LCL RESOURCES LIMITED — Investor Presentation 2016

Sep 15, 2016

==> picture [239 x 479] intentionally omitted <==

==> picture [200 x 34] intentionally omitted <==

Metminco Limited Gold Development Opportunity in Colombia

September 2016

1

Disclaimer

==> picture [124 x 22] intentionally omitted <==

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.

==> picture [720 x 56] intentionally omitted <==

----- Start of picture text -----

2
----- End of picture text -----

Metminco’s Value Proposition

==> picture [124 x 22] intentionally omitted <==

• Development opportunity at Miraflores – Feasibility Study to be completed in January 2017

• Metminco has determined an approach to unlock value at Miraflores

• Significant gold/copper porphyry system at Tesorito

• Significant regional upside potential including the highly prospective Chuscal target

• Acquisition structure facilitates development and exploration of the Quinchia Portfolio with minimal upfront cash outlay

• Quinchia Gold 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 cash flows

==> picture [720 x 56] intentionally omitted <==

----- Start of picture text -----

3
----- End of picture text -----

Executive Summary – Quinchia Portfolio

==> picture [124 x 22] intentionally omitted <==

• Purchase of Miraflores Compania Minera SAS (Miraflores Compania), formerly Minera Seafield SAS, from RMB Resources Limited (“RMB”) completed 20 June 2016

• Mid Cauca belt highly prospective for gold, silver and copper – includes Quinchia Gold Portfolio and Anglogold Ashanti’s La Colosa Project (33 Moz gold) & Gran Colombia Gold Corp’s Marmato Mine (14Moz gold)

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

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

• Gold development opportunity producing ±50,000 ounces per annum (steady state) at the Miraflores Project

• Significant upside potential at Tesorito Prospect

Quinchia Portfolio

	Current Concession	6,043 Ha
	Pending Applications	3,792 Ha
	Ownership Drillingto Date	100% > 40,000 m
		9.19Mt M & I Resource @ 2.81g/t Au
	Miraflores	and 2.76g/t Ag (832koz Au)#
		MNC Scoping Study completed in Sept 2016
	Dosquebradas	920 koz Au@0.5g/t Au Inferred Resource##
	Tesorito	Gold-copper porphyry discovery TS-DH-02: 384m @ 1.01g/t Au
	Additional Targets	Santa Sofia, La Loma, Naranjal, Miracielo, Sausagua, Chuscal

JORC (2012 Edition) ## NI 43-101

==> picture [720 x 56] intentionally omitted <==

----- Start of picture text -----

4
----- End of picture text -----

Acquisition Rationale - Quinchia Gold Portfolio located in highly prospective Mid Cauca Porphyry Belt

==> picture [124 x 22] intentionally omitted <==

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 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

==> picture [156 x 149] intentionally omitted <==

Quinchia Gold Portfolio 2.8 Moz: Metminco Marmato 14.4 Moz: Gran Colombia Marmato Mine: 14.4 Moz Au Quinchia Portfolio : 2.8 Moz Au La Colosa Deposit: 33.1 Moz Au

Note: Measured, Indicated & Inferred ounces

==> picture [720 x 56] intentionally omitted <==

----- Start of picture text -----

5
----- End of picture text -----

Three key target areas – Miraflores, Tesorito & Chuscal

==> picture [124 x 22] intentionally omitted <==

==> picture [536 x 412] intentionally omitted <==

----- Start of picture text -----

Miraflores
Development
Vertical Breccia Pipe
Feasibility Study
Tesorito Exploration
Gold porphyry
Step-out drilling
Chuscal
Chuscal Exploration
Gold porphyry
Grant of licence
----- End of picture text -----

