Straits Resources Debt Restructure A New Beginning

• • Established Copper Producer Solid Project Pipeline Exploration Upside

ASX: SRQ

18 August 2015

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Forward-Looking Information

Certain statements contained in this press release constitute forward-looking statements or forward-looking information. The words “intend”, “may”, “would”, “could”, “will”, “plan”, “anticipate”, “believe”, “estimate”, “expect”, “target” and similar expressions are intended to identify forward-looking statements. These statements are based on certain factors and assumptions and while Straits considers these factors and assumptions to be reasonable based on information currently available, they may prove to be incorrect. Forward-looking statements are given only as at the date of this release and Straits disclaims any obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Competent Persons Statement

The information in this brochure that relates to the Mineral Resources and Ore Reserves for the Tritton Operations (with the exception of the Mineral Resources for the Budgery and Budgerygar Projects) is extracted from the announcement “Tritton Copper Operations: Updated Mineral Resources Estimates as at 30 June 2014” which was released on the ASX on 17 September 2014. Straits Resources is not aware of any new information or data that materially affects the information in the original market announcement and that all material assumptions and technical parameters underpinning the Mineral Resources and Ore Reserves for the Tritton Operations continue to apply and have not materially changed.

The information in this brochure relating to Mineral Resources for the Budgery and Budgerygar Projects is based on, and fairly represents, information and supporting documentation prepared by Mr Byron Dumpleton, Member of the Australian Institute of Geoscientist (Member No 1598). This information is extracted from the announcement “Tritton Copper Operations: Updated Mineral Resources Estimates as at 30 June 2014” which was released on the ASX on 17 September 2014. This information was prepared and first disclosed under the JORC Code 2004. It has not been updated since to comply with the JORC Code 2012 on the basis that the information has not materially changed since it was last reported. It is the intention of Straits Resources to report both Mineral Resources to the 2012 Code in the future, if there is a material change to the estimates. Mr Dumpleton is a full time employee of BKD Resources Pty Ltd (ABN 81 109 376 481) and acting as the Mineral Resource Manager for Straits Resources Limited at 30 June 2014. Mr Dumpleton has sufficient experience that is relevant to the style of mineralisation and type of deposits under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2004 edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Dumpleton has disclosed to Straits Resources Limited the full nature of the relationship between himself and the company, including any issue that could be perceived by investors as a conflict of interest. Specifically Mr Dumpleton owns 61,349 shares in Straits Resources Ltd which were issued as part of the company share plan in 2010 when Mr Dumpleton was a staff member of Straits Resources Limited.

Established and growing copper producer (28,000tpa guidance FY2016)
Tritton Operations performing at record levels
Board and management team with a proven track record and clear vision and strategy
Exciting portfolio of advanced growth projects
Extensive landholding in a highly prospective, under-explored copper region
Strong leverage to future copper price upside and exploration success
Now in a position to focus on growth strategies

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New Management Team commenced December 2012

Improved operational performance

Reduced overheads, secured the future

Record production at Tritton
Cost reduction strategies at Tritton implemented
Tritton generating positive operating cash flow
Corporate Office downsized and relocated
Investing in people and equipment
Looking to extend Tritton Life of Mine to at least 2023

Asset rationalisation

Restructured balance sheet

Mt Muro exited
Non-Core assets divested
Credit Suisse debt restructure round one completed (2013)
Binding agreements signed with SCB and PAG

Debt restructure the final step of the transformation…

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US$111M Bridge Loan Facility with SCB due to expire (29 July 2015)
US$7M Convertible Notes with Credit Suisse
US$3.75M matures November 2015
US$3.25M matures November 2016 (50% mandatory convertible at 3 cents)
10% interest rate
Convertible at 3 cents per share

► Balance sheet did not allow any new funding

Share price and market cap at record lows - no capacity to raise new equity
Limited interest from new investors due to uncertainty

