anglo pacific group plc - corporate presentation

Anglo Pacific Group PLCJune 2015

Corporate Presentation

Anglo Pacific Group PLC

Important disclaimer

Certain statements in this presentation, other than statements of historical fact, are forward-looking statements based on certain assumptions and reflect the expectations of Anglo Pacific Group PLC (the “Company”) and views of future events. Forward-looking statements (which include the phrase “forward-looking information” within the meaning of Canadian securities legislation) are provided for the purposes of assisting the reader in understanding the Company’s financial position and results of operations as at and for the periods ended on certain dates, and to present information about management’s current expectations and plans relating to the future. Readers are cautioned that such forward-looking statements may not be appropriate for other purposes than outlined in this presentation. These statements may include, without limitation, statements regarding the operations, business, financial condition, expected financial results, cash flow, requirement for and terms of additional financing, performance, prospects, opportunities, priorities, targets, goals, objectives, strategies, growth and outlook of the Company including the outlook for the markets and economies in which the Company operates, costs and timing of acquiring new royalties, mineral reserve and resources estimates, estimates of future production, production costs and revenue, future demand for and prices of precious and base metals and other commodities, for the current fiscal year and subsequent periods. In addition, statements relating to “reserves” or “resources” are forward looking statements, as they involve implied assessment, based on certain estimates and assumptions, that the resources and reserves described can be profitably produced in the future.

Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, or include words such as “expects”, “anticipates”, “plans”, “believes”, “estimates”, “seeks”, “intends”, “targets”, “projects”, “forecasts”, or negative versions thereof and other similar expressions, or future or conditional verbs such as “may”, “will”, “should”, “would” and “could”. Forward-looking statements are based upon certain material factors that were applied in drawing a conclusion or making a forecast or projection, including assumptions and analyses made by the Company in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors that are believed to be appropriate in the circumstances. The material factors and assumptions upon which such forward-looking statements are based include: the general economy is stable; local governments are stable; interest rates are relatively stable; equity and debt markets continue to provide access to capital; the ongoing operations of the properties underlying the Company’s portfolio of royalties by the owners or operators of such properties in a manner consistent with past practice; the accuracy of reserve and resource estimates, grades, mine life and cash cost estimates; the accuracy of public statements and disclosures made by the owners or operators of such underlying properties; no material adverse change in the market price of the commodities that underlie the Company’s portfolio of royalties and investment interests; no adverse development in respect of any significant property in which the Company holds a royalty or other interest; the successful completion of new development projects; the accuracy of publicly disclosed expectations for the development of underlying properties that are not yet in production; planned expansions or other projects within the timelines anticipated and at anticipated production levels; and title to mineral properties.

Forward-looking statements are not guarantees of future performance and involve risks, uncertainties and assumptions, which could cause actual results to differ materially from those anticipated, estimated or intended in the forward-looking statements.

By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate; that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. A variety of material factors, many of which are beyond the Company’s control, affect the operations, performance and results of the Company, its businesses and investments, and could cause actual results to differ materially from those suggested any forward-looking information. For additional information with respect to such risks and uncertainties, please refer to the ‘Risk Factors’ section of our most recent Annual Information Form available on www.sedar.com and the Group’s website www.anglopacificgroup.com, and also to the ‘Principal risks and uncertainties’ section of our most recent Annual Report, which is also available on our website. If any such risks actually occur, they could materially adversely affect the Company’s business, financial condition or results of operations. The reader is cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on forward-looking statements.This presentation also contains forward-looking information contained and derived from publicly available information regarding properties and mining operations owned by third parties. The Company’s management relies upon this forward-looking information in its estimates, projections, plans, and analysis.

Although the forward-looking statements contained in this presentation are based upon what the Company believes are reasonable assumptions, there can be no assurance that actual results will be consistent with these forward-looking statements. The forward-looking statements made in this presentation relate only to events or information as of the date on which the statements are made and, except as specifically required by law, the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.

This presentation contains reference to past prices of and/or yields on the Company’s shares. Readers are reminded that past performance cannot be relied on as a guide to future performance.

As a royalty holder, the Company often has limited, if any, access to non-public scientific and technical information in respect of the properties underlying its portfolio of royalties, or such information is subject to confidentiality provisions. As such, in preparing this presentation, the Company has relied upon the public disclosures of the owners and operators of the properties underlying its portfolio of royalties, as available at the date of this presentation.

