Investor PresentationSeptember 2013

Trevor Matthews – Chief Executive OfficerFor

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1. Corporate & Project OverviewCorporate Summary, Mineral Sands and Asset Overview

2. Keysbrook ProjectMZI’s advanced development project in WA

3. Northern Territory AssetsPortfolio of exploration tenements, small scale production history, early stage

development project

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1. Corporate & Project Overview

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ASX: MZI | PAGE 4

Corporate Summary

1. End of June quarter adjusted for RCF placement proceeds in July2. Balance due to NAB $0.7m and Stirling Zircon $1m.

ASX code MZI

Share price 0.014

Shares on issue 2,090,981,736

Options on issue 401,114,731

Market Capitalisation $31.3m

Cash 1 $3.1m

Debt 2 $1.7m

Board Members

Mal Randall Chairman

Peter Gazzard Technical Director

Keith Vuleta Finance Director

Chi To (Nathan) Wong Non-Executive Director

Chief Executive Officer

Trevor Matthews Chief Executive Officer

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Price and volume

Volume Period average volume Share price

Shareholdings

Stirling ZirconMerrill LynchMr Xiang LinTricoastalOthersF

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ASX: MZI | PAGE 5

Mineral Sands OverviewIntroduction to Titanium

• Titanium is created through a number of different processes that takecertain mineral sands (rutile, leucoxene and ilmenite) to create a titaniumdioxide (TiO2) pigment, titanium sponge or titanium metal.

• Titanium dioxide is pure white, highly refractive, and can absorb ultravioletlight and for these reasons is highly sought after in pigment form for use inpaints, paper, plastics, rubber and various other materials.

• As titanium dioxide is also non-toxic, non-fibrogenic and biologically inert itcan be used in cosmetics, foodstuffs and pharmaceuticals.

• Titanium metal has a particularly high strength to weight ratio, is inert andhighly resistant to corrosion, and for these reasons can be used in a rangeof common aeronautical applications, surgical applications, sportingequipment, jewellery and in desalination plants and corrosive chemicalindustries.

Introduction to Zircon

• Zircon is a principal mineral sand used primarily in glazing in ceramics andas refractory glass. Consumption is dominated by the use of milled zirconpowder as an opacifier in ceramics applications for use in tiles, sanitaryware and tableware.

• Zircon also has a range of industrial uses, including refractories.

• Zirconium based chemicals are used in a multitude of high technologyapplications including auto catalysts, fuel cells, abrasives and electronics.Zirconium metal has a very high melting point, and has use in nuclear fuelrods and other alloys.

• Over half of the demand for zircon comes from the ceramics industry, withdemand for housing tiles in the construction industry a key driver of overallcommodity demand.

• For this reason zircon demand has increased along with the progressiveindustrialisation of emerging economies such as China and India. There is astrong correlation between global economic growth rates and zircondemand.

Ilmenite (generic)45 – 50%

TiO2

Hard rock concentrate

45 – 50% TiO2

Rutile92 – 96%

TiO2

Beneficiated Products

Synthetic Rutile90 – 95% TiO2

Titanium Slag70 – 86% TiO2

Pigment Production Processes

Chloride PigmentPure TiO2

Sulphate Pigment Pure TiO2

Titanium Sponge

FinalProducts

Sulphate Ilmenite45 – 57%

TiO2

Leucoxene65 – 91%

TiO2

Sand DepositsHard Rock Deposits

Titanium Metal

Zircon

High Purity Pig IronTitanium

Tetrachloride TiCl4

Mining

Processing

Key products ex mine

End Uses

Wet Concentration

Dry Concentration

White Pigment

Chloride Ilmenite58 – 63%

TiO2

Foundries Welding electrode flux

Paints, Plastics, Paper, Inks, Ceramics, Fibres

Opacifiers / GlazesRefractories

Zirconium ChemicalsAbrasives

AerospaceChemicalsGolf Clubs

Surgical Application

Source: TZMI

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ASX: MZI | PAGE 6

Project Locations

Kilimiraka (100%)• Large resource• Approvals commenced• FS commencing in 2014

Keysbrook (100%)• Company making asset• Production scheduled to commence in 2014• Potential for long mine life

70km from Perth

Lethbridge South (100%)• Short mine life• Mining completed January 2013• Rehabilitation underway

Tiwi Islands

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ASX: MZI | PAGE 7

Corporate Update

What have we done in 2013 Completed mining and processing at Lethbridge South mine Executed the Doral Processing Agreement Project finance banks have completed due diligence Secured offtake with DuPont for all L70 product Secured landowner access for the Keysbrook Project Ore Reserves period (5.5 years) Secured port access Recruited key staff Significantly increased Keysbrook Project Mineral Resources Short term funding requirements resolved through RCF placement and underwritten SPP In-principle settlement agreement with Stirling Resources – Tiwi Islands

