January 2020
DRIVING TOWARDSA MINING LICENSE
TSXV: RTHrathdowneyresources.com
JANUARY 2020
DRIVING TOWARDS A MINING LICENSEJanuary 2020
CAUTIONARY & FORWARD LOOK ING INFORMATION
This presentation includes certain statements that may be deemed "forward-looking statements". All information contained in this presentation relating to thecontents of the Preliminary Economic Assessment (PEA) of the Olza zinc-lead project (Project Olza) in Poland, including but not limited to statements of theProject Olza's potential and information are "forward looking statements". Although Rathdowney (RTH) believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments maydiffer materially from those in the forward-looking statements. Assumptions used by RTH to develop forward-looking statements include the following: ProjectOlza will obtain all required environmental and other permits and all land use and other licenses, studies and development of the Project Olza will continue tobe positive, and no geological or technical problems will occur. Additional information on assumptions for the PEA is available in the Technical Report.
The PEA was prepared to broadly quantify the project's capital and operating cost parameters and to provide guidance on the type and scale of future projectengineering and development work that will be needed to ultimately define the project's likelihood of feasibility and optimal production rate. The followingare the principal risk factors and uncertainties which, in management's opinion, are likely to most directly affect the conclusions of the PEA and the ultimatefeasibility of the project. The PEA is based on the inferred resources estimated by Hunter Dickinson Services Inc. (HDSI) and audited by SRK Consulting (UK) Ltd(SRK). Additional exploration, process tests and other engineering and geological work will be required to estimate indicated or measured mineral resources atProject Olza and if an economically exploitable reserve can be established. Final feasibility work has not been completed to confirm the underground design,mining methods, and processing methods assumed in the PEA. Final feasibility could determine that the assumed underground design, mining methods, andprocessing methods are not correct. Construction and operation of the mine and processing facilities depends on securing environmental and other permitson a timely basis. No permits have been applied for and there can be no assurance that required permits can be secured or secured on a timely basis. Data isincomplete and cost estimates have been developed in part based on the expertise of the individuals participating in the preparation of the PEA and on costsat projects believed to be comparable, and not based on firm price quotes. Costs, including design, procurement, construction, and on-going operating costsand metal recoveries could be materially different from those contained in the PEA. There can be no assurance that mining can be conducted at the rates andgrades assumed in the PEA. Energy risks include the potential for significant increases in the cost of fuel and electricity. The PEA assumes specified, long-termprices levels for zinc and lead. Prices for these commodities are historically volatile, and RTH has no control of or influence on those prices, all of which aredetermined in international markets. Prices for zinc and lead have been below the price ranges assumed in PEA at times during the past ten years, and forextended periods of time. There can be no assurance that the prices of these commodities will continue at current levels or that they will not decline belowthe prices assumed in the PEA. The project will require major financing, probably a combination of debt and equity financing. Interest rates are at historicallylow levels. There can be no assurance that debt and/or equity financing will be available on acceptable terms. A significant increase in costs of capital couldmaterially and adversely affect the value and feasibility of constructing the project. Other general risks include continuity of mineralization, those ordinary tolarge construction projects including the general uncertainties inherent in engineering and construction cost, the need to comply with generally increasingenvironmental obligations, and accommodation of local and community concerns, potential environmental issues or liabilities associated with exploration,development and mining activities, exploitation and exploration successes, delays due to third party opposition, and changes in government policies regardingmining and natural resource exploration and exploitation. RTH is also subject to the specific risks inherent in the mining business, as well as general economicand business conditions. For more information on RTH, investors should review RTH’s filings that are available at www.sedar.com.
Technical information in this presentation has been reviewed and approved by David Copeland, PEng, a qualified person not independent of RTH.
