Disclaimer - Georgian Mining · A number of short diamond drill holes were ... Drill core from 10.00-13.00 metres ... ground magnetic survey protocols to better define existing soviet

2 Noricum Gold Ltd | Investor Presentation | Q4 2015

Disclaimer

This presentation has been prepared by Noricum Gold Limited (“Noricum” or the “Company”) and does not constitute an offer or invitation for the sale or purchase of any securities, nor does it purport

to, set out, or refer to all or any of the information an investor might require or expect in making a decision as to whether or not to deal in shares in the Company.

This presentation does not constitute and is not a prospectus or listing particulars (under either the Prospectus Regulations 2005 (as amended), the Financial Services and Markets Act 2000 (“FSMA”) or the

Prospectus Rules of the Financial Services Authority) nor does it comprise an AIM admission document for the Rules of AIM, a market operated by the London Stock Exchange plc and should not be

construed as such. No representation or warranty or other assurance, express or implied, is made by or on behalf of the Company or any of its respective directors, officers, employees, advisers or any other

persons as to the fairness, accuracy or completeness of the information or estimates or opinions or other statements about the future prospects of the Company or any of its respective businesses contained

in or referred to in the presentation given in connection therewith and no responsibility, liability or duty of care whatsoever is accepted by any such person in relation to any such information, projection,

forecast, opinion, estimate or statement.

The Company’s Nomad S.P. Angel Corporate Finance LLP (“S.P. Angel”) has not approved the presentation as a financial promotion for the purposes of section 21 of FSMA or otherwise.

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Forward-looking Statements

This presentation may contain forward-looking statements. These statements relate to the future prospects, developments and business strategies of the Company and its subsidiaries (the “Group”).

Forward-looking statements are identified by the use of such terms as “believe”, “could”, “envisage”, “estimate”, “potential”, “intend”, “may”, “plan”, “will” or the negative of those,

variations or comparable expressions, including references to assumptions. The forward-looking statements contained in the presentation are based on current expectations and are subject to risks and

uncertainties that could cause actual results to differ materially from those expressed or implied by those statements. If one or more of these risks or uncertainties materialises, or if underlying assumptions

prove incorrect, the Group’s actual results may vary materially from those expected, estimated or projected. Given these risks and uncertainties, potential investors should not place any reliance on

forward-looking statements. These forward-looking statements speak only as at the date of the presentation.

Competent Person

The Competent Person responsible for the technical information contained in this presentation is Mr Jeremy Whybrow a director of the Company, Member of The Australasian Institute of Mining and

Metallurgy and a Competent Person as defined in the 2004 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'.


Corporate Snapshot

•Low cost acquisition of a

50% interest in the advanced

861 km2 Bolnisi copper and

gold project in Georgia

propels the Company

significantly, providing it

with large, high-grade and

scalable resources

• Total non-JORC mineral

resources for the overall

project area of:

• 980,000 t of contained

copper

• 6.6 Moz of gold

• 22 Moz of silver

• circa US$35 million

invested to date by

Noricum’s partner

• 30 year exploration and

mining licence

• Exploration licences

surround two fully operating

mines with infrastructure

and processing capacity

• The mines are operated by

Noricum’s partner in the

Bolnisi project

• A third mine is expected to

come into production within

12 months

•Opportunity to rapidly

add value by converting

the resources to JORC

standards

•Early stage production

potential with near

surface high-grade

mineralisation at 3

priority targets - ideally

situated for small, low

cost, low CAPEX open pit

operation

•The resources are

scalable and further

exploration and resource

expansion will be

undertaken

•Recent appointment

of Senior Advisor –

previously Technical

Director for leading

consultancy Wardell

Armstrong

International

•New executive director

Martyn Churchouse -

33 years experience in

exploration, mine

development,

feasibility and as a

mine manager


Key Data

Market AIM

EPIC NMG

Share Price0.14p

(as of 19.10.15)

