TALGA GROUP LTD — Investor Presentation 2014

Apr 13, 2014

R E S O U R C E S

14 April 2014

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Cover; close up of drillcore from Nunasvaara graphite deposit, field of view approximately 5cm.

Forward Looking Statements and Disclaimer:

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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 The Recipient acknowledges that circumstances may change and this presentation may become outdated as a result.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.

2

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Executive Summary

• ‣[Talga Resources Ltd (“Talga”) is a ] [mineral exploration ][&] [ development ][company ] listed on the Australian Stock Exchange (“ASX”) since July 2010. [owns][ multiple ] [graphite][, ] [iron ore][ and ] [copper][/] [gold]

• ‣[The Company ] [wholly] Sweden and Australian assets.

• deposits in gold

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• [and ]

• ‣[Talga’s Swedish assets include the ] [world’s highest grade graphite resource][1] iron deposits with combined total JORC mineral resources[1 ] of 235.6Mt located adjacent to existing infrastructure.

• [focus][ is to develop the ] [graphite][ deposits due to their lower cost ]

• ‣[The ] [prime] capital ‘footprint’, exceptional location and outlook for graphite demand.

• ‣[Upcoming material catalysts include results from upscaling ] [breakthrough ] graphene production option , preliminary economic studies utilising dual divestments .

• graphite/graphene focus and further finance expected from

• 1 See appendices for details of JORC (2004) resources and www.techmetalsresearch.com for world graphite resources grade comparison.

3

Talga Resources Corporate Overview

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Board of Directors Keith Coughlan Non-executive Chairman Mark Thompson Managing Director Grant Mooney Non-executive Director

Capitalisation Summary Ordinary Shares 105.1M Unlisted Options[1] 3.75M Cash (at 31/3/2014) $1.9M Debt $0.0M Market Capitalisation (full diluted @ $0.17) $18.5M

Share Price last 12 months ASX:TLG

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Top Shareholders (+3%) Lateral Minerals Pty Ltd (M. Thompson) 8.8% Two Tops Pty Ltd 4.5% Yandal Investments Pty Ltd 3.4%

Top 20 own 45%

• 1 2.75m @ 40c director opt exp 30.11.2014, 0.5m @ 35c employee exp 21.7.2015, 0.5m @ 45c employee exp 3.10.2016

4

What is Graphite?

• ‣ Graphite is a crystalline form of carbon that most commonly forms in nature when carbon-rich rocks undergo metamorphism (pressure/temperature induced change).

• ‣ Graphite (the mineral) consists of parallel sheets of carbon atoms in a hexagonal lattice. The individual sheets, one or few atoms in .

• thickness, are called graphene

• ‣ Graphite has an exceptionally high melting point, and very high thermal and electrical conductivity as well as other remarkable properties that make it useful for a large range of applications, predominantly refractory materials.

• ‣ Natural graphite demand is about 1.1Mt/yr , a volume similar to Nickel, with total value approximately US$1B/yr.

• ‣ Graphite is most commonly sold as a concentrate by private contract and therefore prices are not transparent. Industry prices are surveyed and published by Industrial Minerals magazine.

• ‣ Consumption is diverse with significant markets in steel production and refractories (>50%), automotive parts, lubricants and batteries.

• ‣ China and Brazil supply >80% world natural graphite.

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Schematic of carbon atoms crystallising to graphite video
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Graphite drillcore at Talga’s Nunasvaara project in Sweden.
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5

New Demand Driver

• More graphite than lithium

• 10 x in a Li-ion Battery.

• ‣ Graphite is a significant component of many types of battery , particularly Li-ion.

• ‣ Commonly there is 10x more graphite than lithium in a Li-ion battery anode.

• ‣ Rapid growth of global graphite-rich anode materials market causing shortages. Tesla recently announced plans for a battery Gigafactory that alone will require significant new capacity. Other manufacturers will compound shortage. Electric vehicles can use up to vehicle in batteries.

