Portia Gold Mine Update

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1 1 Portia Gold Mine Update South Australian Resources & Energy Investment Conference 20 April 2016 Dr Chris Giles Managing Director Havilah Resources LimitedDr Chris Giles, MD 20 April 2016 Dr Chris Giles Managing Director Havilah Resources Limited

2 2 Cautionary Statement The information contained in this presentation is not financial product advice. The presentation is for information purposes and is of a general and summary nature only. Neither Havilah Resources Limited (Havilah) nor any member of the Havilah Group of companies, gives no warranties in relation to the statements and information in this presentation. Investors should seek appropriate advice on their own objectives, financial situation and needs. This presentation contains certain statements which may constitute forward-looking statements. Such statements are only predictions and are subject to inherent risks and uncertainties which could cause actual values, performance or achievements to differ materially from those expressed, implied or projected in any forward looking statements. Havilah disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise. Investors are cautioned that forward-looking statements are not guarantees of future performance and investors are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty therein. Competent Person Statement The information in this presentation that relates to Exploration Targets, Exploration Results, Mineral Resources and Ore Reserves is based on data compiled by geologist, Dr Chris Giles, a Competent Person who is a member of The Australian Institute of Geoscientists. Dr. Giles is a director of the Company and is employed by the Company on a consulting contract. Dr. Giles has sufficient experience, which is relevant to the style of mineralisation and type of deposit and activities described herein to qualify as a Competent Person as defined in the 2012 Edition of Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Dr. Giles consents to the inclusion in the presentation of the matters based on his information in the form and context in which it appears. Information for Kalkaroo and Croziers has been updated to comply with the JORC Code 2012 on the basis that the information has not materially changed since it was last reported. All other information was prepared and first disclosed under the JORC Code 2004.

3 3 Portia Gold Project Current Status Gold production imminent High grade gold ore stock-piled ready for processing. Gold processing plant construction completed. Currently commissioning processing plant with low grade ore.

4 4 Location in NE South Australia

5 5 Brief History Of Portia Mid-1990s Discovered by Pasminco-Werrie Gold JV Havilah acquired project from Pasminco receivers Havilah released JORC inferred gold resource of 72,000 ounces 1 October 2014 Final mining approvals received from DSD. January 2015 Mining agreement signed with CMC. 30 March 2015 Mining overburden commenced. 15 March 2016 First ore delivered to surface. 15 April 2016 Processing plant commissioning commenced. 20 April 2016 First ore through processing plant. 1 Refer to ASX release : 26/06/09

6 Refer to ASX releases on 1 26/06/09 and 2 30/11/06 6 Portia - High Grade Gold 75m Below Surface Initial mining objective 67,000 oz JORC resource at base of Tertiary clay 1 Weathered bedrock Bedrock Patchy high grade gold mineralisation in bedrock 26 metres of 15.4 g/t Au 13 metres of 33.5 g/t 2

7 Geology Light grey clay high grade ore Low angle fault in bedrock

8 Final Open Pit Design Open pit is optimised to capture the maximum ounces of gold (80%) in the base of Tertiary resource. Can access any additional gold below pit floor.

9 9 12 Months of Overburden Removal Commenced 30 March 2015 with experienced Broken Hill contractor responsible for all mining. Innovative funding arrangement revenue sharing with mining contractor.

10 10 First Gold Ore Mined at Portia 15 March 2016 Achievement of a major milestone at Portia with first truck load of ore mined.

11 Portia- First Ore Accessed 3.5 Months Ahead of Schedule

12 12 Interim Sub-pit -5 m RL

13 High Grade Gold Ore Layer Mined from Sub-pit Floor

14 Aerial photograph of Portia operations (22 March 2016) 14 First Gold Ore Stockpiled on ROM Pad Processing Plant Ore stockpiled on ROM Pad

15 15 High Grade Gold Ore Light Grey Clay

16 16 Mining Challenge 75 Metres of Soft Overburden 16

17 17 Shear Testing of Clay Material 17

18 18 West Pit Wall Stability Analysis 18

19 Mining of soft overburden material requires careful attention to pit-wall stability 19 Sentry Laser Scanner Pit-wall Monitoring

20 20 Sentry Laser Scanner Output mm movements in pit wall are detected

21 21 Laser Scanner Joint Analysis 21

22 22 Laser Scanner Joint Analysis

23 23 Laser Scanner Joint Analysis 23

24 24 Joint Analysis 24

25 25 De-watering Pit Floor

26 26 Processing to Recover Coarse and Fine Gold 5mm Gold from base of Tertiary layer at 74m depth. Gold from immediately underlying bedrock.

27 27 Comparatively Simple and Efficient Gravity Recovery

28 28 Front End Clay Disaggregation Attritioner Log washer Trommel 120 tonne per hour trommel, log washer and attritioning circuit for washing silty clay material that contains the free coarse gold.

29 29 Log Washer To assist in break-up of clayey material

30 30 Back End - Recovery of Coarse and Fine Gold Parallel Knelson concentrators Fully automated dual system Knelson concentrators that can efficiently recover gold over a wide size range, including very fine gold,

31 31 In Summary So Far. Mining has largely progressed according to plan in spite of many technical challenges (eg soft overburden, geotechnical, de-watering). Processing plant completed and currently commissioning on low grade ore. Innovative mining and funding arrangement has worked well. Expected cash flow over next six months will be transformational for Havilah.

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