Shares in Issue 2,693.77m

Market Cap £3.77m

52 Week Price Range 0.135 – 0.69

NOMAD/ Broker SP Angel

Michael Hutchinson Chairman

Greg Kuenzel Executive Director

Martyn Churchouse Executive Director

Jeremy Whybrow Executive Director

Marcus Edwards-Jones Non Executive Director

Roderick McIllree Non Executive Director


Multiple Regional Discoveries

TURKEY

ARMENIA

GEORGIA


Bolnisi Project Location and Targets


Strategy to Develop Bolnisi

• Achievable objective to prove up a JORC resource of at least 200,000 tonnes of copperand 1.5Moz of gold via confirmation drilling at 2-3 resource sites

• Identify Starter Pits adjacent to the larger resources and commence mining

• Continue to explore and discover new high grade opportunities in the VMS settingwhile expanding existing resources

• Cash Flow - Assess revenue generative opportunities and accordingly, implementstrategy to develop and upgrade existing resources within the portfolio with a view tobringing them into production

• Economic Assessment - Assess opportunities to generate revenues and implementstrategy accordingly either via toll treatment or a new processing plant

• Resource Replacement - Conduct exploration on a wider scale using geophysics,remote sensing and specific in-house knowledge of the geological model for thedistrict

• Long Term - Explore and evaluate known porphyry potential


Tsitel Sopeli

• Resource - Resource only partially delineated. Depth and strike extension testing has not been completed. 361 drill holes to date.

• Starter Pits - Production opportunity – close proximity to producing Madneuli Mine and a similar style of mineralisation with two potential starter pits

• Drilling - Recent shallow drilling intersected near surface high-grade copper and gold mineralisation throughout with results including 15m @ 2.07g/t Au, 2.39 % Cu and 2.97%Zn all from surface

• Strike Extension - Several recent IP anomalies developed from shallow survey - two anomalies identified related to sulphidation, one running down the valley E-W plus a very

large anomaly situated to the NNE of TS, which potentially extends strike length of the deposit by a further 1,800m

• Geophysics - Targets require deeper 3D IP and drill testing to be initiated before year end with main survey taking place in Q1 2016


Tsitel SopeliHigh Grade Near Surface Mineralisation – Starter Pit

Hole Width

(metres)

From

(metres)

Au

g/t

TSRC001 13 15 2.12

TSRC004 10 1 1.42

TSDDH004 5 144 4.58

TSDDH004 2 152 3.89

TSDDH005* 15 0 2.07

Hole Width From Au

g/t

Cu

%

TSPDH003 8.0 0 0.49 6.23

TSPDH004 4.6 0 6.41 0.43

TSPDH007 8.1 0 5.67 1.73

TSPDH002 6.6 0 1.06 0.25

In 2012, circa 2,000 metres of drilling was completed to theeast of the previously delineated and Soviet approvedresources. This returned encouraging intercepts including:

A number of short diamond drill holes were completed totest near-surface secondary quartzite mineralisation. Resultsfrom this drill programme include:

Drill core from 10.00-13.00 metres showing high grade copper mineralisation

*TSDDH005 was also assayed for Copper and Zinc and returned grades of 2.39% and 2.97% respectively over 15 metres from surface

• Re-sample quarter core, drill pulps and duplicates, trenching and twin holes from recent diamond RC drilling

• Assaying of drill core, non-visible mineralisation holding vast gold and copper potential

• JORC conversion

• Metallurgical test work

• Mine planning


Kvemo Bolnisi (East & West)


Kvemo Bolnisi (East & West)

• 5 km from toll treatment plant.

