ANC-Presentations-Full-18-10_Neat

Fill the Big Mill – New Initiative







Excellent
GR Engineering Scoping Study July 2021 1
• 150ktpa and 1.1Mtpa circuits studied
quality
• capex and opex estimates to +/-20%
concentrate =
accuracy

• each option estimated to take 6 months to
high Ni
refurbish
payability
1.1Mtpa circuit now the Base Case 1

• Capex - $22.1M

• Opex - $29.40/t


Ore sources

• Black Swan open pit

• Golden Swan and Silver Swan
underground high grade

• Silver Swan tailings (improves Fe:MgO)

• Stockpiles
• Windarra (future)

rd
• 3 party feed (future)




1 ASX Announcement dated 27 July 2021. 16

FILL THE BIG MILL TIMETABLE







BIG MILL 1.1 MTPA Dec Q21 Mar Q22 Jun Q22 Sep Q22 Dec Q22
ORE SOURCES
GOLDEN SWAN

Maiden Resource Mid October 2021
Mining Study (Inventory/Reserve)
DSO Discussions

SILVER SWAN
Resource Upgrade Drilling
Mining Study / Reserve Estimate
BLACK SWAN DISSEMINATED OPEN PIT
Mining Study Upgrade

SILVER SWAN TAILINGS
Maiden Resource Mid September 2021
Metallurgical Testwork
PROCESS PLANT (1.1mtpa option)
Ore Blend Metallurgical Testwork
Bankable Feasibility Study
Preliminary Economic Assessment Mid Dec 2021
Regulatory Approvals
Final Investment Decision Mid May 2022
PROJECT DEVELOPMENT
Plant Refurbishment
Open Pit Dewatering
Underground Mine Development
Open Pit Mine Development
Ore Commissioning Mid Dec 2022
Note: proposed timeline could change subject due to delays in completing proposed w orkstreams, factors outside the control of the Company or marco economic considerations like commodity prices and exchange rates.
17

Lake Johnston
























































Lake Johnston processing plant


18

Project Overview






History

▪ Emily Ann - 1.5Mt @ 3.5% Ni mined and processed

between 2001-2007

▪ Maggie Hays - 10Mt @ 0.6%Ni mined and processed

between 2008-2014

▪ 11.5Mt ore mined and processed to produce +100kt Ni*



Current resources & infrastructure

▪ Maggie Hay - 3.5Mt @ 1.5% Ni for 52kt Ni 1

▪ 1.5Mtpa process plant (on C&M)



Exploration & Development Potential – current activities

▪ Review all geological data – completed by NewExco


▪ Update restart study on Maggie Hays mine and refurb of
processing Lake Johnston processing plant

▪ Test geological theory

➢ More Kambalda-style deposits


➢ Intrusive model - follow up Abi Rose Ni discovery 2
*Contained Ni metal
1 Reference Mineral Resources Statement Table 1 attached
2 ASX Announcement Successful Drill Program at Abi Rose Concluded with all three diamond holes intersecting Massive Nickel-Coppersulphides” dated 21 November 2018 19

Stratigraphy, Nickel Targets and Regional Magnetics


















WESTERN KOMATIITE



Key Limited
exploration
Target to date
Areas Main focus
for historic
exploration





Limited
exploration
to date









Poorly
explored
Western Ultramafic
Basal Contact in red

20

Mt Windarra



























































The old milling circuit at Windarra 21

Project Overview






History

▪ Discovered in 1969 and mined from 1974-1983


▪ 8Mt mined and processed to produce 84kt Ni*


Current resources & infrastructure

▪ Mt Windarra 71.5kt Ni* (grade - 1.64%)¹


▪ Cerberus Nickel 69kt Ni* (grade - 1.5%)¹

▪ South Windarra 8kt Ni* (grade - 0.98%)¹

▪ Gold Tailings contains ~180,000 oz/Au Resource 2

▪ July 2021 BFS on Gold Tailings Project – confirmed low risk, low capex & opex
2


