The world s largest oil discovery Melbourne Mining Club Cutting Edge Series 15 March 2016

Transcription

1 The world s largest oil discovery 2014 Melbourne Mining Club Cutting Edge Series 15 March 2016

2 FAR snapshot Two major basin opening oil discoveries in Senegal in 2014 SNE Field largest global oil find since discovery in 2014 SNE Appraisal drilling commenced 2015 Quality partners in Senegal discoveries: ConocoPhillips, Cairn Energy, Petrosen Fifth largest pure E&P on ASX (at 14 Mar 2016) Market capitalization A$440M (at 14 Mar 2016) Cash balance: A$60.7M (31 Dec 2015) Experienced team and board

3 FAR relative performance Share price (A$p.s.) Ocean rig Athena contracted for 3 firm wells SNE appraisal drilling commences FAR: 12.0cps +40% Brent oil: US$39.70 (31%) ASX 200 Energy: 7,960 (31%) 0.03 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 FAR S&P ASX 200 Energy Index (rebased) Brent Oil (US$/bbl, rebased) Source: Source: IRESS, trading data as at 14-March 2016 FAR has outperformed its peer group, the S&P ASX 200 Energy Index, and the Brent oil price (1 Jan Mar 16) 3

4 SNE Oil field footprint > 300 km 2 4

5 Senegal Strong in-country relationships Peaceful democracy Solid growth: 4.7% GDP in 2014 S&P sovereign credit rating 'B+/B First offshore exploration wells for 40 years and first in deep water FAR farm-out in 2013 for US$196M carry Joint venture partners: FAR 15%, Cairn Energy (Operator 40%), ConocoPhillips (35%) and Petrosen (10%) OFFSHORE SENEGAL Production Sharing Contract (PSC) FAR: 15% working interest, 16.7% paying interest 5

6 Senegal prospects and leads Contract area 7,490 km 2 Over 1 billion barrels of P50 prospective resources yet to be drilled* *Reference FAR ASX releases dated 13 Apr 2015 best estimate, gross, unrisked prospective resources, 100% basis, oil only 6

7 Geological setting W SNE-2 SNE-1 SNE-3 BEL-1 E Buried Hills play Shelf Edge play Fan play 10km 7

8 FAN-1 Discovery W FAN-1 FAN-1 well drilled first SNE-2 SNE-1 SNE-3 BEL-1 E Results announced Oct 2014 Oil gravity degrees API Gross oil bearing interval >500m Operator gross oil (STOIIP) in place P90: 250 mmbbls P50: 950 mmbbls P10: 2,500 mmbbls De-risked future shelf drilling 10km 8

9 SNE-1 Discovery W FAN-1 SNE-1 E SNE Field 10km Result announced Nov 2014 Largest oil discovery for 2014 Has not been surpassed to date Over 300 km 2 footprint 9

10 SNE-1 oil discovery Results announced Nov 2014 Excellent reservoir Oil gravity 32 degrees API Gross oil column of 96m (36m net) Contingent recoverable resource* P90 (1C): 150 mmbbls P50 (2C): 330 mmbbls P10 (3C): 670 mmbbls *Reference FAR ASX releases dated 13 Apr 2015 best estimate, gross, unrisked prospective resources, 100% basis, oil only 10

11 SNE Field: Contingent resources updated Nov 2014 P90 (1C): 150 mmbbls P50 (2C): 330 mmbbls P10 (3C): 670 mmbbls Feb 2016 P90 (1C): 240 mmbbls (+60%) P50 (2C): 468 mmbbls (+40%) P10 (3C): 940 mmbbls (+40%) *Reference FAR ASX releases dated 13 Apr 2015, 8 Feb 2016: best estimate, gross, unrisked prospective resources, 100% basis, oil only 11

12 SNE appraisal well locations Objective of wells: Size of oil pool Test reservoir properties and deliverability from logging, coring and testing Plan for measuring field connectivity N BEL-1 SNE-2 SNE-1 SNE-3 S Bellatrix 12

13 SNE-2 Appraisal well Excellent flow from two independent drill stem tests (DST) Gross 12m zone: 8,000 bopd stabilised and constrained, interpreted flow > 10,000 bopd Gross 15m zone: 1,000 bopd unstabilised Flow considerably greater than prognosis Confirmed commercially viable flow rates 32 degrees API Gross oil column of 103m 13

