1. business and industrial
2. energy
3. coal

Discovering the Undiscovered
Rob Bills MD & CEO
Disclaimer
This presentation has been prepared by Emmerson Resources Limited ACN 117 086 745 (ASX:
ERM) (the “Company”) and is being provided to a limited number of investors for the sole purpose
of providing preliminary background information to enable recipients to review the business activities
of the Company. It is not intended as an offer, invitation, solicitation or recommendation with respect
to the purchase or sale of any securities.
This presentation should not be relied upon as a representation of any matter that a potential
investor should consider in evaluating the Company. The Company, nor any of its directors, agents,
officers, employees or affiliates does not make any representation or warranty, express or implied,
as to or endorsement of, the accuracy or completeness of any information, statements,
representations or forecasts contained in this presentation, and they do not accept any liability for
any statement made in, or omitted from, this presentation.
Prospective investors should make their own independent evaluation of an investment in the
Company. Nothing in this presentation should be construed as a financial product advice, whether
personal or general, for the purposes of Section 766B of the Corporations Act. This presentation
consists purely of factual information and does not involve or imply a recommendation or a
statement of opinion in respect of whether to buy, sell or hold a financial product. The Company has
not considered any of your objectives, financial situation or needs.
This presentation and contents has been made available in confidence and may not be reproduced
or disclosed to third parties or made public in any way without the express written permission of the
Company.
2
2
Emmerson Resources Capital Structure
ASX code
ERM
Shares on issue
376,842,704
Performance rights
Institutions,
32%
2,162,500
Market capitalisation (@ $0.035)
Cash (31/10/2014)
Other Investors,
52%
$13.2 million
Evolution
Mining, 13%
$3.1 million
$10.1 million
Listed investment (EVN)
$1.5 million
Directors &
Mgmt, 3%
(31/10/2014)
$0.070
10
9
Volume
$0.060
8
Millions
Enterprise value
ERM Share Price
Price
7
$0.050
6
5
$0.040
4
3
$0.030
2
1
$0.020
0
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
3
Board of Directors
Mr. Andrew McIlwain B.Eng (Mining)
Non-Executive Chairman
Mining Engineering. 25 years experience in operational, senior management
and executive roles (MIM, WMC, others). Managing Director of Unity Mining
Mr. Robert Bills B.Sc, M.Sc
Managing Director and Chief Executive Officer
Geologist with over 25 years experience in exploration and mining with
Western Mining Corporation, then BHP Billiton. Joined Emmerson
Resources in late 2007 as the Managing Director and CEO.
Mr. Simon Andrew B.Sc (Honours)
Non-Executive Director
Chemistry. Extensive experience in corporate financing transactions
4
Key Investment Features
Dominant ground position
– 2,500 km2 or 95% of the Tennant Creek
Mineral Field
New JV with Evolution (up to ~$28m)
High grade gold & copper
– Historically 15-20 g/t Au, 2-4% Cu
Processing plant
– Only gold mill in the region on care and
maintenance, next to road, rail, power &
gas pipeline
Mineral resources
– 6.6mt at 1.8% Cu & 1.1 g/t gold for
122,000t copper & 245,000 oz gold
– Including 100,000 oz gold at 17 g/t
Strategy
