LCL RESOURCES LIMITED — AGM Information 2016

May 16, 2016

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Metminco Limited

Annual General Meeting

17 May 2016 Presentation

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Disclaimer

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This presentation (the “Presentation”) is strictly confidential to the recipient and has been prepared by Metminco Limited (“Metminco” or the “Company”) based on the information available to it. It is intended solely for the information of the initial recipient of this presentation. Metminco is not under any obligation to update or keep current the information contained herein.

Each recipient of this Presentation is deemed to have agreed to accept the qualifications, limitations and disclaimers set out below. To the maximum extent permitted by law, none of Metminco and its related entities or their respective members, directors, officers, employees, advisors or representatives nor any other person makes any representation or gives any warranty, express or implied, as to the accuracy, reliability or completeness of the information contained in this Presentation including any forecast or prospective information. To the maximum extend permitted by law, no responsibility for any errors or omissions and no liability for any loss howsoever arising from any use of this Presentation whether arising out of negligence or otherwise is accepted by Metminco and its related entities, or their respective members, directors, officers, employees, advisors or representatives nor any other person.

This Presentation may not be reproduced, retransmitted or distributed to the press or any other person or published, in whole or in part, for any purpose.

Although all reasonable care has been undertaken to ensure that the facts stated and opinions given in this Presentation are accurate, the information provided in this Presentation has not been independently verified.

Any forward looking information in this Presentation has been prepared on the basis of a number of assumptions, subjective judgments and analyses which may prove to be incorrect. There are a number of factors that could cause results or events to differ from current expectations. Actual future events may vary materially from the forward looking information on which those statements are based. Although the Company has attempted to take into account important factors that could cause actual costs or results to differ materially, there may be other factors that cause costs of the Company’s activities or results not to be as anticipated, estimated or intended. This Presentation should not be relied upon as a recommendation or forecast by the Company. Metminco disclaims any intention or obligation to update or revise any forward looking statements, whether as a result of new information, future events or otherwise.

This Presentation and the information contained in it does not constitute a prospectus, admission document or product disclosure statement (including for the purpose of the Corporations Act 2001) relating to the Company and has not been approved by the UK Listing Authority or the Australian Securities Exchange. This Presentation has not been approved by or lodged with the Australian Securities and Investment Commission.

The information in this document is provided for informational purposes only and is subject to change without notice. This Presentation does not constitute or form part of any offer for sale or solicitation of any offer to buy or subscribe for any securities nor shall it or any part of it form the basis of or be relied on in connection with, or act as any inducement to enter into, any contract or commitment whatsoever or constitute an invitation or inducement to engage in investment activity.

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Agenda

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1. The Colombian Gold Acquisition

 Transaction Overview

• Miraflores Development

• Tesorito Target

• Dosquebradas Resource

• Regional Exploration

2. Metminco’s Value Proposition

1. Metminco’s Other Projects

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The Colombian Gold Acquisition

Transaction Miraflores Dosquebradas Regional Tesorito Summary Development Resource Exploration

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Summary

• Purchase of Minera Seafield SAS (“Minera Seafield”) from RMB Resources Limited (“RMB”) anticipated to be competed 23 May 2016

• Contains 2.8Moz Gold Resource (NI 43-101)

• Quinchia district is highly prospective for gold, silver and copper deposits (incl. Anglogold Ashanti’s La Colosa ~33 Moz gold, Gran Colombia Gold Corp’s Marmato Mine ~15Moz gold)

• Acquisition structure allows Metminco to progress exploration and development without incurring significant upfront costs

Quinchia Portfolio Overview

Current Concession 6,043 Ha Pending Applications 3,792 Ha Ownership 100% Drilling to Date > 40,000 m 72.6Mt M & I Resource @ 0.78g/t Au Miraflores * and 1.52g/t Ag (1.82Moz Au) Technical Study completed in 2015 Dosquebradas * 920 koz Au @ 0.5 g/t Au Inferred Resource Gold-copper porphyry discovery Tesorito * TS-DH-02: 384m @ 1.01g/t Au Santa Sofia, La Loma, Naranjal, Miracielo, Additional Targets Sausagua, Chuscal

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Location map of the Quinchia Portfolio

• Refer announcement dated 7 March 2016 for resources sign off by a Competent Person under the ASX Listing Rules 5.12 and 5.16 .

