altus strategies - q3 2015

1 www.altus-strategies.com Q3 2015

Q3 2015

Private

& C

onfidential

Africa’s

Project

Generator


This presentation is being made only to and is directed only at:

– persons who have professional experience in matters relating to investments falling within

Article 19(1) of the Financial Services and Markets Act 2000 (Financial Promotion) Order

2005 (the “Order”); or

– high net worth entities, and other persons to whom it may otherwise lawfully be

communicated, falling within Article 49(1) of the Order (all such persons together being

referred to as “relevant persons”).

Any person for whom this does not apply should not act or rely on this presentation or any of

its contents.

Altus: Disclaimer


A privately owned ‘project generator’ focussed on Africa, diversified by commodity and jurisdiction

We discover and develop multiple assets and allow JV partners to fund their growth, outsourcing the ‘capital at

risk’ and reducing shareholder dilution

Our entrepreneurial team has worked together for over seven years and has a track record in value creation

e.g: Afferro, African Aura, Aureus, and Afcan

Passionate about exploration success, Altus represents a powerful blend of technical expertise in mineral

exploration and economic geology, with intense commercial acumen and discipline

Altus: The vanguard of value creation V

alu

e p

er

sh

are

Dilution

erodes

value

Leverage via

debt finance

The

‘sweet

spot’

Lifecycle of a successful Junior

Va

lue

pe

r sh

are

Project Generator

JV funded

Altus funded


Our team:

Our combined experience:

Altus: A specialist resource group

Geologists & mining engineers 16

Resource finance professionals 3

Resource companies founded 10

Investment companies founded 5

Mines built 3

Companies sold 7

Years in sector >120

Countries operated in >50

Markets transacted on LSE, TSE, ASX, CISX

Transactional history IPOs, RTOs, mergers, de-mergers, JVs, asset sales


Altus: Corporate

Business activities Project generation &

fund management

Incorporated England & Wales

Shares on issue 416,471

Options & warrants 48,685 & 20,000

Number of shareholders 37

Board and management 42.0%

Institutional 24.0%

Other 34.0%

Cash £1.29M

Investments £0.63M

Current liabilities £0.11M

Debt £0.00M

Net financial assets £1.95M

Data as at end September 2014

Figures may not match due to rounding.

Assets & cash exclude JV payments to be received

Altau Resources plc 100% Copper

Aluvance plc 95% Iron Ore

Alures Mining Ltd* 100% Bauxite

Auramin Ltd* 100% Gold

Aterian Resources Ltd 100% Silver & base metal

Altus Capital Ltd 100% Asset Management

* Licences being transferred from Aluvance

Shareholder analysis: Summary:

Non-financial assets: Condensed balance sheet:

For the full version of this presentation

please contact the Company


Altus: Board & advisors

David NETHERWAY (Chairman) - Mining Engineer.

Over 35 years’ experience. Chairman of Aureus, Altus

and Asterion, Canyon Resources, Kilo. Formerly of

Afferro, Afcan, Crusader, Gryphon, Shield, Orezone,

Equigold and KazakhGold.

Steven POULTON (Chief Executive) - Mining Geologist.

Co-founder of Altus, Afferro (TSX & AIM), Aureus (TSE

& AIM), Ariana (AIM), director of Altus Capital, Stellar

(AIM). FGS, FIMMM and MCSM.

Malcolm BURNE (Board Advisor) - Junior resource

specialist and founder and former exec-chairman of

Golden Prospect (Ambrian Capital) and former director

of Praetorian Resources,

Dr Tom ELDER (Board Advisor) - Geologist with over 40

years experience, former worldwide exploration

manager for BP Minerals and manager (FSU) for Rio

Tinto. Director of Centamin, former CEO of Mano River

Resources

Dr Neil ADSHEAD (Director) - Investment Strategist at

Sprott Asset Management LP. Neil has over twenty

years’ experience in the financial and resource sectors

and an extensive contact network. Prior to joining

Sprott, Neil was a senior mining analyst with Passport

Capital.

Guy PAS (Board Advisor) - Financier and founder, co-

founder & seed investor of SAMAX, Addax & Oryx,

Eastbound, Mano, Stellar, Oxus, Afren, AIOG,

AfricaWest, Siberian Diamonds, Ovoca and GAIA

resource fund and a number of other ventures.

Matthew GRAINGER (Director) - Mining Geologist. Co-

founder of Altus, Ariana (AIM), director of Asterion

and former COO of African Aura (TSX-V & AIM). FGS

& MCSM.