 Rapidly growing resources ahead of
production
 Discovering a new generation of gold
and copper deposits
5
The hunting ground
One of the few underexplored
high grade gold provinces
left in Australia
Bi
Edna Beryl
91,500 t Cu
2%
Ag
Only 8% of drill holes
reached a depth
greater than 150m
North Star
1.33 moz Au
8 g/t
11 g/t Au
1.2 g/t
Orlando
Warreg
o
Gecko
Warrego
CIP plant
122,700 t Cu
4%
Gecko &
Goanna
Orlando
Au
Bi
3.5 g/t
Ag
8.6 g/t Au
White
Devil
Ivanho
e
118,900 t Cu
4%
Argo
0.64 moz Au
15 g/t
Lone
Star
Peko
Golden
Forty
18 g/t Au
Chariot
12 g/t Au
TC8
Chariot
El Dorado
Mineral resources
Historical production
Size of the circle relates to the mine historical production in Au Eq.
Size of the pie relates to the proportion of metal production in Au Eq.
Au Eq. calculations used the following metal prices:
gold $1,300/oz, silver $20/oz, copper $3.00/lb, bismuth $10/lb
20 g/t Au
Juno
0.84 moz Au
57 g/t
Nobles
Nob
1.11 moz Au
17 g/t
6
The prize…..
6000000
Au Equivalent oz
5000000
Undiscovered deposits = new style of mineralisation that has been
overlooked by previous explorers and/or beyond the depth capability of
previous exploration
Undiscovered
deposittechniques
Potential according to Zipf’s
Law
4000000
3000000
1 deposit @ 5.2Mozs, 1 deposit @ 1.74Mozs, +++
Top 18 mines
2000000
Zipf Curve
Undiscovered deposit
1000000
Undiscovered deposits
0
Deposit Name
7
Predicting the Undiscovered – looking at depth….
8
Growing Resources – Chariot Mine
CHRC290
Latest Drill Results
• 4m at 11.8g/t gold from 111m including 2m at
22.7g/t gold & 0.17% bismuth (CHRC287)
• 7m at 3.14g/t gold from 130m including 1m at
10.5g/t gold & 0.41% bismuth (CHRC 288)
• 2m @ 7.36 g/t gold from 130m including 1m @
13.5g/t gold (CHRC286).
9
Growing Resources - Eldorado
Drilling in Progress
• ELD2 at ~200m
10
New Technology finds a new generation of deposits
HeliTEM:
Most powerful in the world
Designed for deep
exploration
Only system with XYZ fields
Flown on 100m lines, 3050m above ground
Measures electromagnetic
field
TC deposits variably
conductive
Barren host rocks resistive
Surface
11
New Technology Leads to Discoveries
The HeliTEM identified new targets, which lead to the discovery of two new deposits
Pre 2005
ERM exploration
12
The undiscovered Discovered!!
Drilling confirmed the new multi-disciplinary exploration technique
12m @ 17 g/t Au
& 3m @ 17 g/t Au
Goanna
discovery
27m @ 1.75% Cu
6m @ 4.8% Cu
21m @ 2.63% Cu
7m @ 7.96% Cu
24m @ 4.12% Cu
& 0.19g/t Au
Monitor
discovery
15m @ 8.13% Cu
& 0.19g/t Au
Warrego mill
24 km
Gecko Resource
2.46mt @ 2.1% Cu
Mined ore bodies
Un-mined ore bodies
Mineral resource
Underground working
26m @ 4.75% Cu
3m @ 11.8% Cu
9m @ 2.14% Cu
N
6m @ 3.59% Cu &
0.41g/t Au
1 km
13
Regional airborne electrical geophysics…undiscovered?
Drilling confirmed the new exploration technique: Monitor, Goanna
Drilling targets
Monitor discovery
12m @ 16.9 g/t Au & 2% Cu
resource pending
Gecko mine historic production
122,000 t Cu (4% Cu) & 122,000 oz Au (1.2 g/t Au)
Goanna resource
2.92mt @ 1.8% Cu & 0.2 g/t Au
Goanna East target
Horner discovery
4m @ 1.03% Cu
15
New technology - a Seismic shift in Exploration……
16
First application of seismic in Tennant Creek …….
• based on sound waves
• reflections occur at
changes in acoustic
impedance
• resolution maintained
with depth
17
and some conventional RAB exploration……..
North
ERM’s
Eastern
Project area
1km
ML 22284
18
Investment Highlights