Only option was to keep negotiating with SCB to find a solution…

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Mid-2013 – Advised SCB that Straits would not be able to meet scheduled step-up in repayments from August 2013
September 2013 – lower repayment structure agreed for 9 months after which debt would be restructured
June 2014 – Copper Swap Facility converted to Bridge Loan whilst restructure undertaken
July 2015 – Debt restructure finalised – Senior Debt reduced by 55% to US$50M with remainder converted to “risk capital”. New investor (PAG) to provide 3 year US$25M revolving priority debt facility

Refinancing

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SCB US$111M debt reduced to US$50M senior debt facility:

5% cash interest with 2 year payment holiday
10% PIK interest year 1; 12.5% year 2; and 7.5% thereafter
7 year term with a bullet payment

SCB to be issued with redeemable convertible preference shares:

US$40M Convertible into 60% of Straits post-restructuring fully diluted equity
Straits can redeem for US$40M plus 5% pa. coupon in first four years after issue
Convertible anytime within 5 year term and mandatorily convertible at end of term
5% pa. coupon
To be written-off if preference shares converted into ordinary equity
To be paid if preference shares redeemed by Straits

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Copper Price Participation Agreement with SCB:

Small additional payment at high copper prices
SCB to receive on a cumulative basis:
5% of incremental copper revenue when copper price between A$8,000/t and A$8,749/t; plus
10% of incremental copper revenue when copper price between A$8,750/t and A$9,499/t; plus
15% of incremental copper revenue when copper price above A$9,500/t

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PAG to provide a revolving priority debt facility of up to US$25M:

2 tranches:

A) US$15M available on close of transaction

B) US$10M available on confirmation of Tritton Deeps resource upgrade
3 year term
5% cash interest and 6% PIK interest
Non-Redeemable Convertible Preference Shares to be issued to PAG equivalent to 15% of Straits post-restructuring fully diluted equity
Mandatorily convertible after 5 years

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Management:

Both SCB and PAG requested and made transaction conditional on key management staying to deliver on business plan and growth strategy
Key management can earn, through the issue of options over five years, up to 10% of Straits post-restructuring fully diluted equity
Cancellation of current equity incentive scheme

Credit Suisse Convertible Notes:

To be restructured as a condition precedent – various options being considered

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	Current	Debt restructure	Pro forma3
Debt Structure (US$M)
Current SCB facilities	111.1	(111.1)	-
Leases / other1	3.8	-	3.8
CS convertible notes	7.0	(7.0)	-
New SCB Facility	-	50.0	50.0
Total Debt	121.9	(68.1)	53.8
PAG Revolving Priority Debt Facility		25.0

Equity Holdings (%)	Current		Pro forma (fully diluted)3
Ordinary Shareholders	62.6%		9.7%
Straits Management	3.5%		10.0%
Credit Suisse2	19.8%		3.1%
SCB Private Equity	14.1%		2.2%
PAG	-		15%
SCB	-		60%
Sub-total	100%		100%

Lease balance as at 31 March 2015
Assumes conversion of Class A and Class B Notes at A$/US$ 0.775
Immediately Post Restructuring

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Post Debt Restructure Straits will have:

► A sustainable debt position

Access to additional funding
A strong performing operation at Tritton
generating positive operating cashflows
long mine life
significant exploration upside
Leverage to copper price
Major shareholders and lenders aligned to grow equity value both organically and through M&A

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Credit Suisse convertible note restructure
Independent Expert’s report
Shareholder Notice / Explanatory Memorandum
Shareholder Meeting – target mid-October
Completion of Restructure
Consolidation of shares
Rename company

Restart as an established copper producer with a focus on growth …

Established Copper Producer

Tritton Operations: Cornerstone Asset

Proven copper producer
Multiple mines
Established infrastructure
Long mine life
Portfolio of growth projects
Large copper inventory
Exploration upside
Proven copper field
Large portfolio of exploration targets/prospects

Reliable and growing copper production
1.6mtpa Processing Plant
Multiple ore sources: currently mining the Tritton and North East/Larsens deposits
Setting new mining and processing records
Mine life extended
JORC Ore Reserves contained copper ~ 171kt*
JORC Mineral Resource contained copper ~ 420kt*

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----- Start of picture text -----

