Celsius Resources Limited — Investor Presentation 2013

Jan 14, 2013

PREMIUM COAL SUPPLY FOR CHINA AND CENTRAL ASIA

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The information contained in this presentation (“Presentation”) has been prepared by Celsius Coal Ltd (“Company” or “Celsius” or “CLA”) and is being communicated for general background informational purposes only. The information contained in this Presentation is subject to updating, completion, revision, verification and further amendment. Neither the Company, nor its shareholders, directors, officers, agents, employees, or advisors give, has given or has authority to give, any representations or warranties (express or implied) as to, or in relation to, the accuracy, reliability or completeness of the information in this Presentation, or any revision thereof, or of any other written or oral information made or to be made available to any interested party or its advisers (all such information being referred to as “Information”) and liability therefore is expressly disclaimed.

Information contained in this Presentation is the property of the Company. It is made available strictly for the purposes referred to above. Neither the communication of this Presentation nor any part of its contents is to be taken as any form of commitment on the part of the Company to proceed with any transaction. This Presentation does not constitute, or form part of, any offer or invitation to sell or issue, or any solicitation of any offer to subscribe for or purchase any securities in the Company, nor shall it, or the fact of its communication, form the basis of, or be relied upon in connection with, or act as any inducement to enter into, any contract or commitment whatsoever with respect to such securities This Presentation is not to be communicated to any other person or used for any other purpose and any other person who receives communication of this Presentation should not rely or act upon it. In furnishing this Presentation, the Company does not undertake or agree to any obligation to provide the attendee with access to any additional information or to update this Presentation or to correct any inaccuracies in, or omissions from, this Presentation that may become apparent either during, or at any time after this Presentation.

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Company snapshot

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Ca italization summar p y

Corporate structure

Shareprice(at Jan 14, 2012)	A$0.018/share
Shares outstanding	1,732.0m
Market capitalization	A$31.2m
Cash*(at Sept 30, 2012)	A$1.9m
Enterprise value	A$29.3m

Share price (2012 – A$/share)

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Australia
Celsius Coal
Ltd.
Hong Kong 100% 80%
Osphur (HK) Kokkia Coal
Ltd. (HK) Ltd.
Kyrgyz Republic
90% 100% 100%
Asia Pacific Pandj-Sher
Baidamar JSC
Resources LLC ANK LLC
100% 100% 100% 100% 100%
Sary Tuyuk
Bel Alma Min Teke Kokkia
Mogol Kargasha
Alai Range licenses Uzgen Basin coking coal licenses
Mining license Exploration license
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Sary Mogol Status: Mining license Expiry: July 2016 Size: 8ha

Bel Alma Status: Exploration license Expiry: June 2013 Size: 329ha

Alai Range licenses

Uzgen Basin coking coal licenses

Tuyuk Kargasha

Status: Exploration license Expiry: December 2013 Size: 8,000ha

Kokkia

Status: Exploration license Expiry: December 2013 Size: 1,576ha

Min Teke

Status: Mining license Expiry: September 2019 Size: 187ha

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Name and position Background

Alexander Molyneux Executive Chairman

• Previously CEO, SouthGobi Resources (2009-2012) – largest foreign coal producer in Mongolia (US$550M market cap./ US$800M EV). Successfully took SouthGobi from explorer to mine production and sales. SouthGobi dual listed - TSX and HKEX

• Prior to SouthGobi, 10-years metals and mining investment banking, including Managing Director, Head of Metals and Mining Asia Pacific for Citigroup

• Directorships: Ivanhoe Energy (2010-); Mansfield Minerals (2012-); and Azarga Resources (2012-)

• Grant Thomas  Competent Person for purposes of JORC Code and over 29 years experience as a Managing Director practising geologist/geophysicist  Previously Managing Director of Tianshan Goldfields – Xinjiang, China (ASX/AIM); and Rio Tinto senior management (Australia, China, Brazil, Hamersley Iron)

