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Bcm Resources — Denver Mineral Exploration Symposium 2025
59 slides from Bcm Resources's conference presentation, September 2025
Slide 1: Successful Discovery Culture Case History of Oyu Tolgoi Discovery
Successful Discovery Culture Case History of Oyu Tolgoi Discovery Sergei Diakov President & CEO BCM Resources September 2025 Presentation to Denver Mineral Exploration Symposium 1
Slide 2: Introduction
Introduction • Mining industry challenges • Adequate mineral resources for future metals demand • Climate, social, and environmental pressures • Health & safety constrains • Geopolitical issues • Innovation & technological change • Mineral loss due to intensive mining • Sustaining growing global min
Slide 3: Fewer and Deeper Discoveries
Fewer and Deeper Discoveries COPPER R. Schodde, Exploration: Australia vs World, 2023 BHP Economic and Commodity Outlook, August 2024 R. Schodde, SEG Discovery, 2025 3
Slide 4: Introduction continued
Introduction continued • Mining companies’ vertical organizational structure • Corporate culture setting - typically from top to bottom • Human factor remains and will be critical in near future • Corporate cultures follow company structure • Culture is a soft issue – difficult to change • Explorati
Slide 5: Magma Copper's Cultural Transformation
Magma Copper’s Cultural Transformation • Spin-off from Newmont with numerous problems • Counterproductive tensions between corporate management and production units • Company management (CEO B. Winter), new leadership vision through cultural transformation (previously Landmark, now Vanto Group) • Cr
Slide 6: Magma Porphyry (Resolution) Discovery
Magma Porphyry (Resolution) Discovery Magma Porphyry milestones: • Initial concept – search for parallel Magma veins in southern block from shaft 9 • New interpretation of structural geology and persistent deep drilling • 1995 sub horizontal underground hole S27E intercepted QSP with dense Q veinlet
Slide 7: Magma Porphyry Discovery Team's Approach
Magma Porphyry Discovery Team’s Approach • Innovative ideas for geological interpretation • Bold concept • Support and encouragement from corporate • Perseverance for testing new ideas • Courage to accept new concepts and commit to persistent drill testing • Ability to change and adjust exploration
Slide 8: Oyu Tolgoi History Started in Arizona
Oyu Tolgoi History Started in Arizona Superior, AZ Erdenet Mining invited Magma Copper for joint exploration in Mongolia San Manuel ISL operation 8
Slide 9: PZ Volcanic Belts of Altaids
PZ Volcanic Belts of Altaids S 9
Slide 10: Mongolia Volcanic Belts
Mongolia Volcanic Belts _4ar- ay % Porphyry Cu deposit \ dy fe -~ © \ [_] Tuva Mongol Bett si on 4 a fe. i | [_] South Mongolian Beit | | i, — | [ry Simplified Late | “~ 7. - u Palaeozoic volcanic arcs opa17ea4 82 96° es ir be id (We 10
Slide 11: First Steps in Mongolia
First Steps in Mongolia • April 1995 - Erdenet-Magma JV (50/50) • May 1995 - Metallogenic database review. Assembling multicultural, diverse team dedicated to discoveries • Identification of volcanic belts with residual exploration potential • 75 copper prospects selected for field recon and validat
Slide 12: 1995 Field Reconnaissance
1995 Field Reconnaissance Team 2 Erdenet Team 1 650 km 12
Slide 13: Oyu Tolgoi Early-Stage Milestones
Oyu Tolgoi Early-Stage Milestones • Jan 1996 – BHP acquisition of Magma Copper • June 1996 – Erdenet-BHP JV dissolved • July 1996 – BHP continued exploration in Mongolia • Sept 1996 – Focus on porphyry occurrences with leached caps in the Gobi Desert • Discovery of Central Oyu leached cap hosted by
Slide 14: Gobi Basalt Clippers
Gobi Basalt Clippers 14
Slide 15: Porphyry Exploration Criteria
