Alkane Resources — AGM Information 2015

Nov 17, 2015

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Annual General Meeting Sydney 18 November 2015

Shareholder Presentations Melbourne 19 November and Perth 20 November

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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

Unless otherwise stated, 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) who 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 2012 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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Board & Management

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Board

• John S F Dunlop (Chairman) BE(Min), MEngSc(Min). Mining engineer

• D Ian Chalmers (Managing Director) MSc. Geologist

• Ian J Gandel (Director) LLB, BEc. Businessman

• Anthony D Lethlean (Director) BAppSc . Geologist/Banker

• Karen Brown (Company Secretary) BEc

Senior Management

• Nic Earner (Chief Operations Officer) BEng (Honours)

• Michael Ball (Chief Financial Officer) CA BCom

• Terry Ransted (Chief Geologist) BSc

• Michael Sutherland (General Manager NSW) BSc

• Brendan Ward (Commercial Manager) LLB, BA

• Sean Buxton (TGO Operations Manager) BEng

• Natalie Chapman (Corporate Communications) BSc, MBA

DZP Marketing

• Alister MacDonald (Marketing TCMS) - Ceramic Engineer

• Jeff Swingler (Special Strategic Advisor) - CA, MEI

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Alkane in the Central West NSW

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Peak Hill Gold Mine 1996 - 2005

Tomingley Gold Operations Production commenced 2014

Dubbo Zirconia Project Pre-construction

Advanced exploration projects at Bodangora – Kaiser (Au – Cu) Wellington (Cu – Au) Elsienora (Au – base metals, barite)

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FY 2015 Snapshot

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Tomingley Gold Operations in steady state

3% 17% 46% 10% 24% Hedge Funds Retail & others Directors & Management Foreign Institution Domestic Institutions

• Production 69,612 ounces

• Gold revenue A$101.94 million

• Operating cash flow A$28.6 million

• Capital A$15.9 million (incl deferred waste A$11.0M)

• FY15 Financials

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• Total income A$102.5 million

• Loss after income tax A$4.1 million

• Total equity A$170.5 million

• Market cap at 17 November A$90 million

• Issues cap 414.2 million shares

• Cash and bullion A$19.6 million. No debt

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Dubbo Zirconia Project – FEED, process development, marketing

Major Shareholders: 22% Abbotsleigh (Gandel Metals) 10% Fidelity Group

• FY15 total expenditure A$15.8 million

• Funded from TGO cash flows

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Tomingley Gold Operations FY15

$115 million funded without debt

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• Resource – 688,000oz of gold (21 Sept 2015)

• Mine Method – open cut & underground

• Mine Life – 6.5 years (targeting 10+ yrs)

• Processing plant throughput – 1.0Mtpa

• 2.00g/t Au and 93% recovery standard CIL

• Gold Production – ~400,000oz over base case life

Gold production commenced February 2014

FY15 at 30 June 2015:

• Production 69,612oz

• Revenue A$101.9M

• Cash flow A$28.6M

• AISC A$1,249[(1)]

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CIL Processing Plant
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(1) AISC = All in Sustaining Cost comprises all site operating cash costs, royalties, mine exploration, sustaining capex and mine development and an allocation of corporate costs presented on the basis of ounces produced. Caloma open cut October 2015

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TGO Site

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CIL Processing Plant
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Caloma open cut October 2015
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Continuous Improvement Programs

Mining:

TGO has been working collaboratively over the last 12 months with its fleet hire equipment provider, Emeco, to improve overall mining productivity. This project, “Emeco Better Solution”, has to date delivered a 12% increase in payload and 10% increase in operating efficiency lifting TGO’s fleet into the first or second quartile of similar mining fleets in Australia across most standard productivity metrics.

Processing:

The team has been focussed on stable recovery and lowering unit costs. This has been successful in reducing processing cost by >7% over the last 12 months to below that forecast in the DFS 2013.

