Tuesday 24th May 2016, Lisbon Presentation by Emin Eyi

Strategic & Precious
Metals Processing
Emin Eyi
Al Al Lawati
CEO SPMP
CFO SPMP
Lisbon, May 19th 2016
Disclaimer

The information contained in this document (“Presentation”) has been prepared by SPMP (the “Company”). While the information contained herein has been
prepared in good faith, neither the Company nor any of its shareholders, directors, officers, agents, employees or advisers give, have given or have authority
to give, any representations or warranties (express or implied) as to, or in relation to, the accuracy, reliability or completeness of the information in this
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contractual, tortious, statutory or otherwise, in respect of, the accuracy or completeness of the Information or for any of the opinions contained herein or for
any errors, omissions or misstatements or for any loss, howsoever arising, from the use of this Presentation.

This Presentation may contain forward-looking statements that involve substantial risks and uncertainties, and actual results and developments may differ
materially from those expressed or implied by these statements. These forward-looking statements are statements regarding the Company's intentions,
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date of this Presentation.

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
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Welcome to SPMP
CORE VALUES

Environment: Protection of our permits and our environment.

Our People:
Protection and health of our people and community.

Integrity:
In dealings with all those that interact with us.

Excellence:
In technology, innovation, quality and service.
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Our Partners

The People of Oman

Our shareholders & banks

Our EPCM Engineers

Our Trading Partners – suppliers & consumers

Our Community local and international both in
antimony & in gold
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Introduction to the Oman Antimony
Roaster (OAR)

Located in Sohar Freezone in Oman.

50,000 tonne per annum feedstock capacity modern antimony roaster, with easy future
scalability built into design & layout.

Designed to the best available technologies and above to produce cleanly, high quality
antimony metal and products for the international and growing GCC market place

Gold recovery capabilities designed in with modern better than BAT waste management.

Low cost energy sources, zero tax, zero duties and modern industrial infrastructure to
support industrial mineral processing businesses of scale.

Modern and large scale industrial waste management facilities near site, allowing for a truly
clean and environmentally compliant manufacturing process to highest international
standards to be achieved full cycle.

Funded and permitted

EPCM awarded to Worley Parson Oman Feb 2016 with expected commissioning Q3 2017.
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Oman resources industry
Oman Strategic Location

Location.

Availability of raw materials

Politic Stability.

Infrastructures.

Open investment policies.
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MAGAN
Early Oman Commodity transporting vessel and civilisation. Sohar was
once the richest city in the region during the Bronze Age
Magan vessel carrying copper buns for trade with Mesopotamia
Source of tin to make bronze remains a mystery (Cornwall?)
Traders funded by Temples who charged 20% - 33% rates
5,000 years ago.
Sohar once the richest settlement in the Gulf based on
copper trade. Developed specialist smelter skills to
double smelt ‘black copper’ ores and import tin to
make bronze. Traded with Indus, Europe &
Mesopotamia. Ended when Turkey had more firewood
and sourced copper from Cyprus.
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Oman today
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Minerals in the National Economy

The Government policy document “Vision 2020” states that
industrial diversification can be an instrument to achieve the
development targets set by the Government. Also, in the These
targets include increasing the contribution of the non-oil sectors.
Minerals sector on of the government focuses. As a result
numbers of minerals plants corporations come up like :
Oman is the second largest country after Saudi Arabia in the GCC
region with an excellent geology of minerals

Oman’s mining industry is an important sector in the country’s
diversification program.

Oman is the first GCC producer and exporter of ferrochrome.

Oman is home to large deposits of gypsum, limestone, marble and
other carbonate-based minerals.

