Namibia Botswana Seed ed capi pital tal raising ng of up to - PowerPoint PPT Presentation

Emerging African High Grade Copper Development Opportunity Namibia ⸗ Botswana Seed ed capi pital tal raising ng of up to $600,000 0,000 at an issue ue price e of 10 cent nts per share e with a free attachi hing ng option on on a 1-for for-2.5 2.5 basis is with an exer ercis ise e price e of 25 cents ts and a term of 3 years rs INVESTOR PRESENTATION September 2018

Disc sclai laime mer Importa rtant Info form rmatio ion This presentation has been prepared and issued by Virgo Resources Limited (the “Company") to inform interested parties about the Company and its progress. The material contained in this presentation sets out general background information on the Company and its activities. It does not constitute or contain an offer or invitation to subscribe for or purchase any securities in the Company nor does it constitute an inducement to make an offer or invitation with respect to those securities. No agreement to subscribe for or purchase securities in the Company will be entered into on the basis of this presentation. The information supplied is in summary form and does not purport to be complete. The Company, its directors, officers, employees, agents, affiliates and advisers have not verified the accuracy or completeness of the information, statements and opinions contained in this presentation. Accordingly, to the maximum extent permitted by law, the Company makes no representation and gives no assurance, guarantee or warranty, express or implied, as to, and takes no responsibility and assumes no liability for, the authenticity, validity, accuracy, suitability or completeness of, or any errors in or omission from, any information, statement or opinion contained in this presentation. You should neither act nor refrain from acting in reliance on this presentation material. This overview of the Company does not purport to contain all information that its recipients may require in order to make an informed assessment of the Company's prospects. You should conduct your own investigation and perform your own analysis in order to satisfy yourself as to the accuracy, and completeness of the information, statements and opinions contained in this presentation and when making any decision in relation to this presentation or the Company. The information in this presentation does not take into account the objectives, financial situations or needs of any particular individual. you should consider seeking independent professional advice based on your own objectives. To the extent permitted by law the Company, its directors, officers, employees, agents, affiliates and advisers exclude any and all liability (including, without limitation, in respect of direct, indirect or consequential loss or damage or loss or damage arising out of negligence) arising as a result of the use of anything contained in or omitted from this presentation. All statements, other than statements of historical fact, included in the presentation, including without limitation, statements regarding forecast cash flows, future expansion plans and development objectives of the Company are forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, they involve subjective judgement, assumptions and analysis and are subject to significant risks, uncertainties and other factors, many of which are outside the control or, and are unknown to the Company. Accordingly, there can be no assurance that such statements or expectations will prove to be accurate and actual results and future events may differ materially from those anticipated or described in this presentation. Historic information is not an indication or representation about the future activities of the Company. The Company disclaims any obligation or undertaking to disseminate any updates or revisions to any information contained in this presentation reflect any change in expectations, events, conditions or circumstances on which that information is based. This presentation is provided on a strictly private and confidential basis, to be used solely by the recipient. Neither this presentation nor any of its contents may be reproduced or used for any other purpose without the prior written consent of the Company. In accepting this presentation, the recipient agrees that it is provided solely for its use in connection with providing background information on the Company and that it is not used for any other purpose.

VIRGO RESOUR URCE CES LIMITED Fo Focus used d Copper r Devel elop opmen ent t and Ex Explora ration tion acros oss s Bo Botswa wana na and Namibia ia  Focused on the exploration and development of a portfolio of advanced exploration and brownfield copper projects located in the stable and safe countries of Botswana and Namibia  Experienced board with expertise in resource / reserve delineation, studies, mine development, mine and plant commissioning and production  Global shift towards energy storage and electrification through Li-ion batteries has placed significant upward pressure on copper demand  copper currently trading at ~US$6,000 / tonne  Recent M&A activity highlights the necessity of existing producers to secure additional copper

