CASSIUS MINING LIMITED — Investor Presentation 2011

Apr 18, 2011

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General Meeting

19 April 2011

Disclaimer

This document is not a disclosure document nor does it constitute the provision of financial product advice. No representation or warranty is made as to the accuracy, completeness or reliability of the information. The information is provided expressly on the basis that recipients will carry out their own independent inquiries into the matters contained herein and make their own independent decisions about the affairs, financial position or prospects of the Company which reserves the right to update, amend or supplement any information at any time in its absolute discretion.

COMPETENT PERSONS STATEMENT

The information in this report that relates to Mineral Resources is based on information compiled by Hennie Theart, BSc (Hons), MSc, PhD, Pr. Sci. Nat (SACNASP 400069/88), FSEG, FGSSA, FAAG; Shaun Crisp, BSc (Hons), Pr.Sci.Nat. (SACNASP 400076/09); and Brent Barber, BSc (Hons), MPhil, AusIMM (222559), AAPG (59319-8).

Hennie Theart and Shaun Crisp are registered with the South African Council for Natural Scientific Professions (SACNASP), a JORC Recognised Overseas Professional Organisation "ROPO" and Brent Barber is a member of the Australasian Institute of Mining and Metallurgy (AusIMM). They are full-time employees of SRK Consulting and have experience which is relevant to the style of mineralisation, type of deposits under consideration and to the activity which they have undertaken, to qualify them as a Competent Persons, as defined in the 2004 Edition of the 'Australasian Code for Reporting of Exploration Results, Minerals Resources and Ore Reserves'. Hennie Theart, Shaun Crisp and Brent Barber consent to the inclusion in the report of the matters based on their information in the form and context in which it appears.

The information in this release that relates to the Exploration Process is based on information compiled by A Johnstone who is a member of the Australian Institute of Geoscientists (AIG). Andrew Johnstone provides exploration management consulting services to Gulf Industrials Ltd and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which Andrew Johnstone has undertaken to qualify as a Competent Person as defined in the 2004 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'.

Andrew Johnstone consents to the inclusion in the report of the matters based on his information in the form and context

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Gulf Board
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NE Chairman

Sir Sam Jonah KBE OSG

CEO

Vic Fitzmaurice

CFO

Wayne Kernaghan

NE Directors

Mike Brook African Lion 3 Jonathan Best Chris Innis Bobby Jurd

Corporate Advisor

Mark Arnesen

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Corporate Snapshot
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 Share on Issue

429 M (ASX : GLF)

 Options

 Major Shareholders

25M (ASX : GLFO) 52M (ASX : GLFOB) 39.5 M unlisted options African Lion 3 Ltd 18.6% Jonah Capital BVI Ltd 14%

 Top 20 Shareholders 52%

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Why Industrial Minerals?
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Essential raw materials for a wide range of industrial and domestic products

• Building blocks for industrialization

• Demand is consistent and long term

• Vermiculite / phosphate / limestone

• Logistics must be manageable and cost effective

• Price increases >30% - 50%

(Vermiculite from 2010 - 2011).

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Gulf Projects
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 Uganda – Namekara Vermiculite Mine

• 55Mt JORC Inferred Resource (Example: >50y mine life at 280,000tpa possible, thus not resource constrained)

• Largest vermiculite resource with coarse grades

• Preparation for expansion to 30,000 tpa in progress for July 2011

• Operational Staffing successful

• Expanded mining lease

• Expansion planning in progress (base case to 80ktpa, and 130ktpa)

• Carbonatite under explored (old Phosphate mine, Cu, Fe, REE, Etc.)

