Q4 2018

THE BEL AIR BAUXITE MINE: FROM GRASSROOTS TO PRODUCTION

COMPANY OVERVIEW

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ALUFER IS ONE OF THE MOST ATTRACTIVE BAUXITE MINING COMPANIES GLOBALLY

Commenced production at flagship Bel Air Project

• First Ore on Ship – On Time, On Budget, LTI Free

Rare development story:

• Alufer discovered the deposit through maiden drilling in 2011

• Completed detailed feasibility studies and extensive social and environmental work

• Secured financing in 2016

• Commenced construction in 2017

• Commenced production in Q3 2018

Upside potential from Bel Air North and Labe licences

Focused on delivering a long term, sustainable mining operation and creating value for all stakeholders

Phase 1: Construction – Complete

Phase 2: Ramp up – over the next few months

Phase 3: Steady State

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BEL AIR PROJECT - HIGHLIGHTS

Control of own logistics

• Have built a dedicated haul road, export facility, port and berth

• Control full production chain from pit to ship

High value product

• Well suited to low temp refinery

• Low reactive silica - notable advantage

• Low deleterious elements

Responsible, sustainable bauxite production

• Using global best practice mining methods

• Adopting IFC and Equator Principles

> 15 year Life of mine

• 146mt JORC resource identified - Direct Shipping Ore

• Ramping up to steady state rate of 5.5mtpa

Developing a long lasting legacy

• Over 40 community projects completed to date

• Will continue to contribute through Local Development fund

Location advantage

• 15km from the coast• Easily accessible from

Conakry by road• Simple operational set up

required

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KEY MANAGEMENT

Bernie PryorChief Executive Officer

• Metallurgical Engineer with 35 years of operational and project experience• Extensive African experience in project acquisition, evaluation and development, construction and mine

operations• Was Head of Business Development with Anglo American Plc, also serving as CEO of Anglo Ferrous Brazil Inc

Rachel RhodesChief Financial Officer

• Chartered Accountant with 15 years experience in the mining sector • Previously with Anglo American and CFO of London Mining• Extensive background in raising project finance and taking mining operations through construction to

production

Lamine ToureVice-Chairman, BAM

• Great deal of experience in government liaison and representation for a number of companies in Guinea• Has worked across a variety of sectors – mining, textiles and urban project development• Previously worked with Mobil, Global Alumina, Koumba Iron Ore

Kevin McleanProject Director

• Geologist with 20 years 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

Tristan ClarkeCommercial Director

• 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

Denis LeblancHR Director

• Over 30 years experience in HR management and strategy, organisational development and governance • Previously with SRD Nordgold, CBG and Xstrata Nickel• Strong focus on balancing team work with individual development and business objectives

Jason PeirceE & S Director

• Over 17 years experience working in sustainability within the mining and development sectors in Africa.• Wide range of expertise in social and environmental assessments, community relations, stakeholder

engagement, Previously with INSUCO, Anglo Gold Ashanti and the Belgian Development Agency

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OTHER BOARD MEMBERS

Adonis PouroulisChairman

• Mining engineer with 25 years experience in the natural resources sector• Expertise in discovery and development of 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

Mason HillsNon-Exec Director

• Commercial lawyer specialising in corporate and finance law in the resources sector• Advised RCF since 2001 and joined in an in-house capacity in2006.• Also serves on the Board of First Bauxite Corp, First Drilling Group and Global Advanced Metals

Osam IyahenNon-Exec Director

• Director at the AFC• Responsible for the natural resources team and has led their rapidly expanding franchise across sub-Saharan

Africa• Over 15 years experience in international finance and business development.

Keith JohnsonNon-Exec Director

• 25 years in the natural resources sector• Previously managed Rio Tinto’s global bauxite and alumina business and was head of Business Resources

responsible for the integration of Alcan• Prior to that he was BG Group as GM of strategy and portfoliodevelopment

David BrownNon-Exec Director

• Chartered Accountant with 20 years experience in the resources sector• Extensive Board experience, currently on the Board of Coal of Africa andVodacom• Previously with Impala Platinum, Edcon and Mobil

Mukuna IlungaNon-Exec Director

• Chartered Accountant• 16 years experience in the mining industry and currently CFO of Dangote Cement in the DRCMining and Sierra

Rutile• Previously with Endeavour , Anglo Gold Ashanti and De Beers.

Dorian BarakNon-Exec Director

• Legal and investment background• Private equity investor and asset manager focused on Africa, the Middle East and Europe• Advises clients, companies and funds on investments in the natural resources, aviation and tech sectors

Andrew FergusonNon-Exec Director

• 14 years experience in global financial markets with a focus on naturalresources• CEO and Head of Investment at APAC Resources Limited• Previously co-founded New City Investment Managers – a natural resources fund and worked for EMG Suisse S.A

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BAUXITE OVERVIEW

• Bauxite is the main commercial mineral from which aluminium oxide is extracted, which in turn is smelted to form aluminium metal:

• The aluminium industry is no longer as integrated as it used to be - pricing power is shifting upstream to alumina and bauxite producers

• However, aluminium demand drives alumina and bauxite growth - medium to long term demand is still strong

• Iron ore and copper usage matured following rapid industrialisation in China and other emerging markets - aluminium is still in its early stages

• Demand continues to grow in key sectors including transportation, construction, power, packaging and consumer products

