#1Sipa Resources Limited Investor Update August 2020 1#2DISCLAIMER This presentation has been prepared by Sipa Resources Limited (Sipa). Summary of information: This presentation contains general and background information about Sipa's activities current as at the date of the presentation and should not be considered to be comprehensive or to comprise all the information that an investor should consider when making an investment decision. The information is provided in summary form, has not been independently verified, and should not be considered to be comprehensive or complete. It should be read solely in conjunction with the oral briefing provided by Sipa and all other documents provided to you by Sipa. Sipa is not responsible for providing updated information and assumes no responsibility to do so. 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Any failure to comply with such restrictions may constitute a violation of applicable securities laws.#3KEY PROJECTS Project portfolio refocused on large gold and base metals opportunities in Western Australia • . Upcoming news flow in current quarter: - ― Wolfe Basin geophysics and drilling Warralong detailed airmag. and targeting Strong cash and equities position from recent royalties sale WOLFE BASIN (Cu, Pb, Zn) Sediment hosted base metals plus Ni and Au prospectivity BARBWIRE TERRACE (Zn) Exposure to new MVT province PATERSON NORTH (Cu/Au) $12+M Farm In and Joint Venture with Rio Tinto WARRALONG (Au) Major structure undercover Parallel to known deposits WALLAL (Cu/Au) Faulted margin of Paterson Province SKELETON ROCKS (Au, Ni/Cu) Untested greenstone belts along major gravity ridge and structures#4CORPORATE SNAPSHOT Capital Structure (6/08/2020) Shareholders (6/08/2020) Shares 142M Rodiv NSW P/L Pension Fund 17.6% Unlisted Options 3.8M JM Financial 6.4% Share Price A$0.095 Moggs Creek Pty Ltd 2.6% Market Cap A$13.5M G Dunhill 2.2% Cash and equities (30/6/2020) A$3.6M Top 20 42% $0.12 $0.10- $0.08 $0.06- $0.04 $0.02- 30 Sep 2019 31 Dec 2019 31 Mar 2020 30 Jun 2020 Board Tim Kennedy Pip Darvall Karen Field Craig McGown John Forwood Non-Executive Chair Managing Director Non Executive Director Non Executive Director Non Executive Director#5BACKGROUND Enduring greenfields mineral explorer...... Consistent generator of gold and base-metals projects with the potential to become 'Tier 1' deposits and attract funding from majors • Project pipeline renewed over the last 12 months and constantly under review • • ...with a track record of discovery and attracting high quality partners • • . Achieved first-mover positions in key mineral provinces - Paterson copper-gold project scale now in Joint Venture with Rio Tinto Ugandan nickel-copper discovery at Akelikongo Royalty portfolio from discovery successes recently monetised ....based on technical expertise. Strong internal technical capability supports global project generation and exploration activity as operator on second JV with Rio Tinto Experienced operator in diverse terrains Constantly building proprietary IP and internal capability, and leveraging co-funding opportunities#6. • • • • • INVESTMENT OPPORTUNITY Leveraged to exploration success Multiple projects, multiple discovery opportunities across gold and base metals in Western Australia Strategic holding in the Paterson region with next phase of exploration funded by Rio Tinto Low enterprise value – does not yet reflect value of new project pipeline Business review completed $2.25M sale of royalties to support exploration activity without diluting shareholders Systematic early stage testing of projects to cost effectively add value and bring to a decision point, with further work either internally funded or via JV's where appropriate Re-alignment of project portfolio has resulted in several tenements relinquished and new gold projects secured at Warralong (Pilbara) and Skeleton Rocks (Southern Cross). New opportunities constantly being reviewed 6#7Warralong Gold Project • • >1000km² in the Pilbara region of Western Australia Covering 50km of the Lalla Rookh Shear Zone (LRSZ) and splays under shallow cover Intrusion-hosted gold targets similar to recent discoveries on the parallel Tabba Tabba Shear Zone to the north Almost completely untested by previous exploration 118°0'E Indee (Au) 21°0'S 3 118°0'E Port Hedland Hemi (Au) Tabba Tabba Shear Zone Tabba Tabba (Li-Ta) GREAT Mt Dove (Fe) 119°0'E 119°0'E NORTHERN HIGHWAY Sipa tenements Lalla Rookh Shear Zone 50 km 7 21°0'S#8119°30' 119°45' 10 km N ■Mount Goldsworthy --20°30° Lalla Rookh Shear Zone Warralong Gold Project • • • LRSZ a major structure parallel to the Tabba Tabba Shear Zone (TTSZ) TTSZ hosts several mineral deposits, but LRSZ underexplored due to shallow cover, including for the intrusives hosting gold mineralisation recently discovered by DeGrey Reprocessed airmag. shows several target areas for follow up Various sampling techniques being trialled to 'see through' cover while awaiting grant of tenements 20°45' • Detailed airmag. survey planned to commence in September E45/5712 E45/5675 E45/5674 E45/5740 E45/5687 Sipa tenements 119°30' 119°45' -20°30' Location 00#9Wolfe Basin • • • • . 