CORPORATE PRESENTATION Q2 2018

FROM GRASSROOTS TO PRODUCTION:NEAR TERM BAUXITE PROJECT IN GUINEA

COMPANY OVERVIEW

• Developing significant bauxite assets in the Republic of Guinea, West Africa

• Near term production from flagship Bel Air Project

• On target for first ore on ship Q3 2018

• Rare development story:

• Alufer discovered the deposit through maiden drilling in 2011

• Completed detailed feasibility studies and extensive social and environmental work

• Secured financing in 2016

• Commenced construction in 2017

• Upside potential from Bel Air North and Labe licences

• Focused on delivering a long term, sustainable mining operation and creating value for all stakeholders

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ALUFER IS ONE OF THE MOST ATTRACTIVE BAUXITE MINING COMPANIES GLOBALLY

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BEL AIR PROJECT - HIGHLIGHTS

Fully financed to first commercial production

• USD$205m financing package secured from consortium of specialist investors

• RCF, AFC, Orion Mine Finance

Near term production

• 18.5 month construction phase

• Progressing according to schedule – FOOS expected in Q3 2018

High value product

• Well suited to low temp refinery

• Low reactive silica - notable advantage

• Low deleterious elements

Logistical advantage

• 15km from the coast• Easily accessible from

Conakry by road• Control of own logistics

Responsible, sustainable bauxite production

• Using global best practice mining methods

• Adopting IFC and Equator Principles

> 15 year Life of mine

• 146mt JORC resource identified

• Initial rate of 5.5mtpa• Direct Shipping Ore – no

processing required

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KEY MANAGEMENT

• Mining engineer

• Expertise in development of natural resources projects across Africa including diamonds, precious/base metals and coal

• Founder and Chairman of LSE listed Petra Diamonds and AIM listed Chariot Oil & Gas and other private companies

Adonis PouroulisChairman

• Metallurgical Engineer

• 35 years of operational and project experience

• Extensive African experience

• Was Head of Business Development with Anglo American Plc, also serving as CEO of Anglo Ferrous Brazil Inc.

Bernie PryorChief Executive Officer

• Chartered Accountant with 15 years experience in the mining sector

• Previously with Anglo American and CFO of London Mining

• Extensive background in raising project finance and developing mining operations through construction into production

Rachel RhodesChief Financial Officer

• Geologist with 20 year across the industry – exploration, development and production

• Previously with Shangdong Iron and Steel, African Minerals and Fortescue Metals

• Expertise in optimising and delivering efficient mining operations

• Broad commercial experience -over 12 years working in the resources and power sectors

• Previously with Shangdong Iron and Steel, African Minerals and Anglo American

• Specific experience in commodities marketing, complex negotiations, supply chain and corporate strategy

Tristan ClarkeCommercial Director

Kevin McleanProject Director

• Over 35 years experience in HR and has worked extensively in francophone Africa

• Previously with B2Gold, Kinross, Newcrest and RUSAL

• Strong background in Global business management, Corporate Development, CSR and Human Capital Strategy

Guy de Granpre HR Director

• Great deal of experience in government liaison and representation for a number of companies in Guinea

• Has worked across a variety of sectors – mining, textiles and urban project development

• Previously worked withMobil, Global Alumina,Koumba Iron Ore

Lamine ToureVice Chairman BAM

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OTHER BOARD MEMBERS

• Director at the AFC

• Responsible for the natural resources team and has led their rapidly expanding franchise across sub-Saharan Africa

• Over 15 years experience in international finance and businessdevelopment.

Osam Iyahen Non-Exec Director

• Commercial lawyer specialising in corporate and finance law in the resourcessector

• Advised RCF since 2001 and joined in an in-house capacity in2006.

• Also serves on the Board of First Bauxite Corp, First Drilling Group and Global Advanced Metals

Mason Hills Non-Exec Director

• Chartered Accountant

• 16 years experience in the mining industry and currently CFO of Dangote Cement in the DRCMiningand Sierra Rutile

• Previously with Endeavour , Anglo Gold Ashanti and De Beers.

