ANC20-Proceedings-Presentations-Full

Jaguar Project Development Timeline





2020
2020 2021 2022
2022
2021
Q1
Q1 Q2 Q3 Q4
Q3
Q4
Q2
DRILLING
DRILLING
Resource Drilling - Infill & Extensional
Resource Drilling - Infill & Extensional
Jaguar South
Jaguar South
Jaguar Central
Jaguar Central
Jaguar North
Jaguar North
Jaguar West
Jaguar West
Onça Preta
Onça Preta
Resource Drilling - New Resources
Resource Drilling - New Resources
Onça Rosa
Onça Rosa
Regional Exploration Drilling
Regional Exploration Drilling
New Priority Targets
New Priority Targets
Ongoing resource and exploration drillingoing resource and exploration drilling
Ong
PROJECT DEVELOPMENT
PROJECT DEVELOPMENT
Maiden JORC Resource
Maiden JORC Resource
Metallurgical Studies Metallurgical Studies
Scoping Study Scoping Study
Pre-Feasibility Study Pre-Feasibility Study

Feasibility Study Feasibility Study
Environmental Permitting
Environmental Permitting
Q1 2021 Q2 2021 Targeting
Q3/Q4 2020 Q4 2021
Scoping Study Lodge Key Production for Q4
Ongoing Drilling Pre-Feasibility Study
Results Environmental licence 2024 25

Centaurus – Key Investment Takeaways







Nickel sulphide focus – high-grade nickel sulphide asset with flexible development


options leveraged to strong long-term nickel market outlook



Favourable project location – Carajás Mineral Province



Globally Significant Maiden JORC MRE – 48.0Mt at 1.08% Ni for 517,500t of contained

nickel including high grade MRE of 20.6Mt at 1.56% Ni for 321,400t of contained nickel



80% of MRE is within 200 metres of surface



Resource growth and development – deposits open at depth and along strike – strong

potential to increase MRE with further drilling; in-fill and step-out drilling underway




Greenfields growth – Multiple prospects with walk up drill targets; drilling set to

commence



Scoping Study advancing well – on track for Q1 2021



Centaurus represents a rare opportunity to invest in a rapidly unfolding high-grade nickel sulphide

