Mining a cleaner tomorrow Melbourne Club - July 2016 Mike Young, Managing Director and CEO Vimy Resources Limited Vimy’s vision and mission

‘Mining a cleaner tomorrow’ Vimy aims to become a reliable and respected uranium producer. Vimy corporate video

3 Vimy Resources – a uranium company

Board with proven track records in People building mines and management team with strong uranium experience

Mulga Rock is the third largest Project undeveloped uranium deposit in

Commodity Growing demand for uranium

Financially sound Strong balance sheet

Shareholders Supportive share register

4 People who deliver

Hon. Cheryl Edwardes, AM Mike Young Non-Executive Chairman CEO and Managing Director Significant networks in Government and in Asia’s Building mines business community Founding Managing Director of BC Iron Ltd Former WA State Government Minister holding Ministries of Uranium experience in Canada and Australia Environment, Labour Relations and Attorney General

Julian Tapp Tony Chamberlain Executive Director Chief Operating Officer Expertise in regulatory approvals Considerable experience with Australian uranium projects Previous Head of Government Relations and Extensive operational and capital delivery experience; Director of Strategy at has previously worked on several uranium projects globally

Ron Chamberlain CFO and Company Secretary A team with proven track records Finance professional with uranium experience Significant experience in funding and development in building mines of uranium projects Inaugural CFO for

5 Strong balance sheet and shareholder base

Capital structure Significant shareholders Shares on issue 230 million Forrest Family Investments 25%

Share price (14 July 2016) $ 0.32 Macquarie 19%

Market cap $ 73.6 million Acorn Capital 19%

Cash (30 June 2016) $ 4.6 million Michael Fewster 16%

Debt drawn (30 June 2016) $ 7.5 million Resource Capital Funds VI 1 8%

Debt facility available (30 June 2016) $ 7.5 million Directors 3.5%

Options (unlisted) 2.9 million @ 35c (June 2018) Resource Capital Fund VI A$30m funding package 8.7 million @ 154c (Dec 2018) ● $ 5 million placement 8.7 million @ 70c (Dec 2018) ● $10 million royalty payment (1.15% GSR) ● $15 million bridging loan 1.4 million @ 80c (Dec 2019)

Resource Capital Fund VI (“RCF”) is a group of commonly managed private equity funds, established in 1998 with a mining sector specific investment mandate spanning all hard mineral commodities and geographic regions. Since inception, RCF has supported 148 mining companies, with projects located in 47 countries and across 29 commodities. The sixth fund, Resource Capital Fund VI L.P. (“RCF VI”) with committed capital of $2.04 billion, is now being invested. Further information about RCF can be found on its website www.resourcecapitalfunds.com Forrest Family Investments (“FFI”) is an Andrew Forrest entity within the Minderoo Group. Andrew Forrest was the founding chief executive officer of Fortescue Metals Group, the world’s fourth largest producer.

6 Chinese action on climate change

● Chinese commitments (INDCs*) to UNFCC** – Carbon emissions will peak by 2030 or earlier – Carbon emissions/GDP lowered by 60-65% compared to 2005 levels (34% already achieved) – Increase share on non-fossil fuels in primary energy to ~ 20% › Will require > 150 GW by 2030 ● Primary energy from non-fossil fuels (in 2014) ~ 11.2%

Capacity Energy Share of Source of Design utilisation generated primary power capacity factor TWh energy

Hydro ~ 300 GW ~ 40% ~ 1065 8.6%

Wind ~ 115 GW ~ 16% ~ 160 1.3%

Solar ~ 30 GW ~ 11% ~ 30 0.2%

Nuclear ~ 20 GW ~ 72% ~ 125 1.0%

Photos courtesy of guardianlv.com, vice.com and * Intended Nationally Determined Contributions; ** United Nations Framework Convention on Climate Change theaustralian.com.au

7 U market – supply vs demand

Operating nuclear capacity forecast (GWe gross) ● RJL is conservative vs WNA ● 2020E units running or under construction ● Planned = approved and funded but no concrete

Global supply forecast (Mlbs/yr U308eq)

● Flat growth ● Clear mismatch ● Requires >$50 US

Source: Raymond James, 2015 8 Uranium price

Global uranium incentive price curve for planned and potential new primary supply

Spot Price LT Price Incentive uranium price (US$/lb) price uranium Incentive

Cumulative production of planned / potential new mines at max. capacity (Mlbs/yr) Source: Raymond James, 2015

9 Mulga Rock Project –

Australia’s third largest 76.2Mlb U3O8 Resource + undeveloped U deposit 17 year mine life

Flat lying lignite-hosted; Simple geology shallow open pit

Proven techniques; Simple mining free-dig mining methods Strip mining allows “real time” rehab

Beneficiation breakthrough; Simple metallurgy simple acid leach technology

Simple product Yellowcake product Simple transport shipping via Adelaide

10 U3O8 Mineral Resource Estimate

Cut-off grade Tonnes U3O8 U3O8 Deposit / Resource Classification (ppm U3O8) (Mt) (ppm) (Mlb)

Mulga Rock East Princess Indicated 150 1.3 690 1.9 Princess Inferred 150 2.5 380 2.1 Ambassador Indicated 150 19.8 720 31.5 Ambassador Inferred 150 10.4 330 7.7

Sub-total 34.1 580 43.2 Mulga Rock West Emperor Inferred 150 28.4 450 28.1 Shogun Inferred 150 4.1 550 4.9

Sub-total 32.5 460 33.0 Total Resource 66.6 520 76.2

This Resource estimate was released to the ASX on 23 June 2016 Please see www.asx.com.au/asxpdf/20160623/pdf/4382qcpt6zk1bv.pdf

11 Mulga Rock Project location plan

● 76.2 Mlb U3O8 Resource, >17 year mine life

● 58Mlb U3O8 Mineral Inventory (diluted and recovered) ● Remote, arid location with no local inhabitants +200km to nearest town ● Deposits covered by granted Mining Leases on vacant Crown land

12 Deposit location plan showing development envelope

Project boundary (mining tenure) Pits

Overburden landforms

Supporting infrastructure – airstrip and camp

Processing infrastructure

MRP development envelope

13 Geology: carbon-rich sediment host rock Typical aircore drill hole

Drill hole Overburden – oxidised sediments

● Hosted within deeply weathered sediments comprising Redox boundary carbonaceous sandstone; silt; sandy lignites