• 100kg graphite per

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Raitajärvi flake graphite in drillcore
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Internals of Li-ion Battery

• ‣ Increases in mobility of energy, green power storage and graphene mean graphite is a commodity in tune with big themes; energy and technology materials.

*IDC Energy Insights “Business Strategy: Lithium Ion Manufacturing Global ”

6

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Price settling well above historic levels; exceeding trend.
4
First
Column
X
X
X
X
X X
Graphite prices now steady, with flake 50% higher and Prices have exceeded forecasts since end of 2012 and
.
base case are to
amorphous 100% higher than long term averages
prices trending surprise on upside
appendix for further price/market data.
ACTUAL SEPT 2013
ACTUAL MAR 2014
12 13 13 13 14
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Prices have exceeded forecasts since end of 2012 and base case prices are trending to surprise on upside . See appendix for further price/market data.

7

Talga’s Graphite Projects

• ‣ 100% ownership of five graphite projects with multiple deposits offering the full range of market size .

• specifications

• ‣ Two advanced stage projects in the development . These are drilled to JORC Indicated status

• pipeline and preliminary economic studies are underway; • Nunasvaara is a microcrystalline flake deposit with

• the highest JORC/NI43-101 resource grade in the world[1] . It is located within the Vittangi project.

• • Raitajärvi is a coarse flake deposit with 49% of flake classified large to jumbo size.

• ‣ At an earlier stage of drilling but exceptionally well located and containing >80% XL-size (jumbo) flake graphite is the Piteå project.

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1 See appendices for details of JORC (2004) resources and www.techmetalsresearch.com for world graphite resources grade comparison.

8

• Advantages of Sweden for Mining

• ‣ Ranked No.1 mining jurisdiction in world by Fraser Institute 2013-14 ‣ Corporate tax rate 22% , Mineral Production tax 0.2% ‣ Established bulk commodity infrastructure with open access rail, road and ports ‣ Low cost power from hydroelectricity and nuclear grid

• ‣ Well established mining province with highly skilled workforce and support industries -

• ‣ Hosts world class mineral deposits but remains under-explored relative to peers as foreign mineral ownership only allowed since 1992

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The ‘Aitik’ Cu-Au mine, northern Sweden. Owner; Boliden. Milling 36Mt annum ore.
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9
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Road through Nunasvaara project

10

Logistics Advantages

• ‣ Talga’s projects located proximal to high quality sealed roads to

• and open-access heavy haulage railway with direct link Europe markets . No shipping required.

• ‣ cost Major advantage on delivery compared to shipments from other jurisdictions.

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Road through Raitajärvi project
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• ‣ EU consumes 20% of world’s natural graphite production, and imports 95% of its needs (vast majority from China).

• ‣ EU has classified graphite as a “critical raw material”.

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Öresund Bridge road/rail tunnel linking Sweden to mainland Europe
Photo Mark Thompson/Talga Oct 2012
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Talga projects proximal to established mining, milling and transport infrastructure

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To Narvik
Magnetite
Concentrator
Magnetite
Concentrator
Kiruna magnetite mine and mill owned by LKAB.
Photo©Fredric Alm/LKAB
Magnetite
Concentrator
Magnetite
Concentrator
Svappavaara magnetite mine and mill owned by LKAB.
Photo©Fredric Alm/LKAB
To Luleå
Proposed Railway
Extension
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Svappavaara magnetite mine and mill owned by LKAB. Photo©Fredric Alm/LKAB

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Magnetite
Concentrator
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Kaunisvaara magnetite mine and mill owned by Northlands AB. Photo©Northlands AB

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• Vittangi Project - Nunasvaara Graphite

• ‣ World’s highest grade JORC/NI43-101 resource[1] of (ASX:TLG 8 Nov 2012) 7.6Mt @ 24.4% graphite (“Cg”) (see appendix).