• More recently a consultant for AsiaMin Consulting providing Competent Person and valuation services for Chinese coal companies seeking to list on the Hong Kong Stock Exchange

• Directorships: International Resources Group (2009-)

• Bill Oliver  Qualified geologist with over 12 years experience with both majors and juniors Non-Executive Director

• Previously Exploration Director and then Managing Director of Signature Metals – went from explorer to producer with gold project in Ghana

• Led large scale resource definition projects for Rio Tinto

• Ranko Matic  Qualified Chartered Accountant with over 20 years experience in financial and executive CFO, Company Secretary and management, accounting, audit and corporate advisory Director

• Currently a Director at Bentleys, a Perth-based accounting and corporate advisory firm

• Directorships: East Energy Resources (2007-); and Core Services Group (2012-)

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Investment themes

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Celsius exploration targets

Scale vs. China and near-China peers (coking coal only)

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Uzgen Basin coking coal
Tuyuk
381 – 475mt
Kargasha
Kokkia 114 – 198mt
Min Teke 5 – 27mt
Total 500 – 700mt
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MMC 853
SouthGobi 742
Hidili 733
Celsius 700
Aspire 252
UP 197
Kaisun 158
MEC 141 Kyrgyz Republic
Tajikistan
Guildford 111
China
Xanadu Mongolia
0 200 400 600 800 1000
Coal resources (million tonnes)
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Note: Potential quantity of the exploration target is conceptual in nature and there has been insufficient exploration to define a Mineral Resource.

Notes: Comparison includes only coking coal deposits of peer companies. Celsius’ position is based on the upper end of its medium-term exploration target.

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Soviet era exploration

Uzgen Basin coking coal project area

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TK KK MT
Drilling
60 – –
(holes)
Drilling
28.9 – –
(km)
Adits /
✔ ✔ ✔
trenches
Coke
✔ ✔ –
testing
Prior
– – ✔
Mining
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2012 and Soviet drillhole locations on TK

2012 ex loration activities p

 Tuyuk-Kargasha

• Seven new drillholes – 3,280m total drilling

• Six twins of Soviet holes and one new

  • exploration hole

• 154 samples

• Min Teke

• Three new drillholes – 560m total drilling

• 57 samples

• Initiated open pit mining (contract mining)

• Kokkia

• No new drilling – focus on upgrading road

  • access to enable 2013 drilling

• Trenching and surface sampling work

  • completed

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Tu uk-Kar asha y g

 All seven drillholes intersected coal

• Broadly correlate with Soviet era data, although typically more coal seams and thicker coal intervals (as expected due to improvement in exploration technology)

• Individual coal seams 0.5m to 1.9m

• Cumulative coal thicknesses 2.6m to 11.1m

• Modern coking analysis has been received for drillholes TK001 and TK003 and confirms coking properties

• Tuyuk-Kargasha maiden JORC resource will be available Q1 2013

Min Teke

 All three drillholes intersected coal

• Broadly correlate with Soviet era data

• Individual coal seams 0.5m to 3.2m

• Cumulative coal thicknesses 2.2m to 14.6m

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Indicative coal ualities q

Soviet era data1	Calorific Valuedaf (Kcal/kg)	Volatile Matterdaf (%)	Inherent Moisture (%)	Ashdb (%)	Sulphurdb (%)	Soviets confirmed coking2
Tuyuk-Kargasha	7,700-8,700	17-39	1-6	3-10	0.4-0.9	✔
Kokkia	7,800-8,500	36-42	1-5	5-15	0.4-0.9	✔
Min Teke	6,200-7,700	N/A	3-10	10-25	0.4-0.9	–

2012 drilling3,4	Calorific Valuedaf (Kcal/kg)	Volatile Matterad (%)	Inherent Moisture (%)	Ashad (%)	Sulphurd (%)	Free Swell Index
Tuyuk-Kargasha DD12TK001	8,354	30	1.3	5.6	0.6	Ave. 6.2
Tuyuk-Kargasha DD12TK003	8,129	43	1.0	19.6	0.7	Ave. 6.9

Notes: 1. Data is based on Soviet era data 2. Soviets undertook coking tests at only TK and KK, and classified coals at both locations as coking coal according to Soviet classifications. Based on received analysis for drillholes DD12TK001 and DD12TK003 at Tuyuk-Kargasha (weighted averages for coal intervals >0.5m and ash content <40%). 4. 2012 Min Teke samples will be analyzed for coking properties but none have been received yet.