 Madagascar

• Soalara Limestone project

• Logistics study completed

• BFS planned

• Kenya

• Mwingi project (greenfields) – Review Strategy

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Namekara Vermiculite
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Namekara Mine

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Namekara Vermiculite Resource
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• JORC Inferred Resource (Red Block): 54.9mt @ 26.7% V_180μm and 18.8% @ V_425μm

• Rio Tinto (2008)

• SRK Consulting (2009)

• 15m x 15m x 10m block model (grade estimation by inverse distance weighted method)

Total Contained Vermiculite: 100 % Premium (+9.50 mm) 8 % Large Grade (+5.60 mm) 21 % Medium Grade (+2.00 mm) 30 % Fine Grade (+1.18mm) 20 % < S/ Fine, micron, super-micron (-1.18mm) 21 %

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Vermiculite – from mine to final product
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• Vermiculite is a product of weathered phlogopite (mica), i.e. A natural mineral that occurs in the ground, in veins and mixed with other minerals in the soil.

• Vermiculite ore is mined by opencast means in a quarry

• The ore is dried, screened, crushed and winnowed (air separated) and produces a concentrate graded by size, and sold to Exfoliators.

• Vermiculite expands when heated in a kiln, thus producing lightweight particles called ‘exfoliated’ or ‘expanded’ vermiculite.

• Exfoliators will apply the exfoliated product in industrial processes or onward sell it

• Its many uses are derived from its unique physical and chemical properties, mostly after exfoliation:-

• low weight,

• its capacity to absorb and slowly release liquids,

• Its excellent insulation values against heat and sound and

• its ability to withstand chemical attack.

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Vermiculite Process Flowsheet
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Vermiculite Markets
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• Namekara is one the world’s largest vermiculite resource with coarse grades (>60% of product)

• Coarse grades attract higher prices (>100% price differential between “FINE” and “Coarse” product)

• World demand 700ktpa – 1,000ktpa (Dupre) (Roskill 650ktpa)

• Shortfall of 200ktpa – 400ktpa (Actual demand not being met)

• Vermiculite pricing for 2011 increased between 30% and 50%

• Namekara resource can produce up to 280ktpa (logistics study currently underway)

• Dupre has sales orders >120ktpa (in Europe only) from 2012 onwards

• Other producers:-

• South Africa produce about 190ktpa, declining, no coarse grades

• USA – Shortfall and declining mine production

• India, China, Japan, etc. Shortfall

• Brazil new capacity (Fine products only)

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Vermiculite Marketing DUPRE MINERALS
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• Dupre Minerals, a wholly owned subsidiary of the Goodwin Group PLC UK.

• Experienced in vermiculite processing and marketing

o Experienced Sales force

o Purchase product F.O.B. Mombasa

o Handle all product from port to final destination

o Technical assistance (laboratory, product improvement, R&D, etc.)

• World wide distributor of Namekara product

 In discussions to assist Gulf to advance capacity to 130ktpa

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Vermiculite – Namekara
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Trenching in the Pit,

Pit dug at site of old RioTinto drill hole

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Weathered Namekara
(Light colour)
PWC, Palabora
(Very dark)
Unweathered Namekara (Darker)
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Namekara Vermiculite Concentrate (Crude)
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Premium

Large

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Medium

Namekara Vermiculite Exfoliated

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Vermiculite uses
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 Industrial

o Friction products (Brakes, clutch, etc.)

 Construction

o Fire proofing products

o Insulation and insulating products

• Horticultural

• Agricultural

• General

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Namekara Vermiculite
Sales Projection (000 tons pa)
140
120
100
80
Plant 3
Plant 2
60
Plant 1
40
20
0
2011 2012 2013 2014
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Namekara Current Status
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• Social, Environmental, Safety & Health

• Good community relationships

• Equator principles

• Land relocation plan to date successful

• Nil fatalities, Nil lost time accidents, Nil community incidents

 Production sold

• 1,125t Q1/2011

• 1,351t Q2/2011

• 1,800t Q3/2011

• Forecast 2,500t pm from July 2011

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Namekara Future
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 Feasibility Study – Vermiculite Production Expansion

• Resource  Reserve

• Marketing (coarse products)

• Logistics (130,000tpa confirmed)

• Mine Planning (confirmed up to 280,000tpa product)

