INVESTOR PRESENTATION May 2017
Disclosure These presentation slides (the “Slides”) do not comprise a prospectus or other form of offering document relating to Tethyan Resources plc. (“the Company”), and do not constitute an offer or invitation to purchase or subscribe for any securities of the Company or any other company and should not be relied on in connection with a decision to purchase or subscribe for any such securities. The Slides and the accompanying verbal presentation do not constitute a recommendation regarding any decision to sell or purchase securities of the Company or any other company. Your attention is drawn to the risk factors set out below. This presentation may contain forward-looking statements including, but not limited to, comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, and other related matters. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. The Company’s current projects in Serbia are at an early stage and all estimates and projections are based on limited, and possibly incomplete data. More work is required before geological and economic aspects can be confidently modelled. Actual results may differ materially from those currently anticipated in this presentation. No representation or prediction is intended as to the results of future work, nor can there be any guarantee that estimates and projections herein will be sustained in future work or that the Project will otherwise prove to be economic. The Slides and their contents are directed only at persons who fall within the exemptions from applicable securities laws and persons to whom distribution may otherwise lawfully be made. Any investments, investment activity or controlled activity to which the Slides relate is available only to such persons and will be engaged in only with such persons. Peter Mullens Fellow AUSIMM. is a qualified person and has reviewed the technical information contained herein. 2
Company Overview Tethyan is a Project Developer with a focus on gold and copper in the Balkan region of the great Tethyan Metallogenic Belt Attention to delivering shareholder value • Clear and defined strategy o Agile and experienced Management team • Proven track record o Focus on the Balkan region of the Western Tethyan belt • Consolidating its ‘ Raska ’ licence • Historic mining area o Drilling at potential new targets at Suva Ruda and Gokcanica projects o Potential for major porphyry copper-gold at Suva Ruda Developing a portfolio of projects up the value curve •
Corporate Structure & Financials Share Price Graph Current corporate structure 12 month period Ordinary Shares 168,182,052 in issue Shares not in 70,433,336 public hands (41.88%) Total Directors 11.97 % Holding Warrants in issue 105,560 at 3.48p & Source: LSE 2,341,500 at C$0.036 Major Shareholders % 7,700,000 at 5p & Southern Arc Minerals 29.91% Options 3,400,000 at 2.4p Pat DiCapo 5.4% Frank Brewer 5.3% Peter Mullens (CEO) 5.1% Current Market £7.5 million (at 4.5p) Khuanchai Siphakanlaya 4.0% Cap Alan Fairless 3.0% Cash Position £1.44 m (April 30, Didier Fohlen (ED) 3.0 % 2017) 4
Strategy • Market: Use recent downturn in commodities markets to discover or acquire a quality portfolio of exploration projects which can be quickly moved to development stage • Team: Established an efficient and capable local team with wide-ranging expertise to progress our projects. • Projects: The Balkan region is emerging as a highly prospective yet underexplored area for copper – gold deposits. Tethyan has acquired projects with known mineralisation in proven mining districts in order to fast- track to drilling and exploration success • Pipeline: Tethyan is actively reviewing new targets and intends to stake or acquire permits over promising mineralised systems in Serbia and the Balkan region (Bulgaria, Kosovo, Macedonia) • Corporate Restructuring: Rolled-back the company’s stock and planned listing on the TSX-V for better access to North American exploration and mining market 5
