MINERAL COMMODITIES LTD — AGM Information 2018

May 29, 2018

==> picture [720 x 351] intentionally omitted <==

MINERAL COMMODITIES LTD ANNUAL GENERAL MEETING - 30 MAY 2018

Mark V Caruso Executive Chairman

DISCLAIMER AND COMPETENT PERSON STATEMENT

This document has been prepared by Mineral Commodities Ltd (MRC or the Company) 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 the 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 director in direct loss or damage which may be suffered by any person as a consequence of any information in this presentation or any error or omission there from.

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, if any, in this presentation which relates to exploration results or mineral resources for the Tormin Mineral Sands Project and the Munglinup Graphite Project is based on information compiled by Mr Adriaan du Toit, who is a Member of the Australasian Institute of Mining and Metallurgy (“AusIMM”) and an independent consultant to Mineral Commodities Ltd. Mr du Toit is the director and principal geologist of Aemco Pty Ltd and has over 26 years’ of exploration and mining experience in a variety of mineral deposits and styles. Mr du Toit has sufficient experience which is relevant to the style of mineralisations and type of deposits under consideration and to the activity which he is 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, 2012 Edition”). The information from Mr du Toit was prepared under the JORC Code, 2012 Edition. Mr du Toit consents to inclusion in the presentation of the matters based on this information in the form and context in which it appears.

The Ore Reserve referred to and used in this report was prepared by Mr Daniel Hastings, who is a Member of the Australasian Institute of Mining and Metallurgy (AusIMM). Mr Hastings is an employee of Hastings Bell Pty Ltd and a consultant to the Company. Mr Hastings has sufficient experience relevant to the type of deposit under consideration to qualify as a Competent Person as defined by the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code, 2012 Edition). Mr Hastings consents to the inclusion in the report of the matters based on the reviewed information in the form and context in which it appears.

The information in this report that relates to the Ore Reserve Statement, has been compiled in accordance with the guidelines of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (The JORC Code – 2012 Edition).

The information, if any, in this presentation that relates to metallurgy for the Munglinup Graphite Project is based on information compiled and reviewed by Mr David Pass, who is a Member of AusIMM. Mr Pass is an employee of Battery Limits Pty Ltd. Mr Pass has sufficient experience relevant to process plant and infrastructure design thereof to qualify as a Competent Person as defined by the JORC Code, 2012 Edition. Mr Pass consents to the inclusion in the presentation of the matters based on the reviewed information in the form and context in which it appears. The information, if any, in this presentation which relates to exploration results, mineral resources or ore reserves for Xolobeni Mineral Sands Project is based on information compiled by Mr Allen Maynard, who is a Member of the Australian Institute of Geoscientists (“AIG”), a corporate member of AusIMM and independent consultant to Mineral Commodities Ltd. Mr Maynard is the director and principal geologist of Al Maynard & Associates Pty Ltd and has over 37 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, 2004 Edition). This information was prepared and first disclosed under the JORC Code, 2004 Edition. It has not been updated since to comply with the JORC Code, 2012 Edition on the basis that the information has not materially changed since it was last reported. Mr Maynard consents to inclusion in the presentation of the matters based on this information in the form and context in which it appears.

2

	CORPORATE PROFILE	SUBSTANTIAL SHAREHOLDERS
	ASX : MRC	Au Mining Limited		26.7%
	SHARES ON ISSUE	Zurich Bay Holdings Pty Ltd		18.6%
	418,441,571	Tormin Holdings Limited		14.8%
PERFORMANCE RIGHTS 3,450,000		M&G Investment Management Limited		8.8%
	OPTIONS 5,000,000	Mr & Mrs Anthony C Lowrie		6.6%
MARKET CAPITALISATION		Top	20 Shareholders Hold 90.73%
A$108.8m @ A$0.26cps(1)
			BOARD OF DIRECTORS
	CASH BALANCE
US$9.3M @ 31 March 2018		Mark Caruso	Executive Chairman/Chief Executive Officer
BORROWINGS US$3.6M @ 31 March 2018		Joseph Caruso	Non-Executive Director
		Peter Torre	Non-Executive Director/Company Secretary
		Ross Hastings	Non-Executive Director
(1) Share price at close of business 25 May 2018
		Guy Walker	Non-Executive Director
					3

