Salt River Resources LtdSouth Africa’s Newest Mineral Oasis

Brief summary: Geology and Mineralogy

24 September 2016

On the Edge of the Kalahari

• Salt River Resources Ltd is exploring on the southern edge of the Kalahari Desert

• Located in the metallogenically significant Namaqua Mobile Belt that hosts several world-class base metal districts

• Continuous base metal mining since 1852• The Salt River Resources “Mineral Oasis” promises

to be, together with the Gamsberg development, the next drivers of economic development in the Northern Cape region of South Africa

Namaqua Metamorphic Province

• Located in northwestern portion South Africa and southern Namibia

• Occupies a crescent-shaped body covering an area measuring 450 x 180 km

• Hosts several economically-significant base metal districts and deposits

Modified after Hartnady et al. (1985), Thomas et al. (1992; 1993) and Hanson (2003).

Namaqua Metamorphic Province

Based on structural, lithological, and geochronological differences, the NMP may be divided into four subprovinces (Kroner and Blignault, 1976):

– Kheis Subprovince– Namaqua Subprovince– Richtersveld

Subprovince– Bushmanland

Subprovince

Modified from Hartnady et al. (1985), Joubert (1986) and McClung (2006).

Deformational Events

• Folding– Comprises of four phases (Joubert, 1971)

• Faulting– Comprises two phases (Colliston and Schoch, 2002;

McClung, 2006)• Metamorphism

– Comprises four phases of greenschist- to granulite-facies metamorphism (Lipson, 1978)

Salt River Deposit

• Located about 80 km southeast of Pofadder and 80km southwest of Kakamas in the Northern Cape Province on the property Remainder of the farm Adjoining Geelvloer No. 197 (Kraandraai)

• Topography consists of a flat to slightly undulating landscape with large areas covered by sand, calcrete and scree

• Vegetation consists of low growing succulents, shrubs (i.e. drie doorn) and clumps of grass

• Besides domesticated livestock, wildlife of the property comprises jackals, bat-eared and Cape fox, rabbits/hares, mice, antelope, birds, snakes, lizards and insects.

Lovedale201

Quagga-Maag200

Hartebeesvlei199

Putsberg203

Other Mineral Occurrences

0 5 10km

Salt River Deposit

Gannapoort202

Adjoining Geelvloer

197

Graafwater198

Vaal-Kop225

Prospecting AreaMajor Gravel RoadFarm Boundaries

Salt River Deposit

Mineralised Showing

Modified after Maclaren (1988).

Salt River Deposit

Axis of ore body

Sub-outcropping exposure

Outcrop

0 250 500m

Drilling Program

Previous Percussion Drilling (green)

30°25°

outcrop

Previous Diamond Drilling (yellow)

30°25°

outcrop

SRR Diamond Drilling (red)

30°25°

outcrop

Section AA’ (dip 25 degrees)

A

A’

30°25°

outcrop

Section AA’ (dip 25 degrees)

Section AA’ (dip 25 degrees)

Geologic Model

Not to scale.

Stratigraphy

Not to scale.

Styles of Mineralisation

• Base metal sulphides occur as four distinctly different styles of mineralisation– semi-massive to massive sulphide

• very fine- to fine-grained pyritic horizon– mineralised schist

• disseminated to stringer sulphides in foliated and contorted schist– stringer mineralisation in magnesium-rich altered footwall

rocks• disseminated to stringers sulphides in foliated magnesium-rich

rocks– mineralised calc-silicate gneiss

• Sulphide veins in silicified, altered and/or brecciated calc-silicate rock

Semi-Massive to Massive Sulphide

Mineralised Biotite-Chlorite Schist

Stringers in Mg-Altered Rocks

Mineralised Calc-silicate Gneiss

Sulphide Horizons

• Three distinct, massive to disseminated, “stacked” horizons dipping approximately 25-30º to the northeast– Upper Sulphide Zone

• semi-massive to massive sulphide• 2.8m mean thickness

– Middle Sulphide Zone• stringer mineralisation in cordierite-rich footwall rocks• 2.3m mean thickness

– Lower Sulphide Zone• mineralised schist and stringer mineralisation in cordierite-rich

altered footwall rocks• 3.2m mean thickness

Upper Sulphide Zone

• Characterized by a very fine- to fine-grained, semi-massive to massive, durchbewegung-textured pyritic horizon

