ALCHEMY RESOURCES LIMITED — AGM Information 2018

Nov 19, 2018

AGM Presentation 20 November 2018

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Building a diversified metals business
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Our aim is to discover and develop nickel-cobalt, base metal and/or gold deposits through systematic, targeted exploration:

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West Lynn Project (NSW) (100km[2] ) – Ni-Co-Al2O3 inferred resource due January 2019 – Cobar Basin (NSW) (674km[2] ) High-Grade Au and Base Metal Targets

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Karonie Gold Project (WA) (782km[2] ) – Eastern Goldfields High-grade Au

Bryah Basin (WA) (527km[2] ) – Base Metal & Gold JV’s funded by Sandfire and Superior Gold

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Strong major Shareholder support Low $7M market cap underpinned by:

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• 87,000oz Au Wilgeena Resource

• Hermes gold royalty on 20,000oz

• $1.7M cash at hand

• $3.1M remaining Bryah Basin JV spend

• Pending Ni-Co & Alumina resource

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Corporate Overview
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Capital Structure	Capital Structure
Listed on ASX	November 2007
Shares on Issue(16 Nov 2018)	440.4m
Options - unlisted	29.5m
Share Price(16 Nov 2018)	1.6c
Market Cap	$7.0m
Cash(30 Sept 2018)	$1.7m

Cash(30 Sept 2018) $1.7m	Cash(30 Sept 2018) $1.7m
Shareholders / No. of Shares (1 Nov 2018)
Northern Star Resources	62.5m (14.2%)
Lindsay Dudfield	38.0m (8.6%)
Neil Watson	29.1m (6.6%)
Top 10	43.7%
Top 20	55.1%
No of Shareholders	1,311

Karonie RAB West Lynn Commencement Ni-Co Option Karonie RAB results 1.5c Rights Bombora Issue Commence Resource Overflow Hermes Sth West Lynn Diamond RC Results Drilling Results Drilling

Board & Management	Board & Management
Lindsay Dudfield	Non-Executive Chairman
Leigh Ryan	Managing Director
Liza Carpene	Non-Executive Director
Anthony Ho	Non-Executive Director
Bernard Crawford	Company Secretary / CFO

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Low Overheads and Fieldwork Focus
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• Overheads maintained at low levels

• Exploration expenditure has increased over the past 12 months

• Exploration Expenditure to Admin Cost Ratio continues to improve (2016 = 0.48, 2017 = 1.6, 2018 = 2.4 (71% in-ground))

• 2018 exploration statistics: 14,810m of drilling (diamond, RC, aircore & RAB) and 178 geochem samples

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NSW Cobar Basin / Lachlan Projects (1055km [2] ) – Epithermal, VMS, Porphyry Cu-Au Targets
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• 378km[2] in metal-rich Cobar Basin; pre-mining metal inventory of:

• >6.4 Moz Au

• >2.2 Mt Cu

• >4.0 Mt Zn

• >3.0 Mt Pb >200 Moz Ag

(Ref. Aurelia Metals Ltd ASX announcement dated 26 Sept 2012)

• West Lynn Project: Ni-Co & alumina focus - added to Heron Farm-in Agreement in March 2018

• Overflow and Yellow Mountain Projects: Cobarstyle targets along strike of Hera and Mineral Hill

• Eurow: Cu-Au targets 34km from North Parkes

• Girilambone Project: Tritton style Cu targets

• Farm-in and JV Agreement with Heron Resources Limited (ASX: HRR) to earn an 80% interest in all tenements by spending $2M prior to 30 May 2021

• ~$1M spent to date (over 2.5 years) – 1[st] earn-in stage (51%)

• Heron Free carry to PFS then to 1.5% NSR if diluted to <5%

Alchemy projects, mineral occurrences, and major structures over aeromagnetic image*

(* Refer to Alchemy Resources ASX announcement dated 29 March 2017)

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West Lynn Ni-Co-Alumina Project
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• Located in world-class Ni-Co-Sc endowed mafic/ultramafic belt hosting large Ni-Co deposits (e.g. CleanTeq’s Sunrise deposit)