What do we have left to do? Finalise equity funding for the Keysbrook Project Bank finance – advancing towards credit approved offers Offtake agreements – being progressed for remaining products Execute EPC contract and commence construction

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2. Keysbrook Project

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ASX: MZI | PAGE 9

Keysbrook is located 70km south of Perth

All environmental and development approvals

in place

Ore Reserve sufficient for a mine life of 5.5

years

Potential for mine life of +15 years

Processing Agreement with Doral

Bunbury Port Access agreement executed

Leucoxene 70 product offtake with DuPont

Leucoxene 88 and zircon off-take negotiations

in progress

Keysbrook: A Company Making AssetF

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ASX: MZI | PAGE 10

Keysbrook Production Flow ChartF

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ASX: MZI | PAGE 11

Keysbrook Metrics – October 2012 Feasibility StudyItem Result

Ore Mining Rate 4.5Mtpa

Average mining depth 2.2 metres

Cover None – mineralised from surface

Strategy Owner-operator

Method Truck and excavator, feeding a semi-portableMining Feed Unit

Mining Inventory1 32.6 million dry tonnes

Mine Life 7.2 years

Concentrator throughput 4.0Mtpa (dry)

Concentrator Recovery L70 – 79.6%L88 – 74.6%

Zircon – 98.0%

HMC Produced 110,000tpa (dry)

Installed power at Keysbrook 4.2MW

Net water usage 2.0 Gl/a

MSP contract Toll treating – month on / month off

MSP throughput 110,000tpa (dry)

MSP Recovery L70 – 95.8%L88 – 89.0%

Zircon – 98.0%

Final Product L70 – 26,000tpa (dry)L88 – 36,200tpa (dry)

Zircon con – 28,700tpa (dry)

Zircon concentrate composition 56% Zr, 3% L70, 11% L88

Mining at 4.5Mtpa using truck and excavator

First stage processing at Keysbrook through an on-site wet plant at 4.0Mtpa

Heavy minerals (mostly leucoxene and zircon) are separated using screens, cyclones and spirals

A high grade heavy mineral concentrate (HMC) is produced at the Keysbrook site

HMC transported ~120km by truck to Doral’s mineral separation plant (MSP) in Picton (near Bunbury)

Leucoxene products (88% TiO2 & 70% TiO2) and zircon concentrate trucked to Bunbury Port for export

1. Note that the Mining Inventory includes Ore Reserves equating to a base case mine life of 5.5 years, plus a portion of additional Measured and Indicated Resources which require only minor approvals to be accessed.

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ASX: MZI | PAGE 12

Keysbrook Capital and Operating Costs – October 2012 Feasibility Study

Notes:

1. Direct costs comprise construction costs directly related to the Project

2. Construction costs, EPCM and contingency have been prepared byMSP Engineering Pty Ltd (MSP Engineering) to an accuracy of ±15%,and have a base date of the September quarter 2012.

3. Owners costs includes the requirement to put forward an initial $3million in environmental bonds, insurances, acquisition ofenvironmental monitoring equipment and provision for landownerpayments.

4. The estimate does not include the costs of the FEED study which hasbeen ongoing since October 2012, working capital, advisory fees ormining equipment (which is assumed captured in mining operatingcosts as a finance lease charge).

5. The estimate is in nominal terms.

Capital Costs A$ million

Direct Costs:

- Keysbrook Site 31.5

- Doral Plant Upgrades 11.6

Total Direct Costs 43.1

Indirect Costs:

- EPCM 6.1

- Contingency 4.4

Total Indirect Costs 10.6

Total Project Capital Costs 53.6

Owners and Other Costs 10.7

Total Development Costs 64.3

Operating Costs (LOM average) A$m p.a. A$/t product

Mining 12.6 138

Rehab & Environmental 1.5 16

Processing 15.1 166

Transport & Storage 3.1 34

Administration 1.8 20

Total 34.1 379

Notes:

1. Costs reflect the estimated average annual operating costs for the KeysbrookProject.

2. The estimate does not include landowner compensation payments orcorporate overheads expected during operations.

3. Processing costs incorporate costs at Keysbrook and MSP toll treatingcharges.

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ASX: MZI | PAGE 13

Financial Metrics – October 2012 Feasibility Study

Feasibility Study Revealed Strong Project Economics Ore Reserve sufficient for a mine life of approximately 5.5 years (approvals received for this)