4 IranMRK PJSC 100% Corporate Entity Gold/Copper Cobalt/Nickel Zinc Potash/Lithium MRC Exploration Australia Pty Ltd 100% Corporate Entity Copper/Gold Channel Iron Ore Hard Rock Lithium/Pegmatites MRC Graphite Pty Ltd 51% Ownership of Munglinup Graphite Project Graphitic Products Transworld Energy & Minerals Resources (SA) (Pty) Ltd (RSA) 56% Ownership of Xolobeni Mineral Sands Project Ilmenite Mineral Sands Resources (Pty) Ltd (RSA) 50% Ownership of Tormin Mineral Sands Mine Zircon/Rutile Ilmenite Garnet PROJECT LOCATIONS	4 IranMRK PJSC 100% Corporate Entity Gold/Copper Cobalt/Nickel Zinc Potash/Lithium MRC Exploration Australia Pty Ltd 100% Corporate Entity Copper/Gold Channel Iron Ore Hard Rock Lithium/Pegmatites MRC Graphite Pty Ltd 51% Ownership of Munglinup Graphite Project Graphitic Products Transworld Energy & Minerals Resources (SA) (Pty) Ltd (RSA) 56% Ownership of Xolobeni Mineral Sands Project Ilmenite Mineral Sands Resources (Pty) Ltd (RSA) 50% Ownership of Tormin Mineral Sands Mine Zircon/Rutile Ilmenite Garnet PROJECT LOCATIONS	4 IranMRK PJSC 100% Corporate Entity Gold/Copper Cobalt/Nickel Zinc Potash/Lithium MRC Exploration Australia Pty Ltd 100% Corporate Entity Copper/Gold Channel Iron Ore Hard Rock Lithium/Pegmatites MRC Graphite Pty Ltd 51% Ownership of Munglinup Graphite Project Graphitic Products Transworld Energy & Minerals Resources (SA) (Pty) Ltd (RSA) 56% Ownership of Xolobeni Mineral Sands Project Ilmenite Mineral Sands Resources (Pty) Ltd (RSA) 50% Ownership of Tormin Mineral Sands Mine Zircon/Rutile Ilmenite Garnet PROJECT LOCATIONS	4 IranMRK PJSC 100% Corporate Entity Gold/Copper Cobalt/Nickel Zinc Potash/Lithium MRC Exploration Australia Pty Ltd 100% Corporate Entity Copper/Gold Channel Iron Ore Hard Rock Lithium/Pegmatites MRC Graphite Pty Ltd 51% Ownership of Munglinup Graphite Project Graphitic Products Transworld Energy & Minerals Resources (SA) (Pty) Ltd (RSA) 56% Ownership of Xolobeni Mineral Sands Project Ilmenite Mineral Sands Resources (Pty) Ltd (RSA) 50% Ownership of Tormin Mineral Sands Mine Zircon/Rutile Ilmenite Garnet PROJECT LOCATIONS	4 IranMRK PJSC 100% Corporate Entity Gold/Copper Cobalt/Nickel Zinc Potash/Lithium MRC Exploration Australia Pty Ltd 100% Corporate Entity Copper/Gold Channel Iron Ore Hard Rock Lithium/Pegmatites MRC Graphite Pty Ltd 51% Ownership of Munglinup Graphite Project Graphitic Products Transworld Energy & Minerals Resources (SA) (Pty) Ltd (RSA) 56% Ownership of Xolobeni Mineral Sands Project Ilmenite Mineral Sands Resources (Pty) Ltd (RSA) 50% Ownership of Tormin Mineral Sands Mine Zircon/Rutile Ilmenite Garnet PROJECT LOCATIONS
Flagship Projects	Location	Resource	Interest	Status
MSR Tormin	South Africa	Mineral Sand Mine	50%	Commenced operation October 2013 Identified potential extension of mine life
TEM Xolobeni	South Africa	Mineral Sand Project	56%	Rich Ilmenite Mineral Sands Deposit on the Eastern Cape of South Africa
Munglinup	Australia	Graphite	51%	Planned Production Q4 2019
North West Exploration	Australia	Gold, Copper, Lithium, Channel Iron Ore	100%	Commenced Drill Program at Doolgunna 4

==> picture [88 x 35] intentionally omitted <==

2017 OVERVIEW AND ACHIEVEMENTS

• Currently operating one of the highest grade mineral sands mines in the world - MSR Tormin, South Africa

• Defined near-term Tormin Expansion Development Project

• Defined near-term pathway to development of Munglinup Graphite Project

• Australian exploration prospects - Lithium, Gold, Copper, Iron Ore

• Iran Mining sector - first mover advantage

• Highly experienced Board & Management team with proven history of delivering projects on time and on budget