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Chinese coking coal classification system

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Fat (FM) Gas fat (QF)
85
Coking (JM) 1/3 coking Gas
65 Tuyuk Kargasha
60
Anthracite
50
Kokkia
Lean
1/2 caking
35
30
20
Weakly caking Long flame
Meager lean
5 Meager Non-caking
0 10 20 28 37 50
Volatile matter (%)
Caking Index (G)
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China’s benchmark (Shanxi Liulin – 2012 China pricing US$190-240/t)

Australian benchmark premium hard coking coal (Goonyella – 2012 seaborne pricing US$165-225/t)

Standard coking coal (Canadian coals – 2012 seaborne pricing US$145-200/t)

Semi-soft coking coal (Xinjiang Fukang – 2012 China pricing US$150-200/t)

Soviet era coke tests classified much of Tuyuk-Kargasha and Kokkia as coking coal – including the best categories (Fat and Coking)

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Indicative coal ualities[1 ] q

	Calorific Valuead (Kcal/kg)	Volatile Matterad (%)	Inherent Moisture (%)	Ashad (%)	Sulphurd (%)
Sary Mogol	4,300-6,400	27-34	5-9	8-32	0.4-0.6
Bel Alma	5,200-7,300	28-31	2-4	2-23	0.4-0.9

Notes: 1. Quality data for Alai Range is from surface samples 2011 – high quality thermal coal, although no coking tests to date.

Sary Mogol Coal Mine Official Opening November 2012

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China coking coal imports by source (2011 – 2012 YTD)

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7,000
Imports
Impact of recovering to
6,000 China near-record
2011 growth slowdown levels
continued from
5,000
2006-2007
4,000
3,000
2,000
1,000
0
Source: Sxcoal.com
Former Soviet Seaborne
Tonnes ‘000
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China’s coking coal imports began recovering along with steel and iron ore in Q4 2012 – November was the second highest ever total import month and a new record was set for imports from Former Soviet countries (3.25mt – i.e. annualized rate of almost 40mt)

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Distance to China for China roximate roducers and distance to ort for seaborne roducers p p p p

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1,800 China proximate projects and producers Seaborne producers
(+ additional 7,000-
1,600
12,000km sea transport)
1,400
1,200
1,000
800
600
400
200
0
kilometers
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Source: Company filings and Celsius’ estimates

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Kyrgyz Republic, Xinjiang Province and China

Xinjiang Province China, basic facts

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• Population: 22m

• GDP/capita: US$4,600 (1/3-1/2 coastal levels)

Xinjiang development and infrastructure

• Xinjiang has been highlighted as a special case for policy-led growth initiatives

• Total of RMB 2.1tn (US$333bn) to be spent to 2020 for infrastructure

• Kashgar (south west Xinjiang) has been established as a new Special Economic Zone to promote Central Asia trade

Steelmaking goals by 2015

• Produce 35mtpa steel by (i.e. 50% more than 2011)

• Development goals by 2015 require:

• 10mtpa of special steel production

• 170,000km of new roads

• Improve blast furnace efficiency – shut blast furnaces smaller than 400m[3 ]

• 8,200km of new rail

• 22 new airports

• Only 2% of Xinjiang’s coal is coking

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Xinjiang’s key coking coal markets – Steel Mills

Key customers

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Urumqi area

• 10mtpa coking coal market by 2015

• Key customer: Bayi Steel 10mtpa steel maker (sub of Baosteel – China’s second largest steel maker)

Yili / Aksu area

• 8mtpa coking coal market by 2015

• Key customers: Shougang and Bayi – 8mtpa steel making between both (Shougang is #5 China steel maker)