● Mostly Uraninite (UO2) associated with carbonaceous material and lignite – no complex silicate minerals Uranium-bearing ● Deep weathering = soft friable rock carbonaceous sandstone ● Deep pit voids to provide tailings disposal and waste dumps

14 Mining: simple, established mining methods

● Japanese test pit at Shogun in 1980s shows clear demarcation between carbon-rich mineralisation and oxidised overburden ● Overburden amendable to free dig mining methods ● DFS will optimise bulk mining methods for overburden excavation using coal mining technology ● Strip mining method results in in-pit waste disposal and ‘real time’ rehabilitation – key environmental factor ● Pit voids to be used for tailings disposal and management – key environmental factor

Close-up in Japanese test pit (1980s) Ambassador East pit showing carbon-rich ore and free dig nature February 2016 of material

15 Geotechnical investigation trenches

● Free dig / dozer ripping – no blasting ● Geotech confirmed – upper horizon highly stable ● Mining rates higher than expected ● Groundwater level as expected ● 25t ore sample mined

16 Strip mining method – in-pit crushing and conveying

17 Ore mining method – selective mining

18 Mining: large, strip mining operation

Tailings facility (pit void)

Processing plant Rehabilitation

Backfilled overburden

Mined out

Exposed ore

Overburden

19 Proven metallurgy

Uranium Elution packaging Base metal plant RIP ion exchange

Acid leach

Thickeners

Crushing

Four stage process ● Beneficiation – removes gangue sands From bene plant ● Sulphuric acid leach ● Resin-In-Pulp ion exchange ● Uranium precipitation and packaging

20 Process development – pilot test work

Upward classifier Leach tank train Resin-in-Pulp circuit

21 Definitive Feasibility Study - activities

Mine design Ore reserves Process piloting

● Optimisation of resource ● Conversion Indicated ● Beneficiation circuit upgrades (August) Probable Ore Reserves successfully proves upgrade ● Material movements using (August) concept mechanised mining ● Expecting ~ 30Mlbs ● Leach and RIP work equipment ● Underpins initial 10 year underway ● One third of Mulga Rock’s mine life ● Verify metallurgical operating cost associated ● Further +7 years in recoveries with overburden removal Optimised Mineral Inventory ● Generate final process – key element of DFS design criteria for DFS engineering

22 Definitive Feasibility Study - activities

U marketing and Engineering project finance First shovel in ground

● Project Mngr GR Engineering ● Active U marketing underway ● Early works include: – Areva, EDF, Exelon, etc. o ● Plant design to produce Mine access road > Strong interest in Australian U o 3Mlbs U3O8 Communications tower > Social licence important ● Assessment of supporting o Water borefield ● Early engagement with banks infrastructure o Pre-clearing of Princess pit – Soc Gen, C-A, Natixis, etc. ● Expect a +/-10% accurate capital ● Equatorial principles and operating cost estimate

23 Mulga Rock Project timeline to first uranium

2016 2017 FID

Activity Q1 Q2 Q3 Q4 Q1 Definitive Feasibility Study Public Environmental Review

Mining approvals Board approval Works approvals to Resource update and ore reserve proceed Metallurgical pilot test work Final Investment Uranium marketing Decision (FID) Project construction financing Final Investment Decision (FID)

Project Construction Q1 Q2 Q3 Q4 Q5 Q6 Q7 Q8 Engineering and procurement Civils and site infrastructure Plant fabrication Pre-strip and ore mining Commissioning

Hand-over and first U3O8

24 Investment summary

Globally significant uranium deposit - size and scale

Excellent commodity opportunity - growing uranium demand

People with track record and vision

“Non-stop” development schedule

Strong balance sheet

25 For more information on the uranium industry

See Vimy Resources website – Useful links http://www.vimyresources.com.au/index.php/2016-06-16-01-41-27/uranium-information

26 Disclaimer and statement of confirmation

The purpose of this presentation is to provide general information about Vimy Resource Limited (Vimy); it constitutes a professional opinion only and is given in good faith. It is not recommended that any person makes any investment decision in relation to Vimy based on this presentation. To the extent that this presentation contains "forward-looking statements“ they are only subjective predictions and are subject to inherent risks and uncertainties which could cause outcomes to differ materially from those expressed, implied or projected in such forward-looking statements. No representation or warranty, express or implied, is made by Vimy that the material contained in this presentation is accurate, reliable, relevant or complete, or will be achieved or prove to be correct.

To the extent permitted by law, Vimy and its officers, employees, related bodies corporate, agents and advisers, disclaim any responsibility for the accuracy or completeness of the material contained in this presentation and excludes all liability whatsoever (including in negligence) for any loss or damage which may be suffered by any person as a consequence of any information in this presentation or any error or omission therefrom. Vimy accepts no responsibility to update any person regarding any inaccuracy, omission or change in information in this presentation or any other information made available to a person nor any obligation to furnish the person with any further information. All amounts expressed are in $A unless stated otherwise.

Pre-feasibility Study statement The Company advises that the Pre-feasibility Study referred to in this announcement is based on lower-level technical and preliminary economic assessments, and does not yet support a statement of Ore Reserves or to provide assurance of an economic development case at this stage, or to provide certainty that the conclusions of the PFS will be realised. The Production Target referred to in this announcement is partly based on Inferred Mineral Resources (which comprise approximately 28% of the Inferred Resource mined during the project payback period of 7 years at the capital breakeven uranium price). There is a low level of geological confidence associated with the Inferred Mineral Resources and there is no certainty that further exploration work will result in the determination of Indicated or Measured Mineral Resources or that the production target or preliminary economic assessment will be realised.

Statement of confirmation by Company The Company confirms that all the material assumptions underpinning the information in the Pre-Feasibility Study release of 17 November 2015 continue to apply and have not materially changed.

The Resource Estimate referred to above was announced to the market by the Company on 23 June 2016. The Company is not aware of any new information, or data, that affects the information in that announcement and that all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed.