growth story in Brazil, at the perfect time in the nickel market cycle. 26

BRAZIL Pará




Minas Gerais



ASX : CTM





Jaguar: the new global nickel



sulphide growth project





✓ Near-surface +500Kt maiden JORC

Mineral Resource Estimate


✓ Outstanding resource growth and

new discovery opportunities


✓ High-grade development potential

– open pit & underground



6 October 2020 I Australian Nickel Conference Presentation I
Darren Gordon, Managing Director

DEVELOPING HIGH-

GRADE NICKEL


SULPHIDE

PROJECTS IN


WESTERN


AUSTRALIA



Australian Nickel Conference
October 2020














SAINTS NICKEL PROJECT



HIGH GRADE RESOURCE
1.05Mt @ 2.0% Ni & 0.2% Cu

DISCLAIMER



This presentation has been prepared by Auroch Minerals Ltd (Auroch or the Company). It contains general information about the Company’s activities current as at the date of the presentation. The information is provided in summary form and does not
purport to be complete. This presentation is not to be distributed (nor taken to have been distributed) to any persons in any jurisdictions to whom an offer or solicitation to buy shares in the Company would be unlawful. Any recipient of the presentation
warrants to the Company that the receipt of the presentation is not unlawful. It should not be considered as an offer or invitation to subscribe for or purchase any securities in the Company or as an inducement to make an offer or invitation with respect to
those securities. No agreement to subscribe for securities in the Company will be entered into on the basis of this presentation or any information, opinions or conclusions expressed in the course of this presentation.
This presentation is not a prospectus, product disclosure document or other offering document under Australian law or under any other law. It has been prepared for information purposes only. This presentation contains general summary information and
does not take into account the investment objectives, financial situation and particular needs of any individual investor. It is not financial product advice and investors should undertake their own due diligence and obtain their own independent advice from
qualified professional advisors having regarding to their objectives, financial situation and needs. Neither Auroch nor any of its related bodies corporate is licensed to provide financial product advice.
This presentation and information, opinions or conclusions expressed in the course of this presentation contains forecasts, projections and opinions which constitute forward looking statements. Forward looking statements include, but are not limited to,
statements concerning the Company’s exploration programme, outlook and target sizes. They include statements qualified by words such as “potential”, “target”, “scheduled”, “planned”, “estimate”, “possible”, “future”, “prospective” and similar expressions. Such
forward looking statements are not a guarantee of future performance, and are subject to numerous risks, uncertainties and other factors, including unknown ones. Actual results and developments will almost certainly differ materially from those expressed
or implied. There are a number of risks, both specific to Auroch and of a general nature which may affect the future operating and financial performance of Auroch and the value of an investment in Auroch including but not limited to title risk, renewal risk,
economic and general market conditions, stock market fluctuations, price movements, regulatory risks, operational risks, reliance on key personnel, uncertainties relating to interpretation of exploration results, geology and resource estimations, native title
risks, foreign currency fluctuations, uncertainties relating to the availability of/access to additional capital, infrastructure or environmental approvals, and mining development, construction and commissioning risk. Auroch expressly disclaims any intention or
obligation to update or revise any forward-looking statements whether as a result of new information, future events, or otherwise.
To the maximum extent permitted by law, no representation, warranty or undertaking, express or implied, is made and no responsibility or liability is accepted, by the Company or any of its officers, employees, agents or consultants or any other person, as to
the adequacy, accuracy, completeness or reasonableness of the information in this presentation. An investment in the shares of the Company is to be considered highly speculative.
The exploration targets or conceptual exploration targets in this presentation or expressed during the course of this presentation are subject to completion of the necessary feasibility studies, permitting and execution of all necessary infrastructure agreements.
In relation to any statements pertaining to future exploration targets or conceptual exploration targets, the nature of the exploration target means that the potential quantity and grade is conceptual in nature. This presentation and information, opinions or
conclusions expressed in the course of this presentation should be read in conjunction with Auroch’s other periodic and continuous disclosure announcements lodged with the ASX, which will be available on the Auroch website.
The information in this report that relates to Exploration Results is based on information compiled by Mr Aidan Platel and represents an accurate representation of the available data. Mr Platel (Member of the Australian Institute of Mining and Metallurgy) is
the Company’s Chief Geological Officer and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition
of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ ("JORC Code 2012"). Mr Platel consents to the disclosure of this information in this report in the form and context in which it appears. The information in this
report that relates to Mineral Resources for the Saints Project was reported by Minotaur Exploration Ltd (ASX:MEP) to the ASX on 4th May 2017 under JORC Code 2012 (refer https://www.asx.com.au/asxpdf/20170504/pdf/43j0r0dt0ytq74.pdf). The
information in this report in relation to Mineral Resources for the Saints Project is based on, and fairly represents, the available data and studies for the project which have been compiled by Mr Aidan Platel. Mr Platel (Member of the Australian Institute of
Mining and Metallurgy) is the Company’s Chief Geological Officer and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as
defined in the JORC Code 2012. Mr Platel consents to the disclosure of this information in this report in the form and context in which it appears.
The information in this report that relates to Mineral Resources for the Leinster Project was reported by Breakaway Resources Ltd to the ASX on 14th April 2008 under JORC Code 2004 (refer https://www.asx.com.au/asxpdf/20081024/pdf/31d3x55rpn6dxy.pdf). A
Competent Person (as defined in the JORC Code 2012) has not done sufficient work to classify this Mineral Resource in accordance with JORC Code 2012. The information in this report in relation to Mineral Resources for the Leinster Project is an accurate
representation of the available data and studies for the project which have been compiled by Mr Aidan Platel. Mr Platel (Member of the Australian Institute of Mining and Metallurgy) is the Company’s Chief Geological Officer and has sufficient experience that is
relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the JORC Code 2012. Mr Platel consents to the disclosure of this information in this report in the form
and context in which it appears.
ASX Listing Rule Information
The company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and, in the case of estimates of Mineral Resources, that all material assumptions and technical parameters
underpinning the estimates in the original market announcements continue to apply and have not materially changed. The Company confirms that the form and context in which the competent persons findings have not been materially modified from the original announcement
This presentation contains information extracted from the following ASX market announcements which are available on the Company’s website at www.aurochminerals.com:
• DRILLING COMMENCES AT FIREFLY & SINCLAIR NORTH Ni PROSPECTS 22 September 2020 • SAINTS AND LEINSTER NICKEL PROJECTS - EXPLORATION UPDATE 6 May 2020
• DRILLING COMMENCES AT THE VALDEZ NICKEL PROSPECT 7 September 2020 • DRILLING TO COMMENCE AT SAINTS NICKEL PROJECT 24 April 2020
• HIGH GRADE NICKEL SULPHIDES INTERSECTED AT SAINTS 27 August 2020 • AC RESULTS PROVIDE DRILL-READY NICKEL TARGETS AT SAINTS 1 April 2020
• AC RESULTS DEFINE NICKEL SULPHIDE DRILL TARGETS AT VALDEZ 13 August 2020 • PLACEMENT $1M - HIGH-PRIORITY NICKEL SULPHIDE EXPLORATION 28 February 2020
• NICKELIFEROUS MASSIVE SULPHIDES INTERSECTED AT SAINTS 6 August 2020 • 2020 EXPLORATION PROGRAMME COMMENCES AT SAINTS 8 January 2020
• AUROCH INCREASES TENEMENT PACKAGE IN PROSPECTIVE NICKEL BELT 27 July 2020 • HISTORICAL REVIEW HIGHLIGHTS NICKEL POTENTIAL AT LEINSTER 5 December 2019
• DIAMOND DRILLING UNDERWAY AT SAINTS 20 July 2020 • MORE HIGH-GRADE NICKEL INTERSECTED AT SAINTS 14 November 2019
• NEW NICKEL SULPHIDE TARGETS DELINEATED AT SAINTS 8 July 2020 • HIGH GRADE NICKEL CONFIRMED AT SAINTS 28 October 2019
• EXPLORATION UPDATE - SAINTS AND LEINSTER NICKEL PROJECTS 23 June 2020 • AMENDMENT - SAINTS NICKEL PROJECT DRILLING UPDATE 17 October 2019
• DRILLING PROGRAMME UNDERWAY AT SAINTS NICKEL PROJECT 9 June 2020 • DRILLING PROGRAMME UNDERWAY AT SAINTS NICKEL PROJECT 16 September 2019
• $2M OVER-SUBSCRIBED PLACEMENT 4 June 2020 • AUROCH TO KICK OFF DRILLING AT SAINTS NICKEL PROJECT 3 September 2019
• RESULTS CONFIRM STRONG POTENTIAL OF CHANNEL TARGETS AT SAINTS 2 June 2020 • SAINTS AND LEINSTER NICKEL ACQUISITION COMPLETED 29 August 2019
• DHEM DELINEATES STRONG NICKEL SULPHIDE TARGET AT SAINTS 19 May 2020 • AUROCH TO ACQUIRE HIGH-GRADE WA NICKEL PROJECTS 28 May 2019
Forward-Looking Statements
This document may include forward-looking statements. Forward-looking statements include, but are not limited to, statements concerning Auroch Minerals Limited’s planned exploration program and other statements that are not historical facts.
When used in this document, the words such as "could," "plan," "estimate," "expect," "intend," "may”, "potential", "should," and similar expressions are forward-looking statements. Although Auroch Minerals Limited believes that its expectations
reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements.
2 WWW.AUROCHMINERALS.COM
2

BUILDING A STRONG


NICKEL SULPHIDE EXPLORER






FOCUSED AGGRESSIVE EXPLORER CORPORATE OVERVIEW

Money into the ground to ensure every chance MARKET CAP SHARES OUTSTANDING
of exploration success ~$15Million 231.2M

EXPERIENCED AND DEDICATED TEAM @$0.067*

History of success in Ni sulphide exploration CASH OPTIONS
and development ~$5Million 72M

(as at 2 October 2020)
BOARD AND MANAGEMENT
Aidan Platel Edward Mason SHAREHOLDERS
Managing Director Non-Executive Chairman
TOP 10 SHAREHOLDERS 37.7%
Mike Edwards Robin Cox

Non-Executive Director Senior Exploration Geologist
SHARE PRICE
Saints Inferred Mineral Resources Estimate (1.0% Ni Cut-Off) (JORC 2012)
Type Tonnage (kt) Ni (%) Cu (%) Ni (t) Cu (t)

Oxide 2 1.00% 0.02%
Transitional 22 1.70% 0.10% 400
Fresh 1,020 2.00% 0.20% 21,000 1,600
Total 1,050 2.00% 0.20% 21,400 1,600

Rounding errors may occur



*As at 2 October 2020
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QUALITY AUSTRALIAN


