28 March 2017

COMMENCEMENT OF CHLORIDE SLAG SHIPMENTS FROM TIZIR TITANIUM & IRON

Mineral Deposits Limited (ASX: MDL) is pleased to announce that TiZir Titanium & Iron (TTI) has completed its first shipment of chloride titanium slag following the successful restart of the furnace in January. Shipments were previously expected to commence in early April.

The ramp up of TTI operations to expanded production capacity targets continues according to schedule.

As previously disclosed, it is anticipated that the upgraded furnace and water-cooled copper-ceramic roof will increase smelting capacity by approximately 15% and improve maintenance performance by lengthening periods between scheduled shutdowns.

TiZir Titanium & Iron ilmenite upgrading facility, Tyssedal, Norway

Mineral Deposits Limited ABN 19 064 377 420

Level 17 530 Collins Street Melbourne VIC 3000 Australia T +613 9618 2500 F +613 9621 1460 E mdlmail@mineraldeposits.com.au Wmineraldeposits.com.au

ABOUT MDL

Mineral Deposits Limited (ASX: MDL) is an established, ASX- listed, integrated mining company with a 50% equity interest in TiZir Limited (TiZir) in partnership with ERAMET of France.

The TiZir joint venture comprises two integrated, operating assets - the Grande Côte mineral sands operation (GCO) in Senegal, West Africa and the TiZir Titanium & Iron ilmenite upgrading facility (TTI) in Tyssedal, Norway.

GCO is a large-scale, cost competitive mineral sands operation located in Senegal that is fully integrated from mine-to-ship, using owned or controlled infrastructure. GCO commenced mining activities in March 2014 and, over an expected mine life of at least 25 years, will primarily produce high quality zircon and ilmenite. A majority of GCO's ilmenite is sold to TTI. GCO also produces small amounts of rutile and leucoxene.

TTI upgrades GCO ilmenite to produce high quality titanium feedstocks, primarily sold to pigment producers, and a high‐purity pig iron, a valuable co‐product, which is sold to ductile iron foundries. TTI benefits from access to cheap and clean power, and excellent logistics, in particular, year‐round shipping capacity and customer proximity.

Forward looking statements

Certain information contained in this report, 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 and mineral processing operations, 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.

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 report.

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

Contact details

Level 17 530 Collins Street Melbourne Victoria 3000 Australia T +61 3 9618 2500

F +61 3 9621 1460

E mdlmail@mineraldeposits.com.au Wmineraldeposits.com.au

For further information please contact:

Rob Sennitt Managing Director T +61 3 9618 2500

Erob.sennitt@mineraldeposits.com.au

Greg Bell

Chief Financial Officer T +61 3 9618 2500

Egreg.bell@mineraldeposits.com.au

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Mineral Deposits Limited published this content on 28 March 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 28 March 2017 07:40:08 UTC.

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