Mindoro Nickel PhilippinesMindoro Nickel PhilippinesMindoro Nickel PhilippinesMindoro Nickel PhilippinesSetting New Environmental Standards for the Industry

Jon Steen Petersen, CEO/COOApril - 6 2011

Asia Mining CongressAsia Mining CongressMindoro Nickel

DisclaimerDisclaimerDisclaimerDisclaimer

This presentation contains certain assumptions and forward-looking statements related to theThis presentation contains certain assumptions and forward looking statements related to the operations of Intex Resources. These assumptions and forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors that could cause the actual events or results to be materially different from those anticipated in such assumptions and forward looking statements and from any future results expressed or implied by such assumptions and forward-statements and from any future results expressed or implied by such assumptions and forwardlooking statements.Such risks and uncertainties include, among others: (1) the actual timing or results, capital expenditure, plan and construction programs, (2) changes in project parameters as plans continue to be refined, (3) possible variations in grade and ore densities or recovery rates, (4) failure of plant, equipment or processes to operate as anticipated, (5) risks and ncertainties e isting in orld capital markets generall(5) risks and uncertainties existing in world capital markets generally. There can be no assurance that the assumptions and/or forward-looking statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Except as may be required by applicable law or stock exchange regulation, the Company undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this document or to reflect the occurrence of unanticipated events. Accordingly, readers should not place undue reliance on the assumptions or forward-looking statements.

Mi d Ni k l L iMi d Ni k l L iMindoro Nickel LateriteMindoro Nickel Laterite

• The Nickel laterite deposit in Mindoro was found and developed by Intex and itsdeveloped by Intex and its Philippine affiliates

• Over 300 mill tonnes total laterite resources, defined to date, holds 2.6 mill tonnes Ni (5 bn Lb Nickel)

• Mindoro Nickel today is projected as the potentially largest Ni producer and the

Manilalargest Ni-producer and the only refined Nickel-metal plant in the Philippines from 2013 14

Mindoro

2

2013-14

Drilling OverviewDrilling OverviewDrilling OverviewDrilling Overview• 1,895 holes in

DFS resourceDFS resource

• DFS Resources and Reserves

f thare from the Kisluyan and Buraboy areas onlyonly

• Additional drilling ongoing - 215 g gholes completed subsequently

• Substantial• Substantial Resources upside

3

Resources Resources –– Historical DevelopmentsHistorical Developments

Mindoro Nickel Feb‐2010 Sep‐2009 May‐2009 Golder‐2007

Prospect‐2006

Mill tonnes Mill tonnes Mill tonnes Mill tonnes MillMill tonnes Mill tonnes Mill tonnes Mill tonnes tonnes

Total Resources 315.1 286.5 200.2 196.0 207.0

Meas. & Indicat. 224 4 198 9 92 4 56 3 0

Resources224.4 198.9 92.4 56.3 0

Ni‐content (M&I) 1.920 1.713

• The 2009 M&I Resources, calculated by independent contractor to JORC compliance, has been verified by 3-party mining consultantsmining consultants

• Todays M&I resources are defined from about 1/3 of the tenement examined to date

NiNi distribution: Lower distribution: Lower KisluyanKisluyan AreaAreaNiNi--distribution: Lower distribution: Lower KisluyanKisluyan AreaArea

Limonite Ni grade within pit Saprolite Ni grade within pitLimonite Ni-grade within pit Saprolite Ni-grade within pit

Proven and Probable Reserves are defined by:Proven and Probable Reserves are defined by:Proven and Probable Reserves are defined by: Proven and Probable Reserves are defined by: less than 15% variabiity at 90% confidence levelless than 15% variabiity at 90% confidence level

Lower Kisluyan Quarterly Ni gradeQuarterly Ni grade variability at 90% confidence level(200x200 m blocks)

Lower Kisluyan Annual Ni grade variability at 90% confidence level

6

Ore Reserves by Facies Ore Reserves by Facies

Proved & Probable cog Tonnage Nickel Ni CoOre Reserves %Ni (,000) t tonnes % %

LIMONITE 0 75 59 200 543 260 0 92 0 09LIMONITE 0.75 59,200 543,260 0.92 0.09SAPROLITE 0.85 67,070 655,473 0.98 0.03

Total P&P Reserves 126,270 1,198,733 0.95 0.06

• Mine planning shows 97% of the Measured & Indicated Resources are convertible to Proved & Probable ReservesResources are convertible to Proved & Probable Reserves

• Ore reserves from Lower Kisluyan and Buraboy deposits only

Mi i t ( ll) i USD 4 6 /t ( i bl t t di t )• Mining costs (all) is USD 4-6 /t (variable transport distance) Processing costs USD 55-65 /t (limonite and saprolite resp.)