• Alchemy’s West Lynn Exploration Target = 15  30Mt @ 0.7  0.9% Ni, 0.05  0.07% Co[1)] (based on Jervois Mining JORC Code 2004 indicated resource[2)] & Alchemy in-house resource estimate) 1) Refer to Alchemy Resources Limited ASX announcement dated 13 April 2018

• 1) Refer to Alchemy Resources Limited ASX announcement dated 13 April 2018

• 2) Refer to Jervois Mining Limited ASX announcement dated 30 July 2012

• Alchemy inferred JORC Code 2012 resource expected January 2019

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West Lynn Ni-Co-Alumina Project
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• 6km from Nyngan railway line linked to Sydney & Newcastle

• 13km from Nyngan township (power & labour)

• 11km from Scandium International Mining

• Nyngan Sc Project (May 2016 positive NI43-101 Feasibility)

• (TSX: SCY - MCap. $61M)*

• Geology, mineralogy and metal content (Ni-Co-Al-Fe ) very similar to the Homeville deposit (40km south) owned by Collerina Cobalt Limited

(ASX: CLL - MCap. $68M)*

• Metallurgical samples submitted to Direct Nickel Pty Ltd (DNi) for nitric acid leach testwork (Ni-Co-Al-Fe-Mg) – advantages over commonly used sulphuric acid include pH neutral tailings, cost saving acid recycling, and an MgO by-product

• Comparatively Low Fe content (18-20%) – half that of normal 

• lateritic nickel deposits potential elimination of high pressure 

• acid leaching process lower upfront capital expenditure

• Market Capitalisation on 16/11/18

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West Lynn Prospect
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Thick high grade Ni-Co & Al2O3 intercepts returned from recent Alchemy drilling confirmed historic drill intercepts and resource potential [ 1) ] :

• 12m @ 0.94% Ni, 0.12% Co from 10m

• 25m @ 0.99% Ni, 0.06% Co from 36m

• 12m @ 0.99% Ni, 0.09% Co from 20m

• 19m @ 18.7% Al2O3 from 8m

• 18m @ 19.5% Al2O3 from 10m

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1) Refer to Alchemy Resources Limited ASX announcement dated 22 October 2018

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Summervale Prospect
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Alchemy Resources thick high grade Ni-Co & Al2O3 intercepts[1) ] :

• 15m @ 1.3% Ni, 0.10% Co from 39m

• 18m @ 1.0% Ni, 0.06% Co from 36m

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• 20m @ 0.9% Ni, 0.04% Co from 31m

• 54m @ 19.1% Al2O3 from 16m

• 30m @ 20.5% Al2O3 from 21m

• 24m @ 20.9% Al2O3 from 18m

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1) Refer to Alchemy Resources Limited ASX announcement dated 22 October 2018

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West Lynn / Summervale Prospects – Ni-Co-Al2O3 Exploration Potential
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• Potential for expansion of currently defined Ni-Co mineralisation by drilling untested sections of the West Lynn Serpentinite related magnetic highs

• Excellent Alumina (Al2O3) resource potential at Summervale

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Market Cap Comparison
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• West Lynn Project value not yet recognised by the market (c.f. market capitalisation of NSW peer companies)

Company	**Key project **	Resource	MCap $M*	Cut-off	**Dev Stage **	Source
AlchemyResources Ltd(ALY)	West Lynn	1530Mt@0.050.07% Co,0.70.9% Ni(Expl Target)	7	0.04% Co	Expl	In-house resource modelling
Scandium International MiningCorp (SCY)	Nyngan	16.9Mt@235ppm Sc(M & Ind.)	61	100ppm Sc	DFS	NI 43-101 Def FeasibilityStudy (May2016)
Collerina Cobalt Ltd(CLL)	Homeville	16.3Mt@0.05% Co,0.93% Ni(Ind. & Inf.)	68	0.7% Ni	Resource	Investor Presentation(March 2018)
Jervois MiningLtd(JRV)	Nico Young	42.5Mt@0.09% Co,0.80% Ni(Inf.)	61	1% NiEq	Resource	Jervois website(26/3/2018)
Clean TeQ Holdings Ltd(CLQ)	Sunrise	101Mt@0.13% Co,0.59% Ni(M,Ind. & Inf,)	320	0.06% Co	DFS	Investor Presentation(Feb 2018)
*** closing shareprice 16/11/18**

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Overflow Prospect
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Hera • •	/ Cobar-style Attribute Polymetallic (Ag-Au-Cu-Pb-Zn) Proximity to major structures	Overflow  
• •	Shear hosted Chlorite-silica alteration	 
•	Short strike length (<200m)	
• •	Narrow widths (5-20m) Vertical continuity	 
•	Stacked lenses	

• Overflow is a Hera style target representing the upper portions of a ‘Cobar style’ deposit; typified by lead-zinc enriched upper sections transitioning into copper rich lower sections.