Porphyry Exploration Criteria • Size and quality - porphyries >500Mt @ >1% Cu eq. • Porphyry systems with grade enhancer • Concentric alteration zones (potassic core in phyllic zone around it hosted by propylitic envelope) • Footprint of 1 to 2 km in diameter • Leached quartz stockwork, hematitic ir
Slide 16: 1996 Shuteen iron oxide cap
1996 Shuteen iron oxide cap 16
Slide 17: Central Oyu Leached Cap
Central Oyu Leached Cap 17
Slide 18: OT Early-Stage Discovery Milestones
OT Early-Stage Discovery Milestones • Apr 1997 – Ground geophysics (mag, grad IP) and rock/soil geochemistry • May 1997 – 1:10,000 scale geological mapping • Jul 1997 – Significant magnetic anomaly at South and SW Oyu. IP anomalies over Central Oyu, South, and SW Oyu, with weak anomaly at North Oyu
Slide 19: OT District Structures
OT District Structures Oyu Tolgoi project S T iO o g W y lu Spring Ba Sis lt tone Ba Cu Ba Ba OT10-2 Ba OT10-1 l nt Javhaa 0 km 10 20 30 40 19
Slide 20: Oyu Tolgoi Camp 1997
Oyu Tolgoi Camp 1997 Page 20
Slide 21: Oyu Tolgoi Geology Map
Oyu Tolgoi Geology Map 4170000004 SILURIAN - DETOMAN nd Hyerothermal Bresia [EEF] asset tzs Central Asia Program Oyu Tolgoi Geological Map of Oyu Tolgoi and Surrounding Area [sone [Deri
Slide 22: Oyu Tolgoi Ground Mag
4764000N 4766000N 4768000N 4762000N 4760000N Oyu Tolgoi Ground Mag 1050 «= 648000E 1050 7 1060 sz 1050 s+ 650000E 652000E 654000E F + L + + + 7 noooseze FI 4 3 NooogoZb zoe EF BE on NOOOPSZb 3 o oe & = NOOOZg2b Noooos2b 3 tae] + + + 4 648000E 1,000 0 (meters) 650000E 652000E 654000E 1050 7 1050 SZ 1
Slide 23: Oyu Tolgoi IP Survey Results
sur 4765000N 4764000N au 4763000N 4762000N 4761000N Oyu Tolgoi IP Survey Results 1050 st" 1050 sz 1050 s 649000E 650000E 661000E 652000E 653000E T T T T T L NooOs92b anes i n NOOObS2b a 1 NoOoS9o2b ner 3S NoOoOozo2b & IP Percent VityV(o) x 100 NOOOLS2b #5024 1 L tt n 649000E 650000E 651000E §52000E
Slide 24: OT Initial Drillhole Location
OT Initial Drillhole Location 1500 North Oyu 1000 #2 #6 500 0 #3 Central Oyu #1 -500 South West Oyu -1000 South Oyu #4 #5 -1500 -2000 -2500 -3000 24 -2000 -1500 -1000 -500 0 500 1000 1500 2000
Slide 25: Drilling of Central and South Oyu Tolgoi
Drilling of Central and South Oyu Tolgoi 25
Slide 26: Discovery Drill holes OT-3 & OT-4
Discovery Drill holes OT-3 & OT-4 OT-3. Grey-blue - disseminated supergene chalcocite mineralization, red color - hematite OT-4. Black-blue - quartz- magnetite-bornite hypogene mineralization in stockwork 26
Slide 27: Oyu Tolgoi Mineralization
Oyu Tolgoi Mineralization Chalcocite mineralization Central Oyu Covellite mineralization Central Oyu Bornite mineralization South Oyu 27
Slide 28: Review of OT First Drill Core
Review of OT First Drill Core 28
Slide 29: OT Early-Stage Discovery Milestones
OT Early-Stage Discovery Milestones • Sept 1997 – drilling start-up. Hole OT-3 at Central Oyu intersected chalcocite horizon 30 m @ + 2.0% Cu • Oct 1997 – Hole OT-4 at South Oyu intersected hypogene bornite 73 m @ 1.65% Cu & 0.15 g/t Au – confirmation of Grasberg model • 1998 – additional ground mag
Slide 30: OT Estimated Resource
OT Estimated Resource • South Oyu 331 Mt @ 0.48% Cu , 0.30 g/t Au • Central and North Oyu 107 Mt @ 0.62% Cu, 0.11 g/t Au, 0.01% Mo, including: Supergene 10 Mt @ 1.1% Cu, 0.1g/t Au Hypogene: 90 Mt @ 0.58% Cu, 0.08 g/t Au, 0.01% Mo • Total resource 438 Mt @ 0.52 % Cu, 0.25g/t Au OT Potential Resource:
Slide 31: Oyu Tolgoi Effective Exploration Methods
Oyu Tolgoi Effective Exploration Methods Exploration methods in order of their sequence Regional Detailed Geophysics Target and purpose Geological Geochemistry mapping Airborne surveys Ground surveys 1:25,000 - 1:200,000 Drilling 1:5,000 - 1:50,000 Electric Magnetics Gravity Seismic EM AMT SP IP Str
Slide 32: Oyu Tolgoi Discovery Team
Oyu Tolgoi Discovery Team • Dondog Garamjav • Dennis Cox • Samand Sanjdorj • Sergei Diakov • Tumur Munkhbat • Sam Carter 32
Slide 33: OT Summary – what did not fit the model?