27 Appendix Biographies – Board and key management Resource Estimates and table Pre-feasibility Studies project metrics People: The Board

The Hon. Cheryl Edwardes – Non-Executive Chairman ● Former WA State Government Minister holding Ministries of Environment, Labour Relations and Attorney General ● Providing statutory and approvals advice to , Hancock Prospecting, FTI Consulting ● Significant networks in State and Federal Government and broad experience and networks in China’s business community

Mike Young – Chief Executive Officer and Managing Director ● Founding Managing Director of BC Iron Limited (ASX200:BCI) from 2006 to 2013. BC Iron went from first drill hole to first ore on ship in under four years and now exports 6 Mtpa of iron ore from a JV with FMG (75:25 BCI:FMG) ● Experienced mining consultant – Resource modelling and estimation – with Golder Associates ● Founding director of uranium developer Bannerman Resources and currently non-executive Chairman of Cassini Resources ● Studied at Queens University, Ontario and worked on uranium exploration projects and mines in Canada

Julian Tapp – Executive Director ● Head of Government Relations and Director of Strategy at Fortescue Metals Group until 2012 with special responsibility for expediting approvals ● Trained as an economist in London, lectured at a number of universities including the London School of Economics ● Chief Economist for Ford Europe, BP and Rover Group before transitioning into role as Director, New Business Development

David Cornell – Non-Executive Director ● Founding director of the Element Group with significant commercial and financial experience in the mining and oil and gas sectors ● Previously an associate director at the LinQ group which managed Australia’s largest listed resource fund ● Specialist in providing corporate and professional services to both WA junior explorers and international mining companies

Andy Haslam – Non-Executive Director ● Highly qualified mining executive, with significant experience in project development and operations for both miners and mining contractors ● Currently Non-Executive Director of BC Iron and industry representative on WA Quarry Managers’ Board of Examiners ● Holds Diplomas in Mining and Extractive Industries Management from University of Ballarat, Victoria and SEM College in Western Australia

Mal James – Non-Executive Director ● Resources company director with extensive background in finance and accounting ● Very strong focus on uranium, developed over ten years at Peninsula Energy as Executive Director responsible for daily operations through to finance ● Holds a Bachelor of Business (Accounting) from RMIT Melbourne, Fellow of Australian Institute of Company Directors and is a Member of AusIMM

29 People : The Team

Ron Chamberlain – Chief Financial Officer and Company Secretary ● Financial professional with over 25 years’ experience in resources companies – exploration through to mine closure ● Significant experience with uranium companies as inaugural CFO for Paladin Energy and Extract Resources ● Bachelor of Commerce from UWA and Fellow of Chartered Accountants Australia and New Zealand

Tony Chamberlain – Chief Operating Officer ● Involved in a number of uranium projects in Australia, Asia, Africa and Eurasia ● Extensive operational and process engineering experience with WMC and BHP Billiton projects ● Delivered pre-feasibility and feasibility studies and process design packages for Goldfields, Barrick, Paladin and Mega Uranium

Xavier Moreau – Geology and Exploration ● General Manager of Geology and Exploration at Vimy since February 2010 ● Valuable uranium project management experience with Areva and U3O8 Limited ● Extensive experience in uranium and gold exploration with Areva and Afmeco with significant time spent on Goldfields projects ● Educated in France and Canada and holds an Honours degree in Geology

30 PFS Optimised Diluted Mineral Inventory – November 2015

Ore Waste Tonnes U3O8 U3O8 Cu Zn Ni Co Tonnes Deposit / Pits (Mt) (ppm) (Mlbs) (ppm) (ppm) (ppm) (ppm) (mt)

Mulga Rock East

Princess 3.7 450 3.7 460 815 330 175 54

Ambassador 28.0 550 34.0 245 890 475 220 378

Sub-Total 31.7 535 37.6 270 885 460 215 432

Mulga Rock West

Emperor 14.3 500 15.8 - - - - 319

Shogun 5.8 445 5.7 - - - - 69

Sub-Total 20.1 485 21.5 - - - - 388

Total Inventory 51.8 515 58.9 270 885 460 215 820

The Pre-feasibility Study was released to the ASX on 17 November 2015. See: http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01685657

31 Mulga Rock Maiden Ore Reserve

Total Metal Cut-off Grade Tonnes U3O8 U3O8 Deposit / Resource Classification (ppm U3O8) (Mt) (ppm) (Mlb)

Mulga Rock East

Princess Probable 150 1.3 640 1.8

Ambassador Probable 150 13.9 660 20.2

Total Reserve 15.2 660 22.1

● Mulga Rock Maiden Ore Reserve announced to ASX 30 March 2016 ● Based on work carried out during PFS ● Approximately 97% of Indicated Resources in PFS mine schedule has been converted to Ore Reserves

This Reserve estimate was released to the ASX on 30 March 2016. Please see http://www.asx.com.au/asxpdf/20160330/pdf/436587mktclpz4.pdf 32 Pre-feasibility Study results

Life of Mine (LOM) 17.1 years Nameplate Run-of-Mine 2.65 Mtpa We are proud that ROM Uranium Grade (Years 1-10) 601 ppm U O Mulga Rock will deliver 3 8 ROM Uranium Grade (LOM) 515 ppm U O enough uranium fuel 3 8 Average Strip Ratio LOM (waste tonne / ore tonne) 15.8 to offset the equivalent of Overall Metallurgical Recoveries 50Mt of CO emissions 2 Uranium 85.3% per year or Copper 35% 10% of Australia’s 48% total CO emissions 2 Nickel 43% Cobalt 38%

Annual Production – Uranium as U3O8 3.00 Mlbs U3O8 Process plant and infrastructure capital costs US$254M Mine pre-strip cost (additional to process plant capital) US$33.6M A flat exchange rate Uranium Opex Years 1 - 10 (after by-product credits) US$27.77 / lb U3O8 of A$1.00 : $US$0.7019 and a Uranium Opex Years 1 - 10 (before by-product credits) US$31.47 / lb U3O8 flat uranium price of US$65/lb Uranium Opex LOM (after by-product credits) US$31.32 / lb U3O8 U3O8 have been assumed Uranium Opex LOM (before by-product credits) US$33.89 / lb U3O8 across the entire project life Base Case Uranium Price US$65.00 / lb U3O8 for the Pre-feasibility Study. Exchange Rate A$:US$ 0.7019 Base metal prices are based NPV (inclusive of royalty, pre-tax @ 10% DCF) A$432M on LME spot prices as of IRR (inclusive royalty, pre-tax) 25.1% 1 September on a Real LOM Payback from start of production 3.9 years flat rate basis. The Pre-feasibility Study was released to the ASX on 17 November 2015 See: http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01685657

