Investor Presentaiton

For personal use only 9 KRUCIBLE METALS FINANCIAL PROJECTIONS Period Production (tonnes) 0 2 3 4 5 6 0 600000 600000 600000 600000 600000 600000 Total 3,600,000 Capital Cost Mine and Infrastructure Capital $42,028,125 $0 $0 $0 $0 $0 $0 $42,028,125.00 Port Capital $0 $0 $0 $0 $0 $0 $0 $0.00 Additional Capital Total Capital $42,028,125 $0 $0 $0 $0 $0 $0 $42,028,125.00 Salvage Value $0 $0 $0 $0 $0 $0 $0 $0.00 Claimable Depreciation (Straight Line) $0 $7,004,688 $7,004,688 $7,004,688 $7,004,688 $7,004,688 $7,004,688 $42,028,125.00 Operating Costs Ore Costs $0 Waste Costs $0 $2,608,696 $2,608,696 $24,000,000 $24,000,000 $2,608,696 $24,000,000 Rehabilitation Costs $0 Transport Costs $0 $7,095,000 $7,095,000 $37,740,000 $37,740,000 $7,095,000 $37,740,000 $2,608,696 $24,000,000 $7,095,000 $37,740,000 $2,608,696 $24,000,000 $7,095,000 $37,740,000 $2,608,696 $15,652,173.91 $24,000,000 $144,000,000.00 $7,095,000 $42,570,000.00 $37,740,000 $226,440,000.00 Other Costs $2,000,000 $2,000,000 $2,000,000 $2,000,000 Royalties Total Operating Costs $2,000,000 $1,639,799 $1,639,799 $75,083,495 $75,083,495 $1,639,799 $75,083,495 $2,000,000 $1,639,799 $75,083,495 $2,000,000 $1,639,799 $75,083,495 $2,000,000 $14,000,000.00 $1,639,799 $9,838,795.77 $75,083,495 $452,500,969.69 Financial Calculations Capital expenditure $42,028,125 $0 $0 $0 $0 $0 $0 $42,028,125.00 LESS Operating Cost Revenue Net Operating Surplus LESS Depreciation $0 $2,000,000 -$2,000,000 $120,000,000 $120,000,000 $75,083,495 $75,083,495 $44,916,505 $44,916,505 $120,000,000 $75,083,495 $44,916,505 $120,000,000 $75,083,495 $44,916,505 $120,000,000 $75,083,495 $44,916,505 $120,000,000 $720,000,000.00 $75,083,495 $452,500,969.69 $44,916,505 $267,499,030.31 Allowance $0 Profit for Taxation LESS Tax Payable -$2,000,000 $0 Net Cash Flow -$44,028,125 $7,004,688 $7,004,688 $37,911,818 $37,911,818 $11,373,545 $11,373,545 $33,542,960 $33,542,960 $7,004,688 $37,911,818 $11,373,545 $33,542,960 $7,004,688 $37,911,818 $11,373,545 $33,542,960 $7,004,688 $37,911,818 $11,373,545 $33,542,960 $7,004,688 $42,028,125.00 $37,911,818 $225,470,905.31 $11,373,545 $33,542,960 $68,241,271,59 $157,229,68372 Discount Factor 1.00 0.87 0.76 0.66 0.57 0.50 0.43 Discounted Cash Flow -$44,028,125 $29,167,791 $25,363,297 $22,055,041 $19,178,296 $16,676,779 $14,501,547 $82,914,625.82

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