Future activities – Gold tailings & nickel production focus

Gold

▪ DFS completed July 2021 2 – 53koz recoverable, free cash $30.6M, IRR 50%

▪ Discussing potential partnerships to fast-track development and monetise asset


Nickel

▪ Update studies on mining Windarra and/or Cerberus ore and trucking to Black Swan or Leinster


*Contained Ni metal
1 Refer Mineral Resource Statement attached Table 2 22
2 Refer ASX Announcement “Robust BFS completed for Windarra Gold tailings Project” dated 23 July 2021
3 Refer ASX Announcement “Poseidon to acquire rights to treat Lancefield gold tailings” dated 17 August 2020 22

The Future

Key Deliverables – Pathway to Production in 2022






Black Swan

➢ Deliver maiden Golden Swan Resource and Reserve


➢ Convert more Silver Swan Resource into Reserve

➢ Continue to drill test the Southern Terrace


➢ Complete BFS on 1.1Mtpa processing plant fed from combination of open pit,
underground, Silver Swan tailings and stockpiles


➢ FID by May 2022 latest & commissioning of mill during December 2022


Mt Windarra


➢ Study option of trucking ore to Black Swan or Leinster

➢ Fast track development of gold tailings asset with a suitable partner



Lake Johnston


➢ Review and prioritise all exploration targets & start drilling

➢ Update mining and processing studies on Maggie Hays orebody and 1.5Mtpa mill









24

Peter Harold
Managing Director & CEO






T: +61 (0) 6167 6600
E: [email protected]