The discovery of deposits of copper, chromite has attracted foreign
investments over the last few years
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Vision 2020 continued


The Government policy document “Vision 2020” states that industrial diversification
can be an instrument to achieve the development targets set by the Government.
Also, in the These targets include increasing the contribution of the non-oil sectors.
Minerals sector on of the government focuses. As a result numbers of minerals plants
corporations come up like :
Aluminium

Chromium

Antimony

Copper and Gold

Iron and Steel

Manganese
MDO ‘Minerals Development of Oman’ – precursor to a major resources renaissance
in and around Oman.
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Environment our First Priority

SPMP believes that responsible environmental
management and superior environmental performance
is integral to an efficient and successful company.

This will be achieved through leadership and the use of
a superior Environmental Management System (EMS) to
provide reliable, timely and accurate information.

Reporting in a transparent manner, to support effective
decision making.

Access, review and challenge BAT to be “Better than
BAT”

To set environmental objectives to be achieved though
construction and SPMP operations
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True Sustainability
Foundations of True Sustainability

Identify legal standards and obligations:
Local/EU/EPA/WHO and aim to beat the best

Access all available technologies that don’t just meet
standards but aim to beat them

Develop creative processes that are “Better than BAT”
for long term stability in operations

Store, recycle and reuse is better than disposal

Insert environmental considerations into all aspects of
the company’s activities

Supporting supplier operations to develop superior,
responsible and environmentally compliant systems to
provide superior provenance
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Social

Our families, communities and wider stakeholders are
the engine of SPMP and its growth

A Clean and Safe Environmental which all stakeholders
live and work are one of the foundations that make
SPMP operations truly sustainable

Long term welfare, health and support are interlinked
with the other pillars of sustainability
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Environment
ISO 14001 compliant ensuring best practice throughout the company.
The key elements

Environmental commitment by SPMP through the Environmental
Policy

Environmental planning to identify objectives and standards to be
achieved by SPMP and stakeholders

Implementation and operation identify, plan and manage the
operations and activities in line with the policy,

Monitor objectives, targets, and significant aspects of operations
taking corrective action if necessary

Identify and create new systems allowing all stakeholders input to
be “Better then BAT”
Safeguard the Environment and stakeholders for generations
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Economic

Maintaining a healthy balance with the environment

Creating wealth for stakeholders whilst preserving
ability for future generations to access wealth

Developing and investing in future generations to
maintain systems

Ensuring fair trade for materials to develop peripheral
stakeholder communities

Ultimately, transmitting these values through to
customers through branding and service
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Summary

SPMP meeting the best standards (EU/EPA/WHO/OMAN)

Dynamic Environmental Management Systems

Technology and Process better than BAT driven

Sociably acceptable from sources to sink

Environment at the core of business ISO 14001

Economic growth support for social and environmental
growth

True Sustainability
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SPMP Technical Approach

Differentiation of SPMP technical approach to branding, sustainability
and provenance.

Safety. No harm to anyone in the pursuit of our goals.

Sustainability of operational effectiveness over entire product life cycle,
long term contract.

Procurement under transparent conditions, HSE provenance of
feedstock, diligence and assessing supplies.

SPMP Product Branding - Safety In Design - QAQC

Long-term sustainability and provenance of waste disposal in
coordination with Oman authorities.

Maximum efficiency to recovery all potential products. Minimisation of
waste production.
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Quality lead by design & testing
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Technical ‘the future’

Long journey with many due diligence reviews and
technical milestones achieved successfully

Technical direction driven by:

Safety

Efficiency

Environmental BAT and better

Low Emissions

Sustainability

Branding & Quality – by Design

Provenance through diligence

Learning to improve for the future - Refractory Gold
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WorleyParsons in brief
Global, Oman and South Africa
Our global business
• Major Projects | focusing on
large complex projects and
offering selective delivery in
PMC, EPCM, EPC.
• Services | delivering locally
based on a deep understanding
of local markets and customers’
expectations.
• Improve | optimizing the
performance of operating assets.
• Advisian | WorleyParsons
consulting combining commercial
and technical expertise.
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WorleyParsons in brief
WorleyParsons
134 offices | 44 countries | 28,300 people
Europe Middle East and Africa (EMEA)
9 locations | +6,500 people
WorleyParsons Oman
2 offices | +1,000
people
WorleyParsons RSA
15 offices | + 900 people
WorleyParsons Oman – in brief
25+
1000
Years of
expertis
e
50+
Focused on achieving In-Country Value and supporting the
development of Oman