33 Melbourne Mining Club – Cutting Edge Series Mt Holland Project WA- The game changer July 2016 DISCLAIMER

This presentation has been prepared and issued by Kidman Resources Limited (“the Company”). It contains general information about the Company’s activities current as at the date of the presentation. The information is provided in summary form and does not purport to be complete. This presentation is not to be distributed (nor taken to have been distributed) to any persons in any jurisdictions to whom an offer or solicitation to buy shares in the Company would be unlawful. Any recipient of the presentation should observe any such restrictions on the distribution of this presentation and warrants to the Company that the receipt of the presentation is not unlawful. The presentation does not constitute, and should not be considered as, an offer or invitation to subscribe for or purchase any securities in the Company or as an inducement to make an offer or invitation with respect to those securities.

This presentation contains forecasts which are based on various assumptions. While the Company has endeavored to ensure that that these assumptions are reasonable, the Company can not factor in future events which are not foreseeable. Therefore, it is possible that the forecasts may not be achieved.

To the maximum extent permitted by law, no representation, warranty or undertaking, express or implied, is made and, to the maximum extent permitted by law, no responsibility or liability is accepted by the Company or any or its officers, employees, agents or consultants or any other person as to the adequacy, accuracy, completeness or reasonableness of the information in this presentation. To the maximum extent permitted by law, no responsibility for any errors or omissions from this presentation whether arising out of negligence or otherwise is accepted. An investment in the Company is to be considered highly speculative.

This presentation contains general summary information about KDR. The information, opinions or conclusions expressed in the course of this presentation should be read in conjunction with KDR’s other periodic and continuous disclosure announcements lodged with the Australian Securities Exchange (ASX), which are available on the KDR website. No representation or warranty, express or implied, is made in relation to the fairness, accuracy or completeness of the information, opinions and conclusions expressed in this presentation

Competent Person Statements

The Information contained within this public announcement is extracted from the report entitled Convergent Minerals Limited Annual Report to Shareholders created on 30/09/2014 and is available to view on the ASX website. The Competent person responsible for the information contained within this report is Mr. Robin Rankin MSc DIC MAusIMM(CP). The company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and, in the case of estimates of Mineral Resources or Ore Reserves, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement.

The Information contained within this public announcement is extracted from the report entitled Convergent Minerals Limited Presentation for Resources Symposium Broken Hill 2015 created on 26/05/2015 and is available to view on the ASX website. The Competent person responsible for the information contained within this report is Mr. David Price FAusIMM. The company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and, in the case of estimates of Mineral Resources or Ore Reserves, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement.

Exploration: The information in this release that relates to sampling techniques and data, Exploration Results, geological interpretation and Exploration Targets has been compiled by Mr. Michael Green BSc (Hons), MAusIMM, an employee of the Company. Mr. Green is a Member of the Australian Institute of Mining and Metallurgy and he has sufficient experience with the style of mineralisation and types of deposits under consideration, and to the activities undertaken, to qualify as a competent person as defined in the 2012 Edition of the "Australian Code for the Reporting of Exploration Results, Mineral Resources and Ore Reserves (The JORC Code). Mr. Green is a shareholder in KDR. Mr. Green consents to the inclusion in this report of the contained technical information in the form and context in which it appears.

Resource Estimation - Burbanks: The information in this release that relates to the Estimation and Reporting of Mineral Resources has been compiled by Mr. Richard Buerger BSc (Hons). Mr. Buerger is a full-time employee of Mining Plus Pty Ltd and has acted as an independent consultant on the Burbanks Deposit Mineral Resource estimation. Mr. Buerger is a Member of the Australasian Institute of Mining and Metallurgy and of the Australian Institute of Geologists and has sufficient experience with the style of mineralisation, deposit type under consideration and to the activities undertaken to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (The JORC Code). Mr. Buerger consents to the inclusion in this report of the contained technical information relating the Mineral Resource Estimation in the form and context in which it appears.

Resource Estimation – Gunga West: The information in this release that relates to the Estimation and Reporting of Mineral Resources has been compiled by Ms. Lisa Bascombe BSc. Ms. Bascombe is a full-time employee of Mining Plus Pty Ltd and has acted as an independent consultant on the Gunga West Deposit Mineral Resource estimation. Ms. Bascombe is a Member of the Australian Institute of Geologists and has sufficient experience with the style of mineralisation, deposit type under consideration and to the activities undertaken to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (The JORC Code). Ms. Bascombe consents to the inclusion in this report of the contained technical information relating the Mineral Resource Estimation in the form and context in which it appears.

Ore Reserve estimation: The information in this report which relates to the Burbanks Gold Project’s Christmas Pit is based on information compiled by Gary McCrae, Mining Engineer and a full time employee of Minecomp Pty Ltd and who is a member of the Australasian Institute of Mining and Metallurgy. Gary McCrae has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves prepared by the Joint Ore Resources Committee, the Australian Institute of Mining and Metallurgy, Australian Institute of Geoscientists and the Mineral Council of Australia.” Gary McCrae consents to the inclusion in the report of the matters based on this information in the form and context in which it appears.

Cautionary Statement

Readers should use caution when reviewing the exploration and historical production results presented and ensure that the Modifying Factors described in the 2012 edition of the JORC Code are considered before making an investment decision.

2 CORPORATE AND FINANCIAL OVERVIEW

Capital Structure ASX Code KDR Shares on Issue 237.3m Share Price $0.34 Market Cap $79.5 M

Directors & Key Management

Peter Lester Chairman, Non-Executive Director Date Share Price Performance Share Date Martin Donohue Managing Director - to - Brad Evans Non-Executive Director

Chris Williams General Manager - Operations

KDR: Year KDR: Options Michael Green Exploration Manager Listed KDRO 15c strike European style option Jason Eveleigh Chief Financial Officer

th Justin Mouchacca Company Secretary Expiring 30 April 2018

3 BOARD AND MANAGEMENT

CHAIRMAN, Peter Lester Peter is a mining engineer with more than 40 years experience in the mining industry in various roles including construction, project and mine management. Corporate and financial advisory services and in business development with responsibility for strategic planning and corporate development, predominantly in precious and base metals. He has worked in operational roles at Mt Isa and Broken Hill, as well as senior executive positions with North Ltd, Limited, Oxiana / Oz Minerals Limited and most recently with Citadel Resources Group Limited. Peter is also currently chairman Doray Minerals (DRM).

