Building a leading global resources group Tigers Realm Metals Pty Ltd Corporate Presentation November 2014 This presentation contains important information and should be read in its entirety. All currency figures are in A$ unless otherwise noted. Corporate Overview Building a leading global resources group Overview TRG Structure Tigers Realm Group (TRG) is a private resources house which seeks to generate superior returns via the acquisition, development and operation of minerals and metals projects globally. Investors in Tigers Realm Minerals Pty Ltd (TRM), TRG’s parent entity, acquire exposure to a diversified portfolio of exciting resources projects and a pipeline of new opportunities. TRM identifies and acquires equity interests in high quality mineral resources projects in the pre-operating phase when the opportunity exists to unlock significant multiples of value. The TRM team comprises highly experienced technical and commercial professionals with proven track records in identifying and advancing mining projects through resource delineation, feasibility studies, financing and construction into profitable operations. TRM 5.4% NexGen 80% Amaam & Amaam Nth 100% Rook, Earning 70% Radio TRM, in conjunction with its network of independent technical consultants, conducts rigorous due diligence of all potential acquisition opportunities. TRM has strong relationships with a number of large funds able to provide financial support for significant investments. An investment in TRM also provides investors with the potential for a direct exposure to group assets via in-specie distributions or other corporate transactions involving acquisitions of shares in TRG entities. 32.9% TRMetals 13.3% TRCoal Direct Project Interests 100% TRCopper 28% Carube1 Earning 80% Beutong 100% Jamaica Legal entity Project 1. Prior to potential transaction with TSX-V company Note: simplified structure – a number of 100% owned holding companies are not shown 2 Building a world class copper and gold business Important information and disclaimer This presentation (“Presentation”) has been prepared by Tigers Realm Metals Pty Ltd (“Company”) and is provided solely for information purposes. By viewing this Presentation, you agree to be bound by the following conditions: • This Presentation is not a prospectus or disclosure document and does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities or an inducement to enter into any investment activity, nor shall any part or all of this Presentation form the basis of, or be relied on in connection with, any contract or investment decision in relation to any securities. • The information contained in this Presentation has not been independently verified. The Company does not make any representation or warranty, express or implied, as to the fairness, accuracy, correctness or completeness of the information, opinions and conclusions contained in this Presentation. • To the maximum extent permitted by law, the Company and its related bodies corporate and affiliates, and their respective directors, officers, employees or agents, disclaim any liability (including, without limitation, any liability arising out of fault or negligence) for any loss or damage arising from any use of the information contained in this Presentation, including any error or omission, or otherwise arising in connection with it. • The information in this Presentation is subject to change without notice. Subject to any obligations under applicable law, the Company does not undertake any obligation to update any information in this Presentation. Qualified Person The disclosure of scientific and technical information regarding the Beutong Copper Project in this presentation was prepared by or reviewed by Stephen Hughes, P.Geo., the Company’s Regional Exploration Manager, who is a Qualified Person in accordance with the requirements of NI 43-101. Competent Persons statement The information in this presentation relating to resources within the Beutong Copper