• Ore mineralogy consist of pyrite, sphalerite, chalcopyrite, galena ± barite, magnetite and molybdenite

• Spatially occurs throughout the deposit

py

sph

ganguepy

sphmo

gangue

Middle Sulphide Zone

• Characterized by disseminated to stringer mineralisation in foliated Mg-rich altered (quartz, cordierite, biotite/chlorite, plagioclase) gneiss

• Ore mineralogy consist of pyrite, chalcopyrite,sphalerite, galena and magnetite

• Spatially restricted to the higher-grade portions of the deposit

sph

cpy

Lower Sulphide Zone

• Characterized by disseminated to stringers of semi-massive sulphides in foliated and contorted, biotite-chlorite schist interbedded with Mg-rich altered rocks

• Ore mineralogy consist of pyrite, chalcopyrite ±sphalerite, galena andmagnetite

• Spatially restricted to the higher-grade portions of the deposit

Lower Sulphide Zone

pycpy

sph

gn

py

sphcpy

amph

Resource Description

• Three distinct, massive to disseminated, “stacked” horizons dipping approx. 25 - 30º to the NE.

• Ore zones average 3m in thickness• Ore mineralogy consist of pyrite (FeS2),

sphalerite (ZnS), chalcopyrite (CuFeS2), galena (PbS) ± barite (BaSO4), magnetite (Fe3O4) and molybdenite (MoS)

Resource Confirmation

• 20,179m of resource drilling– Widely-spaced diamond boreholes of 14,439m

and 2,292m of percussion drilling by previous exploration companies

– 3,448m of closely-spaced diamond drilling by SRR• Assay data analysed by two internationally

accredited laboratories

Potential Mineralization

23.3 Mt @ 1.5% Zn, 0.7% Pb, 0.4% Cu, 21 g/t Ag & 1.0 g/t Au

Total Mineral Resource

Measured Resources9.97 Mt @ 1.8% Zn, 0.5% Cu, 0.6% Pb, 21 g/t Ag & 0.5 g/t Au

Indicated Resources14.13 Mt @ 1.8% Zn, 0.7%

Cu, 0.4% Pb, 19 g/t Ag & 0.7 g/t Au

Total Mineral Resource atSalt River

Project: 47.4 Mt at 1% Zn threshold

Salt River West Occurrences

Soutputs Noord Occurrence

Mineralised Showings

In Good Company

Comparison – Black Mountain

• Poly-metallic base metal mine in Northern Cape Province • Produces 168kt of concentrate per annum• Shallow ore bodies depleted• Currently mining Broken Hill Deeps ore body to depth of 1900m• Salt River Resources planning to produce 30kt concentrate

initially increasing to 90.5kt concentrate per year• Current mineral resource only estimated from surface to 500m

depth, but remains open at depth and to the west• Mineralised intercepts encountered up to 1300m down dip to the

north

Management Team

1. Jeff Rapoo – Chairman– 45 years relevant experience in finance

and mining2. Marius Welthagen – Managing

Director– 26 years relevant mining experience

3. Joe Rachidi – Director: Legal– 25 years relevant experience

4. Prof David Reid – Director: Geology– 30 years relevant in the Namaqualand

Mobile Belt5. Eben van Tonder

– 15 years experience as Technical Manager 1

23 5

4

Project Development

Project Definition

Geological studies

Mineral Rights

Salt River Base Mineral Project

FeasibilityDrilling

ProvenResources

Bankable feasibility

Project development phases

Resource definition

ConfirmationDrilling

MeasuredResources

RaiseCapital

EstablishMiningOperation

Production

Phase 2 Phase 3Phase 1

Bankable Feasibility

One year to completion of DFS

Exploration drilling to indicated to measured resource

Concentrate marketing and completion of DFS

Bulk sampling incline

Metallurgical testing

Pilot plant and mine planning

Salt River Resources: a “Mineral Oasis”

Disclaimer

• This presentation is directed at individuals having professional investment management experience.

• No representation or warranty is given or implied by Thabex Limited or Salt River Resources Limited or their directors as to the accuracy or completeness of the information or opinions contained herein and no liability is accepted for any such information or opinions.

• The presentation may contain certain forward looking statements that are subject to certain risks and uncertainties, e.g. the company’s plans, goals and prospects. Actual results may differ materially.

• This presentation does not constitute an offer to purchase, sell, issue or subscribe for shares in Thabex Limited or Salt River Resources Limited.