BARYS RESOURCES LIMITED — Investor Presentation 2017

Aug 29, 2017

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Acquisition of Kopore Copper Project Positioned to be the next significant Copper company in the world class Kalahari Copper Belt

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ASX: MNE

Disclaimer

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NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES

This presentation (including information contained in this disclaimer) is not a prospectus nor an offer to subscribe for shares and has not been lodged with the Australian Securities and Investments Commission. Except for any liability which cannot be excluded by law, Metallum Limited (MNE) and its affiliates expressly disclaim and accept no responsibility or liability (including liability for negligence) for the contents of this presentation.

General

This presentation has been prepared by Metallum Limited (MNE) for general information and based on information available to it from its own and third party sources. It is not a disclosure document. Neither this presentation nor its content may be used for any other purpose without prior written consent of MNE.

The information in this presentation is based upon information provided by the management of MNE, third party sources as well as publicly available information and reflects prevailing conditions and our views as of this date, all of which are accordingly subject to change. In preparing this presentation, we have relied upon and assumed, without independent verification, the accuracy and completeness of any information made available from third party and public sources.

The information contained in this presentation is of general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation.

Whilst the information presented and views expressed in this presentation and the oral briefing have been prepared in good faith, MNE accept no responsibility or liability to any party in connection with such information or views.

Competent person’s statement

The information in this report that relates to Exploration Results relating to the Company’s Teutonic and Comval assets is based on information compiled by Mr Zeffron Reeves (B App Sc (Hons) (Applied Geology) MBA, MAIG), a member of the Australian Institute of Geoscientists and a consultant to the Company. Mr Reeves has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. The Company confirms that the form and context in which the information is presented has not been materially modified and t is not aware of any new information or data that materially affects the information included in the relevant market announcements on 15 March 2013, 23 May 2017 and 8 August 2017, as detailed in the body of this presentation.

Forward looking statements

Certain statements contained in this presentation, including information as to the future financial or operating performance of MNE and its projects, are forward‐looking statements. Such forward‐looking statements:

• are necessarily based upon a number of estimates and assumptions that, while considered reasonable by MNE, are inherently subject to significant technical, business, economic, competitive, political and social uncertainties and contingencies;

• involve known and unknown risks and uncertainties that could cause actual events or results to differ materially from estimated or anticipated events or results reflected in such forward‐looking statements; and

• may include, among other things, statements regarding targets, estimates and assumptions in respect of production and prices operating costs production prices, and results, capital expenditures, reserves and resources and anticipated flow rates, and are or may be based on assumptions and estimates related to future technical, economic, market, political, social and other conditions.

MNE disclaims any intent or obligation to update publicly any forward‐looking statements, whether as a result of new information, future events or results or otherwise.

The words “believe”, “expect”, “anticipate”, “indicate”, “contemplate”, “target”, “plan”, “intends”, “continue”, “budget”, “estimate”, “may”, “will”, “schedule” and similar expressions identify forward‐looking statements.

All forward‐looking statements made in this presentation are qualified by the foregoing cautionary statements. Investors are cautioned that forward‐looking statements are not guarantees of future performance and accordingly investors are cautioned not to put undue reliance on forward‐looking statements due to the inherent uncertainty therein.

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Presentation Summary

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1. Acquisition Highlights

2. Kopore Project Overview

3. Copper Market Overview

1. Company and Deal Summary

2. Metallum Assets

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Kopore Acquisition Highlights

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Proposed acquisition of the Kopore Copper Project (‘Kopore’) will position Metallum as the third major player in the Kalahari Copper Belt alongside global peers

• » Dominant ground position with ‘critical mass’ in Kalahari Copper Belt » Rare and exciting opportunity to participate alongside major peers in highly prospective and under‐explored region

• » Botswana is mining friendly and a key African destination for foreign investment

THIRD PLAYER IN KALAHARI COPPER BELT and under‐explored region » Botswana is mining friendly and a key African destination for foreign investment » 100% ownership of 5,161km[2 ] tenements within major interpreted mineralisation corridor OUTSTANDING OPPORTUNITY FOR A TIER 1 DISCOVERY » Geophysical targets & coinciding soil anomalies form immediate targets » Aggressive exploration program planned in 2017 » The ASX retains a small group of listed copper explorers and developers LACK OF QUALITY COPPER EXPOSURE ON » Positive outlook for copper with limited new discoveries and increasing demand THE ASX » Projects that can demonstrate scale and path to development trade at favourable valuations

• » Experienced in all aspects of exploration and project development in Africa » In‐country management with long track record of exploration success that has resulted

