Alkane Resources — AGM Information 2013

May 15, 2013

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ANNUAL GENERAL MEETING

Sydney 16 May 2013

2012 FINANCIAL RESULTS

Revenue A$96.7M Profit A$66.5M Earnings $0.19 per share Net Assets A236.4M 1

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• Listed on ASX since 1969, also listed on OTCQX

• Market cap $200M

• 6,100 shareholders (85% Australian)

• Multi commodity explorer, miner and developer focused on Central West of NSW

• Active in region for more than 20 years

• Developed Peak Hill Gold Mine in 1996, operated to 2005

• Tomingley Gold Mine construction underway, first gold production late 2013

• World-class Dubbo Zirconia Project (DZP) feasibility and environmental assessment nearing completion

• Successful ongoing exploration

Corporate Profile

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• Two advanced projects

• Dubbo Zirconia Project (DZP)

• Tomingley Gold Project (TGP)

• World supplier of zirconium, niobium and rare earths elements

• MOUs and agreements for planned production from DZP

• DZP to commence production Q1 2016

• Gold production from TGP early 2014

• Continued exploration success

Alkane Today

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Base case statistics

• Project approval by NSW Department of Planning and Infrastructure late July 2012. Mining Lease approved February 2013

• Resource – 12.6 Mt @ 2.0g/t (812,000oz)

• CAPEX – A$107M

• Throughput – 1.0Mtpa

• Head Grade – 2.00g/t

• Recoveries – 93%

• Gold Production – average 50 - 60,000ozpa

• Operating Costs – ~$980/oz

• EBITDA - $166M (current spot at $1,450/oz)

• Life – 7.5years (targeting +10 years)

• Mine method – open cut & underground

• Caloma Two resource estimate

 Commissioning anticipated late 2013

Tomingley Gold Project

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TGP Construction Images

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Concrete footings for central plant systems

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Thickener foundations

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Water pipeline trencher

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Pipeline welding station

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TGP Resource Expansion

Geological Summary – Wyoming / Caloma

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Pelitic Sediments

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Feldspar porphyry

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Volcaniclastic sediments

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Graphitic mudstone Volcaniclastic conglomerate Epidote altered volcanics Chlorite-talc schist Andesitic volcanics

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Mineralisation

Additional Resource Potential Caloma Two open pit and underground Expand Wyoming One underground Caloma underground Myalls underground Wyoming Two and Three underground McLeans

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TGP Caloma Two Drilling

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Drill out on a 20x20m basis to define resources 159 RC holes 22,782m 11 core holes 2,145m

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TGP Caloma Two Section

Recent Drill Results 9m @ 110g/t Au incl 1m @ 821g/t Au 13m @ 12.0g/t Au 39m @ 4.52g/t Au incl 5m @ 14.8g/t Au 8m @ 6.46g/t Au 18m @ 3.18g/t Au incl 9m @ 5.52g/t Au 16m @ 5.99g/t Au 70m @ 1.89g/t Au incl 42m @ 3.77g/t Au

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• Located 30 km south of Dubbo

• World class resource of zirconium, hafnium, niobium, tantalum, yttrium and light and heavy rare earths elements

• DFS April 2013, DZP “technically and financially robust project”

• Base case of 20 year mine life and 1Mtpa production gives NPV of $1.23 billion

• Mine life to be in excess of 70 years

• EIS lodged shortly with NSW Department of Planning and Infrastructure

• Expected to start production Q1 2016

Dubbo Zirconia Project

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DZP Process Flow Sheet

 – Demonstration Pilot Plant established 2008  – ANSTO Aust. Nuclear Science & Technology Organisation  – Process unique & advanced  – Optimization ongoing  Simple open cut mining operation  Crushing and grinding  Sulphuric acid leach whole of ore  Solvent extraction, separation & refining  Chemical precipitation  Zirconium products  Niobium products  Heavy RE product  Light RE product

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Rare Earths

• REEs a group of 17 elements in periodic table in two distinctive groups, LREEs and HREEs