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DRIVING TOWARDS A MINING LICENSEJanuary 2020
PROJECT OLZA : ZINC, LEAD & SILVER IN UPPER SILESIA, POLAND Investment Highlights
PROJECTECONOMICS
Preliminary Economic Assessment1
Post-tax NPV8% US$170 million Post-tax NPV @ 5% discount rate US$219 millionAfter Tax IRR 30%Payback 2.4 yearsProduction Costs (all On Site Costs & TC/RC’s) 2 US$0.57/lbFree Cash Flow in the first 3 years of full production US$375 million (Average: US$125 million per year)
MINING A ND INFRA STRUCTURE
Established mining districtUnderground, 6,000 tpd, zinc-lead, Room and Pillar mine with conventional flotation, producing low Fe, high grade and high recoveries zinc and lead concentrates.Adjacent to 7,000 tpd ZGHB Pomorzany zinc-lead, room and pillar mine which has been operating over 40 yearsConnected by rail and port to local ZGHB Smelter and international smelters
JURISDICTIONMember of the European Union
Structured, clear & transparent mine permitting processFirst world, European Union, high sovereign credit ratings
STA K EHOLDERSCommunity Engagement
Ongoing engagement with all levels government, residents & other stakeholders since 20112150 meetings held to date
ZINC SUPPLY GA PLong Term Outlook For Zinc Supply
Rapidly depleting global supply over medium and long-termOver 20-30% of demand requires new supply sources by 2026
NEA R TERM DEVELOPMENT
Pathway to Development TARGETED COMPLETIONZoning Application Q3 2020Environmental Impact Assessment Q2 2021Polish Development Plan (“PZZ”) Q3 2021Mining License Q4 2021
3
1 Preliminary Economic Assessment (PEA), effective date December 31, 2014. see cautionary, Page 2. 2 Zinc costs per pound on by-product basis (average first three years of full production): C1 US$0.30/lb, C2 US$0.56/lb and C3 US$0.57/lb. Figures are based on the Company’s NI 43-101 Preliminary Economic Assessment (December 2014) with updates for a) TC/RCs:
Market costing projections of $120/t for Zn and $120/t for Pb, b) Freight costs updated to reflect current market conditions and c) Metal prices: LT US$1.10/lb for Zn and LT US$1.00/lb for Pb.
DRIVING TOWARDS A MINING LICENSEJanuary 2020
SHARE CAPITAL
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Common shares outstanding1 161.7 million Options outstanding1 9.284 millionWarrants1 0.833 millionDSU’s1 1.562 millionFULLY DILUTED 173,380,889 MILLIONMarket capitalization2 C$17.8 million
1 Denoted figures are as at July 31, 2019 2 As at close July 31, 2019 (based on common shares outstanding)
Analyst CoverageParadigm Capital Inc. Dave Davidson
SIGNIFICANT VALUE-ADD ITEMS
LegalRTH has not been involved in any litigation proceedings since it acquired Project Olza. This is a reflection of the professional and consultative approach that RTH has taken in Poland and at the Olza project site.
Tax-Loss Carry ForwardRTH has C$30 million in unused tax pools which have not been included in the PEA economics.These tax pools will enhance the overall project economics (after-tax IRR & after-tax NPV) and reduce the capital pay back period.
January 2020
KEY METRICS &INDUSTRY COMPARABLES
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DRIVING TOWARDS A MINING LICENSEJanuary 2020
0
0.2
0.4
0.6
0.8
1
1.2
1.4
1.6
LONG TERM
US$
/Lb
PEAKEY COSTS & CASH FLOW METRICS
6
HIGH OPERATING MARGIN
1. Zn cost per pound (by-product basis). 2. Paradigm Capital 2019 Zinc price (US$/lb) forecast.
1
US$1.35/LB ZN
OPERATING MARGINUS$0.78/LB ZN
2
0
20
40
60
80
100
120
140
160
1 2 3
FREE
CA
SH F
LOW
(u
s$M
)
YEAR (FULL PRODUCTION)
FREE CASH FLOW FOR OLZA IN THE FIRST 3 YEARS
OF FULL PRODUCTION
• Figures are based on the Company’s NI 43-101 Preliminary Economic Assessment (December 2014) with updates for a) TC/RCs: Market costing projections of $120/t for Zn and $120/t for Pb, b) Freight costs updated to reflect current market conditions and c) Metal prices: LT US$1.10/lb for Zn and LT US$1.00/lb for Pb.
