PTR MINERALS LTD — Investor Presentation 2020

Dec 10, 2020

A PROSPECTIVE AUSTRALIAN EXPLORATION PORTFOLIO Company Presentation

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December 2020

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COMPLIANCE STATEMENTS

This presentation has been prepared by Petratherm Limited (Petratherm). The information contained in this presentation is a professional opinion only and is given in good faith. Certain information in this document has been derived from third parties and though Petratherm has no reason to believe that it is not accurate, reliable or complete, it may not have been independently audited or verified by Petratherm.

Any forward-looking statements included in this document involve subjective judgment and analysis and are subject to uncertainties, risks and contingencies, many of which are outside the control of, and maybe unknown to, Petratherm. In particular, they speak only as of the date of this document, they assume the success of Petratherm’s strategies and they are subject to significant regulatory, business, competitive and economic uncertainties and risks. Actual future events may vary materially from the forward looking statements and the assumptions on which the forward looking statements are based. Recipients of this document (“Recipients”) are cautioned not to place undue reliance on such forward-looking statements.

Petratherm makes no representation or warranty as to the accuracy, reliability or completeness of information in this document and does not take responsibility for updating any information or correcting any error or omission which may become apparent after this document has been issued. To the extent permitted by law, Petratherm and its officers, employees, related bodies corporate and agents (“Agents”) disclaim all liability, direct, indirect or consequential (and whether or not arising out of the negligence, default or lack of care of Petratherm and/or any of its Agents) for any loss or damage suffered by a Recipient or other persons arising out of, or in connection with, any use or reliance on this presentation or information. All amounts are in Australian dollars (AUD) unless stated otherwise.

JORC Information:

Further details (Including JORC 2012 Code Reporting Tables, where applicable) for the information included in this Presentation can be found in the following Petratherm Limited announcements previously lodged with the ASX:

• Petratherm Secures Position in Highly Prospective Bendigo Gold Zone – 22 November 2018

• Petratherm Secures Land Position Over Highly Prospective Olympic Dam Style, Copper-Gold, Geophysical Anomalies – 5 December 2018

• Second Tenement Application over an Area Prospective Olympic Dam Style, Copper-Gold – 12 December 2018

• Victorian Gold Tenement Update - Exceptional 250 g/t Au Historic Reef Occurrence – 13 February 2019

• Exploration Licence Application close to Fosterville Gold Mine – 4 March 2019

• Gravity survey identifies high tenor Olympic Dam Style Targets – 12 August 2019

• Yuengroon Tenement Granted – Gold and Basement Potential – 11 October 2019

• Gravity Modelling Defines Olympic Dam Style Targets – 15 October 2019

• Prospective Gold Tenement Won in Competitive Bid – 18 October 2019

• Comet Project Tenement (EL 6443) Granted – 14 January 2020

• Quarterly Activities Report December 2019 – 30 January 2020

• Yuengroon (Victoria) High Tenor Gold Pathfinder Anomalies Defined – 27 March 2020

• Mabel Creek Project – Drilling Results – 12 May 2020

• Victoria Update - Significant Tenement Addition over the Central Victorian Goldfields – 19 May 2020

• Mabel Creek Project - Drilling Grant Awarded to test Olympic Dam Style Copper-Gold Targets – 25 June 2020

• Petratherm executes Glenfine Gold Project (Victoria) Farm-in and Joint Venture Agreement – 8 July 2020

• Petratherm executes definitive agreement for the sale of its Victorian gold assets – 12 October 2020

• New Copper and Gold Project Acquired – 3 December 2020

Competent Persons Statement:

The information in this report that relates to Exploration Targets and Exploration Results is based on information compiled by Mr Peter Reid, who is a Competent Person, and a Member of the Australian Institute of Geoscientists. Mr Reid is not aware of any new information or data that materially affects the historical exploration results included in this report. Mr Reid is an employee of Petratherm Ltd. Mr Reid has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Reid consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