• Variable magnetic and chemical properties give rise to many applications

• Used for energy efficiency, new energy sources and emissions minimisation

• China currently produces about 95% of world’s REE

• REEs are 54% of DZP revenue, 30% HREE and 24% LREE

DZP LREE US$/kg

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$180
$160
$140
$120
$100
US$/kg
$80
$60
$40
$20
$-
4Q 2Q 4Q 1Q 2Q 3Q 4Q 1Q
2010 2011 2011 2012 2012 2012 2012 2013
DZP LREE DZP DFS LREE Concentrate
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DZP YHREE US$/kg
$350
$300
$250
$200
US$/kg
$150
$100
$50
$-
4Q 2Q 4Q 1Q 2Q 3Q 4Q 1Q
2010 2011 2011 2012 2012 2012 2012 2013
DZP YHREE DZP DFS YHREE Concentrate
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Source: IMCOA 11

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Niobium

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• Niobium (Nb) is a soft, rare metal which strengthens alloys, superalloys and steel

• Used in pipeline construction, jet engines, heat-resistant and combustion equipment

• Makes vehicle chassis lighter, reducing overall vehicle weight by 10%, lower fuel consumption and reduces emissions

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•
•
•
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• DZP alternative global supplier and only Australian producer in 2016

• Possible additional tantalum revenue

• Nb is 16% of DZP revenue

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Sources: IAMGOLD / TZMI

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Zirconium

• Zirconium is a corrosion and heat resistant metal, many common uses

• Multiple ceramic applications

• Used in a range of components for vehicles, such as car exhausts

• Many chemical applications eg Replaced lead as drying agent in paints

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Zirconium Price Trends US$/kg
12000
10000
8000
US$/T 6000
4000
2000
0
4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q
2009 2010 2010 2010 2010 2011 2011 2011 2011 2012 2012 2012 2012 2013
Zircon 65% ZrO2 Fused Zirconia 99.0% ZrO2
Chemical Zirconia 99.5% ZrO2 ZOC 36.0% ZrO2
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• China currently produces 90% of world downstream zirconium chemicals

• DZP expected to produce 15,800tpa of zirconium products (ZrO2 units)

• ZrO 2 is 31% of DZP

• revenue

Averaged quarterly prices as compiled from multiple sources

Source: TCMS

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• Competitive advantage with unique flow sheet developed and proved at ANSTO

• Production of light and heavy rare earths concentrates, value added processing by partner Shin-Etsu in Japan

• 25% of resource is high value HREE, less common and more valuable than LREE

• US Department of Energy, five critical rare earth elements in short supply:

• Four HREE (Yttrium, Dysprosium, Terbium and Europium)

• One LREE (Neodymium)

• All will be produced by DZP

DZP on the world stage

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Source: US
Department of
energy, Critical
Materials strategy,
Dec 2010
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DZP Marketing

Off-take

Memorandums of Understandings (MOU’s) / Agreements	Memorandums of Understandings (MOU’s) / Agreements	Memorandums of Understandings (MOU’s) / Agreements
MOU	Product	Details
1	Zirconium	Leading Chemical Company to develop applications for zirconia produced by DZP
2	Zirconium	Australian Mintech Chemical Industries to produce zirconium oxychloride
3	Zirconium	European manufacturing / trading company to market DZP products
4	Niobium	European alloy manufacturer JV to produce and market ferro-niobium
5	YREE	Japan Shin-Etsu Toll treatment JV for separation and sale

• Separate project to produce chemical zirconia for ceramics industries ramped up by AZL

• Primary filter cake contains ~ 200ppm Ta2O5. At 1Mtpa this equates to about 200tpa (>400,000lbs pa ).

