TURNSTONE RESOURCES LTD — Investor Presentation 2017

Nov 22, 2017

BUILDING A STRATEGIC POTASH INVENTORY IN GERMANY’S SOUTH HARZ BASIN

NOVEMBER 2017

DISCLAIMER

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 Company disclaims and excludes all liability (to the extent permitted by law) for losses, claims, damages, demands, costs and expenses of whatever nature arising in any way out of or in connection with the information, its accuracy, completeness or by reason of reliance by any person on any of it.

Certain statements in this presentation are forward looking statements. By their nature, forward looking statements involve a number of risks, uncertainties or assumptions that could cause actual results or events to differ materially from those expressed or implied by the forward looking statements. These risks, uncertainties or assumptions could have financial effects or adversely affect the outcome of the plans and events described herein. Forward looking statements contained in this presentation regarding past or present activities should not be taken as representation that such activities will continue in the future. You should not place undue reliance on forward looking statements, which apply only as of the date of this presentation. Actual outcomes and results may differ materially from those expressed or implied by these forward looking statements.

This Presentation is not intended to be, and is not, a prospectus, offering memorandum or private placement memorandum. The information in this Presentation may not be complete and may be changed, modified or amended at any time by the Company, and is not intended to, and does not, constitute representations and warranties of the Company, or its directors, officers, employees, agents, representatives and affiliates. It is not intended to be the basis of any investment decision or any other risk evaluation and should not be relied upon and may not be considered as a recommendation by the Company or any other person in connection with an investment in the Company.

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.

DAVENPORT at a glance

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74mill Issued Shares 36.1m shares listed on ASX Mkt Cap $6.2 mill Cash $3.7mill @ 30 Sept 2017

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Directors & Management

Pat McManus: 30 years of mining experience, Managing Director of Parkway Minerals NL.

Chris Bain: A geologist with 40 years of experience in mining, exploration, funds management, stockbroking and corporate advisory roles.

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

Chris Gilchrist: A Mineral Engineer with more than 30 years of experience including; General Manager and Operations Director for Cleveland Potash Limited (UK), Non-Executive Director of South Boulder Mines (now Danakali Ltd) managing feasibility on the Colluli potash project in Eritrea. More recently as Project Manager and adviser to Circum Minerals on their Ethiopian potash project.

Jason Wilkinson – Project Director : A geologist with 25 years of exploration experience including 7 years with Allana Potash and in country manager ICL in Ethiopia taking the project from start-up through to feasibility. Jason is based in Europe.

DAVENPORT’S DIRECTORS AND MANAGEMENT HAVE EXPERIENCE IN EXPLORATION AND DEVELOPMENT OF POTASH PROJECTS AND OTHER MINERALS LOCATED IN WESTERN EUROPE, AUSTRALIA, MIDDLE EAST AND AFRICA.

GROWING GERMAN POTASH ASSETS

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Building a strategic position in Germany’s South Harz potash basin, a globally significant region with a history of over 120 years of production

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Three new perpetual mining licences with historic high grade resources in “next to be mined” parts of the potash basin

Large supporting database that would cost over €100m to replicate the today

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Historic resources are substantial in size and high grade. They provide the basis to fast track exploration to a JORC resource

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Davenport directors and management have experience in potash and other minerals in Western Europe, Australia, Middle East and Africa, with skills in finance, geology, project development and operations.

STRATEGIC LICENCE POSITION

• ➢ Davenport owns three perpetual mining licences and two exploration licences covering 659km[2 ] in the South Harz potash basin.

• ➢ Davenport’s licence footprint surrounds five historic mines that produced a total of 181Mt of potash (K2O) between 1971 & 1989, worth over $31B at today’s MOP prices.

• ➢ Extensive historic exploration with historic resources will allow evaluation to be fast tracked

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MÜHLHAUSEN SUB-AREA HISTORIC RESOURCE

• ➢ Historic resource of 234 million tonnes at 14.4% K2O (33.8mt of K2O) of mixed potash salts (Hartsalz).

• ➢ Area of 53km[2] adjoining Davenport’s Küllstedt Licence

• ➢ Hartsalz comprises both potassium chloride and potassium sulphate amenable for both Muriate of Potash (MOP) and Sulphate of Potash (SOP) production.

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Mühlhausen-Nohra Licence showing existing drillholes

EBELEBEN HISTORIC RESOURCE

• ➢ Historic high-grade sylvinite resource of 356 million tonnes at 16.1% K2O (57.4mt of K2O)

• ➢ Extends from now closed Volkenroda mine to Davenport’s Gräfentonna Licence. Total mining licence area is 37km[2] with 31 drill holes.

• ➢ Advanced planning for mine development. Shaft sinking began but did not proceed after German re-unification. Volkenroda mine closed in 1991 after 80 years of operation.