Well funded via the JV with Evolution Mining

Dominant position in one of Australia’s premier high grade goldfields

Drilling underway to expand existing gold (and copper) resources

New exploration techniques to discover the missing ~7mozs of gold
( two discoveries to date!)

New drill targets to test in 2015

Stable and experienced Management and Exploration team

Gold processing plant ,infrastructure, power and roads nearby =
lower hurdle rate to production
19
The Emmerson Exploration Team
www.emmersonresources.com.au
20
Competent Person Statements
The information in this report relating to Exploration Results is based on information compiled by Mr Steve Russell, who is a
Member of the Australian Institute of Geoscientists and has sufficient exploration experience which is relevant to the style of
mineralization under consideration 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 Russell is a full time employee of
Emmerson Resources Ltd. Mr Russell consents to the inclusion in the report of the matters based on his information in the
form and context in which it appears.
The information in this report which relates to Mineral Resources is based upon information compiled by Mr Ian Glacken,
who is a Fellow of the Australasian Institute of Mining and Metallurgy. Ian Glacken is an employee of Optiro Pty Ltd 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 of Exploration Results, Mineral Resources and Ore Reserves. Ian Glacken consents to the inclusion in the
report of a summary based upon his information in the form and context in which in appears.
Gecko, Goanna & Orlando Mineral Resource: see details in ASX announcement “New High Grade Drill Results & Upgrade
to Resource Inventory” released on 18 October 2013.
Chariot Mineral Resource: see details in ASX announcement “High Grade Chariot Gold Resource’ released on 28
November 2013.
The information was first disclosed under the JORC Code 2004. It has not been updated since to comply with the JORC
Code 2012 on the basis that the information has not materially changed since it was last reported.
The gold equivalent calculation assumes a gold price of US$1,363/oz for gold and US$3.31/lb for copper and makes no
allowance for metallurgical recoveries. The totals may not sum exactly due to rounding.
21
Minotaur Exploration Limited | ASX: MEP
The Investment Case
November 2014
1
Why are investors so glum?
Index
S&P/ASX:SRO now at lowest level in a decade
9,000
7,500
6,000
4,500
3,000
1,500
Nov-04
Nov-05
Nov-06
Nov-07
Nov-08
Nov-09
Nov-10
S&P/ASX Small Resources Index
Nov-11
Nov-12
Nov-13
Source: Vesparum Capital / IRESS
2
MEP: Compelling investment case
Minotaur’s focus is on copper-gold assets & strategic nickel options:
 Copper-gold in QLD

Currently drilling new, shallow, copper-gold targets west of the high-grade Eloise mine

Artemis – first discovery

Discovery technique now being applied across wider regional land holdings
 Nickel-gold in WA



Tenements host standout examples of nickel sulphide mineralisation
Targets include known deposits and multiple untested geological, geochemical and
geophysical targets
These options present a compelling new exploration opportunities, particularly in a strong
nickel price environment
and coupled with Minotaur’s discovery track record, sound management
capabilities, strong cash position, multiple JVs contributing to annual
expenditures and highly regarded mining industry shareholders, creates a
compelling investment case
3
Minotaur stands out amongst junior miners
About Minotaur Exploration (ASX: MEP)
 Primary focus on copper and gold exploration in QLD
 Secondary focus on advanced nickel prospects in WA
Sustained price out-performance
Share price (A$)
0.30
Volume traded (M)
18.0
 Actively monetising non-core assets (listed investments,
industrial minerals)
0.25
15.0
0.20
12.0
 Clean capital structure with high profile share register
and supportive JV partners
0.15
9.0
0.10
6.0
0.05
3.0
 SPP + Placement in October 2014 raised $4M
 Cash on hand totals $7.5M
 JV partner contributions from Oct to March 2015 total
$5.3M
Jan-12
Jul-12
MEP daily volume
Capital ( @ 31-Oct-14)
Top 3 Shareholders
Number of shares
180M
Norilsk Nickel
OZ Minerals
Jan-13
Jul-13
Jan-14
S&P/ASX Small Resources Index
JV Partners
6%
4.5%
Share price
A$0.16
Market capitalisation
A$29M
Top 10
Cash
A$7.5M
Number of Holders
3500
Directors
3.5%
Enterprise value
A$21.5M
Newmont
Jul-14
MEP share price
3%
26.6%
JOGMEC
Japan Oil, Gas and Metals National Corp
(Japanese government entity)
GFR
Cornerstone private investor
Sumitomo Metals Mining Oceania
Major global metals player
Sandfire Resources
Australian copper-gold producer
4
Geographic focus is Australia
SECONDARY FOCUS
Nickel-Gold (WA)
Leinster: EM underway on
multiple targets
Scotia: EM underway on Saints
deposits to refine drill planning
Kambalda West: high tenor nickel
deposits under historic mines
Copper-Gold (Qld)
JOGMEC JV: drilling on IOCG
targets
Eloise JV: drilling on Artemis
ISCG prospect
NON-CORE ASSETS
OTHER ASSETS
Actively being prepared for sale:
Poochera Kaolin
Lake Purdilla Gypsum
SA Copper-Gold
SA Base Metals
VIC Copper-Gold
9
Copper-gold focus around Cloncurry
Minotaur recognised Cloncurry region as an IOCG
province hosting a range of mineralising styles

