This presentation has taken information from the Study Report on the Amazon Bay Ironsands Project compiled forFoyson Resources Ltd by Engenium Pty Ltd (Engenium) as an independent consultant. It is based in part uponinformation furnished by Foyson Resources Ltd, specialist consultants, contract service operators, vendors ofequipment and Engenium’s engineering and project personnel.

The information is intended to be utilised by Foyson Resources Ltd and its contents have not been audited byEngenium or any other third party.

Engenium also point out that the utilisation of the term “ore” throughout the presentation is intended to be used in adescriptive manner only and the term does not indicate any inferred or intended compliance with the definition of “ore”in the JORC Code.

This presentation may also include technical, economic or other assumptions made by Engenium during the executionof the works which may ultimately not be attained. Engenium makes no representation or any warranty as to theaccuracy of those assumptions nor any results or estimates that may have resulted there from.

The information in this presentation that relates to Exploration Results is based on information compiled by aconsultant to the Company, Mr Chris Young, who is a Member of the Australasian Institute of Mining & Metallurgy anda Member of the Australian Institute of Geoscientists.

Mr Young has over 40 years’ experience in the industry and has more than 5 years’ experience which is relevant to thestyle of mineralisation being reported on, to qualify as a Competent Person, as defined in the “Australasian Code ofReporting of Exploration Results, Mineral Resources and Ore Reserves”.

Mr Young consents to the inclusion of this information in this presentation.

Disclaimers

Key Achievements in 2013

� Major Investor, TVI Pacific Inc. completes refinancing and commits to Balance Tranche 2 funding;

� TVI earns 10% interest in Amazon Bay Project;

� Completion of Engenium Scoping Study on Amazon Bay Project;

� Presentation of Scoping Study to MRA and senior PNG government officials;

� Completion of Smelting Study for Amazon Bay Concentrate Offtake;

� Completion of Amazon Bay Sampling Programs;

� Positive Wardens’ hearing on EL 1396;

� Grant of EL 2149 Amazon Bay North and EL 2281 Maruta;

� Renewal of EL 1623 Sandbank Bay;

� Discussions continued with parties interested in investment and offtake.

TVI Investment Summary

� Exclusivity Fees of $300,000;

� Tranche 1 completed August 2012 raising $884,000;

� Tranche 2 partially completed April 2013 raising $100,000;

� Balance Tranche 2 partially completed December 2013 raising $315,000;

� Remaining Balance Tranche 2 to raise $585,000;

� Exploration funding Amazon Bay $2,000,000;

� Exploration funding New Britain $590,018;

� Convertible loan $600,000;

� TOTAL TVI INVESTMENT $5,374,018

Amazon Bay Project Location

Amazon Bay Tenement Areas

� EL1396 Amazon Bay – renewal lodged December 2013, positive Wardens’ hearing held in January 2014 with 500 locals in attendance;

� EL1623 Sandbank Bay – renewal granted October 2013;

� EL 2149 Amazon Bay North – new grant received October 2013;

� EL 2281 Maruta – new grant received February 2014 following positive Wardens’ hearing in late October 2013;

� ELA 1643 Amazon Bay East – Wardens’ hearing scheduled for May 2014.

Amazon Bay Tenement Areas

Area

(Sq Km)

Application N/A

FOYSON RESOURCES AMAZON BAY PROJECT TENEMENT STATUS

N/AApplication 1,217Fe, Ti,VELA 2280Oceana

Status

Original Term Granted 02/02/2016

Under renewal

Current Expiry Date

19/12/2013

Amazon North Fe, Ti,V 590EL2149

Project CommodityTitle

Amazon Bay Fe, Ti, VEL 1396

Poi South ELA 1643 Fe, Ti,V 514

Renewal Granted 3/11/2014

Original Term Granted 25/09/2015

Sandbank Bay Fe, Ti,VEL 1623 193

192

Maruta EL 2281 Fe, Ti,V 652

� Due to the delay in funding from TVI, the comprehensive Threadfinsampling program was not able to be completed;

� Two smaller scaled sampling programs were undertaken in conjunction withrequired Wardens’ hearings to minimise the cost of the programs;

� The purpose of the programs was to obtain samples for marketing testwork,engage the local landowners and foster positive community support.

