CBH Resources Resources and Energy Investment Symposium

Broken Hill, May 25-28, 2014

Corporate Profile

CBH is a private company owned by

Toho Zinc of Japan

Toho’s upstream mining assets are held

through CBH

Current Operations

Zinc, lead and silver from the Endeavor and Rasp Mines in NSW

Owner/operator of the ConPorts minerals export facility at Newcastle

Exploration projects in NSW , including Mallee Bull copper

polymetallic discovery (50%) near Cobar

Total Production (2014 f)

123,000 tonnes of zinc concentrate

67,500 tonnes of lead concentrate

907k/ozs silver

Total Revenue( 2014 f )

$ 254m

Board : Tatsuya Tejima ( President of

Toho) , Fujio Hattori, Toshio

Shimamura, Lewis Marks , Visko

Sulicich , Stephen Dennis

Technical Advisor : Ian Plimer

Management : Stephen Dennis (MD) ,

Visko Sulicich (COO), Rob Williamson

(GM Rasp) , Denver D’Angelo ( GM

Endeavor ) , James Dunstan (CFO),

Gwen Wilson (OHE&S)

Employees : 348 ( down 60 from 2013),

complimented by technical

secondments from Toho

CBH Board and

Management

Chigirishima Lead Refinery

(100 ktpa lead metal)

Onahama Zinc

Roaster (16ktpa zinc

oxide)

Fujioka Works (electrolytic iron)

Annaka Zinc Refinery

(140ktpa electrolytic zinc)

Toho’s Domestic

Operations

Toho – Overview

Annaka Electrolytic Zinc Refinery ( est

1937)

Formation 1937 - production commences at Annaka

Primary Listing Tokyo Stock Exchange ( Code 5707)

Market cap AUD 495m ( ranked 904 out of 3425)

Annual Turnover AUD1,250 m ( ranked 739 out of 3425)

Employees 1196 ( excl CBH )

CBH Australian Operations

Endeavor Mine

A great turnaround in 2013

Rasp Mine

Improved Outlook after Difficult Startup

12

Rasp Mine

2012

2013

Lower ore grades from Western

Mineralisation(WM)

Delayed access to higher grade

Main Lode (ML) remnant ore

Sequencing and development

inefficiencies operating WM at

58,000 tonnes per month

Oxidisation of Main Lode ore in

upper levels

Early Challenges

Rasp Mine

Interim Operating Strategy

WM operating at 38,000-40,000tpm

Focus on sustainable development

to access high grade ML ore targets

at depth, opening up mine 1 km to

south

Personnel reduced from 190 to 140

Upskilling of professional staff in

Mining & Metallurgy

Expected return to full production in

2015

Combined Metal Production

Endeavor and Rasp

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

Lead 2012 Lead 2013 Lead 2014 (f) Zinc 2012 Zinc 2013 Zinc 2014 (f)

Me

tal to

nn

es

Rasp Zn

Endeavor Zn

Rasp Pb

Endeavor Pb

38,800 Pb

in 2014

60,900 Zn

in 2014

Combined Metal Production

Endeavor + Rasp

ConPorts Shiploader

Newcastle

Port logistics/concentrate handling

for 4 NSW mines :

Endeavor Mine (CBH, Zn)

CSA Mine ( Glencore, Cu )

Tritton Mine ( Straits, Cu )

Rasp Mine (CBH, Zn & Pb)

Annual throughput capacity ~ 500

ktpa

Capacity to expand retained ( option

held on southern port land )

30 year lease with Newcastle Port

Corp

ConPorts Shiploader

ConPorts Shiploader

Environmental Upgrade completed ($2.5m )

New adjoining NAT grain terminal

commissioned

No immediate impact from recent sale of

Newcastle Port expected

Exploration – Cobar District

Region

BOONA & MT. MCKELLAR CBH 100%

LOWAN CBH 80%,

GOLDEN REEF ENTERPRISES 20%

YELLOW MOUNTAIN CBH 40%

GOLDEN CROSS RESOURCES 30%,

PARADIGM METALS 30%

(farm-in for additional 21%)

ENDEAVOR NORTH / SOUTH & BURRI CBH 100%, JOGMEC (farm-in for 30%)

GILGUNNIA (Mallee Bull) CBH 50%,

PEEL RESOURCES 50%

ENDEAVOR MINE LEASES CBH 100%

Exploration – Broken Hill

RASP MINE & EXPLORATION

LEASES CBH 100%

ARAGON JV CBH 15% (free carried),

SILVER CITY MINERALS LTD 85%

WILLYAMA – NATIVE DOG JV CBH 25% (free carried),

SILVER CITY MINERALS LTD 75%

STIRLING VALE JV CBH 49%

PERILYA BROKEN HILL LTD 51%

(farm-in for additional 19%)

RILDAR – LYNOR JV CBH 25%

SILVER CITY MINERALS LTD 75%

Exploration-Mallee Bull

Initial $8.3m farm-in completed by

CBH in March 2014

JV 50/50 underway between CBH

and Peel Mining

Initial resource estimate expected

in June

Scoping study parameters under

consideration

Cooperative relationship with Peel

Mining team continues

“ 2.2 Mt/a of new production capacity is required by 2019....to offset

expected closures and attrition at base case operations and to meet

demand growth”

“ Developing ...new capacity in a timely fashion will be a significant

challenge for the zinc industry in the near to medium term ....as

todays metal prices and economic environment are not particularly

supportive to the financing of new mine capacity “

Zinc Market – Best fundamentals

in a long time

Wood Mackenzie , April 2014

“$7 billion is needed to finance 2 Mt/a Zn of project capacity “

$1,910 $2,093

$2,750

$3,800

0

100

200

300

400

500

$-

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500

$4,000

2013 2014 2015 2016

Defi

cit

To

nn

es ‘0

00s

USD ZINC PRICE ANNUAL ZN DEFICIT

Consensus is for metal deficits and

higher zinc prices

Source: Wood Mackenzie , April 2014

CBH Priorities

Profitability and costs (including removal of carbon tax ! )

Future for Endeavor Mine ( replacement feed , leveraging

infrastructure )

Development of high grade Main Lode ore sources at Rasp, and

return to design throughput in 2015

The next orebody - exploration to remain focussed on areas

within vicinity of existing CBH mines

Business development opportunities (Targets Zn , Pb, Cu ,

Cu/Au )

Positioning for higher zinc and lead prices

Pleased to Sponsor the Resources and Energy Investment Symposium