HAWK RESOURCES LIMITED. — Investor Presentation 2021

Oct 18, 2021

Drilling for USA’s Next Major Copper & Gold Discoveries

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NWR Conference Series 19 October 2021

1

Disclaimer

The information contained in this presentation or subsequently provided to any recipient of this presentation whether orally or in writing by or on behalf of Alderan Resources Limited (Alderan) or its respective employees, agents or consultants (Information) is provided to the recipients on the terms and conditions set out in this notice. The purpose of this presentation is to provide recipients with information relating to Alderan projects, including the binding Option Agreements signed with Tamra Mining Company LLC (Tamra Mining) as announced to the ASX on 25 March 2020 and 16 April 2020.

This presentation does not constitute investment advice and has been prepared by Alderan without taking into account the recipient’s investment objectives, financial circumstances or particular needs. Each recipient must make his/her own independent assessment and investigation of Alderan and its business and assets when deciding if an investment is appropriate and should not rely on any statement or the adequacy and accuracy of any information. This presentation is in summary form and does not purpose to be exhaustive. This presentation should be read in conjunction with Alderan’s periodic and continuous disclosure announcements lodged with the ASX, which are available to download at www.asx.com.au.

Alderan makes no representation or warranty (either expressed or implied) as to the accuracy, reliability or completeness of the Information. Alderan and its directors, employees, agents and consultants shall have no liability (including liability to any person by reason of negligence or negligent misstatement) for any statements, opinions, information or matters (express or implied) arising out of, contained in or derived from, or for any omissions from the presentation, except liability under statute that can not be excluded.

This presentation may contain forward-looking statements. Forward-looking statements are only predictions and are subject to risks, uncertainties and assumptions which are outside the control of Alderan. Actual values, results or events may be materially different to those expressed or implied in this presentation. Given these uncertainties, recipients are cautioned not to place reliance on forward-looking statements.

This presentation does not constitute in any way an offer or invitation to subscribe for securities in Alderan pursuant to the Corporations Act 2001 (Cth) and has not been lodged with the Australian Securities and Investment Commission.

In relation to previous announcements containing exploration results in this presentation which were reported by the Company in accordance with listing rule 5.7 on 16 April 2020, 30 September 2020, 15 October 2020, 19 November 2020, 11 February 2021, 22 February 2021, 8 March 2021, 11 May 2021, 9 June 2021, 21 July 2021, 24 August 2021, 1 September 2021, 22 September 2020, 30 September and 15 October 2021 the Company confirms that it is not aware of any new information or data that materially affects the information included in those announcements. The Company confirms the form and context in which the Competent Person’s findings are presented have not been materially modified from the original announcements.

This presentation has been approved for release by the Board of Alderan Resources Limited.

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Highlights

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Flagship Detroit project – historical copper, gold & manganese mining district with outstanding copper & gold potential

Ten hole (~3000m) drilling programme in progress to test seven copper and gold targets

Drum Gold Mine option secured – 125Koz historical production; no exploration since 1989

Projects located in Utah, USA – a tier 1 mining jurisdiction Project pipeline – Frisco, Valley Crossroads & White Mountain

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Drill rig on site R1 at Detroit

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Project Locations

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• Utah - a Tier 1 mining jurisdiction

• 4[th] on Fraser Institute 2020 ranking of policy perception*

• Excellent access to infrastructure

• World ranked copper and gold mining districts in Utah and neighbouring Nevada

• Detroit has potential for Bingham, Carlin & Battle Mountain deposit styles

Modified from: Johnson, C.L et al; Toward a Global Carlin-Type Exploration Model: The Relationship between Eocence Magmatism and Diverse Gold Rich deposits in the Great Basin, USA; Nov 2020

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* Fraser Institute Annual Survey of Mining Companies 2020; www.fraserinstitute.org

Detroit: Alderan Exploration History

Sept-Oct 2021 Mar–Aug 2021 Drilling: 10 holes (~3,000m) February 2021 Strong surface to test seven Cu exploration & Au targets October 2020 Tenement results: Stream, underway consolidation – rock & soil April 2020 Drum Gold Mine Mizpah drilling three new sampling, option programme – option magnetics & IP Option seven holes agreements geophysics, Agreement confirmed & executed petrography executed extended historical drilling