NICKEL SULPHIDE PROJECTS


IN THE BEST LOCATION GLOBALLY










SAINTS & LEINSTER NICKEL PROJECTS
• Located in the Norseman-Wiluna
Greenstone Belt, home to some of the best
nickel sulphide deposits globally

• Excellent access via Goldfields Highway,
and close to established mining and
processing infrastructure (Kambalda, Black
Swan, Sinclair, Leinster, Mt Keith)

• Existing massive nickel sulphide resources
that remain open along strike and down-
plunge

• Excellent exploration potential, both near
existing resources and other untested target
areas (e.g. Valdez)















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SAINTS NICKEL PROJECT




HIGH-GRADE NICKEL SULPHIDE RESOURCE WITH
MAIN FEEDER CHANNEL STILL TO BE DISCOVERED




• “Grade is King” Numerous drill-hole intercepts of thick
high-grade semi-massive to massive nickel sulphides:
• 30.95m @ 1.66% Ni from 143.05m,

including 10.50m @ 2.30% Ni (07BSGD0048)
• 3.20m @ 5.17% Ni from 190.90m (DR_GG54)

• 4.80m @ 2.81% Ni from 114.70m (07BSGD0055)

• High-grade nickel sulphide resource already defined:

1.05Mt @ 2.0% Ni & 0.2% Cu for 21.4kt Ni & 1.6kt Cu
• 92% fresh primary sulphides from ~40m from surface

• Mineralisation open down-plunge and along strike

• Main lava channel position(s) still to be discovered – huge
potential to significantly increase current resource



Saints Inferred Mineral Resources Estimate (1.0% Ni Cut-Off) (JORC 2012)

Type Tonnage (kt) Ni (%) Cu (%) Ni (t) Cu (t)

Oxide 2 1.00% 0.02%
Transitional 22 1.70% 0.10% 400
Fresh 1,020 2.00% 0.20% 21,000 1,600
Total 1,050 2.00% 0.20% 21,400 1,600
Rounding errors may occur

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SAINTS NICKEL PROJECT




UPDATED GEOLOGY INTERP: NEW OPPORTUNITIES



• Key “ingredients” for significant Kambalda-style* Ni sulphide deposit:
 1. Magnetic “highs” sitting on basal contact

 2. Ni sulphide occurrences in the immediate region
 3. Mineralised basal flow (high tenor Ni sulphides)

4. “Economic” Ni-S intersection on basal contact
(≥10 %Ni.m @ 1%Ni cut-off)




















*Basal channel massive sulphides are thickest and highest-grade sulphides in Kambalda-
style system: main targets to significantly increase existing resource
• New geological interpretation (thrust faults vs synclinal model)
means thicker basal ultramafic flows with high MgO

• Each factor increasing the possibility of a major mineralised channel
position at Saints
• AC and RC drilling this year has confirmed at least 4 new channels
being systematically tested for Ni sulphide mineralisation



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SAINTS NICKEL PROJECT




SYSTEMATIC DRILL TESTING OF IDENTIFIED BASAL CHANNEL TARGETS

ST ANDREWS TARGET ST ANDREWS

• 2 strong conductors identified from review of historic
DHEM data

• Both conductors sit on the modelled basal contact
underneath the known high-grade massive NiS hanging-
wall mineralisation

• Diamond drill programme completed in August tested
historic conductors and highlighted new strong conductors
via more-modern DHEM at depth
Standout results include;

• 3.68m @ 1.78% Ni in SNDD013

• Incl 1.25m @ 3.71% Ni from 241.61m




T1-T6

• Multiple AC drilling phases defining footwall
contact and UM characteristics

• Followed by RC drilling & DHEM to allow for more
targeted drilling

• This approach advanced the T1-T2 channel
prospects both producing strong conductors for
multiple phases of RC drilling

• Further AC drilling planned at T5-T6




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LEINSTER NICKEL PROJECT



THE HORN

• Historic JORC (2004) Resource*: nickel sulphide mineralisation
remains open at depth and along strike
• Numerous drill-hole intercepts of thick high-grade semi-
massive to massive nickel sulphides; e.g:
• 14.66m @ 2.19% Ni & 0.48% Cu from 132.6m

• 10.80m @ 2.21% Ni & 0.53% Cu from 144.0m

• 7.00m @ 2.58% Ni & 0.63% Cu from 158.6m
• Planned 2000m Resource drilling DD & RC to commence this
month, upgrading resource to JORC (2012) 08BWDD0039































Aeromagnetics: RTP E shade non-linear


8 WWW.AUROCHMINERALS.COM * Refer to ASX Announcement 28 May 2019

LEINSTER NICKEL PROJECT



VALDEZ PROSPECT
• The Valdez Prospect is located northeast of the Horn and Aeromagnetics:
along strike from the Waterloo nickel sulphide deposit RTP E shade non-linear
owned by Saracen (ASX:SAR): 14.4kt nickel @ 2.1% Ni.

• Surface EM survey identified strong EM conductors
coincident with magnetic highs and modelled basal contact

• 4,400m AC drilling programme completed to confirm basal
contact and possible channel – elevated Ni grades in
weathered zone coincident with EM and mag highs: all the
right characteristics for massive nickel sulphides

• 1,500m RC programme recently completed, testing
modelled channel embayment
• Thick fertile ultramafic intercepted in all 4 RC holes!

• DHEM Currently in progress, samples in lab awaiting Assay
results!



























9 WWW.AUROCHMINERALS.COM * Refer to ASX Announcement 13 August 2019

LEINSTER NICKEL PROJECT




NEW TENEMENT PACKAGE


• Four ELs comprising 217 km highly-prospective for both
2
gold and nickel-copper sulphide mineralisation
• Earn-in Agreement with Jindalee Resources for up to 70%
ownership of all mineral rights

FIRE FLY & SINCLAIR NORTH Ni PROSPECTS

• Located on E 36/895 which is contiguous with the Horn
tenement and along strike from Sinclair to the south and
Ni West to the north

• Firefly; Anomalous Ni identified in historic RAB drilling
defined a over 1.3km prospective strike of ultramafics,
including:

• 23m @ 0.53% Ni from 13m, inc. 1m @ 0.86% Ni

• 5m @ 0.74% Ni from 44m
• 4m @ 0.53% Ni from 16m

• Never been adequately tested at depth by RC or diamond
drilling = drill-ready targets

• Sinclair North; located north along magnetic strike of
Sinclair Ni mine
• 750m RC programme recently completed on both
prospects

• Drilling confirming location of UM-Mafic contact
• DHEM currently in progress, samples in the laboratory
awaiting Assay results

