Mithril Resources (ASX: MTH)

David Hutton | Managing Director | 4 February 2015

Stark – An emerging WA Copper Nickel PGE Discovery

WA Goldfields

Focused on new Stark Discovery

Copper Nickel PGE’s

Existing 265Kt copper metal inventory*

Slide 2

Stark

Company Snapshot

* Nanadie Well and Basil Copper Deposits attributable copper metal – See Appendix for JORC Information

Overview

Shares on issue 421 million

Options (unlisted) 22.1 million

Market Cap $2.10M

Cash (31/12/2015) $1.25M

Investments $0.36M (MGV shareholding)

Directors and Management

Graham Ascough Non Executive Chairman

David Hutton Managing Director

Donald Stephens Non Executive Director & Company Secretary

Jim McKinnon-Matthews Geology Manager

Shareholders

Top 40 hold 45%

Retail – 80.1% Institutions – 17.3% o Minotaur Exploration - 7.8% o Perth Capital / Wythenshawe - 6.3% o Consolidated Minerals - 1.9% o Scintilla Strategic Investments – 1.3%

Directors and Management – 2.6%

Slide 3

Corporate Summary

Stark Prospect and Nanadie Well Copper Deposit (151Kt Cu metal) located on the Nanadie Well JV

JV with Intermin Resources (ASX: IRC) whereby MTH can earn 75% by spending $4M over 6 years

Interpreted Stark strike extensions on 100% - owned tenement applications (non JV)

Slide 4

Meekatharra

JV agreement executed: December 2013

Key attractions for Mithril:

o Regional Setting

o Existing extensive mineralisation at Nanadie Well Copper Deposit

o Significant exploration upside

o Ability to apply new geological ideas

Magmatic nickel sulphides recognised at Nanadie Well: April 2014

“Boots on ground” geological mapping: April - June 2014

Stark copper - nickel - PGE gossan identified: April 2014

Bedrock EM Conductors identified: September 2014

Semi massive sulphides in first drill test of EM conductors: December 2014

Results announced: January 2015

Follow up diamond drilling: next week

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History

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Regional Setting

The right address

Stark occurs adjacent to a crustal scale structure - “Youanmi Shear Zone”

Extends to + 25km depth and has acted as a giant “plumbing system”

Big deposits need big “plumbing systems”

MTH has over 100 kilometres of the Youanmi Shear Zone covered

Mithril discovery - no drilling prior to December 2014

High tenor magmatic sulphides (chalcopyrite - pyrrhotite)

Ground and downhole EM geophysics “sees” the mineralisation

First ever drilling returns strong assay results from each hole drilled:

16m @ 0.81% copper, 0.09% nickel, and 0.39g/t PGE’s from 183 metres including 4m @1.91% copper, 0.18% nickel, and 0.96g/t PGE’s (NRC14008)

13m @ 0.44% copper, 0.08% nickel, and 0.24g/t PGE’s from 144 metres including 2m @1.04% copper, 0.18% nickel, and 0.49g/t PGE’s (NRC14003)

2m @ 1.32% copper, 0.03% nickel and 0.80g/t PGE’s from 76 metres (NRC14007)

Grade increasing with depth

Mineralisation remains OPEN in all directions

Excellent size and grade potential

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Stark Prospect

Slide 8

High tenor sulphides

2% copper in semi-massive sulphides contain ~7% sulphur

Massive sulphides are typically ~30% sulphur

Stark massive sulphides could have up to 8% copper, 1% nickel, 4g/t PGE’s and represent:

A high - value exploration target

Hole ID From Width Cu_% Ni_% Au_g/t Pt_g/t Pd_g/t Au+Pt+Pd_g/t S_%

NRC14008 182 1 0.13 0.02 0.01 0.02 0.03 0.05 0.58

NRC14008 183 1 0.37 0.07 0.01 0.03 0.11 0.15 1.99

NRC14008 184 1 0.76 0.06 0.03 0.02 0.14 0.19 2.36

NRC14008 185 1 0.45 0.10 0.03 0.04 0.15 0.22 3.06

NRC14008 186 1 0.58 0.07 0.05 0.02 0.13 0.20 2.31

NRC14008 187 1 0.31 0.03 0.03 0.02 0.05 0.09 1.03

NRC14008 188 1 0.59 0.12 0.11 0.05 0.27 0.42 3.67

NRC14008 189 1 0.34 0.06 0.04 0.03 0.12 0.19 1.74

NRC14008 190 1 0.31 0.06 0.04 0.03 0.09 0.15 1.46

NRC14008 191 1 0.17 0.03 0.03 0.01 0.03 0.08 0.73

NRC14008 192 1 0.54 0.03 0.11 0.04 0.07 0.21 1.36

NRC14008 193 1 0.61 0.04 0.16 0.04 0.12 0.31 1.58

NRC14008 194 1 1.49 0.08 0.27 0.18 0.26 0.71 3.08

NRC14008 195 1 1.23 0.19 0.26 0.32 0.53 1.11 5.46

NRC14008 196 1 1.97 0.26 0.28 0.09 0.38 0.75 7.55

NRC14008 197 1 2.95 0.18 0.46 0.16 0.64 1.26 7.02

NRC14008 198 1 0.28 0.02 0.03 0.02 0.06 0.11 0.52

NRC14008 199 1 0.01 0.00 0.00 -0.01 0.00 0.00 0.04

Sulphur Copper

NRC14003 – 008 cross-section

Two RC holes drilled down dip of surface gossan targeting bedrock EM conductor

Multiple mineralised zones including semi massive sulphides at base of a mafic intrusion

Width and grade of mineralisation increasing down dip

Remains OPEN in all directions

300 metre diamond drill hole to confirm increasing grade and continuity of mineralisation commencing next week

Slide 9

Size and grade potential

Slide 10

Size and grade potential

Target pierce point: Planned diamond drill hole

500 metres

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Size and grade potential

DHTEM surveying confirms drilled sulphides as source of original ground EM conductors

Off-hole conductors modelled up to 4000S – very high conductance (consistent with massive sulphides)

NRC14008 DHTEM profile: Semi massive sulphides at 195m – Good off-hole response (near hole) persisting to 50 msec

NRC14003 DHTEM profile: Semi massive sulphides at 152m – Good off-hole response persisting to 50 msec

Size and grade potential

Nanadie Well Copper Deposit

(151Kt Cu metal)

Magnetic Trend

Gabbro outcrop boundary

Stark Gossan

Bedrock EM Conductor Plates

500 metres

11m @ 0.33%Cu, 0.06%Ni, 0.31g/t PGE’s

2m @ 1.32%Cu, 0.03%Ni, 0.80g/t PGE’s

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Slide 13

Regional potential

20 kilometres of prospective rocks

Directly along strike from Stark

Shallow (≤ 20 metres) cover

No prior drilling or EM geophysics

Multiple untested magnetic targets

Easy access

Reconnaissance activities planned following tenement grant (June 2015 Qtr.)

Stark – Nanadie Well Deposit

MTH - 100%

Boundary of MTH ground EM surveys

Analysis of selected samples for full PGE suite - underway

Diamond drilling - February

Assay Results - March

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Next Steps

WA Goldfields

Focused on new Stark Discovery

Copper Nickel PGE’s

Existing 265Kt copper metal inventory*

Stark

Company Snapshot

* Nanadie Well and Basil Copper Deposits attributable copper metal – See Appendix for JORC Information

Slide 15

Refer to Intermin Resources’ ASX Announcement “Initial Resource Estimate for the Nanadie Well Cu-Au Project” dated 19 September 2013.

The information pertaining to the Nanadie Well Copper Deposit Inferred Resource was prepared and first disclosed by Intermin Resources 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.

