Nickel, Tesla, BHP & Country Dynamics – All Lining Up
NICKEL PORTFOLIO
6
Tanzania - Country Dynamics And Recent Nickel Focussed Actions
Tanzania as a destination
Numerous projects for various minerals are progressing or in the
pipeline for government consideration and approval
Dedicated negotiation teams to progress projects
Clear government ownership interest (16%) established
BHP has made a significant investment in
Kabanga Nickel (equity/technology)
US$40m stage 1
US$10m technology
US$50 stage 2 milestone (scope for future commitments)to secure
~18% interest in Kabanga Nickel
NICKEL PORTFOLIO
Relevance and context
BHP responsible for the original regional surveys 1990’s
(foundation for Kabanga discovery)
Global relevance of Tanzanian Ni Sulphide deposits as a destination
Signals changing sentiment - Tanzania as an investment
destination
Benefit to ADD of proximal green processing and mining
operation/jurisdiction
7 Significant local economic benefit current and ongoing anticipated
Kabanga Jirani and Luhuma – Dominant Position in East African Nickel Belt
Dominant nickel licence portfolio within the East African
Nickel Belt of Tanzania
Dedicated methodology and considered exploration
program has generated numerous priority Ni target areas
Adavale is poised to uncover a large-scale Ni sulphide
discovery with a drilling program now underway
Licenses are adjacent and along strike from the world’s
largest undeveloped high-grade Kabanga nickel sulphide
deposit, 58Mt @ 2.62% Ni
Portfolio Overview
• 100% owned Licences (exception Luhuma Farm –In) covers 1,267 km2
NICKEL PORTFOLIO
• Located along the Kabanga - Musongati mafic-ultramafic alignment within
the Meso-Proterozoic Karagwe-Ankole Belt (age ~1350 to 1400Ma)
o Prospective for Ni, Cu, Co, Cr and PGE’s
• Notable setting similarity with:
o Thomson Nickel Belt, Raglan and Voisey’s Bay deposits in Canada
o IGO’s Nova in the Albany-Fraser Belt in Western Australia
Drilling is now targeting high-priority conductors
8
Adavale’s Kabanga Jirani and Luhuma farm-in Licences
Methodical Approach to Maximize Probability of Drilling Success
*Objective: Discovery / Campaign focused resource drilling
Heli Electro CY2023
Nickel Early term Magnetic
Exploration drilling Luhuma survey
Licenses Granted (RC/DD) Nickel Project (~200sq kms) *OBJECTIVE
Tanzania Tanzania Farm in 9 priority HEM areas
transaction delineated Dedicated Drilling
Campaign
Aug - Nov
Initial Drilling
6,000 to 8,000
(RC/DD)
NICKEL PORTFOLIO
RC drilling 100 to 200m
Diamond 200 to 500m
DHEM surveys
Ground / Field Priority Ranking
based Exploration - Target testing
Gravity Survey Regional Scale Gravity areas
Tanzania Introduced (~1,000sqkm) Survey ~20+ potential target
Confirmation 32 anomalies (all License
Drilling areas prospective)
9
Overview of CY 2022/23 Nickel Exploration Program
Ground Based/Field Survey(s)
- Field checking, logistics/Soil sampling (orientation);
- Initial gravity and preliminary drilling
Regional Scale Gravity Survey
- 1,000 sq kms- 32 anomalies identified
Prospect Ranking for EM survey
- Hierarchy to identify priority survey areas (200 sq kms)
Heli Airborne EM (HEM) Survey
- 9 HEM areas outlined
NICKEL PORTFOLIO
Prospect Ranking - Drilling
- Hierarchy of priority and type of drilling recommended
- Coincident/correlation review - gravity targets + HEM signatures
Campaign Drilling Underway
- Targeted (RC/Diamond) over high priority prospects
- Assay results/pXRF readings
10
Exploration Methodology – Gravity a Key Exploration Insight
Target 7 Results in Nov 2021 signaled validation of revised exploration methodologies*
Outcomes achieved have enabled the ongoing refinement and reprioritisation of target selection criteria
Gravity data – target definition Luhuma
Nickel Corridor
Encouraging Target 7 result
Preliminary Drilling to confirmed source was the catalyst to secure
of the gravity anomalies (mafic-ultramafic Luhuma Farm-in tenure
intrusions) and consolidate strike
extension ground holdings
which is known to contain
Localised Deep penetrating EM historical massive NiS
intersections
survey coverage validates intrusions
NICKEL PORTFOLIO
Development and refinements of exploration culminated in discovery of
Target 7 (Kabanga NE) around known regional potential of Luhuma to
prospect target identification
Justification to proceed with Luhuma farm-in transaction – Feb 22
Plan showing relative location between Target 7 and
historic Luhuma drill hole LUH-06. Also shown is the
possible strong gravity connection between Target 7
and the mineralised Luhuma intrusion
11 *ADD ASX Release dated 24 January 2022 titled “Exploration update – Nickel”
Pathfinder Gravity Signatures – Modelled on Neighbouring Resource*
Priority gravity ranking for anomalies + 0.75mGal Bouguer
Modelling & Outcomes
• Modeling has been undertaken
by ADD based on the underlying
deposits and Resources at
Kabanga* to generate a range
of corresponding (mGal) gravity
signatures
• These indicative gravity
signatures show mGal
amplitudes of between ~ 0.6 to
1.4mGal around the large scale
mafic/ultramafic intrusions
• ADD originally applied an
exploration target threshold of
+0.75mGal for the current
NICKEL PORTFOLIO
gravity program to identify
larger scale mafic/ultramafic
intrusions
• ADD has already identified 16
discrete priority targets with
gravity signatures+1mGal
(increased density)
**ADD ASX Release dated 7 July 2022 titled 32 Nickel Targets Identified in the East African Nickel Belt
*Source: Evans, D. M., Hunt, J. P. P. M. and Simmonds, J. R., 2016. An overview of nickel mineralisation in Africa with emphasis on the Mesoproterozoic East African Nickel belt
(EANB). Episodes, 39/2, 319-333. DOI: 10.18814/epiiugs/2016/v39i2/95780
12
Gravity Surveys Identified 32 New Nickel Targets
Gravity providing a foundation for exploration success*
• 24,000 gravity readings over
~1,000 sq km generated a total of
32 newly discovered and
unexplored gravity targets
• The number and order of
magnitude of the gravity targets
generated has confirmed the
prospectivity and large-scale
nickel exploration potential of
Adavale’s licences within the globally
significant East African Nickel Belt
• Newly discovered priority targets
cover ~55 km strike length that
NICKEL PORTFOLIO
has become the focus of Adavale’s
exploration program and Heli-borne
Electro Magnetic (HEM) survey
• HEM survey has initially focused
on 18 higher mGal amplitude
anomalies of the 32 identified
gravity targets : Regional gravity survey areas showing location of
identified targets
13
*ADD ASX Release dated 7 July 2022 titled 32 Nickel Targets Identified in the East African Nickel Belt
”
Heli Electro Magnetic Surveys – 9 HEM Target Areas
• Multiple priority gravity targets
identified for the initial Heli-borne
Electro Magnetic (HEM) survey
• 9 HEM target areas were flown
using deep penetrating (~500m)
high powered time domain EM
(TDEM) and magnetic survey
equipment*
• Objective being to identify coincident
areas of both strong EM and gravity
targets~ conductors
• Survey completed with ~2,100-line
kms (210 sq kms) during
August/September 2022
NICKEL PORTFOLIO
Images: Gravity survey loop and
helicopter in operation.
