ersonal use only

Shareholder Update

re

County's Proposed Acquisition

of

Copper & Gold Exploration Tenements

January 2022

This presentation has been approved for release by the Board of County International Ltd

ersonal use only

  • DISCLAIMER

This document is confidential and may not be reproduced, redistributed or passed on, directly or indirectly. This document is neither a prospectus nor an offer to subscribe for Shares. County International Ltd ACN 149 136 783 (County) and its directors, officers, employees, advisers, agents and consultants make no representations or warranties as to the accuracy, reliability or completeness of this document including the accuracy or attainability of any forward-looking statements and have no liability, including liability to any person by reason of negligence regarding information contained in or derived from or omitted from this document, except liability under statute that cannot be excluded.

  • EXPLORATION TARGETS

The information in this document that relates to proposed exploration targets is based on work completed by Polymet (Acquisition Target 1) and the Shareholders of the Copper/Gold Group (Acquisition Target 2), a collection of four companies owned by the same two shareholders and holding title to nine exploration tenements in NSW and Victoria. The targets have been identified through a search and detailed analysis of information related to historical exploration in the Lachlan Fold Belt, a recognized, mineralized region, up to 700km wide, extending from Bourke in North-West NSW south across the border into Victoria. Information has been obtained from Government data-bases and from the individual records of companies that had previously explored in the area, coupled with exploration planned and undertaken under the direct supervision of the sellers. There is no guarantee that all the relevant information was collected or that the interpretation of the information to select the exploration targets was correct.

  • FUTURE PERFORMANCE

This document contains references to certain targets and plans of County, which may or may not be achieved. Any forward-looking statements are necessarily based upon a number of estimates and assumptions that, whilst considered reasonable by County, are inherently subject to significant technical, business, economic, competitive, political and social uncertainties and contingencies and involve known and unknown risks and uncertainties that could cause actual events or results to differ materially from estimated or anticipated events or results reflected in such forward-looking statements. The performance of County may be influenced by a number of factors, risks and uncertainties, many of which are outside the control of County and its directors, officers, employees, advisers, agents and consultants.

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PRESENTATION OVERVIEW

Page

1.

Executive Summary

4

2.

Corporate Overview

5

3.

Acquisition of Exploration Tenements

8

4.

Equity Raising

19

5.

Board & Management

20

6.

Key Success Factors

21

- 3 -

1. EXECUTIVE SUMMARY

County

onlyCorporate Strategy

useersonalTenement

Acquisition

  • An ASX listed junior explorer;
  • Transitioning to become a NSW focused copper-gold company, subject to approvals
  • Goal is to build a mid-tier miner in medium term;
  • Secure key ground in recognised prospective mineralised region
    • 11 exploration tenements in the Lachlan Fold Belt
  • Includes good opportunities for early positive results
    • EL8983 - JORC 2004 resource (Inferred and Indicated) of 94,000oz of gold, 17,000 tonnes of copper, 29,000 tonnes of Zn and over 1,300,000oz of silver hosted in an outcropping skarn deposit
    • EL7547 - extensive evidence of past mining of high-grade ore (late 1800s to early 1900s); estimated current resource of +60,000oz Au (not JORC) from multiple drill intersections with > 1g/t Au. Drill campaign designed and ready to go.
  • Management & Board with a track record of acquiring and developing mines
    • Prior experience of identifying and successfully mining with Centennial Coal, Ticor and AngloGold Ashanti
  • Scrip acquisition: (Subject to all ASX and shareholder approvals, raising sufficient capital and shares being readmitted to

listing)

    • Polymet Resources Pty Ltd ("Polymet") for 4,400,000 County shares and 2,000,000 options;
    • Four companies Sapphire Pty Ltd, Australis Aurum Pty Ltd, Cornfields Pty Ltd and Lachlan Copper Pty Ltd (the "Copper/Gold Group") for 5,786,824 shares and 11,000,000 options and 49% of the County subsidiary holding company, Lachlan Copper and Gold Pty Ltd (Lachlan Copper and Gold).
    • County can acquire the remaining 49% of Lachlan Copper and Gold, through a Buy-in agreement based on spending on exploration, returning County ownership to 100%
  • After the transaction but before capital raising, shareholders of the Copper/Gold Group and Polymet will hold 33.3% of County issued stock.

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2. CORPORATE STRATEGY

Background

onlyRevised Strategy

useersonal(i) Focus on the Board's Skills

  • An ASX listed junior explorer focussed on US coal assets;
    • Assets based in Powder River Basin in Wyoming, USA
  • Adverse changes in political and end-user environment for US coal assets;
    • County's US assets are unlikely to be developed in short term
    • Should be retained for potential utilisation in new technology conversion processes
  • In 2020 County took the decision to reduce the focus on US coal assets.
  • Seek additional assets with lower risk that provide greater upside for shareholders by:
  1. Utilising the Board's existing skills of identifying and developing mines;
  2. Targeting commodities that have strong demand and a growing end-use market;
  3. Establishing operations in jurisdictions that are positively disposed towards mining;
  4. Securing projects/businesses that have prior exploration and are regarded as prospective; and
  5. Establishing the foundations
    1. The right skills
    2. The right projects
    3. Inbuild optionality to respond to business demands

to build a mid-tier miner over the medium term.

  • The County Board believes it has the skills to build a mid-tier miner
    • Ability to evaluate mining projects;
    • Ability to negotiate to acquire, merge with and/or joint venture mining projects;
    • Ability to manage exploration programs and undertake geological interpretation;
    • Ability to manage project teams and develop assets;
    • Ability to raise debt and equity for the financing of new projects; and
    • Ability to create long-term value for shareholders.

Adits in old hand- worked mines on Yambulla EL7547

➢ Prior experience includes senior management and Board experience with Centennial Coal, Ticor and AngloGold Ashanti.

- 5 -

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County International Ltd. published this content on 19 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 January 2022 02:21:04 UTC.