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Tri-Star Resources plc (TSTR: AIM)

2015 Results Presentation

Guy Eastaugh, CEO

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Tri-Star Overview Our Vision

Our goal is to become a leading antimony metal processing & technology company

The Company’s principal asset is its 40% share in Strategic & Precious Metals Processing LLC (“SPMP”) which is developing a 20,000 tonne per annum antimony production facility in Sohar, Sultanate of Oman

Tri-Star also owns upstream antimony assets in Canada and Turkey

The project is referred to in this presentation as the “Oman Antimony Roaster” or “OAR”

Tri-Star has 8.5bn shares in issue and market capitalisation of £6.8 million (@0.08p per share)

Strategic & Precious Metals Processing JV

(SPMP)

40% 40% 20%

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Board of Directors

Significant Experience in the Mining and Finance Industry

Mark Wellesley-Wood

Chairman Over 40 years’ experience in both the mining industry and investment banking; Former director of Investec Investment Banking and Securities in London; Former Executive Chairman and CEO of DRDGold Limited

Emin Eyi Deputy Chairman

CEO of SPMP. Mining Engineer, M Eng Imperial College, Royal School of Mines with over 20 years’ experience in investment banking and the natural resources sector. Former Managing Director of Tri-Star

Guy Eastaugh Chief Executive Officer

Chartered Accountant with significant experience in capital markets with past senior executive roles within GKN plc and Hanson plc. Most recently CFO of Invista Real Estate. Joined the Company as CFO of Tri-Star in June 2014. Appointed CEO September 2015

Adrian Collins Senior Non-Executive Director

Over 30 years’ experience in the investment management industry, including Gartmore, Lion Trust, NED Hiscox Inv Management PLC, and City Natural Resources High Yield Trust PLC. Former Chairman of Tri-Star

Jonathan Quirk Non-Executive Director

Chartered Accountant with 40 years’ experience in the financial services sector, including Morgan Grenfell and Deutsche Bank capital markets

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About Antimony

Sb 51 121.76

Antimony Antimony Ingot

Source: US Geological Survey

Abundance of elements in

continental crust

◄ Naturally occurring in the earth’s crust

◄ Top 3 metal in most commodity

supply risk lists

◄ Significantly more scarce than its peers

5 times more scarce than tungsten

yet only quarter of the price

◄ Possesses mixed metallic and non-

metallic characteristics

It can be crushed into a powder

◄ One of the most vital materials due to

its primary use as a flame retardant

and as an alloy in batteries

Antimony Trioxide

Value Added

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Financial Highlights 2015

Delivering on financial close commitments

Profit on sale of Intellectual Property of £1.6 million

Fully funded equity requirement of $6 million to SPMP met on financial close

Aggressive cost cutting agenda

Board restructured

Monthly Board costs reduced by over 50%

Admin expenses also significantly reduced

Stable financial position £1.0 million in cash as at 29 February 2016

Going concern qualification (emphasis of matter) eliminated

Balance Sheet rationalisation

Decision taken to impair Portage exploration asset

Goodwill and deferred positions written off/back

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Operational Highlights 2015

SPMP financial close

Tri-Star’s 40% JV company, SPMP, achieved financial close in Q3 2015

$70 million debt and equity funding package in place

Successful fundraise to fund equity share

£3.5 million Tri-Star fundraise in August 2015

$6 million equity commitment fully funded

$2 million payment to come on OAR commissioning

Canada downsizing; sale of non-core assets

Canada downsized; claims paid up for three years

Non-core gold assets sold

Turkey licence secured

EPCM contract awarded SPMP progressing with OAR build schedule

On track for plant commissioning by end 2017

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Tri-Star Profit and Loss Account

2015 represented a truly transformational year for the company: realising

the initial $4 million from the sale of its IP to SPMP, reducing costs across

the organisation and providing a stable platform into 2016

2015 2014

Profit and Loss Account £’000 £’000

Share based payments (337) (21) Exploration and administrative costs (1,789) (2,255) Financial advisory costs payable on financial close (863) -