Airport logistics hub, Ngara
Tanzania August 2022
Plan view of the nine HEM target areas flown
14 *ADD ASX Release dated 7 July 2022 titled “Outstanding Success with Multiple Previously Unknown Nickel Targets Discovered at Kabanga NE”
Prioritisation of HEM/Gravity Target Areas for Drilling
• Initial processing of HEM and gravity data has been distilled down from
32 gravity targets to 20 gravity and EM target priority areas over all
Adavale southern Licence holdings and farm-in areas
• Target areas selection has been based on coincident Heli-borne Electro
Magnetic (HEM), gravity anomalies and localised previous exploration
• EM conductors identified will be tested with Reverse Circulation and
Diamond Drilling campaigns now underway*
NICKEL PORTFOLIO
HEM 8 & 9 survey area showing target area polygons HEM 2 survey area showing target area polygons reflecting areas “HEM survey area plan showing broad internal target areas based on gravity and EM signatures,
reflecting areas of strong coincident gravity and EM anomalies of strong coincident gravity and EM anomalies overlain on mid- together with the location of the Kabanga nickel sulphide deposits and associated mafic intrusions”
overlain on mid-time (channel 20) HEM background time (channel 20) HEM background
15
*ADD ASX Release dated 27 September 2022 titled “”Drill Rig Mobilising to Kabanga Luhuma Ni Projects”
Drilling: Now Underway!*
• Multi-purpose RC/DD drill rig mobilised to site
• High impact 6,000m to 8,000m “Priority Target
Testing” drilling program now underway
• Drill target area selection has been based on
coincident Heli-borne Electro Magnetic (HEM) and
gravity anomalies
• Ongoing assessment and adjustment to drill
program anticipated on final processing of HEM
survey data
• Initial drill program expected to test approximately
20 initial anomalies within 7 priority
HEM/Nickel target areas
• Initial RC Drilling commenced at HEM area 2
• Additional drilling to follow at HEM areas 7-9,
NICKEL PORTFOLIO
proximal and on similar latitude to Kabanga
Nickel Resource 58Mt @ 2.62% Ni
• RC drilling depths up to 200m; diamond drilling
depths up to 500m
• Downhole EM to aid ongoing drill targeting
• Results expected during the December quarter
Image of Contract driller undertaking RC and Diamond drilling at the Company’s Licences November 2021,
*ADD ASX Release dated 27 September 2022 titled “”Drill Rig Mobilising to Kabanga Luhuma Ni Projects”
16
Luhuma Nickel Corridor – The “Enigma”
The “Enigma” target has
the scale and scope to
generate multiple new
targets*
Hosts four distinct Cu anomalies
that overly the regional gravity
high
More work is still needed to
NICKEL PORTFOLIO
unlock the “Enigma” …..but that’s
exploration
*ADD ASX Release dated 9 June 2022 titled “Outstanding Success with Multiple Previously Unknown Nickel Targets Discovered at Kabanga NE”
17
Tanzanian Social and Community Focussed Initiatives
Regional contract and employment opportunities
Local geological field assistants and contractors
Drilling
DHEM surveys
Ground based surveys (soil and gravity surveys)
Logistics
Local Community and Health focused initiatives
Bridge2Aid Australia
• Prevention of infant oral mutilation
• Training, awareness and treatment
NICKEL PORTFOLIO
VAKA Health Foundation (sponsorship)
• Providing professional development training for 60 nurses at Ngara
District Hospital’
• AAMEG 2022 award winner:
“Best Workforce and Industry Development Initiative”
18
Investment Thesis
Alignment of opportunity Ni Exposure to both Tanzanian Government
and knowledge with Nickel and Uranium: is open to investment,
activities focused on Electrification and mining and exploration
discovery with a highly Decarbonisation BHP have also re-emerged in via
prospective ground holding U a strategic investment
for sulphide Nickel and
Uranium
Strong and experienced Board, Proximal high-grade nickel
Management and team: extensive sulphide Resources in the High impact RC and DD
Tanzanian experience, nickel East African Nickel Belt
NICKEL PORTFOLIO
exploration - discoveries and drilling campaign now
corporate actions and resource Contiguous with the world richest underway 6,000 to 8,000m
development undeveloped nickel deposit – 58Mt @
2.62% Ni Results expected during - Dec 22
Board and key executives: material quarter
shareholdings, performance-based ~1,300 sq km Licence/Farm ground
incentive: leveraged to value uplift holding
via significant outcomes including
discovery Multiple anomalies over 9 HEM/Gravity
coincident target areas
19
Ni
U
David Riekie www.adavaleresources.com
Executive Director
[email protected]
[email protected]
Adavale Resources Limited
@AdavaleL
Bayrock Resources Limited
Lainejaur Ni-Co-Cu Deposit in Sweden
on Fast-Track to Development
Dr Ian Pringle
Australian Nickel Conference 2022
IMPORTANT DISCLOSURES
This document has been prepared by & is the sole responsibility of the directors (the "Directors") of Bayrock Resources Ltd (“Bayrock” or the “Company"). Some of the informaGon in this document
is sGll in draH form & has not been legally verified & will only be finalised in the final Prospectus relaGng to the Offering. This document is not a Prospectus or offering document & investors should
not subscribe for or purchase any shares referred to in this document except on the basis of informaGon in the final Prospectus to be published by the Company in due course. The informaGon set
out herein is subject to updaGng, compleGon, revision, verificaGon & amendment, & such informaGon may change materially. This document does not purport to contain all the informaGon that a
prospecGve investor may require in evaluaGng a possible investment in the Company & should not be used in isolaGon as a basis to invest in the Company.
