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TALGA GROUP LTD Investor Presentation 2018

Oct 23, 2018

65925_rns_2018-10-23_83526a6b-b20b-4d5e-a61c-84d8e1ed716e.pdf

Investor Presentation

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ASX Release 24 October 2018 ASX:TLG

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Talga Presentation at Benchmark Minerals Graphite + Anodes 2018

Advanced materials technology company, Talga Resources Ltd (“ Talga ” or “ the Company ”), is pleased to provide a copy of the presentation delivered today by the Company’s Managing Director, Mark Thompson, at Benchmark Minerals Graphite + Anodes 2018 in Newport Beach, California, USA.

The presentation is available on the Company’s website via the link below:

http://www.talgaresources.com/irm/content/presentations.aspx?RID=301

For further information, visit www.talgaresources.com or please contact:

Mark Thompson Managing Director Talga Resources Ltd T: + 61 (08) 9481 6667

Nikki Löf Marketing & Investor Relations Coordinator Talga Resources Ltd T: + 61 (08) 9481 6667

Talga Resources Ltd ABN 32 138 405 419 ASX: TLG & TLGOA Germany: TGX USA: TLGRF 1st Floor, 2 Richardson St, West Perth 6005 Australia

E: [email protected] T: +61 8 9481 6667 F: +61 8 9322 1935 W: www.talgaresources.com

Page 1

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Talga Resources Super Anodes: new generation graphite for improved Li-ion batteries

Benchmark Minerals Graphite + Anodes 2018 Newport Beach, CA. USA Oct 23, 2018

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FORWARD LOOKING STATEMENTS & DISCLAIMER

This presentation has been prepared by Talga Resources Limited (ACN 138 405 419) (“Issuer”) for the sole purpose of providing an overview of its current prospects and proposed exploration and development strategy to recipients (“Recipient”). This presentation and its contents are provided to the Recipient in confidence and may not be reproduced or disclosed in whole or in part to any other person, without the written consent of the Issuer.

The presentation is based on information available to the Issuer as at the date of the presentation. The information contained in this presentation has not been verified by the Issuer nor has the Issuer conducted any due diligence in relation to that information. The presentation contains selected information and does not purport to be all inclusive or to contain all information that may be relevant to the Recipient. The Recipient acknowledges that circumstances may change and this presentation may become outdated as a result. The Issuer accepts no obligation to update or correct this presentation.

This document includes forward-looking statements. When used in this document, the words such as "could," “plan," "estimate," "expect," "intend," "may," "potential," "should," and similar expressions are forward-looking statements. Although the Issuer believes that the expectations reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties, and no assurance can be given that actual results will be consistent with these forward-looking statements. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this presentation. To the maximum extent permitted by law, none of the Issuer, its directors, employees or agents, advisers, nor any other person accepts any liability for any loss arising from the use of this presentation or its contents or otherwise arising in connection with it, including, without limitation, any liability arising from fault or negligence on the part of the Issuer or its directors, employees or agents. Nothing in this Presentation is a promise or representation as to the future. Statements or assumptions in this presentation as to future matters may prove to be incorrect and differences may be material. The Issuer does not make any representation or warranty as to the accuracy of such statements or assumptions.

The information in this presentation does not take into account the investment objectives, financial situation and particular needs of any Recipient. The Recipient should not make an investment decision on the basis of this presentation alone and the Recipient should conduct its own independent investigation and assessment of the content of this presentation. Nothing in this presentation constitute financial product, investment, legal, tax or other advice. Nothing in this presentation should be construed as a solicitation to buy or sell any security or to engage or refrain from engaging in any dealing in any security. Photographs, maps, charts, diagrams and schematic drawings appearing in this presentation are owned by and have been prepared by or commissioned by the Issuer, unless otherwise stated. Maps and diagrams used in the presentation are illustrative only and may not be drawn to scale. Unless otherwise stated, all data contained in charts, graphs and tables is based on information available at the date of this presentation. By accepting this presentation the Recipient agrees to be bound by the foregoing statements.