Q1 FY16:

• Production 19,789oz

• AISC[(1) ] A$1,234/oz

• Revenue A$32.9M

• Operating cash flow A$13.0M

• Gold forward 22,500oz @ A$1,596/oz

FY 2016 Guidance:

• Production 60,000 – 70,000oz

• AISC[(1) ] A$1,200 – 1,300/oz

(1) Defined on slide 7

TGO Q1 FY16

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TGO Mine Schedule

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Wyoming Three
Caloma Two and Caloma
Wyoming One
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FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Wyoming Three Wyoming One Wyoming One Underground Caloma Caloma Underground Caloma Two Peak Hill Underground ?? ? Exploration ?? ? Anticipated production oz 65-70,000 65-70,000 70-75,000 50-55,000 45-50,000 50-55,000

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Scheduled
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Possible Potential

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TGO Resource Expansion

Additional Resource Potential

Expand Wyoming One underground Caloma and Caloma Two underground

TGO

PHGM

Peak Hill - substantial gold copper mineralization (non JORC 2012 Classification)

Myalls underground (historic gold production) Wyoming Two and Three underground intercepts Tomingley One and Two - ore intercepts McLeans - ore intercepts Smiths - alteration and low grade gold intercepts Black Snake - ore intercepts

Monte Carlo, Ungers, Ashes, McGregors - surface geochemical anomalies

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50 kilometre long zone of prospective geology with limited exploration activity outside of the Peak Hill Gold Mine and TGO

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Dubbo Zirconia Project

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Located 400km northwest of Sydney within a region that has substantial infrastructure – roads, rail, power, gas, light engineering, people (~100,000), being a large agricultural and mining area

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A very large polymetallic resource of the metals zirconium hafnium, niobium (tantalum), yttrium and rare earths Important and strategic metal mix

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Reserve supports 35 year mine life at 1 million tonne ore processing per annum with defined resource supporting an 80 year open pit operation

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Demonstrated flow sheet with pilot plant and products for market evaluation operated at ANSTO since 2008 August 2015 Front End Engineering Design (FEED) study confirmed the robust technical and financial DFS of April 2013 State and Federal environment approvals in May and August 2015

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Finnish technology/engineering solutions company Outotec appointed for Early Contractor Involvement (ECI) in September to present a fixed price EPC

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Zirconium Industry

Zircon Demand by End Use

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(2015 ~ 1 million tonnes)
Other
3% Foundry
12%
Ceramics
47% Chemicals
21%
Refractory
17%
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Global market US$2-3B 2015 producer zircon inventories still high Market expected to stabilise through 2016 - 2017 CAGR anticipated at 5% - 7% pa after stabilisation

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China dominates downstream zirconium industry (85-90%)

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Source: TCMS and Industry Sources

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Auto exhaust catalysts – ceria stabilised zirconia

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Thermal barrier coatings – yttria stabilised zirconia for jet and industrial gas turbines, and many other applications

Zirconium Applications

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Substantial growth in advanced ceramics and cubic zirconia (jewellery) Current world demand for zirconium chemicals / zirconia ~ 160,000tpa

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Source: TCMS, Roskill and Industry Publications

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Super Alloys - 73% of 2015 supply By-product from zirconium metal

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Hafnium Industry

• Depends on nuclear industry

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Prices escalating through demand by aerospace industries 2014 into 2015

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Source: Modified after Lipmann Walton & Co Ltd 2015

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Addition of 1%-2% Hf to NiCo alloys raises operating temperature from 1,400[o] C to 2,000[o] C providing fuel efficiencies and emission minimisation.

Hafnium Applications

Many innovations developing around hafnium

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Reflective HfO2-SiO2 layer pushes energy in to space and does not add heat to the atmosphere

Applicable to both jet engines and industrial gas turbines

Both passenger and military aircraft growth at plus 100% over the next five years

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Source: Various industry publications

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Niobium Industry

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90% of Nb used in standard grade ferro-niobium for the production of high strength low alloy (HSLA) steels

World production estimated at 80,000t Nb in 2012. CBMM in Brazil accounts for 85%

Global market US$3-4B. Price stability since 2008, including GFC CAGR anticipated at 10%. Demand expected to be driven by greater intensity of use in steels by BRIC producers

