TALONX RESOURCES LIMITED — AGM Information 2017

Nov 29, 2017

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ASX Code: MTB

29 November 2017

AGM PRESENTATION

Attached is a copy of a presentation of the Company’s activities to be made by the Managing Director at the Company’s Annual General Meeting to be held on 30 November 2017.

Yours faithfully,

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Jan Forrester Company Secretary

ACN: 009 067 476 8/800 Albany Hwy East Victoria Park Western Australia 6101 Tel: (61 8) 9355 0123 Fax: (61 8) 9355 1484 mtb@mountburgess.com www.mountburgess.com

Kihabe Zn, Pb, Ag Project Botswana

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8/800 Albany Highway East Victoria Park, WA 6101 www.mountburgess.com mtb@mountburgess.com

ASX: MTB

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Kihabe
14.4Mt Resource
Nxuu
10.9Mt Resource
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• See slide 5 for Resource details

Disclaimer : Forward Looking Statement

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This presentation contains forward looking statements in respect of the projects being reported on by the Company. Forward looking statements are based on beliefs, opinions, assessments and estimates based on facts and information available to management and/or professional consultants at the time they are formed or made and are, in the opinion of management and/or consultants, applied as reasonably and responsibly as possible as at the time that they are applied.

Any statements in respect of mineral reserves, resources and zones of mineralisation may also be deemed to be forward looking statements in that they contain estimates which the Company believes have been based on reasonable assumptions with respect to mineralisation that has been found. Exploration targets are conceptual in nature and are formed from projection of the known resource dimensions along strike. The quantity and grade of an exploration target is insufficient to define a Mineral Resource. Forward looking statements are not statements of historical fact, they are based on reasonable projections and calculations, the ultimate results or outcomes of which may differ materially from those described or incorporated in the forward looking statements. Such differences or changes in circumstances to those described or incorporated in the forward looking statements may arise as a consequence of the variety of risks, uncertainties and other factors relative to the exploration and mining industry and the particular properties in which the Company has an interest.

Such risks, uncertainties and other factors could include but would not necessarily be limited to fluctuations in metals and minerals prices, fluctuations in rates of exchange, changes in government policy and political instability in the countries in which the Company operates.

Other Important Information

PURPOSE OF PRESENTATION : This presentation has been prepared by Mount Burgess Mining NL (MTB). It is intended only for the purpose of providing information on MTB, its project and its proposed operations. This presentation is neither of an investment advice, a prospectus nor a product disclosure statement. It does not represent an investment disclosure document. It does not purport to contain all the information that a prospective investor may require to make an evaluated investment decision. MTB does not purport to give financial or investment advice.

PROFESSIONAL ADVICE: Recipients of this presentation should consider seeking appropriate professional advice in reviewing this presentation and should review any other information relative to MTB in the event of considering any investment decision.

FORWARD LOOKING STATEMENTS : This presentation contains forward looking statements which should be reviewed and considered as part of the overall disclosure relative to this presentation. DISCLAIMER: Neither MTB nor any of its officers, employees or advisors make any warranty (express or implied) as to the accuracy, reliability and completeness of the information contained in this presentation. Nothing in this presentation can be relied upon as a promise, representation or warranty.

PROPRIETARY INFORMATION : This presentation and the information contained therein is proprietary to MTB.

Competent Person Statement

The information in this report that relates to Kihabe exploration results, together with any related assessments and interpretations, is based on information compiled by Martin Spence, B.Sc., who is a Member of The Australasian Institute of Mining and Metallurgy and Mr Surtees B.Sc, MDP, F.Aus.IMM who is a Fellow of The Australasian Institute of Mining and Metallurgy. Mr Spence and Mr Surtees were full time employees of the Company. Mr Spence and Mr Surtees have sufficient experience which is relevant to the style of mineralisation 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 Mineral Resources and Ore Reserves". Mr Spence and Mr Surtees 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 was first released on 30 May 2006 and 11 March 2008 respectively. The information was prepared and first disclosed under the JORC Code 2004. It has not been updated since to comply with JORC Code 2012 on the basis that the information has not materially changed since it was last reported

The information in the resource statement that relates to the Kihabe Resource is compiled by Byron Dumpleton, B.Sc., a member of the Australasian Institute of Geoscientists. The information that relates to the Nxuu Resource is compiled by Mr Ben Mosigi, M.Sc., (Leicester University – UK), B.Sc., (University of New Brunswick – Canada), Diploma Mining Tech (Haileybury School of Mines – Canada), a member of the Geological Society of South Africa.

