Investor Presentation

Acquisition of the Goondicum Mine

31 March 2014

Certain information contained in this presentation constitutes forward looking information under the provisions of Canadian securities

laws. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the use of

forward-looking terminology such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends",

"anticipates", “projects”, “potential”, "believes" or variations of such words and phrases or statements that certain actions, events or

results "may", "could", "would", “should”, "might" or "will” be taken, "occur" or "be achieved" or the negative connotation. Such statements

and information include, without limitation, statements regarding, the estimated mineral resources at the Goondicum property, and other

benefits of the Potential Transaction. This forward looking information is subject to numerous risks, uncertainties and assumptions,

certain of which are beyond the control of Melior, including, without limitation, risks relating to acquisitions, such as the parties may be

unable to complete the acquisition, problems may arise with the ability to successfully integrate the businesses of Belridge and Melior,

the parties may be unable to obtain regulatory approvals required for the acquisition, Melior may not be able to achieve the benefits from

the acquisition or it may take longer than expected to achieve those benefits; and the acquisition may involve unexpected costs or

unexpected liabilities. Other risks include the impact of general economic conditions; industry conditions; volatility of minerals prices;

volatility of commodity prices; currency fluctuations; mining risks; risks associated with foreign operations; governmental and

environmental regulation; competition from other industry participants; the lack of availability of qualified personnel or management; stock

market volatility. Readers are cautioned that the material assumptions used in the preparation of such information, although considered

reasonable at the time of preparation, may prove to be imprecise. Actual results, performance or achievement could differ materially from

those expressed in, or implied by, this forward-looking information and, accordingly, no assurance can be given that any of the events

anticipated by the forward-looking information will transpire or occur, or if any of them do so, what benefits Melior will derive therefrom.

Melior disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information,

future events or otherwise, except as required by applicable securities laws.

2

FORWARD LOOKING STATEMENTS DISCLAIMER

The scientific and technical information, as it relates to Belridge Enterprises Pty Ltd, in this presentation has been reviewed and

approved by Simon Tear (BSc (Hons), MIAusIMM, PGEO, EurGeol, IMO3) a director H&SC, Graham Lee (BSc, FAusIMM, CP(Geo)),

an Associate of H&SC and Chris Desoe (B.E.(Min)(Hons), FAusIMM, RPEQ, MMICA), who are all Qualified Persons under National

Instrument 43-101.

The effective date of the mineral resources estimates disclosed in this presentation is February 25, 2014

A new geological model has been developed with four mineralized units being delineated from drilling information and surface

topography/mapping, thought to represent in situ to short-distanced transported material from both alluvial and gravity slide (soil

creep) processes. The gabbro in the area under investigation has undergone multiphase oxidation and erosion producing a relatively

complex weathering pattern of the host rock. The decomposed gabbro is believed to be in situ. Mineralization comprises resistive

ilmenite liberated by the relatively complex weathering process.

Reporting of the resource estimates used a 2.5% available ilmenite cut-off grade and a partial percent volume adjustment factor for

the 2013 topographic surface.

Reconciliation of the new H&SC block model with the 2012-2013 production showed a 10% difference which is considered acceptable

for an Indicated Resource.

Further exploration opportunities exist within the remainder of the Goondicum Crater as some of the earlier drilling work by Monto

Minerals had intersected significant amounts of similar style mineralization within the Crater.

A feasibility study has not been completed and there is no certainty the proposed operation will be economically viable

For detailed technical information please see the technical report prepared by H&SC Consultants Pty Ltd, which will be posted on

Melior’s SEDAR profile.

3

FORWARD LOOKING STATEMENTS DISCLAIMER (CONT’D)

The Goondicum mine is a high-grade ilmenite mine located in Queensland, Australia

4

Investment Thesis

Melior to acquire and re-start the Goondicum ilmenite mine

Low Risk

Re-start

Near-Term

Production &

Cash Flow

Significant

Resource

Strong Board &

Management

Existing infrastructure supports a cost-effective re-start, well within Melior’s funding ability

Near-term re-start plan outlines a 12-year mine life with ilmenite production of +200ktpa

Substantial resource base with significant potential for expansion within existing and

adjacent exploration license areas

Our new Board of Directors is composed of industry leaders with deep sector knowledge

Acquired management team has in-depth operational experience with the mine

Strong Market

Fundamentals

Ilmenite market experiencing strong and growing demand, specifically from Asian

pigment producers

Fully-permitted mine with +60kt of historical production and over A$120m invested to date