Loss from operations (2,989) (2,276)

Gain on sale of Intellectual Property 1,555 - Share of loss in associates (382) (221) Loss before impairment and finance expense (1,816) (2,497)

Impairments and amortisation (4,203) (6) Net finance (expense)/income (1,710) 106

Taxation 601 -

Loss after taxation (7,128) (2,397)

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Strategic & Precious Metals Processing LLC 20,000 tpa Antimony Production Capacity

◄ SPMP JV: 40% Tri-Star Resources

40% Oman Investment Fund (OIF) country’s leading Sovereign Wealth Fund

20% DUTCO/DNR Industries (Dubai infrastructure company with over 20k employees)

◄ LOCATION:

• SOHAR Port and Freezone, in the Sultanate of Oman

o Establishing itself as a major global minerals processing hub

o Deep-sea port and tax free zone

o Managed by Sohar Industrial Port Company (SIPC), a 50:50 JV between the Port of Rotterdam and the Sultanate of Oman

◄ COMPETITIVE ADVANTAGE: Excellent logistics, low cost energy, tax free environment, and a specialized minerals hub

◄ PRODUCTION: 20,000 tonne per annum of antimony product capacity (10% of world demand) conforming to EU environmental standards, targeting European and Middle-East demand

◄ SUPPLY & OFFTAKE: MOU signed with Traxys Europe SA to supply feedstock and provide metal and tri-oxide offtake. (Traxys is a global trading company that sources raw materials, markets and distributes finished products)

◄ PERMITTING: Fully permitted. Environmental Permit and Environmental Impact Assessment received from the Oman Ministry

◄ CAPEX: Advanced planning and facility design (GBM, SNC-Lavalin) – Final Capex Estimate US$62.1M, including contingencies (April 2015)

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Sohar Port (Sultanate of Oman) O

MA

N

0% tax rate in Sohar Free Trade Zone

Low energy cost

Excellent logistical nodes

Developing International mineral hub CO

MP

ETIT

IVE

Political: Stable, monarchy based government with British influence (treaties with Britain dating back to the 18th century). Legal: Mixed system of Anglo-Saxon law and Islamic law. Foreign Policy: Moderate, independent foreign policy maintaining good relations with all Middle Eastern countries. Location: Bordering the Indian Ocean, Oman has long prospered on ocean borne trade. Neighboured by the United Arab Emirates to the west, the Port of Sohar is a 2 hour drive from Dubai. Issuer Credit Rating: S&P BBB-; Moody’s A3. Economy: Oman's economy relies heavily on oil production. In recent years the government has embarked on a process of economic diversification focused on development of tourism and gas based industries.

Soh

ar P

ort

$15B INVESTED TO DATE

US

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Production of 20,000 tonnes per year of Antimony metal

Revival of “Clean Roasting”

◄ Conventional roasting combined with the application of modern sulphur scrubbing and gas handling technologies, which have been refined over the last 20 years

◄ Clean Roasting technology allows antimony to be produced in a manner conforming to EU environmental standards

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SPMP Roaster Facility Key Milestones

2015 2017

Today

End Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

No Objection Letter for Waste Management Received 2014 Dec

Environment and PEA Permit Received 2015 Feb

Signed Heads for Supply & Offtake Agreement with Traxys Europe SA and Received $40M Financing Facility Offer 2015 Apr

SPMP Financial Close

2015 Sept

Expected Construction Start-Up 2016 H2

Expected Commissioning 2017 Q3

2016

Q2

EPCM Award

2016 Feb

TSTR update

2016 H1

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Tri-Star: Investment Thesis

Chinese near monopoly on antimony processing has created opportunity

Growing flame retardant and new technology uses

Critical metal for import-dependent industries in EU, Japan & US

Roaster project has robust economics, which should generate significant cash returns for JV partners