Mr Dumpleton is an independent qualified person and Mr Mosigi was a Technical Director of the Company for the period in which the resource was developed. Both Mr Dumpleton and Mr Mosigi have sufficient experience relevant to the style of mineralisation under consideration and to the activity to which they have undertaken to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code of Reporting of Mineral Resources and Ore Reserves”. Both Mr Dumpleton and Mr Mosigi consent to the inclusion in this report of the matters based on the information in the form and context in which it appears.

The information regarding Kihabe and Nxuu Resources was first released 8/10/2008 and 20/1/10 respectively and updated with recovery information 12/4/2012. The 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.

AIMING FOR NEAR TERM PRODUCTION AT NXUU

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Mount Burgess Mining N.L ASX: MTB

Directors

Nigel Forrester – FCA (ICAEW) Jason Stirbinskis – Geologist Harry Warries – Mine Engineer Chris Campbell-Hicks – Metallur’t Karen Clark – Non-Exec

Jan Forrester – Company Sec Serene Chau – CPA/Co Sec

• *Non-Executive Directors

STRATEGY

Licence granted to 2023 Board strengthened Three prongs of project development Actively exploring – news flow! Timed to positive zinc outlook

Share Price (22/11/17) $0.01 Shares Issued 342M Options 0 Market Cap $3.4M

RESOURCE

FEASIBILITY

EXPLORATION

• Kihabe and Nxuu deposits (2.4km strike length)

• Current Resource of ~25Mt @ 3% Zn Eq* (2004 JORC compliant)

• HQ diamond drilling conducted Oct/Nov 2017 to upgrade Resource and validate current suspected under-call of grade issue

• Awaiting assay results

• Ongoing Process Flow Investigation

• Germanium?

• On-site metal production (not conc)

• Global comparisons

• Defining power solution and regional synergies

• • Investigation of early production at Nxuu to realise value of near surface oxide domain

• Only small portion of ~1000km[2] licence explored

• Geochemical anomalies and QW/Dolostone boundary strong markers for mineralisation

• 6 Zinc anomalies identified through soil geochemistry thus far totalling ~ 13km of strike

• 2016 drilling identified sites worthy of follow up with diamond drilling

• See slide 5 for Resource details

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DIAMOND CORE DRILLING (DD) CAMPAIGN Q4 2017

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0m 200m
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Drilling within the Established Nxuu Resource envelope – Phase 1 Objectives of Phase #1 program

• Validation of RC grade under-call revealed in limited DD results

• Potential inclusion of Ag and Ge not previously included in Zinc Equivalent Resource calculation

• Upgrade to JORC 2012 standards and Indicated Resource status

• Short space variography

Drilling within the Established Kihabe Resource envelope

Objectives

• Better understanding of, and determining the extent of, high grade (supergene enriched?) oxide sub-region.

Hole #	From	To	Length	Zn Grade	Pb Grade	Ag Grade
KRC016	44m	82m	38m	7.69%
including	57m	67m	10m	22.75%
KDD125	30m	61m	31m	1.71%	1.71%
also	47m	61m	14m			101.6g/t
						(3.27oz/t)
	64m	87m	23m	2.32%	1.42%
KDD126	39m	62m	23m	8.03%	0.87%
including	44m	53m	9m	15.01%
	98m	102m	4m			448.2g/t
						(14.41oz/t)
KDD109	73m	82m	9m			318g/t
						(10.20oz/t)
also	75m	81m	6m	2.62%	1.51%
	91m	97m	6m	2.94%	3.64%