W: poseidon-nickel.com.au
ASX:POS





@Poseidon-Nickel



poseidon-nickel

Mineral Resource and Reserve Statement Tables





Table 1: Nickel Projects Mineral Resource Statement
MINERAL RESOURCE CATEGORY Table 1 – Nickel Resource Table
Nickel Sulphide JORC Cut Off INDICATED INFERRED TOTAL Black Swan Resource as at 22 Jul 2014 (ASX announcement “Poseidon Announces Black Swan Mineral Resource”
Resources Compliance Grade 4 Aug 2014)
Tonnes Ni% Ni Metal Tonnes Ni% Ni Metal Tonnes Ni% Ni Metal Co% Co Metal Cu% Cu Metal
(Kt) Grade (t) (Kt) Grade (t) (Kt) Grade (t) Grade (t) Grade (t) Silver Swan Resource as at 5 Aug 2019 (ASX announcement “Silver Swan Resource Upgrade…”5 Aug 2019)
BLACK SWAN PROJECT Maggie Hays Resource as at 17 Mar 2015 (ASX announcement “50% Increase in Indicated Resources at Lake
Johnston”17 Mar 2015)
Black Swan 2012 0.40% 9,600 0.68 65,000 21,100 0.54 114,000 30,700 0.58 179,000 0.01 4,200 NA - Mt Windarra Resource as at Nov 2014 (ASX announcement “Poseidon Announces Revised Mt Windarra Resource”
Silver Swan 2012 4.50% 108 9.4 10,130 61 9.7 5,900 168 9.5 16,030 0.19 316 0.4 679 7 Nov 2014)
LAKE JOHNSTON PROJECT South Windarra and Cerberus Resource as at 30 Apr 2013 (ASX announcement “Resource Increase of 25% at
Windarra NickelProject”1 Dec 2011)
Maggie Hays 2012 0.80% 2,600 1.60 41,900 900 1.17 10,100 3,500 1.49 52,000 0.05 1,800 0.10 3,400 The Company is not aware of any new information or data that materially affects the information in the relevant
WINDARRA PROJECT market announcements. All material assumptions and technical parameters underpinning the estimates in the
Mt Windarra 2012 0.90% 922 1.56 14,000 3,436 1.66 57,500 4,358 1.64 71,500 0.03 1,200 0.13 5,700 relevant market announcements continue to apply and have not materiallychanged.
South Windarra 2004 0.80% 772 0.98 8,000 - - - 772 0.98 8,000 NA - NA - Table 2.1 Windarra Gold Tailings Project JORC2012 Mineral Resource
Cerberus 2004 0.75% 2,773 1.25 35,000 1,778 1.91 34,000 4,551 1.51 69,000 NA - 0.08 3,600 The Windarra Tailings estimate for North and South Dams has been reported based on the following:
TOTAL •no cut-off grade has been used to report the resource, as potential mining method dictates removal of the entire dams.
•a dry bulk in situ density of 1.6 t/m has been used to derive tonnages.
3
Total Ni, Co, Cu 2004 & 2012 16,775 1.04 174,030 27,275 0.81 221,500 44,049 0.90 395,530 0.02 7,516 0.03 13,379
Resources •resource numbers in Table 2.1 may not sum exactly due to rounding.
Table 2.2 Windarra Central DamJORC2012 Mineral Resource
Table 2: Gold Tailings Project Mineral Resource Statement The Windarra Tailings estimate for the Central Dam has been reported based on the following:
Table 2.1 Windarra Gold Tailings Project North and South Dams Mineral Resource – JORC 2012 Tabulation •No cut-off grade has been used to report the resource, as the potential mining method dictates removal of the entire
INDICATED dam down to a specified elevation.
Tonnes (t) AU (g/t) Au (oz) Ag (g/t) As (ppm) CU (ppm) Ni (%) •The mineralisation has been reported above a flat elevation of 446 mRL; there are tailings below this level but these
have been shown by drilling to contain no gold, and it is anticipated that the proposed mining method will not treat
North Dam 3,624,000 0.78 91,000 1.9 1,770 360 0.10
material belowthis elevation.
South Dam 923,000 0.48 14,000 0.6 630 369 0.26 •A dry bulk in situ densityof 1.6 t/m has been used to derive tonnages.
3
Total 4,547,000 0.72 105,000 1.6 1,540 360 0.13 •Resource totals maynot sum exactlydue to rounding.
Table 2.2 Windarra Gold Tailings Project Central Dam Mineral Resource – JORC 2012 Tabulation Windarra Gold Tailings Resource as at 22 June 2020 (see ASX announcement “Gold Tailings Resource at Windarra
INDICATED updated to JORC 2012 Indicated” 22 Jun 2020). The Company is not aware of any new information or data that
Tonnes (t) AU (g/t) Au (oz) As (ppm) CU (ppm) Ni (%) materially affects the information in the relevant market announcements. All material assumptions and technical
parameters underpinning the estimates in the relevant market announcements continue to apply and have not
Central 6,198,000 0.37 74,000 435.0 270 0.3
materiallychanged.
Table 3: Nickel Project Ore Reserve Statement Table 3 – Nickel Reserve Table
ORE RESERVE CATEGORY Silver Swan Underground Reserve as at 26 May 2017 (ASX announcement “Silver Swan Definitive Feasibility
JORC Study” 26 May 2017).
Nickel Sulphide Reserves PROBABLE
Compliance Black Swan Open Pit Reserve as at 5 Nov 2014 (ASX announcement “Poseidon Announces Black Swan Ore
Tonnes (kt) Ni % Grade Ni Metal (t) Reserve”5 Nov 2014).
The Company completed an upgrade to the Silver Swan Indicated Resource in 2019 which was based upon the
Silv er Swan Project 2015 Silver Swan Resource Estimate (refer Table 1 above). At this point it is not known the impact the updated to
Silv er Swan Underground 2012 130 5.2 6,800 the Silver Swan Resource will have on the Silver Swan Reserve.
The Company is not aware of any other new information or data that materially affects the information in the
Silv er Swan Open Pit 2012 3,370 0.63 21,500 relevant market announcements for the Black Swan Open Pit Reserve. All material assumptions and technical
Total Ni Reserv es 2012 3,500 0.81 28,300 parameters underpinning the estimates in the relevant market announcements continue to apply and have not
materiallychanged.

CONFIDENTIAL

















NOT JUST A COPPER COMPANY..

