Slide 1: Investor Update
ASX: MTH Investor Update www.mithrilresources.com.au July 28th, 2009 Please note the important disclaimer and competent persons statement at the end of this presentation
Slide 2: Mithril Resources Ltd - Summary
Mithril Resources Ltd - Summary Capital Structure Shares on Issue 67.393M Unlisted Options 13.305M S b t nti l and Substantial nd Large L ge Shareholders Sh eholde (post (po t capital pit l raising) i ing) Minotaur Resources Investments Pty Ltd 18.8% Consolidated Nickel Pty Limited 12.1% T
Slide 3: Mithril Resources Ltd – Summary Highlights
Mithril Resources Ltd – Summary HIGHLIGHTS A new Ni-Cu discovery at Huckitta in the Northern Territory (Blackadder - 3.8%Ni, 9.6%Cu and Baldrick 2.3%Ni, 2.4%Cu); Darwin The leading tenement position in the Musgrave region of South Australia with recent success at the Mt Alvey PGE prospect and th
Slide 4: New Nickel Sulphide Discovery in the NT
New Nickel Sulphide Discovery in the NT Up to 3.8%Ni, 9.8%Cu, 1.7g/tPGEs, 25g/tAg in rock chips PROJECT SUMMARY Mithril has discovered Ni-Cu-PGE 3.8%Ni, 9.6%Cu mineralisation a a o at a a number u b of o 0.5%Ni, 0.2%Cu 1.2%Ni, 0.5%Cu locations on the Huckitta Project 0.6%Ni, 1.8%Cu Results sugge
Slide 5: Huckitta Project – Location Map
Huckitta Project – Location Map Baldrick 2.3%Ni, 2.4%Cu Blackadder Leaky 3.8%Ni, 9.6%Cu Bore Miggins Edmund 0.26%Ni, 0.5g/t Pt+Pd 2.6%Cu, 65g/t Ag Elevated Ni & PGE’s PGE s Percy Elevated Ni, Cu & PGE’s
Slide 6: Blackadder-Baldrick Satellite Image
Blackadder-Baldrick Satellite Image EM Profiles on Magnetics over The Blackadder 2.3%Ni, 2.4%Cu Prospect BALDRICK Blebby Sulphides 1.0%Ni, 1.5%Cu EL 25346 EL25346 EL 25453 5 53 EL25453 1.2%Ni, 0.7%Cu BLACKADDER 3.8%Ni, 9.6%Cu 0.3%Ni, 0.3%Cu Gabbro Outcrop 0 6%Ni 1 0.6%Ni, 1.8%Cu 8%C EM Conductor Roc
Slide 7: Blackadder-Baldrick Magnetics
Blackadder-Baldrick Magnetics 2.3%Ni, 2.4%Cu BALDRICK 0.9%Ni, 1.5%Cu Blebby Sulphides EL25346 EL25453 BLACKADDER 3.8%Ni, 9.6%Cu 1.2%Ni, 0.7%Cu 0.3%Ni, 0.3%Cu 0 6%Ni 1 0.6%Ni, 1.8%Cu 8%C
Slide 8: Baldrick Prospect – Looking West
Baldrick Prospect – Looking West 2.3%Ni, 2.4% Cu Felsic Gneiss Norite Felsic Gneiss 0.9%Ni, 1.5% Cu Thin section po pn cpy 0.1mm
Slide 9: Baldrick “Blebby Sulphides”
Baldrick “Blebby Sulphides” Bears Brook Pit – Noril’sk & Zhdanov Pit - Pechanga Sulphide Blebs in Pyroxenite Zhdanov Mine (Western Pit) Pechenga Sulphide Blebs in Taxite Bears Brook Pit Noril’sk Baldrick “Blebby Blebby Sulphides Sulphides” pyrrhotite-chalcopyrite-pentlandite
Slide 10: VTEM Survey in Progress
VTEM Survey in Progress Baldrick 2.3%Ni, 2.4%Cu EL 25346 Blackadder 3.8%Ni, 9.6%Cu Miggins Edmund 0.26%Ni, 0.5g/t Pt+Pd 2.6%Cu, 65g/t Ag Elevated Ni & PGE’s EL 25453 EL 25653 Percy ELA 27243 Elevated Ni, Cu & PGE’s ELA 26942
Slide 11: VTEM Coverage on Magnetics
VTEM Coverage on Magnetics Baldrick 2.3%Ni, 2.4%Cu Nickel Sulphide’s are detectable d bl by b Blackadder EM methods as 3.8%Ni, 9.6%Cu they are conductive VTEM will screen Miggins Edmund areas for near 0.26%Ni, 0.5g/t Pt+Pd 2.6%Cu, 65g/t Ag surface (<200m) Elevated Ni & PGE’s conductivity d ti it
Slide 12: The Exploration Criteria Stacks Up….