Asset history and installed infrastructure significantly de-risks re-start plan

The Goondicum deposit is comprised of near-

surface, ilmenite-rich oxidized gabbros

Continuous high-grade, surface-lying portion of the

resource at 10.1-12.9% available ilmenite

Apatite also produced as a by-product, enhancing

production and cash flow profile

Potential to recover additional titanomagnetite and

feldspar by-products

5

Large existing resource base

Goondicum Resource

Lithology

Ca

teg

ory

43-101 Mineral Resource1

Tonnes

(millions)

Available

Ilmenite

(%)

Available

Ilmenite

(million

tonnes)

CL

Ind

icate

d

4.1 10.8 0.44

CS_H 4.9 12.9 0.63

CS_L 5.0 4.0 0.20

DG 17.3 3.6 0.62

Total 31.3 6.1 1.90

CL

Infe

rre

d

2.5 10.1 0.25

CS_H 8.8 11.2 0.99

CS_L 5.9 4.0 0.24

DG 13.7 3.3 0.45

Total 30.9 6.3 1.93

1 Resource estimates from H&SC 43-101 report February 2014

The current mine plan occupies only 20% of the

Goondicum crater

Crater is expected to show similar geology and

mineralization to the current mining area offering

significant exploration potential

Belridge holds exploration licenses for the wider

deposit covering over 28km2

6

Significant expansion upside provides opportunity for mine extension

Resource Expansion

6.6km

Current mining area Goondicum crater

Diagrammatic cross section of the Goondicum Complex

Mineralisation

Simple mining process using standard earth

moving equipment

No overburden

No drill and blast

Short haul distances

Ore is processed by a feed preparation plant and

wet concentration plant using a conventional

extraction process including scrubbers, screens,

cyclones, gravity spirals and magnets

Processing plant to be upsized to achieve

throughput of approximately 2.8mtpa of feed

Preliminary mine plan shows a total of 39mt at a

grade of 7.7% available ilmenite to be mined over

a 12-year mine life1

Average ilmenite production of over 200ktpa

7

Mining and Processing Facilities

Simple mining process and conventional processing minimizes operational risk

1: The mine plan is preliminary and does not constitute a Mineral Reserve Estimate

8

Infrastructure in-place with further opportunity to reduce transportation costs

Supporting Infrastructure

Product is trucked 260km to a port facility at

Gladstone where it is shipped to final customers

Opportunity to reduce trucking distance to 160km

through the construction of a new 22.6km mine

access road, reducing shipping costs significantly

Fully-operational port with bulk loading facilities

available

9kt storage facility located at the port

Extensive installed utilities

37km water pipeline

26km grid-connected power line

9

Goondicum Re-Start Plan

1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4

Recruitment

Tradesmen

Supervisors

Technical / Operators

Engineering Design

Process Design

Mechanical Design

Electrical Design & Programing

Existing Plant Re-Configuration

Trommel & Scrubber Configuration

Bore Pump & Process Water

CD Tank Completion

Other Site Work

Process Plant Expansion

Tailings System Upgrade

FPP Plant Upgrades

Ball Mill Upgrades

Scrubber Installation / Refurbishment

WCP Upgrades

Electrical & Instrument Installation

New Screening Plant

Pump Station Upgrade

Jul Aug Sept MarOct Nov Dec Jan Feb

10

Charles Entrekin – Director, Chief Executive1 and Chairman of the Board of Directors

‒ Over 35 years of experience in the mining and metals sector

‒ Previous President and Chief Operating Officer of Titanium Metals Corporation, a $2.8 billion NYSE-listed titanium alloy

producer and President and Chief Executive Officer of Timminco Ltd, a magnesium, silicon and aluminum company

‒ Currently Non-Executive Director at Sierra Rutile Ltd, a leading mineral sands producer

‒ Successfully implemented restructurings and turnarounds of mining and metals companies in North America and worldwide

Martyn Buttenshaw – Director

‒ Over 12 years experience in the mining sector

‒ A mining engineer who has held technical and management roles at Rio Tinto and Anglo American

‒ Currently a Senior Manager with Pala Investments Ltd and a Non-Executive Director of Sierra Rutile Ltd

Glenn Black – Director

‒ Mechanical engineer with over 36 years experience in senior management and operational positions at companies such as De

