A High-Grade Australian Gold Company ASX:ABU. 19 February February 2015

Transcription

1 A High-Grade Australian Gold Company ASX:ABU

2 Disclaimer and competent persons statement DISCLAIMER This presentation has been prepared by ABM Resources NL ( ABM or the Company ). 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. This presentation contains forecasts and forward looking information. Such forecasts and information are not a guarantee of future performance, involve unknown risks and uncertainties. Actual results and developments will almost certainly differ materially from those expressed or implied. ABM has not audited or investigated the accuracy or completeness of the information, statements and opinions contained in this presentation. Accordingly, to the maximum extent permitted by applicable laws, ABM makes no representation and can give no assurance, guarantee or warranty, express or implied, as to, and take no responsibility and assume no liability for, 03 NOV 2014 the authenticity, validity, accuracy, suitability or completeness of, or any errors in or omission from, any information, statement or opinion contained in this presentation. You should not act or refrain from acting in reliance on this presentation material. This overview of ABM does not purport to be all inclusive or contain all information which its recipients may require in order to make an informed assessment of the Company s prospects. You should conduct your own investigation and perform your own analysis in order to satisfy yourself as to the accuracy and completeness of the information, statements and opinions contained in this presentation and making any investment decision. TECHNICAL STATEMENT / COMPETENT PERSONS STATEMENT The information in this announcement that relate to Exploration Results & Mineral Resources (announced previously and before 1st December 2013) is based on information compiled by Mr Darren Holden who is a Member of The Australasian Institute of Mining and Metallurgy. Mr Holden is a full time employee of ABM Resources NL and has sufficient experience which is 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 2004 edition of the Australasian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves. Mr Holden consents to the inclusion in the documents of the matters based on this information in the form and context in which it appears. The information in this announcement and Appendix B that relate to Exploration Results and Mineral Resources (announced post 1st December 2013) is based on information compiled by Mr Darren Holden and Mr John Ingram who are both Members of The Australasian Institute of Mining and Metallurgy. Mr Holden and Mr Ingram are full time employees of ABM Resources NL and have sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as a Competent Person as defined in the 2012 edition of the Australasian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves. Mr Holden and Mr Ingram consent to the inclusion in the documents of the matters based on this information in the form and context in which it appears. The information in this report that relates to mining parameters, mine designs and costs is based on information compiled by Mr Brad Valiukas who is a Member of The Australasian Institute of Mining and Metallurgy. Mr Valiukas is employed by BV Mining Pty Ltd and provides technical and management services to ABM Resources NL. Mr Valiukas 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. Mr Valiukas consents to the inclusion in the report of the matters based on this information in the form and context in which it appears. Refer to previous Company Press-Releases for full resource estimation details, drill hole details, and intercept calculations. A full list of announcements is provided in Appendix C. 2

3 Capital Raising Offer Structure Offer pricing Substantial shareholder participation Use of proceeds Bookrunners, Underwriters and Joint Lead Managers ABM Resources is raising approximately $12.7 million via: An institutional placement of up to 22.7 million shares to raise approximately $5 million ( Placement ); and A 1:8 non-renounceable fully underwritten entitlement offer to raise approximately $7.7 million ( Entitlement Offer ) The placement shares will not be eligible to participate in the Entitlement Offer and will represent approximately 6.75% of the issued capital post completion of the Entitlement Offer New shares will rank pari passu with ABM Resources existing shares Provision also made for additional placement of 6.8 million shares for $1.5 million under original agreement with Pacific Road Capital (note 1) The Offer Price is $0.22 per new share. This represents a discount of: 18.5% to the last close 20.6% to the 5 day VWAP 28.1% to the 30 day VWAP 15.9% to the TERP (note 2) of $ Pacific Road Capital Management and APAC Resources have committed to subscribe for their full entitlements under the Entitlement Offer Development of the Old Pirate gold project, to increase extensional exploration activity, and general working capital expenses Argonaut Capital Limited & Canaccord Genuity (Australia) Limited Note 1: Pacific Road arrangement includes provisions for maintaining their holding at original investment level. Refer announcement 13/02/2014 Note 2. TERP is the theoretical ex-rights price of ABM Resources shares assuming the Offer is successfully completed and all shares under the Offer are issued based on the closing price of ABM Resources on Monday, 16 February 2015 of A$0.27. TERP is a theoretical calculation only and the actual price at which ABM Resources shares trade will depend on many factors and may not be equal to the TERP. 3