• Cobar and Hera style deposits have high grades and depth persistence suited to long life underground mining operations.

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PEAK /
CHRONOS
OVERFLOW
(Alchemy)
?
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(Image adapted from Aurelia Mining website)

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Overflow Diamond Drilling Overflow VTEM Conductivity Target : Proposed MLEM & Diamond Hole
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• Phase 1 diamond hole completed (OFDD002) – results pending

• Drilling within Crown Land delayed due to Native Title Right to Negotiate process, NT Land Access Agreement negotiations and Culture & Heritage clearance – completed.

• Downhole EM planned

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Overflow Prospect cross section showing Phase 1 diamond hole (OFDD002) targeting the down dip extension of the high grade portion of the known gold and base metal mineralisation, Refer to Alchemy Resources ASX Announcement dated 29 March 2017 .

• Crown Lands Access Agreement, and Aboriginal Land Claim formal written consent now required – access permission and Phase 2 drilling commencement expected early 2019.

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Overflow Prospect long section looking east showing grade shells (red = >50gxm AuEq*, gold = >0.3g/t Au, silver = 0.15% Zn), historic drilling (traces coloured by Au and Zn grades), recent diamond hole (OFDD002) and planned Phase 2 diamond drill holes (labelled), Ref. Alchemy Resources ASX Announcement 9 Feb 2017 .

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Alchemy NSW 2018/2019 Activity Timeline
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NSW Activity Timeline & Newsflow 2018-2019	**Nov-18 **	**Dec-18 **	**Jan-19 **	**Feb-19 **	**Mar-19 **	**Apr-19 **	**May-19 **	Jun-19
West Lynn Phase 3 drilling assays announced	
West Lynn SG/ density results	
West Lynn diamond drilling results			
West Lynn metallurgical testwork results			
West Lynn JORC 2012 Ni-Co-Al resource estimate			
West Lynn additional resource drilling and met tests							
Overflow cultural heritage suvey	
Overflow Phase 1 diamond drilling	
Overflow Crown Lands access agreement			
Overflow ALC access approval			
Overflow Phase 1 drilling assays announced				
Overflow Phase 2 diamond drilling						
Overflow Phase 2 drilling assays announced								

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Western Australia: Karonie Project Western Australia: Karonie Project
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• 782km[2] of highly prospective exploration licences

• Quality geological setting – greenstones containing large scale structures (Keith Kilkenny and Claypan Shear Zone) and mineralised secondary structures, proximal to “internal” granites

• Along strike to the south of Breaker Resources’ (ASX:BRB) Bombora deposit ( 24.6Mt @ 1.4g/t Au for 1.1Moz) located on the Claypan Shear Zone

• 38km of the Claypan Shear Zone - ineffective soil and auger sampling over transported overburden and only minor RAB drilling completed to date

• Northern and southern strike extensions of 560,000oz @ 2.2g/t Au (Karonie Main, Harry’s Hill, Spice, Tank, French Kiss & Argonaut reserves and resources - Silver Lake Resources (ASX:SLR))

• 50km from Silver Lake’s Mt Monger / Randalls processing plant via existing haul road from Karonie mine

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Bryah Basin Project Bryah Basin Project (527km(527km [2] ) - Sandfire and Superior Gold Farm-In Agreements [2] ) – IGO and Superior Gold Farm-in’s
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• Sandfire Resources NL (ASX: SFR) have acquired IGO’s Farm-in interests[1)] and are now earning a 70-80% by spending an additional $3.1M before 29 Oct 2019. Alchemy free carried to PFS & up to $5M to DFS, then 20% share of costs to production repaid from 50% of Alchemy’s share of profit. Extensive aircore drilling planned across the Karalundi / Narracoota contact zone.