Altus: Team

Val MITCHELL (Finance and Administration) - A wealth

of experience in administration, HR, accounting and

project management gained in senior roles prior to

joining Altus.

James TENNANT (Geologist) - Holds a Master's degree

in mining geology from the Camborne School of Mines

and an Honours degree in geology from the University of

Manchester . Fellow of the Geological Society of London.

Dr Sarah PALMER (Senior Geologist) - Experience over a

range of commodities. Previously held senior positions

with Scandinavian Metals, Pitch Black Resources and

Nyah Resources. Holds a PhD from Queen’s University.

Craig METCALFE (Geologist) - Holds a Master's degree in

mining geology from the Camborne School of Mines and

an Honours degree in geology from the University of

Manchester. Fellow of the Geological Society of London.

Jonathan HUNT (VP Operations) - Geologist. Over 19

years experience across a range of commodities. Across

Africa. Previous experience includes senior exploration

roles with JCI, Birim and Coffey Mining.

Will SLATER (Geologist) - Experience in running

programmes in west and north east Africa. Holds a

Master's degree in Applied Geology from the University

of Leicester. Fellow of the Geological Society of London.

Greg OWEN (VP Corporate Development) - Experience in

project development, equity financings and corporate

transactions with Metals Exploration. Environmental

Science BSc from the University of Plymouth.

Lucy CRANE (Geologist) - holds a Master's degree in

Mining Geology from the Camborne School of Mines

and a Master's degree in Earth Science from the

University of Oxford.

Bartholomew HARVEY (Geologist) - holds a Master's

degree in Mining Geology from the Camborne School of

Mines and an Honours degree in Geology from the

University of Manchester.

Anthony WONG (Geologist) - holds a Master's degree in

Applied and Environmental Geology from the University

of Leicester.

Terry NUTKINS (Geologist) – holds a degree in Earth

Sciences from the University of Glasgow. He has

experience working in exploration and as an exploration

consultant across Africa.


Altus: Team

Emmanuel MBELLA (Cameroonian Geologist) – he has

28 years' experience in the mineral exploration industry.

He previously worked for the Bureau de Recherché

Geologiques et Minieres (BRGM) for 6 years.

Eugene LENDZEMO (Cameroonian Geologist) – he has

over 8 years experience in a range of commodities in

central Africa, including gold, iron and bauxite.

Birhanu Kebede DESTA (Ethiopian Geologist) - holds a

Master's in Economic Geology and an Honours degree

in Applied Geology both from Mekele University.

Ebrahim NESRO (Ethiopian Geologist) – holds a

Master's degree in Economic Geology from the

University of Mekelle and an Honours degree in Earth

Science from the University of Addis Ababa, Ethiopia.

Ashenafi Meresa HINDEYA (Ethiopian Geologist) –

holds a Master's in Economic Geology and an Honours

degree in Applied Geology both from Mekele University.

Huruy TEKLEMARIAM (Ethiopian Geologist) - holds an

Honours degree from the University of Mekele and is

finalising a Master's in Economic Geology.

Tessontsap TEUTSONG (Geologist) – he is currently

working towards a PhD on the formation of DSO Iron in

Southern Cameroon.

Abdlaaziz BOUCHADOR (Moroccan Geologist) – holds a

Mater’s degree in Applied Geoscience for Mineral and

Energy Resources from the Faculty of Science Semlalia

Marrakech


Altus: Subsidiaries


Altus: Projects

Alures Cameroon Birsok - Mandoum Al

JV with Canyon Resources

3,200m drilling programme complete

Assay results highly encouraging

Grades to 55.5% Al2O3 from surface

2nd phase drilling planned H1 2015

Aluvance Cameroon Bikoula Fe

3,889m phase 1 drilling completed

45Mt @ 44% Fe maiden resource

Resource from only 20% of strike

Excellent metallurgical testwork

62.3% Fe from gravity processing

Altau Resources Ethiopia Tigray - Afar Cu

Joint ventured with JOGMEC

Grades up to 22% Cu & 102g/t Ag

Manto style, structurally controlled

Initial trenching: 28m @ 0.75% Cu

Drilling in Q1 2015

Auramin Cameroon Laboum Au

Licence targets 30km regional shear

Potential for Birimian gold province

Gold coincident with shear zone

Anomaly remains open along strike

Gold flakes up to 3mm long panned

Auramin Liberia Bella Yella Au

Targets Archaean greenstones

130km east of New Liberty gold mine

historical gold in soil & trenching

Anomalies strike a combined 8.4km

25.3g/t Au in soil samples

Aterian Morocco Agdz & Sidi Ifni Cu

Prospective geology

Early mover advantage

Multiple remote sensing targets

Modern infrastructure

Hard rock artisanal mining on site


Selected portfolio news (YTD)

