AIM : WRES www.wresources.co.uk September 2014
Disclaimer This presentation was prepared by and is the property of W Resources Plc (“W Resources” or “the Company”). No reproduction or distribution this material is permitted to companies or individuals outside of those for whom this is intended. No agents, brokers or investment banks are authorised to present this material to other parties for the purpose of soliciting potential clients or transactions of any kind without prior consent to do so. While the Company is not aware of any inaccuracies, no warranty or representation is made by the Company or their respective employees and representatives as to the completeness or accuracy of the information contained herein. The Company, JLSI and their respective employees and representatives expressly disclaim any liability for damages, direct or consequential, arising out of or related to this presentation or omissions there from, or any other information provided in writing, orally or otherwise regarding this potential transaction. Any party considering a transaction with the Company agrees to look solely to its own due diligence and any representations, warranties and/or covenants set forth in a fully-executed, definitive written agreement with the Company relative to the transaction. Certain matters discussed in this presentation are “forward-looking statements”. These forward-looking statements can often but not always be identified because the context of the statement will include words such as “the Company expects,” “anticipates” or words of similar import. Similarly, statements that describe the Company’s capabilities, future plans, objectives or goals are also forward-looking statements. Such forward looking statements are subject to significant risks and uncertainties, including the financial performance of the Company and the viability of its technology. These risks could cause actual results to differ materially from those currently anticipated. Although the Company believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, the Company can give no assurance that its expectations will be attained. Potential investors, customers, suppliers and other readers are urged to consider this factor carefully in evaluating any forward-looking statements. Forward-looking statements made herein are only made as of the date of this presentation and the Company undertakes no obligation to update such forward looking statements to reflect subsequent events or circumstances. Technical information in this presentation has been prepared and approved for inclusion by Mr Fernando de la Fuente, who is a “qualified person” in respect of the AIM Rules for Companies with over 39 years experience in the Exploration and Mining Geology industry. Mr de la Fuente holds a B.Sc. in Geology and a MSc in Geology from the University of Granada in Spain. He is also a member of the Spanish College of Geologists (Number 49), the Spanish Society of Mineralogy, founder member of the Spanish Society of Geology, member of the Spanish Association of Applied Geology to Mineral Deposits, member of the Society for Mining, Metallurgy and Exploration, Inc., member of PDAC. The technical information contained in the W Resources Plc September 2014 Presentation was prepared and first disclosed under the JORC Code 2004. It has not been updated since to comply with the JORC Code 2012 on the basis that the information has not materially changed since it was last reported. September 2014 2
1. Overview Multi project growth portfolio Tungsten focus with high copper-gold upside 2. La Parrilla Staged approach Tailings – in production Mine – under development 3. Régua and Tarouca 4. Copper and Gold: CAA / Portalegre September 2014 3
Overview Share Price History Company Information Price (p) M Ticker: WRES 2.00 50 Volume 1.80 Listing: LSE – AIM (2004) Close 1.60 40 Focus: Tungsten, copper & gold - 1.40 production, development & 1.20 30 exploration 1.00 0.80 20 La Parrilla, Spain - Tungsten tailings Projects: 0.60 project (production) and mine 0.40 10 Régua, Portugal - Tungsten 0.20 exploration project 0.00 0 CAA / Portalegre, Portugal - Copper-gold exploration prospect Tarouca, Portugal - Tungsten & tin Significant Shareholders exploration project M Masterman 24.13 % Shares in 2,338,543,308 Ordinary Shares issue: H Gibson 7.44 % B Pirola 6.52 % Market cap: GBP 18.7m (@ 0.80p – 5 Sept 2014) C Hall 3.51 % Experienced Michael Masterman Directors: Byron Pirola M Garland 3.20 % September 2014 4