• Further drilling planned and permitted!
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Aeromagnetics: RTP E shade non-linear

SAINTS & LEINSTER PROJECTS




AGGRESSIVE EXPLORATION PROGRAMMES: 2020 Q3 & Q4



COMPLETED 2020
✓ 4,400m AC drill programme at the Valdez Prospect of
the Leinster Project - July

✓ 1,300m AC drill programme at the T4 Target at Saints
completed - August

✓ 1,200m diamond drill programme at the T2 Target
and Saint Andrews Target at Saints to test strong DHEM
conductors near the basal contact completed
RESULTS PENDING

✓ 1,500m RC drill programme at Valdez
✓ 750m RC drill programme at Fire Fly & Sinclair North

✓ DHEM
PLANNED EXPLORATION

• RC drill programme at the T1 Target at Saints –
commencing this week

• RC & DD Resource drilling at the Horn deposit to
upgrade the historic resource estimate to be JORC (2012)
-compliant – commencing October

SCHEDULED Q4
• AC T5 & T6 at Saints

• AC Firefly & Sinclair North
• RC & DD infill drilling at the Saints deposit



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Saints Nickel Project –diamond drilling at the T2 target

SOUTH AUSTRALIA Cu & BASE METAL PORTFOLIO

WHY INVEST NOW?







AUROCH ALREADY HAS THE BENEFIT OF A ONGOING DRILL PROGRAMMES AT THE SAINTS
HIGH-GRADE RESOURCE AT SAINTS, and is & LEINSTER PROJECTS, Pipeline of exploration

working to increase this to add material value programmes producing constant news flow and
for shareholders. results.



DRILLING THE HIGH-GRADE HORN DEPOSIT in
Q4 2020 upgrading to JORC 2012 and adding STRONG CASH POSITION FOR EXPLORATION
valuable tonnes to the portfolio.
AND EXPANSION OF THE Ni Cu PORTFOLIO
offering material longer term upside.
EXPERIENCED BOARD AND MANAGEMENT

TEAM with significant nickel expertise and a
track record of success.

























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CONTACT






Mr Aidan Platel

Managing Director

E: [email protected]
M: +61 400 190 005
















Suite 1
295 Rokeby Road
Subiaco WA 6008


T: +61 8 6555 2950

F: +61 8 6166 0261

the Kalgoorlie Nickel Project
starting with Goongarrie Nickel-Cobalt









for Gold and Nickel Sulphides
within the Kalgoorlie Nickel Project
NICKEL SULPHIDE



DISCOVERY UPDATE


The faceted multi-
coloured jewels
October 2020 WA and its diverse character
represent the rich heart of
in terms of landscape, minerals,
and where Ardea projects are focused

Disclaimer





Important notice
This presentation contains general information only and is, or is based upon, information which has been released to ASX or is contained in the Ardea Resources Limited (Ardea or the
Company) prospectus dated 9 November 2016 (including supplementary prospectuses dated 18 November 2016 and 6 January 2017), the Goongarrie Nickel Cobalt Project Pre-Feasibility
Study (dated 28 March 2018) the Goongarrie Expansion Study (24 July 2018), Goongarrie Pilot Plant trial produces battery grade crystals (31 October 2018), Goongarrie Nickel Cobalt Project
Update (8 April 2019), Drilling at Gale identifies large scale gold system (11 April 2019), Ardea Quarterly Operations Report, for the quarter ended 31 March 2019 (30 April 2019), Ardea
Quarterly Operations Report, for the quarter ended 30 June 2019 (22 July 2019), Nickel sulphide exploration commences at Perrinvale Project (24 July 2019), Ardea Annual Report 2019 (24
October 2019), Ardea Quarterly Operations Report, for the quarter ended 30 September 2019 (31 October 2019), Ardea Quarterly Operations Report, for the quarter ended 31 December 2019
(17 January 2020) Ardea Quarterly Operations Report, for the quarter ended 31 March 2020 (9 April 2020), Maiden Resource for Big Four Gold Project, WA (14 May 2020), Significant gold
exploration results from new target at Goongarrie South (25 June 2020), Follow-up RC drilling commences at the Aphrodite North gold target (10 July 2020), Quarterly Activities Report - June
2020 (23 July 2020, CSIRO research commences on gold behaviour within GNCP (12 August 2020), Significant gold in first RC drilling at Aphrodite North (13 August 2020), Gold Exploration
Update (20 August 2020), and Ardea BTZ gold exploration success at Lady Charlotte (24 August 2020), Successful A$3.5M Capital Raising to support Gold Work Programs, SPP to follow (18
September 2020), Nickel Sulphide Targets within the Ardea Tenement Portfolio including KNP (30 September 2020).
This presentation is not an invitation, offer or recommendation (express or implied) to subscribe for, or apply for the purchase of, or to take any other action in respect of securities of any entity
described herein and is not a prospectus, product disclosure statement or disclosure document for the purposes of the Corporations Act 2001 (Cth) and has not been lodged with ASIC. None
of Ardea Resources Limited (Ardea or the Company) or its representatives are providing or offering investment advice or services by making this presentation.
Neither Ardea nor its representatives make any representation, warranty or guarantee of any kind, express or implied, as to the accuracy, completeness or reasonableness of the information
contained herein or any other written or oral communication transmitted or made available to any person receiving this presentation. To the maximum extent permitted by law, Ardea and
representatives expressly disclaim any and all liability based on or arising from, in whole or in part, such information, or any errors or omissions.
This presentation contains forward-looking statements regarding the Company’s resources, intentions and future business. These statements reflect current information, expectations,
intentions and strategies regarding the future, and are subject to certain risks and uncertainties. Should one or more of these risks or uncertainties materialise, or should any of the underlying
assumptions prove incorrect, actual results may vary from the expectations, intentions and strategies described in this presentation. Investors are cautioned not to place undue reliance on
forward-looking statements, which speak only as of the date they are made. Other than where required by law, the Company is under no obligation to revise any forward looking statement to
reflect events or circumstances after the date of this presentation or to reflect the occurrence of unanticipated events.
The Goongarrie Project has completed the Pre-Feasibility Study phase and has commenced programs that are part of the Definitive Feasibility Study. Though reasonable care has been taken
to ensure that the facts are accurate and/or that the opinions expressed are fair and reasonable, no reliance can be placed for any purpose whatsoever on the information contained in this
document or on its completeness. Actual results and developments of projects and the market development may differ materially from those expressed or implied by these forward looking
statements depending on a variety of factors. A key conclusion of the Pre-Feasibility Study and Expansion Study, which is based on forward looking statements, is that the Goongarrie Project
is considered to have positive economic potential.
No stock exchange, regulation services provider, securities commission or other regulatory authority has approved or disapproved the information contained in this news release.