Extensive land position strategically acquired over several
years

4000km2 – around known Cu-Au mining centres:

Ernest Henry (adjacent to Ernest Project
MEP 100%)

Eloise
(adjacent to Eloise Project
MEP 84%)

Osborne
(adjacent to Osborne Project MEP 100%)

In-house expertise identifies geophysical targets under deep
and conductive cover, generating potentially mineralised
anomalies for drill investigation

Recent drilling proves Minotaur’s geophysical technique to be a
valid discovery tool

applied on the JOGMEC project; revealed new copper drill
targets; drilling underway

now being scaled up across the Eloise project area
10
Copper-gold focus near Eloise Mine
Eloise Copper JV

JV partner spending A$6m over 15
months to earn 50% project interest

Tenements highly prospective for Eloise
style high-grade Cu-Au deposits

EM-generated conductive plates
modelled and selected for first-pass drill
investigation

and discovered the Artemis coppergold-zinc-silver prospect (ISCG type)



First 3 diamond holes successfully
intersected ore-grade, massive sulphide
mineralisation
Step-out diamond drilling underway

40 holes for 18,000m

3 rigs drilling at 25m spaces for JORC purposes
Additional regional targets to be tested

10 holes for 2,000m
11
Copper-gold focus near Eloise Mine
Artemis discovery

Discovery holes showed persistently wide, massive
sulphide mineralisation (iron sulphide copper-gold, ISCG)

Mineralised body has true width 14-18m

eminently mineable widths

Copper-gold-zinc-silver dominant

Vertical section drill-intersected from 100m to 205m below
surface

Downhole EM confirms down-dip projection of conductor
below deepest hole

40 Step-out and down-plunge holes being drilled from
October through January for 18,000m

Geological setting and mineralising style is directly
analogous to Eloise Mine, 20km to East
12
Exploration model – Eloise Mine
Eloise Mine

Deposit is now known to be 10Mt+ @ 3.2% Cu and 0.7g/t Au

Long Section shows deposit geometry and Copper gradients

Economic mineralisation from 200m below surface

Hauling ore from 1300m below surface via Decline

Orebody has strike extent of 180m, depth beyond 2000m

Orebody believed to be improving at depth (~3.5% Cu & 5g/t Au)
Artemis comparison (results superimposed onto Eloise section)

Economic mineralisation from 100m below surface

High-grade Copper contours at shallow levels

Strike & Depth potential now being investigated

2 diamond rigs drilling to 500m down plunge/dip to test extents
13
Artemis drill-out campaign

Historic drill holes 150m to North and 100m to South
reported good gold grades but failed to intersect strong
sulphide mineralisation

gold intersections; eg: 5m @ 11.56 g/t and 4.1m @ 5.7 g/t

Minotaur’s hypothesis is that previous drilling passed
over or deviated away from apparent conductors

potential for Artemis to develop along strike


Strike potential now being drill tested

a step out drill programme of 40 holes is underway for 18,000m

2 diamond Rigs & 1 RC rig on site
Test down-plunge extensions

Drill down-plunge to 600m depth

Determine dimensions of mineralisation

Develop JORC resource estimate

Move to pre-feasibility study
14
Artemis drill-out underway
15
Industry recognition for Artemis discovery
16
WA nickel portfolio
Advanced nickel sulphide prospects on
proven, fertile ultramafic belts
Leinster JV (MEP 85%)

Multiple nickel targets identified from a massive historic exploration database
acquired through Breakaway Resources
 Ground along the Nickel belt is tightly held and rarely available
 Large tenement package ideally located over mineralised ultramafic units
 On strike from major nickel mines and Tier 1 nickel projects
 Ground EM underway across multiple targets
Scotia (MinAuSol of which MEP 50%)



