ALTURA LITHIUM NEW SIGNIFICANT SUPPLY TO THE BATTERY MARKET IN 2018 INVESTOR UPDATE - Altura Mining
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Highly Confidential
ALTURA LITHIUM
NEW SIGNIFICANT SUPPLY TO THE
BATTERY MARKET IN 2018
JUN E 2 01 8
INVESTOR UPDATE
R ESO URC ES DRI V I NG SU PPLY TO THE BATTERY R EVOLUTION 1
Highly Confidential
DISCLAIMER
This presentation has been prepared by Altura Mining Limited (“Altura” or the “Company”). It should not be considered as an invitation or offer to
subscribe for or purchase any securities in the Company or as an inducement to make an invitation or offer with respect to those securities. No
agreement to subscribe for securities in the Company will be entered into on the basis of this presentation.
This presentation is provided on the basis that none of Altura nor its respective officers, shareholders, related bodies corporate, partners, affiliates,
employees, representatives and advisers make any representation or warranty (express or implied) as to the accuracy, reliability, relevance or
completeness of the material contained in the presentation and nothing contained in the presentation is, or may be relied upon as, a promise,
representation or warranty, whether as to the past or the future. The Company hereby excludes all warranties that can be excluded by law.
The presentation contains forward looking information and prospective financial material which is predictive in nature and may be affected by inaccurate
assumptions or by known or unknown risks and uncertainties, and may differ materially from results ultimately achieved. All references to future
production, production targets and resource targets and infrastructure access are subject to the completion of all necessary feasibility studies, permitting,
construction, financing arrangements and infrastructure-related agreements. Where such a reference is made, it should be read subject to this paragraph
and in conjunction with further information about the Mineral Resources, Ore Reserves and Exploration Results, as well as the Competent Persons'
Statements.
All persons should consider seeking appropriate professional advice in reviewing the presentation and all other information with respect to the Company
and evaluating the business, financial performance and operations of the Company. Neither the provision of the presentation nor any information
contained in the presentation or subsequently communicated to any person in connection with the presentation is, or should be taken as, constituting the
giving of investment advice to any person.
Charging forward with Lithium
2
Highly Confidential
CONTENTS
1 Introduction
2 Project Overview
3 Corporate
4 Project Update
5 Financial Analysis
6 Offtake
7 Regional Exploration
8 Lithium Market Fundamentals
9 Summary
Appendices
Ideally located in the gateway to North Asian Markets
3
Highly Confidential
Section 1
INTRODUCTION
4
Highly Confidential
ALTURA INVESTMENT HIGHLIGHTS
Low risk, low cost, low capex and long life, with excellent
1 World Class Project
metallurgy
Existing port and road infrastructure, with proximity to end
2 Tier One Jurisdiction
users in Asia
Less than 2 months to first spodumene sales in a strong
3 Near Term Production
market
Capital spent and offtake contracted, with Stage 2 DFS
4 Stage 1 Derisked
completed in April 2018
Driven by the EV “mega trend” and clean energy storage
5 Positive Market Outlook
demand
Based on forecasts from Stage 1 production and from the
6 Attractive Valuation
Stage 2 DFS
More than 16,000 hectares of highly prospective tenements
7 Exploration Upside
with targets identified
8 Highly Experienced Team Strong project development credentials
5
Highly Confidential
INTRODUCTION
Feeding the lithium supply chain in H2 2018
Project Location
• ASX-listed company Altura Mining Limited (“Altura” ASX:AJM) owns 100% of the
Pilgangoora Lithium Project (the “Project”)
• The Project is located in the Pilbara region of north west Western Australia, an
established mining region that is well serviced by existing infrastructure Port Hedland
Pardoo
• Stage 1 of the Project is currently in commissioning stages, and is expected to Karratha
Pilgangoora
produce approximately 220,000 tpa of spodumene concentrate SC6 (circa 30,000
Marble Bar
tpa LCE)* Onslow
Pannawonica
• Stage 2 of the Project (DFS complete) involves a doubling of production to Wittenoom
Nullagine
approximately 440,000 tpa spodumene concentrate SC6 (circa 60,000 tpa LCE)
Tom
with expected commissioning in Q1 2020* Price
Paraburdoo
• Combined Stage 1&2 NPV (@10% discount rate) of A$835m based on Stage 2 DFS Newman
assumptions and pricing on 34.2Mt ore reserve estimate*
• Concentrate will be transported ~130kms by existing road infrastructure for export
via an existing multi-user berth in Port Hedland
Perth
• A minimum of 200,000 tpa is contracted until 31 December 2022, with 100,000
tpa to each partner (Lionergy and J&R Optimum) on market-based terms with a
pricing floor and cap for 3 years
* Refer to ASX Announcements 26 September 2016, 24 October 2017 and 30 April 2018 6
Highly Confidential
Section 2
PROJECT OVERVIEW
7
Highly Confidential
PROJECT SNAPSHOT
Altura’s Pilgangoora project is fully permitted from mine to port with first shipment planned for Q3
2018
Description Units Stage 1 Stage 1&2(1) PRODUCTION PROFILE
Run Rate Production SC6 kt p.a. 220 440
Mine Life (on Reserves) Years 23 13
Development Capex A$m 151 119(2)
LOM Sustaining Capex (Real) A$m 31 31
LOM C1 Cost (Real) A$/t 356 324
LOM Total Cash Cost (Real) A$/t 428 400
Ore Mined (Reserves) Mt 34.2 34.2
LOM Grade % Li2O 1.04% 1.04%
Waste Mt 106.2 106.2
(1) Refer to ASX Announcement 30 April 2018
(2) Excludes Stage 1 Capex
8
Highly Confidential
Section 3
CORPORATE
9
Highly Confidential
COMPANY OVERVIEW
12 MONTH SHARE PRICE PERFORMANCE
Share Price (A$) Volume (m)
0.60 40.0
Capital Structure (22nd June 2018) AUD
Shares on Issue 1,819.9m 35.0
0.50
Share Price $0.315
30.0
Market Capitalisation $573m 0.40
25.0
Cash(1) $63m
0.30 20.0
Debt(1) $144m
Enterprise Value $654m 15.0
0.20
(1) As per 26 April 2018 Quarterly Announcement
10.0
Major Shareholders In Company (%)
0.10
5.0
Furui Holdings Limited (Shaanxi J&R) 16.81%
Allan Buckler (Shazo Holdings Pty Ltd) 10.71% 0.00 0.0
Terry Smith 10.15%
Directors(2) 16.02%
Top 20 62.3%
(2) Excludes J&R shareholding
10Highly Confidential