Why the project developer model works Share Price on Share Price Company Country Project Drilling or Acquirer High, Buyout Acquisition Andean Resources Argentina Cerro Negro (gold) 2 cents CAD $ 3.6 billion Goldcorp Exeter Resources Argentina Cerro Moro (gold) 50 cents CAD $ 8.80 Yamana Bear Creek Mining Peru Corani (silver) 50 cents CAD $ 8.69 - Antares Minerals Peru Haquira (copper) 20 cents CAD $ 460 million First Quantum Monterico Metals Peru Rio Blanco (copper-moly) 20 pence £150 million Zijin Group Aurelian Resources Ecuador Fruta Del Norte (gold) 50 cents CAD $ 1.2 billion Kinross Management and the Board have experience in delivering excellent returns for shareholders. Share Price on Share Price Company Country Project Drilling or Acquirer High, Buyout Acquisition Lydian International Armenia Amulsar (gold) 40 cents CAD $ 2.95 - Laramide Resources Australia Westmoreland (uranium) 7 cents CAD $ 15.79 - Aquiline Resources Argentina Navidad (silver) 20 cents CAD $ 626 million Pan American Real value is made by owning a major stake in a discovery. 6
Western Tethyan Mineral Belt Tethyan belt extends over 10,000km from Asia to the Balkans and is comparable to the Andes and Western US & Canada yet significantly less explored • Cretaceous and Tertiary age porphyry & epithermal copper, gold & base- metal belts • Number of world-class districts: Chelopech/Elatsite region - Bulgaria o Bor/Timok region – Serbia o Trepca region – Serbia & Kosovo o Rosia Montana – Romania o • Under explored with modern geophysics and geochemistry, particularly for gold 7
Serbia – A Welcoming Mining Jurisdiction A rare combination: stable government, pro-mining, low tax, good geology and under explored • Favourable business jurisdiction An EU candidate with political stability o • Excellent infrastructure • in-country expertise • low-cost operating environment • Young population and low employment levels • Favourable regulations and strong mining and tax laws: 15% corporate tax o 5% net smelter royalty o 100% foreign ownership and repatriation of profits o • Other active companies: Freeport McMoran o Rio Tinto o Dundee Precious Metals o 8
The Development Projects
Raska District Acquired 197km 2 in Emerging Porphyry- Epithermal Belt Two promising exploration licenses situated in a well Gokcanica Permits known historic mining district: 110 km 2 Suva Ruda Project: • Tethyan holds a 7 year potion to buy 100% • Potential for major porphyry copper-gold project at Rudnitza • Tethyan recently drilled in winter of 2016: Suva Ruda Permit 87 km 2 567 m @ 0.28% copper & 0.45 g/t gold (RDD-001) o Includes 30 m @ 1.45 % copper & 0.4 gold (oxide) Gokcanica Project: Rudnitza Porphyry • Very large altered and mineralised system (7km x 3km), believed to host porphyry potential 1 0
Suva Ruda Project – Rudnitza Porphyry Rudnitza Copper-Gold Porphyry Possible Double headed porphyry with major system at depth. Southern porphyry zone • Tethyan drilled 567 m at 0.28% copper and 0.45 g/t gold (includes 30 m @ 1.45 % copper & 0.4 gold) Northern porphyry zone • New geochemical anomaly 700 m by 400m extends to the north • Never drill tested • Total alteration system 1500 m by 500 m defined by Au (20 + ppb) in soil sampling. With two zones of + 100 ppb Au 1 1
Gold Equivalent Calculations Table below is to display the Rudnitza copper- gold porphyry drilling results in ‘gold terms’: Length Gold (g/t) Gold Equivalent Hole ID From (m) Cu (%) (m) (g/t) RDD-001 0 567 0.28 0.45 0.89 96 RDD-002 224 0.24 0.27 0.65 RDD-003 42 291 0.31 0.32 0.81 0 RDD-004 428 0.34 0.27 0.81 Notes on calculations: 10m min comp length. 10m internal waste max, 0.3 trigger value AuEq Au $ 1200 per ounce Gold equiv Cu % * 1.57 Cu $ 2.75 lb 12
Consolidating the Raska District – Suva Ruda • ASTER satellite imagery analysis has identified a number of new targets on the Suva Ruda license in addition to the Rudnitza porphyry • In particular the Kremic zone in the north of the license which is a site of historic mining with reported high-grade copper mineralisation • This area has never been explored in ‘modern’ times and will be a focus of Tethyan’s exploration in 2017 13
Consolidating the Raska District - Gokcanica Tethyan has entered into a joint venture over the Gokcanica permits • Porphyry-epithermal target High-grade gold structure, up to 11 g/t gold in rock sampling situated 15km north of Rudnitza • Roman workings on epithermal gold and silver targets • Deal Site of Roman & French silver mine, rock samples up Spend $500k by 9 th May o to 0.7 g/t gold & 189 g/t silver 2018 to earn 51% Complete PEA for 70% o Complete Feasibility o study for 80% Previous drilling hit 12.4 m @ 1.5% Cu, 1.4% Pb, 0.8% Zn, 62 g/t Ag, 1.6g/t Au JV partner fund or dilute o to 1.5% NSR capped at $5 million • Geophysics and first drill programme planned in 2017 Recent stream sediment sampling by Tethyan has defined a significant gold anomaly. 14
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