Project is based on information provided by Duncan Hackman, an employee of Hackman and Associates Pty Ltd. Duncan is a member of the Australian Institute of Geoscientists and has sufficient experience relevant to the style of mineralization and type of deposit under consideration and to the activity undertaken to qualify as a Competent Persons as defined in the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (The JORC Code, 2004 Edition). Duncan Hackman consents to the inclusion in the Presentation of the matters based on his information in the form and context in which it appears. Forward-looking statements This Presentation contains forward-looking statements which are identified by words such as ‘may’, ‘could’, ‘believes’, ‘estimates’, ‘targets’, ‘expects’, ‘intends’ and other variations of such words that Involve risks and uncertainties. These statements are based on an assessment of present economic and operating conditions, and on a number of assumptions regarding future events and actions that, at the date of this Presentation, are expected to take place. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control of the Company. Actual results and developments may differ materially from those expressed or implied in such statements because of a number of factors, including uncertainty in estimating mineral resources due to the preliminary stage of the Company’s assessment of its projects, actual demand, price fluctuations, the ability to produce and transport products profitably, fluctuations in foreign currency exchange rates, operational problems, political risks, economic and financial market conditions in various countries and regions, industry competitors and activities by governmental authorities such as changes in taxation or regulation. The Company cannot and does not give any assurance that the results, performance or achievements expressed or implied by the forward-looking statements contained in this Presentation will actually occur and investors are cautioned not to place undue reliance on these forward-looking statements. The Company does not intend to update or revise forward-looking statements, or to publish prospective financial information in the future, regardless of whether new information, future events or any other factors affect the information contained in this Presentation, except where required by law. These forward-looking statements are subject to various risk factors that could cause the Company’s actual results to differ materially from the results expressed or anticipated in these statements. 4 Company Overview Overview TRMetals is focused on developing and expanding its portfolio of high quality copper and gold assets and executing a liquidity event for shareholders within the next 6-12 months. Key projects include: Beutong Copper Project (Aceh, Indonesia)1 Strategic Investments (28% of Jamaican focused coppergold explorer, Carube Resources) Tigers Realm Metals Group Structure2 Tigers Realm Minerals (TRM) 33% Maiden JORC compliant resource estimated by TRMetals in Q3 2012 505Mt at 0.59% Cu Eq. (0.3% Cu cut-off)3 Higher grade core of 153Mt at 0.76% Cu Eq.3 Mineralisation open in all directions Carube Resources Other TRMetals Shareholders 46% TRMetals TRMetals continues to pursue high quality, long life assets with competitive capital and operating costs Beutong Copper Mt Kellett PE Fund 21% 100% TRCopper 28% Carube Resources Beutong Option to earn 80% Jamaica 100% Project Locations Potential for large scale porphyry copper and gold deposit Significant intersections from current drilling campaign at Bellas Gate Project: 260m at 0.44% Cu and 0.19g/t Au including 107.0m of 0.59% Cu and 0.34g/t Au 112.0m at 0.48% Cu and 0.33g/t Au including 59.0m of 0.55% Cu and 0.49g/t Au 297.0m at 0.40% Cu and 0.24g/t Au including 55.0m of 0.67% Cu and 0.59g/t Au 1. 2. 