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Current use of ferro-niobium
Other
13%
Structural
29%
Stainless
10%
Auto
24%
Pipe
24%
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Source: Niobec and Industry Sources

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Rare Earth Industry

REE Demand 2016 by Application

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US$3-5B Global market
Other
136,000t Annual consumption 2014 Catalysts
8%
18%
3-5% Annual growth estimates
Ceramics
85-90% REE produced by China
5%
Glass
6%
Phosphors
5%
Permanent magnet dominant
consumer and growth ~ 8% pa
Annual magnet market ~US$20B
Polishing
Major use for Nd, Pr, Dy and Tb 12%
Magnets
Growth in other REs for special metal 27% Metal
alloys and ceramics Alloys
16%
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Renewable

Smart technologies

Source: IMCOA

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energy

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Rare Earth Applications – Permanent Magnets

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Permanent Magnets – major growth

• Hybrid and electric cars

• Wind turbine

• Industrial gas turbines

• Marine electric motors

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Thysen Krupp Maritim Permasyn marine propulsion systems

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Source: Siemens, Shin-Etsu, Thysen Krupp

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China’s REE dominance

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The value increases from US$4B Minerals; US$40B Materials; US$400B Components; to US$4T Systems

Is the rest of the world prepared to accept China’s domination of high-tech and advanced materials manufacture?

Source: Karl Gerald van den Boorgart, Polina Klossek and Andreas Klossek, “How Forward Integration along the Rare Renewable Earth Value chain Threatens the Global Economy”, paper presented at 2014 Critical Minerals Conference, Denver, Smart Colorado, August 3-5 2014. Referenced in “The Elements of Power, Gadgets, Guns and The Struggle for a Sustainable Future in the Rare Metal Age, David S Abraham, published by Yale University Press, October 2015. energy technologies

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DZP 2015 Key Milestones

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State Approval 28 May

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Federal Department of Environment Approval 25 August

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Front End Engineering Design (FEED) completed 27 August

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Revamped flowsheet, with specific rare earth separation on site, improved waste management and reduced water consumption

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Technology engineers Outotec appointed 29 September for Early Contractor Involvement (ECI) to produce EPC (Fixed price) construction cost

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Environmental Protection Licence (EPL) and Mining Lease approval expected shortly

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Financing, rare earth processing and product off-take agreements – continued progress

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Process Flowsheet – 2015 Changes

Addition of hafnium circuit

Further onsite separation of rare earths

Replacement of evaporation ponds with in-process evaporation

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Product Output

Rare earth chemical concentrate Zirconium as ZBC (carbonate) & zirconia Hafnium as HfO2 Niobium as ferro-niobium	95% REO 99% ZrO2 Assumed50% recovery 65% Nb	6,664 tpa (REO units) 16,374 tpa (ZrO2units) 200 tpa (Hf units) 1,967 tpa (Nb units)

Tonnage based upon recoveries developed from mass balances of the demonstration pilot plant. Total output approximately 25,200 tpa of all products

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Rare Earth Output

					DZP REE SX					Toll treatment – off site	Toll treatment – off site
					La / Ce Pr / Nd Sm / Eu / Gd Tb / Dy / Ho / Er / Tm / Yb / Lu		La2O3 CeO2	1,441 tpa 2,367 tpa		Pr6O11 Nd2O3 Tb4O7 Dy2O3 Sm2O3 Eu2O3 Gd2O3	237 tpa 921 tpa 112 tpa 3 tpa 107 tpa 14 tpa 122 tpa
					Y(2/3N)	**Y2O3 **		1,031 tpa		Ho2O3 Er2O3	22 tpa 75 tpa
										Tm2O3	6 tpa
										**Yb2O3 **	61 tpa
										Lu2O3	3 tpa

Tonnage based upon recoveries developed from mass balances of the demonstration pilot plant, and preliminary solvent extraction stages on site at the DZP. Total saleable RE products from site ~1,030 tpa and off site ~ 1,675 tpa.