==> picture [720 x 56] intentionally omitted <==

----- Start of picture text -----

6
----- End of picture text -----

Implementation Plan to become a gold producer generating strong cash flows

==> picture [124 x 22] intentionally omitted <==

==> picture [674 x 368] intentionally omitted <==

----- Start of picture text -----

Quinchia Regional Exploration (Chuscal)
Investigate Joint
Venture Options
Tesorito Exploration & Resource Drilling
EIS Permitting Process
Feas. Commence
Detailed Design Construction
Study Production
Acquire
Seafield Financing
2016 2017 2018 2019 2020
Quinchia Targets 10+ Moz
0.9 Moz
Dosquebradas
Tesorito 2.4 Moz
Resource Potential
1.9 Moz
Miraflores
----- End of picture text -----

==> picture [720 x 56] intentionally omitted <==

----- Start of picture text -----

7
----- End of picture text -----

==> picture [720 x 58] intentionally omitted <==

Miraflores Project

==> picture [720 x 56] intentionally omitted <==

----- Start of picture text -----

8
----- End of picture text -----

Miraflores Project – Surface exposure of Breccia Pipe

==> picture [124 x 22] intentionally omitted <==

==> picture [526 x 395] intentionally omitted <==

==> picture [720 x 56] intentionally omitted <==

----- Start of picture text -----

9
----- End of picture text -----

Miraflores Development Opportunity

==> picture [124 x 22] intentionally omitted <==

• Previous Feasibility Study work on Miraflores by conducted by Minera Seafield included:

• Open Pit & Underground mining operation

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

• Metminco subsequently revisited the mining plan and is now planning to permit an underground only mining operation

==> picture [270 x 291] intentionally omitted <==

Mauve Colour: Stopes included in previous Open Pit

JORC Mineral Resource (1.2 g/t Au cut-off)	JORC Mineral Resource (1.2 g/t Au cut-off)	JORC Mineral Resource (1.2 g/t Au cut-off)	JORC Mineral Resource (1.2 g/t Au cut-off)	JORC Mineral Resource (1.2 g/t Au cut-off)	JORC Mineral Resource (1.2 g/t Au cut-off)
Resource	Mt	Au (g/t)	Ag (g/t)	Au (koz)	Ag (koz)
Measured	2.95	2.98	2.50	282	237
Indicated	6.24	2.74	2.89	549	580
Total (M&I)	9.19	2.81	2.76	832	817
Inferred	0.18	1.44	5.49	8	32

Tonnes Milled	Tonnes Milled	Tonnes Milled	Tonnes Milled	Tonnes Milled	Tonnes Milled
Operation	Mt	Au (g/t)	Ag (g/t)	Au (Koz)	Ag (Koz)
Underground	4.03	3.51	2.84	455	368
Total	4.03	3.51	2.84	455	368

==> picture [151 x 26] intentionally omitted <==

----- Start of picture text -----

Miraflores Development
----- End of picture text -----

==> picture [132 x 26] intentionally omitted <==

----- Start of picture text -----

Tesorito
----- End of picture text -----

Regional Exploration

==> picture [720 x 56] intentionally omitted <==

----- Start of picture text -----

10
----- End of picture text -----

Current underground mining scenario – MNC (Aug ’16)