2

Ardea Six Point Summary (focused on nickel)







Flagship asset is a 100% interest in the Kalgoorlie Nickel Project (KNP), the premier nickel-cobalt resource
1
in the developed world



More than 4,000km of 100% controlled mineral tenements located exclusively in Western Australia which
2
2
are highly prospective for nickel and gold but historically under-explored

Large ground holding in world’s best mining district provides opportunities for a range of metals and Critical
3
Minerals, including: Nickel, Cobalt, Scandium, Copper, Platinum Group Elements (PGE), Gold and Rare
Earth Elements (REE)



4 Renewed focus on nickel sulphide mineralisation with associated copper and PGE



5 Several outstanding nickel sulphide targets exist with potential for near-term drill testing


Modern higher powered and better quality geophysics (EM and IP) provide the tools to re-fresh and expand
6
the nickel sulphide search space


3

Corporate Snapshot









Board and Executive Management Team Capital Structure, as at 5 October 2020
Mathew Longworth 33 years experience across exploration, project evaluation/development, Shares on Issue 124,747,246
Non-Executive Chair operations and corporate management. Invaluable experience on the key
Ardea exploration and development projects, being the Bardoc Tectonic Zone Share Price $0.46
gold and Kalgoorlie Nickel Project (KNP) nickel-cobalt.
52 week high / low $0.80 / $0.17
Andrew Penkethman Resources sector executive with over 25 years experience, including mine Cash (as at 30 Sep 2020) $11.6 million
Managing Director, management, project evaluation, early stage and near mine exploration,
Chief Executive Officer resource development, feasibility study management, permitting, stake holder Market Capitalisation $57.4 million
engagement and mine development. ASX, TSX and AIM market experience. Staff performance rights 3,711,000
Ian Buchhorn Mineral Economist and Geologist with over 40 years experience, operated as
Executive Director Registered Mine Manager in the Kalgoorlie Goldfields region. Major Shareholders
Sam Middlemas Chartered Accountant (CA) with more than 30 years experience providing Ian Buchhorn and associates 10.02%
Company Secretary and financial and corporate secretarial services. Citicorp Nominees 10.76%
Chief Financial Officer
Brian O’Shannassy and associates 7.20%
Dr Matt Painter Geologist with over 25 years professional experience including managerial,
General Manager corporate, and on-ground experience across a broad range of commodities Top 20 shareholders 50.94%
– Exploration including nickel, cobalt, manganese, copper, gold and zinc-lead-silver.






Ardea has a quality Western Australian project portfolio and the team to make their projects succeed
4

Regional Location –

Nickel Sulphide Projects





❑ Ardea’s KNP tenure holds extensive nickel laterite resources

❑ The same ground is highly prospective for nickel sulphide
mineralisation
❑ Archaean Eastern Goldfields Province – prolific ultramafic flows
hosting numerous nickel sulphide deposits

❑ Centred around the mining hub of Kalgoorlie-Boulder

❑ Excellent infrastructure and access – mining culture
❑ Ardea is well established with field teams based out of our West
Kalgoorlie office complex

















5

Kalgoorlie Nickel Project – Ni, Co and Au

(looking southeast – with GNCP in the foreground. Note the scale and location)






Nickel Sulphide
Targets ▪ Ardea KNP tenements
shown in red

▪ 70km N of Kalgoorlie


▪ Most resources on
granted mining leases


▪ Leverage off existing
infrastructure

















6

Emu Lake Project – Detailed Magnetics






❑ 30km east of Black Swan nickel mine and processing
plant (Poseidon Nickel Ltd)
❑ Strategic ground holding covering 240km 2

❑ Magnetic imagery clearly distinguishes the eastern
and western ultramafic belts:

▪ Eastern belt is host to the Kalpini nickel laterite
1
resource (75Mt @ 0.75% Ni and 0.04% Co )
▪ Western belt host to nickel sulphide
mineralisation - several high grade intercepts
during a period of focussed exploration 2003 –
2011 (Image Res, Jubilee, Emu Nickel, Xstrata)
▪ But focussed almost exclusively on the Binti
Gossan Zone

▪ Opportunity to extend exploration coverage
north and south from Binti and expand the
search space


1 Ardea Annual Report 2019 (24 October 2019) – Detailed Resource 7

Emu Lake Project – High Grade








































na – not assayed



8

Emu Lake Project – Binti Gossan Zone








❑ Comprehensive data sets
inherited from past exploration:
▪ Detailed geology

▪ Surface and downhole EM
surveys

▪ Detailed magnetic surveys

▪ Drilling database
❑ Drilling to date has been
focussed on the Binti Gossan
zone with little drilling elsewhere

❑ Detailed geological interpretation
shows we are targeting the basal
contact of the eastern most flow



Detailed aeromagnetics (Analytical signal) Detailed geological interpretation

9

Emu Lake Project – Binti Gossan Zone LS

































PLANNED

DRILL HOLES






10

Emu Lake Project – Binti Gossan Zone Potential








❑ Review of DHEM data by
Newexco has highlighted two
off-hole conductors ASX:ARL
Emu Lake
❑ ELD047: 120m x 150m plate Ni Sulphide
with 1000S conductance
500m
500m
❑ ELD046: 150m x 80m plate Openn
Ope
with 2000S conductance Down hole DHEM 200m
Superimposed Plates – Emu Lake
❑ Re-survey of historic holes ASX:POS
with Atlantis DHEM (if hole Silver Swan
open) Ni Sulphide

❑ Potential for early drill testing deposit

200m
Potential for high grade
Silver Swan style
Ni sulphide
to 1500m depth



11

Emu Lake Project – Cross Section








❑ Cross section showing ELD047 DHEM off-hole
conductor – drill target

❑ Central ultramafic package has two key
mineralised contacts – possibly a thrust
repetition

❑ DHEM plate model below ELD047 aligns with
western contact which is generally poorly drilled
❑ Proposed drillhole intersects plate around 500m
depth

❑ Drilling of this target and/or the target
associated with ELD046 is proposed.












