TSX.V: PGE | OTC: PGEZF |FSE: 5D32
www.grouptenmetals.com
CORPORATE PRESENTATIONJuly 2018
PREMIUM NORTH AMERICAN
EXPLORATION & DEVELOPMENT ASSETS
ACROSS THE SPECTRUM OF HIGH-DEMAND METALS
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This presentation contains forward-looking statements including but not limited to comments regarding the timingand content of upcoming work programs, geological interpretations, receipt of property titles, potential mineralrecovery processes, etc. Forward-looking statements address future events and conditions and therefore involveinherent risks and uncertainties. Actual results may differ materially from those currently anticipated in suchstatements. These statements are based on a number of assumptions, including, but not limited to, assumptionsregarding general economic conditions, interest rates, commodity markets, regulatory and governmentalapprovals for the company’s projects, and the availability of financing for the company’s development projects onreasonable terms. Factors that could cause actual results to differ materially from those in forward lookingstatements include market prices, exploitation and exploration successes, the timing and receipt of governmentand regulatory approvals, and continued availability of capital and financing and general economic, market orbusiness conditions. Group Ten Metals Inc. does not assume any obligation to update or revise its forward-lookingstatements, whether as a result of new information, future events or otherwise, except to the extent required byapplicable law.
The following non-independent Qualified Persons (as defined by National Instrument 43-101) supervised and approved the release of technical information in this disclosure:
Mike Ostensen, P. Geo. (Montana)Debbie James, P. Geo. (Yukon, Ontario, BC and Alaska projects)
Forward Looking Statements
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Asset Overview & Fundamentals
1 - Report on Montana Platinum Group Metal Mineral Assets of Sibanye-Stillwater, November 2017, Measured and Indicated Resources of 57.2 million tonnes grading 17.0 g/t Pt+Pd containing 31.3 million ounces and 92.5 million tonnes grading 16.6 g/t containing 49.4 million ounces.
World-class potential. Prime districts. Low risk.
CANADA
USA
Yukon
Montana
Ontario
Stillwater West Project • Adjacent to Sibanye-Stillwater’s PGE Mines with over 80Moz of Pd+Pt at over 16g/t*
• The Stillwater district has a rich mining history for PGEs, Ni, Cu, Cr, other commodities
• Group Ten is the first to consolidate a large land position with the extensive database (including over 11,000m of core) and apply modern geological models developed in South Africa at Ivanhoe’s Platreef and Anglo American’s Mogalakwena mines
• Compilation and analysis by Group Ten shows the potential for much larger mineralized systems than has been previously recognized, based on:
• highly anomalous Pd, Pt, Au, Ni, Cu, Cr over 18km in soils
• 12 large geophysical anomalies (conductive highs) across same area
• significant PGE-Ni-Cu-Co mineralization in historic drilling
• Re-logging of historic core nearly complete
• Inaugural drill program planned for 2018
Kluane PGE-Ni-Cu Project• Adjoining and on-strike with Nickel Creek Platinum’s world-
class PGE-Cu-Ni-Co deposit
Black Lake-Drayton Project• High-grade gold in the Rainy River Belt
• Focused on the discovery and development of world-class polymetallic (technology metals plus PGEs, gold) deposits through resource delineation stage
• All projects in brownfield districts, adjacent to mines or advanced-stage projects, with excellent existing infrastructure
• Land positions acquired strategically during bear market• Experienced team with expertise in PGM-Ni-Cu exploration• 100% interest on all projects• Low political risk
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Board of Directors Greg Johnson – Executive Chairman▪ 30 years experience in exploration, development and
financing of large-scale mining projects▪ Broad capital markets experience, raising over $650
million in project financing▪ Co-founder of NovaGold, former President & CEO of
Wellgreen Platinum and South American Silver▪ Exploration Manager Placer Dome (now Barrick Gold)▪ Co-credited with discovery or expansion and
advancement of major precious and base metal deposits
Michael Rowley – President & CEO, Director ▪ Over 25 years executive experience in the exploration,
mineral processing, and mine environmental industries▪ Director of Bravada Gold, Granite Creek Gold, and Sierra
Mountain Minerals
Gregor Hamilton – Director▪ Over 20 years of mining sector experience in investment
banking, corporate finance, geology▪ Capital markets expertise and global finance contacts for
mining, M&A and corporate strategy▪ Successful entrepreneur in mining, technology and
agribusiness in Canada and South America
Bill Harris – Director▪ President and CEO of Midnight Mining▪ Founder, former Executive of Northern Freegold▪ Lifelong Yukoner, prospector, mining
entrepreneur
Michael Rowley, BSc, RPBio – President & CEO, Director▪ See bio at left with Board of Directors
Tim Thiessen, BA, CA – Chief Financial Officer▪ 20 years of international accounting and finance experience▪ Has held CFO position with Metallic Minerals, Foran Mining,