==> picture [124 x 22] intentionally omitted <==

==> picture [295 x 355] intentionally omitted <==

==> picture [83 x 146] intentionally omitted <==

----- Start of picture text -----

Yr -1
Yr 1
Yr 2
Yr 3
Yr 4
Yr 5
Yr 6
Yr 7
Yr 8
----- End of picture text -----

• 9 month pre-production development period (Year -1) generates 126kt stockpile

• Plant commissioning to occur during pre-production period

==> picture [720 x 56] intentionally omitted <==

----- Start of picture text -----

11
----- End of picture text -----

Optimisation of pre-production capital expenditure

==> picture [124 x 22] intentionally omitted <==

		Pre-production capital	Pre-production capital	Pre-production capital
Item		Capital (US$m)		Optimisation by MNC
	RMB (Feb 2015)	MNC (Sept 2016)
		Excludes Contingency	Includes Contingency*
Pre-stripping	9.83	0	0	No open pit – reduce environmental footprint
Open Pit Mining Equipment	14.14	0	0	No open pit
Underground Mining	0	6.44	6.44	Lease mining fleet (vs. purchase fleet)
Processing	38.03	38.03	47.54	No change in capital albeit throughput is reduced by 26%
Tailings	7.91	8.65	9.62	Small dry stacked tailings facility (vs. a larger wet tailings facility)
Infrastructure	5.01	5.01	6.27	No change
Owners Cost	8.89	8.98	11.22	Includes purchase of land
Water monitoring	0.07	0.09	0.09	No change
Total pre-production capital	83.88**	67.20	81.18	** RMB 2015 had no contingencies

• Average contingency of 21%

==> picture [720 x 56] intentionally omitted <==

----- Start of picture text -----

12
----- End of picture text -----

Life of Mine Financials – RMB (Feb 2015) and MNC (Sept 2016)

==> picture [124 x 22] intentionally omitted <==

Reduction in LoM Capital & Improvement in IRR	Reduction in LoM Capital & Improvement in IRR	Reduction in LoM Capital & Improvement in IRR	Reduction in LoM Capital & Improvement in IRR	Reduction in LoM Capital & Improvement in IRR
Item	Units	Life of Mine
		RMB No Contingency (Feb 2015)	MNC Pre-Contingency (Sept 2016)	MNC Post-Contingency (Sept 2016)
Mineral Material Processed	kt	6,695	4,028	4,028
Life of Mine	Years	12	9	9
Gold Recovered	koz	504	414	414
Silver Recovered	koz	280	199	199
Gold Price	US$/oz	1,300	1,300	1,300
Silver Price	US$/oz	18.00	18.00	18.00
Operating Costs	US$000’s	266,801	230,254	230,254
Indirect Costs	US$000’s	3,119	1,828	1,828
Royalties	US$000’s	20,938	21,497	21,497
Operating Margin (EBITDA)	US$000’s	366,587	285,686	285,686
Capital	US$000’s	124,418	84,636	98,029
Income Tax	US$000’s	57,211	45,833	41,213
After Tax Free Cash Flow	US$000’s	184,958	155,182	146,409
After Tax NPV @ 8%	US$000’s	77,096	83,510	73,420
After Tax IRR	%	22	31	26

==> picture [720 x 56] intentionally omitted <==

----- Start of picture text -----

13
----- End of picture text -----

Comparison of Mine Plans – MNC (Sept 2016) vs. RMB (Feb 2015)

==> picture [124 x 22] intentionally omitted <==

==> picture [623 x 305] intentionally omitted <==

----- Start of picture text -----

Mine Plans: Sept '16 vs. Feb '15
-25% -20% -15% -10% -5% 0% 5% 10% 15% 20% 25%
Gold Recovered
Pre-Prod Capex
LoM Capex
AISC/oz
EBITDA
After Tax Free Cash flow
NPV @ 8%
IRR %
Payback
----- End of picture text -----

2016 Underground only mining plan results in improved financial returns

Positive attributes – Sept 2016 Mine Plan (Note: RMB Feb 2015 Mine Plan excludes contingencies & opex & capex estimates have not been adjusted for CPI)

==> picture [720 x 56] intentionally omitted <==

----- Start of picture text -----

14
----- End of picture text -----

Estimated costs - Completion of Feasibility Study & EIS

==> picture [124 x 22] intentionally omitted <==

Estimated US$7 million required to complete Feasibility Study & reach decision to mine	Estimated US$7 million required to complete Feasibility Study & reach decision to mine	Estimated US$7 million required to complete Feasibility Study & reach decision to mine
Item	Estimated Expenditure
	US$ (000’s)	A$ (000’s)
Management of Feasibility Study	338	450
Design of the tailings facility	94	125
EIS & Geotechnical	1,607	2,143
Social licence program	147	196
Geological consulting	43	57
Mine design	187	249
PMO (Mining and Operations Plan)	106	141
Owners Costs	1,464	1,952
Contingency	126	168
Total Feasibility Study	4,112	5,481
Overheads	1,245	1,660
Land Acquisition	998	1,331
Payment of 1st Tranche – RMB	750	1,000

