ABN 23 008 677 852 LUBLIN COAL PROJECT April / May 2014 - ASX: PDZ
SCOPING STUDY PRESENTATION
Large Scale Project with Potential High Margin Semi-Soft Coking and Premium Thermal Coal within the Heartland of Industrial Europe Lublin Coal Project Prairie Downs Metals Limited (ASX:PDZ) is an ASX listed company developing the Lublin Coal Project in Poland’s world class Lublin Coal basin…
Large scale, high quality resource of semi-soft coking and premium thermal coal – JORC Coal Resource Estimate of 1.6 billion tonnes
Scoping Study confirms robust fundamentals (steady state EBITDA of US$332m pa) and the lowest cash cost position (US$37/t FOR) on the global cost curve for coal delivered into Europe
Existing regional rail and port infrastructure providing access to domestic, European and other export markets
Potential for long term supply of 6mtpa of high quality coal into Europe, reducing regional dependence on Russian energy supplies
Adjacent to the world-class Bogdanka (WSE:LWB) longwall coal mine with an EV of US$1.6B
Executive team with strong coal expertise and experience in Poland
Cautionary Statement This presentation includes information extracted from Prairie Downs Metals Limited’s (“Prairie”) ASX announcements dated 28 April 2014 entitled ‘Scoping Study Confirms Potential for World Class High Margin Met and Thermal Coal Project’. The Company advises that the information relating to the Scoping Study referred to in this presentation is based on lower-level technical and preliminary economic assessments, and is insufficient to support estimation of Ore Reserves or to provide assurance of an economic development case at this stage, or to provide certainty that the conclusions of the Scoping Study will be realised. Page 2 Poland: A favorable investment jurisdiction Poland is a safe, low risk mining jurisdiction with an excellent fiscal regime…
. One of the most attractive fiscal regimes globally for coal 19% Corporate Tax Rate . Poland is a first world country having gone through significant reform since the end of communism in 1989 No requirement for Government Participation . Over 120 billion in foreign direct investment has been channelled into Poland since 2004 4PLN/t Royalty (~US$1.2/t)
. Poland is the largest hard coal producer in Europe and is a key supplier of coal to its domestic market and neighbours
Belchatow Power Station (4,440MW), Poland . Poland is a pro-coal nation with one of the highest rates of coal fired generation globally (90+%)
. Poland has a highly skilled coal mining workforce, with 110,000 people directly employed in the industry
. Availability of low cost skilled labour make Poland an attractive jurisdiction to develop coal projects
Source: Eurostat and Polish Ministry of Treasury Page 3 The Emergence of the Lublin Coal Basin
. Initial drilling in the . Bogdanka Lists on the . Bogdanka Mine basin in search of Warsaw Stock Exchange in commissioned in 1982 gas reserves 2009
. Bogdanka has been the . Leads to discovery of . Modernisation of the sole operator in the a massive coal mine exemplifies the high basin ever since resource productivity/low cost potential of the basin
1950 1960 1970 1980 1990 2000 2010
Communist Era Democratic/Free Market Era
. Large scale government . Bogdanka mine . Prairie is the first foreign exploration commences development commences entrant to the basin in 2012 in the 1960’s
. Government considers . 184km2 footprint with over . Culminates in hundreds development of a coal of boreholes drilled mining complex in Lublin 200,000 metres of drilling through to the 1980’s data
Page 4 Polish Coal: A tale of two different coal basins With the Upper Silesian Basin in decline, the Lublin Coal Basin is set to become the pre-eminent coal basin in Europe given favourable geology and mining conditions…
Silesian Basin Lublin Basin
Size1 5,400km2 Size 9,100km2
Years in Production 250 Years in Production 30
Production 82 mtpa Production 8.5 mtpa
No. Operating Mines 29 No. Operating Mines 1
Typical Longwall 150 metre face Typical Longwall 300 metre face Panel 1.2 km length Panel Up to 5 km length
Coal Geology Coal Geology
Seam Dip Variability Faulting Methane Rockburst Seam Dip Variability Faulting Methane Rockburst
0o - 45o High High High High 0o - 2o Low Low Low Low
1: 5,400km total of which 4,500 within Poland. Source PWN encyklopedia Page 5 Lublin Basin: First Quartile Operating Costs Low cash costs and high productivities in the basin are primarily a function of favourable geology…
Q2 2013 Unit Mining Cash Costs Longwall Plow (Source: Company Filings, 3.15 PLN/USD, 0.74 EUR/USD)
. Geology and mining conditions are ideal for modern, high productivity longwall mining
. Caterpillar/Bucyrus longwall plows have been employed since 2010 at Bogdanka with remarkable success
. World record production rates of 12,850 tonnes per day have been achieved which is equivalent to over 4mtpa from a single longwall face
