CORPORATE PRESENTATION Q1 2018 - Alufer …

1 CORPORATE PRESENTATIONQ1 2018 EXECUTIVE SUMMARY Fully financed Bel Air project commenced construction in January 2017 First production scheduled for H2 2018 15km from the coast requiring minimal infrastructure and reducing operating costs Over 15 year LOM with initial production rate of High quality product Responsible, sustainable bauxite production Using global best practise mining methods Environmental programme adheres to IFC and Equator Principles Highly experienced management team with significant African bulk commodity capability Additional billion tonnes of bauxite resource at Lab Further exploration underway to complete PFS next yearALUFER IS ONE OF THE MOST ATTRACTIVE BAUXITE MINING COMPANIES GLOBALLY23 KEY management Mining engineer Expertise in development of natural resources projects across Africa including diamonds, precious/base metals and coal Founder and Chairman of LSE listed Petra Diamonds and AIM listed Chariot Oil & Gas and other private companiesAdonis PouroulisChairman Metallurgical Engineer 35 years of operational and project experience Extensive African experience Was Head of Business Development with Anglo American Plc, also serving as CEO of Anglo Ferrous Brazil Inc.

2 Bernie PryorChief Executive Officer Chartered Accountant with 15 years experience in the mining sector Previously with Anglo American and CFO of London Mining Extensive background in raising project finance and developing mining operations through construction into productionRachel RhodesChief Financial Officer Geologist with 20 year across the industry exploration, development and production Previously with ShangdongIron and Steel, African Minerals and Fortescue Metals Expertise in optimising and delivering efficient mining operations Broad commercial experience -over 12 years working in the resources and power sectors Previously with ShangdongIron and Steel, African Minerals and Anglo American Specific experience in commodities marketing, complex negotiations, supply chain and CORPORATE strategyTristan ClarkeCommercial DirectorKevin McleanProject Director Over 35 years experience in HR and has worked extensively in francophone Africa Previously with B2 Gold, Kinross, Newcrest andRUSAL Strong background in Global business management , CORPORATE Development, CSR and Human CapitalStrategyGuy deGranpre HRDirector Great deal of experience in government liaison and representation for a number of companies inGuinea Has worked across avariety of sectors mining, textiles and urban project development PreviouslyworkedwithMobil,GlobalAlumina.

3 KoumbaIronOreLamine ToureVice ChairmanBAM4 OTHER BOARDMEMBERS Director at theAFC Responsible for the natural resources team and has led their rapidly expanding franchise across sub-Saharan Africa Over 15 years experience in international finance and Iyahen Non-Exec Director Commercial lawyer specialising in CORPORATE and finance law in the resourcessector Advised RCF since 2001 and joined in an in-house capacity in2006. Also serves on the Board of First Bauxite Corp, First Drilling Group and Global Advanced MetalsMason Hills Non-ExecDirector CharteredAccountant 16 years experience in the mining industry and currently CFO of Dangote Cement in the DRCM iningand SierraRutile Previously with Endeavour , Anglo Gold Ashanti and De IlungaNon-ExecDirector Commercial lawyer specialising in CORPORATE and finance law in the resourcessector Advised RCF since 2001 and joined in an in-house capacity in2006. Also serves on the Board of First Bauxite Corp, First Drilling Group and Global Advanced MetalsDavid BrownNon-ExecDirector 25 years in the natural resourcessector Previously managed Rio Tinto s global bauxite and alumina business and was head of Business Resources responsible for the integration ofAlcan Prior to that he was BG Group as GM of strategy and portfoliodevelopmentKeith Johnson Non-Exec Director 14yearsexperienceinglobalfinancialmarket switha focusonnaturalresources CEO and Head of Investment at APAC ResourcesLimited Previously co-founded New City Investment Managers a natural resources fund management house and worked for EMG FergusonNon-Exec DirectorDorian BarakNon-Exec Director Legal and investment background Private equity investor and asset manager focused on Africa, the Middle East and Europe Advises clients, companies and funds on investments in the natural resources.