Feasibility Study scheduled for completion in January 2017

==> picture [720 x 56] intentionally omitted <==

----- Start of picture text -----

15
----- End of picture text -----

Comparison of All In Sustaining Costs

==> picture [124 x 22] intentionally omitted <==

Life of Mine AISC @ US$648 per Au-oz	Life of Mine AISC @ US$648 per Au-oz	Life of Mine AISC @ US$648 per Au-oz
Item	LoM Cash Costs (US$ per payable Au-oz)
	RMB (Feb 2015)	MNC (Sept 2016)
Open Pit	58.12	0
Underground Mining	213.49	338.87
Processing	201.70	150.61
Tailings	6.27	17.95
G&A	52.02	51.31
Refining Charges	4.66	0.74
Insurance & Transportation	1.55	3.69
Silver credit	(9.96)	(8.60)
Direct Cash Costs	527.85	554.57
Government Royalties	41.72	52.17
Indirect Cash Costs	41.72	52.17
Total Direct & Indirect Costs	569.57	606.74
Sustaining Capital	80.76	40.87
AISC	650.33	647.61

Delivers a margin of US$652/oz (at US$1300/oz)

==> picture [720 x 56] intentionally omitted <==

----- Start of picture text -----

16
----- End of picture text -----

==> picture [720 x 58] intentionally omitted <==

Tesorito Prospect

==> picture [720 x 56] intentionally omitted <==

----- Start of picture text -----

17
----- End of picture text -----

Early drilling and geophysics - identified a large scale gold-copper porphyry system

==> picture [124 x 22] intentionally omitted <==

• 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

==> picture [437 x 255] intentionally omitted <==

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

==> picture [720 x 56] intentionally omitted <==

----- Start of picture text -----

18
----- End of picture text -----

Miraflores Development

Tesorito

Regional Exploration

Untested Potential – gold/copper porphyry complex

==> picture [124 x 22] intentionally omitted <==

==> picture [501 x 340] intentionally omitted <==

----- Start of picture text -----

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
----- End of picture text -----

• 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

==> picture [720 x 56] intentionally omitted <==

----- Start of picture text -----

19
----- End of picture text -----

Forms part of a 3km NNE-SSW striking porphyry complex - underexplored

==> picture [124 x 22] intentionally omitted <==

• NNE-SSW striking dacite porphyry has been mapped

• Limited exploration work has been conducted in the form of soil & rock geochemistry, geophysics (IP Survey) and drilling ( 3 DDH’s)

• Focus of work to-date has only been on an area of some 20 Ha

• Drilling has not been optimal & step-out drilling is required

• Strike extensions of the identified mineralisation need to be explored

==> picture [350 x 131] intentionally omitted <==

Miraflores Development

Tesorito

Regional Exploration

==> picture [720 x 56] intentionally omitted <==

----- Start of picture text -----

20
----- End of picture text -----

Highly prospective gold porphyry

==> picture [124 x 22] intentionally omitted <==

==> picture [546 x 337] intentionally omitted <==

----- Start of picture text -----

18.5 Ha
----- End of picture text -----

• Based on the geology, soil & rock geochemistry, as well as drilling results, it is assumed that the mineralised area measures in excess of 18.5Ha and extends to a minimal depth of 300m

