SIERRA RUTILE LIMITED Working for a better Sierra Leone. Company Presentation June 2011
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1 Company Presentation June 2011
2 Disclaimer Forward-Looking Information This document may contain forward-looking statements. These forward-looking statements are made as of the date of this document and Sierra Rutile Limited (the Company ) does not intend, and does not assume any obligation, to update these forward-looking statements, except as required under applicable securities legislation. Forward-looking statements relate to future events or future performance and reflect Company management s expectations or beliefs regarding future events and include, but are not limited to, statements with respect to the estimation of mineral reserves and resources, the realization of mineral reserve estimates, the timing and amount of estimated future production, costs of production, capital expenditures, success of mining operations, environmental risks, unanticipated reclamation expenses, title disputes or claims and limitations on insurance coverage. In certain cases, forward-looking statements can be identified by the use of words such as plans, expects or does not expect, is expected, budget, scheduled, estimates, forecasts, intends, anticipates or does not anticipate, or believes, or variations of such words and phrases or statements that certain actions, events or results may, could, would, might or will be taken, occur or be achieved or the negative of these terms or comparable terminology. By their very nature forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward looking statements. Such factors include, among others, risks related to actual results of current exploration activities; changes in project parameters as plans continue to be refined; future prices of mineral resources; possible variations in ore reserves, grade or recovery rates; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of development or construction activities; as well as those factors detailed from time to time in the Company's interim and annual reports. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forwardlooking statements.
3 % Rutile Content of Production Company Overview A world-class deposit A unique asset The world s only large, high-grade, producing primary rutile mine Largest primary rutile mine in the world The highest rutile content of all TiO2 producers Natural rutile commands the highest price of all TiO2 feedstocks Highest rutile grade of any primary rutile producing mine in the world, at 1.42% A producing operation Potential mine life in excess of 70 years at current rates Significant upside potential Growth potential in a strengthening rutile market provides outstanding leverage to prices Long-term structural deficits in rutile market TZMI Projections for significant increases in rutile price 70-75% increase in Iluka s rutile prices in H An asset with considerable upside Optimization of existing assets Expansion of production On-stream zircon Rare earths processing & separation SIERRA RUTILE Significant LIMITED exploration potential TiO 2 peers - % Natural rutile content of production 80% 70% 60% 50% 40% 30% 20% 10% 0% 75% TiO 2 Producers - % Rutile Content 22% 17% 6% 1% 0% Sierra Rutile Iluka TiWest Exxaro Kenmare Doral TiO 2 peers Quality of tonnage produced 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Source: Sierra Rutile estimates. The highest rutile content of all Ti feedstock producers Increasing value of tonnage Iluka Sierra Rutile Exxaro TiWest Doral Kenmare Natural Rutile Zircon Ilmenite Leucoxene 1
4 Production ('000 tpa) An established mineral sands producer Commenced mining in 1979 Built and initially operated by global metals group, Bethlehem Steel Highly successful operations until civil war in 1995 Produced 30% of the world s rutile before civil war Contributed 60% to Sierra Leone s GDP Operations re-started in 2006 IPO on AIM in 2005 Under management at the time, growth strategy failed Target to increase production capacity to 200,000tpa D2 Ca. 100,000tpa of additional capacity Commissioning and ramp-up delays Eventual capsize D3 Construction plans shelved following D2 incident A wealth of experience in Sierra Leone Sierra Leone well on the road to recovery A stable democracy EU funding Tony Blair sponsorship Long-standing relationships in government Established mining law Deep mineral sands expertise Decades of experience Many staff from pre-war times SIERRA Highly RUTILE skilled workforce LIMITED Working for a better Leone >95% Sierra Leone nationals Company Overview SRL s production history Rutile Ilmenite Zircon Average Source: Sierra Rutile Average pre-war production 208ktpa D1 and floating wet plant working at Lanti Asset under-performance post- 06 2
