DevelopingAustralia’sLargestOnshoreManganeseResource

ProducingHighPurityManganeseforLi-IonBatteries.

MONTEZUMAMININGCOMPANYLTD2017AGM

LARGEMANGANESERESOURCE HIGHPURITYMANGANESEPRODUCTSINNOVATIVEPROCESSING

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ThispresentationcontainsonlyabriefoverviewofMontezumaMiningCompanyLtdanditsassociatedentities(“Montezuma")andtheirrespectiveactivitiesandoperations.Thecontentsofthispresentation,includingmattersrelatingtothegeologyofMontezuma’sprojects,mayrelyonvariousassumptionsandsubjectiveinterpretationswhichitisnotpossibletodetailinthispresentationandwhichhavenotbeensubjecttoanyindependentverification.

Thispresentationcontainsanumberofforward-lookingstatements.Knownandunknownrisksanduncertainties,andfactorsoutsideofMontezuma’scontrol,maycausetheactualresults,performanceandachievementsofMontezumatodiffermateriallyfromthoseexpressedorimpliedinthispresentation.

Tothemaximumextentpermittedbylaw,Montezumadoesnotwarranttheaccuracy,currencyorcompletenessoftheinformationinthispresentation,northefutureperformanceofMontezuma,andwillnotberesponsibleforanylossordamagearisingfromtheuseoftheinformation.

Theinformationcontainedinthispresentationisnotasubstitutefordetailedinvestigationoranalysisofanyparticularissue.CurrentandpotentialinvestorsandshareholdersshouldseekindependentadvicebeforemakinganyinvestmentdecisioninregardtoMontezumaoritsactivities.

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TightCapitalStructureStrongBalanceSheet

CORPORATEOVERVIEW

FinancialInformationASXTicker MZM

SharesonIssue 83.5M

SharePrice $0.27

MarketCapitalisation $22.6M

Cash&Investments(30Sept17) ~12M

Debt Nil

EnterpriseValue ~$10.6M

Top20Shareholders ~67%

Board andManagementSeamusCornelius Chairman

JustinBrown Executive Director

JohnRibbons Non ExecutiveDirector

DaveO’Neill ExplorationManager

SharePricePerformance

MajorShareholdersTop20Shareholders 67%

BoardandManagement 8.2%

JPMorganNomineesAustralia 11.4%

Duketon MiningLtd 6.5%

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1Source:UBS Global Research May 2017

StrongLi-IonmarketgrowthwilldrivedemandforTechMetals1,2

2Avicenne Energy Analysis 2014 et al as indicated. Avicenneestimates include China Auto Upside case

§ Over15Melectricvehiclesforecastby2025.§ NonEVLi-Ionbatterydemandtoalsogrowstronglyincluding;

§ GridStorage§ CellularPhones§ Powertools,EBikes,medicalapplicationsetc

§ ChinapushingforZeroEmissionVehicle(ZEV)program:8%EVby2018,12%by2020.§ ForecastCAGRof6.1%to2021.§ Alotmorehighpuritymanganeseisneededforthistohappen.

GrowthinBatterySales(GWh)2

TECHMETALSUPERCYCLE

GrowthinBatteryEV’s

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Manganeseispartofabatterypoweredfuturen 3MhasitsownpatentedNMC,basedonworkdoneat

DalhousieUniversity.

n LGChemmakes NMC batteriesusedinthe ChevyVoltandNissanLeaf.

n GeneralElectricusesthe Li-MnO2 systemasitoffersthebestbalanceofsafetyandperformance.

n BMWi3alsouseNMCbatteries.

n Teslasigned5-yearexclusivepartnershipwithDr.JeffDahn,aprominentNMCbatteryresearcher.

