Metallica Minerals- Resources & Energy Symposium 2012

Nickel-Cobalt & Scandium

Zircon & Rutile HMS

Resource Development Company

An Australian

Queensland Explorer of the Year - 2011

Symposium, Broken Hill

Stewart Hagan

22nd May 2012

Statements & material contained in this presentation, particularly those regarding possible or assumed future performance, production levels or rates, metal prices, metal

markets, resources or potential growth of Metallica Minerals Ltd, industry growth or other trend projections are, or may be, Forward Looking Statements. Such statements relate to future events & expectations &, as such, involve known & unknown risks & uncertainties.

The NORNICO Nickel-Cobalt & Scandium Project, Lucky Break Nickel Projects, the Weipa & Gippsland Heavy Mineral Sands projects are at the evaluation & feasibility stage & although reasonable care has been taken to ensure that the facts stated in this presentation are accurate & or that the opinions expressed are fair & reasonable, no reliance can be placed for any purpose whatsoever on the information contained in this document or on its completeness.

Actual results & developments may differ materially from those expressed or implied by these forward looking statements depending on a variety of factors.

At the date of this presentation Metallica Minerals holds approximately 30.8% of MetroCoal Limited which listed on the ASX on 4 December 2009, further information can be sourced from metrocoal.com.au

At the date of this presentation Metallica Minerals holds approximately 19.1% of Cape Alumina Ltd which listed on the ASX on 29 January 2009 & latest & more detailed information can be sourced from Cape Alumina & capealumina.com.au

At the date of this presentation Metallica Minerals holds approximately 15.7% of Orion Metals Limited, further information can be sourced from orionmetals.com.au

At the date of this presentation Metallica Minerals holds approximately 37% of Planet Metals Limited, further information can be sourced from planetmetals.com.au

Nothing in this presentation should be construed as either an offer to sell or a solicitation of an offer to buy or sell shares in any jurisdiction.

This material is used for a company summary presentation only, for more detailed information the reviewer should seek company information as provided in Metallica’s ASX releases, Annual & Quarterly Reports.

Disclaimer

Technical information contained in this report has been compiled by Metallica Minerals Managing Director Mr Andrew Gillies B.Sc. M. AUSIMM & Metallica Minerals Ltd, who

is a competent person & a member of the Australasian Institute of Mining & Metallurgy & have relevant experience to the mineralisation being reported on to qualify as

Competent Persons as defined by the Australasian Code for Reporting of Minerals Resources & Reserves. Mr Gillies consents to the inclusion in this presentation of the

matters based on the information in the form & context in which it appears.

3

MLM Financial Overview

Financial Information (27 April 2012)

Share price 0.25c

Shares on Issue 132.4M

Market Cap $33.7M

Cash Position $10.5M

ASX Investments* ~$32.2M

Cash & Listed Inv. per share 0.32c

Major Shareholders

Jien Mining Pty Ltd** 19.0%

Golden Breed Pty Ltd 7.3%

Victorian Ferries Pty Ltd 4.5%

RCF (Funds III LI & IV LP) 3.9%

Bondline Ltd 3.8%

Top 20 shareholders 55.4%

** Subsidiary of Jilin Nickel Co. Limited *see investment slide at the back of this presentation

Cash & listed ASX investments provide financial confidence to advance core projects