SnipGold, and Aurcana, also former VP Finance for Endeavor Financial, and auditor for Deloitte’s mining practice
Dr. Craig Bow, Ph.D. – Chief Geologist▪ Over 40 years experience in global exploration, mine geology, &
project management, including exploration of the J-M Reef and advancement of the initial Stillwater Pd-Pt mine to production
▪ Recognized expert on global PGE-Ni-Cu systems, part of the team responsible for multi-million ounce Arctic Platinum partnership (Gold Fields/Outokumpu), former Exploration Manager North America for Gold Fields, Senior Technical positions for Cyprus Amax, Newcrest, and AngloGold Ashanti
Mike Ostenson, P.Geo. – Project Geologist▪ 20 years experience in the Stillwater district including former VP
Exploration for Premium Exploration, Senior Technical roles for Beartooth Platinum, Stillwater Mining Co. and AngloGold
Justin Modroo, P.Geo. – Project Geophysicist ▪ 20 years industry experience, including work in the Stillwater
Complex with Premium Exploration and Beartooth Platinum
Chris Ackerman, LLB – Mgr Corp Communications & IR▪ Mgr Corp. Communications with Metallic Minerals, formerly with
Wellgreen Platinum & Sr. Bus Dev Advisor, Yukon Government
Management & Technical Team
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Exposure to Key High-Demand Commodities
Demand Growth• Significant and growing demand from batteries, especially high-charge density uses (eg electric vehicles)• Listed as a ‘strategic metal’ in the US, major consumers (eg Apple, Tesla) and China securing direct supply
Supply Constraints• Majority of supply is high-risk (Congo)• Limited first-world resources
Demand Growth• A top performing commodity• Growing demand for infrastructure,
electric vehicles batteriesSupply Constraints• Diminishing resources/grades (‘peak
copper’), need new resources/mines
Demand• Historic store of value, also jewelry, industrial• Hedge against political uncertainty, currency risks
Supply• Diminishing resources/grades (‘peak gold’), need
new resources/mines
Demand Growth• Primary demand for catalysts (both auto and industrial), also military uses, fuel cells, jewelry• Growing demand from auto sector with strong vehicle sales, tighter emissions standards
Supply Constraints, Political Risks• Majority of supply from high-risk countries (South Africa, Russia)• Positive price projection based on increased demand, declining production and physical stores
Demand Growth• Significant and growing demand from electric vehicle batteries, plus industrial uses, alloys, stainless steel• One of the most important global metals markets at >USD$20 billion per year, and growing
Supply Constraints• Majority of global nickel ore supply is not tech-compatible (62% laterite vs 38% nickel sulphide)• Recent supply disruptions from Philippines and Indonesia, two of the largest exporters
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Stillwater West Project & Team – Overview
• Stillwater Igneous Complex is a 2.7B-year-old layered intrusive mafic-ultramafic complex with geology similar to South Africa’s Bushveld Complex
• Stillwater Igneous Complex is 47 km long and up to 8 km, rich in PGEs, Ni, Cu, Co, Cr
• Existing road access and power infrastructure with three operating mines in the Stillwater district
• Experienced team with over 60 years of combined expertise in the Stillwater District and globally on PGE-Ni-Cu systems
• Board and management with extensive global experience in exploration and mining
Brownfields exploration in one of the world’s largest and highest grade PGE-Ni-Cu districts
Stillwater Mine - Montana
STILLWATER MINE (Sibanye-Stillwater) EAST BOULDER MINE (Sibanye-Stillwater)
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Group Ten geologists inspect the mafic - ultramafic series above Sibanye-Stillwater’s Stillwater Mine, one of three mines in the Stillwater Complex.
Stillwater Complex, Montana, USA – Exploration HistoryA rich history of discovery of base and precious metals
• 1880s – Discovery and mining high-grade nickel and copper in lower Stillwater series• 1930s to 1960s – Exploration and mining of high-grade iron and chrome• 1960s to 1970s – Exploration for nickel and copper • 1970s to 1980s – Discovery and development of high-grade PGEs at the J-M Reef deposit• 1986 – Stillwater Mine opens on J-M Reef• 2002 – East Boulder Mine opens on J-M Reef• May 2017 – Sibanye Gold announces $2.2B acquisition of Stillwater Mining, Blitz Mine opens on J-M Reef
• June 2017 – Group Ten announces acquisition of major claim block adjoining Sibanye-Stillwater• January 2018 – Group Ten announces highly anomalous Pd, Pt, Au, Cu, Ni, and Cr in soils across 18km strike • February 2018 – Group Ten announces 12 major conductive anomalies, coincident with elevated soil results• May 2018 – Group Ten announces priority PGE-Ni-Cu-Co targets in the Iron Mountain target area
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Stillwater West PGE-Ni-Cu Project – Regional Claims MapLarge land position in one of the world’s richest PGE-Ni-Cu districts
1
2, 3
STILLWATER WEST
25 Kilometers
1
Mineral RightsGroup Ten (acquired June 2017, November 2017, January 2018)Group Ten (acquired June 2018)Sibanye-Stillwater (Approx.)