5 Share Price (p) Company Overview A turnaround story Delays and issues with commissioning and ramp up with D2 Pala Investments become cornerstone investor. Management initiates strategic review New resource statement & identification of rare earths in tailings stream Capsize of D2 and subsequent trading halt GoSL claims SRL missed interest payments and recalls debt Trading Halt Issue with GoSL resolved. All claims formally withdrawn : Asset Underperformance Growth plans fail Poorly managed expansion D2 capsize Growth plans cancelled Operations starved of investment 2011: Turnaround Initiated Strengthened management team Turnaround & industry specialists Enhanced board A new cornerstone investor Strategic review commenced Government relations resolved 3
6 Foundations Shareholder Value Strategic Review The Building Blocks for SRL s Turnaround World-Class Mineral Sands Company Phase 2: Expansion Phase 1: Near-term improvements Skilled & experienced workforce Outstanding market fundamentals Existing infrastructure Producing asset World-class rutile deposit Government & Community relations With SIERRA solid RUTILE foundations, LIMITED and a turnaround in process, SRL has the potential to generate considerable shareholder value. 4
7 A World-Class Deposit The largest primary rutile mine in the world JORC Mineral Resource in excess of 600 million tonnes at 0.8% rutile cut-off grade* Measured and indicated resource of 441 million tonnes High grade of natural rutile at 1.42% A potential mine life of over 70 years at current digging rates Fully licensed and permitted Significant opportunity to expand resource 60,000 ha of land licensed for mining Only 10,000 ha has been explored Further exploration campaign commenced 63% of payable heavy mineral is high-value rutile, ca. 88% by value Tonnes Grade (%) Contained Tonnes (kt) Classification Millions HM Rut Ilm Zir HM Rut Ilm Zir Measured Indicated ,992 6,204 3,242 1,377 Measured & Indicated ,094 6,254 3,261 1,385 Inferred** , Total Measured, Indicated & Inferred ,094 7,829 3,261 1,385 *Mineral Resources include those resources which have been modified to produce the Ore Reserves. The figures reported represent 100% of the Mineral Resources and Ore Reserves attributable to Sierra Rutile Limited. **Insufficient historical data was available to provide a JORC-compliant inferred heavy mineral, ilmenite and zircon grade estimate SRL s Working deposit for a better is Sierra large, Leone long life, and its assemblage dominated by high-value, high-grade rutile. 5
8 The Natural Rutile Advantage Natural rutile s superior performance in pigment manufacturing Ilmenite Slag Synthetic Rutile Natural Rutile Source: TZMI, Sierra Rutile Data based on performance of a typical chlorination plant, indexed to performance of natural rutile Waste Index 17 times less waste than ilmenite Ore Consumption Chloride Consumption 13 times less chloride consumption than ilmenite Coke Consumption Natural rutile is far more efficient than all other feedstocks in manufacturing TiCl 4 Natural rutile s superior performance yields premium prices. 6
9 The Natural Rutile Advantage Price Premium prices forecast for natural rutile compared with both ilmenite and synthetic rutile Rutile is forecast to yield prices >400% higher than ilmenite from 2012 and beyond Natural rutile will continue to yield premiums over synthetic rutile of 10-15% 1600 Rutile versus Ilmentite Pricing 600% 1600 Rutile versus Synthetic Pricing 25% % 400% 300% 200% 100% % 15% 10% 5% E 2012E 2013E 2014E 2015E 0% E 2012E 2013E 2014E 2015E 0% Ilmenite ($/t) Rutile Price Differential ($/t) Differential (%) Synthetic Rutile ($/t) Rutile Price Differential Differential (%) Price differential at >$1,000/t in near term and beyond Use of synthetic rutile in the pigment production process can be significantly more expensive than usage of natural rutile Natural rutile s price premium over other feedstocks is significant and forecast to grow as SRL executes its turnaround. 7
10 SRL s Premium Product SRL s natural rutile has a number of favourable physical and chemical characteristics which give it an advantage over competitor products Characteristic High TiO 2 levels Low tin levels Good particle shape High bulk density High packing density Benefit Increased recovery Important for effective TiO 2 and Ti metal production Important for stability in fluidized bed Reduces elutriation losses during the chlorination process Important for flux core wire welding application 8
11 Operations Overview Port - Niti 23MW power station Shipping fleet Mineral separation plant D1-1,000tph dredge Floating concentrator Freetown Sierra Leone Mine Area (see above) 9