MANAGING DIRECTOR, Martin Donohue Martin Donohue was the founder of Kidman Resources which listed on ASX in 2011 and he subsequently took on the role of Managing Director in October 2014 with the aim of making strategic acquisitions during the resource sector downturn. Martin has around 20 years’ experience in equity capital markets and the natural resources sector where he has been directly involved in evaluating mineral projects at various stages of development and raising capital. Martin is a director of several private and public companies focused on precious and base metals in Australia and New Zealand. He is Non Executive Chairman of E2 Metals which is a gold exploration and development company and is also the principal of Penstock Advisory, a private consulting and investment company based in Melbourne that specialises in identifying , managing and developing mineral projects in Australia and overseas.

NON EXECUTIVE DIRECTOR, Brad Evans Brad is a mining engineer with over 17 years’ experience within the mining industry and is currently General Manager of Mining Plus, an international Mining Consultancy. He has a multitude of experience ranging from mine production, planning and management on mine sites, to organisation leadership within Mining Plus. He has led the growth of Mining Plus from 10 to 60 employees and it now has offices in five countries around the world. He is the holder of a First Class Mine Manager’s Certificate of Competency in both Western Australia and New South Wales.

GENERAL MANAGER OPERATIONS, Chris Williams Chris is a mining engineer who has over 30 years experience in underground and open pit mining operations and management roles throughout Australia. Before joining Kidman Chris worked for 12 years at Panoramic Resources in a number of senior roles including General Manager Operations for the Savannah and Lanfranchi nickel mines and General Manager Projects and Technical Services. Prior to Panoramic Resources Chris was Mine Superintendent for New Hampton Goldfields and Harmony Gold Mines at their Jubilee Operation near Kalgoorlie.

GEOLOGY MANAGER, Michael Green Michael is an experienced and accomplished Geologist with 10 years experience. He spent 6 years at Newmont working in both the Regional Exploration Team in Qld, NSW and the NT before moving to the Tanami Operations where he was responsible for both near mine and District exploration. During that time at Newmont Michael was a part of the team that made the Oberon Regional discovery, and the near mine Auron Ore body discovery which has significantly increased the LOM at Newmont Tanami Operations. Responsible for near mine resource development and delineation with a significant component involving the management of contractors and a large geology team. 4 KIDMAN OVERVIEW

PURELY AUSTRALIAN FOCUSED RESOURCE COMPANY BASED IN MELBOURNE

GOLD • Mt Holland Project WA- 50km of strike over the Forrestania Greenstone Belt • Burbanks Mine WA- Producing Gold mine located near Kalgoorlie • Esmeralda Qld- Early stage highly prospective Gold exploration project

LITHIUM • Mt Holland Project WA- Recent drill assays confirm significant new discovery with both high grades and significant near surface tonnage potential on granted mining leases

BASE METALS- Cu, Ni, Pb, Zn • Barrow Creek NT- Home of Bullion and Prospect D base metal project including combined Inferred and Indicated Resource • Browns Reef NSW- Cobar Basin base metal project Lithium • Crowl Creek NSW- Projects adjacent to Mineral Hill mine

5 BURBANKS GOLD MINE - WA

• Acquired in June 2015 during downturn for $5.4 mil including Gunga West satellite open pit ( Gunga subsequently sold for up to $2.5m to Metals X) • No Resource at time but Combined Measured, Indicated and Inferred Resource of 99,000 oz at 5.6 g/t by Aug 2015 (Refer to KDR announcement 25th August 2015) • Historical production of 366,000 oz’s at 13.9 g/t with mineralised zones still open at depth and along strike • Kidman poured first gold mid September 2015 • Changed mining contractors January 2016 and undertook significant capital improvements • Production now recommencing from Dahmu lode

6 MT HOLLAND PROJECT WA – The game changer

• Agreed to acquire out of recent administration in Dec 15 for only $3.5 mil or $3.20 per gold ounce or less than the cost of discovery • Completed acquisition early July 2016 after shareholder approval • Located near Southern Cross about 4hrs drive east of • Extensive existing infrastructure and gold endowment (Refer ASX release Dec 18th 2015 for details) • Significant new Lithium discovery with both high grades and large tonnage potential • Many targets remain open • Fully permitted with Granted Mining Leases • Relatively underexplored ground holding with 50km of the Forrestania greenstone belt • Aggressive drilling programs now commencing

7 MT HOLLAND - MULTIPLE TARGETS OVER 50KM = OPTIONALITY

Blue Vein Gold* Van Uden Gold* Twinings Group Gold* Victory Gold Gold City Gold Bushpig Gold Razorback Gold Cheritons Gold Squealer Gold

Earl Grey Lithium* Prince of Wales Lithium* Texas Lithium Bounty Lithium • Project wide data review has now defined priority Gold and Lithium targets……….

* Current priority targets all on granted mining leases

8 MHG EXISITING INFRASTRUCTURE

• Granted Mining Leases

• Existing haulage roads, public road, airstrip & tailings storage facility

• Existing site office and staff accommodation including all amenities in place

• Western Power substation located on site

• Water sourced from the flooded Bounty underground mine/ borefield

• Communications facilities

• Pit ramp to existing open pit

• Cleared ROM pad area (sufficient for stockpile and haulage loading)

• Shorter lead times and capital costs to production 9 GOLD - BLUE VEIN GOLD DEPOSIT

• Blue Vein deposit remains open in multiple directions Refer ASX release Dec 18th 2015 for more details on Resource

• Results include 14.5m @ 13.6 g/t and 4m @ 10.7 g/t

• Leapfrog modelling and drill optimisation complete

• Significant down dip potential as considered an analogue to the Bounty Mine which was mined to 1.2km depth producing 1.2 mil ounces

• Aiming to increase confidence as well as grade and tonnes for increased mine life

