Alkane Resources — Investor Presentation 2017

Nov 28, 2017

Corporate Presentation

November 2017

AGM Presentation Nic Earner, Managing Director

		Capital Structure
		Ordinary shares Rights	506M 15M
		Share price (22 Nov 17)	A$0.34
		Market capitalisation	A$173M
		12 Month low/high	A$0.21/$0.65
		Share turnover (per month)	A$9.2M
		Company Financials
		Cash & Gold (30 Sep 17)	A$53.3M
		Debt	Nil
		Share turnover (per month) Board Ian Gandel	A$9.2M Chairman
		Nic Earner	Managing Director
		Ian Chalmers Anthony Lethlean	Technical Director Non‐Executive Director
		Gavin Smith (subject to election)	Non‐Executive Director
		Karen Brown	Company Secretary
©		2017 Alkane Resources Ltd

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Ownership (31 Oct 17)
Australian
Hedge Funds,
Institutions, 9%
2%
Foreign
Institutions, 5%
Directors &
Management,
23%
Retail &
Others, 61%
Major shareholders
0.7 Abbotsleigh (Gandel
Group) 21.7%
0.6
Fidelity Group 5.9%
0.5
0.4
0.3
0.2
0.1
0.0
Share Price (A$/sh)
Oct‐16 Nov‐16 Dec‐16 Jan‐17 Feb‐17 Mar‐17 Apr‐17 May‐17 Jun‐17 Jul‐17 Aug‐17 Sep‐17 Oct‐17
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• FY2017 Financials

• Total revenue A$117.8 million

• Loss before income tax A$33.6 million (driven by impairment charges of $40.0 million)

• Total equity A$164.9 million

• Tomingley Gold Operations

• Production 68,836 ounces

• Gold revenue A$117.3 million

• AISC[(1)] A$1,335/oz

• Operating cash flow A$32.7 million (site operating cashflow after development costs)

• Profit before income tax and non‐recurring items A$17.1 million

• Dubbo Project

• ECI, process development/pilot plant, marketing

• Vietnam Rare Earths (VTRE) test run and production

• FY17 total outflows A$9.2 million (FY16 A$7.0 million)

• Funded from TGO cash flows

1AISC = All in Sustaining Cost comprises all site operating costs, royalties, mine exploration, sustaining capex, mine development and an allocation of corporate costs, on the basis of ounces produced. AISC does not include share based payments or net realisable value provision for ore inventory

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© 2017 Alkane Resources Ltd

Dubbo Project

• Process development of high grade ZrO2 and now progressing towards high grade hafnium product

• Strategic agreements with marketing agreement with Mintech – (global zirconium specialists), zirconium LOIs & Siemens MOU

• Modular design prepared for improved capital and execution strategy for Dubbo Project

Tomingley

• Strong revenue , costs falling

• –

• Underground resources drilling results show continuity of underground resource

• Gold discovery at El Paso – similar mineralogy to Tomingley

• Regional Exploration

• Mineralisation confirmation in the Northern Molong Porphyry Project with further targets identified

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© 2017 Alkane Resources Ltd

• Resource – 508,000oz of gold (3 Sept 2017)

• Reserve – 166,000oz (3 Sept 2017)

• Mine method – open cut W1, W3, C1 & C2

• Underground feasibility in progress W1

• Mine Life – 12 months without underground

• 218,000oz produced to end June 2017

• FY17 – production 68,836 @ AISC A$1,335

• FY17 – revenue A$117.3M

• FY17 – profit before tax and non‐recurring items A$17.1M

• FY18 guidance 65‐70,000oz @ AISC A$1,100 – 1,200

• Forward gold contracts at 30 Sept 2017 4,500oz @ A$1,720/oz

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CIL Processing Plant
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Resource Expansion and Exploration

• Regional aircore drilling to test multiple targets, generated intercepts to be followed up

• Re‐evaluation of large gold‐copper system at Peak Hill mine site

• Major WY1 subpit core drilling programs drawing to close to expand resource/reserve base in mine environs

Note: ASX announcement 4 September 2017 ‐ the Company confirms that all material assumptions and technical parameters underpinning the estimated Mineral Resources and Caloma open cut October 2015 Ore Reserves, and production targets and the forecast financial information as disclosed continue to apply and have not materially changed.