2013 Sampling Program

Positive results were received from the first program which sampled the areas around Deba and Margarita. The second sample program was finalised in late January 2014 and analysis is not yet available.

2013 Sampling Program

Raw Analysis Report- Margarida & Deba

Serial No. Laboratory Sample No. Sample No.Result %

TFe mFe SiO2 V2O5 TiO2 Na2O P S

13 YK2013-4432 PNG-9 18.84 10.24 36.56 0.24 7.84 1.71 0.030 0.018

14 YK2013-4433 PNG-10-1 14.78 4.05 40.78 0.16 5.28 1.89 0.032 0.014

15 YK2013-4434 PNG-10-2 32.23 9.42 21.16 0.53 14.79 0.97 0.026 0.011

16 YK2013-4435 PNG-10-3 30.38 8.41 23.17 0.51 14.18 1.13 0.039 0.014

What is the Product?

� Amazon Bay is a mineral exploration target of vanadiferous titano-magnetite sands spanning over 200 km of the southern PNG coastline;

� The concentrate product will be similar to BlueScope Steel’s iron sand operation on the North Island of New Zealand and Amex’s Mba Delta iron sand project in Fiji;

� BlueScope has been in production for over 25 years;

� Amex has progressed its Project into an implementation phase;

� There is increasing demand for iron sands for use in steel making.

Project Resource

• The Exploration Target has been assessed as between 500million tonnes and 750 million tonnes in the Threadfin area with a mass yield of 8-12% heavy mineral concentrate. The Threadfin area comprises an area less than 10% of the granted tenements;

• The potential quantity and grade is conceptual in nature, that there has been insufficient exploration to estimate a Mineral Resource and that it is uncertain if further exploration will result in the estimation of a Mineral Resource;

• Shallow bulk samples have been taken from this area and at Barracouta near the village of Margarida and Deba;

• The metallurgical work used in the Scoping Study and the Smelting Study was based on an average of the results obtained;

• The initial focus of the resource assessment will now occur in the Margarida area, due to the results obtained, and the PNG Government’s support to contribute to infrastructure development;

The information in this presentation that relates to Exploration Results and targets is based on information compiled by a consultantto the Company, Mr Chris Young, who is a Member of the Australasian Institute of Mining & Metallurgy and a Member of theAustralian Institute of Geoscientists. Mr Young has over 40 years’ experience in the industry and has more than 5 years’ experiencewhich is relevant to the style of mineralisation being reported on, to qualify as a Competent Person, as defined in the “AustralasianCode of Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Young consents to the inclusion of thisinformation in this presentation.

Metallurgical Test Work

Feed Type Type of Test Performed Mass Yield%

Fe Grade%

TiO2

%V2O5

%

HMC 100 45.4 20.4 0.57

-425 µm with 45.4% Fe Pin Mill attrition followed by DTR primary magnetic separation @ 380 Gauss

66.1 47.2 19.18 0.77

Secondary DTR separation on primary non-mag @1700 Gauss

23.4 41.3 29.89 0.20

Primary magnetics from previous stage

Electrostatic separation at 25 kV & ambient temperature

38.6 48.7 23.02 0.69

Electrostatic separation at 25 kV & 85 C temperature

40.4 47.7 22.69 0.68

Reserve Silica Flotation Flotation using primary magnetics from previous steps

96.4 47.7 22.5 NA

Natural Sands Beneficiation Uses 2 stage dry magnetic separation, electrostatics, cyclone classification, fine spirals, milling and reserve silica flotation

45.6 47.3 20 NA

-425 µm HMC Screen @ 150 µm and grind to +150 µm, staged fine dry magnetic separation

45.6 49.2 19.1 0.92

Screen @ 150 µm and grind to +150 µm – 75 µm, staged fine wet magnetic separation

40.3 52.3 17.3 1.19

• The mass yield of the HMC from the combined Threadfin / Barracoutacomposite is calculated at 25.7%. The mass yield of the magnetic concentratein the test work is reported at 40.3%. The product of the subsequent massyields provides the overall mass yield;

• The mass yield of 10.4% at Amazon Bay compares favourably with other ironsands projects under consideration around the world.