This presentation is for informational purposes only. This presentation is not a prospectus and does not constitute or form part of any offer, invitation or recommendation in respect of securities, or an offer, recommendation to sell, or a solicitation of any offer to buy, securities.

1


Anglo Pacific overview

(1) Rio Tinto Energy Roundtable, December 2014

(2) Bloomberg (as at 28 May 2015)

(3) Based on ~169.9m ordinary shares outstanding (as at 21 April 2015)

(4) As at 31 March 2014

(5) As at 31 December 2014

(6) US$30 million revolving secured credit facility with US$6 million drawn at 31 March 2015

(7) As at 31 March 2015

Ticker APF (LSE), APY (TSX)

Current share price (2) 94.3p

Market capitalisation (3) £158m (~$243m)

Cash (4) £6.5m

Net Assets(5) £161m

Undrawn revolving credit facility (6) £16m

Non-core mining, exploration interests and

receivables (7) £6.8m

2014A Dividend per share 8.45p

Corporate InformationDescription

» Anglo Pacific is the only natural resource royalty company listed on the

London Stock Exchange and is also listed on the Toronto Stock Exchange

» Strong position from which to expand asset base

» Royalties on six producing operations

» Diversified commodity exposure across coking coal, thermal coal, iron

ore, gold, vanadium and uranium

» Key royalty asset in Kestrel, a low cost predominantly coking coal mine in

Australia operated and majority-owned by Rio Tinto

» Kestrel is expected to increase production to 5.7 Mt per year in the next

9 to 15 months (1)

» Historical Kestrel royalty revenue totals A$252 million (2000-13)

» Near-term royalty income expected to be driven by Kestrel and new

royalties

» New progressive dividend policy with medium term absolute dividend

target of 8.0p and an intended longer term policy of paying dividends

representing a minimum of 65% of adjusted earnings

2


» Julian Treger joined the company in October 2013

» Delivering on strategy as demonstrated by Maracas

and Narrabri acquisitions

» Proven history of cash return to shareholders from

dividends

» Seeking to operate with low central costs and to

increase the scale of the business

» Current Anglo Pacific team has the capacity to

manage a significantly larger royalty portfolio

» Majority of royalty companies focussed on precious

metals

» Anglo Pacific is the only royalty company listed in

London focused on bulk materials and base metals

» Portfolio of 6 producing assets, with additional earlier

stage assets, diversified for commodity and geography

» Significant production growth potential over the next 9 to

15 months with Kestrel ramping up to full capacity

» Continuing to seek and pursue new royalty

opportunities

Commitment to Being a Yield Stock

Scalability

Strong Foundation With Existing Royalty

Portfolio

Limited Competition

Anglo Pacific investment highlights

Management with Proven Track Record Royalty Acquisition Pipeline

3


(1) Macquarie research

Value of commodity production excluding precious metals is large

|Gold and silver ~12% of global

2014 mining production by value

APG focused on ~88% of global

2014 mining production by value

2014

Global Production

by Value (1)

Coal Iron Ore Copper Other Gold and Silver

12%

8%

10%

18%

52%

4

http://www.silverwheaton.com/Home/default.aspx



Strategy for growth

Primary Royalties Secondary Royalties

Potential Drivers for Engaging with Anglo Pacific

» Challenging financing environment for miners

» Can be less dilutive than equity

» Less restrictive than debt

» Scope can be limited to a single asset or by-product

Potential Drivers for Engaging with Anglo Pacific

» Opportunity to monetize illiquid asset

» If privately held, risk can be highly concentrated

» Residual exposure possible via Anglo Pacific shares

5


Anglo Pacific’s approach to royalty acquisitions

Commodity: » Focused on bulk materials, base metals and energy

» Opportunistically consider other commodities, as well as royalties on ports and rail infrastructure

Asset specific

considerations:

» Management’s operating track record

» Profit margin & position on the industry cost curve

» Counterparty risk

» Jurisdictional risk

» Compliance with the Group’s corporate social responsibility policy

Valuation

considerations:

» Detailed due diligence on mine production profile

» Site visits by technical team and independent technical advisors

» Production assumptions based on existing mineable reserves, resources conversion assumptions evaluated on

case by case basis

» Consider other factors such as geology, infrastructure, and permitting which could impact production volumes

or mine life

Disciplined approach to investments

6


Key APG royalty acquisition criteria

Established mining jurisdictions

Producing or near production assets

Diversified commodity exposure vs. current portfolio

Low cost operations

Long mine life

Upside potential

Strong operational management

Narrabri Royalty

operated by

1% Gross Revenue Royalty

US$65 million

March 2015

Australia

Maracás Mine

operated by

2% NSR Royalty

US$25 million

June 2014

Brazil

Recent Narrabri and Maracás royalty acquisition demonstrates key acquisition characteristics

7

http://www.largoresources.com/English/Home/default.aspx

http://www.largoresources.com/English/Home/default.aspx


1.3% 1.5% 1.4%

9.0%

1.5%2.0%

-%

2.0%

4.0%

6.0%

8.0%

10.0%

Royal Gold Franco-Nevada Silver Wheaton Anglo Pacif icGroup

S&P TSX Diversif ied Metals & Mining

Index

S&P 500

Anglo Pacific shares offer an attractive dividend yield

Dividend Yield Compares Favourably to Peers(2014A Dividend Yield) (1)

(1) Company dividend yield calculated as 2014 dividend divided by share price as of 28 May 2015 close (Bloomberg). Index yields as per 28 May 2015 close (Bloomberg). Anglo Pacific yield based on 2014A dividend of 8.45p per share.

8



http://www.google.co.uk/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0CAcQjRw&url=http://en.wikipedia.org/wiki/Franco-Nevada&ei=I_XcVJuDMtHnaIj_gNgK&bvm=bv.85761416,d.d2s&psig=AFQjCNHb28TO7b_ObOAmYqsioD_IoZQNdA&ust=1423853214970614

http://www.google.co.uk/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0CAcQjRw&url=http://en.wikipedia.org/wiki/Franco-Nevada&ei=I_XcVJuDMtHnaIj_gNgK&bvm=bv.85761416,d.d2s&psig=AFQjCNHb28TO7b_ObOAmYqsioD_IoZQNdA&ust=1423853214970614

http://www.google.co.uk/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=&url=http://en.wikipedia.org/wiki/Franco-Nevada&ei=MvXcVMmNO43SaNPcgNgH&bvm=bv.85761416,d.d2s&psig=AFQjCNG4TLer3ELtfpOwmxcUxnD_QiT47g&ust=1423853235230510

http://www.google.co.uk/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=&url=http://en.wikipedia.org/wiki/Franco-Nevada&ei=MvXcVMmNO43SaNPcgNgH&bvm=bv.85761416,d.d2s&psig=AFQjCNG4TLer3ELtfpOwmxcUxnD_QiT47g&ust=1423853235230510


Julian Treger

Director and Chief Executive Officer

Julian Treger has over 24 years of investment

experience including special situations and distressed

investing. He co-founded Audley Capital Advisors LLP

(“Audley”) in 2005 and has led the firm’s natural

resource investments.

Prior to Audley, he co-founded Active Value Advisors

Ltd. to invest in undervalued, predominantly UK-listed

companies, where he advised on more than US$900m

of funds over a 12-year period.

Julian Treger began his career working for Lord

Rothschild as an in-house corporate financier,

managing a portfolio of public and private equity

investments. Julian Treger holds a BA and an MBA

from Harvard University.

Management team has established track record in natural resources

sector

Julian Treger Has A Strong Track Record of Creating Value

• Generated over US$600m of profit on US$300m worth of actively structured natural resource investments over a 7-year period(1)

• Brokered US$3.3bn sale of Western Coal to Walter Energy, providing significant return on investment

• Natural resource investments predominantly focused on coal and iron ore across Canada, US and Africa

(1) Audley Capital Advisors LLP, November 18, 2013

9

Juan Alvarez

Head of Investments

Juan Alvarez joined the Group in 2012 as Group Mining

Analyst and became Head of Investments in May 2015.

He has a Bachelors degree in geology from Macquarie

University and currently has over twenty years

experience in exploration, mining geology, resource

estimation and mining finance.

Juan worked as a Senior Mining Geologist for

AngloGold and Rio Tinto before joining global mining

consultant, Golder Associates as a Senior Consultant.

Juan moved into mining finance when he joined niche

mining focused stockbroker, Fox Davies Capital, as a

sell side equities analyst before joining the Group.