CASH COSTSUS$0.57/LB ZN
1
FIRST 3 YEAR TOTAL US$375 MILLION
AVERAGE: US$125 MILLION/YEAR
DRIVING TOWARDS A MINING LICENSEJanuary 2020
SIGNIFICANT STOCK RE-RATING OPPORTUNITY
7
1. P/NAV calculated based on the respective company’s market capitalization as at March 2019 vs. project DCF per publicly published information (reports, filings and presentations)2. Calculations based on the respective publicly published information (reports, filings and presentations)3. Calculations based on the respective publicly published information (reports, filings and presentations) as at March 2019
0
0.05
0.1
0.15
0.2
0.25
0.3
0.35
0.4
INZI
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MEDIAN 0.17X
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/lb
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EV / TOTAL RESOURCES2P/NAV1
0
50
100
150
200
250
300
RATH
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DEVELOPERS & PRODUCERS RE-RATEMARKET CAPITALIZATION3
STEP 1:DEVELOPERS MEDIAN $51
DEVELOPER
PRODUCER
STEP 2:PRODUCERS MEDIAN $240
DRIVING TOWARDS A MINING LICENSEJanuary 2020
LOW CASH COSTS ON A GLOBAL SCALE
8
2018 MODELED ZINC COST AND PRODUCTION1 (CO-PRODUCT BASIS)
. Source: Paradigm Capital
2018 MODELED ZINC COST AND PRODUCTION1 (CO-PRODUCT BASIS)
PEA projected operating costs place the Olza Project in the lowest quartile
of global zinc production
DRIVING TOWARDS A MINING LICENSEJanuary 2020
ZINC SUPPLY GAP EXPECTED TO GROW RAPIDLY AFTER 2021
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MM
TZN
CO
NTA
INED
10
11
12
13
14
15
16
17
18
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
PRODUCING AND FULLY COMMITTED PROJECTS UNCOMMITTED PROJECTS
Forecasted Zn Demand (1.8%)
GLOBAL ZINC PRODUCTION AND DEMAND
Almost 5 million tonnes required from new projects by 2027
Source: Paradigm Capital
OVER 20-30% OF DEMAND NOT
ACCOUNTED FOR
January 2020
POLAND
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DRIVING TOWARDS A MINING LICENSEJanuary 2020
POLAND – OPEN TO FOREIGN INVESTMENT
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Well established mining industry with a long history of operating mines
8th largest economy in the European Union (EU)
Well defined legal framework and permitting process for mining
Low corporate income tax (19%)
38-million consumer market, one of Europe’s largestContinuous GDP growth since 1992 2017 growth = 3.3%; 2018 = 5.2%
Poland Sovereign Credit Risk:Moody’s: A2 StableS&P: Foreign Currency Rating upgraded from: BBB+ to A-
Local Currency Rating upgraded from: A- to A
Warsaw
Pomorzany mine
DRIVING TOWARDS A MINING LICENSEJanuary 2020
MINING LICENSEGranted upon approval of PZZ
POLISH PERMITTING PROCESSA STRAIGHTFORWARD AND CLEAR PROCESS
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STEP 1
STEP 2
STEP 3
STEP 4
STEP 5
Polish Geological DocumentationConfers ownership of concessions
ZoningSpatial plan and local land use amendments
Environmental Impact AssessmentConcurrent process with zoning
PZZ (Polish Project Development Plan)Approval subject to Zoning & EIA approval
Underway
Approved 2014
January 2020
Olza projectreview
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DRIVING TOWARDS A MINING LICENSEJanuary 2020
LOCATION AND MARK ET OPTIONS
14
Excellent access to international ports and smelters
Potential to supply local ZGHB Smelter replacing imported Zn-Pb concentrates from Canada
DRIVING TOWARDS A MINING LICENSEJanuary 2020
EXCELLENT INFRASTRUCTURE AND DEVELOPMENT CHARACTERISTICS
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Dramatic positive effect on CAPEX and OPEX
