Mineral Deposits : AGM 2017 Presentation

MDL ANNUAL GENERAL MEETING 4 May2017

ASX: MDL

STATEMENTS

MDL OVERVIEW

• MDL's primary asset is a 50% interest in the TiZir joint venture, which owns the Grande Côte mineral sands operation in Senegal, West Africa and the TiZir Titanium & Iron ilmenite upgrading facility in Tyssedal, Norway. ERAMET of France is MDL's 50% joint venture partner in TiZir.

• MDL's product suite includes zircon, titanium feedstocks (ilmenite, rutile, leucoxene and a high-grade chloride titanium slag and fines) as well as a high-purity pig iron.

  FORWARD-LOOKING STATEMENTS

• Certain information contained in this presentation including any information on MDL's plans or future financial or operating performance and other statements that express management's expectations or estimates of future performance, constitute forward-looking statements. Such statements are based on a number of estimates and assumptions that, while considered reasonable by management at the time, are subject to significant business, economic and competitive uncertainties. MDL cautions that such statements involve known and unknown risks, uncertainties and other factors that may cause the actual financial results, performance or achievements of MDL to be materially different from the company's estimated future results, performance or achievements expressed or implied by those forward-looking statements. These factors include the inherent risks involved in mining, operation of mineral processing facilities, exploration and development of mineral properties, financing risks,

  changes in economic conditions, changes in the worldwide price of zircon, ilmenite and other key inputs, changes in the regulatory environment and other government actions, changes in mine plans and other factors, such as business and operational risk management, many of which are beyond the control of MDL.

• Past performance information given in this presentation is given for illustrative purposes only and is not necessarily a guide to future performance. No representation or warranty is made by any person as to the likelihood of achievement or reasonableness of any forward-looking statements, forecast financial information or other forecast. Nothing contained in this presentation is, or shall be relied upon as, a promise, representation, warranty or guarantee as to the past, present or future performance of MDL.

• Except as required by applicable regulations or by law, MDL does not undertake any obligation to publicly update, review or release any revisions to any forward-looking statements to reflect new information, future events or circumstances after the date of this presentation.

• Nothing in this presentation should be construed as either an offer to sell or a solicitation to buy or sell MDL securities.

  2016 HIGHLIGHTS

  SIGNIFICANT ACHIEVEMENTS IN CHALLENGING CIRCUMSTANCES

  Operations generated EBITDA of US$24m

  • Cash flow positive at GCO

  • Impressive performance given commodity price environment

    GCO delivering on its potential

  • Numerous production records with improving operational consistency and run time

  • Successful projects focused on optimising operations and cost efficiencies

  • Improved safety performance

    Successful restart of TTI operations

  • Ramp up approximated expanded capacity rates in 3Q 2016 before August shutdown

Bond refinancing well progressed

MDL SHARE PRICE PERFORMANCE

SIGNIFICANT LEVERAGE AVAILABLE FOR SHAREHOLDERS

Share price (as at 3 May 2017) A$0.515

Shares on issue ~197.0m

Market capitalisation ~A$101.4m

12 month high A$0.62

12 month low A$0.20

Building platform to deliver shareholder returns

• Operations

  • Improved production consistency and run times at GCO

  • Successful furnace upgrade at TTI

  • Focus on safety

  • Implementation of cost efficiencies

• Financing

  • MDL recapitalisation complete

  • TiZir bond refinancing progressing to schedule with key milestones being achieved

    Improving market conditions

• Positive signs for both titanium feedstocks and zircon