Resources31.3 Moz Pd+Pt at 17.0 g/t M&I* and 49.4 Moz Pd+Pt at 16.6 g/t Inf.*
Stillwater Complex Land Status
Mines (Sibanye-Stillwater)1 - East Boulder Mine (2002)2 - Stillwater Mine (1986)3 - Blitz Mine (2017)
Reserves22.2 Moz Pd+Pt at 16.3 g/t P&P*
* - Report on Montana platinum group metal mineral assets of Sibanye-Stillwater, November 2017
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Stillwater West PGE-Ni-Cu Project – District GeologyGeologic map of the Stillwater Complex
Property DetailsStillwater West claims (Group Ten)Sibanye-Stillwater claims (approx.)Producing Mines (Sibanye-Stillwater)
Regional GeologyUnconsolidated depositsLower Tertiary intrusive rocksPhanerozic sedimentary rocksProterozic and Archean mafic dikesArchean quartz monzoniteArchean metasedimentary rocks
5km
Stillwater Complex GeologyUpper Banded SeriesMiddle Banded SeriesPicket Pin ReefLower Banded SeriesJ-M ReefBronzitite zonePeridotite zoneBasal Series
Cross-section of the Stillwater Complex
Geologic map and cross section showing the layered structure of the Stillwater Complex, including the J-M Reef (Sibanye-Stillwater), the Picket Pin deposit (Group Ten Metals) and Group Ten’s Lower Stillwater targets within the Ultramafic Series (bronzitite and peridotite), and the Basal Series.
Source: A Geologic and Mineral Exploration Spatial Database for the Stillwater Complex, Montana, Michael L. Zientek and Heather L. Parks, USGS Scientific Investigations Report 2014–5183, 2014.
A’
A
Ultramafic Series
UPPER BANDED
SERIES
MIDDLEBANDED
SERIES
LOWERBANDED
SERIES
BS PZ BZ
A
A’
J-M REEF
CHROME MOUNTAIN
Stillwater West Project AreaLower Stillwater Stratigraphy
IRON MOUNTAIN
Picket Pin Reef Stratigraphy
Stillwater and Blitz Mines
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Stillwater West PGE-Ni-Cu Project – Rock Geochemistry Stratigraphic column and distribution of Pd, Pt, Ni, Cu, Cr and S across the Stillwater Complex
Gabbronorite III
Olivine-bearing V
Basal Series
Peridotite Zone
Bronzitite Zone
Norite I
Upper
Banded
Seri
es
Mid
dle
Ba
nd
ed
Se
rie
sL
ow
er
Ba
nd
ed
Se
rie
s
Ultra
mafic
Seri
es
Anorthosite II
Olivine-bearing IV
Olivine-bearing III
Anorthosite I
Olivine-bearing II
Gabbronorite II
Norite IIOlivine-bearing IGabbronorite I
PZ
BS
BZ
N I
GN IOB I
OB II
OB III
OB IV
OB V
GN II
GN III
N II
AN I
AN II
SeriesLithologic
Zones Sulphides
Picket PinPGE Sulphide Reef
J-M ReefPGE Sulphide Reef
Ultramafic &Basal Zones
Smoothed (3-Point Average) Background Rock Assay Values Across Stillwater Stratigraphy from Chrome Mtn to Contact Mtn
0.1 1 10 100 0.1 1 10 100 1000 10 100 1000 10 100 1000 10 100 1000 10000 10 100 1000
Pd (ppb) Pt (ppb) Ni (ppm) Cu (ppm) Cr (ppm) S (ppm)
Ultramafic and Basal Zones• PGE+Cr Disseminated & Reef/Seams• PGE+Ni+Cu Disseminated in
Magmatic sulphide deposits
1 2
1
2
4 3
Background Pd & Pt concentrations in Ultramafic and Basal zones are some of the highest in the Stillwater Complex outside of the J-M Reef
Broadly elevated Ni and Cu values occur as increased sulphide content across the Ultramafic and Basal zones, highlighted by elevated sulphur levels3
4 Chromium values are also elevated in the lower Stillwater Complex and are associated with some of the highest Pd and Pt values
UPPER BANDED
SERIES
MIDDLEBANDED
SERIES
LOWERBANDED
SERIES
BS PZ BZ
Picket Pin Reef Stratigraphy
Stillwater Complex Stratigraphy - Chrome Mtn to Contact Mtn
Source: Sulfide saturation history of the Stillwater Complex, Montana: chemostratigraphic variation in platinum group elements, Reid R. Keays, Peter C. Lightfoot & Paul R. Hamlyn, Miner Deposita (2012) 47:151–173.
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Stillwater West PGE-Ni-Cu Project – Airborne EM Survey Results12 major multi-kilometer geophysical conductor targets across 20 kilometer strike
Property DetailsStillwater West claims (Group Ten)
Sibanye-Stillwater claims (approx.)