CORPORATE HISTORY
13-Nov-17
Stage 2 scoping study
Share Price (A$) results show
Volume (m)
production plant 22-May-18
26-Apr-16 8-Nov-16 Process plant
0.60 9-May-17
duplication is best
Commissioning – first
80.0
Binding off-take Subscription and co- expansion option
agreement signed operation agreement Contracts for plant ore crushed
with Lionergy for signed with Optimum construction,
100ktpa spodumene Nano raising transport, logistics 24-Oct-17
and power awarded
70.0
concentrate A$41.6m Increase in Reserve
0.50 at Pilgangoora and Resource base
supporting a 22 year
11-Apr-16 mine life under Stage
Pilgangoora stage 1 1 DFS
60.0
feasibility study 26-Sep-16
0.40 released highlighting Pilgangoora stage 1 10-Jul-17
NPV of A$382m and DFS released 27-Feb-17
12+ year mine life
Binding off-take 50.0
highlighting NPV of Pilgangoora project agreement signed
A$411m and a 13 management plan with Optimum Nano
year mine life approved by WA for 100ktpa
Government and on- Spodumene
0.30 40.0
site works commence Concentrate
30-Apr-18 30.0
0.20 Stage 2 Definitive
Feasibility Study
Released highlighting
NPV of A$835m and 20.0
28-Jul-17 13+ year mine life
Senior secured loan (includes Stage 1)
0.10 notes issue raises
US$110m to fund 10.0
construction and
commissioning at
Pilgangoora
0.00 0.0
11Highly Confidential
BOARD & MANAGEMENT
BOARD
James Brown Paul Mantell Zhao Tong
Managing Director Executive Director, CFO Non-Executive Director
Board and Mr Brown is a Mining Engineer with Mr Mantell is a qualified accountant and Mr Zhao Tong brings over 25 years
extensive mining experience and has in excess of 30 years in corporate experience in the international trade of
Management with a operational development. Mr Brown has experience in the mining and associated metals and minerals. Mr Tong has been
been Managing Director of Altura since industries. This included 28 years at New the director of the Lithium Division of
September 2010, and previously was Hope Corporation, with the last 12 years J&R Optimum, an offtake partner of
history of successful the Company’s General Manager. as the Company’s Chief Financial Officer. Altura since October 2016
Previous to his role at Altura Mr Brown
developments, strong spent 22 years at New Hope
Corporation (ASX:NHC)
operations and robust BT Kuan Allan Buckler Dan O’Neill
Non-Executive Director Non-Executive Director Non-Executive Director
dividend returns Mr Kuan has been a director of Altura Mr Buckler holds over 40 years As an exploration geologist and founding
since November 2007 and brings a experience in the mining industry which director of current lithium producer
wealth of experience in logistics, includes being a former Director and Orocobre Limited (ASX:ORE), Mr O’Neill
specifically the development and Chief Operations Officer at New Hope brings over 30 years’ experience in
management of bulk handling and Corporation. Mr Buckler has been international mining across Australasia,
terminal operations. Mr Kuan is a directly responsible for the Africa, Asia and North America. Mr
qualified mechanical engineer commercialisation of several projects O’Neill has served as a director of Altura
which begun from resource identification since December 2008
all the way through to production
12Highly Confidential
BOARD & MANAGEMENT
MANAGEMENT
Chris Evans Marc Rowley Graham Austin
Chief Operating Officer General Manager Development Maintenance Superintendent
Mr Evans is an experienced civil engineer and project Mr Rowley is a seasoned management professional covering Mr Austin holds over 30 years experience on all fixed plant
manager. Mr Evans has project management and all phases of project lifecycles spanning from scoping studies equipment and has been involved with greenfield and
construction experience in Australia, South east Asia and the through to commissioning and handover. brownfield projects throughout Africa, Asia and Australia.
UK. With 15 years working in WA for a number of tier 1 Mr Austin has held various Maintenance Superintendent
Prior to commencing as COO at Altura, Mr Evans was Project engineering consultants, Mr Rowley holds experience in positions in the gold, copper and nickel mining processes
Manager for the Mt Webber mine development in the both small scale scoping studies and Definitive Engineering Mr Austin begun his career in Zimbabwe, before moving to
Pilbara region of Western Australia for Atlas Iron, and Studies on projects with a value over $1b. Mr Rowley has Botswana where he worked for various mining
delivered on an aggressive timetable for the project assumed the position of Project Director to take the Stage 1 organisations, then moving to Singapore taking up a position
study through to implementation and commissioning. of Service Engineer with National Oilwell
Phil Robinson Walter Madel Brady Jenkins
Registered Manager Processing Manager Processing Superintendent
Mr Robinson brings to Altura a solid background in Mining Mr Madel is a metallurgist and a mineral process Mr Jenkins is a Metallurgist with over twenty years
and Processing operations, working on a number of engineering and design professional, with 17 years of experience in the Australian mining industry. He has
greenfield mining developments such as Atlas Abydos Mine practical processing engineering experience in a wide variety extensive processing experience in a wide range of
and Arrium’s Southern Iron Project, with experience also of minerals and metals on projects in Australia and commodities including nickel, gold, mineral sands, coal and
working on a number of business transformation projects internationally, and also holds 10 years of experience in iron ore.
such as Cockatoo Island Redevelopment, Woodie mineral plant operations. In recent years Mr Jenkins has focused primarily on
Manganese Mine development, and Arrium’s redevelopment Mr Madel played a key role in the design of the processing operational readiness, commissioning and ramp up of large
of its Whyalla group of Mines. plant and supporting infrastructure from conceptual and scale processing operations with tier 1 mining companies.
Mr Robinson is an experienced Mining Operations and study stage through to detail design of the Pilgangoora Mr Jenkins has assumed the role of Commissioning
Construction Manager with over 20 years experience. project. Manager for the Pilgangoora project.