Jun 25, 2015 Aterian – Exploration Update on Agdz Copper Project, Central Morocco

Jun 17, 2015 Auramin – Multiple Gold Mining Camps at Bella Yella Project, Western Liberia

Jun 12, 2015 Auramin – Infill Soil Sampling at Laboum Gold Project, Cameroon

Jun 04, 2015 Cameroon Bauxite JV – Drilling Commenced on the Birsok Project

May 19, 2015 Aterian – Agdz Exploration Update, Central Morocco

May 05, 2015 Auramin – Infill Soil Sampling at Laboum Gold Project, Cameroon

May 01, 2015 Altau Resources – Drilling Intersects Copper Mineralisation at Tigray-Afar

Apr 21, 2015 Aluvance – Ndjele DSO Iron Licence Granted in Southern Cameroon

Mar 16, 2015 Aterian - Completion of Ground Geophysics at Agdz, Morocco

Feb 24, 2015 Aterian - Exploration Update for the Agdz Licence, Morocco

Feb 23, 2015 Cameroon Bauxite JV - MOU Executed with Rail & Port Operators

Jan 27, 2015 Aluvance - Positive ESIA at High Grade Bikoula Iron Deposit, Cameroon

Jan 14, 2015 Auramin - Substantial Gold Targets Defined at Laboum, Cameroon

Jan 13, 2015 Altau Resources - Drilling commences at Afar-Tigray copper project

Dec 11,2014 Cameroon Bauxite JV – Renewal of the Birsok Permit in Cameroon

Nov 26, 2014 Cameroon Bauxite JV – Initial Rail Study for the Birsok Project

Nov 12, 2014 Cameroon Bauxite JV – High Grade Alumina Results from Birsok Drilling

Sep 24, 2014 Altau Resources - Partnership with JOGMEC on Tigray-Afar Copper Project

Sep 15, 2014 Aluvance - 65% Iron Ore Concentrate From Bikoula Project, Cameroon

Aug 20, 2014 Aluvance - Excellent Metallurgical Results from Bikoula, Cameroon

Aug 19, 2014 Auramin - Progress Update - Laboum Gold Project, Cameroon

Aug 05, 2014 Aterian - High Grade Copper & Silver at Agdz Project, Morocco

Aug 04, 2014 Cameroon Bauxite JV - Further High Grade Bauxite from Birsok Project

Jul 22, 2014 Cameroon Bauxite JV - High Grade Bauxite Drilling Results Continue

Jul 04, 2014 Aterian - Participation in Bilateral Trade Delegation in Morocco

Jul 03, 2014 Aluvance - Metallurgical Testwork at Bikoula Iron Project, Cameroon

Jun 26, 2014 Aluvance - High Grade Gold At Laboum Project, Northern Cameroon

Jun 24, 2014 Canyon Bauxite JV - High grade assay results from inaugural RC drilling

Jun 06, 2014 Aterian - Substantial Remote Sensing Study Across Morocco

Altus: Shareholder communications

Parent company news (2014 - 2015)

May 20, 2015 Annual Report and Accounts 2014

May 01, 2015 Altus Quarterly Review, Q1 2015

Mar 17, 2015 Issue of Equity

Feb 16, 2015 Why Altus? A Visual Capitalist Infographic

Feb 10, 2015 Letter from the Chief Executive

Feb 04, 2015 Altus Quarterly Review, Q4 2014

Nov 13, 2014 Mining Networking Event Launched: Resource IQ

Oct 28, 2014 Altus Quarterly Review, Q3 2014

Sep 04, 2014 Further Geologists to Exploration Team

Aug 14, 2014 Altus Quarterly Review, Q2 2014

May 09, 2014 Altus Quarterly Review, Q1 2014

Quarterly shareholder reports

Company produces regular updates for shareholders, including

- Detailed exploration updates for all projects

- Respected market commentary and outlook

- Company management accounts and financial review


Project Generators

Altus: Project Generator


Private Funding

Bo

ard

PR

/ IR

Ge

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ts

Ad

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Co

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La

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Project generators: Intelligent funding