Figure 1: Proposed Nxuu DD drilling over soil geochem anomaly and google earth image

Table 1 and 2: Previously announced assay results from DD holes within the vicinity of 2017 proposed Kihabe drilling

Hole #	Easting	Northing	Dip	Azimuth	Announced
KRC016	500,904	7,821,618	-60	340	30/05/2006
KDD125	500,865	7,821,599	-60	339	11/03/2008
KDD126	500,882	7,821,669	-78	159	11/03/2008
KDD109	500,907	7,821,628	-65	339	2/07/2007

KIHABE – NXUU RESOURCE STATEMENT

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Deposit	External Zn-eq Cut %	Indicated M Tonnes %	Inferred M Tonnes %	Total M Tonnes %	Contained Zinc metal (kt)	Contained Lead metal (kt)
Kihabe	1.5%	11.4 @ 2.90%*	3.0 @ 2.60%*	14.4 @ 2.84%*	259kt	115kt
Nxuu	0.3%	-	10.9 @ 3.20%*	10.9 @ 3.20%*	196kt	153kt
		11.4 @ 2.90%*	13.9 @ 3.07%*	25.3 @ 3.00%*	455kt	268kt
Kihabe resource calculated on metal prices as at 17 July 2008: Zn US$1,810/t Pb US$1,955/t Ag US$18.75/oz Kihabe Grades: Zn 1.8% Pb 0.8% Ag 7.7 g/t Nxuu resource calculated on zinc and lead at par value metal prices Nxuu Grades: Zn 1.8% Pb 1.4% *Zinc Equivalent

The Kihabe and Nxuu Resources cover a combined strike length of 2.3 km containing 25.3 M/t @ 3.0% Zn eq, within a SEDEX mineralised zone of quartz wacke, right at the contact with the regional dolostone.

KIHABE – NXUU METAL RECOVERIES

• Kihabe Oxide

• Kihabe Sulphide

• Nxuu Oxide

• 97% Zn recovered (24hrs via acid leach), potential to produce Zn metal via SX/EW 92% Pb recovered to produce exceptionally high grade concentrate of 76% Pb 94% Zn, 88% Pb, 96% Ag recovered (15mins via flotation) to produce Zn con 58% and Pb con 76%

• 93% Zn, 93% Pb, (12hrs via acid leach), potential to produce Zn metal via SX/EW

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POTENTIAL TO INCREASE KIHABE RESOURCE GRADE WITHIN EXISTING 0.5% ZnEq RESOURCE ENVELOPE

• Current Resource based on 127 Reverse Circulation (RC) and 36 Diamond Drill (DD) holes

	Results from DD	DD % Increase on RC result
Section 9,900mE	KDD105 (-60o inc)
Zone from 127mRL	28m @ 3.24% Zn	101%
Section 10,000mE	KDD108 (-70o inc)
Zone 1 from 60mRL	12m @ 4.36% Zn	Avg 25% 64% (KIH004)
Zone 2 from 102mRL	14m @ 4.18% Zn	139%
Section 10,200mE	KDD110 (Vertical)
Zone from 125mRL	13m @ 4.05% Zn	26%
Section 11,500mE	KDD114 (Vertical)
Zone from 60-98mRL	11m @ 3.54% Zn	50.21%
Zone from 98-141mRL	18m @ 2.89% Zn 14m @ 4.15% Zn	22.46% 75.85%
Section 11,600mE	KDD115 (-60o inc)
Zone from 110mRL	7m @ 2.85% Zn	37.7%
Section 11,800mE	KDD116 (-60o inc)
Zone from 55mRL	24m @ 4.37% Zn	Avg 70.0%
Overall Average Grade of above results	DD Results 3.74% Zn **	59.1% **

• Twinning of RC holes with Diamond Drilling revealed a positive variation suggesting a material negative bias in RC drilling and/or sampling methods (See table)

• Neither considered other metal credits particularly Germanium*

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• Actual grade is potentially materially higher than reported Resource

• Sub–economic blocks may in fact be economic

• Therefore contained metal is potentially larger

Example: Based on a 0.5% ZnEq resource envelope the existing Kihabe Resource generated a grade of 2.22% based on RC+DD holes. Based on DD only (32 holes) the same volume generated a grade of 3.26%*

*The current spacing of diamond holes does not permit this result to be converted to a Resource.

