CLARA RESOURCES AUSTRALIA LTD — AGM Information 2014

Nov 19, 2014

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Aus Tin Mining Limited (ASX:ANW)

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Annual General Meeting (Brisbane 20[th] November 2014)

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Important Information

Forward Looking Statement

This presentation may contain certain statements and projections provided by or on behalf of Aus Tin Mining Limited (Aus Tin Mining) with respect to the anticipated future undertakings. These forward-looking statements reflect various assumptions by or on behalf of Aus Tin Mining. Accordingly, these statements are subject to significant business, economic and competitive uncertainties and contingencies associated with exploration and/or mining which may be beyond the control of Aus Tin Mining which could cause actual results or trends to differ materially, including but not limited to price fluctuations, exploration results, reserve and resource estimation, environmental risks, physical risks, legislative and regulatory changes, political risks, project delay or advancement, ability to meet funding requ remen i t s, f ac t ors re a l ti ng t o proper t y titl e, na ti ve titl e an d a b or g na i i l h er it age i ssues, d epen d ence on k ey personne , l s h are pr ce i vo a l tilit y, approva s l an d cos t estimates. Accordingly, there can be no assurance that such statements and projections will be realised. Aus Tin Mining makes no representations as to the accuracy or completeness of any such statement of projections or that any forecasts will be achieved.

Additionally, Aus Tin Mining makes no representation or warranty, express or implied, in relation to, and no responsibility or liability (whether for negligence, under statute or otherwise) is or will be accepted by Aus Tin Mining or by any of their respective officers, directors, shareholders, partners, employees, or advisers as to or in relation to the acc u rac y or completeness of the information , statements , opinions or matters (e x press or implied) arising o u t of , contained in or deri v ed from this presentation or any omission from this presentation or of any other written or oral information or opinions provided now or in the future to any interested party or its advisers. In furnishing this presentation, Aus Tin Mining undertakes no obligation to provide any additional or updated information whether as a result of new information, future events or results or otherwise.

Nothing in this material should be construed as either an offer to sell or a solicitation of an offer to buy or sell securities. It does not include all available information and should not be used in isolation as a basis to invest in Aus Tin Mining Limited .

Competent Persons Statement

The information in this presentation that relates to Exploration Targets and Exploration Results is based on information compiled by Mr Nicholas Mather B.Sc (Hons) Geol., who is a Member of The Australian Institute of Mining and Metallurgy. Mr Mather is employed by Samuel Capital Pty Ltd, which provides certain consultancy services including the provision of Mr Mather as a Director of Aus Tin Mining . Mr Mather has more than five years experience which is relevant to the style of mineralisation and type of deposit being reported 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, Minerals Resources and Ore Reserves’ (the JORC Code). This public report is issued with the prior written consent of the Competent Person(s) as to the form and context in which it appears.

The information in this Announcement that relates to Mineral Resources is based on information extracted from the report entitled “Maiden JORC Resource Estimated for the Taronga Tin Project ” created on 26[th] August 2013 and is available to view on www . austinmining . com . au Aus Tin Mining confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement. In the information in this Announcement that relates to Ore Reserves is based on information extracted from the report entitled “Pre-Feasibility Advances the Taronga Tin Project” created on 7[th] April 2014 and is available to view on www.austinmining.com.au. Aus Tin Mining confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement.

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2.

2014 – a year of technical success but challenging market conditions

• Delivered Pre-Feasibility Study (JORC 2012) for Taronga Tin Project

• Developed an Exploration Target for high-grade tin targets proximate to Taronga

• Maintained exploration efforts & secured new tenure prospective for nickel sulphides

• Tin price failed to rally as predicted

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 Sustained downturn in resources sector
Plan for 2015
Marlborough
−
(100%)
Complete Taronga Definitive Feasibility Study Collurabbie North
(Ni)
− Progress approvals and financing for Taronga Pembroke
(Ni/Co/Cu/Au
− Progress exploration of high grade tin targets Muleryon Hill (Ni)
Taronga
near Taronga (Sn /Cu/Ag)
−
Progress nickel sulphide exploration
− Tin price expected to improve Heazlewood River
(Ni)
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3.

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Aus Tin Mining’s Projects

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4.