“M” is for Manganese

TECHMETALSUPERCYCLE

https://media.gm.com/content/dam/Media/microsites/product/Volt_2016/doc/VOLT_BATTERY.pdfhttp://batteryuniversity.com/learn/article/electric_vehicle_evhttp://fortune.com/2015/06/17/meet-teslas-new-weapon-a-battery-scientist/

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Manganeseandnextgenerationbatteries

n Cost,performanceandsafetyarekeyfactorsbatterytechnologies.

n Manganeseisimportantforlowcost,highperformance,saferbatteries.

n Manynext-generationmanganesebatteriesaresaferandperformbetter.

TECHMETALSUPERCYCLE

*https://www.nature.com/articles/s41467-017-00467-x**https://www.sciencedaily.com/releases/2017/07/170706143156.htm

“Asaresultofthesuperiorbatteryperformance,thehighsafetyofaqueouselectrolyte,thefacilecellassemblyandthecostbenefitofthesourcematerials,thiszinc-manganesedioxidesystem isbelievedtobepromisingforlarge-scaleenergystorageapplications.”1 September 2017*

“anovelmanganeseandsodium-ion-basedmaterialmightbecomeacontender,offeringapotentiallylower-cost,moreecofriendlyoptiontofuelnext-generationdevicesandelectriccars.”6 July 2017**F

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High purity manganese makes up;

§ 10% of the global manganese market by volume but;

§ 40% of the global market by value.

MANGANESEMARKET – HIGHPURITYISHIGHVALUE

Apremium product

ManganeseOre17,000,000 tpa

HighPurityManganese1,800,000 tpa

ManganeseOre$5,491,000,000pa

HighPurityManganese$3,600,000,000pa

1UBS Global Research May 2017Assumes EMM price of USD$2,000/t Ref: https://www.metalbulletin.com/My-price-book.html?price=34473Assumes manganese price of USD$3.23/dmtu Ref:https://www.south32.net/docs/default-source/all-financial-results/reports-and-presentations/mamatwan-site-tour-2016.pdf

At100%electriccarpenetration,marketforecasttogrowby240%1,equivalentto+$5B

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§ Australia’slargestonshoremanganesedeposit.

§ >180Mtofmanganeseore1.

§ Excellentlocalinfrastructure.

§ Movingtowardsdevelopment.

§ 100%ownedbyMontezuma.

§ Lowriskminingjurisdiction.

BUTCHERBIRD MANGANESE

DEPOSIT

1Reference: Montezuma Mining Company Ltd ASX release dated 12 October 2017

BUTCHERBIRDMANGANESEPROJECTF

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§ InferredResourceEstimatescompletedforeightdeposits.§ Significantupsidepotentialtoincreasetheresourcewithfurtherdrilling.§ Scaleofdevelopmentnotresourceconstrained.

Reference: Montezuma Mining Company Ltd ASX release dated 12 October 2017

WorldClassManganeseResource

BUTCHERBIRDMANGANESEDEPOSIT

Prospect Tonnes (Mt) Mn (%) SiO2 (%) Fe (%) P2O5 (%) Al2O3 (%)

Yanneri Ridge

Inferred 48.0 10.7 43.0 11.1 0.262 10.7

Indicated 22.5 12.0 43.8 11.6 0.297 10.6Additional DepositsInferred 110.3 10.6 44.4 11.9 0.3 11.0

Total 180.8 10.8 43.9 11.7 0.3 10.9

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Note: All intersections are approximately true width

SimpleGeology/Favourable Infrastructure

Manganese orebody• Starts at surface• Low strip ratio• Low cost mining

Orestartsatsurface;

§ lowstripratio

§ lowminingcost

Gaspipeline;

§ lowenergycost

Straddlesbitumenhighway;

§ lowinfrastructurecost

PortHeadland550kmnorth;

§ logisticssolutioninplace

BUTCHERBIRDMANGANESEDEPOSITF

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BreakthroughTechnology

§ CSIROflowsheetwillproducehighpuritybatterygrademanganese.

§ ProductsincludeElectrolyticManganeseDioxide(“EMD”),Metal(“EMM”),andmanganesesulphate (batteriesandfertiliser).