14 SNE-3 Appraisal well Excellent flow from two drill stem tests (DST) Gross 15m zone: 5,400 bopd max and 4,000 bopd stabilised Increased to gross 20.5m zone: 4,500 bopd stabilised Flow greater than prognosis Confirmed commercially viable flow rates 32 degrees API Gross oil column of 101m Units shallow to prognosis: field larger to the south 3 14

15 Bellatrix exploration prospect Strong seismic amplitude response Overlies SNE Field Chance of discovery 49% Follow up potential from several look-a-likes Prospective resource* Low estimate : 69 mmbbls Best estimate: 168 mmbbls High estimate: 356 mmbbls Bellatrix seismic amplitude response *Reference FAR ASX releases dated 13 Apr 2015 best estimate, gross, unrisked prospective resources, 100% basis, oil only 15

16 Development and tie back concept 77mmbbl * 74mmbbl * 204mmbbl * 141mmbbl * Tie back radius 168mmbbl * 101mmbbl * *Reference FAR ASX releases dated 13 Apr 2015 best estimate, gross, unrisked prospective resources, 100% basis, oil only 16

17 Senegal economics Excellent PSC terms Minimum Economic Field Size (MEFS) approx 200mmbbls CAPEX coming down NPV/bbl of US$10 at US$50/bbl oil price and reduced CAPEX* Estimated first oil 2021 *Reference Cairn Energy Capital Markets Day 2015/6 17

18 Capturing more shelf edge exposure New 3D seismic acquired 2015 FAR bought option over neighbouring Djiffere permit 18

19 2016 revealing the prize 2013: Year of farmout 2014: Year of discovery 2015/2016: Evaluating the SNE Field 100% success rate offshore Senegal Undrilled exploration prospects with >1bn bbls potential Possible lookalikes of SNE in FAR s Guinea Bissau acreage FAR committed to finding more elephants lurking under Senegalese waters!

20 Contact us Level 17, 530 Collins Street Melbourne VIC 3000 Australia T:

21 Disclaimer This presentation has been prepared by FAR Limited ( FAR ). It should not be considered as an offer or invitation to subscribe for or purchase any shares in FAR or as an inducement to make an offer or invitation with respect to those securities. No agreement to subscribe for shares in FAR will be entered into on the basis of this presentation. This presentation contains forward-looking statements that are not based on historical fact, including those identified by the use of forward-looking terminology containing such words as believes, may, will, estimates, continue, anticipates, intends, expects, should, schedule, program, potential or the negatives thereof and words of similar import. FAR cautions that these forward-looking statements are subject to risks and uncertainties that could cause actual events or results to differ materially from those expressed or implied by the statements. The forward looking statements are expressly subject to this caution. FAR makes no representation, warranty (express or implied), or assurance as to the completeness or accuracy of these forward-looking statements and, accordingly, expresses no opinion or any other form of assurance regarding them. FAR will not necessarily publish updates or revisions of these forward-looking statements to reflect FAR s circumstances after the date hereof. By its very nature exploration and development of oil and gas is high risk and is not suitable for certain investors. FAR shares are a speculative investment. There are a number of risks, both specific to FAR and of a general nature which may affect the future operating and financial performance of FAR and the value of an investment in FAR including and not limited to economic conditions, stock market fluctuations, oil and gas demand and price movements, regional infrastructure constraints, securing drilling rigs, timing of approvals from relevant authorities, regulatory risks, operational risks, reliance on key personnel, foreign currency fluctuations, and regional geopolitical risks. This presentation does not purport to be all inclusive or to contain all information which you may require in order to make an informed assessment of the Company s prospects. You should conduct your own investigation, perform your own analysis, and seek your own advice from your professional adviser before making any investment decision. Cautionary Statement for Prospective Resource Estimates With respect to the Prospective Resource estimates contained within this report, it should be noted that the estimated quantities of Petroleum that may potentially be recovered by the future application of a development project may relate to undiscovered accumulations. These estimates have an associated risk of discovery and risk of development. Further exploration and appraisal is required to determine the existence of a significant quantity of potentially moveable hydrocarbons. Information in this report relating to hydrocarbon resource estimates has been compiled by Peter Nicholls, the FAR exploration manager. Mr Nicholls has over 30 years of experience in petroleum geophysics and geology and is a member of the American Association of Petroleum Geology, the Society of Exploration Geophysicists and the Petroleum Exploration Society of Australia. Mr Nicholls consents to the inclusion of the information in this report relating to hydrocarbon Prospective Resources in the form and context in which it appears. The Prospective Resource estimates contained in this report are in accordance with the standard definitions set out by the Society of Petroleum Engineers, Petroleum Resource Management System. 21