This document does not & is not intended to consGtute, & should not be construed as, an offer, inducement, invitaGon or commitment to purchase, subscribe to, provide or sell any securiGes,
services or products of the Company in any jurisdicGon or to provide any recommendaGons for financial, securiGes, investment or other advice or to take any decision. You are encouraged to seek
individual advice from your personal, financial, legal, tax & other advisors before making any investment or financial decisions subscribing for or purchasing any securiGes. The Directors make no
representaGon or warranty, express or implied, as to the accuracy or completeness of the informaGon or opinions contained in this document. Nothing contained herein should be relied upon as a
promise or representaGon as to the future. None of the Company, or their respecGve members, directors, officers, employees, agents, affiliates or representaGves or advisors nor any other person
accepts any obligaGon or responsibility to advise any person of changes in the informaGon set forth herein aHer the date hereof. To the fullest extent permiVed by law, none of the Company nor
their respecGve members, directors, officers, employees, agents or representaGves, nor any other person accepts any liability whatsoever for any errors, omissions or inaccuracies in such
informaGon or opinions or for any loss, cost or damage suffered or incurred howsoever arising, directly or indirectly, from any use of this document or its contents or otherwise in connecGon with
the subject maVer of this document or any transacGon. None of the Company nor any advisor or person acGng on their behalf, shall (without prejudice to any liability for fraudulent
misrepresentaGon) have any liability whatsoever for loss however arising, directly or indirectly, from the use of informaGon or opinions communicated in relaGon to the PresentaGon.
This document is strictly confidenGal & is being provided to you solely for your informaGon & for use at the PresentaGon to be held in connecGon with the Offering by the Company & may not be
reproduced in any form or further distributed to any other person or published in whole or in part, for any purpose. Any failure to comply with this restricGon may consGtute a violaGon of
applicable securiGes laws. By accepGng this document, you agree to be bound by these restricGons. No acGon has been or will be taken to register or qualify shares in Bayrock, or the Offer, or to
otherwise permit a public offering of the SecuriGes in any jurisdicGon outside Australia or New Zealand. The securiGes referred to in this PresentaGon have not been & will not be registered under
the US SecuriGes Act of 1933, as amended, (the ‘‘US SecuriGes Act’’) or under any securiGes laws of any state or other jurisdicGon of the United States & may not be offered, sold, resold, taken up,
exercised, renounced, transferred or delivered, directly or indirectly, within the United States. By aVending this PresentaGon &/or accepGng a copy of this document, you agree to be bound by the
foregoing limitaGons &, in parGcular, will be taken to have represented, warranted & undertaken that you have read & agree to comply with the contents of this noGce including without limitaGon
the obligaGon to keep this document & its contents confidenGal.
Bayrock Resources Limited | ANC PresentaGon 2
STATEMENTS & DISCLAIMERS
This presentaGon contains forward-looking statements that involve subjecGve judgement & analysis & accordingly, are subject to significant uncertainGes & risks, many of which are outside the
control of, & are unknown to, Bayrock Resources Limited ACN 649 314 894 (“Bayrock”). In such circumstances, the forward-looking statements can be idenGfied by the use of forward-looking
words such as “potenGal”, “prospecGvity”, “forecast”, “esGmate”, “may”, “will”, “expect”, “intend”, “seek”, “believe”, “plan”, “conGnue”, &/or other words of similar nature or connotaGons. No
representaGon, warranty, or assurance is given or made in relaGon to such forward-looking statements by either Bayrock or its representaGves.
No representaGon or warranty or assurance is given in relaGon to any underlying assumpGon &/or that any forward-looking statement shall indeed be achieved. Actual future events may
significantly vary from the forward-looking statements & the assumpGons based upon which, such forward-looking statements are expressed. Therefore, as a result of said uncertainGes, the
recipients of this presentaGon are cauGoned not to rely on such forward-looking statements. Bayrock hereby cauGons the recipients that the forward-looking statements contained in this
presentaGon are based on economic forecasts & assumpGons on potenGal mineral resources & reserves (if any), mining methodology, producGon rates, commodity prices, capital expenditure
budgets, & esGmated operaGng costs developed by Bayrock & its directors, management, advisors, & consultants; which data, analyses, or forecasts may be incomplete &/or categorically
inaccurate. This presentaGon & its forward-looking statements are speculaGve & valid as at the date hereof & are subject to change without noGce.
