ASX: SWJ

Developing RietfonteinInvestor Presentation – March 2017

1

• This Presentation has been prepared by and issued by Stonewall Resources Limited (ASX.SWJ) (Stonewall or Company) is to assist in informinginterested parties about the Company and should not be considered as an offer or invitation to subscribe for or purchase any securities in theCompany or as an inducement to make an offer or invitation with respect to those securities. No agreement to subscribe for securities in theCompany will be entered into on the basis of this Presentation. This Presentation is limited to persons who are sophisticated investors for thepurposes of s708(8) or professional investors for the purposes of s708(11) of the Corporations Act 2001 or persons who hold Australian financialservices licences and any of their representatives. By attending and/or receiving this presentation you warrant to Stonewall that you are such aperson. This Presentation may contain forward looking statements. Whilst Stonewall has no reason to believe that any such statements andprojections are either false, misleading or incorrect, it does not warrant or guarantee such statements.. Nothing contained in this presentationconstitutes investment, legal, tax or other advice. This overview of Stonewall does not purport to be all inclusive or to contain all information whichits recipients may require in order to make an informed assessment of the Company’s prospects. Before making an investment decision, you shouldconsult your professional adviser, and perform your own analysis prior to making any investment decision. Neither the Company nor its advisers hasverified the accuracy or completeness of the information, statements and opinions contained in this presentation. Accordingly, to the maximumextent permitted by law, the Company makes no representation and gives no assurance, guarantee or warranty, express or implied, as to, and takeno responsibility and assume no liability for, the authenticity, validity, accuracy, suitability or completeness of, or any errors in or omissions, fromany information, statement or opinion contained in this presentation. The contents of this presentation are confidential. This presentation is beingprovided to you on the condition that you do not reproduce or communicate it or disclose it to, or discuss it with, any other person without the priorwritten permission of the Company. This Presentation contains information, ideas and analysis which are proprietary to Stonewall. By agreeing toreceive this information you also agree to respect the confidential nature of this entire presentation. Specifically you agree not to reproduce in anymanner or distribute any part of the information contained herein without the prior written consent of the Company.

• The information in this Presentation that relates to Exploration Results, Exploration Targets, Mineral Resources or Ore Reserves is based on TheCompetent Person responsible for the Mineral Resources as presented in this press release is Mr Uwe Engelmann (BSc (Zoo. & Bot.), BSc Hons (Geol.),Pr.Sci.Nat. No. 400058/08, MGSSA) of Minxcon (Pty) Ltd. Mr Engelmann is satisfied that the information as presented by Stonewall is a truereflection of the Mineral Resources of the Rietfontein Gold Project. The Mineral Resources as presented in the consolidated Mineral Resourcetabulations represents a true reflection of the existing JORC Code (2012) compliant stated Mineral Resources (as per 2017 estimates) together withthe updated Rietfontein Mineral Resources for all the Stonewall operations. Mr Engelmann is satisfied that the information as presented byStonewall may be publically disclosed.

Disclaimer & Competent Person Statement

2

• This presentation may refer to the intention of Stonewall Resources regarding estimates or future events which could be considered forward lookingstatements. Forward looking statements are typically preceded by words such as “Forecast”, “Planned”, “Expected”, “Intends”, “Potential”,“Conceptual”, “Believes”, “Anticipates”, “Predicted”, “Estimated” or similar expressions. Forward looking statements, opinions and estimatesincluded in this document are based on assumptions and contingencies which are subject to change without notice, and may be influenced by suchfactors as funding availability, market-related forces (commodity prices, exchange rates, stock market indices and the like) and political or economicevents (including government or community issues, global or systemic events). Forward looking statements are provided as a general reflection ofthe intention of the company as at the date of release of the document, however are subject to change without notice, and at any time. Futureevents are subject to risks and uncertainties, and as such results, performance and achievements may in fact differ from those referred to in thispresentation. Mining, by its nature, and related activities including mineral exploration, are subject to a large number of variables and risks, many ofwhich cannot be adequately addressed, or be expected to be assessed, in this document. Work contained within or referenced in this report maycontain incorrect statements, errors, miscalculations, omissions and other mistakes. For this reason, any conclusions, inferences, judgments,opinions, recommendations or other interpretations either contained in this report, or referencing this report, cannot be relied upon. There can beno assurance that future results or events will be consistent with any such opinions, forecasts or estimates. The company believes it has a reasonablebasis for making the forward looking statements contained in this document, with respect to any production targets, resource statements orfinancial estimates, however further work to define Mineral Resources or Reserves, technical studies including feasibilities, and relatedinvestigations are required prior to commencement of mining. No liability is accepted for any loss, cost or damage suffered or incurred by thereliance on the sufficiency or completeness of the information, opinions or beliefs contained in this presentation.