MLM: 12 Month Trading History

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4

Board of Directors (5) & CEO

Name Position Background Experience

David Barwick Non-Executive Chairman Financial / Corporate 40+ years

Andrew Gillies Managing Director Geology / Mining 25+ years

John Haley CFO / Director / Company Secretary Financial 25+ years

Barry Casson Non-Executive Director Financial / Corporate 40+ years

Wu Shu (Tao Li

– Alternate) Non-Executive Director Engineering 30+ years

Gavin Becker CEO Metallurgy / Engineering 30+ years

Experienced, talented & dedicated Board & Management team

Focussed on delivering value to shareholders

(L-R): Gavin Becker, Barry Casson, John Haley,

David Barwick, Andrew Gillies, Tao Li

1. NORNICO “Tri Metal”

Nickel–Cobalt & Scandium Project

2. Zircon Rutile Heavy Mineral Sands Projects

Weipa HMS – 100% owned

Gippsland Zircon Ti Minerals HMS –

Option to Acquire 100% from Rio Tinto

3. Cash & Listed Investments ~$42M (27 April 2012)

5

Metallica Minerals 3 Asset Groups

Core Project Assets: Nickel-Cobalt-Scandium

& Zircon-Rutile

Vision

Become a highly

successful Australian

mineral resource

developer, a profitable

producer of Nickel -

Cobalt - Scandium &

Zircon - Rutile and

deliver high returns for

shareholders

6

100% owned Tri-metal project – nickel, cobalt & scandium

Excellent location, infrastructure & processing site

Ni-Co + Sc oretypes are highly amenable to HPAL extraction

Completed extensive exploration & resource definition

program based on >4,000 drill holes

Ni-Co resource 50.3Mt @ 0.81%Ni, 0.09% Co (406,000t

Ni & 44,000t Co) (~90% in Indicated & Measured

category)

PLUS

Scandium resource 16.8Mt @ 130g/t Sc (3,250t Sc2O3)

Scoping Study (+35%) advanced – Completion June 12

(see page 24 and Appendix 1 for detailed resource tables)

7

NORNICO: Project Overview

The discovery of scandium within Ni-Co deposits provides Metallica with an exciting

opportunity to become the world’s pre-eminent supplier of scandium oxide

8

NORNICO: Delivering Scandium - Element 21 “The Enhancer”

Fuel Cells (up to 85% energy efficiency)

Scandia Stabilised

Zirconia

Lighting

Aluminium-Scandium Alloys (light, high strength alloy frames)

Scandium has unique properties that will enhance our future –

A major & reliable supply could underpin a significant increase in scandium’s usage & application

Aerospace

Scandium is one of the 17 Rare Earth Elements and priced over $1,500/kg Sc oxide

9

NORNICO: Scandium Uses

Product Application of scandium

Scandium – Aluminium

Alloys

Small quantity of scandium (0.2-0.5%) significantly increases the strength of aluminium

alloys – important for transport (lightness) & structural (strength) applications

Scandium significantly improves weldability, corrosion resistance & reduces heat

cracking

Stronger & lighter frames can deliver significant benefits to industry

(aerospace, marine craft, cars, sporting goods, bicycles, construction, etc)

Scandium super alloys provide the highest strength-to-weight ratio of any ally

commonly used today

Solid Oxide Fuel Cells

(SOFC)

SOFCs allow natural gas (or other fuel source) chemically converted to electricity, heat,

water & CO2 with up to 85% efficiency

Scandium Stabilized Zirconia (SSZ) most efficient SOFC & at lower temperature

(performance gains) & extended life for SOFC’s

SOFC on-site electricity generators sized for home, business or town (gas connected)

& selling excess electricity to grid

SOFC using SSZ technology coinciding with increasing gas availability network

Lighting Scandium in metal halide vapour lamps contributes a large number of spectral

emission lines to the light, giving it a natural white light or sunlight appearance

The light is brighter (more lumens per watt) & is a more efficient form of lighting

Commonly used on movie sets & sport stadiums to create artificial sunlight

appearance

Planned / WIP

Completed

Commenced

Mar Q Jun Q Sep Q Dec QMar QJun Q Sep Q Dec QMar Q Jun Q Sep Q Dec QMar QJun Q Sep Q Dec Q

Exploration Program / Resource Delineation

Concept Study

HPAL pilot testwork / SX extraction (Sc focus)

Metallurgical Testing (ongoing)

Scoping Study (750ktpa)

Environmental Studies

Prefeasibility Study

Scandium Marketing & Offtake Arrangement

Bankable Feasibility Study

Funding / Financial Close

Design Phase

Development / Construction

Commissioning / Operation

Milestones2012 2013 2014 2015

2010 2011

10

NORNICO: Planning The Way Forward

1H 2012 – Key Activities

HPAL continuous piloting – provide Sc2O3 product for marketing + patent process commenced