• Short term business strategy fully funded from existing cash flow

• Peer leading dividend yielding stock

5

==> picture [88 x 35] intentionally omitted <==

MANAGEMENT TEAM

SURINDER GHAG

MARK CARUSO

TECHNICAL SERVICES MANAGER

EXECUTIVE CHAIRMAN/ CHIEF EXECUTIVE OFFICER

21 years mining experience Atlas Iron | Nautilus Minerals | Ok Tedi Consolidated Rutile Limited

37 years mining experience Allied Gold | FMG

JOSEPH CARUSO

NON-EXECUTIVE DIRECTOR/ MINING CONTRACTOR

50 years mining experience Simto Resources Ltd

ADRIAAN DU TOIT GEOLOGIST

26 years mining experience AngloGold Ashanti | Zamanco | Pangea BHP | Shaw River Manganese Barrick Gold Sinosteel Midwest Corporation

SAIT UYSAL

MARKETING MANAGER

12 years mining experience Syrah Resources Black Mountain Minerals Holding

A PROVEN TECHNICAL AND MANAGEMENT TEAM THAT HAS SUCCESSFULLY DELIVERED PROJECTS ON TIME AND ON BUDGET

BAHMAN RASHIDI

IRAN MANAGING DIRECTOR GEOLOGIST

21 years mining experience RioTinto | Normandy Mining

DANIEL HASTINGS

BUSINESS DEVELOPMENT

19 years mining experience Ok Tedi | Newcrest | Equinox Allied Gold | Silver Standard

FLETCHER HANCOCK

LEGAL COUNSEL

12 years legal advisory & mining experience

Ashurst | Hancock Prospecting Pty Ltd

ROSS HASTINGS NON-EXECUTIVE DIRECTOR GEOLOGIST

44 years mining experience BHP | Allied Gold | Placer Pacific Nord Resources

PETER TORRE

NON-EXECUTIVE DIRECTOR/ COMPANY SECRETARY

23 years corporate, governance &

mining experience Allied Gold | Aditya Birla Minerals

TONY SHEARD

CFO

33 years mining & engineering experience Iluka | WMC Resources

ROBERT WALKER

TORMIN GENERAL MANAGER

20 years mining experience Mount Isa Mines | Xstrata Zinc | Sibelco Lafarge-Holcim

6

==> picture [88 x 35] intentionally omitted <==

2017 GROUP FINANCIAL KPI RESULTS AND SHARE PRICE

Share Price History

US$62.6 milUS$62.6 mi lion l ion Total RevenueTotal Revenue 131%131% 2016: US$27.1 million2016: US$27.1 million Underlying Group Underlying Group US$19.1 milUS$19.1 mi lion l ion 75%75% EBITDAEBITDA 2016: US$10.9 million2016: US$10.9 million Reported Earnings Reported Earnings US$9.9 milUS$9.9 mi lion l ion 161%161% (NPAT) 2016: US$3.8 million2016: US$3.8 million US$1US$ 1 1.0 mi lion .0 mil l ion Cash BalancesCash Balances 279%279% 2016: US$2.9 million2016: US$2.9 million US2.39 cents US2.39 cents Earnings Per ShareEarnings Per Share 163%163% 2016: US0.93 cents2016: US0.93 cents AU1.2 cents AU1.2 cents DividendDividend (Interim: AU0.5 cents paid; Final: AU0.7 cents) (Interim: AU0.5 cents paid; 2016: AU1.2 cents Final: AU0.7 cents) 2016: AU1.2 cents

==> picture [330 x 238] intentionally omitted <==

1 February 2017

30 December 2017 25 May 2018 Closing Share Price Trendline for Closing Share Price

7

==> picture [88 x 35] intentionally omitted <==

SOUTH AFRICA | SNAPSHOT

TORMIN MINERAL SANDS OPERATION

• Continued strong safety record with 1 LTI since commencement of operations

● Resource: Original 2.7MT @ 49.7% THM Mined 7.2MT @ 40.2% THM Revised 1.8MT @ 15.9%THM[(1)]

• Identified potential 10+ years life of mine extension

• Logistics/Power Optimisation via rail and Eskom grid connection

• Permitting continue, with expected resolution in 2018

• New South African Government leadership pro mining development

XOLOBENI MINERAL SANDS PROJECT

• World Class mineral sand deposit geographically located near Richards Bay

• ● JORC Compliant Resource 346MT @ 5% THM

• ● Mining Right under Application ● Future development and divestment options under consideration

• ● N2 National Highway under construction

• ● New South African Government Leadership is pro development of Xolobeni Project