==> picture [720 x 56] intentionally omitted <==

----- Start of picture text -----

21
----- End of picture text -----

Miraflores Development

Tesorito

Regional Exploration

Planned short-term exploration program

==> picture [124 x 22] intentionally omitted <==

Preliminary Exploration Program – October 2016 to March 2017	Preliminary Exploration Program – October 2016 to March 2017	Preliminary Exploration Program – October 2016 to March 2017	Preliminary Exploration Program – October 2016 to March 2017
Exploration Activity	Estimated Cost (A$000’s)	Date
		Start	End
Soil & rock chip sampling program	120	October ‘16	January ‘17
Geophysical survey (IP)	180	November ‘16	January ‘17
Diamond drill program	700	December ‘16	March ‘17
Total Expenditure	1,000	October ‘16	March ‘17

• Extend soil and rock chip sampling program to NE and SW of the currently defined gold anomaly

• Extend geophysical grid to NE and SW of the current geophysical grid

• Complete a diamond drill step-out program of 6 drill holes to further evaluate the chargeability (IP) anomaly & the surface gold anomaly

• Pending the results of the planned program, further exploration work will be conducted for resource estimation purposes

==> picture [720 x 56] intentionally omitted <==

----- Start of picture text -----

22
----- End of picture text -----

Miraflores Development

Tesorito Regional Exploration

==> picture [720 x 58] intentionally omitted <==

Chuscal Target

==> picture [720 x 56] intentionally omitted <==

----- Start of picture text -----

23
----- End of picture text -----

Soil geochemistry has identified a substantial porphyry hosted gold target

==> picture [124 x 22] intentionally omitted <==

• Exploration target identified on basis of soil geochemistry and artisanal workings in excess of 176Ha

• Channel sampling of artisanal underground workings has returned grades of up to 160g/t Au

• Exploration tenements for Chuscal area subject to Option Agreement with AngloGold Ashanti - to be transferred to Minera Seafield

==> picture [692 x 327] intentionally omitted <==

----- Start of picture text -----

176Ha
Au g/t
Miraflores Development Tesorito Regional Exploration
----- End of picture text -----

==> picture [720 x 56] intentionally omitted <==

----- Start of picture text -----

24
----- End of picture text -----

==> picture [720 x 58] intentionally omitted <==

Summary

==> picture [720 x 56] intentionally omitted <==

----- Start of picture text -----

25
----- End of picture text -----

An attainable growth strategy in a highly prospective porphyry gold province

==> picture [124 x 22] intentionally omitted <==

• Near term development opportunity at Miraflores

• Feasibility Study planned to be completed in early 2017

• Two development options

• Open pit in combination with an underground mining operation

• Underground mining operation only

• Underground only mining operation (inclusive of 21% contingency)

• Favourable financial returns

• Generates average EBITDA of US$32 million per annum (NPV @ 8% of US$73 million & IRR of 26%)

• Produces ± 50,000 ounces gold per annum at steady state

• 9 year life of mine commencing late 2018

• Minimal environmental footprint

• Significant upside potential at Tesorito – near surface gold porphyry complex

• Exploration program planned

• Other substantial targets in close proximity to Miraflores / Tesorito (e.g. Chuscal)

• Funding requirement of US$8 - 9 million over next 16 months

==> picture [720 x 56] intentionally omitted <==

----- Start of picture text -----

26
----- End of picture text -----

==> picture [720 x 58] intentionally omitted <==

==> picture [413 x 153] intentionally omitted <==

----- Start of picture text -----

Appendices
----- End of picture text -----

• Metminco Corporate Snapshot

• Metminco Team

• Colombia Country Overview

• Miraflores Additional

==> picture [720 x 56] intentionally omitted <==

----- Start of picture text -----

27
----- End of picture text -----

Metminco Corporate Snapshot

==> picture [124 x 22] intentionally omitted <==

Capital Structure

12 Month Price Performance (ASX)

ASX/AIM Code:	MNC
Shares Outstanding	3,879 million
Issued Options1	5 million
Share price range (12 month)	A$0.003 - A$0.005
Market capitalisation (@ A$0.003)	A$12m
Cash (30 June 2016)	A$0.60m
Debt	Nil