• The Scoping Study referred to in this announcement is based on low level technical and economic assessment, insufficient to support the estimationof Ore Reserves. There is no assurance that the intended development referred to will proceed as described, and will rely on further studies at thePre-Feasibility and Feasibility Study levels, and access to future funding to implement. Stonewall believes it has reasonable grounds under ASICInformation Sheet 214 to report the results of the Scoping Study. The mine plan referred to in the quoted NPV contains 34% Indicated MineralResources and 66% Inferred (refer to Fig.5, & ASX release dated 7/2/17 for Mineral Resource Statement). The Rietfontein mine has been previouslyoperated to extract gold and has existing underground development and some infrastructure in place. The company intends to conduct furtherdrilling to upgrade the Mineral Resource incorporated in the mine plan to Measured & Indicated Mineral Resources as appropriate as well as test forstrike and depth extensions. The results of the drilling will be used to progress further project studies to enable finance to be arranged to execute themine plan. At this stage there is no guarantee that funding will be available, and investors are to be aware of any potential dilution of existingissued capital. The production targets and forward looking statements referred to are based on information available to the company at the time ofrelease, and should not be solely relied upon by investors when making investment decisions. SWJ cautions that mining and exploration are highrisk, and subject to change based on new information or interpretation, commodity prices or foreign exchange rates. Actual results may differmaterially from the results or production targets contained in this release. Further evaluation and appropriate studies relating to geology, miningand economics are required to increase the level of confidence prior to a decision to conduct mining being made. The estimated Mineral Resourcesquoted in this release have been prepared by Competent Persons as required under the JORC Code (2012). Material assumptions and otherimportant information are contained in this release.

Forward Looking Statement & Cautionary Statement

3

TGME’s Rietfontein Project Location

4

Located in Sabie township ofMpumalanga Province:

370km east of Johannesburgdirectly by Road, or

30 minutes flight fromJohannesburg to Nelspruit bycommercial airline, then 95kmnorth of Nelspruit by Road.

Other Infrastructure:

Fully Permitted to mine

CIL Plant, Elution Circuit/tanks, gold room onsite.

Road Access

Water

Power supply straight off the Grid (Eskom)

Tailing Dams onsite

SWJ - Investment Summary

• Near-term Production: Fully permitted mines, 2018 production target• Large Resource Base: 3.4Moz trading at <US$10/oz• Low Cost: Rietfontein targeting lowest quartile cash costs• Low Capital: US$31m peak development funding for Rietfontein• Multi-mine upside: Beta, Vaalhoek, Theta, Dukes & other potential

development & exploration options (43 Historical Mines)• Previous valuation of US$141m: Through unsuccessful 2013 takeover

offer• Stable BEE partner

5

Corporate Overview

ASX code: SWJCurrent share price: $0.024Market Capitalisation: A$45 millionShares on Issue: ~1.9 billion

6

90% owned by top 20 Shareholders %

Tasman Funds (Sydney based fund manager, related to director Eric Zhang)

16.70%

High Gift Investments (US based family office) 11.93%

Smart Vision Investment Group (related to director Simon Liu)

8.39%

Khan International (subsidiary of Hanhong Funds,related to director Simon Liu)

