C OUGAR M ETALS NL Toamasina Graphite Project Presentation February 2017 1
D ISCLAIMER AND C AUTIONARY N OTE This presentation has been prepared by Cougar Metals NL (CGM or Cougar ) for the sole purpose of providing financial, operational and other information to enable recipients to review the business activities of Cougar. This presentation is not intended as an offer, invitation, solicitation or recommendation with respect to the purchase or sale of any securities. Nothing in this presentation should be construed as financial product advice, whether personal or general, for the purposes of section 766B of the Corporations Act 2001. This presentation may contain forward looking information, statements or forecasts that are subject to risks and other factors outside the control of Cougar. Any forward looking, information, statements of forecasts provided is/are considered reasonable in the circumstances and has/have been prepared in good faith and with all due care, but may differ materially from actual future results and performance. Cougar and its affiliates or any of its directors, agents, officers or employees do not make any representation or warranty, express or implied, as to or endorsement of, the accuracy or completeness of any information, statements or forecasts contained in this presentation, and they do not accept any liability for any statement made in, or omitted from, this presentation. This presentation should not be relied upon as a representation of any matter that an investor should consider in evaluating the business activities of Cougar. Investors must make and rely upon their own enquiries and due diligence in relation to the subject of this presentation and an investment in Cougar. A potential investor must assess the merits or otherwise of an investment in Cougar having regards to their own personal, financial and other circumstances. The information in this report that relates to Exploration Results or Minerals Resources is based on information compiled by Mr Steven Goertz, who is a Member of the Australasian Institute of Mining and Metallurgy and the Australian Institute of Geoscientists. Mr Goertz is a Director of Hendry Consulting Sarl and has sufficient experience which is relevant to the style of mineralisation and type of deposits under consideration and to the activities undertaken, 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 Goertz consents to the inclusion in the release of the statements based on the information in the form and context in which they appear. Information included in the presentation is dated 16 November 2016. 2
C OUGAR ’ S A SSET P ORTFOLIO • Australia: - Pyke Hill Laterite Nickel and Cobalt Resource - 14.7 Mt @ 0.9 % Ni and 0.06% Co - 40km from Murrin Murrin Operations • Canada - Option over the Shoal Lake East Gold Project - Currently awaiting compliance by Vendor with Arbitration award • Brazil - 9 Rig drilling business – RC, DD, RAB services across Brazil - 50,000 Ha of Lithium prospects. Exploration currently being planned • Madagascar - Option over Toamasina Lateritic Graphite Project. Work awaiting finance. 3
T OAMASINA S APROLITIC G RAPHITE P ROJECT • Option to acquire up to 100% of Fully Permitted Project • No Trailing Royalty TOAMASINA • Low Cap Ex and Op Ex (oxide (44 sq Km) deposit) • Targeting +1M t of Cg in resource • Trenching and surface sampling confirms extensive mineralisation • Highway Passes through Project • 50km to main port, International Airport and Major city • Test work returns >60% Large and Jumbo Flake • Trench grades av. 7.5% Cgr bulk in-situ (up to 25% Cgr) 4
W HERE ARE THE WORLD ’ S GRAPHITE PROJECTS ? Hard Rock -Canada -USA -Sweden -Russia -China -Germany Weathered Deposits SAPROLITE (hot, wet climates) - Madagascar -Brazil -Tanzania -Mozambique 5
H IGH C OST H ARD R OCK P ROJECTS Drilling Blasting Loading Floating Grinding Graphite E XPENSIVE E XPENSIVE E XPENSIVE T OAMASINA L OW C OST S APROLITIC P ROJECT No No No Drilling Blasting Primary Grinding Free Dig Floating Graphite 6
F LAKE S IZE MATTERS 66% Results from Initial Metallurgical Test work Large and Jumbo Flake $1,400-$2,500 /t 34% Fine and Med Flake $500-$950 /t Note: Purity also effects the price 7