1. 5m options have a strike price of $A0.0302/share and expire 1 August 2017

==> picture [300 x 179] intentionally omitted <==

----- Start of picture text -----

Price and volume
45.0 0.006
40.0
35.0 0.005
30.0
25.0
0.004
20.0
15.0
10.0 0.003
5.0
0.0 0.002
Volume Period average volume Share price
Volume (m)
Share price ($)
14-Jul-15 11-Aug-15 08-Sep-15 06-Oct-15 03-Nov-15 01-Dec-15 29-Dec-15 26-Jan-16 23-Feb-16 22-Mar-16 19-Apr-16 17-May-16 14-Jun-16 12-Jul-16
----- End of picture text -----

Top 5 Shareholders

Other Projects

Shareholder	% of ISC
RMB Australia Holdings	10.3%
Board & Management	8.7%
Junior Investment Company	3.4%
Barrick Gold Corp	1.9%
EM Dos (Chile)	1.9%

• Los Calatos (Peru)

• Porphyry copper-molybdenum deposit

• Mineral Resource (M, I & Inf) of 353Mt at 0.76% Cu and 318 ppm Mo (2,683kt Cu)

• CD Capital Fund III to earn equity of up to 70% by spending US$45 million

• Mollacas (Chile) – Mineral Resource (M&I) of 15.5Mt (79kt Cu)

• Feasibility Study on hold

==> picture [720 x 56] intentionally omitted <==

----- Start of picture text -----

28
----- End of picture text -----

The Team

==> picture [124 x 22] intentionally omitted <==

==> picture [82 x 119] intentionally omitted <==

Dr Phillip Wing

Acting Chairman

Phillip is a founding investor and founding Chairman of the Company and was appointed to the Board on 17 July 2009. He was previously responsible for capital raising and investor relationships in Australia and Asia. He is currently the Executive Chairman of a special purpose private equity firm and non-executive director of six investee companies ranging from mining to medical devices. Phillip was most recently a Partner at Technology Venture Partners, a specialist venture capital firm in the technology sector.

==> picture [82 x 120] intentionally omitted <==

William Howe

Managing Director

William was appointed to the Board on 17 July 2009. William, has over 35 years’ experience in the mining industry and has worked in southern and west Africa, Australia, South East Asia and North and South America. He has been instrumental in the development of a number of new mining operations in Australia and South East Asia including the development and management of the first copper heap leach operation in Australia. William was a founding director of Straits Resources Limited and was Managing Director of Ghana Gold Mines Limited, Hargraves Resources NL, Selwyn Mines Limited and Hampton Mining Limited.

==> picture [720 x 56] intentionally omitted <==

----- Start of picture text -----

29
----- End of picture text -----

The Team (cont.)

==> picture [124 x 22] intentionally omitted <==

==> picture [82 x 118] intentionally omitted <==

Dr Roger Higgins

Non-Executive Director

Roger was appointed to the Board on 8 October 2013. He has over 40 years of mining industry experience, which has included environmental, strategy, project development and operational roles. He commenced working in the industry as an engineering hydrologist working on pit flooding and tailings disposal issues. Subsequent experience included responsibility for projects and operations in arid Australia and the deserts of northern Chile, as well as in eastern and western Canada.

==> picture [82 x 118] intentionally omitted <==

Francisco Vergara-Irarrazaval

Non-Executive Director

Francisco was appointed to the Board on 01 April 2010. He has over 30 years’ experience in the mining industry in Chile and other Latin American countries where he was Vice President of CompaÒ"a Minera El Indio and CompaÒ”a Minera San Jose, subsidiaries of St. Joe Minerals Corporation until 1991. In 1991, he established Vergara & Cia, Law Firm, providing legal services to different mining companies and international engineering firms focused in natural resources, energy, shipping, salmon industry in Chile and agriculture. He has also acted on behalf of foreign governments through their embassies in Chile, and has served as a Director of several listed companies, and Chairman and Director of a number of unlisted companies.