4 Aviation and techsectorsBEL AIR CONSTRUCTION FINANCING5 In December 2016, Alufersuccessfully secured a $205m financing package from a consortium of international investors US$80m Senior Debt Facility Orion Mine Finance US$125m of Convertible Loan Notes and Equity The Africa Finance Corporation Orion Mine Finance Resource Capital Funds Six Year Offtake Agreement Orion Mine Finance Working with Aluferto market the bauxite product and secure revenue during ramp-upFUNDING SECURED TO TAKE PROJECT THROUGH TO FIRST COMMERCIAL PRODUCTION6 BEL AIR PROJECT TIMELINE DecemberPre-Feasibility StudycompletedSeptember Exploitation permitgranted201420122016201720132011201 5 December Declared project of national interest NovemberFinal Definitive FeasibilityStudiesDecember$205mfinancing July Presidential decreereceivedAprilBel Air Feasibility

5 StudycompletedJuneSEIA completedJanuary Exploration commencedJune Alufer Mining Limited incorporatedJuneMining Convention ratified byparliamentFebruary Mining Convention signedFebruary Formal opening ceremony / Construction commences20107 PROJECT OVERVIEW -OPERATIONAL SUMMARY Direct Shipping Ore will be mined from a total of six pitsoMinimum of two areas will be in operation at the same timeoIncreases production flexibility as well as providing adequate ore blending capability Open cast, strip mining will use surface miners Material will be transported via truck from the pits to the ROM tip at the export facility on coast Ore will then be stockpiled and handled via conveyor over a rubble causeway and loaded onto barges Transhipment handled via self-propelled barges and transhipment vessel to OGVs Minimum 15 years mine life with initial production rate of Mtpa Economically robust under multiple bauxite pricing scenariosSIMPLE LOGISTICS SET-UP.

6 SHORT HAUL -CAUSEWAY CONVEYORS BARGING - TRANSHIPMENT8 MINING METHODB enefits versus drill and blast Minimises loss and dilution - Larger reserve Single phase No requirement for drilling, explosives or secondary crushingoSafer mining operation Significantly reduces strip ratio, waste handling and haulage costs Easier to manage hydrogeology and slope stability Improves in pit ground conditionsoEnables multi-purpose haul fleet selectionoReduces tyre wearoEasier to operate in rainy seasonoIncreased productivity Lower fuel consumption Reduces bulking factor for improved haulage efficiencies Less dust and noise Enables ongoing rehabilitation during LOM Paragomina, Brazil Rusal, Kindia (Guinea) Iron Ore, Western AustraliaCurrent surface mining operationsSURFACE MINING LOW OPEX, MINIMAL RE-HANDLING, HIGH EFFICIENCY9 MATERIALS HANDLING SET UP Simple, efficient materials handling infrastructure Optimal trade off between capex, opexand technical robustness De-linking of mining process (continuous) and barge loading (batch process)

7 Chemical dust suppression agent used to minimise environmental impactPROJECT ADVANTAGED BY PROXIMITY TO COAST AND CONTROL OF DEDICATED LOGISTICS AND FACILITIES10 MARINE INFRASTRUCTURE AND TRANSHIPMENT Simple geotechnical structure placed on bedrockoWill provide access from the shore to water depth suitable for a barge load-out berthoCore and armour material will be supplied from quarries owned by Alufer Optimum balance between low capital cost, simplicity of operation and functionality Ore will be transferred onto the causeway conveyor via the stockpile reclaim conveyor for barge loading The barges will then transport bauxite to an ocean going vessel located at the Transhipment Zone (TSZ) approximately 32km offshore Transhipment vessels will be used to transfer the bauxite from the barges to the OGVTRANSHIPMENT IS THE OPTIMAL METHOD FOR BULK EXPORT FROM THE BEL AIR PROJECT11 SOCIAL AND ENVIRONMENTAL Ongoing work includes:oBaseline assessmentsoIntegrated terrestrial and marine social and environmental impact assessmentsoSocial and environmental management plansoA stakeholder engagement plan oA detailed Land Access and Resettlement Framework and Land Access and a Resettlement Plan oA Critical Habitat review, including a Biodiversity management Plan, a Biodiversity Action Plan and a Natural and Critical Habitat Assessment Throughout the project the team will work with the community to develop local enterprise initiatives and promote local supply Ongoing management plans will be in place to ensure compliance with IFC Performance Standard compliance and meet Equator Principles First Environmental Certificate of Conformity was received by the Government of Guinea in June 2013 and has subsequently been renewed annuallyALUFER IS COMMITTED TO PROMOTING & DELIVERING SUSTAINABLE DEVELOPMENTSTAKEHOLDER ENGAGEMENT IS A CORE FOCUS12 BEL AIR OPENING CEREMONY On 3 February 2017.