(1) Refer to ASX release of 28 February 2018

8

==> picture [88 x 35] intentionally omitted <==

SOUTH AFRICA | TORMIN OPERATION | SAFETY

==> picture [331 x 222] intentionally omitted <==

The Company continued its outstanding safety performance, with only one Lost Time Injury (“LTI”) being a sprained ankle in April 2017, for in excess of 3.0 million man hours worked since Tormin Operations commenced

Health and Safety Data 2017 Man-hours worked since last LTI 474,960 Lost Time Injuries ("LTI") 1 TRIFR per 1,000,000 Hours

==> picture [279 x 164] intentionally omitted <==

9

==> picture [88 x 35] intentionally omitted <==

SOUTH AFRICA | TORMIN OPERATION | COMMUNITY

Over 4.3 Million 1.58 Rand invested to date into Social Labour Rand in Plans (SLP) in 2017 injected into RSA economy since In excess of OUR IMPACT 277 Million Rand in salaries & wages since 2013 336 Million Rand The Company’s BEE preferential procurement and economic empowerment of historically disadvantaged South Africans expenditure in 2017

Over 1.58 Billion Rand in cash costs injected into RSA economy since 2013

Over

498 Million Rand injected into local Tormin economy through expenditure on local suppliers in 2017

Note: average foreign exchange rate for the 2017 year: AUD 1 to RAND 9.3 USD 1 to RAND 12.0

				SOUTH		AFRICA			**	**	**TORMIN OPERATION	**					RESOURCE &		PRODUCTION
	Resource			Resource		Total			Ilmenite		Zircon		Rutile		Garnet			ROM Ore Mined
				Million		Heavy				% in	% In		% In		% In
				Tonnes		Mineral1			Resource		Resource		Resource		Resource
							%
Indicated Resource - Dec 2013					2.70	49.40%			10.60%		3.40%		0.70%		25.30%
Tonnes Mined -		2014			1.07	53.83%			17.26%		4.76%		0.65%		31.16%
Inferred Resource - Dec 2014					2.70	38.14%			10.05%		2.21%		0.46%		25.22%
Tonnes Mined -		2015			1.62	49.57%			16.15%		3.88%		0.60%		28.94%
Inferred Resource - Dec 2015					2.70	28.01%			6.97%		1.56%		0.55%		18.54%			Mined Grade
Tonnes Mined -		2016			1.81	45.97%			12.97%		2.78%		0.61%		29.21%
Inferred Resource - Dec 2016					1.80	28.80%			6.15%		1.65%		0.53%		18.99%
Tonnes Mined -		2017			2.05	27.57%			5.81%		1.10%		0.50%		19.40%
Inferred Resource - Dec 2017					1.802	15.92%			2.72%		0.79%		0.43%		11.45%
Tonnes Mined - 2018 YTD					0.66	18.48%			3.14%		0.64%		0.40%		13.94%
March 2018
	Ild h	bl i	l			M	i

(1) Includes other valuable minerals e.g. Leucoxene and Magnetite (2) 5% Heavy Mineral cut-off grade used

Mined in excess of 7.21 MT as at 31 March 2018 - 267% more than the original indicated Resource

11

==> picture [88 x 35] intentionally omitted <==

SOUTH AFRICA | TORMIN OPERATION | PRODUCTION

30.17% on 17.72% on Prior Yr Prior Yr 674,720t 372,418t 2017 Total Production Tonnes - Gross 2017 Total Production Tonnes - Net

==> picture [337 x 134] intentionally omitted <==

Production Tonnes - Gross	2014	2015	2016	2017
Garnet Conc	254,816	284,990	270,802	435,590
Ilmenite Conc	100,437	109,959	211,704	217,019
Zircon/ Rutile Conc	42,668	44,489	35,813	22,111
Total	397,921	439,438	518,319	674,720

==> picture [323 x 134] intentionally omitted <==

Production Tonnes - Net	2014	2015	2016	2017
Garnet Conc	254,816(1)	284,990(1)	254,693	211,394
Ilmenite Conc	100,437(1)	109,959(1)	162,123	138,913
Zircon/ Rutile Conc	42,668	44,489	35,813	22,111
Total	397,921	439,438	452,629	372,418(2)

(1) In 2014 and early 2015, concentrates were stockpiled on the beach. Losses resulting from tidal erosion have not been quantified (2) Does not include a substantial build-up in available Heavy Mineral Concentrate stockpiles of 103,379 tonnes