A H IGH P URITY , L ARGE F LAKE (67.4%) L OW C OST , H IGH M ARGIN P ROJECT Graphite Prices At Mine Site – Toamasina Carbon Content up to 98% FlakeSize Microns Mesh Flake Dist.% Assay TGC% Price(US$/t) 1 TargetMarket SuperJumbo >500 30Mesh 25.3 97.9 2,500 Expandable Jumbo 300-500 50Mesh 29.5 96.7 2,000 Expandable Large 180-300 80Mesh 12.6 91.3 1,400 Expandable /Refractory Medium 150-180 100Mesh 9.9 93.9 950 Battery-grade spherical Small +105 140Mesh 5.8 94.9 700 Battery-grade spherical Fines -105 -140Mesh 16.9 90.0 500 Refractory Production Cost $300-500 Average Basket 1,617.80 Shipping $200 Price Total $500-700 Note: Projection Pricing is from Industrial Minerals, other company PEA’s . The Flake Dist.% and TGC were results from trenching programs completed on the Toamasina Graphite Project. 8
T OAMASINA , P OTENTIAL FOR THE H IGHEST M ARGIN G RAPHITE P ROJECT ? Company Location Grade % 30 % 50 %80 %100 %-100 % Basket Cash Tonnes Distance Permitted Capex Capital Cost Margin Mesh Mesh Mesh Mesh Mesh large Sales Cost/Mt /year To Port U$/Mt U$/Mt $2500 $2000 $1400 $950 $550 Flake Price U$/t Large Flake is 80 mesh and larger Mason Quebec, Can 17.2% n/a 22 14 17 47 36 $1056.00 U$376 51,900 200+km No U$123.8 $2,385.36 $680.00 million Focus Quebec, Can 15.1% n/a 12 28 37 23 40 $1,110.00 U$441 44,300 350+km No U$166 million $3,747.17 $669.00 N. Monde Quebec, Can 4.62% n/a 16.10 29.80 11.10 43 45.9 $1,081.00 C$660 50,000 130km No U$144 million $2,880.00 $421.00 Northern Ontario, Can 2% 22 38 34 6 n/a 94 $1,843.00 U$640 20,800 462km No U$84 million $4,038.46 $1,2013.00 Energizer Southern 6.13% n/a 23.6 22.8 6.9 46.7 46.4 $1,113.60 U$709 53,000 226km No U$163.7 $3088.67 $404.60 Madagascar million Syrah Mozambique 20% n/a 8.5 12 11.5 68 20.5 $821.25 U$286(1) 350,000 512km Yes U$144 million $411.42 $535.25 Magnis Tanzania 5.4% 9 32 25 10 24 66 $1,442.00 U$559 220,000 200km U$269 million $1,222.72 $883.00 Alabama Alabama, USA 2.5% n/a 17.8 36.9 10.4 34.9 54.7 $1,163.35 U$764 5,500 300+km no U$43.2 million $7,854.54 $399.35 Graphite 10% 3 years Year 1-3 oxidized layer U$83.2 in Year First 3 years 3 Graphex Tanzania 10.85% 1.9 24 22.5 6 45.6 48.5 $1,150.30 U$490 69,000 220km No U$73.8 million $1069.56 $660.30 Mining Toamasina Eastern 7-10% 25.3 29.5 12.6 9.9 22.7 67.4 $1,617.80 U$300-350 12,000 50km Yes U$12 million $833.33 $1,267.80 Madagascar Note (1) excluding royalties and corporate taxes Note: Projections, based on internal expertise, trenching results, and data from adjacent mines – Resource Study Not Complete Note Potential For: 1. Highest margin 2. Lowest Capex Project is Fully Permitted 9
T OAMASINA G RAPHITE D EPOSIT P OTENTIAL H IGH A VERAGE SELLING P RICE – LOW OPERATING COST Taomasina 1620 Nouveau Monde, 1090 Nouveau Monde, 507 Toamasina , 350 Energizer, 1110 Northern, 1840 Energizer, 709 Northern, 640 Mason, 1060 Mason, 376 Syrah, 286 Syrah, 820 CASH COST U$ PER MT BASKET PRICE U$ PER MT Note: Projections, based on internal expertise, trenching results, and data from adjacent mines – Resource Study Not Complete 10
T OAMASINA G RAPHITE D EPOSIT POTENTIAL L OWEST C APEX – H IGHEST M ARGINS Toamasina 1270 Toamasina, 12 Northern, 1210 N. Monde, 144 Energizer, 164 N. Monde, 420 Energizer, 400 Northern, 84 Mason, 680 Mason, 124 Syrah, 144 Syrah, 540 CAPEX U$ MILLIONS MARGINS U$ PER MT Note: Projections, based on internal expertise, trenching results, and data from adjacent mines – Resource Study Not Complete 11
D EAL – FAVOURABLE TERMS HAVE BEEN NEGOTIATED CGM Obligations to earn 49%: i. AUD 100,000 payment by end of 2016 ii. AUD 200,000 payment by March 31 unless CGM withdraws iii. USD 150,000 payment by 12/06/17 unless CGM withdraws by 12/4/17 iv. Complete Preliminary Economic Assessment by 30/6/17 (est. cost AUD 500k) • Vendor has the right to form 50/50 JV with CGM should they secure bankable off-take agreement for 10,000tpa enabling debt funding of plant construction • In the alternative CGM can acquire 100% of the project by paying AUD 2.5M • Vendor has the right to buy out CGM for 2.5M AUD should CGM buy out not be exercised 12
T OAMASINA G RAPHITE P ROJECT H IGHLIGHTS • Mineralisation confirmed along 3km of strike • High value product/high purity and large flake >66% • Low Capital Requirement • Low Operating Costs • Friendly Mining Jurisdiction • Excellent Infrastructure • Fully Permitted • Large Tenement – 43 Sq Km • Drill ready • Fast Track to Production (18 months) • Cheap Entry 13
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