1. business and industrial
2. chemicals industry
3. dyes and pigments

Presentation
October 2014
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Disclaimer
Forward-Looking Information
This document may contain forward-looking statements. These forward-looking statements are made as of the date of this document and Sierra
Rutile Limited (the “Company”) does not intend, and does not assume any obligation, to update these forward-looking statements, whether as a
result of new information, future events or otherwise, except as required under applicable securities legislation.
Forward-looking statements relate to future events or future performance and reflect Company management’s expectations or beliefs regarding
future events and future performance and include, but are not limited to, statements with respect to the estimation of mineral reserves and
resources, the realization of mineral reserve estimates, the timing and amount of estimated future production, costs of production, capital
expenditures, success of mining operations, environmental risks, unanticipated reclamation expenses, title disputes or claims and limitations on
insurance coverage. In certain cases, forward-looking statements can be identified by the use of words such as “plans”, “expects” or “does not
expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations
of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be
achieved” or the negative of these terms or comparable terminology. By their very nature forward-looking statements involve known and unknown
risks, uncertainties, assumptions and other factors which may cause the actual results, performance or achievements of the Company to be
materially different from any future results, performance or achievements expressed or implied by the forward looking statements. Such factors
include, among others, risks related to actual results of current exploration activities; changes in project parameters as plans continue to be
refined; future prices of mineral resources; possible variations in ore reserves, grade or recovery rates; accidents, labour disputes and other risks of
the mining industry; delays in obtaining governmental approvals or financing or in the completion of development or construction activities; as well
as those factors detailed from time to time in the Company's interim and annual reports. These risks, uncertainties, assumptions and other factors
could adversely affect the outcome and financial effects of the plans and events described herein.
Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those
described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or
intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ
materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward- looking statements.
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Natural Rutile Advantage to Drive Demand
> Quality and low contaminants of natural rutile
promotes high value-in-use, essential to the
manufacture of high-quality final products
Chloride Consumption
13 times less
chloride
consumption
than ilmenite
14
12
10
> Lower greenhouse gas emissions than synthetic
rutile and slag
8
6
> Suitable for consumption in demanding regulatory
environments
Ore Consumption
4
2
0
Waste Index
1.8
1.6
1.4
1.2
1.0
0.8
0.6
0.4
0.2
0.0
17 times
less waste
than
ilmenite
18
15
12
9
6
3
0
Ilmenite
Slag
Synthetic Rutile
Natural Rutile
Natural rutile is far more efficient than other feedstocks in chloride pigment manufacturing
Source: Sierra Rutile
Data based on performance of a typical chlorination plant, indexed to performance of natural rutile
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3
Supply Constrained Market
Significant Investment to Maintain TiO2 Feedstock Capacity1
Limited Growth in Rutile Supply Going Forward
000 tonnes rutile
1,200
1,000
Australia
Other
Africa
900
$ millions
1,000
800
700
800
600
500
600
400
400
300
200
200
100
–
Capital Required to Sustain TiO2 Feedstock
Production Capacity
-2012
Source: Sierra Rutile, Company Filings
1 Reflects estimated capital expenditures for development projects: Richards Bay ($400M), Balranald ($200M), Atlas-Campaspe ($180M), Fairbreeze ($365M)
2013
2014
2015
2016
2017
2018
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4
World-Class Rutile Operation
> Established producer with development pipeline
– Production of 131,000 tonnes expected in 2014
– Multiple capital-efficient options to sustain and
increase production
– Resources to support a mine life of ~65 years
Well Positioned Against Peers1
Bubble Size: In-situ Contained Rutile Resource
1.20%
1.00%
Sierra Rutile,
8.5 Mt
Rutile Grade (%)
> Large, high-quality deposit
– The world‘s largest primary rutile mine
– Additional ilmenite and zircon by-products
– Produces a premium product within the rutile
market
– JORC resources in excess of 900m tonnes of ore
at 0.94% rutile
0.80%
0.60%
Iluka, 10.7 Mt
0.40%
0.20%
Kenmare, 4.4 Mt
Base Resources,
4.2 Mt
MDL, 0.4 Mt
–
–
50
100
150
200
250
Rutile Production (kt)2
Large resource base provides a long production life with operational flexibility
1 Source: Company Filings
2 2013A rutile production except for MDL and Base Resources, which show LOM average annual production
