Vault Minerals Limited · ASX:VAU

Vault Minerals — Red 5 — Denver Gold Forum 2017

27 slides from Vault Minerals's conference presentation, Sep 26, 2017

1. Slide 1: Darlot and King of the Hills: A new growth chapter in WA's Eastern Goldfields

   For personal use only Denver Gold Forum 2017, 24-27 September 2017 Mark Williams, Managing Director Darlot and King of the Hills: A new growth 1 chapter in WA’s Eastern Goldfields ASX Code: RED

2. Slide 2: Competent Person's Statement & Disclaimer

   Competent Person’s Statement & Disclaimer Competent Person’s Statement for Siana JORC 2012 Mineral Resource and Ore Reserve The information in this presentation that relates to Mineral Resources for the Siana Underground is extracted from the report titled Siana Underground Mineral Resource dated 23

3. Slide 3: Introduction – Key Investment Highlights

   Introduction – Key Investment Highlights  ASX-listed gold explorer, developer and producer For personal use only  Embarked on growth strategy in August with agreements to acquire two advanced gold assets in WA’s Eastern Goldfields:  A$18.5M acquisition of operating Darlot Gold Mine from Gold Fiel

4. Slide 4: Red 5 Corporate Overview

   Red 5 Corporate Overview ASX code RED Directors and Management For personal use only Share price (as at 20 September 2017) A$0.05 Kevin Dundo – Chairman Issued shares 764.5M Mark Williams – Managing Director Market capitalisation (at A$0.05) A$38.2M Ian Macpherson – Non-Executive Director Cash and b

5. Slide 5: Consolidation Strategy in WA's Eastern Goldfields

   Consolidation Strategy in WA’s Eastern Goldfields  Acquiring the operating Darlot Gold Mine, located in the heart For personal use only of the prolific Leonora-Leinster mineral province:  2016 produced 66koz from 454kt*  High-quality mill and infrastructure with potential to become central proces

6. Slide 6: Stage 1: Darlot + Hills

   Stage 1: Darlot + King of the Hills  Darlot mill has operating capacity of: For personal use only  830,000tpa – fresh ore*  Can be upgraded to 1,100,000tpa capacity for a relatively small spend*  Currently under-utilised  ~94% recoveries**  Opportunity to reduce cost per tonne at Darlot by: 

7. Slide 7: Consolidation Strategy – Key Elements

   Consolidation Strategy – Key Elements  Darlot Gold Operations For personal use only  Being acquired from wholly-owned subsidiary of international gold producer, Gold Fields Limited (completion 2 October)  Potential to establish existing plant and infrastructure as a regional processing hub  Uniq

8. Slide 8: Darlot – Assets and Infrastructure

   Darlot – Assets and Infrastructure  Operating gold mine located ~900km NE of Perth For personal use only  Rich goldfield with production of 2.7Moz over a 28 year operating history*  Historical production averaging 94koz/yr since 1989  Fully operational 0.83Mtpa gold processing plant (refurbished

9. Slide 9: Key Strategies

   Key Strategies  Employ adaptable mining equipment and mining method For personal use only selection to allow remnant mining to increase recovery of existing resources and extend life at Darlot. Remnant mining requires less capital investment  Combine extended Darlot with King of the Hills ore to r

10. Slide 10: Darlot – Mining and Processing Upside

    Darlot – Mining and Processing Upside  Gold Fields has invested in exploration to For personal use only rebuild the production pipeline, and has improved confidence in the Lords South Lower and CDA Oval orebodies, as well as a number of smaller orebodies  Potential to lower mining costs by extract

11. Slide 11: Darlot – Exploration Upside

    Darlot – Exploration Upside  Total land-holding of 13,900ha with For personal use only all tenements in good standing  Minimal third-party royalties  Numerous ore grade intercepts recorded over multiple prospect areas  Excellent potential both to extend existing zones and discover new deposits 

12. Slide 12: Darlot – 3D Seismic

    Darlot – 3D Seismic  Darlot is a large, structurally controlled mineralised ore system which For personal use only has opportunities for additional resources and resource extension  High-resolution 3D seismic survey carried out over the Darlot mining facilities commenced in November 2016  ~75 cub

13. Slide 13: Darlot – 3D Seismic "Arm Chair View"

    Darlot – 3D Seismic “Arm Chair View” For personal use only 3D seismic cube showing Darlot mine workings in blue The seismic image is coloured by seismic amplitude or strength of the seismic reflection from sub-surface geological units and/or structures The brightly coloured areas show strongest refl