12 A Producing Asset A long history of operation D1 1,000tph electric bucket dredge In operation since 1979 (excluding civil war) Successfully built and operated by Bethlehem Steel and Nord Resources Finished product production of 130,000tpa (pre-war) Recent underperformance driven by under-investment Now in turnaround with a strengthened management team A wealth of operating knowledge A deep understanding of SRL s operations Decades of experience with SRL s world-class resource Geologically well understood Significant experience in handling of SRL s ore Knowledge of separation and processing behaviors Deep knowledge of and experience with facilities D1 Wet plant Land plant Working in Sierra Leone Relationships in government Established community initiatives Significant experience in and understanding of Sierra Leone law Mining law Commercial law Delays D1 at Lanti Lanti Wet Plant SRL s operations have a long history of production. 10
13 Significant Infrastructure Already In Place SRL s infrastructure alone has an estimated replacement cost of >$200 million Port Storage capacity 25,000 tonnes of finished product Shipping capacity >200,000 tonnes per year Power and grid system New power plant capacity of 23MW only 9MW currently in use 48km power lines supplying all deposits to be mined in the next five years Roads 80km of haulage road Engineering facilities Warehouse Modern workshop Garage On-site Camp Attractive facilities Restaurant, gym, squash and tennis courts Key for retention of talent Port Camp and facilities Storage domes Roads and grid system Powerhouse Engineering workshop Infrastructure is already in place to deliver SRL s turnaround and expansion. 11
14 Skilled & Experienced Workforce Highly-skilled workforce Decades of experience in mineral sands Many employees from pre-war times Highly educated >100 staff with university education Significant recruitment from premier universities of Sierra Leone, Fourah and Njala Focused management team Strengthened management Specialists recruited for turnaround: Operations Strategy Risk management Focus on retaining and growing talent >95% Sierra Leonean nationals Excellent retention rates A champion for Sierra Leone Regular training Programs Fast track Apprenticeship Technical Institute Attractive facilities Expats and senior management can live on-site Mining Processing Metallurgy Lab An existing workforce with deep mineral sands industry expertise. 12
15 Strong Government and Community Relations Strong relationship with government Long-standing relationships Conflict with government fully resolved with new cornerstone shareholder Pre-payment of EUR13 million of loan to GoSL in March 2011 Government fully supportive of turnaround Considerable contribution to economy Significant proportion of Sierra Leonean GDP and exports Large employer Positive community relations Construction and maintenance of local technical college and villages Economic contributions to community $800k annual surface rent to local groups $150k annual funding to the Sierra Rutile Foundation $75k annual contribution to the Agricultural Development Fund Agriculture initiatives Crop plantations Fish farms Environmental consideration Continual rehabilitation Minimization of environmental impact Technical College Aquaculture Fish ponds SRL SIERRA has long-standing, RUTILE LIMITED established relationships with both government and community. 13
16 demand TiO 2 Market Fundamentals Supply New and likely projects insufficient to bridge widening supply gap Lead producers not expected to increase output significantly Long lead times to production Demand Iluka announced 70-75% price increases for H Major new expansions announced in the chloride pigment sector Du Pont 350,000tpa expansion by 2014 Chinese 5-year plan 300,000tpa of facilities by 2014 Chloride pigment process requires natural rutile Pricing Long-term structural deficit forecast Specialist mineral sands consultancy, TZMI, project significant increases in rutile price from 2010 to 2013E Demand inelasticity Feedstock prices make up 5-10% of the price of endproduct H price increases, together with fast-growing A widening supply gap Consumption forecast to grow faster than supply The fundamentals of the TiO 2 market point to a long-term structural deficit and significantly higher rutile prices. 14
17 Established Market Presence An established and diversified customer base Pigment SRL has supplied all of the top six TiO 2 pigment producers Other end uses Global welding companies Welding electrodes Flux-cored wire Approved for titanium sponge manufacturers including: China Japan Network Long-standing relationships with customers and partners Deep market expertise Natural rutile market supply, 2010 RBM 11% CRL 11% Bemax 12% Vilnogorsk 9% Source: Sierra Rutile Others 4% SIERRA RUTILE 11% Iluka 30% Exxaro 12% SRL is currently supplying 11% of the market SRL has long-standing relationships with its leading customer base and a deep understanding of TiO 2 market dynamics. 15
18 Strategic Review The Turnaround of Sierra Rutile 16
