An Emerging Tin

Producer

Investor Presentation

March 2013

Kasbah Resources Limited ASX : KAS

DISCLAIMER

Certain oral and written statements contained or incorporated by reference in this presentation, including information as to the future financial or operating performance of the Company and its projects, constitute forward-looking statements. All statements, other than statements of historical fact, are forward-looking statements. The words “believe”, “expect”, “anticipate”, “contemplate”, “target”, “plan”, “intend”, “continue”, “budget”, “estimate”, “may”, “will”, “schedule” and similar expressions identify forward-looking statements. Forward-looking statements include, among other things, statements regarding targets, estimates and assumptions in respect of tin or other metal production and prices, operating costs and results, capital expenditures, mineral reserves and mineral resources and anticipated grades and recovery rates. Forward-looking statements are necessarily based upon a number of estimates and assumptions related to future business, economic, market, political, social and other conditions that, while considered reasonable by the Company, are inherently subject to significant uncertainties and contingencies. Many known and unknown factors could cause actual events or results to differ materially from estimated or anticipated events or results reflected in such forward-looking statements. Such factors include, but are not limited to: competition; mineral prices; ability to meet additional funding requirements; exploration, development and operating risks; uninsurable risks; uncertainties inherent in ore reserve and resource estimates; dependence on third party smelting facilities; factors associated with foreign operations and related regulatory risks; environmental regulation and liability; currency risks; effects of inflation on results of operations; factors relating to title to properties; native title and aboriginal heritage issues; dependence on key personnel; and share price volatility and also include unanticipated and unusual events, many of which are beyond the Company’s ability to control or predict. For further information, please see the Company's most recent annual financial statement, a copy of which can be obtained from the Company on request or at the Company's website: www.kasbahresources.com. The Company disclaims any intent or obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise. All forward-looking statements made in this presentation are qualified by the foregoing cautionary statements. Investors are cautioned that forward-looking statements are not guarantees of future performance and, accordingly, not to put undue reliance on such statements.

The information in this announcement that relates to Kasbah Resources Limited’s March 2013 Mineral Resource estimate for the Achmmach Tin Project is based on information compiled by Michael Job, who is a full time employee of Quantitative Group Pty Ltd. and a Fellow of the Australasian Institute of Mining and Metallurgy. Michael Job 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 2012 edition of the “Australasian Code for Reporting of Exploration Results, Mineral resources and Ore Reserves” (JORC Code). Michael Job verifies that this Report is based on and fairly and accurately reflects in the form and context in which it appears, the information in the supporting documentation relating to Mineral Resources. The information in this report which relates to Mineral Resources is based on information compiled by Michael V. McKeown who is a Fellow of the Australasian Institute of Mining and Metallurgy. Michael McKeown is employed by Mining One Pty Ltd and he has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves” (JORC Code). Michael McKeown consents to the inclusion in this report of the matters based on his information in the form and context in which it appears. The information in this report that relates to Mining Inventory is based on information reviewed by Mr Bill Frazer, who is a Member of The Australasian Institute of Mining and Metallurgy. Mr Frazer is a Director and Employee of Mining One Consultants Pty Ltd. Mr Frazer 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 (JORC Code).

COMPETENT PERSON’S STATEMENT

2

KASBAH’s Competitive Advantages

130 kT SnO2

Development partner

$ 19.1 M cash

Team

Funding options

Morocco

3

WHY

TIN ?

4

Nickel mine ≈ 186,000 t contained

1% Sn is ≈ 1.42% Ni

Copper mine ≈ 399,000 t contained

1% Sn is ≈ 3.05% Cu

Gold mine ≈ 1.95 M Oz contained 1% Sn is ≈ 4.6 g/t Au

IF ACHMMACH WAS A…

5 * Ni /Cu /Au /Sn prices as of 6/3/2013

Tin supply constrained and global mine

production declining

Producers facing lower grades, operating

problems and higher costs

New uses adding demand pressure

Few new, sustainable tin projects in

development….

Tin Sector Challenges…..

6

LME TIN Price – 4th peak approaching?

7

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

1900 1920 1940 1960 1980 2000 2012 2016

US$/t

WE ARE HERE

US $23,520 / t (5/3/2013)

?

DEMAND – Consumer electronics dominates

8

0

20,000

40,000

60,000

80,000

100,000

120,000

Construction Transport Consumerelectronics

Packaging Industrialequipment

Other

Sn t/y

Source: ITRI

Top 10 Tin Producers in 2012 Production

(tonnes)

Yunnan Tin (China) 69,760

Malaysia Smelting Corporation 37,792

PT Timah (Indonesia) 29,600

Minsur (Peru) 25,399

Thaisarco (Thailand) 22,847

Yunnan Chengfeng (China) 16,600

Guangxi China Tin (China) 14,034

Metallo Chimique (Belgium) 11,350

EM Vinto (Bolivia) 10,800

Gejiu Zi-Li (China) 7,000

% Change

+24.2%

-6.1%

-22.4%

-15.9%

-4.3%

+7.6%

-9.6%

+13.4%

-1.5%

-18.6%

SUPPLY – Production declining

Source: ITRI 9

10 10

#2 in Africa for FDI - stable political environment

Average GDP growth of 5.1% (2001 – 2010)

Export focused - FTA with US and special “EU Neighbour” status

Investment incentives for export industries

Simplified tax code and clear legal regime

Morocco has long mining history

Mining is largest GDP earner

WHY Morocco ?