FIRST QUANTUM MINERALS







- THE NICKEL STORY




























Mike Christie
1
Australian Nickel Conference – October 2021 Director Exploration

CONFIDENTIAL





























































2

FQM OPERATIONS & NICKEL PROJECTS
CONFIDENTIAL










FINLAND








SPAIN
TURKEY

MAURITANIA






PANAMA








PERU ZAMBIA
ENTERPRISE


AUSTRALIA
Copper Mine/Development
ARGENTINA
RAVENSTHORPE
Nickel Mine/Development


Nickel Exploration Project

CONFIDENTIAL







RAVENSTHORPE NICKEL OPERATIONS




“Ravensthorpe is strategically positioned as a clean, sustainable source of nickel and cobalt for the EV battery value chain.”





























❖ Built by BHP in 2008, mothballed in 2009

❖ Purchased by FQM in 2010 for US$340M - Significant redesign and refurbishment
❖ Operations commenced 2011

❖ Care and Maintenance 2017-19 due low Ni Price

❖ Design and permitting for major Shoemaker Levy Project
❖ Re-start May 2020

❖ Announced sale of 30% minority stake to POSCO for US$240M (May 21)

CONFIDENTIAL







RNO SITE LAYOUT & SURROUNDING INFRASTRUCTURE








Sands impoundment area
Shoemaker-Levy (~10km)




Halleys Process Plant & Infrastructure 4





1 2
On-site accommodation
Hale Bopp
Distance from RNO to
Esperance port: ~150km
Ravensthorpe Airport 8
(~15km)
5
7


Esperance Port
(~150 km)
Multi User Infrastructure

TSF Evaporation Ponds 3 RNO Access Road
RNO Nickel Laterite Deposits
6
Tamarine Limestone Quarry
Tamarine Quarry (~15km)
▪ 1 RNO processing plant and supporting site ▪ 3 FQM-ow ned housing units in Hopetoun ▪ 6 Seaw ater intake
Seawater intake (~40km) infrastructure 5
▪ 4 South Coast Highw ay ▪ 7 Limestone quarry
▪ 2 RNO site accommodation village ▪ Ravensthorpe airport ▪ 8 Port of Esperance
5

CONFIDENTIAL







RNO - QUICK FACTS







THE MINE


▪ Resource - (M&I) 212Mt @ 0.59% Ni + 0.03%Co

Inferred: 104Mt @ 0.52% Ni +0.02% Co

▪ Reserve (P&P) : 196Mt @ 0.60% Ni + 0.03% Co
▪ Mining ~10Mt pa (1.1M bcm pm) ~1:1 strip






THE PLANT


▪ 10Mtpa to the Beneficiation Plant: upgrades ~0.6% Ni to ~1.2% Ni

▪ Processing circuit treating 3.2Mtpa @ ~1.2% Ni

▪ 2Mtpa limonite Ore to PAL circuit

▪ 1.2Mt pa saprolite ore to Atmospheric Leach circuit

▪ Mixed hydroxide precipitate (MHP) Product ~40% Ni +1.3% Co



▪ Production forecast (3 yr): 24,000 – 32,000kt Ni pa
Mixed Ni-Co Hydride
▪ At current throughput LOM is ~ 20 years precipitate (MHP)
For details see FQM Annual Information Form – March 2021

CONFIDENTIAL







RAVENSTHORPE GEOLOGY OVERVIEW








▪ Ravensthorpe contains several Ni Laterite deposits
developed across 17 km over Archean ultramafic rocks

of the Ravensthorpe Greenstone Belt, namely:


▪ Halleys

▪ Hale-Bopp

▪ Shoemaker-Levy

▪ Shoemaker-Levy North

▪ Nindibilup

▪ Bandalup Ultramafics were exposed to deep weathering

and oxidation to form concentrations of shallow Ni
laterite mineralisation


▪ Each deposit has similar regolith and geochemistry –

caprock, limonite, saprolite, saprock, bedrock






7

CONFIDENTIAL







GEOLOGY OVERVIEW – REGOLITH & NICKEL MINERALISATION







▪ Ni mineralisation occurs mainly in the minerals goethite, serpentine and
manganese oxides

▪ Limonite is comprised of mostly silica, goethite, manganese

oxides and some kaolinite

▪ Saprolite is comprised mostly of serpentine, silica, goethite,
carbonates and some manganese oxides.





