High quality infrastructure:PowerWaterRoads, Rail lines and Ports to target smelters
Adjacent to 7,000 tpdRoom & Pillar Zn-Pb Pomorzany Mine
Geological setting comparableto Pomorzany Mine
Opportunity to supply ZGHB Smelter - Keeping the Value Chain in Poland
Mine supply - and supplier – network is well established supplying nearby Pomorzany Zn-Pb mine
DRIVING TOWARDS A MINING LICENSEJanuary 2020
COMPARISON BETWEEN OLZA AND POMORZANY MINE
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Pomorzany Olza1
Production Rate (tpd) 7,000 6,000
Grade (ZnEq) 3-4% 7.02%
Mine Life Years 2 - 4 8.4
Mining Method/Groundwater Room & Pillar /High
Room & Pillar /Low
Milling Method Concentrator (Crush Grind Float)
Concentrator (Crush Grind Float)
Tailings Storage Surface Surface(With U/Ground being investigated)
Concentrate Production Zn:Pb:
40,000t2
9,000t289,000t26,900t
Market ZGHB Smelter International MarketZGHB Smelter
1 Preliminary Economic Assessment (PEA), effective date December 31, 2014. see cautionary, Page 2. 2 2016 Estimate
DRIVING TOWARDS A MINING LICENSEJanuary 2020
OLZA GEOLOGY – UNCOMPLICATED STRATIFORM, MISSISSIPPI VALLEY GEOLOGY
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CROSS SECTION BASED ON HISTORICAL DRILL HOLES AT ROKITNO
400 800 1200 1600 2000 2400 2600 2800 3200
DRIVING TOWARDS A MINING LICENSEJanuary 2020
POLISH RESOURCE CLASSIFICATION SYSTEM
ZGHB: The operator of the Pomorzany Mine has released a resource estimate for its Laski 1 deposit as follows:
Category C1+C2 resources: 10.76 million tonnes Zn-Pb424,860 tonnes of Zn67,810 tonnes of Pb
ZGHB are following the same specified approval process to secure a mining license for the Laski 1 deposit as Rathdowney is for the Olza ProjectLaski 1 is a potential replacement for the Pomorzany Mine which is likely to be closed in the coming years
The Polish mineral resource classification system1 uses 5 resource categories: A+B, C1, C2, P1, & P2+P3
A comparison between Polish resource classification terminology and Canadian Institute of Mining Metallurgy and Petroleum (“CIM”) terminology is shown at right1
OLZA RESOURCE ESTIMATES BY THE POLISH GEOLOGICAL INSTITUTE2
The PGI estimate for Olza is 77Mt @ 6.15% Zn+Pb in the C1 and C2 categories. This estimate is classified as “historical” under 43-101
EXAMPLE OF CURRENT POLISH RESOURCE SYSTEM ESTIMATE3
1 Comparison of Pre-2000 Polish Resource Terminology with CIM Definitions (CSAG 2010, after Henley, 2004). Prior to 2007, the estimates were categorized, based on distance from a drill hole or mine working as follows: A: exploitation stage where the resource is estimated by underground workings; B: very detailed: drill holes spaced 75 to 150 m; C-1: detailed: drill holes spaced 150 to 200 m; C-2: moderately detailed: drill holes spaced 200 to 300 m; and P1, P2, and P3: least detailed where drill holes are spaced approximately 500 m.
3 https://www.wnp.pl/gornictwo/zgh-boleslaw-o-krok-blizej-zloz,352758_1_0_0.html
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2 Historical estimate by the Polish State Geological Institute (PSGI) from PSGI 1992 report based on the Polish resource classification system, which is very similar to the Soviet classification system but are different from the classification purposes of NI 43-101. Although results to date are confirmatory, a Qualified Person has not done sufficient work to these historical estimates to classify the estimate as current mineral resources under NI 43-101. The Company is not treating the estimate as current resources. Significant additional drilling and related work would be required to make the estimate a current mineral resource under 43-101.