4 Key Investment Highlights High grade, high margin near term gold production at Old Pirate (note 1) Existing resource estimation of 640,000 ounces at 11.7g/t gold First year s open pit production guidance of 50,000-60,000 ounces at a head grade of 11g/t 13g/t A$ per ounce operating cost target A$ per ounce all in sustaining cost target High metallurgical recoveries estimated at >97% including >85% expected by gravity methods. Development underway with first ore stockpiling expected in March and commissioning expected in May 2015 Coyote Mill lease and option to purchase agreement provides low cost start up capex solution Pay back period of less than one quarter at current A$ gold prices Equity raising allows ABM Resources to remain debt free Allows an increase in extensional exploration activity at Old Pirate and environs ANZ working capital facility remains in reserve Anticipated strong operating cashflows accrue for the benefit of shareholders Supportive long term strategic shareholders account for ~35% of the register Near mine and regional exploration offering potential upside: New near mine zones such as Vampire with multiple veins & visible gold (note 3) New high-grade zone at Old Glory South (note 4) Multiple other targets and extensions for potential high-grade vein gold deposits within trucking distance to Coyote Plant Buccaneer Porphyry Gold Deposit with 1.1 million ounces of gold in resource estimation (note 5) Note 1: Refer announcements dated 30/09/2014 for full details and also Appendix B Note 2: Refer announcement dated 07/07/2014 for full details. Note 3: Refer announcement dated 18/07/2014 for full details Note 4: Refer announcement dated 29/07/2014 for full details Note 5 Refer Annual Report 30 June 2014 (released 19/08/2014)n and also Appendix B (note 2) 4

5 Use of Proceeds Sources of funds $m Cash in bank 31 January Gross proceeds from transaction 14.2 Total (see note 1) 26.2 Uses of funds $m Bring the Old Pirate gold project into production: Capital Costs including Coyote Plant refurbishment, access road upgrade and camp upgrade 4.6 Pre first revenue operating costs: pre-strip of waste, mining and stockpiling of ore & commissioning (see note 2) 11.7 Contingency 10% 1.6 Working capital and increased exploration activity: 8.3 Exploration is targeting near-mine & prospects in the transport corridor to Coyote Plant including: - Vampire Prospect - Old Glory South Prospect - Bandit Prospect - Casa Prospect Total 26.2 Note 1: Includes Additional Placement. Furthermore, ABM has a working capital facility with the ANZ for up to $10M. This facility is subject to certain draw-down provisions and conditions precedent which are currently being renegotiated. This facility is being kept as a reserve. Note 2: These costs are those mining costs incurred before first revenue from gold sales, and are accounted for as operating expenses in the Company s All In Sustaining Cost Estimates 5

6 Key Dates Event Date Trading Halt 17 February 2015 Placement Offer Opens 17 February 2015 Placement Closes and Entitlement Offer announced Release of Offer Document and Cleansing Notice to ASX Appendix 3B lodged with ASX Trading Resumes Notice sent to Shareholders 23 February 2015 Ex date (date from which securities commence trading without the Entitlement to participate in the Offer) 24 February 2015 Placement Settles 25 February 2015 Record Date (date for determining Entitlements of Eligible Shareholder to participate in the Offer) 26 February 2015 Offer Document and personalised Entitlement and Acceptance Forms sent to Shareholders 3 March 2015 Closing Date (Offer closes 5pm Australian Western Standard Time) 13 March 2015 Securities quoted on a deferred settlement basis 16 March 2015 Notification to ASX of Shortfall 17 March 2015 Issue date/new Shares entered into Shareholders holdings 20 March 2015 *The above dates are indicative only and subject to change at the discretion of the Joint Lead Managers and the Company 6