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© 2017 Alkane Resources Ltd

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Core drilling below the Wyoming One pit Continuity and Extensions to Hangingwall and Porphyry zones

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6393400mN 6393600mN
Pit
(approx)
2 00m RL
WY949D
1 00m RL 3.3 @ 3.86g/t
WY948D2 @ 0.2g/t WY951D3 @ 4.89g/t WY953D7.6 @ 4.35g/tWY954D WY950D11 @ 4.21g/t
WY947D WY951D17.75 @ 2.01g/tincl 3 @ 6.69g/t WY949D4 @ 3.37g/t WY952D5.8 @ 4.23g/t16.7 @ 2.52g/tWY955D12 @ 3.69g/t
6 @ 2.93g/t WY949D1 @ 21.8g/t WY954D47.15 @ 3.12g/t
WY948D incl 15 @ 5.71g/t
7.2 @ 3.17g/t WY949D
WY948D3.75 @ 3.48g/t 4 @ 2.43g/tWY953D WY950D19.7 @ 5.36g/t
0 m RL 2 @ 3.60g/t WY950D
WY966AD2.35 @ 1.27g/tWY967D WY945D20 @ 4.19g/tCIL Processing Plant WY946D3.2 @ 3.82g/t WY952D1.15 @ 3.93g/tWY955D44 @ 2.19g/t18.25 @ 3.56g/tWY957AD12.4 @ 3.4g/tincl 7.25 @5.01g/tWY943D16.4 @ 2.64g/tincl 3 @ 10.63.7 @ 5.61g/t
2 @ 2.01g/t
WY962D
6.72 @ 2.52g/t
WY944D
- 100m RL WY968D pending WY945D2 @ 1.35g/t WY962D2.08 @ 7.04g/tWY963 pending WY959D1.1 @ 7.59g/t WY942D1.7 @ 1.53g/tWY956D4 @ 5.13g/t WY964D5.7 @ 3.65g/t2 @ 3.29g/t
WY961D pending WY957D3 @ 2.9g/t WY960D
1.23 @ 13.9g/t
WY969D
pending WY956D
5.1 @ 1.45g/t
Hangingwall selected pierce points
2017 core drilling with intercepts WY956D6.2 @ 2.34g/t
2016 core drilling with intercepts WY958D -200m RL
Pre 2016 drilling 1.5 @ 10.43g/t
Hangingwall target zone
0 100m
Porphyry selected pierce points WY959D
2017 /core drilling with intercepts 10.1 @ 2.55g/t
W Y O M IN G O N E
2016 core drilling with intercepts
Pre 2016 drilling H angingw all and Porphyry
Porphyry ore zone D ia g r a m m a t ic L o n g S e c tio n
Caloma open cut Oc tober 2015
Base of alluvium
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© 2017 Alkane Resources Ltd

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CIL Processing Plant
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1.2km long mineralised zone, open to the north. Mineralisation similar to TGO. Caloma open cut October 2015

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• 3,500 Ha (incl. 1,021Ha of biodiversity offsets)

• Farming, mining, cultural heritage protection and conservation co‐existing

• 420 Breeding age cattle (self replacing & terminal breeding – Wagyu)

• Trading sheep and cattle

• 500 Ha’s cropping for forage and cereal production

• Agistment livestock

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© 2017 Alkane Resources Ltd

Key Permitting Complete

Development Ready

Pathway to Construction

• Front End Engineering Design (FEED)

• Fully Permitted: Mining Lease 1724 (18 Dec 2015), Environment Protection Licence (14 Mar 2016)

• Long history of pilot plant

• Provisional offtake in place

• Team evolving ready for construction

• Low capex modular study due Q1 2018

• Binding offtakes and financing throughout 2018

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Studies EPL Power Siemens Zirconium Team Modular
FEED completed Granted Powerline Offtake Offtake Nic Earner MD Modular dev
in Aug‐15 Mar‐16 easement Sep‐17 Offtake MOU with 60% Zr offtake from Sep‐17 study Q1‐2018
Siemens Oct‐16 under LOI’s by New NED from
Minchem Mar‐17 Nov‐17
Development Water Infrastructure Pilot Plant Offtake Financing
Consent Water sources Key infrastructure Operational at Binding offtake Financing the
Mining Lease secured Jan‐17 in place ANSTO since 2008 agreements Dubbo Project
granted in Dec‐15 2018 2018
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© 2017 Alkane Resources Ltd

