www.zincox.com ProA Mine 2015 1

ZincOx Resources plc

CORPORATE PRESENTATION

Using today’s technology to make yesterday’s waste into tomorrow’s resource

“ubi est squales est aere”

www.zincox.com

This document is for informational purposes only and must not be used or relied upon for the purposes of making any investment

decision or engaging in any investment activity. No reliance may be placed for any purpose whatsoever on the information contained in

this Presentation, nor on assumptions made as to its completeness. No representation or warranty, express or implied, is given by

ZincOx Resources plc or any of its advisers, directors, officers, employees or agents, as to the accuracy, fairness or completeness of

the information or opinions contained in this Presentation and no liability is accepted for any such information or opinions (which should

not be relied upon) or for any loss howsoever arising, directly or indirectly, from any use of this document or its contents or information

expressed in the Presentation. The information contained in this Presentation is subject to amendment, revision and updating in any

way without any notice or liability to any party.

Certain statements in this document relate to the future, including forward looking statements including but not limited to those with

respect to the financial position and strategy of the Company, the price of zinc, the estimation of electric arc furnace dust supply, the

timing and amount of estimated future production, costs of production, capital expenditures, costs and timing of development of new

projects, success of feasibility activities, permitting time lines, currency fluctuations, requirements for additional capital, government

regulation of operations, environmental risks, unanticipated reclamation expenses, title disputes or claims and limitations on insurance

coverage and the timing and possible outcome of pending litigation. These forward looking statements involve known and unknown

risks, uncertainties, assumptions and other important factors that could cause the actual results, performance or achievements to be

materially different from future results, performance or achievements expressed or implied by such statements. Such risks,

uncertainties, assumptions and other important factors include, among other things, general economic conditions, exchange rates,

interest rates, the regulatory environment, structural changes in the industries in which the Company operates, competitive pressures,

selling price and market demand. The forward looking statements in this document reflect views held only as of the date of this

document and the Company expressly disclaims any intention or obligation to update or revise any forward looking statements, whether

as a result of new information, future events or otherwise, except in accordance with applicable securities laws.

2 www.zincox.com

Disclaimer

ProA Mine 2015

www.zincox.com

Contents

PART 1 PHILOSOPHY, STRATEGY and STATUS

PART 2 KOREAN RECYCLING PLANT

PART 3 NEW PROJECTS, FULL CYCLE

PART 4 2015 OBJECTIVES

ProA Mine 2015 3

www.zincox.com

PART 1 PHILOSOPHY , STRATEGY AND STATUS

ProA Mine 2015 4

www.zincox.com

“Urban Resource”

• 1/3 of steel from recycling (melting) scrap in Electric Arc Furnaces (EAF)

• Steel and scrap is increasingly galvanised (zinc coating to inhibit corrosion– rusting)

• Scrap contains zinc (galvanising), lead (batteries, solder), cadmuim (batteries)

• When scrap is melted in EAFs zinc, lead, cadmium are driven off in the furnace off-gasses as

oxides together with iron oxide (rust) particles

• Oxides are filtered out of the off-gasses before they are released into the environment, these

filtrates are known as Electric Arc Furnace Dust, EAFD

• Over 6 million tonnes of EAFD generated per annum

• Zinc grade typically 22-32% (Fe = 25%)

• EAFD = major growing zinc resource (equivalent to about 10% of global zinc requirement)

• Contains lead and cadmium Hazardous

Mills have paid to dispose of it (typically $40-200/t) Waste

ProA Mine 2015 5

www.zincox.com

EAFD - ZincOx Approach

• ZincOx Strategy uses a treatment process that can recover contained metals

without a subsidy and with minimum waste

• Exceptionally strong technical team and network of engineers (ex Umicore)

• 14 years of R&D “Full Cycle” process

• Full Cycle has two parts:

1. New critical breakthrough Rotary Hearth Furnace process, splits EAFD

into exceptional zinc concentrate and iron concentrate

2. Conventional processes upgrade concentrates into final products

NO WASTE and ADDED VALUE MAXIMISED

Environmental and Economic Breakthrough

ProA Mine 2015 6

www.zincox.com

Corporate Status

• AIM quoted international recycling company

• 166m shares in issue (mkt. cap. circa £27 million)