7 Board, management and structure Board of Directors Major Shareholders Dr Mike Etheridge Mr Darren Holden Mr Graeme Sloan Mr Andrew Ferguson Dr Helen Garnett Mr Richard Procter Non-Executive Chairman Managing Director Non-Executive Director Non-Executive Director Non-Executive Director Non-Executive Director Top 5 Shareholders Pacific Road Capital 19.52% APAC Resources 15.49% J P Morgan Nominees 6.62% Citicorp Nominees 3.79% HSBC 2.25% Total 47.67% Management Current Capital Structure Ms Jutta Zimmermann GM Corp / CFO / CS Mr Craig Dawson General Manager Operations Mr John Ingram Senior Mine Geologist ASX Code ABU Shares on issue 279M Cash $12M* Debt $0** Mr Pascal Hill Exploration Manager Market Cap (at 27 cents) ~$75M Dr Leon Vandenberg Chief Geoscientist (Alice Springs) *End of January 2015 **ABM has a working capital facility with the ANZ for up to $10M. This facility is subject to certain drawdown provisions and conditions precedent which are currently being renegotiated. This facility is being kept as a back up by ABM. 7

8 Business Model A 360 Degree Gold Business 9. Debt free 1. Highest Grade Open Pit Development in Australia 2. Low Capital Costs and Staged Approach 8. Strong shareholder base 7. Exploration alliances and blue-sky upside 3. Processing Infrastructure in Place 4. Large Resource Base 6. Proven track record of discovery 5. Largest land holding in the underexplored Central Desert 8

9 Largest land holding in Australia >40,000 sq km Twin Bonanza: Large Resource Base at Low Discovery Cost (see Appendix B for details) 9

10 Old Pirate High-Grade Gold Deposit The key points Point New discovery Summary A new gold camp with no legacy High grade 640, g/t Trial Mining complete (note 2) 13 From surface open pits (note 1) 5 times typical open pit grade in Australia trial pits up to 5 metres deep 15.4g/t head-grade achieved by mining to geological boundaries Excellent metallurgy Gold from surface, visible gold in outcropping veins Plant secured 240Ktpa Coyote Gold Plant Permits Infrastructure Upside potential (note 3) EIS approved, Mineral Lease granted Traditional Owner agreement signed Mine Management Plan approved Water Groundwater plentiful Power Diesel generators Access Via public roads New high-grade zones such as Vampire Prospect and Old Glory South Buccaneer Porphyry large scale gold porphyry hosted system Note 1: Refer announcement 30/09/2014 and Appendix B Note 2: Refer Quarterly activities and cash flow report for 3months ended 31 March Released 30/04/2014 Note 3: subject to conditions precedent / subsequent including recommissioning refer announcement made 07/07/2014 Missed in the gold rush era 10

11 Old Pirate Highest grade surface deposit in Australia Buccaneer Wilsons Camp Pilot Processing Plant Central Zone Western Limb Heartland Eastern Limb OP South SE veins East Side * View Looking West Category Tonnes Gold Grade (g/t) Ounces Gold Indicated Resource 820, ,000 Inferred Resource 880, ,000 Total 1,700, ,000 Resource estimation Refer announcement 30/09/2014 and Appendix B for details. High-grade from surface to >250m depth 11

12 Old Pirate Trial Mining what did we learn? 15.4g/t head grade High gravity recovery (note 1) Mining dilution well controlled by visual geology Produced at higher grade than resource estimation Geological understanding greatly increased Note 1: Refer Quarterly activities and cash flow report for 3months ended 31 March Released 30/04/2014 Understanding the system through staged mining 12

13 Coyote Gold Plant lease agreement 240Ktpa CIL Plant located 77km haulage distance on existing roads A$2M pa lease for up to 2 years with option to purchase for A$3M Reduces capital expenditure requirements Reduces construction / commissioning risk Delivers higher metallurgical recoveries (97 to 99%) Reduces environmental footprint at Old Pirate Increases upside and optionality Provides scalability and expansion capability for further discoveries and extensions >60 prospects within a 90km radius Subject to conditions precedent / subsequent including recommissioning refer announcement made 07/07/2014 Lower cost & lower risk entry 13

14 First year production guidance 5 initial starter pits 3D View SE of first year open pits 35m average depth ~150,000 tonnes to be mined and processed in first year 11g/t to 13g/t gold estimated head-grade 50,000 to 60,000 ounces gold to be produced $690 to $790 per ounce operating costs $750 to $870 per ounce AISC $4.6M initial capital costs Note 1: Refer announcement 30/09/2014 and Appendix B Low cost starter pits 14