Small historic nickel sulphide resource established at St Patricks
Multiple drill holes into adjacent St Andrews deposit represent an advanced
stage prospect with walk-up drill positions established
Modern ground EM to cover both targets and refine geometry of drill
intersected ultramafic units is nearing completion
Kambalda West

Minotaur holds nickel rights over 10 tenements owned by Tychean
Resources (ASX: TYK)
 High-grade Ni-Au assays published 23 July 2014
 Additional deposits waiting to be drilled to JORC standard
17
Scotia Tenements – Saints Prospects
Moving Loop Electro Magnetic survey, 46 line kms
19
Scotia Tenements – Saints Prospects
Moving Loop Electro Magnetics MLEM: deep penetrating EM effective to 300m depth
20
Share price catalysts
Minotaur will deliver substantial news flow over the coming months
 Actively drilling at Eloise

High-grade copper-gold-zinc mineralisation at Artemis Prospect, analogous to nearby Eloise copper-gold mine

Extensive drill programme underway to test for strike and down-plunge extensions of mineralisation

Multiple similar targets to be drill tested in the vicinity of Artemis
 JOGMEC JV
 Ground EM surveys revealed new copper drill targets. Diamond drilling underway

Exploration on advanced nickel portfolio in WA

Historic nickel database reveals multiple nickel sulphide targets and drill defined mineralisation, which have received little
follow up

MLEM underway at Saints deposits to extend boundaries of known NiS mineralisation and test for new conductors

Ground EM surveys underway on Leinster tenements to refine ultramafic nickel targets
 Sale of non-core assets