Talga Resources Vertically integrated graphite and graphene products company

3

WHAT WE DO

Advanced material technology company developing and commercialising the worlds highest grade graphite mineral resource to produce value added graphene and battery products

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Significant in house capability to develop and commercialise value added products in collaboration with industry majors

  • Product development; Chemists, Physics and Material Science

  • Process development; Engineers Chemists

  • Mineral resource development; Earth scientists

  • Development phase: trial mining completed, process test facility in Germany scaled up, pre-feasibility for all permitting well underway

  • Formal agreements executed with substantial commercialisation partners

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Selection of staff at Talga Technologies Ltd, Cambridge UK

4

CORPORATE SNAPSHOT

FINANCIAL INFORMATION

FINANCIAL INFORMATION
Shareholders ~3,700
Share price (ASX code TLG) (18-Oct-2018) A$0.56
52 week low / high A$0.42 / A$0.92
Shares outstanding1,2 217.4m
Market Capitalisation A$121.7m
Cash (30-Sep-2018) ~A$16.6m
Debt (30-Sep-2018) Nil
Enterprise value A$105.1m
Source: IRESS, company filings. As at 18 Oct 2018.
_1_Excludes 43.8m listed options (TLGOA) with exercise price A$0.45 and
expiring 31 Dec 2018
_2_Excludes 26.7m unlisted options (mostly employees and directors) with
exercise price range up to A$1.02 and expiry date range
31 Dec 2018 to 17 Dec 2020

SHARE PRICE PERFORMANCE

SHARE PRICE PERFORMANCE
Share price (A$) 5 years Volume (m)
MAJOR SHAREHOLDERS
Smedvig –Scandinavian based family office 11.7%
Mark Thompson –Managing Director 6.6%
J P Morgan Nominees (Australia) 6.5%
HSBC Custody Nominees (Australia) 5.5%
Pelmer Securities 4.2%
Citicorp Nominees 3.4%
Top 20 54.4%

5

OUR OPERATIONS

Headquartered in Australia (listed on ASX) with major operations and business units in Europe

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Talga Graphene AB/Talga Battery Metals AB Sweden. 100%-owned Graphite, Cobalt and Copper/Gold deposits

Graphite/ Cobalt & Copper Deposits Process R&D, Scale Up & Sample Supply

Talga Advanced Materials GmbH Germany 100%-owned process test facility located in Rudolstadt

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Talga Technologies Limited UK. In-house product R&D team located in Cambridge

Product Development & Marketing

NORTH SWEDEN ADVANTAGES

New source of long term mineral supply chain to Europe and Asia

  • ‣ Low cost and low CO 2 sustainable power

  • (over 18 TW/year Hydro & 12 TW/year Wind )

  • ‣ Quality existing infrastructure roads and railway with links to ports and smelters

  • ‣ Close to emerging European battery factories in Sweden, Poland, Hungary, Germany et al

  • ‣ Quality long term operating and investment jurisdiction with 22% corp tax rate, 0.2% mineral tax rate

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Grams CO2 per KWh power generation (2014)

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Data and Graphic Courtesy of “Invest in Norrbotten !”

7

EUROPEAN BATTERY MEGAFACTORIES

Location advantage to supply local Li-ion battery supply chain

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TALGA PROJECTS, SWEDEN
NORTHVOLT, SWEDEN 32GWhr
JOHNSON MATTHEY, POLAND
TESLA GIGAFACTORY, EUROPE (PROPOSED)
NORILSK-BASF CATHODE PLANT
DAIMLER, GERMANY
CATL , GERMANY
NISSAN, UK
FARASIS, GERMANY?
BMZ, GERMANY 3GWhr TERRA E, GERMANY 38GWhr
SAFT, FRANCE 0.6GWhr
LG CHEM, POLAND 50GWhr
KREISEL ELECTRIC AND ACCUPOWER, AUSTRIA
GS YUASA, HUNGARY
SAMSUNG SDI, AUSTRIA
SAMSUNG SDI, HUNGARY, 2.5GWhr
CELL MAKERS
BATTERY PACK MAKERS ONLY
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Multiple Li-ion battery “megafactories” being built or planned in EU

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Major car markets turning to EVs

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  • Majority of raw materials are currently imported into Europe from Africa (cobalt and graphite) or China (graphite)

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  • Talga’s anode and cobalt-related deposits in Sweden represent a strategic supply, on direct rail links

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  • Rocketing growth underwritten by many EU governments legislating against ICE cars

8

Source: Benchmark, Roskills, Recruit, Company reports..

GLOBAL LEADER IN GRAPHITE RESOURCE GRADE

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Grade %C of In-situ Graphite
Nunasvaara
Yalbra
Balama West MualiaBalama West Ativa 25.3 Mt @ 25.3%Cg
Lac Guéret
Balama East
Kookaburra Gully
Jalkunen 31.5 Mt @ 14.9%Cg
Lac Knife
Koppio
Campoona
Uley
Raitajärvi 4.3 Mt @ 7.1%Cg
Balama North Nicanda Hill
Kringel
Epanko
Geumam
Wilclo South
Duwi
KambaleTaehwa Talga Total Graphite Resources
Balama West Other 48.1 Mt
Merelani East
Mousseau West containing 8.1 Mt graphite
Molo
Graphite Creek plus
Balama North Cobra Plains
Nachu 175- 250 million tonnes targets
Samcheok
McIntosh Target 1
Loharano
Lochaber
Albany
Coosa
Kearney
Bissett Creek
0 5 10 15 20 25 30
Graphitic carbon (wt%)
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See Appendix for JORC resource details Comaprison source : http://www.techmetalsresearch.com/metrics-indices/tmr-advanced-graphite-projects-index

