Todd River IPO. Unlocking an Exciting Base Metals Portfolio TRT. Background and Opportunity. Key Investment Highlights. Summary.

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1 Todd River IPO Unlocking an Exciting Base Metals Portfolio Background and Opportunity ASX Code: TRT Expected Listing Date: 6th April 2017 has road-showed the Todd River Resources IPO for the last month in Australia and South East Asia. The deal has been very well received. The key points to have come out of the meetings are listed below. The Todd River IPO offers investors a unique exposure to an advanced stage explorer developing highly valued resources in the Copper, Zinc and Lead sectors. It is an attractively priced IPO managed by highly credentialed mining and financial market participants. Key Investment Highlights The company is to start drilling immediately at the exciting advanced exploration asset which is a rich historical Copper and Zinc area with one diamond and one RC drill rig. Todd River will also immediately commence a Bankable Feasibility Study at the key asset which is one of Australia s largest undeveloped Zinc assets. IPO Offer Price Numbers at IPO Total Number of Shares on Issue Min / Max to be Raised Cash on Completion of Offer (net of IPO costs) Enterprise Value Day 1 20c 65M $5M-6M $5.2M $7.7M Market Cap Day 1 $13M Major Shareholder: TNG 10% (escrowed for 2 years) A peer comparison highlights how few listed companies offer the size of resource that TNT holds. PNX is probably the closest peer in the sub-sector, it has a market cap of $17m with a much higher enterprise value and smaller portfolio of assets. TRT holds the largest base metal exploration portfolio in the Northern Territory Base Metal Prices The Todd River team has intimate knowledge of the key assets in the portfolio. Technical director Paul Burton has more than 10yrs experience dealing directly with the TNT assets LME Copper LME Zinc 1500 Macro-economic drivers have seen the Goldman Sachs Industrial Metals Spot Index rise 35% in less than a year, LME Zinc recently traded at decade highs, LME Copper at 2yr highs. Summary The Todd River (TNT) IPO is a unique opportunity to obtain an exposure leveraged to the flourishing base metal sector. Sanlam Private Wealth believes the opportunity will unfold beyond the initial planned exploration period and hence is treating this as a short and medium term investment. Disclosure: is acting as Lead Manager of this IPO and raised $5.3M for the related Company TNG Ltd in October /04/17

2 Hardy The company is to start drilling immediately at the exciting advanced exploration asset which is a rich The historical company Copper is to and start Zinc drilling area immediately with one diamond at the exciting and one advanced RC drill rig. exploration TNG spent asset $2m Mount at Mt Hardy Hardy and which over is the a rich last 4 historical years with Copper every drill and hole Zinc intersecting area with one mineralisation. diamond and The one best RC drill intersection rig. TNG spent was $2m up to at 21m Mt Hardy 4.3%Zn; and 2%Cu; over the 9g/t last Au. 4 There years are with 17 every EM targets, drill hole 6 of intersecting which have mineralisation. been tested successfully, The best drill with intersection the balance was to up be to drilled 21m 4.3%Zn; immediately. 2%Cu; We 9g/t expect There immediate are 17 ongoing EM targets, exploration 6 of which news flow have from been Mt tested Hardy successfully, post listing. Other with planned the balance activities to be by drilled TRT at immedi- Mt Hardy Au. ately. include We geophysics, expect immediate geochemistry ongoing and exploration a maiden JORC news flow Resource. from Mt Key Hardy drill post ready listing. targets: Other planned activities by TRT at Mt Hardy include geophysics, geochemistry and a maiden JORC Resource. Key drill ready targets: Todd River will also immediately upon listing commence a Bankable Feasibility Study at the key asset Todd which River is one will of also Australia s immediately largest upon undeveloped listing commence Zinc assets. a Bankable Manbarrum Feasibility has had Study over at $12m the key spent Manbarrum on the asset Zinc by asset between which is one of Australia s with over largest 37,000 undeveloped meters of RC Zinc and diamond assets. Manbarrum drilling. It is has a classic had over Mississippi $12m spent Valley on style the asset deposit by TNG TNG with over between 50km of strike. Sandy with over Creek 37,000 has a meters JORC of 2012 RC and indicated diamond and drilling. inferred It resource is a classic of 22.5Mt 1.81% Valley Zn, style 0.44% deposit Pb and 4.56g/t with over Ag. 50km The of Best strike. drill Two intersection Rescores was were 100m Zn. with There one JORC are 4 untested 2012 Indicated geophysical and Inferred targets Resource to be tested 22.5Mt later year, 1.81% one Zn, of 0.44% which Pb is a and large 4.56g/t IP target Ag. which The Best is twice drill intersection the size of Sandy was Zn. There are 4 untest- of ed geophysical targets to be tested later this year, one of which is a large IP target which is twice the size of Sandy Sandy Creek scoping study work in 2007 indicated a positive NPV on 2007 assumptions. Metallurgical test work indicated Sandy Manbarrum Creek has scoping a mining study agreement work in 2007 already indicated place a positive with the NPV Traditional 2007 owner. assumptions. Other planned Metallugrical activities test at work Manbarrum indicated include high further recoveries geophysics from and low cost testing gravity of the separation. four untested Environmental targets. base line work was also carried out. Importantly 2 04/04/17