==> picture [720 x 56] intentionally omitted <==

----- Start of picture text -----

30
----- End of picture text -----

Colombia – Favourable Mining Jurisdiction

==> picture [124 x 22] intentionally omitted <==

• 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

• If contract was signed under Law 1382 of 2010, the 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%

==> picture [720 x 56] intentionally omitted <==

----- Start of picture text -----

31
----- End of picture text -----

Colombia at a glance

==> picture [124 x 22] intentionally omitted <==

==> picture [601 x 313] intentionally omitted <==

----- Start of picture text -----

GDP 2015: +3.1%
INVESTMENT GRADE
Average growth in the ten years
+4.3%
RATING
CONTROLLED INFLATION 2015 : 6.77% BBB Stable
Controlled inflation.
BBB Stable
FDI 2014: US$16 Billon Baa2 Positive
40% Mining and Energy
UNEMPLOYMENT RATE 2015: 8.9%
Unemployment rate 2014: 9.1%
DOING BUSINESS RANKING
2015 Rank : 1st in LATAM and
34th in the world (19th in 2014)
POVERTY INDICATOR 2015: 27.8%
Poverty indicator 2009: 40.3%
----- End of picture text -----

Source: DANE, Central Bank, S&P Ratings; Revista Dinero, Doing Business 2015

==> picture [720 x 56] intentionally omitted <==

----- Start of picture text -----

32
----- End of picture text -----

Colombia - Gold production

==> picture [124 x 22] intentionally omitted <==

Gold production 2015

• 59 Tons of gold produced in 2015

==> picture [326 x 369] intentionally omitted <==

----- Start of picture text -----

ANTIOQUIA
40%
59 CHOCÓ
25%
----- End of picture text -----

• 65% of the total production sourced from Antioquia (23t) and Choco (14t)

==> picture [384 x 212] intentionally omitted <==

----- Start of picture text -----

70
59
60
50
40
30
20
10
-
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Tons (Au)
----- End of picture text -----

Mainly alluvial gold

Source: ANM

==> picture [720 x 56] intentionally omitted <==

----- Start of picture text -----

33
----- End of picture text -----

Colombia - Notable gold resources

==> picture [124 x 22] intentionally omitted <==

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

==> picture [139 x 32] intentionally omitted <==

==> picture [128 x 24] intentionally omitted <==

==> picture [111 x 63] intentionally omitted <==

==> picture [102 x 55] intentionally omitted <==

==> picture [124 x 59] intentionally omitted <==

==> picture [118 x 30] intentionally omitted <==

==> picture [133 x 26] intentionally omitted <==

==> picture [83 x 46] intentionally omitted <==

==> picture [129 x 65] intentionally omitted <==

==> picture [87 x 60] intentionally omitted <==

==> picture [720 x 56] intentionally omitted <==

----- Start of picture text -----

34
----- End of picture text -----

Colombia - Duration of concessions

==> picture [124 x 22] intentionally omitted <==

==> picture [574 x 394] intentionally omitted <==

----- Start of picture text -----

Exploration fee
Royalties
Prior Consultation
process
----- End of picture text -----

==> picture [720 x 56] intentionally omitted <==

----- Start of picture text -----

35
----- End of picture text -----

Summary of the Transaction - RMB

==> picture [124 x 22] intentionally omitted <==

• Metminco acquired the Quinchia Portfolio from RMB on 20 June 2015 for an upfront consideration of A$1.6m in MNC Shares and A$0.42m, with A$7m in deferred payments and a maximum of A$7m NSR payments.