Page 6 Key Scoping Study Parameters Off the shelf, proven mining & processing methods with ready market access…
Key Scoping Study Parameters
50% Semi Soft Coking Product Mix 50% Premium Thermal
ROM Coal Production (Steady State Average) 7.7 mtpa
Clean Coal Production (Steady State Average) 6.0 mtpa
Initial Mine Life 22 Years
Coal Geology Highly Productive
Mining Method Longwall
Coal Handling & Process Plant Dense Media
Access to Market Existing Rail & Port
Average Sales Price Received US$93.60 /tonne
Page 7 Strong Cash Flows & High Margins Significant cash flow generation potential with EBITDA of up to $391 million per annum on conservative pricing assumptions…
100 93.60 90 10.91
80 13.95 70 6.01
2.35 3.58 Average Cash Margin 60 1.25 55.55
50
40 US$/t Clean Coal Average operating cash cost 30 US$36.80/t FOR
20
10
0 Revenue Labour Costs Materials, Leased Equipment & CHPP, Waste SG&A + Mine Closure Royalties LCP Cash Margin Consumables & Power Contractors Management & Fund Logistics
US$ / Clean Coal tonne Steady State Average Cash Flow Margin
(Based upon the blended average semi-soft coking and premium thermal coal price and Scoping Study operating cost projections; real terms)
Page 8 Lowest Position on the Cost Curve The Lublin Coal Project is positioned at the bottom of the global cost curve on a delivered into Europe basis…
Colombia Russia Rest of World
Potential Position on the Global Cash Cost Curve for Coal Delivered into Europe (2013 CFR ARA Energy Adjusted)
(Sourced from Wood Mackenzie 2013 CFR ARA Total Cash Cost, energy adjusted for internationally traded thermal coals delivered into Europe; for the Lublin Coal Project Total Cash Cost is based on unadusted FOR cost per tonne for targeted premium thermal coal product)
Page 9 Metallurgical & Thermal Potential Coal quality and washability results consistent across the target mining area of the 391 seam…
Page 10 Superior Coal Quality Initial testing has indicated that the Lublin Coal Project potentially hosts metallurgical and premium thermal coals that compare favourably with internationally traded coals
Semi-Soft Coking Coal Comparison
Lublin Coal Project1 Rio Tinto (NSW) Glencore (NSW) JSW (Poland) Solid Energy (NZ)
Semi Soft Coking Free Swell Index 4.0 – 6.0 5.0 4.0 – 6.0 6.0 3.0 – 5.0
Ash (% AD) 2.0 – 2.7 9.5 9.0 8.0 4.5
Volatile Matter (% AD) 33.2 – 36.7 33.0 36.5 37.0 38.0
Thermal Coal Comparison
Lublin Coal Project1 ARA (API2) Colombia Russia
Premium Thermal Calorific Value (GAD, kcal/kg) 7,526 – 7,830 6,700 6,830 6,877
Ash (% AD) 2.0 – 2.7 16.0 7.2 11.7
Volatile Matter (% AD) 33.2 – 36.7 24.0 – 37.0 34.4 29.8
1) Range of 391 seam analysis from washed core (Float @1.35) from Kopina 1, Kulik, Borowo and Syczyn 7 coal exploration boreholes Page 11 Simple & Effective Coal Processing Exceptionally high core yields (up to 97%) from the 391 seam and average CHPP yield of 77.3% with the flexibility to produce a range of semi-soft and thermal coal products to suit prevailing market requirements…
Page 12 High Quality Transport Infrastructure Rail and port studies confirm ample capacity, accessibility and low cost…
Rail Accessibility Underutilised Port Capacity
. Numerous high quality rail lines servicing Lublin . Port of Gdansk located 520km from project by rail region . Baltmax and Panamax capable with approximately . 95% of Polish rail track is standard gauge 1,435mm 15 mtpa spare capacity
. Rail costs in Poland ~2.2 US cents / tonne / km . Port loading charges ~US$4.00 - 6.50/t FOB vessel
. Direct access to local and major European markets . Provides further access to European, including Germany, Austria and Czech Republic Mediterranean and wider seaborne markets
Page 13 Strategic European Supply Location Significant Optionality with regards to potential target markets and product mix…
Page 14 Significant Scale Potential High quality 1.6 billion tonne global resource base with significant potential to upscale production…
. High quality 1.6 billion tonne coal resource within 21 seams over the four LCP concessions
. Mine plan based on just two target seams – the 389 and 391 with 157mt JORC Indicated Resource
. Targeting substantial increase in Indicated Resources during PFS stage from infill drilling and modelling of further seams
. Significant potential to increase production and extend mine life beyond the Scoping Study mine plan
Page 15 Low Capital Intensity Low capital intensity when compared to other recent and emerging underground coal projects…
Capital Cost Summary (US$ million) Recent Global Underground Longwall Capital Intensities (US$m per 1Mtpa ROM Production)
Shaft Costs 227.4 (Sinking & Furniture)
Underground Development Drivages 49.8
Underground Infrastructure & Ancillary Equipment 73.8 (Belts, Ventilation, Electrics, Power Centers)
Capitalised Pre-Production Expenses 84.0 (Labour, Power etc.)