• Commencing drill out has been planned with approximately 90 hole program over next 3-4 months

• Significant near term news flow in an improving gold market

10 BLUE VEIN DEPOSIT - AERIAL VIEW OF HISTORIC OPEN PIT

11 GOLD – VAN UDEN GOLD DEPOSIT

• Existing open pit mining potential on granted mining lease. Refer ASX Release 18th Dec 2015 for resource details • 8000m of drilling now planned • Aiming to upgrade existing resource which is open along strike and at depth with only 8 of 2058 holes drilled deeper than 100m below surface, none below 200m • Pit optimisation study already underway to further define drill targets • Results include; 12m @ 6.38 g/t from 41m, 15m @ 4.36 g/t from 65m , 13m @ 4.66 g/t from 41m

12 VAN UDEN – TASMAN PIT REMAINS OPEN

13 VAN UDEN GROUP DEPOSIT

14 GOLD - TWININGS GROUP GOLD DEPOSITS

• Existing open pit mining potential on granted mining lease- underground mining potential to also be tested • 6200m of drilling planned for Darjeeling high grade shoot and Irish Breakfast deposit • Aiming to upgrade existing gold resource which remains open with only 481 drill holes over 1.4km of which 27 are drilled to between 100m- 200m and 1 hole deeper than 200m • Results include ; 14m @ 8.36 g/t from 19m, 5m @ 8.04 g/t from 165m, 13m @ 5.16 g/t from 21m

15 TWININGS DEPOSIT

16 LITHIUM / EARL GREY - SUBSTANTIAL NEW DISCOVERY

• First RC drill hole results last week

• All holes were terminated in mineralisation so actual thickness of the pegmatite still unknown

• Extensive Spodumene mineralisation; very high Lithium grades with individual samples up to 3.94% Li2O and outstanding widths already at 50m true width

• Mineralisation dips around 20-25 degrees- good open cut potential for low strip ratio

• 45m @ 1.81% Li2O including 7m @ 2.23% Li2O • 39m @ 1.93% Li2O including 12m @ 2.46 % Li2O • 52m @ 1.53% Li2O (see KDR ASX Announcement 15 July 2016)

• Plans already underway to mobilise a rig to site for an extensive drilling program

• Targeting maiden resource

• Located on granted mining lease with existing infrastructure. 17 OUTSTANDING LITHIUM POTENTIAL

• Much more than just the Earl Grey Lithium discovery

• Data review highlights multiple large near surface pegmatites over 25km

• All confirmed by historic drilling that has never assayed for Lithium

• Many pegmatites are located on granted mining lease

• Compelling exploration potential as a major Lithium field with major tonnage potential

• Other priority targets include Prince of Wales which sits at surface along strike from the Earl Grey discovery with drill data confirming the pegmatite is 2.2km long , up to 340m wide and open

• Texas pegmatite is 6.3km long based on drill data

• Bounty pegmatite confirmed as spodumene bearing with recent nd drill results on June 2 of 54.2m @ 1.53% Li2O and 33.5m @ 1.39% Li2O 18 INVESTMENT HIGHLIGHTS

• Kidman currently in production at its Burbanks Gold Mine in WA

• Recently completed the acquisition of Mt Holland Gold / Lithium project in WA

• Both Gold and Lithium targets on granted mining leases with significant infrastructure already in place

• Mt Holland aggressive drilling programs on both Gold and Lithium targets to provide multiple share price catalysts

• Highly significant new Lithium discovery showing both exceptional grades and near surface tonnage potential

• Lithium drill program commencing shortly at Earl Grey and other shallow targets like Prince of Wales

• Resource drill out on high grade Blue Vein gold deposit underway with further drill programs at Van Uden imminent

• Divesting non core base metals projects to focus on core assets in Gold / Lithium

19 APPENDIX: BURBANKS RESOURCE

Mineral Resource Estimation for the Burbanks Deposit - as of the end of July 2015 Indicated Inferred Area Cut-Off Tonnes Grade Ounces Tonnes Grade Ounces Open Pit Resource 1.0 30,000 4.5 4,500 10,000 4.7 1,500 Underground Resource 2.5 185,500 5.8 34,500 325,000 5.6 58,500 Total Resource 1.0/2.5 215,000 5.6 39,000 335,000 5.5 60,000 The preceding statements of Mineral Resources conforms to the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code) 2012 Edition. All tonnages reported are dry metric tonnes. Minor discrepancies may occur due ro rounding to appropriate significant figures.