2004 JORC Code

Classification

Tonnes

(Mt) Copper % Gold ppm Contained Copper (tonnes) Contained gold (ounces)

Inferred 36.07 0.42 0.064 151,506 74,233

Nanadie Well Copper Deposit (MTH earning 75%)

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JORC Information

Basil Copper Deposit (MTH 100%)

2004 JORC Code

Classification

Tonnes

(Mt) Copper % Cobalt% Contained Copper (tonnes) Contained cobalt (tonnes)

Inferred 26.5 0.57 0.05 151,050 13,250

The Inferred Mineral Resource of 26.5Mt @ 0.57% copper, 0.05% cobalt has been calculated using a 0.3% copper cut-off grade. The Resource is composed of both interpolated and extrapolated resources and has been reported in accordance with the JORC Code (2004) and JORC/ASX Companies Update Number 03/07. Refer to ASX Announcement dated 21 March 2012 for further information.

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.

Further details (including JORC 2012 Code Reporting Tables, where applicable) for the information included in this Presentation can be

found in the following announcements previously lodged with the ASX.

Stark Copper Nickel PGE Discovery - 20.01.2015

Copper mineralisation increasing with depth at Stark - 16.12.2014

Drill targets defined at Stark copper nickel prospect - 07.10.2014

New EM conductors at Stark copper-nickel prospect - 11.09.2014

EM surveys underway at Meekatharra - 28.08.2014

Highly anomalous copper-nickel-PGE results at Nanadie Well - 21.08.2014

Further results reinforce Nanadie Well Cu-Ni prospectivity - 28.07.2014

Meekatharra Copper Update - 01.07.2014

Nickel gossan identified at Nanadie Well - 22.04.2014

Meekatharra Copper Exploration Update - 31.03.2014

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JORC Information

This presentation has been prepared by Mithril Resources Limited (Mithril). The information contained in this presentation is a professional opinion only and is given in good faith. Certain information in this document has been derived from third parties and though Mithril has no reason to believe that it is not accurate, reliable or complete, it has not been independently audited or verified by Mithril. Any forward-looking statements included in this document involve subjective judgement and analysis and are subject to uncertainties, risks and contingencies, many of which are outside the control of, and may be unknown to, Mithril. In particular, they speak only as of the date of this document, they assume the success of Mithril’s strategies, and they are subject to significant regulatory, business, competitive and economic uncertainties and risks. Actual future events may vary materially from the forward-looking statements and the assumptions on which the forward-looking statements are based. Recipients of this document (Recipients) are cautioned to not place undue reliance on such forward-looking statements. Mithril makes no representation or warranty as to the accuracy, reliability or completeness of information in this document and does not take responsibility for updating any information or correcting any error or omission which may become apparent after this document has been issued. To the extent permitted by law, Mithril and its officers, employees, related bodies corporate and agents (Agents) disclaim all liability, direct, indirect or consequential (and whether or not arising out of the negligence, default or lack of care of Mithril and/or any of its Agents) for any loss or damage suffered by a Recipient or other persons arising out of, or in connection with, any use or reliance on this presentation or information. All amounts in A$ unless stated otherwise.

The information in this report that relates to the Nanadie Well Mineral Resource is based on information compiled by Mr David O’Farrell who is a full‐time employee of Intermin Resources Limited and a Member of the Australasian Institute of Mining and Metallurgy (AusIMM). Mr O’Farrell has more than five years’ experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr O’Farrell consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. The information in this report that relates to the Basil Mineral Resource, Exploration Targets and Exploration Results is based on information compiled by Mr David Hutton, who is a Competent Person, and a Fellow of The Australasian Institute of Mining and Metallurgy. Mr Hutton is Managing Director and a full-time employee of Mithril Resources Ltd. Mr Hutton has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being 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 Hutton consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

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Disclaimer and Competent Persons Statement

Website – www.mithrilresources.com.au

Email – admin@mithrilresources.com.au

Phone – 08 8378 8200

Follow us on

MithrilResources@MTHResources

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Contact Details