Typical Junior

Shareholders’ money

Single asset Diversified portfolio of assets

Exploration budget

Project Generator

Industry JV Partner

Shareholders’ money

Exploration budget

More value, created faster, with fewer shares issued Slow progress, faster dilution, directors lose interest

Bo

ard

PR

/ IR

Ge

olo

gis

ts

Ad

viso

rs

Co

nsu

lta

nts

La

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Value per share

Management equity holding

Value created

Au Cu Fe Al

Sn Zn C Ag


Project Generators: More value for less risk

Risk Typical Junior Project Generator

Dilution

Overheads + exploration paid by shareholders

More dilution means shareholders own less of the upside

Expensive exploration is funded by joint venture partners

Less dilution means shareholders own more of the upside

Technical Typically single asset situations, with grassroots licences

No incentive for management to drop lost causes

Exposure to multiple exploration assets at once

Management can be dispassionate in decision making

Funding Fully restricted by appetite of equity markets

Financings undertaken regardless of dilution impact

Joint venture partners fund exploration costs

Financings can be timed dependent on market strength

Management Rapid erosion in ownership turns owners into employees

‘Lifestyle’ firms evolve as salary outweighs equity incentive

With less dilution managers act as owners

Shareholder money is respected, costs are controlled

Commodity Often leveraged to the market price of a single commodity Diversified by commodity, flexible to market valuations

Sovereign Exposed to unforeseen political, legal and taxation change Geographical diversification spreads the risk

Exploration ‘Advanced’ assets (often 2nd hand) demanded by the market

Lost causes require higher prices or riskier drilling

Focus on grassroots discoveries with ‘blue sky’ potential

Poor projects quickly dropped

Market News & appetite stagnates as project slowly moves ahead Dynamic news flow from multiple projects

G&A All overheads carried by just one or two projects Running costs apportioned over numerous projects

Summary Shareholders are exposed to substantial downside risks, with

less exposure to exploration upside

Significantly reduced downside risk, with increased exposure

to exploration upside given multiple assets


Company HQ Founded Regional focus Commodity focus # Projects # Partners MCap (C$m) Board

Ownership %

African Gold Group Canada 2004 Africa Gold 3 0 19.1 9.6%

Almaden Minerals Canada 2001 Americas Precious & Base Metals 20 6 109.3 5.7%

Altus Strategies UK 2007 Africa Diversified 7 1 Private 45.7%

Altius Minerals Canada 1997 Americas Diversified 14 8 460.4 6.3%

Aurion Resources Canada 2006 Americas Gold 4 2 2.3 5.0%

Avrupa Minerals Canada 2008 Europe Diversified 13 4 11.1 16.5%

Azimut Exploration Canada 1986 Americas Diversified 16 4 8.8 10.6%

Blackheath Resources Canada 2011 Europe Tin & tungsten 5 0 7.0 16.8%

Cornerstone Capital Canada 1997 Americas Precious & Base Metals 6 2 20.9 1.5%

Eagle Plains Resources Canada 1992 Americas Diversified 40 8 6.7 6.1%

Eurasian Minerals Canada 1996 Global Precious & Base Metals 26 9 62.2 3.08%

Evrim Resources Canada 2011 Americas Precious & Base Metals 6 4 11.8 13.9%

GlobeTrotters Resource Group Canada 2009 Americas Precious & Base Metals 2 0 Private Unknown

HDI Mining Canada 1985 Global Diversified 13 4 Private Unknown

Jindalee Resources Australia 1994 Australia Diversified 4 3 7.5 30.0%

Kiska Metals Canada 1980 Americas Precious & Base Metals 13 4 10.4 1.0%

Lara Explorations Canada 2003 Americas Precious & Base Metals 10 5 23.9 9.5%

Legend Gold Canada 1997 Africa Gold 5 1 10.2 4.5%

Midland Exploration Canada 1995 Americas Diversified 18 6 26.7 8.0%

Millrock Resources Canada 2007 Americas Diversified 21 4 6.6 10.0%

Miranda Gold Corp Canada 1993 Americas Gold 11 4 11.9 1.7%

Mirasol Resources Canada 2003 Americas Precious & Base Metals 14 1 60.2 8.25%

Nevada Exploration Canada 2006 Americas Gold 6 1 5.3 13.9%

Renaissance Gold USA 2010 Americas Precious & Base Metals 19 4 24.9 13.1%

Reservoir Minerals Canada 2011 Africa & Europe Precious & Base Metals 20 3 293.0 6.4%

