TURNSTONE RESOURCES LTD — AGM Information 2019

Nov 28, 2019

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Corporate Presentation November AGM 2019 WESTERN EUROPE’S LARGEST POTASH INVENTORY

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www.davenportresources.com.au
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DISCLAIMER

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Davenport Resources Limited (“Davenport”, “DAV”, “The Company”) has issued this Presentation for informational purposes only. It is not intended to, and does not, constitute specific advice to any particular party or person. The information in this presentation is based on publicly available information, internally developed data and other sources. Where any opinion is expressed in this presentation, it is based on the assumptions and limitations mentioned herein and is an expression of present opinion only. No warranties or representations can be made as to the origin, validity, accuracy, completeness, currency or reliability of the information.

The contents of this presentation are confidential and not for distribution to unauthorized parties.

COMPETENT PERSON STATEMENTS

The South Harz Potash Project data in this report is based on information reviewed by Jason Wilkinson, a member of the Professional Member of the Institute of Materials, Minerals & Mining (MIMMM) and an employee of Davenport Resources Limited. Mr Wilkinson has sufficient experience that is relevant to the style of the mineralisation and the type of deposit under consideration and to the activity to 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. Mr Wilkinson has consented to the inclusion of this information in the form and context in which it appears in this report.

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© Davenport Resources Ltd. November 2019 www.davenportresources.com.au
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2019 Highlights
•
5 billion tonne resource established at JORC Inferred level, with potential for more to follow
•
Technical and financial scoping studies completed for 4 potential projects within the portfolio
•
NDA’s agreed with two major German companies
•
Studies shared with these companies, expecting JV’s to follow
•
Successful capital raise in September 2019
•
Lions Bay Capital and Delphi Unternehmensberatung AG join as significant shareholders
© Davenport Resources Ltd. November 2019
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TWO GERMAN-SPEAKING DIRECTORS NOW ON BOARD

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Pat McManus: Chairman. Dr Chris Gilchrist: Managing Mineral processing engineers Director. with over 30 years of mining A Mineral Engineer with more than 30 of experience, Managing Director of years experience Parkway Minerals NL, previously including; General Manager and MD of Potash West and served in Operations Director for senior positions with Iluka Cleveland Potash Limited (UK), Minerals.| Non-Executive Director of South Boulder Mines (now Danakali Ltd) managing feasibility on the Colluli potash project in Eritrea. More as recently Project Manager and adviser to Circum Minerals on their Ethiopian potash project.

Rory Luff: NE Director. Founder of BW Equities and East Exploration with more than 15 years’ experience in financial services

Dr Reinout Koopmans: NE Director. Dr Koopmans spent 15 years in investment banking, based in London. He was responsible globally for public equity raising for natural resource companies at Deutsche Bank and he led the European equity capital markets team at Jefferies International. In the 1990’s, Reinout was a management consultant with McKinsey & Co in Germany and South-East Asia.

Hansjörg Plaggemars: NE Director

Mr Plaggemars is an experienced company director with a deep knowledge of corporate finance, strategy and governance. He has served on numerous boards in a variety of industries which includes Delphi Unternehmensberatung who are a substantial shareholder in Davenport. Mr Plaggemars is resident in Germany and has deep experience of corporate and capital markets in Europe.

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JORC RESOURCES ESTABLISHED FOR MINING LICENCE AREAS

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OHMGEBIRGE
MÜHLHAUSEN, KEULA AND
NOHRA-ELENDE
EBELEBEN
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THE LARGEST POTASH INVENTORY IN WESTERN EUROPE

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	HORIZON	TONNAGE(MT)		K2O %	K2O (MT)
	EBELEBEN
	Sylvinite	324		15.6	50
	Carnallitite	253		7.5	19
	MŰHLHAUSEN KEULA
	Sylvinite	834		12.1	101
	Carnallitite	296		8.2	24
	MŰHLHAUSEN
	NOHRA-ELENDE
	Sylvinite	101		14.2	14
	Carnallitite	1,597		9.4	150
	KŰLLSTEDT
	Sylvinite	333		13.0	43
	Carnallitite	1,205		10.1	122
	TOTALJORC INFERRED	4,943		10.6	524
© Davenport Resources Ltd.		November 2019			www.davenportresources.com.au

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DAVENPORT HAS A PORTFOLIO OF AT LEAST 4 MAJOR PROJECTS

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Mülhausen – Keula - Küllstedt

• 2.7 Bt resource containing 290 Mt K2O also containing sulphate potash minerals.

• Potential for a large, long-life, conventional underground potash mine.

Ebeleben

• 577 Mt resource containing high-grade thick Sylvinite intersections.

• Medium-sized, long life, conventional underground potash mine potential.

Nohra-Elende

• 1.7 Bt resource containing thick Carnallitite intersections

• (45 m).

• Potential for large, long life, solution mine.

Ohmgebirge

• 150 Mt resource at relatively shallow depth. Potential for small-to-medium potash operation with lower capex.

• May generate nearer-term production and cash flow.

A scoping study for Mulhausen-Keula and Ohmgebirge is already completed. A study for Nohra-Elende will be completed by late-November 2019. These studies include a preliminary economic analysis and have enabled meaningful negotiations with three potential project partners.

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Page 9 SCOPING STUDIES

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Davenport has completed preliminary scoping studies on several of its licence areas using the expert potash consultancy K-Utec.

For example, the Ohmgebirge area which is surrounded by former mines, some with access shafts which are still operational.

Road, rail, water, gas and electrical power infrastructure are already in place close to the project site.

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THE PATH TO PRODUCTION

2021 Project financing

Early-2020 Incorporation of Project partners

2019 Completion of Economic studies

2018 Definition of JORC resources

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Late-2020
Completion of
Feasibility studies
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2017
Licence acquisition
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2021-2023 Construction

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Production

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PRICE FORECAST – PRICES WILL CONTINUE TO RISE

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2019
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A COMPELLING BUSINESS CASE

• Large high quality resources in historic potash region

• Resources support long-life project options > 50 years

• Low-risk jurisdiction

• Regional government supportive of job creation projects

• Proximity to markets (Europe still a net potash importer)

• Low infrastructure requirements (power, water, gas, rail)

• Experienced management team. Key staff based in Europe

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These projects tick all the boxes

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• BUILDING WESTERN EUROPE’S LARGEST POTASH INVENTORY

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INVESTOR & MEDIA ENQUIRIES

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© Davenport Resources Ltd. November 2019 www.davenportresources.com.au
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