VYSARN LIMITED — Investor Presentation 2011

Apr 10, 2011

MHM ROADSHOW� April 2011�

ABN: 41 124 212 175�

Introduction�

Corporate Snapshot

Exchanges � ASX Share Price � $1.15� Shares / Options 101m / 26m� Fully Diluted Market Cap � $146m�

Cash (at 31 December 2010) �$11.7m� No debt�

12 Month High / Low �$1.56 - $0.16�

Directors & Management

Basil Conti Non-Executive Chairman�

Managing Director�

Frank Rogers �

Executive Director�

Ben Mead �

Simon Wells �

Executive Director�

Dr Neil Allen � Non-Executive Director

Richard Lindsay � Exploration Manager�

Top 20 � �21% � Directors �13% � UBS Wealth Management � � 7% � Other �59%�

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12 Month Chart�

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MHM�

Diversified industrial/green-tech & resources company

Aluminium Division � Australian Operations�

Mineral Division� Silica Project Other Resource Projects

US Operations� Other Resource Projects International Opportunities� Alcoa partnership� MHM is an innovative and forward thinking company entering a major � period of growth over the next 3-5 years. Our goal is to maximise shareholder value via minimal dilution and a core focus on delivering EPS. We intend to enter the ASX300 by the end of the CY2011.�

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Aluminium Division Overview�

Aluminium Division�

Transforming waste into valuable commodities � � with positive outcomes for the environment, the � aluminium industry, and shareholders�

� �

1. Australian Operations�

2. US Operations�

3. International Growth Options�

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Competition / IP Protection�

Competitors�

MHM has conducted extensive patent review /analysis of competing salt slag processing technologies.�

Alternate processes fundamentally different, MHM�s technology has significant capital & operating expense advantages.�

This view supported by aluminium companies familiar with competing technologies.�

IP Protection�

MHM has perpetual, exclusive global rights to salt slag processing technology. �

Technology providers opted not to apply for patent, instead adopted �black box� trade secret approach. Issues surrounding ability to administer patent rights in every jurisdiction, perceived difficulties in protecting processing patents & unwillingness to advertise to the world how the process operates.�

MHM has procedures in place to protect technology, and is comfortable with IP protection position.�

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1. Australian Operations – Structure�

Alreco Pty Ltd is 100% owned Australian operating subsidiary.�

Owns perpetual, exclusive global rights to proprietary technology to process waste (aluminium salt slag) from secondary aluminium industry.�

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1. Australian Operations – Location�

Australian operations are located in Moolap, VIC (80 km�s south of Melbourne). � Image shows Alreco facility, salt slag landfill site, salt pond site and Alcoa�s Point Henry smelter.�

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1. Australian Operations – Images�

Recovered aluminium�

Aluminium salt slag�

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1. Australian Operations – Background�

Salt slag traditionally placed in landfill, Aust EPA no longer permits. Aust industry cannot continue with present secondary smelters without solution. Waste is hazardous in Aust & Europe as can leach ammonia & heavy metals.�

Frank Rogers working with aluminium industry since 1998; developing technology, building pilot plant, testing landfill, progressing relationship with Alcoa.�

• Technology provides landfill-free solution & processes salt slag into metal (10-20%), � salts (50%) & aluminium oxide (30-40%). �

MHM directors appointed financial/technical experts to assess acquisition of Sims business & global rights. Financial/technical due diligence was satisfied & transaction settled 15 Jan 2010.�

• Jan 2010: acquired salt slag processing business from Sims Metal Management (SGM). Facility to be upgraded to implement closed loop technology, no interruptions to operations during upgrade.�

All necessary permits and approvals for completion of final stage obtained. Full commissioning expected April 2010. �

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1. Australian Operations Detail�

Jan 2010: Aluminium salt slag business & underlying land purchased from Sims for $3m, immediately commenced operations and cashflow positive since this time�

3-year contract with Alcoa to process 11,000-13,000t aluminium salt slag pa for $300 per tonne. Alcoa retains ownership of recovered metal & salt, Alreco retains aluminium oxide.�

• 1-year contract with Sims to process aluminium salt slag, aluminium non-salt slag & aluminium dross, details of contract confidential. Contract expired though Alreco still processing material for Sims under contract terms. New contract being negotiated.�

Access to Alcoa-owned landfill to process 160,000t material. Landfill contains ~16,000-32,000t metal, ~80,000t salt & ~48,000-64,000t aluminium oxide. Alcoa relinquished ownership of reclaimed material.�

Targeted average operating cash surplus A$230,000 per month during upgrade.�

A$8.6m EBITDA pa at full capacity, once landfill processing commences.�

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1.� Australian Operations – Future Purchase � of Australian Rights�

Interests of Frank Rogers & Peter Robertson & private investor as owners of Alcoa processing & Alcoa landfill contracts yet to be acquired by MHM. Structured as profitsharing initially, to allow operation prior to acquisition (vend for MHM equity) to allow most accurate valuation rather than upfront pricing & acquisition. �

Alreco earns 60% of profits from Alcoa contract & Alcoa landfill processing until acquisition of remaining rights. Profit share only for these two contracts & only for Aust operations. Alreco owns 100% of Sims contract, plant, equipment, land & any overseas expansion (royalty payable to technology providers for overseas technology use).�

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2. US Operations�

MHM Metals Corp is 100%-owned operating subsidiary for US operations. � Exec director Ben Mead relocated to the US Jan 2011 to drive expansion.�

Alcoa Inc

Smelter Service Corporation�

Alcoa publically stated desire for no landfill by 2015, discussions to be global partner to achieve this goal.�

Preliminary contract discussions with Alcoa US commenced, together with salt slag testing/analysis.�

Secondary aluminium producer. Processes scrap & aluminium dross for Alcoa & others.�

Produces 90,000 tpa salt slag, owns 350,000t single purpose salt slag landfill.�

• Working with MHM re construction of first US salt slag processing facility. MHM to own facility outright. Anticipated to commence construction mid-2011.�

Additional salt slag sources�

Under negotiation, remain commercial-in-confidence.�

Anticipated first plant capacity 150,000-250,000 tpa, commence production mid-2012.

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2. US Operations �

MHM has;

1. Commenced testing of SSC landfill & other salt slag�

2. Commenced contract discussions for toll-treatment �

3.

4. Advanced dialogue concerning government grant & � concession negotiations �

5. Undertaken preliminary construction permitting planning, engineering/permitting group appointed�

6. Undertaken investigations into project financing options � (debt financing preferred) �

7. Anticipated first plant capacity 150,000-250,000 tpa, � targeted commencement of production mid-2012�

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2. US Operations - SSC Landfill Testing�

Involves cutting trenches across the landfill, recovering large lumps of salt slag and metal to test recoveries, taking composite samples of salt slag for analysis.�

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2. US Operations - SSC Landfill Testing�

Salt slag containing lumps of aluminium�

Aluminium and salt recovered by hand�

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3. International Growth�

Canadian market�

Salt slag not permitted in landfill. Enquiries from Canadian aluminium company received.�

European market�

Salt slag landfill not permitted in Europe. Two competing European salt slag processing technologies, Alreco�s � technology has considerable Capex � and Opex advantages.�

US market – primary focus after Australia� 1 million tpa of salt slag produced in US (25,000 tpa produced in Aust).�

Enquiries from several European aluminium companies to conduct feasibility.�

Expansion into US originally planned Q1 2011, brought forward.�

Salt slag can still be landfilled in US but increasingly difficult. Industry invested large sums without solution. Increasing awareness of value of landfilled materials, environmental benefits of salt slag treatment & salt slag landfill reclamation.�

Opportunities exist for Alreco in any jurisdiction where salt slag is produced – any country with active secondary aluminium industry.