12

==> picture [88 x 35] intentionally omitted <==

SOUTH AFRICA | TORMIN OPERATION | SALES AND STOCKPILE

2017 Concentrate Stockpile Tonnes

==> picture [333 x 154] intentionally omitted <==

217.86% on Prior Yr 549,212t 2017 Total Sales Tonnes

==> picture [337 x 136] intentionally omitted <==

	Stockpile Tonnes	2014	2015	2016	2017
	Heavy Mineral Conc	85	914	228	93,421
	Garnet Conc(1)	17,536	303,050	543,839	684,882
	Ilmenite Conc	24,097	84,085	182,785	31,042
	Zircon/ Rutile Conc	1,791	2,476	1,280	500
	Total	43,508	390,526	728,132	806,249
(1) Total tonnes - Tormin, Koekenaap, Saldanha Bay, in transit or held on behalf of third party under the offtake agreement

Sales Tonnes	2014	2015	2016	2017
Garnet Conc	-	292,472	130,308	243,962
Ilmenite Conc	21,920	-	4,070	282,098
Zircon/ Rutile Conc	42,042	45,240	38,408	23,152
Total	63,962	337,712	172,786	549,212

13

==> picture [88 x 35] intentionally omitted <==

SOUTH AFRICA | TORMIN OPERATION | MINING AND EXPLORATION RIGHTS

TARGET OF KNOWN HEAVY MINERAL RESOURCES TO SECURE TORMIN MINE OPERATIONS

TARGET OF KNOWN HEAVY MINERAL RESOURCES TO SECURE TORMIN MINE OPERATIONS	TARGET OF KNOWN HEAVY MINERAL RESOURCES TO SECURE TORMIN MINE OPERATIONS	TARGET OF KNOWN HEAVY MINERAL RESOURCES TO SECURE TORMIN MINE OPERATIONS	TARGET OF KNOWN HEAVY MINERAL RESOURCES TO SECURE TORMIN MINE OPERATIONS	TARGET OF KNOWN HEAVY MINERAL RESOURCES TO SECURE TORMIN MINE OPERATIONS	TARGET OF KNOWN HEAVY MINERAL RESOURCES TO SECURE TORMIN MINE OPERATIONS
	Section 102 EMP Area	Area/Location	Type of Right	Status	Applied
		Graauwduinen	Prospecting	Under Application	22-Dec-16
		Geelwal Karoo	Prospecting	Under Application	22-Dec-16
		De Punt	Prospecting	Under Application Bank Guarantee submitted, Environmental Authorisation Issued	8-Apr-16
		Klipvley Karookop	Prospecting	Under Application	19-Sep-16
		Geelwal Karoo Inland	Section 102 Expanded Mining Right Application	Under Application Scoping Report Submitted	20-Mar-18
		Northern Beaches
		MINING ONSHORE DEPOSIT ALLOWS BEACH TO REPLENISH

Section 102 Expanded Mining Right Application lodged March 2018 over Northern Beaches & Inland Strandline

14

==> picture [88 x 35] intentionally omitted <==

SOUTH AFRICA | TORMIN OPERATION | INVESTING IN EXPANSION

Primary Beach Concentrator Upgrade

Mineral Separation Plant (MSP)

• Enabling[(1)] :

• Studies and engineering commenced

  • Increase throughput from 240 tph to 480 tph

  • ○ Increase HMC by doubling production capacity to approximately 900k tpa

• Planned capacity 650ktpa ilmenite and garnet con feed @ 70% utlislation to enable[(1)] production of:

• Finished ilmenite 250,000 tpa

• Finished garnet 165,000 tpa

• Finished zircon/rutile products 16,000 tpa

  • Eskom Power Grid Connection

  • ● Logistics via Rail Solution to Saldanha Port

• Additional concentrate production capacity of:

• 66,000 tpa zircon/rutile concentrate

• Desalination for production of fresh water

• 210,000 tpa of Garnet concentrate

==> picture [366 x 110] intentionally omitted <==

==> picture [344 x 108] intentionally omitted <==

(1) Specific annual production guidance will be provided upon completion of the Tormin Expansion Pre-Feasibility Study. These present expected capacity only.