Bayrock disclaims any obligaGon or undertaking to publicly update or revise any of the forward-looking statements contained in this presentaGon, whether as a result of new informaGon, or any
change in events, condiGons, or circumstances. This presentaGon is neither an offer to sell securiGes nor a solicitaGon for any type of investment. This presentaGon is distributed exclusively within
the Commonwealth of Australia & only to a select group of insGtuGonal, wholesale, or sophisGcated investors & financial actors. All $ amounts referred to in this document are Australian Dollars
unless otherwise noted.
Competent Persons Statements
Berkut Minerals Limited (now Carnaby Resources Limited) announced the most recent Mineral Resource EsGmate for the deposit on 12 February 2018. The informaGon that relates to the 2018
Lainejaur Mineral Resource EsGmate was based on informaGon compiled by Mr Paul Payne, an employee of PayneGeo & a Fellow of the AusIMM. The informaGon that relates to exploraGon & drill
results at Lainejaur was provided by Mr Rob Watkins, a Director of Carnaby Resources Limited & a Member of the AusIMM.
Both Mr Payne & Mr Watkins have sufficient experience which is relevant to the style of mineralisaGon & type of deposit under consideraGon & to the acGviGes which they undertook to each
qualify as a Competent Person as defined in the December 2012 ediGon of the “Australasian Code for ReporGng of ExploraGon Results, Mineral Resources & Ore Reserves” (JORC Code).
Eric Jensen PhD, a CPG Qualified Person as defined by NaGonal Instrument 43-101 & an employee of EMX Royalty Corp approved the technical informaGon provided to Bayrock Resources for the
Northern Nickel Line projects.
Nickel Equivalent calculaJon
The NiEq % calculaGon for Lainejaur used throughout this presentaGon is based on prevailing metals prices as of 23 September 2022 & calculated using the formula NiEq kt = (Ni kt * Ni price + Cu
kt * Cu price + Co kt * Co price + Pd oz * Pd price + Pt oz * Pt price + Au oz * Au price) / Ni price, then NiEq kt / Mineral Resource Tonnage
Bayrock Resources Limited | ANC PresentaGon 3
BAY’s NICKEL-COBALT DEVELOPMENT & EXPLORATION ASSETS
Flagship Lainejaur historical nickel mine & 41.2 km tenement
2
High-grade, nickel dominant, polymetallic massive sulphide resource with CONSIDERABLE UPSIDE FOR ADD-ON
Massive sulphide grades average 2.2% Ni, 0.7% Cu, 0.15% Co, 0.68g/t Pd, 0.2g/t Pt & 0.65g/t Au (2.83% NiEq)
Northern Nickel Line Projects – 340.7 km total footprint
2
Vuostok
Shallow (10-20m) zone averaging 2m thick of 2.3% Ni & 0.6% Cu
Noarask
Extensive untested outcrop with rock chips 1.25% Ni & 1.82% Cu
MagneGc anomaly lookalike to Kevitsa (307Mt of 0.21% Ni, QUAD projects
0.32% Cu, 0.33g/t Au & PGE)
Skogstrask
Previous drilling: 11.8m of 0.6% Ni, 8.4m of 0.6% Ni & 0.5% Cu
1
Fiskeltrask
Similar sexng to Sakab (44.4Mt of 1.9% Cu, 0.96% Ni)
Kukasjarvi
Drilling by previous explorers - 12 holes (2,400m) intersected Ni
(average 0.4%) with Cu (average 0.4%) Bayrock Resources Swedish Project LocaJons
Bayrock Resources Limited | ANC PresentaGon 4
LAINEJAUR – BAYROCK’S FLAGSHIP ASSET
A nickel dominant, polymetallic massive sulphide resource with considerable upside
Lainejaur Mine, early 1940s
Discovered in the early 1940s by electrical surveying, the Source: Sverige Geologiska Undersokning
deposit was mined unGl 1945 to a depth of 100m
No modern exploraJon unJl 2007 drill program
(Blackstone Minerals) restricted by Gny size (0.4km ) of
2
mining license
Bayrock has now secured a 41.2k ↑ permit which
enables invesGgaGon of potenGal down dip extensions
as well as nearby untested Ni-Cu targets
Previous mine (1940’s) extracted high nickel grades with
excellent metal recoveries Mine Area, 2022
Project located just 10-minutes drive from Mala
township
Mining service center for district
Geological survey base for NaGonal Core Archive
ALS Global prep lab
SupporGve community
Bayrock Resources Limited | ANC PresentaGon 5
LAINEJAUR – A MAJOR NICKEL OPPORTUNITY ON EUROPE’S DOORSTEP
460,000t @ 2.2% Ni, 0.7% Cu, 0.15% Co, 0.68g/t Pd,
0.2g/t Pt & 0.65g/t Au (2.83% NiEq)
JORC 2012 Inferred Mineral Resource (Paul Payne of
PayneGeo Services, 2018)
The Resource is open down dip & does not include a
sizeable tonnage of lower grade Ni-Cu mineralized halo
Drill intersecGons from within the Resource include:
7.65m @ 2.1% Ni, 0.10% Co & 1.01% Cu fr 168m in LAI-07-010
5.18m @ 2.64% Ni, 0.10% Co & 0.06% Cu fr 215.9m in LAI-07-14A
9.88m @ 2.28% Ni, 0.17% Co & 0.61% Cu fr 277.35m in LAI-07-15