8.07%

BWW (HK Institution) 8.06%

DirectorsTrevor Fourie Non-Exec. Chairman (since 2012)Rob Thomson Managing Director (since Nov 2016)Richie Yang Non-Exec. Director (since June 2015)Eric Zhang Non-Exec. Director (since June 2015)Simon Liu Non-Exec. Director (since 2013)

ManagementRob Thomson Managing Director (Aus)George Jenkins Chief Executive Officer (SA)

GLOBAL REGISTRY, EXPERIENCED TEAM, LARGE & HIGH GRADE RESOURCES, EXISTING PLANT & FACILITIES

0.7

1.2

1.7

2.2

Shar

e Pr

ice

(cps

)

SWJ: Stonewall Resources Ltd

Rietfontein: 905koz, 11g/t Au JORC 2012

• JORC Resource of 2.55Mt @ 11g/t Au (905koz, Indicated and Inferred)• Fully permitted and development ready: Pending drilling program to

establish reserves & funding• Part of wider Group Resources of 28Mt @ 3.7g/t Au (3.4Moz)1

• Scoping Study indicates potential for Stage 1 60kozpa mine @ 9.5g/t Au2,3

• Potential lowest quartile cash costs of US$417/oz• Pre-Feasibility Study underway, target completion 2H’17• Target 2H’18 production• Low capital requirements (US$31m peak funding) including existing CIL

refurbishment• Located 41km from existing TGME processing plant• PFS to examine expansion potential to 80-90kozpa

7

1 Refer to ASX announcement 7 February, 2017. 2 Refer to ASX announcement 28 February, 20173 Production target is based on Indicated & Inferred Resources. Insufficient work to define a Mineral Reserve at this stage. Average LOM production over 7yrs is 55koz (38-68kozpa). Confirmation of reserves will be conducted in accordance with JORC (2012).

Rietfontein: Scoping Study Summary

8

Refer to ASX announcement 28 February, 2017. Production target is based on Indicated & Inferred Resources. Insufficient work to define a Mineral Reserve at this stage. Average LOM production over 7yrs is 55koz (38-68kozpa). Confirmation of reserves will be conducted in accordance with JORC (2012).

Rietfontein – JORC (2012) Mineral Resources

9

Resource Classification

Stope Au Reef Width Stope width Stope Stope Tonnes Au Content

g/t cm cm cm.gt Mt kg kozMeasured - - - - - - -Indicated 10.1 76 111 1,113 0.72 7,247 233Total Measured andIndicated 10.1 76 111 1,113 0.72 7,247 233

Inferred 11.4 108 132 1,502 1.834 20,901 672Total 11.1 2.554 28,148 905

Note:• Mineral

Resources are reported at resource cut-off of 1.8g/t (230 cmg/t)

• 33% of the Inferred resources is below the last known data point

• Fault losses of 5% for Indicated and 10% for Inferred Mineral Resources were applied

Note: * Please refer to Page 2/3, and see ASX Announcement 7/2/2017 for the latest Mineral Resource Statements

Rietfontein: Robust Preliminary Economics

10

• Pre-tax NPV of US$114m in Scoping Study• Initial 7.5yr Mine life based on 200ktpa (with

plans to upgrade this towards 300ktpa)• IRR of 83%

• PFS underway, complete 2H’17• Located 41km from existing

TGME processing plant• PFS to examine expansion

potential to 80-90kozpa

Rietfontein: Lowest Quartile Target

11

• Stability of labour relations, lower exchangerate have helped SA gold miners reducecosts

• Many mines require refrigeration & consumea large amount of power (higher cost): Theseare shallow and already largely developed

• One of the highest grades in SA• Shallow mine, most high grade

mined via shaft• Low cost and high grade =

potential high margin

02468

1012141618

Cook

eBa

rbro

okBe

atrix Lily

Evan

der

Drie

font

ein

Mas

imon

gKl

oof

Uni

sel

Tshe

pong

Door

nkop

Sout

h De

ep Joel

Kusa

sale

thu

Kopa

nang

Phak

isaTa

u To

naM

oab

Khot

song

Barb

erto

nM

pone

ngBa

mba

nani

Gold

Gra

de (g

/t A

u)