3. Jamaica Copper (Copper/Gold) TRMetals currently owns a 40% interest in the Beutong project and can earn up to 60% upon payment of A$2.9M to the project vendor and up to 80% upon payment of a further A$1.5M to the project vendor and completion at TRMetals’ cost of a bankable feasibility study. Simplified structure diagram – some interposed holding companies are not displayed. See Footnote on page 13 regarding CuEq. calculation Beutong (Copper/Gold) 5 Board and Senior Management Highly experienced technical and commercial professionals with proven track records Directors Senior Management Owen Hegarty Chairman 40+ yrs industry experience, including senior executive roles with Rio Tinto. Founder and CEO Oxiana. Director Fortescue, AusIMM. Founder TRM, TRCoal. Tony Manini CEO 25+ yrs industry experience including 14 yrs Rio Tinto. Senior executive at Oxiana/OZ Minerals. Founder TRG, TRCoal. Chairman TRCoal. David Forsyth Company Secretary 40+ yrs industry experience, including Oxiana/Oz Minerals. Experience covers engineering, project development and mining. Stephen Hughes Regional Exploration Manager Geologist with 17+ yrs mineral exploration, project generation and evaluation, resource and mine geology experience at Freeport and Oxiana. John Chomley General Manager - Business Development Chemical Engineer with 20+ yrs industry experience including key member of Oxiana Business Development Team. Jim Dynon General Counsel Commercial Lawyer with 30+ years industry experience including BHPB General Counsel – Iron Ore & Uranium & BHPB Chief Legal Officer Petroleum. Peter Colbert Chief Consultant – Projects and Studies Metallurgist, 35+ yrs in operations, project development and technical services. Key role in Prominent Hill copper mine development. 6 Team Track Record Creating significant value through exploration and development Case Study Commodity Country Project Type/Scale Sepon Gold Laos Exploration Discovery PFS, BFS Development, Expansion 5Moz Au Resource 1.5Mt-3.5Mtpa CIL 200,000ozpa Sepon Copper Laos Exploration Discovery PFS, BFS Development, Expansion 2Mt Contained Cu Resource SX-EW 80,000t Cu Cathode Australia Mine Acquisition Brownfields Discoveries Major Resource Expansion Contained Resource of 1.4Mt Zn, 800kt Cu, 1Moz Au, 44Moz Ag Annual Production of 140kt Zn, 18kt Cu, 48Koz Au, 3Moz Ag, 13Kt Pb Australia Exploration Acquisition Resource Drill out Major Resource Expansion (x6) PFS,BFS, Development 2.5Mt Contained Cu Resource 7.4Moz Au Resource 8Mtpa Cu-Au Concentrate ~ 100,000t Cu, 150,000oz Au pa Golden Grove Cu-Zn-Au-Ag Prominent Hill Copper / Gold Okvau Gold Cambodia Exploration Discovery Initial Resource Divested 1.2Moz Au Resource Martabe Gold Indonesia Exploration Acquisition Major Resource Expansion (3 to 8Moz) PFS,BFS, Development 8Moz Au Resource 4.5Mtpa CIL 250,000ozpa Amaam and Amman North Coking Coal FE Russia Exploration Discovery Resource Drill out Resource Expansion, PFS 536Mt Coking Coal Resource Total Exploration Target 175Mt – 695Mt Beutong Copper/Gold Indonesia Exploration Acquisition Resource Drill out 2.4Mt Contained Cu, 2.1Moz Au, 20Moz Ag Resource 7 Team Track Record – Oxiana Limited Creating significant value through exploration stage acquisition and development Oxiana significantly outperformed industry benchmarks from 2000 to 2008 by acquiring exploration stage projects and developing them into large scale producing assets. ACQUIRED MARTABE Indexed share price Oxiana progressed from a small exploration company valued at $3m to a globally significant diversified base and precious metals mining house valued at $6b. ZINFEX AND OXIANA (OZMINERALS) MERGER Sepon 2MT Cu Resource 5Moz Au Resource Prominent Hill 2.5Mt Cu Resource 7.4Moz Au Resource CONSTRUCTION COMMENCES AT PROMINENT HILL Golden Grove 1.4Mt Zn Resource 800kt Cu Resource 1Moz Au Resource ACQUIRED GOLDEN GROVE During this period, Owen Hegarty (TR Metals Founder and Chairman) was awarded the AusIMM Institute Medal and G.J. Stokes Medal for achievement and leadership in the minerals industry. ACQUIRED PROMINENT HILL Martabe 8Moz Au Resource FIRST COPPER AT SEPON FIRST GOLD AT SEPON ACQUIRED SEPON 2000 2001 2002 OXIANA 2003 BHP 2004 RIO 2005 2006 2007 2008 TODAY ASX 200 Resources 8 8 Strategy Build a significant Copper and Gold mining company 1. 