East Boulder Mine (Sibanye-Stillwater)
Regional GeologyUnconsolidated depositsLower Tertiary intrusive rocksPhanerozic sedimentary rocksProterozic and Archean mafic dikesArchean quartz monzoniteArchean metasedimentary rocks
J-M REEF
5km
Stillwater Complex GeologyUpper Banded SeriesMiddle Banded Series
Picket Pin Reef (Group Ten)Lower Banded SeriesJ-M Reef Deposit (Sibanye-Stillwater) Reserves: 22.2 Moz Pd+Pt at 16.3 g/t P&PResources: 31.3 Moz Pd+Pt at 17.0 g/t M&Iand 49.4 Moz Pd+Pt at 16.6 g/t Inf.*Bronzitite zonePeridotite zoneBasal Series
Ultramafic Series
Geology
Results of 1,914 line-km Fugro DIGHEM (EM) Survey:• 12 major geophysical conductive anomalies on main claim block• Five main Reef-type target areas 1.5 to 5km long with potential
for multiple higher-grade PGE ‘Reef-type’ deposits• Seven broad Platreef-style PGE-Ni-Cu +/- Cr sulphide target
areas 2 to 4 km long with potential for large-scale magmatic sulphide-hosted PGE-Ni-Cu deposits +/- Cr
• Strongest conductors may be characteristic of large bodies of massive to extensively disseminated sulphides and correspond with overlapping highly elevated palladium, platinum, gold, nickel, copper and chromium values in soils
• Geophysical and geochemical signatures show potential for a much larger mineralized system than has been previously recognized in this under-explored part of the Stillwater Complex
5 High-Grade ‘Reef-type’ Targets
7 Platreef-Style PGE-Ni-Cu Targets
Fugro DIGHEM EM Survey 56kHzApparent Resistivity(ohm-meters)
<7515020080015002500>5000
Co
nd
uct
ance
20 kilometers
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Stillwater West PGE-Ni-Cu Project – Soil GeochemistryHighly anomalous precious and base metal values cover >18 km strike in lower Stillwater Stratigraphy
J-M Reef Deposit (Sibanye-Stillwater) Reserves: 22.2 Moz Pd+Pt at 16.3 g/t P&PResources: 31.3 Moz Pd+Pt at 17.0 g/t M&I and 49.4 Moz Pd+Pt at 16.6 g/t Inf.Source: Report on Montana platinum group metal mineral assets of Sibanye-Stillwater, Nov 2017 Stillwater West (Group Ten Metals)
Sibanye-Stillwater Claim Boundary
Palladium + Platinum + Gold
Nickel + Copper
Chromium
Platinum-Palladium-GoldSoil GeochemistryPt + Pd + Au (ppb)
5 km
5 km
5 km
J-M REEF DEPOSIT
J-M REEF DEPOSIT
J-M REEF DEPOSIT
Nickel-Copper Soil GeochemistryNi + Cu (ppm)
Chromium Soil GeochemistryCr (ppm)
Chrome Mountain Target Area
IronMountain
TargetArea
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Iron Mountain Target Area - Stillwater PGE-Ni-Cu Project
Stillwater West Claims(Group Ten Metals)
Sibanye-Stillwater Claims J-M Reef Deposit (Sibanye-Stillwater): Reserves: 22.2 Moz Pd+Pt at 16.3 g/t P&PResources: 31.3 Moz Pd+Pt at 17.0 g/t M&I and 49.4 Moz Pd+Pt at 16.6 g/t Inf.Source: Report on Montana platinum group metal mineral assets of Sibanye-Stillwater, November 2017
• The three “Platreef-style” targets at Iron Mountain are broad, highly conductive anomalies which show a strong spatial correlation with highly elevated metal in soil values across the area, and significant corresponding PGE-Ni-Cu mineralization in historic drilling
• Group Ten is now systematically re-logging core and reviewing core logs to refine the geologic model and drive exploration strategy
8km x 4km IRON MOUNTAIN TARGET AREACHROME MOUNTAIN TARGET AREA
Apparent ResistivityDIGHEM Survey, 56 kHz(ohm-meters)
Cobalt Target
Chromium
J-M REEF DEPOSIT
Platinum-Palladium-GoldSoil GeochemistryPt + Pd + Au (ppb)
J-M REEF DEPOSIT
Platinum, Palladium, Gold
Nickel, Copper
J-M REEF DEPOSIT
Nickel-Copper Soil GeochemistryNi + Cu (ppm)
Chromium Soil GeochemistryCr (ppm)
• Highly elevated cobalt in soil values of 75 to 220 ppm across 2.7 km x 1.1 km area• Multiple rock samples reporting up to 0.14% Co across same area
Cobalt Soil Geochemistry (ppm Co)
1 km
1 km
1 km
0.12% Co
0.09% Co
0.14% Co
7 ‘Platreef-style’PGE-Ni-Cu-Co Targets
5 High-grade ‘Reef-type’ Targets
Cobalt Rock Samples (ppm Co)
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Stillwater West PGE-Ni-Cu Project – Target Geologic Models
Work at Stillwater West has delineated two broad target deposit types:
Stillwater Mine - Montana
• Sulphide-hosted, Ni-Cu-PGE +/- Cr mineralization considered to be of magmatic origin• Hosted by lower Ultramafic and Basal Series rocks and immediate footwall lithologies• Primary targets are massive to strongly disseminated PGE enriched Ni-Cu sulfides in
the lower Stillwater Complex stratigraphy • Comparable deposits include the Platreef deposits of the Northern Limb of the
Bushveld including the Flatreef (Ivanhoe), Mogalakwena (AngloAmerican) and Waterberg (Platinum Group Metals) mines• Mineralization is laterally extensive and may be 10s to several hundreds of meters thick• Mineralization may be associated with xenoliths and rafts of country rock, suggesting a potential relationship to sulphide deposition
➢ At Stillwater West, Iron Mountain and much of the lower Ultramafic and Basal Series along strike have significant potential for deposits of this type.
➢ Chrome Mountain shows potential for a newly-recognized PGE mineralization type associated with disseminated chromite over broad stratigraphic intervals 10 to 100s of meters thick, which was previously recognized at Stillwater. Host rocks are complexly textured Ultramafic Series lithologies, locally pegmatoidal, with features suggesting the presence of magmatic breccias.