Riverside Resources Canada 2006 Americas Precious & Base Metals 10 6 17.2 3.4%

Strategic Metals Canada 1994 Americas Diversified 93 2 35.0 6.0%

Stratex International UK 2004 Africa & Turkey Gold 13 6 24.9 4.9%

Transition Metals Canada 2009 Americas Precious & Base Metals 25 5 10.8 13.4%

Virginia Mines Canada 2005 Americas Diversified 19 8 429.9 2.7%

Zimtu Capital Corp Canada 2004 Americas Diversified 29 2 8.4 8.6%

Project Generators

(Figures not verified with companies)

Total 499 112 1,747

Average 16 4 60 9.8%

Junior market

(<C$50m, as of July 2014) Average n/a n/a 10.0 7.6%

Project Generators: Sector analysis


Last 3 years Project Generators have secured $2 in JV funding for each $1 in equity ($412M vs. $226M)

As management are diluted less they have more incentive to respect shareholder money as if their own

Project Generators represent <1% of the market, but provide exposure to >490 projects and 112 JVs

Project Generators: Dilute shareholders less

0

20

40

60

80

100

120

140

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Private Placements

JV Funding

0

100

200

300

400

500

600

700

Private Placement Partner Funded Total

Mo

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y co

mit

ted

C$

m


Altus

0%

10%

20%

30%

40%

50%

60%

0 100 200 300 400 500 600

Bo

ard

sh

are

ho

ldin

gs

Market cap ($Cm)

Boards of juniors (capitalised at <C$50m) typically own 7.6% of their stock, worth on average of C$0.7m

Project Generators boards typically hold 11.0% worth approximately double at C$1.6m

Directors of Project Generators have substantially more ‘skin in the game’ = respect for share capital

Project Generators: Have more ‘skin in the game’

Project Generator

Index of <C$50m juniors

Sphere size = board holding value


Junior Index

TSX-V

TSE

ASX

AIM

PGs

0%

5%

10%

15%

20%

0 5 10 15 20 25

Bo

ard

sh

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ho

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Market cap ($Cm)

Project Generators: Define the sweet spot

Valuations differ from market to market, but the TSX-V offers the greatest exposure to micro-cap juniors

Project Generators in the same (<C$50m) bracket have highest board holdings by percent and by value

Investors in Project Generators have the optimal balance of risk, scale and management participation

Project Generator

Index of <C$50m juniors

Sphere size = board holding value

(All companies capped at >C$50m)


0

50

100

150

200

250

300

350

June 2009 June 2010 June 2011 June 2012 June 2013 June 2014

Pri

ce

Pe

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rma

nce

(R

e-b

ase

d)

Over the last five years there have been two years of bull market, followed by three years of bear market

Shares in listed Project Generators are up +121%, while the index of <C$50m juniors is down -55%

The inherent properties of Project Generators smooth out the downside and outperform on the upside

Project Generators: Outperform the market

- 55%

+ 121%

(Universe of Project Generators vs Juniors capitalised at <C$50m)


Market Outlook

Altus: Market outlook


Exploration is a multi-billion dollar cyclical business, with equity values currently at decade lows

A paucity of high-margin and low-capex discoveries is creating a substantial ‘discovery’ opportunity

Capital is now selective, after industry-wide cost control failures and poor shareholder engagement

The strong demographic and technological drivers for resource demand remain firmly intact

From 2005 to 2012, 209 juniors were delisted or sold on the TSX for a cumulative $115bn

Fundamentals: Bullish foundations

Performance of junior indices (re-based to US$) Metals and mining fundraising in US$m

0

5,000

10,000

15,000

20,000

25,000

Other

Convertible

Private Placement

IPO

0

100

200

300

400

500

600

700

800

900

1,000

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

ASX Smallcap Resources Index

FTSE AIM Basic Resources Index

S&P/TSX Venture Composite Index


Today’s exploration cuts are fuelling tomorrow’s deficits

Genuine discoveries are becoming scarce and the industry’s ability to recycle projects is now limited

The next generation of mines will typically:

– Be deeper, lower grade and geologically more complex

– Carry higher sovereign and other non project related risks

– Be in ever more remote locations where logistics impact on economics

– Have higher costs and longer lead times due to the above

20%

6%

12%

17%

41%

4%

Discovered pre-1960

Discovered 60s

Discovered 70s

Discovered 80s

Discovered 90s

Discovered 00s

Fundamentals : Deficits looming

Years from discovery to production for gold Source of new 2000 – 2010 copper production