South Africa: 2015 Grade profile

400

600

800

1000

1200

1400

1600

AISC

(US$

/oz)

South Africa: 2015 AISC estimates (US$/oz)

Rietfontein scoping Rietfontein scoping

Rietfontein: Target High Grade first

12

• Mining ceased around 1945• Narrow granite-hosted shear

zone (unusual for SA)• Normal shrinkage stoping (with

fill)• Dual (north-south) adit entrance

may enhance production levels

Rietfontein – Exploration Target

13

Rietfontein Grade Model with the Identified Exploration Targets Identified

Note:The tonnages and content presented in the table represent a high level of uncertainty as to their existence and do not represent Mineral Resources. It may not be assumed that the Exploration Targets will automatically be converted to Resources after exploration activities have taken place.

The Exploration Target summary for Rietfontein Gold Mine: Additional Identified Potential

Exploration TargetTonnage

Stoping Au Grade Au Content

Minimum Maximum Minimum Maximum Minimum Maximum Minimum MaximumMt Mt g/t g/t Kg Kg Koz Koz

Target 1 0.321 0.641 8.34 10.01 2673 6417 85.9 206.3Target 2 0.265 0.53 13.11 15.74 3474 8339 111.7 268.1Target 3 0.234 0.468 13.08 15.7 3059 7344 98.3 236.1

Total 0.819 1.639 11.23 13.49 9206 22100 296 710.5

Note: * Please refer to Page 2, and see ASX Announcement 7/2/2017 for the latest Mineral Resource Statements

Stonewall Revitalisation Strategy

14

*Exploration target based on sampling work to date. Work underway to define JORC (2012) resources. Refer to Competent PersonStatement on p.2.

Grow Resources from 3Moz to 5Moz+

Resource delineation & Scoping Studies

Aiming for production in 1-2 years

Funding UnderwayRietfontein

PMR, Beta

Dukes, Browns Hill, Ponieskrantz,

Rietfontein Extended, Vaalhoek, Glynns,

JORC (2012) Resource of 905koz @ 11.1g/t (25.7% Indicated) from Rietfontein

JORC (2004) Resources of >0.7Moz, and Exploration targets*

JORC (2004) Resources of 0.8Moz (M&I)Theta, Clewer, Glynns, TGME Tailings

Elansdrift, Sabie Tailings/Rock Dumps, Sabie others

JORC (2004) Resources up to 1Moz

Please refer to Page 2, and see ASX Announcement 7/2/2017 for the latest Mineral Resource Statements

Beta Mine: Another treasure chest

• JORC resource of 6.8Mt @ 3.3g/tfor 709koz (indicated/inferred)

• Indicated 0.6Mt @ 4.9g/t Au(92koz)

• Updated JORC Resource & ScopingStudy pending in coming weeks

• Focus on higher grade areas initially>6g/t Au & PMR material

• PFS work on mine scheduling,drilling and met. work planned

• Sampling to upgrade hard-rockresources to Indicated (planned)

• PMR sampling underway – veryhigh grades detected in some areas

15

Stonewall Strategy: 2-3 Mines in 2-3 Years

1. Drilling & Publication of Reservesfor Rietfontein & Beta

2. Complete PFS studies intoRietfontein & Beta/PMR

3. Drilling at Vaalhoek, Beta & others

4. Commence refurbishment of TGMEprocessing plant

5. Mine dewatering and developmentat Beta with view to first ore 2H’18

6. Mine development at Rietfonteinwith first stopes target 1Q’19

7. Scoping/PFS studies into Vaalhoek,Theta and other mine targets

8. Develop Third Mine with best gradeand development potential by 2020

16

17

Centralised Treatment Plant & Infrastructure

Valuation Upside

• Risked valuation A$112m: Detailed project assessment by MineInvestwith a current, risk-adjusted valuation of US$85m

