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1 ASX Code: GMM A Multi Asset, Rare Metal Development Company

2 Disclaimer Competent Persons Statement James Bay The information in this report that relates to Mineral Resources is based on work completed by Mr. James McCann, who is a Member of a Recognised Overseas Professional Organisation. Mr McCann is a full time employee of McCann Geosciences, 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 Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr McCann consents to the inclusion in the report of the matters based on his information in the form and context it appears. Competent Persons Statement Mt Cattlin The information in this report that relates to Mineral Resources and Exploration Results for the Mt Cattlin Project is based on information compiled by Mr Robert Spiers who is a full time employee of H&S Consultants Pty Ltd. Mr Spiers has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity they are undertaking to qualify as a Competent Person as defined in the 2004 edition of the Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Spiers consents to the inclusion in the report of the matters based on their information in the form and context in which it appears. This information was prepared and first disclosed under the JORC Code it has not been updated since to comply with JORC 2012 on the basis that the information has not materially changed since it was last reported. The information in this report that relates to Ore Reserves at the Mt Cattlin Project is based on information compiled by Mr Roselt Croeser who is a full time employee of Croeser Pty Ltd. Mr Croeser has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity they are undertaking to qualify as a Competent Person as defined in the 2004 edition of the Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Croeser consents to the inclusion in the report of the matters based on their information in the form and context in which it appears. This information was prepared and first disclosed under the JORC Code it has not been updated since to comply with JORC 2012 on the basis that the information has not materially changed since it was last reported. Forward Looking Statements General Mining Corporation Limited has prepared this announcement 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 announcement. To the maximum extent permitted by law, none of General Mining Corporation Limited, 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 announcement or its contents or otherwise arising in connection with it. This announcement is not an offer, invitation, solicitation or other recommendation with respect to the subscription for, purchase or sale of any security, and neither this announcement nor anything in it shall form the basis of any contract or commitment whatsoever. This announcement 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. Slide: 2

3 Corporate Overview ASX CODE : GMM Issued Capital Shares Options (listed) Options (unlisted) Current million 5.8 million 3.3 million 4.7 cents Share Price 52 Week High 7.0 cents 52 Week Low 0.2 cents Market Capitalisation Undiluted $7.2 million Michael Wright (Chairman) Board Michael Fotios Robert Wanless Craig Readhead Technical Delta Resource Management Major Shareholders Michael Fotios & Associates 18% NB: prices correct as of Friday 26/6/2015 Slide: 3

4 Project Locations Mt Cattlin Mine (Australia) Targets: Lithium / Tantalum C a n a d a James Bay Target Types: Pegmatite hosted Target Terrains: Archaean A u s t r a l i a James Bay (Canada) Targets: Lithium / Tantalum Mt Cattlin Target Types: Pegmatite hosted Target Terrains: Archaean Slide: 4

5 Transaction Overview Commercial Terms: Mt Cattlin: AUD $25m for 50% $7m upfront plus 3x annual payments of $6m (can be paid early) James Bay: USD $5m spend over three years for 50% GMM shareholder approval is final condition to be satisfied GXY shareholder approval is no longer required for completion Key Dates GMM EGM early August 2015 Formal Agreement intended to be signed prior to GMM EGM Restart at Mt Cattlin no later than 31 March 2016 GMM/GXY to have only operating lithium mine on ASX Slide: 5

6 Project Economics: Mt Cattlin Mineral Resource Estimate: Resource: 1.08% Li 2 O and 157ppm Ta 2 O 5 Reserve: 1.04% Li 2 O and 149ppm Ta 2 O 5 Capital expenditure requirement: $7.5-15m to achieve 800 ktpa Prior Production by GXY 1 : kt ore milled, 64kt Spodumene concentrate produced kt ore milled, 54kt Spodumene concentrate produced (Jan to July 2012) Offtake - advanced discussions underway with both Lithium and Tantalum offtake partners and financiers Market prices: 6% Li 2 O price USD $470/t Ta 2 O 5 USD $90/lb contained Ta 2 O see GXY 2011 Annual Report; 2012 see 2012 GXY Annual Report Slide: 6

7 Timeline Jul 2015 Aug 2015 Sep 2015 Oct 2015 Nov 2015 Dec 2015 Jan 2016 Feb 2016 Mar 2016 GMM Shareholder Meeting Finalise flow sheet design Offtake negotiations Processing Plant Refurbishment Crushing Plant Modifications Commissioning Commencement of Production Slide: 7

8 ASX Peers Hard Rock Lithium Developers Resource (GMM share 50%) Reserve (GMM share 50%) GMM share 50% Company Mkt Cap Project Tonnes Grade Tonnes Grade Capital Hurdle Production next 12 months General Mining (GMM) $7.2m Mt Cattlin 16.4Mt 1.08% Li 2 O 157ppm Ta 2 O 5 9.9Mt 1.04% Li 2 O 149ppm Ta 2 O5 $7.5-15m James Bay 22.2Mt 1.28% Li 2 O N/A N/A N/A N/A 80kt 5%+ Spodumene concentrate 125,000 lbs Ta 2 O 5 Pilbara Minerals (PLS) $71m Pilgangoora 215 ppm Ta 2 O 5; incl. 1.16% Li 2 O N/A N/A Est. $100m N/A Neometals (NMT) $47m Mt Marion (70% NMT only) 14.9Mt 1.30% Li 2 O N/A N.A Est. $100m Cobre Montana (CXB) $11m Multiple N/A N/A N/A N/A N/A N/A Prices correct as of Friday 26/6/15 Slide: 8