• A program has commenced to review recovery of this valuable Ta2O5 product

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DZP Product Output

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100%
4%
911t
$149.4M
90%
18% 3,997t 30%
80%
9% 1,967t
70%
$118.7M
60%
24%
50%
15,827t
$81.5M
40%
16%
70%
30%
20% $153.9M
31%
10%
0%
Production 22,702T Revenue A$503.5M
ZrO2 Nb metal LREO concentrate HREO concentrate
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DZP Feasibility Study

DUBBO ZIRCONIA PROJECT Financial Summary for 20 year life in A$	DUBBO ZIRCONIA PROJECT Financial Summary for 20 year life in A$
Project Capacity	1,000,000 tonnes pa
Capex – Plant	$396.8M
Sulphuric Acid Plant	$116.6M
Infrastructure + Owners	$253.4M
SUB TOTAL	$766.8M
EPCM	$63.5M
Contingency (20%)	$166.1M
TOTAL	$996.4M
Annual Revenue	$503.5M
Annual Operating Costs	$213.5M
Annual EBITDA	$290.0M
IRR*	19.3%
NPV*	$1,235M

*** 20 year life, pre-tax, 8% discount rate**

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Environmental Impact

Environmental Impact Statement – key areas of focus

• Existing land use (agriculture)

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• Socio-economic

• Air quality

• Noise and vibration

• Surface and ground water

• Soil stability

• Flora and fauna

• Biodiversity

• Visibility

• Rail freight movements

• Road traffic

• Aboriginal and European heritage

• Natural radioactivity

• EIS scheduled to be lodged with NSW Dept of Planning and Infrastructure May 2013

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Financing

• $1 billion DZP finance package being arranged by:

• Credit Suisse (Australia)

• Sumitomo Mitsui Banking Corporation

• Petra Capital

• Finance sources:

• Possible sale of a strategic minority stake in DZP

• International Government funding (ECA)

• Commercial debt facility

• Public equity raising

• 12 months timeline

• Coincides with final project approvals, allowing construction to commence in Q2 2014.

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• Bodangora gold-copper prospect

• Alkane 100%, near Wellington, NSW

• Exploration and drilling over 12 km²

• Similarities to Newcrest’ nearby Cadia-Ridgeway gold-copper mine

• Galwadgere gold copper prospect

• Alkane 100%, near Wellington, NSW

• Estimated resource 2Mt @ 1.0 per cent copper and 0.3g/t gold

• Drilling continues

• Cudal gold-zinc prospect

• Alkane 100%, west of Orange, NSW

• Best drill intercept 17m @ 1.2 g/t gold and 2.9% zinc

• Interesting target, further drilling

Exploration

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Outlook

Dubbo Zirconia Project

• Global strategic significance – a long term project in the zirconium and heavy rare earth industries

• Substantial cash flows – based on 20 year DFS – ~A$250Mpa

• Actual mine life – DFS + 50 years

• Production costs – spread across four products, insulation from price fluctuations

Tomingley Gold Project

• Cash flow insurance against any DZP delays

• Provides operating expertise

• Cash flow – based on 7 year DFS – ~A$20-25Mpa

• Actual mine life – DFS + 3 years

Exploration

• Tight geographical focus, exploration success, further development potential

Currently cash and RRL shares total ~$130 million

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Conclusion

• Alkane transformation underway – long term investment opportunity

• Development strategy of multi-commodity operations

• Substantial emerging cash flow – ~A$275Mpa after 2016

• Aspects of upside

• Longer mine life at TGP and DZP

• Higher recoveries

• Potential recovery and sale of tantalum, not in DFS

• Positive outcomes from joint ventures

• Potential for exploration projects to convert to developments

• Building capacity to pay dividends

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Board

• John Stuart Ferguson Dunlop (Chairman). BE(Min), MEngSc(Min). Mining engineer with 40 years surface and underground mining experience in Australia and overseas. Former director of the Australian Institute of Mining and Metallurgy. Chairman of Alliance Resources and NonExdirector of Copper Strike Limited

• David Ian Chalmers (Managing Director). MSc. Geologist with over 40 years experience in the mining and exploration industry in all facets of exploration through feasibility and development to the production phase in Australia and overseas. 30 years involvement in rare metal and rare earth exploration and development.

• Ian Jeffrey Gandel (Director). LLB, BEc. Extensive experience in retail property and resource companies. Former Director of Gandel Retail Trust. Investor in the mining industry through Gandel Metals. Executive Director of Alliance Resources, and Chairman of Gippsland Ltd and Octagonal Resources Ltd.