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2015 Financial Summary

Front End Engineering Design (FEED) completed August 2015

Capex A$1.3B / A$103M contingency Revenue A$550 - $600Mpa Opex A$260Mpa EBITDA A$290 - $340Mpa

20 year NPV A$1.2B (8%) and 17.5% IRR

Revenue based upon Chinese domestic rare earth prices and current spot ranges for Zr, Hf and Nb

Rare earth revenues largely derived from Pr, Nd, Tb, Dy and Y (for production of RE magnets and special ceramics/alloys)

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Operating costs to produce a kilogram of product range from US$7.50 to US$8.00/kg Revenue averages US$17.00/kg (REO US$23/kg or US$56/kg without La/Ce; Zr US$8.26/kg; Hf US$500/kg; Nb US$40/kg) Capital intensity ~ US$35/kg of product

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Joint venture with Treibacher Industrie AG to produce and market ferro-niobium Finalising a zirconium product marketing agreement for world wide sales Advancing the off-site rare earth processing agreement to enable marketing of separate rare earth products Continued discussions with multiple end users for all products

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Marketing and Off-take

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Dubbo City
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Funding Strategy

Investment at Project Level

Government Assistance Programs

Commercial Bank Debt (CBD)

Equity Capital Markets (ALK)

•Strategic Investment(s)

• •Advisors: Sumitomo Mitsui Banking Corp (SMBC) & Credit Suisse

• •Strategic interest(s) in long term supply of critical metals

• •ECA Style Funding

• •Lead coordinator: SMBC

• •Attractive Project

• Long life, low cost

• Long term off-takeagreements with international companies

• •Advisors: SMBC & Credit Suisse

• •Attractive Project

• Strong operating cash flows

• Diversified revenue stream

• New markets

• •Advisors: Credit Suisse

• & Petra Capital

• •Intro of cornerstone investor(s)

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Total project capex ~US$1.3B (including ~10% contingency) Advisor financial modelling indicates Export Credit Agency/CBD capacity 60% - 70% ECA discussions suggest 30% - 40% of capex requirements Strategic investment will be an important catalyst to funding Discussions have advanced since Project approval in May

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Timetable

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FEED provided ~30% detail design and the Project engineering design is now at construction stage awaiting finance.

Estimates of times are indicative only and are subject to change. Alkane reserves the right to vary the timetable without notice.

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The DZP Advantage

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Internationally strategic with supply of several critical metals from non-Chinese sources Business case has robust revenues, even at current Chinese domestic RE and Zr prices

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Full spectrum of rare earth magnet materials – neodymium, praseodymium, dysprosium and terbium produced, as well as other “heavy” rare earths and yttrium which have developing advanced materials applications

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The DZP’s diversified output gives a very different revenue profile to Lynas’ Mt Weld and Molycorp’s Mt Pass pure rare earth operations, providing increased stability in variable markets Production of zirconium chemicals not related to zircon or the mineral sands industry. New high purity zirconium product

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Potential to be the world’s largest hafnium producer and supply long term stable production and pricing into the expanding aerospace and industrial gas turbine industries, not related to the production of nuclear grade zirconium metal

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Current estimated operating cost structure very competitive @ US$7 - $8/kg of product produced

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2015 Awards

2015 Women in Resources National Awards NSW Winner - Simone Painter – Processing Manager TGO

Thank you

NSW Minerals Council Environment and Community ‘Leadership’ category - Mike Sutherland General Manager NSW

NSW Minerals Council Environment Excellence Category – Alkane Resources Ltd ‘Leaving No Stone Unturned to Conserve the PinkTailed Worm-Lizard at the DZP site’

©

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DZP Resources and Reserves

Dubbo Zirconia Project – Mineral Resources

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

These Mineral Resources are based upon information compiled by Mr Terry Ransted MAusIMM (Alkane Chief Geologist) who is a competent person as defined in the 2012 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 2012 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 of 16 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.

Note: ASX announcements 16 November 2011, 11 April 2013, 30 October 2013 and 27 August 2015 - the Company confirms that all material assumptions and technical parameters underpinning the estimated Mineral Resources and Ore Reserves, and production targets and the forecast financial information as disclosed continue to apply and have not materially changed.