13Highly Confidential
Section 4
PROJECT UPDATE
14Highly Confidential
PROJECT UPDATE
Rapid progress – Greenfield site to production
March 2017 June 2018
CHARGING FORWARD WITH LITHIUM | ASX : AJM 15Highly Confidential
PROJECT UPDATE
Pilgangoora Stage 1 delivering to timetable and budget
Development Capex Profile (A$m)
Operations and Maintenance Readiness – Progress
$18 $180
• Power station energised
Millions
Millions
$16 $160
• Reverse Osmosis (RO) plant commissioned
$14 $140
• 8 mega litre raw water dam on line to supply water to process plant
$12 $120
• High Pressure Grinding Rolls (HPGR) and Dense Media Separation
$10 $100
(DMS) systems complete
$8 $80
• On site laboratory operational and testing first samples
$6 $60
• Commissioning and performance testing of the Crushing Circuit
complete $4 $40
• Product storage shed in Port Hedland constructed and ready to receive $2 $20
spodumene concentrate for shipment
$0 $0
• All key processing plant staff recruited – owner operator model
• Steel fabrication complete Planned Actual Cummulative Planned Cummulative Actual
• Electrical installation works completed
• 100% of conveyors are in place
CHARGING FORWARD WITH LITHIUM | ASX : AJM 16Highly Confidential COMMISSIONING PROGRESS Commissioning process progressing to plan CHARGING FORWARD WITH LITHIUM | ASX : AJM 17
Highly Confidential
Section 5
FINANCIAL ANALYSIS
18Highly Confidential
COMPARABLES ANALYSIS
Forecast 2020 Run Rate Production (ktpa LCE) Capital Intensity (US$’000 / t Li2O)
59
112
46
42
37
65
27
33 30 28
23 21 11
18 8
13 6
8
PLS AJM NMX GXY ORE TAW KDR BCN LAC NMT KDR AJM PLS ORE GXY LAC NMX BCN
(Earl Grey) (Stage 1) (Stage 1) (Ph. 2) (SdV) (Olaroz) (Whab.) (Sonora)
Source: company disclosure. Galaxy production includes only Mt Cattlin (200ktpa SC6). Pilbara and Altura Source: Company disclosures.
include Stage 2 expansions.
EV / 2020 Run Rate Production (US$’000/t LCE) EV / CY 2020E EBITDA
18.2x
31.5 15.7x
27.5 27.6
26.3
EV / CY 2020E EBITDA
Adjusted for 7.9x 8.3x
13.6 Stage 2 Volumes
12.1
11.1
9.8
8.8 4.3x
2.7x 2.8x
AJM PLS NMX TAW NMT ORE KDR GXY LAC AJM TAW PLS KDR GXY LAC ORE
Source: Company disclosure. Galaxy multiple does not include Sal de Vida or James Bay Source: Bloomberg broker consensus. Altura EBITDA assumes mid-point of guidance on previous page (A$139m) adjusted
for Stage 2 expansion. Cash and debt per latest reported adjusted for any capital raisings post balance date (ORE, TAW).
Share price at close 27 April 2018.
. 19Highly Confidential
VALUE UPSIDE
• Stage 2 DFS delivers NPV of A$835m (@10% discount Metric Units Stage 2 DFS Case*
rate) as at 1 July 2018*
• Material project upside potential through exploration Pricing Scenario DFS Pricing
targets extending asset life on the underexplored
16,000 hectare tenement package (only 600 hectares Asset Life Years 13
explored to date)
• Stage 2 DFS based on 34.2Mt Ore Reserve estimate NPV (10% discount) A$m 835
(excludes latest Ore Reserve estimate upgrade of
41.1Mt)* Ore Mined kt 34,214
• Opportunity for mine life extension via evaluation of Spodumene Concentrate
kt 4,755
tenement package Produced
LOM EBITDA A$m 2,473
CHARGING
* Refer to ASXFORWARD WITH
Announcements LITHIUM
26 September | ASX
2016, : AJM
30 April 2018 and 28 May 2018 20Highly Confidential
Section 6
OFFTAKE
21Highly Confidential
OFFTAKE PARTNERS
Offtake agreements for a minimum of 200ktpa from Stage 1 for five years
Lionergy
• 100% owned subsidiary of Shenzhen-listed • 20+ years in Chinese lithium industry with
Shaanxi J&R Optimum Energy excellent reputations and connections
• Controls significant % Chinese battery market • Exploration, mine development, concentrate
• Producer of lithium power battery systems for sales and distribution
EV, large EV and static storage • Li2C03 and LiOH manufacturing and sales,
• Customers include Dongfeng Motors, Sunlong lithium metal & cathode manufacturing for
Bus, Dayun Group, FAW Group, Haw Tai Motors Li-ion batteries
• Producing +100,000 battery sets in 2017 • Purpose built Li2C03 and LiOH conversion
• 2017 production of 5.6GW of batteries, ranking plant substantially under construction in
No.3 in China Ulanqab, Inner Mongolia
• Currently undergoing re-structuring to form • Stage 1 capacity 120ktpa SC6 concentrate
larger New Energy entity covering raw material • Stage 2 capacity 240ktpa SC6 concentrate
integration
Charging forward with Lithium
22Highly Confidential
SUMMARY OFFTAKE TERMS
Minimum of 200,000 tpa of production contracted for five years, with floor and cap pricing for 3 years
Term Stage 1 - 220ktpa SC6 (circa 30ktpa LCE)
• Five years from first shipment to occur after the mining commencement
date H2 2018 Lionergy
Lionergy
Prices Conversion Plant
Min 100ktpa
• Prices to be mutually agreed annually by the Parties, having regard to: 120ktpa (Stage 1)
• Spodumene indices (if available)
• Published company prices J&R H2 2019 Lionergy
• Weighted average price of comparable lithium products shipped from Optimum Conversion Plant
Australian projects Min 100ktpa 240ktpa (Stage 2)
• Movements in lithium carbonate prices
• Price floor of US$550/t and cap of US$950/t for the first 3 years Stage 2 - 440ktpa SC6 (circa 60ktpa LCE)
• Price adjustment formulas in place if Li2O content is above or below 5.5%
Li2O Lionergy / H2 2019 Lionergy
J&R Conversion Plant
Volumes 240ktpa (Stage 2)
Min 200ktpa
• Minimum annual contracted volume of 100,000 tonnes for each offtake for
a period of five years (200,000 tonnes minimum in total)
New Offtake H1 2020
• Until the fifth anniversary of the first shipment, if Altura produces in excess New Supply*
Available*
of the confirmed annual quantity, then J&R agrees to buy and Altura agrees
Min 200ktpa 200ktpa (Stage 2)
to sell that additional product on the same terms as this offtake
Charging forward with Lithium
* New offtake subject to J&R Optimum rights until 31 December 2022
23Highly Confidential
Section 7
REGIONAL
EXPLORATION
24Highly Confidential EXPLORATION TARGETS Defined high-impact prospects identified within Altura’s tenement package CHARGING FORWARD WITH LITHIUM | ASX : AJM 25
Highly Confidential
NEAR FIELD EXPLORATION POTENTIAL
Infill drilling opportunities immediately adjacent to production operations offer low-risk reserve upside
• The resource infill drilling and geological model reinterpretation work carried out in
2017 has identified the following potential exploration targets within the M45/1230
and M45/1231 tenements:
1. ‘Southern Ridge Deposit Area’ – located in the southeast corner of the
M45/1231 tenement. This area requires infill drilling to improve geological
understanding and grade definition. Area drilled in early 2018.
