Strategic & Precious

Metals Processing

Emin Eyi Al Al Lawati

CEO SPMP CFO SPMP

Lisbon, May 19th 2016

Disclaimer

The information contained in this document (“Presentation”) has been prepared by SPMP (the “Company”). While the information contained herein has been

prepared in good faith, neither the Company nor any of its shareholders, directors, officers, agents, employees or advisers give, have given or have authority

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Welcome to SPMP

CORE VALUES

Environment: Protection of our permits and our environment.

Our People: Protection and health of our people and community.

Integrity: In dealings with all those that interact with us.

Excellence: In technology, innovation, quality and service.

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SPMP Technical Approach

Differentiation of SPMP technical approach to branding, sustainability

and provenance.

Safety. No harm to anyone in the pursuit of our goals.

Sustainability of operational effectiveness over entire product life cycle,

long term contract.

Procurement under transparent conditions, HSE provenance of

feedstock, diligence and assessing supplies.

SPMP Product Branding - Safety In Design - QAQC

Long-term sustainability and provenance of waste disposal in

coordination with Oman authorities.

Maximum efficiency to recovery all potential products. Minimisation of

waste production.

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Quality lead by design & testing

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Technical ‘the future’

Long journey with many due diligence reviews and technical milestones achieved successfully

Technical direction driven by:

Safety

Efficiency

Environmental BAT and better

Low Emissions

Sustainability

Branding & Quality – by Design

Provenance through diligence

Learning to improve for the future - Refractory Gold

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WorleyParsons in brief

Global, Oman and South Africa

Our global business • Major Projects | focusing on

large complex projects and

offering selective delivery in

PMC, EPCM, EPC.

• Services | delivering locally

based on a deep understanding

of local markets and customers’

expectations.

• Improve | optimizing the

performance of operating assets.

• Advisian | WorleyParsons

consulting combining commercial

and technical expertise.

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WorleyParsons in brief

WorleyParsons

134 offices | 44 countries | 28,300 people

Europe Middle East and Africa (EMEA)

9 locations | +6,500 people

WorleyParsons Oman

2 offices | +1,000 people

WorleyParsons RSA

15 offices | + 900 people

WorleyParsons Oman – in brief Focused on achieving In-Country Value and supporting the

development of Oman

Multiple customer sector business:

Hydrocarbons

Power

Minerals, Metals & Chemicals

Infrastructure & Environnent

Complete project lifecycle capability:

Concept, FEED, detailed design, construction,

commissioning , maintenance and operations support

In-Country delivery with support of WorleyParsons’ global

delivery centers

Recognized Omanisation leader

EPCM, EPC and PMC execution models

1000

people

25+Years of expertis

e

140Process

engineers

50+pipeline

specialists

15m+ engineering manhours since 1992

2Offices: Muscat &

Sohar

50+EOR

Projects

50+ pipeline

specialists

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WorleyParsons RSA - in brief

Over 35+ years of operations in Minerals, Metals and Chemicals (MMC)

sector

RSA considered a centre of excellence for:

precious metals processing and underground mine development;

Minerals, Metals & Chemicals project delivery centre in Sub

Saharan Africa

Acquisition of TWP in 2013 made WorleyParsons RSA one of the largest

specialised EPCM companies in Africa

Complete project lifecycle capability across the mining value chain

from “Exploration and Evaluation” to “Environment and approvals”;

Strong expertise in power and infrastructure as well as hydrocarbons in

the region;

1,500+ refining, chemicals and petrochemicals projects

100+ years of experience in Power

+900

people

35+Years of

expertise in MMC

30+ mega mining

projects run from

RSA

15 offices

850kengineering manhours in

MMC in FY2016

60+years of

expertise in Hydrocarbons

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The Mining Value Chain

supporting customers at every

step of the way

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Quick look back at our Benchmarking

analysis – March 2015

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Industry Cost Curve

Without by product credits

85% of industry cost curve

point requires a sustainable

metal price of U$9,300/t based

on current global energy prices

and current U$ strength

(weakness in producer

currencies). Both could change

to lift this 85% point higher in

future.

Therefore, the future sources

will require precious metal co-

values to prosper, or prices will

have to sustainably above the

85 percentile.

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Antimony price cycles in the past

The Industry destocking fears (Fanya and global markets) is reminiscent of the destocking after WW1 where Sb metal in ammunition stocks brought prices down to 5c/lb, it settled to 8c/lb after the stock fears (kind of where we are heading to now) and was volatile thereafter rising to 19c/lb following year. The actual units don’t matter, but the trough to peak of 3.8x is worth remembering. This last peak to trough cycle has also been a 3.8x.

Compared with Copper since 1900, the average ratio of 1.5x is presently at 1.0x despite Sb being 300x more scarce than copper.

Compared with Gold since 1897 required 8.7 ounces of gold to buy a tonne of antimony, today its nearer 4.7 ounces – all time lows.

Clearly, industry cost push cannot be ignored for long.

However, the Demand price resistance is just as important a Governor on the future long-term price for Antimony…..unless it is finds or improves the value added uses in the future.

The relative cheapness of Sb compared to its much higher scarcity has left it in a commoditised demand segment (5x more scarce than tungsten for example and by far a greater diversity and ubiquitous uses).

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Future Sources – regional example

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Future Consumers – regional example

Middle plastics production growth CAGR +8%pa 2020,

chemicals basin c 11% world market share.

Indian polyester production to double by 2030

Indian plastics industry CAGR +13% pa past 5 years

3rd largest consumer of polymers behind China & USA

+16% pa

Indian plastics consumes only 10kg per capita 2015,

China 38 kg, Europe +100 kg.

Yet, Indian plastics production still only represents 3% of

world plastics capacity, major new capacity increases

ahead.

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Thank you

www.spmp.co.om

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