Mass Yield

� Engenium completed a Scoping Study on the Amazon Bay Project, concluding all works in September 2013;

� Engenium has recent experience in completing a BFS on the Amex Resources iron sands project in Fiji and applied many of the costs developed for that project to its Study on Amazon Bay;

� The Study assessed:– Project location and resource

– Previous studies undertaken prior to Engenium’s work

– Metallurgical Test Work

– Process Methodology

– Dredging (Mining)

– Processing

– Shipping

– Infrastructure

– Project financials

– Comparison with other iron sands projects

– Forward work program and overall Project timeline

Scoping Study

Process Methodology

Dredging (Mining)

Processing

Shipping

� Floating Crane Transhipment

� Geared Supramax Transhipment

The Project requires the installation of new infrastructure, namely:

� Administration area, stores and workshop;

� Laboratory;

� Construction of a 50 person accommodation camp;

� On site power generation via diesel fuelled generator sets;

� Waste water treatment plant;

� Fuel farm connected to a dedicated pipeline extending to the rock groyne.

Infrastructure

� The Base Case proposes dredging 15 million tonnes of sand per annum, to produce a concentrate of 1.56 mtpa;

� The Study produced indicative Capital and Operating Cost to an accuracy of +/- 30-35%;

� The financial outcomes of the Study cannot be reported under JORC (2012) requirements, due to the Exploration Target status of the resource;

� However the coastal location provides favourable logistics and development costs compared to other PNG projects.

Project Financials

� Smelting Study completed by Electrum Pty Ltd in Quarter 4 2013;

� Reviewed smelting techniques suitable for Amazon Bay concentrate;

� DRI Technology recommended;

� High vanadium and titanium contents make concentrate attractive;

� Likely titano-magnetite concentrate product quality as follows:

� Salient features are:

• a sub 55% Fe grade;

• low Al2O3;

• high TiO2 compared to an industry norm of 6% to 15%;

• very high Vanadium grades, compared to other iron sands projects which generally have 0.35-0.5%.

Smelting Study

Fe Grade % Al2O3% TiO2 % V2O5 %

52.3 1.82 17.3 1.19

� A Direct Reduced Iron “DRI” material can be fed either directly to a basicoxygen furnace or electric furnace to complete the reduction to pig iron;

� Direct reduction methods utilise one of three basic technologies:

• Rotary Kiln (SL/RN process)

• Shaft

• Fluid Bed (FB)

� The treatability of Amazon Bay material by Direct Reduction is not an issueand the titanium content plays no part in the reduction reactions involved.The reduction process would upgrade the magnetite feed from 52% Fe tonominally 70% Fe;

� The critical process step with high titanium feedstocks is the smelting /melting stage. After reduction, the melting of the DRI can be achievedsolely using electrical energy to generate heat or can be achieved usinggaseous/solid reductants with oxygen to supply the heat source.

Smelting Study

� A reduction process using electric arc smelting, whether it be AC or DC, avoids the high titanium chemistry issues associated with the burning of fuels and would be able to treat Amazon Bay concentrate;

� Those processes most likely suitable for Amazon Bay are summarised below and all use electric based heating in the final pig iron production step and use no combusting fuels for heat generation.

• Midrex Direct Reduction Shaft Furnace;

• Midrex Fastmelt;

• Outotec Fluid Bed reactor (Circofer or Circored);

� Electric smelting is suited to locations where mains electrical power is cheap, or where cheap electrical power can be generated close by using coal or gas or if an efficient co‐generation system can be incorporated into the reduction and smelting circuit.

Smelting Study

� There is no limit to the titanium content of the iron sands that can treated if the process used is DRI plus electric melting however the capability of each of these technologies to treat Amazon Bay material can only be determined by large scale physical test work;

� There are a number of major technology groups which will run laboratory bench scale and pilot scale tests on the Amazon Bay concentrate;

� It should be noted that ilmenite slag plants have been operating using DRI/Electric Arc Furnace technology for 60 years. These plants operate using material with 35‐55% Titanium and 20% Fe and produce a saleable pig iron as the by‐product.

Smelting Study

� Acquire sonic drill;

� Sonic drill program of 250 holes;

� Initial resource definition to support 10 year mine life;

� Metallurgical testing to further refine process flowsheet;

� Bulk samples for offtake testing and marketing;

� Update the Scoping Pre-Feasibility Study;

� Community Studies;

� Baseline Environmental Studies.

Program for next Twelve Months

THANK YOU

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