15

==> picture [88 x 35] intentionally omitted <==

MINERAL SANDS MARKET

MARKET FUNDAMENTALS

• Favourable long term Heavy Mineral Sands market, driven by urbanisation, global growth and extensive array of applications

• Product uses in everyday life - paint, paper, construction, ceramics, refractories, chemical technology

• New technology applications evolving - 3D printing

• Improving commodity price trend

• Evident zircon pricing pressure - 45% increase in 2017 pricing expected to continue into 2018

• Primary supply / demand deficit

• Global decline in Total Heavy Mineral (THM) mine grades and make up of ore bodies

• Government forced closures of existing mines in India and China due to environmental compliance

• Major mineral sands producers balancing supply to demand

• Lack of investment in sector leading to lag in new production to meet upcoming demand

==> picture [273 x 335] intentionally omitted <==

16

==> picture [88 x 35] intentionally omitted <==

AUSTRALIA | MUNGLINUP GRAPHITE PROJECT | SNAPSHOT

==> picture [315 x 340] intentionally omitted <==

MUNGLINUP GRAPHITE PROJECT

• High grade natural flake graphite deposit

• Excellent jurisdiction

• Ore Reserve of 3.4Mt at 15.9% TGC (2012 JORC compliant)[(1)]

• Mining Permit approved

• Mineralisation open in all directions

• Near term development profile

• Excellent infrastructure available nearby

• Potential downstream value adding processing optionality currently being assessed

(1) Refer to ASX releases of 30 May 2018

FINANCIAL

• Capital Budget A$52m[(1)]

• ● Lowest quartile operating and capital costs

• Robust economics across pricing and flake distribution scenarios

• NPV A$139m[(1)] Midcase

TIMELINE[(2)]

• Pre-Feasibility Study completed

• ● Approvals submissions August 2018

• Approvals and Permits granted Q4 2018

• Begin construction Q1 2019

• ● Commissioning Q4 2019

(1) Refer to ASX release of 30 May 2018

(2) Subject to final decision to proceed and assumes no EPBC or EPA review requirement

17

==> picture [88 x 35] intentionally omitted <==

AUSTRALIA | MUNGLINUP GRAPHITE PROJECT | DEPOSIT

LOCATION

• 105km west by sealed road from the port of Esperance

• Mining Lease granted to 2031 on designated Mining Reserve

HIGH GRADE MINERAL RESOURCE

• Significant previous work undertaken including feasibility study and process testing

• Mineral Resource of 3.6Mt at 15.3% TGC (10% cut-off) with mineralisation open in all directions[(1)]

• Recent metallurgical test work confirms production of high grade concentrate (>98% TGC)[(2)]

NEAR TERM PRODUCTION TIMELINE

• High grade, coarse flake graphite production target within 18 months

• Strategically significant state project – Lead Agency Framework Status

• Downstream vertically integrated purification and spheroidisation development strategy

LOW PRODUCTION COSTS

• Open-pit graphite mining operation targeting the lowest operating costs quartile for global flake graphite deposits

• (1) Refer to ASX releases of 11 and 13 September 2017

(2) Refer to ASX releases of 8 February 2018 and 15 March 2018

==> picture [334 x 321] intentionally omitted <==

18

==> picture [88 x 35] intentionally omitted <==

AUSTRALIA | MUNGLINUP GRAPHITE PROJECT | ENVIRONMENT AND COMMUNITY

==> picture [249 x 351] intentionally omitted <==

ENVIRONMENTAL PERMITS AND APPROVALS

• Completion of all surveys and studies scheduled for end of Q2 2018

• ● Submission of applications early Q3 2018

• Level 2 Lead Agency Status granted by DMIRS due to strategic significance of project

COMMUNITY

• Extensive community interest and support in the project, especially with closure of Ravensthorpe nickel mine and Cliffs Iron Ore business

• ● Good relationship with Traditional Owners, working together to assess any potential heritage issues

• Development policy of local employment preferred and partnering with / supporting local businesses where possible

• Strong vision to develop downstream processing options within Western Australia, adding to a compelling case for a WA battery manufacturing industry

19

==> picture [88 x 35] intentionally omitted <==

AUSTRALIA | MUNGLINUP GRAPHITE PROJECT | PRE-FEASIBILITY STUDY OUTCOMES

A$139M NPV(1)(2)	48% IRR(1)	A$531/t	A$52M	548kt	9 ears	2 ears
		Average OPERATING CASH COST(1)	Total	Average .	MINE LIFE(1) y	Caital y
			DEVELOPMENT CAPEX(1)	ANNUAL CONC. PRODUCTION(1)		p PAYBACK PERIOD(1)

==> picture [301 x 233] intentionally omitted <==

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

(% TGC)
----- End of picture text -----

==> picture [247 x 238] intentionally omitted <==

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

(US$m)
(US$/t)
----- End of picture text -----

(1) Refer to ASX releases of 30 May 2018

(2) Discount rate of 8% real after tax

20

AUSTRALIA | MUNGLINUP GRAPHITE PROJECT | UPSIDE RESOURCE POTENTIAL

==> picture [88 x 35] intentionally omitted <==

==> picture [296 x 327] intentionally omitted <==

UPSIDE RESOURCE POTENTIAL

• Exploration drilling program currently completed and drill results pending

• Drill restricted Mineral Resource

• Potential to increase mineral resource along strike and at depth of all deposit

21

==> picture [88 x 35] intentionally omitted <==

AUSTRALIA | MUNGLINUP GRAPHITE PROJECT | MARKET DEMAND

Traditional markets are still the main source of demand. Demand in the battery market is growing however overall the battery market remains relatively small.

