CONICO LTD — Investor Presentation 2010

Apr 20, 2010

Mt. Thirsty Joint Venture

Mt Thirsty Barra Resources Ltd & Fission Energy Ltd

Emerging Cobalt-Nickel-Manganese Producer April 2010 CDI Conference Capetown Domenic Furfaro, Gary Berrell, Guy LePage

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Mt Thirsty– Key Points

Mt. Thirsty Joint Venture

• 29 million tonnes at 0.14% Co, 0.56% Ni and 0.9% Mn

• 2 Mtpa throughput for 15 year mine life

• 4,000 tpa Co and 9,000 tpa Ni in a mixed sulphide product

• 13,000 tpa Mn in a manganese carbonate product

• Production by 2015 (subject to positive Feasibility Study,

Finance)

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Company Snapshot Mt. Thirsty Joint Venture

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Mount Thirsty JV
Owns Mt Thirsty Tenements
50% 50%
Manager
Fission Energy Limited Barra Resources Limited
ASX Code – FIS ASX Code – BAR
Market Cap. 15M AUD Market Cap. 26M AUD
Chairman – Greg Solomon Chairman – Gary Berrell
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Mt. Thirsty Joint Venture
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Favourable Project Location
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• Excellent logistics

• Located within 4km of existing road and rail infrastructure to the port of Esperance

• Proximity to Norseman allows residential workforce

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Attractive Mt Thirsty Site

Mt. Thirsty Joint Venture

• Excellent logistics in place with the resource covering an area measuring 1.3km x 0.9km

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Esperance Highway,
Railway & Pipeline
Lake Cowan
Mt Thirsty
Site Access
OREBODY
North
2km
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Geology – Not Typical Laterite

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Mt. Thirsty Joint Venture
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Process Development Study

Mt. Thirsty Joint Venture

Developed a flowsheet which produces high value intermediate products. Identified a simple atmospheric leach process with;

Improve leach selectivity

low range acid consumption and good residue handling Produce high quality product(s) with high recovery Ordinary equipment & elegant chemistry

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Process Mineralogy

Mt. Thirsty Joint Venture

 Chemical composition

Chemical composition	Chemical composition	Chemical composition	Chemical composition	Chemical composition	Chemical composition	Chemical composition
Assays (%)
Co	Ni	Mn	Fe	Al	Mg	Si
0.13	0.65	0.93	22.4	4.2	3.9	18.3

• Mineralogy

• Goethite (Fe – Ni) , Kaolinite (Al), Serpentine (Mg-Ni), Asbolane (Mn –Co), low Chromite.

• Impacts on processing

• Clay

• High in Mn (MnO2) - Co and Mn easy to leach

• Ni in Goethite and Mg-silicates – hard to leach

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Simple Mt Thirsty Flowsheet
Mt. Thirsty Joint Venture
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Simple Ore Preparation

Mt. Thirsty Joint Venture

• Free digging ore, friable, no drill blast required

• Scrubbing at 50% solids in saline water, dispersion process

• No beneficiation likely

• •Ni concentrates in the fines

• •Co and Mn concentrates in the coarse fraction

• Greater than 90% of the ore is -1 mm, coarse fraction is milled to -1

mm prior to leach

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Leaching

Mt. Thirsty Joint Venture

• Leaching at atmospheric pressure, NO autoclaves

• •Saline water enabled similar performance to HPAL

• Reductive and two stage leach evaluated and rejected in favour of a

single stage atmospheric leach

• Ni recovery more sensitive to acid dose and leach time

• SO 2 required to achieve high Co and Mn recovery, relatively fast

• High leach solids density achieved (45% w/w) due to saline water

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Low Leach Complexity Mt. Thirsty Joint Venture