Taronga Tin is the flagship project

What makes Taronga a good project

• Established JORC (2012) Reserves

• Open-cut mining and simple metallurgy

• Significant upside with metallurgy & exploration

• Community supportive of mining

Summary of Pre-Feasibility Study (April 2014)[1]

• −LOM of over 9 years

Site layout as developed by GHD

• −Leverage of existing infrastructure

• with low ratio 1 . 35x

• Open cut mining strip

• −Conventional processing using gravity spirals for majority of tin recovery

• −LOM average 2,815tpa of tin in concentrate

• . 8M

• Capital Costs A$87

−Operating Costs A$16,553/t recovered tin[2]

1 The information in this Announcement that relates to Ore Reserves is based on information extracted from the report entitled “Pre-Feasibility Advances t h e T a r o n ga Tin Pr oject ” c r eated o n 7[th] A p ri l 2 0 14 a n d i s ava i lable to v i ew o n www.aust inminin g.co m .au. A us Tin M inin g co nfirm s t h at t h e f o rm a n d context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement 2 C1 Cash Operating Costs for Years 1 to 4. LOM C1 Cash Operating Costs A$17,935/t recovered tin

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5.

Elevating Taronga from a good project to a great project

Resource / Reserve Grade

• Increased tin grade with larger samples (Newmont in 1984 concluded for Northern Zone, values below 0 . 28%Sn were higher for bulk sample compared to core , and in Southern Zone a similar situation for values below 0.22%Sn)

Metallurgical

• Increased tin of tin and recovery (improved recovery by gravity flotation)

• of silver as

• Recovery copper & by-product credits (encouraging initial metallurgical results)

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Targeted revenue
increase of 30%
evenue (A$M)
R
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6.

ANW trading at discount to Taronga valuation even at current tin price

• Independent assessment of Taronga Tin Project undertaken by MineInvest with valuation parameters determined independent of ANW (refer below)

• MineInvest calculated a valuation of A$60M (post tax , unrisked) using a tin price of US$19 , 600/t[1]

	Parameter PFS MineInvest Assumption Justification	Parameter PFS MineInvest Assumption Justification	Parameter PFS MineInvest Assumption Justification	Parameter PFS MineInvest Assumption Justification	Parameter PFS MineInvest Assumption Justification
	Parameter	PFS	MineInvest Assumption	Justification
	Reserve (Mt)	23.2	28.0	Based on potential for converting more resource to reserve
	Mine Life (2.5mtpa)	9.3	11.2	Consequence of higher reserves
	Grade (% Sn)	0.16	0.19	Based on probable range of true grades as identified in PFS
	Recovery (%Sn)	70	73	Based on expectation of recoveringadditional tin from flotation
	Annual Prod (kt Sn)	2.79	3.5	Consequence of higher feed grade & tin recovery
	Opex (A$/t)	20	21	Slightly higher mining costs for increased strip ratio (with additional reserves) and recovery of copper & silver
	Capex (A$m)- LOM	983	100	Higherto accommodate copper& silver recovery
		.
	Tin price (A$/t)	27,778	22,273	Spot price as at 28/10/14
	Off-site costs (Sn only)	A$1593/t	A$1650/t	Includes anticipated transport costs and treatment charges for tin smelting
	Net Cu Revenue	NA	A$3.5mpa*	Based on net payability of recovered metal
	N t A R e g evenue	NA	A$1 5 * . mpa	B d t bilit f d t l ase on ne paya y o recovere me a
	Cash cost (LOM, C1)	A$18.0k/t	A$13.5k/t	Cash Costs net of by-product credits (copper & silver)

1 MineInvest report “Taronga Valuation Update” available from www.austinmining.com.au

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7.

Significant potential to expand production with exploration success

Highly prospective exploration tenement package

• 305 tin prospects and historic mines identified within exploration licences

• Previous exploration undertaken by leading resources companies highlighting the quality of the field

• BHP & Newmont (Taronga)

• BHP, MIM, North Broken Hill (Torrington)

• Two large targets anomalous to Taronga a t M c D ona ld s an d E mera ld

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McDonalds
Emerald
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• Six key high grade targets within close trucking distance of Taronga provided the basis an Exploration Target of approximately 150kt to 265k at approximately 2.3% to 2.5%Sn. The Exploration Target is conceptual in nature , noting there has been insufficient exploration to estimate a Mineral Resource and that it is uncertain if further exploration will result in the estimation of a Mineral Resource. The Company is planning an exploration program to test the targets over the next 12 months as detailed in the ASX announcement of 2 September 2014.

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8.

