Avenira Limited · ASX:AEV

Avenira — Mining Indaba 2019

17 slides from Avenira's conference presentation, Feb 6, 2019

1. Slide 1: Investor Presentation | Mining Indaba 2019

   For personal use only Investor Presentation | Mining Indaba 2019 ASX: AEV February 2019

2. Slide 2: Disclaimer

   Disclaimer For personal use only This presentation has been prepared by Avenira Limited (Avenira). This document does not constitute or contain an offer, Statements contained in this document, including but not limited to those regarding the possible or assumed future costs, invitation, solicitation

3. Slide 3: Corporate Snapshot

   Corporate Snapshot For personal use only BOARD OF DIRECTORS CAPITAL STRUCTURE Chairman Brett Clark Share price (31 January 2019) A$0.018 Managing Director Louis Calvarin Shares in issue (ASX: AEV) 1,058m Non-Executive Director Tim Cotton (Agrifos) Options (25c, Sept 2019 expiry) 80.0m Non-Executive

4. Slide 4: Investment rationale

   Investment rationale For personal use only Well positioned for this growing, essential industry  Food demand is rising rapidly in line with population growth… and arable land is declining  Phosphate rock market growth driven by need for fertilizers Phosphate rock is a critical element for Expansio

5. Slide 5: Critical for food security

   Critical for food security For personal use only Phosphate rock market expected to reach 268Mt 90% 2024 Vital phosphate ingredient for rock demand NPK fertilisers 70% higher for fertilisers food demand Depleted soil predicted Highly vertical integrated nutrients need to be from 2010 to market (12- 1

6. Slide 6: Positive outlook for phosphate market

   Positive outlook for phosphate market For personal use only Prices are recovering PHOSPHATE ROCK DEMAND FORECAST 2  Phosphate fertilisers seeing price increases 225  Phosphate rock is benefiting 220 Actuals Forecast 216mt 219mt 213mt 213mt  Benchmark pricing coming off cyclical 10 year lows, alre

7. Slide 7: Africa: The fastest growing fertilizer market

   Africa: The fastest growing fertilizer market For personal use only  Large, established industry in North and West Africa  Market price benchmark  Sought after product by Europe, India and Americas  Senegal is a stable West African jurisdiction with multiple mining success stories 7

8. Slide 8: The Baobab Project

   The Baobab Project For personal use only 80% - Avenira 20% - Mimran Group An established phosphate rock mine in Senegal, West Africa Operations commenced in 2016 Currently processing stockpiles at the Gadde Bissik Mine 8

9. Slide 9: Baobab Project: Current operations

   Baobab Project: Current operations For personal use only  Currently processing existing ROM piles at the Gadde Bissik Mine at Baobab  Valuable experience already gained  Selling to local vertically integrated phosphoric acid producer  Potential to extend operations by recommencing mining  Minin

10. Slide 10: Baobab Project: Hitting the key milestones

    Baobab Project: Hitting the key milestones For personal use only ALREADY OPERATING LARGE MINERAL RESOURCES INFRASTRUCTURE In country operating skills Indicated Resources of Readily accessible Supply chain experience 42.1Mt @ 19.4% P2O5 sealed roads Experience with phosphate Inferred Resources of Acc

11. Slide 11: Baobab Expansion: 1Mtpa projected capacity

    Baobab Expansion: 1Mtpa projected capacity For personal use only Aims of Project Expansion  1.0 Mtpa phosphate rock concentrate projected capacity  Enhanced recoveries to improve quality and reduce operating costs  Replace existing circuit with industry standard flotation, magnetic separation and

12. Slide 12: Baobab Expansion: Permitting

    Baobab Expansion: Permitting For personal use only EXPLOITATION PERMIT GRANTED  Baobab Exploitation Permit granted by the Government of Senegal  Permit valid for a 20-year renewable term and covers a 75 km2 area  The Senegalese Government will hold a 10% free-carried interest in the legal entity

13. Slide 13: Baobab Expansion: Timetable

    Baobab Expansion: Timetable For personal use only 20-year Exploitation Permit ✅Completed Testwork for high grade product specification ✅Completed Increase Mineral Resources ✅Completed Concept Study ✅Completed Feasibility Study In progress Testwork to validate expansion flowsheet In progress Bankable

14. Slide 14: Wonarah Project

    Wonarah Project For personal use only SLEEPER PROJECT?  100% owned by Avenira  One of the largest phosphate deposits in Australia  Huge resource:  Measured Resource of 65 Mt @ 22.4% P2O5  Indicated Resource of 133 Mt @ 21.1% P2O5  Inferred Resource of 352 Mt @ 21 % P2O5 (15% cut-off)  Excelle

15. Slide 15: JDC Phosphate

    JDC Phosphate For personal use only AVENIRA HAS A 7% INTEREST IN JDC PHOSPHATE  A US-based private company seeking to commercialise the “Improved Hard Process” technology for superphosphoric acid production  Technology is potentially applicable to Avenira’s Baobab and Wonarah Projects  Avenira ha

16. Slide 16: Key Milestones

    Key Milestones For personal use only ACHIEVED Construct and successfully operate a mine  Develop in-country capability  Supply chain experience  Avenira is extremely well placed to Increase Mineral Resources  exploit the upswing in the global Concept study to support expansion  rock phosphate m

17. Slide 17: Avenira Limited

    For personal use only Avenira Limited ABN 48 116 296 541 www.avenira.com Suite 19, 100 Hay Street Subiaco, Western Australia 6008 AUSTRALIA PO Box 1704 West Perth WA 6872 AUSTRALIA +61 8 9264 7000 frontdesk@avenira.com 17

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