LIMITED DATA SUGGESTS A SIMILAR UNDERCALL AT NXUU eg DD hole NXD005 reported a ~44% higher average grade than Air Percussion hole (AP006) over the same 30m interval, just 3 horizontal meters apart and both holes vertical.

*Germanium US$1372/kg (Strategic Metals/Kitco) 27 Nov 2017. 24 samples from Kihabe averaged 7.3g/t

• ** The above increase in zinc grades from diamond drilling results is indicative only, at this stage.

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NXUU – POTENTIAL SHALLOW OPEN PIT OXIDES

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• 7km east of Kihabe

• Surface area of 550m x 250m basin shape

• Near surface, shallow basin-shaped pit

• Resource envelope from 10m to 60m below surface

• • Indicative SR of 3:1

• All oxide (Zn as Smithsonite, Pb as Cerussite)

• Silver and Germanium also present

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POTENTIAL LOW RISK, LOW CAPEX, EARLY PRODUCTION

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• Shallow drilling = low cost for substantial resource upgrade

• Uniform, simple mineral suite = simple process flow

• Occurs in quartz wacke NOT dolostone / carbonates = low acid consumption

• Good metallurgical recoveries using conventional process flow

• Possibility of Zn, Pb, Ag metal production on site = No concentrate transport & no smelter costs!

• Modest scale <1Mtpa = low Capex

• Top 1/4 of Kihabe also Oxide = additional feed

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KIHABE – Potential open pit

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Zinc Model 9900mE Section

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1200m RL
KALAHARI
SAND
12m below surface OXIDISED
1150m RL
FRESH
60m wide
1100m RL
1050m RL
1000m RL
DOLOMITE QUARTZ WACKE
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• Strike length 2.4km

• SedEx style - Mineralisation occurs in quartz wacke at near vertical contact with regional dolomite

• 25% near surface oxides (Zn as Smithsonite & Baileychlore; Pb as Galena)

• Resource envelope from 10m to 175m below surface (potential open pit depths)

• Indicative SR of 4.5:1 with scope for further improvement after geotechnical drilling

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KIHABE – Wide zones of mineralisation for extended regions of the Kihabe Resource

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Zinc Model 10400mE Section

Zinc Model 11600mE Section

KIHABE – NXUU PROJECT

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KIHABE – NXUU PROJECT

2017

2018

2019+

• Q1 – Drilling of targets outside of established Resources

• Q3 – Commissioned Met test work on Kihabe

• Q4 – Drilling at the established resources at Kihabe and Nxuu

• (Phase 1)

• Q4 - First round assay results

• Q1 assay results cont’d

• Q1 Nxuu Drilling phase 2

• Q1 Met Test results

• Q2 Revised Nxuu Resource

• Q3/Q4 Focus on Nxuu Feasibility

• Nxuu Reserve and Feasibility

• Project Development

• Modest scale production subject to power*

• Drilling Kihabe Resource

• *contracts were signed on 10th November 2017 for the construction of Botswana’s North West Transmission Grid (refer ASX announcement 16 November 2017)

Immediate news flow; near term production story in an ongoing backdrop of strong Zinc and Lead prices

One of only a few ASX listed juniors with an established Zn resource and potential to levera e the current commodit c cle g y y

MTB has an established camp on site

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BOTSWANA

• Rank # 2 in Africa (Fraser Institute ‘16)

• Stable and peaceful

• Appealing investment framework

• English speaking and long track record of mining activity

• Other projects of note – Orapa, Jwaneng, T3 (MOD), Cupric Canyon, A-Cap

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