15 Old Pirate critical path - updated schedule Mining contractor selected and mobilisation commenced in February week period* to commissioning Weeks 1 to 4 Site establishment Access road grading Pre-strip Weeks 4 to 8 Mining & stockpiling of first ore Coyote plant refurbishment starts Weeks 8 to 12 Coyote Plant refurbishment completion Commissioning with 10,000 tonne parcel * Subject to change and dependent on access during wet season Refer to release 30/09/2014 for details We are moving! 15

16 Old Pirate continuing the staged approach STAGED APPROACH Only 10% of the total overall resource to be mined in the first year Further insights into geology and geometry to inform expanded design New near surface high-grade zones such as Old Glory & Vampire Old Pirate Long Section Staged Approach designed to reduce risk through staged capital and development expenditure whilst exposing the ore-system to increase understanding 16

17 Twin Bonanza A camp of discoveries >80 square kilometres of gold anomalism and 30+ targets Syrene gold porphyry target Vampire High grade veins at surface Port-Starboard Large geochemistry anomaly Cypress Discovery High grade on contact of porphyry Caribbean Discovery High grade on contact Buccaneer Porphyry 1.1Moz to 2.67Moz (note 2) Corsair Geochem anomaly and high grade in drilling Landlubber Sediments / Old Pirate 640Koz (note 1) Casa 2km by 1km anomaly in soil sampling Bandit High grade samples Note 1: Refer 2 announcements dated 30/09/2014 for full details and also Appendix B Note 2 Refer Annual Report 30 June 2014 (released 19/08/2014)n and also Appendix B Twin Bonanza more than 80 km 2 of anomalism 17

18 Twin Bonanza A camp of discoveries New untested zones VAMPIRE Prospect (note 1) untested outcropping high-grade gold in veins Vampire is 14km NNE of Old Pirate High grade veins Visible Gold at surface Aiming to trench and drill test 2015 Note 1: Refer announcement dated 18/07/

19 Buccaneer Gold Porphyry 5km from Old Pirate Intrusive related gold deposit Footprint 650m x 550m (~70 football pitches) >100m wide mineralised zones Metallurgical drilling complete, pending analysis Category Tonnes Grade (g/t Au) top-cut Grade (g/t Au) uncut Ounces Gold top-cut Ounces gold uncut Indicated 7,117, , ,300 Inferred 8,183, , ,200 Total 15,300, ,098,200 1,247,500 Refer Annual Report 30 June 2014 (released 19/08/2014)n and also appendix b Buccaneer HGZ model View east (indicated resources blocks only, inferred not shown). Grey transparent area is 0.5g/t grade shell Cypress High-Grade contact zone Large scale / bulk tonnage potential 19

20 Regional Projects Stepping further afield Tanami Geological Region Suplejack (ABM option) TAM (WA) tenements ABM option Northern Tanami Central Tanami (TAM) 1Moz Ground Rush (TAM) 1Moz Oberon (Newmont) >4Moz Hyperion (202Koz) (note 1) Callie (Newmont) >15Moz Granites (Newmont) >1Moz Coyote Gold Plant Twin Bonanza Old Pirate Buccaneer Mallie WA NT ~100km Mineral occurrences Note 1: Refer Annual Report 30 June 2014 (released 19/08/2014)n and also Appendix B Consolidated position in under-explored world-class belt Resource or mine with endowment View North East 20

21 Regional Projects Independence Group alliance Lake Mackay >10000 sq km project New gold anomalies New Ni-Cu-Co & manganese targets 7x5km nickel in soil anomaly (note 1): Sulphur saturated mafic intrusions High grade nickel, cobalt and manganese samples Further 3500 square kilometres of further applications covering belt of mafic intrusions Targeting: Magmatic Ni-Cu-Co sulphides (Voisey Bay analogues) High grade Ni-Co laterites Manganese Note 1: Refer announcement 30/01/2015 Exploration upside without cost 21

22 Summary Building a Gold Business Highest grade open pit development gold project in Australia Staged development and capex Plant already in place Coyote agreement Extensional exploration Pipeline of future projects Buccaneer, Hyperion, other targets Consolidated land position in the final frontier for gold in Australia Blue-sky upside Lake Mackay (IGO funded) & ABM s regional portfolio No debt Supportive shareholders Good capital structure Optionality, Growth and Vision 22

23 For further information contact ABM Resources NL Managing Director Darren Holden CFO & GM Corporate Jutta Zimmermann Chairman Mike Etheridge Tel