2. ‘H Pit Area’ – located at the southern end of the mining start-up area. A majority
of this area has not previously been drilled due to access restrictions caused by
the steep slopes. Current mining will reduce the ‘H Pit’ to the 211mRL, which
will create a large flat area for drilling.
3. ‘Stage 1 South Area’ – a high grade shoot located at the southern end of the
Stage 1 mining area was identified during the recent drilling program. Further
infill drilling is recommended in this area.
4. ‘Remainder of Planned Open Pit’ – the recent drilling also identified the need for
closely spaced (20m x 20m grid) drilling in the remainder of the main deposit to
improve geological understanding and grade definition which will minimise risk
prior to future mining activities.
• Altura holds five external exploration tenements including the E45/2287 tenement.
Detailed geological mapping carried out on this tenement in April 2017, identified a
target area near the ‘Monster Deposit’ which is located on the neighbouring
tenement held by Pilbara Minerals Ltd. Based upon the results of three exploration
holes drilled in this area in October 2016 and the mapping data collected this year,
further exploration potential exists in this target area.*
CHARGING
* Refer to ASXFORWARD WITH
Announcement LITHIUM
14 December 2017| ASX : AJM 26Highly Confidential
RECENT RESULTS – SOUTHERN RIDGE
Strong results from Southern Ridge drilling program supports resource conversion
• Numerous shallow and high-grade intersections recorded from a total of 4,654m of RC drilling in 44 holes*
• Impressive results for depth, grade and thickness
Hole ID Mineralised Intersections Hole ID Mineralised Intersections
4m @ 0.50% Li2O from 3-7m P18RC0024 22m @ 1.68% Li2O from 12-34m including 10m @ 1.76% Li2O from 12m
P18RC0003
9m @ 2.43% Li2O from 13-22m including 6m @ 2.88% Li2O f rom 15-21m 3m @ 1.34% Li2O from 18-21m
P18RC0025
P18RC0004 21m @ 1.22% Li2O from 37-58m including 8m @ 1.55% Li2O f rom 49-57m 16m @ 1.46% Li2O from 28-44m including 9m @ 2.00% Li2O from 30m
including 10m @ 2.13% Li2O from 23m
41m @ 1.20% Li2O from 60-101m including 6m @ 1.44% Li2O f rom 63-69m P18RC0029 43m @ 1.65% Li2O from 21-64m
P18RC0006 including 15m @ 2.14% Li2O from 47m
including 13m @ 1.93% Li2O from 88-103m 18m @ 1.40% Li2O from 51-69m including 5m @ 2.68% Li2O from 51m
17m @ 1.00% Li2O from 55-72m including 9m @ 1.34% Li2O f rom 56-65m 6m @ 0.79% Li2O from 77-83m
P18RC0007 P18RC0031
7m @ 1.12% Li2O from 75-82m 5m @ 1.03% Li2O from 94-99m
including 13m @ 1.66% Li2O from 92-105m 6m @ 1.94% Li2O from 113-119m including 3m @ 3.48% Li2O from 113m
59m @ 1.34% Li2O from 77-136m
P18RC0008 including 17m @ 1.71% Li2O from 117-134m 12m @ 1.55% Li2O from 85-97m including 4m @ 2.19% Li2O from 85m
P18RC0032
19m @ 2.05% Li2O from 144-163m including 10m @ 2.52% Li2O from 148-158m 16m @ 1.30% Li2O from 101-117m including 7m @ 1.83% Li2O from 104m
21m @ 2.19% Li2O from 2-23m including 12m @ 2.65% Li2O from 8m 4m @ 2.10% Li2O from 60-64m
P18RC0018 2m @ 1.37% Li2O from 43-45m P18RC0033 16m @ 1.15% Li2O from 104-120m including 6m @ 1.48% Li2O from 104m
7m @ 1.69% Li2O from 51-58m 2m @ 1.02% Li2O from 128-130m
P18RC0019 20m @ 1.29% Li2O from 0-20m including 10m @ 1.60% Li2O from 1m 27m @ 1.62% Li2O from 90-117m including 8m @ 2.24% Li2O from 93m
P18RC0034
7m @ 1.10% Li2O from 15-22m 25m @ 1.44% Li2O from 142-167m including 15m @ 1.73% Li2O from 143m
5m @ 1.29% Li2O from 32-37m 7m @ 1.00% Li2O from 131-138m
P18RC0021
2m @ 1.04% Li2O from 57-59m P18RC0035 5m @ 0.79% Li2O from 139-144m
7m @ 0.92% Li2O from 61-68m including 3m @ 1.58% Li2O f rom 65m 23m @ 1.14% Li2O from 148-171m including 5m @ 1.61% Li2O from 150m
CHARGING
* Refer to ASXFORWARD WITH
Announcements LITHIUM
13 March | ASX
2018, 10 : AJM
April 2018 and 28 May 2018 27Highly Confidential
UTARA PROSPECT
High impact prospect located adjacent to Stage 1 and 2 facilities
• The Utara Prospect is located near the Monster Deposit, which is within a neighbouring
tenement held by Pilbara Minerals Ltd. Fractionated, spodumene-bearing pegmatite
intrusions were observed and mapped within a section of the E45/2287 tenement. This
section of the tenement overlaps into the main pegmatite field known to host Altura’s
Pilgangoora Lithium Project (6.5km to the south) that is currently being developed
• The mapping work identified three separate occurrences of spodumene-bearing pegmatite.