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COMPANY OVERVIEW

A HIGHLY PROSPECTIVE AUSTRALIAN EXPLORATION PORTFOLIO

Significant landholding

• ~1,300 km[2] holding in the highly prospective Victorian goldfields[1] – proposed divestment

• ~2,900 km[2] exposure to world class Olympic Dam copper gold province

• ~250 km[2] holding in the Gawler Craton, hosting numerous large gold occurrences

Priority IOCG projects

• Large holding in fertile Iron Oxide-Copper-Gold (IOCG) province

• Area 5 target test hole (March 2020) intersected pervasive IOCG alteration and requires further drill testing

• Multiple drill ready targets with drilling scheduled to start Q1 2021

Value accretive divestment

• Vend of Victorian projects – proposed scrip deal to Skarb Exploration, in-specie distribution to PTR s/h

• 100 Million Skarb Shares to PTR shareholders

• Significant upside through potential appreciation in Skarb share price

Retained exposure to Victorian gold

• Scrip deal provides shareholders with retained exposure to exciting Victorian goldfields

• Includes the Yuengroon project, with 6 large gold pathfinder soil anomalies found to date and now drill ready

• Drill ready high-grade quartz reef gold targets identified at Glenfine (drilling planned for Jan 2021)

Experienced team

• High calibre Board and exploration team

• Includes Derek Carter and Peter Reid, involved in the discovery of the Prominent Hill IOCG mine

Exciting Gawler Craton prospect

• The region hosts numerous gold deposits, including Challenger (1.1 Moz @ 5.1 g/t) and recent Aurora Tank discovery (Marmota)

• Project includes the Comet Gold Prospect, discovered in the mid 1990’s

• Glenfine Project offers opportunity to define initial JORC resources with additional drilling

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1. includes Joint Venture licences

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CORPORATE SUMMARY

BOARD AND MANAGEMENT WITH TRACK RECORD OF EXPLORATION SUCCESS

Derek Carter

CAPITAL STRUCTURE

APITAL STRUCTURE
Shares on issue	188.3M
Options	9.5M
Share price	$0.15
Market capitalisation(undiluted)	$28.2M
Cash(10 Dec 20)	$4.1M
Enterprise value	$24.1M

Non-Executive Chairman

Mr. Carter is a founder of the Minotaur group and a joint recipient of Explorer of the Year (AMEC) for the discovery of the Prominent Hill Copper Gold deposit. He was Chairman of Highfield Resources during the discovery and evaluation of the world-class Muga deposit and has been involved with numerous Government, Industry and ASX listed Company Boards. He is a geologist with over 45 years Corporate and field experience.

Donald Stephens

Non-Executive Director and Company Secretary

Mr. Stephens is a Chartered Accountant and corporate advisor with over 25 years' experience in the accounting, mining and services industries, including 14 years as partner of HLB Mann Judd (SA), a firm of Chartered Accountants.

Simon O’Loughlin

Non-Executive Director

SHARE PRICE PERFORMANCE (LTM)

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0.20 2.5
0.18
0.16 2.0
0.14
0.12 1.5
0.10
0.08 1.0
0.06
0.04 0.5
0.02
0.00 0.0
VOLUME (M)
SHARE PRICE (A$)
Nov/19 Dec/19 Jan/20 Feb/20 Mar/20 Apr/20 May/20 Jun/20 Jul/20 Aug/20 Sep/20 Oct/20
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Mr. O'Loughlin is the founder of O'Loughlin's Lawyers, an Adelaide based, specialist commercial law firm. He has extensive experience in the corporate and commercial law fields while practicing in Sydney and Adelaide, and also holds accounting qualifications. Non-Executive Director of Chesser Resources.

Peter Reid

Exploration Manager

Mr. Reid is an exploration geologist with over 25 years’ experience. He was part of the Minotaur team which discovered the Prominent Hill copper-gold deposit and then later heavily involved in the successful IPO spin offs of ASX listed, Mithril Resources Ltd and Petratherm Ltd. He was the founding CEO of Petratherm and the recipient of the Chairman’s Award for his contribution to the Australian geothermal industry.