19 Phase 1 Near-Term Improvements Background Objective is to yield near-term value through improvements to existing operations Implementation phase Results from improvements expected in H and thereafter Initiatives Enhancements to board & management team (complete) Asset optimization review (complete) Capital investment Mine planning Marketing enhancements (in process) Increasing exposure to spot market Systems and controls (in process) Improvements to operational, finance and reporting processes Strategic Review Phase 2 Expansion Background Evaluation of expansion options Specialist consultants engaged and active Expected conclusion Q Potential options Rehabilitation of D2 Dry mining Mining of tailings On-stream processing of zircon Rare earths separation and recovery Upgrade to separation plant An integrated team of leading specialists Snowden (global technical consultant) CPG Resources Mineral Technologies (leader in mineral processing solutions) Titan Salvage (worldwide salvage and wreck removal) Phase SIERRA 1 of the RUTILE Strategic LIMITED Review is largely implemented and will optimize existing operations in the near term. Phase 2 expansion studies will be completed in Q
20 Phase 1 Near-Term Improvements 18
21 Phase 1: Leadership & Management A Strengthened Board Additions: Jan Castro, Non-Executive Chairman Chief Executive, Pala Investments AG, an investment company focused on the mining sector, and SRL s cornerstone shareholder Significant strategic advisory, management and investment experience Serves on the boards of a number of mining and metals companies Charles Entrekin, Non-Executive 35 years of experience in the mining sector As former President of Titanium Metals Corporation, brings significant industry specialism Turnaround expertise Michael Brown, Non-Executive Former Chief Operating Officer of South African mining operation of the De Beers Group Deep industry expertise in strategy, operations, construction Led restructuring of De Beers during GFC Now Senior Vice President at Pala Investments AG Michael Barton, Non-Executive Senior Vice President at Pala Investments AG Significant strategy and transaction advisory experience Retentions: John Bonoh Sisay, CEO Considerable experience in African mining sector, having worked in 10 African countries Formerly De Beers, America Mineral Fields (now First Quantum) Previously President of Chamber of Mines, Sierra Leone Sierra Leone national Alex Kamara, Non-Executive Head of Engineering at SRL from Deep understanding of SRL s operations Chairman of Standard Chartered, Sierra Leone Sierra Leone national Francois Colette, Non-Executive 25 years of African mining experience Formerly of Gécamines and AMFI-Adastra Led copper, cobalt and zinc projects, including Kolwezi Tailings Board on site SRL s board has been strengthened in Working order for a better to Sierra deliver Leone SRL s turnaround. 19
22 Phase 1: Leadership & Management An Enhanced Senior Management Team Andrew Taylor, COO 20 years of mining and processing expertise Significant experience of operating in Africa with De Beers and Anglo American Managed the construction and commissioning of the Voorspoed Mine in South Africa from 2005 to 2010 Desmond Williams, Operations Manager 10 years experience with SNC Lavelin and Worley Parsons 10 years with pre-war Sierra Rutile Senior management positions on numerous international projects, including Bald Mountain Gold (Barrick) and Kabanga Nickel Joseph Connolly, CFO Previously Director, Business Development at Clipper WindPower Brings significant expertise in financial management, strategy, business risk and corporate governance Sahr Wonday, Director of Strategic Projects 32 years at SRL Significant experience in operational enhancement Mark Button, Director of Resource Development 22 years experience of working in Africa in a variety of mining and geological roles Formerly of Anglo American and Gold Fields Jean Lindberg Charles, Director of Corporate Controls Formerly Ernst & Young and financial controller of Le Meridien SRL Group Financial Controller Neil Gawthorpe, Marketing Director 15 years experience in international industrial minerals marketing Previous technical and marketing positions at Redland PLC, Frank & Schulte GmbH and Minelco Group A New Focus on Turnaround & Growth A New, Supportive Cornerstone Shareholder Pala Investments (38.2%) brings deep industry expertise A partner focused on value generation Incentives Board and senior management share option plan closely aligns interests with shareholders New KPI-based bonus plan for staff A senior SIERRA management RUTILE LIMITED team with the right experience, knowledge and skills to execute the turnaround of SRL. 20
