IRON BEAR RESOURCES LTD — Investor Presentation 2018

Feb 4, 2018

Mining Indaba Cape Town February 2018

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

Page 2 | Feb 2018

In line with our strategy to acquire and invest in undervalued and undeveloped mineral projects Cape Lambert has capitalised 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/copper concentrate; and

• § .

• 3 cobalt rich mineralised areas in the nearby Kasombo region[1]

• From Paragon Mining SARL ( Paragon ), a Congolese based company. Acquiring interests in further prospective cobalt projects with potential for operation synergies, including:

• § Kitwe Cobalt-Copper Tailings Project in Zambia copper belt.

1 CFE has subsequently assigned its rights to the Kasombo Project to Fe Limited

DRC Cobalt Project – Summary

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 80%;

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

• § 100% interest in 3 cobalt rich mineralised areas in the nearby Kasombo region ( Kasombo Project )[1] ;

Acquisition details: JVCo Paragon 50% CFE 50%

( DRC Cobalt Project ) located in the DRC.

• § CFE will acquire 50% interest in newly established JVCo, which will operate under Joint Venture Agreement[1] ; and

• § Paragon will transfer the DRC Cobalt Project into JVCo[2, 3] .

CFE will be responsible for funding:

• § the establishment of mining of Kipushi tailings; and

• § modifications needed for Kipushi Processing Plant.

• 1 CFE has subsequently assigned its rights to the Kasombo Project to Fe Limited. 2 the JVCo is currently in the process of being incorporated.

3 transfer of the Kipushi Processing Plant is subject to conditions.

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: The objectives of the JVCo will be to

• § Kipushi Tailings Project

• § commence mining and processing Kipushi Tailings as soon as practical;

• § Kasombo Project[1]

• § commence exploration activities on Kasombo[2] ;

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

• § commence mining activities at Kasombo as soon as practical; and

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

1 CFE has subsequently assigned its rights to the Kasombo Project to Fe Limited.

2 FE Limited commenced exploration activities in November 2017

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

Page 8 | Feb 2018

Global Cobalt Supply/Demand Balance

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80,250 US$/t

Sources: InfoMine.com

Electric car revolution All major manufacturers are already or have committed to building electrified cars

“Cobalt looks set to be the main constraint on battery market growth. Even without a rise in electric vehicle demand we foresee a tight market, while overreliance on the Democratic Republic of Congo on the supply side cannot be avoided.”

– BMO Capital Markets Metals & Mining (Jan 2018)

Sources: Bloomberg Businessweek, INN, BMO Capital Markets

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.

DRC Cobalt Project Layout

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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.

Refer ASX announcement dated 29 March 2017 for full details.

The Kipushi Processing Plant comprises a conventional flotation plant with a design throughput of 150tph.

The process plant is connected to State power via a 12Mw substation. Construction of the process plant is all but complete and requires upgrades and commissioning.

Kipushi Processing Plant

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View over milling circuit
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[1] ( 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 5, Kasombo 6 and Kasombo 7) located within the granted mining licences of PE 4881 and PE 4886. The Kasombo deposits are within 3-5km of the Kipushi Processing Plant.

1 CFE has subsequently assigned its rights to the Kasombo Project to Fe Limited

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.

Refer ASX announcement dated 1 March 2017 for full details

Assignment to Fe Limited

In July 2017, CFE entered in to a binding Terms Sheet with Fe Limited ( FEL ) whereby CFE was to assign to FEL 100% of the rights and obligations it has in Kasombo ( Transaction ) (refer ASX announcement date 13 July 2017).

The Transaction was completed early November 2017. FEL now assumes responsibility for the funding the exploration and feasibility work at Kasombo.

. CFE retain an interest in Kasombo via its holding in FEL, which is presently 44.25%[1]

1 As at 31 Dec 2017

Preliminary Drilling at Kasombo Completed

December 2017

FEL completed a small RC drill programme designed to test the grade and depth of mineralization at Kasombo 5 and Kasombo 7.

A total of 390m was completed in difficult conditions due to the wet weather, with 3 holes completed at Kasombo 5 (200m) and 4 holes at Kasombo 7 (190m).

Drill samples were dispatched to ALS Laboratories for assaying, with results expected back mid February 2018.

Q2, 2018

A larger drilling programme is planned for April 2018.