OT Summary – what did not fit the model? • Porphyry mineralization in Devonian volcanics. Pz porphyry systems in the Altaids volcanic belts remain preserved under Mz cover • OT – cluster of porphyry centers occurring along the main structural NE trend • Presence of zones with high hypogene Cu grades
Slide 34: Learnings from BHP OT Discovery
Learnings from BHP OT Discovery • Exploration team composition • Favorable Successful Discovery Culture environment • Innovative approach, new angle of view on previously underexplored terrains • Attention to subtle features, both project- and district-wise • Understand geological background and str
Slide 35: BHP ESG Highlights
BHP ESG Highlights 35
Slide 36: Mineral Discovery Culture Multifaceted Crystal
Mineral Discovery Culture Multifaceted Crystal • Discovery-Focused Teams • Scientific Rigor and Innovation • Team Dynamics and Diversity • Strategic Positioning and Market Timing • Access to Ground and ESG Alignment Page 36
Slide 37: Successful Discovery Culture PICT
Successful Discovery Culture PICT • Persistence • Innovation • Courage • Teamwork 37
Slide 38: Ivanhoe OT Exploration Milestones
Ivanhoe OT Exploration Milestones • May 2000 – BHP Farmout Agreement with Ivanhoe Mines signed. Local BHP team transferred to Ivanhoe Mines and continued working on OT • Summer 2000 – Initial drilling program targeted secondary enrichment following BHP footsteps (shallow RC drill holes, areal covera
Slide 39: Deep Drilling at SW Oyu Tolgoi
Deep Drilling at SW Oyu Tolgoi SW Oyu drilling Central Oyu leached capping with Q stockwork 39
Slide 40: Ivanhoe Advancing OT Success
Ivanhoe Advancing OT Success • Sept 2002 – Persistent fence drilling at Oyu Far North • Oct 2002 - Significant hypogene mineralization intercept 638m @ 1.6% Cu and 0.07 g/t Au, including 114m @ 3.58% Cu and 0.23 g/t Au - OTD 270 drill hole • Step up in drilling, powerful drill rigs capable of reachi
Slide 41: Hugo Dummett ore body
Hugo Dummett ore body • Hugo Dummett, SEG President, tragic car accident in South Africa – August 2002 • Cordillera Roundup in Vancouver – January 2003 - Proposal to Ivanhoe to name North Oyu after Hugo • 2003 – North Oyu ore body became Hugo Dummett deposit • Mine to be built will be Hugo Mine 41
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Slide 43: Far North - Hugo Dummett Drilling
Far North - Hugo Dummett Drilling Photo Ivanhoe43Mines
Slide 44: Ivanhoe OT Hypogene Mineral Intercepts
Ivanhoe OT Hypogene Mineral Intercepts July 2001 – OTD 150 at Southwest Oyu 508 m @ 1.17 g/t Au & 0.81% Cu October 2002 – OTD 270 at Far North Oyu 638 m @ 1.61% Cu & 0.07 g/t Au below 222 m depth Photos Ivanhoe Mines 44
Slide 45: Ivanhoe Advancing OT Discovery – Rio Partnership
Ivanhoe Advancing OT Discovery – Rio Partnership • 2006 – Rio Tinto strategic partnership with Ivanhoe Mines • Oct 2007 – Heruga deposit discovery, Rio Tinto acquires 10% of Ivanhoe’s Oyu Tolgoi • Mar 2008 - Ivanhoe OT project estimated copper resource at 35Mt copper and gold resources at 45.2Moz •
Slide 46: Garamjav Open Pit
