1

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Corporate Overview

 Focused on Tin and Indium in OECD countries

 Targeting production before the peak of the next commodity cycle
 Our flagship project is Tellerhauser in Saxony, Germany – one of the World’s
largest undeveloped tin deposits and highest grade indium deposits
 Indium is approximately the same price as silver - $500,000 per tonne
 Germany is a good jurisdiction for mining
 Tin and Indium are “critical metals” in Germany – financial incentives are
available for exploration and mine development
 The mine at Tellerhauser is already substantially built with 65km of
underground access tunnels, potentially making this a low capital cost
project
 Very significant exploration upside on our nearby licences
 Additional projects and future growth in Cornwall in the UK
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Senior Management

Mark Thompson • Former Chief Investment Officer and co-founder of Galena Asset Management
Executive Chairman Ltd, the fund management arm of Trafigura
• Former partner at Apollo Management, one of the World’s largest private
equity fund managers
• 20 years of experience in trading base metals, derivatives and equities
Tony Truelove • Geologist with over 30 years’ experience in the mining industry.
Technical Director • First class Honours from Adelaide University in 1981
• Senior roles with Billiton, Newmont, Newcrest and Delta Gold and has taken
several projects from discovery through to production
• Extensive knowledge and expertise in tin mineralisation and mining.
Nikki Haylings • Chartered Accountant trained at Arthur Anderson
CFO • Corporate taxation specialist
• Has held control functions within the middle office of the Royal Bank of
Scotland and at Barclays Capital.
• Note: Nikki Haylings is married to Mark Thompson

Sally Norcross-Webb • Former partner at Stephens-Scown Solicitors in Truro, Cornwall where she led
Group Legal Counsel their mining team
• Recently heavily involved in the permitting of Wolf Minerals Tungsten mine at
Hemerdon in Devon in the UK
• Expert in UK mineral rights

Dr Marco Roscher • Geologist with 7 years of experience in geo-data management and data-mining.
Head of Exploration • MSc in Geology from the Freiberg Bergakademie
• PhD degree with honors in the field of stratigraphy, plate tectonics and palaeo-
climate modelling.
• Expert in the geology of the Erzgebirge region

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 Tellerhauser Project

History
ASM’s flagship project is Tellerhauser, within our Breitenbrunn licence in Saxony,
Germany. It was discovered “accidentally” by the GDR-Soviet joint venture
company SDAG Wismut (“Wismut”) in 1968 whilst exploring for and developing a Tellerhäuser Project
uranium deposit nearby. A subsequent 20 year exploration programme resulted in
a resource estimate of 20 Million tonnes at a grade of 0.65% tin within the skarn
packages for 124,000mt of contained metal. A further 5.6 Million tonnes at 0.33%
tin was estimated within the schist sequences for an additional 19,000mt of tin.
This was reported in Soviet C1, C2 and Delta categories – the equivalent of
measured, indicated and inferred/exploration target.
Mineralisation Styles
Tellerhauser consists of a series of very large seams associated with skarnified calc-
silicate and limestone beds within a schist sequence. The skarn mineralisation
occurs in three major shallowly dipping seams with a combined strike length of
9km, an average width of 500m and an average thickness of 3m. Tin occurs as
cassiterite, indium as roquesite and zinc as sphalerite.

Tellerhauser long-section Tellerhauser plan view

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Tellerhauser: Historic Work

An 11 month programme of digitising hard-copy plans, sections, drill logs and assay sheets was completed in November 2014.
The database comprises a total of:

• 65,000m of tunnels, shafts and other underground development work

• 141,342m of drilling in 2,112 boreholes
• 3,083m of channel sampling in 1,326 channels
• 60,085 assay samples
• 151,916 individual assays

Estimated Data Replacement Cost

The replacement cost for this data, if it had to all

be collected new in the present day, can be
estimated as:

Underground workings (£2,500/m) £162.5M

Drilling (£150/m) £21.2M
Channel sampling (£50/m) £0.2M
Assaying (£50/sample) £3M