Total Underground Mine Development 435.0
CHPP & Waste Management 74.9
Mine Surface Facilities & Infrastructure 78.2 (Buildings, Roads)
Total CHPP and Surface Facilities 153.1
EPCM, Owners’ Costs and Contingency 96.4
Page 16 Polish Executive Team Respected and established Polish team…
. Geologist with over 30 years experience and a proven ability in the identification, exploration and appraisal of international resource projects. Held positions at Ashton Mining, BHP Billiton and Striker Resources (North Australian Diamonds) Janusz Jakimowicz President & Chairman . Dual Polish and Australian citizenship
of PD Co . Instrumental in identifying, negotiating and applying for the concessions and progressing the development of the Lublin Coal Project
. Former Executive Chairman of the Management Board of Lubelski Węgiel Bogdanka (“Bogdanka”), having worked in the Lublin Coal Basin since 1980 commencing as an underground coal mine operator and rising to the rank of Chairman of the Management Board of Bogdanka in February 2008 where he remained until September 2012 Mr Mirosław Taras . During his time as Chairman, Bogdanka’s profits and EBITDA doubled and coal production increased to 8mtpa. He also led the successful defence Strategic Advisor of Bogdanka following a hostile US$1.2bn takeover bid by New World Resources in 2010 . Instrumental in the adoption of automated longwall plow technology at Bogdanka, leading them to set the world record for daily production for a plow-equipped longwall in 2012
. Ex-Deputy Minister Poland’s Ministry of the Environment (“MoE”) (2007 to 2011), Under Secretary of State, Chief National Geologist, Deputy Dr Jacek Jezierski Director of the Office of the Polish Oil and Gas Company Inc (“PGNiG SA”); and expert advisor to the World Bank Supervisory Board . Previously Director on the Supervisory Board of Kompania Weglowa SA (“KW”), Poland’s largest coal mining company of PD Co . Holds a PhD in Geology and completed his Master’s degree in Geology at the University of Warsaw, where he focused his thesis on the Lublin coal basin
. Served in the Prime Minister’s Office as the secretary to two successive prime ministers and was senior government representative on the Council for Development of the Financial Market (RRRF) in Poland Mr Artur K. Kluczny . Held position in Poland’s Ministry of Privatization (MSP), where he was in charge of corporate oversight of National Investment Funds and sale of Supervisory Board state-owned portfolio companies. of PD Co . Up until 2009, he served as Deputy Chairman of the Board of the Polish Financial Supervision Authority (KNF) responsible for capital markets supervisions (Warsaw Stock Exchange) and was a member of the Committee of European Securities Regulators in Paris (replaced by ESMA in 2011)
. Over 20 years experience preparing Environmental Impact Assessments in Poland for local, regional and national authorities; previously Chair of the Lublin Regional EIA Commission and member of the Polish National Commission for EIA’s. Dr Witold Woloszyn Environmental Manager . Holds an MSc in EIA Assessment from the UK, and a Doctorate from the University of Marie Curie Sklodowska; recent involvement with the shale gas sector in Poland
Page 17 Experienced Board and Management Strong board & management with proven development experience…
. Highly respected, London based, mining engineer and investment banker . Eight years’ experience in underground longwall coal mining operations with BHP Billiton; Holds an Australian Ben Stoikovich (NSW) underground coal mine managers certificate of competency Chief Executive Officer . Former Director of Metals and Mining Corporate Finance for Standard Chartered Bank in London, completing over $15 billion worth of international mergers and acquisitions transactions and a range of leveraged finance, project finance and corporate debt facilities for global mining companies
. Highly respected resource executive with extensive finance, commercial and capital markets experience Ian Middlemas . Current Chairman of Papillion Resources Limited, Equatorial Resources Limited, Berkeley Resources Limited & Chairman former Chairman of Coalspur Mines Limited and Mantra Resources Limited
