A Leading Producer of Ferrotungsten

Hazelwood Resources Limited March 2014 F

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Disclaimer • This presentation does not constitute an offer to sell securities and is not a solicitation of an offer to buy securities. It is not to be distributed to third

parties without the consent of Hazelwood Resources Ltd ( the “Company”).

• The information contained in this presentation is subject to updating, completion, revision, further verification and amendment without notice. This presentation does not constitute, or form part of, any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any shares in the Company nor shall it (or any part of it) or the fact of its distribution, form the basis of, or be relied on in connection with, or act as an inducement to enter into any contract or commitment therefore

• No representation or warranty, express or implied, is made or given by or on behalf of the Company, any of its directors, or any other person as to the accuracy or completeness or fairness of the information or opinions contained in this presentation and no responsibility or liability is accepted by any of them for such information or opinions or for any errors, omissions, misstatements, negligent or otherwise, or for any communication written or otherwise, contained or referred to in this presentation

• Accordingly, neither the Company nor any of the Company’s directors, officers, employees, advisers, associated persons or subsidiary undertakings shall be liable for any direct, indirect or consequential loss or damage suffered by any person as a result of relying upon the statement or as a result of any admission in , or any document supplied with, this presentation or by any future communications in connection with such documents and any such liabilities are expressly disclaimed

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Why Invest in Hazelwood? • Hazelwood is a producer of premium quality ferrotungsten

(FeW) at an advanced facility in Vietnam

• Majority stake in the largest and most advanced ferrotungsten plant outside of China, with opportunity to move to 100% ownership1

• Entered production in 2013 and during the ramp-up phase alone, has produced >10% of non-China market for ferrotungsten

• ATC business is delivering strong operating cashflow, moving towards self-sustaining cashflow and profitability for Hazelwood

• Global Sales Agency through Wogen Resources – selling into all markets outside of China. Strong financial and logistical support from Wogen and Siderian Resources

• Targeting 1,500 tonnes production in 2014, and targeting further expansion into 2015

• Capital efficient operation, with scope to expand and diversify into other specialty metals opportunities

• Advanced tungsten assets in Western Australia offer potential for future vertical integration, and strong increase in operating margins Premium Grade Ferrotungsten Produced by Hazelwood

Refining operations at ATC Ferrotungsten Project

1 Hazelwood has an agreement with its Joint Venture partner to acquire the balancing 40% for US$7.5m, which may be satisfied with cash and/or Hazelwood shares

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Corporate Snapshot

Broker Date Recommendation Price Target

Hartleys 13 Feb 2014 SPECULATIVE BUY $0.086

Helmsec 29 Aug 2013 SPECULATIVE BUY $0.07

Analyst Coverage Issued Capital

Ordinary shares (HAZ) 1.157 billion

Unlisted options 20 million

Market Capitalisation (undiluted at 3.3 cps) $38.2 million

Cash and receivables (28 Feb 2014) ~$2m

Loan Note * $US4m (undrawn)

*Term Sheet signed for $US4m loan note from Siderian Resources as announced on 25 February 2014. This loan is undrawn, and remains subject to satisfaction of conditions precedent, including execution of definitive agreement in respect of the Loan Note.

Capital Structure

Board of Directors

Terry Butler-Blaxell Managing Director & Chairman

John Chegwidden Director & Joint Company Secretary

Frank Ash Non-Executive Director

Hazelwood Management

Martin McQuade Chief Operating Officer

Carol New CFO & Joint Company Secretary

Board of Directors and Management

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Jan-13 Apr-13 Jul-13 Oct-13 Jan-14

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Hardmetals 56%

Mill Products

17%

Steels & Alloys 20%

Other 7%

Tool steels, high speed steels, temperature and corrosion- resistant alloys NICHE SECTOR

Lighting, electronics, tungsten metal products, wires, rods, superalloys

Tungsten Market Sectors

* During 2011 79,500 tonnes W was from primary sources; an estimated 20-30% of the market is thought to be comprised of recycled (secondary) sources