TOTAL: £186.9M
Typical exploration drive within Hammerlein section of Tellerhauser – 4m x 3m

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Mineral Inventory Estimates

Resource Estimate 2015 - Tin

Cut-off % Sn Million Grade % Tin
Tonnes Sn Tonnes
The Tellerhauser resource estimation was prepared by 0 71.4 0.21 146,800
Simon Tear of H&S Consultants out of Brisbane in Australia. 0.1 43.8 0.30 131,400
0.15 30.4 0.38 115,700
A planned programme of twinning underground channel 0.2 22.1 0.46 101,500
samples and drilling will be undertaken in order to verify 0.3 12.0 0.65 77,500
the quality of the historic data. It is expected that this 0.4 8.1 0.80 64,500
would upgrade the categorisation of the resource with the 0.5 5.9 0.92 54,900
majority of indicated material going to measured and a
Tellerhauser resource estimate at different cut-off grades
portion of the inferred material becoming indicated.

Category Mt Tin % Tin tonnes

Indicated 6.2 0.47 28,900
Inferred 15.8 0.46 72,600
Total 22.1 0.46 101,500

Tellerhauser resource estimate at a 0.2% tin cut-off grades

Tellerhauser resource estimate grade/tonnage curve

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Mineral Inventory Estimates

Resource Estimate 2015 – Zinc and Indium

Tellerhauser contains very significant by-product credits of indium and zinc. The resource estimates for these metals are reported as
inferred resources :

Indium: 16.0Mt @ 134pm for 2,149 mt contained Indium

Zinc: 18.2Mt @ 1.10% for 200,200 mt contained Zinc

The global resource for Tellerhauser can be estimated as 32.2 million tonnes at 0.66% tin equivalent grade

Category - Inferred Tonnes In Zn Sn Sn Equivalent Grade

Constraints: (x 1,000,000) ppm % % %
Within tin skarn resource, >50ppm In 7.03 111 1.11 0.57 1.05
Within tin skarn resource, <50ppm In, >1.5% Zn 0.93 9 2.53 0.60 0.95
Within tin skarn resource, <50ppm In, <1.5% Zn 11.00 13 0.34 0.41 0.50
Total skarn within tin resource 18.96 49 0.74 0.48 0.72
Outside tin resource, >50ppm In 9.00 152 0.69 0.10 0.65
Outside tin resource, <50ppm In, >1.5% Zn 1.38 1 2.55 0.09 0.42
Total skarn outside tin resource 10.38 132 0.94 0.10 0.62
Total schist tin resource 2.88 0 0 0.34 0.34

Grand Total: 32.2 71 0.74 0.35 0.66

Tellerhauser resource estimate by tin equivalent grade, calculated at following prices: Sn $16,500 per mt; In $500,000 per mt; Zn $2,100 per mt
Recovery of all metals assumed to be 65%, recovery factor not included in estimations

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Mineral Inventory Estimates
The indium resource is one of the largest and highest grade indium resource known and compares
favourably with Toyoho, one of the most significant past indium producers:

9
Tellerhauser: Block Models 1

Tin Grade Distribution within the

Hammerlein Seam

A few contiguous zones of high grade

mineralisation at adit level contain the majority of
the tin – possibly overlying an as yet unidentified
vertical feeder system beneath. The schist
mineralisation is found immediately below the
skarn mineralisation

Resource Estimate:
Category Mt Sn % Sn Tonnes
Indicated 2.5 0.46 11,600
Inferred 2.0 0.49 9,900
Total 4.5 0.47 21,400
Hammerlein skarn mineralisation resource estimate at 0.2% Sn
cut-off grade

Category Mt Sn % Sn tonnes
Indicated 2.48 0.33 8,200
Inferred 0.40 0.36 1,400
Total 2.87 0.34 9,700

Hammerlein schist mineralisation resource estimate at 0.2% Sn

cut-off grade Key: Tin grade by block in %

Tin distribution block model in Hammerlein seam

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Tellerhauser: Block Models 2

Tin Grade Distribution Within the Dreiberg Seam

Similar to Hammerlein, the majority of the contained tin is within a

small fraction of the overall resource within Dreiberg. At a 0.5%
cut-off grade the resource is 3.8Mt @ 1.00% for 38,000mt
contained tin.

