mining being carried out. Canada

• The Company currently owns 100% of Tri-Star Antimony Canada. Through this Canadian subsidiary, the Company owns a

license to explore the land of a large undeveloped antimony project in Canada (“Bald Hill deposit”). The Bald Hill deposit presents a synergistic opportunity for Tri-Star as there exists the potential to develop the deposit and for Bald Hill to become a potential future supplier of feedstock for SPMP Project.

Turkey & Canada

The Göynük deposit Stibnite rosette from the Göynük mine The Bald Hill site

Source: Tri-Star Management

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SPMP Timeline

SPMP established

• Independent technical study was

conducted by Senet & Mc Connell Dowell to demonstrate the concept, viability and preliminary economics

• OIF appointed Hatch to conduct

Technical and Commercial DD

• A JV company (SPMP) was

established to advance the project in conjunction with OIF and Dubai Natural Resources (“DutCo”)

2014

Scoping

Lorem Ipsum

• The start of a scoping study

conducted by GBM consultants on behalf of Tri-Star

• Investigated the process, design

and costs of setting up a plant that designed to modern environmental standard in the gulf region

• FEED Studies were conducted by

SPMP during the period at the Mintek’s facilities in South Africa and preliminary design work with selected technology partners

• The project achieved permitting

and funding and the key IP and some executives were transferred from Tri-Star to SPMP

2013 2015

Design

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SPMP Timeline

Project construction

2017

Addition of gold

Lorem Ipsum

The decision was taken to progress the gold recovery potential for the project. The SPMP board adopted the revised scope changes in the roasting process to include gold recovery

2016 2018

Commissioning

Construction commenced in April 2017 Appointment of Worley Parsons as EPCM Aerial view of the site under construction in November 2017 Electricity switched on in May 2018 Aerial view in June 2018 – Cold commissioning has commenced Hot commissioning has commenced in July 2018 with first products due in Q4 2018 The roaster technology was proven through a pilot plant in February

• 2017. Conducted by

SPMP at the laboratories

• f Simulus in Perth and

CSIRO in Melbourne. The results were adjudicated by Worley Parsons and Wardell Armstrong

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The SPMP Project - Current

Source: SPMP Management, June 2018

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Contact Us

Karen O’Mahony

Acting Chief Executive Officer & Chief Financial Officer 18 Upper Brook Street London W1K 7PU Email: ir@tri-starresources.com Phone: + 44 (0)20 7653 6291 Website: www.tri-starresources.com