Strategic & Precious

Metals Processing

Emin Eyi Al Al Lawati

CEO SPMP CFO SPMP

Lisbon, May 19th 2016

Disclaimer

The information contained in this document (“Presentation”) has been prepared by SPMP (the “Company”). While the information contained herein has been

prepared in good faith, neither the Company nor any of its shareholders, directors, officers, agents, employees or advisers give, have given or have authority

to give, any representations or warranties (express or implied) as to, or in relation to, the accuracy, reliability or completeness of the information in this

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This Presentation may contain forward-looking statements that involve substantial risks and uncertainties, and actual results and developments may differ

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Welcome to SPMP

CORE VALUES

Environment: Protection of our permits and our environment.

Our People: Protection and health of our people and community.

Integrity: In dealings with all those that interact with us.

Excellence: In technology, innovation, quality and service.

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Our Partners

The People of Oman

Our shareholders & banks

Our EPCM Engineers

Our Trading Partners – suppliers & consumers

Our Community local and international both in

antimony & in gold

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Introduction to the Oman Antimony

Roaster (OAR)

Located in Sohar Freezone in Oman.

50,000 tonne per annum feedstock capacity modern antimony roaster, with easy future

scalability built into design & layout.

Designed to the best available technologies and above to produce cleanly, high quality

antimony metal and products for the international and growing GCC market place

Gold recovery capabilities designed in with modern better than BAT waste management.

Low cost energy sources, zero tax, zero duties and modern industrial infrastructure to

support industrial mineral processing businesses of scale.

Modern and large scale industrial waste management facilities near site, allowing for a truly

clean and environmentally compliant manufacturing process to highest international

standards to be achieved full cycle.

Funded and permitted

EPCM awarded to Worley Parson Oman Feb 2016 with expected commissioning Q3 2017.

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Oman resources industry

Oman Strategic Location

Location.

Availability of raw materials

Politic Stability.

Infrastructures.

Open investment policies.

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MAGAN

Early Oman Commodity transporting vessel and civilisation. Sohar was

once the richest city in the region during the Bronze Age

Magan vessel carrying copper buns for trade with Mesopotamia

Source of tin to make bronze remains a mystery (Cornwall?)

Traders funded by Temples who charged 20% - 33% rates

5,000 years ago.

Sohar once the richest settlement in the Gulf based on

copper trade. Developed specialist smelter skills to

double smelt ‘black copper’ ores and import tin to

make bronze. Traded with Indus, Europe &

Mesopotamia. Ended when Turkey had more firewood

and sourced copper from Cyprus.

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Oman today

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Minerals in the National Economy

The Government policy document “Vision 2020” states that

industrial diversification can be an instrument to achieve the

development targets set by the Government. Also, in the These

targets include increasing the contribution of the non-oil sectors.

Minerals sector on of the government focuses. As a result

numbers of minerals plants corporations come up like :-

Oman is the second largest country after Saudi Arabia in the GCC

region with an excellent geology of minerals

Oman’s mining industry is an important sector in the country’s

diversification program.

Oman is the first GCC producer and exporter of ferrochrome.

Oman is home to large deposits of gypsum, limestone, marble and

other carbonate-based minerals.

The discovery of deposits of copper, chromite has attracted foreign

investments over the last few years

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Vision 2020 continued

The Government policy document “Vision 2020” states that industrial diversification

can be an instrument to achieve the development targets set by the Government.

Also, in the These targets include increasing the contribution of the non-oil sectors.

Minerals sector on of the government focuses. As a result numbers of minerals plants

corporations come up like :-

Aluminium

Chromium

Antimony

Copper and Gold

Iron and Steel

Manganese

MDO ‘Minerals Development of Oman’ – precursor to a major resources renaissance

in and around Oman.

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Environment our First Priority

SPMP believes that responsible environmental management and superior environmental performance is integral to an efficient and successful company.

This will be achieved through leadership and the use of a superior Environmental Management System (EMS) to provide reliable, timely and accurate information.

Reporting in a transparent manner, to support effective decision making.

Access, review and challenge BAT to be “Better than BAT”

To set environmental objectives to be achieved though construction and SPMP operations

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True Sustainability

Foundations of True Sustainability

Identify legal standards and obligations: Local/EU/EPA/WHO and aim to beat the best

Access all available technologies that don’t just meet standards but aim to beat them

Develop creative processes that are “Better than BAT” for long term stability in operations

Store, recycle and reuse is better than disposal

Insert environmental considerations into all aspects of the company’s activities

Supporting supplier operations to develop superior, responsible and environmentally compliant systems to provide superior provenance

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Social

Our families, communities and wider stakeholders are

the engine of SPMP and its growth

A Clean and Safe Environmental which all stakeholders

live and work are one of the foundations that make

SPMP operations truly sustainable

Long term welfare, health and support are interlinked

with the other pillars of sustainability

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Environment ISO 14001 compliant ensuring best practice throughout the company.

The key elements

Environmental commitment by SPMP through the Environmental Policy

Environmental planning to identify objectives and standards to be achieved by SPMP and stakeholders

Implementation and operation identify, plan and manage the operations and activities in line with the policy,

Monitor objectives, targets, and significant aspects of operations taking corrective action if necessary

Identify and create new systems allowing all stakeholders input to be “Better then BAT”

Safeguard the Environment and stakeholders for generations

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Economic

Maintaining a healthy balance with the environment

Creating wealth for stakeholders whilst preserving

ability for future generations to access wealth

Developing and investing in future generations to

maintain systems

Ensuring fair trade for materials to develop peripheral

stakeholder communities

Ultimately, transmitting these values through to

customers through branding and service

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Summary

SPMP meeting the best standards (EU/EPA/WHO/OMAN)

Dynamic Environmental Management Systems

Technology and Process better than BAT driven

Sociably acceptable from sources to sink

Environment at the core of business ISO 14001

Economic growth support for social and environmental

growth

True Sustainability

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SPMP Technical Approach

Differentiation of SPMP technical approach to branding, sustainability

and provenance.