24 Appendices 24

25 Appendix A Board and management Board of Directors Dr Mike Etheridge Non-Executive Chairman Mr Darren Holden Managing Director Mr Graeme Sloan Non-Executive Director Mr Andrew Ferguson Non-Executive Director Dr Helen Garnett Non-Executive Director Mr Richard Procter Non-Executive Director Senior Management Ms Jutta Zimmermann General Manager Corporate CFO & Company Secretary Mr Craig Dawson General Manager Operations Dr Etheridge is a geologist with over 40 years experience in exploration, mining, consulting and research. Until 2004 he was Chairman of the consulting firm SRK Consulting (Australia), having co-founded its predecessor, Etheridge Henley Williams in Dr Etheridge is a former board member on Consolidated Minerals and Lihir Gold and is currently Chairman of Clancy Exploration Ltd. Mr Holden is a geologist with over 20 years experience in mining and exploration. Mr Holden has previously held the role of Senior Consultant & VP at Fractal Geoscience / Geoinformatics Exploration and was involved in modelling and targeting on a wide range of deposit styles. Mr Holden was a leading member of the team that won the GoldCorp Challenge in Mr Sloan is a Mining Engineer with extensive corporate and operational experience both within Australia and overseas and is currently CEO of Herencia Resources PLC. He has held senior roles with several companies, and has been responsible for the successful development and commissioning of various projects over a range of different commodity types. Mr Ferguson is an Executive Director and the Chief Executive Officer of APAC Resources Limited, a natural resources investment company listed on Hong Kong Stock Exchange. Mr Ferguson holds a Bachelor of Science Degree in Natural Resource Development and was a mining engineer in the mid 90's. He has a proven track record in fund management. Dr Garnett is a resident of the Northern Territory and an accomplished director and leader. Dr Garnett has previously held the roles of Vice Chancellor of Charles Darwin University (2003 to 2008) where she still retains an Emeritus Professorship, and Chief Executive and Director of the Australian Nuclear Science and Technology Organisation (1993 to 2003). Mr Procter is a mining engineer with 30 years of international experience, encompassing roles in the corporate, operations, contracting and mine development areas. Mr Procter has held senior industry positions demonstrating leadership and management of base and precious metal mining companies and development of feasibility studies and their conversion into mining operations. Ms Zimmermann is an accountant (Australian AQF diploma level) with over twenty five years of experience (Germany and Australia) in accounting, taxation and management. She holds a diploma in information technology (Australian bachelor degree level) from the Furtwangen Polytechnic and a graduate diploma in applied corporate governance. Craig Dawson is a mining engineer with considerable mine development experience and expertise spanning three decades. Mr Dawson previously held the role of General Manager Operations with Sandfire Resources, where he led the successful development and commissioning of the DeGrussa Copper Project in Western Australia. 25

26 Appendix B Resource estimation & production guidance Old Pirate Old Pirate Resource Estimation September 2014 Category Tonnes Gold Grade (g/t) Ounces Indicated Resource 820, ,000 Inferred Resource 880, ,000 Total 1,700, ,000 *Note - totals may vary due to rounding. Production guidance based on grade-control models Processing year 1 Estimated ore to be processed (t): Estimated head grade (Au g/t): Production guidance ~150,000 tonnes 11g/t to 13g/t gold Estimated metallurgical recovery: 97% Estimated recovered ounces (Au): Refer release dated 30 th September, 2014 for full details. 50,000 to 60,000 ounces Capital Cost Estimates Capital Costs - Old Pirate Mine Access road upgrade: Camp upgrade: Site establishment: Mining establishment: Other costs Old Pirate: (1) Sub-total Old Pirate Mine Capital costs Coyote Plant Re-commissioning works: First plant fills: Other costs Coyote: Sub total Coyote Plant: Total capital pre-commissioning (2) Pre-commissioning (AUD) $1.0M $0.4M $0.6M $0.5M $0.6M $3.1M Pre commissioning (AUD) $1.0M $0.3M $0.2M $1.5M $4.6M 1. Other costs Old Pirate: includes costs for pre-production safety & environmental capital equipment, and rates and rents including statutory land-owner payments to traditional owners. 2. No contingency applied to total, however, ABM is applying a contingency factor for internal budgeting purposes. 26