Drill core – Ni sulphides (lek) Deposits of the Skellekeå District
4.90% Ni, 0.07% Co, 0.06% Cu
Drill core – Cu-Ni sulphides (right)
2.66% Ni, 0.205% Co, 4.62% Cu
Bayrock Resources Limited | ANC PresentaGon 6
LAINEJAUR – EXTENSION POTENTIAL
Blackstone Minerals completed 42 diamond drill holes at the Gabbro/
Lainejaur deposit in 2007 however further extensional drilling granite intrusive
2
was restricted by the Gny size (0.4km ) of the license
The deposit is open down-dip – the deepest intersecGon at the
deposit returned 2.85m of 1.63% Ni, 0.51% Cu, 0.19% Co, 2.16
g/t Pd, 0.62 g/t & 0.83 g/t Au from 558.3m, including 0.7m of metasediments
2.89% Ni, 0.13% Co, 8.8g/t Pd, 2.5g/t Pt & 2.9g/t Au
Cross
A considerable tonnage (~1.4Mt) of lower grade Ni-Cu halo secJon B
mineralizaGon grading >0.5% NiEq was not included in the 2018
Mineral Resource EsGmate
Hole #
Interval m Nickel % Cobalt % Copper %
07-010 7.65 2.10 0.10 1.01 Lainejaur
07-003 4.02 2.39 0.08 0.43 Map of
07-004 1.75 1.15 0.03 0.62 Basement
07-015 9.88 2.28 0.17 0.61 Geology & Previous
08-030 4.65 0.64 0.07 1.49 Drilling permit
08-034 2.00 2.14 0.09 0.38 A Lainejaur
Lainejaur Selected Drill IntersecJons 250 meters Typical Drill
IntersecJons
Bayrock Resources Limited | ANC PresentaGon 7
LAINEJAUR – DEVELOPMENT POTENTIAL & DRILLING PLAN
Drilling planned to commence within weeks of lisGng
A - on compleGon of IPO – 6 drillholes (1000m) to add to resource, metallurgy, mine planning
B - commencing early 2023 – 5 drillholes with daughter tails, resource esGmate, start PFS
Escape way raise Historic mine
Magazine & exhaust workings
VenGlaGon exhaust
raise & drive
A MineralizaGon
Decline
Level ProducGon liHs
Two verGcal shaHs & an cross cuts
inclined shaH from 1940s
mining at Lainejaur could Exhaust
enhance access & reduce raises
capital costs
B
Lainejaur Cross SecJon SchemaJc Mine Layout for a Dipping Ore Zone
Bayrock Resources Limited | ANC PresentaGon 8
LAINEJAUR – WIDER PROJECT EXPLORATION POTENTIAL
In 2017 & 2018, Berkut Minerals (now Carnaby
Resources) conducted EM & geochemical surveys at the
project
Several new EM anomalies were idenGfied along a 6km
arc from the Lainejaur deposit
These anomalies were not drill tested & are the priority
for follow up surveying & first pass exploraGon drilling
Five MLEM profiles 1-2 km to the south & east of
Lainejaur to target magneGc anomalies which were
interpreted to represent fold structures & were
targeted as a potenGal conGnuaGon of the host to
mineralisaGon.
Target E produced a posiGve EM anomaly, with
modelling suggesGng a significant conductor at a depth
of ~250m & with similar conductance to the Lainejaur
massive sulphides.
Results from other profiles suggest weaker conducGve
anomalies. Lainejaur Corridor EM Anomalies
BAY plans to drill test target E and top 3 shallow targets in 2023 & follow-up deeper drilling and resource definiJon
Bayrock Resources Limited | ANC PresentaGon 9
VUOSTOK – TO AUGMENT LAINEJAUR
Shallow massive nickel sulphides discovery
by Boliden in 1943 at the Storbodsund
prospect, which remains open to the north,
west & south – 60km trucking distance
north of the Lainejaur deposit
Between 1940s and 2008, various
operators drilled 49 holes across what is
now Bayrock’s Vuostok exploraGon license
25 of these were assayed for nickel, with 11 Storbodsund Prospect
holes containing nickel grades between
2.06% & 3.83% Ni
Bayrock plan to drill test extensions to
Storbodsund in early 2023
Storbodsund
Prospect
Massive
pyrrhoJte &
chalcopyrite
Bayrock Resources Limited | ANC PresentaGon 10
NORTHERN NICKEL LINE QUAD
Nickel dominant sulphide targets offer considerable district upside for addiJonal Ni-Cu-PGE discoveries
The Northern Nickel Line (QUAD) Por~olio consists of
four projects:
NoVrask
Skogstrask
Fiskeltrask
Kukasjarvi Fiskeltrask Kukasjarvi
All four have been subjected to historic exploraGon &
are prospecGve for Ni-Co-Cu-PGE mineralisaGon Noarask Skogstras
k
The projects benefit from excellent infrastructure & Vuostok
are accessible for exploraGon acGviGes
The QUAD prospects are generally poor in outcrop Lainejaur
with widespread veneer of transported glacial
sediments. Geophysical surveys will be criGcal for
ongoing exploraGon success Northern Nickel Line Project
LocaJons
Bayrock Resources Limited | ANC PresentaGon 11
NOTTRASK – AN UNTESTED ‘COMPANY MAKER’?
Ring-shaped Sulphide outcrops TMI MagneJc Map of Boliden’s
layered gabbro- Kevitsa Mine in N Finland
norite-peridoGte Kevitsa
intrusion Mine
(307Mt of 0.21% Ni, 0.32% Cu,
Resemblance to NW 0.33g/t Au & PGE).