Safety. No harm to anyone in the pursuit of our goals.

Sustainability of operational effectiveness over entire product life cycle,

long term contract.

Procurement under transparent conditions, HSE provenance of

feedstock, diligence and assessing supplies.

SPMP Product Branding - Safety In Design - QAQC

Long-term sustainability and provenance of waste disposal in

coordination with Oman authorities.

Maximum efficiency to recovery all potential products. Minimisation of

waste production.

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Quality lead by design & testing

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Technical ‘the future’

Long journey with many due diligence reviews and technical milestones achieved successfully

Technical direction driven by:

Safety

Efficiency

Environmental BAT and better

Low Emissions

Sustainability

Branding & Quality – by Design

Provenance through diligence

Learning to improve for the future - Refractory Gold

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WorleyParsons in brief

Global, Oman and South Africa

Our global business • Major Projects | focusing on

large complex projects and

offering selective delivery in

PMC, EPCM, EPC.

• Services | delivering locally

based on a deep understanding

of local markets and customers’

expectations.

• Improve | optimizing the

performance of operating assets.

• Advisian | WorleyParsons

consulting combining commercial

and technical expertise.

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WorleyParsons in brief

WorleyParsons

134 offices | 44 countries | 28,300 people

Europe Middle East and Africa (EMEA)

9 locations | +6,500 people

WorleyParsons Oman

2 offices | +1,000 people

WorleyParsons RSA

15 offices | + 900 people

WorleyParsons Oman – in brief Focused on achieving In-Country Value and supporting the

development of Oman

Multiple customer sector business:

Hydrocarbons

Power

Minerals, Metals & Chemicals

Infrastructure & Environnent

Complete project lifecycle capability:

Concept, FEED, detailed design, construction,

commissioning , maintenance and operations support

In-Country delivery with support of WorleyParsons’ global

delivery centers

Recognized Omanisation leader

EPCM, EPC and PMC execution models

1000

people

25+Years of expertis

e

140Process

engineers

50+pipeline

specialists

15m+ engineering manhours since 1992

2Offices: Muscat &

Sohar

50+EOR

Projects

50+ pipeline

specialists

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WorleyParsons RSA - in brief

Over 35+ years of operations in Minerals, Metals and Chemicals (MMC)

sector

RSA considered a centre of excellence for:

precious metals processing and underground mine development;

Minerals, Metals & Chemicals project delivery centre in Sub

Saharan Africa

Acquisition of TWP in 2013 made WorleyParsons RSA one of the largest

specialised EPCM companies in Africa

Complete project lifecycle capability across the mining value chain

from “Exploration and Evaluation” to “Environment and approvals”;

Strong expertise in power and infrastructure as well as hydrocarbons in

the region;

1,500+ refining, chemicals and petrochemicals projects

100+ years of experience in Power

+900

people

35+Years of

expertise in MMC

30+ mega mining

projects run from

RSA

15 offices

850kengineering manhours in

MMC in FY2016

60+years of

expertise in Hydrocarbons

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The Mining Value Chain

supporting customers at every

step of the way

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Quick look back at our Benchmarking

analysis – March 2015

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Industry Cost Curve

Without by product credits

85% of industry cost curve

point requires a sustainable

metal price of U$9,300/t based

on current global energy prices

and current U$ strength

(weakness in producer

currencies). Both could change

to lift this 85% point higher in

future.

Therefore, the future sources

will require precious metal co-

values to prosper, or prices will

have to sustainably above the

85 percentile.

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Antimony price cycles in the past

The Industry destocking fears (Fanya and global markets) is reminiscent of the destocking after WW1 where Sb metal in ammunition stocks brought prices down to 5c/lb, it settled to 8c/lb after the stock fears (kind of where we are heading to now) and was volatile thereafter rising to 19c/lb following year. The actual units don’t matter, but the trough to peak of 3.8x is worth remembering. This last peak to trough cycle has also been a 3.8x.

Compared with Copper since 1900, the average ratio of 1.5x is presently at 1.0x despite Sb being 300x more scarce than copper.

Compared with Gold since 1897 required 8.7 ounces of gold to buy a tonne of antimony, today its nearer 4.7 ounces – all time lows.

Clearly, industry cost push cannot be ignored for long.

However, the Demand price resistance is just as important a Governor on the future long-term price for Antimony…..unless it is finds or improves the value added uses in the future.

The relative cheapness of Sb compared to its much higher scarcity has left it in a commoditised demand segment (5x more scarce than tungsten for example and by far a greater diversity and ubiquitous uses).

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Future Sources – regional example

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Future Consumers – regional example

Middle plastics production growth CAGR +8%pa 2020,

chemicals basin c 11% world market share.

Indian polyester production to double by 2030

Indian plastics industry CAGR +13% pa past 5 years

3rd largest consumer of polymers behind China & USA

+16% pa

Indian plastics consumes only 10kg per capita 2015,

China 38 kg, Europe +100 kg.

Yet, Indian plastics production still only represents 3% of

world plastics capacity, major new capacity increases

ahead.

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Thank you

www.spmp.co.om

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