Kaolin projects in South Australia are being prepared for sale

$4.8M sale agreement of Gypsum deposit executed
 Listed investments

Minotaur’s listed investment portfolio provides discovery upside and monetisation potential on liquidity events
21
Disclaimer
Disclaimer
This presentation has been prepared by the management of Minotaur Exploration Limited (“Minotaur”, ASX: MEP) for the general benefit of analysts,
brokers and investors and does not constitute specific advice to any particular party or persons. Information herein is based on publicly available
information, internally developed data and other sources. Where an opinion, projection or forward looking statement is expressed in this presentation, it is
based on the assumptions and limitations mentioned herein and is an expression of present opinion only. No warranties or representations are made or
implied as to origin, validity, accuracy, completeness, currency or reliability of the information. Minotaur specifically disclaims and excludes all liability (to
the extent permitted by law) for losses, claims, damages, demands, costs and expenses of whatever nature arising in any way out of or in connection with
the information, its accuracy, completeness or by reason of reliance by any person on any of it. Where Minotaur expresses or implies an expectation or
belief as to the success of future exploration and the economic viability of future project evaluations, such expectation or belief is expressed in good faith
and is believed to have a reasonable basis. However, such projected outcomes are subject to risks, uncertainties and other factors which could cause
actual results to differ materially from projected future results. Such risks include, but are not limited to, exploration success, metal price volatility, changes
to current mineral resource estimates or targets, changes to assumptions for capital and operating costs as well as political and operational risks and
government regulatory outcomes. MEP disclaims any obligation to advise any person if it becomes aware of any inaccuracy in or omission from any
forecast or to update such forecast.
Competent Person’s Statement
Information in this presentation that relates to exploration results for Minotaur Exploration Ltd is based on information compiled by Dr AP Belperio, a
director and full-time employee of the Company and a Member of the Australian Institute of Geoscientists (AIG). Dr Belperio has sufficient experience
relevant to the style of mineralisation and type of deposits under consideration and to the activity that he has 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” (JORC Code). Dr
Belperio consents to inclusion of this information in the form and context in which it appears.
22
MELBOURNE MINING CLUB – CUTTING EDGE SERIES
Is Nickel really Fickle?
NOVEMBER 2014
www.westernareas.com.au
westernareas.com.au | ASX: WSA
ASX:WSA
DISCLAIMER AND FORWARD LOOKING STATEMENTS
This presentation is being furnished to you solely for your information and for your use and may not be copied, reproduced or redistributed to any other person in any manner. You agree to keep the
contents of this presentation and these materials confidential. The information contained in this presentation does not constitute or form any part of any offer or invitation to purchase any securities and
neither the issue of the information nor anything contained herein shall form the basis of, or be relied upon in connection with, any contract or commitment on the part of any person to proceed with any
transaction.
The distribution of this presentation in jurisdictions outside Australia may be restricted by law, and persons into whose possession this presentation comes should inform themselves about, and observe,
any such restrictions.
The information contained in this presentation has been prepared by Western Areas Ltd. No representation or warranty, express or implied, is or will be made in or in relation to, and no responsibility or
liability is or will be accepted by Western Areas Ltd, employees or representatives as to the accuracy or completeness of this information or any other written or oral information made available to any
interested party or its advisers and any liability therefore is hereby expressly disclaimed. No party has any obligation to notify opinion changes or if it becomes aware of any inaccuracy in or omission from
this presentation. All opinions and projections expressed in this presentation are given as of this date and are subject to change without notice.
This document contains forward-looking statements. These statements are based on assumptions and contingencies that are subject to change without notice, and certain risks and uncertainties that
could cause the performance or achievements of Western Areas Ltd to differ materially from the information set forth herein. Western Areas Ltd undertakes no obligation to revise these forward-looking
statements to reflect subsequent events or circumstances. Individuals should not place undue reliance on forward-looking statements and are advised to make their own independent analysis and
determination with respect to the forecasted periods, which reflect Western Areas Ltd’s view only as of the date hereof.
The information within this PowerPoint presentation was compiled by Western Areas management, but the information as it relates to mineral resources and reserves was prepared by Mr. Dan Lougher
and Mr. Andre Wulfse. Mr. Lougher and Mr. Wulfse are full time employees of Western Areas Ltd. Mr. Lougher and Mr. Wulfse are members of Australian Institute of Mining and Metallurgy (AusIMM) 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 Competent Persons as
defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’(2012 JORC Code). Mr. Lougher and Mr. Wulfse consent to the inclusion in
this presentation of the matters based on the information in the form and context in which it appears. The information contained in this presentation in relation to the Flying Fox Mine was prepared and
first disclosed under the 2004 Edition of the JORC Code. It has 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.
For the Purposes of Clause 3.4(e) in Canadian instrument 43-101, the Company warrants that Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability.
ASX:WSA
2
AGENDA
 Corporate
Explore
Mine
Produce
Sales
 Operations
 Exploration & Growth Outlook
 Nickel Market
ASX:WSA
3
CORPORATE OVERVIEW
8,000
4.50
6,000
3.50
4,000
2.50
2,000
1.50
Jul 13 Sep 13
WSA Volume
0
Key Information
Share price
Volume (000s)
Share price (A$/share)
WSA vs ASX 200 Resources (FY14 YTD)1
5.50
Nov 13 Jan 14 Mar 14 May 14
WSA
ASX 200 Resources (rebased to WSA)
as at 30 Sep 2014
4.31
52 week high/low (A$)
5.30 / 1.94
Shares outstanding (m)
232.3
Market Capitalisation (A$m)
1,002
Cash (A$m)2
230.5
Debt (A$m)2
220.2
Undrawn ANZ Facility
125.0
Board & Senior Management
1.
2.
ASX 200 Resources Index rebased to WSA Share Price
Cash as at 30 June 2014 and convertible bond debt
Name
Position
Ian Macliver
Independent Non-Executive Chairman
Dan Lougher
Managing Director & CEO
David Southam
Executive Director
Joseph Belladonna
Chief Financial Officer & Company Secretary
Julian Hanna
Non-Executive Director
Richard Yeates
Independent, Non-Executive Director
Robin Dunbar
Independent, Non-Executive Director
Craig Readhead
Independent, Non-Executive Director
Tim Netscher
Independent, Non-Executive Director
ASX:WSA
4
WESTERN AREAS ARE SAFE AREAS
Continuous Safety Improvement

LTIFR 1.00

Flying Fox >447 days LTI free

Spotted Quoll >1,263 days LTI free

Exploration >2,282 days LTI free

Cosmic Boy Concentrator >464 days LTI free

Contractors and employees fully integrated
into a site wide commitment
4.0
3.0
LTIFR
2.0
1.0
0.0
Oct Nov Dec Jan Feb Mar Apr May Jun
Jul Aug Sep
Environment & Social