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Detroit: Highly Anomalous Copper & Gold in Streams & Rocks

Highly anomalous copper and gold in catchments and rocks

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Copper in stream catchments and rock sampling highlighting +1% copper

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Gold in stream catchments and rock sampling highlighting +2g/t gold

• Bulk leach extraction gold (BLEG) stream sediment sampling completed

• Highly anomalous copper and gold in streams

• 197 rock samples collected

• 17 samples grade >0.5% copper with max. 3.2% copper

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• 28 samples grade >1g/t gold with maximum

• 9.0g/t gold

Refer ASX announcements 8 March & 11 May 2021

Detroit: A ‘Classic’ Porphyry Geophysical Anomaly

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Reduced to pole ground magnetics

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Copperhead
Northern Extension
Southern
Anomaly
Mizpah
Basin Complex
chargeability anomaly Basin Main magnetic
anomaly
Basin Complex
chargeability stem
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Magnetic isosurface cutoff >0.03 SI units; chargeability isosurface cutoff >40 msec; view looking northwest
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Basin Complex is a ~2.0km diameter magnetic and chargeability anomaly

Basin Main potential 500m x 300m x 500m potassic altered core of porphyry

• DD20M-003 petrography confirms potassic altered, Cu-Mo mineralised porphyry

Four new chargeability anomalies – Southern, Copperhead, Northern Extension & Mizpah distal disseminated gold targets

• Copperhead rocks to 9.0g/t Au, Mizpah to 6.9g/t, Southern to 7.6g/t (historical)

• Anomalies are ~1.0km long, 150-500m wide, 300-500m deep at >20msec cutoff

Refer Alderan ASX announcements 11 May & 9 June 2021

Detroit: Mizpah – A Distal Disseminated Gold Target

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Mizpah long section D-D’

▪ Modelled 197 historical holes (1980s) drilled for oxide gold

• Average hole depth 28m

• 20 holes ended in +1.0g/t Au, 40 in +0.5g/t Au

• Mineralisation open to NW & SE, down dip to SW & at depth

• Potential for a second gold mineralized horizon

• Alderan hole DD20M-006 (83m @ 0.41g/t Au) suggests extensions to NE

• Large untested chargeability anomaly below drilling

• Southern, Copperhead & Northern Extension similar targets

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Mizpah oxide gold deposit
historical drillholes (1980s)
Basin porphyry oxide copper
deposit historical drillholes
(1960s)
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Basin Complex chargeability isosurface (cutoff >20 msec) showing location of historical drillholes at Mizpah and Basin porphyry; view looking north

Mizpah cross section B-B’

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Refer Alderan ASX announcement 24 August 2021

Detroit: Drilling Seven Copper & Gold Targets

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Basin Complex 3D inversion model chargeability anomaly (20-30 millisecond shell; yellow)
overlying the Basin Main magnetic anomaly (>0.03 SI units cutoff; red)
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▪ Drilling underway to test seven copper and gold targets

• 10 holes (~3,000m) planned

• Basin Complex porphyry copper-gold-molybdenum

• Basin Main magnetic anomaly (N1)

• Basin Complex chargeability stem (Y)

▪ Distal disseminated gold + copper

• Southern chargeability anomaly (R1)

• Copperhead (A1, A2)

• Northern Extension (E, G)

• Mizpah (PC#2)

▪ Martha Mine gold + copper (U)

• Skarn chargeability copper + gold (P)

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Refer Alderan ASX announcements 1 September & 15 October 2021

Detroit: Drum Gold Mine Option

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• Alderan has 3 year option to purchase[1]

• Payments total US$50,000

• Option exercise payment US$450,000

• Expenditure commitments of US$120,000

• 2% NSR with option to purchase 1% for US$450,000

• Discovery hole (1982) - 15m @ 8.5g/t Au[2]

• Production (1984-89) – 125Koz gold from 3.17Mt of oxide ore grading 1.22g/t Au

• Last underground ore in SW Pit graded +4g/t Au

• No exploration since mine closure

• Mineralisation associated with structure intersections and altered shale and limestone.