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Quinchia Portfolio – Located in the Highly Prospective Mid Cauca Porphyry Belt

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Mid Cauca Porphyry Belt hosts world class gold deposits

San Ramón 0.5 Moz: Red Eagle

Gramalote 6.1 Moz Au: Anglo/B2 Gold Buriticá 5.4 Moz Au: Continental Gold

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Titiribi 10.6 Moz Au: Sunward La Mina 1.6 Moz Au: Bellhaven La Cumbre 3.0 Moz Au: Batero La Colosa 33.1 Moz Au: AngloGold

Note: Measured, Indicated & Inferred ounces

Quinchia Project 2.8 Moz: Seafield

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Colombia – Notable Project Gold Resources

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Company	Project	Mineral Resource (Measured, Indicated & Inferred)	Mineral Resource (Measured, Indicated & Inferred)	Mineral Resource (Measured, Indicated & Inferred)
		Tonnes (millions)	Grade (g/t)	Moz
AngloGold / B2Gold	Gramalote	372	0.51	6.1
Sunward Resources	Titribi	635	0.52	10.6
Batero	Quinchia	165	0.57	3.0
Bellhaven	La Mina	80	0.62	1.6
Minera Seafield	Quinchia	134	0.65	2.8
AngloGold Ashanti	La Colosa	1,255	0.82	33.1
Gran Colombia	Marmato	489	0.92	14.4
Red Eagle	San Ramon	13	1.78	0.8

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Highlights

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Near term development opportunity at the Miraflores deposit

• Measured and Indicated Resources of 1.8Moz gold and 3.6Moz silver (NI 43-101 compliant)

• Feasibility Study (“FS”) is ~90% complete and Technical Report completed by SRK in 2015 indicated AISC of US$682/oz gold

• Significant upside in re-working and optimising the project through an accelerated production schedule and reduced capex

Significant gold/copper porphyry system at Tesorito

• Drill hole TS-DH-02 returned an intercept of 384m @ 1.01g/t Au, 0.9g/t Ag and 0.08% Cu from surface

• TS-DH-02 ended in mineralisation, with the bottom portion of the hole returning 0.7m at 3.4g/t Au and 2.6% Cu

Extensive regional exploration upside potential

• 100% interest in an extensive and prospective land package

• Quinchia is located in the world class Mid-Cauca Porphyry belt, highly prospective for gold, silver and copper deposits, typical of the large gold porphyry systems that have been identified to date in Colombia

The acquisition paves the way for Metminco to become a gold producer generating strong cash flows

AISC: Includes direct operating costs, third party smelting, refining and transport costs, by-product credits, royalties and production taxes, and sustaining capital

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Summary of the Transaction

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• Seafield Resources Ltd (“Seafield”) went into receivership on 9 Sep-14 after failing to restructure its financing arrangement with its senior-secured creditor, RMB. Consequently, RMB acquired a right to 100% of Minera Seafield in March 2016

• Minera Seafield holds a 100% interest in 15 mining concessions in the Quinchia District, Colombia

• Seafield had a market cap of ~C$50m in 2010/2011 prior to entering into receivership and had spent an estimated C$40m on the project

• Metminco is acquiring the project from RMB, including upfront consideration of A$1.6m in MNC Shares and A$0.5m, with A$7m in deferred payments and a maximum of A$7m NSR payments. Diagram below provides indicative timing of acquisition payments

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March 2016 - Signing May 2017 - First Earlier of May 2019 or
Exclusivity fee – 50 mil anniversary Decision to mine Miraflores
MNC shares (A$0.2m) A$1m A$3m
Production
2016 2017 2018 2019 2020 NSR Based payment
(contingent on
positive cash flow)
A$7m
May 2016 - Settlement
May 2018 - Second Earlier of May 2020 or
Upfront payment – 350 mil MNC Shares anniversary Decision to mine Miraflores
(A$1.4M). Reimbursement of costs from A$1m A$2m
signing to settlement - A$0.5m (estimated)
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Transaction Miraflores
Tesorito
Summary Development
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Dosquebradas Regional
Resource Exploration
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Miraflores – Near Term Development Opportunity

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• Prior to entering receivership, Minera Seafield had initiated a FS on Miraflores (±90% complete)

• Open pit and underground operations

• Ore processing via gravity and float concentration followed by cyanide leaching. 62% of gold is recovered from gravity separation