Operating in a Niche Sector

• Global tungsten consumption by all sectors is approximately 100,000tpa of tungsten *

• ATC Ferrotungsten sells to the niche Steels & Alloys sector. We have >10% of non-China market & increasing rapidly

• Ferrotungsten is used to harden steel and improve its performance at high temperatures

• Limited production of FeW outside of China, and Chinese origin ferrotungsten is subject to restrictions and tariffs

Tungsten carbide - cutting tools and wear parts

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Western Australia

Vietnam

Hazelwood’s Asset Portfolio

• Mt Mulgine Tungsten Project (100%)

• Big Hill Tungsten Deposit (100%)

• East Pilbara Exploration (70% - 100%)

• 60% interest in the ATC Ferrotungsten Project, increasing to 100%1

• Max capacity of 4,000tpa FeW

• Latest generation design

1 Hazelwood has an agreement with its Joint Venture partner to acquire the balancing 40% for US$7.5m, which may be satisfied with cash and/or Hazelwood shares

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Tungsten Concentrate + Coke + Ferrosilicon

+ Scrap Iron

Electric Arc Furnace >3,000° C

Lifting of Ferrotungsten Metal

The ATC Ferrotungsten Operation

• Feedstock sourced from range of international suppliers

• Produces on a campaign basis with low fixed holding costs

• Yield ~96%, targeting 99% and capable of 18 tonnes/day production

• The plant can utilise a range of feedstock types and grades

• Specialist operator skill set – we overcame high technical barriers to entry

89%

11%

ATC Production Costs

Feedstock

Conversion Costs F

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250

500

Apr-May 2013 Jul-Aug 2013 Dec 2013-Jan 2014

Commissioning Campaign 2 Campaign 3

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2013 FERROTUNGSTEN CAMPAIGN RAMP-UP

ferrotungsten product

Hazelwood On-Track to Profitability

• >500 tonnes product shipped during initial ramp-up (April 2013 - Jan 2014), representing ~$20m of sales revenue

• Product sold to customers in Japan, Europe, Russia, Ukraine, USA, Brazil

• ATC margins during start-up phase approx. 10%; About to reach critical mass and become profitable for Hazelwood

• Targeting 15% sales margin in 2014 – 2015 (US$5 - $8/kg)

• Developing a robust international supply chain with strong support from Wogen

• 2014: Targeting 6 production campaigns

• 2015: Targeting 6-8 production campaigns

• Beyond 2015: Look to vertical integration of Hazelwood’s Australian assets to provide feedstock supply, and potential for greater margins

Successful Production Ramp-Up & Market Penetration

$2.1m Sales

~$13m Sales ~$5m Sales

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500

1,000

1,500

2,000

2,500

3,000

CY2013 CY 2014 f'cast CY2015 f'cast

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2013 - 2015 PROPOSED RAMP-UP

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2006 2007 2008 2009 2010 2011

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Ferrotungsten consumption (Europe/Japan)

Europe Japan

China consumption approx 8,000 tpa

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Chinese Exports Ferrotungsten (Effect of Restrictions)

Japan Europe

Europe consumption 2,000 – 3,600tpa

Japan consumption 800 – 1,200 tpa

R.O.W. consumption approx 500 tpa

Global Consumption of Tungsten in Steelmaking Tonnes contained tungsten in ferrotungsten

The Ferrotungsten Market

• China, Europe and Japan are the main consumers for ferrotungsten

• Consumption of approximately 12,000–15,000tpa contained tungsten per annum

• Main sources of supply have historically been China, and a small plant in Vietnam

Need for Alternative Sources of FeW

• 20% export tariff imposed on Chinese origin ferrotungsten since 2008

• Restrictions on new tungsten projects

• Phasing out of obsolete ferroalloy capacity in China

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• 16th largest population in the world • 56% of the population is under 30 • 7.8% annual GDP growth rate 2005 – 2012 • $US 14.8b foreign direct investment in 2012 • Manufacturing base for major int’l companies • Significant infrastructure development underway • To become 2nd largest tungsten producer globally

