Slide 1: September 2017 Investor Presentation
For personal use only September 2017 TUNGSTEN T Kapunda Copper Australia Big Sandy Lithium “A new approach USA to an old asset” “Large deposit potential in growth market” COPPER LITHIUM 1
Slide 2: Disclaimer & Legal Notice
Disclaimer & Legal Notice This document and all other information (whether in writing or otherwise) which may be made available is: For personal use only 1. Supplied solely for the intended recipient and may not be copied, reproduced, further distributed to any other person or published, in whole or
Slide 3: Investment Case: Commodities in Demand
Investment Case Commodities in Demand! For personal use only Tungsten A strategic and supply constrained commodity - Global price up ~60% in 2017. - Unique properties ensure no substitutes Copper Huge global market with high demand growth and constrained supply growth - New applications boosting alr
Slide 4: Overview: Our Assets
Overview AIM: THR Our Assets For personal use only ASX: THR Production Molyhil (tungsten) Feasibility / Funding Kapunda (copper) Pilot Mountain Resource / Pre Feasibility Big Sandy Lithium Grass Roots / Blue Sky *Add royalties receivable from Spring Hill gold project 4
Slide 5: Molyhil Tungsten Project – 100% Thor
Molyhil Tungsten Project – 100% Thor Ready for Project Finance For personal use only Location • Northern Territory, Australia – 320km east of Alice Springs • Two adjacent magnetite skarn bodies with economic mineralisation of scheelite, molybdenite, & Geology magnetite • Southern ore body mined brie
Slide 6: Molyhil Reserve & Resources
Molyhil Reserve & Resources Six Year Life with Significant Expansion Potential For personal use only Summary of Molyhil Mineral Resource Estimate (Reported 20 January 2014) • High grade resource – Molyhil is one of the higher grade open pit tungsten projects in WO3 Mo Fe the Western World RESOURCE M
Slide 7: Molyhil Feasibility Study Summary
Molyhil Feasibility Study Summary Key Features - published Jan 2015 Robust Economics – Early Capital Recovery For personal use only Project NPV - after tax & royalties A$72M All Equity case Project IRR - after tax & royalties 50% All Equity case Project Capex A$64M US$48 million Life of Mine C1 Cost
Slide 8: Pilot Mountain Tungsten Project – 100% Thor
Pilot Mountain Tungsten Project – 100% Thor Building a resource with significant upside For personal use only Location • Located in Nevada, USA • 250km south-east of city of Reno Geology • Tungsten – copper – zinc - silver skarn style mineralisation at four primary locations including: Desert Scheel
Slide 9: Pilot Mountain Resources
Pilot Mountain Resources Growing resource with further serious growth potential For personal use only Desert Scheelite Resource Estimate – JORC 2012 Resource WO3 Ag Cu Contained Grade Contained Contained MT Grade % metal (t) Grade % metal (t) metal (t) g/t Desert Scheelite Indicated 8.41 0.27 22,700
Slide 10: Pilot Mountain Project
Pilot Mountain Project High grade deposits - potential to be much more than a moderate sized resource For personal use only •Four known deposits all outcrop at surface •Very little work has been done to explore for deposits which do not outcrop •Western deposits comprise parallel flat lying lenses o
Slide 11: The First Resource: Desert Scheelite
The First Resource Desert Scheelite – 9.9MT containing 26,100t scheelite & 14,300t copper ++ For personal use only Substantial growth potential Aug 2017 drilling focus upon high grade extension at depth and to the east Mineralisation intersected – assays due early Oct 2017 11
Slide 12: Next targets @ Desert Scheelite
Next targets @ Desert Scheelite Depth extension plus additional parallel zones For personal use only • Resource upgrade in 2017 • Gravity & IP data suggest additional parallel zones at each of the other deposits also exists at Desert Scheelite • Drilling in Aug 2017 intersected deeper mineralisation
Slide 13: The 2nd Resource: Garnet
The 2nd Resource Garnet – 1.83MT containing 6,600 tonnes scheelite plus Zinc For personal use only Garnet Resource – Ideal for low cost Mining • Three flat lying bands of high grade mineralisation • First band within 5 metres of surface. • Subsequent bands well within economic open cut mining parame
Slide 14: The Next Deposit: Good Hope
The Next Deposit Good Hope – steeply dipping but multi-layered mineralisation For personal use only • Historical High grade tungsten, copper, & zinc • Historic mining @ small scale in the 1940’s • Recent drill program testing this prospect intersected mineralisation • Assays due early Oct 2017 14
Slide 15: …and the Next: Gun Metal
………….and the Next Gun Metal – multi-layered flat lying mineralisation over a large area For personal use only • Drilled by Union Carbide during the 1970’s • Historic high grade mineralisation to be confirmed and extended at modest cost • + Considerable area virtually untested 15
Slide 16: Kapunda Copper Project – Thor Earning to 45% & Control
Kapunda Copper Project – Thor Earning to 45% & Control A new production approach to a well known asset with production history For personal use only Location • Located in South Australia • 90km north of city of Adelaide Geology • Substantial near surface oxidised copper mineralisation, transitioning
Slide 17: Kapunda mineralisation and drilling history
Kapunda mineralisation and drilling history • Substantial historical drilling demonstrates the For personal use only mineralised model • No new drilling required for a copper resource estimate – JORC resource estimate expected in September 2017 • With ISR recovery, low grade copper is economically r
Slide 18: Kapunda ISR Recovery Model
Kapunda ISR Recovery Model For personal use only • Low cost / low environmental impact metal production. • A chemical process rather than a high cost mining operation • Substantial Australian government & research body funding potentially available for process feasibility testwork!! • ISR techniques
Slide 19: Kapunda Program Milestones
Kapunda Program Milestones For personal use only Sep – Dec 2017 Jan – Jun Jul – Dec 2018 2018 Secure Pump Testing Field Recovery Development Resource Est’ Govt Hydro Trial Approval Grants Evaluation Decision Decision Decision point 1 point 2 point 3 Community Consultation – Community Consultation –
Slide 20: Big Sandy Lithium Project – 25% Thor
Big Sandy Lithium Project – 25% Thor (rights to 100%) Exciting Greenfield Opportunity in a Growth Commodity For personal use only Location • Arizona USA Geology • Clay hosted Lithium deposit with promising Potassium values History • Greenfields Exploration project • Located adjacent to mains electri
Slide 21: Contact
Contact For personal use only Mick Billing Chairman & Chief Executive Officer Tel. | +61 8 7324 1935 Fax. | +61 8 8351 5169 mbilling@thormining.com @MickBilling 58 Galway Avenue Marleston, SA, 5033 Australia www.thormining.com @ ThorMining AIM | ASX : THR 21