One of these has already been drilled, and the other two are untested. Three drill holes
were previously drilled by Altura in October 2016 and two of these holes intersected
spodumene-bearing pegmatites*
• Exploration reverse circulation or RC drilling on a 50m by 50m staggered grid is planned for
the Utara Prospect in 2018. Holes averaging 50-100m deep and drilled perpendicular to the
interpreted pegmatite strike orientations (angled at 60o declination) are planned for this
prospect. These holes will be geologically logged and the pegmatite intersections will be
sampled and assayed. Pending the RC drilling results a series of twinned diamond core
holes will be drilled in this prospect to confirm pegmatite dyke thickness and mineralisation
Hole ID Hole Type Easting Northing RL Dip Azimuth Hole Depth Depth Form Interval Length Li2O% Comments
Incl. 3m @ 1.88
PNRC001 RC 698796.91 7675057.35 195.72 -60 315 58 13 11 1.07
Li2O% from 19m
44 3 1.18
PNRC002 RC 698856.69 7675123.26 189.00 -60 315 76 -
61 2 1.15
Pegmatite not
PNRC003 RC 698888.05 7675089.43 189.26 -60 315 106 - - -
intersected
Charging forward with Lithium
* Refer to ASX Announcements 14 December 2017 28Highly Confidential
Section 8
LITHIUM MARKET
FUNDAMENTALS
29Highly Confidential
DEMAND OUTLOOK
Worldwide lithium compounds and metals consumption is expected to achieve an 18% CAGR between
2017 and 2022
Global Lithium Compounds and Metals Demand, 2012-2022 (kt LCE)
• Between 2012 and 2017, global lithium demand increased CAGR: 18%
from 134kt LCE to 229kt LCE, at a CAGR of 11%. CRU 600
Lithium Demand (kt LCE)
526
forecasts that the rate of growth will accelerate to 18% CAGR: 11%
463
408
during 2017-2022, with global lithium demand more than 400 351
296
doubling to 526kt LCE 188 209 229
153 170
200 134
• 93% of the total demand growth will be from battery 0
applications and electric vehicles (EVs) alone will account for 2012A 2013A 2014A 2015A 2016A 2017A 2018E 2019E 2020E 2021E 2022E
EVs Glass & Ceramics Other industrial applications
80% of the total demand growth. By 2022, lithium Other eTransportation Portable electronics Lubricating Grease
consumption in EVs will reach 54% of total lithium Energy storage devices
consumption compared to just 3% in 2012
Global Lithium Compounds and Metals Demand by End Use
9% 1% 4% 3%
• Lithium demand from industrial applications and portable 22% 7%
electronics is expected to increase at a relatively slow, but 12%
8%
steady, CAGR of 2.8% and 4.8% respectively between 2017 2017A 2022E 54%
10%
and 2022 8%
28%
20% 14%
Source: CRU estimates from Gangfeng IPO Documentation
CHARGING FORWARD WITH LITHIUM | ASX : AJM 30Highly Confidential
DEMAND OUTLOOK
Market continues to misjudge and revise demand estimates upwards as true extent of EV mega trend
becomes apparent
Deutsche Bank LCE Demand Forecast Broker Consensus Pricing Outlook
LCE Price US$/t SC6 Price US$/t
Year 2016 Forecast 2017 Forecast % Increase 15000 1000
13000 800
11000 600
2016 209 214 2
9000 400
7000 200
2020 359 453 26
5000 0
2017 2018 2019 2020 2021 2022 2023 2024 2025
2025 534 778 46 Broker LCE Forecast Broker SC6 Forecast
Broker Global Demand and Supply Outlook
LCE kt
1000
In 2017 Deutsche Bank revised its Global LCE 800
600
demand forecast in 2025 up 46% from its 2016 400
forecast 200
0
2017 2018 2019 2020 2021 2022 2023 2024 2025
Broker Consensus Demand Broker Consensus Supply Broker Global Surplus
Source: Broker estimates from SC6 Citi, Bell Potter, Morgan Stanley, Macquarie, Canaccord, Hartleys, Bailieu Holst, CRU
Source: Broker Estimates for LCE UBS, Bell Potter, Deutsche Banke, Citi, Bailieu Holst, Canaccord, Cormark Securities,
CHARGING FORWARD WITH LITHIUM | ASX : AJM
BMO, Roskill, JPM, Eith Capital, Numis, Macquarie, MorganlStanley Hartleys 31Highly Confidential
LITHIUM SUPPLY
The lithium market is predominantly served by 3 main countries – Australia, Chile and Argentina
The lithium market is predominantly served by 3 main Resources by Country, 2017
countries being Australia, Chile and Argentina. Australia is
characterised by mined lithium and the Chile and Argentina by Chile 7,500,000
China 3,200,000
brines. China has both brines and mined lithium
Australia 2,700,000
Two-thirds of the world’s lithium reserves are found in Chile Argentina 2,000,000
Portugal 60,000
(the world’s largest lithium producer), Bolivia and Argentina, in
Brazil 48,000
what is known as the ‘Lithium Triangle’. Bolivia has a number of United States 35,000
large lithium salar deposits that have high Mg:Li ratios, making Zimbabwe 23,000
processing and lithium extraction uneconomic. Australia 0 3,000,000 6,000,000 9,000,000
currently has a dominant spodumene presence globally Reserves in metric tons
About half of current lithium production stems from Western Global Lithium Supply by Country (kt LCE)
Australian open pit mines extracting spodumene, and then Country 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E
concentrating the ore via beneficiation (dense media
Chile 94 107 119 131 137 137 137 137
separation, flotation, etc.). The end spodumene concentrate is
then sold to converters (essentially in China) to further upgrade Australia 159 252 315 336 346 345 345 342
the raw concentrate to carbonate and hydroxide end lithium Argentina 37 38 59 83 106 136 153 173
applications (7.5-8 tonnes of acceptable spodumene China 37 42 45 47 48 50 50 55
concentrate is typically required for one tonne of lithium
US & Mexico 6 6 6 6 16 21 29 36
carbonate or hydroxide)
Others 13 17 26 31 46 51 66 71
Total (kt LCE) 346 461 570 633 698 739 779 814
% Growth 35% 22% 17% 11% 11% 7% 5% 4%
Source: Company Reports, Industry Reports, Deutsche Bank
CHARGING FORWARD WITH LITHIUM | ASX : AJM 32Highly Confidential
Section 9
SUMMARY
33Highly Confidential
ALTURA INVESTMENT PROPOSITION
1 Near-term Production Feeding the lithium supply chain from H2 2018
2 Offtake Secured Stage 1 offtake fully secured until 2022
3 Expansion Potential Robust Stage 2 DFS completed to double production
Exploration Upside Southern Ridge delivering exploration success, Utara drilling
4 planned
Value Proposition Low risk, low cost, long life and attractive valuation based on
5 forecast production
34Highly Confidential
APPENDICES
35Highly Confidential
PROJECT LOCATION AND INFRASTRUCTURE
Pilgangoora is located close to established transport and export infrastructure
• Altura’s Pilgangoora mine is located
approximately 130km by road from Port
Hedland in Western Australia’s north west
• Permanent camp (acquired from Roy Hill) is
located 20 minutes west from Altura’s mine
site near the intersection of the Great
Northern Highway and Wodgina Access
Road
• Well served by transport infrastructure –
connected to Port Hedland by the Great
Northern Highway, NW Coastal Highway
and Wodgina Access Road
• Port Hedland International Airport offers
daily connections to Perth, and connections
to other key Australian capital cities
• Onsite power infrastructure to comprise
dual fuel-capable diesel and gas generators
for both stages provided by KPS under a
BOO contract
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PORT – EASTERN OPERATIONS
• QUBE has been contracted to handle transport, storage and export logistics for
Altura. QUBE will export produced spodumene concentrate through the Eastern
Operations facilities at Port Hedland
• The Eastern Operations facilities have historically been used to export copper
concentrate from the Telfer, Nifty and DeGrussa operations
• In April 2018 the DEWR approved the application by the Pilbara Ports Authority
to export up to 610,000 tonnes of spodumene concentrate annually
• Total approved throughput from the Eastern Operations are limited to 1.17Mtpa
(560,000 tonnes of Cu concentrate and 610,000 tonnes of spodumene
concentrate)
• Qube owns or operates the majority of load out and storage infrastructure at the
Eastern Operations. Spodumene will be stored at Qube’s new storage shed in
Wedgefield (~15km from port)
Equipment Owner Operator
5x Conveyors
Eastern Operations
(Map: BC01, BC02, BC02A, CV12, CV21)
12 x Conveyors (inc. 2 x mobile)
(Map: BC03, CV01 through CV10, MC01, MC02)
MAFI Truck, Crane, Rotabox attachment
~15km
Metals X Cu Shed
Newcrest Cu Sheds Wedgefield Storage
Wedgefield Storage (off site)
37Highly Confidential
CONTRACTORS AND WORKFORCE
Manning expected to peak at 364 during Stage 1 construction and 480 during Stage 2 construction. Steady state circa 250
Mining Services Construction & Processing Logistics and Transport Power
• Five year agreement to provide mining, drilling and • QUBE has been contracted to provide logistics and • Kalgoorlie Power Systems (KPS), a subsidiary
blasting services transport services for Pilgangoora of Pacific Energy will build, own and operate
an 11MW power station on site
• Mobilisation commenced in March 2017 • The scope of the work for the contract includes:
• Altura has elected to build, own and operate the
• Contract commenced 1 December 2017 and
• Workforce expected to be 43 people in June 2018 processing infrastructure at Pilgangoora. • Loading product at Pilgangoora Mine Stockyard.