• Superior Gold Inc. (TSX-V: SGI) earning 70-80%. Alchemy’s 20% interest carried to production & repaid from 50% of Alchemy’s share of profit.

• Superior Gold drilling planned for the Wilgeena deposit (JORC 2012 inferred resource of 1.37Mt @ 2.0g/t Au for 87,000oz Au )[2) ]

• Alchemy retains a 1% NSR over 20,000oz gold recovered from Hermes once production reaches 70,000oz[3)] . Mining at Hermes[4)]

• commenced March 2018 and the current M&I resource is 4.7Mt @ 2.0g/t for 303,000oz Au ) .

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• 1) Ref. Alchemy ASX announcement dated 6 August 2018 2) Ref. Alchemy ASX announcement dated 3 August 2018

• 3) Ref. Alchemy ASX announcement dated 24 February 2015 4) Ref. Superior Gold TSX announcement dated 3 April 2018

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Bryah Basin Project - Superior Gold Farm-in / Joint Venture Bryah Basin Project - Superior Gold Joint Venture
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• Superior Gold Phase 1 RC drilling results included: 9m @ 9.3g/t Au from 136.2m, 3m @ 37.7g/t Au from 27m, 4m @ .

• 142.0g/t Au from 56m, 12m @ 6.4g/t Au from 62m, 4m @ 13.5g/t Au from 50m and 3m @ 11.8g/t Au from 62m[1)]

• Results confirmed that high grade plunging ore shoots remain open at depth to the SE.

• Superior recently completed Phase 2 RC drilling (51 holes for 7,300m) to confirm potential for Hermes South (Wilgeena) to become a second open pit operation.

• Phase 2 drilling results due November 2018

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Au(g/t)
3m @ 37.7g/t Au 4m @ 142g/t Au
(new sthn lode) (new sthn lode)
3m @ 11.8g/t Au
4m @ 13.5g/t Au
12m @ 6.4g/t Au
9m @ 9.3g/t Au
6m @ 3.0g/t Au
Hermes South long section
Open Down Plunge
showing recent block model and pit shell
Open
D rill hole traces coloured by Au g/t
Billabong Phase 1 RC drilling (green) Open Down Plunge 3m @ 3.5g/t Au to EOH
Phase 2 RC drilling (pink) results awaited
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1) Ref. Alchemy ASX Announcements dated 15 May 2018 & 15 June 2018

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Summary
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Value of Alchemy’s projects not recognised in current share price;

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West Lynn Ni-Co & Al2O3 inferred resource imminent with significant expansion potential close to rail and potential Sc processing plant

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Overflow Project – host to a potential “company maker” deposit?

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Karonie Project prospective for shallow gold discoveries - close to existing gold resources and gold processing infrastructure

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Sandfire Resources funding $3.1M of base metal exploration via the Bryah Basin Joint Venture

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Cash + Hermes Royalty + Hermes South Resource + JV spend underpins Alchemy’s market capitalisation

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Current EV of <$6M = Alchemy remains very undervalued !

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Disclaimer and Competent PeKaronie Project - Southern Prospects son’s Statement
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Disclaimer

This presentation has been prepared by Alchemy Resources Limited ( Alchemy or the Company ). This document contains background information about Alchemy current at the date of this presentation. The presentation is in summary form and does not purport to be all inclusive or complete. Recipients should conduct their own investigations and perform their own analysis in order to satisfy themselves as to the accuracy and completeness of the information, statements and opinions contained in this presentation.

This presentation is for information purposes only. Neither this presentation nor the information in it constitutes an offer, invitation, solicitation or recommendation in relation to the purchase or sale of shares in any jurisdiction. This presentation may not be distributed in any jurisdiction except in accordance with the legal requirements applicable in such jurisdictions. Recipients should inform themselves of the restrictions that apply in their own jurisdiction. A failure to do so may result in a violation of securities laws in such a jurisdiction.

This presentation does not constitute investment advice and has been prepared without taking into account the recipient’s investment objectives, financial circumstances or particular needs and the opinions and recommendations in this presentation are not intended to represent recommendations of particular investments to particular persons. Recipients should seek professional advice when deciding if an investment is appropriate. All securities transactions involve risks, which include (among others) the risk of adverse or unanticipated market, financial or political developments.