• 304 drill holes completed, circa 60,000 metres total drilling

• Resource only partially delineated and depth or strike extension testing has not been completed

• A recent shallow IP survey completed over a small area defined large anomalies to N and NE

• Area between East and West Kvemo Bolnisi has never been explored

• One single large gravity and coincident mag anomaly representing one intrusive that includes the KBmineralisation

• Larger more detailed 3D programme will beundertaken later this year to target the entire areato a deeper level

• Drilling to be undertaken to test IP targets, follow-up closer, Au rich starter pit and deeper multielement mineralisation shown in historical drilling

• Includes a Barite (BaS04) resource of 1.5 Mt at 27%,52,000 t lead (Pb) at 1.23% and 52,000 t zinc (Zn) at2.9%


Production Potential

Black Sea Georgia

Armenia

•

•

•


Additional Opportunities to Add Value

• Data Re-interpretation - 70 years of data contains information that has never been used to its full potential. HistoricSoviet led exploration failed to follow up obvious targets

• Improved Evaluation - Opportunity to refine Soviet approved resources to establish starter pits and higher grademineable JORC Resources within Soviet defined blocks

• Porphyry Potential - Soviet alluvial Au resources relate to porphyry and epithermal targets. Never followed upstreamto source by Soviet expeditions. K alteration symptomatic of porphyry mineralisation (region includes Gartaporphyry located an hour from Bolnisi containing a reported 750Kt Cu @ 0.8%, 2.45Moz Au @ 0.64g/t

• Combine - Satellite imagery, geochemical signatures and targeted geophysics

• New Geological Model - Continue to develop the Bolnisi geological model built around calderas and regionallineaments focusing mineralisation. Scope for VMS discoveries around loci of other regional structures. Potential(Bektakari deposit) for discovery of high-grade gold breccia bodies

• New Geophysics - Preliminary work already completed by consultants Southern Geoscience to refine resistivity andground magnetic survey protocols to better define existing soviet and new targets

• Other Targets - Intersection of NW oriented gravimetric anomalies and NNE-SSW deep-seated basement structuressimilar to the Ceratepe model (4Mt @ 5% Cu, 1.0g/t Au & 28g/t Ag) and could contain very significant mineralisation


Comparative Global VMS Deposits

Rio Tinto (EMED)Kholodnina

Neves Corvo (Lundin)

Brunswick no 2

Kidd Creek (Xstrata)

Madneuli

Flin Flon

Outokumpu

Tsiteli Sopeli (NMG)

Arctic (Brooks Range)

Roseberry

Garpenberg

Kvemo Bolnisi (NMG)

Bolnisi District

Mt Lyell

0.00

0.50

1.00

1.50

2.00

2.50

3.00

3.50

4.00

4.50

5.00

0 50 100 150 200 250 300 350 400


JV and Acquisition Terms

• Noricum’s 50% JV partner, CMG, is owned by

Russian entrepreneur Dima Troitsky

• Two Georgian registered companies hold

Troitsky’s mining operations in the country:

• RMG owns producing mining assets in Georgia

including the Madneuli mine which neighbours

Bolnisi

• Caucasian Mining Group (CMG) previously held

the Bolnisi exploration licence

• Noricum Gold will therefore benefit from access to

production infrastructure held by RMG

• RMG and CMG hold rights to various other mining

and exploration assets in the region

• Noricum acquired GMC for £2.6 million in an allshare transaction

• The Vendors hold circa 45% of the enlargedcompany

Noricum Gold

GMC Investments

GCAGOwns 100% of

Bolnisi EL

CMG


Georgia

Population: 4.5 million

Literacy rate: 99.7%

Unemployment rate: 14.3%

GDP: $27.6bn

GDP per capita: US$6,145

Growth: 3.2%

Growth (5 year): 3.7%

Inflation: 0.5%


Georgia – Low Country Risk

• Tbilisi – hosts of the 2015 European Youth Olympics

• Georgia to host World Rugby U20 Championships in 2017

• UEFA Super Cup Final 2015 held in Tbilisi

• BP has been operating successfully in Georgia since 1996

• Intercontinental, Starwood, Hilton, all constructing newhotels in Tbilisi, joining the likes of Sheraton, Radisson &Marriot

