CU River Mining AustraliaGM USG Conference

30 August 2018

Cu-River Mining

Cu-River Mining Australia

Formed: 2014

Head Office: Adelaide, South Australia

Board: Mr Yong Gang SHAN Managing Director

Mr Xiaobing LU Executive Director/Company Secretary

Management: Mr Shuqiu DU General Manager

Mr Sheng Li Mine Services Manager

Mr Mark Hoepfl Logistics Manager

Mr Rohan Gleeson Exploration Manager

Ms Shelaye Boothey External Affairs Manager

Mr Kerry Mudge Environment and Approvals Manager

South Australian Government

Native Title Representative Body

Alliance Partner

Tenements

Operations

• Cairn Hill

Feasibility

• Snaefell

Exploration

• Tomahawk

• Mt Woods

History of Delivery

• September 2014 - Termite Resource went into administration

• December 2014 - Cu-River purchases Cairn Hill mine

• June 2016 – Exports recommence from Cairn Hill mine

• August 2017 - Over 1 million tonnes exported from Cairn Hill mine

• October 2017 - Alliance partner and finance secured for expansion of the Cairn Hill mine

Magnetite Strategy

Magnetite Strategy

Preferred iron ore supplier to China’s steel industry, providing a sustainable source of premium grade magnetite concentrate

2.5 Years 1.0 Mta 8.4 @ 47%

Project Pipeline

Cairn Hill

•Approved PEPR

•Pre-production planning and activities

Cairn Hill Expansion

•Regulatory and stakeholder consultation

•Finalizing technical studies

•PEPR amendment

Cairn Hill South

•Drilling Program – Water and Ore

•Finalizing technical studies

•PEPR amendment

Snaefell

•DOD access arrangement

•Reserve definition drilling

•Baseline environmental studies

•Mining Lease Proposal

Tomahawk

•Exploration

•Baseline environmental studies

•Concept study

Mine Life Production Resource (Mt @ %Fe)

4 Years 3.0 Mta 36.8 @ 28%

20+ Years 7-10 Mta 920* @ 25-30%

20+ Years 5+ Mta 670* @ 30-35%

6+ Years 3.0 Mta 120* @ 25-30%

* Exploration Target Resource

Production Profile

-

2,000,000

4,000,000

6,000,000

8,000,000

10,000,000

12,000,000

14,000,000

16,000,000

Ton

nes

Co

nce

ntr

ate

@ 6

8%

Fe

Annual Production

Cu-River Production Profile

Cairn Hill Con Snaefell Con Tomahawk Con

Exploration – Cairn Hill

Cairn Hill

Indicated Resource 37 Mt @28%

Cairn Hill Targets:

Target Resource 120Mt @ 25 - 30% Fe

• Pit 1 and 2 ore extension

• Pit 3 ore extension

• Pit 5 and 6 development

• Magnetic high to the South East of the existing mine area

Exploration - Snaefell

Snaefell

Inferred Resource 568 Mt @ 27%

Snaefell Targets:

Target Resource 920 Mt @ 25 - 30% Fe

• Drill out Snaefell to 100m x 200m for resource calculations and resource growth

• Approximately 25,000m drilling required to achieve 100m x 200m spacing.

Potential to increase the Snaefell resource and expand the life of mine.

Exploration - Tomahawk

Tomahawk :

Target Resource 670Mt @ 30 - 35% Fe

• Drill out Tomahawk/Axehead to 100m x 200m for resource calculations and resource growth.

• Approximately 25,000m drilling required to achieve 100m x 200m spacing.

• Potential to significantly increase the resource base.

• Further drilling required for Tomahawk North.

Exploration

Exploration Upside

• 604.8 Mt Inferred Resource

• 1,710 Mt Exploration Target

• Close proximity to existing infrastructure, including rail

Exploration Program

• 50,000m + drilling program

• Resource definition, nearfield and greenfield exploration

Cairn Hill Expansion

Cairn Hill

Production: 1 Mta @ 55% Fe

LOM: 2.5 years

Mining: Open cut

Processing: Dry magnetic separation

Mineral Waste: Waste Rock Dumps (WRD)

Workforce: 95ppl – offsite accom

Power: Gen sets

Water: Groundwater

Capital: $5 Million

EPA licence: Mineral Processing

FNPWA Licence: 290,000 L per annum

WPA Production Permit

Cairn Hill Expansion

Production: 3 Mta @ 68% Fe

LOM: 4+ years

Mining: Open cut

Processing: Wet Processing Plant

Mineral Waste: WRD and TSF

Workforce: ~300 ppl

Power: 40 MW Power Station

Water: Groundwater

Capital: $230 Million

EPA licence: Mineral Processing

Fuel Storage & Burning

FNPWA Licence: 1,200,000 L per annum

WPA Production Permit

Approvals Pathway

Approvals Puzzle

Resource Feasibility Finance AccessEnvironmental

AssessmentApproval Construction Operation

Oct 2017 Feb 2018 Mar 2018 Aug 2018 Oct 2018 Dec 2018 2019 2020

Mineralised stockpiles

Mineral Processing Expertise

Secured Finance

Mineral Reserve

Brownfield Expansion

Offtake Agreement

Alliance Partner

Mining Lease

TSFWPA Resource

Production Permit

EPBC

PEPR Review

Native Title Agreement

Groundwater

WPA Production Permit Variation

TSF

Production Ramp Up

Fixed Plant

OptimisingLogistics

Mine Development

2019 – A busy year

Cairn Hill Expansion

PEPR Approval

Engineering and Procurement

Construction

Pre-Strip

Cairn Hill South

Drilling Program

Feasibility Study

Environmental Assessment

PEPR Approval

Snaefell

Drilling Program

Environmental Baseline

Feasibility Study

Mining Lease Proposal

Conclusion

Exciting times at Cu-River Mining Australia- Mineral producer with a clear vision and mission

- Proven track record for project delivery

- Advanced brownfield expansion

- Alliance partner, secured finance and offtake agreements

- A strong project pipeline with significant exploration upside

- Close proximity to infrastructure, including rail and port

- Existing relationship with key stakeholders

Contact

Cu River Mining Australia Pty LtdABN: 48 600 429 043

Corporate Head Office Level 10 185 Victoria Square/Tarntanyangga

Adelaide 5000PO Box 263 Rundle Mall

Project Development Office1417 McDougal RdCoober Pedy 5723

Telephone: 08 82325094Email: enquiry@curiver.com.auWebsite: www.curiver.com.au