• STRONG MANAGEMENT TEAM in major new mines in Southern Africa and the Kalahari Copper Belt

• » Raised significant capital for exploration and development projects

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Kopore Acquisition Highlights

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Kopore’s tenements cover two key areas of Botswana’s Southern Kalahari Copper Belt

Ghanzi West Group

• Total Area of 4,330.2 km[2]

• Over 200km’s strike of target Dakar / Ngwako Pan geological contact

• Two soil anomalies for an aggregate 20km strike length

• Aeromagnetics and soil geochemistry support immediate exploration targets

• Two interpreted domal structures as yet untested

Senyetse Group

• Total Area of 830.5 km[2]

• Domal structures interpreted form priority exploration targets

• Historical soil sampling supports anomalism over key structural targets

Dominant Players on the Kalahari Copper Belt

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Kopore Acquisition Highlights

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Significant ‘headroom’ for growth among its ASX peers with leverage to multiple exploration targets

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

2,440 885 Producer Contained Cu (Right Hand Axis)
Explorer/Developer
140.0
6,067
120.0
114
99
100.0
80
80.0
57
60.0
45 2,289
40.0
1,661
1,432
1,165 21
20.0
14 13
588 10 9 8
329 321 237 271
0.0 17 56
OZL SFR MOD TGS AMI HAV TLM HGO RXM MEP HLX MNEMNE HMX
7,000
6,000
5,000
4,000
Market Cap (A$m) 3,000 Contained Cu (Kt)
2,000
1,000
‐
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Source: Discovery Partners / IRESS I Chart at 28 August 2017 I Resources quoted on an attributable Resources

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Presentation Summary

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1. Acquisition Highlights

1. Kopore Project Overview

3. Copper Market Overview

4. Company and Deal Summary

5. Metallum Assets

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Kalahari Copper Belt

• Kopore located in Africa’s world class copper province

• Kalahari Copper Belt ‐ Total current resources ~7Mt Cu (14Bn lbs Cu) & 260Moz Ag[1]

• Recent discoveries have dramatically improved the geological understanding of this belt and amplified new targets:

• Cupric Canyon – Zone 5 (100Mt @ 1.95% Cu)

• MOD Resources – T3 (36Mt @ 1.14%)

• Kopore sits within a major structural corridor and hosts over 200km of favourable horizon for potential mineralisation

• Increased understanding of varied mineralisation control is accelerating the potential for significant discoveries

• Modern exploration methods providing low cost, reliable and accurate targeted exploration

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Location of Kopore Copper Project

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• Botswana is not only attractive for its geological potential but is also ranked 2nd in the Fraser Institute Mining Investment Attractiveness Ranking for Africa and 8th in the world[2]

1. MOD Resources Announcement 25 May 2017 I 2. Source: https://www.fraserinstitute.org/categories/mining

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Ghanzi West – Defined Targets

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Ghanzi West

• Regional aeromagnetics and soil geochemistry support immediate exploration targets

• Two soil anomalies, each up to 10km in strike length

• Ongoing geological re‐interpretations have identified two potential domal structures in addition to other favourable targets

• The eastern most interpreted domal structure (GWD2) lies along strike of MOD Resources announced T7 domal structure

Planned exploration to include:

• Confirmatory Cu‐Ag soil sampling

• Ground magnetic and EM survey

• Initiate shallow drilling programs across untested Cu soil anomalies

Ghanzi West Tenements & Exploration Targets

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• RC drilling program in 2017

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Senyetse – Greenfields Exploration Potential

Senyetse

Senyetse Tenements & Exploration Targets

• Anomalies identified from historic reconnaissance copper soil geochemistry

• Interpreted coincident fold axis and cross cutting structure with Cu in soil anomaly

Planned exploration to include:

• Confirmatory soil sample program at the S1 Target

• Ground magnetic and EM survey to refine geological contact position and drill targeting

• Focused airborne magnetic and/or EM program over interpreted domal structures

• Drilling program in late 2017/early 2018

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Presentation Summary

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1. Acquisition Highlights

2. Kopore Project Overview

1. Copper Market Overview

4. Company and Deal Summary

1. Metallum Assets

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Upside in the Copper Sector

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The acquisition of Kopore is synergistic to Metallum’s portfolio and offers our investors further access to this growing market

• Copper continues to outperform as the market acknowledges the obvious and growing supply deficit

• The current copper industry is mining well above its reserve grade and over time the industry average mined grade is heading into decline

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• Chronic lack of greenfields and brownfields exploration has lead to a lack of junior copper exploration opportunities