Hydrometallurgical Test WorkHydrometallurgical Test Work

• Ore Beneficiation pilot plant testing• HPAL – bench scale and continuous pilot

plant tests• Atmospheric Leach testing• Saprolite Neutralisation / Pre-CCD

NeutralisationNeutralisation • CCD – bench and pilot plant testing• Solution Neutralisation tests• Mixed Sulphide Precipitation tests• Metals Refinery testing

Development of Process Design Criteria and• Development of Process Design Criteria and Mass Balance

• Flow Sheet Optimization

Composition of Bulk Samples Composition of Bulk Samples for Test Workfor Test Work

9

Hydrometallurgical Pilot PlantHydrometallurgical Pilot Planty gy gH2SO4 200 kPa

AirGround limestone in saline water

Feed 2000L

PN1PN2

saline water

Beneficiated Feed Pulp in Saline Water

2000L PN2PN3

PN4

ACD Surge

CCD1

CCD2

CCD6

CCD3

CCD5

CCD4

CCD7

CCD Wash

1 2 63 54 7

CCD7 Underflow – Used for

Ground limestone in

SN1SN2

SN4SN3

SN Overflow –Used for MSP

Testing

FN testingPR1

saline water

SN4SN5 Testing

Photograph of Pilot Plant AutoclavePhotograph of Pilot Plant AutoclavePhotograph of Pilot Plant AutoclavePhotograph of Pilot Plant Autoclave

6 compartments•6 compartments•32L at T=255°C

Results of Continuous HPAL PilotResults of Continuous HPAL Pilot--PlantPlant

98.098.5

96 597.097.5

ctio

n, %

95.596.096.5

Ni E

xtra

c

45 g/L Target FA

40 g/L Target FA

36 g/L Target FA

94.595.0

1 2 3 4 5 6 7

36 g/L Target FA

Compartment (C7 = ACD)

20 i 60 i20 min 60 min

Test Work SummaryTest Work Summary

• Test work program was performed at a highly reputable metallurgical testing facility (SGS Lakefield laboratories, Canada) using carefully selected bulk sampleCanada) using carefully selected bulk sample

• The comprehensive test work met all requirements of an Aker Solutions Class-3 (bankable) estimate

• Ore demonstrated very fast kinetics for HPAL and ATML with 97-98% recovery in 20 min for HPAL and 2 hrs for ATML

• High Nickel and Cobalt extractions recorded for both limonite (HPAL) and saprolite (ATML)-atmospheric leach

• Overall acid to ore ratio of 445 kg/t for combined resource (Limonite and Saprolite)

Conservative CCD circuit design for the integrated • Conservative CCD circuit design for the integrated HPAL/ATML/Saprolite Neutralization discharge slurry

Simplified Overall Flow SheetSimplified Overall Flow SheetSimplified Overall Flow SheetSimplified Overall Flow Sheet

Mindoro Nickel patented flow sheet which combines HPAL with Atmospheric Leach and Saprolite Neutralization before metalsAtmospheric Leach and Saprolite Neutralization before metals

extraction – providing four significant products

Ore Preparation CircuitsOre Preparation CircuitsOre Preparation CircuitsOre Preparation Circuits

Leach Plant ConfigurationLeach Plant ConfigurationLeach Plant ConfigurationLeach Plant ConfigurationSULPHURIC ACID

SAPROLITE NEUTRALISATIONCCD WASH LIQUOR

COUNTER CURRENT DECANTATIONATMOSPHERIC LEACH

SULPHURIC ACID

ATMOSPHERIC LEACHTANKS (4)

SAPROLITE NEUTRALISATIONTANKS (6)

LIMESTONE SLURRY

RESIDUE SLURRY

FINE SLURRY FROMSAPROLITE ORE

FLOCCULANT

PRE REDUCTION

SOLUTION NEUTRALISATION

LIME STONESLURRY FLOCCULANT

PRESSURE ACID LEACHING LIMESTONE SLURRY

FINAL NEUTRALISATION

LT HEATER

ILT

FEED SLURRYFROM LIMONITEORE PREPARATION H2S INLINE MIXERH2S

MILK OF LIME

SO2 / AIR SO2 / AIR

FLOCCULANT

FINAL NEUTRALISATION TANKS (2 x 2)