DRIVING TOWARDS A MINING LICENSEJanuary 2020
Confirming validity of earlier Polish State Geological Institute work24.4 MT at 5.53% Zn, 1.49% Pb – 7.02% CombinedImportant Ag content as well – not included in economics to dateThe resource below for 30% of the area of Polish Geological Institute resources core drilling
43-101 MINERAL RESOURCE
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1 Contained metal based on 100% recovery. David Gaunt, PGeo., Vice President Resource and Database for Hunter Dickinson Services Inc. (HDSI), a qualified person (QP) who is not independent of the Company is responsible for the estimate. The effective date of the estimate is July 2014. Estimate at 2% Zn cut-off audited and verified by independent QP - L. Roberts, MAusIMM(CP) of SRK for the Preliminary Economic Assessment.
Inferred Mineral Resources1
CutoffZn% Tonnes (millions) Zn
(%)Pb(%)
Zn+Pb(%)
Contained Zn (millions lb)
Contained Pb (millions lb)
2.0 24.4 5.53 1.49 7.02 2,975 802
3.0 18.8 6.43 1.59 8.02 2,660 658
4.0 14.1 7.42 1.70 9.12 2,304 528
5.0 10.4 8.44 1.81 10.25 1,944 417
A 2019 43-101 compliant Exploration Target Range geostatistical study indicated an estimated target resource2
potential of:54 – 92 MtZn grade – 3.9-5.2%Pb grade – 1.0-1.3%
This Exploration Target Range is on the 70% of the Polish Geological Institutes drilling area not covered by RTH’s drilling and is in addition to the current Inferred Resources outlined.
43-101 EXPLORATION TARGET RESOURCE ESTIMATE
2 This Exploration Target Range is conceptual in nature and is not a mineral resource estimate. There is no guarantee that future drilling will be done, or that, if further drilling is done, that it will lead to a resource estimate in this range or at these grades. Srivastiva, R. Mohan, and Gaunt, David. (2019). “Olza Project Exploration target Range (ETR) Study”, unpublished internal report”. Mr Srivastiva is an independent qualified person and Mr Gaunt is a qualified person that is not independent of the company.
DRIVING TOWARDS A MINING LICENSEJanuary 2020
MINING – CONVENTIONAL ROOM AND PILLAR OPERATION
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Typical Bulk Room & Pillar MineRoom Size: varies, generally 5m x 5mPillar Size: varies, generally 7m x 7mExtraction Ratio: 73%
16 single boom and twin boom jumbos9x 72 LHD loaders9x 40t underground trucks
DRIVING TOWARDS A MINING LICENSEJanuary 2020
PROCESSING – CONVENTIONAL CRUSHING, GRINDING AND FLOTATION
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Standard SAG Mill, Ball Mill, flotation process
89% LOM zinc recovery producing 56% zinc concentrate
88.5% LOM lead recovery producing 70% lead concentrate
Low Fe content will significantly enhance marketability of concentrates
DRIVING TOWARDS A MINING LICENSEJanuary 2020
SCHEMATIC LAYOUT OF SURFACE AND UNDERGROUND FACILITIES
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A number of sites are under consideration
Compact surface facilities layout
All potential sites adjacent to all necessary infrastructure
Paved highways, power supply and rail lines
Ready access to equipment suppliers
DRIVING TOWARDS A MINING LICENSEJanuary 2020
Developed effective stakeholder relations based on international best practices. 2150 meetings to date
Each local community is visited every month by Company staff hosting regular update Town Hall meetings.Active engagement with all governments (local and national) and other key stakeholders continuously since 2011Community Activities:
• Door to door visits Community meetings Open houses • Local events Site visits Meetings with local officials
Support/sponsor a variety of initiatives and activitiesKey feedback items:• When is the mine going to open?• When can I apply for a job?• How will the mine affect my community?