Mineral Resource extends to include areas approved by the EPA, but not yet approved by the Shires

For the October 2012 Feasibility Study, MZI assumed a conservative conversion of Mineral Resources, providing a mine life of 7.2 years. On this basis:

Project NPV10 estimated at $133m (post tax) using midpoint TZMI price forecasts (from October 2012, when the Feasibility Study was finalised) and assuming a 7.2 year mine life

IRR of approximately 71%

Payback period of less than 15 months

Average cash margin for first 3 years approximately 65%

Exchange rates AUD:USD consensus 2014 – 2016 of between 1.02 – 1.00

There is potential to extend mine life to +15 years (based on Mineral Resource conversion rates, further approvals and land access arrangements), which would further improve project economics

Note that these figures above are valid as of the date of the Feasibility Study. Therefore refinements to the project parameters and changes to commodity prices and exchange rates since the date of the Feasibility Study are not factored in the above analysis

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ASX: MZI | PAGE 14

Keysbrook Advantages

Low capex No camp, employee transport, air charter

Power from SWIS, high standard road transport, product storage and port facilities

Modifications to Doral’s MSP

Low risk Simple mining

Basic wet processing and de-risked dry processing

No chemicals used in processing

Located near major population and industrial centres – large employee pool and access to services and suppliers

Progressive rehabilitation and sustainable land use Potential long life project High value mineral assemblage – high margin per tonne of product Experienced management

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Upcoming Keysbrook Milestones

Milestone Comments Anticipated timing

Construction Contract MZI will be agreeing the terms and conditions and project execution process for fixed price EPC contract

Q3 2013

Offtake Agreements Offtake agreements to be finalised in respect of the L88 and Zircon concentrate produced from Keysbrook. Negotiations are well advanced with several leading and a number of other mineral sands counterparties

Q3/Q4 2013

Equity Finance Negotiations with RCF well advanced for all equity requirements for development funding

Q3 2013

Debt Finance MZI anticipates receiving credit approved offers for up to A$75m in debt facilities from the two mandated lenders

Q3 2013

Commence Construction Construction of the WCP at Keysbrook and upgrade works at Doral’s MSP commencement

Q4 2013

Commissioning Commissioning of the WCP at Keysbrook Q3/Q4 2014

First Production First production of Keysbrook product at Doral’s MSP Q4 2014

First Shipment First shipment of product from the Port of Bunbury Q4 2014/Q1 2015

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3. Northern Territory Assets

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Northern Territory Assets

Developed and mined ore

bodies at Lethbridge West

and Lethbridge South

Track record in mine

development and operations

Plant and equipment now in

care and maintenance with

rehabilitation in progress

56 million tonne Inferred

Resource at Kilimiraka

Portfolio of tenements in NT

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Investment Summary

1. Demonstrated development and operating track record from Lethbridge South

operations which provided strong cash flow

2. Keysbrook is a significant mineral sands project with sufficient Mineral Resources for a

long mine life

3. Local shire, environmental and water approvals in place to mine Keysbrook

4. Keysbrook FS shows strong project economics

5. Keysbrook has a high proportion of high value minerals

6. Keysbrook has a low risk mining and processing operation

7. Project funding advanced

8. Near term construction start, production and first sales expected within 15 months

9. MZI has a low sovereign risk profile (all Australian assets) – 100% ownershipFor

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ASX: MZI | PAGE 19

Important Notice

Disclaimer

This presentation has been prepared by the management of MZI Resources Ltd (the ‘Company’) for the benefit of investors and not as specific advice of any particular party or person.The information is based on publicly available information, internally developed data and is based on the assumptions and limitations mentioned herein and is an expression of presentopinion only. No warranties or representations can be made as to the origin, validity, accuracy, completeness, currency or reliability of the information. The Company disclaims andexcludes all liability (to the extent permitted by the law), for losses, claims, damages, demands, costs and expenses of whatever nature arising in any way out of or in connection with theinformation, its accuracy, completeness or by reason of reliance by any person on any of it. Where the Company expresses or implies an expectation or belief as to the success of futureexploration and the economic viability of future projects, such as expectation or belief is based on management’s current predictions, assumptions and projections. However, suchforecasts are subject to risks, uncertainties or other factors which could cause actual results to differ materially from future results expressed, projected or implied by such forecasts. Suchrisks include, but are not limited to, exploration success, gold and copper price volatility, changes to the current mineral resource estimates, changes to assumptions for capital andoperating costs as well as political and operational risks and government regulation outcomes. For more detail of risks and other factors, refer to the Companies other Australian SecuritiesExchange announcements and filings. The Company does not have any obligation to advise any person if it becomes aware of any inaccuracy in, or omission from, any forecast or toupdate such forecast.