RESIDUESTORAGEFACILITY

DECANT TO SEA

HEATER

IHT HEATER

RESIDUE STORAGE AREA

RESIDUAL

NEUTRALISATIONTHICKENERNEUTRALISATION TANKS (4)

NICKEL COBALT PRECIPITATION

MILK OF LIME

NaHS

PAL FEED THICKENER

SULPHURICACID

PLANTHP STEAM

WATERPAL AUTOCLAVE

IHP ILP LP SULPHIDE PRECIPITATION REACTORS (2 X 4)

SULPHIDEPRECIPITATIONSEED THICKENER

RESIDUALSURGE TANK

BARREN SOLUTIONPOLISHING FILTER

SULPHIDE CONDITIONINGTANK

a S

H2S

N2

H2SSCRUBBER

VENT TO ATMOSPHERE

HP

HT HEATER

ACID

WATER

RAW WATER

FLASH VESSELS (4)

SULPHIDE PRECIPITATION CCD

SULPHIDE PRECIPITATION

NICKEL COBALTSULPHIDE PRODUCTTO METALS PLANT

BELT FILTER

MIXEDSULPHIDE

REPULP TANK

MIXED SULPHIDETOWER MILL

Benign by Design Benign by Design –– Green Nickel Mining?Green Nickel Mining?

Intex set out to create a project with optimal utilization of all components of the process: from raw materials to end products and including consumables energy by-products and wasteand including consumables, energy, by products and waste materials

21 months of detailed studies and testings were concluded successfully in 2010 by leading international expert contractors: Aker Solutions (project leader) - Golder Associates (Aus) - Snowden Mining Industry Consultants (Aus) - SGS Lakefield Laboratories (Can), and Philippine y ( ) ( )counterparts, PTCC/FF Cruz and Lichel Technologies among others

The result was a project which through innovative design and unique process solutions has unprecedented low carbonunique process solutions – has unprecedented low carbon emissions and energy footprint and with exceptionally low environmental impact - that it could set a new standard for the i d tindustry

Innovative Solutions provide Innovative Solutions provide Innovative Solutions provide Innovative Solutions provide Nickel Industry’s lowest CONickel Industry’s lowest CO2 2 footprintfootprint

• Low-energy hydrometallurgical processing used throughout rather than traditional Ni-pyrometallurgy (- avoids use of fuel oil or coal as no smelting process is required)as no smelting process is required)

• Electrical power is CO2-free: over 100 MW is generated from excess steam in the sulfur plant (- avoids use of heavy fuel oil or coal and is hedging energy costs throughout its life time)

• Ore haulage is by cable conveyor driven by plant-generated electricity; ( avoids use of diesel CO emissions and traffic)electricity; (- avoids use of diesel, CO2-emissions and traffic)

• Saprolite is used for acid neutralization rather than limestone; (- minimizes CO2-emissions and limestone import while adding more nickel to 2processing)

The innovative design of Mindoro Nickel provides the smallest CO footprint of any existing Nickel processingsmallest CO2-footprint of any existing Nickel processing plant

Innovative Mining and Process solutions Innovative Mining and Process solutions Innovative Mining and Process solutions Innovative Mining and Process solutions provide minimum Environmental Impactprovide minimum Environmental Impact

• Limonite and Saprolite ores are mined and processed in the ratio they occur - minimizes stockpiles and rehandlingthey occur minimizes stockpiles and rehandling

• Mine plan is defined by natural drainage fields, in separate c.100 ha blocks – minimizes impact on local freshwater flow

• Mining is sequential and followed by immediate rehabilitation/ replanting - minimizes the active mine footprint, and simplifies mining operations

• Sea water is used for processing; - minimizes use of fresh water

• Extensive recycling of heat and water; - minimizes energy budget

• Ammonium sulphate fertilizer is produced as a byproduct; - minimizes sulphate in residue products and provides valuable benefits for local agriculturefor local agriculture

D fi iti F ibilit St dD fi iti F ibilit St dDefinitive Feasibility StudyDefinitive Feasibility Study

Th t di h Mi d Ni k l ld b j l t• The studies show Mindoro Nickel could be a major low-cost producer of refined nickel for decades to come, located close to the worlds most expansive nickel markets