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PROJECTS OVERVIEW

A STRATEGIC PACKAGE OF AUSTRALIAN PROJECTS

Goldfield Projects, Victoria

• 80 Moz+ historic production in the region, with Fosterville (Kirkland Lake) 2019 mine production of 619,000 oz @ ~ 40 g/t Au

• Three 100% projects and one joint venture totalling 1,300 km[2]

Mabel Creek IOCG Projects, S.A.

• Huge land package in South Australia’s world class Olympic Dam copper-gold province

• Drill ready semi-coincident magnetic and gravity anomalies identified and native title mining agreements executed

Comet Gold Project, S.A.

• Includes the Comet Gold Prospect, discovered using regional calcrete soil geochemistry in the mid 1990’s

• Gold intercepts over a continuous strike length of over 150 metres, open to the north, south and at depth

Head office, Adelaide S.A.

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VICTORIAN PROJECTS

HIGHLY PROSPECTIVE PORTFOLIO IN THE HEART OF THE GOLDFIELD

Yuengroon (PTR 100%)

• ~140,000 oz historic regional production with shallow reef production recording grades up to 250 g/t Au (8 oz/t)

• Virtually no historic drilling for gold on the tenement, 6 large, drill ready, gold pathfinder soil anomalies identified to date

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YUENGROON
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Glenfine (PTR earning up to 80%, by spending $3M)

• Historic production of 400,000 oz in the immediate area

• Advanced project with drilling to date demonstrating high-grade Ballarat style reef gold and Stawell style basalt contact gold

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SILVER SPOON
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Silver Spoon (PTR 100%)

• Tenement grant due Q1 2021

• Close to major operating mines and adjacent to North Central Victorian Goldfields (NCVG) tender block #3

Ballarat West (PTR 100%)

• 600,000 oz historic regional production, adjacent to major goldfields – Ballarat, Clunes and Creswick

• CSIRO study found highly anomalous gold in ground water

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BALLARAT WEST
GLENFINE
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VICTORIA: COMPARABLE COMPANIES

RECENT EXPLORATION HAS GENERATED SIGNIFICANT VALUE AMONGST PEERS

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Victorian Goldfields: company valuations [1] (A$)
$19B
300.0
250.0 $240M
$220M
$215M
200.0
$165M
$155M
150.0
100.0 $90M
50.0
$30M
0.0
Petratherm Kalamazoo Navarre Mandalay Fosterville Catalyst Metals Staveley Kirkland Lake
Minerals Resources South Minerals
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Case study: Fosterville South (TSXV: FSX)

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6.00 8.0
>400% INCREASE IN VALUE FROM
LISTING IN APRIL TO A PEAK IN
JUNE
7.0
5.00
6.0
4.00
5.0
3.00 4.0
3.0
2.00
2.0
1.00
1.0
0.00 0.0
VOLUME (M)
SHARE PRICE (C$)
Apr/20 May/20 Jun/20 Jul/20 Aug/20 Sep/20 Oct/20 Nov/20
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1. Approx. As at 9 November 2020. AUD:CAD 0.95

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MABEL CREEK IOCG PROJECTS

SOUTH AUSTRALIA’S WORLD-CLASS OLYMPIC DAM COPPER-GOLD PROVINCE

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BIG NE PROSPECT
N (FMG, Cu-REE-Fe )
MABEL CREEK PROJECT
TENEMENTS
CAIRN HILL
(CU River Mining, Fe-
CADI PROSPECT
Cu-Au )
(Private, Cu-REE )
11 Mt @ 49.5% Fe
0.4 % Cu, 0.1 g/t Au
PROMINENT HILL
(OZ Minerals,
Fe-Cu-Au )
178 Mt @ 1.1% Cu,
COMET PROJECT 0.7 g/t Au, 2.7 g/t Ag
(PETRATHERM, Au)
GINA PROJECT
OLYMPIC DAM
(PETRATHERM, Au, Cu-Au) (BHP, Cu-Au-U )
9,550 Mt @ 0.81% Cu, 0.26
kg/t U3O8
0.29 g/t Au, 2.0 g/t Ag
OAK DAM
(BHP, Cu-Au )
CARRAPATEENA
(OZ Minerals,
Cu-Au-Ag )
80 KM
587 Mt @ 0.7%% Cu,
0.3 g/t Au, 2.9 g/t Ag
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• Large licence area (2,852 km[2] ), fertile for Iron Oxide-Copper-Gold (IOCG) style mineralisation

