IRON BEAR RESOURCES LTD — Investor Presentation 2017

Mar 2, 2017

PDAC Convention Toronto, Canada March 2017

Unearthing the minerals powering our future

Why Cape Lambert Resources?

Cape Lambert is a diversified mineral development and investment company well positioned to deliver shareholder value though our Acquire, Add Value and Realise strategy. Our activities aim to meet global demand for minerals that drive progress and power our future.

Strategic Portfolio

Exposure to strategic minerals

• » Geographically diverse portfolio of mineral assets and investment interests

• » Multi-commodity portfolio focused on strategic minerals

• » Near term opportunity for production cash flows

• » New project evaluation ongoing

Experienced Team

• » Experienced corporate and project development team

• » Track record of delivering value

Cobalt Lithium Uranium Critical Li-ion Clean commodity, batteries now alternative essential to standard for base load battery electric power chemistry vehicles essential to battery chemistry. Powering Solution for Nuclear portable our growing power an electronic renewable important devices and energy part of our electric revolution future energy vehicles mix

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Inline with our strategy to acquire and invest in undervalued and undeveloped mineral projects we seek to capitalise on an undervalued and emerging cobalt market by acquiring the rights to:

• § a readily available cobalt rich tailings dam in the DRC copper belt;

• § a nearby processing facility that can produce cobalt and copper concentrate; and

• § explore and mine 3 cobalt rich mineralised areas in the nearby Kasombo region.

From Paragon Mining SARL ( Paragon ), a Congolese based company.

Paragon’s holdings/interests that are part of the proposed JV Agreement include:

• § a 70% interest in the Kipushi tailings dam and will increase that interest to 85%;

• § 100% ownership of the Kipushi Processing Plant; and

• § The rights to acquire 100% interest in 3 cobalt rich mineralised areas in the nearby Kasombo region;

• ( Cobalt Project ) located in the DRC.

Cobalt Project – Acquisition Details

JVCo Paragon 50% CFE 50%

• § CFE will acquire 50% interest in newly established JVCo, which will operate under Joint Venture Agreement; and

§ Paragon will transfer the Cobalt Project into JVCo.

CFE will be responsible for funding:

• § the establishment of mining of Kipushi tailings;

• § modifications needed for Kipushi Processing Plant; and

• § exploration and feasibility studies at Kasombo.

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: The objectives of the JVCo will be to

• § commence mining activities at Kipushi Tailings within 6 months;

• § commence exploration activities on Kasombo;

• § complete a Feasibility Study on Kasombo within 18 months;

• § commence mining activities at Kasombo within 24 months; and

• § identify and secure other copper, tin, zinc, and cobalt projects in the DRC and Zambia.

Most cobalt is produced as a by product of either copper or nickel production

60% copper production by product

38% nickel production by product 2% primary cobalt production

Cobalt - one of the worlds essential minerals

• § Lustrous, silvery-blue, magnetic metal;

• § High melting point (1,495 degrees Celsius);

• § Maintains strength even at high temperatures;

• § Maintains its magnetism at temperatures up to 1,121 degrees Celsius;

• § Used in: pigment, cancer treatment and irradiate food for preservation in some countries (cobalt-60), alloyed for high-tech turbines, magnets, batteries.

Cobalt-based batteries have high energy density, chemistry that is attractive for portable electronic equipment

Sources: Darton Commodities Ltd

Global Cobalt Production

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Global Cobalt Supply/Demand Balance

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The DRC holds approximately 47% of the global cobalt reserve base. It is the world's single largest supply source with roughly 63% of global cobalt supply originating in the DRC.

The Kipushi Project is located only 25 minutes from the well established mining town of Lubumbashi and is accessed mostly by sealed road.

Cobalt Project Layout

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Kasombo 6, 7 &12
Kipushi Processing Plant
Kipushi Cobalt Tailings
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The Kipushi tailings dam extends over 1km in length, over 400m in width, with an average depth of 8m. It is located approximately 8km from the Kipushi Processing Plant.

Kipushi Tailings Dam – Sampling Locations

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The Kipushi Processing Plant comprises a conventional flotation plant with a throughput of 150tph and designed to produce a concentrate of:

• 4,000tpa of Cobalt;

• 10,000tpa of Copper; and

• 2,000tpa of Zinc.

The process plant is connected to State power via a 12Mw substation.

Construction of the process plant is all but complete and requires commissioning.

Kipushi Processing Plant

View over milling circuit

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View over flotation circuit
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Administration Building

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Conveyors for dry tailings disposal
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The Kasombo Copper-Cobalt Project ( Kasombo ) is part of the Kasombo Complex, a series of copper-cobalt rich deposits that have been extensively explored by Gecamines and developed and mined by various international companies in joint venture with Gecamines.

Kasombo is at early stage exploration and comprises three separate areas (Kasomobo 6, Kasombo 7 and Kasombo 12) located within the granted mining license, PE 4886.