Kevin Flynn

Chief Financial Officer

Kevin Flynn joined Anglo Pacific as Chief Financial

Officer in January 2012 and was appointed Company

Secretary in March 2015. A Chartered Accountant,

having qualified with Deloitte, he has overall

responsibility for corporate reporting, treasury and

taxation.

Prior to joining Anglo Pacific, Kevin spent several

years in finance roles in the London commercial real

estate sector, with both FTSE 100 and FTSE250

companies.

Key management supported by wider Anglo Pacific team

• Significant technical, corporate finance, and accounting experience across the team

• Finance team lead by Chief Financial Officer, Kevin Flynn

• Investment team lead by Juan Alvarez

Anglo Pacific Group PLC Annual Results 2013 10

Asset Overview

Anglo Pacific Group PLC 10


Geographic and commodity exposure across principal royalty portfolio

9

10

8

7

6

5

4

13

2

(1) Please refer to 2014 Annual Report for further detail on the royalty type and rate for Tucano, EVBC

(2) GRR – Gross Revenue Royalty. NSR – Net Smelter Return

(3) Kestrel royalty terms (Anglo Pacific): 3.5% of value up to A$100/tonne, 6.25% of the value over A$100/tonne and up to A$150/tonne, 7.5% thereafter

(4) EVBC: El Valle-Boinás Carlés

(5) Dugbe 1 to become a royalty upon the receipt of a mining license

Royalty Description

Producing royalties Early-stage royaltiesDevelopment royalties

Existing Royalty Portfolio

Royalty Commodity Operator Location

Royalty type

and rate (1,2)

Pro

du

cin

g

Kestrel (3) Coking &

thermal coal Rio Tinto Australia 7 – 15% GRR

NarrabriThermal &

PCI coal

Whitehaven

CoalAustralia 1% GRR

Maracás VanadiumLargo

ResourcesBrazil 2% NSR

Four Mile Uranium Quasar

Resources Australia 1% NSR

EVBC (4)Gold, copper

and silver Orvana Minerals Spain 2.5 – 3% NSR

Amapá &

TucanoIron ore

Zamin Ferrous /

Beadell Resources Brazil 1% GRR

De

ve

l-

op

me

nt

Salamanca Uranium Berkeley

Resources Spain 1% NSR

Ea

rly-s

tag

e

Pilbara Iron ore BHP Billiton Australia 1.5% GRR

Ring of Fire Chromite Cliffs Natural

Resources Canada 1% NSR

Dugbe 1 (5) Gold Hummingbird

Resources Liberia 2 – 2.5% NSR

1

2

4

5

6

7

8

9

10

3

11


(1) Based on balance sheet carrying value at December 31, 2014 and includes Narrabri at ~£44m where stated

(2) Kestrel production primarily metallurgical coal. Narrabri production split 84% thermal coal and 16% PCI coal in FY2014

(3) Gold commodity exposure includes the EVBC royalty which includes copper and silver by-products

Anglo Pacific commodity exposureFocus on royalties over high quality, low cost mines in production and located in predominantly low

risk jurisdictions

(2) (3)

(1) (1)

(1) (1)

12


Kestrel royalty overview

-

$50

$100

$150

$200

$250

Kestrel

Cumulative production (million tonnes)

Quartile 1 Quartile 2 Quartile 3 Quartile 4

(1) CRU as of November 2014. Business costs defined as FOB port, including all costs associated with mining and processing, transportation to port, mineral royalties, sustaining capital and interest on working capital adjusted for any realised quality premiums or discounts

(2) National Instruments 43-101 Technical Report on Kestrel Coal Mine, QLD Australia dated 30 January 2015 prepared by Golder Associates

(3) Rio Tinto Energy Roundtable, December 2014

(4) 2014 gross royalty income from Kestrel expected to be approximately £1.7m as per Anglo Pacific press release dated January 21, 2015

» First quartile global hard coking coal cost curve position (1), with

estimated average FOB cash cost of A$65/tonne to A$75/tonne (2)

» Estimated reserve-based mine life of ~18 years

» Production rate expected to reach 5.7 Mt of coal per year within

the next 9 to 15 months (4)

» 85% coking coal and 15% thermal coal (2)