GARAMJAV OPEN PIT Measured and indicated resource of 1,390 Mt at 1.33 % Cu, 0.47 g/t Au, and an inferred resource of 2,200 Mt at 0.83 % Cu, 0.37 g/t Au (at 0.6% Cueq. cut-off) 46
Slide 47: Oyu Tolgoi Resource 2008
Oyu Tolgoi Resource 2008 Contained metal Resource Tonnage Cu Au Cueq. category (Mt) (%) (g/t) (%) Cu Au Cueq. (Mt) (Moz) (Mt) Measured 101.6 0.64 1.10 1.34 0.65 3.6 3.0 Indicated 1,285.8 1.38 0.42 1.65 17.7 17.4 21.2 Measured + 1,387.4 1.33 0.47 1.63 18.3 21.0 24.2 Indicated Inferred 2,157.1 0.80 0.
Slide 48: Hugo Mine Production Facility
Hugo Mine Production Facility 48
Slide 49: Oyu Tolgoi Garamjav Open Pit
Oyu Tolgoi Garamjav Open Pit 49
Slide 50: Reunión with Hugo and Garamjav
Reunión with Hugo and Garamjav 50
Slide 51: Successful Discovery Culture Conclusions
Successful Discovery Culture Conclusions • Assemble right exploration teams • Implement and hone ingredients of Successful Discovery Culture • Use case histories/geological models wisely, understand their pros and cons • Each mineral deposit is unique in its own characteristics • Each exploration pr
Slide 52: Successful Discovery Culture PICT
Successful Discovery Culture PICT • Persistence • Innovation • Courage • Teamwork 52
Slide 53: BCM Resources Thompson Knolls, Utah
BCM Resources Thompson Knolls, Utah • New Case History in waiting. • Early-stage porphyry search exploration by a junior company • Thompson Knolls (TK) - new emerging Cu-Au-Mo-Ag porphyry/skarn deposit in the Great Basin, Western Utah • Mineralization is fully blind under post-mineral cover • Drilli
Slide 54: Selected Images of Mineralized Core
Selected Images of Mineralized Core Photo 1. Drill hole TK6 30 ft (9.1 m) interval from 3,400 to 3,430 ft Photo 2. TK8 drill hole Photo 3. TK8 drill hole 10-ft (3 (1,036.3-1,045.5 m) assayed interval from 2,180 to 2,190 ft m) interval from 2,220 to 2,230 0.97% Cu, 0.14 g/t Au, 0.086% Mo ft (676.7-67
Slide 55: Thompson Knolls, Utah
Thompson Knolls, Utah • Favorable TK project location in Western Utah: • Utah globally best mining jurisdiction • excellent infrastructure in proximity to existing railroads • sparsely populated desert area • very supportive local farming population • no surface waters, water sources available nearb
Slide 56: Schematic Geological Model of Thompson Knolls Porphyry/Skarn System
Schematic Geological Model of Thompson Knolls Porphyry/Skarn System Looking NW Massive proximal skarn Discontinuous skarn distal fingers 56
Slide 57: Mineralizing Fluid Movement
Mineralizing Fluid Movement 57
Slide 58: New Discoveries Still Waiting for Persistent Innovative Courageous Smart Exploration Teams
New Discoveries Still Waiting for Persistent Innovative Courageous Smart Exploration Teams END 58
Slide 59: Recommended reading sources
Recommended reading sources 1. S. Zaffron and D. Logan “Three Laws of Performance” https://threelawsofperformance.com/ 2. Steve Zaffron, Mary Poulton, Olga Loffredi, and Eric Seedorff. “The New Face of Mining; Breakthroughs in results leveraging the people factor.” Mining Engineering, October 2019 h
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