#1INVESTOR PRESENTATION March 2019 BRYAH RESOURCES LIMITED#2Bryah Resources Limited A Western Australian mineral exploration company established with the purpose of exploring for and developing manganese and copper-gold resources located in its two projects areas in the Bryah Basin and at Gabanintha in the Meekatharra region of WA. Listed on ASX in October 2017.#3Corporate Strategy Bryah Resources aims to advance from explorer to successful producer in the near term. We will achieve our strategy by: Timely development of manganese mining operations in the Bryah Basin to capitalise on the strong global demand for manganese Undertaking exploration for copper-gold deposits in the Bryah Basin. This region also hosts world class copper-gold mines such as DeGrussa, Monty, and Horseshoe Lights.#4Our Projects -20° 110° 115° 125° 130° Port Hedland Darwin- Indian Ocean WA NT QLD AUSTRALIA Brisbane Newman SA -Perth BRYAH BASIN PROJECT Adelaide NSW Sydney VIC- ⚫ Melbourne Carnarvon 25° TAS Hobart 30° 35° Geraldton 500 kilometres Meekatharra Wiluna Mt Magnet GABANINTHA PROJECT PERTH Norseman Bunbury Western Australia Laverton Leonora S.A. KALGOORLIE Eucla Esperance Albany BRYAH RESOURCES LIMITED PROJECT LOCATION MAP#5Bryah Basin - Manganese#6Bryah Basin Project OSD E52/3349 Labouchere 640 000mE Mount Labouchere (Mn) HORSESHOE LIGHTS Production: 54,800t Cu 313,000oz Au Ashburton 660 000mE "Meekatharra 680 000mE Gold mine/historical mine site Historical copper/ gold mine Copper/gold prospect Operating Mn mine Mineral Resource: 128,600 Cu 36,000oz Au PERTH *12.85Mt @ 1.0% Cu, 0.1g/t Au Nathans Starlight Fortnum E52/3508 Yarlarweelor Big Billy Black Caviar (Mn) Brumby Creek E52/3237 E52/1860 (Mn) Wodger Forrest E52/ M52/806 Black Hill 3240 (Mn) Wilthorpe Mt Padbury E52/3453 E52/3238 E52/ Horseshoe Flats Horseshoe-Cassidy E52/1860 1 M52/1068 E52/1557 Mudderwearie (Mn) BANGEMALL GROUP Bangemall Group (Collier and Edmund) Bangemall Group (Collier and Edmund) (over Archaean) Bangemall Group (Collier and Edmund) (thin) Millidie Creek Formation acquire 品 Historical Mn mine site Mn prospect Bryah Resources Tenement Boundary Robinson Range Formation PADBURY BASIN Wilthorpe Formation Labouchere Formation Under option to Mn Rights Horseshoe Formation 7 200 000mN- BRYAH BASIN Ravelstone Formation Narracoota Formation Horseshoe North (Mn) PEAK HILL METAMORPHIC SUITE Peak Hill Schist (possible meta-Narracoota Formation) Peak Hill Schist (meta-Yerrida Group and Karalundi Formation) Peak Hill Schist (reworked Archaean granite-gneiss) Marymia Granite Gneiss Horseshoe South ARCHAEAN 3454 Despair Granite (Mn) Narrier Granite Gneiss P52/ 1527 Ex. E52/3236 Peak Hill Three 7180 000mN- Windalah (Au/Cu) E52/3401 10 kilometres Devils Hill (Mn) Jubilee Peak Hill Harmony Mt Pleasant Elsa Mary 7 160 000mN- BRYAH RESOURCES LIMITED BRYAH BASIN TENEMENTS AND GEOLOGY *Source: Horseshoe Metals ASX announcement 5 June 2013#77,184,200 mN 7.184,300 mN 7,184,400 mN 7,184,500 mN 7,184,600 mN 7,184,700 mN Horseshoe South Manganese Mine ~1Mt of Manganese ore produced from 1948 - 1969 and 2008 - 2011. 