3 McArthur River The company is to start drilling immediately at the exciting advanced exploration asset which is a rich historical TRT will also Copper have and Zinc aggressive area with exploration one diamond program and commencing one RC drill rig. at McArthur TNG spent River $2m Zinc, at Mt Copper Hardy and Silver over the project. last 4 Located years within every Batten drill Fault hole intersecting Zone host mineralisation. to all significant The resources best drill within intersection the McArthur was up Basin to 21m including 4.3%Zn; the 2%Cu; recent 9g/t Au. Teena There discovery are 17 by EM Independence targets, 6 of Group which IGO. have This been project tested has successfully, a similar lithological with the package balance to to Glencore s be drilled world-class immediately. McArthur We River expect Zinc immediate Mine which ongoing is only exploration 60km north. news The flow TRT from McArthur Mt Hardy River post asset listing. Other prospective planned for activities similar Zn-Pb-Cu- by TRT at Ag Mt deposits. Hardy include A Geochemical geophysics, program geochemistry completed and by a TNG maiden in 2015 JORC showed Resource. Stratabound Key drill ready copper targets: mineralisation delineated over a 600 x 400m area with assays up to 47.8% Copper and 25% of all rock samples exceeded 10% Copper. Drilling and geochemistry followed with scout drilling showing anomalous zinc and copper occurrences which was extremely encouraging on the first drill program. TRT will immediately commence further Geophysical surveys subject to weather, and then have a RC and Diamond rigs head to McArthur river post drilling the southern assets. Todd River will also immediately upon listing commence a Bankable Feasibility Study at the key asset which is one of Australia s largest undeveloped Zinc assets. Manbarrum has had over $12m spent on the asset by TNG between with over 37,000 meters of RC and diamond drilling. It is a classic Mississippi Valley style deposit with over 50km of strike. Two Rescores were identified, with one JORC 2012 Indicated and Inferred Resource of 1.81% Zn, 0.44% Pb and 4.56g/t Ag. The Best drill intersection was Zn. There are 4 untested geophysical targets to be tested later this year, one of which is a large IP target which is twice the size of Sandy Sandy Creek scoping study work in 2007 indicated a positive NPV on 2007 assumptions. Metallugrical test work indicated 3 04/04/17

4 Walabanba Todd River also has many green fields projects with promising exploration upside such as the Walabanba Project which The includes company the Anningie is to start Tin drilling and Tungsten immediately Field at which the exciting has had advanced historical exploration production asset and remains one of NT s which largest is a rich undeveloped Copper Tin field. and Drill-ready Zinc area bulls with Eye one EM diamond targets and are one waiting RC drill to be rig. drilled TNG spent Identified $2m from at Mt HELITEM Hardy and survey, over the and last con- historical 4 firmed years by with ground every EM drill survey hole intersecting work. Drilling mineralisation. targets outlined The and best approvals drill intersection place was with up planned to 21m drilling 4.3%Zn; in Q2 2%Cu; g/t Four Au. drill ready There geophysical are 17 EM targets, base metal 6 of targets which with have Potential been tested VMS successfully, targets. with the balance to be drilled immediately. We expect immediate ongoing exploration news flow from Mt Hardy post listing. Other planned activities by TRT at Mt Hardy include geophysics, geochemistry and a maiden JORC Resource. Key drill ready targets: Todd River will also immediately upon listing commence a Bankable Feasibility Study at the key asset which is one of Australia s largest undeveloped Zinc assets. Manbarrum has had over $12m spent on the asset by TNG between with over 37,000 meters of RC and diamond drilling. It is a classic Mississippi Valley style deposit with over 50km of strike. Two Rescores were identified, with one JORC 2012 Indicated and Inferred Resource of 1.81% Zn, 0.44% Pb and 4.56g/t Ag. The Best drill intersection was Zn. There are 4 untested geophysical targets to be tested later this year, one of which is a large IP target which is twice the size of Sandy Summary Sandy Creek scoping study work in 2007 indicated a positive NPV on 2007 assumptions. Metallugrical test work indicated Todd River will be one of the most active NT exploration companies on the ASX, providing a steady news flow for the remainder of the year. Two drill rigs are contracted full time for the remainder of 2017 with all drilling and land access approvals in place. While exploration takes place we expect updates from the Bankable Feasability Study. TRT will be actively drilling three projects: Walabanba, and McArthur River throughout the remainder of Geophysical work will also be active at the same time on 6 projects: Walabanba,, Tomkinson, Manbarrum, Soldiers Creek and Rover tenements will be a busy year for TRT across a favourable commodity mix. TRT is in the very early stages of extracting and realising the value of these significant assets. TRT holds the largest base metal exploration portfolio in the Northern Territory. TRT s portfolio of assets offers an attractive investment mix. They range from well advanced high quality future development assets such as, Maiden JORC Resource potential at with defined targets and previous exploration success right through to green fields early stage exploration assets with promising exploration upside at Stokes Yard, Solders Creek and Walabanba. We believe the macro economic environment will foster strong growth in base metal demand keeping prices boyant. Todd River Resources is a unique opportunity to obtain an exposure leveraged to the flourishing base metal sector. believes this to be a short and medium term opportunity with many layers of development. 4 04/04/17

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