High-Grade “Reef-Type” PGE-Ni-Cu Deposits• Characterized by high to very high-grade PGE mineralization with Ni, Cu, and Cr• Typically less than 10 m in thickness of layered intrusions worldwide• Examples include J-M Reef (Stillwater) and Merensky Reef and UG2 Reef (Bushveld)
➢ At Stillwater West, the Picket Pin deposit and targets in the Lower Banded and upper Ultramafic Series are examples of this type of deposit
➢ At least 5 main targets from 1.5 to 5 km length have been defined from geophysics and geochemistry
Large-Scale “Platreef-Style” PGE-Ni-Cu Deposits
PGE-Nickel-copper mineralization in drill core from the lower Stillwater Complex at Stillwater West
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Benchmark Producing Reef-Type and Platreef-Style Deposits
Platreef-Style Deposits Tonnes(Mt)
PGE-AuGrade(g/t)
Thickness(m)
GradeThickness1
(g/t-m)
Ni(%)
Cu(%)
Flatreef Deposit (Ivanhoe Mines)1 346 3.87 (4PE) 19 86 0.32 0.16
Mogalakwena (Anglo American)1 2,521 2.61 (4PE) 0.18 0.10
Waterberg (Platinum Group Metals)2 315 3.52 (4PE) 2 - 25 0.14 0.07
Reef-Type Deposits Tonnes(Mt)
PGE Grade(g/t)
Thickness(m)
GradeThickness1
(g/t-m)
Ni(%)
Cu(%)
Merensky (Bushveld Igneous Complex)3 4,210 5.63 (3PE) ~0.4 – 1.5 <5 - 15 0.15 0.06
J-M Reef (Stillwater Igneous Complex)3 323 20.5 (3PE) 1.8 37 0.04 0.02
References:1 - Ivanhoe Mines Ltd, Platreef Feasibility Study, September 20172 – Independent Technical Report on the Waterberg Project, October 17, 20163 – A.J. Naldrett, Secular Variation of Magmatic Sulfide Deposits and Their Source Magmas, Economic Geology, v. 105, pp. 669–688, 2010
J-M Reef Deposit, Stillwater Igneous Complex, Montana, USA
(Sibanye-Stillwater)
Merensky Reef Deposit, Bushveld Igneous Complex,
South Africa (Anglo American)
Mogalakwena Mine, Northern Limb Bushveld Igneous Complex , South Africa (Anglo American)
Platreef-style deposits are some of the largest and most profitable producing and proposed PGE mines in the world.
The Stillwater Complex has not been systematically explored for Platreef-style deposits:
• The lower Stillwater complex shares many similarities with the lower Bushveld
• PGE-Ni-Cu sulphide mineralization of up to 400 meters in drill intercepts
• Coincident, multi-kilometer geophysical and geochemical signatures, of Platreef scale
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Next Steps – Stillwater West PGE-Ni-Cu Project
Group Ten is focused on identifying and advancing the most prospective targets towards resource definition.
The company is systematically compiling and reviewing existing data – including data from more than 215 holes totalling over 28,000m of drilling - to develop a predictive geologic model to drive future exploration efforts and follow-up drilling.
Phase One 2018 Exploration Program:• Re-logging and re-assay of available core (over 11,000
meters) for complete multi-element geochemistry• Entry of all core data into the first property-wide 3D
geologic database for modeling and target refinement• Ground-based geological sampling, prospecting and
mapping programs• Prioritization of all targets across the 25-km long project
Phase Two 2018 Exploration Program:• Drill test highest priority targets in the Iron Mountain and
Chrome Mountain areas, subject to obtaining a 2018 drill permit (application now in progress)
• Results will be incorporated into developing geologic model and will inform potential larger programs
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Share Structure, Performance & Recent Events
Relative share performance
Contact Information
PGE.V - GROUP TEN METALS
Recent MilestonesRecapitalization financing (Feb 27, 2017)
Initial Stillwater West acquisition (June 26, 2017)
New board appointments (Oct 11, 2017)
Doubling of land position in Stillwater Complex (Nov 15, 2017)
Key additions to PGE-Ni-Cu technical team (Nov 30, 2017)
Completion of $500,000 financing (Dec 28, 2017)
Announcement of 18 km PGE and Ni, Cu and Cr soil anomalies (Jan. 10, 2018)
Announcement of 12 major multiple km long EM conductors (Feb. 26, 2018)
Identification of priority targets at Iron Mountain and including Cobalt anomaly
1
2
3
4
5
6
GDXJ - Junior Gold Miners ETF
PPLT – ETFS Physical Platinum ETF
JJNTF - iPath Bloomberg Nickel ETF
Share Structure
Issued & Outstanding 44 millionOptions (Avg. Ex. Price: $0.14) 6 millionWarrants (Avg. Ex. Price $0.13) 25 millionFully Diluted 75 million
Market Capitalization $12 millionIn the Money Warrants/Options $3 million