27 Appendix B Resource estimation & production guidance - Old Pirate Operating costs Per tonne of ore (AUD) Per ounce recovered (AUD) Mining: (1) $130 $320 to $380 Haulage: $20 $45 to $55 Processing: $50 $125 to $140 G&A Old Pirate: (2 & 4) $50 $120 to $130 G&A Coyote: (3) $30 $75 to $90 Total $280 $690 to $ Includes pre-stripping of up to the first 5 metres of waste either side of the trial mine pits and ahead of mining and stock-piling ore. As not all known mineralised zones were mined in the trial mine pits, some mineralisation will be contained in the pre-strip (normal recognition for pre-stripping would be included in capital estimates). 2. G&A Old Pirate includes camp operating costs, flights, accommodation, logistics, safety and environment, rates and rents and traditional owner royalties. 3. G&A Coyote includes camp operating costs, flights, accommodation, logistics, laboratory, safety and environment and rates and rents. Costs All-in sustaining cost estimation compared to operating cost estimate Production guidance (AUD) Operating cost estimate (as above) $690 - $790 All in sustaining cost: (1) $750 - $ Includes operating costs + sustaining capital, maintenance, further delineation & extensional exploration. Refer release dated 30 th September, 2014 for full details. Operating cost estimate 27

28 Appendix B Resource estimation - Buccaneer Category Tonnes Buccaneer Higher Grade Zone Resource at 2g/t cut-off Grade (g/t Au) top-cut Grade (g/t Au) uncut Ounces gold top-cut Ounces gold uncut Indicated 2,261, , ,000 Inferred 3,573, , ,500 Total 5,834, , ,500 Category Tonnes Buccaneer Higher Grade Zone Resources at 1g/t cut-off Grade (g/t Au) top-cut Grade (g/t Au) uncut Ounces gold top-cut Ounces gold uncut Indicated 7,117, , ,300 Inferred 8,183, , ,200 Total 15,300, ,098,200 1,247,500 Buccaneer Bulk Tonnage Resource at 0.2g/t cut-off 0.2g/t cut off Million tonnes Gold (g/t) Million ounces Indicated Inferred Total *Note - totals may vary due to rounding. Refer press release 5 th February 2013 and 16 th April 2012 for details; Re-reported in 2013/14 annual report to be compliant with JORC

29 Appendix B Resource estimation - Hyperion Hyperion Gold Project Resource estimation without top-cut 0.8g/t cut off Tonnes Gold (g/t) Ounces Hyperion Central 2,209, ,100 Hyperion South 768, ,800 Total 2,977, ,000 2g/t cut-off Tonnes Gold (g/t) Ounces Hyperion Central 875, ,400 Hyperion South 272, ,000 Total 1,147, ,400 Hyperion Gold Project Resource estimation with 50g/t top-cut 0.8g/t cut off Tonnes Gold (g/t) Ounces Hyperion Central 2,209, ,600 Hyperion South 768, ,500 Total 2,977, ,200 2g/t cut-off Tonnes Gold (g/t) Ounces Hyperion Central 875, ,100 Hyperion South 272, ,700 Total 1,147, ,800 *Note - totals may vary due to rounding. Refer press release 16 th April, 2012 for details. Re-reported in Annual Report 2013/14 to be compliant with JORC