These high grade zones are at the bottom of the mine and
accessing them for mining purposes will require either the
construction of a decline access or the rehabilitation of the two
internal 400m shafts. This may be done out of cash flow generated
by mining the easily accessible tin and high grade indium at adit
level in Hammerlein first.

The resource is believed to abut a major fault on the left hand side
of this diagram. There is exploration upside if mineralisation existed
across the fault and where it has been thrown to can be
determined.

Category Mt Sn % Sn Tonnes
Indicated 1.1 0.80 8,600
Inferred 9.7 0.51 49,800
Total 10.8 0.54 58,400

Dreiberg resource estimate at 0.2% Sn cut-off grade Key: Tin grade by block in %

Tin distribution block model in Dreiberg seam

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Tellerhauser: Block Models 3

Indium Grade Distribution in Hammerlein:

Hammerlein has only partially been assayed for
Indium and further work will be required in order
to estimate the total size of the resource. The
resource estimate has been made assuming an
indium grade of 1ppm where indium was not
assayed for. This may mean that there is upside in
the grade of the indium resource.

As can be seen in the adjacent diagram there are a

number of areas with very high grades.

The overall resource at Tellerhauser using a 50ppm

cut-off is estimated at 16.0Mt @ 134ppm for
2,149mt of contained indium.

Other By-Product Credits

Tellerhauser also contains significant zinc and
magnetite. Other credits from copper, silver,
gallium and germanium are possible. Of these zinc
is the most significant credit with an inferred
resource estimate of 18.2 million tonnes at 1.10%
for 200,200mt of contained zinc.
Key: Indium grade by block in ppm
The zinc tends to occur as lenses of pure sphalerite
(zinc sulphide) within the tin mineralisation.

The magnetite tends to occur as lenses of pure

magnetite.
Indium Distribution, Block Model in Hämmerlein seam
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Tellerhauser: Block Models 4
Distribution of metals is not coincident:

Potential exists to vary output depending on metal The distribution of metals is such that the deposit
prices and other external factors can be mined to various cut-offs.

This means that larger tonnages of mineralisation In addition, the tonnage available in the
are available at multiple potential headings Hämmerlein seam is high, thus delaying the need
to de-water the deeper parts of the old mine.

Key: In-situ value block in relative terms,

purple highest value, blue lowest value

In -situ Value Distribution, Block Model , Hämmerlein seam

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Tellerhauser: Historic Work and Existing
Infrastructure

The mine is partially flooded with a dam across the main adit separating the upper levels of Hammerlein from the flooded lower
levels and the Dreiberg seam. The dry section operates as a tourist mine and it is possible to stand within the orebody. The mine is
serviced by a twin-track 2ft gauge railway which runs the length of the 9km adit and by a single track within all of the exploration
drives. All track is concreted to the floor and in excellent condition, with the original rolling stock also still well maintained.

Ground water seeping through the host rock is

collected and discharged via a drain running the
length of the adit whereas mine drainage water
from the deeper levels is treated on surface at a
rate of 8m3 to 12m3 per hour in a water
treatment plant with a capacity of 60m3 per hour.
A dewatering feasibility study is underway.
Post tin mineralisation sub-vertical veins of
Uranium-Silver partially cross cut the far end of
the Dreiberg seam and have been heavily stoped
out. This has created circa 1 million cubic metres
of voids which may be suitable to be backfilled
with waste and tailings.
An on-surface waste dump is adjacent to the
mine portal which may be amenable for further
waste disposal.
Paste-backfill is envisioned to deal with all tailings
in the long run.
The host schist rock is highly competent with
minimal roof support required throughout the
mine.

Very high grade (+0.5%) indium with copper mineralisation in Hammerlein seam

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Tellerhauser: Drill Holes and Underground Infrastructure

Above: Tellerhauser project oblique long

300 m section showing drill holes in green with
underground development in blue, red,
orange and cyan representing different
levels. The high density drilling is
typically coincident with the high grade
zones of mineralization.