Bauxite mining

Alumina refining

Aluminium smelting

Consumers and

Fabrication

5t Bauxite Ore 2t Alumina 1t Aluminium

BAUXITE IS THE PRINCIPAL ORE OF ALUMINIUM

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PROJECT OVERVIEW - OPERATIONAL SUMMARY

Stage 2: Short Haul

• Material is then transported via truck from the pits to the export facility at the coast

• Low opex, minimal re-handling, high efficiency

• Alufer have control of dedicated logistics facilities

SIMPLE LOGISTICS SET-UP: MINING - SHORT HAUL - CAUSEWAY CONVEYORS - TRANSHIPMENT

Stage 1: Mining

• DSO material is mined from a minimum of 2 pits at a time

• Open cast, strip mining with surface miners

• Minimises loss and dilution

• Enables ongoing rehabilitation during LOM

Stage 4: Shipping

• Transhipment handled via self-propelled barges and transhipment vessel (TSV)

• Ocean Going Vessels loaded 32 km offshore

• Optimal method for bulk export

• Significant storage capacity on TSV

Stage 3: Export Facility

• Automated materials handling set up

• Ore is stockpiled and handled via conveyor over a 1.2km rubble causeway and loaded onto barges

• Provides access from shore to suitable water depth for 10,000 DWT barges

THE PROCESS HAS BEEN OPTIMISED FOR CAPEX, OPEX AND THE OPERATING ENVIRONMENT

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SOCIAL AND ENVIRONMENTAL

• Ongoing management plans will be in place to ensure compliance with IFC Performance Standards and meet Equator Principles

• Ongoing work includes:

o Baseline assessments

o Integrated terrestrial and marine, social and environmental impact assessments

o Social and environmental management plans

o A Stakeholder Engagement plan

o A detailed Land Access and Resettlement framework and plan

o A Critical Habitat review, including Biodiversity action and management plans

• The project was awarded the Environmental Certificate of Conformity from the Government of Guinea in June 2013 which has since been renewed annually

• Throughout the project the team will work with the community to develop local enterprise initiatives and promote local supply

ALUFER IS COMMITTED TO PROMOTING & DELIVERING SUSTAINABLE DEVELOPMENT

STAKEHOLDER ENGAGEMENT IS A CORE FOCUS

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SUSTAINABLE INITIATIVES

Education:• Building of schoolrooms and teacher accommodation

Water:

• Installation and repair of wells to ensure potable supply

Health• Building of health posts and provision of equipment• Raising awareness and education on malaria, HIV / AIDS, sanitation

Local Business

• Training, assistance and support of local enterprise (such as local car wash facility)

Livelihood

• Set up of food cropping projects to provide high value produce (eggplant, cassava, chilli) for the community and site

Rehabilitation

• Planting of seedlings and creation of nurseries for re-vegetation of the mine and camp site

Solar

• Generation of power for domestic and public lighting

40 COMMUNITY DEVELOPMENT PROGRAMMES COMPLETED TO DATE THAT WILL HAVE LONG TERM BENEFITS

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LIVELIHOOD

TO OFFSET IMPACTS OF ECONOMIC DISPLACEMENT WE HAVE DEVELOPED A RANGE OF LIVELIHOOD RESTORATION PROJECTS

Food cropping projects to provide high value produce (eggplant, chilli) for the community and site

• Reinforces social networks, teaches new agricultural techniques and provides extra income

• Cooperatives are being rolled out across further local villages

A salt culture livelihood restoration project – new methodology taught

• Less firewood required; is healthier, safer, reduces deforestation and produces better quality salt

• Alufer has also repaired a berm in the mangrove area and constructed a storage room

Other livelihood restoration projects are in development, including agricultural projects and the creation of ‘multi-function platforms’

• Use of centralised equipment for processing crops, peanuts for example, for which users pay a small fee

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MINING OPERATIONS

CAUSEWAY, BERTH AND EXPORT FACILITY

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LOADING THE BARGES AND TRANSHIPPING

APPENDICES

STRONG STAKEHOLDER SUPPORT

• Alufer’s Mining Convention signed on 1 February 2016:o The first under the new 2013 Guinean Mining Code o The first signed by the new Mines Minister

• Fiscal concessions received to encourage investment and protect sustainability of operation

• Ratification by Parliament of the Mining Convention was completed on the 1 June 2016

• Through the Mining Convention, a tax regime has been developed to promote investment in Guinea and to deliver a fair revenue balance for all stakeholders

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• Alufer has a good working relationship with the Guinean Government

• Bel Air was declared a Project of National Interest” (PIN) in December 2014

STRONG RELATIONSHIP WITH GOVERNMENT

MINING CONVENTION

CONSTRUCTION FINANCING AND COMMENCEMENT

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• In December 2016, Alufer successfully secured a $205m financingpackage from a consortium of international investors

• US$80m Senior Debt Facility• Orion Mine Finance

• US$125m of Convertible Loan Notes and Equity• Resource Capital Funds• The Africa Finance Corporation• Orion Mine Finance

• Six Year Offtake Agreement with Orion Mine Finance• Working with Alufer to market the bauxite product

• Construction commenced in January 2017 and the project wasofficially opened by President Alpha Conde on the 3rd February 2017.

LABE - SIGNIFICANT GROWTH POTENTIAL

• The Labé Project (100% Alufer) is situated in the Guinea highlands, approximately 350km north-east of Conakry

• Longer term prospect due to infrastructure requirements

• Engineering concept study completed

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

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

• Previously 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

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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 anyoffer 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 orindirectly, from any use of such information or opinions or otherwise arising in connection therewith.