• Global demand drives price with emerging markets playing a significant role. China continues to see a large increase in copper consumption due to urbanisation and strong economic growth

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• New copper discoveries as well as existing high quality development plays are becoming acquisition targets to replace pending depletion from mines of existing copper producers

• More than half the world’s copper is used in electrical motors & wiring and copper is perfectly positioned for the Electric Vehicle (EV) boom

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Copper Deficit Underpins Strong Outlook

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• A recent resurgence in the copper price is directly related to structural supply deficits

• Copper will continue to track higher as current copper mines become exhausted and in turn, add to the current supply deficit

• Stockpile inventory levels close to 5 year lows confirming tightening supply – demand fundamentals

Five year copper prices[1]

Five year LME copper warehouse levels[2]

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4.25
3.75
3.25
2.75
2.25
1.75
1.25
Sep 02, 2012 Nov 06, 2012 Jan 10, 2013 Mar 14, 2013 May 21, 2013 Jul 24, 2013 Sep 26, 2013 Dec 02, 2013 Feb 05, 2014 Apr 10, 2014 Jun 16, 2014 Aug 20, 2014 Oct 23, 2014 Dec 29, 2014 Mar 02, 2015 May 06, 2015 Jul 09, 2015 Sep 11, 2015 Nov 17, 2015 Jan 22, 2016 Mar 29, 2016 Jun 01, 2016 Aug 04, 2016 Oct 07, 2016 Dec 13, 2016 Feb 14, 2017 Apr 20, 2017 Jun 23, 2017 Aug 28, 2017
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1. Source: Kitco

2. Source: Kitco

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Presentation Summary

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1. Acquisition Highlights

2. Kopore Project Overview

3. Copper Market Overview

1. Company and Deal Summary

5. Metallum Assets

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Deal Summary

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Metallum has secured commitments for a capital raising of $3 million, sufficient to progress the Kopore Copper Project to an advanced exploration stage

	Shares	Options	Cash
Current issued capital in the Company	135,401,400	88,750	600,000
Consideration Shares1	137,500,000	Nil	80,000
Kopore Director Shares1	3,750,000	Nil
Advisory Shares1,2	7,500,000	Nil
Broker Options	Nil	35,000,000
Director Options	Nil	20,000,000
Capital Raising	150,000,000	Nil	3,000,000
TOTAL (following completion of the Transaction and Capital Raising)	434,151,400	55,088,750	3,680,000

See ASX announcement for further details on acquisition terms, including requirements for Shareholder approval and conditions precedent.

None of the Consideration Shares, Kopore Director Shares or Advisory Shares will be issued to a related party of the Company.

1. None of the Consideration Shares, Kopore Director Shares or Advisory Shares will be issued to a related party of the Company. 2. Pursuant to the HOA, the Co‐Manager may elect to receive its portion of the placement fee for funds raised under the Capital Raising in shares instead of cash. In this event, an additional 744,000 Advisory Shares will be issued.

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New Board & Management

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Board with experience in all aspects of exploration and project development in Africa and long track record of exploration success

• Mining Executive with over 23 years’ experience in international resources sector

• GRANT FERGUSON MANAGING DIRECTOR • Delivered multiple projects from exploration through to feasibility studies and operations (Geologist) • Over 5 years residing in the SADC region

• Previous Partner and leader of PWC’s global metals and mining team

TIM GOLDSMITH

• Tim has been an advisor to the JORC committee and held industry positions with AusIMM and the

• NON-EXECUTIVE CHAIRMAN Minerals Council of Australia

• (Corporate) • Extensive global experience including substantial time across Africa

• Ms Coates holds a Bachelor of Laws from Murdoch University and has over 20 years’ experience in

• SHANNON COATES corporate law and compliance

• NON-EXECUTIVE DIRECTOR • Ms Coates is a Chartered Secretary and currently acts as company secretary to several ASX listed

• (Lawyer) companies

• Geologist with over 30 years’ experience in the resource industry including specific experience in the

• DAVID CATTERALL Kalahari Copper Belt

• EXPLORATION MANAGER • Based in Botswana with extensive field operational experience for multiple commodity types and

• (Geologist) across various stages of development

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Metallum Limited

PRO FORMA CAPITAL STRUCTURE

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Metallum offers an attractive structure following the completion of the Kopore acquisition

• Well capitalised for 18 months+ of exploration in Botswana and its existing assets

• Market capitalisation that is ‘cheap’ when compared with ASX Peers with headroom for a re‐rate

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$8.7M
434,151,400 55,088,750
Metallum Limited MARKET CAP
SHARES UNLISTED OPTIONS
(@ $0.02/share)
Proposed use of funds Amount $ %
$3.68M
TOTAL CASH
Expenses of the Transaction (including the Capital Raising) [1] $450,000 12.2
Exploration and development costs: Kopore Project $1,730,000 47.0
$5.0M
Exploration and development costs: Existing Assets $1,100,000 29.9 ENTERPRISE VALUE
(@ $0.02/share)
General working capital $400,000 10.9
TOTAL 3,680,000 [2] 100
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1. This includes a 6% placement fee for funds raised under the Capital Raising and fees payable to the Lead Advisor, on commercial terms. 2. This includes current cash of approximately $680,000 in the Company and Kopore.