30 Appendix C List of ASX announcements List of ASX announcements relating to technical results in this presentation Please refer for intercept calculation method, resource estimation, assay results and sampling techniques etc. 30/01/2015 Mining Contractor Selected & Mobilisation Commencing 30/01/2015 High-Grade Nickel, Cobalt and Manganese 21/10/2014 Suplejack Option Provides Additional High-Grade Gold Targets 30/09/2014 Old Pirate Resources Estimation Update 29/07/2014 New Shallow High-Grade Zone intersected at Old Pirate 28/07/2014 Old Pirate High-Grade Gold Deposit Drilling Update 18/07/2014 High-Grade Assays up to 161g/t Gold from Vampire Prospect 07/07/2014 ABM Secures Coyote Plant for Treatment of Old Pirate Ore 25/06/2014 Update on Infill and Extensional Exploration at Old Pirate 14/05/2014 ABM Expands Footprint in Twin Bonanza Area 01/04/2014 Mineral Lease at Old Pirate Granted 25/02/2014 Trial Mining Update Geological and Grade Control Analysis 06/02/ Gold Anomalies Identified at Lake Mackay Project 12/12/2013 ABM Hits 3000 Ounce Target from Trial Mining 11/11/2013 Trial Processing Accelerates at the Old Pirate Gold Project 08/10/2013 Trial Mining and Processing Update at Old Pirate 18/09/2013 Trial Mining and Processing Update at Old Pirate 04/09/2013 Processing of High-Grade Material Underway at Old Pirate 16/08/2013 Trial Mining Continues and Commissioning of Plant Underway 01/08/2013 Trial Mining Update at Old Pirate High-Grade Gold Project 03/07/2013 Trial Mining & Processing Update at Old Pirate Gold Project 12/06/2013 Trial Mining & Processing Update at Old Pirate Gold Project 29/05/2013 More High-Grade Gold in New Zones Near Old Pirate 29/04/2013 Bandit Trend Near Old Pirate with Samples to 108g/t gold 09/04/2013 More High-Grade Gold at Old Pirate 18/03/2013 Trial Mining Permit Received for Old Pirate Gold Project 05/02/2013 Buccaneer Higher Grade Zones Establish Growth Pathway 04/02/2013 Significant Upgrade for Old Pirate sets ABM for Trial Mining 26/11/2012 Old Pirate Western Limb Widens with High-Grade at Depth 19/11/2012 New High Grade Veins Uncovered at Surface at Old Pirate 16/11/2012 First Results from Old Glory 19/10/2012 OP Western Limb Extends with Surface Sampling av. 52.3g/t 09/10/2012 Extensional Exploration Results with Assays up to156g/t Gold 02/10/2012 Golden Hind Spectacular Drill Intersections 44g/t 17/09/2012 High-Grade Discovery Confirmed at Golden Hind 29.43g/t 05/09/2012 Old Pirate Test Work Exceptional gravity Gold Recovery 20/08/2012 Exploration Update Golden Hind and New Prospect 06/08/2012 High Grade Gold results from the Golden Hind Discovery 02/08/2012 Old Pirate High Grade Drill Results 52.27g/t gold 01/08/2012 High Grade Gold Drill Results at Buccaneer 16/07/2012 Phase 3 Surface Vein Sampling Extends Old Pirate 15/06/2012 New High Grade Vein Uncovered at Old Pirate 09/07/2012 Phase 2 Surface Sampling on East Side Vein 28/06/2012 New Prospect with Coarse Visible Gold at Surface 14/06/2012 High Grade Gold Drill Results Extend Buccaneer 15/05/2012 Old Pirate Stage 1 Scoping Study Results 03/05/ Exploration Season Underway 16/04/ Million Ounces Gold in Resources 30

31 International Selling Restrictions United States This presentation or any copy of it must not be taken to constitute an offer to sell or a solicitation of an offer to buy securities in the United States of America ( US ) and must not be distributed or released to any US person or to any person acting for the account or benefit of a US person (within the meaning of the U.S. Securities Act of 1933) unless an exemption from registration is available under the US Securities Act of Persons who come into possession of this document should seek advice on and observe any such restrictions. Any failure to comply with such restrictions may constitute a violation of applicable securities laws. New Zealand This document has not been registered, filed with or approved by any New Zealand regulatory authority under the Securities Act 1978 (New Zealand). The New Shares in the Offer are not being offered to the public in New Zealand other than to existing shareholders of the Issuer with registered addresses in New Zealand to whom the offer is being made in reliance on the Securities Act (overseas Companies) Exemption Notice 2013 (New Zealand). Other than in the entitlement offer, New Shares may be offered and sold in New Zealand only to: (a) persons whose principal business is the investment of money or who, in the course of and for the purposes of their business, habitually invest money; or (b) persons who are each required to (i) pay a minimum subscription price of at least NZ$500,000 for the securities before allotment or (ii) have previously paid a minimum subscription price of at least NZ$500,000 for securities of the Issuer ( initial securities ) in a single transaction before the allotment of such initial securities and such allotment was not more than 18 months prior to the date of this document. South Africa Due to restrictions under the securities laws of South Africa, the New Shares are not offered, and the Offer shall not be transferred, sold, renounced or delivered, in South Africa or to a person with an address in South Africa RSA, unless one or other of the following exemptions applies: (a) the Offer, transfer, sale, renunciation or delivery is to duly registered banks, mutual banks, financial services provider, financial institution, public investment corporation (in each case registered as such in South Africa), a person who deals with securities in their ordinary course of business, or a wholly owned subsidiary of a bank, mutual bank, authorised services provider or financial institution, acting as agent in the capacity of an authorised portfolio manager for a pension fund (duly registered in South Africa), or as manager for a collective investment scheme(registered in South Africa); or (b) the contemplated acquisition cost of the securities, for any single addressee acting as principal is equal to or greater than R1,000,