2. 3. Deliver liquidity to shareholders Merger or takeover of TR Metals for listed shares – preferred and being pursued TR Metals – Major shareholder, Board and Management Concurrent capital raising to fund acquisition of additional project Leverage listing to grow business Build a significant copper - gold business with solid cash flow and a strong growth profile Focus on acquiring a high quality asset with a readily fundable scale/grade profile. Strong preference for producing or near term development project Current cyclical downturn is generating greater opportunity and value Continue progressing Beutong Cu-Au project up the value curve through permitting and development studies Maximise value of non-core assets Carube - shareholding to be retained as a investment. Exit in better market 9 Tigers Realm Metals Portfolio 10 Beutong Copper Project Overview TRMetals is developing the Beutong Copper-Gold Project located on the Island of Sumatra, approximately 180km south east of Banda Aceh. The project comprises a large scale copper-gold-molybdenum resource with a high grade core and potential for significant additional upside. Beutong has an initial JORC compliant Resource of 505Mt at 0.59% Cu Eq.1 (0.3% Cu cut-off) and high grade core of 153Mt at 0.76% CuEq.1 (0.5% Cu cutoff). TRMetals has current project ownership of 40% and an option to earn up to 80% though a JV with PT Emas Mineral Murni (PT EMM) a private Indonesian company. Beutong Project Beutong Project Site The tenement covers an area of 100km2 held under an exploration license (IUP). Forest classification over the tenement allows exploration and open pit mining. The tenement covers two porphyry copper-gold-molybdenum prospects West and East Porphyries and the Beutong Skarn (copper-gold). Excellent infrastructure exists with major road, grid power and a port located nearby. 1. See Footnote on page 13 regarding CuEq. calculation 11 Beutong Copper Project Large scale Resource with high grade core and significant additional upside Significant Resource Base: 505Mt at 0.59% Cu Eq.1 (0.3% Cu cutoff) Higher Grade Core: 153Mt at 0.76% Cu Eq.1 (0.5% Cu cutoff) Contained Metal: 2.4Mt Copper 2.1M Oz Gold 20M Oz Silver 137M lb’s Molybdenum 3.0Mt Copper equivalent Deposit outcrops at surface and is open to the East, West and at depth 1. See footnote on page 13 regarding CuEq. Calculation (shown below) CuEq = Cu+(Mo ppm/10000 * 3.8883) + (Au g/t * 0.5089) + (Ag g/t * 0.0063) 12 Beutong Copper Project Large scale Resource with high grade core and significant additional upside Classification (JORC 2004) Mineralisation Measured East Porphyry East Porphyry Skarn East Porphyry West Porphyry Weak East Porphyry Weak West Porphyry Skarn Total Total Total Indicated Inferred Measured Indicated Inferred Total Classification (JORC 2004) Mineralisation Measured East Porphyry East Porphyry Skarn East Porphyry West Porphyry Weak East Porphyry Weak West Porphyry Skarn Total Total Total Indicated Inferred Measured Indicated Inferred Total Beutong Cu 2012 Resource Estimate - Report at 0.3% Cu Lower Cut Grade Tonnes (Mt) Cu Eq (%) Cu (%) Au (ppm) Ag (ppm) Mo (%) 34 0.77 0.66 0.13 1.76 90 52 0.66 0.56 0.10 1.54 110 7 0.88 0.70 0.28 5.84 8 68 0.62 0.51 0.09 2.07 139 331 0.56 0.43 0.14 0.78 128 6 0.46 0.36 0.06 1.09 153 1 0.44 0.36 0.11 1.06 45 5 0.80 0.64 0.24 5.22 10 34 0.77 0.66 0.13 1.76 90 59 0.69 0.58 0.12 2.02 99 412 0.56 0.44 0.13 1.05 129 505 0.59 0.47 0.13 1.21 123 Beutong Cu 2012 Resource Estimate - Report at 0.5% Cu Lower Cut Grade Tonnes (Mt) Cu Eq (%) Cu (%) Au (ppm) Ag (ppm) Mo (ppm) 28 0.82 0.71 0.13 1.81 91 34 0.75 0.64 0.10 1.64 113 4 1.06 0.84 0.34 6.46 7 35 0.76 0.63 0.11 2.25 159 48 0.67 0.54 0.16 0.83 120 0 0.69 0.55 0.09 1.36 223 0 0.66 0.59 0.08 2.55 33 3 0.92 0.74 0.27 5.59 9 28 0.82 0.71 0.13 1.81 91 38 0.78 0.66 0.13 2.20 101 86 0.71 