» Limited exposure to China - 84% of coking coal and 86% of

thermal coal from Kestrel mine were sold to customers located in

Asia ex-China

» Anglo Pacific estimates that the Rio Tinto forecast for mining

within the Kestrel Royalty Area:

» H1 2015: approx. 20-25% of production

» H2 2015: approx. 70-75% of production

» 2016: approx. 60-65% of production

» Anglo Pacific management expects Rio Tinto to mine over 90% of

coal within Anglo Pacific’s royalty lands by 2017

Summary

Historical Kestrel Royalty Income to APG (4)

(GBP millions)

Forecast Hard Coking Coal Cost Curve Position(Business costs 2015E, US$/tonne) (1)

Switch from Kestrel North to Kestrel South

& mining largely outside of Anglo Pacific

royalty area£21.4

£26.1

£10.9 £9.9

£1.7

2010 2011 2012 2013 2014E

13

2014


Recent Acquisitions



Narrabri transaction overview

Transaction

» Anglo Pacific announced the completion of the acquisition of a royalty interest in the Narrabri coal mine from a private party on March 11, 2015

» The Narrabri Royalty entitles the holder to royalty payments equal to 1% of gross revenue on all coal produced from within the area covered by

the Narrabri Royalty area (1)

Consideration

» US$65 million total consideration – payable in cash (US$60 million) and Anglo Pacific shares (US$5 million)

Financing

» Firm Placing & Placing & Open Offer announced on February 4, 2015

» Oversubscribed equity placing at a 3.6% discount to market price on last business day prior to announcement (2)

(1) The Narrabri Royalty entitles the holder to royalty payments equal to 1% of the FOB price net of GST of coal sold for export; or FOR price net of GST of coal sold domestically, in respect of all coal mined from any part of the land underlying Exploration

License 6243 as initially granted. This area includes the majority of Mining License 1609 and the area where underground mining operations are expected to take place at Narrabri

(2) As per Anglo Pacific press release dated February 6, 2015. The Offer Price represents a discount of approximately 3.9 per cent. to the closing middle market price of 83.25 pence per share on February 3, 2015, being the last business day prior to the

announcement of the Firm Placing, Placing and Open Offer

15


-

$50

$100

$150

$200

$250

Narrabri royalty overview

The Narrabri Mine (1)

» Located in the Gunnedah Basin, an established mining jurisdiction

in New South Wales, Australia

» Low cost underground longwall coal mine with an estimated

Reserve life of ~22 years

» FY15 Narrabri cost guidance of A$59 - $62/t (~US$48 - 51/t)(2)

» Permitted & planned production of 8.0 Mtpa ROM

» High energy export thermal coal achieving or exceeding

Newcastle benchmark specifications. Mid volatile, low ash PCI

coal

» High quality thermal coal not expected to be impacted by

Chinese import restrictions on low quality coal

» Minimal Whitehaven exposure to China in FY15

» Limited impact from Chinese import tariffs given sales primarily

into premium markets such as Japan and Korea

Note: Whitehaven fiscal year ending 30 June

Note: ROM: run of mine

(1) National Instrument 43-101 Technical Report on Narrabri North Mine and Narrabri South, Gunnedah Basin, New South Wales dated 30 January 2015 prepared by Palaris Australia Pty Ltd

(2) Whitehaven does not disclose whether this includes government and/or privately held royalties. USD:AUD 1.2170

(3) CRU as of November 2014. Business costs defined as FOB port, including all costs associated with mining and processing, transportation to port, mineral royalties, sustaining capital and interest on working capital adjusted for any realised quality premiums or discounts

Forecast Thermal Coal Cost Curve Position(Business costs 2015E, US$/tonne) (3)



Narrabri

Narrabri

-

$50

$100

$150



Forecast PCI Cost Curve Position(Business costs 2015E, US$/tonne) (3)

16


0.2 0.4

3.7

5.7

7.0 - 7.28.0

FY11A FY12A FY13A FY14A FY15F Permitted & Planned

£0.3

£1.8

£2.8

FY12 FY13 FY14

Narrabri royalty overview (cont’d)

Product Mix (1)

(As percentage of saleable production tonnes)

Historical and Forecast Production (1)

(In million tonnes ROM, FY ending 30 June)

FY2014A Target


(1) National Instrument 43-101 Technical Report on Narrabri North Mine and Narrabri South, Gunnedah Basin, New South Wales dated 30 January 2015 prepared by Palaris Australia Pty Ltd

