MINERAL COMMODITIES LTD — AGM Information 2012

May 30, 2012

Annual General Meeting

May 2012

This document has been prepared by Mineral Commodities Ltd (MRC) and comprises written materials/slides for a presentation concerning MRC. This is not a prospectus, disclosure document or offering document.

This document is for information purposes only and does not constitute or form part of any offer or invitation to acquire, sell or otherwise dispose of, or issue, or any solicitation of any offer to sell or otherwise dispose of, purchase or subscribe for, any securities, nor does it constitute investment advice, nor shall it or any part of it nor the fact of its distribution form the basis of, or be relied on in connection with, any contract or investment decision.

Certain statements in this presentation are forward looking statements. You can identify these statements by the fact that they use words such as “anticipate”, “estimate”, “expect”, “project”, “intend”, “plan”, “believe”, “target”, “may”, “assume” and words of similar import. These forward looking statements speak only as at the date of this presentation. These statements are based on current expectations and beliefs and, by their nature, are subject to a number of known and unknown risks and uncertainties that could cause the actual results, performances and achievements to differ materially from any expected future results, performance or achievements expressed or implied by such forward looking statements.

No representation, warranty or assurance (express or implied) is given or made by MRC that the forward looking statements contained in this presentation are accurate, complete, reliable or adequate or that they will be achieved or prove to be correct. Except for any statutory liability which cannot be excluded, each of MRC, its related companies and their respective officers, employees and advisers expressly disclaim any responsibility for the accuracy or completeness of the forward looking statements and exclude all liability whatsoever (including negligence) for any direct or indirect loss or damage which may be suffered by any person as a consequence of any information in this presentation or any error or omission therefrom.

Subject to any continuing obligation under applicable law or any relevant listing rules of the ASX, MRC disclaims any obligation or undertaking to disseminate any updates or revisions to any forward looking statements in these materials to reflect any change in expectations in relation to any forward looking statements or any change in events, conditions or circumstances on which any statement is based. Nothing in these materials shall under any circumstances create an implication that there has been no change in the affairs of MRC since the date of this presentation.

The information which relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr Allen Maynard, who is a Member of the Australian Institute of Geosciences (“AIG”), a Corporate Member of the Australasian Institute of Mining & Metallurgy (“AusIMM”) and independent consultant to the Company. Mr Maynard is the Director and principal geologist of Al Maynard & Associates Pty Ltd and has over 30 years of exploration and mining experience in a variety of mineral deposit styles. Mr Maynard has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code for reporting of Exploration Results, Exploration Targets, Mineral Resources and Ore Reserves”.(JORC Code). Mr Maynard consents to inclusion in the report of the matters based on this information in the form and context in which it appears .

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MRC Today…

Overview and History of MRC

• Over the last 10 years, MRC has been focused on investing in South African mineral sands projects

• Existing South African assets

• 50% ownership of Tormin project

• 56% ownership of Xolobeni project

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Board of Directors
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• Joseph Caruso – Chairman

• Mark Caruso – Managing Director / CEO

• Peter Torre – Company Secretary / Director

• Additional directors will be appointed to meet the future scope of activities and scale expected from the proposed transactions

Capital Structure

• Ordinary Shares: 153.4 million

• Listed Options: 57.4 million

• Cash of A$0.24 million in cash with a further A $0.93 million in marketable securities as at 31 March 2012

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Shareholder Structure
Australia
 Directors / Insiders 14.4% Others
 Mirabaud Invest. 11.5%
Management
 M & G Invest. 7.2%
Management Asia UK
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Source : Orient Capital, 1 July, 2011

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Attractive Industry Fundamentals

Zircon

• The industry generally involves two product chains:

Zircon Supply and Demand Outlook to 2015F

• Supply of Titanium raw materials, largely used to produce Titanium dioxide (TiO2) pigment with small amounts used in the production of Titanium metal sector; and

• Supply of Zircon sand to a number of industries, dominated by the ceramics sector

