Tulla Resources : Broker Briefing Presentation

Tulla Resources Plc

ASX:TUL

Broker Briefing Investor Presentation

7 APRIL 2022

Disclaimer

This Presentation

This presentation by Tulla Resources Plc (ARBN 122 088 073) (Tulla Resources or the Company) is to be delivered to the Broker Briefing Mining & Resources Investor Webinar. Statements in this presentation are made only as 5 April 2022 (unless otherwise stated) and the information in this presentation remains subject to change without notice. The information in this presentation is of a general nature and does not purport to be complete, is provided solely for information purposes of giving you summary information and background about Tulla Resources and its related entities and their activities, and should not be relied upon by the recipient.

No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this presentation. This presentation does not purport to summarise all information that a recipient should consider when making an investment decision and should not form the basis of any decision by a recipient.

Recipients should carry out their own investigations and analysis of the Company and verify the accuracy, reliability and completeness of the information contained in this presentation.

Not an Offer

This presentation and its contents is not, and does not constitute, or form any part of, an offer to sell or issue, or the solicitation, invitation or recommendation to purchase any securities in the Company in any jurisdiction. This presentation is not a prospectus or any other offering document under either Australian law or the laws of England and Wales or any other law.

No liability / Disclaimer

To the maximum extent permitted by law, Tulla Resources and the Company's respective affiliates or related bodies corporate or any of their respective officers, directors, employees, agents and advisers (Related Parties), nor any other persons, accepts any responsibility or liability for, and makes no recommendation, representation or warranty concerning, the content of this presentation. The Company and Related Parties shall not be liable whatsoever (including in respect to negligence) for any loss or damage which may be suffered by any person as a consequence of any information in this presentation or any omission. The Company will not update or keep current any information in this presentation or correct any error, misstatement or omission which may become apparent. Any opinions expressed in this presentation are subject to change without notice.

International Offer Restrictions

This presentation is not, and does not constitute, or form any part of, an offer to sell or the solicitation, invitation or recommendation to purchase any securities in the United States and neither this presentation nor anything contained herein shall form the basis of any contract or commitment. This presentation may not be distributed or released in the United States. Securities may not be offered or sold in the United States unless such securities are registered under the U.S. Securities Act of 1933, as amended (U.S. Securities Act) or in a transaction exempt from, or not subject to, the registration requirements of the U.S. Securities Act and any other applicable securities laws. Any public offering of securities in the United States would be made by means of a prospectus that would be obtained from the issuer or selling security holder and that would contain detailed information regarding the company and management, as well as financial statements. Each institution or person that reviews this presentation will be deemed to represent that each such institution or person is not in the United States.

The distribution of this presentation may be restricted by law. Persons who come into possession of this presentation should seek advice and observe any such restrictions. Any failure to comply with such restrictions may constitute a violation of applicable securities laws.

Exploration Targets, Exploration Results

The information is extracted from the reports as referred to in this Presentation created on the dates stated herein and are available to view on the Company's website (www.tullaresources.com) and the ASX (www.asx.com.au). The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement.

Mineral Resources or Ore Reserves

The information is extracted from the reports entitled 'Annual Mineral Resource and Ore Reserve Statement' created on 27 September 2021 and 'Mineral Resource and Ore Reserve Update for Scotia Mining Centre and Mainfield' created on 5 April and are available to view on the Company's website (www.tullaresources.com) and the ASX (www.asx.com.au). The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and, in the case of estimates of Mineral Resources or Ore Reserves, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The company confirms that the form and context in which the Competent Person's findings are presented have not been materially modifed from the original market announcement.

Not financial product advice

Reliance should not be placed on the information or opinions contained in this presentation. This presentation is for information purposes only and is not a financial product or investment advice or recommendation to acquire Tulla Resources securities (or any interest in Tulla Resources securities) and does not take into consideration the investment objectives, financial situation or particular needs of any particular investor. You should make your own assessment of an investment in Tulla Resources and should not rely on this presentation. In all cases, you should conduct your own research of the Company and analysis of the financial condition, assets and liabilities, financial position and performance, profits and losses, prospects and business affairs of Tulla Resources and its business, and the contents of this presentation. You should seek legal, financial, tax and other advice appropriate to your jurisdiction.

Past performance

Past performance information given in this presentation is given for illustrative purposes only and should not be relied upon as an indication of (and gives no guidance as to) future performance.

Disclaimer (Continued)

Future performance

This presentation contains certain forward-looking statements (including financial forecasts) with respect to the financial condition, operations and business of the Company and certain plans and objectives of the management of Tulla Resources. Forward-looking statements can be identified by the use of forward-looking terminology, including, without limitation, the terms "believes", "estimates", "anticipates", "expects, "predicts", "intends", "plans", "goals", "targets", "aims", "outlook", "guidance", "forecasts", "may", "will", "would", "could" or "should" or, in each case, their negative or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts.