14. Slide 14: Darlot – Integration Sequence

    Darlot – Integration Sequence  Stage 1 (pre-completion) For personal use only  Operational planning  Delineate stope areas within existing resource base for extraction  Develop costed mine schedule  Stage 2 (1-3 months)  Implement operational plan  Utilise transitional services agreement with

15. Slide 15: Consolidation Strategy – Hills

    Consolidation Strategy – King of the Hills  Darlot Gold Operations For personal use only  Being acquired from Gold Fields Limited (completion 2 October)  Potential to establish existing plant and infrastructure as a regional processing hub  King of the Hills Gold Project  Being acquired from mi

16. Slide 16: Hills – First Consolidation Asset

    King of the Hills – First Consolidation Asset  Historical gold project located ~80km south of Darlot and ~28km For personal use only north of Leonora – previously known as Tarmoola  Historical production by Mt Edon Gold Mines (and others) of 1.6Moz from the open pit (28.4Mt @ 1.7g/t – closed in 20

17. Slide 17: Hills – Underground Mining Potential

    King of the Hills – Underground Mining Potential  Underground Indicated and For personal use only Inferred Mineral Resource of 2.71Mt @ 4.6g/t Au for 402,000oz of contained gold  New UG mine design developed by Saracen after 6-month trial mining campaign Existing KOTH North Mine  Envisions two mi

18. Slide 18: Hills – Exploration Potential

    King of the Hills – Exploration Potential For personal use only  Major shear-hosted gold system  King of the Hills underground remains open in all directions  Recent strong drilling results demonstrate exploration upside  Multiple lodes extending over 1.95km and open at depth, providing numerous

19. Slide 19: Hills – Integration Sequence

    King of the Hills – Integration Sequence  Stage 1 (pre-completion) For personal use only  Operational planning  Delineate stope areas within existing resource base for extraction  Develop a costed mine schedule  Stage 2 (1-3 months)  Detailed review of underground geology  Determine optimal m

20. Slide 20: Stage 2: Increase Reserves via Regional Exploration and Assess Neighbouring Prospects

    Stage 2: Increase Reserves via Regional Exploration and Assess Neighbouring Prospects  Darlot Gold Operations For personal use only  Binding acquisition agreement with Gold Fields  Potential to establish existing plant and infrastructure as a regional processing hub  King of the Hills Gold Proje

21. Slide 21: Experienced Operators with a Strong Track Record

    Experienced Operators with a Strong Track Record Kevin Dundo – Chairman For personal use only Extensive experience as a director of ASX, TSX and AIM listed gold mining companies as well as experience in mining and financial services. Lawyer by profession specialising in the commercial and corporate

22. Slide 22: Philippines Gold Operations – Current Status

    Philippines Gold Operations – Current Status  Mining suspended at Siana Gold Project in April 2017 in response to For personal use only regulatory delay. Processing ceased in July 2017  New Philippines Secretary of Department of Environment and Natural Resources (DENR) appointed in June 2017, and

23. Slide 23: Mt Cattlin Royalty

    Mt Cattlin Royalty  Red 5 owns the right to receive a royalty of A$1.50 For personal use only per tonne of ore processed from the Mt Cattlin mine in WA  Mt Cattlin mine re-commenced processing operations in 2016  Red 5 has recently received payment of A$1.0M, for production royalty entitlements f

24. Slide 24: Summary

    Summary  New strategic direction focused on a portfolio of high-quality gold assets in For personal use only WA’s Eastern Goldfields  The combination of Darlot and King of the Hills provides:  A commanding 25,700ha footprint in the highly-endowed Leonora- Leinster gold district  Total Mineral Re

25. Slide 25: Appendix – Funding and Pro-forma Capital Structure Overview

    Appendix – Funding and Pro-forma Capital Structure Overview  90 million shares for KOTH Transaction consideration (plus A$7m upfront and A$4.5m deferred in cash For personal use only or shares after 12 months) Transaction Share  130 million shares for Darlot Transaction consideration (plus A$7m up

26. Slide 26: Appendix – Indicative Timetable

    Appendix – Indicative Timetable For personal use only 1 KOTH Transaction and Darlot Transaction executed 3 August 2017 2 Announcement of Transactions and Rights Issue Funding 3 August 2017 3 Rights Issue offer launched 16 August 2017 4 Extraordinary General Meeting 20 September 2017 5 Close of Right

27. Slide 27: Thank you

    For personal use only Thank you 27 ASX Code: RED

Red 5 — Denver Gold Forum 2017 on 6ix