Mantle Mining Corporation Ltd Update & Coal Acquisition December 2007 Diversified Exposure, to Growth & Cash Flow 1
Mt Mulligan 500Mt Thermal Coal Deposit 100km west of Port of Cairns Previously mined Some infrastructure in place (road, rail, port) 2
Mt Mulligan Location Mossman # Port Douglas EPC 772 # Cairns Mareeba Chillagoe Dimbulah Atherton 0 KILOMETRES 50 Innisfail Mount Garnet Ravenshoe # Mourilyan Harbour Proposed PNG Gas Pipeline Tully Infrastructure Map Far North Queensland Region Cardwell 3
Mt Mulligan - Scope Major project, multi-dimensional»coal» Highwall(s) 1 or 2 x 0.5Mtpa (say)» Longwall(s) 1 or 2 x 2-4Mtpa (say)»csm» Power Station Infrastructure 4
Management Team Ian Kraemer (MD)» Mining engineer» Coal Australia (esp QLD) & Appalachia (USA)» Plus metals» Business Development & Commercial» Ideal portfolio of expertise» Incentivised: 4 x 500,000 options -» Jun08 Mt Mulligan Access» Dec08 Mt Mulligan JORC Resource» Jun09 Mt Mulligan PFS» Dec09 500,000oz AuE JORC Granite Cstle
Mt Mulligan Geological Map 8150000 mn 275000 me 270000 me 265000 me 260000 me Hurricane Fault NW 8145000 mn M23 A 8140000 mn 20 C 8135000 mn 25 67 M20 M21 M19 M22 10 Kondaparinga Fault 65 15 M25 M16 13 23 M24 60 M18 M17 15 B 5 E M15 25 DDH-2. M14 25 40 50 DDH-1. G D 0 1 2 20 27 M13 M12 KM F 3 4 NS-3. NS-4. NS-2. NS-5. H M11 NS-1 Mount Mulligan State Mine M10 M5 5 M4 M3 King Cole M2 Mine 10 20 8130000 mn 15 70 M1 SE EPC 772 70 8125000 mn EPC 772 Mount Mulligan Projec Geological Map 6
Mt Mulligan Cross Section C M-25 DDH-2 D M-14 Sea Level CROSS SECTION CD (LOOKING NORTH) 500 metres 7
Mt Mulligan Isopachs 8144000N 8142000N 8140000N 8138000N 48 44 40 8136000N 36 32 28 24 8134000N 20 16 12 8132000N 8 4 0 262000E 264000E 266000E 268000E 270000E 272000E Thickness Isopachs Coal Seam Intervals 8
Mt Mulligan Joint Ventures Partners make sense coal off-take coal tailings & rejects processing power station possibly for CSM infrastructure Expertise & Funding Add Value First Step: Proper Definition of Coal Resource 9
Mt Mulligan Drill Program 10 holes @ 1km spacing Access to top of plateau ~300m holes, with pre-collars of 250m Washing tests CSM tests Possible additional drilling at edges for highwall planning Possible use of CSM/directional drilling for pilot work 10
Granite Castle 11
Granite Castle Cross Section 12
Great Britain/Charters Towers Area Scout drilling targets 13
Greenfields Exploration Victorian Gold» Excellent rock chip results» Old workings, structural and aero/ground mag leads» Scout drilling February Uranium» Western Queensland and NT» Roll front and unconformity style - Qld» Phosphatite salt stype - NT» Photo interpretation and ground surveys Qld - Dec 14
Business Strategy 08 Targeting early production IMMEDIATELY and through 2008 1. Mt Mulligan: bed down acquisition, then Access Agreement Heritage Survey Drilling structural understanding From top (conventional) From sides (CSM techniques) +3,000m program JORC Resource estimate Conceptual Study how best to unlock strategic value Where best to start ( low hanging fruit ) Products Infrastructure 15
Business Strategy 08 (cont) Targeting early production 2. QLD Gold: extend exploration, for move to production Great Britain confirmed; next - adjacent targets Low capex access to cash flow Funds for exploration & development Granite Castle upgraded; scope for extension More drilling (existing & adjacent structures) 3. Continue with Victorian gold and Uranium
Activity: Next ~18 months Mt Mulligan Access, Heritage & Drilling Great Britain Area Drilling Granite Castle Step-out Drilling Victorian Gold Survey & Drilling Uranium Desk-top & Survey Key Outputs: Significant Value Add Mt Mulligan JORC Resource Estimate Granite Castle Increased Resources 17
Management Team (cont) Martin Blakeman» Resources sector commercial expertise» Newera, Metex Peter Anderton» Geologist, project evaluation & development Stephen de Belle» Finance and business & major project development» Midwest, Finders Resources
Mantle Strengths Small cap with strong growth prospects Buoyant resources market» coal, gold, uranium Strong management team Attractive assets» Coal significant potential (scale & production opportunities)» Gold Early production & cash flow possible Modest capital costs for project developments Greenfields exploration portfolio upside» Victorian Gold» QLD & NT uranium 19