• The plant was designed for production of 53,000 t nickel per year processing both limonite and saprolite ore types at an operating cost of USD 2 1 /lb (USD 0 56 /lb after credits)operating cost of USD 2.1 /lb (USD 0.56 /lb after credits)

• Exceptional metallurgical properties of the ore provide for cost-efficient production with high Ni-recovery and a range ofcost efficient production with high Ni recovery and a range of valuable by products including Chromite, Cobalt and Ammonium Sulfate fertilizer

• Innovative design allows for simultanous hydrometallurgical processing of limonite and saprolite ores, followed by saprolite neutralisation, providing minimal CO2-emissions p , p g 2and energy use

20

DFS Key Figures DFS Key Figures and Estimatesand EstimatesDFS Key Figures DFS Key Figures –– and Estimatesand Estimates

Life of Mine (minimum- at current reserves) 22 yearsRun of Mine (dry tpa) 6.04 million tonnesPlant feed grade ~ 1.0% NiDirect operating cash costs* USD 2.11/lb NickelDirect operating cash costs after credits** USD 0.56/lb Nickelp g /IRR - rate of return (after tax)*** 23.6%

NPV at 8% (after tax)*** USD 3,293 millionNPV at 10% (after tax)***Assumptions: Ni price 8.25 USD/Lb; 20 years Life of Mine & CAPEX at USD 2.45 bn

USD 2,375 million

* Excluding the government requirements (re excise taxes, IP royalties, environmental and other related expenses, social developmental costs and related expenses, real estate taxes and business taxes)

** Credits defined as revenue from sale of cobalt, ammonium sulfate and chromite concentrate

*** Inhouse estimates presuming BOI (mining) and PEZA (processing) tax regimes Inhouse estimates presuming BOI (mining) and PEZA (processing) tax regimes

Additi l P d tAdditi l P d tAdditional ProductsAdditional Products

In addition to 53,000 tpa nickel , pbriquettes Mindoro Nickel plans to produce:

• 150,000 tpa ammonium sulfate fertilizer - making it one of the Philippines largest fertilizer plantspp g p

• 16,000 tpa Co-sulphate salts for the emerging domestic electronic and f t b tt i i d tfuture car batteries industry

• 75,000 tpa metallurgical grade chromite from the ore beneficiationchromite from the ore beneficiation plant

• Approx. 110 MW of CO2-free

22

pp 2electrical power from acid plant steam generators

Mi d Ni k l C hMi d Ni k l C h C t P j tiC t P j tiMindoro Nickel CashMindoro Nickel Cash--Cost ProjectionCost Projection

Comparison with Other Major ProjectsComparison with Other Major Projects

R 1 2 M f i i i k lF A l P d i lb Reserves 1.2 Mt of in-situ nickelForecast Annual Production lbs

• Annual production places Mindoro Nickel among the largest nickel projects (left graph)j ( g )

• Today’s Reserves are less than half of the known Resources (2.6 mt)

The Realization of Mindoro NickelThe Realization of Mindoro NickelThe Realization of Mindoro NickelThe Realization of Mindoro Nickel

• DFS has demonstrated that a full scale Mindoro Nickel has robust economics and a large potential with many additional benefits

• The capex of USD2.5 Bn for the full scale project however p p jis also beyond the capability of an exploration company like Intex

• Intex therefore seeks realization of the project through a Intex therefore seeks realization of the project through a staged process with much reduced financial and technical risk of individual stages, with an option to expand.

• Stage-1 is proposed to be designed around a 3,300 tpd • Stage 1 is proposed to be designed around a 3,300 tpd acid plant expected to provide 15-20,00 tpa nickel while maintaining many of the design benefits of the full project, but at a much lower financial and technical p j ,exposure.

• The company also continues its efforts to invite joint venture partners for the early realisation of his new world venture partners for the early realisation of his new world class project.