(Masan Resources Nui Phao operations)

Vietnam

• 50 year investment license • License includes other tungsten products • Adjacent largest port city in Vietnam • Connected to grid power • Established industrial estate • Excellent catchment area for workers

ATC

The Project Setting F

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Built for <$12m Capex >500t FeW sold during commissioning & ramp-up Product sold globally Premium grade product

Campaign production 12-18 t/day production Max furnace capacity >4,000 tpa Targeted ramp-up: CY2014 1,500t (1,100t W) CY2015 2,600t (2,000t W)

Expected margin $US 5 -8/kg long term Becoming a major global force in the supply of tungsten master alloy Turnover @ $US 49/kg: CY2014 $US 54m CY2015 $US 98m max capacity >$US 140m

Enters the market Production ramp-up Outlook

Progress & Outlook F

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Big Hill Tungsten Deposit (Hazelwood 100%)

•Robust pre-feasibility; high category Resource •Deposit occurs at surface; open-pittable •Extensive pilot metallurgy & simple processing •Exceptionally clean concentrate, suitable for ATC •Re-visit the Definitive Feasibility to match ATC

Mt Mulgine Tungsten Project (Hazelwood 100%) • Near surface, relatively high-grade Resource •Mid west location close to infrastructure •Engineering Pre-Feas shows modest plant CAPEX $A31.5m •Could supply approx. 1/3rd of ATC feedstock •Evaluating capital efficient path to vertical integration

Australian Tungsten Assets - Vertical Integration Potential – Increased Refining Margins

Mt % WO3 MTU Contained Tungsten Metal Tonnes

Measured 9.51 0.16 1,540,678 12,218

Indicated 10.38 0.19 2,007,109 15,917

Inferred 4.53 0.15 700,042 5,551

Total 24.42 0.17 4,247,829 33,686

Total Tungsten JORC Mineral Resources (at 0.1% WO3 cut-off grade)

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Hazelwood is a leading specialty metals producer • Successful penetration of market during ramp-up – more than 10% of non-China market

• Has shipped >500 tonnes FeW during ramp-up phase; representing ~$20m of sales

• Margin of ~10% achieved, targeting 15% margin in full production

• Highly experienced minor metals team

• Niche product with few sources of supply outside of China

• Strong logistics, procurement and financial support from sales agent Wogen

ATC Ferrotungsten Project • Largest and most advanced ferrotungsten plant outside of China

• Low overheads and competitive, low-cost operating setting delivering strong margins (projected LT margins US$5 - $8/kg tungsten)

• Hazelwood’s 60% ownership to increase to 100%1

• Ramping up to deliver profitability to Hazelwood

Incremental growth opportunities • At full rate of production, capable of generating > $140 million in revenue 2

• Advanced tungsten projects in Australia offer potential future vertical integration

• Potential to leverage off our team and plant to produce other specialty metals

• Established processing base base and proven delivery of capital-efficient capacity

The Investment Case

1 Hazelwood has an agreement with its Joint Venture partner to acquire the balancing 40% for US$7.5m, which may be satisfied with cash and/or Hazelwood shares 2 Based on LT projected sales price of US$49/kg tungsten

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Contact Information

Mr. Terry Butler-Blaxell Managing Director Address: Unit 2, 13 Oxleigh Driver, Malaga, WA 6090 Phone: +618 9320 5220 Email: info@hazelwood.com.au

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kg c

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China benchmark concentrate price

China export FeW f.o.b.

