Mawson West Copper producer, developer and explorer November 2014 – Q3 Conference Call

Dikulushi Underground – Investment Objectives

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Commencement of underground operations was premised on:

• We understand the geology and metallurgy

• Trial mining to determine optimal mining method

• The mine schedule was always “back ended” as we re-opened and re-established the mine in the first 6 months of operations

• Low tonnage, high grade production from underground

• The underground mine was never planned to fully fill mill capacity

• Establishing a production base to provide opportunity to process satellite ore bodies

• Targeting $2.00/lb all in cost to provide opportunity for sound operating margin at current copper prices

• Targeting mine production from underground and satellites to achieve 27-30 million lb of production per year for as many years as economic

• Provide time to further explore what we consider a highly prospective regional ground position

Dikulushi Underground - Operations

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YTD Performance Impacted By:

• Delayed commencement Q4 2013 – actual Q1 2014

• Primary ventilation circuit 3 months behind schedule (now completed and operational)

• Ground conditions – we now have a better understanding of the mining environment and have adapted mining methods to take advantage of those ground conditions

• The mine is operating at design development rates and costs

• Trucking capacity exceeds daily target requirements

• The mine has ramped up to targeted tonnage levels from the cave that propagated up into the pit in late September 2014

• Grade has been impacted by waste dilution from the underground open pit interface (mine plans and schedules apply 30% dilution at 0% copper)

• Grade dilution is expected to significantly reduce upon drawing from levels 770 and below

Dikulushi Underground – Cave Dilution Dynamic

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• The diagrammatic adjacent illustrates the mechanics associated with the cave

• The cave “glory holed” into the pit in late September

• Waste dilution impacted by blast damage from the open pit mining process

• Initial feed was not diluted as illustrated

• As drawing continued waste was drawn into the feed diluting the grade

• The mine has just commenced operating the level below where dilution impacts are expected to be significantly reduced

Waste dilution

Ore body

Pit base

Cave Draw point

Figure 1. cross section of ore body diagrammatically illustrating the impact of dilution

Dikulushi Underground - Operations

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• 770 RL almost fully developed

• 10 ore draw points now available for drawing ore

• Approximately 4 months of ore supply

• Dilution impact expected to reduce on this level

Figure 2. Plan of actual underground development illustrating ore draw points on the 770RL

Dikulushi Underground – Going Forward

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• Dikulushi is a high grade quality asset

• We believe we have now implemented the correct mining method

• Development rates are at design

• Trucking rates are above design

• Independent and internal experts support mining method and conclude dilution will be reduced on RL 770 and below

• Expected positive cash flows arising from mining RL 770

• Recent drilling supports opportunity to extend mine life

• We now better understand the ore body dynamics and the opportunity Dikulushi presents

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Dikulushi – Upside

• Targeted levels from 760mRL to 700mRL to cover mining to mid 2016

• Similar ore widths and grades to those in the open pit and the area of current underground mining

• Drill results to date support expectation for high conversion rate of Inferred Mineral Resources to Measured & Indicated category

• Drilling is ongoing, with next priority being to extend and upgrade Inferred Mineral Resources between 700mRL and 600mRL

• …then progressively infill to Measured and Indicated status

Figure 3. 2014 Dikulushi drill intercepts to end of September 2014. Long projection looking grid north.

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Dikulushi – Upside

• 2014 drill intercepts (available as at end September)