Canaccord estimate the market for natural graphite to grow from ~640ktpa in 2015, ~1.1Mtpa in 2020, and to +2.0Mtpa by 2025, representing CAGR’s of 5% and 12% respectively.

==> picture [330 x 267] intentionally omitted <==

==> picture [315 x 136] intentionally omitted <==

Demand growth is driven by batteries.

Graphite prices are up 32 to 38 per cent year on year depending on flake size due to:

• an improving steel industry;

• environmental related production problems in China; and

• continued strong demand growth from the lithium ion battery industry.

22

==> picture [88 x 35] intentionally omitted <==

==> picture [622 x 32] intentionally omitted <==

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

MUNGLINUP GRAPHITE PROJECT | DOWNSTREAM VALUE ADD | BATTERY ANODE MATERIAL
----- End of picture text -----

VALUE PROPOSITION

• Upgrading of Munglinup high grade concentrate through thermal purification and spheroidisation for battery anode applications

• Uncoated spherical graphite pricing* between US$2,800 and US$3,850 depending on size of particles

• Doral** facility in Kwinana already fully permitted with easy access to infrastructure and other requirements

==> picture [128 x 73] intentionally omitted <==

Flake graphite

==> picture [132 x 75] intentionally omitted <==

Spherical coated graphite

PRODUCT SALES

THE PROCESS

• Discussions with various potential offtake parties commenced

• Product test work underway to determine exact Munglinup product specifications for various markets

• Production of a bulk marketing sample (+200kgs) commenced in Q1 2018

• Dedicated Marketing Manager appointed

• Pre-Feasibility Study currently underway to assess the production of battery anode material at Kwinana using high grade Munglinup concentrate

• Assessment of both coated and uncoated spherical graphite production

• Results expected within 6 to 12 months due to extensive battery cycle testing requirement

* Benchmark Mineral Intelligence Feb 2018 ** ASX Release dated 13th Dec 2017 – MOU with Doral – Spheroidisation & Purification of Graphite

23

==> picture [88 x 35] intentionally omitted <==

MUNGLINUP GRAPHITE PROJECT | DOWNSTREAM VALUE ADD | EXPANDABLES

==> picture [267 x 72] intentionally omitted <==

VALUE PROPOSITION

• Pre-treatment of Munglinup concentrate forcing apart the crystal lattice planes

• The pre-treated graphite undergoes rapid expansion when heated to form expanded graphite

==> picture [269 x 223] intentionally omitted <==

• Large flake (thick) graphite highly desirable and attracts a market premium

• Doral* facility in Kwinana already fully permitted with easy access to infrastructure and other requirements to produce pre-treated graphite for expandable markets

EXPANDABLE GRAPHITE

• Test work** confirms Munglinup graphite shown to be suitable for a broad range of expandable graphite markets, including high-end graphite foil

• Excellent insulative and fire retardant properties

• Rapid expansion on heating releases inert gas that extinguishes fires by suffocation

• Non carcinogenic material

• China recently banned use of traditional brominate flame retardants in all new buildings

Scanning Electron Microscope photo of expanded Munglinup Graphite

• Used in aircraft manufacturing as a light-weight fire retardant

• ASX Release dated 13th Dec 2017 – MOU with Doral – Spheroidisation & Purification of Graphite.

** ASX Release dated 8 May 2018 - Munglinup expandable graphite testwork results positive

24

==> picture [88 x 35] intentionally omitted <==

MUNGLINUP GRAPHITE PROJECT | DOWNSTREAM VALUE ADD | GRAPHENE

VALUE PROPOSITION

• Production of high value graphene from Munglinup concentrate

• Production of graphene oxide and/or functionalized graphene

• Research agreement with University of Adelaide (leader in graphene research in Australia)

• Testing a range of methods to reduce technology risks – initial indications show the concentrate can be used to produce graphene. First set of detailed results expected late May

• Target turning lower value (minus 25 microns) fines into high value graphene and related products

==> picture [186 x 127] intentionally omitted <==

==> picture [217 x 151] intentionally omitted <==

GRAPHENE

• Broad range of uses from electronics, biomedical, energy storage, coatings, composites and construction additives (green concrete)