. Founder & former Executive Director of Coalspur Mines Limited having been instrumental in developing Coalspur Anastasios Arima from a A$3 million market capitalisation to a A$1.2 billion market capitalisation company upon his departure Executive Director . Current Director of Paringa Resources Limited, an ASX-listed company developing coal projects in the USA
John Welborn . Current Managing Director of Equatorial Resources Limited (ASX: EQX) and previously a senior executive at Director Investec
. Current director of a number of ASX listed companies including Equatorial Resources Limited and Aviva Mark Pearce Corporation and was formerly a Director and CFO of Coalspur Mines Limited and a founding director of Mantra Director Resources Limited
Hugo Schumann . Business development and investor relations executive with strong capital markets experience. Holds an MBA Corporate Executive from INSEAD, is a CFA Charterholder and holds a Bachelor of Business Science from the University of Cape Town.
Page 18 Corporate Structure
Prairie Downs Metals Limited (ASX: PDZ)
@ 29th April 2014
Current Issued Capital 132.3 million
Options & Performance Rights 26.6 million
Market Capitalisation (Undiluted @ A$0.46) A$63.5 million
Cash and Listed Securities Held1 at 31 March 2014 A$16.7 million
Enterprise Value A$46.8 million
1) Prairie holds 10 million ordinary shares in ASX listed company Papillon Resources Limited (ASX: PIR) Page 19 Significant Re-rating Potential Near term news flow and milestones during 2014….
Results from coal quality and coal washability testing Completed
Commence ESIA & Permitting Completed
Transport infrastructure study Completed
JORC Resource estimate upgrade Completed
Results of Lublin Coal Project Scoping Study Completed
Commence Pre-Feasibility Study 2nd Quarter 2014
Completion of First Phase Drilling Campaign (minimum works program) 2nd Half 2014
Additional Metallurgical and Thermal Coal Quality Results 2nd Half 2014
Further Washability and Clean Coal Yield Analysis 2nd Half 2014
Submit Geological Documentation to Government 4th Quarter 2014
Commence discussions with potential Offtake / End Users 1st Quarter 2015
Page 20 Lublin Coal Project: Strong Fundamentals Lublin Coal Project is set to become a strategic new supply of coal in the heartland of industrial Europe…
. Significant Cash flow / High Large scale 6Mtpa steady state production US$332mpa¹ . Peak EBITDA of US$391mpa EBITDA Margin Asset . High margin of US$56 per tonne³
. Highly favourable geology allows for productive, low cost mining Lowest Delivered European techniques US$37/t FOR² Cash Cost Base . Positioned at the bottom of the global cash cost curve for coal delivered into Europe
. Semi-soft coking coal compares well with benchmark European and Australian semi-soft coking coals Superior Coal Quality . Premium quality thermal coal with high heating value and very low ash content
. Located 15 kilometres from the national rail network Strategic European Location . High quality rail and port with excess capacity provides access to multiple countries and consumers
1: Steady State Average. 2: Average Annual Cash Operating Costs FOR Steady State (excl. royalties). 3: Based on the assumed blended average semi-soft coking and premium thermal coal price and total operating cash cost Page 21 ADDITIONAL SLIDES
Europe’s next
www.prairiedownsmetals.com.au Bogdanka at a Glance
Key Bogdanka Statistics Bogdanka Coal Mine
Initial Listing/Privatisation 2009 Warsaw Stock Exchange
Enterprise Value ~US$ 1.6 billion
EBITDA Margin 40% (2013)
Dividend Yield ~5% (2013)
8.4 mt (2013) Coal Production 12 mtpa by 2015
Cash Operating Costs US$43/tonne free-on-rail
. Bogdanka is a world class, high productivity coal mine with the lowest operating costs in Europe which has proven the potential of the Lublin Coal Basin
. A 30 year history of successful operations at Bogdanka provides reliable benchmarks for Prairie’s Lublin Coal Project
. Significant potential to improve fundamentals in a new build mine by introducing international best practise
Page 23 Global Coal Producer Comparables
Page 24 Underground Development Equipment
Joy 12CM 30 Continuous Miner
Roadheader – Sandvik AM75
JOY 10SC 32 Shuttle Car Page 25 Underground Longwall Equipment
Conventional Longwall Shearer Conventional Hydraulic Roof Support & Armoured Face Conveyor
Complete Longwall System
Longwall Plow Face
