Ann: Bass Metals Investor Presentation, page-8

Debt free, with circa A$2.61m in cash and receivables.

LOW CAPEX Stage 1 refurbishment (bodes well for stage2 expansion)
delivered on budget
(circa US$4m capex)

Commercial ramp up to supply 6,000 tpa premium large
flake concentrates, aiming for positive cash flow in 2018

LOW COSTS PER TONNE Aiming for 1st Quartile
‘C1’ Cost of Production
at

Expansion to 20,000 tpa
• Low capital intensity
• Existing operations provides process
knowledge and technology
• Production scale to protect unit costs
• Existing infrastructure and workforce
• Established markets and customer base

Downstream Expandable Graphite production
• High growth market: foils, flame retardants, and electromagnetic
pulse and radiation shielding
• Low capital intensity, high margins
• Bolt-on to existing infrastructure, utilising existing workforce
• Supplies and consumables available in country

+ potential lithium upside

Next short term catalysts :
Results of commercial ramp up of
production
First sales of Stage 1 concentrates

Exciting times ahead of us, Good luck to all !