Smectitie
8

CONFIDENTIAL
USING GEOPHYSICS TO DEFINE ORE MATERIAL PROPERTIES AT RAVENSTHORPE



UAV magnetics for dyke and structural mapping Passive seismic mapping top of saprock





500 m


Drilling misses saprock




100 m
Downhole petrophysics to understand material properties (study)
































GPR mapping base of caprock (R&D)
20 m
100 m

CONFIDENTIAL







WHAT MAKES RNO SPECIAL…









Unique beneficiation characteristics - high grade fine ore can
be physically separated from low grade coarse fraction.

Rejects ~66% of the mass but retains ~60% of the metal,
approximately doubles the plant feed grade.

• 10Mtpa @ ~ 0.6% Ni mined

• 3.2Mtpa @ ~1.2% Ni processed (after beneficiation)




Waste heat from Acid plant (as steam) capable of generating
all on site power requirements and other heating
requirements for processing.



FQM & POSCO exploring partnership to produce battery
cathode precursor materials, likely in the form of nickel
sulphate, by utilizing the MHP from Ravensthorpe.








(Oh and.. its in a ‘safe’ jurisdiction.. and a nice place to live!) 10

CONFIDENTIAL







SHOEMAKER LEVY DEVELOPMENT - 2021







Primary Crusher / Sizer Area Looking Towards Overland Conveyor


First 5 year pit Existing Plant


























▪ Opening up of a large new deposit

- 177Mt @ 0.59% Ni + 0.03% Co (M&I Resource)

▪ 93km of drilling for initial 5 year pit

▪ New Investment Project - Overland Conveyor,

Primary Crushing Station ~$90 million USD 11

CONFIDENTIAL







SHOEMAKER LEVY DEVELOPMENT – EVALUATION & BENEFICIATION







Shoemaker-Levy Pit Diamond Drilling
❖ 93Km of drilling including HQ & PQ cores on a

regular grid to provide samples for systematic Bene

evaluation

❖ Samples crushed & screened to replicate bene process


❖ Size fractions analysed to estimate mass recovery and
Ni grade by XRF



























12

CONFIDENTIAL







SHOEMAKER LEVY PROJECT UPDATE (CONT’D)













































Above: Primary crusher / sizer area – first ore Above: Primary crusher / sizer area
Concrete – 6,600m3 Peak Workforce - 225

Steel – 2000t of structural steel and platework

Electrical Cable – 90km of cables and 11km of 33kV Overhead powerline 13
Source: FQM

CONFIDENTIAL







SHOEMAKER LEVY PROJECT UPDATE (CONT’D)


















































Above: Overland conveyor corridor Above: Overland conveyor corridor curved section

14

CONFIDENTIAL





























































15
“Ravensthorpe is strategically positioned as a clean, sustainable source of nickel and cobalt for the EV battery value chain.”

CONFIDENTIAL







ENTERPRISE NICKEL DEVELOPMENT - ZAMBIA






Resource (M&I) 37.7Mt @ 1.03% Ni

Resource (Inf.) 9.3Mt @ 0.73% Ni









Reserve (P&P) 34.7Mt @ 0.99% Ni






Enterprise









Enterprise ore will be processed at FQM’s nearby Trident Plant


Enterprise SW
Enterprise


SW


16
For details see FQM Annual Information Form – March 2021

CONFIDENTIAL







ENTERPRISE GEOLOGY


























Vaesite NiS 2 Millerite NiS






















Carrollite Cu(Co,Ni) S Ni-pyrite (Ni,Fe)S 2 17
2 4

CONFIDENTIAL



Kevitsa Mine (sold to Boliden)


FQM NICKEL EXPLORATION IN FINLAND
















‘Drone Mag’




















Sulphide in boulder trains.. Cpy Po Pn
FQM Resource drilling at Kevitsa








VTEM Surveys
18
Boots on the ground prospecting

CONFIDENTIAL

Ni in WA – REYNOLDS CREEK JV




• Option Agreement with Dreadnought Resources (ASX:DRE)

• >60 km dyke, with 40 km of high-tenor blebby sulfides and 12 km of “slugs” (>1.8 cm).
• Gossanous ironstone observed over 10 km, continuous up to 1.3 km.