• ‣ Resource mineralisation from surface to 165m depth and remains 20m over 1.2km strike and remains

• open . Average true width .

• open

• ‣ Graphite unit hosted within atypically low metamorphic grade volcanic greenstones with potentially unique mineralogy. Robust outcropping high grade resource makes low-cost potential in both ultrafine to fine graphite and bulk graphene market.

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Section 1800N
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Talga Resources Nunasvaara Mineral Resource[[1]] (10% Cg lower cut-off grade) JORC 2004 Tonnes Grade Contained Classification (Mt) (%Cg) Graphite (tonnes) Indicated 5.6 24.6 1,377,600 Inferred 2.0 24.0 480,000 Total 7.6 24.4 1,857,600

Nunasvaara Mineral Resource[[1]] (10% Cg lower cut-off grade)

Growth potential and logistics advantages

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• ‣ Graphite unit is mapped by Swedish Geological Survey over at least 15km strike . 100% controlled by TLG.

• ‣ Sampling by Talga of the outcropping unit averaged 26.2% Cg with grades .

• up to 46.7% Cg

• ‣ Less than 8% of graphite unit drill tested to date.

• ‣ Development advantages of exceptional grade , open-pit bulk mining option, low-cost grid power and nearby road/rail/port options (3km to road, 25km to rail).

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Kiruna Iron Mine
Svappavaara Iron Mine
NUNASVAARA
RESOURCE
Graphite Unit open
15km strike
Railhead
Sealed
Highway
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Graphene Production Option

On 19 Feb 2014 Talga announced exceptional results from graphene testwork on Nunasvaara graphite. Key conclusions of the testwork include:

• ‣ Unoxidised graphene can be directly and liberated from

• rapidly unprocessed , one-

• unpurified Nunasvaara graphite ore in a no

• step environmentally friendly process i.e. crushing/grinding, sonication, microwaving, purification required.

• ‣ Process liberates graphite along with graphene, providing two product streams.

• ‣ Nunasvaara ore has extraordinary physical properties that enable the extraction process to the .

• and that may be unique deposit

• ‣ Processing method suits upscaling to bulk production and industry literature suggests graphite/graphene produced at approximately 9 to 1 respectively.

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graphite
Concentrator
concentrate
resource
graphite stream
90vol%
Single Stage
24.4%Cg Bulk Exfoliation Process
10vol% graphene
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14

Graphene Development

• ‣ Quality of graphene produced is outstanding and comparable to graphene made from synthetic routes (>99.9% C precursors).

• ‣ Next stage tests will confirm graphite/ graphene yields, particle size/distribution, graphite recovery/purity, process upscalability and scoping study level opex/capex costs.

• ‣ Potential to be lowest cost producer of bulk graphene for additive market polymers, metals, cement, conductive inks, 3D print materials.

• ‣ Preliminary economic studies underway. Stage 1 pit design and optimisation work completed . Product specification studies, metallurgy and final economic inputs are pending. Results expected Q3 2014 after graphene upscaling tests included.

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TEM of Nunasvaara graphene
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• Graphene Market Growing fast, massive research and development funding

• ‣ Exponential growth apparent in graphene patents a proxy for growing use.

• ‣ Market in infancy thus predictions of the value of graphene markets range widely from approximately $140M to more than $1B depending on source.

• ‣ Similar to graphite, different applications require different qualities of graphene i.e. particle size and purity.

• ‣ It is not just high tech applicable. Research has demonstrated small amounts of graphene ( 0.5%-5% ) mixed into bulk commodities such as cement (world annual consumption 3,300Mt), iron (840Mt), plastics (100Mt) and aluminium (45Mt) can provide exponential increase in strength and conductivity, increasing efficiency/weight savings and commercial applications.

• ‣ Over EU$2.5B in graphene research funding has been launched in the EU (Sweden) alone in last 12 months.

