Celsius Resources Limited — Investor Presentation 2018

Feb 27, 2018

February/March 2018

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Disclaimer

This presentation has been prepared by Celsius Resources Limited (“Celsius” or “CLA”). The information contained in this presentation is a professional opinion only and is given in good faith.

The information contained herein is confidential and proprietary to the Company and is provided to recipients on the terms and conditions set out in this disclaimer. The document, in whole or in part, is not to be distributed, copied or reproduced, in any form, without the prior written consent of the Directors of the Company.

Certain information in this presentation has been derived from third parties and though CLA has no reason to believe that it is not accurate, reliable or complete, it has not been independently audited or verified by CLA.

Any forward looking statements included in this presentation involve subjective judgement and analysis and are subject to uncertainties, risks and contingencies, many of which are outside the control of, and maybe unknown to, CLA. In particular they speak only to the date of this presentation, they assume the success of CLA’s strategies, and they are subject to significant regulatory, business, competitive and economic uncertainties and risks. Actual future events may vary materially from the forward looking statements and the assumptions on which these assumptions are based. Recipients of this presentation are cautioned not to place undue reliance on such forward looking statements.

CLA makes no representation or warranty as to the accuracy, reliability or completeness of information in this document and does not take responsibility for updating any information or correcting any errors or omissions which may become apparent after this presentation is released.

To the extent permitted by law, CLA and its officers, employees, related bodies corporate and agents disclaim all liability, direct, indirect or consequential (and whether or not arising out of the negligence, default or lack of care of CLA and/or any of its agents) for any loss or damage suffered by a recipient or other persons arising out of, or in connection with, any use or reliance on this presentation or information. All amounts in AUD unless stated otherwise.

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Corporate

Capital Structure

Directors/Management

• 592.1M shares (CLA)

• Brendan Borg (Managing Director)

• 77.4M listed options (CLAO – AUD 0.01 strike)

• Bill Oliver (Non Exec Chairman)

• Mkt Cap AUD 67.0M at $0.10 (CLA+CLAO)

• Pine van Wyk (Non Exec Director)

• Cash - approx. $4.3 million (end Dec, 2017)

• Ranko Matic (Non Exec Director)

• Melanie Ross (Company Secretary)

• Edward Legg (Project Development Manager)

Major Shareholders

• Gecko Namibia (Pty) Ltd 8.63%

• J P Morgan Nominees 4.27%

• Borg Family Super Fund 2.72%

• Featherbed Australia P/L 2.58%

• Pheakes Pty Ltd 2.46%

• • Citicorp Nominees P/L 2.32%

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The Opuwo Advantage

• Aiming to define a long life, reliable source of cobalt and copper.

• Large scale: Mineralisation confirmed over more than 15 km of strike, with over 100 km of prospective strike in total.

• Favourable mineralogy: cobalt and copper sulphide minerals - cobalt as linnaeite (Co3S4).

• Low in deleterious elements: notably arsenic, cadmium and uranium.

• Namibia: mining friendly, politically stable and safe location with excellent infrastructure.

• Ample access to grid power, water and services allows a range of development options.

• Conventional sulphide flotation with high recoveries (~80%).

• Demonstrated high leach recoveries (~95%).

• Targeting cobalt sulphate and copper metal products.

• Maiden JORC Mineral Resource and Scoping Study imminent.

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Cobalt: a commodity in demand

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• Substantial price appreciation over past 15 months to over USD 80,000/tonne.

• Battery Grade cobalt chemicals have seen greater price increases than equivalent LME metal prices.

• In 2015, 25% of global cobalt supply entered the battery market, forecast to rise to 50% by 2021 (additional 4,000 tonnes).

• Shift of Chinese EV manufacturers towards cobalt based lithium ion batteries.

Source: InfoMine.com

• DRC dominant source - security and diversity of supply concerns.

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Cobalt: Best Exposure to Battery Boom?

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Namibia: A Premier Mining Destination

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• Politically & socially stable:

• Strong rule of law.

• National development agenda.

• Walvis Bay Export Processing Zone - favourable tax considerations.

• Excellent project infrastructure:

• Regional capital Opuwo (supplies, airport, hospital).

• Sealed roads from Opuwo to Windhoek and Walvis Bay Port.

• 320MW hydro electric power station at Ruacana linked to 330kV power grid.

• 66kV and 33kV lines with available capacity at Project.

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Infrastructure

• Power and water at Project site.

• Excellent road Infrastructure.

• Services in nearby regional capital, Opuwo.

• Walvis Bay Port.

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Project Ownership Structure

• Celsius moved to immediate 95% interest in Opuwo Cobalt Project in September, 2017 (5% loan carried share remains with local Namibian group).

• Gecko Namibia is the largest shareholder of Celsius as a result of the transaction, and subsequent participation in latest capital raising (8.63%).

• New licences surrounding Opuwo totaling approximately 782 km[2] acquired from Gecko Namibia (total project area now approximately 1,470 km[2] ).

• Over 100 km of cobalt-copper prospective horizon now under control of Celsius.

• Gecko is a diversified mining services, mining, and exploration company - currently operating mines in Namibia.

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• Provides Celsius exploration management and drilling services in country.

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Large-scale Cobalt-Copper Targets

• Mineralisation hosted in Neoproterozoic sediments of the Kaoko Belt (the western extension of the Copper Belt in DRC and Zambia).

• Dolomite Ore Formation (DOF) is a carbon rich, marly dolomitic horizon in a sequence of clastic and carbonate lithologies in the upper Ombombo Subgroup.

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• Over 100 km of potentially mineralised strike - large scale Project.