22 1 A New Mining Force in South Australia Melbourne Mining Club Presentation Dr Chris Giles, MD 15 March 2016

23 2 Cautionary Statement The information contained in this presentation is not financial product advice. The presentation is for information purposes and is of a general and summary nature only. Neither Havilah Resources Limited (Havilah) nor any member of the Havilah Group of companies, gives no warranties in relation to the statements and information in this presentation. Investors should seek appropriate advice on their own objectives, financial situation and needs. This presentation contains certain statements which may constitute forward-looking statements. Such statements are only predictions and are subject to inherent risks and uncertainties which could cause actual values, performance or achievements to differ materially from those expressed, implied or projected in any forward looking statements. Havilah disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise. Investors are cautioned that forward-looking statements are not guarantees of future performance and investors are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty therein. Competent Person Statement The information in this presentation that relates to Exploration Targets, Exploration Results, Mineral Resources and Ore Reserves is based on data compiled by geologist, Dr Chris Giles, a Competent Person who is a member of The Australian Institute of Geoscientists. Dr. Giles is a director of the Company and is employed by the Company on a consulting contract. Dr. Giles has sufficient experience, which is relevant to the style of mineralisation and type of deposit and activities described herein to qualify as a Competent Person as defined in the 2012 Edition of Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Dr. Giles consents to the inclusion in the presentation of the matters based on his information in the form and context in which it appears. Information for Kalkaroo and Croziers has been updated to comply with the JORC Code 2012 on the basis that the information has not materially changed since it was last reported. All other information was prepared and first disclosed under the JORC Code 2004.

24 3 Investment Key Points Prospect of >$40 million gross cash flow generated by HAV in Portia gold mine progressing ahead of plan Future cash flow growth from new mines in the pipeline North Portia and Kalkaroo copper-gold projects > 15 year life 2 Exposure to exploration success and other commodities Proven track record of discovery in highly prospective terrain Early in mining growth cycle much upside from here... Research analyst sets a near term share value of $ Reference to ASX releases : 1 18/02/15; 2 2/03/15; 3 25/03/15

25 4 Corporate Summary Capital Structure Millions HAV v Small Resources (XSR) - 1 year Cash (31 Jan 2016) $0.8 Debt (31 Jan 2016) $1.0 Shares 168 Options (Listed + Unlisted) 45 Market Cap (14 Mar 2016) $64

26 5 Focus On NE South Australia

27 6 MINING - Portia Gold Mine Commenced 30 March 2015 with experienced Broken Hill contractor responsible for all mining. Innovative funding arrangement revenue sharing with mining contractor.

28 7 Portia - High Grade Gold 75m Below Surface Initial mining objective 67,000 oz JORC resource at base of Tertiary clay 1 Weathered bedrock Bedrock Patchy high grade gold mineralisation in bedrock 26 metres of 15.4 g/t Au 13 metres of 33.5 g/t 2 Refer to ASX releases on 1 26/06/09 and 2 30/11/06

29 Portia- First Ore Accessed 3.5 Months Ahead of Schedule.

30 9 First Gold Ore Mined at Portia Achievement of a major milestone at Portia with first truck load of ore mined this week

31 10 Simple Gravity Recovery Plant 120 tonne per hour trommel, log washer and attritioning circuit for washing silty clay material that contains the free coarse gold. Fully automated dual system Knelson concentrators that can efficiently recover gold over a wide size range, including very fine gold, not included in the current resource.