Worldwide patent applications by publication year. From Intellectual Property Office UK, Graphene Patent Landscape 2013

16

• Graphene Supply Chain

• Talga has major and unique potential in low cost bulk supply.

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Raw
Graphite
Ore
Talga Resources
Purified
Graphite
Concentrate
Mason Graphite
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Diagram adapted from source http://www.graphenetracker.com/invest/

17

Graphene Summary

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Unique deposit with raw ore option

Low cost/ high margin

Ultra-high grade deposit ore contains unique properties of grade and minerals that enable a true direct-from-ore one stage process to liberate both high quality graphene and graphite. Process is simple, environmentally friendly and utilises Sweden’s low cost electricity. Combined with minimal site ‘footprint’, established quality infrastructure and graphite byproduct credit; potential to be lowest cost bulk graphene producer in world.

Quality

Graphene produced direct from Talga ore equals or exceeds that of synthetic graphite/purified graphite precursors and betters equivalent commercial products in market now.

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Raitajärvi Graphite Project

• ‣ located 2km from the Överkalix - Advantageously Övertorneå and 25km to ,

• Highway grid power .

• town and railway, 130km to port

• ‣ Current total JORC 2004 resource[1] of 4.3Mt @ 7.1% Cg, open and less than 25% of EM anomaly drill tested .

• ‣ A high proportion of resource is coarse flake. 87% >100 micron (“µm”) and 49% >200µm .

• ‣ Historic metallurgical tests produced graphite concentrate grading 90-94% C from simple (unoptimised) flotation and 99% C in basic enrichment test.

• ‣ Targeting 10-20,000t/annum capable deposit to be second producer for Talga. Scoping study planned to commence after Nunasvaara complete.

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RAITAJÄRVI
RESOURCE
EM anomaly/Graphite Unit
Grid Power
Sealed Highway
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Raitajärvi Mineral Resource[1] (5% Cg lower cut-off)

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JORC 2004 Tonnes Grade Contained
Classification (Mt) (%Cg) Graphite (t)
Indicated 3.4 7.3 246,400
Inferred 0.9 6.4 60,900
Total 4.3 7.1 307,300
Raitajärvi graphite flake size
< 100µm 100-200µm 200-400µm >400µm
13% 38% 38% 11%
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Piteå Jumbo Flake Project

• ‣ 3 historic drillholes targeting base metals intercepted coarse flake graphite within a 4 x 1km EM anomaly.

• ‣ 80% of flake graphite at Piteå exceeds 300 µm size i.e. 80% +50 mesh, aka “jumbo”.

• ‣ Such large flake graphite is premium product for spherical graphite production and commands higher prices (>$1700/t, see Appendix).

• ‣ Blue sky growth project located on sealed road 50km from port of Piteå and adjacent to grid power.

• ‣ Location and size advantages worth exploring. ‣ Plan to expand target zone prior to stage 2 drill testing.

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Luleå Town
and Port
Piteå Town
and Port
50km to port/rail
Sealed Highway
Grid Power
Railway
Railway
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Coarse flake graphite present in historic drill core from the Piteå
project stored at the SGU. Hole ÖNU89001, 44.2m depth.
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• Talga’s Graphite Development Advantages

• ‣ Highest grade JORC/NI43-101 graphite resource in world.

• ‣ Located on road and rail routes to major markets. ‣ Advanced stage PEAS underway; further major drilling not required.

• ‣ Low cost capex and bottom of production cost curve expected. ‣ Massive growth profile ; dominant land position on drilled EU graphite deposits. -

• ‣ Highly ranked low risk mining and corporate jurisdiction, Sweden. ‣ Unique low-cost graphene production option can add massive value.

• Catalysts/Events

• ‣ Confirmation of dual graphite/graphene process upscaling Q2.

• ‣ Scoping study results with dual graphite/graphene focus Q3. ‣ Strategic partnerships and non-core asset divestments funding options ongoing.