• Proven management team

– Building, financing and running public companies

– Considerable technical experience

• Personnel

- Headquarters - UK (6)

- Technical team - Belgium (6+)

- Production - Korea (63)

• Shareholders:

– 40% institutional

– Teck Resources

– International Finance Corporation (private sector division of the World Bank)

ProA Mine 2015 7

www.zincox.com

PART 2 KOREAN RECYCLING PLANT

ProA Mine 2015 8

www.zincox.com

KRP Schematic Process Flowsheet

ProA Mine 2015 9

27% zinc

Coal Binder

63% zinc 46% iron

EAFD

Rotary Hearth FurnaceHigh Purity Iron

200,000

KOREAN RECYCLING PLANT

Zinc Concentrate Briquettes

76,819 106,489

RHF

see film on homepage www.zincox.com

www.zincox.com

Korean Recycling Plant (“KRP”)

• One of the world’s largest zinc recycling plants

• Owned 100% by ZincOx

• ZincOx investment $75mil.

• Korea Zinc Debt ($56mil. interest rate 6.2%)

• Long term feed supply contracts (2022)

• Long term zinc concentrate offtake contract with Korea Zinc (approx. 2027)

• First production April 2012

• All zinc concentrate quality is exceptional (Fe < 0,03%, halides washable < 300ppm)

• Ramp-up to full production much slower than expected due to failure of peripheral equipment

• Problems resolved

• Underlying operation at about 90% of target performance and rising

• Positive EBITDA

• Process enhancements planned

ProA Mine 2015 10

www.zincox.com

KRP – Underlying performance

• Plant performance depends on two key parameters:

– Physical performance – Throughput, how much feed is being treated

– Process performance – Recovery, how much zinc is recovered from the feed

• Zinc production depends on plant performance and in addition

– Zinc grade of feed, how much zinc is entering the process (this is outside ZincOx’s control)

• These parameters are presented graphically on a weekly basis in the following slides from

January 2013, excluding the weeks affected by major stoppages.

ProA Mine 2015 11

www.zincox.com

KRP – Weekly Plant Performance, 2013- Present

ProA Mine 2015 12

0

0.2

0.4

0.6

0.8

1

1.2

Jan-13 Apr-13 Jul-13 Oct-13 Jan-14 Apr-14 Jul-14 Oct-14 Jan-15 Apr-15

Throughput as % of target (4,070t/week)

Throughput

Lack of EAFD due to holiday period for steel mills

Lack of EAFD being addressed by additional supply contracts Nominal capacity

demonstrated

www.zincox.com

KRP – Weekly Plant Performance, 2013- Present

ProA Mine 2015 13

www.zincox.com

KRP – Weekly Plant Performance, 2013- Present

ProA Mine 2015 14

www.zincox.com

KRP – Revenue 2012-2014

ProA Mine 2015 15

-

5

10

15

20

25

30

35

40

2012 2013 2014

US$

Mill

ion

s

www.zincox.com

KRP – EBITDA (US$), 2013 - Q1/2015

ProA Mine 2015 16

-6,000,000

-5,000,000

-4,000,000

-3,000,000

-2,000,000

-1,000,000

0

1,000,000

2,000,000

3,000,000

4,000,000

H1 2013 H2 2013 H1 2014 H2 2014 Q1 2015

Q1 2015

H1

April 2015

May 2015

www.zincox.com

KRP – Enhancements

Optimisation (EAFD = 180,000tpa)

• Continuing improvement of combustion management inside the RHF

• Cost: nil

• Benefit: To reach target recovery and monthly throughput by September 2015

De-Bottlenecking (EAFD = 200,000tpa)

• Removal of heat exchangers

• Cost: <US$3 million.

• Benefit: To attain full annual nameplate capacity, and avoid cost of HX repairs and reduce

operating costs, annual benefit of >US$6 million per annum

Iron Concentrate Upgrading Potential (EAFD = 200,000tpa + SAF)

• Direct sales, commercial trials planned

• Investigation of dedicated iron melter on site (SAF)

• Development Cost: US$25 million.