• Numerous discrete semi-coincident magnetic and gravity anomalies identified

• 2019 regional gravity surveying identified 40 anomalies with 7 high priority targets infilled to drill ready status

• Shallow cover: 100-300 metres

• Native Title mining agreements executed, ready to drill

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MABEL CREEK IOCG PROJECTS

NUMEROUS DISCRETE ANOMALIES, LIMITED MODERN EXPLORATION

• Intersecting NW and NE trending crustal structures, control localization of IOCG mineralization (such as seen at Olympic Dam, Prominent Hill & Carrapateena)

• Recent nearby exploration includes BigNE Prospect - elevated Cu-REE, hematite and Cadi Prospect:

• 44m @ 0.10% Cu, 0.5% Ce + La from 148m

• 16m @ 0.57% Cu and 0.17% Ce + La from 184 m to end of hole

• Mineralisation open in all directions

• Highly encouraging Area 5 Prospect drilled by PTR in Q1 2020:

• Encountered pervasive IOCG alteration

• Hematite enrichment and highly elevated rare earths (Ce+La up to 1,300 ppm), diagnostic of IOCG style alteration/mineralization

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BIG NE PROSPECT
N
(Cu-REE-Fe )
AREA 15
AREA 13
AREA 5 (N)
AREA 5 (S)
AREA 3
AREA 2
MAJOR STRUCTURAL CADI PROSPECT
TRENDS (Cu-REE )
20 KM
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MABEL CREEK IOCG PROJECTS

AREA 5: MCDA5-01 DRILL HOLE

• Independent Petrological study – “hydrothermal alteration overprints all rocks at varied levels of intensity and is comparable to moderately deep, moderate to lower temperature Iron Oxide Copper-Gold (IOCG)-type sodic-calcic alteration. This is particularly evident in the consistent presence of dispersed hematite alteration, and in the presence of high intensity calc-silicate (sodic-calcic) skarn-type alteration containing abundant sulphides”

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MABEL CREEK IOCG PROJECTS

2020 DRILL CAMPAIGN DELIVERED HIGHLY ENCOURAGING RESULTS

• 4 targets were tested in early 2020 with hole depths ranging between 250m to

• 400m

• Area 5 North intersected pervasive hydrothermal alteration - diagnostic of IOCG style mineralization

• Revised modelling of the gravity and magnetic data show that the main gravity body (green) is potentially much shallower to the north

• MCDA5-01 likely only clipped an outlier to the main altered part of the system

• The shallow high-density portion of the body will be followed up with a 300m

• hole.

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MABEL CREEK IOCG PROJECT

PTR TO UNDERTAKE FURTHER EXPLORATION AT PRIORITY TARGETS

• S.A. Government grant awarded ($182,000) to assist drilling of the IOCG Style geophysical targets. High priority targets include:

• Area 5: Follow-up drilling at Area 5 to test the main gravity body

• Area 13: a large, 6 milligal gravity anomaly, coincident with a magnetic feature which modelling suggests starts at approximately 500 metres depth

• Area 15: discrete combined magnetic and gravity target with modelled depth of 400 metres

4 to 5 targets are proposed to be drilled tested, drilling preparations are advanced and scheduled to start in first quarter 2021

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N
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AREA 15: IOCG DRILL TARGET – Residual Gravity anomaly (contours) partially overlapping a discrete magnetic body. Modelled depth to top of target is 400 metres

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COMET and GINA GOLD PROJECT’S

A PROVEN GOLD PROSPECT IN THE HEART OF THE GAWLER CRATON

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N
Golf bore
Campfire Bore
AURORA TANK
(MARMOTA, Au )
Greenwood
TARGET 14
EL 6443 PROSPECT (Au)
COMET
CHALLENGER
1.1 Moz @ 5.1 g/t Au PROSPECT (Au)
ELA 2020/0194
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• Recently granted 256 km[2] licence within the Northern Gawler Craton, S.A.