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Transaction Timeline

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The indicative timetable to completion of the Transaction is as set out in the table below[1]

Event	Indicative timing
Date of announcement of the Transaction	30 August 2017
Despatch Notice of Meeting	Est. 14 September 2017
Shareholder meeting to approve Transaction	Est. 16 October 2017
Completion of Transaction	Est. 17 October 2017

1. The dates set out above are indicate only and are subject to change.

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Capitalising on Copper in the Kalahari

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• RARE AND EXCITING OPPORTUNITY to participate alongside major peers in a highly prospective Copper project

• DOMINANT GROUND POSITION with ‘critical mass’ in Kalahari Copper Belt and Outstanding Opportunity for a Tier 1 discovery

• Botswana is MINING FRIENDLY and a key African destination for investment

• STRONG MANAGEMENT TEAM including experienced in‐country expertise who have delivered mining projects

• LACK OF QUALITY COPPER EXPOSURE on the ASX

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Presentation Summary

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1. Acquisition Highlights

2. Kopore Project Overview

3. Copper Market Overview

4. Company and Deal Summary

1. Metallum Assets

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Metallum’s Existing Assets

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Metallum’s existing portfolio comprises the Teutonic Project in Western Australia and Comval Project in the Philippines which are prospective for copper, gold and other base metals

Teutonic Project

• Strategic tenure within the VMS corridor which hosts the Bentley and Jaguar VMS Zn and Cu deposits and favourable preliminary exploration results

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Comval Project

• Project‐level interest in the Comval Copper Gold Project[1]

• Prospective for copper and gold deposits associated with porphyry systems including:

• Copper/Gold/Magnetite skarns

• • Porphyry

• High grade epithermal gold

• Initial 80% project‐level interest that has been diluted to 36% in accordance with the original acquisition terms (see Announcement 7 November 2011, “Mining Group to Acquire 80% Interest in Comval Copper and Gold Project in Philippines”

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Metallum’s Existing Assets

Teutonic Project

• The Teutonic Project consists of one granted Exploration Licence that is prospective for gold and base metals, located in the prolific Eastern Goldfields of Western Australia

• Geophysical surveys have identified several prospective bedrock conductors including the Mustang Conductor

• These form part of the regionally important VMS corridor that hosts the Bentley and Jaguar VMS Zn and Cu deposits

• Favourable exploration results have provided impetus for the Company to commence work to define base metal drill targets

• The adjacent figure illustrates the regional geology and location of the Teutonic Project and Mustang Conductor showing proximity to the Jaguar and Bentley VMS deposits

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Location of Teutonic Bore

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Metallum’s Existing Assets

Satellite image showing location of the 2017 ground MLEM program (red) along strike from the Mustang EM Conductor (pink), within the interpreted VMS corridor (green). Yellow outlines show Teutonic Project tenements including E37/1281 and E37/1282

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MLEM survey data showing new bedrock conductors (red) within the prospective VMS corridor (shaded red) along strike from the Mustang Anomaly and mapped felsic volcanic rocks

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Metallum’s Existing Assets

Comval Project

• The Comval Project is located in the established copper and gold producing region of the Compostela Valley on the Philippine island of Mindanao

• A number of major copper and gold deposits occur within the region and the Project is prospective for copper and gold deposits associated with porphyry systems

• Hosts a significant Copper resource potential with initial JORC Copper Resource 130Kt cu and 130koz Au

• Geologically similar to the nearby CoO and Dilwalwal deposits

• Metallum continues to hold the Project on care and maintenance while it seeks partners to assist in progressing the project

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Location of Comval Project

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CONTACTS

Metallum Head Office

Suite 5

62 Ord Street

West Perth WA 6005

• E: admin@metallum.com.au

• W: www.metallum.com.au

Corporate Advisor

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• T: +61 8 6365 5200

• E: enquiries@discoverycapital.com.au

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Shannon Coates, Non-Executive Director

• E: admin@metallum.com.au T: +61 8 9322 4328

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