Left: High grade zone in Hammerlein is

drilled on a 12.5m x 25m grid, mainly
from underground access tunnels.

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Germany – Exploration Upside

Other Deposits
ASM’s licenses contain 5 other projects which were partially
drilled during Soviet times and upon which there is a Soviet
classification system resource estimation. These estimates are
not considered to be realistic resources and are only considered
exploration prospects at this stage.

However, these additional projects are estimated to contain an

additional 127,000mt of tin and 23,000mt of tungsten. And are
thus significant exploration projects. In their own right

These projects are within trucking distance of Tellerhauser and

there is potential upside to project economics by applying a hub
and spoke approach to a central processing plant.

No historic assaying for indium was conducted at any of these 1920’s magnetite stope at Breitenbrunn
projects. Hand-held XRF readings from Breitenbrunn average 50
ppm – 100 ppm In.

Deposit Tonnes Grade Contained Metal

Breitenbrunn Tin 22,300,000 0.25% 55,750
Antonstahl Tin 14,700,000 0.19% 27,930
Antonsthal Tungsten 6,200,000 0.37% 22,940
Eibenstock Tin 14,600,000 0.28% 40,880
Muhleithen 300,000 0.75% 2,250

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Germany – Exploration Upside

Exploration Licences
Saxore holds 3 Exploration Licenses covering the
largest tin in soil anomalies in the Erzgebirge
region of Saxony, Germany. The whole area was
an East German - Soviet exploration programme
in the 1970s and 1980s and has been artisanally
mined since the 12th Century, both alluvially and
in hard rock. ASM sees excellent potential for
high grade, metallurgically simple, greisen style
mineralisation which is within trucking distance
of Tellerhauser.

ASM holds 3 exploration licences: Kottenheide (1),

Eibenstock (2) and Breitenbrunn (3) for a total of
324km2. The Breitenbrunn licence contains our flagship
Tellerhauser project which comprises 3 ore zones:
Hammerlein, Dreiberg and Zweibach. The Eibenstock
licence substantially covers the largest tin in stream-
sediment anomaly in the whole of the Erzgebirge region.

Eibenstock Licence Tier One Targets

The ancient workings shown on the following slides are all on our Eibenstock licence. None of them have had any previous drilling
and hence are left as they were in medieval times (possibly a few operated in the 19th Century). As the economic tin cut-off grade
during these previous mining episodes is likely to have been something above 1%, and as most were likely ended by technological
issues (keeping water out below the water table etc) rather than by the mineralisation running out they all represent very
attractive, walk-up drill targets. It is planned to drill test as many of these as possible during 2015. Gabe-Gottes is of particular
note. It has been mined semi-continuously for approximately 800m on surface, is typically 1m – 3m wide and has been mined to
maybe only 20m – 30m depth from surface. Very high grade grab samples (up to 18% Sn) have been recovered from old waste
dumps. Jacob, Erzengel, Mordgrube and Backofen are all targets with over 200m strike, 5-20m width and only mined previously to
10-30m below surface. 17
Germany – Exploration Upside 1

Gabe-Gottes medieval workings. No previous drilling

Mined within very competent granite host rock for 700m - 900m on
surface, typically 1m to 3m wide and 20m – 30m deep

High grade (up to 18% tin) material

from waste dump

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Germany – Exploration Upside 2

Erzengel medieval tin workings – No previous drilling

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Germany – Exploration Upside 3

Mordgrube medieval tin workings – No previous drilling Rote Grube medieval tin workings - No previous drilling

Backofen medieval tin workings – No previous drilling Extensive Henneberger tin workings - No previous drilling

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Germany – Exploration Upside 4

Jacob medieval tin workings – No previous drilling Fletschmaul medieval tin workings - No previous drilling

Henneberger medieval tin workings – No previous drilling Ellbogen medieval tin workings - No previous drilling

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 The Cornwall Orefields

History of Mining
Cornwall was a major mining province for tin and copper from maybe 2,000
BCE right up until 1998 when the last tin mine, South Crofty, closed. The
estimated historic production* from Cornwall is circa 2.8 million tonnes of
tin and 2 million tonnes of copper.
Most Cornish valleys have been worked for alluvial tin since pre-history but
in more modern times mining was focused on high grade, narrow width,
mineralised fault structures (lodes) associated with peaks or ridges in the 6
granite intrusions which underlie the County.