8 The opening ceremony for the Bel Air mine was held in the village of Koundindeclose to the proposed site for the mine camp. Over 1500 people attended the ceremony including the President, Alpha Conde; the Prime Minister, MamadyYoula; the Minister for Mines, AbdoulayeMagassouba; and the British Ambassador. The President formally started the construction phase using a specially painted shovel to load bauxite into an excavator bucket. Clockwise from top right: Picture 1: Alpha Conde; Picture 2: Lamine Toure (AluferGovernment Relations Director), Adonis Pouroulis (AluferChairman), Bernie Pryor (AluferChief Executive Officer); Picture 3: Alpha Conde; Picture 4: AbdoulayeMagassouba; Picture 5: MamadyYoulaCONSTRUCTION OFFICIALLY STARTED AT BEL AIR:STRONG STAKEHOLDER SUPPORT Alufer sMining Convention signed on 1 February 2016:oThe first under the new 2013 Guinean Mining Code oThe first signed by the new Mines Minister Fiscal concessions received to encourage investment and protect sustainability of operation Ratification by Parliament of the Mining Convention was completed on the 1 June 2016 Through the Mining Convention, a tax regime has been developed to promote investment in Guinea and to deliver a fair revenue balance for all stakeholders13 Aluferhas a good working relationship with the Guinean Government Bel Air was declared a Project of National Interest (PIN) in December 2014 STRONG RELATIONSHIP WITH GOVERNMENT MINING CONVENTIONPROJECT PROGRESS.

9 QUARRY The quarry is the source of rock for the causeway The first blast was on 23 May There have subsequently been 16 successful blasts The yield of armour stone from the blasts has been greater than anticipated reducing the risk of having to manufacture Cubipods14 PROJECT PROGRESS: CAUSEWAY Causeway construction began at the start of June - major foundations of the causeway have been completed and it is now in length, including the breakwater Water depth is ChartDatum1516 EXPORT FACILITY AND CAMPAPPENDICES18 CORPORATE STRUCTUREA lufer Mining Limited (Registered in Guernsey) Alufer (Base Metals)(Limited BVI Company) Alufer Trading Limited (BVI Company) Alufer (Guinea) Limited (BVI Company) Alufer management Services(Limited UK Company) Alufer Iron SA(Guinea Company)Bel Air Mining SA(Guinea Company) Alufer SA(Guinea Company) Alufer Pita Labe SA(Guinea Company)Government of Guinea(through Soguipami)100%20%100%100%100%100%100%100 %65%15%SIGNIFICANT GROWTH POTENTIAL The Lab Project (100% Alufer )

10 Is situated in the Guinea highlands, approximately 350km north-east of Conakry Longer term prospect due to infrastructure requirements Engineering concept study completed Total JORC compliant resource of at 43% Al2O3 High grade resource -583Mt @ 50% Al2O3, 3% SiO2 Completed 11,130m auger drill programme on 600m and 300m grids, and 252m core drill programme (only 25% of mineralised plateaus) Over 13,000 samples analysed by XRF and c. 20% through bomb digest process Aluferwill continue to evaluate other opportunities and licences to further expand the resource base over time1920 DISCLAIMER This document has been issued by AluferMining Limited, a company registered in Guernsey (the Company ) and has been issued expressly to the recipient. This document and any further materials supplied with it, or subsequently in connection with it and the accompanying live PRESENTATION and discussion (the Information ) are for informational purposes only and do not constitute or form part of anyoffer or invitation to sell or issue, or any solicitation of any offer to purchase and/or subscribe for any securities and/orany investment in the Company and should not be relied on in connection with any contract or investment decision relating thereto.