Beers and Anglo American, including managing and implementing the delivery of major projects in both South Africa and

Botswana

‒ Currently Chief Operating Officer of Peninsula Energy and Chief Project Officer for Firestone Diamonds

Joe Connolly – Director

‒ Experienced finance professional and Chartered Accountant with deep knowledge of the mineral sands sector

‒ Previously, Chief Financial Officer of Sierra Rutile Ltd and held roles with Clipper Windpower, Morgan Stanley and Deloitte

‒ Currently co-founder and CEO of Buckthorn Partners Ltd, a financial services advisory company

Industry-leading board to drive project re-start

1: To step down as CEO in favor of Mark McCauley on closing

11

Mark McCauley – Proposed Director and Proposed Chief Executive Officer

‒ Mr. McCauley is currently Managing Director of Belridge Enterprises which has owned the Goondicum mine since 2009

‒ He has substantial mining experience and has been involved in the development of several major mining projects in both

Australia and Argentina, including turnaround and organizational restructuring

‒ Previously Non-Executive Director and Chair of the Audit Committee at Norton Goldfields

‒ Previously served as Chief Financial Officer and Company Secretary of Felix Resources Ltd, an ASX-listed coal mining

company during which time the market capitalization increased from $35m to over $1 billion

‒ He has completed the Advanced Management Programme at Harvard Business School, holds an MBA from Bond University

in Australia and has a Bachelor of Engineering from the University of Queensland

Thomas Masney – Chief Financial Officer and Corporate Secretary

‒ Mr. Masney is currently the Chief Financial Officer of Melior and was previously the Chief Financial Officer of Astar Minerals

plc, an AIM-listed natural resource company

‒ He is a qualified Chartered Accountant (ACA) and has experience in Canada, UK and Hong Kong

Wicky Moffat – Operations Manager

‒ Experienced Metallurgist and Chemical Engineer

‒ Previously held numerous technical positions with BHP Base Metals and Anglo American Base Metals and has been

involved with the Goondicum mine since 2012

Driven and knowledgeable management team

12

Ilmenite & Apatite Market Overview

13

0.0

0.5

1.0

1.5

2.0

2.5

3.0

TiO2 Pigments Zinc Oxide Clay CalciumCarbonate

Vaccum

Refr

acti

ve I

nd

ex

TiO2 & Ilmenite Market Overview

Titanium dioxide (TiO2) pigment is a fine white

powder used in paints, plastics and paper products -

which imparts whiteness, brightness and opacity on

the products

Titanium dioxide pigments are produced from

titanium feedstocks such as ilmenite, rutile and

titanium slag

90% of titanium feedstocks are used for the

manufacture of titanium pigment

Titanium pigments are produced using the sulfate

process or the chloride process

The sulfate process, prevalent in China, utilizes

ilmenite feedstocks

Little ability to substitute other products for TiO2

pigments given TiO2’s uniquely high refractive index

90%

4% 6%

Pigments (paint)

Titanium sponge

Other (welding)

TiO2 Use by End Market

Few Viable Substitutes for TiO2

Highly opaque

Source: Credit Suisse

Source: DuPont

1.5

2.0

2.5

3.0

3.5

4.0

4.5

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

'000 T

iO2 u

nit

s

Existing supply & approved projects/expansions

Underlying demand

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

0 10,000 20,000 30,000 40,000 50,000

Pig

men

t A

pp

are

nt

Co

ns

um

pti

on

(kg

)

GDP Per Capita (PPP Basis 2005$)

China (annual) Japan (Average)

South Korea (Average)

Western Europe (Average)

USA (Average)

Indicative S-Curve

14

Strong fundamentals for growing TiO2 demand

TiO2 demand is anticipated to increase

significantly as both developed and emerging

economies continue to strengthen

TiO2 is a late-cycle commodity with usage

increasing substantially as GDP per capita rises

China is anticipated to require significantly more

TiO2

Population forecasted to peak at 1.4 billion in

2025 with middle-class growing to 70% by 2020

Urbanization in Asia, Latin America, and India

will further impact TiO2 demand

US housing recovery presents near-term upside

Increasing end-use demand is predicted to lead to

an ilmenite supply deficit from 2016 onwards

Source: J.P. Morgan estimates

Pigment Consumption vs. GDP per Capita Strong TiO2 & Ilmenite Outlook

Ilmenite Supply & Demand Forecast

Source: Rio Tinto

More than 50% of global ilmenite feedstock is

used in Chinese sulfate pigment plants – shift to

chloride processing is unlikely in the near-term

“TZMI believes it could be another 4-5 years before China produces

a more meaningful and consistent amount of chloride-based TiO2.