9

SUMMARY OVERVIEW OF OPERATIONS

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10

View full video here: https://www.youtube.com/watch?v=G7dndP7NGco

VERTICALLY INTEGRATED GRAPHITIC PRODUCT SUPPLY CHAIN

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PROCESSING
MINING
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PRODUCT R&D Some current collaborations include:

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11

ONE ORE – MANY PRODUCTS

Vittangi graphite ore yields both graphite and graphene for value-adding into products.

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Anode Purification and Functionalisation
Mining of Graphite Ore Processing Engineering Coupling and Dispersion
Talga Products Talga Products
Anode products
Natural Exfoliation and Talnode™ Electrode
Graphite Ore Concentration High Capacity Powders
Talnode™-X Nano-enhanced
Talga Advanced Materials GmbH Fast Charge Admixtures
Talnode™-Si Functionalised
Silicon-Anode Polymers
R&D Next Gen
Chemically
Anodes
Coupled
Dispersions
Solid ‘Waste”
Siliceous Conductive Graphene
Aggregates For Graphene
Loaded Plastics
Concrete and Road products
Applications
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*Note: Functionalisation is the adding of chemical bonds to the graphene to enable it to impart its performance characteristics into the bulk material it is blended. It is a value-adding process required for integration into products.

12

LI-ION BATTERY PRODUCTS Talga anode developments and results to date

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13

ENERGY STORAGE TEAM

In-house expertise of leading battery developments

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Sai Shivareddy Ph.D.

Manager - Product Development

Heads up Talga’s development of advanced carbon products for energy storage. 7 years industrial experience focusing on early stage commercialisation of novel materials and energy technologies.

  • Previous positions include leading graphene research and commercialisation efforts at Tata Group in collaboration with the Cambridge Graphene Centre.

  • Founder of multiple energy harvesting and storage technologies.

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Fengming Liu Ph.D.

Senior Scientist - Batteries

Over 11 years industry experience. Focus on programs for silicon and new generation battery anodes under ‘Safevolt’, a Talga led project granted financial assistance under the UK Government's Faraday Battery Challenge.

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Claudio Capiglia Ph.D.

Director of Battery Technologies

Over 20 years experience in the battery industry in Japan. Exclusive know-how of the research, development and industrialisation of advanced materials and electrodes for Li-ion battery manufacturing.

  • Previous Professor and head of Battery Group/ Italian Institute Technology - Cofounder and Director of the original Li-ion cell manufacturers in Europe - Former Senior Scientist for solid state battery technologies for Hybrid Electric Vehicles (HEVs) at Toyota.

Da Wang Ph.D.

Research Scientist – Batteries

Lina Zhou Ph.D.

Research Scientist - Batteries

  • Previous positions include co-founder and Senior Scientists for UKbased silicon anode specialist Nexeon Ltd.

  • Responsible for 10 Li-ion battery anode patents to date.

14

ANODE PRODUCTS

Talga is developng a range of high value Li-ion battery anode products under the Talnode™ trademark

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Improved charging and discharging rates

Improved power and energy performance Less swelling

Longer lifespan through great stability

Lower cost of anode electrode manufacturing

15

TALNODE[TM] - FOR POWER

Talnode™ in 4.5Ah pouch cells show more power and energy in initial tests

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5
0.5 C TALNODE™ 5 2C
4.5 TALNODE™
4.5
4
4
3.5
COMMERCIAL 3.5
3 COMMERCIAL
3
2.5
2.5
2
2
1.5 1.5
1 1
0.5 0.5
0 0
0 10 20 30 40 50 60 70 80 90 0 20 40 60 80 100 120 140 160
Cycle number Cycle number
capacity [Ah]
Disch capacity [Ah]
Disch
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100% Talga Graphite as Active Material in 4.5Ah NMC pouch cells

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High capacity retention at high power (same capacity of 4.5Ah at 0.5C and 2C)

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90% first cycle efficiency

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Benchmarked with current market leading graphite product at leading independent EU facility

16

TALNODE™ FOR STABILITY AT HIGH CHARGE RATES Very high stability compared to leading brand cells

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TALNODE™
5
4.5
4
3.5 COMMERCIAL REF
3 Leading Auto Cell
2.5
Leading Appliance Cell
2
1.5
1
0.5
0
0 0.5 1 1.5 2 2.5
C-Rate
Capacity (Ah)
----- End of picture text -----