Scoping Study commenced

Greenvale stockpile sampling & beneficiation studies

Environmental Impact Statement (EIS) – commenced

Greenvale MLA & progress permitting

11

Zircon-Ti Minerals: Gippsland HMS Project Overview

A Major New Zr-Ti Minerals HMS Resource

In August 2011, Metallica acquired an option to

purchase the Gippsland Heavy Mineral Sands

(HMS) project from Rio Tinto

12 month option to acquire 100% for $8M

Advanced exploration project

Nine tenements covering over 620km2 of Pliocene

fossil HMS strandlines

12,700m of RC drilling (232 holes) completed to

date by Rio Tinto Exploration & 43 Aircore holes

completed by MLM Jan 2012

Maiden JORC Inferred Mineral Resource

announced April 2012

1.7Bt @ 2.2%THM* for 38Mt contained HM

Inc: Higher grade zone 360Mt @ 2.7% THM for

9.7Mt contained HM** (see page 13)

*THM – Total Heavy Mineral

**HM – Heavy Mineral

Medium grade, large tonnage resource with significant zircon in mineral assemblage

12

Zircon-Ti Minerals: Gippsland HMS Project

MLM Drill Results (Mar 2012)

Hole 510

33m @ 3.02%THM

Inc. 4.5m @ 5.62% THM

Hole 514

51m @ 3.09%THM

Inc. 7.5m @ 6.27% THM

Hole 504

48m @ 2.90%THM

Inc. 6.0m @ 4.90% THM

Hole 513

51m @ 2.89%THM

Inc. 7.5m @ 5.18% THM

13


Mineral Resource

Resource Category Tonnes

(Mt)

THM

(%)

Slimes <38 μm

(%)

Contained HM

(Mt)

Inferred 1,700 2.2% 24.4% 38

Notes:

1. The Mineral Resource was estimated by AMC Consultants and reported according to the JORC Code and guidelines (JORC,2004)

2. Tables may contain arithmetic errors due to rounding.

3. The Mineral Assemblage data is reported as the percentage of the Total Heavy Mineral (THM) component and is classified as

4. Inferred due to limited data available

5. Combined Titanium Materials consists of leucoxene, altered ilmenite and ilmenite.

6. THM and Contained HM also include other non-valuable minerals. As such, the Contained Mineral Assemblage does not sum tothe Contained HM.

For further information see ASX release dated 26 April 2012.

Tonnes

(Mt)

Contained

(HM)

HMS Mineral Assemblage (Inferred)

Zircon (%) Rutile (%) Combined Titanium

Materials (%) Monazite (%)

360 2.7% 15% 4% 50% 0.6%

Tonnes

(Mt)

Contained

(HM)

Contained HMS Mineral Assemblage (Inferred)

Zircon (kt) Rutile (kt) Combined Titanium

Materials (kt) Monazite (kt)

360 2.7% 1,420 400 4,760 60

Total JORC Inferred Mineral Resource (cut-off grade of 1% THM)

Including high grade zone with closer spaced drilling (cut-off grade of 1% THM)

14


Resource Outline

Inferred Mineral Resource: without an HMS

assemblage estimate

Inferred HMS assemblage Mineral Resource

Orange Zone

Inferred Resource:

360Mt @ 2.7% THM

inc 15% zircon, 4%

rutile and 50%

combined titanium

minerals (see page 13)

Total Inferred

Resource

1.7 Billion tonnes @

2.2% THM (see page 13)

50km2 Area –

HMS Resource

15


Block Model Resource Cross Section

Extensive thick zones of

>1% THM

16


Next Steps

April 2012

Maiden JORC Resource (AMC)

Commissioned & commenced Scoping Study (R.J. Robbins)

May 2012

Metallurgical testwork including slimes (R.J. Robbins)

Marketing report – Zircon & Ti Mineral product specifications (TZMI)

Initial mineable resource & mining studies (AMC)

June 2012

Complete Scoping Study (R.J. Robbins)

July 2012

Finalise due diligence (Acquisition of Gippsland project)

August 2012

Board approval decision (on exercising option to purchase the Gippsland project)

17

Zircon: Supply / Demand

Robust fundamentals for the zircon sector

Outlook for zircon appears excellent

Source: TZMI

20% shortfall

by 2020

Forecast

18

Zircon-Rutile: Weipa HMS Project Overview

Weipa Heavy Mineral Sands (HMS) – Zircon & Rutile

Project (100% owned) in Cape York, Queensland

Urquhart Point Mining Lease applied for over shallow

(<3m) high grade (~7% THM) Zircon-Rutile deposit

Zircon + Rutile >40% HMS

Over 2,000sq km of EPM’s/EPMA’s

Feasibility & EIS process advanced

Zircon-Rutile production targeted late 2013 subject to

feasibility, permitting and financing

Opportunity for cashflow generation late 2013

19

Zircon-Rutile: Weipa HMS Project – Next Steps

WEIPA HMS

Mining Lease application submitted, permitting - ongoing

TLO Compensation negotiations & EIS submitted - ongoing

Feasibility Study – completion expected mid 2012

Subject to feasibility, permitting and financing – potential Zircon-Rutile

production start - late 2013

(Capitalise on high forecast zircon-rutile demand & prices)