Kevitsa (Boliden), Both TMI maps are same scale
N Finland (650kt
Ni)
No historic drill
Geology &
holes intersected 3 km past drilling at
the basal contact SE Sulphide in road cuts Noaräsk
of the intrusion &
few targeted TMI MagneJc Map Noarask
outcrops Sulphide outcrops
around mag high
Many strong mag margin
anomalies with Ni
sulphide outcrops ExcepGonal
have not been drill untested target
tested including LARGE TARGET AVracGve ‘company
off-shoots & maker’ target or
apophyses future JV? BAY tenement
Bayrock Resources Limited | ANC PresentaGon 12
NOTTRASK – Ni SULPHIDES AT SURFACE
Nickel-copper gossan discovered during road construcGon in 1970s
Rock chip samples range up to 1.25% Ni & 1.82% Cu Noarask Massive
Close to the contact gabbro-norite-peridoGte intrusive (~5 x 10km) Sulphide Outcrops &
Historic Drill Holes
Airborne TMI (magneGc) image of the gabbro-norite-peridoGte
intrusion (~5 x 10km) is a circular ‘eye’ shaped anomaly with
concentric magneGc highs & lows
Similar magneGc paVerns at Sakax Noarask Massive Sulphide Outcrops & drill core
(northern Finland), Eagle
(Michigan, USA), & Nova (Western
Australia)
Previous explorers drilled 17 holes
2
into the ~50km intrusion & 10 of
these were at the discovery
outcrop
Only one hole was drilled deeper
than 156m
2023 drilling planned
Bayrock Resources Limited | ANC PresentaGon 13
SKOGSTRASK FISKELTRASK
Explored by SGU in 1970’s (11 holes) Ni discovery by Boliden in 1970s, further exploraGon
Boss Resources completed 2 holes in 2014 & undertaken by Nordic Resources & Viking Minerals
idenGfied SQID TEM & mulGple conductor targets Gabbro-norite intruded into sulphidic
Previous drilling: metasediments
11.8m of 0.6% Ni & 8.4m of 0.6% Ni & 0.5% Cu PotenGal for a much larger, disseminated Ni-Cu
Longest intercept of 20.3m of 0.27% Ni, 0.19% deposit with PGEs in gabbro related to the
Haparanda Group
Cu & 0.02% Co in Boss-1 Similar sexng to
Drill sample intervals of 1-2% Ni are common Anglo American’s
Cu is more variable (<1% to >6% for samples of Sakax deposit in
>1% S). Strong EM conductor extends 700m northern Finland
below historic drilling & 800m along strike (44.4 Mt of 1.9% Cu,
DHTEM confirms 0.96% Ni, 0.04% Co,
mineralizaGon extends: 0.64 g/t Pt, 0.49 g/t
To west along contact Pd & 0.33 g/t Au)
zone for ~500m
Dips 75⁰ N Comparison of
Open down plunge Fiskeltrask and Sakab
(20-25⁰ WNW) magneJcs at the same
2023 drilling planned scale
Skogstrask SGU Drilling & TEM
Bayrock Resources Limited | ANC PresentaGon 14
KUKASJARVI
Nickel sulphides discovered in boulders in 1970s
Since explored by Boliden, Nordic Resources & Wiking Minerals
12 holes (2,400m) intersected Ni (av 0.4%) with Cu (av 0.4%)
Metamorphised ultramafic sill-like intrusion into graphiGc, sulphide-rich Karelian
metasediment
The magneGc map (right) highlights a north-south sinuous feature that is
suggesGve of a corridor for mineralised intrusives
MineralisaGon is interpreted to be cumulaGve-style hosted in ultramafic
peridoGte & serpenGnite
Many large global Ni deposits have a similar ultramafic component
The presence of similar sulphidic sediments is common with many higher-grade
Ni deposits
Noarask Massive Sulphide Outcrops
Bayrock Resources Limited | ANC PresentaGon 15
STRATEGIC VALUE - LOCATION & INFRASTRUCTURE
Assets located in a Tier 1 SkelleHeå District
and the Norrland Region in northern
Sweden
Historically a mining precinct and country
supported by a robust and efficient legal
framework for the mining industry
Historic know-how resulGng in key players
forming Sweden’s cluster of mining
knowledge, services, and equipment
LocaGon of projects surrounded by
exisGng high-grade infrastructure (Roads,
Rails, Ports, Refineries, Mines)
Sweden currently ranks amongst the
lowest carbon emixng countries with
extensive availability of renewable energy
for operaGons
Sweden has an exisGng and expanding EV
ecosystem (Smelters, Processing Plants,
SGU database, Anode Plant, Gigafactories) Bayrock Projects & Infrastructure (Rail, Roads, Ports, Refineries, Mines)
Bayrock Resources Limited | ANC PresentaGon 16
Contact
Dr Ian Pringle Cian Caffrey
Managing Director ExecuGve Director
Bayrock Resources Limited RFC Ambrian Limited
T: +61 (0) 408 548 767 T: +61 (0) 457 060 964
E: [email protected] E: cian.caff[email protected]
Bayrock Resources Limited | ANC PresentaGon 17
ADDITIONAL SLIDES
Bayrock Resources Limited | ANC PresentaGon 18
CAPITAL STRUCTURE & IPO PLANNING
$’000
Prior to IPO, Bayrock will have up to 50 million shares on Sources & Uses of Funds $10m raising $12m raising
issue Sources
Seed Raisings 2,400 2,400
Bayrock proposes to issue up to 60 million new shares to
IPO subscribers at $0.20 per share, to raise up to $12m Funds Raised from IPO 10,000 12,000
Total 12,400 14,400
IPO subscribers will hold up to 54% of the issued shares
upon IPO Uses
Each IPO share issued will have an aVaching 1/5 opGon, Carnaby Resources payment 1,500 1,500
with each opGon having a $0.30 strike price & a term of EMX RoyalGes payment 685 685
three years Technical work programs 7,000 8,500
IPO & Pre-IPO costs 1,215 1,335
Bayrock General & AdministraGon 2,000 2,380
Materials Total 12,400 14,400
[CATEGO Pty Ltd
RY NAME] OpJons on issue at IPO $10m raising $12m raising
million
[VALUE] Pre-IPO IPO Investor OpGons 10.0 12.0
Investors Advisor OpGons 4.0 4.0
6.5
Director Performance Rights
6.5
23% Total OpJons on Issue 20.5 22.5
Shares on Issue post-IPO 100.0 110.0
Bayrock Resources ownership at IPO Fully Diluted Shares on Issue post-IPO 120.5 132.5
(maximum subscripJon)
Bayrock Resources Limited | ANC PresentaGon 19
INDICATIVE PROJECT DEVELOPMENT TIMELINE/USE OF FUNDS
2022 2023 2024
Q4 Q1 Q2 Q3
Lainejaur & Vuostok
Mapping & field sampling
Ground
Geophysical Surveys skyTEM
geophysics
Lainejaur Lainejaur Lainejaur Lainejaur & Lainejaur
Drilling (+7000m) Vuostok Lainejaur
shallow surrounds deeps Vuostok deeps
Lainejaur 3D model with Community consultaGon, metallurgy, water, environment, Resource
old mine workings. engineering, preliminary mine planning, markeGng, Government EsGmate /Pre
Pre-mining Studies
Assessment of low-grade liaison & permixng …… Feasibility
Ni-Cu (not in resource).