~20% power above commercial reference

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Very high stability up to 300 cycles (cycle testing ongoing)

17

TALNODE ™ - FOR HIGH CAPACITY

Engineered graphite product achieves >372 mAh/g without silicon

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Anode capacity (mAh/g)
430
420 Talnode™-X has unique morphology
410
Increases Li accessible sites for intercalation
400
390 Higher than graphite capacity
380
Cost effective process
370
360 Very stable anode electrodes
350
340
330
Commercial Flake Commercial Flake Talga micrographite Talnode™-X
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18

TALNODE™ - FOR FAST CHARGE

Ultra-fast charge 3min equivalent
0.2C
0.5C
1C
2C
5C
10C		 20C

Extreme high charge rate (up to 20C or 3min) at higher capacity for Talnode™-X (right) compared with Leading Commercial Anode Product (CAP)(left). In tests a range of coin cells were fabricated using Talga’s graphite anode and tested to a common protocol with the commercial reference prepared at the same time and under the same conditions.

19

100% OWNED ORE PROCESS TECHNOLOGY

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20

View full video here: https://www.youtube.com/watch?v=xrp4NzIe-B8&t=8s

TALGA ‘FARADAY CHALLENGE’ PARTNERS

UK Government funding £246 million ‘Faraday’ initiative to create new battery tech and local supply chains

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Talga wins 70% rebate against eligible costs (~A$1.5m budget) over 1-2 year period for 3 programs:

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  • ‘ Scale up ’ higher performance Li-ion electrode materials

  • ‘ Safevolt ’ higher energy anodes with new g raphenesilicon and alloy materials

  • ‘ Sodium ’ sodium-ion battery technology for 12v replacement automotive applications.

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Binding collaboration agreements signed with partners including Jaguar-Land Rover, Johnson Matthey, Croda, Faradion, PV3, Cambridge University and Warwick Manufacturing Group.

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TWI WMG CAMBRIDGE UNIVERSITY
Manufacturing Research Battery R&D Institution R & D Institution
PV3 FARADION JAGUAR LAND ROVER
Energy Materials Sodium Cell Developer Auto Company
CRODA JOHNSON MATTHEY TALGA RESOURCES LTD
Chemicals Company Battery Materials Graphene Advanced
Material Technologies
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21

HIGH SILICON ANODES

Fast growing demand for Lithium ion batteries with higher energy density = longer life/range

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Energy capacity (mA/g) attributed to Si-C/SiO
Energy capacity (mA/g) attributed to Graphite
800
700
600
500
400
300
200
100
0
Graphite 3% Silicon 5% Silicon 15% Silicon 30% Silicon
2016 2025
Forecasting: Increasing Silicon
Energy Capacity (mA/g)
----- End of picture text -----

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Growth in silicon loading driven by demand for higher energy density, particularly China NEV credits and national energy plans*

A silicon anode can provide ~10 times the gravimetric energy of the standard graphite anode in a Li-ion battery.

Companies developing or planning silicon anodes include Volkswagen, BTR, Samsung, Hitachi** however , silicon experiences drastic volume change during charging, causing short battery life/failure.

  • China Industrial Association of Power Sources

** See ASX:TLG 24 October, 2018

22

HIGHER SILICON ENABLED BY GRAPHENE

The solution to effectively higher silicon loadings may be graphene

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In some commercial Li-ion batteries (for example: BTR, Panasonic, Hitachi, Maxell among others), small amounts of silicon are already added to the carbon anode to enhance cell energy, but higher levels are hindered.

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Samsung has patented and is marketing a solution with graphene shells around silicon[1]

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Goldman Sachs estimate an Rmb6.3bn (US$0.9bn) addressable market by 2025 for graphene in batteries[2]

TALGA GRAPHENE

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FLG
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SAMSUNG GRAPHENE COATED SILICON

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1 Source “Graphene balls for lithium rechargeable batteries with fast charging and high volumetric energy densities”, Nature Communications 8:1561. Samsung

2 Source “Chinas Battery Challenge; A New Solution”, Goldman Sachs Feb 2017

23

TALNODE[TM] SILICON

Under Faraday ‘Safevolt’ project Talga is developing high capacity silicon anode using Talphene® graphene

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  • ~50% higher reversible capacity compared to commercial graphite* Coloumbic efficiency of 99.3% – 99.8%

  • 95% reversible capacity (after 45 cycles - cycling tests ongoing)

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Graphite 3.5%Si 10.5% Si
650
550
450
350
250
150
0 10 20 30 40 50
Cycle numbers
Capacity (mAh/g)
----- End of picture text -----

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  • See ASX:TLG 24 October, 2018

24

CONCLUSIONS AND NEXT STEPS

Talga is developing materials for current additive silicon and next gen solid silicon electrodes

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Test results show potential for Talga to produce high performance battery materials enabled by its unique;

  • ore type

  • processing technology

  • anode material technology

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Deep in house capability and technology sets Talga apart and enables potential to enter higher value chain. Battery anode products are complementary to, and can be produced alongside, graphene products.