• FEED completed in Aug 2015

• Outotec undertaking a review of modular staging approach

• Scoping Study completed in Oct 2016

• Updated financials, cost and execution plan due Q1 2018

FEED (Aug 2015) Modular – Scoping Study (Oct 2016) – Update due Q1 2018

Stage 1 Stage 2

• 1.0Mtpa (base case)

• CAPEX – $1.3B

• Revenue – A$580m

• Operating Costs – A$260m

• EBITDA – $320Mpa

• IRR – 17.5%

• NPV – A$1.22B

• 0.5Mtpa

• 0.5Mtpa

• CAPEX – A$600 ‐ 700m

• CAPEX – A$400 ‐ 600m

• Revenue – A$290m

• Revenue – A$290m

Advantage

• Large elements of construction occur offsite

• Significantly reduces initial start‐up capex

• Reduces construction period

• Allows Alkane to develop and grow with its customers and the target markets for its products

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Note: As per ASX announcements of 27 August 2015 and 27 October 2016.

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© 2017 Alkane Resources Ltd

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Product Stream Specification Tonnes Revenue %
6,667 tpa
Rare earth chemical concentrate 95% REO 30%
(REO units)
1,294 tpa
REO for magnet production 25%
(REOunits)
5,373 tpa
REO for other applications 5%
(REOunits)
Zirconium as Zr chemicals & zirconia 99% ZrO2 [16,374 tpa] 43%
(ZrO2units)
50 tpa
Hafnium as HfO2 HfO2 (Hf units) 10%
1,967 tpa
Niobium as ferro‐niobium 65% Nb 17%
(Nb units)
Total = 25,058 tpa
DP Process Plant @ 1mtpa
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© 2017 Alkane Resources Ltd

The Dubbo Project provides a strategic source of zirconium, rare earths, niobium and hafnium.

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REE 30%
REE Magnets 25% Non‐Magnets 5%
 EV’s  Catalysts
Hafnium Revenue 30%  Wind power  Glass
 Superalloys  Robotics  Phosphors
 Plasma cutting tips Hf  Metal alloys
 Nuclear control rods Revenue 10%  Polishing
 Catalyst precursor  Ceramics
 Jet engines
Revenue split at
spot prices
Nb
Zirconium
Revenue 17%  Ceramics
Niobium  Chemicals
 Superalloys  Refractory
 Bridges  Foundry
 Rockets Revenue 43%  Jet engines
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© 2017 Alkane Resources Ltd

PrNd Mischmetal

Pr Oxide

PrNd Oxide

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Nd Oxide

ZOC

Zircon Sand

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© 2017 Alkane Resources Ltd

Applications of Rare Earth Elements

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• 30% of revenue forecast from REE
Phosphors
• 175,000tpa global consumption 2017E 16%
• 10+% annual consumption growth estimates in magnets Ceramics
• ~90% REE produced by China 5%
• Alkane uniquely placed as a source of REE outside of
China
End Markets (% of revenue)
Metallurgy
2%
Other Magnets
US 3% 73% Catalyst
2% 1%
Japan
12%
China
83% Other
3%
Global Ma net RE Demand
g
Source: IMCOA 14
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Demand for rare earth permanent magnets is intense from fast growing sectors such as electric vehicles, renewable energy and consumer electronics.

Wind Power

Electric Vehicles

• Growing at 14% CAGR

• 196kg of REE used per MW

• Additional 10‐15ktpa of Nd‐Pr required

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900
800
700
600
500
400
300
200
100
0
Source: Global Wind Energy Council
Installed Capacity GW
2010 2011 2012 2013 2014 2015 2016 2017f 2018f 2019f 2020f 2021f
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• Growing at up to 50% CAGR

• 0.7kg of REE for traction motor

• 0.8kg of REE for other motors (windows/seats)

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•
Additional 10‐15ktpa of Nd‐Pr required
250 IAEA target 2DS Paris Target
200
150
100
50
0
2015 2020 2025 2030
Source: International Energy Agency
Electric Vehicle Stock (m)
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© 2017 Alkane Resources Ltd

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• 42% of revenue forecast from zirconium

• Zirconium price leveraged to the zircon market which is benefiting from a recent rally in prices

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TV Glass/
Other
Refractory 3%
14%
Foundry
10%
Ceramics
55%
Zirconium
Chemicals
18%
Zircon Demand
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Zirconium materials typically traded as:

• fused zirconia – zirconium oxide (ZrO2), typically produced from zirconium silicate (zirconia sands)

• zirconium chemicals – including zirconium oxychloride (ZOC), zirconium basic carbonate (ZBC), zirconium sulphate (ZBS) and zirconium hydroxide (ZHO)

Zirconium Chemicals Demand

38% Advanced Ceramics 18% Ceramic Pigments

14% Cubic Zirconia

15% Catalysts

4% Paper Coatings

• 2% Paint Drier

• 5% TiO 2 Pigment Coatings

• 2% Tanning

• 2% Other Coatings

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• zirconium bar – metallic zirconium, typically produced from either fused zirconia or zirconium chemicals.