Such forward looking statements involve known and unknown risks, uncertainties and other factors which because of their nature may cause the actual results or performance of the Company to be materially different from the results or performance expressed or implied by such forward looking statements. Such forward looking statements are based on numerous assumptions regarding Tulla Resources' present and future business strategies and the political and economic environment in which Tulla Resources will operate in the future, which may not be reasonable, and are not guarantees or predictions of future performance. No representation is made that any of these statements or forecasts will come to pass or that any forecast result will be achieved, or that there is a reasonable basis for any of these statements or forecasts.

Forward-looking statements speak only as at the date of this presentation .

All figures in the presentation are Australian dollars ($ or A$) unless stated otherwise. A number of figures, amounts, percentages, estimates, calculations of value and fractions in this presentation are subject to the effect of rounding. Accordingly, the actual calculation of these figures may differ from the figures set out in this presentation.

Financial information

The pro forma and forecast financial information provided in this presentation is for illustrative purposes only and does not represent a forecast or expectation as to Tulla Resource's future financial condition and/or performance.

Acknowledgement

Persons who access, receive, review or attend this presentation are required to inform themselves of, and comply with, all of the above restrictions and prohibitions and none of Tulla Resources or the Related Parties accepts any liability to any person in relation thereto. This presentation is made to you on the basis that by attending, accessing or receiving or reviewing this presentation, you confirm that you understand and agree to the contents of this important notice and disclaimer and that you are a person to whom this presentation may lawfully be made in accordance with laws applicable to you, including those of the jurisdiction in which you are located.

Authorised for Release

This announcement was authorised for release by the Board.

Delivering on our Strategy

Bring the Norseman Gold Project into production

• • JV Parties focusing on delivering Phase One LOM Plan and Phase Two expansion and extension of LOM Plan

• • Mining Contracts:

  • • Underground Contract signed with WestAuz Mining

  • • Open pit Contract awarded to Hampton Mining and Civil Services (to be finalised)

• • Mining Contractors to mobilise in April and commence mining in May 2022

• • Construction of new plant well underway for planned recommencement of production in August 2022

• • Updated Mineral Resource and Ore Reserve for Scotia Mining Centre and Mainfield announced on 5 April 2022

  • • To support Phase Two expansion and extension of LOM

• • Ongoing focussed drilling program centred at Scotia Mining Centre

Strategy for other Norseman Minerals

• • Initial review completed of lithium, nickel and iron ore

• • Lithium JV Term Sheet signed

• • Iron Ore Off Take and Funding non binding HoA signed

• • Exploring commercialisation options for Nickel

Share Price2	$0.60/sh
Ordinary Shares	269.2m
Market Capitalisation	$161.5m
Cash at Bank3	$27.6m
PNR Shares (market value)2	$27.3m
Enterprise Value4	$106.6m
Resource Attributable to Tulla Resources	2.35Moz
Enterprise Value / Resource	$45.4/oz
Reserves Attributable to Tulla Resources	0.45Moz
Enterprise Value / Reserves	$237.4/oz

Corporate Snapshot

Tulla Resources (ASX:TUL) is a diversified Resources House and owns a 50% interest in the historic flagship Norseman Gold Project, located in the Eastern Goldfields of Western Australia, at the southern end of the highly productive Norseman-Wiluna greenstone belt.

Tulla Resources is now focused on working with JV partner, Pantoro, to deliver on the DFS, recommence production and fast track to cashflow, whilst continuing to identify exploration targets and implement drilling programs to significantly increase Mineral Resources and Ore Reserves. The Company is also assessing its iron ore, lithium and nickel opportunities at Norseman.

In October 2020 a DFS2 was released1 on the Project in respect to a 7 year Phase One project life to resume production in H2 2022 at the Norseman Gold Project.

Share Price Chart

Key Metrics - ASX:TUL

Franklin Templeton

Top 5 Shareholders

Tulla Resources Group Pty Ltd

67.00%

Citicorp Nominees

Bell Potter Nominees

Berne No 132 Nominees

5.00% 3.30% 2.10% 1.90%

Notes: (1) 12 October 2020 - DFS for the Norseman Gold Project - Pantoro release (ASX:PNR) (www.pantoro.com.au) (2) Market data as at 5 April -2022. (3) As at 31 December 2021 (4) Implied enterprise value calculated based on Market Capitalisation less Cash on Hand and market value of shares held in Pantoro