656,000 mE M52/806 656,100 mE 656,200 mE 656,300 mE 656,400 mE 656,500 mE 656,600 ME 656,700 ME 656,800 ME 656,900 mE Indicated Mineral Resource 437,000t @ 19.6% Mn 10% Mn Cut-Off Grade Source WAMEX Report A93155 (2012) Horseshoe South Extended Open Pit ting 2019 Microsoft Corporation 2019 DigitalGlob Option Tenement Bryah Drill Target Area A Auvex Resource Drilling Outcropping Manganese Manganese Rock Chips >50% 40%-50% 30%-40% 20%-30% <20% 7,184,300 mN 7.184,200 m BYH secured 1 year option to purchase M52/806 (3km²) over historic Horseshoe South Mine and the Mn Rights over neighbouring ground covering 154 km². Granted mining lease means faster pathway to re-commence mining operations. Indicated Mineral Resource of 437,000t @ 19.6% Mn defined in 2012 adjacent to M52/806 southern boundary. Untested on north side of the boundary on M52/806. Drilling planned to test outcropping areas and extensions of the neighbouring resource located on M52/806. 656,000 mE 656,100 ME 656,200 mE 656,300 ME 656,400 ME 656,500 ME 656,600 mE 656,700 ME 656,800 mE 656.900 mE#8Brumby Creek Considered to be the best target area outside of the Horseshoe South Manganese Mine Includes large area of outcropping manganese which occurs at the northern end of a 2 kilometre strike length of manganese outcrops and covers an area over 100 metres wide and 250 metres long. Rock-chip samples graded between 32% and 54% Mn. Not previous drilling recorded. Aim is to drill test outcrop and down slope valley fill targets.#9Mudderwearie/Devils Hill Shallow historical production. at Mudderwearie in two open pits. Devils Hill has extensive outcropping manganese over 3.7 hectares. Rock-chip samples graded up to 50% Mn. • Limited previous drilling. Aim is to drill test outcrop targets.#102019 Manganese Plan Drilling to test target areas Complete Mineral Resource Estimates Undertake metallurgical testwork Evaluate mining options • Secure mining leases and approvals to mine#11Windalah Gold Discovery Mount Labouchere E52/3349 Labouchere 640 000mE BRYAH RESOURCES LIMITED 660 000mE HORSESHOE LIGHTS Production: 54,800t Cu 313,000oz Au Mineral Resource: 128,600t Cu 36,000oz Au *12.85Mt 1.0% Cu, 0.1g/t Au Nathans Starlight Fortnum Yarlarweelor E52/3508 Big Billy Black Cavier E52/3453 E5213238 E52/3237 Horseshoe Brumby Creek South Wodger Black Hill E52/1860 Forrest E521 M521806 Horseshoe Flats Horseshoe-Cassidy Wilthorpe E52/1860 M52/1068 E52/1557 E52/3236 L 680 000mE Meekatharra PERTH D 7 200 000mN- WINDALAH 7 180 000mN- E52/3401 WONGAWAR Mt Padbury Elsa Mary Mudderwearie Devils Hill Peak Hill Harmony Jubilee Mt Pleasant 7 160 000mN- Bangemall Group (Collier and Edmund) BANGEMALL GROUP Bangemall Group (Collier and Edmund) (over Archaean) ARCHAEAN Bangemall Group (Collier and Edmund) (thin) Marymia Granite Gneiss Despair Granite Namier Granite Gneiss Millidie Creek Formation PADBURY Robinson Range Formation BASIN Withorpe Formation Labouchere Formation Horseshoe Formation BRYAH Ravelstone Formation BASIN METAMORPHIC PEAK HILL SUITE Naracoota Formation Peak Hill Schist (possible meta-Narracoota Formation) Peak Hill Schist (meta-Yerrida Group and Karalundi Formation) Peak Hill Schist (reworked Archaean granite-gneiss) Gold mine/historical mine site Historical copper/ gold mine Copper/gold prospect Operating Mn mine Historical Mn mine site Mn prospect HSL mine sequence Bryah Resources Tenement Boundary Option to acquire Mn Rights BRYAH RESOURCES LIMITED BRYAH BASIN TENEMENTS AND GEOLOGY *Source: Horseshoe Metals ASX announcement 5 June 2013 10 kilometres#12Sulphide alteration (drilling/outcrop) Dolerite sill Ravelstone Formation Transitional unit. Mixed volcanic-sedimentary Narracoota Formation Upper mafic Silica-hematite chert Bedding S₁ foliation So/Si intersection lineation (approx. F₁ fold plunge) Mafic/ultramafic -fold plunge 8 70 Horseshoe ? Drill hole with depth metres Drill hole cased for DHEM Afmeco P/L 24 (1988-89 prefix 260A) RAB. 11 11 11 11 IN 11 11 "I II 11 11 11 11 ות 11 Π 11 Section B-B II " II II silic. = BBRC013 (324m). " IT N ? 