• Values up to 0.75% Ni, 0.97% Cu, 0.8 g/t Pt-Pd-Au, 0.08% Co. 12 km high-

• Ground EM to commence October, drilling Q2, 2022. tenor

sulphide
‘slugs’








1.3 km
gossanous
ironstones




Mt


Cpy


Pn

Po

GSWA 100K


For detail see Dreadnought Resources PR 16/7/2021 - https://www.investi.com.au/api/announcements/dre/97c46304-9ff.pdf

CONFIDENTIAL

















NOT JUST A COPPER COMPANY..

FIRST QUANTUM MINERALS







- THE NICKEL STORY






























20

THE SUN IS RISING ON



AUSTRALIA’S NEXT GREAT




NICKEL-COPPER SULPHIDE



PROJECT


















5 October 2021

Australian Nickel Conference

Disclaimer & Statements






Disclaimer - Forward Looking Statements
This presentation has been prepared by Azure Minerals Limited. It contains background information about Azure Minerals Limited current at the date of this presentation. The presentation is in summary form and does not purport
be all inclusive or complete. Recipients should conduct their own investigations and perform their own analysis in order to satisfy themselves as to the accuracy and completeness of the information, statements and opinions
contained in this presentation.

This presentation is for information purposes only. Neither this presentation nor the information contained in it constitutes an offer, invitation, solicitation or recommendation in relation to the purchase or sale of shares in any
jurisdiction.

This presentation may not be distributed in any jurisdiction except in accordance with the legal requirements applicable in such jurisdiction. Recipients should inform themselves of the restrictions that apply in their own jurisdiction.
A failure to do so may result in a violation of securities laws in such jurisdiction.

This presentation does not constitute investment advice and has been prepared without taking into account the recipient's investment objectives, financial circumstances or particular needs and the opinions and recommendations
in this presentation are not intended to represent recommendations of particular investments to particular persons. Recipients should seek professional advice when deciding if an investment is appropriate. All securities
transactions involve risks, which include (among others) the risk of adverse or unanticipated market, financial or political developments.
To the fullest extent permitted by law, Azure Minerals Limited, its officers, employees, agents and advisers do not make any representation or warranty, express or implied, as to the currency, accuracy, reliability or completeness
of any information, statements, opinions, estimates, forecasts or other representations contained in this presentation. No responsibility for any errors or omissions from this presentation arising out of negligence or otherwise is
accepted.

This presentation may include forward-looking statements. Forward-looking statements are only predictions and are subject to risks, uncertainties and assumptions which are outside the control of Azure Minerals Limited. Actual
values, results or events may be materially different to those expressed or implied in this presentation. Given these uncertainties, recipients are cautioned not to place reliance on forward looking statements. Any forward looking
statements in this presentation speak only at the date of issue of this presentation. Subject to any continuing obligations under applicable law and the ASX Listing Rules, Azure Minerals Limited does not undertake any obligation to
update or revise any information or any of the forward looking statements in this presentation or any changes in events, cond itions or circumstances on which any such forward looking statement is based.

Competent Persons Statement
Information in this report that relates to previously reported Exploration Results has been crossed-referenced in this report to the date that it was reported to ASX. Azure Minerals Limited confirms that it is not aware of any new
information or data that materially affects information included in the relevant market announcements.









ADVANCING ANDOVER TO MINE DEVELOPMENT 2

Acknowledgement of Country














































Azure Minerals acknowledges the Traditional Custodians of the lands on which we meet today and on which we operate our projects.

We recognise the unique cultural heritage of Aboriginal people and their continued connection to lands, waters and communities.

We pay our respects to all Aboriginal people, and to Elders past, present and emerging.




