CORPORATE PRESENTATION

Q1 2016

Confidential

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DISCLAIMER :

This document has been issued by Alufer Mining Limited, a company registered in Guernsey (the “Company”) and has been issued expressly to the recipient.

This document and any further materials supplied with it, or subsequently in connection with it and the accompanying live presentation and discussion (the

“Information”) are for informational purposes only and do not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase

and/or subscribe for any securities and/or any investment in the Company and should not be relied on in connection with any contract or investment decision relating

thereto.

The recipient of the Information should not place any reliance on the information or opinions contained in this document or on their completeness (and in particular any

forward looking statements which are inherently risky by their nature). Neither the Company or any of its directors, employees or agents gives any express or implied

warranty or representation as to the accuracy or completeness of the information or opinions contained in the Materials and no liability whatsoever (except in relation

to fraud) is accepted by the Company, its directors, employees or agents for any loss howsoever arising, directly or indirectly, from any use of such information or

opinions or otherwise arising in connection therewith.

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OVERVIEW OF ASSETS

BEL AIR PROJECT (Alufer - 100%)

� 15km from the coast – advantageous location,

low capex, low opex

� 146Mt @46% Total Al2O3, 40.5% available Al2O3,

1.7% Reactive SiO2

� Tri-hydrate (low temperature) bauxite with low

silica

� Updated DFS underway to ensure construction

readiness

� Initial production rate of 5.5 Mtpa ramping up to

a 10.0Mtpa operation

� Mining Convention signed with the Government

of Guinea

� Construction to start Q2 2016

� Production is expected to commence in late

2017

For further detail on the Labe Project (Alufer 100%)

please see the Appendix

BEL AIR - MARKET OPPORTUNITY

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� China is buying low quality material from India at high prices

� Malaysia has banned exports for 3 months but even so, it is a short term, low quality solution

� There is a significant opportunity for Bel Air to enter the market as a premium quality bauxite

� Refineries are prepared to pay a premium for high quality bauxite

• Material from Brazil; Guyana; Ghana and Guinea can command up to 50% more than the market price

KEY SPECIFICATIONS OF BEL AIR

BAUXITE:

� Av Al2O3: 46%

� RxSio2: 1.7%

� Reactive Alumina:Silica ratio: >23

� Low organic carbon: 0.07%

BEL AIR – PROJECT OVERVIEW

� Project has low capital requirement and operating costs

due to proximity to coast and DSO production

� Short construction phase of 18 months

� Updated DFS underway:

� Independent study and Gap Analysis

� Pit to OGV Simulation and Integration

� Optimisation / Value Engineering where applicable

� Improve Construction Readiness

� Studies underway on key construction packages:

� Haul Road Development

� Materials Handling

� Civil Marine Engineering

• Jetty Construction

� Marine Infrastructure

• Transhipment

� Onshore Infrastructure

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MINING TECHNIQUE

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BENEFITS OF SURFACE MINING vs DRILL AND BLAST

� Optimised mining control - minimal dilution and mining loss

� Reduced modifying factors can reduce geological cut off – can

add 18% to reserve base and LOM

� Significantly reduces strip ratio, waste handling and haulage

costs by minimising footwall waste as part of pit development

� Lower fuel consumption

� No crushing required as equipment and operation can be set to

produce 99.5% <100mm PSD

� Improved in pit ground conditions enables multi purpose haul

fleet selection and reduced re-handling

� Improved in pit water and moisture control during the wet

season

� Reduced bulking factor for improved haulage efficiencies

CURRENT SURFACE MINING OPERATIONS

� Paragominas, Brazil

� CBK Rusal, Guinea

SURFACE MINING – (conventional truck and shovel mining will be undertaken in certain areas)

ONSHORE INFRASTRUCTURE

GEOHYDROLOGICAL INVESTIGATION

� Ground water sources defined for potable water supply

� Catchment dams proximal to mining areas considered for bulk of

dust suppression water

� Site wide water balance

GEOTECHNICAL INVESTIGATIONS

� Quarry investigations – rock for causeway

� Civil investigations focused around bridge and stockpile

structures

REVISED PROJECT LAYOUT

� Access to Bel Air Hotel enabled optimisation of site plan

� Bel Air Hotel to house all Alufer staff and offices

� Contractor Camp to be constructed on Mine Camp PIN

adjacent to Bel Air Hotel

� Export Facility -- Stand alone facility

� Mine Support -- Optimally located centre to the mining area;

Stand alone facility

HAUL ROADS

� Phased approach to haul road construction

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I

II

II

I

I

1

2

PRODUCT

STORAGE PAD

STOCKPILE

TRUCK TIP

Overview of Export Facility

1. Materials handling area

2.Causeway

MATERIALS HANDLING

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OUT: Export Conveyor

2,000tph

IN: ROM Tip

2,000tph

OPTION 1

RUN OF MINE (ROM) TIP

� ROM will be delivered to the ROM bin using 40m³ side

tipping trucks.