Management & close associates hold ~40%7
1
2
3
54
6
7Catalyst
89
8
9
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$0
$100
$200
$300
$400
$500
Market Cap $CDN
Peer Comparison – Market CapitalizationExploration and Development Stage Companies
Nickel
Nickel - PGE
Avg. Market Cap* ~$89 Million
Source: Company disclosures and market data as of February 28, 2018
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1987 - 1991 (↓75%)
2007 - 2008 (↓79%)
1996 - 2001 (↓70%)
2011 - 2016 (↓76%)
1984 - 1987 (↑144%)
1991 - 1996 (↑196%)
2001 - 2007 (↑282%)
2008 – 2011
(↑252%)
Source: Canaccord Genuity, TSX DataGroup
*Past performance may not be indicative of future results
Average duration: 47 monthsAverage decline: 75%Last cycle: 59 monthsLast decline: 76%
Duration: 24 to 74 monthsIncreases: 144% to 282%CDNX Peak: 2400 to 3700Current CDNX level: 800
Bull Market Analog using the TSX Venture Composite Index
Coming off of a 5 year Bear Market
Bear Market Cycles Bull Market Cycles
Last bear cycle 59 months
Apr/87 to Jan/91
May/96 to Apr/01
Apr/07 to Dec/08
Feb/11 to Jan/16
Mar/84 to Apr/87
Jan/91 to May/96
Apr/01 to Apr/07
Dec/08 to Feb/11
Jan/16 to Present
Precious Metals Bull and Bear Market Cycles
Average CDNX Peak*
60
Current Market
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Resource Company Development Stages & Valuations R
ela
tive
Val
ue
Time 1-3 years proof of concept -----> 2-3 years for drilling --> 3-5 years from PEA to Feasibility Study
Investors Early entry investors and small institutions -----------> Larger institutional investors
Higher risk looking for higher returns ------------> Reduced risk looking for incremental returns
Based on Canaccord Genuity Junior Mining Weekly and Company estimates
FinancingEquity -----------------------------------------------------------> Equity + debt + alternative sources (streams, off take, asset sale)
$1 to $10 M ------------------>$5 - 20 M ------------------> $10 - 25 M ----------------> $25 - $100 M +
Key Mgmt. Geologists --------------------> Geologists / Engineers ----------------------------> Geologists/Engineers /Finance /Operations
Risk ProfileHigh risk -----------------------> High-Mod risk -----------> Moderate risk------------------------------> Mod-Low risk
Exploration uncertainty - testing size & grade ------ > Technical uncertainty -engineering/permitting/financing
Studies Discovery --------------------> Resource estimates -----> PEA --------------------------> PFS -----------------------> Feasibility Study
Optimal entry for investors
PEA Stage Average Enterprise Value
$20-30/oz. Au Eq. &1%-2% of Base Metals Value
PFS StageAverage EV
$35-50/oz. Au Eq. &2%-3% of Base Metals
Feasibility Stage$100/oz. Au Eq. &
4%-6% of Base Metals
Advanced DevelopmentEarly DevelopmentResourceDiscoveryStage
De-risking/ re-valuation toward production & cash flowDiscovery Value Creation
Producer Valuations ~ Profit Margin/oz$200-$500/oz Au Eq.
and 5% to 10% of Base Metals
Speculative Valuation Premium Common at
Discovery and Pre-Resource Stage Group Ten Metals
Stillwater West Project
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Other Assets
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Kluane PGE-Ni-Cu Project, SW Yukon – Regional Claims MapPremier land position in an emerging, world-class PGE-Ni-Cu district
N
BURWASH LANDING
Kluane PGE-Ni-Cu ProjectsGROUP TEN METALS
Kluane Ultramafic Belt
CATALYST
ULTRA
KLUANE PGE-Ni-Cu PROJECTKluane Ultramafic Belt, Yukon
TSX: PGE.V OTC: PGEZF FSE: 5D32
SPY PGE-Ni-Cu PROPERTY
DESTRUCTION BAY
SPY
Spy Sill
YUKON
AREAENLARGEDBELOW
NICKEL CREEK PLATINUM CORP.2017 Wellgreen mineral resource estimate as announced June 26, 2017:6Moz of Pt+Pd+Au + 3Blbs of Ni+Cu M&I2Moz of Pt+Pd+Au + 1Blbs of Ni+Cu Inf.
23TSX: PGE.V
OTC: PGEZFFSE: 5D32
Kluane PGE-Ni-Cu Project, SW Yukon – Target Summary
Kluane Mafic-Ultramafic Belt
• The Kluane Mafic-Ultramafic Belt is a belt of PGE-Ni-Cu deposits, which are part of a sequence of mafic-ultramafic rocks, that extend from northern BC through the Yukon to central Alaska.
• The multi-million-ounce Wellgreen deposit demonstrates the world-class potential of the belt, with geology similar to some of the world's largest PGE and Ni-Cu deposits, including Noril'sk-Talnakh, Bushveld, and the Stillwater Complex.
• Massive sulphide mineralization typically occurs near the basal contact (eg. the Spy Sill) and can also occur within the cores of larger ultramafic bodies.