• Aim is to utilise the unique properties of graphene (high thermal & electrical conductivity, elasticity, transparency), typically in a matrix/composite

• Constrained by inability to cost effectively scale-up graphene production

• Single to few layers of pristine (low defects) graphene targeted

25

==> picture [88 x 35] intentionally omitted <==

AUSTRALIA | NORTH WEST EXPLORATION

PROJECT INVESTMENTS YANDEYARRA

NORTH WEST EXPLORATION

Five applications have been made over 4 prospective areas for:

• Hard rock lithium Pegmatites

• ● Channel Iron Ore

• Copper (VMS)

• Gold (Mesothermal)

• Capital Expenditure 2018 US$1.0m[(1)]

• Strategic commodity diversification

• Known brownfields mining areas

• Established road, rail and gas infrastructure

(1) Subject to exploration approval

==> picture [332 x 277] intentionally omitted <==

• Lithium

• E47/3884 & E47/3885

• Under Application

• ● US$0.3m budget for 2018[(1)]

GLEN FLORRIE

• Channel Iron Ore

• E08/2963

• Under Application

• ● US$0.2m budget for 2018[(1)]

DOOLGUNNA

• Copper/Gold

• E51/1766

• Granted[(2)]

CAVE HILL

• Gold/Copper

• E51/1867

• ● Under Application[(1) (2)]

(1) Subject to granting

(2) Remaining 2018 Budget of US$0.5m for a total 2018 Budget of US$1.0m

26

==> picture [88 x 35] intentionally omitted <==

AUSTRALIA | NORTH WEST EXPLORATION | DOOLGUNNA & CAVE HILL - COPPER/GOLD

	Doolgunna - E51/1766				Cave Hill - E51/1867
●	Size: 62km2			●	Size: 150km2
●	60km from the Sandfire			●	63km from the Sandfire
	DeGrussa underground				DeGrussa underground mine
	mine			●	Tenement is under application
●	Tenement granted up to			●	Native Title claim under review
	April 2022			●	Historical auger drilling work
●	Native Title claim under				(Dourado Resources, 2011) has
	review				identified copper, gold and
●	Outcrop determined and				zinc soil and radiometric
	gold prospecting has				anomalies that were followed
	been undertaken				up with deep (150m)
	previously				exploration holes
●	Exploration program			●	Next phase drilling on
	commenced (1500m total)				historical near surface
	with results Q3 2018				anomalies that have been
					previously identified

27

==> picture [88 x 35] intentionally omitted <==

IRAN | SNAPSHOT

WORLD CLASS UNDER-DEVELOPED RESOURCES

Currently undertaking a review of circa 31 projects in Iran with the following commodities:

• Gold/Copper

• PROJECT INVESTMENTS

• US$2.0m expenditure budgeted for 2018 TUZLAR PROJECT ● Gold ● Operating Mine ● Budgeted US$1.1m

• Cobalt/Nickel

• Zinc

• Potash/Lithium

Executive Management have set investment criteria in which each project is currently under review

TIMELINE

• September 2017 MRC opened an Office in Tehran

• Iran holding companies has been formed

• Iranian Foreign Investment Licence is under review

ASBKHAN GOLD PROJECT

• Gold

• ● Exploration project ● Budgeted US$0.6m

SEMNAN

• Potash

• ● Exploration project ● Budgeted US$0.3m

IMPASCO

• Signed MOU for joint assessment of mining opportunities

ALB TALKHAN

• Copper

• ● Advanced Exploration ● Budgeted US$0.75m

28

==> picture [88 x 35] intentionally omitted <==

COMPANY STRATEGY

Short Term	Short Term
•	Optimise cash flow generation		Medium Term
	to support business development		•	Munglinup project		Long Term
•	Obtain permitting to target extending Tormin LOM +10 years, define additional resource and reserves		•	commissioning targeted for 2019 Graphite downstream value adding – spheroidisation /		•	Creation of multi- jurisdictional / commodity mining house with at least 3 operating mines
•	Munglinup complete feasibility & commence construction		•	purification and expandable Commence construction and		•	Continue shareholder returns through dividend and capital
• •	Leverage Iran first mover advantage with correct Corporate Strategy Implementation Complete stage 1 of Australian Exploration Program		• •	complete Tormin Expansion Leverage first mover advantage in Iran by exploring and developing operating copper / gold asset Broaden shareholder		• •	growth Disciplined capital management, focused on shareholder returns Continue to develop highly capable technical and
				base / liquidity			management team to implement growth strategy

29

==> picture [206 x 83] intentionally omitted <==

30