12

Emu Lake Project – Priority Follow-Up Areas












❑ Recent review of all available data by Newexco has prioritised eight
areas for follow-up exploration
❑ Highest priority area is below Binti Gossans and then along strike on
western ultramafic

❑ Eastern ultramafic (nickel laterite resource area) has highlighted
several areas of anomalous geochemistry and is even less explored
than the western ultramafic

❑ Numerous targets (not shown) throughout the area

❑ Ardea controls 20km of this prospective and under explored zone












Emu Lake – Newexco study 2020. Magnetic image with priority ranked areas for follow-up (RHS) 13

Ghost Rocks Project – Nickel/Copper Project






❑ 140km north of Kalgoorlie
❑ Package of Archaean mafic and ultramafic rocks
within a broader suite of mafic and
metasedimentary greenstone units

❑ Several copper and copper/nickel gossans
identified and mapped in the early 1970s
▪ Shallow drilling returned 3.3m at 2.14% Cu to
end of hole
▪ Deeper drilling intersected broad zones of
disseminated pyrite, pyrrhotite and
chalcopyrite but no massive sulphide zones
❑ Work by Heron in 2007/08 identified a number of
EM conductors, however drilling was inconclusive
and the conductors have not been explained
❑ Follow-up with IP to map disseminated sulphides
at depth






14

Highway Project








❑ 110km north of Kalgoorlie
❑ Magmatic nickel sulphides
identified in RC drilling near basal
contact of thickened portion of the
Walter Williams Formation
❑ Pentlandite and other Ni
sulphides forming on grain
boundaries with magmatic
lithogeochemistry
❑ 2009 surface EM survey
produced inconclusive anomalies

❑ Follow-up with:
▪ Modern high powered EM
▪ IP survey to map the
disseminated sulphides
▪ Drill test anomalies


Magmatic nickel sulphides identified in Highway
RC drill chips by Dr Martin Gole (2004)
15

Black Range Project





❑ 65km north-west of
Kalgoorlie

❑ Ora Banda Sill:
differentiated mafic –
ultramafic layered
intrusion

❑ Elevated Ni, Cu and PGE
identified in the laterite
profile
❑ 2001 MLEM survey
identified a number of
anomalies that warrant
follow-up
Black Range
❑ Strong Cu and PGE tenements on
aeromagnetic image
anomalism (see cross with modelled EM
section) can be used as a anomaly plates (above)
and drilling cross-
geochemical vector to section showing
sulphide source at depth anomalous Cu/PGE
results (right).


16

Bedonia – Targets for Ni-Cu-PGE, Au, Energy





❑ Nickel-Copper, PGE
Ardea Resources tenement holding (maroon) detailing mineral prospects and 1:100,000 basement geology interpretation
▪ Mordicus Prospect – thickening of
Jimberlana Dyke with anomalous
Ni (to 2352ppm) and PGE (to
586ppm Pd) in rock chips.
Airborne EM anomaly (2011)
▪ Scooter Prospect - strong
Ni/Cu soil anomalies with surface
EM anomalies associated with
magnetic highs - DHEM on 2014
▪ Mt Norcott mafic-ultramafic
complex PGE and Cu
(Newmont, WMC 1969)
❑ Gold
▪ Tropicana style domain along
Jerdacuttup-Cundeelee Fault
▪ Several Au anomalies present in
soils and shallow drilling

❑ Energy
▪ Heartbreak lignite prospects
Follow-up ground EM surveys and Drill testing


17

Bedonia Project – Mordicus Prospect





❑ Thickening of the Jimberlana dyke with
differentiation to units of norite and
pyroxenite within the dolerite

❑ Reconnaissance surface rock chip
samples returned up to 586ppb Pd,
115ppb Pt and 2352ppm Ni

❑ Airborne EM (AEM) (Spectrum) anomaly
from 2011
▪ Tested for massive sulphides
Disseminated and reef-type
mineralisation not tested
▪ Warrants follow-up with a high
powered surface EM (and IP) survey

❑ Other anomalous zones along the dyke
also warrant follow-up






Mordicus prospect – geology with surface
geochemistry and AEM modelled plate 18

The Kalgoorlie Nickel Project






❑ Kalgoorlie Nickel Project (KNP) has a globally
significant nickel and cobalt resource

▪ Resource: 773Mt at 0.7% Ni and 0.05% Co*
▪ 5.5 Million tonnes contained Nickel
▪ 405,000 tonnes contained Cobalt

❑ The Goongarrie Nickel Cobalt Project (GNCP) is the
western part of broader KNP:

▪ Resource: 216Mt at 0.71% Ni and 0.06% Co*
▪ 1.5 Million tonnes contained Nickel
Piloting
▪ 130,700 tonnes contained Cobalt studies have

❑ GNCP enables tailored product for future confirmed
development to Strategic Partner’s exact requirements: specification
Ni & Co
▪ Nickel and Cobalt Sulphate
sulphate
▪ Mixed Sulphide Precipitate and/or

▪ Nickel and Cobalt Hydroxide

1. * See Appendix for resource breakdown.
2. Per Goongarrie Expansion Study ASX release, 24 July 2018. All the material assumptions underpinning the forecast financial information 19
derived from a production target, in the initial public report referred to in rule 5.17 continue to apply and have not materially changed.

Investment Highlights







KNP offers unrivalled nickel and cobalt scale optionality, in-ground 5.5Mt of nickel and 405kt of cobalt


Globally significant nickel-cobalt resource in an infrastructure-rich and stable jurisdiction, provides ability to
increase production from multiple processing hubs for the rapidly expanding Critical Minerals/LIB sector



Strategic Partner process current, 100% off-take is available, with Company leveraged to increasing nickel and
cobalt demand



Highly prospective landholding in the Eastern Goldfields of Western Australia



WA based Team with track record of exploration, development and production success running active exploration
programs for nickel sulphides and gold with a pipeline of quality targets


Upcoming news flow to include ongoing nickel sulphide exploration at Emu Lake, gold exploration at
Aphrodite North, Lady Charlotte and other targets, metallurgical testwork results from Big Four Gold, GNCP,
Highway and KNP resource updates


20

Thank you

For further information please visit:
www.ardearesources.com.au
or contact:
Andrew Penkethman
Managing Director & CEO
P: +61 8 6244 5136 E: [email protected]



































21

the Kalgoorlie Nickel Project
starting with Goongarrie Nickel-Cobalt









for Gold and Nickel Sulphides
within the Kalgoorlie Nickel Project


For further information regarding Ardea,
please visit www.ardearesources.com.au



The faceted multi-
APPENDICES coloured jewels
represent the rich heart of
WA and its diverse character
in terms of landscape, minerals,
and where Ardea projects are focused

Optimum Location and Jurisdiction










❑ All Ardea Projects located in Western Australia (WA)

