CANTERBURY RESOURCES LIMITED — AGM Information 2021

Nov 25, 2021

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AGM Presentation 2021

26[th] November 2021

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Non-executive Chairman

John Anderson

Managing Director Grant Craighead Executive Director Michael Erceg

Non-executive Directors Ross Moller Robyn Watts

Company Secretaries Ross Moller Véronique Morgan-Smith

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Disclaimer & Competent Person’s Statement

This presentation has been prepared by Canterbury Resources Limited ACN 152 189 369 ( Canterbury or the Company ) on the basis of information available as at 25 November 2021, for the purpose of continuous disclosure, on the basis of information already disclosed to the market but presented in a summarised manner or with a different angle or with minor updates, which may or may not affect previous disclosures. Accordingly, this presentation must be read in the context of recent disclosures to the market.

This presentation may contain certain “forward-looking statements” which may not have been based solely on historical facts, but rather may be based on assumptions, estimates, analysis and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management of the Company believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect.

The Company has prepared this presentation based on information available to it at the time of preparation. To the maximum extent permitted by law, the Company does not make any representation or give any warranty or undertaking, express or implied, as to the accuracy, fairness, sufficiency, reliability, adequacy or completeness of the material, information, opinions, beliefs and conclusions contained in this presentation, including any forward-looking statement.

No representation, warranty or undertaking, express or implied, is made or given by the Company that the material, information, opinions, beliefs and conclusions contained in this presentation will be achieved or prove to be correct. Except for statutory liability which cannot be excluded, each of the Company, its related bodies corporate (as that term is defined in the Corporations Act 2001 Cth) and the officers, directors, employees, advisers and agents of those entities expressly disclaim any responsibility for the accuracy, fairness, sufficiency, reliability, adequacy or completeness of the material contained in this presentation, or any opinions, conclusions or beliefs contained in this presentation, and excludes all liability whatsoever (including in negligence) for any loss or damage which may be suffered by any person as a consequence of any information in this presentation or any error or omission there from.

To the maximum extent permitted by the law, the Company, its related bodies corporate (as that term is defined in the Corporations Act) and the officers, directors, employees, advisers and agents of those entities disclaim any obligation to update or keep current the information contained in this presentation or to correct any inaccuracy or omission which may become apparent, or to furnish any person with any further information. Any opinions expressed in the presentation are subject to change without notice.

COMPETENT PERSON’S STATEMENT

The technical information in this report which relates to Exploration Results is based on information compiled by Mr Michael Erceg, MAIG RPGeo. Mr Erceg is an Executive Director of Canterbury Resources Limited and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the “Australian Code of Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Erceg consents to the inclusion in this report of the matters based on that information in the form and context in which it appears.

The information in this report that relates to the Estimation of Mineral Resources, has been prepared by Mr. Geoff Reed, who is a Member of the Australasian Institute of Mining and Metallurgy and is a Consulting Geologist of Bluespoint Mining Services (BMS). Mr. Reed has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken 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”. Mr. Geoff Reed consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

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Canterbury Resources Limited ASX: CBY

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Capital Structure	25-Nov-21
Fully Paid Shares	120.2 million
Share Price (25/11/21)	$0.094
Market Capitalisation	$11 million
35c options (expire 30 June 2022)	1.2 million
25c options (expire 30 June 2023)	1.2 million
20c options (expire 30 June 2024)	0.5 million
24c options (expire 31 December 2024)	3.0 million
Cash (30 September 2021)	$1.1m

Exploring eastern Australia & PNG for Cu-Au deposits.

Significant Mineral Resources outlined at three deposits (contained metal of 1.2Mt copper & 3.2Moz gold).

Joint venture partners sole-funding key projects.

RC drilling program in progress at Briggs, aimed at expanding & enhancing existing resources.