• Metminco has identified significant upside in re-working and optimising the existing mine plan

	NI 43-101	NI 43-101	Mineral Resource (0.27g/t cut-off)	Mineral Resource (0.27g/t cut-off)	Mineral Resource (0.27g/t cut-off)	Mineral Resource (0.27g/t cut-off)
Resource		Mt		Au (g/t)	Ag (g/t)	Au (Moz)	Ag (Moz)
Measured		38.7		0.68	1.39	0.85	1.72
Indicated		33.9		0.89	1.67	0.97	1.82
Total (M&I)		72.6		0.78	1.52	1.82	3.56
Inferred		3.8		0.51	2.28	0.06	0.28

Inferred	3.8	0.51 2.28	0.51 2.28	0.06	0.28
		Mineable Quantity
Operation	Mt	Au (g/t)	Ag (g/t)	Au (Koz)	Ag (Koz)
Open Pit	3.1	1.48	2.07	146	205
U/G	3.6	3.51	2.70	408	314
Total	6.7	2.58	2.41	554	519

Transaction Miraflores Tesorito Dosquebradas Regional Summary Development Resource Exploration

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Unlocking Value at Miraflores

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Miraflores to date

Metminco’s approach

Targeted Outcomes

• SRK FS 2013 ~90% complete

• RMB contracted SRK to complete a Technical Report in Feb-2015 using the incomplete FS

• Open pit and underground operations, combined LoM of 12 years

• Annual tonnes milled of 558kt

• Annual production rate of 42Koz

• AISC of US$682/oz

• Post-tax NPV8 US$47m and an IRR of 17% (at US$1,200/oz Au)

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• Complete FS by Q4 2016

• Mine optimisation - increase mill throughput

• Take advantage of the significant Peso devaluation and reduced fuel costs

• Use contractor / leased equipment to reduce capital

• Take advantage of suppressed construction engineering and capital equipment market

• Mine optimisation – smaller initial open pit with subsequent push backs

• Complete EIS and permitting

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• Project construction in 2018 for Q1 2019 production start

• Increase mill throughput by 160ktpa to 800ktpa

• Reduced LoM from 12 to 9 years

• Increase gold production from 42 to >55koz gold p.a.

• Reduction in operating costs

• 25% reduction in preproduction capital

• Reduce upfront working capital

• Target >25% IRR

• Target <US$625/oz AISC

Transaction Miraflores Summary Development

Tesorito

Dosquebradas Regional Resource Exploration

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Tesorito – Large Scale Gold-Copper Porphyry System

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• 800m from Miraflores, Tesorito is a porphyry system hosting Au/Ag/Cu/Mo mineralisation

• Surface soils and IP anomaly covers an area of 500m by 700m

• Minera Seafield drilled three high impact exploration holes prior to entering into receivership

Includes 0.7m at 3.43g/t Au and 2.6% Cu towards the tail of the hole

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TS-DH-01	340m @ 0.40g/t Au, 0.58g/t Ag and 0.032% Cu
TS-DH-02	384m @ 1.01g/t Au, 0.90g/t Ag and 0.080% Cu
TS-DH-03	255m @ 0.51g/t Au, 0.67g/t Ag and 0.052% Cu

Transaction Miraflores Tesorito Dosquebradas Regional Summary Development Resource Exploration

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Tesorito – Untested Potential

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4.0m @ 3.1g/t Au
2.9m @ 3g/t Au
4m @ 2.9/t Au
0.70m @ 3.4g/t Au,
2.6% Cu &
311ppm Mo
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IP anomaly has not been intersected and is yet to be tested, future exploration will be targeted at defining the extent of the anomaly

Near surface gold mineralisation is supported by high grade channel samples

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Dosquebradas – Joint Venture Opportunity

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Batero Seafield

• Dosquebradas is located 3 km northeast of the Miraflores Deposit and covers an area of 400m by 300m reaching a depth of 600m

• Mineralisation hosted in diorites, basalts and mixed intrusive breccias

• Dosquebradas has an Inferred Mineral Resource of 0.92Moz (0.3g/t cut-off) (NI 43-101)

• Represents strike extension of Batero Gold deposit which has a resource of 3Moz gold