• Plant Expansions planned (50,000tpa modules)

 Exploration

• Mining Licence increased

• Additional minerals (Cu, Fe, Phosphate, REE)

 Technical Studies

• Phosphate, etc

• Vermiculite extraction improvements

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Namekara Exploration
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• Resource and sterilisation drilling: Increased in drilling pattern around the mine to move JORC resource to reserve (mine planning)

• Consultant appointed to review and renew Independent Competent Person’s Report (Due End 2011)

• Exploration drilling and activities on tenements surrounding the mine (retain licenses in good standing)

• Exploration targets identified and project planning in progress based on 2010 drilling (6 x RC Holes) and exploration

• Drilling expected to start in May 2011

• Target minerals – Vermiculite, Phosphate, Copper, Iron Ore, REE

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Namekara Rio Tinto Drilling (2 campaigns)
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Namekara Future
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Namekara Future - Exploration
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Namekara Export Route / Logistics study
Confirmed 130,000tpa / 280ktpa underway
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Namekara
Mine Port of
Mombasa
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Namekara Export Route / Logistics study
Confirmed 130,000tpa
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Namekara Mine – Vermiculite veins
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Namekara Mine pit
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Namekara haulers
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Namekara Mine – New Drier
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Namekara Exploration (2010)
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Community Clinic
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Community – New house for relocation
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Community – Foot ball kit
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Community – Food garden trials
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Community – first ladies employed
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Madagascar

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Company Growth Strategy
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• Madagascar Soalara concept planning:-

• Develop Soalara Limestone: From zero  2Mtpa (BFS limestone)  5Mtpa (PFS on other products)

o Drilling / Environmental / BFS

• Time table – TBC

o Funding - TBC

• Harbour development (3[rd] party) delayed

• Logistic study completed (Confirmed temporary harbour solution for 2Mtpa)

• Strategic Alliance discussions (Underpinning off take, logistics, etc)

• Off take(s) strategy and timing critical

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Madagascar Limestone – Soalara Project

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Conclusion

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Conclusion
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 Company moving from very small scale vermiculite producer to significant staged expansion, underpinned by strong market demand and robust feasibility studies

• Unlocking the exploration potential of one of the world’s largest Carbonatites

• Assets under-explored

• Capital Requirement

o Uganda vermiculite mine expansions

o resource and sterilisation drilling

o working capital

o Feasibility studies (future expansion)

o Evaluate growth opportunities

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Thank You

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General Meeting

19 April 2011

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General Meeting Additional Slides

19 April 2011

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Vermiculite – Uses
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• Industrial

 Construction

 Horticultural

• Agricultural

• General

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Vermiculite – Uses
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 Industrial

• Friction products, clutches, brake pads / shoes

• Fire proofing (paints, boards, plaster, etc.)

• Insulation (furnaces, buildings, molten materials, etc.)

• refractories

• Fixation of hazardous materials

• Insulation blocks and shapes

• Low & High temperature insulation

• Molten metal insulation

• Moulded products

• Nuclear waste disposal

• Paints

• Perfume absorbents, etc.

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Vermiculite – Uses
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 Construction

• Acoustic finishes

• Air setting binders

• Construction boards (fire proof and insulating)

• Floor & Roof screeds

• Combined with Gypsum plasterboard

• Loose fill loft and wall insulation

• Filtration

• Ceiling boards

• Roof profiles and tiles

• Wall and floor tiles

• Floor boards

o etc.

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Vermiculite – Uses
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 Horticultural

• Blocking mixes

• Hydroponics

• Micro – propagation

• Potting mixes

• Root cuttings

• Seed germination

• Sowing compost

• etc.

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Vermiculite – Uses
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 Agricultural

• Animal feed

• Anti-caking agent

• Bulking agent

• Fertilizer carrier

• Pesticide carrier

• Seed encapsulement

• Soil conditioner, etc

 General

• Kitty litter

• Flower decorations (freshness)

• Odour absorption, etc.

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