32 11 Portia Key Economic Metrics 1 Cash Flow Analysis Millions Total gross cash flow generated $80.5 Royalties payable $(2.4) Cash flow generated after royalty expenses $78.1 Havilah 50% share of cash flow generated $39.1 Based on: JORC resource of 720, g/t of gravity recoverable gold. Within optimised open pit design :355, g/t for 53,600 oz gold. 95% gold recovery. Gold price of A$1,580 per oz (Not including hedging of 10,000 oz at $1,618 per oz) State royalty of 2% and Pasminco royalty of 1%. 1 Refer to ASX releases on 26/6/2009 and 18/02/15. Note that all the assumptions underpinning the information continue to apply and have not materially changed.

33 12 DEVELOPMENT- North Portia Copper-Gold Project Adjacent to Portia on same mining lease, containing 235,000 ounces gold and 100,000 tonnes copper 1. Mining of oxidised ore could continue on after Portia, to exploit available infrastructure synergies (subject to the results of current technical and economic studies). Portia Final open pit design North Portia oxidised resource &conceptual open pit 1 Refer to ASX release 24/11/10 and table at end of this presentation.

34 13 North Portia Copper-Gold Project 1 2 New metallurgical testing indicates good recoveries via minimal grinding and conventional flotation is feasible. Refer to ASX releases on 1 03/03/16 and 2 03/02/16

35 14 DEVELOPMENT - Kalkaroo Copper-Gold Project Sizeable long life resource of 622K tonne copper and 2M oz gold 1

36 15 Copper-gold deposit 622,000 t copper 1.6m ounces gold 1 Kalkaroo Copper-Gold Project Optimised open pit design Gold cap 445,000 ounces 1 Orebody open in directions shown by the arrows 1 Refer to ASX release 2/03/15 and resource table at end of presentation

37 16 Kalkaroo A Large Undeveloped Copper Resource 1.6 $1,200 Prominent Hill Hillside Measured & Indicatad Mineral Resources in Copper Equivalent (million tonnes) PRODUCERS DeGrussa Nifty Tritton All Measured and Indicated Mineral Resources of Australian Mines and Projects Kalkaroo All Rocklands EXPLORERS & DEVELOPERS Pilbara M&I Resources Entreprise Value $1,050 $900 $750 $600 $450 $300 Entreprise Value in A$ millions Kanmantoo White Range 0.2 Mt Gunson Copper Hill Jervois $150 Walford Creek 0.0 OZL SFR ABY SRQ HGO RXM HAV HAV AOH CDU VXR QMN STA GCR KGL AQR $0 Source: Terra Studio, note copper equivalent grade calculated using US$2.50/lb Cu, US$1,100/oz Au and US$15/oz Ag

38 17 Kalkaroo - Aiming For 2017 Mining Decision KEY TASKS 550Km 2 Kalkaroo Station owned by Havilah Permitting Processing flow sheet design & costing Updated resource and mining model Probable Ore Reserve release Funding West Kalkaroo starter open pit location

39 Orebody extensions Deposit is open at depth and along strike - further drilling could substantially expand resource. 18 Upside 1 Kalkaroo Resource Expansion Potential Near mine upside Reconnaissance drilling has returned ore grade intercepts at three prospects within 5 km of the Kalkaroo deposit and planned processing facility.

40 19 Upside 2 Kalkaroo Processing Facility

41 20 Upside 3 Exposure To Other Commodities Cobalt 1 (Mutooroo, North Portia, Kalkaroo) by-product in pyrite concentrates Molybdenum (North Portia, Kalkaroo) potentially recoverable grades Lead- zinc (Mulyungarie, Lorenzo) Broken Hill deposit nearby Iron ore (Maldorky, Grants, Lilydale) 450 Mt resources in Braemar province. Uranium (Oban) JORC resource, Honeymoon processing facility nearby. Tin (Prospect Hill) JORC resource, high grade tin in new sampling. 1 Increased demand on cobalt supply from Lithium-ion batteries alone could rise between 30-60% in next 10 years (depending on type of Li battery). >50% cobalt today comes from DRC and is a by-product, so therefore supply is relatively inelastic, ie production cannot be quickly ramped up.