• Mineralisation intersected over a 15 km zone in initial Celsius drilling, confirmed by assays.

• Potential for additional mineralised zones, adjacent and parallel to known mineralisation.

• Outcrops at surface.

• Low in deleterious elements (As, Cd, U).

• Cobalt present as linnaeite (Co sulphide).

• Other targets: Zn-Pb-V, Cu-Au, Cr-V, Pb-Zn-Ag.

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Initial Exploration Target

• Calculated over an 11 km initial zone, based on first 20 holes, in May, 2017.

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• 33 - 41 MT, grading approximately

• 0.13 - 0.17% cobalt and

• 0.45 - 0.65% copper*

• (150 - 250 metres depth).

• Excellent scope for expansion, given subsequent drilling results. Mineralisation open in all directions.

*** Potential quantity and grade is conceptual in nature, and there has been insufficient exploration to estimate a Mineral Resource, and it is uncertain if further exploration will result in the estimation of a Mineral Resource.**

Refer ASX Release 18 May, 2017

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Resource Drilling Program

• Completed mid-December, 2017.

• Consisted of 17,266 metres of RC and Diamond drilling.

• Final assays imminent.

• Maiden JORC Mineral Resource - March, 2018.

• Results to date illustrate the consistent nature of the mineralisation.

• Deep extensions and repeat mineralised zones identified.

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4.2 km Target Area
5 km Target Area
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Refer ASX Release 5 October, 2017

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Resource Drilling Assays

• Highlights from resource drilling assays:

• 17 m @ 0.14% cobalt and 0.42% copper

• 10 m @ 0.13% cobalt and 0.45% copper

• 10 m @ 0.12% cobalt and 0.59% copper

• 7.49 m @ 0.14% cobalt and 0.79% copper, including 5 m @ 0.15% cobalt and 1.01% copper

• 6 m @ 0.15% cobalt and 0.51% copper, including

  • 2 m @ 0.25% cobalt and 0.52% copper

• 7.7 m @ 0.11% cobalt and 0.52% copper

• 5 m @ 0.16% cobalt and 0.48% copper

• 7 m @ 0.11% cobalt and 0.46% copper

• 6.3 m @ 0.12% cobalt and 0.46% copper

• 4 m @ 0.18% cobalt and 0.50% copper

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Refer ASX Releases December 2017 - February 2018

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Simple, sulphide-hosted mineralogy

• Disseminated and vein-hosted sulphides.

• Mineralisation is chalcopyrite (copper), linnaeite (cobalt), sphalerite (zinc) plus iron sulphides (pyrite/pyrrhotite).

• Flotation testing showed up to 88% of cobalt recoverable into sulphide concentrate.

• Closed circuit flotation recoveries of 80% at a concentrate grade of up to 1.5% cobalt.

• Further work planned to establish optimised flotation parameters, which will consider saleable concentrate specifications and downstream leach processing requirements.

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High leach extraction of cobalt and copper

• Employing an approximately 1% cobalt grade flotation concentrate, 8 different leach regimes were explored.

• Cobalt extraction in autoclave oxidative leaches were typically greater than 95% at temperatures of 115, 135 and 155 deg C and 800 kPa oxygen pressure.

• Copper extractions in these leaches were typically greater than 94%.

• Data suggests that the classical processes of copper SX-EW (Solvent extraction, electrowinning) and cobalt sulphate crystallisation can be employed to produce saleable products.

• Process is acid generating - low additional acid requirements.

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Scoping Study Activities

• Project Development Manager (Edward Legg) appointed to manage studies.

• Key consultants appointed:

• Metallurgy - Orway Mineral Consultants (OMC), Hydromet Pty Ltd and SGS Australia.

• CAPEX/OPEX Estimates - Orway Mineral Consultants (OMC).

• Mining Studies - Auralia (supported by Gecko Namibia).

• Resource Modeling and Estimation - DMT Kai Batla.

• Environmental, water and social studies - SLR Environmental

• Scoping Study targeted for May, 2018 completion.

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Peer Comparison

Opuwo’s linnaeite mineralogy provides distinct advantages over other cobalt deposit types.

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Cobalt Sulphide Projects
0.18 Opuwo (CLA)
0.16
Millenium (GEMC) Mutooroo (HAV)
0.14
0.12 Thackaringa (COB)
0.1 Nova-Bollinger (IGO) Savannah (PAN)
0.08
Mount Gunson (GBG) Basil (MTH)
0.06
0.04 Walford Creek (AML)
0.02
Maroochydore (MLX)
0
0 10 20 30 40 50 60 70
Cobalt Metal Content ('000 tonnes)
Grade (%Co)
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Note: Opuwo data based on mid-point of exploration target range.

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Planned Next Steps

• Continue expansion of mineralisation with further drilling (underway).

• Resource modelling and estimation, culminating in reporting of maiden JORC Mineral Resource (targeted for March, 2018).

• Exploration of other targets across the project area (April, 2018).

• Complete and report Project Scoping Study (targeted for May, 2018).

• Commence Pre-Feasibility Study (May, 2018).*

• Extensive infill and extension resource drilling program (May, 2018).*

• Assuming positive Scoping Study outcome

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Competent Persons Statement

Information in this report relating to Exploration Results is based on information reviewed by Mr. Brendan Borg, who is a Member of the Australasian Institute of Mining and Metallurgy and Managing Director of Celsius Resources. Mr. Borg 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 by the 2012 Edition of the Australasian Code for reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr. Borg consents to the inclusion of the data in the form and context in which it appears. The Exploration Results are based on standard industry practices for drilling, logging, sampling, assay methods including quality assurance and quality control measure as detailed in the ASX announcements referred to in this presentation.

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