Kashgar area

• 9mtpa coking coal market by 2015

• Three new blast furnaces opening 2013-2014

• No local coking coal supply

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Kazakhstan – thermal coal price US$65-90/t

Bishkek / Talas market – US$65-105/t

Jalalabad / Osh market – thermal coal price US$110-140/t

Tajikistan – thermal coal price US$130-160/t

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Existin K r z road ex ort routes to China g y gy p

Export route for Uzgen Basin coking coal

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• Uzgen Basin coking coal to Osh (130km)

• Osh to Irkeshtam border crossing (255km)

• Cost to border approximately US$10/t

• Border to Kashgar, nearest major market (231km) – approximately US$5-6/t plus US$4-5/t border crossing costs

• Alternative via Naryn / Torugart (465km to border)

Export route for Alai Range coal

Irkeshtam border crossing

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• Sary Mogol or Bel Alma to Irkeshtam border crossing (110-160km)

• Irkeshtam to Kashgar (231km)

• Costs: US$4-7/t to border plus US$4-5/t border crossing costs plus US$10/t to Kashgar

• Sary Mogol coal sales to Osh at present

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Rail export potential for Uzgen coking coal

Existin rimar road route and ro osed TAR g p y p p

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• China, Kyrgyz Republic and Uzbekistan have agreed to construct a 20mtpa railway, linking the three countries with Chinese rail at Kashgar

 Route has been determined and bankable feasibility study is expected soon (with a capital cost estimate US$2-3bn)

• China will sponsor the project to complete by the end of 2016

• Route comes within 10km of Celsius’ Uzgen Basin coking coal project

• Transport distance to the border would reduce to c. 200km, with another c. 150km to Kashgar

• Reduced transport cost estimates of: US$5-6/t to border plus US$4-5/t crossing costs and then US$4/t to Kashgar

• New Trans-Asia railway is estimated reduce logistics cost to Kashgar by around US$6/t to US$14/t and increase capacity

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Milestones and strategies

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• Maiden JORC standard resource (end of Q1) – remaining 2012 drillhole analyses to be received in January followed by report preparation

2013

 Establishment of customer relationship or distribution partnership (mid 2013)  Substantially upgraded exploration and analysis campaign – 4 to 5x the amount of drilling, resource estimates, a bulk sample and washability analysis  Environmental baseline studies

• Design ‘starter’ 1-2mtpa export operation

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• Establish and ramp up ‘starter’ export operation

2014-15

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2016-18

 Finalize feasibilty for 5-10mtpa integrated coal mine, washing and export operation

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 Implement scale project and ramp-up to large-scale production

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More on geology

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Geolo ical ma of K r z Re ublic g p y gy p

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			E
					B	H
				F
A
	C
		G
							D

*A-B, C-D, E-F and G-H Interpreted Cross Sections through the Tuyuk Kargasha License showing Celsius 2012 and historical Soviet era drilling.

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Inter reted cross-sections showin 2012 and historical drillin p g g

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A B
4.89m coal 4.29m coal
in 7 seams in 8 seams
C D
4.43m coal
in 4 seams
DD12TK007
DD12TK002
DD12TK001
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Inter reted cross-sections showin 2012 and historical drillin p g g

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E
F
4.94m coal
8.52m coal
in 10 seams
in 16 seams
G
H
1.63m coal 9.28m coal
in 3 seams in 14 seams
DD12TK003 DD12TK006
DD12TK004 DD12TK005
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• Schematic cross section through the Tuyuk Kargasha and Min Teke prospects showing interpreted geology and the structure of the Tuyuk formation

• Note the shallow dip of the beds as well as small scale folding resulting in the coal remaining relatively close to the surface

• The Uzgen coal basin has not undergone significant deformation unlike other coal basins in Kyrgyz Republic

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About Kyrgyz Republic

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Countr back round y g

Politics

• Size:199,900km2 (halfway between UK and Greece in size)