The Exploration Criteria Stacks Up…. Geodynamic/Tectonic G d i /T i Setting S i Intersecting Continental Scale Structures Rifted Craton Margin Large Magmatic Event Numerous “Blackadder-type” intrusions identified over large area (>1000 km2) Favourable host rocks Gabbroic bodies – Commo
Slide 13: Work Program 2009/2010
Work Program 2009/2010 ACTIVITY Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Desktop Studies Geology/Mapping Ground Geophysics Airborne Geophysics Drilling VTEM survey results mid-August Drilling to commence at Blackadder/Baldrick late August Drilling D illi results lt September S t b Pos
Slide 14: Pardoo Nickel Project
Pardoo Nickel Project Mithril earning 65% Scope to increase tonnage and grade at Highway Downhole EM surveys complete results in August Significant exploration potential Processing options under review Metallurgical test results Sept Supply Well 1m @ 1.9%Ni 1m @ 17%Zn Highway - Inferred Re
Slide 15: Pardoo Nickel Project - Magnetics
Pardoo Nickel Project - Magnetics Supply Well 1m @ 1.9%Ni 1m @ 17%Zn Highway - Inferred Resource of 44.7Mt at 0.3%Ni, 0.1%Cu (JORC-compliant)
Slide 16: Highway Deposit Section 38100E
HIGHWAY DEPOSIT SECTION 38100E 0.1% Ni Cutoff Highway Deposit 0.3% Ni Cutoff Section 38100E DD07HW002 DD08HW001 DD08HW002 DHEM - conductivity y increases downdip and southwest of DH08HW001 200m DHEM – off-hole target downdip and southwest of DH08HW001
Slide 17: Highway Deposit Section 37900E
HIGHWAY DEPOSIT SECTION 37900E 0.1% Ni Cutoff Highway Deposit 0.3% Ni Cutoff Section 38100E 37900E DD07HW002 DD08HW001 DD08HW002 200m
Slide 18: The Musgrave Province
The Musgrave Province: A large under-explored block of Proterozoic-aged rocks comprising a diversity of geological environments Nickel sulphide mineralisation is associated with the extensive mafic- ultramafic intrusions of the Giles Complex (~1080 Ma) In South ou Australia, u a a, lies almost
Slide 19: Musgrave Province – South Australia
Musgrave Province – South Australia Wingellina 86Mt @ 1.23%Ni, 0.09%Co (Laterite – Metals X) WA NT EL 3940 SA EL 3942 Nebo/Babel 396Mt @ 0.3%Ni, 0.3%Cu (BHP Billiton) 0 200 km
Slide 20: Musgrave Barrick JV – Western EL’s
Musgrave Barrick JV – Western EL’s (Mithril earning an 80% interest) Ni-Cu Sulphide Targets Mt ALVEY PROSPECT 14m@0.42g/t Pt+Pd DEERING HILLS Incl. 4m@0.91g/t Pt+Pd Rare Earth Element Prospect Grabs to 9.3% REE DEERING HILLS Priority ground EM targets VANADIUM-MAGNETITE identified Grab samples to
Slide 21: Deering Hills Vanadium-Magnetite Prospect
Deering Hills Vanadium-Magnetite Prospect 0.77%V205, 54.3%Fe 0.72%V205, 53.9%Fe 0.79%V205, 53.6%Fe 0.56%V205, 55.5%Fe 0.83%V205, 55.1%Fe 0.71%V205, 53.5%Fe 0.73%V205, 53.7%Fe 0.48%V205, 55.3%Fe 1 km
Slide 22: Directors
Directors J h R John Roberts b t (Chairman, (Ch i Non-Executive N E ti Di Director) t ) A geologist with over 51 years experience in the mining industry Responsible for Homestake Gold of Australia from 1977 to 1993 (Managing Director from 1987) Holds a number of board positions in junior explo
Slide 23: Important Notices
IMPORTANT NOTICES Disclaimer This presentation has been prepared by Mithril Resources Limited (Mithril). The information contained in this presentation is a professional opinion only and is given in good faith. Certain information in this document has been derived from third parties and though Mithr