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© 2017 Alkane Resources Ltd

• 17% of revenue forecast from niobium

• 90% of Nb used in the production of high strength low alloy (HSLA) steels.

• World production estimated at 80,000t Nb with a global market of US$3‐4B.

• CAGR anticipated at 10%. Demand expected to be driven by greater use in steels by BRIC producers.

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Other
13% $9 of Nb
Stainless
10%
Auto Weight reduction:
24%
100kg
Structural
0.022% of Nb 29%
Fuel efficiency:
Pipe
24% ~5% km/l
Weight reduction:
15,000t
Cost Savings:
$25M
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•
10% of revenue forecast from hafnium
Others
1t Revert
Westinghouse
10t
Stability and strength at high China2t
Demand 66t
temperatures makes hafnium 2t
40t ideally suited to superalloy AREVA
35t
applications
Supply 70t
2t ATI
20t
2t
5t
80% of hafnium metal is
10t
7t produced by France and the
USA (~10t recycled)
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Superalloy (60%) Plasma cutting tips (15%) Nuclear control rod (11%) Catalyst precursor (7%) Semiconductors (3%) Oxide for Optical (3%)

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© 2017 Alkane Resources Ltd

STRATEGIC METALS Zr REE Nb Hf DUBBO PROJECT One of the most advanced strategic metals projects in Australia DEVELOPMENT READY MODULAR DEVELOPMENT STRATEGIC JURISDICTION All key permits and Reduces capital and lead time Valuable source of supply infrastructure in place to production outside of China

OFFTAKE AND FINANCING TO REALISE VALUE

• Price and supply environment sees customers taking action to secure supply

• Offtake discussions entering renewed intensity

• Diversified revenue streams assist in reducing concentrated risk

• Long life scaleable asset allows major strategic partners access to supply

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• Strong cash generation in operation

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© 2017 Alkane Resources Ltd

Dubbo Project

• Updated hafnium product development

• Updated speciality zirconium product development

• Updated business case for modularisation, including financial and marketing

• Securing and negotiation of offtake

• Progression of financing

• Commencement of early works and detailed engineering

Tomingley

• Safe and stable operation to end of open cut life

• Decision on underground opportunity

• Continue near mine regional exploration

Regional Exploration

• IP and drilling programs, particularly in the Northern Molong Porphyry Project

• Evaluation of remaining tenements

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© 2017 Alkane Resources Ltd

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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© 2017 Alkane Resources Ltd

Dubbo Project – Mineral Resources

Resource Category	Tonnes (Mt)	ZrO2 (%)	HfO2 (%)	Nb2O5 (%)	Ta2O5 (%)	Y2O3 (%)	TREO (%)*
Measured	42.81	1.89	0.04	0.45	0.03	0.14	0.74
Inferred	32.37	1.90	0.04	0.44	0.03	0.14	0.74
Total	75.18	1.89	0.04	0.44	0.03	0.14	0.74

*TREO% is the sum of all rare earth oxides excluding ZrO2, HfO2, Nb2O3, Ta2O5, Y2O3,

Dubbo Project – Ore Reserves

Reserve Category Proved Probable Total	Tonnes (Mt)	ZrO2 (%)	HfO2 (%)	Nb2O5 (%)	Ta2O5 (%)	Y2O3 (%)	TREO (%)*
	18.90	1.85	0.04	0.440	0.029	0.136	0.735
	0
	18.90	1.85	0.04	0.440	0.029	0.136	0.735

*TREO% is the sum of all rare earth oxides excluding ZrO2, HfO2, Nb2O3, Ta2O5, Y2O3,

Note: Full details including Competent Person statements in ASX announcement 19 September 2017 ‐ 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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© 2017 Alkane Resources Ltd