Commissioning expected to commence in H2 2017

Downstream processing asset first of its kind outside China in decades

Excellent sponsorship including local Sovereign Fund, major Gulf-based construction and engineering group, and Tri-Star whose management and board have a long history in metals-mining, processing, and marketing

Feedstock supply and metal offtake heads of agreement with Traxys Europe SA

SPMP has scope to expand its ‘clean roasting’ technology for refractory gold processing

Backing of a Sovereign Fund to make this next stage a reality

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APPENDIX: OVERSEAS MINE PROPERTIES

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Bald Hill Deposit

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Bald Hill Discovery Highlights

Key qualities Potential quantity and grade of the drilled area, which is the

target of further exploration, is in the 725,000 to 1,000,000 tonne range grading 4.11% to 5.32% Sb (~30,000 to 40,000 tonnes contained antimony)

+3km long extension of the deposit defined; open in all directions

Evidence of parallel mineralized trends

Sb in Soils Longitudinal Section

Bald Hill Deposit

1.37% / 1.0m

0.40% / 4.0m

South Extension Trench (2.9% Sb/8.18m)

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Lin

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Bald Hill East

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Turkey: Göynük Project

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These presentation slides (the “Slides”) have been issued by Tri-Star Resources plc (the “Company”) in relation to an update on activities by the Company. These Slides do not comprise an admission document or a prospectus relating to the Company, do not constitute an offer or invitation to purchase or subscribe for any securities of the 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 in the Company.

The Slides and the accompanying verbal presentation are confidential and the Slides are being supplied to you solely for your information and may not be reproduced or distributed to any other person or published, in whole or in part, for any purpose. No reliance may be placed for any purpose whatsoever on the information contained in the Slides and the accompanying verbal presentation or the completeness or accuracy of such information. No representation or warranty, express or implied, is given by or on behalf of the Company, directors, officers, employees, agents or advisors or any other person as to the accuracy or completeness of the information or opinions contained in the Slides and the accompanying verbal presentation, and no liability is accepted by such persons for any such information or opinions or otherwise arising in connection therewith (including in the case of negligence, but excluding any liability for fraud).

The Slides contain certain statements and expressions of belief, expectation or opinion which are forward-looking statements, and which relate, inter alia, to the Company’s proposed strategy, plans and objectives or to the expectations or intentions of the Company’s directors. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the control of the Company that could cause the actual performance or achievements of the Company to be materially different from such forward-looking statements. Accordingly, you should not rely on any forward-looking statements and the Company does not accept any obligation to disseminate any updates or revisions to such forward-looking statements. Any statement as to the past activities of the Company’s directors should not be relied upon as being an indication of their future performance.

The Slides have not been approved by an authorized person for the purposes of section 21 of the Financial Services and Markets Act 2000 (“FSMA”). They are exempt from the general restriction on the communication of invitations or inducements to engage in investment activity set out in section 21 of FSMA on the grounds that they are directed only at those persons who have professional experience in matters relating to investments and who are: (i) a person of a kind described in Article 19(5) (Investment Professionals), Article 48 (certified high net worth individuals) or Article 49(2) (high net worth companies etc.) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order"); or (ii) a “qualified investor” as defined in section 86(7) of FSMA (all such persons together being referred to as “Relevant Persons”).

Any investment, investment activity or controlled activity to which the Slides relate is available only to Relevant Persons and will be engaged in only with Relevant Persons. Persons of any other description, including those that do not have professional experience in matters relating to investments, should not rely or act upon the Slides. Reliance on the communication set out in these Slides for the purpose of engaging in any investment activity may expose an individual to a significant risk of losing all of the property invested or of incurring additional liability. Any individual who is in any doubt about the investment to which these Slides relate should consult a person authorized by the Financial Conduct Authority specializing in advising on investments of the kind referred to in these Slides.

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