runs for an initial 5 year period
(Stage 1) and up to 93 people for Stage 2 Product Transport in side tipping road trains to
• 18 mining, 59 processing, 34 maintenance and 5 •
• Diesel generators which can be converted to
Key Activities & Services mine admin staff estimated to be employed by Port Hedland.
dual fuel to use gas
• Construction of mining infrastructure including the TSF Altura during stage 2 steady state operations • Construction and operation of a product
and ROM Area • Civmec was contracted for all concrete, civil, SMP storage shed in Port Hedland.
• Mine haul roads and EC&I works for the full construction of the • Transport to port and ship loading using the
Camp Services
processing plant patented RotaboxTM system.
• Drill & Blast
• DRA completed plant design • Truck fleet size expected to be 3 during Stage 1 and
• Load and haul production mining of ore and
overburden • Falck to provide medical and emergency services (2 5 following Stage 2 expansion
persons on-site)
• Up to 60 staff on site during construction • Swift Networks contracted for an initial 12
• NPJV , a JV between the Njamal Peoples month period to provide telecommunications
Fleet Details (construction) Benevolent Trust and Pilbara Resource Group Exploration and entertainment at camp
• 3 x D10 Dozers, 4 x CAT 785 Dump Trucks, 6 x 777 contracted to provide 6-15 persons during • Cater Care to supply catering services to the
Dump Trucks, 1 x 85t Excavator, 1 x 14H Grader, 2 x construction phase camp
Articulated Dump Trucks, 2 x Drill Rigs onsite • Terra Firma (subsidiary of The GO2 People) • Security contractor to provide 1 person for
Fleet Details (operations) provided construction services for Mining security services on-site
Operations Centre, which is currently fully
• Two excavator units (EX2500 and EX1200); • Exploration drilling services provided by MT Magnet
operational and occupied by Altura and NRW
Drilling, specialising in diamond core and RC drilling
• Up to 6 CAT 785 haul trucks with 2 CAT777 trucks for workforce Laboratory Services
ancillary work • Four permanent Altura staff dedicated to
exploration
• EX1200 used as backup when more movement
capacity is needed • Contract awarded to Intertek and nearing
completion of construction
• 6 people operating Lab from June 2018
38Highly Confidential
PROJECT RESERVES AND RESOURCES
Material and well-defined reserve position. 81% resource to reserve conversion achieved.
May 2018 Upgrade
Altura Pilgangoora Ore Reserve Estimate (May 2018)
Tonnes Li2O
The increased estimate has added a minimum two
JORC Category Cut-off Li2O% Li2O% Fe2O3
(Mt) Tonnes years life to the project and will be incorporated into
the Stage 2 expansion that was the subject of a recent
Proved 0.43% 8.3 1.14% 2.13 94,000
robust Definitive Feasibility Study (see ASX release 30
April 2018).
Probable 0.43% 32.8 1.03% 1.90 338,000
The revised estimate, which followed the completion of
Total 0.43% 41.1 1.05% 1.95 432,000
a drill program in the Southern Ridge Deposit area, has
also increased overall confidence in the project
inventory by classification
“The resource and reserve upgrade was extremely
Altura Pilgangoora Mineral Resource Estimate (May 2018) positive and in line with Altura’s strategy of
systematically increasing the resource inventory.”
Tonnes Li2O
JORC Category Cut-off Li2O%
(Mt)
Li2O% Fe2O3
Tonnes
“The exploration and development team have delivered
some outstanding results that will not only add
Measured 0.40% 8.7 1.12% 2.14 97,000 confidence to the existing operation but underpin the
planned Stage 2 expansion to 440,000 tonnes per
Indicated 0.40% 38.0 1.00% 1.93 380,000 annum production.”
The material change in the Mineral Resource estimate
Measured &
Indicated
0.40% 46.7 1.02% 1.97 477,000 is a result of the infill and confirmatory drilling
improving the geological interpretation of the deposit
Inferred 0.40% 3.8 0.92% 1.96 35,000 and significantly reducing the risk associated with the
categorisation of Measured and Indicated Resources.
Total
0.40% 50.5 1.01% 1.96 512,000 This improved confidence has resulted in a conversion
(Meas, Ind & Inf)
of 81% of the Mineral Resources to Ore Reserves.
CHARGING
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28 May 2018 | ASX : AJM 39Highly Confidential
SITE LAYOUT OVERVIEW
Several infrastructure items have already been sized for a Stage 2 expansion.