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5
Proven Production Performance
> Transition to increased, sustainable production
– Following a four year capital investment program,
operational improvements and high-return growth
projects have driven significant production
increases
– Demonstrated ability to support and sustain
increased production levels
– Focus on operational efficiencies to continue to
drive value
Rutile Production Performance
Rutile Production (kt)
140
120
100
80
60
40
2006
Source: Sierra Rutile
2007
2008
2009
2010
2011
2012
2013
2014E
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6
Multiple Ready-to-Deliver Projects
> Established operation with development optionality
– Development pipeline includes two advanced
projects
– Ability to respond to growing market demand
> Short-term production growth – Gangama Dry Mining
– Project can be producing within 12 months
– Operationally identical to Lanti Dry Mining,
reducing risk
> Long-term production growth – Sembehun Dredge
– Long-term growth option adding 113 ktpa
– Feasibility study to commence in 2015
Gangama Dry Mining
(Gangama deposit only)1
Average production
rate (ore mined)
Average annual
rutile production
Project life
Up-front capital
expenditure
Sembehun Dredge2
6.9mtpa
13.0mtpa
93,100 tpa
First 5 Years: 135,000 tpa
LOM: 113,000 tpa
5 years
22 years
$81mm
$192mm3
1 1,000 tph feasibility study estimates
2 Snowden Mining Industry Consultants study
3 Sierra Rutile estimate – based on revised capital cost using existing MSP and power supply
Taninahun Boka
Grade: 1.65%
0
10km
Gbap
Kamatpo
Kibi
Dodo
Nyandehun
Grade: 1.93%
Komende
Jagbahun
Grade: 0.97%
Benduma
Gambia
Grade: 1.03%
Sembehun
Grade: 0.99%
Rutile: 3.6Mt
Mogbwemo
Grade: 1.02%
Gbeni
Grade: 1.11%
Rutile: 766kt
Gangama
Grade: 1.19%
Rutile: 898kt
Lanti
Grade: 1.00%
Rutile: 941kt
Ndendemoia
Grade: 0.80%
SRL plant
Area 1
Mosavi
Grade: 0.50%
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7
Maintaining Cost Discipline
– 22% reduction in operating cash costs in 2013
– Production from Gangama will further lower per
tonne costs
140
900
$881
130
800
120
700
$683
110
$609 H1 2014
500
90
400
80
300
70
60
– Lanti Dry Mining project was completed on
budget and ahead of schedule
– Gangama Dry Mining project capex reduced by
over 21% since original estimate
– $23 million capital savings have been realized
through dry mining, rather than dredging, the
Gbeni deposit
200
2012
2013
2014E
Total Rutile Production
Operating Cost / Tonne
Gangama Dry Mining Project Capital Cost2
21% cost
reduction
$120
$110
Capital Cost (US$ millions)
> Efficient capital allocation
600
100
Operating Cost / tonne rutile
net of by-products
– Cost-cutting initiatives on-going following a
comprehensive bottom-up review
Decline in Operating Cash Costs1
Total Rutile Production (kt)
> Tightly managed operating costs
$103
$100
$85
$90
$81
$80
$70
$60
$50
$40
Original Cost Estimate
Value-Optimized Cost
Further Cost Reduction
Sierra Rutile continues to generate value by focusing on cost efficiency
1 Total operating cash cost (includes direct operating costs, general administrative costs and corporate costs but excluding depreciation) less by-product revenue divided by tonnes of rutile produced
2 Sierra Rutile
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8
Strong and Diverse Customer Base
> Customer base composed of all the primary chloride-based titanium pigment manufacturers and
producers of high specification titanium metal
Growing, Diversified Customer Base
Customers
SGR Sales Volume by Customer
2009A
40%
30%
20%
10%
0%
2013A
1
2
3
4
5
6
7
8
9
Other
1
2
3
4
5
6
7
8
9
Other
40%
30%
20%
10%
0%
Over the last four years, Sierra Rutile has developed a more diverse customer base
supplying industry end users
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9
Ebola Update
> Safe work environment remains a priority
– To date, no reported or suspected cases of Ebola at Sierra Rutile operations
– Precautionary measures in place to minimize exposure risk posed to employees,
contractors and visitors
– Additional health facilities, including monitoring and screening program, in place
according to international best practice
> Extensive contingency plans in place to minimize risk to production and supply chain
– Self-contained operation
– Contingency plans in place
– Export of products have not been affected
> Ongoing support to greater Sierra Leone efforts to contain Ebola
– Donation of Le 1 billion1 to the government of Sierra Leone and Le100 million to the local
Bonthe and Moyamba District Councils for utilization in their efforts to combat Ebola
– Engaging with local communities in providing education on the disease
– Providing access to medical staff to assist local authorities with monitoring activities
1 SRL and SRL shareholders
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Contact Details
John Sisay
Chief Executive Officer
Email: jsisay@sierra-rutile.com
Derek Folmer
Chief Marketing Officer
Email: dfolmer@sierra-rutile.com
Sierra Rutile Limited
30 Siaka Stevens Street
2nd Floor, Access Bank Building
Freetown
Sierra Leone
www.sierra-rutile.com