• Diagram below provides indicative timing of acquisition payments:

==> picture [674 x 202] intentionally omitted <==

----- Start of picture text -----

March 2016 - Signing June 2017 - First Earlier of June 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
June 2016 – Settlement June 2018 - Second Earlier of June 2020 or
anniversary Decision to mine Miraflores
Upfront payment – 350m MNC Shares
A$1m A$2m
(A$1.4m). Reimbursement of costs from
signing to settlement - A$0.42m (estimated)
----- End of picture text -----

==> picture [720 x 56] intentionally omitted <==

----- Start of picture text -----

36
----- End of picture text -----

Sensitivity to gold price – MNC Mine Plan (Sept 2016)

==> picture [124 x 22] intentionally omitted <==

Sensitivity to Gold Price	Sensitivity to Gold Price	Sensitivity to Gold Price	Sensitivity to Gold Price
Key Financial Indicators	US$1,200/oz Au	US$1,300/oz Au	US$1,400/oz Au
C1 Cash Costs (US$/oz Au)	603	607	611
AISC (US$/oz Au)	644	648	652
EBITDA (LoM average US$/annum)	27.3 million	31.7 million	36.1 million
NPV @ 5% (US$ millions)	75	96	117
NPV @ 8% (US$ millions)	55	73	91
IRR (%)	22	26	29
Payback (years)	3.3	2.8	2.5

Note : C1 Cash Costs include the Government Royalty

==> picture [720 x 56] intentionally omitted <==

----- Start of picture text -----

37
----- End of picture text -----

Comparison: Miraflores vs. San Ramon

==> picture [124 x 22] intentionally omitted <==

• Red Eagle’s San Ramon Mine north of Medellin is now in development after raising $60 million in debt and $20 million in equity early in 2015, and receiving the appropriate permits

==> picture [320 x 294] intentionally omitted <==

----- Start of picture text -----

||||
|---|---|---|
|Parameter|Miraflores|San Ramon|
|Mineral Resource (M&I) (Au)|9Mt @ 2.81g/t|4Mt @ 3.59g/t|
|Mineable Resource (Mt)|4.03|2.76|
|Nominal Throughput (ktpa)|475|360|
|Life of Mine (years)|9|8|
|Mining Method|Underground|Underground|
|Ave Head Grade (Au) (g/t)|3.51|4.57|
|Total Gold (oz)|455|405|
|Recovery Rate (%)|91|96|
|Recovered Gold (oz)|414|388|
|Ave gold production p.a. (oz)|50,000|48,460|
|Study Level|PFS / FS|Construction|

----- End of picture text -----

==> picture [320 x 293] intentionally omitted <==

----- Start of picture text -----

||||
|---|---|---|
|Parameter|Miraflores|San Ramon|
|Pre-production Capital (US$M)|81*|70|
|Sustaining Capital (US$M)|17|29|
|Total mining cost (US$/t ore)|34.67|37.36|
|Total processing cost (US$/t ore)|15.41|24.11|
|Total operating cost (US$/t ore)|57.17|72.51|
|Gold Royalty per Oz|52|80|
|Cash Cost per Oz (US$)|607|596|
|AISC per Oz|648|670|
|Cumulative EBITDA (US$M)|286|172|
|Taxes (US$M)|41|35|
|Payback Period (years)|2.8|1.3|
|After Tax NPV (8%) (US$1,300/oz)|73|90|
|After Tax IRR (%) (US$1,300/oz)|26|53|

----- End of picture text -----

==> picture [386 x 65] intentionally omitted <==

----- Start of picture text -----

||||
|---|---|---|
|MNC AUD|RD CAD|
|Market Capitalisation (9 Sept 2016)|12m|180m|
|Miraflores Development|Tesorito|Regional Exploration|

----- End of picture text -----

• Includes an average contingency of 21%.

Source: Miraflores – MNC Mine Plan (September 2016) San Ramon – Amended Feasibility Study (October 2014)

==> picture [720 x 56] intentionally omitted <==

----- Start of picture text -----

38
----- End of picture text -----