❑ WA is the premier global destination for development
of minerals operations

❑ WA is the top ranking operating jurisdiction in the Fraser
Institute’s Annual Survey of Mining Companies -
Investment Attractiveness Index*

❑ City of Kalgoorlie-Boulder is the prime resource
development and operating destination within Australia
▪ Very strong mining support from Local Government

▪ Multitude of world-class mining operations serviced
from the City
▪ Ardea maintains a local presence and active stake
holder engagement





*The Fraser Institute is a Canadian Think Tank ranked in the top 15 World Wide - www.fraserinstitute.org/sites/default/files/annual-survey-of-mining-companies-2019.pdf 23

KNP - Optimum Resource Scale and Location







❑ Assumption is a world-leading LIB investor will require
a minimum annual output of 40,000tpa nickel metal in
product

❑ With 5.5Mt contained nickel*, easily accommodated
within the KNP, starting with the GNCP
▪ >100 year potential supply of resource within
KNP

▪ Other undeveloped Australian nickel laterite
projects unable to supply even 20 years at
40ktpa

❑ KNP well suited for NMC 811 LIB (Ni:Co = 8:1)
▪ GNCP resource* grade 0.71% Ni and 0.06%
Co (Ni:Co = 11.8:1)
▪ Resource updates based on high grade mine
strategy (>1% nickel) in progress and to include
maiden scandium and rare earth component, in
addition to nickel-cobalt
Aerial image of Ardea’s GNCP showing from left to right, rail, road and power infrastructure within the project.
* See Appendix for resource breakdown. 24

Goongarrie Nickel Cobalt Project







The GNCP is part of the largest Nickel Cobalt Resource in the developed world^
+20km Goongarrie Nickel Cobalt Project, part of the KNP

❑ Potential multi-decade producer of high-quality nickel and cobalt products

❑ 1.0Mtpa base case PFS – low CAPEX start-up with robust project economics*
❑ 2.25Mtpa Expansion Study – compelling project economics*

❑ Low technical risk project to provide nickel and cobalt for the growing battery market

❑ DFS programs underway - Feasibility work has extended into project expansion study
“WINNER”, Water, In-pit Neutraliser and Nickel Enhanced Reserve.

❑ This initiative leverages off Ardea’s extensive and flexible reserve and resource base within the
KNP, additional to its flagship GNCP which is focused on premium goethite ore type

❑ Strategic partner process current through KPMG – Ardea won’t be rushed, Company has
specific funding requirements to ensure the best outcome for Shareholders

❑ Ardea can provide secure, ethical, long-term supply of battery grade nickel and cobalt





Refer to ASX releases: ^Ardea Resources Annual Report 2017. *Goongarrie Nickel Cobalt Project, PFS study, 28 March 2018 & Goongarrie Expansion Study, 24 July 2018. All the material
assumptions underpinning the forecast financial information derived from a production target, in the initial public report referred to in rule 5.17 continue to apply and have not materially changed. 25

A High Quality Nickel and Cobalt Project





Outstanding results delivered from PFS* and
Expansion Studies completed in 2018: ✓ PFS of 1Mtpa and 1.5Mtpa base case
over a 25-year mine life completed
1.0Mtpa 1.5Mtpa 2.25Mtpa
✓ Expansion study of 2.25Mtpa with a
Status PFS PFS ES
25-year mine life completed
No. Trains 1 1 1
✓ 94.5% nickel and 95.5% cobalt recovery –
US$ 1.13 billion US$ 1.52 billion US$ 2.4 billion
life of mine
Pre Tax NPV 8
Pre Tax IRR 29 % 29 % 31%
✓ Pre-cobalt credit C1 costs in line with
CAPEX US$ 472 million US$ 588 million US$918 million current worldwide operators

C1 cash cost US$ 0.42 / lb US$ 0.45 / lb US$ (0.34) / lb ✓ Pressure Acid Leach (PAL) 5th generation
plant is a proven design, successfully
Payback 5.3 years 5.6 years 5.1 years
operated in other laterite projects globally
Cobalt sulphate 5,500tpa 6,900tpa 10,000tpa
✓ 2.25Mtpa case based on only 26% of

Nickel sulphate 41,500tpa 55,300tpa 81,000tpa Goongarrie Resource


The information shown on this slide has been previously released on the ASX platform by Ardea in ASX releases, *Goongarrie Nickel Cobalt Project, PFS study, 28 March 2018 &
+Goongarrie Expansion Study, 24 July 2018. All the material assumptions underpinning the forecast financial information derived from a production target, in the initial public report
referred to in rule 5.17 continue to apply and have not materially changed. 26

KNP Resource Breakdown







KNP nickel-cobalt JORC Code (2012) Mineral Resource

Resource category Size Nickel Cobalt Contained metal
(Mt) (%) (%) Ni (t) Co (t)
Measured 9.6 1.02 0.10 98,800 9,700
Indicated 232.9 0.75 0.06 1,759,700 141,200
Inferred 530.5 0.68 0.05 3,600,000 254,400
TOTAL 773.0 0.70 0.05 5,458,400 405,400


Note: 0.5% nickel cutoff grade used to report resources. Note figures are rounded to reflect degree of certainty and may not tally.
The information shown on this slide has been previously released on the ASX platform by Ardea in ASX release, Ardea Annual
Report 2019, 24 October 2019.









In accordance with the Australian Securities Exchange Limited Listing Rules Appendix 5A:
The information in this report that relates to Mineral Resources for the Highway, Goongarrie Hill, Goongarrie South, Big Four, Aubils and Boyce Creek Prospects is based on information originally compiled in-house and validated by Steve
Jones in 2013. Steve Jones is a member of the Australasian Institute of Mining and Metallurgy. Steve Jones is a full time employee of Heron Resources Limited and has sufficient experience that is relevant to the style of mineralisation and
type of deposit under consideration and to the resource estimation activity that he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves’. Steve Jones consents to the inclusion in this report of the matters based on his information in the form and context that it appears. Note that Mineral Resources that are not Ore Reserves do not have
demonstrated viability.
The information in this report that relates to Mineral Resources for the Siberia North, Bulong East, Siberia, Black Range, Taurus and Jump Up Dam Prospects is based on information compiled by Snowden Mining Industry Consultants by
members of the Australian Institute of Mining and Metallurgy. Snowden Mining Industry Consultants had sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the resource
estimation activity. All resources were internally audited by Snowden and signed off by a person of sufficient experience to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves’. Steve Jones has validated the original resource estimates during 2013. Steve Jones consents to the inclusion in this report of the matters based on his information in the form and context that
it appears. Note that Mineral Resources that are not Ore Reserves do not have demonstrated viability. 27

Goongarrie Nickel Cobalt Project Resources






Summary of total mineral resource from the Goongarrie Nickel Cobalt Project area, comprising resources at
Goongarrie Hill, Goongarrie South, Big Four and Scotia Dam (ASX release 14 March 2018).