11 11 11 11 "I 11 11 11 Tr II II II 11 || 11 11 11 11 11 11 11 11 "I 11 11 11 11 IL 11 7181 000mN "1 "I 11 11 Η 11 11 "I II 11 11 "I "1 11 " " " "I 11 "I 11 "1 11 IT 11 32 30 silic. E52/3236 E52/3454 27 28 29 64 76 11 II silic. 7180 750mN 52 52 33 18 75 19 20 21 73 22 16 Windalah Prospect Mineralisation appears to be in the right stratigraphy - within the "Horseshoe Lights Mine Sequence", potentially part of a VMS system. Geological similarities with Horseshoe Lights mine located 13 km north, which produced 1.6Mt @ 4.2 g/t Au (216,000 oz Au) before mining the deeper high-grade copper-gold mineralisation. Gold mineralisation at Windalah is open along strike in both directions and also up and down dip. Previous shallow drilling in 1980's did not go deep enough to intersect high-grade intervals recorded by Bryah. BBRC017 (204m) BBRC018 (210m) BBRC046 (168m) 4m (64-68)@0.64g/t Au BBRC019 (211m) 2m (28-30m)@1.48g/t Au 1m (76-77m) @ 1.51g/t Au 5m (79-84m) @6.62g/t Au BBRC020 (192m) 2m (78-80m) @3.39g/t Au 4m (134-138m) @2.72q/t Au 3m (145-148m) @6.69g/t Au 1m (156-157m)@2.49g/t Au 68 69 50 57 51 53 WINDALAH PROSPECT SOLID GEOLOGY AND DRILL HOLE LOCATION PLAN November 2018 Lights 65 40 42 37 A Mine OPEN Sequence 55 74 BRYAH RESOURCES LIMITED 150 metres 665 500mE 666 750mE 23 7 180 500mN#13Windalah Prospect B 7 180 700mN 665 500mE PLANNED HOLE surface 65 BBRC020 44 260A-44 4m (16-20m) @1.18g/t Au BBRC020 2m (18-20m) @0.93q/t Au 3m (26-29m)@0.96g/t Au 260A-43 7 180 800mN 80m Ravelstone Transitional unit 4m (28-32m) @ 2.68g/t Au Formation BBRC020 Transitional unit 2m (78-80m) @ 3.39g/t Au BBRC020 4m (134-138m) @ 2.72g/t Au 3m (145-148m) @ 6.69g/t Au 1m (156-157m)@2.49g/t Au Chert 665 600mE 7 180 900mN Β' <8 d 40 BBRC019 40m 40m 40m 40m ? 40m Chert Transitional unit Transitional unit 260A-40 550mRL 4m (16-20m) @ 2.99g/t Au BBRC019 2m (28-30m) @ 1.48g/t Au BBRC019 500mRL 1m (76-77m) @1.51g/t Au 5m (79-84m) @ 6.62g/t Au Transitional unit 450mRL Chert Sulphide alteration 400mRL Significant pyrite-chlorite + sericite alteration zone observed. Gold occurs within a hematite- rich jasperoidal chert stratigraphically above the pyrite alteration zone, which is potentially indicative of mineralisation being the gold portion of a Volcanogenic Massive Sulphide (VMS) system. Mafic volcanics Chert 192m Mafic volcanics BRYAH RESOURCES LIMITED WINDALAH PROSPECT DRILL SECTION B-B November 2018 50 metres ? 211m Drill hole with depth metres 350mRL Afmeco P/L (1988-89 prefix 260A) RAB. Mineralised zone#147,180 000 m 7.180.500 m 19 7,181,000 m 7.181,500 m 7,182,000 m 7.182.500 m Bryah Tenements Bryah 2018 Drilling As Anomaly >60ppm Sb Anomaly 5ppm Se Anomaly >6ppm Chert 3 to 5 04,500 mE 7183,000 m Windalah Prospect P52/ 1527 E52/3454 E52/3236 64,500 685.000 m 665,500 m 868,000 m 866 500 ME BBP. 000 mE 657 500 m 888,000 m 668,500 m Geology Ravelstone NFm Ultramatic Volcanoclastic NFm Intermediare to Felic NFm Dolerite Auger Sb ppm 3. 253 . MMI Auppb >15 1 to 2 001 • 1 to 3 5 to 15 + 0 to 1 BBRC020 (192m) 2m (78-80m) @ 3.39 g/t Au 4m (134-138m) @ 2.72 g/t Au 3m (145-148m) @ 6.69 g/t Au 1m (157-158m) @ 2.49 g/t Au BBRC019 (211m) 2m (28-30m) @ 1.48 g/t Au 1m (76-77m) @ 1.51 g/t Au 5m (78-84m) @ 6.62 g/t Au BRYRK316 1.02 g/t Au 645.000 mE EXCISED 665.500 ME $66.000 m 66.500 E 667.000 ME 667.500 E 658000E 668.500 mE 7.180.500 m 7.185.000 mN Mars Anticline exis 7.183.000 m 7.162.500 m 7.182.000 m 7,181,500 mN 7.181.000 m Significant anomalism identified with coincident antimony (Sb), arsenic (As) and selenium (Se). Anomaly appears to be a large-scale (>1km²) alteration cell, potentially associated with VMS base metal and/or orogenic gold deposits. Anomaly is to the immediate east of recent drilling which intersected significant gold intervals.