• 120-130kozpa: Report assessed the costs and likelihood of >100kozpa incoming years through Rietfontein/Beta and PMR material (chart, below)

• Valuation A$0.056/share: Assessed NAV by RC Research, compares torecent price of A$0.024/share

“With target first quartile costs and >100kozpa medium term gold production, the companyappears well placed to attract market attention”

18

1 Refer to MineInvest report “Preliminary Valuation of the TGME Gold Project” 6 March, 20173 Refer to RC Research report on Stonewall Resources dated 10 March, 2017Both reports available on the company website under: http://stonewallresources.com/investor-centre/

Historical Production – the tip of the iceberg

Northern & Central (Pilgrims Rest)• 1872 - 1972 : ≈ 4.27 Moz• 2005 - 2014 : ≈ 0.23 Moz

Southern (Sabie)• 1872 – 1972 : ≈ 2.15 Moz

19

“Proven past production of 7 Moz - Entire district now controlled by Stonewall”

Thank You

Rob ThomsonManaging Director - SWJMobile: +61 409 843 963

info@stonewallresources.com

20

www.stonewallresources.com.au

SWJ

Group Resources: 3.4Moz and growing

21Note: * Refer to Competent Person Statement on p2.

Mineral Resource Category Type of Operation

Tonnage Gold Grade Gold Content

Mt g/t kg koz

Measured

UG* 0.17 4.77 811 26.1

Surface 0.151 1.59 240 7.7

Tailings 2.294 0.77 1,770 56.9

Total Measured 2.615 1.08 2,821 90.7

Indicated

UG* 2.379 6.01 14297 459.6

Surface 3.173 0.88 2,811 90.4

Tailings 0.012 0.58 7 0.2

Total Indicated 5.564 3.08 17,115 550.2

Inferred

UG* 17.328 4.57 79179 2,545.80

Surface 0.801 0.8 642 20.7

Tailings 2.124 3.06 6,503 209

Rock Dump 0.121 1.59 192 6.2

Plant Floats 0.041 0.54 22 0.7

Beta Main 0.109 0.81 88 2.8

Total Inferred 20.523 4.22 86,626 2,785.30

Grand Total 28.702 3.71 106,562 3,426.20

Note: 1. All Mineral Resources have an

effective date of 30 June 2014, with the exception of the underground (UG*) Mineral Resources which include the updated 20 January 2017 Mineral Resource estimation for Rietfontein Mine*

2. Only the Mineral Resources lying within the legal boundaries are reported.

3. 1 kg = 32.15076 oz.4. Columns may not add up due to

rounding.

Building Up the Technical and Development Team

22

Key Personnel Position Expertise and Role

Robert Thomson Managing Director StonewallResources- Australian, Sydney

35+ years Mining Engineer & Director. Development/Operations as CEO/Exec Director/Project Manager in 8 gold and base metal projects progressed through exploration, BFS , approvals, financing, construction and delivery to operations. Commenced career in underground gold mining in Southern Africa. Successful Project Director/GM – Chatree and Sepon Stage 1, 125,000+ ozpa goldmines.

George Jenkins Chief Executive Officer Stonewall Mining– South African

26 Years Mining Industry Experience. 22 Years Extraction Metallurgist. 19 Years in various hands-on management and executive roles in South Africa and Australia.

Johan Fourie Environmental & Strategic Planning Stonewall Mining– South African

40 years of mining industry experience. Has managed the successful completion of approvals for the Stonewell redevelopment plans.

Hanlie Grobler Finance & Administration Stonewall Mining – South African

30 years Financial Management experience including 7 years as CFO and Financial Director of Multi National as well as 7 years mining.

Elane Botha Legal, Environmental Compliance Stonewall Mining – South African

Qualifications in Law and Environmental Management, over 14 years experience and joined SWJ in 2013 and works with Johan on permitting.

Minxcon Group Resource Geologists- Johannesburg H/Q

Consultants – Leading South African group. Know intimately all of the Stonewall resources and mines.