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Ebeleben Licence showing existing drillholes

EXPLORATION LICENCES - WORK COMPLETED

Evaluation of geology and historic drill hole data allowed an Exploration Target estimation:

• ➢ Küllstedt – Exploration Target 4.055 - 5.141 billion metric tonnes grading 7.2% - 25% K2O. (Davenport Resources Limited Replacement Prospectus 24 October 2016, p30)

• ➢ Gräfentonna – Exploration Target 2.678 - 3.396 billion metric tonnes grading 4.3% - 25% K2O. (ASX Announcement - 22 May 2017 )

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Küllstedt & Gräfentonna Exploration Targets

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HIGH QUALITY HISTORIC RESOURCES

• ➢ Evaluation of data progressing with the two areas -Ebeleben and Mühlhausen sub-area - completed

• ➢ Ebeleben has Sylvinite extending south-east from the now closed Volkenroda mine

• ➢ Mühlhausen sub-area contains mixed salts (Hartsalz) extending into the Küllstedt Licence

• ➢ Historic exploration was done to a high standard and would cost more than €100 million and many years drilling to acquire today.

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Location of drilling on licences

STRONG FOUNDATION TO BUILD RESOURCES

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MINING LICENCES
EBELEBEN Historic Tonnes K2O grade Contained K2O
(ASX announcement 8 [th] November Resource (Million) % (Million tonnes)
2017) Category
Sylvinite Resource C2 220.9 16.7% 36.9
within the “Mining Horizon”
“Roof Beam – excluded mineralisation c2 33.5 17.3% 5.8
Resource outside the c2 101.3 14.5% 14.7
“Mining Horizon”
TOTAL 355.7 16.1% 57.4
Mühlhausen sub-area
(ASX announcement 16 [th] November
2017)
Hartsalz C2 234.0 14.4% 33.8
Carnallitite c2 54.4 10.6% 5.8
EXPLORATION LICENCES
Küllstedt Exploration 4,055- 7.2%-25% Not Applicable
(Prospectus 19 [th] January 2017) Target 5,011
Gräfentonna Exploration 2,678- 4.3% - Not Applicable
(ASX announcement 22 [nd] May 2017) Target 3,396 25%
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COMPARITIVE ANALYSIS

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Sirius Highfield Kore
Company Davenport Danakali
Minerals Resources Potash
Ticker DAV.AU DNK.AU SXX.LN HFR.AU K2P.AU
Mkt Cap
(US$ millions) $5.70 $140 $1,585 $261 $105
Cash (US$
millions) # $2.80 $12.00 $764.00 $54.00 $36.00
Debt (US$
- - -
millions) $1.3m $455
Enterprise Value
(US$ millions) $4.20 $128.00 $1,276.00 $207.00 $69.00
EV / Attributable
K2O Resource $0.07 $0.50 * $4.00 $5.84 $0.20
(US$)
Project South Harz Colluli Woodsmith Muga Kola
Rep of
Location Germany Eritrea UK Spain
Congo
Interest 100% 50% 100% 100% 97%
Project HISTORIC C2
Resources (Mt) RESOURCE
Measured + @16.7% @ 11% @ 12.1% @ 13.4% @ 15.1%
Ebeleben 221 287 820 224 1,277
Indicated K2O K2O K20 K2O K2O
@14.4% @ 10% @ 12.0% @ 13.8% @ 15.6%
Inferred Mühlhausen 234 827 1,840 39 920
K2O K2O K2O K2O K2O
@15.5% @ 11% @ 12.0% @ 13.5% @ 15.3%
Total 455 1,114 2,660 263 2,197
K 2 O K2O K2O K2O K2O
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• Balance of purchase cost for mining licences of US$1.3m payable over six months shown as debt

• Allowing for 50% ownership

POTASH MARKET

• POTASH - ESSENTIAL FOR LIFE

• ✓ Potash is an essential fertilizer for plant growth. It improves water retention, strengthens roots and stems and assists nutrient transfer.

✓ World population is growing at 80 million a year and is headed to 9.3 billion by 2050. Arable land per person is rapidly shrinking so fertilizer is essential to increase global farm output.

✓ Current potash market is slowly emerging from a period of oversupply with demand growing at around 3% a year. It is expected to reach a record 61-64 million tonnes this year. MOP Price at ~US$220 per tonne is beginning to recover as inventories are reducing and the market returns to balance.

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Population v Arable land
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Global Potash Shipments

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80
70
60
50
40
30
20
10
0
Million Tonnes
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
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Fast track evaluation

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114
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Total of114 drill holes within the mining licences, 89 exclusively for potash with an additional 25 petroleum and geo-stratigraphic drill holes that penetrated the potash bearing strata.

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Using today’s costs this equates to at least €100 million worth of potash exploration data, including evaluation, geochemical & mineralogical information.

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Historic resource estimates, supported by high quality data will enable targeted exploration to confirm JORC 2012 resources on the South Harz project

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An exceptional starting point to fast track evaluation with the aim of recommencing potash production in the South Harz region

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A SIGNIFICANT POTASH DATABASE

INVESTOR & MEDIA ENQUIRIES

Chris Bain - Managing Director Davenport Resources Ltd +61 (0) 413 275 756 cbain@davenportresources.com.au Luke Forrestal - Account Director Media & Capital Partners +61 (0) 411 479 144 luke.forrestal@mcpartners.com.au

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