Tritton Copper Production
tonnes
35,000
30,000
25,000 26,422 30,245 28,000
23,936 23,962 23,338
20,000
20,847
15,000
10,000
5,000
0
FY10 FY11 FY12 FY13 FY14 FY15 FY16
----- End of picture text -----

Large portfolio of growth projects and exploration targets
Proven copper district – excellent potential for further discoveries

*As at 30 June 2014

Refocus on planning, people and maintenance:

� Production: UP

New quarterly production record of 8,352 tonnes in Mar Qtr 2015

� Unit Costs: DOWN

Includes significant investment in maintenance to improve underground fleet availability

� Maintenance: IMPROVING

Plant utilisation and throughput rates increased
Truck and Loader availability up

� Mine Life: EXTENDED

Advanced projects to mining ready / PreFeasibility Study (PFS) / scoping stages
High potential exploration: TARGETS IDENTIFIED
Promising recent EM and aircore results

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----- Start of picture text -----

Tritton Copper Production
9,000
8,000
7,000
6,000
5,000
4,000
3,000
2,000
1,000
0
Qtr
Tonnes
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Tritton C1 Cash Cost (A$/lb)
$3.00
$2.50
$2.00
$1.50
$1.00
$0.50
$0.00
Qtr
----- End of picture text -----

Tritton underground mine:
1.3mtpa @ 1.9% Cu
North East / Larsens: 300ktpa @ 1.8% Cu

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Record throughput
94% recovery
24% copper concentrate grade

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2013 /14 - significant investment in operating maintenance and fleet rebuilds
2014 /15 - focus on fleet availability to underpin production
Process plant debottlenecking continues – plans to increase throughput to 1.8mtpa

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Mobile fleet workshop
Paste fill plant for Tritton U/G
Road Haulage

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Large Pipeline of Growth Projects to Extend Mine Life

Depth extensions to Tritton orebody – single largest opportunity for significant ore reserve conversion:

Ore Reserve 5Mt @ 1.8% Cu*
Mineral Resource 11Mt @ 1.8% Cu*
Current Ore Reserve extends to 4,200mRL
Mineral Resource extends to 4,000mRL
Mineralisation remains open at depth
Multi-phase drill program designed to increase mineral resource confidence and extend to 3800mRL
Drilling commenced in Q2 CY15

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*As at 30 June 2014

Targeting additional resources to extend mine life

Ore Reserve 0.9Mt @ 1.6% Cu*
Mineral Resource 1.3Mt @ 1.8% Cu*
Deposits located in north of Girilambone Complex
Near-mine resource definition drilling planned seeking to extend the deposits and LOM
Typical for small mines – exploration precedes mining by 1 to 2 years as mining follows lodes down-dip

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*As at 30 June 2014

PFS completed

Ore Reserve: U/G 3.3Mt @ 1.3% Cu*
Mineral Resource: 8Mt @ 1.4% Cu**
Largest copper inventory outside Tritton Deposit: 110,000t contained Cu
*As at 30 June 2014.
**Includes Mineral Resources for Murrawombie Open Pit

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PFS completed

Ore Reserve: 680kt @ 2.5% Cu*
Mineral Resource: 903kt @ 2.6% Cu*
North of Girilambone Complex and located 2km north of current mining at North East/Larsens
Provide higher grade supplementary feed for Tritton Operations
Mining lease application being prepared
Deposit open below 450m vertical
Strong potential for further discoveries

*As at 30 June 2014

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PFS completed

Ore Reserve: 0.7Mt @ 1.2% Cu*
Modest expansion (cut-back) of Murrawombie Open Pit
Cut-back to access 700kt of sulphide ore
Mining of pit expansion to assist with final closure of heap leach pads and save on mine rehabilitation costs
Scheduled to follow underground project but can be brought online earlier

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*As at 30 June 2014

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Excellent Exploration Potential

Significant Ground Position In Proven Copper Field

“Besshi” style VMS orebodies generally occur in clusters

Tritton region hosts “Besshi” style VMS deposits
Mining to date has been from Girilambone and Tritton complexes – multiple deposits discovered in each
Huge exploration potential:
Multiple new mafic complexes already identified
Under-explored tenements
Many drill ready targets
New technology able to “see” deeper