Overview La Parrilla Tailings – Tungsten concentrate production of 450 tonnes WO 3 pa and annual revenue of > €7 million Porto Régua La Parrilla Mine – Open pit tungsten mine SPAIN development - JORC Inferred Resource of Tarouca 47mt @ 0.09% WO 3 Madrid Portalegre Lisbon Régua tungsten development – JORC La Parrilla resource of 4.5mt @ 0.31% WO 3 , at a PORTUGAL cut-off of 0.10% WO 3 Seville Tarouca former tungsten - tin mine – advanced exploration progressing CAA / Portalegre – advanced copper-gold exploration September 2014 5
W = Tungsten Tungsten is a rare metal that is critical to some key applications with no satisfactory substitutes Worlds hardest element with the highest boiling point China with 80% of global supply increasingly exerts market power Strong robust price trend EUROPEAN TUNGSTEN APT PRICES Strong demand growth USD per Mtu 500 450 Constrained supply 400 350 300 250 200 150 100 50 0 September 2014 6
1. Overview Multi project growth portfolio Tungsten focus with high copper-gold upside 2. La Parrilla Staged approach Tailings – in production Mine – under development 3. Régua and Tarouca 4. Copper and Gold: CAA / Portalegre September 2014 7
La Parrilla: Staged approach Stage 1 Stage 2 Stage 3 Tailings Fast Track Mine Full Mine In production 2015 2017 333,000 tonnes pa ROM 2.2m tonnes pa ROM 450 tonnes pa 63% WO 3 2,300 tonnes pa 63% WO 3 Revenue $ 7-9m pa Revenue $ 60-70m pa Capex - $ 3.3m Capex - $ 50-60m Opex - $ 187/mtu Opex - $ 123/mtu September 2014 8
La Parrilla: Mine and Tailings September 2014 9
La Parrilla: Location (Spain) Situated in the Extremadura region of southwest Spain, in the Provinces of Cáceres-Badajoz 310 km southwest of Madrid and 240 km north of Seville, in a predominantly farming community Adjacent to E90 highway with SPAIN excellent PORTUGAL infrastructure access Madrid Lisbon La Parrilla Seville September 2014 10
La Parrilla: Tailings Project Tailings stockpile of 1.2 million cubic metres equivalent to 2.5 million tonnes Project completed on budget and schedule in March 2014 Tailings tungsten production started ramp up in April 2014 Annual plant feed of 330,000 tonnes per annum 450 tonnes Tungsten (WO 3 ) and 26 tonnes Tin (Sn) per annum September 2014 11
La Parrilla: Tailings in Production Pre-concentrate Stockpile Concentration Plant Spirals Concentrate Plant Ball Mill Concentrate Plant Flotation Cells Concentration Plant Shaking Tables Concentrate Plant Dryer September 2014 12
Product Quality & Shipment High grade product Current % Target WO 3 60-62 On Target Sn 6.95 On Target As 0.30 Below Target S 0.86 On Target ALS Chemex Vancouver – January 2014 Sales to one of Europe’s largest consumers Good pricing Strong demand for long term off-take agreement September 2014 13
La Parrilla: Mine World Scale Resource: 47 million tonnes at 0.09% WO 3 at a 0.04% cut-off grade), making it one of the largest tungsten deposits in the western world Open Pit at Surface = Low Mining Cost Simple Coarse Grain Metallurgy Granted mining lease to 2068 and approvals underway Focus on the high grade areas at the surface of the current pit and adjacent to the existing mining pit September 2014 14
La Parrilla Mine Development Stages IP04 Significant intersection 32 metres at 0.55% WO 3 Large Potential Resource IP02 Significant intersection 18 metres at 0.97% WO 3 Early Mining Area September 2014 15
La Parrilla: Mine Section September 2014 16
1. Overview Multi project growth portfolio Tungsten focus with high copper-gold upside 2. La Parrilla Staged approach Tailings – in production Mine – under development 3. Régua and Tarouca 4. Copper and Gold: CAA / Portalegre September 2014 17
Régua and Tarouca: Tungsten (Portugal) High grade Régua tungsten deposit Tarouca tungsten exploration licence containing old Regua SPAIN tungsten mine workings Tarouca Madrid Lisbon PORTUGAL REGUA TAROUCA September 2014 18
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