Kitwe Cobalt-Copper Tailings Project – Summary

Acquisition details:

• § Share Purchase Agreement executed to conditionally acquire a 70% interest in the Kitwe Cobalt-Copper Tailings Project;

( Kitwe Tailings Project ) located in Zambia close to the border of the DRC.

Upon exercise and in satisfaction of the option

• § Commitment to expend US$500,000 within 6 months from the date of exercising the option;

• § Australian Mining Company Zambia Limited ( AMCZL ) entitled to

• milestone payments as follows:

• § US$50,000 upon AMCZL receiving environmental approvals in the respect of the Project;

• § US$50,000 upon AMCZL being granted a mining licence in respect of the Project; and

• § US$50,000 upon AMCZL receiving an export licence.

Upon completion of the acquisition CFE will be responsible for managing and funding the development of the Kitwe Tailings Project, with AMCZL having a “Free Carry” until a “Decision to Mine” at the project

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The Kitwe Tailings Project is located approx. 3km from the outskirts of Zambia’s second largest city, Kitwe. Kitwe is an established commercial and industrial area along side Ndola and Lusaka.

The Kitwe Tailings Project is located in the Zambian Copper belt, one of the world’s largest producing regions of high grade cobalt and copper concentrates and LME grade copper metal with several of the world’s largest copper producing companies operating in the area.

The Kitwe Tailings Project tailings dam has a footprint of approximately 750m x 650m and is up to 15m in height. Located within the granted exploration license, 21853-HQ-SEL. Samples collected from the tailings dam by CFE and assayed reported copper grades up to 0.93% and cobalt grades of up to 0.43%.

Refer ASX announcement dated 22 May 2017 for full details

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Project Operational Objectives
Transaction and Testing and
Construction Production
Due Diligence Processing
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		Complete share sale	Samples collected and	Finalise and optimise	Targeting the
		agreement	being dispatched to South	Kitwe Tailings operational	commencement of
			Africa for metallurgical	plan	production at Kitwe
	Zambia		testing	Finalise all works required for Kitwe tailings operations (opportunity
				for synergies)
		JV Agreement signed,	Undertake studies to	Finalise and optimise	Targeting the
		incorporation of New JV	confirm any upgrade	Kipushi Tailings	commencement of
		company (expected	requirements to optimise	operational plan	production at Kipushi
		February 2018)	the processing plant to
	DRC		extract cobalt/copper concentrate and to make project ready for	Finalise all works required for Kipushi tailings operations
			operations

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APPENDICES

Corporate Snapshot

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873M $52.4M
issued shares market cap @ $0.06
23.5M $0.5M
options outstanding [1] Cash @ 31 Dec 2017
$30.3M $0.07M
listed investments [2] unlisted investments
$11.95M
enterprise value
Ownership
Gulf Energy International Ltd 11%
Top 20 47%
Directors 9%
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1. Options $0.05 exp. Dec 2018.

2. Marked to market on 31 Dec 2017.

3. As at 31 Dec 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.

Stefan Müller- Non-Executive Director

Over 25 years’ international experience in financial markets and investment banking. Based in Europe.

Ke Pro ects and Investments[3] y j

European Lithium Ltd (ASX: EUR) Lithium (Austria) – 12.27%

Marampa Iron Ore 100% - Sierra Leone

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

Fe Limited (ASX: FEL) Cobalt (DRC) – 44.25%

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Our project team has the
technical and commercial
Acquire Add Value expertise and experience to
> Leverage off strong > “Hands on” maximise project development
balance sheet &
approach
relationships
> 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
Over A$175M returned to
distributions and capital returns
shareholders via Special
Dividends and Capital
returns
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Our project team has the technical and commercial expertise and experience to maximise project development

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Competent Persons Statement

The information in this report that relates to Exploration Results is based on information compiled by Mr Jess Oram, Executive Director of Cauldron Energy a company related to Cape Lambert Resources Limited through similar board members, who is a Member of the Australasian Institute of Geoscientists. Mr Oram provides consulting services to FE Limited and has sufficient experience that is relevant to the style of mineralisation, type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 edition of the Australasian Code for Reporting of Exploration, Results, Mineral Resource and Ore Reserves (JORC Code 2012). Mr Oram consents to the inclusion in the report of the matters based on this information in the form and context in which it appears.

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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Investor Relations phone: +61 8 9380 9555 email: info@capelam.com.au