• Group Ten controls over 240 km2 of claims in three properties – Catalyst, Spy and Ultra - which host magmatic PGM-Ni-Cu occurrences in layered intrusions similar to Wellgreen and other deposits in the belt:
Catalyst
• 83 square kilometers adjacent to, and on trend with, the main Wellgreen deposit, one of the world’s largest undeveloped PGE-Ni-Cu deposits, now being advanced by Nickel Creek Platinum
• Historic work has identified layered intrusions along strike and open to depth
Spy
• 41 square kilometers with extremely high-grade historic sampling • Focus on the Spy Sill, which has now been mapped over 8 km strike with demonstrated mineralization and widths of
75 – 100 m wide at surface• Massive sulphide lenses in Spy Sill assayed up to 3.1 g/t Pt, 1.4 g/t Pd, 1.0 g/t Au, 3.1% Ni and 2.8% Cu• Historic grab sample showings up to 75.8 g/t Pt, 7.9 g/t Pd, 7.0 g/t Au, 2.6% Ni and 10.45% Cu from footwall siltstone
Ultra
• 126 square kilometers with multiple mineralized PGE-Ni-Cu showings• Several prospective mafic-ultramafic layered intrusions• Trench at Frohberg yielded 5.54g/t Pt, 13.46g/t Pd, 15.8g/t Ag, 4.07% Cu, 1.73% Ni• 2015 discovery of UZE zone by soil geochemistry and ground geophysics; UZE anomaly and numerous other
occurrences being assessed for PGE-Ni-Cu potential • VLF-EM and mag survey delineates the continuation of the ultramafic body over Frohberg occurrence
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Red Lake (Goldcorp)
Springpole(First Mining Finance)
Pickle Lake(First Mining Finance)
Rainy River (New Gold)
Hammond Reef Agnico Eagle / Yamana)
Cameron Lake(First Mining Finance)
Manitou GoldKENORA
FORT FRANCES
DRYDEN
Black Lake – Drayton Au Project
Discovery of New Gold’s Rainy River deposithas lead to the discovery of over 10Moz to date in the belt including:
Goldlund deposit (First Mining Gold)• 560,000 oz Au @ 1.87g/t Ind.• 1.75Moz Au @ 1.33g/t Inf.
Goliath deposit (Treasury Metals)• 1.16Moz AuEq @ 1.76g/t M&I • 341,300 oz AuEq @ 3.06g/t Inf.
Sioux Lookout Deformation Zone
Black Lake – DraytonGroup Ten Metals
GoliathTreasury Metals
Red Lake & Rainy River Area, NW OntarioWorld-Class Archean Greenstone Gold Belts
GoldlundFirst Mining Gold
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Moretti Area – 1,500m long by 10-30m wide zone of quartz-carbonate vein hosted gold mineralization with:
• Historic bulk samples of 8,062kg @ 14.01 g/t Au and 4,087kg @ 18.65 g/t Au
• Grab Samples up to 1,212 g/t Au in quartz-tourmaline veins/stockwork
• Drill Intercepts: 0.24m @ 190.7g/t, 0.65m @ 19.78g/t Au
• Less than 20 shallow and widely spaced holes (50 to 100m apart)
• A 7-hole, first phase drill program completed in 2016 confirmed 0.5m at 15.62 g/t Au directly under historic bulk samples of similar grade.
Bonanza Trench Area – Samples to 35.2 g/t and 6% Cu from VG bearing quartz vein
Alkenore Buffalo Area – 1936/37 drilling reported ‘6ft of VG’ from a hole in Zone 3 with 3 m of 16.5 g/t Au
Shaft Area – High grade historic samples from workings including muck samples up to 318 g/t Au, plus 2.04m of 14.52 g/t Au drilled 2005
Belekeno – Extension of Moretti deformation zone 2.4 km WSW of Moretti, multiple trench samples over 10 g/t Au, plus grab sample over 566 g/t Au
Belekeno
Bonanza
Trench Area
Alkenore Buffalo
Areas 3 & 9
Shaft
Area
Black Lake
Drayton
Moretti Area – Historic
Trenches and 2016/17 Drill
Targets
+2.4km Moretti Shear Zone includes
historic high-grade bulk samples, trenches
Black Lake - Drayton Au ProjectFive Priority Areas Selected From Over 20 Historic Targets
July 2017 report identified 43 high priority targets based on geochemistry, geophysics and drill data, 5 of which are drill-ready
Group Ten Claims
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Long section from the Marquis target area with 2005 drill results and geophysics showing magma chamber target
Other Assets
Duke Island (SE Alaska)Significant Cu-Ni-PGE asset available for deal
• 100% owned
• Significantly elevated Cu, Ni, and Fe relative to most Ural–Alaska complexes
• up to 1.95% Cu, 0.25% Ni and 1g/t combined PGEs in mafic/ultramafic host rocks
• Past drilling has encountered up to 387 feet of disseminated and semi massive sulfide mineralization with Cu and Ni grades
• Multiple targets - only the Marquis target has been partially tested by drilling
The Yankee Girl Mine Mill, Wildhorse Adit, and Ymir Mine
Yankee-Dundee Mine (SE British Columbia)Royalty Revenues
• Group Ten consolidated the historic Ymir Camp, once the largest silver producer in the British Commonwealth
• Total production 883,000 tonnes @ 10g/t Au and 60g/t Ag (over $500M gross today)
• Sold in 2013 for:• $50,000 annual Advance Royalty payments
• $1.5M production payments plus 2.5% royalty
• $4M total buy-out on royalties and production payments
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Appendix
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$200
$400
$600
$800
$1,000
$1,200
$1,400
$1,600
05/2017 2017 2018 2019 2020 2021
$200
$400
$600
$800
$1,000
$1,200
$1,400
$1,600
05/2017 2017 2018 2019 2020 2021
RBC, Scotiabank, Macquarie, UBS, Word Bank, BMO
$1.00
$8.00
$4.00
$7.00
$6.00
$2.00
$3.00
$5.00
Pre
cio
us
Met
als B
ase Metals
Palladium
Copper
NickelPlatinum
Gold
USD/Oz USD/lb.