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• 1 Refer Alderan ASX announcement 30 September 2021

• 2 Krahulec, K.: “Sedimentary rock-hosted gold and silver deposits of the Northeast Basin and Range, Utah”; Utah Geol Survey; Jan 2011

Detroit: Drum Gold Mine

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Drum Mine Southwest Pit looking to northeast
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Drum Mine Northeast Pit looking to northwest
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Section from: Krahulec, K.: “Sedimentary rock-hosted gold and silver deposits of the Northeast Basin and Range, Utah”; Utah Geol Survey; Jan 2011

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Board & Executive Team

Non-Executive Chairman Managing Director Non-Executive Director VP Operations (US) Company Secretary Tom Eadie Scott Caithness Peter Williams Bruno Hegner Mathew O’Hara Geologist & geophysicist Geologist with 35 yrs Former Managing Director Corporate manager with 25 Has been employed by and with 40 yrs experience. experience in mineral of Alderan Resources and years experience. Former acted as an independent Founding chair of Syrah exploration in Australia, Chief Geophysicist & Managing Director of RT director, company Resources, Copper Strike & Asia, Africa and the Pacific. Manager of Geoscience Copper Projects Group, Rio secretary and CFO for Discovery Nickel. Former Former roles include Technology at WMC Tinto. Vice President of numerous resource Executive GM Exploration Director Exploration for the Resources. Founding Resolution Copper companies in Australia, & Technology, Pasminco Vedanta group, co-founder member of Independence Company. Africa, Canada and the Limited. and MD of Indian Pacific Group & founding Director USA. BA – Fort Lewis College; JD, Resources (now Akora of Ampella Mining. BSc (Hons) Geology/ Law – Sturm College of Law B.Com. – University of Resources (ASX: AKO)), Geophysics - University of MSc Geophysics – University of Denver Western Australia; Austrade Senior Trade British Columbia; MSC Engineering – Colorado Chartered Accountant (CA Commissioner to Malaysia Geophysics – University of School of Mines; Adjunct ANZ)

Geologist & geophysicist with 40 yrs experience. Founding chair of Syrah Resources, Copper Strike & Discovery Nickel. Former Executive GM Exploration & Technology, Pasminco Limited.

Geologist with 35 yrs Former Managing Director experience in mineral of Alderan Resources and exploration in Australia, Chief Geophysicist & Asia, Africa and the Pacific. Manager of Geoscience Former roles include Technology at WMC Director Exploration for the Resources. Founding Vedanta group, co-founder member of Independence and MD of Indian Pacific Group & founding Director Resources (now Akora of Ampella Mining. Resources (ASX: AKO)), MSc Geophysics Austrade Senior Trade Engineering – Colorado Commissioner to Malaysia School of Mines; Adjunct & Brunei and GM Professor, Centre for Exploration, Rio Tinto Exploration Targeting – Exploration. University of Western BSc (Applied Geology) – Australia RMIT University; GAICD

BSc (Hons) Geology/ Geophysics - University of British Columbia; MSC Geophysics – University of Toronto; Grad Diploma in Applied Finance & Investment

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Corporate Structure

SUMMARY – Following completion of Placement

Share price (18 Oct 2021)	$0.043
Shares on issue	425,566,080
Market capitalisation (18 Oct 2021)	A$18.3 million
Options	96,732,292
Performance rights	200,000
Shares held by Directors & Management	~3.7%
Top 20 shareholders	~67%
Cash balance	A$4.5 million

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Directors &
Management
4%
Other
Shareholders
29%
Top 20
Shareholders
67%
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*The above table incorporates the changes to the capital structure and cash balance following the Placement announced on 2 August 2021. Refer ASX announcement dated 2 August 2021 for further details regarding the Placement.

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Alderan: Four Points

▪ Detroit – ‘First mover’ modern exploration over a consolidated porphyry copper & gold district ▪ Drilling underway to test multiple copper and gold targets from excellent surface results ▪ Drum Gold Mine has not been explored since closing in 1989 – historical data review progressing ▪ US technical team consists of +30 year experienced Rio Tinto and Newmont veterans ▪ Utah – a global leading mining jurisdiction ▪ Alderan market cap is A$18.3 million, 425 million shares on issue

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