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1 17 th November 2014 FinnAust Mining Speculative Buy Price: 2.75p-3.25p Target: 6p EPIC: FAM.L (AIM) Sector: Mining Discovery of Shallow, High Grade, Multi-Metal Lode in Finland Exploring for high-grade, multi-element base metal deposits in southern Finland. A 10,300m 11 month rolling drill campaign commenced December 2013 across three high priority projects: Hammaslahti, Outokumpu and Enonkoski with a strategy to discover and develop high-margin, modest capex deposits to service existing Finnish and European concentrate markets. Share price performance: (1 Year) Listed on the AIM in December 2013, having successfully raised 3.405m at 2.65 pence per share. Source: ProQuote Key Data No. of shares: 296m Mkt. cap: 8.5m NMS: 30,000 Website: finnaustmining.com Western Areas Limited, an A$1.3 billion market cap Australian nickel producer, is the major shareholder with circa 68% of the stock and has provided funding, senior management and technical support to ensure FinnAust has the best chance of success. Proven management team with a history of discovering, financing, building and profitably operating mining assets globally. (See appendix for biographies) Finland is attractive from a discovery perspective and Company exploration is already yielding results. Strategy to use modern exploration techniques, including ZTEM geophysical technology*, geochemistry and drilling, in the areas surrounding the prolific ex-outokumpu operations. Analyst Harry Stevenson (t) +44 (0) (e) harry.stevenson@beaufortsecurities.com *ZTEM is an innovative new airborne AFMAG (Audio-Frequency Magnetics) system for planewave frequency domain electromagnetic surveying, which can be operated by a helicopter or a fixed wing aircraft. Ideal Location Finland Three priority projects in top ranked European investment destination Finland Mature and highly skilled mining and support services industry Excellent infrastructure in place

2 17 th November Page 2 Recent Drill Highlights Discovery at Hammaslahti with hole R325 - a shallow, high-grade, multi metal lode discovered in Q and the lode contains high-grade copper with zinc, lead, silver and gold and is open R % Cu, 2.70% Zn, 0.7% Pb, 71gpt Ag, 0.76gpt Au R % Cu, 3.78% Zn, 0.54% Pb, 67gpt Ag, 1.82gpt Au (100m south of R325 Hammaslahti Project details Hammaslahti in SE Finland was mined for copper ( Cu ), zinc ( Zn ), lead ( Pb ), silver ( Ag ) and gold ( Au ) by Outokumpu OY between 1973 and 1986 The mine was unusual in that it outcropped and is recognised as a VMS-type deposit with significant remobilisation It was extended by several open-pits followed by shallow underground developments Mining ceased in mid 1980s when metal prices collapsed Discovery hole R325 was drilled just north of the old zinc pit Near Term Objectives for FinnAust Extend the lode to the south, west and east Define the highest grade zones in advance of resource drilling Expand 3 adjacent lodes of similar type to the south, west and east Discover more mineralised systems along a 25km regional structure Drill the highest priority targets st the Enonkoski nickel sulphide project Progress several JV opportunities on other project areas Enonkoski Nickel Copper PGE Project Previously producing nickel-copper mine (Outokumpu Oy), which reportedly produced 6.7Mt at an average grade of 0.8% Ni between 1984 and 1994 The Company believes there is excellent potential for high-grade massive sulphide ore bodies associated with lower-grade disseminated nickel at Enonkoski By digitising the orebody for the first time, FinnAust geologists have highlighted historic drill intercepts include 6.9% Ni, 2.0% Cu and 0.33% Co - clearly massive sulphides exist in the area On 30 th October 2014 FinnAust announced the completion of the modelling and drill design phase at its Kelkka Nickel Sulphide Project in South East Finland (previously named Enonkoski Project). Kelkka is located only 80km south east of the Company's discovery at its 100% owned Hammaslahti Copper Project and just southeast of the historic Enonkoski Mine.

3 17 th November Page 3 Kelkka is located proximal to the intrusive-related Enonkoski Mine which was exploited by Outokumpu OY between 1984 and 1994 and yielded 7Mt at an average grade of 0.78% ("Ni") nickel and 0.22% ("Cu") copper Examination and digitisation of the old Enonkoski database has highlighted that further >5% nickel sulphide horizons existed and were mined within the lower-grade portions of that orebody The Company believes the Kelkka intrusion may play host to massive sulphide nickel horizons similar to those found at Enonkoski Five priority targets have been identified at the Project to date following a detailed modelling programme completed by Astrock Geophysics using historical and newly acquired geophysics in conjunction with geochemical databases and geological databases The Company intends to initially test two of these targets, located on the Kelkka intrusion, via a 2 to 3 hole, 1,000m diamond drilling programme at the appropriate time FinnAust Executive Director Alastair Clayton said, "Kelkka is located in a highly prospective region, adjacent to the previously mined Enonkoski intrusion. These mafic to ultramafic intrusions are a classic geological setting for nickel sulphide deposits, as highlighted by the high-grade tenor of some of the historical drill intercepts recorded at neighbouring Enonkoski, where historic drill holes encountered very large widths at over 5% nickel. This suggests that near mine exploration holds real potential for discovering highgrade nickel sulphide mineralised bodies in adjacent intrusive rock at Kelkka. "High-grade nickel sulphides are widely seen as one of the top value creators for exploration companies such as ours, due to their rarity. Nickel prices have risen in 2014 on the back of limited supply and our major shareholder, Western Areas Limited, is an industry leader in the discovery and exploitation of the high-grade Flying Fox and Spotted Quoll operations in Western Australia. Western Areas senior technical team in Australia have assisted with the design of the Kelkka drill programme and we are grateful for their on-going assistance. Read the full RNS article here Placing On 29 th October 2014 the Company announced that it has raised 1.1 million by way of a placing of 48,888,890 new ordinary shares of 2 pence each in the capital of the Company at 2.25 pence per share, with new and existing shareholders. The funds raised will rapidly accelerate the Company's rolling campaign which is being implemented across its three prospective Finnish projects, and is currently focused on the Hammaslahti Copper-Gold-Zinc Project. The Company's major shareholder and Australia's third largest nickel producer, Western Areas Limited (WSA), has subscribed for 11,111,112 Placing Shares. Accordingly, following admission of the Placing Shares to trading on AIM, WSA will have an interest in 178,611,112 ordinary shares of 2 pence each, representing per cent. of the issued ordinary share capital of the Company as enlarged by the Placing. Outokumpu Project A copper mine made famous by its highgrade and large size. It was in operation for nearly 80 years, comprising several underground deposits and mines dotted along a 40km belt of unique geology. The town that bears its name is still a centre of mining machine manufacture and innovation. The Belt was the sole domain of the state controlled Outokumpu OY from its discovery in 1910 until 1989.

