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13 FEBRUARY 2017 CSIRO TO COMMENCE BATTERY GRADE ELECTROLITIC MANGANESE DIOXIDE STUDIES AT BUTCHERBIRD • CSIRO to commence studies to produce Electrolytic Manganese Dioxide (“EMD”) from the Butcherbird Manganese Deposit (100%MZM). • Butcherbird is Australia’s largest onshore manganese resource at >170 million tonnes of manganiferous ore 4 . • EMD is an important technology metal with over 90% of global consumption used in battery manufacturing. • Lithium-Ion battery 1 cathodes contain up to 60% manganese, which is ~5 times the contained value and ~15 times the amount of lithium 2,3 . • Co-funding grant approved by the Federal Government Department of Industry, Innovation and Science. Montezuma Mining Company Ltd (“Montezuma” or “Company”) is pleased to announce that the Commonwealth Scientific and Industrial Research Organisation (“CSIRO”) Process Science and Technology Group has agreed to undertake research and development studies into the production of high purity Electrolytic Manganese Dioxide (“EMD”) from manganese ores sourced from the Company’s 100% owned, infrastructure endowed Butcherbird Project in Western Australia. The investigations will also focus on improving the primary beneficiation grades achieved from the Butcherbird ores as a feedstock into the EMD process flow sheet(s) and as a potential marketable product for sale to the manganese alloy markets. Previous work achieved consistent grades of ~33% Mn, and this work will seek to further increase that 5 . The Department of Industry, Innovation and Science have agreed to co-fund the work up to $50,000 as part of the Innovations Connections Programme. 1 http://www.visualcapitalist.com/manganese-powering-the-next-generation-of-lithium-ion-batteries/ 2 http://batteryuniversity.com/learn/article/types_of_lithium_ion 3 https://www.metalary.com/lithium-price/ ABOUT MONTEZUMA MINING Listed in 2006, Montezuma Mining Company Ltd (ASX: MZM) is a diversified explorer primarily focused on gold and manganese. The Company’s primary objective is to achieve returns for shareholders through selected strategic acquisitions and targeted exploration. Montezuma has 100% interests in the Yamarna Gold Project in the Yamarna Greenstone Belt, the Holleton Gold Project in the Wheat Belt region and the Butcherbird Manganese/Copper Project in the Murchison region, all located in Western Australia. MARKET DATA ASX code: MZM Share price: $0.14 Shares on issue: 83.5M Market capitalisation: $11.7M Cash (at 30 December): ~$4.6M Listed Investments: ~$7.7M BOARD AND MANAGEMENT Chairman Seamus Cornelius Executive Director Justin Brown Non-Executive Director John Ribbons Exploration Manager Dave O’Neill Company information, ASX announcements, investor presentations, corporate videos and other investor material on the Company’s projects can be viewed at www.montezuma.com.au For personal use only

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Page 1: 13 FEBRUARY 2017 - ASX · Please note with regard to exploration targets, the potential quantity and grade is conceptual in nature, that there has been insufficient exploration to

13FEBRUARY2017

CSIROTOCOMMENCEBATTERYGRADEELECTROLITIC

MANGANESEDIOXIDESTUDIESATBUTCHERBIRD

• CSIROtocommencestudiestoproduceElectrolyticManganeseDioxide

(“EMD”)fromtheButcherbirdManganeseDeposit(100%MZM).

• ButcherbirdisAustralia’slargestonshoremanganeseresourceat>170

milliontonnesofmanganiferousore4.

• EMDisanimportanttechnologymetalwithover90%ofglobal

consumptionusedinbatterymanufacturing.

• Lithium-Ionbattery1cathodescontainupto60%manganese,whichis

~5timesthecontainedvalueand~15timestheamountoflithium2,3.

• Co-fundinggrantapprovedbytheFederalGovernmentDepartmentof

Industry,InnovationandScience.

MontezumaMiningCompanyLtd(“Montezuma”or“Company”)ispleasedtoannouncethatthe

CommonwealthScientificandIndustrialResearchOrganisation(“CSIRO”)ProcessScienceand

TechnologyGrouphasagreedtoundertakeresearchanddevelopmentstudiesintotheproductionofhighpurityElectrolyticManganeseDioxide(“EMD”)

frommanganeseoressourcedfromtheCompany’s100%owned,infrastructureendowedButcherbird

ProjectinWesternAustralia.