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Major Shareholders

IFC (World Bank) 15.8 %

African Lion 15.1 %

Other Institutional > 8.5 %

Mgmt. & Directors 3.1 %

Shareholders Who Need Tin

Transamine (trader) 3.3 %

Traxys (trader) 3.3 %

Thaisarco (smelter) 2.0 %

Capital Structure

Shares on Issue 396 M

Options on Issue 23.4 M

Market Cap (@17cps) 67 M

ASX : KAS

KASBAH – Corporate Snapshot

Cash @ Dec 31

$19.1M

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Mike Spratt Non - executive

Chairman

Rod Marston Non - executive

Director

Trevor O’Connor CFO & Company

Secretary

Wayne Bramwell Managing Director

Mike Kitney Chief Operating

Officer

Rob Weinberg Non - executive

Director

Ian McCubbing Non - executive

Director

Gary Davison Non - executive

Director

KASBAH – Board & Management

Pierre Chaponniere Resource Dev.

Manager 13

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KASBAH Achmmach & BLJ Tin Projects

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Bou El Jaj Tin Project

Kasbah Exploration

Base

El Hammam Fluorite Mine

Achmmach Tin Project

A virgin tin field

8 km

15

16

Sidi Addi Trend

(untested)

Meknes Trend

2013 Resource 15.3 Mt @ 0.85% Sn

for 130,900 t

ACHMMACH – 2 km long tin oxide ore bodies

0

20

40

60

80

100

120

140

160

180

200

KASCSD

SRZVMS

KASMLX

Minsur

54 58 71 81

131 151

181

Tin Resource/ Reserve (kt)

(HR) (HR)

(HR) (HR)

(HR) (HR)

(HR)

KAS 2011

KAS 2013

17 HR = hard rock

* Source - Company Presentations and ASX releases

ACHMMACH – Contained tin peer comparison

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Q3, 2013 - 20m in-fill targets Indicated to Measured

- 40m extensional targets Inferred & Indicated

Mineral Resource Estimate (undiluted) Achmmach Tin Project

March 2013 (0.5% Sn cut off)

Category Million Tonnes

% Sn

Contained Sn (Kt)

Measured 0.5 1.20 6.0

Indicated 14.2 0.85 120.7

Inferred 0.6 0.70 4.2

Total 15.3 0.85 130.9

ACHMMACH – Resource Confidence Growing

0

2

4

6

8

10

12

14

16

2007 2008 2010 2012 2013

Million (t)

Measured

Indicated

Inferred

Mineral Resource Category

ACHMMACH – Resource Category shifts up

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ACHMMACH 2012 Economics – PFS used 6.6 yr mining inventory

PFS Economics

PFS 6.6 yr

Mining Inventory & 90-Day LME

Average(1)

29/5/12

$21,961

6.6 yr

Mining Inventory &

LME Spot 1/3/13 (2)

$23,150

NPV10, US$M 79 106

IRR, % 23.8 28.1

Operating Margin

US$/tonne ore treated 29.2 32.6

Cash surplus, US$M 194 235

Target 10 yr

Mining Inventory &

LME Spot 1/3/13 (2)

$23,150 / t

188

32.6

40.0

438

1) LME 3 month sellers to 29th May 2012 2) The Indicative economics above are illustrative only and are calculated using the same inputs of the 2012 PFS Model with only the tin price and/or mine inventory inputs changed.

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INDICATIVE ECONOMICS – Mine life & Sn Price Impact on NPV

Sn @

$26,000 / t

Sn @

$27,000 / t

Sn @

$28,000 / t

273 303 333

41.5 44.5 47.5

54.6 59.7 64.8

588 640 693

Parameter 10 year mine life basis

NPV10, US$M

IRR, %

Operating Margin

US$/tonne ore treated

Cash surplus, US$M

Target 10 yr

Mining Inventory & LME spot

1/3/13

$23,150 / t

188

32.6

40.0

438

* The Indicative economics above are illustrative only and are calculated using the same inputs of the 2012 PFS Model with only the tin price and mine inventory inputs changed.

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22

ACHMMACH – DFS Underway

DFS base case

1Mtpa UG mine

Decline access and LHOS mining method

Conventional gravity and flotation plant

6,000 – 7,000 tpa tin in concentrate

All concentrate for export

Development partner – Toyota Tsusho

Q4 2013 completion

23

ACHMMACH 2013 – E-W Long section (≈1.6km )

3 rigs on 20m spaced sections

1 rig on 40m spaced in-fill & extensional sections

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CONVENTIONAL Sn FLOWSHEET 24

Project Task 2013 2014 2015

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

Drilling

EIA Approved

DFS Complete

Project Financing

Project Approved

Construction

Production

ACHMMACH – Project Schedule

25

DEVELOPMENT PARTNER – Toyota Tsusho

TTC can earn 20% interest in Achmmach by making 4 staged payments

3 payments ($16M) received to date

Last payment due 90 days > completion of DFS

Potential project finance from Japanese ECA’s and banks

26

Toyota Tsusho Corporation (TTC) trades 8% of the global tin market

EXPLORATION UPSIDE – 3 targets

27

EZS

• Shallow target (< 100m) within Achmmach Eastern Zone

• Drilling commenced February 2013 – results pending

SAT

• Parallel 2km system at Achmmach – untested outcrop and at depth

• Drilling to commence Q3 2013?

BLJ

• 8km from Achmmach, high grade tin outcrop evident

• First pass shallow drilling completed December 2012 – results pending

Eastern Zone Shallows (EZS)

Bou El Jaj Tin Project (BLJ)

Sidi Addi Trend (SAT)

KASBAH – The Value Proposition

Achmmach continues to be de-risked

High quality SnO2 resource is growing

Toyota Tsusho Corp (TTC) as development partner

Potential project financiers being evaluated

Off-takers positioned

Next resource upgrade Q3 2013

Exploration upside @ EZS, SAT and BLJ

DFS advancing - completion Q4 2013

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Kasbah Resources Limited An Emerging Tin Producer

ASX : KAS ww.kasbahresources.com

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