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Divestment Projects - Iron Ore

Talga is divesting all non-core projects to focus on graphite. The most advanced divestment project is Masugnsbyn and additional JORC resources[1] exist at Vittangi. Total JORC resource[1] inventory of 236Mt @ 30.7% Fe, with further growth targets defined (see Appendix). .

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Relatively simple and proven processing of the magnetite ore is expected to deliver a high quality concentrate at coarse grain sizes. Preliminary test confirms >69% Fe concentrate.

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• Proximal to road and open access rail infrastructure, which connect to several open access ports currently loading Panamax to Cape-sized vessels.

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• Located close to European and Middle East iron ore markets. Deposits situated between two magnetite concentrators belonging to LKAB and Northlands; toll treatment potential.

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*Fe or Femag, both refer to the calculated iron grade which is total iron less forms of iron other than magnetite (sulphides, silicates etc). Photo Mark Thompson/Talga Feb 2012

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Svappavaara magnetite mine and mill owned by LKAB, approximately 30km by road from the Vittangi project and 60km from Masugnsbyn project. Photo©Fredric Alm/LKAB.

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Divestment - Kiskama Cu/Au

Large Iron Oxide Copper-Gold (“ IOCG ”) mineralisation system. Pre-1992 drilling by government agencies included 101 drillholes for and . 13,836m. Only 27% assayed for Cu less than 2% assayed for Au - shallow wide of Significant , intercepts copper gold including: 42m at 0.49% Cu, 0.07g/t Au including 10m at 1.23% Cu, 0.16g/t Au (from 20m, hole 80004) 21m at 1.02% Cu, 0.25g/t Au including 6m at 1.98% Cu, 0.54g/t Au (from 16m, hole 77001). Proximal to to Aitik railway links , Europe’s largest operating copper-gold mine[2] (resource[1] 2,760 Mt @ 0.17% Cu, 0.1g/t Au ). Potential toll treatment opportunity. See ASX:TLG 10 Feb 2014 for details.

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Breccia-hosted magnetitehematite-sulphide mineralisation from Kiskama deposit (view 10cm).

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,
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Kiskama Historic Drill Intercepts - shallow wide of revealed Significant , intercepts copper gold including: 42m at 0.49% Cu , 0.07g/t Au from 20m depth incl 10m at 1.23% Cu , from 45m (hole 80004) 0.16g/t Au 21m at 1.02% Cu , 0.25g/t Au from 16m depth incl 6m at 1.98% Cu , from 16m (hole 77001) 0.54g/t Au 66m at 0.41% Cu from 34m depth incl 7m at 1.24% Cu from 92m (hole 77007) 40m at 0.68% Cu from 66m depth incl 5m at 1.07% Cu from 70m & 11m at 1.51% Cu from 94m (hole 72004) 16m at 0.36% Cu , 0.45g/t Au from 8m depth incl 6m at 0.75% Cu , from 16m (hole 78016) 1.14g/t Au 39m at 0.62% Cu , from 31m (hole 77006) 0.22g/t Au mines , Intercepts highly encouraging in the context of nearby to established proximity transport solutions and geology/ mineralisation styles . Additional potential for other metals in the system to add economic credits e.g. iron in hematite/ magnetite, cobalt , silver.

Kiskama Cross-Sections

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Divestment Project - Gold The company wholly owns multiple gold projects in Australia which consist of early to advanced exploration-stage projects with very high grades of gold in surface sampling and drilling. Highlights to date include drilling intercepts of 7m @ 14.4g/t Au and 3m @ 24.8g/t Au at Talga Talga , and the discovery of gold-tellurium-bismuth zones in the Ghooli dome at Bullfinch and 0.2% Bi . , where surface samples return up to 107.5g/t Te, 34.6g/t Au The next steps on the projects are further drilling towards defining resources and bulk sampling to advance the near-surface gold towards short term production. The projects are 100% owned , and several projects are within trucking distance (70km) to operating gold mills . Divestment/JV opportunity

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Wimmer&Financial& Disclaimer To get further information or register interest in a divestment project contact: Mark Thompson - Managing Director 1st Floor, 2 Richardson St West Perth WA 6005 Australia Tel +61 89481 6667 admin@talgaresources.com www.talgaresources.com ASX: TLG

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27

Appendices

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TALGA RESOURCES LTD

Talga Asset Structure and JORC (2004) Resources*

100%

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.