Multiple customer sector business:
people
140
EOR
Projects

50+
Process
engineers
pipeline
specialists


Hydrocarbons

Power

Minerals, Metals & Chemicals

Infrastructure & Environnent
Complete project lifecycle capability:

2
Offices:
Muscat &
Sohar
15m+
engineering
manhours
since 1992
50+

pipeline
specialists

Concept, FEED, detailed design, construction,
commissioning , maintenance and operations support
In-Country delivery with support of WorleyParsons’ global
delivery centers
Recognized Omanisation leader
EPCM, EPC and PMC execution models
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WorleyParsons RSA - in brief
35+
Years of
expertise in
MMC
+90
0
15
mega
mining
projects
run from
RSA
years of
expertise in
Hydrocarbons
Over 35+ years of operations in Minerals, Metals and Chemicals (MMC)
sector

RSA considered a centre of excellence for:
people
30+
60+

offices
850k
engineering
manhours in
MMC in
FY2016

precious metals processing and underground mine development;

Minerals, Metals & Chemicals project delivery centre in Sub
Saharan Africa

Acquisition of TWP in 2013 made WorleyParsons RSA one of the largest
specialised EPCM companies in Africa

Complete project lifecycle capability across the mining value chain
from “Exploration and Evaluation” to “Environment and approvals”;

Strong expertise in power and infrastructure as well as hydrocarbons in
the region;

1,500+ refining, chemicals and petrochemicals projects

100+ years of experience in Power
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The Mining Value Chain
supporting customers at every
step of the way
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Quick look back at our Benchmarking
analysis – March 2015
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Industry Cost Curve
85% of industry cost curve
point requires a sustainable
metal price of U$9,300/t based
on current global energy prices
and current U$ strength
(weakness in producer
currencies). Both could change
to lift this 85% point higher in
future.
Therefore, the future sources
will require precious metal covalues to prosper, or prices will
have to sustainably above the
85 percentile.
Without by product credits
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Antimony price cycles in the past

The Industry destocking fears (Fanya and global markets) is reminiscent of the
destocking after WW1 where Sb metal in ammunition stocks brought prices
down to 5c/lb, it settled to 8c/lb after the stock fears (kind of where we are
heading to now) and was volatile thereafter rising to 19c/lb following
year. The actual units don’t matter, but the trough to peak of 3.8x is worth
remembering. This last peak to trough cycle has also been a 3.8x.

Compared with Copper since 1900, the average ratio of 1.5x is presently at
1.0x despite Sb being 300x more scarce than copper.

Compared with Gold since 1897 required 8.7 ounces of gold to buy a tonne of
antimony, today its nearer 4.7 ounces – all time lows.

Clearly, industry cost push cannot be ignored for long.

However, the Demand price resistance is just as important a Governor on the
future long-term price for Antimony…..unless it is finds or improves the value
added uses in the future.

The relative cheapness of Sb compared to its much higher scarcity has left it
in a commoditised demand segment (5x more scarce than tungsten for
example and by far a greater diversity and ubiquitous uses).
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Future Sources – regional example
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Future Consumers – regional example
 Middle plastics production growth CAGR +8%pa 2020,
chemicals basin c 11% world market share.
 Indian polyester production to double by 2030
 Indian plastics industry CAGR +13% pa past 5 years
 3rd largest consumer of polymers behind China & USA
+16% pa
 Indian plastics consumes only 10kg per capita 2015,
China 38 kg, Europe +100 kg.
 Yet, Indian plastics production still only represents 3% of
world plastics capacity, major new capacity increases
ahead.
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Thank you
www.spmp.co.om
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