5,400 direct and indirect jobs created1
450 direct employees estimated2
STAK EHOLDER ENGAGEMENT AND COMMUNITY RELATIONS
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1 Source: Operators 2018 Report; Impact analysis of the OLZA Project on the budget revenues level2 Source: December 2014 PEA study
January 2020
2020/2021 corporate Goals
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DRIVING TOWARDS A MINING LICENSEJanuary 2020
2019/2020 GOALS – ADVANCEMENT TOWARDS A MINING LICENSE
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2019/2020
2020
Q32020Zoning1 6-8
monthsIn
process
EnvironmentalImpact
Assessment1
7-12months
In process
PZZ1 2-4months
In process
Receipt of mining license1
2-4months
In process
Q22021
Q32021
Q42021
19-32 months2Total elapsed time:1 Preliminary timeline estimates are included in PEA, pg. 264: updated with recent consultant estimates2 Estimated elapsed time from start of “Zoning” to receipt of Mining License
January 2020
Why invest in Rathdowney
26
DRIVING TOWARDS A MINING LICENSEJanuary 2020
WHY INVEST IN RATHDOWNEY
27
Rock-solid project fundamentals Excellent project upside potential
Strong management
• Uncomplicated stratiform geology• Large Resource: 24Mt @ 7.02% Zn +Pb• Room and Pillar Mining; Ball Mill, Floatation
Processing• Exact replica of local Pomorzany Mine• High recovery, high grade low Fe
concentrates – Premium Grade• Excellent infrastructure• First world mining jurisdiction
and permitting process• Excellent pool of
local employees
• Excellent resource base• High probability infill drilling to convert PSGI
resources• Additional advanced drilling completed since PEA
produced• Silver by-product credit to be added
• Simplified design and capital synergies accrued since PEA
• Opportunity to supply ZGHBsmelter as replacement for
Pomorzany concentrate• Higher Zn and Pb
prices than used in PEA
• Management team with experience in mine permitting, construction and operations
• Excellent local management and technical team• First-tier consultants assisting with project evaluation, permitting & mine license application
HEAVILY UNDERVALUED STOCK WITH SIGNIFICANT
RE-RATING POTENTIAL UPON RECEIPT OF MINING LICENSE
January 2020
Appendices
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DRIVING TOWARDS A MINING LICENSEJanuary 2020
PRELIMINARY ECONOMIC ASSESSMENT (PEA)
29
Qualified Person Company Professional Designation Sections of the Report
Christopher Bray BEng, MAusIMM(CP)Project Management and
Mining
Dr Lucy RobertsBSc (Hons), MSc, PhD, MAusIMM
(CP)Mineral Resource
Dr Christopher Bonson PhD EurGeol, P.Geo Geology, Sampling and QAQC
Kris Czajewski P.Eng, APEGBC Tailings
Dr Houcyne El Idrysy MSc, CGeol FGS Water Management
Lawrence Melis P.EngMetallurgy and Mineral
Processing
DRIVING TOWARDS A MINING LICENSEJanuary 2020
PRELIMINARY ECONOMIC ASSESSMENTDECEMBER 2014
30
Project ScopeConventional 6,000 tpd bulk room & pillar mine with decline access
Standard SAG and fine grinding
Conventional flotation
Zn + Pb concentrates
Two very clean, low iron, highly marketable concentrates
Key Results1 (US dollars / metric units)
Robust returns and low production costs
$233.8M initial capital cost
$55.6M sustaining capital
$0.57/lb total cash cost1 Notes on the PEA:
• Based on median consensus metal prices: $1.00-1.10/lb for zinc; $0.95-1.00/lb for lead,• PEA study by international engineering specialists: SRK Consulting (UK) Ltd, Melis Engineering Ltd.
• The PEA is preliminary in nature and includes Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves. There is no certainty that the PEA will be realized.