Hole From To Length

Estimated

True

Width

Cu% Ag ppm Location

East

Location

North

Location

RL

14UGD101 109 120 11 3.85 0.33 4 50085 19922 734

14UGD102 51.1 63 11.9 9.35 5.92 117 50169 19921 751

14UGD103 125.5 137.67 12.17 3.35 1.21 28 50059 19928 742

14UGD104 49 69.23 20.23 13.95 3.81 48 50143 19928 761

14UGD106 84 97.2 13.2 6.63 0.89 19 50162 19909 710

14UGD107 102.5 113.85 11.35 4.2 1.68 24 50111 19914 711

14UGD108 125 135.5 10.5 2.86 0.02 3 50080 19919 707

14UGD109 138 155.4 17.4 7.47 0.02 3 50106 19916 657

14UGD110 35.27 53.5 18.23 16.69 5.53 76 50162 19933 782

14UGD111 45.01 50.95 5.94 5.91 2.69 61 50186 19926 785

14UGD112 22 28.06 6.06 2.89 0.01 3 50294 19966 776

14UGD113 46.5 62 15.5 3.4 0.04 3 50311 19957 740

14UGD114 84 84.4 0.4 0.4 0.00 50345 19965 730

14UGD115 87 109.07 22.07 10.55 15.42 358 50218 19912 718

14UGD116 55 78 23 5.49 0.06 3 50312 19949 727

14UGD117 51.5 61 9.5 5.2 14.44 282 50283 19935 736

14UGD118 81.5 104 22.5 9.79 8.43 240 50236 19917 709

14UGD119 58.73 82 23.27 14.25 10.82 335 50233 19924 743

14UGD120 37.46 42.53 5.07 3.37 14.03 447 50279 19944 752

14UGD121 68 93 25 11.14 8.28 240 50259 19924 713

14UGD122 75.5 94 18.5 9.39 6.10 138 50226 19914 723

14UGD124 90 97 7 3.33 3.25 72 50188 19906 705

14UGD126 78 86 8 4.19 0.38 8 50147 19914 727

14UGD127 85.85 100.6 14.75 6.85 3.68 39 50116 19915 737

Table 1. table of assays as at 30 September 2014

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Kapulo – Commissioning Commenced

Process plant is dry commissioned from Crusher to Grinding circuit

Both ball mills have been dry commissioned

First material crushed, screened and stockpiled

Process plant is fully energised

Flotation plant commences commissioning this week

Figure 4. Crusher and screen circuit complete crushing has commenced

Figure 5. View of the mills and flotation circuit from the top of the coarse ore stockpile

Figure 6. Coarse ore stockpile tunnel

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Kapulo – Commissioning Commenced

ROM pad stockpile ore at 4% copper grades

Tails dam complete next week

Powerhouse, MCC’s and Transformers commissioned and energised

Water supply, pumping and storage is complete

Figure 7. Shaba pit pre-strip Figure 8. First crushed ore on belts

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Kapulo – Going Forward

• First ore being processed next month

• Pre-stripping on schedule, one digger and 4 trucks for 1st 6 months

• Current ROM stockpiles at 4% copper

• Operator and maintenance training well advanced

• Ramp up towards nameplate capacity in Q1 2015

• Expecting Life of Mine costs at ~US$2.00/lb

• Remaining capital spend ~$8 million from November 2014

• Positive NI 43-101 expected imminently

• Robust and well drilled ore bodies which are well tested metallurgically

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Corporate

• Proactively implementation of cost management program

• Available funding optionality

• Advanced discussions currently underway with a number of strategic partners

We will update the market upon conclusion of those discussions

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Contact

Mawson West Limited ACN 072 595 576

Level 1, 1 Walker Avenue West Perth Western Australia 6005 Ph: +61 8 9485 9800 F: +61 8 9486 8857

TSX: MWE www.mawsonwest.com

Mr Bruce McFadzean Managing Director and Chief Executive Officer

Telephone: +61 8 9485 9800 Facsimile: +61 8 9486 8857 Email: bmcfadzean@mawsonwest.com

Mr Mark Di Silvio Chief Financial Officer

Telephone: +61 8 9485 9800 Facsimile: +61 8 9486 8857 Email: mdisilvio@mawsonwest.com

Investor Relations Australia Mr Kusal Meemeduma MAGNUS Investor Relations

Telephone: +61 2 8999 1010 Email: kmeemeduma@magnus.net.au

Investor Relations North America Ms Michelle Roth Roth Investor Relations Inc

Telephone: +1 732 792 2200 Email: michelleroth@rothir.com

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Cautionary Statements

Corporate Presentation The information contained in this presentation is provided by Mawson West for background informational purposes only. The information in this presentation is not investment advice, is not intended to be used as the basis for making an investment decision and does not constitute an offer to issue or arrange to issue, or the solicitation of an offer to issue, securities of Mawson West. Mawson West has made reasonable efforts to ensure that the information contained in this presentation is accurate as of the date hereof, however, there may be inadvertent or unintentional errors. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information contained in this presentation. To the maximum extent permitted by law, none of Mawson West nor its directors, officers, employees or agents, nor any other person, accepts any liability, including, without limitation, any liability arising out of fault or negligence, for any loss arising from the use of the information contained in this presentation.