• The supply/demand dynamics of the feedstocks sector have changed considerably during the last 12 months, influenced by a number of factors, but specifically:

• Lack of development of, or investigation into, new projects due to reduced investor interest and mediocre financial returns from feedstock producers

• The financial crisis resulted in the curtailment of global production to match the considerable fall in demand

• TZ Minerals International’s (TZMI) forecasts suggest that without considering additional supply from potential new projects that have yet to receive formal approval to proceed, the global supply/demand balance is likely to grow into progressively larger deficits

• This is expected to occur throughout the remainder of the decade as underlying demand for Zircon continues to grow uninterrupted while the supply base declines

Source: TZ Minerals International Pty Ltd: Mineral Sands Annual Review 2011

Source: TZ Minerals International Pty Ltd: Mineral Sands Annual Review 2011

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Attractive Industry Fundamentals (cont’d)

Titanium Dioxide Industry: Ilmenite, Leucoxene, Rutile and Synthetic Rutile

• Titanium dioxide pigment is primarily used in the production of surface finishes which impart opacity, brightness and whiteness

Supply / Demand Balances for All Titanium Feedstocks: 2008–2013

• Production is primarily through the sulfate process and the chloride process. The sulfate process has been widely dispersed, but chloride technology is protected by a small group of producers

• Demand is driven mainly through the paint / coatings sector which accounts for 56% of the global consumption and the plastics sector which consume ~25%

• Supply is controlled by the big 5 producers who enjoy relatively strong ability to dictate the prices

• The industry outlook is positive due to demand recovery post the financial crisis and the inability of pigment producers to ramp up capacity causing supply shortages and rampant price increases

• Industry experts believe the shortage of feedstock will continue to act as a supply chain bottleneck over the next few years

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Tormin Project – Overview

Tormin Resource Statement
Tonnes (Mt)	HM (%) Zircon (% in HM ) Rutile (% in HM) Ilmenite (% in HM) Garnet (% in HM)

• Substantial zircon-rich beach resource on West Coast of

• Namibia South Africa

• Definitive Feasibility Study (base case) nominal throughput capacity of 1.4Mtpa producing 48.5Kt of concentrate per annum grading up to 80% zircon and 10% rutile

• Expected mine life of 3 - 5 years

• Tormin  Upside potential through further exploration, replenishment and

• Cape Town permit expansion

• Definitive Feasibility Study (base case) nominal throughput capacity of 1.4Mtpa producing 48.5Kt of concentrate per annum grading up to 80% zircon and 10% rutile

• Expected mine life of 3 - 5 years

• Approved mining right, EMP, water use licence an NNR licence

• Outstanding approvals expected to be received in 1H 2012 (Department Environmental Affairs and zoning)

• Full engineering and tender packages have also been completed and are awaiting final approvals prior to distribution

• First concentrate production expected in 2H 2012

• In addition to non-magnetic resource at Tormin, initial work has indicated additional Ilmenite potential (100Ktpa to 150Ktpa of ilmenite concentrate)

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Primary Beach Concentrator

• Mining with gravel pump mounted on excavator boom

• Trommel screen removes any oversize material

• Gravity separation in a spiral circuit produces a heavy mineral pre-concentrate

• Pre-concentrate is trucked to the Secondary Concentrator Plant

• All beach modules are skid-mounted and highly mobile

Secondary Concentrator Plant

• The pre-concentrate is upgraded further by gravity separation on spirals

• Wet magnetic separators remove Magnetite, Ilmenite and Garnet

• The zircon-rutile rich non-magnetics are upgraded

• further on shaking tables

• The final zircon-rutile concentrate is water washed,

• filtered and bagged

• Tailings are re-deposited on the beach for dispersal by excavator and incoming tide

TORMIN: beach concentrators (ctd)

TORMIN: secondary concentrator

Xolobeni Project – Overview

• 10th largest heavy mineral deposit in the world

• Vertically integrated smelter pre-feasibility study indicating the project is economically viable with a ~25 year mine life

• MRC was granted Prospecting Rights on 4 blocks. These were renewed in February for a further 3 years