No environmental breaches

Strong local commitments to schools and
associations around Forrestania, Perth Zoo
(Western Quoll) and Starlight Children’s
Foundation WA

Supporter of the WA Mining Club scholarship
programme
ASX:WSA
5
OPERATING HIGH GRADE MINES
Lounge Lizard 10m wide face of 7% Massive Nickel Sulphide
Spotted Quoll face at average 10.6% Nickel Sulphide
ASX:WSA
6
FLYING FOX MINE
Mineral Resource and Ore Reserve
 Reserve upgrade announced:

Added 7,572t nickel grading 6.5%
 Mineral Resource: 1.77Mt @ 5.2% Ni containing
92,547 Ni Tonnes (High grade only)
 Ore Reserve: 1.50Mt @ 4.1% Ni containing
61,177 Ni Tonnes
 Underground drilling program to extend Mineral
Resource remains a focus
Production
 FY14 – 317,031t @ 4.6% Ni for 14,713t nickel
 Low cash cost operation
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SPOTTED QUOLL MINE
Mineral Resource and Ore Reserve

Mineral Resource: 3.16Mt @ 5.5% Ni
containing 173,354 Ni tonnes

Ore Reserve: 2.91Mt @ 4.1% Ni containing
118,842 Ni tonnes

Remains open at depth and to the North

Already around a 10 year mine life on Reserve

New Spotted Quoll North Indicated and Inferred
Resource of 140kt @ 9.3% for 12,906t nickel
Production

Record in FY14 – 281,928t @ 5.0% Ni for
13,972t nickel

Successfully ramped up nickel production to a
sustainable 12ktpa run rate in FY14

Top-down mining using paste fill
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FORRESTANIA NICKEL CONCENTRATOR
Concentrator Summary

Current nameplate capacity of 550,000tpa of ore but is achieving
throughput 9% above capacity

Nickel concentrate output circa 25,000tpa Ni

Concentrate grades of around 14.0% Ni


Premium blending product (Fe/Mg ratio >15:1)

Desirable to smelters
14,000t of concentrate storage capacity
Export Infrastructure and Logistics

Access to >1400 sealed shipping containers

No environmental issues

Using 25 trucks for concentrate transportation

Shipping contract in place, FOB Esperance Port
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INDEPENDENT PRODUCER – OFFTAKE CONTRACTS
Offtake Contracts
 FOB Terms
 Very competitive payable percentage of LME
Offtake Tender Announced
 Expressions of Interest already received
 Aiming to complete in the December quarter
 1 to 2 year contract anticipated
JINCHUAN
~13ktpa
Dec 2014
BHP
~12ktpa
Mid 2017
 Tightness in smelter supply being experienced now
 New market entrants including traders, stainless steel
producers and Nickel Pig Iron (NPI)
 Global nickel sulphide grades in decline
 Laterites and NPI do not fill the void – Indonesian Ban
has severely impacted NPI production
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FORRESTANIA TENEMENTS
Regional Geology
 120km strike length (900 sq km) of
prospective Forrestania Nickel Project,
within 400km long nickel province
 Six ultramafic belts
 Nickel sulphide deposits and most
occurrences in two belts (Eastern and
Western)
 Western Ultramafic Belt hosts the high
grade Flying Fox, Spotted Quoll and New
Morning deposits
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WESTERN GAWLER JOINT VENTURES

Part of regional exploration strategy

Two separate Farm-In Agreements with Gunson
Resources Ltd and Monax Mining Ltd:
 A$0.8m on each to earn 75% over 2 years
 Further A$0.4m on each for 90% over
additional 18 months
 Close to existing infrastructure
 Total area 2,746km2