Commodities Forecast
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Sources: CPM Group, GFMS
29
Palladium Supply / Demand Fundamentals
Supply side fundamentals vulnerable to further reductions
• Peak in mine production in 2006 with falling supply out of South Africa and Russia
• The three largest South African producers account for ~30% of global palladium mine production
• South Africa facing ongoing labour unrest with rising labor costs increasing ~8% to 9% annually over the past 15 years
• Infrastructure issues, most notably power & water, further threaten the South African palladium industry
Strong demand side fundamentals
• Global emissions standards continue to rise, requiring higher per vehicle PGM loading
• North American automobile demand (gasoline) continues to be strong
Autocatalysts
Jewellery
Dental
ChemicalElectronicsOther
Retail Investment
DemandSupply
Russia
South Africa
Canada
USA
Others
Recycling
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Ongoing supply side issues impact global production
• Falling global mine supply for past 9 years since peak in 2006;
• South Africa, which accounts for ~70% of global platinum mine production, faces ongoing labour unrest and increasing costs
• Infrastructure issues, most notably power & water, further threaten the South African platinum industry
• Pt available for recycling has been declining since 2010 due to thrifting & palladium substitution in autocatalysts
Solid demand growth fundamentals continue
• Demand projected to maintain growth trend leading to long-term deficit outlook & accelerated stockpile depletion
• Solid growth in auto sales in mature markets with expanding numbers in the developing world
• Global emissions standards continue to rise, requiring higher per vehicle PGM loading
Platinum Supply / Demand Fundamentals
South Africa
Russia
Zimbabwe
CanadaUSA
OtherRecycling
DemandSupply
AutocatalystsJewellery
Chemical
ElectronicsGlass
Petroleum
Other
Retail Investment Sources: CPM Group, GFMS
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0
500
1000
1500
2000
2500
3000 Stainless Steel Alloy Steel
Non-Ferrous Alloys Plating
Foundry Other
Primary Nickel Demand Trends
• Nickel market supply deficits expected starting in late 2015 due to continued modest annual demand growth, lack of new production and scarcity of development projects
• Norilsk indicates nickel prices need to be at least US$11.79/lb to stimulate sufficient growth to meet demand
• Chinese nickel ore inventories have significantly decreased; growing dependence on imports of refined nickel
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0
500
1000
1500
2000
2500
Laterite Sulphide
32
Year Source: Wood Mackenzie
Nickel Primary Supply Fundamentals
• Overall primary nickel supply projected to be in long-term decline from 2020, with production of far higher-quality sulphide nickel experiencing even more severe constraints than laterite
• Wood Mackenzie indicates nickel market to be in sustained deficit through 2025 and balanced through 2035
• Rapidly expanding electric vehicle market expected to generate significant additional demand for use in batteries
Min
e Su
pp
ly (
kt)
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$0.00
$2.00
$4.00
$6.00
$8.00
$10.00
$12.00
$14.00
Nickel Long-Term Price Forecast$
US
/ lb
.
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Metallic Minerals Corp. is a growth-stage exploration company focused on the acquisition and development of high-grade silver and gold inthe Yukon within under explored districts with potential to produce top-tier assets. The Company's core Keno Silver Project is located in thehistoric Keno Hill Silver District of Canada's Yukon Territory, a region which has produced over 200 million ounces of silver and currentlyhosts one of the world’s highest-grade silver resources. The Company’s McKay Hill Project, northeast of Keno Hill, is a high-grade historicsilver-gold producer. Metallic Minerals is led by a team with a track record of discovery and exploration success, including large scaledevelopment, permitting and project financing.
Group Ten Metals Inc. is a growth-stage exploration company focused on the development of high-quality platinum, palladium, nickel,copper, cobalt and gold exploration assets in North America. The Company’s holdings include the Stillwater West PGE-Ni-Cu project adjacentto Sibanye-Stillwater’s high-grade Pd-Pt mines in Montana, the Kluane Ni-Cu-PGE project adjacent to Nickel Creek Platinum‘s Wellgreendeposit in the Yukon Territory, and the Black Lake-Drayton Gold project in the Rainy River district of northwest Ontario.
The Metallic Group expects to include a newly-formed copper exploration company in 2018.
Leveraging our combined decades of experience in mineral exploration, project permitting, communityrelations, project finance, and capital markets to create shareholder value for member companies,Metallic Group companies benefit from:
• Highly-experienced management teams and boards with track records of exploration and projectdevelopment success, credited with the discovery or expansion and advancement of several majorprecious and base metal deposits globally;
• Exploration projects in politically stable districts with the potential to produce top-tier miningassets;
• Focus on high grade silver, gold, lead and zinc in Canada’s Yukon Territory and platinum groupmetals, gold, nickel, copper and cobalt in the Western USA and Northern Canada;
• Recognition as industry leaders in environmental stewardship and community engagement; and• Shared resources for cost efficiency and access to industry leading expertise.
The Metallic Group of CompaniesA collaboration of Leading Exploration Companies
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@grouptenmetals
Group Ten Metals Inc.Suite 904 - 409 Granville Street
Vancouver, BC, Canada, V6C 1T2Email: [email protected]
Tel: 604.357.4790Toll Free: 888.432.0075
www.grouptenmetals.com