23 US$'000 Phase 1: Existing Asset Optimization Fresh capital is being injected into optimizing existing operations following underinvestment in previous years Capital investment is being targeted to optimize productivity, availability and reduce costs 12,000 10, % increase in capex in 2011 Investment Improvement New rougher spirals Increased recovery up to 4% 8,000 Top tumbler, D1 Increased digging rate 6,000 4,000 2,000 Replace D1 gear box Auto samplers Increased digging rate Improved control & recovery E Depreciation Capital Expenditure Critical spares Bucket band upgrade Reduced downtime Reduced downtime A business starved of maintenance capex Turnaround investment Fire suppression system Reduced downtime & enhanced safety Improvements in performance are expected from H Cost savings will be realized in a rising TiO 2 pricing environment, providing exceptional leverage to mineral sands prices. 21
24 % of Production Spot Rutile Price (TZMI) ($/t) Phase 1: Price Strategy With its premium product, SRL is aiming to become a price leader in the rutile market 2012 production is currently un-contracted, providing full leverage to increasing prices No more long term contracts No more cap and collar arrangements End of 2010 carryover in 2011 Full leverage to spot market 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 2% 8% 16% 16% 46% 98% 100% 92% 84% 38% SRL has ceased trading under cap and collar arrangements to maximize exposure to rising prices Cap and Collar Fixed Uncontracted Rutile Price Sales contracts are being optimized to enhance leverage to increasing mineral sands prices and capitalize on SRL s premium product. 22
25 Productivity increase (tph) An optimized three-year mine plan Phase 1: Mine Planning Lanti South Pond Lowering Status: In process and on target Gives access to Lanti South, the high-grade southern area of existing operations A further five years of mining from the current mining area No major mine capex forecast at Lanti after pond lowering is completed Mining from Lanti South expected in 2012 Measuring systems Status: Complete Advanced dredge positioning system gives superior information surrounding position (vertical and horizontal) of dredge Reduces ore loss Minimizes dilution Trenches Status: Under development Construction of trenches allows D1 to mine the full width of the ore body Maximization of productivity Yields longer faces Avoids downtime and land support required with repositioning The SIERRA new three-year RUTILE LIMITED mine plan for D1 will optimize production in the short- and mediumterm. 8.0% 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% Current face length Face length (ft) Mined out area (2011 and previous) Mining in 2012 to 2016 from Lanti South gives access to high grade material Target face length yields 6% increase in dredge productivity 23
26 Phase 1: Systems & Controls Key systems & controls improvements ERP system System upgrade Mine planning Enhanced planning process New dredge positioning system (DPS) Procurement process Reduction in lead time Consolidation in suppliers Improved customs clearance & frequency of shipping Inventory systems Implementation of max/min ordering system Strengthening of warehouse security Fuel control Installation of new flow meters Leakage reduction program Lines of responsibility strengthened Performance owned by heads of department Capital approval controls enhanced DPS calibration Fuel flow meters installation Enhancements made to SRL s systems & controls have been designed to optimize operational efficiency and to effectively manage risk. 24
27 Phase 2 Expansion 25
28 Phase 2: D2 Rehabilitation Potential rehabilitation or salvage of D2 D2 at Commissioning Areas under study If possible to re-float Assessment of time and cost to re-condition D2 to a working condition Development of a LOM plan for D2 Appraisal of D2 s design If unable to re-float Assess salvageable equipment from D2 D2 Capsized (August 2008) Advantages Cost likely much lower than construction of new dredge Speed of rehabilitation expected to be faster than new construction Positioned at Gangama, a high-grade area D2 capable of 1,000tph (ca. 100,000tpa) The SIERRA rehabilitation RUTILE LIMITED of D2 could yield ca. 100,000tpa of production in the medium term at relatively low cost. 26
29 Phase 2: Dry Mining Potential for near-term, high-grade dry mining A mobile wet plant can be constructed in a short period of time Areas under study Identification of suitable deposits Development of mining and processing plan Costing and economic assessment Advantages Significant smaller, local deposits lend themselves to dry mining Provides access to high-grade pods Enhanced leverage to increasing prices Quick to implement Mobile wet plant 10 to 12 months lead time Potential for 25,000tpa rutile finished product Likely low capex Potential outsourcing Potential for zero capex option Potentially even faster mobilization Dry SIERRA mining RUTILE provides LIMITED access to localised high-grade areas with short lead times and low capex, enhancing SRL s leverage to rising prices. 27