20

Strong Financial Position Platform to Deliver Value to Shareholders

ASX

Code

Commodity Company MLM

%

No. Shares

MLM hold

Share

Price

Market Value ($)

MTE Coal MetroCoal

176,683,663

30.8% 64,300,000 39.5c $25.3M

CBX Bauxite Cape Alumina

140,800,900

19.1% 26,867,621 16.0c $4.3M

PMQ Copper Gold Planet Metals

59,717,114

37.0% 22,069,619 6.8c $1.5M

ORM Gold &

REE’s

Orion Metals

79,597,443

15.7% 12,552,658 9.2c $1.1M

Total Listed Investments $32.2M

Approximate Cash at Bank (27/04/2012)* $10.5M

Cash & Total Listed Investments $42.7M

Shares on Issue 132.4M

MLM Cash & Listed Investments/share $0.32

MLM share price (27/04/2012) $0.25

MLM Market Cap $33.7M

Metallica is dedicated to realising the underlying value of its mineral resources

to generate significant returns for shareholders

Cash + Listed assets alone ($43M) > Market cap ($34M)

Strong financial position

Future value drivers & growth: NORNICO + Zircon-Rutile HMS projects

*Includes $1M loan drawdown, with $4M remaining on facility

1. NORNICO “Tri Metal”

Nickel–Cobalt & Scandium Project

2. Zircon Rutile Heavy Mineral Sands Projects

Weipa HMS – 100% owned

Gippsland Zircon Ti Minerals HMS –

Option to Acquire 100% from Rio Tinto

3. Cash & Listed Investments ~$42M (27 April 2012)

21

Summary Metallica Minerals 3 Asset Groups

Metallica has a clear strategy for major growth

“Discover the hidden value in MLM”

Technical information & exploration results contained in this report has been compiled by Metallica

Minerals Ltd full time employee Andrew Gillies (B.Sc Geology) in the position of Managing Director. Mr

Gillies is a member of the Australasian Institute of Mining & Metallurgy & has relevant experience to the

mineralisation being reported on to qualify as Competent Persons as defined by the Australasian Code for

Reporting of Minerals Resources & Reserves. Mr Gillies consents to the inclusion in this report of the

matters based on the information in the form & context in which it appears

The NORNICO Nickel-Cobalt & scandium project Mineral Resource estimate(s) is based upon &

accurately reflects data compiled, validated or supervised by Mr John Horton, Principal Geologist, who is a

Fellow of the Australasian Institute of Mining & Metallurgy & a full time employee of Golder Associates Pty

Ltd. Mr Horton has sufficient experience that is relevant to the style of mineralisation & the type of deposit

under consideration & to the activity which he has undertaken to qualify as a Competent Person as

defined in the 2004 edition of the ‘Australasian Code for the Reporting of Exploration Results, Mineral

Resources & Ore Reserves’. Mr. Horton consents to the inclusion of this information in the form & context

in which it appears in this document.

The Gippsland Zircon-Rutile HMS Project Mineral Resource estimates have been prepared by Mr

Rodney Webster of AMC Consultants. Mr Webster BappSc, who is a competent person and a member of

the Australasian Institute of Mining and Metallurgy and has relevant experience in the style of

mineralisation being reported on to qualify as Competent Person as defined by the Australasian Code for

Reporting of Minerals Resources and Reserves. Mr Webster consents to the inclusion in this presentation

of the matters based on the information in the form and context in which it appears.