Europe FeW ex-warehouse Rotterdam

six year average metal - feedstock premium ~ 35%

Appendix 1: Strong Margins on Ferrotungsten Product F

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• Wogen Resources – traders of minor metals for over 40 years

• Existing networks of customers in specialty steelmaking

• Five year sales agency and sales financing agreement

• Actively sourcing feedstock from multiple sources

With few sources of ferrotungsten outside of China, the Wogen – ATC Relationship can achieve a strong market position in its chosen territories

Appendix 3: Global Sales Agent, Wogen Resources

ATC Product Sampling Area (Left to right) • Terry Butler-Blaxell Managing Director

Hazelwood • Ross Sabberton Managing Director

Wogen Pacific • George Chen President ATC • John Chegwidden Director Hazelwood F

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Terry Butler-Blaxell Managing Director, Hazelwood Mr Butler-Blaxell has 20 years’ experience in the resources sector in commodities including gold, industrial metals, vanadium, nickel, tungsten, magnetite iron ore and titanomagnetite, and has directed the economic evaluation of numerous projects. He has significant experience in financial modelling and valuation, project and company transactions, due diligence reviews, and minor metals markets. John Chegwidden Director & Management, Hazelwood & ATC Mr Chegwidden has over 20 years experience as an accountant, including providing advice in management, accounting and taxation, and consulting to manufacturing, mining, primary production and earthmoving operations. Mr Chegwidden has a strong knowledge of the mining and resources sector in Australia, with key competencies in exploration, materials processing, marketing and financial management in relation to junior mining companies. More recently he has consulted to a number of listed companies and negotiated with capital financiers for junior exploration companies. Martin McQuade Chief Operations Officer, Hazelwood

Mr McQuade has more than 30 years experience in the mineral processing industry including pyrometallurgical and extractive processes. He has held roles that range from operations management, project economic analysis, strategy development, to study and project management. Mr McQuade has broad experience across a range of minerals including nickel, tin, tantalum, magnesia, tungsten and gold. Dr Jake Zhu Senior Pyrometallurgist, Hazelwood

Mr Zhu has more than 20 years’ experience in pyro-metallurgical operations including ferroalloy smelting and production, iron production, tin and copper concentrate smelting and converting. He has worked for Ausmelt, BHP Billiton, Xstrata and Nyrstar in a range of operations, which included a number of overseas locations including China, and South Africa. .

Chen Guanyu (George Chen) President, ATC George Chen presently holds a 40% interest in the ATC Joint Venture. Mr Chen is a qualified mechanical engineer and has more than 20 years’ experience in the global tungsten industry, having previously held senior executive roles with China’s largest hardmetals producer, XTC where he was also involved in the procurement and trade of tungsten materials. George has significant experience operating in Vietnam and was a founder of the Youngsun ferrotungsten operations. Mr Chen has assembled a team of experienced ferrotungsten personnel and support staff from the Chinese tungsten industry.

Wei Jian Cao Chief Engineer, ATC Mr Wei is an electrical engineer with more than 25 years experience. Specific ferrotungsten experience was gained during his employment at Jiangxi Tungsten Group in the areas of design, installation and commissioning. Jiangxi Tungsten Group is one of the largest tungsten producers in China.

Yen Ngyuen Principal Project Engineer, Hazelwood Ms Nguyen is a mechanical engineer with more than 20 years experience in major project development and project delivery in the Western Australian mining industry. She has worked with BHP Billiton, WMC, and major engineering houses and has provided senior project support for the construction of the Vietnamese facility. Xu Ling Chen Operations Superintendent ATC Mr Xu is an experienced process engineer with more than 30 years’ experience in metallurgical operations. Having previously operated ferrotungsten furnaces at Jinling Ferroalloys Group in China, Mr Xu was one of the pioneers in adapting Russian technology to the Chinese ferrotungsten industry

Appendix 4: The ATC Team – Experience in Minor Metals F

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The information in this report that relates to exploration results, mineral resources or ore reserves has been compiled by Mr Terence Butler-Blaxell MAust IMM who is a full time employee of Hazelwood Resources Limited. Mr Butler-Blaxell has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he has undertaken to qualify as a competent person as defined in the 2012 edition of the Australasian Code for the reporting of exploration results, mineral resources and ore reserves. Mr Butler-Blaxell consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

0.1% cut-off Mt % WO3 mtu

Indicated 5.87 0.22 1,302,474

Inferred 2.32 0.17 402,810

Total 8.18 0.21 1,705,284

Big Hill Mineral Resource Mt Mulgine Hill Mineral Resource

Appendix 5: Australian Tungsten Resources F

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