To the fullest extent permitted by law, Alchemy and its officers, employees, agents and advisers do not make any representation or warranty, express or implied, as to the currency, accuracy, reliability or completeness of any information, statements, opinions, estimates, forecasts or other representations contained in this presentation. No responsibility for any errors or omissions from this presentation arising out of negligence or otherwise is accepted.

This presentation may include forward looking statements. Forward looking statements are only predictions and are subject to risks, uncertainties and assumptions which are outside the control of Alchemy. Actual values, results or events may be materially different to those expressed or implied in this presentation. Given these uncertainties, recipients are cautioned not to place reliance on forward looking statements. Any forward looking statements in this presentation speak only at the date of issue of this presentation. Subject to any continuing obligations under any applicable law and the ASX Listing Rules, Alchemy does not undertake any obligation to update or revise any information or any of the forward looking statements in this presentation of any changes in events, conditions or circumstances on which any such forward looking statement is based.

Competent Person’s Statement

The information in this report that relates to Exploration Results is based on information compiled by Mr Leigh Ryan, who is the Managing Director and security holder of Alchemy Resources Limited. Mr Ryan is a Member of the Australian Institute of Geoscientists and has sufficient experience of relevance to the styles of mineralisation and the types of deposits under consideration, and to the activities undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (‘JORC Code 2012’). Mr Ryan consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

The information in this report that relates to Mineral Resources at the Hermes South / Wilgeena Gold Deposit is based on information compiled by Stephen Godfrey, who is an employee of Resource Evaluation Services Pty Ltd, a consultant to Alchemy Resources Limited. Mr Godfrey is a Member of the Australian Institute of Geoscientists and the Australasian Institute of Mining and Metallurgy and has sufficient experience of relevance to the styles of mineralisation and the types of deposits under consideration, and to the activities undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (‘JORC Code 2012’). Mr Godfrey consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

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ABN 17 124 444 122

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Appendix 1: Cobalt Price, Demand Forecasts and Supply Risks
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5 Year Cobalt LME Warehouse Level (t)

5 Year Cobalt Price (US$/t)

Starting in January 2019, all major manufacturers operating in China (including Toyota and General Motors) have to meet minimum requirements for producing new-energy vehicles (NEV’s) such as plug-in hybrids and pure-battery electric vehicles. A complex Government equation requires that a sizeable portion of their production or imports must be green in 2019 with escalating goals thereafter (Boomberg Businessweek, Nov 2018).

Global Mined Cobalt by Country - 2016

Five countries with stated goals of banning sales of internal combustion engine (ICE) vehicles by varying dates (thebull.com.au, Feb 2018)

Country	Year
India	2030
The Netherlands	2025
Norway	2030
United Kingdom	2040
France	2050

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Cobalt Demand
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Source: Canaccord Genuity
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DRC - 50% of the global resource, 64% of 2017 cobalt production, and forecast to be 80% of global cobalt production by 2025. Wood Mackenzie expects demand to triple by 2040 and forecasts the market will fall into deficit by 2024 (forbes.com, Oct 2018).

The anticipated surge in electric vehicle demand triggered an 82% increase in global exploration budgets for cobalt and lithium in 2018 with cobalt and lithium exploration budgets now up 500% from 2015 levels (S&P Global Market Intelligence, Nov 2018).

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Appendix 1: Al2O3 Projects and Global High Purity Alumina Growth
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• Altech (ASX: ATC) Meckering HPA Project: 12.7Mt @ 29.4% Al2O3 (MII)[1)] (MCap =$52M*)

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• FYI Resources Limited (ASX: FYI) Cadoux HPA Project: 9.6Mt @ 23% Al2O3 , 0.8 Fe2O3, 1.2% K2O (I&I)[2)] (MCap =$14M*)

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• 2) Refer to FYI Resources Limited ASX announcement dated 24 October 2018

• 1) Refer to Altech Chemicals Limited company presentation dated 17 October 2018

• MCap as at 16/11/18

• HPA is used in LED’s, and more recently as separator coatings to prevent leakage between the cathode and anode in modern high density lithium ion batteries that now operate at higher temperatures

• HPA (4N) between US$27,000 – US$40,000 per t

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