• Anthony Dean Lethlean (Director) BAppSc . Geologist with 10 years mining experience. Former resources analyst with various resource bankers and stockbrokers. Currently a director of Helmsec Global Capital Limited. Non-executive director of Alliance Resources Ltd .

Board & Management

Senior Management

• Karen Brown (Joint Company Secretary) BEc

• Lindsay Colless (Joint Company Secretary) CA

• Michael Ball (Chief Financial Officer) CA BCom

• Terry Ransted (Chief Geologist). BSc .

• Michael Sutherland (General Manager NSW). BSc

• Tony Wright (Commercial Manager).

• Henry Kaye (TGP Project Manager) – Mechanical Engineer

• Sean Buxton (TGP Operations Manager) – Mining Engineer

Senior Consultants

• Fiona Morgan (TGP EPCM – Mintrex) – Mechanical Engineer

• Greg Foster (TGP EPCM – Mintrex) – Mechanical Engineer

• Steve Gilman (DZP - Consulting Director TZMI) – Metallurgist

• Gavin Diener (DZP - Consulting Director TZMI) – Chemical Engineer

• Alister MacDonald (DZP - Marketing TCMS) - Ceramic Engineer

• Natalie Chapman (Corporate Communications Manager)

• Westbrook Financial Services (Media Advisors)

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DPP Video

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Y and HREE refiningand recovery

DPP Filtration, PLS, SX, Zr and Nb recovery

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Reverse osmosis and water recycle

Zirconium refiningand precipitation

Operating at ANSTO since 2008

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Disclaimer

Disclaimer

This presentation contains certain forward looking statements and forecasts, including possible or assumed reserves and resources, production levels and rates, costs, prices, future performance or potential growth of Alkane Resources Ltd, industry growth or other trend projections. Such statements are not a guarantee of future performance and involve unknown risks and uncertainties, as well as other factors which are beyond the control of Alkane Resources Ltd. Actual results and developments may differ materially from those expressed of implied by these forward looking statements depending on a variety of factors. Nothing in this presentation should be construed as either an offer to sell or a solicitation of an offer to buy or sell securities.

This document has been prepared in accordance with the requirements of Australian securities laws, which may differ from the requirements of United States and other country securities laws. Unless otherwise indicated, all ore reserve and mineral resource estimates included or incorporated by reference in this document have been, and will be, prepared in accordance with the JORC classification system of the Australasian Institute of Mining, and Metallurgy and Australian Institute of Geosciences.

Competent Person

The information in this presentation that relates to mineral exploration, mineral resources and ore reserves is based on information compiled by Mr D I Chalmers, FAusIMM, FAIG, (director of the Company) 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 Competent Person as defined in the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Ian Chalmers consents to the inclusion in the presentation of the matters based on his information in the form and context in which it appears.

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Resource & Reserves: Dubbo + Galwadgere

Dubbo Zirconia Project – Mineral Resources

Toongi	Tonnage	ZrO2	HfO2	**Nb2O5 **	**Ta2O5 **	Y2O3	REO	U3O8
Deposit	(Mt)	(%)	(%)	(%)	(%)	(%)	(%)	(%)
Measured	35.70	1.96	0.04	0.46	0.03	0.14	0.75	0.014
Inferred	37.50	1.96	0.04	0.46	0.03	0.14	0.75	0.014
Total	73.20	1.96	0.04	0.46	0.03	0.14	0.75	0.014

These Mineral Resources are based upon information compiled by Mr Terry Ransted MAusIMM (Principal, Multi Metal Consultants Pty Ltd) who is a competent person as defined in the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Terry Ransted consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. The full details of methodology were given in the 2004 Annual Report.

