TURNSTONE RESOURCES LTD — Investor Presentation 2018

Apr 30, 2018

BUILDING EUROPE’S LARGEST POTASH INVENTORY IN GERMANY’S SOUTH HARZ BASIN

MAY 2018

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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108.7m Issued Shares 36.9m shares listed on ASX Mkt Cap A$9.7 mill Cash A$2.0m @ 31 March 2018

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Directors & Management

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

Dr Chris Gilchrist: Managing Director. 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. He is based in Europe.

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

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

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 potash 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 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 as shown by successful Ebeleben Resource conversion.

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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. Key staff are based in Europe.

GERMAN SOUTH HARZ REGION

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

• ➢ This region represents the cradle of potash mining from where 181.7 Mt potash has been extracted since the 1890’s.

• ➢ Davenport is currently converting its historic resources (under the former GDR system) to JORCcompliant resources.

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STRATEGIC LICENCE POSITION

• ➢ Davenport acquired perpetual mining licenses for Ebeleben, Mühlhausen and Ohmgebirge from the German government in 2018.

• ➢ In addition, Davenport already has exploration licenses for the Küllstedt and Gräfentonna areas.

• ➢ Davenport is fast-tracking the confirmation of resources in these areas and expects this to become Europe’s largest unmined potash resource.

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EBELEBEN JORC INFERRED RESOURCE

• ➢ 2012 JORC Inferred Resource of 576 million tonnes at 12.1% K O 2

• (110.1 Mt of KCl)

• ➢ 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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Key features of Ebeleben resource containing thick Sylvinite with grades similar to typical international operations.

MÜHLHAUSEN, KEULA AND NOHRA-ELENDE HISTORIC RESOURCE

• ➢ Historic resource of 1.11 Billion tonnes containing 114.9 Mt K2O of mixed potash salts (ASX Announcement 10 April 2018)

• ➢ Area adjoins Davenport’s Küllstedt Licence.

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

• ➢ Conversion of these resources to JORC (2012)-compliant Inferred Resource ongoing.

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Mühlhausen-Nohra Licence showing existing drillholes

SUMMARY OF RESOURCES AND EXPLORATION TARGETS

• ➢ Ebeleben – JORC (2012) Inferred Resource 576.6 Mt grading 12.1% K2O . Contains 69.3 Mt of K2O (ASX release 3 April 2018 )

• ➢ Mühlhausen – Exploration Target - 3 areas with combined target of between 286 Mt & 510 Mt of K O*. 2

• JORC Inferred resource by June 2018. (ASX release 10 April 2018 )

• ➢ Ohmgebirge – review work ongoing.

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

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

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* The potential quantity and grade of the Exploration Target is conceptual in nature. There has been insufficient exploration to estimate a mineral resource and it is uncertain if further exploration will result in the estimation of a mineral resource

COMPARATIVE ANALYSIS

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Sirius Highfield Kore
Company Davenport Danakali
Minerals Resources Potash
Ticker DAV.AU DNK.AU SXX.LN HFR.AU KP2.AU
Mkt Cap
(US$ millions) $7.5 $138 $1,781 $218 $119
Cash (US$
millions) $1.54 $12.00 $560.00 $50.50 $16.50
Debt (US$
millions) # - - $370.00 - -
Enterprise Value
(US$ millions) $5.99 $126.47 $1,590.00 $167.50 $102.60
EV / Attributable
K2O Resource $0.09 $0.45 $2.49 $1.59 $0.55
(US$)
Project South Harz Colluli Woodsmith Muga Kola
Rep of
Location Germany Eritrea UK Spain
Congo
Interest 100% 50% 100% 100% 97%
Project EBELEBEN
Resources (Mt) RESOURCE
Measured + @ 11% @ 12.1% @ 13.0% @ 22.3%
1,254 820 266.3 508
Indicated K2O K20 K2O K2O
@15.6% @ 10% @ 12.0% @ 12.0% @ 21.4%
Inferred 324.0 35 1,840 150.2 340
K2O K2O K2O K2O K2O
@15.6% @ 11% @ 12.0% @ 12.6% @ 21.9%
Total 324.0 1,289 2,660 416.5 848
K 2 O K2O K2O K2O K2O
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• • Allowing for 50% ownership

• ** Ebeleben Resource shown for Sylvinite only to provide direct comparison with other Sylvinite resources cited

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
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 of 114 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 further JORC 2012 resources on the South Harz project.

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An exceptional starting point to fast track evaluation with the aim of continuing potash production in the South Harz region which is still ongoing after 120 years.

FAST TRACK SCHEDULE

		2018	2019
	JORC Resource for Ebeleben JORC Resource for Mühlhausen areas Identify locations for twin drillholes Drill twin holes and verify historic data Elevate to JORC Indicated status Conduct PEA/Scoping Study

WHY DAVENPORT RESOURCES ? A COMPELLING BUSINESS CASE

• Large high quality resource in historic potash region

• Resources support long-life project > 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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THIS PROJECT TICKS ALL THE BOXES

INVESTOR & MEDIA ENQUIRIES

Dr Chris Gilchrist - Managing Director Davenport Resources Ltd +353 41 988 3409 cgilchrist@davenportresources.com.au Luke Forrestal - Account Director Media & Capital Partners +61 (0) 411 479 144 luke.forrestal@mcpartners.com.au

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BUILDING EUROPE’S LARGEST POTASH INVENTORY

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