• Layout of mine support infrastructure has been developed using the general Site Layout – Stage 2 Final Design
topography of the site and the location of the processing facility to allow ease of
access between facilities
• The main access road brings external traffic into the mine and provides access to the
mine operations centre, laboratory, power plant (for fuel deliveries), workshop and
product haulage
• Separate site roads will be used for heavy vehicles and light vehicles
Key Non Processing Facilities
• Mine Operations Centre: constructed and currently in use, and appropriately sized
for Stage 2 operations. MOC includes offices, meeting rooms, reception, kitchenette
facilities, storage and other items
• Water Treatment: potable water supplied by a water treatment facility located at the
Stage 1 and Stage 2 plants. Waste water is treated via a leach-drain system to the
NW of the Stage 2 plant
• Power Plant: Stage 2 will include a duplication of the Stage 1 power facilities (see
Slide 46 for further details)
• Communications: fibre optic connection to accommodation camp, with a microwave
transmitter connecting to site. This is the basis for phone and data connections. Site
wide communications are UHF 2-way radio and 2-way digital
• Accommodation Camp: Operational with occupancy of c. 365 persons
Key Changes for Stage 2 Required
• Waste dump and TSF expanded due to extra capacity required – requires movement
of explosives magazine and entrance road
CHARGING FORWARD WITH LITHIUM | ASX : AJM 40Highly Confidential
MINING OVERVIEW
Final Pit Design
Method Summary
• Mining is undertaken using conventional bulk mining methods, utilising hydraulic excavators, dump
trucks and drill and blast, coupled to a ROM stockpile. Ore is trucked directly from the blasted faces
to the ROM stockpile and fed to the primary crusher using a Front-End Loader (FEL).
Operating Overview
• Stage 1 will see the mining operation on 12 hr shifts working a permanent day shift operation. This
will minimise any dilution as well as reduce the amount of manning needed for the mining operation.
With the expansion to Stage 2 additional movement will be required and will result in a night shift
being added to the roster.
Processing Through-put
• The Stage 1 and Stage 2 process plants are designed for a 1.54 Mtpa each giving a total throughput
capacity of 3.08Mtpa to produce 440,000tpa of Spodumene concentrate at 6% Li2O *. The maximum
planned total material movement, including waste, stockpile reclaim and direct delivery of ore to the
ROM ore pad is 15.4 Mtpa. The mining operation will continue for approximately 13 years (excluding
life extension)
Overburden
• The organic topsoil component of the overburden will be removed, segregated and stockpiled
separately at designated areas or at a distance to ultimate pit edges for easy rehabilitation of the
final WRD slopes.
CHARGING
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Announcement LITHIUM
30 April 2018 | ASX : AJM 41Highly Confidential
MINING PLAN - OVERVIEW
• Mining plan involves seven stages, with total ore mined of Mining Equipment Selected – Owned by NRW
34.2Mt and waste of 106.2Mt (strip ratio 3.1x)
Unit Make Number Replacement
• Overall mine production rate indicate that one 250t excavator
Primary Loading Unit Hitachi EX2500 1 Jan 2021
will be sufficient to ensure target production is met. A 130t
Backup & Support Excavator Hitachi EX1200 1 n.a.
payload truck size is selected to match primary loading
equipment Primary Dump truck CAT 785C 6 Jun 2022
• Support fleet will consist of track dozers, graders, hydraulic Secondary Dump Truck CAT 777 2 n.a.
excavators and water truck Water truck WT8WH-H 1 n.a.
• Workforce numbers are expected to increase from 43 in Stage 1 Grader Caterpillar 16-X 1 Jan 2021
to 94 in Stage 2 (NRW contract workforce estimate) Track Dozer CAT D10 1 Jan 2021
Blast hole drill rig Atlas Copco ROC T-45 2 n.a.
Physicals by Mine Plan Stage Front end loader CAT 988 1 n.a.
Stage
Total Ore Li2O Waste Total Rock Strip NRW Mining Workforce
(Mt) (%) (Mt) (Mt) (W:O)
Stage 1 vs Stage 2
Hill 0.2 1.14 1.4 1.6 7.0x 94
Stage 1 2.9 1.14 7.5 10.4 2.6x
Stage 2 2.5 0.99 5.2 7.7 2.1x
Stage 3 2.5 1.18 6.7 9.2 2.7x 43
Stage 4 17.7 1.04 52.4 70.1 3.0x
Stage 5 7.5 0.98 31.6 39.0 4.2x
Stage 6 1.0 0.97 1.4 2.4 1.4x
Jun-18 Jan-22
Total Tonnes 34.2 1.04 106.2 140.4 3.1x Salary Staff Excavator Operators
Truck Operators Dozer Operators
Other Operators Maintenance
Drill & Blast
CHARGING
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PROCESSING PLANT LAYOUT (Stage 1&2)
Duplication of Stage 1 plant provides a low-risk and cost-effective expansion option
The process design is as per Stage1 and is summarised as
Two stage modular crushing and dry screening
circuit;
HPGR tertiary crushing to produce a -6mm crushed
product size;
Dense Media Separation (DMS) on the coarse 6 x
1mm fraction producing a coarse spodumene
product;
Mica removal prior to processing using up-current
classification technology;
Milling and flotation circuit to produce an on-grade
fine spodumene product; and
Magnetic separation to remove contamination from
the coarse and fine concentrate.
43Highly Confidential
PROCESS FLOWSHEET
Key Components
• Modular Crushing Plant
• Mica Removal & Feed Preparation
• Primary and Secondary DMS
• Milling and Flotation
• Tailings Storage Facility (TSF)
CHARGING
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METALLURGY – CARBONATE CONVERSION
Excellent results from conversion testing, with lithium carbonate purity exceeding key benchmarks
Conventional Spodumene Processing Flowsheet Prim ary LC
Refined LC Refined LC FMC Battery Chinese
Elem ent (Low Purity) (High Purity) Grade Battery Grade
EXTRACTION PURIFICATION PRIMARY LC LC REFINING ppm ppm ppm ppm ppm
Al 3 2 2 10 2
As 2 2 2 - -
B 2 2 2 - -
Ca 94 2 2 400 25
Purification (Stage Cr 2 2 2 - -
Decrepitation Ion Exchange (RIP) Bicarbonation
One)
Cs 3 2 2 - -
Cu 5 5 5 5 2
Fe 8 2 2 5 2
K 25 11 10 5 10
Li 184,271 209,091 231,060 - -
Evaporation
Bake Ion Exchange Mg 16 2 2 - 10
(Concentration)
Mn 25 25 25 - 5
Mo 2 2 2 - -
Purification (Stage
Na 1,023 175 88 500 20
Two)
Ni 5 5 5 6 -
Primary Li2CO3 Refined Li2CO3 P 28 13 16 - -
Leach Pb 2 2 2 1 5
Precipitation Precipitation
Rb 25 2 2 - -
Softening
Evap. S 804 12 12 334 10
Si 12 12 12 - 40
Sr 25 2 2 - -
Zn 25 25 25 5 -
Cl 25 54 25 100 20
Fe 80 54 40 - -
Li2CO3 (%) 99.59 99.84 99.97 99.50 >99.9
CHARGING
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Announcement LITHIUM
16 January 2018 | ASX : AJM 45Highly Confidential
ACCOMMODATION
Well located, equipped and serviced accommodation camp
• The accommodation consists of 365 rooms, with cleared space for a
further 176 rooms if future expansion is required. All central
infrastructure at the village is sized for a room capacity of 500 personnel.