Page 26 Thermal Coal – Fundamental to Europe’s Energy Matrix During 2012, Europe1 consumed over 770mt of coal for power generation, of which 265mt was thermal coal. Thermal coal imports amounted to 172mt, accounting for 22% of globally traded thermal coal…
European Thermal Coal Imports & Production by Country (2012) 52 3
509 mt 40 Finland1 2 33
Thermal Coal Production (2012) Thermal Coal Imports (2012)
15 10 9 8
1 2 Germany1 2 UK 1 2 Poland1 2 Netherlands 3 172 mt 12 1
Czech1 2 2 93 mt Republic 2
France1 2 Austria1 2 19 Romania1 2 19 20 2 2 Lignite Thermal Thermal 4 7 Production Production Imports Bulgaria1 2 3 Portugal1 2 Total Europe Lignite and Thermal 1 2 Spain Italy1 2 Coal Consumption (2012) Turkey1 2
1) Europe is the EU plus Turkey (Source: Eurocoal 2012 Data) Page 27 Europe – Declining Domestic Coal Production Europe’s hard coal production continues to decline as viable coal resources deplete
European Hard Coal1 Production (million tonnes)
400 365mt (total) Rest of EU 350 Czech Republic 295mt Germany 300 United Kingdom 250 227mt Poland
200 189mt 155mt 150 127mt
100
50
0 1991 1995 1999 2003 2007 2011
Traditional coal basins in Germany, UK, Czech Republic and Poland that have been operating for hundreds of years are becoming increasingly . technically challenging and costly
Hard coal production from Poland’s primary coal producing basin, the Upper Silesian basin, has declined by over 20mtpa in the last decade . and declined 4.2% over the last twelve months
UK hard coal production fell to a record low of 17mt in 2012, with further curtailment in 2013 due to mine closures (Daw Mill Colliery closed . in March 2013 and represents a 1.6mtpa production loss)
Germany is expected to close all hard coal mines by 2018 due to the ending of government subsidies, resulting in 12mtpa of hard coal . production to be replaced by imports
1) Hard Coal includes Thermal and Metallurgical Coal Source: Eurostat Page 28 Increasing Reliance on Imported Thermal Coal Imports from Russia, Colombia, the US and others are fundamental for European thermal coal supply…
USA Russia
Export to EU (2012) 35.8mt Export to EU (2012) 60.3mt
% Total of EU Imports 19% % Total of EU Imports 33%
Calorific Value (Kcal/kg) 6,676 Calorific Value (Kcal/kg) 6,177
Cash Cost (2013e) Cash Cost (2013e) US$132/t th US$100/t (85th percentile, FOB) (85 percentile, FOB) Russia
Colombia Indonesia
Export to EU (2012) 58.7mt Export to EU (2012) 9.4mt
% Total of EU Imports 32% % Total of EU Imports 5% USA Calorific Value (Kcal/kg) 5,945 Calorific Value (Kcal/kg) 5,150
Cash Cost (2013e) Cash Cost (2013e) US$60/t US$64/t (85th percentile, FOB) (85th percentile, FOB)
Indonesia South Africa Australia
Export to EU (2012) 13.8mt Colombia Export to EU (2012) 2.0mt
% Total of EU Imports 8% % Total of EU Imports 1%
Calorific Value (Kcal/kg) 6,141 Australia Calorific Value (Kcal/kg) 6,008
Cash Cost (2013e) South Africa Cash Cost (2013e) US$62/t US$87/t (85th percentile, FOB) (85th percentile, FOB)
…security of supply, coal quality and price are key considerations for power generators
Source: Deutsche Bank May 2013 Report; Euracoal (2012) Page 29 Strong Regional Coking Coal Demand
. Greater Europe (EU inc Turkey) consumes over 70mt of metallurgical coal per year Seaborne Metallurgical Coal Demand – 2013 & Growth to 2035
Poland is Europe’s largest producer and exporter . of coke, producing over 10mt in 2011 from the Silesian basin
Silesian mines are in decline due to high costs . and poor operating conditions, leaving a gap for new entrants
Strong long term demand growth for coking coal . expected in India, Brazil, Germany and Ukraine
Source: Wood Mackenzie, BRE Securities Page 30 Disclaimer Cautionary Statements and Important Information This presentation has been prepared as a summary only, and does not contain all information about Prairie’s assets and liabilities, financial position and performance, profits and losses, prospects, and the rights and liabilities attaching to Prairie’s securities. The securities issued by Prairie are considered speculative and there is no guarantee that they will make a return on the capital invested, that dividends will be paid on the shares or that there will be an increase in the value of the shares in the future. Prairie does not purport to give financial or investment advice. No account has been taken of the objectives, financial situation or needs of any recipient