Proven Exploration Success

Two complexes mined to date characterised by one large deposit (10-20Mt) with multiple smaller (1-5Mt) deposits

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Target Rich Tenement Package

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EM signature twice the size of
Tritton
All recent holes intersected
mineralisation
Three holes indicated grades
above 2% Cu
Next stage is drilling program to better define target
Target 10Mt at >2%

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Avoca Tank Ore Reserve (as at 30 June 2014): 680kt @ 2.5% Cu, 0.8g/t Au
VMS deposits typically occur in clusters
Remainder of the magnetic high complex is underexplored
Recent aircore drilling delivered exciting results adjacent to known orebody
RC drilling programme underway

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Along strike from Tritton
Significant strike extent
Exciting recent results
Anomalous Cu adjacent to EM anomaly
Drill program planned to test targets

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Exciting results from limited drilling
Many untested targets in close proximity to Carters

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Hard work completed – ready to drill

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Established and growing copper producer (28,000tpa guidance FY2016)
Tritton Operations performing at record levels
Board and management team with a proven track record and clear vision and strategy
Exciting portfolio of advanced growth projects
Extensive landholding in a highly prospective, under-explored copper region
Strong leverage to future copper price upside and exploration success
Now in a position to focus on growth strategies

Thank you

Straits Resources Limited

Level 2, HQ South Tower, 520 Wickham Street, Fortitude Valley 4006 Brisbane QLD, Australia

E: [email protected]

T: +61 7 3034 6200

F: +61 7 3034 6290

AI assistant

AERIS RESOURCES LIMITED Capital/Financing Update 2015

64347_rns_2015-08-17_e0a84a26-8016-4038-b45a-26cf2a3ce942.pdf

Straits Resources Debt Restructure A New Beginning

Forward-Looking Information

Competent Persons Statement

New Management Team commenced December 2012

Improved operational performance

Reduced overheads, secured the future

Asset rationalisation

Restructured balance sheet

Refinancing

SCB US$111M debt reduced to US$50M senior debt facility:

Copper Price Participation Agreement with SCB:

PAG to provide a revolving priority debt facility of up to US$25M:

Management:

Credit Suisse Convertible Notes:

Post Debt Restructure Straits will have:

Established Copper Producer

Tritton Operations: Cornerstone Asset

Refocus on planning, people and maintenance:

� Production: UP

� Unit Costs: DOWN

� Maintenance: IMPROVING

� Mine Life: EXTENDED

Targeting additional resources to extend mine life

PFS completed

PFS completed

PFS completed

Excellent Exploration Potential

Significant Ground Position In Proven Copper Field

Proven Exploration Success

Target Rich Tenement Package

Thank you

Straits Resources Limited

AI assistant

AERIS RESOURCES LIMITED — Capital/Financing Update 2015

64347_rns_2015-08-17_e0a84a26-8016-4038-b45a-26cf2a3ce942.pdf

Straits Resources Debt Restructure A New Beginning

Forward-Looking Information

Competent Persons Statement

New Management Team commenced December 2012

Improved operational performance

Reduced overheads, secured the future

Asset rationalisation

Restructured balance sheet

Refinancing

SCB US$111M debt reduced to US$50M senior debt facility:

Copper Price Participation Agreement with SCB:

PAG to provide a revolving priority debt facility of up to US$25M:

Management:

Credit Suisse Convertible Notes:

Post Debt Restructure Straits will have:

Established Copper Producer

Tritton Operations: Cornerstone Asset

Refocus on planning, people and maintenance:

� Production: UP

� Unit Costs: DOWN

� Maintenance: IMPROVING

� Mine Life: EXTENDED

Targeting additional resources to extend mine life

PFS completed

PFS completed

PFS completed

Excellent Exploration Potential

Significant Ground Position In Proven Copper Field

Proven Exploration Success

Target Rich Tenement Package

Thank you

Straits Resources Limited

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AERIS RESOURCES LIMITED Capital/Financing Update 2015