Northern Nickel Line Quad
Mapping & field sampling
Ground Ground
Geophysical Surveys
skyTEM geophysics geophysics
NoVrask
Drilling (+5000m) NoVrask Skogstrask Fiskeltrask Kukasjarvi
deeps
Bayrock Resources Limited | ANC PresentaGon 20
BOARD & MANAGEMENT
Dr Ian Pringle Mr Joseph Naemi Mr Gavin Taylor-Bullen Mr Rob Thomson Ms Amanda Scoa
Managing Director Chairman Non-ExecuJve Director Non-ExecuJve Director ExploraJon Manager
• Geologist with track record • Three decades of experience • Director of Helix Geotech, a • MBA-qualified mining • Consultant exploraGon
in discovery & mine within the natural resources manufacturer of slim-line engineer & Fellow of geologist with >18 years
development… Girilambone sector globally bore hole radar (BHR) AusIMM field experience, Fellow of
(Cu), Bowdens (Ag), Sepon • Between 2001 & 2009 – hardware & soHware • 35+ years’ global mining AusIMM
(Cu/Au), Wetar (Au/Cu) Director, CEO or Chairman of technology experience including • Recipient of the 10th Nordic
• Discovered Cobalt Blue’s 3 oil & gas exploraGon • Previously Director of Equus execuGve, board level & ExploraGon Award (2021)
(COB) Railway Cobalt companies that became Drilling Ltd, an RC drilling & operaGonal management for outstanding
Deposit, Broken Hill mergers or acquisiGons engineering Company (e.g. Wetar, Chatree, Sepon, achievements & service to
Didipio), across a range of the Nordic exploraGon
• Previously MD of Broken Hill • Between 2010 & 2017 – • Served as CEO of Focus mineral commodiGes community
ProspecGng (BPL), Geopacific Independent Director of Subsea & was a senior including nickel & copper
Resources (GPR), Silver Sharyn Gol JSC, a Mongolian consultant within the sulphides • Director of Hannans Ltd
Standard Australia (SSA) & SX listed coal miner whose corporate advisory pracGce (HNR), Kiruna Iron AB,
Director of BaVery Mineral market capitalizaGon of BDO Australia • Currently Technical Director Scandinavian Iron AB and
Resources (BMR) increased from USD10M to • Australian ciGzen, Swedish of Pacific Nickel Mines (ASX: Scandinavian Resources AB
USD350M PNM) and founding NED
• Currently Technical Director resident Southern Palladium (ASX: • Swedish resident (since
of Nevada Silver Corp • Australian, Sydney resident SPD) 2011) & fluent in Swedish
Bayrock Resources Limited | ANC PresentaGon 21
USE OF FUNDS
Favourably located for fast-tracking – Priority acJons:
Shallow drilling of Lainejaur deposit (6 holes, 1000m) immediately following lisGng
Shallow drilling at Storbodsund, Vuostok (15-25 holes, 500-1000m) following lisGng
Metallurgical test work & iniGaGon of development planning studies Lainejaur-Vuostok
SkyTEM airborne geophysics over all projects
Ground geophysics at Lainejaur surrounds and other selected targets
Shallow drilling at Lainejaur surrounds (5-8 drillholes, 1000m)
Deeper drilling at Lainejaur (iniGally 6-10 holes, 5000m; followed by step-out drilling as results
determine)
PrioriGzed drill tesGng of selected NNL targets (2000m-4000m)
Resource EsGmaGon (target +1.5Mt of high-grade sulphide, evaluaGon of low grade (2-4Mt))
Pre-feasibility study on Lainejaur-Vuostok
Bayrock Resources Limited | ANC PresentaGon 22
GEOLOGY SETTING
Located in the N SkelleHeå District (Lainejaur) & S NorboVen Province/Craton (Northern Nickel Line).
Part of the Palaeoproterozoic Svecofennian belt of rocks accreted to the southern porGon of the Archaean
Karelian & Kola cratons, & together comprise the Fennoscandian Shield.
The Fennoscandian Shield is one of the most important mining areas in Europe, & the northern part, including
Sweden, Finland & Russia is intensely mineralised. The Fennoscandian is also globally significant for mafic &
ultramafic-hosted nickel-copper-PGE mineralizaGon (c. 1.88 Ga)
Mafic intrusions along the southern margin of the Karelian craton have been studied in the KotalahG &
Vammala belts of Finland, with the largest nickel sulphide deposits in those belts being KotalahG & Hitura.
The Lainejaur intrusion & the Northern Nickel Line intrusive suites in Sweden are generally regarded as
correlaGves & extensions of this mafic magmaGc event into Sweden around the boundary of the NorrboVen
Province microconGnental fragment.
The SkelleHeå/Boliden/KrisGneberg mining district contains >85 known pyriGc volcanic hosted massive to
semi-massive to vein sulphide zinc, lead, copper, silver, gold deposits & prospects.