TOMINGLEYGOLDOPERATIONS MINERAL RESOURCES (as at 30 June 2017)	TOMINGLEYGOLDOPERATIONS MINERAL RESOURCES (as at 30 June 2017)	TOMINGLEYGOLDOPERATIONS MINERAL RESOURCES (as at 30 June 2017)	TOMINGLEYGOLDOPERATIONS MINERAL RESOURCES (as at 30 June 2017)	TOMINGLEYGOLDOPERATIONS MINERAL RESOURCES (as at 30 June 2017)	TOMINGLEYGOLDOPERATIONS MINERAL RESOURCES (as at 30 June 2017)	TOMINGLEYGOLDOPERATIONS MINERAL RESOURCES (as at 30 June 2017)	TOMINGLEYGOLDOPERATIONS MINERAL RESOURCES (as at 30 June 2017)	TOMINGLEYGOLDOPERATIONS MINERAL RESOURCES (as at 30 June 2017)	TOMINGLEYGOLDOPERATIONS MINERAL RESOURCES (as at 30 June 2017)
	MEASURED		INDICATED		INFERRED		TOTAL		Total Gold
DEPOSIT	Tonnage	Grade	Tonnage	Grade	Tonnage	Grade	Tonnage	Grade
	(Kt)	(g/t Au)	(Kt)	(g/t Au)	(Kt)	(g/t Au)	(Kt)	(g/t Au)	(Koz)
Open Pittable Resources(cut off 0.50g/t Au)
WyomingOne	1,716	1.7	400	1.6	625	1.1	2,741	1.6	137
WyomingThree	86	2.0	16	1.3	33	1.4	135	1.7	8
Caloma One	954	1.6	1,016	1.2	824	1.2	2,794	1.3	120
Caloma Two	-	0.0	956	2.1	927	1.1	1,883	1.6	97
Stockpiles	762	1.0					762	1.0	23
Sub Total	3,518	1.6	2,388	1.73	2,409	1.3	8,315	1.4	385
Underground Resources(cut off 2.50g/t Au)
WyomingOne	169	4.8	206	4.4	363	4.2	738	4.4	104
WyomingThree	10	3.6	6	3.1	4	3.1	20	3.4	2
Caloma One	-	0.0	5	3.0	16	2.9	21	2.9	2
Caloma Two	-	0.0	80	3.4	53	3.2	133	3.3	14
Sub Total	179	4.7	297	4.1	436	4.0	912	4.2	122
TOTAL	3,697	1.8	2,685	1.9	2,845	1.7	9,227	1.7	508

	TOMINGLEY GOLD OPERATIONS ORE RESERVES(as at 30 June 2017)	TOMINGLEY GOLD OPERATIONS ORE RESERVES(as at 30 June 2017)	TOMINGLEY GOLD OPERATIONS ORE RESERVES(as at 30 June 2017)	TOMINGLEY GOLD OPERATIONS ORE RESERVES(as at 30 June 2017)	TOMINGLEY GOLD OPERATIONS ORE RESERVES(as at 30 June 2017)	TOMINGLEY GOLD OPERATIONS ORE RESERVES(as at 30 June 2017)	TOMINGLEY GOLD OPERATIONS ORE RESERVES(as at 30 June 2017)	TOMINGLEY GOLD OPERATIONS ORE RESERVES(as at 30 June 2017)
DEPOSIT		PROVED		PROBABLE		TOTAL		Total Gold
		Tonnage	Grade	Tonnage	Grade	Tonnage	Grade
		(Kt)	(g/t Au)	(Kt)	(g/t Au)	(Kt)	(g/t Au)	(Koz)
Open Pittable Reserves(cut off 0.50g/t Au)
WyomingOne		1,033	1.7	134	1.5	1,167	1.6	63
WyomingThree		0	0	0	0	0	0	0
Caloma One		58	2.2	0	0	58	2.2	4
Caloma Two		‐	‐	167	2.7	167	2.7	14
Stockpiles		762	1.0	‐	‐	762	1.0	22
Sub Total		1,853	1.4	301	2.2	2,154	1.5	104
Underground Reserves (cut off 2.50g/t Au)
WyomingOne*		224	4.0	300.5	3.4	524.4	3.7	62
Sub Total		224	4.0	300.5	3.4	524.4	3.7	62
TOTAL		2,077	1.7	602	2.8	2,678	1.9	166

Note: Full details including Competent Person Statements in ASX announcement 3 September 2017 ‐ 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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© 2017 Alkane Resources Ltd