42 21 Upside 4 Ongoing Discovery Success Irreplaceable > 8,000 km 2 highly prospective tenement holding. 8 new JORC resources drilled in 8 years by Havilah plus several new areas of copper-gold, cobalt, tin, uranium and iron ore mineralisation discovered. JORC minerals resource inventory of over 900,000 tonnes of copper metal and 2.4 million ounces of gold 1 for a total discovery cost of US$3 /gold equivalent ounce. ( 1 refer to table at the end of this presentation)

43 The Investment Case For Havilah Track record of success Portia gold mine funded, developed and first ore delivered to ROM pad. Outlined 8 JORC resources in 8 years, including over 900,000 t Cu, 2.4 million oz Au plus substantial cobalt, molybdenum, iron ore, uranium, tin. Protected shareholder s interests tight share capital, conservative funding. Several future value drivers Substantial cash return expected in 2016 from Portia gold mine. Targeting annual production for 15 years of at least 34,000 tonnes copper and 100,000 ounces gold from existing JORC resource inventory. Kalkaroo processing plant will unlock value in nearby smaller projects. Upside in discovery success and exposure to other commodities. High leverage to the resource cycle Commencing mining driven growth near the bottom of the resource cycle.

44 23 ASX : HAV Additional Supporting Slides

45 24 Copper-Gold Resource Metal Inventory Copper: 915,500 tonnes (Kalkaroo + Mutooroo + North Portia) Gold: 2,400,000 ozs (Kalkaroo + Mutooroo + Portia + North Portia) Cobalt: 17.5 M Kg (Mutooroo) Molybdenum: 8.45 M Kg (Kalkaroo + North Copper Portia) (%) Gold Project* Resource Category Tonnes (g/t) Molybdenum (ppm) Cobalt (%) Contained Copper (tonnes) Contained Gold (ounces) Contained Moly (kg) Contained Cobalt (kg) Gold Cap Measured 18,690, ,000 Kalkaroo 1 CuAu Measured 85,890, ,500 1,561,000 CuAu Indicated 38,620, Added to above Added to above Mo Inferred 4,500, ,768,000 Portia 4 Inferred 720, ,000 North Portia 3 Mutooroo 2 Indicated (supergene) 2,750, , ,500 5,680,000 Inferred (sulphide) 8,610, Indicated (supergene Mo only) 7,732, Measured sulphide 4,149, ,000 92,700 17,540,000 Indicated sulphide 1,697,000 Added to above Added to above Inferred sulphide 6,683, Added to above Added to above Added to above Added to above Added to above Added to above Added to above Added to above Measured oxide 598, Total all projects All categories 172,908, ,500 2,400,000 8,450,000 17,540,000 * Based on JORC resources, details released to ASX on : 1. 29/2/ /10/ /10/ /6/09

46 25 Iron Ore Resource Inventory Maldorky: 147,000,000 tonnes of 30.1% Fe Grants: 304,000,000 tonnes of 24% Fe Total: 159,000,000 tonnes of premium grade iron ore product Project* Resource Category Tonnes (Mt) Iron (%) Iron tonnes Est Yield Maldorky 1 Indicated 147,000, % 59,000,000 40% Grants 2 Inferred 304,000,000 24% 100,000,000 33% Total all projects All categories 451,000, ,000,000 * Based on JORC resources, details released to ASX on : 1. 10/6/ /12/12, applying an 18% cut-off in both cases

47 Melbourne Mining Club Cutting Edge Delivering today, developing for tomorrow and discovering for the future 15 March 2016 ASX: SLR ABN:

48 Important notices Disclaimer - Silver Lake Resources Limited ( Silver Lake or the Company ) has prepared this presentation based on information available to it. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this presentation. To the maximum extent permitted by law, none of Silver Lake, its directors, employees or agents, advisers, nor any other person accepts any liability, including, without limitation, any liability arising from fault or negligence on the part of any of them or any other person, for any loss arising from the use of this presentation or its contents or otherwise arising in connection with it. This presentation contains general and background information about Silver Lake s activities current as at the date of the presentation and should not be considered to be comprehensive or to comprise all the information that an investor should consider when making an investment decision. The information is provided in summary form, has not been independently verified, and should not be considered to be comprehensive or complete. It should be read in conjunction with all other documents provided by Silver Lake. Silver Lake is not responsible for providing updated information and assumes no responsibility to do so. All dollar terms expressed in this presentation are in Australian dollars unless otherwise stated. No offer - This presentation is not an offer, invitation, solicitation or other recommendation with respect to the subscription for, purchase or sale of any security, and neither this presentation nor anything in it shall form the basis of any contract or commitment whatsoever. Forward looking statements - This presentation may contain forward looking statements that are subject to risk factors associated with gold exploration, mining and production businesses. It is believed that the expectations reflected in these statements are reasonable but they may be affected by a variety of variables and changes in underlying assumptions which could cause actual results or trends to differ materially, including but not limited to price fluctuations, actual demand, currency fluctuations, drilling and production results, reserve estimations, loss of market, industry competition, environmental risks, physical risks, legislative, fiscal and regulatory changes, economic and financial market conditions in various countries and regions, political risks, project delay or advancement, approvals and cost estimates. Forward-looking statements, including projections, forecasts and estimates, are provided as a general guide only and should not be relied on as an indication or guarantee of future performance and involve known and unknown risks, uncertainties and other factors, many of which are outside the control of Silver Lake. Past performance is not necessarily a guide to future performance and no representation or warranty is made as to the likelihood of achievement or reasonableness of any forward looking statements or other forecast. No investment advice - This presentation is not financial product, investment advice or a recommendation to acquire Silver Lake securities and has been prepared without taking into account the objectives, financial situation or needs of individuals. Before making an investment decision prospective investors should consider the appropriateness of the information having regard to their own objectives, financial situation and needs, and seek legal, taxation and financial advice appropriate to their jurisdiction and circumstances. Silver Lake is not licensed to provide financial product advice in respect of its securities or any other financial products. Cooling off rights do not apply to the acquisition of Silver Lake securities. Silver Lake assumes that the recipient is capable of making its own independent assessment, without reliance on this document, of the information and any potential investment and will conduct its own investigation. The information in this Presentation remains subject to change without notice. Slide 2

49 Silver Lake at a glance Silver Lake Resources Share price ASX: SLR A$ month share price range A$0.13 A$0.35 Shares on issue Options and performance rights Diluted market capitalisation million 5.8 million A$166M Top 20 Shareholders hold 16% Average daily volume Cash & bullion Listed investments Bank debt Hedging 3.0 million A$37.2M A$6.7M A$2.3M 82koz at A$1,600/oz As at 29 Feb 2016 Board of Directors David Quinlivan Luke Tonkin Les Davis Kelvin Flynn Brian Kennedy Chairman Managing Director NED NED NED Slide 3

50 Mount Monger - a premier Goldfields address

51 Mount Monger operating strategy Delivering today Developing for tomorrow Discovering for the future A$15.5m FY16 exploration program koz FY16 Development Sustain & introduce higher margin ounces Enhance through new discoveries Daisy Complex High grade underground source Cock-eyed Bob Near surface underground BIF ore source Lucky Bay, Santa Area & Rumbles Multiple open pit feed sources supplementing high grade underground ore 1.2mtpa Randalls mill Imperial/Majestic May 2016 start-up Low capital works intensity and rapid development timeframe 100koz Harry s Hill 86koz Daisy Complex Infill & extend Cock-eyed Bob Gold mineralisation extends below current 345 mining level Dinnie Reggio Identify high grade shoots within mineralised system Daisy style deposits 60,000m aircore drilling Northwest structural corridor Multiple Daisy style targets Significant high grade intersections Sasha High grade ptygmatic structure Mount Belches Multiple targets Maxwells Continuation of multiple high grade shoots within the Western, Central and Eastern BIF s. Slide 5

52 Operating strategy enhancing margin A$15.5m FY16 exploration program to sustain and enhance profitability Targets ranked by the size of the PRIZE, the PROBABILITY of success & PRIORITY to the business Focus FY16 Mount Monger exploration strategy at recapturing lower cost base Resource conversion and extension continuing to drive production and cash flow baseline Additional exploration drilling targeting Daisy style deposits at shallower depth than current mining All targets in the shadow of the headframe FY16 spend reflects initial testing of high value targets Spend normalises as feed sources are defined Slide 6