First mover advantages targeting massive high grade
poly-metallic mineralisation

Potential to host mafic-ultramafic intrusive related
deposits

Detailed high resolution airborne geophysics combined
with other geophysics and subsequent drilling
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WESTERN AREAS VALUE EQUATION
• High Grade =
Margin
• Survival
• Returns to
shareholders in
Dividends
• Guidance
continually met
or exceeded
• Looming
shortage of
nickel post Indo
ban
Highest Grade
Nickel Globally
Cashflow
Positive
Strong Track
Record of
Delivery
Nickel Price
Primed for
Upside
• New mine
successfully
brought on in
24 months
• Flexibility in
meeting future
demands or
opportunities
History of
Discovery and
Development
Strong Balance
Sheet
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NICKEL MARKET
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NICKEL IS A VALUABLE, BUT COMPLEX COMMODITY
Nickel Sulphide Ore
Nickel Laterite Ore
Nickel Concentrate
High Pressure Acid Leaching (HPAL)
Nickel Matte
LME/MHP
Refinery (LME Nickel)
FerroNickel
Mixed Hydroxide
Products (MHP)
Nickel Pig Iron (NPI)
(Smelter BHP/Jinchuan)
Blast Furnace/ EAF / RKEAF
World Production ~ 2M tonnes Ni
→
→
→
Stainless Steel 75%
Europe Scrap Stainless Steel >50%
China Scrap Stainless Steel <25%
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NICKEL PRICE SWING
“China’s imports of nickel ore from Indonesia, the world’s
biggest miner of the raw material, declined 67 percent in
April. Inbound shipments fell to 298,948 metric tons from
907,279 tons in March and 3 million tons a year earlier.”
(Source: Bloomberg 21 May 14)
2016/2017??
•
$9.01 US/lb High
Philippines Ban Press
(Sep 2014)
Positive AUD/USD FX
Bloomberg 30 Oct 14)
• $8.44 US/lb (May 2014)
Indonesian Ban
(Jan 14)
$5.99 US/lb Low
“Nickel Set for Biggest
Two-Day Gain Since
May on Supply
Concerns” (Source:
•
$7.00 US/lb Current Price
(Nov 2013)
•
“China's Nickel Ore Stocks Fall Faster On Philippine
Disruptions” (Source: Mitsui Bussan Commodities 30 Oct 2014
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….AND ROUNDABOUT
“Ukrainian imports of nickel ore and
concentrate in the first six months of
the year fell 34% year on year to
521,040 mt”
“Philippines increase mid grade laterite
ore to China”
(Source: Platts 22 Aug 14)
“Nickel’s 56% Rally Spurs Mine
Restarts amid Ore Ban”
(Source: Bloomberg 12 Aug 14)
“Smelters in China have increased
the proportion of mid-grade
nickel ore in the blend they use to
make nickel pig iron (NPI) to
offset the rising cost of highgrade ore as Indonesia’s ban on
minerals exports enters the eighth
Month”.
(Source: Metal Bulletin 19 Aug 14)
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NICKEL PRICE DRIVERS
There are a number of factors that influence the nickel price including:
1.
Level of global nickel supply
2.
Cost and capacity of Chinese nickel pig iron (“NPI”) production
3.
Indonesian nickel laterite export ban
4.
Global stainless steel demand
5.
Shorter term political factors
What we believe is occurring:

Many commentators believe nickel supply now in equilibrium or a small deficit heading into
FY15 – low price supply response began in CY13 selected operations shut down

NPI production CY13 450kt to 500kt – cost effective RKEAF relied on Indonesian laterite

Indonesian ban implemented and exports have ceased – Supply squeeze for China NPI

Stainless steel demand remains strong in China

European stainless steel demand appears to be improving – Order Books full but some capacity closed

Still a noisy market – Philippines ban, Russia sanctions and an increasing LME stockpile
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NICKEL MARKET DYNAMICS

Indonesia in a unique position in respect of
high Ni grade, low Fe, Laterite product

Very strong message from the Indonesian
government that the ban is permanent

Reduction in Chinese NPI and Ferronickel from
Japan of approximately 300ktpa contained
nickel

Approvals for Indonesian based NPI take a
minimum of 18 months, plus construction,
power supply and skilled labour issues mean
that any meaningful production in at least 5
years away

Nickel market deficits set to start in CY15,
assuming 4% nickel demand growth and the
Indonesian ban holding
World Saprolite Resources (Mt Ni contained)
Forecast nickel market balance (kt)
Source: Glencore
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TESLA MOTORS, INC
Source: Tesla
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