Dubbo Zirconia Project – Ore Reserves

Toongi	Tonnage	ZrO2	HfO2	Nb2O5	Ta2O5	Y2O3	REO
Deposit	(Mt)	(%)	(%)	(%)	(%)	(%)	(%)
Proved	8.07	1.91	0.04	0.46	0.03	0.14	0.75
Probable	27.86	1.93	0.04	0.46	0.03	0.14	0.74
Total	35.93	1.93	0.04	0.46	0.03	0.14	0.74

These Ore Reserves are based upon information compiled by Mr Terry Ransted MAusIMM (Alkane Chief Geologist) who is a competent person as defined in the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. The reserves were calculated at a1.5% combined ZrO2+Nb2O5+Y2O3+REO cut off using costs and revenues defined in the notes in ASX Announcement of16 November 2011. Terry Ransted consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Wellington – Galwadgere – Mineral Resources

DEPOSIT		MEASURED			INDICATED
0.5% Cu cut off	Tonnage	Grade	Grade	Tonnage	Grade	Grade
	(t)	(% Cu)	(g/t)	(t)	(% Cu)	(g/t)
Galwadgere	-	-		2,090,000	0.99	0.3

These Mineral Resources are based upon information compiled by Mr Terry Ransted MAusIMM (Principal, Multi Metal Consultants Pty Ltd) who is a competent person as defined in the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Terry Ransted consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. The full details of methodology were given in the 2005 Annual Report

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Resource & Reserves: Tomingley + Peak Hill

Tomingley (TGP) – Mineral Resources

DEPOSIT	MEASURED	MEASURED	INDICATED	INDICATED	INFERRED	INFERRED		TOTAL
Top Cut	Tonnage	Grade	Tonnage	Grade	Tonnage	Grade	Tonnage	Grade	Gold
2.5x2.5x5.0m model	(t)	(g/t)	(t)	(g/t)	(t)	(g/t)	(t)	(g/t)	(koz)
Wyoming One	2,316,550	2.2	890,340	2.2	3,117,350	1.7	6,324,240	1.9	392.4
Wyoming Three	642,470	2.0	63,225	2.0	102,820	1.3	808,510	1.9	49.9
Caloma	2,690,530	2.3	567,860	2.1	2,194,490	1.9	5,452,870	2.1	369.4
Total	5,649,550	2.2	1,521,420	2.1	5,414,660	1.8	12,585,630	2.0	811.7

These Mineral Resources are based upon information compiled by Mr Richard Lewis MAusIMM (Lewis Mineral Resource Consultng Pty Ltd) who is a competent person as defined in the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Richard Lewis consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. The full details of methodology are given in the ASX Reports dated 25 March 2009, 2 October 2010 and 29 March 2012.

Tomingley (TGP) – Ore Reserves

DEPOSIT	PROVED	PROBABLE	TOTAL
	Tonnage Grade	Tonnage Grade	Tonnage Grade Ounces
	(t) (g/t)	(t) (g/t)	(t) (g/t)
Wyoming One	1,700,000 1.6	200,000 1.3	1,900,000 1.6 94,500
Wyoming Three	500,000 1.6	0 0.0	500,000 1.6 28,100
Caloma	1,100,000 2.3	100,000 1.7	1,200,000 2.2 86,500
Total	3,300,000 1.8	300,000 1.5	3,600,000 1.8 209,100

These Ore Reserves are based upon information compiled under the guidance of Mr Dean Basile MAusIMM (Mining One Pty Ltd) who is a competent person as defined in the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. The Reserves and Resources are estimated at an effective A$1,540 per ounce gold price. Dean Basile consents to the inclusion in the report of the matters based on the information in the form and context in which it appears.

Peak Hill – Mineral Resources

DEPOSIT	MEASURED	INDICATED	INFERRED	TOTAL
0.5g/t gold	Tonnage Grade	Tonnage Grade	Tonnage Grade	Tonnage Grade k Ounces
cut off	(t) (g/t)	(t) (g/t)	(t) (g/t)	(t) (g/t)
Proprietary		9,440,000 1.35	1,830,000 0.98	11,270,000 1.29 467.4
3.0g/t gold	Tonnage Grade	Tonnage Grade	Tonnage Grade	Tonnage Grade k Ounces
cut off	(t) (g/t)	(t) (g/t)	(t) (g/t)	(t) (g/t)
Proprietary P			810,000 4.40	810,000 4.40 114.6

These Mineral Resources are based upon information compiled by Mr Terry Ransted MAusIMM (Principal, Multi Metal Consultants Pty Ltd) who is a competent person as defined in the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Terry Ransted consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. The full details of methodology were given in the 2004 Annual Report.

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