53 Delivering today corporately, operationally & financially Tracking to meet production guidance of koz FY16 Strong operating cash flow to internally fund both exploration and mine development Gold sold 1H FY16 increased 23% to 67.5koz Cash & bullion 1H FY16 increased 18% to A$34.2m EBITDA * 1H FY16 increased 118% to A$25.8m AISC 1H FY16 decreased 8% to A$1,281/oz Debt 1H FY16 decreased 31% to A$3.1m A$15.5m staged & phased exploration program having immediate and spectacular results Crystallising value from non-core assets Production profile visibility Strengthened balance sheet Board and management renewal Gold sold 23% EBITDA 118% Cash & bullion 18% AISC 8% Debt 31% * EBITDA (excluding significant items) is an unaudited, non IFRS measure. Refer to page 7 of Interim Financial Report for Six Months Ended 31 December 2015 released to ASX on 24 February 2016 for further information Slide 7

54 Developing for tomorrow Daisy Complex Slide 8

55 Developing for tomorrow Daisy Complex Daisy Complex produced 7.15g/t for 707koz LOM Contributes >50% of Mount Monger production from only 28% of the feed tonnes Generated strong margins over its LOM Infill and extend 800koz Resource * base 49 lodes identified to date 17,000m infill & extensional drilling to the end of February Full year program 28,500m Haoma West is an existing and ongoing source of high grade ore 161koz Resource * to -950RL Represents approximately 20% of the ounces and 6% tonnes * Refer to 28 August 2015 ASX Mineral Resources - Ore Reserves - August 2015 announcement Slide 9

56 Developing for tomorrow - Imperial/Majestic Development of Imperial/Majestic open pits has commenced and is internally funded Pre-development capital works A$3.8m Proven development model based on Lucky Bay and Santa Area open pits 3 month pre-strip 2 year Reserve backed Life of Mine 3.12g/t for 116koz* Resource conversion provides opportunity for LOM extension 2.78g/t for 250koz* First ore expected to be processed September 2016, following completion of mining at Santa Area * Refer to 28 August 2015 ASX Mineral Resources - Ore Reserves - August 2015 announcement Slide 10

57 Developing for tomorrow Cock-eyed Bob Five underground mine levels developed to 130m below surface Limited drilling below the 345 mining level, historical results include: 17.0g/t 14.3g/t 13.6g/t 15.6g/t 30 June 2015 Resource * of 217koz to be upgraded following FY16 drilling program Significant FY16 drill results # include: 35.9g/t 18.4g/t 17.4g/t 13.2g/t Resource extends 150m below 345 level Further infill drilling 2H FY16 upgrading geological confidence Slide 11 * Refer to 28 August 2015 ASX Mineral Resources - Ore Reserves - August 2015 announcement # Refer to 21 January 2016 ASX December 2015 Quarterly Report announcement

58 Developing for tomorrow - Maxwells Further A$1.4m allocated in Q3 FY16 to accelerate drilling Most recent 12 diamond drill holes ALL intersected visible gold * Diamond drill hole 16MXDD005 intersected 5 separate intervals of visible gold corresponding to down plunge & strike extensions to high grade BIF units Strongly mineralised diamond drill hole intercepts logged in the interpreted West Lode BIF s Drilling continues to support underground development at Maxwells Potential for a shallow underground mining operation supported by existing infrastructure Appropriate underground cut-off grade and modifying factors modelled Supporting production of 45koz pa at AISC A$1,000/oz * Refer to 4 March 2016 ASX Maxwells Update announcement Slide 12

59 Developing for tomorrow Harry s Hill Resource 2.3g/t for 135koz * Reserve 2.4g/t for 86koz * No further Resource drilling required Only 57km haul to Randalls Mill Low strip ratio 9:1 Scheduled for production from FY19 * Refer to 28 August 2015 ASX Mineral Resources - Ore Reserves - August 2015 announcement Slide 13

60 Discovering for the future Daisy Complex Targeting repeat Daisy style lodes within development distance of Daisy Complex A$1.1m dedicated to program FY16 Structural north-westerly corridors and eastwest faults Compressional and dilational veining * Refer to 15 March 2016 ASX Mount Monger Drilling Update announcement Immediate and spectacular exploration success SD intersected ptygmatic vein north of Caledonian Fault Sasha lode 70.54g/t * Further drilling H2 FY16 Slide 14