§ Highpuritymanganeseisahighvalueproductwhichsellsfor>USD$2,000/dmt*(EMM).

LOWCOSTPLANTFEEDFROM100%OWNEDMANGANESERESOURCE

INNOVATIVE,NOVELPROCESSTOPURIFYOREANDADDVALUE

HIGHPURITYPRODUCTSFORLi-IonBATTERIES,HIGHVALUE:>US$2000/t*

*https://www.metalbulletin.com/My-price-book.html?price=34473

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Keydifferentiators

§ Lowercostoreminedatsurface

§ Fastleachatambienttemperatureand

atmosphericpressure.

§ Exothermicreactionproducesenergy.

§ Nosulphuric acidplant.

§ Simple,novelpurificationpathway.

§ PurifiedsolutioncanproduceEMM,EMD

ormanganesesulfateforLi-Ionbatteries.

BUTCHERBIRDMANGANESEDEPOSIT

§ Requireshighgradeimported

manganeseore.

§ ReductionRoastingto800-1000ºC

consumesenergy.

§ Sulphuric acidleach.

§ Potentiallymorecomplexpurification.

§ Productionoffinalproductsusing

toxicselenium.

ButcherbirdProject* CurrentProducers(China/SouthAfrica)

Loweremissions,lowerenergy,lowercostdisruptivenewtechnology

Highemission,highenergy,highcost,oldtechnology

*Reference: Montezuma Mining Company Ltd ASX releases dated 31 July 2017 and 22 November 2017

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InvestmentCaseSummaryn Worldclass,verylargemanganesedeposit.

n Technologybreakthroughonprocessing.

n Simplegeologyandflowsheet.

n Lowproductioncostsanticipated.

n Strongdemandgrowthfrombatteryrevolution.

n Commercialstudiesunderway.

n Strongbalancesheet,tightcapitalstructure.

n TheonlyASXlistedexposuretothissector.

LARGERESOURCE

HIGHPURITYPRODUCTS

INNOVATIVEPROCESSING

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Note:TheinformationinthispresentationthatrelatestoExplorationResults,andMineralResourcesisbasedoninformationcompiledbyMr JustinBrownwhoisafull-timeemployeeoftheCompanyandisamemberoftheAustralasianInstituteofMiningandMetallurgy.

JustinBrownhassufficientexperiencewhichisrelevanttothestyleofmineralisation andtypeofdepositunderconsiderationandtotheactivitywhichheisundertakingtoqualifyasaCompetentPersonasdefinedinthe2012Editionofthe‘AustralasianCodeforReportingofExplorationResults,MineralResourcesandOreReserves’.JustinBrownconsentstotheinclusioninthereportofthemattersbasedonhisinformationintheformandcontextinwhichitappears.

Pleasenotewithregardtoexplorationtargets,thepotentialquantityandgradeisconceptualinnature,thattherehasbeeninsufficientexplorationtodefineaMineralResourceandthatitisuncertainiffurtherexplorationwillresultinthedeterminationofaMineralResource.

TheinformationinthisreportthatrelatestoMineralResourcesisbasedoninformationcompiledbyMrMarkGlassockwhoisamemberoftheAustralasianInstituteofMiningandMetallurgy.AtthetimethattheMineralResourceswerecompiled,MrGlassockwasa consultanttoMontezumaMiningCompanyLtd.MrGlassockisageologistandhassufficientexperiencewhichisrelevanttothestyleofmineralisation andtypeofdepositunderconsiderationandtotheactivitywhichheisundertakingtoqualifyasaCompetentPersonasdefinedinthe2012editionofthe‘AustralasianCodeforReportingofExplorationResults,MineralResourcesandOreReserves’.MrGlassockconsentstotheinclusionofthisinformationintheformandcontextinwhichitappearsinthisreport

COMPETENTPERSON’SSTATEMENTF

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