Source: MEG

4

6

8

10

12

14

16

Ye

ars


Juniors have a proven track record of discovering new resources:

– Made 61% of the new gold deposits between 1997 – 2011

– Made 47% of the new copper deposits between 1999 - 2010

The exuberance in available capital of the bull market meant:

– Managers became highly paid agents, not owners

– Incompetent cost control led to destructive equity dilution

– Lifestyle companies emerged, with unsustainable overheads

The market reality requires patience and active management:

– Managers have to become investors and owners again

– Cost effective exploration is of paramount importance

– Spectacular returns envisaged over a 7 to 10 year period

Fundamentals: Management is key

New gold deposits: 97-11

New copper deposits: 97-11

Global exploration expenditure

Source: MEG


Fundamentals: Africa opportunity

Africa outperforms on discoveries African discoveries at much shallower depths

Global mining hotspots

Source: MinEx Consulting, Bloomberg, Economist

Colossal, underexplored continent Altus experience in Africa

Region Exploration

Spend

(03-12 US$bn)

Number of

Discoveries

Tier 1+2

Discoveries

Australia 12 10% 83 16% 13 15%

Canada 22 18% 65 12% 16 19%

USA 9 8% 20 4% 9 10%

Latin America 28 23% 118 23% 15 17%

Pacific / SE Asia 6 5% 23 4% 2 3%

Africa 17 14% 116 22% 19 22%

Western Europe 3 3% 22 4% 1 1%

China + FSU + EE + RoW 22 19% 77 15% 11 13%

Total 116 100% 524 100% 86 100%


A dynamic and entrepreneurial team who are all Altus investors, with significant ‘skin in the game’

Discovering new projects in Africa, cost efficiently and de-risking through systematic exploration

Diversified by commodity, country and stage with upside retained via equity and royalties

Avoiding conventional risks of poor cash control, excessive dilution and management partiality

Strategically positioned in the ‘sweet spot’ across a portfolio of high-growth resource projects

Altus: Summary

14 Station Road

The Orchard Centre

Didcot, OX11 7LL, UK

Tel: +44 (0) 1235 511 767

[email protected]

www.altus-strategies.com


Appendices: Portfolio

Portfolio


Portfolio: Subsidiaries

Company Holding Country Commodity Website

Aluvance plc 95% Cameroon Fe www.aluvance.com

Altau Resources plc 100% Ethiopia Cu, Ag, Au www.altau-resources.com

Alures Ltd 100% Cameroon Al www.alures-mining.com

Aterian Resources Ltd 100% Morocco Zn, Cu, Ag, Mn www.aterian-resources.com

Auramin Ltd 100% Cameroon Au www.aura-min.com

[Alures and Auramin are pending the transfer of respective assets from Aluvance]


Joint ventured

Exploration pipeline

Under discussion

Portfolio: Project Review

Project Commodity Country Stage Partner Key Terms

Birsok Al Cameroon Resource definition Canyon Resources $150k + 8M shares, $6m earn-in for 75%

Leopard Rock Au Liberia Resource definition Aureus Mining Sold - $60k, plus 2.5% Net Profit Interest

Tigray-Afar Cu Ethiopia Drill targets JOGMEC $2.5 earn-in for 51%, $7.0m for 70%

Project Commodity Country Stage Notes

Bikoula Fe Cameroon Inferred Resource 45Mt @ 44.0% Fe from <25% of projects strike (flagship)

Laboum Au Cameroon Soil survey 20km shear zone, soil sampling campaign underway

Agdz Cu Morocco Reconnaissance Hard rock artisanal workings discovered

Bella Yella Au Liberia Reconnaissance Historically one of Liberia’s largest alluvial gold districts

Sidi Ifni Au /Ag Morocco Reconnaissance Large mineralised structure in Anti-Atlas


Asset:

Corporate:

Aluvance: Overview

Shares in Issue 10,000,000

Listing Private UK company

Altus holding 95% (remaining 5% dilutable]

Directors David Netherway

Steven Poulton

Matthew Grainger

Diane Acha-Morfaw

Key Project Bikoula Licence

Location Southern Cameroon

Commodity Iron Ore

Target DSO Iron within strategic corridor

Area 809km2

Status Maiden resource defined


Project highlights:

Exploration programme:

Aluvance: Technical

Libi Hills Pitting of colluvial material

Infill drilling planned H1 2015

Road transport model underway

Metallurgical testwork underway

Bikoula Licence >20km strike yet to be explored

Mapping & sampling ongoing

Libi Hills 3,889m phase 1 drilling completed

45Mt @ 44% Fe maiden resource

Resource from only 20% of strike

Excellent metallurgical testwork

62.26% Fe from gravity processing

Environmental study underway High resolution geophysical survey

Drilling, Libi Hills


Aluvance: Gallery

Colluvial iron ore potential Key intersections, Libi Hills Libi cross section

Significant colluvial resource Local road improvements Kribi deep sea port construction


Asset:

Corporate:

Altau: Overview

Shares in Issue 10,000,000


Altus holding 100%


Steven Poulton

Matthew Grainger

Key Project Tigray-Afar licence

Location Northern Ethiopia

Commodity Copper, Gold & Silver

Target Cu within 15km regional shear

Area 780km2

Status JV with JOGMEC, drilling Q1 2015


Project highlights:


Altau: Technical

Slater Prospect Sampling of multiple targets

Mapping of strike extension

Cu/Au trenching ongoing

Drilling Q1 2015

Agamat Prospect Mapping of strike extension

Prospecting over VTEM targets

US$9.5m JV with JOGMEC

Slater Prospect Grades up to 22% Cu & 102g/t Ag

Manto style, structurally controlled

Initial trenching: 28m @ 0.75% Cu

Agamat Prospect 1.2km of mapped mineralisation

Grades up to 8.7% Cu & 9.5g/t Au Slater Prospect

Drilling, Afar-Tigray


Altau: Gallery

Channel sampling results 15km target with VTEM Schematic model

Slater Prospect, malachite sample Bulldozing, Slater Prospect Chalcopyrite from SDD001


Asset:

Corporate:

Alures: Overview

Shares in Issue 1


Altus holding 100%


Steven Poulton

Matthew Grainger

Key Project Birsok & Mandoum Licences

Location Northern Cameroon

Commodity Bauxite

Target Numerous enriched plateaux

Area 960km2 [Combined]

Status JV with Canyon, phase 1 complete


Bauxite drilling, Birsok

Project highlights:


Alures: Technical

Birsok 3,200m drilling programme complete

Grades to 55.5% Al2O3 from surface

Available alumina up to 53.5% Al2O3

2nd phase drilling H1 2015

Project located 10km from rail line

Targeting 3 - 5Mt pa operation

Birsok & Mandoum A$6M JV with Canyon Resources

Plateaux covering 158km2 to date

Grades of up to 68.6% Al2O3

Adjacent to Minim-Martap deposit

Local hydro power planned

Licence transferring from Aluvance

Operating rail line close to licence area


Alures: Gallery

Maiden drilling underway Drilling preparation Bauxite sample 61.09% Al2O3

Proposed Memve’ele hydro station Road access Bauxite sample 61.43% Al2O3


Asset:

Corporate:

Aterian: Overview

Shares in Issue 1


Altus holding 100%


Steven Poulton

Matthew Grainger

Key Project Agdz & Sidi Ifni

Location Morocco

Commodity Zinc, tin, manganese and silver

Target Prospective geology

Area 121.7km2 to date

Status Reconnaissance exploration


Project highlights:


Aterian: Technical

Morocco Agdz & Sidi Ifni licences granted

High grade Cu & Ag results

Multiple historical workings

Remote sensing study completed

Multiple priority targets defined

Further applications underway

Morocco Prospective geology

Early mover advantage

Multiple remote sensing targets

Modern infrastructure

Stable jurisdiction

Quartz vein, Mekenes


Aterian: Gallery

Sidi Ifni licence geology Morocco geological domains Agdz licence geology

Historical workings, Agdz Extensive alteration, Agdz Historical workings, Agdz


Asset:

Corporate:

Auramin: Overview

Shares in Issue 1

Listing Private UK Company

Altus holding 100%


Steven Poulton

Matthew Grainger

Key Projects Laboum & Bella Yella Licences

Location West & Central Africa

Commodity Gold

Target 30km shear & Archaean greenstones

Area 761km2 (Cameroon), 640km2 (Liberia)

Status Exploration

Artisanal workings within licence

Auramin project locations


Project highlights:


Auramin: Cameroon Technical

Laboum Historic BRGM work defined area

Remote sensing review undertaken

1.3g/t Au in initial rock chips

Rock & stream sampling completed

16km x 5km soil grid completed

Follow-up trenching and infill soils

Laboum Licence targets 30km regional shear

Gold in streams over 20km zone

Gold coincident with shear zone

Anomaly remains open along strike

Gold flakes up to 3mm long panned

Hard rock artisanal mining on site Trenching program Q1 2014, Laboum


Project highlights:


Auramin: Liberia Technical

Bella Yella Historic USGS work defined area

Remote sensing review undertaken

Historic soil data compiled

Stream sampling planned

Follow-up soils & trenching H2 2015

Bella Yella Licence targets artisanal mining

Gold in streams over 10km2 zone

Two historical gold in soil anomalies

Anomalies strike a combined 8.4km

25.3g/t Au in soil samples

Extensive artisanal mining on site Artisanal gold workings, Bella Yella


Auramin: Gallery

Soil sample results, Laboum 3D licence map, Laboum Laboum licence landscape

Gold in stream sediment, Bella Yella Gold in soil results, Bella Yella Gold in pan, Bella Yella

Auramin: Gallery


Appendices: Track record

Track record


The selected deals below had either an element of an activist investment approach, a board seat was taken,

negative control was acquired and exercised or assets were taken up the development curve

Team: Track record

Company Name Entry date Exit date To

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IRR

Principal and role1

(k) (k) (x) (%)

Companies where principals acted as CEO/Co-founder

Afcan Mining 05/2002 09/2005 N/A N/A N/A 64% DN: CEO

African Aura 04/2005 04/2011 N/A N/A N/A 65%

SP: Co-founder & CEO

MG: COO

DN: Chairman

Shield Mining 09/2006 01/2011 N/A N/A N/A 13% DN: CEO

Companies where principals acted as investors

Kryso 09/2009 10/2011 £573 £5,587 9.7x 211% SP&EB: Investment manager

Serabi 10/2009 05/2011 £230 £325 1.4x 33% SP&MG: Investment manager

Triple Plate Junction 12/2009 08/2012 £742 £2,044 2.8x 1,179% SP&MG: Investment manager

Tiger Resources 05/2010 02/2011 £2,010 £5,563 2.8x 597% SP&EB: Investment manager


DN appointed CEO with a focus on developing a gold exploration portfolio in West Africa

Discovered the opportunity to develop a high value gold asset in China and take it through expansion

Achieved 64% p.a. IRR for third party investors over a 3 year period (2002 – 2005)

Afcan acquired by Eldorado Gold in 2005

Case study: Afcan Mining, 64% IRR (3 years)


Founded by Altus team, discovered world class Nkout iron ore deposit in Cameroon

Defended hostile bid, merged with Mano River, raised >£40M and de-merged to unlock value

Created Afferro (sold for ~$200m) and Aureus (LSE: AUE) constructing a 100koz pa gold mine in Liberia

Achieved 65% p.a. IRR for third party investors over a 6 year period (2005 – 2011 demerger)

Case study: African Aura, 65% IRR (6 years)


Headed by DN as CEO, focused on grassroots exploration in West Africa

Developed a portfolio of gold and base metal projects in Mauritania, with successive drill campaigns

Maintained exploration during crisis and realized shareholder value through a take over by Gryphon

Achieved 13% p.a. IRR for third party investors over a 4 year period (2006 – 2010)

Case study: Shield Mining, 13% IRR (4 years)


An Altus managed fund acquired a 6.6% stake and took a board seat

Assisted with corporate and technical re-organization and development of strategic Chinese investor

Resource upgraded to 3.5Moz and bolstered board during a volatile period

Achieved 211% p.a. IRR on investment over a 2 year period by sale in two blocks

Case study: Kryso Resources, 211% IRR (2 years)


Acquired initial 4% stake and with other shareholders voted down delisting proposal

Increased stake to 9.3% and negotiated warrants as part of refinancing participation

Exited majority of position through a sale to a listed major gold miner, with balance sold into the market

Achieved >1,000% p.a. IRR on investment over a 3 year period

Case study: Triple Plate, 1,000% IRR (3 years)


Structured and led financing that saw Tiger fund construction of Kipoi copper project, DRC

Strong performance and improved liquidity following financing and as project taken into production

Achieved 154% return on investment in less than 9 months, selling into the market

Case study: Tiger, 154% IRR (9 months)

altus strategies - q3 2015

Documents

discipline altus

cofounder of altus

net financial assets

resource companies

nonfinancial assets

assets cash

years experience

financial promotion