The deposits of the SkelleHeå District are mostly hosted by the predominantly volcanic sequence of the
Palaeoproterozoic SkelleHe Group, & have generally been classed as volcanic hosted massive sulphide (VHMS)
mineralisaGon
The style of mineralisaGon varies considerably from stratabound at a volcanic-sedimentary boundary
(e.g. Rävliden) to post-deposiGonal, transgressive sub-seafloor mineralisaGon
Bayrock Resources Limited | ANC PresentaGon 23
REGIONAL GEOLOGY
The SkelleHeå/Boliden/KrisGneberg mining district contains >85
known pyriGc volcanic hosted massive to semi-massive to vein
sulphide zinc, lead, copper, silver, gold deposits & prospects Lainejaur
The deposits of the SkelleHeå District are mostly hosted by the
predominantly volcanic sequence of the Palaeoproterozoic
SkelleHe Group, & have generally been classed as volcanic hosted
massive sulphide (VHMS) mineralisaGon
Almost all are hosted by volcanic & volcaniclasGc rocks, although
a few are found within equivalent intrusive rocks. the style of
mineralisaGon varies considerably from stratabound at a
volcanic-sedimentary boundary (e.g., Rävliden) to post-
deposiGonal, transgressive sub-seafloor mineralisaGon
The regional geology of the Northern Nickel Line Por~olio is
generally less well defined than SkelleHeå, but the projects
broadly lie within a belt of mafic intrusion across northern
Sc&inavia that projects into northern Sweden. The Vuostok
project lies on the extension to main Nickel Line in the SkelleHeå
District
Skellekeå Regional Geology & Deposits Map
Source: PorterGeo
Bayrock Resources Limited | ANC PresentaGon 24
MODEL - INTRUSIVE-HOSTED MAGMATIC NICKEL-COPPER-(PGE)
(A) StarGng plume ascending beneath an old cratonic crustal
block, within a few hundred kilometres of an original
craton boundary.
(B) Impingement & flaVening of plume head beneath the
crust.
(C) Channelling of melt to thinnest crust at craton margin,
generaGon of conGnental riHing centred on original
suture.
(D) Development of favourable environments for
mineralisaGon above the melGng zone, showing the
combinaGon of long-lived mantle-tapping structure & high
magma producGon giving rise to high flux “magma
freeways” with potenGal for assimilaGon of crustal
material, transport & deposiGon of magmaGc sulphide
ores.
Source: AMer Barnes et al. (2016) & Modified by Donaghy (2022)
Bayrock Resources Limited | ANC PresentaGon 25
SCHEMATIC ILLUSTRATION OF
INTRUSIONS KNOWN TO HOST
MAGMATIC NICKEL-COPPER-PGE
SULPHIDE MINERALISATION
SchemaTc illustraTon of intrusions known to host magmaTc
nickel-copper-PGE sulphide mineralisaTon depicTng the
spectrum of characterisTc geometries of composite mafic &
mafic-ultramafic intrusions.
AMer Barnes et al. (2016)
Bayrock Resources Limited | ANC PresentaGon 26
PLANNED DRILLING AT LAINEJAUR & VUOSTOK
N
Lainejaur (leH)
Planned deep
holes (red stars) 6 drill holes north of old mine
Drilling in Q1/2023
6 deep drill holes for down dip
extension
Drilling in Q3/2023
Previous
drillholes
Planned shallow
holes (red stars)
Vuostok (right)
Boliden
17 shallow drill holes to old Boliden
drill holes
test near-surface extent holes
of nickel sulphides at
N Storbodsund Prospect
500 meters Drilling in Q2/2023 Boliden hole with >2% Ni 20 meters
BAY planned
Planned drill hole drill hole 20 meters
Bayrock Resources Limited | ANC PresentaGon 27
Sweden as a Mining
Investment DesJnaJon
Bayrock Resources Limited | ANC PresentaGon 28
SWEDEN IS A TOP-TIER MINING INVESTMENT DESTINATION
800 Sweden’s emissions intensity 0.3
is lower than any of the top
ExcepGonal logisGcal infrastructure, including Nickel mining countries
700
direct shipping links to end users across the EU 0.25
600
0.2
500
Long established mining code & strong rule-of-law Annual Nickel ProducGon ( tonnes)
400 Finland 0.15 Energy Emissions Intensity (kgCO2/kWh)
300
Norway 0.1
One of the largest producers of commodiGes in
Sweden
200
Europe with a mature mining industry
0.05
100
Lowest emissions intensity (45% Hydro, 35% Nuclear, 0 0
Indonesia Philippines Russia New Australia Canada China
Caledonia*
17% Wind) of any of the top nickel mining countries
Emissions intensity of the largest nickel producing countries
Source: USGS; Our World In Data (Oxford University)
*Data from 2016, all other data for 2020
Bayrock Resources Limited | ANC PresentaGon 29
DIRECT ACCESS TO EUROPEAN UNION END USERS
The Bayrock projects are favourably located relaJve to Scandinavian refiners, smelters & BalJc sea shipping routes
Rönnskär – Boliden 5 6
Cu smelter
2 3 4
1
Northvolt Ea Helsinki
Gigafactory
(under construcGon)
Oslo Talinn
Gothenburg Riga
Harjavalta – Boliden Aarhus Klaipeda
Only Nickel smelter
in Western Europe Copenhagen-Malmo
Nikkelverk – Glencore Gdansk
Ni, Co, Cu refinery Lubeck
Rostock
Lainejaur Skogstrask 1 4
Bayrock projects
applicable smelters
Vuostok Fiskeltrask 2 5
Other non-ferrous
smelters Nottrask Kukasjarvi 3 6
Source: RFC Ambrian Analysis
Bayrock Resources Limited | ANC PresentaGon 30
WHY INVEST IN BAYROCK?
BaVery metals exposure in the EU in the midst of rapid demand growth
Defined JORC Resource at Lainejaur historic mine, with significant resource extension opportuniGes
Tier-1, low emissions intensity mining jurisdicGon, with direct access to European end users
Strong management team, with track record of success in exploraGon & project development
Increased exposure for investors with addiGonal 1 for 5 IPO opGons
Bayrock Resources Limited | ANC PresentaGon 31