Mukuna IlungaNon-Exec Director

• Commercial lawyer specialising in corporate and finance law in the resourcessector

• Advised RCF since 2001 and joined in an in-house capacity in2006.

• Also serves on the Board of First Bauxite Corp, First Drilling Group and Global Advanced Metals

David BrownNon-Exec Director

• 25 years in the natural resources sector

• Previously managed Rio Tinto’s global bauxite and alumina business and was head of Business Resources responsible for the integration of Alcan

• Prior to that he was BG Group as GM of strategy and portfoliodevelopment

Keith Johnson Non-Exec Director

• 14 years experience in globalfinancial markets with a focuson naturalresources

• CEO and Head of Investment at APAC Resources Limited

• Previously co-founded New City Investment Managers – a natural resources fund management house and worked for EMG Suisse S.A

Andrew FergusonNon-Exec Director

Dorian BarakNon-Exec Director

• Legal and investment background

• Private equity investor and asset manager focused on Africa, the Middle East and Europe

• Advises clients, companies and funds on investments in the natural resources, aviation and tech sectors

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BAUXITE OVERVIEW

• Bauxite is the main commercial mineral from which aluminium oxide is extracted, which in turn is smelted to form aluminium metal:

• The aluminium industry is no longer as integrated as it used to be - pricing power is shifting upstream to alumina and bauxite producers

• However, aluminium demand drives alumina and bauxite growth - medium to long term demand is still strong

• Iron ore and copper usage matured following rapid industrialisation in China and other emerging markets - aluminium is still in its early stages

• Demand continues to grow in key sectors including transportation, construction, power, packaging and consumer products

Bauxite mining

Alumina refining

Aluminium smelting

Consumers and

Fabrication

5t Bauxite Ore 2t Alumina 1t Aluminium

BAUXITE IS THE PRINCIPAL ORE OF ALUMINIUM

CONSTRUCTION FINANCING AND COMMENCEMENT

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• In December 2016, Alufer successfully secured a $205m financingpackage from a consortium of international investors

• US$80m Senior Debt Facility• Orion Mine Finance

• US$125m of Convertible Loan Notes and Equity• Resource Capital Funds• The Africa Finance Corporation• Orion Mine Finance

• Six Year Offtake Agreement with Orion Mine Finance• Working with Alufer to market the bauxite product

• Construction commenced in January 2017 and the project wasofficially opened by President Alpha Conde on the 3rd February 2017.

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PROJECT OVERVIEW - OPERATIONAL SUMMARY

Stage 2: Short Haul

• Material will then be transported via truck from the pits to the export facility at the coast

• Low opex, minimal re-handling, high efficiency

• Alufer have control of dedicated logistics facilities

SIMPLE LOGISTICS SET-UP: MINING - SHORT HAUL - CAUSEWAY CONVEYORS - TRANSHIPMENT

Stage 1: Mining

• DSO material will be mined from a minimum of 2 pits at a time

• Open cast, strip mining will use surface miners

• Minimises loss and dilution

• Enables ongoing rehabilitation during LOM

Stage 4: Shipping

• Transhipment handled via self-propelled barges and transhipment vessel (TSV)

• Ocean Going Vessels loaded 32 km offshore

• Optimal method for bulk export

• Significant storage capacity on TSV

Stage 3: Export Facility

• Automated materials handling set up

• Ore will be stockpiled and handled via conveyor over a 1.2km rubble causeway and loaded onto barges

• Provides access from shore to suitable water depth for 10,000 DWT barges

THE PROCESS HAS BEEN OPTIMISED FOR CAPEX, OPEX AND THE OPERATING ENVIRONMENT

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SOCIAL AND ENVIRONMENTAL

• Ongoing management plans will be in place to ensure compliance with IFC Performance Standards and meet Equator Principles

• Ongoing work includes:

o Baseline assessments

o Integrated terrestrial and marine, social and environmental impact assessments

o Social and environmental management plans

o A Stakeholder Engagement plan

o A detailed Land Access and Resettlement framework and plan

o A Critical Habitat review, including Biodiversity action and management plans

• The project was awarded the Environmental Certificate of Conformity from the Government of Guinea in June 2013 and this has been renewed annually