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  • Recent meetings in Asia confirm outlook for demand of Talga target anode products: 1 - high capacity 2 - fast-charge and 3 - silicon anodes.

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Options for production of large scale batches of commercial samples/prototypes in 2019 using currently mined material being reviewed.

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Talga energy storage team relocated to Maxwell Centre of Cambridge University, UK. Further product development and testing underway at leading independent facilities in Europe and Asia. Preparation and despatch of samples underway.

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Battery market development and studies underway to potentially incorporate battery anode production into the current Vittangi project pre-feasibility studies now due in Q1 2019.

25

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CONTACT US

Talga Advanced Materials GmbH Prof.-Hermann-Klare-Str. 25, 07407 Rudolstadt, Germany _______ Talga Technologies Limited The Bradfield Centre 184 Cambridge Science Park, Cambridge CB4 0FQ, UK

Talga Mining Pty Ltd Filial Storgatan 7, 972 38 Luleå, Sweden

Talga Resources Ltd First Floor, 2 Richardson Street, West Perth WA 6005, Australia

P| +61 8 9481 6667

E| [email protected] W| www.talgaresources.com

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APPENDIX AND STATEMENTS

Competent Person’s Statements

The information in this document that relates to exploration results is based on information compiled by Amanda Scott, a Competent Person who is a Member of the Australian Institute of Mining and Metallurgy (Membership No.990895). Amanda Scott is a full-time employee of Scott Geological AB. Amanda Scott has sufficient experience, which is relevant to the style of mineralisation and types of deposits under consideration and to the activity which has been 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 (JORC Code). Amanda Scott consents to the inclusion in the report of the matters based on her information in the form and context in which it appears.

The information in this report that relates to Graphite Resource Estimation for the Vittangi Project is based on information compiled by Oliver Mapeto and reviewed by Albert Thamm. Both Mr Mapeto and Mr Thamm are consultants to the Company. Mr Mapeto is a Member of both the Australian Institute of Mining and Metallurgy (Membership No.306582) and Australian Institute of Geoscientists (Member No 5057) and MR Thamm (Member No 203217) is a Fellow Member of the AusIMM.

Both Mr Mapeto and Mr Thamm have sufficient experience relevant to the styles of mineralisation and types of deposits which are covered in this document and to the activity which both are 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” (“JORC Code”). Mr Mapeto and Mr Thamm consent to the inclusion in this report of the Matters based on this information in the form and context in which it appears.

The information in this report that relates to Exploration Targets is based on information compiled and reviewed by Mr Simon Coxhell, a consultant to the Company and a member of the Australian Institute of Mining and Metallurgy and Mr Mark Thompson, who is an employee of the Company and a member of the Australian Institute of Geoscientists. Mr Thompson and Mr Coxhell have sufficient experience which is relevant to the activity which is 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” (“JORC Code”). Mr Thompson and Mr Coxhell consent to the inclusion in the report of the matters based on this information in the form and context in which it appears.

The information in this report that relates to Iron Ore Resource Estimation and Graphite Resource Estimation for the Jalkunen and Raitajärvi Projects is based on information compiled and reviewed by Mr Simon Coxhell. Mr Coxhell is a consultant to the Company and a member of the Australian Institute of Mining and Metallurgy. Mr Coxhell has sufficient experience relevant to the styles of mineralisation and types of deposits which are covered in this document 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” (“JORC Code”). Mr Coxhell consents to the inclusion in this report of the Matters based on this information in the form and context in which it appears.

Cautionary Statement

Any data on the scoping study referred to in this report is based on low level technical and economic assessments, and is insufficient to support estimation and economic assessments, and is insufficient to support estimation of Ore Reserves or to provide assurance of an economic development case at this stage, or to provide certainty that the conclusion of the scoping study will be realised. The Company confirms that all material assumptions and technical parameters underpinning the scoping study results and projections in this release continue to apply and have not materially changed. The use of the word "ore" in the context of this report does not support the definition of 'Ore Reserves' as defined by the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. The word 'ore' is used in this report to give an indication of quality and quantity of mineralised material that would be fed to the processing plant and is not to assumed that 'ore' will provide assurance of an economic development case at this stage, or to provide certainty that the conclusion of the scoping study will be realised.