• A Conditional Mining Licence on the Kwanyana block was revoked in May 2011 by the DMR

• The timeframe for the Company to address outstanding issues was too short:

• Mining right application withdrawn

• New prospecting right application submitted

• Prospecting works programme over three years after approval granted:

• Collection of baseline environmental data, including ground and surface water, estuaries, flora and fauna, and soil fertility and migration

• Collection of socio-economic data, including traffic, noise and air quality

• Environmental impact assessment of proposed operations would be completed thereafter

• Approval process at least 2 years, so best case construction commencing in 5 years

Xolobeni Resource Statement	Xolobeni Resource Statement
Tonnes (Mt) HM (%) Ilmenite (% in HM )
Measured	224 5.7% 54.5%
Indicated	104 4.1% 53.7%
Inferred 18 2.3% 69.6%
Total 346 5.0% 54.0%

• Strategic location on East Coast of South Africa – Johannesburg tenements covering ~2,900 hectares

• Total resource of 346Mt grading 5.00% HM, containing 9.3Mt of Ilmenite

• Pre-feasibility study also indicates rutile and zircon Durban potential Xolobeni

• All products meet market specifications

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Cable Sands Transaction

• In July 2011, the Company announced that it had entered into binding agreements to acquire existing mineral sands producing assets, which would have transformed the Company into the second largest independent, vertically integrated and diversified Titanium and Zircon mineral sands producer in Australia.

• These highly strategic acquisitions were expected to deliver a number of important benefits to MRC and its shareholders:

• The strategically located Bunbury MSP provided a combined nameplate capacity to process close to 600K tonnes per annum of Titanium and Zircon concentrates.

• The MSP provided a platform for processing MRC’s existing high value, Zircon-rich mineral sands projects located in South Africa.

• By running a two-mine strategy would enable MRC to reduce costs through added scale and proximity and improve operational efficiencies at the MSP by increasing capacity utilisation.

• The Toll Processing Agreement provided steady cash flows, and significantly contributed to fixed cost coverage.

• It was an opportune time to acquire producing mineral sands assets given the current and expected continued favourable pricing environment.

• Attractive Vendor financing was available for a significant portion of the Cable Sands acquisition.

• On 20 December 2011, MRC advised that the conditions precedent of the Cable Sands transaction had not been met within the required timeframe. As a result the proposed acquisition came to an end and, additionally, the acquisition of Simto which was conditional upon the Cable Sands transaction also came at an end.

• The final material condition precedent to the Acquisition was the procurement of funding for the acquisitions. Prevailing global markets provided for difficult conditions in which to raise funds and as a result the necessary funding has not been secured.

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Allied Gold / Petro Ventures

Allied Gold Mining PLC

• Allied Gold is listed on the ASX, TSX and the Main Market of the London Stock Exchange.

• It is a Pacific Ring gold producer, developer and exploration company. It owns 100% of the Simberi Gold Project in PNG and the Gold Ridge Gold Project, located in the Solomon Islands.

• Allied Gold has resources of 8.3Moz and reserves of 3.4Moz and an extensive exploration programme is underway. The

• company is rapidly ramping up production and it is targeting in excess of 200,000oz in CY 2012.

Petro Ventures

• The Company maintains a significant investment in Petro Ventures an E & P company with strategic oil & gas working interests in Romania , Hungary , The Netherlands and France.

• In November 2011 the Romanian Government approved the assignment of the Romanian licences to Petro Ventures and confirmed the licence extensions to May 2014 which may be extended at the company’s option May 2020.

• Wells are planned for the Eugenia prospect in the Pelican Block in the second quarter 2012 and Ioana Prospect in the Midia Block in the third quarter 2012. Petro Ventures has advised that the prospective resources are in the region of 70MMbbls with 53%COS and 654Bcf of gas with 25% COS respectively.

• A valuation of Petro Ventures’ interests in the Romanian Ana + Doina Resources was undertaken in May 2012 and

determined the value range at between US$110m and US130m

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