ACKNOWLEDGEMENT OF COUNTRY 3

ESG













• The Andover Project has the potential to become a major nickel-copper sulphide project





• Azure is dedicated to developing Andover in an environmentally sustainable manner




• As Azure explores and develops Andover, the Company will be guided by best
practice ESG principles





• ESG is playing a key, early role in the Company’s future planning





• Key ESG objectives and targets are evolving, with a clear focus on achieving positive
impacts across the local communities and stakeholders where Azure operates










ADVANCING ANDOVER TO MINE DEVELOPMENT 4

Corporate Snapshot









MAJOR SHAREHOLDERS DIRECTORS

Deutsche Balaton 18.3% Brian Thomas Chairman

Creasy Group 15.0% Tony Rovira Managing Director

Harmanis Holdings 1.6% Hansjörg Plaggemars Non-Executive Director

Directors & Management 1.5% Annie Guo Non-Executive Director

Top 20 51.2%





CAPITAL STRUCTURE AND FINANCIALS KEY MANAGEMENT

Brett Dickson CFO & Company Secretary
Market Capitalisation
310M Shares Graham Leaver Exploration Manager
$93M (@ $0.30 per share*)
James Dornan Project Development Manager

Options: 6,250,000 Cash: ~$30.2M**
@ 20.5c – 65c Debt: Nil




* As at 30 September 2021
** As at 30 June 2021


ADVANCING ANDOVER TO MINE DEVELOPMENT 5

Azure is partnered with Mark Creasy and the Creasy Group to explore and develop the Andover Ni-Cu Project










NICKEL


ANDOVER NICKEL-COPPER PROJECT


(60% AZS / 40% CREASY GROUP)









The Creasy Factor: Bronzewing Gold Mine Jundee Gold Mine


Nova-Bollinger Nickel Mine (Sirius / IOG) Mawson Nickel Discovery (Legend Mining)

Silver Knight Nickel Deposit (Creasy Group) Fraser Range Nickel (Galileo Mining)

Andover – nickel-copper project





ANDD0003
4.09% Ni
0.29% Cu
Matrix sulphides











































ADVANCING ANDOVER TO MINE DEVELOPMENT 7

Competitive advantages of Andover









Great location: 2.5 hours from Perth







Good access into & throughout project area







First class infrastructure & logistics nearby


























ADVANCING ANDOVER TO MINE DEVELOPMENT 8

What makes Andover so attractive?







Layered mafic-ultramafic intrusive complex

- similar to Fraser Range, Julimar & Savannah





CONFIRMED

Fertile, target-rich environment for nickel & copper sulphides



VC-41
VC-30
VC-18
Electromagnetic conductors coincide with massive Ni-Cu sulphides VC-32
VC-23 VC-31
VC-07




Resource drill-out of first deposit - VC-07 East - nearing completion
Resource drilling at VC-07 West & VC-23 planned






Numerous EM targets yet to be drilled



(Refer ASX: 10 December 2020)

ADVANCING ANDOVER TO MINE DEVELOPMENT 9

VC-07 – Andover’s first Ni-Cu discovery















Mineralised corridor: >1,050m long x >500m deep
VC-07 EAST




Identified by EM anomalies & outcropping gossans






Host horizon & outcropping gossans open to the east VC-07 WEST







Diamond drilling to date: 108 holes = 47,563m














ADVANCING ANDOVER TO MINE DEVELOPMENT 10

VC-07 mineralised corridor










Long Section A-AA


2 mineralised zones


• VC-07 East deposit & VC-07 West






VC-07 East resource drill-out nearly complete






Moving to resource drilling at VC-07 West shortly




















ADVANCING ANDOVER TO MINE DEVELOPMENT 11

VC-07 East Ni-Cu sulphide deposit




Significant size and still growing:

• ~400m long x ~500m deep Long Section A-AA



Average overall mineralised envelope:

• 15m – 30m wide @ 1.0% Ni to 1.5% Ni


Average internal high-grade zones:

• 4m – 8m wide @ 2.0% Ni to 3.0% Ni


500m

4.1m @ 3.34% Ni & 0.87% Cu within 8.4m @ 2.58% Ni & 0.71% Cu (ANDD0061)

4.7m @ 2.93% Ni & 0.40% Cu within 22.6m @ 1.71% Ni & 0.83% Cu (ANDD0046)

4.5m @ 2.72% Ni & 0.59% Cu within 22.6m @ 1.71% Ni & 0.83% Cu (ANDD0046)


5.5m @ 2.12% Ni & 0.61% Cu within 10.5m @ 1.52% Ni & 0.58% Cu (ANDD0047)