0.58 0.14 1.60 132 153 0.76 0.63 0.14 1.79 116 Cu (Kt) 227 295 46 349 1,407 22 5 30 227 341 1,813 2,381 Metal Au (kOz) Ag (kOz) 138 1,936 175 2,585 59 1,234 203 4,544 1,499 8,334 12 209 5 49 36 791 138 1,936 234 3,819 1,755 13,927 2,128 19,682 Mo (Kt) 3 6 0 9 42 1 0 0 3 6 53 62 Cu (Kt) 200 218 38 220 256 1 1 25 200 256 503 959 Metal Au (kOz) Ag (kOz) 115 1,637 111 1,789 48 928 127 2,533 248 1,262 1 9 0 11 30 618 115 1,637 159 2,717 406 4,433 679 8,787 Mo (Kt) 3 4 0 6 6 0 0 0 3 4 11 18 Rounded estimates – rounding may cause apparent computational discrepancies. Significant figures do not imply precision. Nominal lower Cu grade applied. Note: CuEq. is calculated using the Company derived formula shown below. This was not part of the Resource Estimate Statement provided by the Competent Person. CuEq = Cu+(Mo ppm/10000 * 3.8883) + (Au g/t * 0.5089) + (Ag g/t * 0.0063) 13 Beutong Copper Project Significant potential for a large, high quality porphyry Cu-Au deposit Drilling completed at Beutong to date clearly indicates potential for a large, high quality porphyry Cu-Au deposit similar to those seen elsewhere in Asia Pacific e.g. Batu Hijau (8Mt Cu, 16Moz Au), Tujah Bukit (6.8Mt Cu, 25Moz Au). Recent drilling at Beutong West has confirmed open pittable mineralisation extending over wide intervals e.g. 205m at 0.71% CuEq. Beutong East mineralisation now extended to over 900 meters depth from surface. Potential for expansion of the resource is clearly evident at both Beutong East (BEP) and Beutong West Porphyry (BWP) with further drilling. Copper and gold grades both increase and have stronger correlation at depth, suggesting a deeper potassic core to the system. This is highly attractive from both an exploration and metallurgical perspective. Surface geochemistry (Cu and Mo) and geology highlights additional new target areas of potential mineralisation. High grade poly-metallic mineralization to follow up: 13.5m @ 9.1% Zn, 2.75% Pb, 65g/t Ag, 0.32g/t Au, 1.27% Cu From WEST PORPHYRY BEU1700D-01 102.0 BEU1700D-01 150.0 incl. 198.0 BEU1700D-01 366.0 BEU1700D-01 519.0 incl. 587.0 EAST PORPHYRY BEU0800D-01 111.0 incl. 260.0 BEU0800D-01 452.0 incl. 505.5 incl. 619.0 Significant Assays from recent drilling program To Length(m) Cu (%) Au (g/t) Ag (g/t) Mo (ppm) CuEq (%) 135.0 355.0 269.0 396.0 830.0 670.0 33.0 205.0 71.0 30.0 311.0 83.0 0.44% 0.57% 0.75% 1.24% 0.42% 0.56% 0.11 0.11 0.15 0.08 0.16 0.22 0.8 0.8 1.1 2.7 0.5 0.9 35 221 267 87 186 338 0.51% 0.71% 0.93% 1.32% 0.58% 0.80% 390.0 390.0 728.0 526.0 646.0 279.0 130.0 276.0 20.5 27.0 0.54% 0.64% 0.60% 0.78% 0.93% 0.13 0.11 0.11 0.10 0.11 1.2 1.7 4.6 2.3 9.1 83 109 142 285 229 0.64% 0.74% 0.72% 0.94% 1.08% 14 Beutong Copper Project – Multiple Ore Types – Significant Upside High Grade Cu-Au Skarn Drill Hole BC007-01 Soils confirm 1.1km strike length, 33m @ 2.31% Cu, 1.23g/t only 300m tested High Grade Porphyry Cu-Au-Mo Drill Hole BEU0800-03 Drilled over 900 vertical meters of 343.3m @ 1.06% Cu, strongly mineralized porphyry Au and 17.9g/t Ag 0.18g/t Au and 132ppm Mo High Grade HS Epithermal Cu - Au BEU1700D-01 & BEU0700-03 Intersected numerous high grade high sulphidation feeders 10m @ 3.11% Cu, 0.10g/t Au 6m @ 0.52% Cu, 3.69g/t Au High Grade Potassic Cu-Au Core Drill Hole BEU0900-01 Several small sections drilled to 3M @ 0.96% Cu, 0.25g/t Au date. Further testing required and 183ppm Mo 15 Beutong Copper Project Licence ownership and status The Beutong IUP Exploration licence is currently owned by private Indonesian PMA company PT EMM, and has Clean and Clear status from Ministry of Energy and Mineral Resources. TRMetals currently owns 40% of PT EMM via its 50% holding of Beutong Resources Pte Ltd (BRPL), with the balance of BRPL and PT EMM owned by joint venture partner PT Media Mining Resources (MMR). PT EMM has been granted a one year suspension of the IUP exploration licence to June 2015 (expired June 2014). Currently in the process of converting the IUP exploration licence to an IUP production