61 Discovering for the future Daisy Complex Targeting repeat Daisy style lodes proximal to Daisy Complex Highly prospective structural corridors north-west of Daisy Complex Multiple high grade historical intersections including: 36g/t from 86m 24g/t from 74m Extensive top to tail aircore coverage Slide 15

62 Discovering for the future Daisy Complex A$3.2m program which includes 60,000m aircore & 9,700m of RC & diamond Spectacular early results from 25,500m of aircore drilling including # : 9g/t from 13m 14g/t from 33m Broad, persistent anomalism within tested corridors Indicative of primary lode systems Stage 2 aircore program commenced March FY16 # Refer to 15 March 2016 ASX Mount Monger Drilling Update announcement Slide 16

63 Discovering for the future Mount Belches Multiple near surface BIF hosted targets including: Flora Dora Golden Cliffs Anomalies A-E Z Fold Flora Dora Very strong Au ppb soils anomaly Drill tested on western limb to 60m down hole Best historical intersections include: 16 g/t 20g/t 14g/t Numerous high grade intercepts +350m strike Western limb of Santa BIF untested by drilling for >500m between Santa and Flora Dora Untested eastern limb of Maxwell's BIF Mount Belches exploration program FY17 Slide 17

64 Delivering today, developing for tomorrow and discovering for the future Annual Production Production Sources 160, , , ,000 Gold Production (oz) 120, ,000 80,000 60,000 40,000 Production (oz) 120, ,000 80,000 60,000 40,000 20,000 20,000 - FY16 - guidance FY17 - aspirational Underground ore sources FY18 - aspirational Open pit ore sources FY19 - aspirational - FY16 - guidance FY17 - aspirational FY18 - aspirational FY19 - aspirational CEB (oz) Daisy (oz) Dinnie Reggio (oz) Flycamp (oz) Harry's Hill (oz) Imperial (oz) Lucky Bay (oz) Majestic (oz) Maxwells (oz) Rumbles (oz) Santa North (oz) Stockpile (oz) Slide 18

65 Delivering today, developing for tomorrow and discovering for the future Delivering today On track to meet FY16 production guidance of koz 119% increase in 1H FY16 Operating Cash flows to A$25.8m Successful infill & extensions of Resources at Daisy Complex Internally funded exploration program & development of ore sources to compliment Daisy Complex Balance sheet deleveraging and crystallising value from non-core assets Developing for tomorrow Imperial/Majestic open pit development commenced Maxwells diamond drilling program delivering immediate and spectacular results Extensions of high grade Cock-eyed Bob mineralisation identified Clear pathway to introduce higher margin ounces to the 4 year production outlook Discovering for the future Targeting Daisy style deposits in the shadow of the headframe Highly successful phase 1 aircore program targeting the northwest structural corridor Multiple Mount Belches targets identified and are yet to be tested Slide 19

66 Appendix 1: Competent person requirements The Mineral Resource and Ore Reserves estimates for the Daisy Complex (excluding Dinnie Reggio and Christmas Flats), Lorna Doone, Wombola Dam, Maxwells, Santa Area, Cock-eyed Bob, Lucky Bay, Rumbles, Caustons, Tuckabianna, TMC/Katies, Pinnacles and Lena are produced in accordance with the 2012 Edition of the Australian Code for Reporting of Mineral Resources and Ore Reserves (the 2012 JORC Code). These 2012 Mineral Resources and Ore Reserves has been extracted from the ASX Announcement entitled Mineral Resources and Ore Reserves Update dated 28 August 2015 which is available to view at The Company confirms that it is not aware of any new information or data that materially affects the information included in the original ASX announcements and that all material assumptions and technical parameters underpinning the estimates in the ASX announcement continue to apply and have not materially changed. All other Mineral Resource and Ore Reserves estimates were first prepared and disclosed under the 2004 edition of the JORC Code and have not been updated since to comply with the 2012 JORC Code on the basis that the information has not materially changed since it was last reported. The information in this presentation relating to Exploration Results, and Mineral Resources and Ore Reserves prepared in accordance with the 2004 edition of the JORC Code, are based on information compiled by Mr Antony Shepherd, a Competent Person who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Shepherd is a full time employee of Silver Lake Resources Ltd 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 2004 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Shepherd consents to the inclusion in the presentation of the matters based on his information in the form and context in which it appears. Slide 20