Camp Domains Cut-off Resource Size Nickel Cobalt Contained metal
% category (Mt) (%) (%) Ni (t) Co (t)
Goongarrie Hill Ni & Co > 0.5% Ni or > 0.08% Co Inferred 52.5 0.65 0.04 340,400 21,600




Subtotal 52.5 0.65 0.04 340,400 21,600


Goongarrie South Ni & Co > 0.5%Ni or > 0.08% Co Measured 10.3 0.98 0.10 101,200 10,200


Indicated 56.2 0.72 0.07 407,000 37,200
Inferred 32.2 0.69 0.06 221,200 20,300


Subtotal 98.7 0.74 0.07 729,300 67,700


Big Four Ni & Co > 0.5%Ni or > 0.08% Co Indicated 45.5 0.71 0.06 320,700 28,200


Inferred 9.9 0.63 0.06 61,900 6,100

Subtotal 55.4 0.69 0.06 382,700 34,300



Scotia Dam Ni & Co > 0.5% Ni or > 0.08% Co Indicated 3.3 0.81 0.09 26,900 3,000


Inferred 5.7 0.76 0.07 43,300 4,100


Subtotal 9.0 0.78 0.08 70,200 7,100


Total All > 0.5% Ni or > 0.08% Co Measured 10.3 0.98 0.10 101,200 10,200


Indicated 105.0 0.72 0.07 754,600 68,400
Inferred 100.3 0.67 0.05 666,900 52,100
Goongarrie Resource Global TOTAL 215.6 0.71 0.06 1,522,700 130,700

Note: All nickel and cobalt domains are included and are encapsulated by an envelope defined by nickel grades equal to or greater than 0.5%.
Note figures are rounded to reflect degree of certainty and may not tally. 28

Reserves Defined for Goongarrie Nickel Cobalt

Project*







Goongarrie Nickel Cobalt Project, Ore Reserves based on 25 year mine life at 1.5 Mtpa.

Size Nickel Cobalt
Deposits Class
(Mt) (%) (%)
Goongarrie South Proven 8.95 0.96% 0.10% Using a nickel equivalent cut of >0.81%, which used

inputs of A$18,900/t nickel and A$120,750/t cobalt.
Probable 17.26 0.79% 0.09% (US$15,120/t Ni and US$96,600/t Co, 0.8 exchange
Total 26.22 0.85% 0.10% rate). Nickel equivalent (Nieq %) =
Big Four Proven — — — + ×


Probable 13.92 0.77% 0.09% Prices used are US$15,120/t for nickel and
Total 13.92 0.77% 0.09% US$96,600/t for cobalt. No assumption about
TOTAL Proven 8.95 0.96% 0.10% recovery is included here. Recoveries are

Probable 31.18 0.78% 0.09% addressed elsewhere throughout the mining
Total 40.13 0.82% 0.09% schedule and financial model.






*The information shown on this slide has been previously released on the ASX platform by Ardea in ASX release, Goongarrie Nickel Cobalt Project, PFS study, 28 March
2018. The information in this report that relates to Ore Reserves for the Goongarrie South and Big deposits of the Goongarrie Nickel Cobalt Project is based on information
compiled by Mr Steve Lampron who is a Member of the Australasian Institute of Mining and Metallurgy and who has provided expert guidance on mine planning and Ore
Reserve estimation. Mr Lampron is a director of Auralia Mining Consulting and has sufficient experience relevant to the style of mineralisation and type of deposit under
consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of
Exploration Results, Mineral Resources and Ore Reserves. Mr Lampron consents to the inclusion in the report of the matters based on this information in the form and
context in which it appears. 29

Australian Nickel Conference



Perth, 2020









































ST GEORGE MINING LIMITED


ACN 139 308 973 ASX: SGQ



6 October 2020

High-Grade Project



Ni-Cu-Co-PGEs


Exceptional high-grade mineralisation:



• Massive sulphides discovered 30m from
surface and open along strike and depth
• New style of mineralisation in the region

with high grades of nickel, copper,
cobalt and platinum group metals





Foundation for Development:


• Tier 1 mining jurisdiction Western
Australia

• Near major nickel operations, including
BHP’s flagship nickel mines

• Access to existing infrastructure,
including roads and power

• Established route to market



About the Project: St George Mining Ltd holds 100% of all the Mt
Alexander tenements with the exception of E29/638, which is held in
Joint Venture: St George Mining Ltd (75%) and Western Areas Ltd
(25%). St George is the manager with Western Areas retaining a 25%
non-contributing interest in the Project until decision to mine.

ASX: SGQ | St George Mining Limited 6 October2020 2

Exploration and Development



Dual strategy to deliver shareholder wealth



Exploration:

• Four shallow, high-grade discoveries over a 5.5km strike of
the Cathedrals Belt…..so far

• More than 10km of the Belt remains underexplored
• Intrusive nickel sulphide system like Raglan in Canada and
Nova-Bollinger in WA

• Deeper drilling initiated in 2020 with thick mineralised
intrusive units identified supporting potential for

significant volumes of mineralisation at depth




Development:

• Potential to fast track a mining operation focused on the
shallow deposits

• Scoping study underway
• Aim is to deliver an economically robust start-up mine
with very low up-front capital costs and a high-value

product with exceptional payabilities for nickel, copper,
cobalt and platinum group metals that include palladium,
platinum and rhodium



Above: Drill core with massive sulphides from MAD157 at Mt Alexander

ASX: SGQ | St George Mining Limited 6 October2020 3

Exploration of Deeper Targets



Extensive intrusive network


• Surface EM survey cannot reliably see beyond 250m below surface; similar issues at other
successful nickel discoveries including Nova-Bollinger


• Magnetotelluric and Audio-magnetotelluric (MT and AMT) surveys used by St George to

successfully identify conductive features upto 1.5km below surface


• New conductive zones are located down-dip and/or along strike from nickel-copper
sulphides already discovered at shallow depths
















Left: East-west section (looking
north) of the MT/AMT 3D
conductivity data across the
Cathedrals Belt. Large zones of
conductive responses have been
identified below the extent of
current drilling.









ASX: SGQ | St George Mining Limited 6 October2020 4