Refer to KDR announcement 25th August 2015

20 For Further Information: Martin Donohue Managing Director [email protected] INVESTOR PRESENTATION JULY 2016

1 CAUTIONARY NOTES

This presentation has been prepared by the management of realization of mineral resources at the Company’s projects, the Borax Argentina and/or their consultants (including the size and Limited (the ‘Company’) in connection with meetings viability, recoverability and processing of such resources, timing grade of such resources) are incorrect in any material respect; with institutional investors and for the benefit of brokers and of future exploration at the Company’s projects, timing and the inability to efficiently integrate the operations of Borax analysts and not as specific advice to any particular party or receipt of approvals, consents and permits under applicable Argentina with those of Orocobre; as well as those factors person. The information is based on publicly available legislation, trends in Argentina relating to the role of government disclosed in the Company’s Annual Report for the year ended information, internally developed data and other sources. Where in the economy (and particularly its role and participation in June 30, 2015 filed at www sedar.com. any opinion is expressed in this presentation, it is based on the mining projects), adequacy of financial resources, forecasts assumptions and limitations mentioned herein and is an relating to the lithium, boron and potash markets, potential Forward-looking information is based on a number of expression of present opinion only. No warranties or operating synergies between the Salinas Grandes and Cauchari assumptions and estimates that, while considered reasonable representations can be made as to the origin, validity, accuracy, projects and the Olaroz project, the potential processing of by the Company, may prove to be incorrect. Assumptions have completeness, currency or reliability of the information. The brines from the Cauchari Project and the incremental capital been made regarding, among other things: the Company’s Company disclaims and excludes all liability (to the extent cost of such processing, expansion, growth and optimisation of ability to carry on its exploration and development activities at its permitted by law) for losses, claims, damages, demands, costs Borax Argentina’s operations, the integration of Borax projects and to continue production at Borax Argentina’s and expenses of whatever nature arising in any way out of or in Argentina’s operations with those of Orocobre and any properties, the timely receipt of required approvals, the prices of connection with the information, its accuracy, completeness or synergies relating thereto and other matters related to the lithium, potash and boron, the ability of the Company to operate by reason of reliance by any person on any of it. development of the Company’s projects and the timing of the in a safe, efficient and effective manner and the ability of the foregoing matters. Company to obtain financing as and when required and on This presentation contains “forward-looking information” within reasonable terms. Readers are cautioned that the foregoing list the meaning of applicable securities legislation. Forward-looking Forward-looking information is subject to known and unknown is not exhaustive of all factors and assumptions which may have information is often characterized by words such as “plan”, risks, uncertainties and other factors that may cause actual been used. Although the Company has attempted to identify “expect”, “budget”, “target”, “project”, “intend”, “believe”, results to be materially different from those expressed or implied important factors that could cause actual results to differ “anticipate”, “estimate” and other similar words or statements by such forward-looking information, including but not limited to materially from those contained in forward-looking information, that certain events or conditions “may” or “will” occur. Forward- the risk of further changes in government regulations, policies or there may be other factors that cause results not to be as looking information may include, but is not limited to, the legislation; that further funding may be required, but anticipated, estimated or intended. There can be no assurance successful ramp-up of the Olaroz Project, and the timing unavailable, for the ongoing development of the Company’s that such information will prove to be accurate, as actual results thereof, the design production rate for lithium carbonate at the projects; fluctuations or decreases in commodity prices; and future events could differ materially from those anticipated Olaroz Project, the expected brine grade at the Olaroz Project, uncertainty in the estimation, economic viability, recoverability in such information. Accordingly, readers should not place the Olaroz project’s future financial and operating performance and processing of mineral resources; risks associated with undue reliance on forward-looking information. The Company including production, rates of return, operating costs, capital development of the Olaroz Project; unexpected capital or does not undertake to update any forward-looking information, costs and cash flows, the comparison of such expected costs to operating cost increases; uncertainty of meeting anticipated except in accordance with applicable securities laws. expected global operating costs, the ongoing working program milestones at the Olaroz Project or the Company’s relationship between Orocobre and the Provinces of Jujuy and other projects; general risks associated with the feasibility and Salta, the on-going working relationship between Orocobre and development of the Olaroz Project and the Company’s other Olaroz project financiers Mizuho Bank and JOGMEC and the projects; risks associated with investments in publicly listed satisfaction of any lending covenants, the future financial and companies, such as the Company; risks associated with general operating performance of the Company, its affiliates and economic conditions; the risk that the historical estimates for subsidiaries including Borax Argentina, the estimation and Borax Argentina’s properties that were prepared by ,

2 INVESTMENT THESIS

PRODUCTION VOLUME GROWTH On track to reach nameplate production run rate of 17.5KT p.a. lithium carbonate production at Olaroz by November 2016

MARKET DEMAND Tightening market, accelerating battery market growth and strong baseline demand from traditional markets

STRONG PRICE GUIDANCE Consistent quarter-on-quarter contract price growth (~US$7,500/tonne to >US$10,000/tonne Q2 to Q3)

OPERATIONAL IMPROVEMENT Forecast operating costs of

EXPANSION Large Resource. Scoping study to duplicate Stage 1 at Olaroz (an additional 17.5KT - 25KT) and leveraging knowledge, experience and supplier relationships to execute better, faster and cheaper (less CAPEX). Scoping study to be completed by the end of September, Feasibility Studies to commence in October

3 CAPITAL MARKETS SNAPSHOT (ASX:ORE, TSX:ORL)

CAPITAL STRUCTURE (AS AT 15th JULY 2016) SHARE PRICE CHART 3,000,000 $6.00 Shares outstanding 209M 2,500,000 $5.00 2,000,000 $4.00 Performance Rights and 2.68m 1,500,000 $3.00 Options Outstanding 1,000,000 $2.00 Volume Cash Balance 500,000 $1.00 A$47.8m (Corporate 30/06/16)

0 $0.00 PriceShareAUD

Share price ASX/TSX A$4.85/C$4.77 Volume Share Price

Market capitalisation A$1016M SHAREHOLDERS INVESTOR RELATIONS CONTACTS

52 week share price range (close): David Hall – Business Development Manager Executives and Directors ~8.2% T: +61 7 3871 3985 M: +61 407 845 052 ASX A$1.33–A$5.05 [email protected] Henderson Global Investors 5.4% Andrew Barber – Investor Relations Manager T: +61 7 3871 3985 TSX C$1.25–C$4.84 Institutions, Banks and Brokers ~67.3% M: +61 418 783 701 [email protected]

4 ARGENTINA – REFORMS

THIRD LARGEST ECONOMY IN LATIN AMERICA, MEMBER OF G20 Pro-business President Macri is delivering changes that will allow the Argentinian economy to grow

FLOAT OF CURRENCY Ends the artificially high exchange rate, Argentinian peso (ARS) has devalued by ~50% against the USD since 18 December 2015

CAPITAL TRANSFER RESTRICTIONS REMOVED Allows free flow of capital in and out of the country

REMOVAL OF EXPORT DUTY On most agricultural and industrial products including lithium carbonate and refined boron products

REMOVAL OF IMPORT CONTROLS Allows easier and quicker international sourcing of materials and equipment

Delivers on-going operating and capital cost reductions for Orocobre

5 OLAROZ THE JOURNEY

Aug 2013: Jun 2012: First Brine Government pumping. Approval May 2011: obtained. Olaroz DFS March 2009: Completed. Initial April 2015: Nov 2012: Resource and First Commercial March 2008: Construction Scoping Study. Dispatch. Exploration begins. begins. Jan 2010: JV with Toyota announced.

6 OROCOBRE PERFORMANCE & FORECAST KEY INDICATORS

Lithium carbonate production is September quarter production on track to meet nameplate is forecast to be 3,300 - 3,600 production run rate by Nov 2016. tonnes.

OLAROZ PRODUCTION 4000 3,300 - 3,600* 2,971 3000 2,332 2000 1,108 1000 492 Carbonate 0 Tonnes Lithium Tonnes Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Quarter

Forecast operating costs to be achieved through increased production rates, improved reagent consumption & optimised process controls.