Theinvestigationswillalsofocusonimprovingthe

primarybeneficiationgradesachievedfromtheButcherbirdoresasafeedstockintotheEMDprocessflowsheet(s)andasapotentialmarketable

productforsaletothemanganesealloymarkets.Previousworkachievedconsistentgradesof~33%

Mn,andthisworkwillseektofurtherincreasethat5.

TheDepartmentofIndustry,InnovationandSciencehaveagreedtoco-fund

theworkupto$50,000aspartoftheInnovationsConnectionsProgramme.

1http://www.visualcapitalist.com/manganese-powering-the-next-generation-of-lithium-ion-batteries/2http://batteryuniversity.com/learn/article/types_of_lithium_ion3https://www.metalary.com/lithium-price/

ABOUTMONTEZUMAMININGListedin2006,MontezumaMiningCompanyLtd(ASX:MZM)isadiversifiedexplorerprimarilyfocusedongoldandmanganese.TheCompany’sprimaryobjectiveistoachievereturnsforshareholdersthroughselectedstrategicacquisitionsandtargetedexploration.

Montezumahas100%interestsintheYamarnaGoldProjectintheYamarnaGreenstoneBelt,theHolletonGoldProjectintheWheatBeltregionandtheButcherbirdManganese/CopperProjectintheMurchisonregion,alllocatedinWesternAustralia.

MARKETDATAASXcode: MZMShareprice: $0.14Sharesonissue: 83.5MMarketcapitalisation: $11.7MCash(at30December): ~$4.6MListedInvestments: ~$7.7M

BOARDANDMANAGEMENTChairman SeamusCorneliusExecutiveDirector JustinBrownNon-ExecutiveDirector JohnRibbonsExplorationManager DaveO’Neill

Companyinformation,ASXannouncements,investorpresentations,corporatevideosandotherinvestormaterialontheCompany’sprojectscanbeviewedatwww.montezuma.com.au

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Page 2: 13 FEBRUARY 2017 - ASX · Please note with regard to exploration targets, the potential quantity and grade is conceptual in nature, that there has been insufficient exploration to

ABOUTTHEBUTCHERBIRDPROJECT

TheButcherbirdManganeseDepositisAustralia’slargestonshoremanganeseresource4comprisinglargetonnagesofnearsurfacemanganeseoxideoreinsevendeposits.

TheProjectalsohassomeexcellentinfrastructureadvantageswithagaspipelineandmainbitumenhighwaypassingdirectlyadjacenttoandthroughthemineralisedenvelope.

ThemineralisationoccursassupergeneenrichmentofaregionalscalebasalmanganeseshalewhichunderliesmuchoftheProjectarea.Theshalebedsaregentlyfoldedandwherethefoldsapproachthesurfacetopography,supergeneprocesseshavesignificantlyupgradedthemanganesecontenttoformapotentialfeedstockforfurtherupstreamprocessing.

BENEFICIATIONPOTENTIAL

TheCompanydiscoveredthedepositsin2010-2011andhassubsequentlyundertakenseveralroundsofmetallurgicaltestworkwhichhaveshownthatahighsilicaconcentratewithapproximately33%containedmanganeseandlowdeleteriouselementscanbereliablyproducedthroughrelativelysimpleprocessingmethods5.

Thismediumgradeconcentrateissuitableforuseintheproductionofsilicomanganesealloys,amajormanganesefeestockforuseinsteelmaking.ThisconcentratewillbeusedastheinitialfeedfortheEMDproductionprocesstestwork.

ABOUTEMD

IndustryobserversexpecttheglobalelectrolyticmanganesedioxidemarkettoreachUSD635.7millionby2022withaprojectedcompoundannualgrowthrateof4.9%from2015to2022.6

Growthindemandfromthebatterymanufacturingindustryisexpectedtodriveprojecteddemandcurvesastechnologicaladvancementsinwindandsolarpowergenerationandtheneedforassociatedgridelectricalstoragesystemsexpands.

BatteryproductionistheleadingEMDconsumerwithmarketshareestimatedtoexceed90%ofglobalconsumption.Thisdemandisexpectedtocontinuetogrowinparticularduetothecurrentandexpectedfuturegrowthintheglobalelectricvehicleindustry,whichinturnhasastrongimpactonbatterydemand.ManganeseintheformofEMDisakeyingredientinseveraltypesofwidelyusedbatterytechnologiesincludingLi-ion,alkalineandzinc-carbon,andthenextgenerationlithiatedmanganesedioxidebatteries,withcathodescomprisingover60%Mncomparedtoapproximately4%lithium.