Technical Information This presentation includes disclosure of scientific and technical information, as well as information in relation to the calculation of Mineral Resources and Mineral Reserves, with respect to Mawson West’s Dikulushi Project and Kapulo Project. Mawson West’s disclosure of Mineral Resource and Mineral Reserve information is governed by Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There can be no assurance that Mineral Resources will ultimately be converted into Mineral Reserves. For further information regarding the Dikulushi Project and the Kapulo Project, reference should be made to the NI 43-101 compliant technical reports of Mawson West available on www.sedar.com. All scientific and technical information contained in this presentation has been reviewed and approved by Mr Gary Brabham, FAusIMM, MAIG, Group Executive - Geology of the Company , a Qualified Person for the purposes of NI 43-101.

Non-IFRS Financial Measures The term “C1 cost” is a non-IFRS financial performance measure. C1 costs are direct cash operating costs per pound of copper in concentrate produced, net of silver by-product credits. Direct cash operating costs per pound include all mining and processing costs, mine site overheads and realisation costs (including transport costs, treatment and refining costs and smelter recovery deductions) through to refined metal. The term C1 cost does not have any standardized meaning prescribed by IFRS and therefore may not be comparable to similar measures presented by other issuers.

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Cautionary Statements

Certain information contained in this presentation contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information may include, but is not limited to, information with respect to the future financial and operating performance of Mawson West, its subsidiaries and affiliates, the estimation of Mineral Reserves and Mineral Resources, realization of Mineral Reserve and Mineral Resource estimates, costs and timing of development of the Mawson West’s projects, costs and timing of future exploration, timing and receipt of approvals, consents and permits under applicable legislation, results of future exploration and drilling and adequacy of financial resources. Forward-looking information is often characterized by words such as “plan”, “expect”, “budget”, “target”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words or statements that certain events or conditions “may” or “will” occur. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from those expressed or implied by such forward-looking information, including: risks associated with investments in publicly listed companies; risks associated with general economic conditions; fluctuations in commodity prices and, in particular, the price of copper; the inherent risks and dangers of mining exploration and operations in general; the possibility that required permits may not be obtained; environmental risks; uncertainty in the estimation of Mineral Resources and Mineral Reserves; general risks associated with the feasibility, development and production of each of Mawson West’s projects; the risk that further funding may be required, but unavailable, for the ongoing exploration, development and production of Mawson West’s projects; changes in government regulations, policies or legislation; unforeseen expenses; fluctuation in the exchange rate of the United States dollar, the Congolese Franc, the Australian dollar or the Canadian dollar; restrictions on the repatriation of earnings by Mawson West’s subsidiaries; litigation risk; risks of being unable to sell production resulting from the development of a project; foreign investment risks in the Democratic Republic of Congo; changes in laws or regulations of the Democratic Republic of Congo; future actions by the Government of the Democratic Republic of Congo; breach of any of the contracts through which Mawson West holds property rights; defects in or challenges to Mawson West’s property interests; uninsured hazards; disruptions to the Mawson West’s supplies or service providers; reliance on key personnel; retention of key employees; absence of dividends; and competition. Forward-looking information is based on the reasonable assumptions, estimates, analysis and opinions of management made in light of their experience and their perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect. Mawson West believes that the assumptions and expectations reflected in such forward-looking information are reasonable. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been considered by Mawson West. Although Mawson West has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, the forward looking information contained in this release is expressly qualified in its entirety by this qualifying statement and readers should not place undue reliance on forward-looking information. Mawson West does not undertake to update any forward-looking information, except in accordance with applicable securities laws.