The focus in the near-term will therefore continue to be on improving

the sulfate process.”

RBC – November 7, 2013

15

Growing ilmenite demand from China and TiO2 feedstock substitution

Strong Ilmenite Demand in China

Ilmenite is the Preferred TiO2 Feedstock

Increase in global feedstock prices has

strengthened the case for substitution to sulfate

pigment production using lower-cost ilmenite

Stronger profit margins being realized by

sulfate-based TiO2 producers

Evidence of continued strength in sulfate ilmenite

demand illustrated by recent M&A activity

Source: Goldman Sachs

Source: Credit Suisse

16%

31%

53%

Feedstock Consumption by Type

High Grade - China

High Grade - Rest of World

Low Grade - China

$0

$200

$400

$600

$800

$1,000

$1,200

2007 2008 2009 2010 2011 2012 2013 2014E 2015E

$/t

TiO

2

Production Cost - Sulfate Production Cost - Chloride

The chemical attributes allows for high reactivity

when used in the sulfate pigment process

Low Fe2O3 content of <10%

16

Goondicum ilmenite is a superior product within the sulfate ilmenite market

Goondicum Ilmenite – Key Attributes

Ideal Chemical

Attributes

Contains few impurities such as chrome and other

residual elements

Few impurities allow for improved pigment

manufacturing and the ability to blend feedstocks

Minimal

Impurities

Low in U+Th elements (10ppm), making it more

environmentally friendly than competing ilmenite

Low U+Th content also improves the ability to use

ilmenite as a blending feedstock

Environmental

Benefits

16.1%

10.0%

Peer Median Goondicum

Fe2O3 Content

0.09%

0.01%

Peer Median Goondicum

Cr2O3 Content

35.7

10.0

Peer Median Goondicum

U+Th Content (ppm)

Source: Company estimates

Phosphate Market at a Glance

Apatite by-product

Apatite is the most abundant phosphate mineral

Phosphate minerals are dissolved with sulphuric

acid to produce phosphoric acid

This phosphoric acid can be further transformed

into fertilizers and animal feed products

Approximately 85% of phosphoric acid is used

to produce fertilizers such as DAP and MAP1

Phosphate fertilizer used to stimulate crop

growth and yield in combination with potash

and nitrogen

The Oceania market is expected to be in deficit of

phosphate fertilizer on the medium term

Expected deficit of ca. 300kt by 2016

supporting local demand for phosphoric acid

and phosphate rock

Oceania Fertilizer Market1

Phosphate Market Overview

Source: RBC

Source: Food and Agriculture Organization of the United Nations (2012)

1: DAP: Diammonium Phosphate; MAP: Monoammonium Phosphate

(400)

(350)

(300)

(250)

(200)

-

200

400

600

800

2012 2013E 2014E 2015E 2016E

Vo

lum

e in

kt

Supply Demand Balance

1 Phosphate (P2O5) fertilizer volume based on phosphoric acid (H3PO4)

17

Phosphate Rock Phosphoric

Acid

Other

DAP

MAP

Other Phosphoric

Acid

TSP Other Rock

-

20%

40%

60%

80%

100%

Mined Processing PhosphateEnd-Use

18

Transaction Overview

19

Summary of Transaction

Consideration

Offered

Melior will indirectly acquire 100% of Belridge Enterprises Pty Ltd, the 100% owner of

the Goondicum Mine, in an all-share deal

Approximately 38 million new common shares to be issued to Belridge shareholders

Equivalent to 18% of Melior’s pro forma share balance

Earn-out

Consideration

The Vendor’s are entitled to receive an Earn-out payment, payable in Melior shares,

based on the performance of the Melior share price

Earn-out shares issued can range from zero (if the Melior share price is <C$0.41*)

up to a maximum of 38.1m shares (where the Melior share price exceeds C$1.11*)

Structure

Transaction structured by way of share purchase agreement

Melior’s TSX-Venture Exchange listing status is expected to change from a Tier I

Investment Issuer to a Tier I Mining Issuer

Timetable The transaction is expected to close in 4 to 6 weeks, and has the full support of

Melior’s majority shareholder, Pala Investments

* Assumes no change-of-control within the 4-year validity period of the Earn-out Consideration