Exploration Potential Historic Mining Areas by metal after Dines (1956) showing the North St
Austell Granite area of operation for Treliver Minerals
The ore field remains underexplored for other types of mineralisation –
especially bulk tonnage deposits of replacement style mineralisation at
lower grade. These types of deposits are targets for Treliver Minerals. Other
targets include high grade historic mines where technical limitations such as
an inability to pump excessive water ingress caused their closure rather than
an exhaustion of reserves.

Exploration Rights:
Exploration in the UK can be difficult due to the rights to minerals originally
being owned by the surface rights owner rather than by the Government.
Complicating things further is that there is no central register of rights and
that often these rights were separated from the surface rights and sold on.
Treliver is highly active in identifying ownership of mineral rights and
entering into agreements in order to build large blocs of prospective land
worthy of modern exploration. Traditional Cornish engine houses on the cliffs at Botallack – here they
were mining lode type mineralization out under the sea
* After Dines (1956), Alderton (1993) and South Crofty Plc (1988-1998), as collated by Dr Nick
LeBoutillier. http://myweb.tiscali.co.uk/geologyofcornwall/Mineralisation.htm
22
Treliver Farm Project

Discovery
Treliver Farm was discovered by Billiton Exploration (UK) Ltd in 1982 following a
regional stream sediment and soil sampling survey. Billiton partially drilled the
property but walked away from tin exploration after a calamitous drop in tin prices
associated with the collapse of the International Tin Council in 1985.

Exploration Activities
Treliver has drilled 6,000m in 58 holes along 700m of strike and has defined an
inferred resource estimate of 4.5Mt @ 0.15% Sn in the top 100m for 6,700 mt In-situ minor lode grading 10% Tin from 17th
contained tin. Century working at Treliver Farm

Mineralization starts from surface and is open-pittable in structures typically 30m to

50m wide. A higher grade core is often encountered with a best intercept of 18m @
0.95% from 47m. Soil geochemical anomalies are indicative of an overall strike
length of up to 1,500m. The orebody is heavily weathered and is mainly free digging.
Tin occurs only as cassiterite and is thought amenable to simple gravity extraction
techniques. The source granite is known to be at +450m depth and there is very good
potential for feeder structures to exist to this depth and beyond.

Treliver Farm from above, looking West

Infrastructure
The site is served by exceptional infrastructure - water, major road, rail, power
station, regional airport and skilled workforce are all visible from the site. Treliver
Farm is approximately 1 mile from the very large kaolin mining operations of Imerys.
Synergies may exist with the potential for waste and tailings disposal in a disused
china clay pit.

High grade tin zone from TRDD2014002

23
Treliver Farm Drill Highlights

24
Treliver Farm Resource

Inferred Resource
Wardell Armstrong International (WAI) has recently reported an independent
resource estimate:

Tonnes Grade (% Tin

Treliver Farm Total Category
(Million) Sn) (Tonnes)
Inferred 4.5 0.15 6,700

Grade-tonnage
The resource has been estimated at various cut-offs as follows:

Cut-off Million Grade % Tin

Grade Sn % Tonnes Sn Tonnes
0.00 7.8 0.09 7,400
0.05 4.5 0.15 6,700
0.10 2.6 0.20 5,300
0.15 1.5 0.26 3,900
0.20 0.9 0.32 2,900
0.25 0.5 0.38 2,000 Treliver farm – Grade-tonnage Plot
0.30 0.3 0.44 1,500

Potential for a small “starter-pit” at a grade of between 0.3 and 0.4% Sn can be seen
and preliminary metallurgical testwork looking at this option is planned during 2015