4.8m @ 2.18% Ni & 1.06% Cu within 18.2m @ 1.14% Ni & 0.62% Cu (ANDD0063) 400m

(Refer ASX 13 September 2021)









ADVANCING ANDOVER TO MINE DEVELOPMENT 12

Why Andover Excites Azure







EM surveying is driving current and future exploration






Multiple electromagnetic conductors detected by airborne

(VTEM), surface (FLTEM) & downhole (DHTEM) surveys






No false EM positives to date: VC-07 East, VC-07 West, VC-23







Drill EM conductors = hit Ni-Cu sulphides








Numerous EM conductors yet to be drilled









ADVANCING ANDOVER TO MINE DEVELOPMENT 13

Do all EM conductors = Ni-Cu sulphides??








VC-41





Significant Ni-Cu sulphides drilled at:

VC-30
• VC-07 East, VC-07 West & VC-23
VC-18


Multiple EM conductors yet to be drilled,


including high-priority targets at: VC-31


• VC-18, VC-30, VC-31, VC-32, VC-41 VC-32

VC-23
• Awaiting heritage approvals - imminent



VC-07











ADVANCING ANDOVER TO MINE DEVELOPMENT 14

Project de-risking - Metallurgy





Stage 1 Metallurgical Testwork Completed





Conventional sulphide flotation delivers excellent metal
recoveries and concentrate grades





Separate high-quality Ni-Co and Cu concentrates


Copper Cleaner Flotation Test Nickel Cleaner Flotation Test


Internationally marketable Ni-Cu bulk concentrate Ni Cu Co Fe S SiO 2 MgO
(%) (%) (%) (%) (%) (%) (%)


Head Assay 1.20 0.58 0.05 17.6 9.00 38.1 8.44

No deleterious elements & attractive Fe:MgO ratio Nickel Copper Cobalt
Grade Recovery Grade Recovery Grade Recovery
(%) (%) (%) (%) (%) (%)
Nickel
Concentrate 15.7 79.4 2.0 20.0 0.57 67.7
Optimisation to deliver further improvements Copper

Concentrate 0.8 1.1 25.5 70.4 0.04 1.19
Bulk
Concentrate 8.0 87.3 4.4 92.7 0.30 80.3
(Refer ASX: 6 September 2021)


ADVANCING ANDOVER TO MINE DEVELOPMENT 15

Well funded to advance Andover











VC-07 East (& then VC-07 West) resource drill-outs continuing






Aim: Mineral Resource by ~Q1 2022





Exploration drilling: VC-23, VC-18, VC-41 etc






Development Studies progressing well

• Metallurgical test work

• Geotechnical & mining

• Community, heritage & environment

• Infrastructure & logistics








ADVANCING ANDOVER TO MINE DEVELOPMENT 16

Azure & Andover – a very attractive combination




Right commodities
➢ High value, green and clean battery metals of the future

➢ Nickel, copper and cobalt are in a rising metals price market



Right land position
➢ Controls most of the Andover Layered Mafic-Ultramafic Intrusive Complex



Right people

➢ Experienced corporate, exploration and mine development team

➢ JV partnered with major shareholder Mark Creasy


Systematic exploration

➢ Two nickel-copper-cobalt discoveries to date

➢ Pipeline of multiple undrilled anomalies and targets



Strong cash position
➢ $30.2M (@ 30 June 2021)










ADVANCING ANDOVER TO MINE DEVELOPMENT 17

Building towards a very bright future























LEVERAGED FOR DIVERSE SIGNIFICANT BUSY TIMES

SUCCESS COMMODITIES UPSIDE AHEAD



Well-funded with High-value, green & Rapidly growing Delivering progress

~$30M cash clean battery metals Andover Ni-Cu & news flow through
sulphide project 2021 - 2022
Substantial project Highly prospective

portfolio gold projects Great potential for

further exploration
Right team success








ADVANCING ANDOVER TO MINE DEVELOPMENT 18

Roebourne

1909

















Thank you






















Tony Rovira
Managing Director
Azure Minerals Ltd