Measure Guidance

Current Operating Cash Costs ~US$3,500/tonne Forecast Operating Cash Costs (FY18) US$10,000/tonne

*Forecast for Q3 7 OLAROZ A TOUR OF OUR PRODUCTION PLANT

8 LITHIUM: HARD ROCK & BRINE A COMPARISON

THE HARD ROCK JOURNEY TO THE CHINESE MARKET THE BRINE JOURNEY TO GLOBAL MARKETS

• Mining of Spodumene Ore • Pumping of brine into evaporation ponds STEP STEP 1 1 • Concentration of Spodumene Ore • Evaporation via solar energy STEP (Crushing, grinding, wet & dry screening, floatation) STEP 2 2 • Shipping to Conversion Plants • Concentrated brine fed to plant STEP STEP 3 3 • Roasting, acidification, impurity removal via precipitation and IX • Production of lithium carbonate STEP STEP 4 4 • Production of lithium carbonate or hydroxide • Optional production of lithium hydroxide from lithium carbonate STEP STEP 5 5 • Sold to market in China • Sold to global markets including China STEP STEP 6 6

Recently announced spodumene concentrate prices support a Chinese price excluding taxes of >US$8500/t

9 OROCOBRE MARKET VIEW TIGHT MARKET CONDITIONS

450 Strong market fundamentals, 400 driven by growth in both the high growth battery market 350 ? and other traditional markets. 300

(thousands) 250

200 tonnes Olaroz production 150 LCE LCE 2013 2014 2015 2016 2017 2018 2019 2020 can expand in line Capacity at Utilisation Albemarle Brine Expansion Mt Marion JV/Chinese Converters Mt Cattlin JV/Chinese Converters with market Orocobre Phase 1 Orocobre Phase 2 Market Demand @ 10% CAGR Tesla LCE Demand All additional Car Manufacturers LCE Demand growth

Supply Notes: Rest of the world 85% utilisation, China 60% utilisation, Talison’s capacity considered in line with Chinese converter plant limitations and Europe industrial market, reducing supply to third party converters and impact of new entrants. Source: Company websites and Orocobre estimates. Demand Notes: LCE Demand forecast assumes 1kg per kWH; 50 kWH per PEV unit sold 10 Source: PEV Sales Forecasts (optimistic view) – Lux Research July 2015 OROCOBRE MARKET VIEW DRIVEN BY STRONG DEMAND

PLUG-IN VEHICLE (PEV) BATTERY FACTORY CAPACITY LITHIUM DEMAND 100 2000

90 LG CHEM TESLA FOXCONN BYD BOSTON POWER Capacity 7GWh Capacity 35GWh Capacity 15GWh Capacity 20GWh Capacity 10GWh 80 1600 Nanjing, China Nevada, USA Anhui, China China China Thousands Thousands 70

60 1200 125GWh

50 100GWh 40 800 75GWh Capacity to 30 TRIPLE 20 400 50GWh by 2020 (anticipated 10 25GWh growth) 0 0 Current demand 2015 2016 2017 2018 2019 2020 2013 2014 2015 2016 2017 2018 2019 2020 2021 PEV LCE Demand (t) LHS PEV sales in optimistic scenario (units) RHS Notes: Benchmark estimates, not all data disclosed by companies. Notes: LCE Demand forecast assumes 1kg per kWH; 50 kWH per PEV unit sold Instant planned capacity stated for graphical purposes, slower ramp up expected Source: PEV Sales Forecasts – Lux Research July 2015 Source: visualcapitalist.com. Data by Benchmark Mineral Intelligence

11 OROCOBRE MARKET VIEW ENCOURAGES BATTERY COST REDUCTIONS

COST OF LI-ION BATTERY PACKS PRICE OF TESLA’S MODEL 3 EV $400 IN 2020 ($/CAR) $40,000 $2,820 $6,350 $300 $5,880 $30,000

$200 $20,000 $377 $20,000 $20,000

$274 $245 $100 $196 $10,000

$11,750 $9,400

$- $- Average OEM in Tesla in 2014 Tesla in 2020, Tesla in 2020, Without Gigafactory With Gigafactory 2014 without with Gigafactory Gigafactory Cost of battery Cost of rest of car Profit Price Reduction

Source: Lux Research; “The Tesla-Panasonic Battery Gigafactory: Analysis of Li-ion Cost Trends, EV 12 Price Reduction, and Capacity Utilization”; August 2014 OROCOBRE MARKET VIEW AND LEADS TO STRONG PRICING

Average Q3 pricing is expected to be >US$10,000 per tonne FOB net of commissions and logistics cost, an increase on the Q2 price of ~US$7,500.

25,000 Deutsche Li2CO3 - 99.5% 20,000

US$ Canaccord Li2CO3 - +99% (Base Case) 15,000 Canaccord Li2CO3 - +99% (Bull Case) tonne 10,000

5,000 Price Price per

- 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

Price (US$) 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

Deutsche Li2CO3 - 99.5% 6,577 9,081 21,509 16,748 13,908 12,548 11,675 10,773 10,388 10,544 11,265 12,000

Canaccord Li2CO3 - +99% 5,569 6,160 8,500 8,000 7,000 7,500 8,500 9,000 9,500 10,500 10,000 10,000 (Base Case) Canaccord Li2CO3 - +99% 5,569 6,160 8,500 8,000 7,500 8,000 9,300 10,500 11,300 12,500 12,000 12,000 (Bull Case)

13 Deutsche & Canaccord Data - May 2016 OLAROZ EXPANSION STAGE 2: PRODUCTION RISES TO 35,000 – 42,500 TONNES PER ANNUM

OLAROZ PROJECT EXPANSION TIMELINE Jun'16 Sep'16 Feb'17 May’17 Aug’17 Jul’18 Aug’18 Nov’18

Scoping Studies

Basic Engineering and Economic Studies

Permitting & Financing

Construction Phase

Commissioning

14 SUMMARY

Long life resource

Significantly improved economic and fiscal conditions in Argentina

Operational improvements

Production volume growth

Low cost/high margin

Market demand continues to grow

Strong price growth

Expansion study underway

15 16