• Location: Central Asia, west of China and south of Kazakhstan

• Population: 5.5m people of Central Asian / Turkic decent (83%) and European (mainly Russian) – median age of 25, 60% of population younger than 30

• System: parliamentary democracy

• Key figures

• President: Almazbek Atambayev (SDP) – elected in late-2011 for six-year term

• Prime Minister: Zhantoro Satybaldiev (Ind.) – appointed by parliament September 2011

• History

Econom y

• Separated from Soviet Union in 1990

• GDP: US$13.1bn (2011 growth 5.7%)

• GDP per capita: US$1,070 (one tenth Kazakhstan or Malaysia levels, and around one fifth of Mongolia and China)

• Main GDP constituents: agriculture (20%); metals and mining (14%); industry (13%); and services (51%)

• Unemployment: 8.6%

• 1990-2010: power concentrated in presidency and only two ‘hard line’ presidents

• 2010: protests against president and change to constitutional democracy

• 2010 constitution: reduced the power of the presidency to create a real parliamentary democracy

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China-K r z relations y gy

Premier Wen and PM Satybaldiev (2012)

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• China and Kyrgyz Republic were both founding members of the Shanghai Cooperation Organization in 1996

• China now represents 80% of Kyrgyz export income and Kyrgyz has become the single largest customer for Chinese goods in Central Asia (much re-exported)

• Kyrgyz is receiving assistance on a number of projects – China Road and Bridge Company (CRBC) has completed the re-development of the Osh-Irkeshtam highway with the assistance of a ‘soft loan’ from China Development Bank

New China embass com leted in 2011 y p

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• Chinese assistance is now proposed to extend to a complete re-development of remaining transport infrastructure, together with provision of a tractor manufacturing plant and cotton processing plant

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Basic elements of law and administration

Fiscal re ime g

• Minerals licensing is predominantly managed by the State Agency for Geology (SAG), which reports to the Ministry of Economy as a ministry appointed by the parliament

• Exploration licenses (ELs) are issued by SAG generally for two years

• Total royalty: 4.3%, made up of:

  • Mineral royalty for coal: 2.0%

  • Road tax: 0.8%

  • Emergency prevention tax: 1.5%

• Corporate income tax: 10.0%

• ELs require minimum work programs to be met and then are extendable (for up to ten years)

• Any resource found on an EL can be registered as a resource (ie, registered in the national inventory) and then the EL holder has the exclusive right to a mining license (ML)

• MLs are issued for 20 years and are extendable until the completion of the resource life

Foreign investment protection

• Decree on Protection of Investments – law made in April 2010 alongside the adoption of the new constitution

• Provides protection against illegal seizure or interference of business and employment activities

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Celsius Coal Limited

Registered Office: Level 1, 12 Kings Park Road, WEST PERTH, WA, AUSTRALIA, 6005

Telephone: +61 8 9226 4500 Facsimile: +61 8 9226 4300 Website: www.celsiuscoal.com.au

Email: info@celsiuscoal.com.au

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The information in this Presentation that relates to exploration results and Exploration Targets relating to the Kyrgyz Republic Projects is based on information compiled by Grant Thomas who is Managing Director of Celsius Resources and a Member of the Australasian Institute of Mining and Metallurgy.

Mr Thomas 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 a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’.

Mr Thomas consents to the inclusion in this Presentation of the matters based on his information in the form and context in which it appears.

Exploration Targets

It is common practice for a company to comment on and discuss its exploration in terms of target size and type. The information in this announcement relating to Exploration Targets should not be misunderstood or misconstrued as an estimate of Mineral Resources or Ore Reserves. Hence the terms Resource(s) and Reserve(s) have not been used in this context in this announcement. The potential quantity of coal presented in this announcement as Exploration Targets are conceptual in nature. It should be noted that there has been insufficient exploration to define a Mineral Resource which complies with the JORC code, and it is uncertain if further exploration will result in the determination of a Mineral Resource. Celsius Resources intends to carry out an exploration programme to systematically test the Exploration Targets for each of the Prospects.

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