The Kasombo deposits are within 3-5km of the Kipushi Processing Plant.

Results from random hand held XRF sampling were consistent with and confirmed the previously reported mined copper and cobalt grades by Gecamines and Forrest International Group of between 2.7% to 3.7% copper and 3.5% to 5.3% cobalt.

An extreme high grade rock sample from Kasombo 7 returned a handheld XRF grade of >21% Co.

Cobalt Project Timeline

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Stage 1 Stage 2 Stage 3 Stage 4
31 March 2017 Q2 2017 Q3-4 2017 Q4 2017
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Complete due	• Undertake studies to	Finalise all	Commence
diligence and establish JV company and finalise transaction by 31 March 2017	confirm any upgrade requirements to optimise the processing plant to extract cobalt and to make project ready for operations • Finalise and optimise Kipushi Tailings operational	works required for Kipushi tailings operations	production at Kipushi
	plan
	• Commence exploration work
	at Kasombo

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APPENDICES

Corporate Snapshot

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721M $28.8M
issued shares market cap @ $0.04
23.5M $3.1M
options outstanding [1] cash @ 31 Dec 2016
$13.23M $0.7M
listed investments [2] unlisted investments
$12.41M
enterprise value
Ownershi
p
Gulf Energy International Ltd 13%
Top 20 49%
Directors 11%
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1. Options $0.05 exp. Dec 2018.

2. Marked to market on 28 February 2017.

Board of Directors

Tony Sage - Executive Chairman Over 30 years’ experience in corporate advisory, funds management, capital raisings and management of exploration companies.

Tim Turner - Non-Executive Director Over 25 years’ experience in management and business consultancy and a partner in an accountancy practice.

Jason Brewer - Non-Executive Director

Over 18 years’ international experience in the natural resources sector and in investment banking.

Key Projects and Investments[3]

Marampa Iron Ore 100% - Sierra Leone

European Lithium Ltd (ASX: EUR) Lithium (Austria) – 15.32%

Cauldron Energy Ltd (ASX: CXU) Uranium (Aust., Argentina) – 15.93%

Fe Limited (ASX: FEL) Iron Ore, Gold Nickel (Aust.) – 44.69%

1. As at 28 February 2017.

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Acquire

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Add Value
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Leverage off strong balance sheet & relationships

• “Hands on” approach

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Explore and
> Early stage projects &
evaluate project
companies considered
economics to
undervalued or
crystalise value
distressed
> Position assets to
> Cobalt, lithium, iron ore,
realise value
uranium, copper &
base metals
Realise
> Monetise value in assets through IPO or
partial sell down
> Regularly distribute cash to shareholders
via dividend payments, in specie
distributions and capital returns
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Our project team has the technical and commercial expertise and experience to maximise project development

Over A$175M returned to shareholders via Special Dividends and Capital returns

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Competent Persons Statement

The information in this report that relates to Exploration Results is based on information compiled by Mr Olaf Frederickson. Mr Frederickson is a Member of The Australasian Institute of Mining and Metallurgy (AusIMM) and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the “JORC Code”). Mr Frederickson is a consultant to Cape Lambert Resources. Mr Frederickson consents to the inclusion in the report of the Exploration Results in the form and context in which they appear.

This presentation has been prepared by Cape Lambert Resources Limited (“Cape Lambert” or the “Company”). It is not a disclosure document and should not be considered as an offer or invitation to subscribe for, or purchase any securities in the Company or as an inducement to make an offer or invitation with respect to those securities. No agreement to subscribe for securities in the Company will be entered into on the basis of this presentation.

This presentation may contain forecasts and forward looking information. Such forecasts, projections and information are not a guarantee of future performance and may involve unknown risks and uncertainties. Actual results and developments will almost certainly differ materially from those expressed or implied. Cape Lambert has not audited or investigated the accuracy or completeness of the information, statements and opinions contained in this presentation. Accordingly, to the maximum extent permitted by applicable laws, Cape Lambert makes no representation and can give no assurance, guarantee or warranty, express or implied, as to, and takes no responsibility and assumes no liability for, the authenticity, validity, accuracy, suitability or completeness of, or any errors in or omission, from any information, statement or opinion contained in this presentation.

Throughout this presentation all figures are quoted in Australian dollars (A$) unless otherwise stated.

You should not act or refrain from acting in reliance on this presentation material. This overview of the Company does not purport to be all inclusive or to contain all information which its recipients may require in order to make an informed assessment of Cape Lambert’s prospects. You should conduct your own investigation and perform your own analysis in order to satisfy yourself as to the accuracy and completeness of the information, statements and opinions contained in this presentation before making any investment decision.

This presentation does not constitute financial product advice (nor investment, tax, accounting or legal advice) and has been prepared without taking account of any person’s investment objectives, financial situation or particular needs.

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