� ROM ore is withdrawn from the ROM bin using two

apron feeders (2,000tph design rate) conveying to the

vibrating grizzly through a feed box

SEMI--AUTOMATED STOCKPILE -- TELESTACK

� Lower capex but with slightly higher opex due to

manual loading of the export conveyor

� The stockpile is fed at 2,000tph from the ROM Tip

� Two additional reload bins with chain feeders at

1000tph capacity will each be provided to feed the

export conveyor

� Reload bins will be fed with Front End Loaders

EXPORT CONVEYOR

� Export Conveyor runs at a nominal 2,000tph

OPTION 2

Studying stockpile with underground reclaim

MATERIALS HANDLING

BARGE LOADING

� The proposed barge loading solution comprises two

slewing, telescopic barge loaders. This represents

the optimum balance between low capex,

simplicity of operation and functionality

� Two loaders are required to achieve an equal

spread of material over the barge, whilst each of

the loaders are specified as being capable of

achieving the nameplate capacity (2,000tph

continuous)

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MARINE INFRASTRUCTURE

� Simple geotechnical structure placed on bedrock

� Core and armor material will be supplied from

proximal quarries to be delineated and designed as

part of the Geotech field investigations

BLOCK WALL RETAINING STRUCTURE AT LOADING POINT

� Due to slewing barge selection the berth length is

significant reduced

� Lock wall berth structure also preferred as it does

not require piling during the construction phase

TR

UE

N

OR

TH

0m 200m

CAP VERGA

100m

SCALE: 1:5000

N 1 128 000

E5

59

00

0

E5

59

50

0

E5

59

00

0

N 1 128 500

-4.0

E5

59

50

0

N 1 128 500

1- - - -

Wave Direction

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RUBBLE MOUND CAUSEWAY

TRANSHIPMENT

PHASE 1 -- CAPACITY

� 3 barges and 2 cranes with realistic rain and wave motion = 7.7Mtpa @ 85% OGV berth capacity = 6.5mtpa

PHASE 2 -- CAPACITY

� 4 barges and 2 cranes loading at 4000t/h with realistic rain and wave motion = 10Mtpa

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� Contracted transhipment operation

� Minimum of 284 operating days with potential

to increase operations further to 313 days

� Barge has ability to cover hatches during rain

� Maximise throughput by making use of

seasonality and large tidal range

OPERATIONAL CRITERIA

EQUIPMENT

� Purpose-designed covered barges for shallow water

loading

- 10,000t capacity

� Floating cranes

- 32,000 tpd throughput at 80% utilisation

- 100% independent for operations, maintenance and

repair

SOCIAL AND ENVIRONMENTAL STUDIES

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� Comprehensive Social and Environmental Impact Assessment Studies have been conducted by Alufer and approved by the

Government of Guinea

• Received the environmental certificate of conformity in April 2015

� Work ongoing to ensure that Alufer achieves full IFC and Performance Standard compliance

• Additional baseline assessments

• Integrated terrestrial and marine social and environmental impact assessments

• Social and environmental management plan

� Current RAP Framework

• RAP received from Okapi

• RAP principles prepared and approved

• Spatial verification ongoing

• Field validation started in February with new footprint

• Title assessments being integrated with engineers to minimise impact and reduce

compensation

� Marine SEIA

• The Marine SEIA submitted to Government. Final version being prepared, following government comments

GDP: $15.1 billion (2014 est.)

Annual Growth: Estimated to be c.6% 2016-17

Population: 10.5 million

Inflation: 9.7%

Major Industries: - Agriculture: Rice, coffee, fruit, livestock, timber

- Mining: bauxite, gold, diamonds, iron ore

- Light manufacturing and agricultural processing

Major trading partners: South Korea, India, China, Spain, Netherlands, Ireland

MINING:

� Mining accounts for over 70% of the country’s exports.

� Several ‘majors’ present in country – Rio Tinto, Rusal, CBG, GAC

� Deposits of bauxite, iron ore, gold and diamonds with significant geological potential.

� Country accounts for c. 25% of global bauxite reserves

POLITICS:

� Democratic presidential elections held in October 2015, with the incumbent Alpha Conde

winning the vote with a significant majority in the first round

� He was inaugurated for a second five term on the 14th December 2015 - will support ongoing

stability in coming years

� Is focused on creating economic wealth for the country as a whole and encourages foreign

investment within this context.