• PEA completed by Batero - heap leach operation from three optimised open pits

• Opportunity to JV the Dosquebradas deposit as part of a combined pit

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N
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NI 43-101 Inferred Mineral Resource	NI 43-101 Inferred Mineral Resource	NI 43-101 Inferred Mineral Resource	NI 43-101 Inferred Mineral Resource	NI 43-101 Inferred Mineral Resource	NI 43-101 Inferred Mineral Resource	NI 43-101 Inferred Mineral Resource	NI 43-101 Inferred Mineral Resource
Cut-off grade Au (g/t)	Tonnes (Mt)	Au (g/t)	Ag (g/t)	Cu (%)	Au (koz)	Ag (koz)	Cu (Mlb)
0.3	57.8	0.50	0.6	0.04	921	1,036	56.7
0.4	34.6	0.60	0.6	0.05	665	684	38.4
0.5	20.2	0.71	0.7	0.06	459	432	24.9

Transaction Miraflores Tesorito Summary Development

Dosquebradas Regional Resource Exploration

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Metminco’s Implementation Plan to Become a Gold Producer Generating Strong Cashflows

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Quinchia Regional Exploration
Investigate Joint
Venture Options
Tesorito Exploration & PEA
Pre-Feasibility, Feasibility &
Permitting
Permitting
EIS Permitting Process
Complete
Complete FS completed Commence
Construction
Miraflores FS & EIS lodged Production
Acquire
Financing
Seafield
2016 2017 2018 2019 2020
Transaction Miraflores Tesorito Dosquebradas Regional
Summary Development Resource Exploration
Quinchia Targets 10+ Moz
0.9 Moz
Dosquebradas
Tesorito 2.4 Moz
Resource Base
1.9 Moz
Miraflores
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Metminco’s Value Proposition

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 Near term development opportunity at Miraflores

 Metminco has determined an approach to unlock value at Miraflores

 Significant gold/copper porphyry system at Tesorito

 Significant regional upside potential  Acquisition structure facilitates development and exploration of the Quinchia Portfolio with minimal upfront cash outlay

 Quinchia Portfolio complements Metminco’s regional consolidation strategy

 Quinchia growth strategy targeting >10Moz gold

The acquisition paves the way for Metminco to become a gold producer generating strong cashflows

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Colombia – Favourable Mining Jurisdiction

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• Democracy is the oldest and most stable in Latin America

• Literacy rate of ±90%, which is amongst the highest in South America

• Security

• Has improved significantly in recent years

• Economy

• Economic growth remains strong at 4.3% in 2013 and 4.5% in 2014

• Foreign Direct Investment inflow reached US$16.1 billion in 2014

• Main destinations for FDI are the hydrocarbons and mining sectors (50% of FDI in 2013)

• Bilateral free-trade agreement with the United States in October 2011

• Attractive legislative framework – ranks 34 out of 189 economies (World Bank 2015)

• 700 multinational companies have invested in the country

• Mining

• Concession contract (exploration and exploitation) is valid for 30 years renewable for a further 30 years

• Unless contract was signed under Law 1382 of 2010, where contract is renewable for a further 20 years

• Producing mines are subject to a federal royalty of 4% of the gross value of gold and silver production at 80% of the current London gold price (~ 3.2%)

• Taxes

• Corporate tax of 25% plus CREE 9% (CREE Surcharge of 9% expires in 2018, unless it is re-legislated)

• Wealth Tax - payable above approximately US$350k (1 billion pesos) at progressive rates from 0.2% to 1.5%

• VAT of 16%

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Metminco’s Current Projects

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Metminco holds a portfolio of copper, molybdenum, gold & zinc projects in Chile and Peru. Its current projects include:

• Los Calatos (Peru) - Porphyry copper-molybdenum deposit containing a Mineral Resource of 353Mt at 0.76% Cu and 318 ppm Mo (0.5% Cu cut-off)

• Strategic Mining Study completed, outlining a long life sub-level caving operation

• At a production rate of 6.5Mtpa, 50ktpa of Cu in concentrate over a LoM of 22 years is expected

• Currently drilling the hydrothermal breccia at TD2 which has the potential to increase the resource base at Los Calatos

• Project of National Interest status, no competing land use, moderate elevation, near to existing infrastructure

• Process to secure a funding partner is progressing

• Mollacas (Chile) – Mineral Resource of 15.5Mt containing 79kt Cu at 0.2% cut-off, medium term heap leach production potential

• Completed heap leach metallurgical test work supports high copper recoveries

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Location map of Metminco’s current projects

• FS on hold

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