32 International Selling Restrictions Hong Kong This Presentation has not been, and will not be, registered as a prospectus under the Companies Ordinance (Cap. 32) of Hong Kong (the Companies Ordinance ), nor has it been authorised by the Securities and Futures Commission in Hong Kong pursuant to the Securities and Futures Ordinance (Cap. 571) of the Laws of Hong Kong (the SFO ). No action has been taken in Hong Kong to authorise or register this document or to permit the distribution of this document or any documents issued in connection with it. Accordingly, the New Shares have not been and will not be offered or sold in Hong Kong other than to professional investors (as defined in the SFO). No advertisement, invitation or document relating to the New Shares has been or will be issued, or has been or will be in the possession of any person for the purpose of issue, in Hong Kong or elsewhere that is directed at, or the contents of which are likely to be accessed or read by, the public of Hong Kong (except if permitted to do so under the securities laws of Hong Kong) other than with respect to New Shares that are or are intended to be disposed of only to persons outside Hong Kong or only to professional investors (as defined in the SFO and any rules made under that ordinance). No person allotted New Shares may sell, or offer to sell, such securities in circumstances that amount to an offer to the public in Hong Kong within six months following the date of issue of such securities. The contents of this document have not been reviewed by any Hong Kong regulatory authority. You are advised to exercise caution in relation to the Offer. If you are in doubt about any contents of this document, you should obtain professional advice. Singapore This document and any other materials relating to the New Shares have not been, and will not be, lodged or registered as a prospectus in Singapore with the Monetary Authority of Singapore. Accordingly, this document and any other document or materials in connection with the offer or sale, or invitation for subscription or purchase, of New Shares, may not be issued, circulated or distributed, nor may the New Shares be offered or sold, or be made the subjection of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore except pursuant to and in accordance with exemptions in Subdivision (4) Division 1, Part XIII of the Securities and Futures Act, Chapter 289 of Singapore (the SFA ), or as otherwise pursuant to, and in accordance with the conditions of any other applicable provisions of the SFA. This document has been given to you on the basis that you are: (i) an existing holder of Austbrokers' shares; (ii) an institutional investor (as defined in the SFA); or (iii) a relevant person (as defined in section 275(2) of the SFA). In the event that you are not an investor falling within any of the categories set out above, please return this document immediately. You may not forward or circulate this document to any other person in Singapore. Any offer is not made to you with a view to the New Shares being subsequently offered for sale to any other party. There are on-sale restrictions in Singapore that may be applicable to investors who acquire New Shares. As such, investors are advised to acquaint themselves with the SFA provisions relating to resale restrictions in Singapore and comply accordingly. 32

33 International Selling Restrictions Switzerland The New Shares may not be publicly offered in Switzerland and will not be listed on the SIX Swiss Exchange Ltd. ("SIX") or on any other stock exchange or regulated trading facility in Switzerland. This document has been prepared without regard to the disclosure standards for issuance prospectuses under art. 652a or art of the Swiss Code of Obligations or the disclosure standards for listing prospectuses under art. 27 ff. of the SIX Listing Rules or the listing rules of any other stock exchange or regulated trading facility in Switzerland. Neither this document nor any other offering or marketing material relating to the New Shares or the offering may be publicly distributed or otherwise made publicly available in Switzerland. These securities will only be offered to regulated financial intermediaries such as banks, securities dealers, insurance institutions and fund management companies as well as institutional investors with professional treasury operations. Neither this document nor any other offering or marketing material relating to the New Shares have been or will be filed with or approved by any Swiss regulatory authority. In particular, this document will not be filed with, and the New Shares will not be supervised by, the Swiss Financial Market Supervisory Authority FINMA (FINMA). This document is personal to the recipient only and not for general circulation in Switzerland. 33