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	Mt. Thirsty Joint Venture Leach Comparison 1 5 3.8 95 91 75 Single Stage 1 6 4.0 94 91 78 Two Stage 92 113 4.0 95 92 73 Reductive Fe(II) Fe Ni Mn Co Ni Liquor Tenors (g/L) % Dissolution Leach	Mt. Thirsty Joint Venture Leach Comparison 1 5 3.8 95 91 75 Single Stage 1 6 4.0 94 91 78 Two Stage 92 113 4.0 95 92 73 Reductive Fe(II) Fe Ni Mn Co Ni Liquor Tenors (g/L) % Dissolution Leach	Mt. Thirsty Joint Venture Leach Comparison 1 5 3.8 95 91 75 Single Stage 1 6 4.0 94 91 78 Two Stage 92 113 4.0 95 92 73 Reductive Fe(II) Fe Ni Mn Co Ni Liquor Tenors (g/L) % Dissolution Leach	Mt. Thirsty Joint Venture Leach Comparison 1 5 3.8 95 91 75 Single Stage 1 6 4.0 94 91 78 Two Stage 92 113 4.0 95 92 73 Reductive Fe(II) Fe Ni Mn Co Ni Liquor Tenors (g/L) % Dissolution Leach	Mt. Thirsty Joint Venture Leach Comparison 1 5 3.8 95 91 75 Single Stage 1 6 4.0 94 91 78 Two Stage 92 113 4.0 95 92 73 Reductive Fe(II) Fe Ni Mn Co Ni Liquor Tenors (g/L) % Dissolution Leach	Mt. Thirsty Joint Venture Leach Comparison 1 5 3.8 95 91 75 Single Stage 1 6 4.0 94 91 78 Two Stage 92 113 4.0 95 92 73 Reductive Fe(II) Fe Ni Mn Co Ni Liquor Tenors (g/L) % Dissolution Leach	Mt. Thirsty Joint Venture Leach Comparison 1 5 3.8 95 91 75 Single Stage 1 6 4.0 94 91 78 Two Stage 92 113 4.0 95 92 73 Reductive Fe(II) Fe Ni Mn Co Ni Liquor Tenors (g/L) % Dissolution Leach
	Leach	% Dissolution			Liquor Tenors (g/L)
		Ni	Co	Mn	Ni	Fe	Fe(II)
	Reductive	73	92	95	4.0	113	92
	Two Stage	78	91	94	4.0	6	1
	Single Stage	75	91	95	3.8	5	1

Similar recoveries but reductive leach consumes more sulphur and generates higher contaminants in solution but has lower residence time. Single stage leach selected as optimum

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	Mt. Thirsty Joint Venture	Mt. Thirsty Joint Venture	Robust Leach	Robust Leach	Robust Leach	Robust Leach	Robust Leach	Robust Leach
	of Resource Percentage	kg/t Acid Dose	% Extraction			Liquor Assays (g/L)
			Ni	Co	Mn	Ni	Fe	Fe(II)
	4% 32% 11% 35% 7%	357 388 337 350 420	85 81 85 85 82	99 92 91 96 96	99 96 94 98 96	3.8 6.3 4.3 4.6 4.4	12 12 11 9 23	5 7 4 1 1

Good leach response over a range of ore types

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Neutralisation and CCD

Mt. Thirsty Joint Venture

Reactive Limesand locally available, 70% CaCO3.

• Silicon (quartz) is the main impurity

• 97% pass 425 micron

• No milling required

Neutralisation to pH ~2.5 removes all Fe (III) and free acid with minimal (<1%) Ni, Co, Mn losses.

Slurry exhibits good settling characteristics, ~53% u/f density at <100 g/t flocculant doses.

Six stage CCD at 1.6:1 wash ratio to achieve >99% recovery

CCD = Counter Current Decantation

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High Quality Sulphide Product

Mt. Thirsty Joint Venture

• > 99% Ni and Co recovery from solution

• Fast kinetics, 5 minutes to reach steady state

• Good selectivity against most contaminants

• Sodium sulphide or sodium hydrosulphide suitable

• Product settles and filters well

• High quality sulphide product generated with minimal solution purification and low capital

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Secondary Neutralisation

Mt. Thirsty Joint Venture

• Impurity removal prior to Manganese recovery

• Al and Cr precipitate quickly above pH 4.5

• Fe(II) oxidation is rate limiting, increasing pH reduces residence time but increases Mn losses

• ~5 hours residence time required at pH 5, <2% Mn losses

• Flocculant doses >300 g/t required, ~25% u/f density, seeding should improve settling performance

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Manganese Carbonate

Mt. Thirsty Joint Venture

 Sodium carbonate addition

• Fast kinetics, 10 minutes to reach steady state

• 1 g/L Mn required to minimise Mg contamination

• Reducing temperature may improve purity

• Very good settling and filtration

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Mt Thirsty Flowsheet for PFS
Mt. Thirsty Joint Venture
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Real Products