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Resource & Reserves: Tomingley

	TOMINGLEY GOLD PROJECT MINERAL RESOURCES (as at 30 June 2015)	TOMINGLEY GOLD PROJECT MINERAL RESOURCES (as at 30 June 2015)	TOMINGLEY GOLD PROJECT MINERAL RESOURCES (as at 30 June 2015)	TOMINGLEY GOLD PROJECT MINERAL RESOURCES (as at 30 June 2015)	TOMINGLEY GOLD PROJECT MINERAL RESOURCES (as at 30 June 2015)	TOMINGLEY GOLD PROJECT MINERAL RESOURCES (as at 30 June 2015)	TOMINGLEY GOLD PROJECT MINERAL RESOURCES (as at 30 June 2015)	TOMINGLEY GOLD PROJECT MINERAL RESOURCES (as at 30 June 2015)	TOMINGLEY GOLD PROJECT MINERAL RESOURCES (as at 30 June 2015)
DEPOSIT	MEASURED		INDICATED		INFERRED		TOTAL		Total Gold
	Tonnage	Grade	Tonnage	Grade	Tonnage	Grade	Tonnage	Grade
	(Kt)	(g/tAu)	(Kt)	(g/tAu)	(Kt)	(g/tAu)	(Kt)	(g/tAu)	(Koz)
Open PittableResources (cut off0.50g/tAu)
Wyoming One	2,171	1.7	442	1.5	735	1.1	3,348	1.5	167
Wyoming Three	206	1.7	122	1.7	2	1.1	330	1.7	18
Caloma	2,163	1.8	582	1.7	2,008	1.5	4,753	1.7	254
Caloma Two	-	-	1,085	2.4	704	1.3	1,789	2.0	112
Sub Total	4,540	1.8	2,231	2.0	3,450	1.4	10,220	1.7	551
UndergroundResources (cut off 2.50g/tAu)
Wyoming One	168	4.8	205	4.4	361	4.2	735	4.4	104
Wyoming Three	12	3.6	20	4.5	25	3.3	57	3.8	7
Caloma	0	3.1	4	2.9	81	3.2	84	3.2	9
Caloma Two	-	-	92	3.5	63	3.2	155	3.3	17
Sub Total	180	4.7	321	4.1	530	3.9	1,031	4.1	136
TOTAL	4,720	1.9	2,552	2.3	3,979	1.7	11,251	1.9	687

	TOMINGLEY GOLD PROJECTORE RESERVES(as at 30 June 2015)	TOMINGLEY GOLD PROJECTORE RESERVES(as at 30 June 2015)	TOMINGLEY GOLD PROJECTORE RESERVES(as at 30 June 2015)	TOMINGLEY GOLD PROJECTORE RESERVES(as at 30 June 2015)	TOMINGLEY GOLD PROJECTORE RESERVES(as at 30 June 2015)	TOMINGLEY GOLD PROJECTORE RESERVES(as at 30 June 2015)	TOMINGLEY GOLD PROJECTORE RESERVES(as at 30 June 2015)
DEPOSIT	PROVED		PROBABLE		TOTAL		Total Gold
	Tonnage	Grade	Tonnage	Grade	Tonnage	Grade
	(Kt)	(g/tAu)	(Kt)	(g/tAu)	(Kt)	(g/tAu)	(Koz)
Wyoming One	1,665	1.6	202	1.3	**1,867 **	1.5	**94 **
Wyoming Three	173	1.6	5	1.4	178	1.5	9
Caloma	1,247	1.9	72	1.5	1,319	1.8	80
Caloma Cut Back	222	1.5	66	1.4	288	1.4	14
Caloma Two	-	-	243	3.5	243	3.5	27
							-
Stockpiles	468	0.8	-	-	468	0.8	12
TOTAL	3,775	1.6	588	2.2	4,363	1.6	235

Note: ASX announcement 21 September 2015 - the Company confirms that all material assumptions and technical parameters underpinning the estimated Mineral Resources and Ore Reserves, and production targets and the forecast financial information as disclosed continue to apply and have not materially changed.

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