4 17 th November Page 4 Mining continues at Kylylahti on the Northern tip of the belt where new, large and high-grade discoveries have recently been made. Kylylahti Mine purchased by Boliden AB in July for US $95m in cash in October 2014 FinnAust Mining PLC has a dominant licence holding over the Belt, most notably in the central and virtually unexplored SW portions. Shallow lakes and swampy country immediately to the SW of the famous Outokumpu Mine is less conducive to exploration activities with only a handful of >1km spaced shallow fence lines ever drilled. Close to an exit from mining altogether in the late 1980 s,outokumpu OY had little incentive to undertake intense exploration. FinnAust has a near 10km long portion of what is near virgin ground in the SW. Modern Geophysics and Company lake drilling confirms Belt continues under the lakes and swamps. Northern Licences are near the Kylylahti Mine and may be adjacent to a regional mineralising structure known as Papas Pipe. Drilling can be summer and winter depending on specific location, with multiple targets generated. In February 2014 a single section was drilled across an undrilled 5km section of the Outokumpu Belt Only 4 holes (1668m) completed due to thin ice conditions but all holes intersected Outokumpu formation A single hole intersected over 30m of semi- massive iron sulphides This unusual occurrence may be a feeder zone for mineralising fluids - no determination made yet

5 17 th November Page 5 Conclusion The company has three potential high grade projects in Finland, with a breakthrough discovery at Hammaslahti-a shallow high grade multi-metal lode. Finland has the infrastructure, a supportive mining code and prolific mineralisation. FinnAust benefits from the support - both financial and technical - from Australia s third largest nickel producer, Western Areas Limited (Mkt Cap A$1bn). FinnAust is scaling up the drilling to define resources at Hammaslahti. This is one to invest and we expect pleanty of news over the coming months. Speculative Buy with an initial target price of 6p, which is a 20% increase on the IPO price of December Strengths and Weaknesses Strengths Support of Western Areas Potential High Grade projects Finland with infrastructure and supportive mining jurisdiction Weaknesses Further drilling may not increase resource Development plans may take longer than anticipated A fall in metal prices will affect returns Sources: Company website, Company presentation and RNS announcements, Proquote. Appendix Non Executive Chairman - Dan Lougher The Managing Director & CEO of Western Areas Limited, Mr Lougher is a qualified Mining Engineer with over 30 years experience in all aspects of resource and mining project exploration, feasibility, development and operations, gaining a significant corporate network in the international financial and mining community Member of the Australasian Institute of Mining & Metallurgy and also a director of Mustang Minerals Corp Non-Executive Director - Graham Marshall General Manager commercial at Western Areas Limited, he has spent over 25 years in the mining and engineering sectors and has held directorships and senior positions within a number of private and public companies. Mr Marshall has extensive commercial, corporate services and project development experience and holds a Diploma of Project Management and is a member of the AIPM Non-Executive Director - Greg Kuenzel 17 years experience in providing accounting and corporate advice across a range of industry sectors including mining and resources Over the past 9 years in London he has worked with and on the Board of a number of AIM listed companies, predominantly in the mining and resources industries, providing corporate and financial consulting services Executive Director - Alastair Clayton A former Director of Extract Resources Limited (Kalahari Minerals plc representative) Mr Clayton is a geologist and mining investment specialist with over 15 years experience in Australian and UK capital markets Mr Clayton also holds a grad. Dip. Finance and Economics Chief Operating Officer - Urpo Kuronen Finnish Geologist with 33 years experience in exploration and mining in Finland and Australia. Having previously worked for Outokumpu Mining, he is responsible for the overall day to day running of all the company s operations in Finland. Member of the Australian Institute of Mining and Metallurgy.

6 17 th November Page 6 Recommendations During the three months to end-october 2014, the number of stocks on which Beaufort Securities has published recommendations was 288, and the recommendations were as follows: Buy - 64; Speculative Buy - 195; Hold - 26; Sell - 3. Full definitions of the recommendations used by Beaufort Securities in its publications and their respective meanings can be found on our website here. This report is published by Beaufort Securities ( Beaufort Securities ). Beaufort Securities is Authorised and Regulated by the Financial Conduct Authority and is a Member of the London Stock Exchange. This research is non-independent and is classified as a Marketing Communication under FCA rules. 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