Bara Group Mining Engineers- Johannesburg H/Q

Consultants - Leading South African group. Mining studies, due diligence, detailed design and operational support to the mining industry world-wide.

Adrian Singh & Robbie Murray

Group Metallurgical Consultants- ---Johannesburg based

Consultants. Both have worked on TGME and are at the forefront of metallurgical performance optimization in the South African gold industry.

Approvals Process

23

1 Final production ounces subject to planned PMR resource delineation program and project study upgrade

Mine Description Date Required

Status Expected Timeframe

Rietfontein Hard Rock Mining Right Jun 18

Complete

Environmental approval Jun 18 Complete

Water User Licence Jun 18 Complete

Social and labour plan Jun 18 Complete

Mine Works Programme Jun 18 Complete

Ore Transport to TGME Jun 18 Jun 17

Beta Hard Rock Mining Right Jun 18

Complete

Environmental approval Jun 18 Complete

Water User Licence Jun 18 Complete

Social and labour plan Jun 18 Complete

Mine Works Programme Jun 18 Complete

Ore Transport to TGME Jun 18 Complete

Approvals in Place

241 Final production ounces subject to planned PMR resource delineation program and project study upgrade

Mine Description Date Required

Status Timeframe

PMR Mining Beta Mining Right Jan 18

Complete

Environmental approval Jan 18 Complete

Water User Licence Jan 18 Complete

Social and labour plan Jan 18 Complete

Addendum to include PMR mining into mine works programme Jan 18 Mar 17

Ore Transport to TGME Jan 18

Complete

PMR Mining Dukes Mining Right Jan 18 Complete

Environmental approval Jan 18 Complete

Water User Licence Jan 18 Complete

Social and labour plan Jan 18 Complete

Addendum to include PMR mining into mine works programme Jan 18 Mar 17

Ore Transport to TGME Jan 18

Complete

TGME Plant Environmental approval Jan 18 Complete

Water User Licence Jan 18 Complete

Social and labour plan Jan 18 Complete

Expansion to Tailings dam Jan 21 Dec 18

What is PMR?

25

• Historically, ore was hand-mined and sorted to produce high grade ore forprocessing with grades typically > 10g/t, leaving the residual fine materialbehind (known as Pre Mined Residue) , i.e. effectively creating extensive goldmineralised underground stockpiles.

• This pre-mined residue, in the minus 25mm fraction contains substantial gold.*

• SWJ has identified and analyzed over 3,000 historical maps and there is a multi-million ounce potential identified in the fine-materials left behind

• PMR successfully trial mined at Beta and processed with good results obtainedby Stonewall in 2015.

• Refer to ASX announcement 18 October, 2016 which comprehensively updatesthe current status of the PMR. This includes results of bulk sampling of the PMRand screening tests at -17mm. Grades of 2+ g/t resulted. Additional sampling totake the PMR to JORC resources is planned in early 2017

Appendix: The Gold One & Sibanye Success Story

• Gold One (ASX: GDO) Created from BMA Gold (RTO) in 2009 & Alfalease

• Developed the successful Modder East Mine (12Mt @ 4g/t reserves, 120kozpa,US$400-450/oz cash cost in 2010/11)

• Gold One takeover for A$0.55/share announced by Chinese (BCX Gold) in 2011(effective valuation of A$443m)

• Sibanye spun out from Gold Fields in 2012

• Gold One later merged the West Rand Assets into Sibanye for 17% equity in 2013

• Sibanye acquired Rustenburg platinum from Anglo American in 2015

• Sibanye acquires Burnstone Mine for R70m (+debt), with R7.5b previously spent onthe mine. Re-evaluated mine plan, and now the asset is in development with a planto mine 1.7moz at a cost of US$700/oz (13Mt @ 4g/t Au reserves)

• 2016: Sibanye now the 10th largest gold producer globally with US$1.6b marketcapitalisation

• Dec’16: Sibanye makes US$2.2b bid for Stillwater Mining (NYSE: SWC) to potentiallybecome one of the world’s largest gold and platinum producers

26

Geology –Gold Mineralisation

27