25
 Godolphin Project

Mineral Rights
Treliver owns a highly prospective package of freehold mineral rights, The Duke of Leeds Estate. These rights contain large parts of the
Wheal Vor and Bosworgey districts. Parts of Wheal Vor sit within our ownership – Vor is widely regarded as one of the best tin mines
that operated in Cornwall, both in terms of the very high grades and the tonnages. It is reported that between 45,000 and 60,000 tons
of tin were produced from the Great Wheal Vor group of mines during the 19th century. Average mined head grade in Wheal Vor is
estimated at 3.5% tin with a 1.5% cut-off. The adjacent mine, Wheal Metal, was mined at an average of 7% with an unknown cut-off
grade. Several attempts to reopen Wheal Vor between 1870 and 1930 failed – either due to equipment failure or to a lack of capital.
The resources identified in the past remain in-situ.
Work Programme
Our work on our rights includes a substantial soil sampling programme and the digitisation of historic mining records into a 3D model.
This has identified a number of drill targets – including a previously unmined sulphide zone around a regional fault called the Great
Fluccan which crosses perpendicularly to the mineralised lodes. +10kg grab samples of this material have been assayed at 12% Zinc, 6%
Copper, 4%, 800ppm Indium, 200 g/t Silver and 0.5 g/t Gold – this is material that was not possible to process in the 19th Century.
Many of the lodes in the area have been mined only on one side of the Great Fluccan, usually on the Eastern side only.
Exploration Target:
The historic data is consistent with a remaining resource of +10 Million tonnes at +1% Sn for +100,000mt contained tin.

Soil Geochemistry data for area to the West of the Great Fluccan Long Sections of Wheal Vor and Wheal Metal Mines with drill targets numbered 26
St Austell Bay Project
Marine Alluvial Dredging for Tin
Indonesia is the World’s largest tin producer country with the
majority of their production of circa 75,000mt per annum
coming from dredging drowned beach terraces at sea off the
islands of Bangka and Belitung. Similar deposits are found off
the coast of Cornwall but have never been exploited.

1980’s Work in St Austell Bay

Previous work by Billiton Exploration in the early 1980’s
identified over 20km of channels, with an average width of
200m within St Austell bay. These channels are the courses
taken by the rivers Par and Pentewan during the last ice age
when sea levels were up to 120m below current levels. These
two rivers are two of the most productive and heavily
exploited resources of alluvial tin to be mined on-shore in
Cornwall. Some limited drilling was undertaken by Billiton just
prior to the 1985 tin crash, giving grades of between 500ppm
and 4000ppm tin in the basal gravels. Economic grades in
Indonesia can be as low as 150ppm so these channels
represent an attractive exploration target with the potential
for +15,000mt contained tin.

Licence Application and Proposed Work Programme

In the UK the sea floor is owned by the Crown Estate. Treliver
has been progressing a licence application for this area over
the last 18 months and expects an exploration licence to be
granted in Q2 2015. This will be followed by a geophysics
survey to accurately map the palaeo-channels in 3D and then St Austell Bay catchment showing old tin mines and interpreted sub-sea channels
by the taking and analysis of a bulk sample.
27
Appendix 1: Indium Market
 High value critical metal used in the electronics, solar power, lighting and
other high tech industries.
 Sells at circa $500,000 per tonne – about the same price as silver
 Supply highly constrained
 Production almost exclusively a by-product of zinc mining.
 Indium assessed as one of the six most critical metals by the US
Department of Energy
 Listed by the European Commission as a critical raw material due to the
economic importance and potential supply risk.
 High demand growth (potentially +10% per annum) driven by demand for
flat screen TV’s, LED’s, phones, tablets and anything else with a screen
 Zinc supply growth forecast to be in the 2% - 4% range implying supply
shortages and higher prices
 IGZO (Indium-Gallium-Zinc–Oxide) likely to be the technology of choice for
next generation solar panels

Indium 99.99% Europe Price in US$/kg, Metal Bulletin & Asian Metal
28