Competent Persons Statement

24

NORNICO: Scandium & Ni-Co Resource Statement (Updated 21st February 2012)

Scandium Resource Statement

Description Tonnes

(Mt)

Sc

(g/t)

Sc Metal

(t)

Kokomo

Measured 0.7 154 108

Indicated 3.8 121 460

Sub-total M&I 4.5 126 568

Inferred 4.4 91 400

Total 9.0 109 968

Lucknow


Indicated 6.9 153 1,065

Sub-total M&I 7.5 156 1,181

Inferred 0.3 99 26

Total 7.8 154 1,207

Combined Total


Indicated 10.7 142 1,525

Sub-total M&I 12.0 145 1,748

Inferred 4.7 91 427

TOTAL 16.8 130 2,175

Notes:

1. Scandium resource & nickel-cobalt resource are considered separately (no double counting)

2. Scandium resource reported at a cut-off grade of 70g/t Sc

3. The resources for Greenvale and Lucknow are reported at a cut-off grade (COG) of NiEq 0.7% (Ni

+ 2Co). This NiEq COG formula has been calculated using commodity prices of US$10/lb nickel

and US$20/lb cobalt, and recoveries of 90% for both nickel and cobalt.

The resources for Kokomo, Bell Creek South, Bell Creek North, Bell Creek Northwest,

Minnamoolka and The Neck are reported at a COG of NiEq 0.7% (Ni + 3Co). This NiEq COG

formula has been calculated using commodity prices of US$10/lb nickel and US$30/lb cobalt, and

recoveries of 90% for both nickel and cobalt.

The rationale for using different formulas is because these resource estimates were calculated at

different points in time. The commodity prices adopted in each instance were considered

reasonable at the time of calculation. It should be noted that the spot price for nickel and cobalt

varies constantly. The rationale in using a NiEq COG is to ensure that both significant nickel and

cobalt mineralisation are encapsulated in the resource estimate.

From Metallica's metallurgical testwork to date, there is reasonable expectation for the nickel and

cobalt to be recovered at similar recoveries to those achieved in testwork. Table contains minor

rounding errors.

4. For more detailed information on the Lucknow resource, please see MLM ASX release dated

21 Feb 2012

5. For more detailed information on the NORNICO Ni-Co resource, please see appendix 1 at the end

of this presentation

Nickel-Cobalt Resource Statement (see Appendix I)

Description Tonnes

(Mt)

Ni

(%)

Co

(%)

Ni Metal

(kt)

Co Metal

(kt)

Greenvale 8.0 1.04 0.08 83 6.6

Lucknow 3.6 0.57 0.19 21 6.8

Kokomo 16.3 0.67 0.12 108 19.4

Bell Creek S 9.1 0.97 0.07 88 6.3

Bell Creek N 2.3 0.83 0.03 19 0.7

Bell Creek NW 3.1 0.77 0.05 24 1.5

The Neck 0.8 0.84 0.03 7 0.3

Minnamoolka 7.1 0.80 0.04 56 2.6

TOTAL 50.3 0.81 0.09 406 44.2

Nickel-cobalt material can be supported by high grade scandium material feed

(and vice-versa)

NORNICO Ni-Co Resource Base – Appendix I (updated 21 Feb 2012 with new Lucknow Ni-Co Resource)

Nickel Deposit Million Tonnes

(Mt)

Ni

(%)

Co

(%)

Fe

(%)

Mg

(%)

In situ contained

Ni (t)

In situ contained

Co (t)

