Mount Gunson - SA Exploration and Mining · Mount Gunson “South Australia’s next Copper-Cobalt Mine” 02 December 2016 Torrens Mining Limited Resource Innovation

Mount Gunson “South Australia’s next Copper-Cobalt Mine”

02 December 2016

Torrens Mining LimitedResource Innovation

Disclaimer & ConfidentialityImportant Notice

This presentation contains certain statements which may constitute “forward-looking statements”. Such statements are only expectations or beliefs and aresubject to inherent risks and uncertainties which could cause actual values, results or performance achievements to differ materially from those expressed orimplied in this presentation. No representation or warranty, express or implied is made by Torrens Mining Limited (ACN 168 295 092) (“Torrens”) that anyforward-looking statement contained in this presentation will occur, be achieved or prove to be correct. You are cautioned against relying upon any forwardlooking statement.

Except for statutory liability which cannot be excluded, each of Torrens, its related body corporates and its and their respective officers, employees andadvisers expressly disclaims any responsibility for the accuracy or completeness of the material contained in this presentation and excludes all liabilitywhatsoever (including in negligence) for any loss or damage which may be suffered by any person as a consequence of any information in this presentation orany error in it or omission from it. Torrens accepts no responsibility to update any person regarding any inaccuracy, omission or change in information inthis presentation or any other information made available to a person, nor any obligation to furnish the person with any further information.

This presentation does not constitute an offer of securities in Torrens or any associates thereof, nor an invitation to apply for such securities. Thispresentation does not provide investment advice or financial product advice. You should obtain professional advice and carry out your own independentinvestigations and assessment of the information in this presentation (including any assumptions) before acting. Information in this presentation which isattributed to a third party source has not been checked or verified by Torrens.

The contents of this work are also confidential and valuable proprietary information of Torrens. The Recipient must treat all data and any informationcontained in this document and the accompanying electronic information or documents referred to in it and any other information or data in relation to theprospects, projects and areas of interest furnished to it (each of which data and information is proprietary to, and subject to confidentiality obligations infavour of Torrens) or subsequently provided by Torrens (including its advisers or personnel) as confidential (whether or not marked as such) as all data andsuch information is by its nature confidential and valuable proprietary information of Torrens.

This work is copyright. All rights reserved. In view of the copyright and the confidentiality of this document no part of this work may be reproduced in anyform by any process or means, without the written permission of Torrens.

© Torrens Mining Limited 2016

M63/15

Mt Gunson>170,000t previous

Cu production100km Olympic Dam

45km WoomeraMt Gunson Cu-Co-Ag

Mining Project

Torrens Mining Limited 3

Two distinct copper deposit types:

Sedimentary-hosted copper-cobalt in Cover Sequence

IOCG (Olympic Dam-style) deposits in basement rocks (up to 1 km deep)

4

O’Brien 2006b

Torrens Mining Limited

Tenements

5

Tenement Granted Expiry Area (sq.km)

EL5636(prev. EL4460)

25-10-2015 24-10-2017 463

EL5108(prev. EL3937)

29-10-2012 28-10-2017 70

EL5333 7-10-2013 6-10-2018 291

Total 824


Emmie Bluff IOCG & Sediment-hosted Cu

MG14

Windabout

Establisheds site:

Electrical PowerScheme waterPhoneWoomera 40km Air servicesStuart Hwy

Wall collapse

Torrens Mining Limited6

Open-cut mining inventory*

Dolomitic black shale Cu-Co-Ag sulphide ore


MG14 Resource

117 drill holes

Indicated Resource1.6Mt @ 1.4%Cu, 0.04%Co, 14g/t Ag

Open to NW 500m


Windabout Resource


1 kmIndicated Resource

18.7Mt @ 1.0%Cu, 0.05%Co, 10g/t Ag195 drill holes

9

MG14 & Windabout Resources

• 20.3M tonnes @ 1.0%Cu, .05%Co & 10g/t Ag, for 465 M lb Cu (>200Kt), & 26 M lb Co

• Estimated Mineable

13.1M tonnes @ 1.1%Cu, .05%Co & 16g/t Ag

10


Why have these deposits not been mined???


Pluses…• Readily marketable commodities• Established mineral resources >200kt Cu

• Shallow starter pit (MG14)• Excellent infrastructure• Supportive community


Minuses…• High Strip Ratio Windabout (circa 20:1)

• Conventional flotation low recovery• Mixed Cu-Co conc low value


Solutions…?• Adopt bulk coal mining technology for Windabout overburden

• Float – Leach processing• Mine gate metal sales


Windabout Overburden Mining Considerations:

Strip Ratio av. 20:1

Free dig overburden

Grid power available

Long mine life (>12yrs)

Flat orebody

15Torrens Mining Limited

Option 1 – Bucket Wheel Excavator

Option 2 – IPC & Excavator

Ore Mining

• Surface Miner• Ideal - mining flat

orebody

• Low dilution

• Soft ore = low pick wear

16


Float - Leach - Strip ProcessKey steps:

1) Ore milling

2) Deslime Feed to Float

3) Float Cu & Co sulphides

4) Leach Float tails & slimes

5) GlySmeltTM float cons

6) Products: EW Copper & Cobalt Carbonate

17


Undersize

CYCLONE

ORE

LOG WASHER

Float concentrates

FLOAT PLANT

Slimes Float tailsGLYCINE CONCENTRATE LEACH PLANT

Cobalt carbonateSilver in residues

CYANIDE LEACHCOPPER EW PLANT

Tailings

Copper Cathodes

LOM Project Plan• Production 2019

• Mine life 14 years (at 1 Mtpa)

• Recoveries*: 90% of Cu & Co; ~50% Ag

*Based on Bench Testing to date

18


LOM Production (at 1mtpa for 14 yrs)

• Copper cathode: 290M lb• Cobalt : 15Mlb • Silver: 3.4 Moz

Estimated Gross Revenue >AU$1,400M

19


Exploration Upside• Revamp sediment-hosted Cu effort• Pursue IOCG discovery (e.g. Emmie Bluff)

• Brownfields opportunities• Established regional targets


What’s next?•Drilling early 2017•Targeting 500kg metallurgical sample

•PFS


What’s next?

Cu-Co-AgMining Project

“South Australia’s Next Copper Mine”

December 2016

Torrens Mining LimitedResource Innovation

Mount Gunson - SA Exploration and Mining · Mount Gunson “South Australia’s next Copper-Cobalt Mine” 02 December 2016 Torrens Mining Limited Resource Innovation

Documents