• Benefit: Pig iron and slag sales, could enhance cash flow by about US$10 million

(Scrap=$350/t)

Zinc Concentrate Upgrading

• Not currently possible due to offtake contract with Korea Zinc

ProA Mine 2015 17

www.zincox.com

PART 3 NEW PROJECTS “FULL CYCLE”

ProA Mine 2015 18

www.zincox.com

Korean Recycling Plant

ProA Mine 2015 19

27% zinc

Coal Binder

63% zinc 46% iron

EAFD

Rotary Hearth FurnaceHigh Purity Iron

200,000

KOREAN RECYCLING PLANT

Zinc Concentrate Briquettes

76,819 106,489

RHF

www.zincox.com

Full Cycle projects

ProA Mine 2015 20

26% zinc

Coal Binder

63% zinc 46% iron

Consecutive Metal Leaching Submerged Arc Furnace

Brine Slag

15,213

EAFD100000

Rotary Hearth FurnaceHigh Purity Iron

Zinc Oxide 26,993

30,853

Zinc Concentrate Briquettes

39,206 50,897

Industrial Pig Iron

FULL CYCLE

RHF

SAF

CML

www.zincox.com

Full cycle projects

ProA Mine 2015 21

www.zincox.com

Zinc Oxide Industrial Chemical

• Minimum specification >97% ZnO

• ZincOx product >99.7% ZnO

• Market is about 1,200,000 tpa

• Targeting Ceramics and Rubber (70% of market)

• The premium to the value of the zinc contained

depends on the nature of impurities

• Suitability for Ceramic and Rubber applications

has been independently verified

ProA Mine 2015 22

Tyres and rubber 47%

Ceramics 23%

Chemical 15%

Agriculture 6%

Paints 5%

Other 4%

• Rubber quality mostly produced from new zinc metal

Cost of metal + physical premium + transport + boiling (>900OC) + filtration + bagging

Sold at price in excess of value of the metal contained (about twice that of zinc concentrate)

Potential to double revenue at only about 30% additional operation cost

www.zincox.com

Illustrative EBITDA Growth Potential (US$ millions)

ProA Mine 2015 23

0

100

200

300

400

500

600

700

800

0

20

40

60

80

100

120

140

160

180

2015 2016 2017 2018 2019 2020 2021 2022

Cumulative value(USDm)

Value (USDm)

EBITDA and CAPEX (yearly and cumulative)

Capex

EBITDA

Cum Capex

Cum EBITDA

Ambitious roll-out strategy (KRP plus 3 x 100,000tpa Full Cycle plants)

Typical Full Cycle plant: Capacity:100,000 tpa EAFD, capital cost: $115mm,

EBITDA: $38mm, IRR >25%

www.zincox.com

Thai Recycling Project (“TRP”)

• Thailand is well known to ZincOx, Regional HQ for ZincOx, established presence (2006)

• Good relationship with mills and government officials

• No recycling companies in the country

• EAFD grade rising (>27%)

• Effluent disposal permission demonstrated

• EAFD importation possible

• New government very supportive of Inward Investment

• Site negotiated

• Positive discussions with mills underway

• MOU for supply signed with three largest steel companies

ProA Mine 2015 24

www.zincox.com

Plant Site

• Rayong Eco Park

• Owned by national petroleum products refining company, IRPC

• 6 hectare site

• Utilities available at fence

• 3km from coast

• Container and bulk handling ports

ProA Mine 2015 25

www.zincox.com

TRP Site

ProA Mine 2015 26

TRP ZincOx site

Capacity: 100,000tpa EAFD Capital cost: $115mm EBITDA: $38mm IRR: >25%

www.zincox.com

PART 4 2015 Objectives

ProA Mine 2015 27

www.zincox.com

2015 Objectives

KRP

Arrange EAFD imports

Optimize process

Replace heat exchangers

New Projects

Pilot CML (Europe)

Commercial trial of SAF (Korea)

Basic Engineering

TRP

Start bankable feasibility study

Other

Advance: Vietnam, Japan, etc

ProA Mine 2015 28