Forward-Looking Statements

This presentation contains forward looking statements concerning the projects owned by MZI Resources Ltd. Statements concerning mining reserves and resources may also be deemedto be forward looking statements in that they involve estimates based on specific assumptions. Forward-Looking statements are not statements of historical fact and actual events andresults may differ materially from those described in the forward looking statements as a result of a variety of risks, uncertainties and other factors. Forward Looking statements are basedon Management’s beliefs, opinions and estimates as of the dates the forward looking statements are made and no obligation is assumed to update forward looking statements if thesebeliefs, opinions and estimates should change or to reflect other future developments.

Data and amounts shown in this presentation relating to capital costs, operating costs and project timelines are internally generated best estimates only. All such information and data iscurrently under review as part of MZI Resources Ltd’s ongoing development and feasibility studies. Accordingly, MZI Resources Ltd cannot guarantee the accuracy and/or completeness ofthe figures or data included in the presentation until the feasibility studies are completed.

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Appendix

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JORC Mineral Resources

CategoryTonnes

(Mt)

Heavy Mineral

Grade (%)Heavy

Mineral (kt)

Inferred 56.2 1.6% 894

Total 56.2 1.6% 894

Kilimiraka Project – Mineral Resources (above a 1% THM cut-off grade)

Competent Persons Statement

The information in this report which relates to Mineral Resources is based upon information compiled by Mrs Christine Standing (in relation to the Keysbrook Project)who is a Member of the Australasian Institute of Mining and Metallurgy and Mr John Baxter (in relation to the Kilimiraka Project) who is a Member of the AustralasianInstitute of Geoscientists. Mrs Standing is an employee of Optiro Pty Ltd and Mr Baxter is a Consulting Geologist, both have sufficient experience which is relevantto the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as a Competent Person as defined inthe 2004 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mrs Standing and Mr Baxter consent to theinclusion in the report of a summary based upon their information in the form and context in which it appears.

Classification

Mineral Resource as at30 September 2012

Mineral Resource as at28 February 2013

Million Tonnes THM grade % Slimes % Million Tonnes THM grade % Slimes %

Measured 34.1 2.6 8.7 34.1 2.6 8.7Indicated 6.9 2.3 8.9 33.2 2.2 7.6Inferred 8.1 2.7 11.1 11.6 2.6 10.5

Total 49.1 2.6 9.1 78.9 2.5 8.5

Keysbrook Project - Mineral Resources (above a 1% THM cut-off grade and below a 20% slimes grade)

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JORC Ore Reserves

The information in this report which relates to Ore Reserves have been compiled by Mr Andrew Law of Optiro Pty Ltd, who is a Fellow of the Australasian Instituteof Mining and Metallurgy. Mr Law has sufficient experience in Ore Reserve estimation relevant to the style of mineralisation and type of deposit underconsideration to qualify as a Competent Person as defined in the 2004 Edition of the Australasian Code for Reporting of Mineral Resources and Ore Reserve. MrLaw consents to the inclusion in the report of the matters compiled by him in the form and context in which it appears.

Keysbrook Project – Ore Reserve statement as at 17 October 2012

Classification

Ore In-situ THM AssemblageMillion tonnes

THM tonnes

THM grade %

Magnetite %

L70 %

L88 %

Zircon %

Other %

Proved 23.0 610,000 2.7 0.26 27.8 46.6 14.6 10.8 Probable 2.8 68,000 2.5 0.26 27.4 46.5 15.0 10.8 Total 26.0 670,000 2.6 0.26 27.8 46.6 14.6 10.8Note: L70 and L88 in the THM assemblage equate to the two Leucoxene products containing 70% TiO2 and 88% TiO2. 

Notes accompanying the Ore Reserve Statement: 1. Ore Reserves are based upon a cut-off grade of 1.0% THM and Mineral Rsource material containing

more than 20% slimes have been excluded from the Ore Reserve estimation.

2. The Ore Reserves are based upon a Leucoxene 70 price of US$352 per tonne, a Leucoxene 88 price of US$1,166 per tonne and a Zircon price of US$1,777 per tonne.

3. Mineral Resources have been reported as inclusive of Ore Reserves.

4. TheTotal Heavy Mineral (THM) assemblage is reported as a percentage of in-situ THM content.

5. Tonnes and grade data have been rounded to two significant figures. Discrepancies in summations may occur due to rounding.

6. This Ore Reserve statement has been compiled in accordance with the guidelines of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (The JORC Code – 2004 Edition).

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