GRAPHITE INVENTORY

Nunasvaara JORC (2012) Mineral Resource (17% Cg cut-off)
JORC 2012
Classification
Tonnes
Graphite (%Cg)
Indicated
10,700,000
25.7
Inferred
1,600,000
23.9
Total
12,300,000
25.5
Jalkunen JORC (2012) Mineral Resource (5% Cg cut-off)
JORC 2012
Classification
Tonnes
Graphite (%Cg)
Inferred
31,500,000
14.9
Raitajärvi JORC (2004) Mineral Resource¹ (5% Cg cut-off)
JORC 2014
Classification
Tonnes
Graphite (%Cg)
Indicated
3,400,000
7.3
Inferred
900,000
6.4
Total
4,300,000
7.1
Talga Graphite Exploration Targets ² 0-100m Depth
Project
Exploration
Target
Tonnes (0-100m Vertical Depth)
Graphite (%Cg)
Min.
Max.
Min.
Max.
Vittangi
Nunasvaara
62,400,000
93,600,000
20
30
Kotajärvi
16,640,000
30,160,000
20
25
Maltosrova
20,800,000
52,000,000
20
25
Jalkunen
Tiankijokki
2,600,000
5,200,000
15
25
Nybrännan
5,200,000
10,400,000
20
30
Suinavaara
2,600,000
5,720,000
15
25
Lautakoski
26,000,000
52,000,000
15
25
Subtotal
136,240,000
249,080,000
19
27
Rounded Total
136,000,000
250,000,000
18
25		 Nunasvaara JORC (2012) Mineral Resource (17% Cg cut-off)
JORC 2012
Classification
Tonnes
Graphite (%Cg)
Indicated
10,700,000
25.7
Inferred
1,600,000
23.9
Total
12,300,000
25.5
Jalkunen JORC (2012) Mineral Resource (5% Cg cut-off)
JORC 2012
Classification
Tonnes
Graphite (%Cg)
Inferred
31,500,000
14.9
Raitajärvi JORC (2004) Mineral Resource¹ (5% Cg cut-off)
JORC 2014
Classification
Tonnes
Graphite (%Cg)
Indicated
3,400,000
7.3
Inferred
900,000
6.4
Total
4,300,000
7.1
Talga Graphite Exploration Targets ² 0-100m Depth
Project
Exploration
Target
Tonnes (0-100m Vertical Depth)
Graphite (%Cg)
Min.
Max.
Min.
Max.
Vittangi
Nunasvaara
62,400,000
93,600,000
20
30
Kotajärvi
16,640,000
30,160,000
20
25
Maltosrova
20,800,000
52,000,000
20
25
Jalkunen
Tiankijokki
2,600,000
5,200,000
15
25
Nybrännan
5,200,000
10,400,000
20
30
Suinavaara
2,600,000
5,720,000
15
25
Lautakoski
26,000,000
52,000,000
15
25
Subtotal
136,240,000
249,080,000
19
27
Rounded Total
136,000,000
250,000,000
18
25		 Nunasvaara JORC (2012) Mineral Resource (17% Cg cut-off)
JORC 2012
Classification
Tonnes
Graphite (%Cg)
Indicated
10,700,000
25.7
Inferred
1,600,000
23.9
Total
12,300,000
25.5
Jalkunen JORC (2012) Mineral Resource (5% Cg cut-off)
JORC 2012
Classification
Tonnes
Graphite (%Cg)
Inferred
31,500,000
14.9
Raitajärvi JORC (2004) Mineral Resource¹ (5% Cg cut-off)
JORC 2014
Classification
Tonnes
Graphite (%Cg)
Indicated
3,400,000
7.3
Inferred
900,000
6.4
Total
4,300,000
7.1
Talga Graphite Exploration Targets ² 0-100m Depth
Project
Exploration
Target
Tonnes (0-100m Vertical Depth)
Graphite (%Cg)
Min.
Max.
Min.
Max.
Vittangi
Nunasvaara
62,400,000
93,600,000
20
30
Kotajärvi
16,640,000
30,160,000
20
25
Maltosrova
20,800,000
52,000,000
20
25
Jalkunen
Tiankijokki
2,600,000
5,200,000
15
25
Nybrännan
5,200,000
10,400,000
20
30
Suinavaara
2,600,000
5,720,000
15
25
Lautakoski
26,000,000
52,000,000
15
25
Subtotal
136,240,000
249,080,000
19
27
Rounded Total
136,000,000
250,000,000
18
25		 Nunasvaara JORC (2012) Mineral Resource (17% Cg cut-off)
JORC 2012
Classification
Tonnes
Graphite (%Cg)
Indicated
10,700,000
25.7
Inferred
1,600,000
23.9
Total
12,300,000
25.5
Jalkunen JORC (2012) Mineral Resource (5% Cg cut-off)
JORC 2012
Classification
Tonnes
Graphite (%Cg)
Inferred
31,500,000
14.9
Raitajärvi JORC (2004) Mineral Resource¹ (5% Cg cut-off)
