Turnstone Resources Ltd · ASX:TSR
Turnstone Resources — Investor Presentation (March 2026)
26 slides from Turnstone Resources's investor presentation, March 2026
Slide 1: Building a Critical Minerals Portfolio
New name, new identity Building a Critical Minerals Portfolio INVESTOR PRESENTATION March 2026
Slide 2: Important Notices and Disclaimers
Important Notices and Disclaimers This presentation (Presentation), together with any information communicated by Turnstone Resource Ltd ACN 153 414 852 (the “forecast”, “estimate”, “likely”, “intend”, “should”, “could”, “may”, “target”, “plan” “guidance” and other similar expressions. Company, TSR
Slide 3: Investment Case
Investment Case Underexplored copper / gold potential in Sweden – targeting drilling in mid 2026 Building a diversified • Glava-Klinten Project – Epithermal copper and gold exploration portfolio of strategic • Torsby West Project – 25km corridor of structurally controlled copper-gold mineralisation
Slide 4: Board of Directors
Board of Directors Capability aligned with growth strategy Len Jubber Christian Barbier Rory Luff Richard Pearce Executive Chair Non-Executive Director Non-Executive Director Non-Executive Director Len Jubber has held numerous executive Christian Barbier has more than 30 years’ Rory Luff is the foun
Slide 5: Corporate Overview
Corporate Overview Capital Structure (ASX: TSR)1 Shareholder Summary Share price (27-Mar-26) A$0.023 2% 20% Shares on issue 163.59M 11% Options and performance rights on issue 39.3M Market capitalisation (undiluted) A$3.76M Australia & New Zealand: 67% Cash (27-Mar-26) A$0.84M Directors: 11% Europe
Slide 6: Multiple Pathways to Generate Shareholder Value
Multiple Pathways to Generate Shareholder Value Building a diversified portfolio leveraged to European security of supply and energy transition value drivers Copper & Gold Multi Asset – Multi Enhanced European in Scandinavia Commodity Company Self-Sufficiency • Scandinavia leads the way – • Diversif
Slide 7: Potash and Swedish Copper-Gold Assets
Growth through further Swedish Copper-Gold Potash acquisition of critical Assets1,2 minerals projects Muhlhausen Ohmgebirge Ebeleben -Nohra Glava Klinten Project Torsby West Project Project Project Project Perpetual Mining Tenure Glava 100 Kyrkskogen Mangens Bockgruvan Glava 200 Klinten 100 100 100
Slide 8: Copper – A Critical Mineral in Demand
Copper – A Critical Mineral in Demand Turnstone enters the copper sector at an opportune time Strategic and Copper demand is set Copper prices reach Economic Importance to surge all-time highs • Copper has a broad range of • Demand for copper forecast to as • Copper prices hit record highs of emergi
Slide 9: Building a European Growth Portfolio
Building a European Growth Portfolio Diversified Multi-Asset Strategy 90 km2 Copper – Gold Footprint in Sweden • Secured option to acquire Glava 100 licence and established district level footprint in Sweden through further 6 licences at Glava-Klinten and Torsby West • Early-mover advantage in an un
Slide 10: Advanced Copper–Gold Exploration
Advanced Copper–Gold Exploration Building a district-scale copper–gold asset Emerging Scandinavian Mining Province • Acquisition opportunity in Värmland with seven new licences: – Glava-Klinten Project: ▪ Option to acquire the Glava 100 licence ▪ Glava 200, Glava 300 and Klinten 100 – Torsby West Pr
Slide 11: Glava Copper-Gold Project
Glava Copper-Gold Project Prospective geology, historical workings and high-grade mineralisation Project Geology • Extensive outcrops with historical artisanal mining to help define bornite–covellite–chalcocite mineralisation • Historic mining from two open pits – 2,280t mined including 49t grading
Slide 12: Glava Gold-Copper Project
Glava Gold-Copper Project November 2025 exploration fieldwork delivers significant copper, gold and REE results • Encouraging rock chip sample assay results returned, including 9.88g/t Au and 2.88% Cu1 • Geochemical analyses show a strong, consistent copper- gold correlation across the samples • Sam
Slide 13: Glava Gold-Copper Project
Glava Gold-Copper Project Conceptual geological model – epithermal style mineralisation 13 1 Refer ASX : Further Cu-Au mineralised area identified at Glava Project dated 20 January 2026
Slide 14: Glava - Exploration Timeline