• Central facilities contained within the village include:
• Dining room & Kitchen
• Wet Mess & Beer Garden
• Recreation room
• Sports Court
• Golf driving Nets & Putting facility
• Administration centre
• First Aid facility
• Maintenance facility
• The village is strategically located on the Great Northern Highway and on
the Western side of the Turner River meaning that it will not be cut off
from a supply or evacuation point of view during the cyclone season.
Altura sees a significant strategic advantage in having its accommodation
village remote from the Mine site, on the Western side of the Turner
River and within easy reach of Port Hedland
Charging forward with Lithium
46Highly Confidential
POWER PLANT
BOO contract with an experienced regional power operator
• KPS were selected as the preferred supplier for the power station Power Plant Demand and Designation
for Stage 1. The power station has been constructed and a
Transformer Operating
contract is in place MCC Designation
Rating
Connected Load
Load
• Power generators will have dual fuel capability pending kVA kW kVA kVA
availability of gas supply
Primary Crushing and
1 1,600 1,161 1,351 683
• It is envisaged that KPS will supply the same for Stage 2 and on Screening
the same cost basis Crushed Ore Storage, HPGR
• The Stage 2 power plant will mirror that from Stage 1, and will 2 Crushing, Secondary and 2,000 1,803 2,066 1,164
Tertiary Screening
consist of:
• 9 x 850kW diesel generators contained within a steel 3 Flotation and Primary DMS 1,600 1,150 1,392 927
fabricated engine hall;
• 2 x 850kW diesel generators standby/spare for 4 Ball Mill n.a. 1,400 1,700 1,366
redundancy
Milling Classification,
• 2 x 110kl diesel storage tanks supplying a day tank; 5 2,000 1,699 1,951 1,175
Flotation and Reagents
• Oil and station fuel tankage within a bunded area; and Coarse Product & Fines
6 1,600 1,084 1,266 742
• Electrical distribution via 11kV switchgear, with control Handling
systems to be housed in a separate air conditioned
7 Plant Services 1,600 1,100 1,308 632
segregated switch room
• Supporting electricals have been designed based on power supply TOTAL 9,397 11,034 6,689
of 11kV from the power plant
Charging forward with Lithium
47Highly Confidential
TRANSPORT
QUBE has been engaged to handle all transport and logistics
MINE SITE TO STORAGE OVERVIEW STORAGE TO PORT
Key Logistics Overview
Stage 1 Stage 2 Stage 1 & 2
• Spodumene concentrate will be hauled from Round Trip (km) km 254 254 Shipment Size (t) t 35,000
the mine site to the storage facility near
Annual Tonnes t 215,000 430,000 Distance (km) km 32.0
Wedgefield by double combination road
Volume Per Month t 17,917 35,833 Cycle Time (hrs) hrs 1.0
trains
Payload (t) t 67 67 Delivery Window (hrs) hrs 21.3
• Distance from mine site to storage is 127km Fuel Efficiency % 98.0% 98.0% Trips Per Day no. 20.0
Actual Load (t) t 66.0 66.0 Tonnes per Trip t 77.3
• Stage one storage consists of 3 cells
providing 30,000t of capacity, with Stage 2 Daily Demand t 638.0 1,276.0 Fill Efficiency % 0.9
expected to require at least 5 cells with Daily Trips Required no. 10 19 Actual Load t 71.9
50,000t total capacity Trips Per Month no. 272 543 Trips per Shipment no. 487.0
Capability Number of Trucks Required no. 6.0
• Product is loaded into Qube Rotaboxes for
Delivery Window (hrs) hrs 21.3 21.3 Time to Load Vessel (hrs) hrs 104.2
transport from the storage facility to port
using triple combination road trains Trip Time (hrs) hrs 4.1 4.1
QUBE ROTABOX SYSTEM
Trips per Day per Truck no. 4.0 4.0
• Exports via number 2 berth at Port Hedland Average Days Per Month days 28 28
Fleet Size (Demand) no. 2.4 4.8
Fleet Size (Actual) no. 3.0 5.0
Redundancy % 19% 3%
CHARGING FORWARD WITH LITHIUM | ASX : AJM 48Highly Confidential
PORT HEDLAND AIRPORT
Established international airport with connections to key Australian capital cities.
Port Hedland International Airport is a modern and well-serviced Key Carriers Key Routes
airport that provides a welcoming gateway to the Pilbara and the
North West of Australia and a direct link to the world’s largest bulk
tonnage export port.
With up to 50 commercial flights per week offering direct services to
Bali (Sat), Brisbane (Tue) and Perth (daily). The Airport welcomes
approximately 350,000 passengers annually.
Port Hedland International Airport is also home to International
Freight services, Charter and flight training facilities, a dedicated
Heliport facility and the region’s Royal Flying Doctor Service.
Charter flights only
Port Hedland International Airport has two runways and an
interconnecting taxiway. The main runway (Runway 14/32) is 2500m
long and 45 m wide. It is used for regular passenger transport and is
suitable for aircraft up to 100,000kgs (MTOW). The second runway
(Runway 18/36) is only for general aviation aircraft limited to 5,700kg
(MTOW). It is 1,000m long and 18m wide.
Charging forward with Lithium
49Highly Confidential
COMPETENT PERSONS STATEMENT
The information in this report that relates to Exploration Results and the Mineral Resource for the Pilgangoora lithium deposit is based on information compiled
by Mr Stephen Barber. Mr Barber is a Member of the Australasian Institute of Mining and Metallurgy. Mr Barber is the Senior Resource Geologist at Altura
Mining Limited and has sufficient experience that is relevant to the style of mineralisation under consideration and to the activity of mineral resource estimation
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. Mr Barber consents to the inclusion in the report of the matters based on this information in the form and context in which it appears.
The information in this report that relates to the Ore Reserve for the Pilgangoora lithium deposit is based on information compiled by Mr Quinton de Klerk. Mr de
Klerk is a Fellow of the Australasian Institute for Mining and Metallurgy. Mr de Klerk is a Director and Principal Consultant of Cube Consulting Propriety Limited
and has sufficient experience that is relevant to the activity of ore reserve estimation 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. Mr de Klerk consents to the inclusion in the report of the matters
based on this information in the form and context in which it appears.
The Company confirms that it is not aware of any new information or data that materially affects the information included in the ASX announcements on 26
September 2016, 14 December 2017, 13 March 2018, 10 April 2018, 30 April 2018 and 28 May 2018.
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50Highly Confidential
CHARGING AHEAD
WITH ALTURA LITHIUM
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