30 Phase 2: Mining of Tailings Potential for mining historic tails with minimal capex Twinkle dredge operating at Lanti Areas under study Assessment of viable tailings stockpiles for reprocessing Development of mine plans Assessment of equipment requirements to utilize identified material Advantages Significant resources at existing land plant site Mogbwemo tailings (18.1mt) Existing Twinkle dredge Acquired in 2011 to mine slimes at Lanti at 350tph Currently operating Can be dismantled and moved at low cost Potential for 15-20,000tpa rutile from tails Proven history of processing tailings Ilmenite tails FPP tails via pre-con plant HT Tails for zircon production Mogwembo tailings Existing land plant location SRL s SIERRA existing RUTILE equipment LIMITED can be used to mine significant historic tailings in close proximity to the land plant. 28
31 Phase 2: Land Plant Upgrade Feed Preparation Plant (FPP) Current Capacity 90tph Minor upgrades needed to FPP Mineral Separation Plant (MSP) Current Capacity 35tph For 200,000tpa finished product operation, MSP output must be increased to 70tph Background Consortium of consultants are investigating the optimal route to increase capacity of the MSP Approximately 70% of the upgrade is complete All major equipment (dryer, magnets, plate separators) on-site ready for installation Potential major improvements Install new electrostatic plates increase throughput Install new fluid bed dryer increase throughput New RER magnets optimize rutile separation The SIERRA land plant RUTILE upgrade LIMITED is needed for a 200,000tpa operation. 70% of the work is already complete. 29
32 Phase 2: On-Stream Zircon Processing Potential for on-stream zircon processing and premium concentrate product Zircon in SRL high tension tailings Background Zircon currently produced in a batch process Re-processing of high-tension tails As land plant production ramps up, batch processing will no longer be possible Construction of a zircon upgrade circuit adjacent to the mineral separation plant Advantages On-stream processing with new equipment is likely to yield a higher grade of zircon product Current batch process yields product 43% ZrO 2 (60% Zr eq.) At current production rates, on-stream zircon processing would yield ca. 9,000tpa product at 43% ZrO 2 With growth in mining rates, this could be considerably higher Potential to sell a premium 66% ZrO 2 product Assessment being made by CPG SRL will sell its zircon at spot, less treatment charges Providing leverage to rising zircon prices Rare earths benefit On-stream processing of zircon should provide a further-refined rare earths concentrate On-stream SIERRA RUTILE zircon LIMITED processing will allow SRL to enhance its exposure to the attractive zircon market. 30
33 Phase 2: Rare Earths Potential to recover high-value rare earths from SRL s existing production of tailings Rare Earth Distributions SRX Tailings - Rare Earth Distribution (%) Rare Earth Comparator Group Distribution (%) 1 Background Initial samples confirmed rare earths at a grade of 2.2% in high tension tails ( HTT ) Evaluation of processing alternatives to further separate and recover rare earths Advantages Potential high-value by-product 34,000tpa of HTT produced in 2010 $5,018/t of in-situ rare earths in HTTs, prices at 10 June 2011 High concentrations of strategic mineral neodymium Future mining areas also contain concentrations of monazite, the source mineral for SRL s rare earths Light Rare Earths Lanthanum 22.51% 21.34% Cerium 48.74% 40.83% High concentrations of strategic mineral neodymium Praesodymium 4.79% 4.57% Neodymium 19.14% 16.14% Samarium 2.52% 2.60% Heavy Rare Earths Europium 0.08% 0.37% Gadolinium 0.56% 1.55% Terbium 0.05% 0.29% Dysprosium 0.14% 1.48% Holmium 0.03% 0.27% Erbium 0.10% 0.76% Ytterbium 0.15% 0.67% Lutetium 0.00% 0.12% Other Yttrium 0.83% 8.62% Scandium 0.33% 0.00% Other 0.03% 0.40% Total % % 1 Comparator group comprises rare earth companies only, including Lynas, Molycorp, Great Western Minerals, Arafura, Avalon, Quest, Rare Element and Ucore The rare earth potential from SRL could drive significant shareholder value. 31
34 Appendix Financial Information 32
35 Financial Overview Profit & loss account Balance sheet 33
36 Capital Structure & Major Shareholders Capital Structure Major shareholders Share price* 16.5p Market capitalization* 82.4 million 24.6% Shares outstanding million 5.2% 38.1% Options in issue 15.9 million 12.2% 19.9% Cash** $21 million Debt* Net debt* *As at 10 June 2011 ** As at 31 March 2011 $31 million No repayments due until June 2013 $10 million Pala Investments M&G JP Morgan Asset Management (2 funds) Investec Asset Management Other As at 10 June 2011 Source: Bloomberg 34
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