Glava - Exploration Timeline Initial field work successfully completed – planning underway for Phase 2 Activity Q1 2026 Q2 2026 Q3 2026 Q4 2026 PHASE 1 – DRILL TARGETING Ground Magnetics: 40-line km on 25m grid Completed Geological Mapping: combining rock-chip sampling Completed Geochemical Survey:
Slide 15: Torsby West Project
Torsby West Project 25km corridor of structurally controlled copper-gold-cobalt mineralisation Mineralised outcrops, artisanal mining and drilling • Torsby West comprises three exploration permits, Mangens 100, Bockgruvan 100 and Kyrkskogen 100, establishing a second, regionally significant Swedish
Slide 16: Torsby West Project
Torsby West Project An opportunity to apply modern exploration techniques to a historic site Planning for early-stage program underway • Previous explorers completed rock chip geochemistry, limited drilling and interpretation of aeromagnetic data across the permit applications • Access to core from
Slide 17: Torsby West - Exploration Timeline
Torsby West - Exploration Timeline Initial field work successfully completed – planning underway for Phase 2 Activity Q1 2026 Q2 2026 Q3 2026 Q4 2026 PHASE 1 Geochemical Survey: outcrop rock-chip sampling to define In progress anomalous geochemistry Inspection & relogging of previous core drill dril
Slide 18: Potash – A Critical Mineral
Potash – A Critical Mineral As global food Growing security of supply concerns emerge amid geo-political tensions and declining security concerns arable land grow, potash stands • Global arable land per capita to decline from 4,500m2 in 1960 to out as one of the most an estimated 1,800m2 by 2050 • L
Slide 19: Global Potash Supply Constraints Drive Upside
Global Potash Supply Constraints Drive Upside European security of supply worsening, potash increasingly gaining critical mineral status • China 50% short on self-sufficiency – globally traded material going to China puts more pricing pressure on European supply MOP PRICE FORECAST (REAL, 2024) (US$/
Slide 20: Location & Infrastructure Creates Unique Advantage
Location & Infrastructure Creates Unique Advantage Proximity to infrastructure drives optionality of local or international supply Turnstone Resources Port of Antwerp Zielitz Mine Port of Bremerhaven K+S underground mining production: 2 Mtpa Port of Hamburg Port of Rostock Kehmstedt Mine 500 km radi
Slide 21: Ohmgebirge Potash Project
Ohmgebirge Potash Project Perpetual tenure holds significant latent value Planning for early-stage program underway • Ohmgebirge Ore Reserve 83.1Mt at 12.6% K2O • ~A$30M invested to confirm technical, environmental and financial viability of Ohmgebirge • 2024 milestones: – Pre-Feasibility Study – Sp
Slide 22: Potential Strategic Option Value Drivers
Potential Strategic Option Value Drivers Multiple paths to value of significant European potash asset Perpetual European Self Consolidation Operational Asymmetric Ownership Sufficiency Opportunities Flexibility Risk-Reward Unique sovereign-like Key asset for Multiple regional Potential pivots No str
Slide 23: Investment Case: Why Invest into Turnstone Resources
Investment Case Delivering on stated diversified multi-asset critical mineral strategy • Two underexplored district scale copper – gold Why Invest into opportunities in Sweden Turnstone Resources • Maiden drilling targeted for mid year • Actively assessing further portfolio additions • A$3.7m market
Slide 24: Building a diversified portfolio leveraged to European security of supply
Building a diversified portfolio leveraged to European security of supply and energy transition value drivers Len Jubber Executive Chair Turnstone Resources Ltd P +61 (0) 408 447 493 E info@turnstoneresources.com W www.turnstoneresources.com 24
Slide 25: Appendix: World-class Brownfield Potash Development
Appendix: World-class Brownfield Potash Development Pre-Feasibility Study outlines a globally significant brownfield potash development Key Pre-Feasibility Study May 2024 Outcomes1 OHMGEBIRGE Mineral Resource Estimate (March 2024)1 Initial life-of-mine Years 19 SEAM CATEGORISATION TONNES (Mt) K2O (%
Slide 26: Appendix: Potash Development Sensitivities
Appendix: Potash Development Sensitivities Pre-Feasibility Study outlines excellent leverage to upside potash price scenarios NPV8% SENSITIVITIES AT 0.93 Mtpa MOP Potash Market Price (-20% / +20%) US$339 US$1,719 Operating costs (+20% / -20%) US$451 US$1,607 Pre-production capital (+20% / -20%) US$8
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