9 Lithium Market Lithium Supply by Country 2011 Lithium Supply by Company 2011 Albemarle (formerly) Source: signumbox World Consumption of Lithium by End-Use Fox Davies Capital 2013 Slide: 9

10 Mt Cattlin: Regional Map Slide: 10

11 Mt Cattlin Slide: 11

12 Mt Cattlin For personal use only A B Slide: 12

13 Mt Cattlin: Resource & Reserve Mineral Resource Estimate Resource Classification Over Mineralised Zone Table 1 - Resource July 2012, 0.4% Li 2 O cutoff, depleted for July 2012 EOM surface* Category Tonnes Li 2 O % Ta 2 O 5 ppm Nb 2 O 5 ppm Li 2 O metal t Ta 2 O 5 pounds Measured 2,540, , ,000 Indicated 9,534, ,000 3,566,000 Inferred 4,343, ,000 1,267,000 TOTAL 16,416, ,000 5,686,000 TOTAL M&I 12,073, ,000 4,419,000 Ore Reserves Table 2 - Resource July 2012, 0.4% Li 2 O cutoff, depleted for July 2012 EOM surface* Resource Grade Distribution - Li 2 Oppm Reserves Tonnes Li 2 O% Ta 2 O 5 (ppm) Proved 2,430, Probable 7,544, Total 9,974, *Figures may not sum due to rounding and significant figures do not imply an added level of precision. Plan view showing resource grades over the Main Li 2 O ppm mineralised zone. Slide: 13

14 Mt Cattlin: In Situ Infrastructure $100m+ sunk Project capital 1Mtpa processing plant Grade control drilling for first 5 years of mining complete Open pit waste strip 60% complete Borefield & Tailings storage Admin, Stores, Laboratory, Maintenance buildings 70kt of ore on ROM pad; 2 blasted benches in pit $3m+ spare parts inventory Power and water supply likely to be upgraded as part of refurbished operation Local government supportive Potential shared infrastructure benefits with town Slide: 14

15 Mt Cattlin: Flow Sheet Redesign Crushing circuit Dry crush to 6mm to increase yield Improve utilisation rate Mica scavenging circuit Prior flowsheet failed to effectively recover Mica impacted operational efficiency, water usage and quality of finished concentrate Tantalum & Spodumene recovery Targeting increase in Tantalum recovery from 10-15% to 65%+ Optimise Spodumene recovery Major savings in headcount required to operate plant (and mining team) will be achieved Target export finished concentrate from Esperance (previously Bunbury) Slide: 15

16 Administrative Building Run of Mine Pad Crusher Power Generation Primary Screening DMS Plant Laboratory Tailings Treatment Mt Cattlin site showing crusher and ROM

17 Process Water Fine Ore Bin DMS Plant Laboratory Mt Cattlin spodumene operation

18 James Bay: Overview Resource of 1.28% Li 2 O Similar coarse grained pegmatite ore type to Mt Cattlin Opportunity to leverage flowsheet IP from Mt Cattlin mine Plan of Mineralised Pegmatite Slide: 18

19 James Bay: Infrastructure Quebec consistently rated in Top 10 global mining jurisdictions James Bay region hosts a number of current and former operating mines, including Goldcorp s 300k oz Au p.a. Eleonore Project Roads, Power, Water infrastructure in situ

20 James Bay: Resource Multiple pegmatites identified Ta grades, co-products need further definition Final optimisation as part of DFS Resource Tonnes Li 2 O% Indicated 11,750, Inferred 10,470, TOTAL 22,220, Slide: 20

21 James Bay: Development Plan GMM commitment: USD $5m spend over three years, 50% in first two years Existing Mineral Resource: 1.28% Li 2 O GMM to now fund Detailed Feasibility Study (DFS); will back off Mt Cattlin mine & plant design GMM/GXY will seek financing partner to add downstream processing to raw material supply Galaxy Resources (GMMs JV Partner) enjoys deep relationships into Canadian capital markets Photo of Trenching sample on the pegmatite orebody Slide: 21

22 Summary General Mining now a multi asset rare metal developer; projects in two world class mining jurisdictions Board and Management with extensive expertise in relevant commodities; also largest shareholder Low capital hurdle to achieve first production end March 2016; will be ASXs only operating Lithium miner Tightly held share register, currently trading at substantial discount to listed peers on resource basis Substantial expansion potential at Mt Cattlin (resource tonnes, mine life) Low acquisition cost on James Bay resource; strategically located in North American market Slide: 22

23 ASX Code: GMM Contact Details: Michael Fotios Director: info@generalmining.com.au Website: Slide: 23