• All major accounting and law firms have offices in Georgia– Big 4 Accounting, DLA Piper, Dechert etc

• Highly strategic location serving as an entry gate to theCaucasus and Central Asia

• Georgia hosts 2015 EBRD Annual Meeting - €2.3 billioninvested by the EBRD to date

• Georgia – EU co-operation (Association Agreements withthe EU)

• Georgia is a priority country within the EuropeanNeighborhood Policy and the Eastern Partnership

• NATO-Georgia Commission

• Georgia is a member of the World Trade Organisation


Investment Case

Conversion of non-JORC Resources is a near term priority along with high grade, close to surface near term production opportunities

Close proximity to existing mine with processing infrastructure; 30 year Mining Licence; strong resource inventory

Excellent potential for new discoveries through implementation of modern exploration techniques

Mining friendly jurisdiction and proven production in-country

Management includes proven mine developers and access to technical staff with existing knowledge of the assets in Georgia


Contacts

Executive Director: Greg Kuenzel

E: [email protected]

Executive Director: Martyn Churchouse

E: [email protected]

A: 47 Charles Street, London, W1J 5EL

T: +44 (0) 20 3006 0262

PR: Elisabeth Cowell/ Frank Buhagiar

A: 3 St Michael’s Alley, London, EC3V 9DS

T: +44 (0) 20 7236 1177

E: [email protected]/ [email protected]


Austrian Portfolio


Walchen Gold Project

• Located in an area of Austria proven to host copper, gold and silver mineralisation and historic mining and exploration data highlights excellent prospectivity

of the VMS deposit

• Comprises two main ore horizons with a horizontal extension of 3-4 km and an average thickness of 0.5-4 m

• The average grade of the ore mined from 1942 was 1.71% Cu, 3.23% Zn, 2.48% Pb, 83g/t Ag, 0.5g/t Au

• Noricum mapping and sampling led to discovery of a large limonitic outcrop likely to represent an ore zone within the Project area

• Large anomalous intercept with high grade hanging wall section has been returned from channel sampling of a highly oxidized and weathered Gossan:

• 12m @ 0.6% Cu, 0.33 g/t Au and 7.25g/t Ag including 2m @ 1.14% Cu, 1.08g/t Au, 30.8g/t Ag

• Further local rock and chip sampling returned results up to 1.03% Cu, 5.63% Pb, 12.65% Zn

• Non JORC mining inventory of 423,470 tonnes of ore calculated at completion of exploration in 1945 highlighted in recent literature searches


Schonberg and Rotgulden

• Exploration target identified consisting of up to eight

sub-parallel veins, approx. 1m wide, generally trending

northeast and steeply dipping to the northwest along a

3km strike

• Spreads across main mining districts within the licence:

• Brunngraben, Weissenbachgraben and

Adlitzgraben (from west to east)

• Former mining district of Tremmelberg is further east and

thought to be a continuation of the ore bearing structures

• Three of the known veins were the main focus of historical

mining and are considered the main ore veins

• Historical copper mines within the Schonberg licence area

produced ore with average grades between 4.94% and

7.38% copper, 37.5g/t gold and 3.5g/t silver

• Multiple new targets identified through aerial EM/Mag

survey over 27 km, ground based mapping and sampling

• 2013 resource drilling (1,335m over 25 holes) focussed on

the previously producing Rotgulden mine target area and

confirmed bonanza grades

• A high level of grade variability confirmed the complex

nature of the mineralised structure - calculating

consistent grades to update the geological model has

proved challenging

• Despite challenges at previously producing mine, value

upside potential remains

• 3 further targets have not previously been tested at

depth

• A drill programme for Altenberg will be undertaken in the

future - approved by the Austrian Mining Authority and

will remain valid for 5 years

• Strategic partner discussions continue

Documents

Disclaimer - Georgian Mining · A number of short diamond drill holes were ... Drill core from 10.00-13.00 metres ... ground magnetic survey protocols to better define existing soviet