GUINEA INVESTMENT CLIMATE

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Sources: CIA Factbook; EIU, USGS

Recently declared Ebola-free

KEY MANAGEMENT

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• Mining engineer

• Expertise in development of

natural resources projects

across Africa including

diamonds, precious/base

metals and coal

• Founder and Chairman of LSE

listed Petra Diamonds and

AIM listed Chariot Oil & Gas

and other private companies

Adonis Pouroulis

Chairman

Bernie Pryor

Chief Executive Officer

• Guinea national, with strong

relationships and network

connections in Guinea

• Worked for BHP Billiton,

TOTAL and Global Alumina in

Guinea

• In-country liaison for Alufer

Lamine Touré

Executive Director: Guinea

• Chartered Accountant with 15

years experience in the mining

sector

• Previously with Anglo

American and CFO of London

Mining

• Extensive background in raising

project and corporate finance

and negotiating mining

licences, especially in West

Africa

Rachel Rhodes

Chief Financial Officer

Catherine Garcia

Environmental & Social DirectorKevin Mclean

Project Director

Tristan Clarke

Commercial Director

• Metallurgical Engineer

• 25 years of operational

experience

• Previously CEO of African

Minerals and Q Resources

• Was Head of Business

Development with Anglo

American Plc, also serving as

CEO of Anglo Ferrous Brazil

Inc.

• Geologist with 20 year across

the industry – exploration,

development and production

• Previously with Shangdong

Iron and Steel, African

Minerals and Fortescue

Metals

• Expertise in optimising and

delivering efficient mining

operations

• Over 20 years experience in

sustainable development and

community relations

• Previously with Ivanhoe, IFC,

Rio Tinto and Xstrata

• Focus on resettlement and

compensation, ESHIA,

community development,

biodiversity and stakeholder

engagement

• Broad commercial experience

- over 12 years working in the

resources and power sectors

• Previously with Shangdong

Iron and Steel, African

Minerals and Anglo American

• Specific experience in

commodities marketing,

complex negotiations, supply

chain and corporate strategy

CORPORATE AND FINANCIAL SNAPSHOT

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LATEST DEVELOPMENTS:

� Bridge loan facility for $US20m in place to finalise the DFS and ensure project to be construction ready

� Heads of Terms agreed with syndicate of strategic investors for the equity portion of the Construction Financing - a

strong endorsement of both the project and the team

� Heads of Terms signed for US$60m debt facility

� Negotiations have commenced on bauxite sales

� Mining Convention for Bel Air signed on the 1st February 2016

- Defines the operational regime and fiscal and tax incentives

- One of the first to be completed under the new Mining Code

� Bel Air is one of a select few projects seeking to commence development and production in the near term in Guinea

– strong support from the Government for it to be a success

APPENDICES

PROJECT DEVELOPMENT IN RELATION TO THE BAUXITE PRICE

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Source: http://thebauxiteindex.com/

August 2011

First resource

statement for

Bel Air published

December 2011

PFS for Bel Air

published

October 2012

Updated resource statement

for Bel Air published

April 2013

First Bel Air Feasibility

Study published (10mtpa)

June 2013

Bel Air SEIA completed

September 2013

Bel Air exploitation

licence granted

October 2014

BFS completed (4.8 mtpa)

November 2015

DFS commenced

Feb 2016

Mining Convention

signed

December 2014

Bel Air exploitation

licence granted

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75

80

Jul-11 Apr-12 Jan-13 Oct-13 Jul-14 Apr-15 Jan-16

CF

R C

hin

a B

au

ixte

Pri

ce (

US

D/t

)

Bauxite Price - CFR China News Event

KEY ADVISERS

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CONSULTANT / CONTRACTOR WORKSTREAM

CUTFIELD FREEMAN Financial Advisers

BDO Auditors

NORTON ROSE Legal Advisers

GEOPROSPECTS Access Preparation

GOLDERS ASSOCIATES Geotech, Hydro, Earthworks

DRA GLOBAL Integration Study

PRDW Marine Civil and Transhipment

SOUND MINING Mining

INSUCO Gap Analysis, SEP and Social and

Environmental Baselines

SIGNIFICANT GROWTH POTENTIAL

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� The Labé Project (100% Alufer) is situated in the Guinea

highlands, approximately 350km north-east of Conakry

� Total JORC compliant resource of 2.5Bt at 43% Al2O3

� High grade resource - 583Mt @ 50% Al2O3, 3% SiO2

� Engineering Concept Study completed

� Completed 11,130m auger drill programme on 600m and 300m

grids, and 252m core drill programme (only 25% of mineralised

plateaus)

� Over 13,000 samples analysed by XRF and c. 20% through bomb

digest process

� Longer term prospect due to infrastructure requirements

� Alufer will continue to evaluate other opportunities and licences

to further expand the resource base over time

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GUINEAN BAUXITE COMPANIES