JORC 2014
Classification
Tonnes
Graphite (%Cg)
Indicated
3,400,000
7.3
Inferred
900,000
6.4
Total
4,300,000
7.1
Talga Graphite Exploration Targets ² 0-100m Depth
Project
Exploration
Target
Tonnes (0-100m Vertical Depth)
Graphite (%Cg)
Min.
Max.
Min.
Max.
Vittangi
Nunasvaara
62,400,000
93,600,000
20
30
Kotajärvi
16,640,000
30,160,000
20
25
Maltosrova
20,800,000
52,000,000
20
25
Jalkunen
Tiankijokki
2,600,000
5,200,000
15
25
Nybrännan
5,200,000
10,400,000
20
30
Suinavaara
2,600,000
5,720,000
15
25
Lautakoski
26,000,000
52,000,000
15
25
Subtotal
136,240,000
249,080,000
19
27
Rounded Total
136,000,000
250,000,000
18
25		 Nunasvaara JORC (2012) Mineral Resource (17% Cg cut-off)
JORC 2012
Classification
Tonnes
Graphite (%Cg)
Indicated
10,700,000
25.7
Inferred
1,600,000
23.9
Total
12,300,000
25.5
Jalkunen JORC (2012) Mineral Resource (5% Cg cut-off)
JORC 2012
Classification
Tonnes
Graphite (%Cg)
Inferred
31,500,000
14.9
Raitajärvi JORC (2004) Mineral Resource¹ (5% Cg cut-off)
JORC 2014
Classification
Tonnes
Graphite (%Cg)
Indicated
3,400,000
7.3
Inferred
900,000
6.4
Total
4,300,000
7.1
Talga Graphite Exploration Targets ² 0-100m Depth
Project
Exploration
Target
Tonnes (0-100m Vertical Depth)
Graphite (%Cg)
Min.
Max.
Min.
Max.
Vittangi
Nunasvaara
62,400,000
93,600,000
20
30
Kotajärvi
16,640,000
30,160,000
20
25
Maltosrova
20,800,000
52,000,000
20
25
Jalkunen
Tiankijokki
2,600,000
5,200,000
15
25
Nybrännan
5,200,000
10,400,000
20
30
Suinavaara
2,600,000
5,720,000
15
25
Lautakoski
26,000,000
52,000,000
15
25
Subtotal
136,240,000
249,080,000
19
27
Rounded Total
136,000,000
250,000,000
18
25		 Nunasvaara JORC (2012) Mineral Resource (17% Cg cut-off)
JORC 2012
Classification
Tonnes
Graphite (%Cg)
Indicated
10,700,000
25.7
Inferred
1,600,000
23.9
Total
12,300,000
25.5
Jalkunen JORC (2012) Mineral Resource (5% Cg cut-off)
JORC 2012
Classification
Tonnes
Graphite (%Cg)
Inferred
31,500,000
14.9
Raitajärvi JORC (2004) Mineral Resource¹ (5% Cg cut-off)
JORC 2014
Classification
Tonnes
Graphite (%Cg)
Indicated
3,400,000
7.3
Inferred
900,000
6.4
Total
4,300,000
7.1
Talga Graphite Exploration Targets ² 0-100m Depth
Project
Exploration
Target
Tonnes (0-100m Vertical Depth)
Graphite (%Cg)
Min.
Max.
Min.
Max.
Vittangi
Nunasvaara
62,400,000
93,600,000
20
30
Kotajärvi
16,640,000
30,160,000
20
25
Maltosrova
20,800,000
52,000,000
20
25
Jalkunen
Tiankijokki
2,600,000
5,200,000
15
25
Nybrännan
5,200,000
10,400,000
20
30
Suinavaara
2,600,000
5,720,000
15
25
Lautakoski
26,000,000
52,000,000
15
25
Subtotal
136,240,000
249,080,000
19
27
Rounded Total
136,000,000
250,000,000
18
25		 Nunasvaara JORC (2012) Mineral Resource (17% Cg cut-off)
JORC 2012
Classification
Tonnes
Graphite (%Cg)
Indicated
10,700,000
25.7
Inferred
1,600,000
23.9
Total
12,300,000
25.5
Jalkunen JORC (2012) Mineral Resource (5% Cg cut-off)
JORC 2012
Classification
Tonnes
Graphite (%Cg)
Inferred
31,500,000
14.9
Raitajärvi JORC (2004) Mineral Resource¹ (5% Cg cut-off)
JORC 2014
Classification
Tonnes
Graphite (%Cg)
Indicated
3,400,000
7.3
Inferred
900,000
6.4
Total
4,300,000
7.1
Talga Graphite Exploration Targets ² 0-100m Depth
Project
Exploration
Target
Tonnes (0-100m Vertical Depth)
Graphite (%Cg)
Min.
Max.
Min.
Max.
Vittangi
Nunasvaara
62,400,000
93,600,000
20
30
Kotajärvi
16,640,000
30,160,000
20
25
Maltosrova
20,800,000
52,000,000