(2) Whitehaven FY15 Q3 results announcement

(3) Whitehaven has stated that in the longer term, production is planned to reach the permitted 8.0 Mtpa level

(4) 2011 average GBP:AUD 1.5530. 2012 average GBP:AUD 1.5304. 2013 average GBP:AUD 1.6223. 9-months 2014 average GBP:AUD 1.8185

(5) Royalty receipts are presented net of GST. The royalty payor applies a GST gross-up to ensure royalty payments are free and clear of any applicable GST

Thermal coal

PCI coal

Potential to increase royalty income through

shift in product mix to higher value PCI coal

Permitted and planned production of 8 Mtpa ROM

Development coal only;

first longwall coal was

cut in June 2012

Historical Narrabri Royalty Income (4) (5`)

(In GBP millions, FY ending 30 June)

Narrabri

ramp up

84.5%

15.5%

80%

20%(3)

17

(2)

Whitehaven has increased

guidance from 6.5 Mt


-

$5

$10

$15

$20

2007 2008 2009 2010 2011 2012 2013 2014 2015

Maracás royalty overview

The Maracás Royalty (1) The Maracás Vanadium Mine (Bahia Province, Brazil)

Historical V2O5 price (2)

Maracás average V2O5 unit production cost (1)

» Acquired secondary royalty from private seller in June 2014

» US$22 million payable in cash and US$0.5 million in warrants plus

up to a further US$3 million milestone payments

» 2% NSR royalty on all mineral products sold from the area of the

Maracás Vanadium Mine

» The mine is located in an established mining jurisdiction in Brazil and

connected to existing power, water and road infrastructure

» Owned and operated by Largo Resources

» A high grade vanadium deposit:

» Reserve: 13.1 Mt at 1.34% V2O5 (NI 43-101)

» Resource: 8.87 Mt of Measured at 1.37%, 15.77 Mt of Indicated

at 0.96%, and Inferred of 30.4 Mt at 0.83% (NI 43-101)

» First production in August 2015, first V2O5 shipped September 2015

» Forecast average annual production of ~25.1 Mlbs (11,400t) of V2O5

equivalent

» Estimated 29 year mine life (in respect of the area to which the

royalty relates)

Maracás average V2O5 production unit cost: $3.18/lb (1)

Maracás C1 Cash Cost Below Historical V2O5 Price($/lb)

Brazil

Maracás project

MARACAS

SALVADOR

BAHIA

Current spot price:

$4.20/lb (3)

(1) All information relating to Largo Resources based on public disclosure. For more information, please see the endnotes

(2) V2O5 ore Europe min 98% US$/lb, Metal Bulletin. As of 28 May, 2015 (Bloomberg)

18


Royalty updates


(1) Whitehaven Coal disclosure

(2) Largo Resources disclosure

(3) Largo Resources defines operating costs as follows: “Reported operating costs for the Maracás Mine include all royalties, SG&A, sales commissions but excludes CAPEX”

19

Kestrel Royalty

» Improved production rates following the longwall ramp up

» Q1 2015 production of 1.017 Mt of hard coking coal plus 0.118 Mt

of thermal coal

» Production increase of +30% vs. Q1 2014

Maracás Royalty (2)

» Ramp-up to full production continues

» Record daily production of 81% capacity achieved in March 2015

» Production cost of $3.91 per lb V2O5 in March 2015

» Targeted year-end 2015 and 2016 operating cost per lb V2O5 of

$3.21/ lb and $2.60/lb respectively (3)

4.0 mt

5.0 mt

9-months FY14 9-months FY15

9-month YTD ROM Production (1)

(In million tonnes, FY ending 30 June)

9-months FY14 9-months FY15

» Record quarterly production of 2.18 Mt achieved in Q3 FY15A

» Asset outperforming historical Whitehaven Coal guidance

» Whitehaven has revised FY2015 Narrabri production guidance

to 7.0 - 7.2 Mt ROM vs. previous guidance of 6.5 Mt ROM

Narrabri Royalty (1)

+27%


Conclusion



Conclusion

» Attractive dividend yield

» Accretive acquisitions to grow net income and dividend progressively

» Upside potential in Kestrel royalty income

» Market opportunity as conventional funding routes for natural resource producers remain limited