NPV @ 5% discountUS$219
Million
PEA Pre-TAX1
PEA Post-TAX1
NPV8
NPV8
DRIVING TOWARDS A MINING LICENSEJanuary 2020
PEA – ANNUAL PRODUCTION SUMMARY
31
Facilities designed for 30 year life
Based on a 24.4 million tonne resource ANNUAL (Avg)1
• Total Mineralized Material Mined & Processed 2,013,000 t
• Average Recovery, Zinc 89.0 %
• Average Recovery, Lead 88.5 %
• Zinc Concentrate Produced 160,000 dmt
• Lead Concentrate Produced 38,000 dmt
• Zinc Concentrate Grade 56 %
• Lead Concentrate Grade 70 %
• Recovered Zinc 196,794,00089,452
lbtonnes
• Recovered Lead 59,133,00026,878
lbtonnes
1 Legend: t = tonnes (metric), % = percent, lb = pound
DRIVING TOWARDS A MINING LICENSEJanuary 2020
PEA – PROJECTED CAPITAL COSTS
32
1 All values in US dollars and metric units where M = Millions. Thirty percent contingency and fifteen percent EPCM applied to processing
Post-tax payback 2.4 years (8% discount rate)
Capital Cost Initial ($M) Sustaining ($M) Total LOM ($M)
• Mining 82.3 36.6 118.9
• Processing 59.7 - 59.7
• Tailings Management & Water Treatment Facilities
33.1 14.5 47.6
• Surface Facilities 15.7 - 15.7
• Contingency 23.1 - 23.1
• EPCM 13.1 - 13.1
Sub-Total 227.0 51.1 278.1
• Reclamation Security 6.8 4.5 11.3
TOTAL CAPITAL COSTS 1 233.8 55.6 289.4
DRIVING TOWARDS A MINING LICENSEJanuary 2020
PEA – PROJECTED OPERATING COSTS
33
Refining & Smelting Cost1 (US$/t)
• TC / RC2 12.01
• Freight 3.47
TOTAL OFF-SITE COSTS 15.48
Operating Cost1 (US$/t)
• Mining 26.88
• Milling 11.46
• Environmental/Tailings Storage Facility
5.15
• Site General & Administration 3.93
TOTAL ON-SITE COSTS 47.42
Total cost to produce metal1
US$0.57/lb Znor
US$62.90/tprocessed
$US 0.47/lb Zinc by-product basis1 Operating costs are based on the Company’s NI 43-101 Preliminary Economic Assessment (December 2014).2 TC/RCs are based on Q1 2017 market costing projections ($120/t for zinc; $120/t for lead). 3 All values in US dollars and metric units. Total On-Site includes mining, milling and infrastructure costs incurred to produce concentrate. Total Off-Site includes TC/RCs, transportation, handling and
freight costs. Totals may not add due to rounding.
DRIVING TOWARDS A MINING LICENSEJanuary 2020
MINING LICENSE TEAM
34
Barbara Chammas Lead Environmental & Governmental Environmental Strategy (Consultant) Barbara has an advanced degree in Environmental Engineering, a certificate in Mid-Management and Business Administration and over 10 years’ experience in public consultation and water management in Poland. Barbara has provided contributions to Olza for over 7 years.SRK Consulting ConsultantAn independent, international consulting practice that provides advice and solutions to mining clients. SRK offers services through feasibility, mine planning, and production to mine closure.CEC Government Relations ConsultantLead consultant for government relations (national). AECOM Polska Sp. Z o.o. ConsultantLead consultant for the Environmental Impact Assessment (EIA). AGH University of Science & Technology, ConsultantLead consultant for hydrogeology and engineering (PZZ).Human & Nature Foundation ConsultantLead consultant for environmental data collection (flora and fauna).Institute of Environmental Engineering Polish Academy of Sciences ConsultantLead consultant for air quality monitoring. PectorEco ConsultantLead consultant for hydrology.
DRIVING TOWARDS A MINING LICENSEJanuary 2020
GALVANIZING AND CONSTRUCTION ARE THE DOMINANT FIRST AND END USES OF ZINC
35
January 2020
DRIVING TOWARDSA MINING LICENSE
TSXV: RTHrathdowneyresources.com
Andrew Ing Chief Financial [email protected]
David J. CopelandChairman, Interim President & [email protected]
For further information please contact
CORPORATE OFFICE15th Floor – 1040 W. Georgia Street Vancouver, BC V6E 4H1 Canada604.684.6365