ANW to undertake a program of work targeting areas of upside

Target increased grade at Taronga – going from 0.16%Sn to 0.19%Sn makes a good project great

• −Bulk sampling program to enable comparison against the reserve model

• Even at toda y ’s tin price , an increase in grade to 0 . 19% co u ld generate IRR > 20%

Target increased tin, copper and silver recoveries that could reduce cash costs dramatically

• Metallurgical test work program to evaluate ore sorting, centrifugal concentration and flotation for tin recovery and expand on previous flotation work for copper & silver

• −Increase in feed grade to 0.19%Sn would reduce LOM C1 cash costs by 15%

• Inclusion of $5Mpa net revenue from copper & silver would reduce LOM C1 cash costs by further 10%

Target potential high-grade supplementary feed sources

• −Preliminary evaluation of potential high grade tin targets close to Taronga, including

• Dutchman & Harts underground target of 122kt @ 2.3%Sn based on previous feasibility studies[1]

• Planet Mine with most significant intersection being 1.0m @ 16%SN from 90m[2]

1 Based on work completed by North Broken Hill Limited, 1967 - refer ASX Announcement 2/9/14 for further details 2 Source: Pacific Copper Limited, Final Report November 1984, refer ASX announcement 2/9/14 for further details

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9.

Pembroke - geochemistry points to new potential zones of mineralisation

• Extensive Ni & Cu mineralisation(over 1km)

• − Coincident elevated Ni in soil with higher grade drilling intersections (including 4.2m @1.1%Ni, 0.05%Co)

• − Undrilled zones underlying elevated Ni in soil

Drilling program planned for late 2014

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Potential Zones of Nickel
Mineralisation based on
elevated Ni in soil
anomalies
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1 Unchanged historical exploration results

2 Ni c k e >xm l @ 1% equ va en i l t = s i th e eng l th o f m nera i li sa ti on x th e ac t ua gra l d e, eg or f PEM11 f rom 84 m o t 106 m assay ng . i 0 62%Ni , 22 m x . 0 62%Ni = 13 . 6 m @ 1% equivalent. For the avoidance of doubt, the calculation does not contain value for copper, silver, cobalt or other potential by-product credits”

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10.

Marlborough – field reconnaissance identifies Ni/Co/Pt and Cr Targets

• Field reconnaissance identified separate Ni/Co targets at Racecourse and Spring Creek

• Encouraging nickel in soil geochemistry, with several results over 4,000ppm Ni[1]

• Areas of alluvial chromite identified

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1 Unchanged historical exploration result

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11.

Collurabie North – exciting nickel target along strike from existing project

• East of Wiluna (WA)

• Interpreted Ni-PGE ultramafic sill

• Previous drilling undertaken by Sirus Resources / Creasy

• i . Drilled crests of magnetic highs

• ii. confirmed ultramafics

• Olympia > 1.0%Ni occurs between magnetic highs

• ANW to focus on area between magnetic highs

Reconnaissance program planned for early 2015

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12.

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Tin Market

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13.

Tin price has failed to achieve 2014 forecast

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LME Spot Tin Price (YTD) Spot vs Forecast
29,000
27,000
25,000
23,000
21,000
19 , 000
17,000
LME Spot Price Forecast (Jan 14)
USD/t
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− Significant changes within the Indonesian market durin g p ast 18 months (accounts for 30% of global production)

− Recent price softness attributed to higher refined tin production from both China and Indonesia in Q2 ’14

− Partly offset by weaker AUD/USD

ANW targeting cash cost in 2[nd] Quartile to mitigate lower tin price

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14.

Fundamentals remain sound for medium to long term price recovery

Tin price expected to rise on strong fundamentals driven by expanding supply deficit

• −Global stocks at record lows

• −Supply deficit expected to increase from -2,529t (2013) to -80,456t (2020)

Mine production unlikely to meet medium term demand

---

• Reserve to Production Ratio is only 8 years (for comparison Rare Earths Oxide (REO) is 308 years)

• −Few new projects likely to be in production by 2018

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15.

Summary

2014 Highlights

• Delivered Pre-Feasibility Study (JORC 2012) for Taronga Tin Project

• Developed an Exploration Target for high-grade tin targets proximate to Taronga

• − Maintained exploration efforts & secured new tenure prospective for nickel sulphides

• Future Milestones

2015

• Complete Taronga Definitive Feasibility Study and progress approvals and financing

• Progress exploration program for tin & nickel assets

2016

• Finalise approvals / funding for Taronga & commence construction

2017

− Commence production at Taronga

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16.