licence. Beutong Project The Beutong deposit is covered by forestry classification Areal Penggunaan Lain (Other Purposes) and is not encumbered by any forestry restrictions. Beutong East Porphyry 16 Beutong Copper Project Excellent infrastructure – Power, Port and Road The Beutong Project is located on the southern edge of the Barisan Mountains, 60 km inland and northeast of the township of Meulaboh, Aceh. Access to the Beutong Project is via partially sealed roads from the regional towns of Meulaboh and Takengon. The city of Meulaboh has a population of approximately 50,000 and an active commercial airport. A new seaport is currently under construction, located approximately 5km southeast of the Meulaboh city. A coal-fired power station, with planned output of 2 x 110MW, has been built approximately 5km southeast of Meulaboh. Power would be delivered to the project via a 45km 150 kV overhead power line. Completed 220MW Power Plant. A new Port is under construction Beutong Project Power Plant Port 17 Beutong Copper Project Beutong progress update Beutong Project – target milestones Status East Porphyry Drill program Maiden JORC Resource Application for licence revisions Application for licence conversion Award of licence revision Award of licence conversion Earn 4th equity interest – increasing Project Ownership to 60% Resource expansion drilling program H1 2015 Expenditure requirement met Option Payments of $2.875m due 3-months post licence conversion Post licence conversion 18 Beutong Copper Project 2014-2015 Development Program Beutong next steps: Conversion of Exploration Licence to Production Licence. Resource expansion drilling program Resource expansion drilling along strike and to depth on east porphyry Resource evaluation drilling on west porphyry Determine economic viability and options for development: Infill drilling to upgrade resource confidence on east porphyry Mine engineering optimisation studies for open pit and bulk underground operation Comprehensive metallurgical test work Infrastructure studies – roads, port, power, water Detailed environmental studies Continued community and social engagement programs and studies CSR Training Site Water Sampling 19 South East Asia/Pacific – Exceptional Mineral Potential Southeast Asia - Pacific is a proven region with a number of world class mining operations as depicted below Global mining companies are well represented – Freeport, Barrack, Newmont, Newcrest, RioTinto Highly prospective for most metals, particularly Cu and Au, but remains very underexplored Close proximity to the worlds major metals consumer markets TRMetals team has extensive experience and a highly successful track record of creating value for shareholders the AsiaPacific Region. It is a core competitive strength of TRMetals 2.4Mt Cu 2.1MozAu 20 Carube Resources Inc. - Jamaica Copper Project Targeting porphyry copper-gold in underexplored terrain Jamaica Copper Project Overview TRMetals and Rodinia Resources combined their Jamaican mineral license interests with Carube Resources Inc (Carube), a private Canadian exploration company. Bellas Gate Project - Conors Prospect Significant Intersections TRMetals holds a 28% interest in Carube. Carube holds six under-explored licenses in Jamaica with excellent exploration potential for epithermal, skarn, oxide and porphyry mineral systems. The Bellas Gate Project (BGP) consisting of two licenses is the subject of a Joint Venture with OZ Minerals (“OZ”). OZ commenced a drilling program focused on four of the 14 high priority targets defined on the southern part of the BGP in February 2014. Carube intends to list on the TSX via a Reverse Take-Over Transaction with Miocene Metals. TRMetals intends to hold its interest in Carube as an investment until markets improve. 21 Contact details Tony Manini Tigers Realm Metals Pty Ltd Managing Director and CEO T: +613 8644 1300 tony.manini@tigersrealmgroup.com tigersrealmgroup.com 22
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