FOCUS USED D COPPER R EXPOSURE URE In Inves estment ment High ghligh ghts ts  Focused copper company with an attractive portfolio of advanced exploration and brownfield copper projects located in the mining friendly jurisdictions of Botswana and Namibia  Advanced Hope, Gorob and Vendome Copper Projects located on the Matchless Copper Belt in Namibia, covering an area of 34,460Ha and hosting a combined resource of approximately 7Mt @ 2% Cu (0.5% Cu cut- off) in accordance with SAMREC Code (2007)  Previous exploration at the Hope, Gorob and Vendome Copper Projects includes 203 diamond drill holes, an exploration shaft and drive and an SRK underground mining scoping study completed in 2012  Rhineland Fluorite and Copper Project hosts an established fluorite resource of 5.77Mt @ 24.1% and demonstrated Copper mineralisation and showings  Historical exploration demonstrates copper mineralisation with grades from 1% Cu to 3.24% Cu  Excellent gold and cobalt (>300 ppm Co) potential  Extensive landholding in the Kalahari Copper Belt, Botswana, prospective for copper / silver projects, including areas proximate to ground that has yielded valuable discoveries for Cupric Canyon Capital (US Private Equity), MOD Resources Limited (ASX: MOD; +A$100m Market cap) and also being explored by Kopore Metals (ASX: KMT)

INITIA IAL PUBLIC C OFFERING RING In Indi dicative ative Cap apita tal Str tructure ucture Number of Shares Funds Raised Funds Raised Number of shares % % (Maximum) (Minimum) ($) ($) Existing Shares on Issue 17,400,000 - 34.0% 17,400,000 - 30.9% Seed Capital Raising 5,000,000 $500,000 9.8% 5,000,000 $500,000 8.9% Vendor Shares to be Issued 3,850,000 - 7.5% 3,850,000 - 6.8% Lead Manager IPO Success Shares 2,500,000 - 4.9% 2,500,000 - 4.4% IPO Capital Raising 22,500,000 $4,500,000 43.9% 27,500,000 $5,500,000 48.9% Total Shares on Issue at IPO 51,250,000 100.0% 56,250,000 100.0% Market Capitalisation at IPO $10.2 million $11.2 million ASX: ASX: Enterprise Value at IPO $5.7 million $5.7 million VIR IR Other Securities: Loyalty Options Issue: Unlisted options attached to Seed Offer (25c / 3 yr) 2,000,000 VIR intends to undertake a loyalty issue of listed options 3 Unlisted founder options on Issue (25c / 4 yr) 5,000,000 months post Quotation on a 1-for-5 basis with an exercise Unlisted Board and Management options on Issue (25c / 3 yr) 1,200,000 price of 25 cents and a term to expiry of 3 years Performance Rights Pool up to 5,000,000 Lead Manager Success Options 2,000,000

INITIA IAL PUBLIC C OFFERING RING In Indi dicative ative Use e of of Fun unds ds Capital Allocation Category Minimum Raised ($) % Maximum Raised ($) % Seed Capital Raised $500,000 $500,000 IPO Capital Raised $4,500,000 $5,500,000 Total Capital Reserves $5,000,000 $6,000,000 Use of Funds (over 2 years): Costs of the Offer (funded from seed capital) $487,541 9.8% $488,696 8.1% Administration and Management $900,000 18.0% $900,000 15.0% Reconnaissance Exploration and Geophysical Programs (airborne) – Botswana $350,000 7.0% $350,000 5.8% Diamond Drilling and Exploration at Rhineland / Hope, Gorob and Vendome $2,500,000 50.0% $3,000,000 50.0% Update to Hope, Gorob and Vendome Scoping Study $200,000 4.0% $200,000 3.3% Project Evaluation and Due Diligence $150,000 3.0% $150,000 2.5% Vendor Cash Payments $155,000 3.1% $155,000 2.6% Founder Loan Repayments - Balance ($100,000 paid from seed capital) $85,000 1.7% $85,000 1.4% Working Capital $172,459 3.4% $671,304 11.2% Total Funds Allocated $5,000,000 $6,000,000