Major shareholders:

•	Directors	12.9%
•	African Energy Resources	6.9%
•	D Hardie	6.2%

www.canterburyresources.com.au info@canterburyresources.com.au

Suite 301, 55 Miller St Pyrmont NSW 2009 +61 2 9392 8020

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Project Overview

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Queensland – large Cu-Au-Mo porphyry systems

• Briggs (CBY 100%) – extensive, outcropping Cu mineralisation

• Central Porphyry deposit 142.8Mt at 0.29% Cu (414kt Cu)

• Testing higher-grade features, plus scout drilling at the Northern & Southern porphyries

• Funded by African Energy (ASX: AFR) under an option structure

• Peenam (CBY 100%) – under-explored Cu-Au porphyry system

Papua New Guinea – multiple potential Tier-1 assets

• Bismarck Project (CBY 40%, RTX 60%) – large-scale, buried Cu-Au targets

• Currently sole-funded by Rio Tinto – potential resumption of drilling in 2022

• Wamum (CBY 100%) – outcropping Cu-Au deposits near Wafi-Golpu (Newcrest/Harmony JV)

• Idzan Creek - 137.3Mt at 0.24% Cu & 0.53g/t Au (2.3Moz Au & 327kt Cu)

• Wamum Creek - 141.5Mt at 0.31% Cu & 0.18g/t Au (0.8Moz Au & 435kt Cu)

• Assessing engineering characteristics and exploration opportunities

• Ekuti Range Project (CBY 100%) – porphyry Cu-Au & epithermal Au-Ag-basemetal targets

• Otibanda & Waikanda area is the near-term focus

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Briggs Project (CBY 100%)

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Briggs & Mannersley acquired from Rio Tinto in 2017

• Rio retains a 1.5% NSR

• Outstanding regional infrastructure (power, road, rail, port, skilled labour & industrial services)

• CBY added the Fig Tree Hill tenement in 2020

Briggs Mineral Resource estimate completed in 2020

• 142.8Mt at 0.29% Cu (414kt Cu)

• Numerous targets to enhance & expand resource

• High Cu recoveries via conventional processing

African Energy (AFR) earning the right to enter a JV

• Funding up to $16m to earn up to 70%

• RC drilling and a soil sampling program in progress, further assessing the scale potential of this very large mineralization system

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Briggs Project – AFR Transaction

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African Energy (ASX: AFR) subscribed for $1m in CBY shares at 12c to secure the Briggs Option

• Option covers the Briggs, Mannersley & Fig Tree Hill tenements

• AFR also granted 3m unlisted CBY options at 24c expiring 31 December 2023

• During the Option period AFR is sole funding $750,000 of exploration expenditure (drilling & soil sampling)

• Option period expires 31 July 2022

• When the Option obligations have been met:

• AFR may elect to commence a staged Earn-In to form a Joint Venture

• AFR can earn 70% JV interest by spending an additional $15.25m

Staged Earn-In & Joint Venture - key terms

• $2.25m in exploration expenditure to earn a 30% JV interest (Stage 1)

• $3.0m in expenditure to reach a 51% JV interest (Stage 2)

• AFR’s JV interest reduces from 51% to 49% if it doesn’t commit to Stage 3

• $10.0m in expenditure to reach a 70% JV interest (Stage 3)

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Briggs – 2021 Program

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Briggs 2021 RC drilling in progress

• –

• Drilling commenced late-October expected to finish early-December

• Program fully funded by AFR:

• testing the Central Porphyry eastern contact zone between volcanic sediments & granodiorite porphyry, and

• scout drilling of the Northern & Southern porphyry systems

• Observations to date from logging of RC samples are consistent with pre-drilling expectations

• Assays expected to be progressively received during December-February

Soil sampling program in parallel

• Grid-based soil sampling program in progress • Nominal 100m x 50m grid

• Results will guide future drill programs

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Briggs – 2021 RC Drilling

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Peenam – Acquisition Nearing Completion

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CBY acquiring 100% of Peenam

• Located 150km northwest of Brisbane

• EPM27756 recently granted

• Purchase price is 3m CBY shares

An under-explored project

• Historic regional exploration focused on gold

• Sparse shallow drilling at the Peenam prospect encountered encouraging Cu-Au mineralisation

• e.g. PEE01 - 48m at 0.22% Cu & 0.23g/t Au

• CBY interprets historic results as representing the outer margins of a mineralized porphyry system

• Substantial untested potential at depth and along strike

• Drill targets to be guided by mapping, soil sampling and reinterpretation of geophysics

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Bismarck Project (CBY 40%)

Manus Is. - Large buried Cu-Au porphyry systems

• Rio Tinto managing and sole-funding exploration under an earnin and joint venture structure

• Rio Tinto exploration has generated large-scale Cu-Au targets, beneath an extensive advanced argillic alteration lithocap