of this report. Recipients of this report should carefully consider whether the securities issued by Prairie are an appropriate investment for them in light of their personal circumstances, including their financial and taxation position. Forward Looking Statements Some of the statements contained in this report are forward looking statements. Forward looking statements include but are not limited to, statements concerning estimates of coal tonnages, expected costs, statements relating to the continued advancement of Prairie’s projects and other statements which are not historical facts. When used in this report, and on other published information of Prairie, the words such as “aim”, “could”, “estimate”, “expect”, “intend”, “may”, “potential”, “should” and similar expressions are forward-looking statements. Although Prairie believes that its expectations reflected in the forward-looking statements are reasonable, such statements involve risk and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements. Various factors could cause actual results to differ from these forward looking statements include the potential that Prairie’s projects may experience technical, geological, metallurgical and mechanical problems, changes in product prices and other risks not anticipated by Prairie. Competent Persons Statement The information in this presentation that relates to Exploration Results, Coal Resources, Production Targets and the Scoping Study was extracted from Prairie’s ASX announcements dated 28 April 2014 entitled ‘Scoping Study Confirms Potential for World Class High Margin Met and Thermal Coal Project’ and 13 March 2014 entitled ‘Initial Washability Results Display Exceptionally High Yields’ available to view on the company’s website at www.pdz.com.au Prairie confirms that: a) it is not aware of any new information or data that materially affects the information included in the original ASX announcements; b) all material assumptions and technical parameters underpinning the Coal Resource, Production Target, and related forecast financial information derived from the Production Target included in the original ASX announcements continue to apply and have not materially changed; and c) the form and context in which the relevant Competent Persons’ findings are presented in this presentation have not been materially modified from the original ASX announcements. The information in the original ASX announcements that related to Exploration Results and Coal Resources is based on information compiled or reviewed by Dr Richard Lowman, a Competent Person who is a Fellow of the Geological Society of London. Dr Lowman is employed by independent consultants Wardell Armstrong LLP which owns Wardell Armstrong Limited. Dr Lowman 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’. Dr Lowman consents to the inclusion of the data in the form and context in which it appears. The information in the original ASX announcements that relates to Production Targets and the Scoping Study is based on information compiled or reviewed by Mr Robin Dean who is a Competent Person and is a member of the Institute of Materials, Minerals and Mining (UK). Mr Dean is employed by independent consultants Wardell Armstrong LLP which owns Wardell Armstrong Limited. Mr Dean has sufficient experience that is relevant to the type of mining operation under consideration and to the activity being 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’. Mr Dean consents to the inclusion in the report of the matters based on their information in the form and context in which it appears.
Lublin Coal Project Coal Resource Estimate (based on net coal seam thickness) Coal Seam Indicated Coal Resource Inferred Coal Resource Total Coal Resource
In-Situ (Mt) In-Situ (Mt) In-Situ (Mt) 391 137 177 314 389 20 84 104 Other Seams - 1,141 1,141 Total – Project Area 157 1,402 1,559
Front Cover Photo: Not property of Prairie. For illustration purposes only. Page 31 Prairie Downs Metals Limited
Head Office London Office Poland Office Level 9, BGC Centre Unit 1C, Princes House PD CO Sp z o.o. 28 The Esplanade 38 Jermyn Street Rondo ONZ 1, Floor 5A PERTH WA 6000 LONDON, SW1Y 6DN 00-124 WARSAW AUSTRALIA UNITED KINGDOM POLAND
P: +61 8 9322 6322 P: +44 207 478 3900 F: +61 8 9322 6558 F: +44 207 434 4450
www.pdz.com.au [email protected]