#152019 Copper-Gold Plan Windalah Gold Project ● ● Infill Soil Sampling Hi-resolution geophysical Interpretation Aircore drilling of VMS Soil Anomaly Target Follow-up Drilling (RC and Diamond) Other Areas Continue soil sampling programme Evaluation of all geophysical and geochemical targets generated to date Reconnaissance aircore/RC drilling - Wongawar, Wodger East, Fiddlers East#16Corporate Snapshot Capital Structure ASX Code BYH Total Shares on Issue 60,850,120 Listed Options on Issue (ASX:BYHO)* 15,750,000 Unlisted Options on Issue** 5,500,000 NEIL MARSTON Market Capitalisation (@ $0.08) $4.87 million Managing Director & Company Secretary Cash Balance (as at 31st Dec 2018) $0.9 million LES INGRAHAM Shareholders Non-Executive Director Top 20 Holders 70.1% ROHAN WILLIAMS Board and Management 16.4% Exploration Manager Australian Vanadium Limited (ASX:AVL) 12.3% Board of Directors & Senior Management IAN STUART Non-Executive Chairman Geologist with extensive experience in the areas of gold and base metals exploration, capital markets, public company governance & project development. Over 30 years experience in mineral exploration, capital raising, corporate governance, project management and stakeholder engagement. Executive Director of AVL, highly experienced in corporate finance and investor relations. Geologist with extensive experience in gold and copper-gold exploration globally. * Listed Options - exercise price $0.30, expiry 31 October 2020. Hutton Group 5.4% ** Unlisted Options - exercise price $0.30, expiry 30 April 2020.#17Manganese Market Overview Manganese is a critical and irreplaceable element in steel production and is mainly used as an alloying agent that increases both the strength and flexibility of steel Approximately 90% of all manganese is used in the production of steel. Chinese steel production during 2018 was 891 Annual Crude Steel Production 2008 - 2018 million tonnes, up by 2.3% YoY, driven by improving 2,000,000 20% domestic demand 1,800,000 15% 1,600,000 . ⚫ China's steel output represents half of all global 1,400,000 10% steel production (1,767 million tonnes) 1,200,000 . Chinese manganese ore imports have increased by 1,000,000 60% since 2016, which is driving strong manganese 5% 800,000 0% 600,000 prices throughout 2018 and into 2019. • Current manganese ore pricing: 37% Mn CIF China Feb 2019 price - ~US$6.00/dmtu (~US$222/t = A$310/t) 44% Mn CIF China Feb 2019 price - ~US$6.50/dmtu (~US$286/t = A$400/t) Sources: IMnI/CRU/Metals Bulletin Research 400,000 -5% 200,000 0 -10% 2013 2014 2015 2016 2017 2018 Total Crude Steel % change y-o-y#18• . Manganese Market Overview Other applications of manganese include chemicals (fertilisers) and energy storage (batteries). Clean energy applications and use in Electric Vehicles (EV) batteries are seen as significant drivers for future manganese demand. Battery makers are looking to find alternatives, such as manganese, to reduce the content of expensive materials in their cathodes, such as cobalt and nickel. LMO (lithium-manganese-oxide) are notable for their high thermal stability. NCM523 (nickel-cobalt-manganese) cathodes are forecast to become the dominant cathode in EV