» Limited competition from other royalty players in non-precious metals space

21


Endnotes

22

Third party information

As a royalty holder, Anglo Pacific Group plc (“the Company”) often has limited, if any, access to non-public scientific and technical information in respect of the properties underlying its portfolio of

royalties, or such information is subject to confidentiality provisions. As such, in preparing this presentation, the Company has relied upon the public disclosures of the owners and operators of the

properties underlying its portfolio of royalties, as available at the date of this presentation.

i.This presentation contains information and statements relating to the Kestrel mine that are based on certain estimates and forecasts that have been provided to the Group by Kestrel Coal

Pty Ltd (“KCPL”), the accuracy of which KCPL does not warrant and on which readers may not rely.

ii. This presentation contains certain information relating to the Kestrel royalty which is principally derived from the National Instrument 43-101 Technical Report on Kestrel Coal Mine, QLD

Australia dated 30 January 2015 prepared by Golder Associates. This report is contained at Part 10 (Kestrel Qualified Person’s Report) of the Company’s prospectus dated 6 February 2015

(the “Prospectus”). Rio Tinto Limited, the owner of the Kestrel mine, is listed on the Australian Securities Exchange and reports in accordance with the JORC Code.

iii. This presentation contains certain information relating to the Narrabri royalty which is principally derived from the National Instrument 43-101 Technical Report on Narrabri North Mine and

Narrabri South, Gunnedah Basin, New South Wales dated 30 January 2015 prepared by Palaris Australia Pty Ltd. This report is contained at Part 11 (Narrabri Qualified Person’s Report) of

the Prospectus. Whitehaven Coal Limited, the majority owner of the Narrabri mine, is listed on the Australian Securities Exchange and reports in accordance with the JORC Code.

iv. This presentation contains certain information relating to the Maracás royalty which is principally derived from the National Instruments 43-101 Technical Report Preliminary Economic

Assessment of the Maracás Vanadium Project, 1.4 Million Tonnes per Year Processing Plant dated 4 March 2013 (effective date 4 March 2013) prepared Runge Pincock Minarco. First

production achieved August 2, 2014, material test work, expected ramp-up, and targeted phase 1 nameplate capacity as per August 5, 2014 Largo Resources Limited press release “Largo

achieves first production at Maracás Vanadium Project”. First shipment made on 2 September 2014 as per Largo Resources Limited press release “Largo makes first shipment of vanadium

pentoxide”. Estimated mine life (p. 2-1) extracted from NI 43-101 Technical Report dated 4 March 2013 (effective date 4 March 2013).

Standards of disclosure for mineral projects

National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) contains certain requirements relating to the use of mineral resource and mineral reserve categories of an

“acceptable foreign code” (as defined in NI 43-101) in “disclosure” (as defined in NI 43-101) made by Anglo Pacific Group plc with respect to a “mineral project” (as defined in NI 43-101), including the

requirement to include a reconciliation of any material differences between the mineral resource and mineral reserve categories used under an acceptable foreign code and the standards developed

by the Canadian Institute of Mining, Metallurgy and Petroleum, as the CIM Definition Standards on Mineral Resources and Mineral Reserves adopted by CIM Council, as amended (the “CIM

Standards”) in respect of a mineral project. Pursuant to an exemption order granted to Anglo Pacific Group plc by the Ontario Securities Commission (the “Exemption Order”), the information

contained herein with respect to the Kestrel mine, the Maracás project and the Narrabri mine has been extracted from information publicly disclosed, disseminated, filed, furnished or similarly

communicated to the public by an issuer whose securities trade on a “specified exchange” (as defined under NI 43-101) that discloses mineral reserves and mineral resources under one of the JORC

Code, the PERC Code, the SAMREC Code, SEC Industry Guide 7 or the Certification Code (each as defined in NI 43-101). As the definitions and standards of the JORC Code, the PERC Code, the

SAMREC Code, SEC Industry Guide 7 and the Certification Code are substantially similar to the CIM Standards, a reconciliation of any material differences between the mineral resource and mineral

reserve categories reported under the JORC Code, the PERC Code, the SAMREC Code, SEC Industry Guide 7 and the Certification Code, as applicable, to categories under the CIM Standards is not

included and no Form 43-101F1 technical report will be filed to support the disclosure based upon such exemption.