25

Postscript Postscript Postscript Postscript -- more than technical and financial issuesmore than technical and financial issues

• Modern mining is not only technical and financial issues but equally involves a social engagement and responsibility for affected engagement and responsibility for affected communities

• In a populated areas like Mindoro island, social engagement and community relations are engagement and community relations are imperative for the successful realization of a mining program

• Many people are sceptical to mining often • Many people are sceptical to mining, often because of insufficient environmental and social considerations in the past and because some operations still cause unwanted impactsoperations still cause unwanted impacts

• Intex has committed to deliver a project to such high international norms that it may eventually serve as a model for operators and ensure serve as a model for operators and ensure engagement of its local people through new opportunities26

Local Community Support ProjectsLocal Community Support Projects

1 500 l id d- 1.500 people are provided free basic health care

10 500 children are improving- 10.500 children are improving reading skills through Bright Minds Reading program

- 12.000 now have access to clean drinking water

- Mangyan community support programs provided

Micro finance programs- Micro finance programs through Intex Foundation arranged by rural Bank

Potable water systems established Potable water systems established yy14 community-managed water systems have been established

2,001 households today benefit from this program

12,105 individuals can receive 480 ltrs each per day (6x the daily minimum recommendation of 80 lts per person)

Contributions in community health, productivity & micro-watershed rehabilitation

Health ProgramsHealth Programs

Hospital & clinic service to Mangyans & Tagalogs availed by over 6,000

ti tpatients

Free Medical Mission for adult & children with 1 213 patientschildren with 1,213 patients

Ambulance service for 32 barangays

AdoptAdopt--AA--School School –– Bright Minds Read ProjectBright Minds Read ProjectAdoptAdopt AA School School Bright Minds Read ProjectBright Minds Read Project

4 Municipalities

298 Grade-1 students and Teachers Training

4 Municipalities

10,500 Grade-1 pupils have own books

Community Consultations Community Consultations

AgroAgro--reforestation Programs reforestation Programs

Training for TreeTraining for Tree--based Farmingbased Farming

Information & Education CampaignInformation & Education CampaignInformation & Education CampaignInformation & Education Campaign

IntexIntex Corporate OverviewCorporate OverviewIntexIntex Corporate OverviewCorporate Overview• Intex Resources ASA is a modern mineral 

exploration company focused on projects in theexploration company focused on projects in the North Atlantic region and the Philippines

• Intention to grow via development of own projects new discoveries and acquisitionsprojects, new discoveries and acquisitions

• The company is well funded – Cash at hand  NOK ~ 225 million (USD 38 million) pr.  Jan. 2011 E i d t d l ti t• Experienced management and exploration team with successful track record of discoveries and project developmentR f lit j t i tf li• Range of quality projects in portfolio– World class Ni‐laterite deposit in the 

Philippines at Feasibility StageE l t M l bd d it i– Europes largest Molybdenum deposit in Norway at Pre‐feasibility stage 

– Diamond discovery in Greenland at target definition and mini bulk sampling stagedefinition and mini bulk sampling stage 

– Several promising grassroots exploration  projects and development targets 

Market Overview Market Overview Market Overview Market Overview (pr. February 2011)(pr. February 2011)

• Listed on the Oslo Stock Exchange since December 2006 (OSE: ITX)

• Shares – outstanding: 91.7 mill– options: 7.3 mill– fully diluted: 99 mill

• Market capitalization: NOK 460 pmillion (USD 90 mill)

• Current share price: NOK 5.00 (USD 0.86)0.86)

• Top‐20 shareholders hold 62%• 21.7% owned by Lybica Holding BV 

(OAO S t l)(OAO Severstal)• New Board of Directors appointed in 

Nov‐2010

36

• New Management appointed in Jan‐2011

MINDORO NICKEL

Thank you y

Mindoro Nickel & Intex ResourcesMindoro Nickel & Intex Resources

Please come see us at Booth C-01

Mindoro Nickel & Intex ResourcesMindoro Nickel & Intex Resources

Intex Resources ASAIntex Resources ASAIntex Resources ASAIntex Resources ASAMINDORO NICKEL

Contact Data sheet:

Jon Steen Petersen CGeol Eurgeol MSc FGS; Jon Steen Petersen, CGeol. Eurgeol, MSc, FGS; CEO/COO

email:jsp@intexresources.com cell:+45 3112 9767 (int) Tel: +6392 0957 0860 (Phil) +47 2311 3344 (Oslo)web: www.intexresources.com & www.intexresources.com.ph

Oslo office: Munkedamsveien 45A 8F 0250 Oslo Norway Oslo office: Munkedamsveien 45A 8F, 0250 Oslo, Norway. Tel: +47 2311 3344 Fax +47 2311 3345

Manila Office: Wynsum Corp Plaza 20F, Ortigas Jr Rd, Ortigas Centre, P i Cit Th Phili i T l +632 6874161 F +632 6874299Pasig City, The Philippines. Tel: +632 6874161 Fax:+632 6874299