• Throughout the project the team will work with the community to develop local enterprise initiatives and promote local supply

ALUFER IS COMMITTED TO PROMOTING & DELIVERING SUSTAINABLE DEVELOPMENT

STAKEHOLDER ENGAGEMENT IS A CORE FOCUS

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SUSTAINABLE INITIATIVES

Education:• Building of schoolrooms and teacher accommodation

Water:

• Installation and repair of wells to ensure potable supply

Health• Building of health posts and provision of equipment• Raising awareness and education on malaria, HIV / AIDS, sanitation

Local Business

• Training, assistance and support of local enterprise (such as local car wash facility)

Livelihood

• Set up of food cropping projects to provide high value produce (eggplant, cassava, chilli) for the community and site

Rehabilitation

• Planting of seedlings and creation of nurseries for re-vegetation of the mine and camp site

Solar

• Generation of power for domestic and public lighting

A NUMBER OF COMMUNITY DEVELOPMENT PROGRAMMES ARE UNDERWAY THAT WILL HAVE LONG TERM BENEFITS

PROJECT PROGRESS: CAUSEWAY, BERTH AND EXPORT FACILITY

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PROJECT PROGRESS: QUARRY, CAMP AND HAUL ROAD

APPENDICES

STRONG STAKEHOLDER SUPPORT

• Alufer’s Mining Convention signed on 1 February 2016:o The first under the new 2013 Guinean Mining Code o The first signed by the new Mines Minister

• Fiscal concessions received to encourage investment and protect sustainability of operation

• Ratification by Parliament of the Mining Convention was completed on the 1 June 2016

• Through the Mining Convention, a tax regime has been developed to promote investment in Guinea and to deliver a fair revenue balance for all stakeholders

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• Alufer has a good working relationship with the Guinean Government

• Bel Air was declared a Project of National Interest” (PIN) in December 2014

STRONG RELATIONSHIP WITH GOVERNMENT

MINING CONVENTION

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CORPORATE STRUCTURE

Alufer Mining Limited (Registered in Guernsey)

Alufer (Base Metals)(Limited BVI Company)

Alufer Trading Limited (BVI Company)

Alufer (Guinea) Limited (BVI Company)

Alufer Management Services

(Limited UK Company)

Alufer Iron SA(Guinea Company)

Bel Air Mining SA(Guinea Company)

Alufer SA(Guinea Company)

Alufer Pita Labe SA(Guinea Company)

Government of Guinea

(through Soguipami)

100% 20%

100% 100% 100% 100%

100%100%65%

15%

LABE - SIGNIFICANT GROWTH POTENTIAL

• The Labé Project (100% Alufer) is situated in the Guinea highlands, approximately 350km north-east of Conakry

• Longer term prospect due to infrastructure requirements

• Engineering concept study completed

• Total JORC compliant resource of 2.5Bt at 43% Al2O3

• High grade resource - 583Mt @ 50% Al2O3, 3% SiO2

• Previously completed 11,130m auger drill programme on 600m and 300m grids, and 252m core drill programme (only 25% of mineralised plateaus)

• Over 13,000 samples analysed by XRF and c. 20% through bomb digest process

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DISCLAIMER

• This document has been issued by Alufer Mining Limited, a company registered in Guernsey (the “Company”) and has been issued expressly to the recipient.

• This document and any further materials supplied with it, or subsequently in connection with it and the accompanying live presentation and discussion (the “Information”) are for informational purposes only and do not constitute or form part of anyoffer or invitation to sell or issue, or any solicitation of any offer to purchase and/or subscribe for any securities and/or any investment in the Company and should not be relied on in connection with any contract or investment decision relating thereto.

• The recipient of the Information should not place any reliance on the information or opinions contained in this document or on their completeness (and in particular any forward looking statements which are inherently risky by their nature). Neither the Company or any of its directors, employees or agents gives any express or implied warranty or representation as to the accuracy or completeness of the information or opinions contained in the Materials and no liability whatsoever (except in relation to fraud) is accepted by the Company, its directors, employees or agents for any loss howsoever arising, directly orindirectly, from any use of such information or opinions or otherwise arising in connection therewith.