• Initial drilling suspended in 2019 after experiencing difficult drilling conditions and high costs

• Re-prioritisation of drill targets and revised operating structure well advanced

• Resumption of drilling proposed in 2H 2022

• Additional lithocap sampling recently completed

• Results will assist with refining design of future drillholes

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PNG Morobe Province

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Strategic tenements in a major mineral district

Lae - industrial hub and PNG’s largest cargo port; good access to CBY projects

Wafi-Golpu Project (Newcrest & Harmony 50/50 JV)

• 27Moz Au, 9Mt Cu in resources, incl 11Moz Au, 5Mt Cu in reserves

Hidden Valley Gold Mine (Harmony Gold)

• ~150koz pa gold production

• Wamum Project (CBY 100%) – significant porphyry related deposits • 3.2Moz Au & 762kt Cu at Idzan Creek & Wamum Creek

• Ekuti Range Project (CBY 100%) - porphyry related Cu-Au mineralisation

• Narrow, high grade epithermal lodes at Otibanda & Waikanda e.g.

  • OTI-003: 2.2m at 16.6g/t Au, 2.0% Cu

  • OTI-006: 2.5m at 15.3g/t Au, 0.3% Cu & 0.8m at 25.6g/t Au, 0.4% Cu

• Encouraging scout drilling at Ekoato:

  • EK004 18m at 6.23g/t Au, 13.0g/t Ag & 0.18% Cu

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Wamum – EL2658 (CBY 100%)

• Significant Cu-Au porphyry related deposits broadly outlined at Idzan Creek & Wamum Creek

• Discovered by CRA in the 1970’s, with periodic drilling by CRA, Highlands Gold, Barrick and Newcrest

• CBY personnel have a long involvement in the district and were responsible for the discovery of Golpu

• Inferred Mineral Resource estimates completed by CBY:

• Idzan Creek deposit: 137.3Mt at 0.53g/t Au & 0.24% Cu (2.3Moz Au & 327kt Cu)

• • Wamum Creek deposit: 141.5Mt at 0.18g/t Au & 0.31% Cu (0.8Moz Au & 435kt Cu)

• Mineralisation remains open in several directions, plus multiple untested targets

• COVID related precautions have constrained field activity - drill core shipped to Australia for further evaluation:

• Detailed logging of drill core is assisting with future drill targeting

• Core used for metallurgical testwork; encouraging Cu & Au recoveries achieved via conventional processing

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Wamum Project

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Ekuti Range (CBY 100%)

Cu-Au Porphyry Systems, plus High-grade Epithermal Lodes

• Historical drilling tested high-grade lodes at Otibanda/Waikanda eg:

• OTI-003: 2.2m at 16.6g/t Au, 2.0% Cu

• OTI-006: 2.5m at 15.3g/t Au, 0.3% Cu & 0.8m at 25.6g/t Au, 0.4% Cu

• IP to assess a buried program proposed large, porphyry target

• between the Otibanda & Waikanda lodes

• CBY completed scout drilling at Ekoato

• Confirmed a large, mineralised Cu-Au porphyry related system

• Best result EK004 18m at 6.23g/t Au, 13.0g/t Ag & 0.18% Cu

• Drill core shipped to QLD for ongoing evaluation

• Significant Cu (±Mo ±Au) target defined at Yalua

• Porphyry stockwork with coincident Cu-Mo in soils & magnetics

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Summary

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A High Leverage Copper-Gold Explorer

• Canterbury generates & explores potential Tier-1 Cu-Au opportunities in the SW Pacific

• Partnerships utilised to provide funding at the project and corporate levels

• Successful drill programs completed at the Briggs and Ekoato projects

• Follow-up drilling in progress at Briggs

• Multiple drill-ready targets being generated across CBY’s portfolio

• Wamum Project granted in 2021

• Two significant Cu-Au deposits outlined, based historic exploration

  • Potential to define a large standalone Cu-Au operation, with exploration upside

• Adjoins the major Wafi-Golpu Cu-Au project, which is awaiting final licencing and FID

• Mineral Resource estimates established at three deposits (Idzan Creek, Wamum Creek & Briggs)

• Combined resources of 3.2Moz gold and 1.2Mt copper

• CBY represents very cheap Cu and/or Au exposure relative to its exploration peers

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