780km² of unexplored ground in the Kimberley with no previous drilling Sediment hosted base-metal and intrusive-hosted nickel targets Two outcropping gossans and extensive soil anomaly identified in first pass soil sampling on target horizon Infill and extensional soil sampling now complete with assays pending IP survey next to finalise drill targets EIS supported drilling to come once approvals are complete 190 E80/5491 E80/5344 -127° 30' Remus soil anomaly Romulus gossan Lupa gossan Target Horizon Prospective for sediment hosted base metals 20 kilometres#10Skeleton Rocks • • • Four tenement applications with a combined area of more than 800 km² immediately west of the Southern Cross greenstone belt in the goldfields region of Western Australia. Covers several exposed and shallowly covered greenstone belts, with limited to no drill testing Prospective for orogenic gold and nickel- copper-PGE deposits in outcropping and interpreted ultramafic and mafic intrusives Edna May Sipa tenements Major deposit Other gold deposit Greenstone Major structure 30 km MGA Zone 50 119° SOUTHERN CROSS Highway Marvel Loch Location Yilgarn Star 10 Bounty -32°#11• • • Paterson North JV Rio-Tinto (Rio) $12M+ Farm In and JV: • . ● $6M to earn 55% (minimum $3M and 4000m drilling before withdrawal) Additional $6M to earn 70% Rio to sole fund to JORC resource >$1B or complete 'Order of Magnitude Study' to earn 80% Rio to subscribe to $250K placement in Sipa shares at $0.10 Project to benefit from Rio's expertise and funding to accelerate exploration activities Sipa managing next phase on behalf of Rio --20° Indian Ocean Great Highway Northern SANDFIRE Sipa-Rio Farm In IGO Antipa JV IGO MetalsX JV Rio Rio - Antipa JV Rio - Alloy JV Rio Carawine JV Newcrest Newcrest Antipa JV 50kms Winu⚫ • Nifty -122° 122°- Location -20° Sipa Resources 100% Sipa - Ming JV -OBELISK Telfer. www -Calibre Magnum ⚫ Minyari Hill -21°- Black Hills Havieron • O'Callaghans 11#12• • Barbwire Terrace Tenure covers unexplored margin of the Fitzroy Trough, Western Australia MVT Pb-Zn targets along the Fenton Fault in analogous Great Broome • • Wagon Pass Narlarla Lennard Shelf Northern Highway Fitzroy Trough Jurgurra Terrace position to known Lennard Shelf deposits Scale potential similar to huge Admiral Bay deposit, but at a third the depth Proof of concept with up to 2% Zn in pXRF (spot) on historic drillcore Broome Platform Admiral Bay Zn Pb depositional site Legend Zn Pb deposit Mineral occurrence Fitzroy Trough Deep Sediments Devonian Carbonate outcropping Lennard Shelf Devonian Carbonate shelf 80-500m cover Kimberley Block \\\\ Internal fault Basin margin fault 125°- BARBWIRE TERRACE PROJECT LOCATION Kimberley Block WESTERN AUSTRALIA -189 Fossil Downs Fitzroy Crossing Pillara Fluids & metals transported from sub-basin and possible deposition locations along basin fault margins 80 kilometres Goongewa Cadjebut Kapok Pinnacle Fault Target position for MVT deposits Fenton Fault Barbwire Terrace 12#13• . • • Uganda 100km long, belt scale land holding with multiple prospective ultramafic intrusions Ni-Cu sulphide discovery at Akelikongo continues to grow with similarities to major global deposits such as Nova Rare, high value prize warrants ongoing work Currently being marketed to potential JV partners to fund future work DRC South Sudan Gulu Kitgum • Lira UGANDA NE Congo Craton O KAMPALA Kenya Tanzania 13#14Leveraged to Exploration Success Multiple projects and gold and base-metals discovery opportunities in Australia Current exploration programs at: Warralong airborne magnetics survey commencing in September to support targeting and drilling as tenements are granted Wolfe Basin approvals and geophysical survey followed by drilling in current quarter Paterson North program to be finalised with Rio Tinto Contact Us: www.sipa.com.au [email protected] +61 8 9388 1551 14