20
25
Jalkunen
Tiankijokki
2,600,000
5,200,000
15
25
Nybrännan
5,200,000
10,400,000
20
30
Suinavaara
2,600,000
5,720,000
15
25
Lautakoski
26,000,000
52,000,000
15
25
Subtotal
136,240,000
249,080,000
19
27
Rounded Total
136,000,000
250,000,000
18
25		 Nunasvaara JORC (2012) Mineral Resource (17% Cg cut-off)
JORC 2012
Classification
Tonnes
Graphite (%Cg)
Indicated
10,700,000
25.7
Inferred
1,600,000
23.9
Total
12,300,000
25.5
Jalkunen JORC (2012) Mineral Resource (5% Cg cut-off)
JORC 2012
Classification
Tonnes
Graphite (%Cg)
Inferred
31,500,000
14.9
Raitajärvi JORC (2004) Mineral Resource¹ (5% Cg cut-off)
JORC 2014
Classification
Tonnes
Graphite (%Cg)
Indicated
3,400,000
7.3
Inferred
900,000
6.4
Total
4,300,000
7.1
Talga Graphite Exploration Targets ² 0-100m Depth
Project
Exploration
Target
Tonnes (0-100m Vertical Depth)
Graphite (%Cg)
Min.
Max.
Min.
Max.
Vittangi
Nunasvaara
62,400,000
93,600,000
20
30
Kotajärvi
16,640,000
30,160,000
20
25
Maltosrova
20,800,000
52,000,000
20
25
Jalkunen
Tiankijokki
2,600,000
5,200,000
15
25
Nybrännan
5,200,000
10,400,000
20
30
Suinavaara
2,600,000
5,720,000
15
25
Lautakoski
26,000,000
52,000,000
15
25
Subtotal
136,240,000
249,080,000
19
27
Rounded Total
136,000,000
250,000,000
18
25		 Nunasvaara JORC (2012) Mineral Resource (17% Cg cut-off)
JORC 2012
Classification
Tonnes
Graphite (%Cg)
Indicated
10,700,000
25.7
Inferred
1,600,000
23.9
Total
12,300,000
25.5
Jalkunen JORC (2012) Mineral Resource (5% Cg cut-off)
JORC 2012
Classification
Tonnes
Graphite (%Cg)
Inferred
31,500,000
14.9
Raitajärvi JORC (2004) Mineral Resource¹ (5% Cg cut-off)
JORC 2014
Classification
Tonnes
Graphite (%Cg)
Indicated
3,400,000
7.3
Inferred
900,000
6.4
Total
4,300,000
7.1
Talga Graphite Exploration Targets ² 0-100m Depth
Project
Exploration
Target
Tonnes (0-100m Vertical Depth)
Graphite (%Cg)
Min.
Max.
Min.
Max.
Vittangi
Nunasvaara
62,400,000
93,600,000
20
30
Kotajärvi
16,640,000
30,160,000
20
25
Maltosrova
20,800,000
52,000,000
20
25
Jalkunen
Tiankijokki
2,600,000
5,200,000
15
25
Nybrännan
5,200,000
10,400,000
20
30
Suinavaara
2,600,000
5,720,000
15
25
Lautakoski
26,000,000
52,000,000
15
25
Subtotal
136,240,000
249,080,000
19
27
Rounded Total
136,000,000
250,000,000
18
25
JORC 2014
Classification		 Tonnes Graphite (%Cg)
Indicated 3,400,000 7.3 Subtotal 136,240,000 249,080,000 19 27
Inferred 900,000 6.4
Rounded Total 136,000,000 250,000,000 18 25
Total 4,300,000 7.1

1 Note: This information was prepared and first disclosed under the JORC code 2004. It has not been updated since to comply with the JORC code 2012 on the basis that the information has not materially changed since it was last reported. The Company is not aware of any new information or data that materially affects the information included in the previous announcement and that all of the previous assumptions and technical parameters underpinning the estimates in the previous announcement have not materially changed.

  1. Note: The Exploration Target is based on a number of assumptions and limitations with the potential grade and quantity being conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource Estimate in accordance with the JORC Code and it is uncertain if future exploration will result in the estimation of a Mineral Resource.

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