Consolidated Zinc : September Investor Update

September 2017

On the Path to Mining in 2018

Capital Structure (ASX:CZL) Board and Management

Major Shareholders

Plomosas Zinc Project (51% owned, option to increase)

• Historic mine, with excellent existing underground infrastructure and processing plant on site;

• Located in Chihuahua, Mexico - a world-class mining province;

• Currently 51% owned by CZL, with clear pathway to 100% ownership near term (option expiry 2018. Terms in Appendix);

• Updated JORC 2012 Mineral Resource of

  968,000t @ 15.9% Zn+Pb (154,000t contained metal);

• August 2018 Resource upgrade of 70% tonnage and 60% increase in contained metal. Open in multiple directions;

• Positive Metallurgical Results: +90% recoveries to concentrate Low capital requirements, fast payback and short lead time to production;

• Near term production potential. Targeting mining and concentrate production Q1 2018;

• CZL undervalued in relation to its peers.

  Green symbols are base metals mining operations in area

  Plomosas Project: History

• September 2017 JORC Resource upgrade:

  968,000t @ 15.9% Zn+Pb, incl. 158,000t @ 24.6% Zn+Pb indicated category

• Simple geology

  • Earlier mining shows very clean product and good recovery

  • No deleterious elements / highly sought after as a blending concentrate

  • Grupo Mexico mined 2.5Mt @ 24% Zn+Pb without drilling a hole

• Excellent infrastructure

• World-class mining province - ranked #5 for investment (2016)

• Mined 1945-1974 then intermittently - see timeline below

• CZL now well placed to recommence mining operations pending study outcomes

Operated by Grupo Mexico

• 2.5Mt to 260m at 24% Zn+Pb and 80g/t Ag mined

CZL acquired 51%

• Right to acquire 100%

• Dewatered for first time since 1980

1945

1974 19782014

Present

Martinez family (100%)

• Intermittent remnant mining

• Focused above Level 5 (131mbs)

CZL fast tracking production

• Scoping study complete

• Decision to Mine