Greenvale Mine Site

Measured 2.6 1.08 0.09 22.0 3.9 28.4 2.4

Indicated 4.5 1.03 0.08 21.0 4.5 46.0 3.6

Inferred 0.9 0.99 0.07 19.0 5.5 8.9 0.6

Totals 8.0 1.04 0.08 21.1 4.4 83.3 6.6

Lucknow

Measured 0.9 0.65 0.17 24.5 2.2 5.6 1.5

Indicated 2.3 0.54 0.20 23.6 2.0 12.5 4.7

Inferred 0.4 0.60 0.13 28.8 2.0 2.5 0.6

Totals 3.6 0.57 0.19 24.4 2.1 20.6 6.8

Kokomo

Measured 1.3 0.81 0.17 20.4 4.6 10.5 2.2

Indicated 11.7 0.66 0.12 21.9 3.2 77.2 14.0

Inferred 3.2 0.63 0.10 19.1 3.0 20.2 3.2

Totals 16.3 0.67 0.12 21.2 3.3 107.9 19.4

Bell Creek South

Measured 8.9 0.97 0.07 11.7 7.5 85.8 6.2

Indicated 0.3 0.83 0.04 8.5 9.1 2.2 0.1

Inferred - -

Totals 9.1 0.97 0.07 11.6 7.5 88.0 6.3

Bell Creek North

Measured - -

Indicated 2.3 0.83 0.03 8.6 7.7 19.1 0.7

Inferred - -

Totals 2.3 0.83 0.03 8.6 7.7 19.1 0.7

Bell Creek Northwest

Measured - -

Indicated 3.1 0.77 0.05 15.7 5.2 23.6 1.5

Inferred - -

Totals 3.1 0.77 0.05 15.7 5.2 23.6 1.5

(Continued next page)

NORNICO Ni-Co Resource Base – Appendix I (cont’d) (updated 21 Feb 2012 with new Lucknow Ni-Co Resource)

Nickel Deposit Million Tonnes

(Mt)

Ni

(%)

Co

(%)

Fe

(%)

Mg

(%)

In situ contained

Ni (t)

In situ contained

Co (t)

Minnamoolka

Measured - -

Indicated 5.9 0.80 0.04 11.3 10.6 47.4 2.4

Inferred 1.2 0.78 0.02 8.9 10.2 9.0 0.2

Totals 7.1 0.80 0.04 10.9 10.5 56.4 2.6

The Neck

Measured - -

Indicated 0.8 0.84 0.03 8.8 6.5 7.1 0.3

Inferred - -

Totals 0.8 0.84 0.03 8.8 6.5 7.1 0.3

COMBINED NORNICO RESOURCE

Measured 13.6 0.96 0.09 15.3 6.2 130.3 12.3

Indicated 30.9 0.76 0.09 17.8 5.4 235.1 27.3

Inferred 5.7 0.72 0.08 17.7 4.8 40.6 4.6

TOTAL 50.3 0.81 0.09 17.1 5.5 406.0 44.2

Notes: Competent Persons Statement located at the end of this presentation

1.The resources for Greenvale and Lucknow are reported at a cut-off grade (COG) of NiEq 0.7% (Ni + 2Co). This NiEq COG formula has been calculated using commodity prices of US$10/lb nickel and

US$20/lb cobalt, and recoveries of 90% for both nickel and cobalt.

The resources for Kokomo, Bell Creek South, Bell Creek North, Bell Creek Northwest, Minnamoolka and The Neck are reported at a COG of NiEq 0.7% (Ni + 3Co). This NiEq COG formula has been

calculated using commodity prices of US$10/lb nickel and US$30/lb cobalt, and recoveries of 90% for both nickel and cobalt.

The rationale for using different formulas is because these resource estimates were calculated at different points in time. The commodity prices adopted in each instance were considered reasonable at

the time of calculation. It should be noted that the spot price for nickel and cobalt varies constantly. The rationale in using a NiEq COG is to ensure that both significant nickel and cobalt mineralisation

are encapsulated in the resource estimate.

From Metallica's metallurgical testwork to date, it is of the opinion that there is reasonable potential for the nickel and cobalt to be recovered and similar recoveries to those assumed have been achieved

in testwork. Block models for the above resources estimates were constructed by filling wire frame surfaces representing nickel laterite mineralisation boundary with 10m by 10m by 1m blocks. Nickel

(Ni) grades were estimated by ordinary riging using various search radius, depending on the drill spacing of the deposit. A minimum of 4 and a maximum of 15 composites were used to estimate each

block, with a maximum of 3 composites from any 1 drill hole. Therefore, at least 3 drill holes were used to estimate block grade values. At Bell Creek South, Minnamoolka and Kokomo a nominal 0.3%

Ni mineralised envelope was used as a hard boundary for Ni and Co block grade estimation. Hard boundaries were also used between the laterite and basement zones.

3. Variations due to rounding factors.

4. Iron (Fe) and magnesium (Mg) are included to indicate the overall ore quality, as both metals influence acid consumption as well as dissolved Fe, Mg and other metals, which are contaminants to nickel

loaded pregnant solution which is treated to produce a marketable nickel and cobalt intermediate product. As a rule, the lower the Fe and Mg in the laterite ore the better metallurgy and the ore is more

suited to heap leach processing.

Technology

Metallica Minerals- Resources & Energy Symposium 2012