Talga Mining Pty Ltd

100%

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the estimates in the previous announcement have not materially changed.
Swedish Branch
100% 100%
IRON
GRAPHITE
Iron Mineral Resources @ 20% Fe lower cut-off July 2013
Tonnes Grade
Nunasvaara Graphite Mineral Resource @ 10% Cg lower cut-off Nov 2012
Deposit JORC Category
(Mt) %Fe
Tonnes Graphite
Classification
Vathanvaara 51.2 36.0 Inferred Resource
(Mt) (%Cg)
Kuusi Nunasvaara 46.1 28.7 Inferred Resource
Indicated 5.6 24.6
Mänty Vathanvaara 16.3 31.0 Inferred Resource
Inferred 2.0 24.0
Sorvivuoma 5.5 38.3 Inferred Resource
Total 7.6 24.4
Jänkkä 4.5 33.0 Inferred Resource
Raitajärvi Graphite Mineral Resource @ 5% Cg lower cut-off Aug 2013
Masugnsbyn 87.0 28.3 Indicated Resource
Tonnes Graphite
Classification Masugnsbyn 25.0 29.5 Inferred Resource
(Mt) (%Cg)
Total 235.6 30.7
Indicated 3.4 7.3
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Nunasvaara Graphite Mineral Resource @ 10% Cg lower cut-off Nov 2012

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Tonnes Graphite
Classification
(Mt) (%Cg)
Indicated 5.6 24.6
Inferred 2.0 24.0
Total 7.6 24.4
Raitajärvi Graphite Mineral Resource @ 5% Cg lower cut-off Aug 2013
Tonnes Graphite
Classification
(Mt) (%Cg)
Indicated 3.4 7.3
Inferred 0.9 6.4
Total 4.3 7.1
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28

Appendices

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Trade Name microns US Mesh Size
<10 na
Amorphous/Ultrafine
Amorphous/Fine 10-75 -200
Small 75-150 200-100
Medium 150-180 100-80
Large 180-300 80-50
XL/Jumbo >300 50+
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Source: Industrial Minerals Natural Graphite Report 2012 cross referencing various sources. Many terms are proprietary or mixed use; there are few if any industry standards in naming principles.

Common natural graphite concentrate product sizes, grades and prices

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Size Size Purity Quote
(microns) US Mesh % C US $/tonne
300+ 50+ 94-97 >1700
94-97 1275
180-300 80-50
90 1125
94-97 1100
150-180 100-80 90 950
85-87 750
94-97 900
75-150 200-100
90 775
-75 -200 80-85 525
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Source: Industrial Minerals Magazine Feb 2014. Most prices FCL, CIF European Port.

Note prices averaged from low-high range and selected as common commercial products where natural graphite sold as concentrate. Many specialty grades with much higher prices are traded but do not represent the bulk of market demand.

29

References & Qualified Persons

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1 Resource Note: All Talga owned resources referred to in this report are based on information prepared and first disclosed under the JORC code 2004. They have 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.

Kiskama IOCG References

1 Boliden Annual Report 2012 resource statement as of Dec 31st 2012 2 Boliden corporate website

Competent Person’s Statement

The information in this report that relates to Exploration Results is based on information compiled and reviewed by Mr Mark Thompson, who is a member of the Australian Institute of Geoscientists. Mr Thompson, an employee of the Company, has 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 consents 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 Resource Estimation is based on information compiled and reviewed by Mr Simon Coxhell of CoxsRocks Pty Ltd. 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.

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