Mt. Thirsty Joint Venture

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Manganese Carbonate

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Ni/Co Mixed Sulphide

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High Value Sulphide Product

Mt. Thirsty Joint Venture

• 79% Ni and 91% Co recovery to sulphide product from ore

• Vacuum filtration rate 250 kg/hr/m[2]

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ASSAYS (%)
Ni Co Mn Fe Cu Zn S
43 10.2 0.24 3.1 0.24 2.4 35.6
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MnCO3 Product Specification Mt. Thirsty Joint Venture

• 70% Mn recovery to manganese carbonate product from ore

• Vacuum filtration rate 1000 kg/hr/m2

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Assays (%)
Mn Ca Mg Al Na S
44 1.0 1.2 0.02 0.45 0.8
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Project Status – On Track

Mt. Thirsty Joint Venture

• Geology

• Resource is well defined

• More PQ drilling completed during April 2010

• More high grade ore located to the North

• Metallurgy

• Main unit operations identified and tested

• Flowsheet fixed

• More fresh ore for testwork

• Prefeasibility study

• Underway and to be completed by end of 2010

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Development Schedule
Mt. Thirsty Joint Venture
2011 2012 2013 2014 2015
PFS
JV Partner
DFS
Detailed Design
Construction
Ramp - up
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Project Advantages

Mt. Thirsty Joint Venture

• Located in a developed country with low sovereign risk

• Located in a mining friendly state with skilled labour force locally available

• Large proportion of revenue from cobalt

• Good infrastructure

• Suitable water source available locally

• Favourable metallurgy which requires no autoclaves for high recoveries and low acid consumptions

• Low rainfall area enabling relatively low cost tailings

disposal and use of evaporation ponds

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Questions

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Mt. Thirsty Joint Venture
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 Longterm stable supply of quality product

 Favourable metallurgy

 Great location

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Contacts

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Mt. Thirsty Joint Venture
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Commercial Enquiries

Technical Enquiries

Gary Berrell

Chairman Barra Resources Limited Level 3, 33 Richardson Street West Perth, Western Australia 6005 Australia

Guy LePage

Director Fission Energy Limited Level 40, Exchange Plaza, 2 The Esplanade, Perth Western Australia 6000 Australia

Domenic Furfaro

Development Hydrometallurgist Independent Metallurgical Operations 88 Thomas Street West Perth, Western Australia 6005 Australia

Telephone 61 (08) 9481 3911 Garyb@barraresources.com.au

Telephone 61 (08) 9321 3277 gtlepage@fissionenergy.com.au

Telephone 61 (08) 9254 6900 domenicfurfaro@indmetops.com.au

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Disclaimer

Mt. Thirsty Joint Venture

The information in this presentation, insofar as it relates to Mineral Resources, is based on information compiled by Michael J. Glasson and Robert N Smith, who are members of the Australian Institute of Geoscientists, both of whom have more than five years experience in the field of activity being reported on. Mr Glasson and Mr Smith are consultants to the Mount Thirsty Joint Venture. Mr Glasson and Mr Smith have sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as Competent Persons as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Glasson and Mr Smith consent to the inclusion in this presentation of the matters based on their information in the form and context in which it appears.

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Mt. Thirsty Joint Venture Company Making Project Attractive Project Economics Excellent Metallurgy World Class Resource Stable Supply to Growing Market	Project Highlights & Potential Potential to be a top 10 primary cobalt producer  4,000 tonnes of cobalt annually in early years  3 - 4% share of global annual cobalt supply  Operating expenditure - forecast to be bottom quartile (<US$2.50lb Nickel)  Capital expenditure – moderate requirement of approximately US$700M  Multiple commodity price exposure  Amenable to treatment at low cost, simple processing – no new technology required  Atmospheric tank leaching  Low sulphur consumption  JORC compliant Resource: Indicated 14.8 million tonnes at 0.14% Cobalt, 0.59% Nickel and 0.99% Manganese Inferred 14.2 million tonnes at 0.11% Cobalt, 0.52% Nickel and 0.77% Manganese Total 29 million tonnes at 0.14% Cobalt, 0.56% Nickel, 0.9% Manganese (1.5% Ni equiv.)  Contains 35,000t Cobalt, 162,000t Nickel, 255,000t Manganese  ~50% of global reserves reside in the Democratic Republic of Congo (DRC)  Supply constraints following a moratorium on the export of raw concentrates from the DRC 2007
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