• The Gawler Craton hosts numerous gold occurrences, including the Challenger deposit and the recent high-grade Aurora Tank discovery (i.e. 4m @ 70 g/t Au, MEU ASX 04/11/20)

• Licence includes the Comet Gold Prospect, discovered in the mid 1990’s:

• 28m @ 0.4 g/t gold from 48m

• 16m @ 1.9 g/t gold from 28m, incl. 2m @ 6.2g/t gold from 34m

• 4m @ 3.8 g/t gold from 36m, incl. 1m @ 7.0 g/t gold from 39m

• 12m @ 1.0g/t gold from 56m

• 12m @ 0.5 g/t gold, incl. 1m @ 4.6 g/t gold from 82m

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COMET GOLD PROJECT

TARGETS FOR IMMEDIATE FOLLOW UP TESTING IDENTIFIED

• Gold intercepts occur over a continuous strike length in excess of 150 metres, open to the north, south and at depth

• Follow up drill testing will be a priority: Native Title mining agreement in place and rapid drilling approvals anticipated

• Historical gold soil geochemistry over much of the northern Gawler Craton was ineffective due to transported cover and prematurely down graded many areas

• Regional grid drilling to the top of saprolite zone (deeply weathered bedrock) at 5 to 10 metres depth is proposed to explore for new gold zones

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Regional Gold Exploration Program will utilise a minimal environmental impact Landcruiser Rig (photo courtesy of McLeod Drilling)

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N
28m @ 0.4 g/t gold from 48m
12m @ 0.5 g/t gold from 72m
Incl. 1m @ 4.6 g/t gold from 82m
16m @ 1.9 g/t gold from 28m
Incl. 2m @ 6.2 g/t gold from 34m
12m @ 1.0 g/t gold from 56m
4m @ 3.8 g/t gold from 36m
Incl. 1m @ 7.0 g/t gold from 39m
0 M 25 M 50 M
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Mt Woods Inlier
N ( up faulted block )
PROMINENT HILL
(OZ Minerals),
178 Mt @ 1.1% Cu,
0.7 g/t Au, 2.7 g/t Ag
Sub-Basin
( down faulted block )
GRAVITY
ANOMALIES
Mulgathing Complex
( up faulted block )
ELA 2020/0194
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GINA EAST – OLYMPIC DAM STYLE COPPER - GOLD POTENTIAL

UNTESTED GRAVITY ANOMALIES SOUTH WEST OF PROMINENT HILL

Major faults (dashed lines) evident on residual gravity Image, highlight prominent NW trending down faulted sub-basin. On eastern fault basin edge the Prominent Hill Mine occurs and the Company aims to explore the opposing western faulted edge where several untested regional gravity anomalies are evident from the regional data.

Image - Residual Gravity Image of the East Gina Application Area (SARIG Open file data)

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PETRATHERM: NEXT STEPS

COMPLETE VICTORIAN TRANSACTION. COMMENCE LARGE SCALE EXPLORATION IN S.A.

Goldfield Projects, Victoria

• Complete Skarb transaction – crystallise value for shareholders

Mabel Creek IOCG Projects, S.A.

• Drilling campaign of multiple IOCG style geophysical targets Q1 2021

• Includes further drilling at Area 5 target to test the main gravity body

Comet Gold Project, S.A.

• Regional shallow RAB drilling to locate prospective new gold zones – starting Q1

• Drilling campaign at the Comet Prospect – starting Q2 2021

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