4MontezumaMiningCompanyLtdASXreleasedated7December20125MontezumaMiningCompanyLtdASXreleasedated27December20146http://www.grandviewresearch.com/press-release/global-electrolytic-manganese-dioxide-market

Classification InferredResource

Cut-off 10%Mn

Deposit Tonnes(Mt) Mn(%)

BindiBindiHill 8.75 11.09

BudgieHills 1.03 10.82

CadgiesFlats 0.25 11.08

Coodamudgi 12.9 11.48

IllgararieRidge 17.0 10.71

Mundawindi 14.2 12.23

RichiesFind 16.1 11.56

SUBTOTAL 70.2 11.4

YanneriRidge 48.8 11.8

GLOBALTOTAL 119.0 11.6

Table1. InferredMineralResourceEstimatesattheButcherbirdManganeseProjectarereportedata10%Mncut.

Classification InferredResource

Cut-off 8-10%Mn

Deposit Tonnes(Mt) Mn(%)

BindiBindiHill 5.7 9.2

BudgieHills 3.5 8.9

CadgiesFlats 0.2 9.1

Coodamudgi 3.6 9.5

IllgararieRidge 18.5 9.2

Mundawindi 2.1 9.4

RichiesFind 6.6 9.4

SUBTOTAL 40.1 9.3

YanneriRidge 15.8 9.4

GLOBALTOTAL 55.9 9.3

Table2. InferredMineralResourceEstimatesattheButcherbirdManganeseProjectarereportedat8-10%Mn.

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Page 3: 13 FEBRUARY 2017 - ASX · Please note with regard to exploration targets, the potential quantity and grade is conceptual in nature, that there has been insufficient exploration to

FORMOREINFORMATION…

JustinBrown

ExecutiveDirectorPhone:+61863151400Email:[email protected],ASXannouncements,investorpresentations,corporatevideosandotherinvestormaterialontheCompany’sprojectscanbeviewedathttp://www.montezuma.com.au.

Figure1:ButcherbirdManganeseProjectlocationplanincludingresourceoutlines.

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Page 4: 13 FEBRUARY 2017 - ASX · Please note with regard to exploration targets, the potential quantity and grade is conceptual in nature, that there has been insufficient exploration to

TheinformationinthisreportthatrelatestoExplorationResults,MineralResourcesandMineralReservesisbasedoninformation

compiledbyMrJustinBrownwhoisamemberoftheAustralasianInstituteofMiningandMetallurgy.Atthetimethatthe

ExplorationResults,MineralResourcesandMineralReserveswerecompiled,MrBrownwasanemployeeofMontezumaMining

CompanyLtd.MrBrownisageologistandhassufficientexperiencewhichisrelevanttothestyleofmineralisationandtypeof

depositunderconsiderationandtotheactivitywhichheisundertakingtoqualifyasaCompetentPersonasdefinedinthe2012

editionofthe‘AustralasianCodeforReportingofExplorationResults,MineralResourcesandOreReserves’.MrBrownconsentsto

theinclusionofthisinformationintheformandcontextinwhichitappearsinthisreport

Pleasenotewithregardtoexplorationtargets,thepotentialquantityandgradeisconceptualinnature,thattherehasbeen

insufficientexplorationtodefineaMineralResourceandthatitisuncertainiffurtherexplorationwillresultinthedetermination

ofaMineralResource.

TheinformationintheannouncementthatrelatestoMineralResourcesfortheButcherbirdProjectisextractedfromASX

announcementof7December2012.Thecompanyconfirmsthatitisnotawareofanynewinformationordatathatmaterially

affectstheinformationincludedintheoriginalmarketannouncementsandthatallmaterialassumptionsandtechnicalparameters

underpinningtheestimatesintherelevantmarketannouncementscontinuetoapplyandhavenotmateriallychanged.The

companyconfirmsthattheformandcontextinwhichtheCompetentPerson’sfindingsarepresentedhavenotbeenmaterially

modifiedfromtheoriginalmarketannouncement.ThisinformationwaspreparedandfirstdisclosedundertheJORCCode2004.It

hasnotbeenupdatedsincetocomplywiththeJORCCode2012onthebasisthattheinformationhasnotmateriallychangedsince

itwaslastreported.

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