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Additional Technologies�

Additional Technologies�

Aluminium oxide processing (NMP or Non-Metallic Product)�

MHM acquired exclusive rights to a technology under development to value add aluminium oxide residue.�

In Australia over 50,000 tpa of NMP produced in addition to that produced by Alreco. Possible opportunity to increase revenues by securing additional supply.�

US produces 10x volume of aluminium oxide produced in Australia.�

Jan 2010: MHM announced changes made to Australian operation to permit implementation � of NMP technology. Further information to be provided upon on signing anticipated � offtake contracts.�

SPL processing�

MHM acquired exclusive rights to technology under development to process Spent Pot Lining (SPL) into valuable commodities.�

Australia produces 38,000t pa of Spent Pot Lining, US produces 230,000t pa.�

Pilot scale testing expected in commence in US in near future.�

Revenue potential from treatment of SPL substantial.�

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Mineral Division�

Development Strategy/Rationale�

MHM has a suite of mineral projects at various stages of development

Advanced�

High Purity Silica Project �

Less Advanced�

Thomas Creek Porphyry Copper Gold Project� Hill 99 Polymetallic Project� Hibbs Ultramafic Nickel Project� Double Cove Iron Ore Project�

The mineral projects may deliver substantial value to shareholders and MHM management has responsibility to maximise return on these assets. Management also aware market wants MHM

A small proportion of profits will be reinvested into these projects for self-funded development & project development partners and/or divestment will be considered.�

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Mineral Division�

High purity silica, Cape Sorell Tasmania�

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Silica Project�

Silicon metal is strategic high-tech commodity. Applications: production of photovoltaic cells, computer chips & diverse products to increase efficiency & reduce energy consumption.�

Silicon demand up exponentially due to high-tech/renewable energy applications.�

Continuing offtake negotiation & project development discussions.�

MHM owns what we believe to be the only areas of high purity silica mineralisation in Tasmania that could provide feedstock to underwrite a Tasmanian silicon smelter.�

MHM also engaged with parties seeking high purity silica flour offtake, negotiations � well advanced.�

MHM applied for permits for drill program for Cape Sorell Project, expected to complete � Q2 2011.�

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Offtake Discussions�

MHM is conducting offtake discussions with a number of parties.�

WackerChemie AG: is diversified chemicals company based in Munich, operations in 5 continents, ~15,000 employees, 2008 sales �4.3b, EBITDA �1.05b. World-leader silicon metals production for chemical applications, silicon wafers for semiconductor industry & major producer of hyper-pure polysilicon used in photovoltaic solar energy market.�

Reported in media to be considering $500m investment in Tasmanian silicon smelter, discussions occurring but details remain commercial-in-confidence.�

Multinational chemical company (US): silicon multi-national reported by Tasmanian Treasurer to be considering silicon smelter proposal MHM in discussions with other parties re Tasmanian silicon smelting concept.�

Third multi-national company: engaged in the silicon smelter proposal negotiations.�

Silica flour: A number of parties have received samples of high purity silica flour & engaged in offtake discussions at various stages of development.�

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Silicon Smelting in Tasmania�

Silicon metal produced when silica is smelted with carbon to produce silicon.�

Essentially 3t silica together with 1t charcoal or low-ash, low-sulphur coal smelted using ~12MW electricity to produce 1t silicon metal.�

This silicon metal then further processed & used for computer circuitry, solar panels,� construction materials, cosmetics etc.�

Tasmania is premier global location for a silicon smelter.�

• •� World-class quartzite with purity & magnitude.�

• •� 100% renewable energy (hydro-electric power).�

• •� Charcoal produced from forest waste &/or plantation timber. Presently forest-waste � is burnt in post harvest operations. A silicon smelter could use significant proportion of � this waste with charcoal produced in closed-loop operation. Waste heat from the � process could be used to generate electricity.�

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Ongoing Exploration�

MHM commenced ramp-up of exploration for gold, nickel, copper and polymetallics on existing project areas, all located in Tasmania.�

Project development partners/ divestment will be considered.�

MHM project areas contain a diversity of rock types including the highly prospective Mt Read Volcanics with structural complexity of a type prone for mineral discovery.�

Number of targets with significant potential:�

• •� Thomas Creek Porphyry Copper-Gold Project – highly prospective target. Reinterpretation � of previous exploration & drilling suggests extensive mineralised zone (4x2km). Strikingly � similar signatures to Cadia-Ridgeway (Newcrest NSW) discovery. Drilling planned 2011.�

• •� Hill 99 – outcropping massive iron � sulphide. Sulphidegossan float with � highly chloritised rocks & coincident � copper & zinc soil anomaly over � 400m strike length. Target contains � extensive alteration package of the � type that hosts the Henty gold & � Hellyer zinc mineralisation.�

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Directors & Management�

Basil Conti FCA FCIS FTIA Chairman�

CPA with over 35 years experience in corporate governance and management with ASX-listed & private enterprise corporations.�

Frank Rogers Managing Director�

40 years experience in process engineering, mining, exploration & public company management.�

Ben Mead BEc Executive Director�

Diverse commercial management & business development experience in Australia, United Kingdom & US. International commercial banking background.�

Simon Well s� Executive Director�

Background in project management & implementation, consulting to the mining, engineering & chemical industries. Previously a partner at a consulting & political lobbying firm.�

Dr Neil Allen BSc PhD Non-Executive Director

Mineral physicist with extensive exploration & mineral dressing experience in Tasmania.�

Richard Lindsay BSc Exploration Manager�

Over 20 years experience in Australia, Africa & Asia. Extensive experience with gold exploration & porphyry copper-gold deposits.�

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Conclusions�

Cashflow positive Australian aluminium operations – anticipated EBITDA $8.6m pa � when at full capacity.�

Completion of upgrade for Australian operations imminent.�

• Substantial immediate growth potential in US, planning to commence constriction � mid-2011 with production mid-2012.�

• Business growth driven by aluminium industry demand. Economics and environmental factors all support MHM technolgoy.�

• Minimise dilution to shareholders via debt financing, grants, low interest loans � & self funding.�

• Management plans to consolidate diversified mineral interests to maximise � shareholder returns.�

• Silica project is simple mining/processing operation with potential to generate returns � in perpetuity.�

• Significant medium/long term potential for gold, nickel, copper & iron ore projects with project development partners/divestment when expedient.�

MHM directors & management have a significant stake in MHM & committed to generating prosperity for all shareholders in short, medium & long term.�

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Contacts�

MHM Metals Limited

52 Channel Highway, Kingston TAS 7050, Australia

Alreco Pty Ltd�

80 Buckley Grove, Moolap VIC 3221, Australia�

MHM Metals Corporation� PO Box 682126, Franklin TN 37068, USA

Ben Mead Phone: +61 3 6229 9955� Email: info@mhmmetals.com

Rudi Michelson�

Monsoon Communciations� Phone: +61 3 9620 3333� Email: rudim@monsoon.com.au�

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Appendix: News Flow 2010/11�

Aluminium Division�

• •�Jan 2010: Acquired salt slag business, exclusive global rights to proprietary technology, contracts with � Alcoa & Sims�

• •�Jan: Recommencement of salt slag processing facility, technology upgrade during ongoing operations�

• •�Jul: Net profit to 30 Jun A$1.1m �

• •�Oct: Research Report from NY-based RB Milestone, $3 ps price target�

• •�Oct: Contract with US aluminium company (Smelter Service Corp) for joint feasibility for salt slag processing in Tennessee. MHM completes A$12m capital raising to facilitate expansion�

• •�Oct : Gross profit Q3 2010 A$1,677,000, operating cash surplus A$1,015,000�

• •�Oct: Updated research report RB Milestone $3.92 ps target�

• •�Nov: Council approval final stage of aluminium operations. Ben Mead to relocate to US to drive US expansion�

• •�Dec: Council provides conflicting advice re CHMP study for evaporation ponds, MHM commences study. Submission made for second location�

• •�Jan 2011: Gross profit Q4 2010 A$836,000, operating cash surplus A$238,000. Modifications of plant to allow processing of aluminium oxide, a second-stage value-adding process.�

• •�Feb: Approval from council to construct evaporation ponds on alternate location, original application � still outstanding�

• •�Mar: Evaporation ponds under construction, testing of landfill in Tennessee underway, site selection underway�

Minerals Division�

• •�Apr 2010: Concluded VTEM of precious & base metal assets western Tasmania�

• •�Jul: Ongoing metallurgy & conceptual mining study of Miyabi, ongoing negotiation for high purity � silica development�

• •�Oct: Ground-based exploration of western Tasmanian projects, follow up VTEM with drilling program planning�

• •�Jan 2011: Drilling approval sought for high purity silica project, response to off take/silicon smelter development discussions �

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Appendix: Environmental Benefits � of Salt Slag Technology�

Technology has significant impact on sustainability of aluminium industry.�

Landfilled salt slag causes environmental problems – releases ammonia into air & metals into groundwater.�

95% less energy producing aluminium from salt slag waste compared to primary sources.�

Australian Aluminium Council: primary aluminium production results in 3.1t CO2 per tonne of metal. Alreco Process uses 95% less energy/less CO2. Alcoa landfill likely to contain 16,000-32,000t of metal, saving 47,000-94,000t CO2. Sims processing agreement further increases savings.�

Aust aluminium industry promoting the Green Can concept – infinitely recyclable product with no resultant waste. Only achievable due to Alreco technology.�

Alreco implementing evaporation plant in Australia to produce instant crystalline salt from salt slag treatment (as opposed to evaporation ponds). To save ~120m litres water pa. This will also demonstrate � closed-loop process for projects where � solar evaporation not feasible.�

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Disclaimer & JORC Compliance Statement�

• This document has been prepared by MHM Metals Limited (“MHM” or the “Company”). It should not be considered as an offer or invitation to subscribe for, or purchase any, securities in the Company or an as inducement to make an offer or invitation with respect to those securities. No agreement to subscribe for securities in the Company will be entered into on the basis of this presentation.�

• This presentation contains forecasts, projections and forward looking information. Such forecasts, projections and information are not a guarantee of future performance and involve unknown risks and uncertainties, many of which are out of MHM�s control. Actual results and developments may differ materially from those expressed or implied. To the maximum extent permitted by applicable law, MHM makes no representation and can give no assurance, guarantee or warranty, express or implied, as to, and takes no responsibility and assumes no liability for (1) the authenticity, validity, accuracy, suitability or completeness of, or any errors or omissions from, and information, statement or opinion contained in this presentation and (2) without prejudice to the generality of the foregoing, the achievement or accuracy of any forecasts, projections or other forward looking information contained within this presentation.�

• Throughout this presentation all figures are quoted in A$ unless otherwise stated. You should not act in reliance on this presentation material. This overview of the Company does not purport to be inclusive or contain all information that recipients may require in order to make an informed assessment of MHM�s prospects. You should conduct your own investigation and perform your own analysis in order to satisfy yourself as to the accuracy and completeness of this information, statements and opinions contained in this presentation before making any investment decision.�

• Information in this report that relates to Exploration results, Mineral Resources or Ore Reserves is based on information compiled by Richard Lindsay (Exploration Manager for MHM) who is a member of the Australian Institute of Geoscientists. Richard Lindsay has sufficient experience which is relevant to the style of mineralization and type of deposits 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 Exploration Results, Mineral Resources and Ore Reserves. Richard Lindsay consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.�

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