batteries. BASF and Tesla aim to create "manganese-rich" cathodes in the longer term to drive down the overall cost of EV. 180,000 Li, Mn 160,000 O 140,000 120,000 100,000 80,000 60,000 40,000 20,000 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 LMO NCM111 NCM523 NCM622 NCM811 NCM Unspec ■Low-Ni NMC/LMO Mid-Ni NMC/LMO High-Ni NMC/LMO Manganese Consumption by cathode type in lithium-ion, 2017-2027 (mt Mn Contained) Source: Roskill#19Competent Person's Statement & Disclaimer The information in this presentation that relates to Exploration Results is based on information compiled by Mr Rohan Williams, who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Williams is an employee of Bryah Resources Limited ("the Company"). Rohan Williams has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Rohan Williams consents to the inclusion in this presentation of the matters based on his information in the form and context in which it appears. Forward Looking Statements This presentation is for information purposes only. Neither this document nor the information contained in it constitutes an offer, invitation, solicitation or recommendation in relation to the purchase or sale of shares in any jurisdiction. This announcement may not be distributed in any jurisdiction except in accordance with the legal requirements applicable in such jurisdiction. Recipients should inform themselves of the restrictions that apply in their own jurisdiction. A failure to do so may result in a violation of securities laws in such jurisdiction. This document does not constitute investment advice and has been prepared without taking into account the recipient's investment objectives, financial circumstances or particular needs and the opinions and recommendations in this representation are not intended to represent recommendations of particular investments to particular investments to particular persons. Recipients should seek professional advice when deciding if an investment is appropriate. All securities transactions involve risks, which include (among others) the risk of adverse or unanticipated market, financial or political developments. No responsibility for any errors or omissions from this document arising out of negligence or otherwise is accepted. The presentation contains "forward-looking information" within the meaning of applicable securities legislation. Forward-looking information may include, but is not limited to, information with respect to the future financial and operating performance of the Company, its affiliates and subsidiaries, potential investments, the estimation of mineral reserves and mineral resources, realization of mineral reserves and resource estimates, costs and timing of development of the Company's projects, costs and timing of future exploration, timing and receipt of approvals, consents and permits under applicable legislation, results of future exploration and drilling and adequacy of financial resources. Forward-looking information is based on the reasonable assumptions, estimates, analysis and opinions of management of the Company made in light of their experience and their perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect. The Company believes that the assumptions and expectations reflected in such forward-looking information are reasonable. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.#20BRYAH RESOURCES LIMITED Contact us +61 (08) 9321 0001 [email protected] Level 1, 85 Havelock Street West Perth, Western Australia 6005 bryah.com.au