Kopparberg Mineral AB: Exploration and project development in Bergslagen

Management presentation September 23rd to 25th 2013 Per Storm, Managing Director

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Disclaimer

Agenda

• Kopparberg Mineral in brief and our market

• Project portfolio

– Håkansboda/Bergslagen

– Nordic Iron Ore AB

– Norrliden Mining AB

• Conclusion

Kopparberg Mineral: Projects & Business model

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Bergslagen Base and precious metals,

(Bergslagen)

Ownership: 100%

Nordic Iron Ore Iron Ore (Bergslagen)

Ownership: 19,25%

Norrliden Mining AB Base and precious metals,

(Skellefte-field)

Ownership: 50%

Phase 1 Phase 2 Phase 3 Phase 4

Phase 5

Conceptual studies

PFS/PEA DFS Construction & Invest.

Mining operations

Divestment, increased external ownership or structural solution with financial/industrial party

RMG Price Index

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Global investments in infrastructure is expected to increase to 2 100 bn USD between 2011–2020, +15-20% compared to 2001–2010 (Samsung Economic Research Institute) Metal/mineral %

Iron Ore 30,77%

Metallurgical coal 20,95%

Copper 18,95%

Gold 15,55%

Nickel 4,43%

Zinc 2,17%

PGMs 1,87%

Silver 1,71%

Potash 1,70%

Phosphate 0,94%

Lead 0,53%

Aluminium/Bauxite 0,43%

Total 100

• Weaker prices short-term • Bounce back mid-term • Long term slow increase

• China is still growing at more than 7 % per year – Copper imports rising

– Oil imports at all time high

– Chinas length of light rail and metro might triple by 2020

• USA is coming back

• India has committed (c:a) bUSD 750 for infrastructure in the coming five years

• Beware of the “hype” mistake

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The Road Ahead

Project portfolio

• Håkansboda, mineral resource estimate • Håkansboda drilling program commenced

late 2012 • Good initial results

• Application for mining concession rejected • Company has appealed, main point:

• protection zone (skyddszon) is against new exploration permits, not mining concessions.

• Appeal now with Ministry of Enterprise

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Håkansboda – update

Class Tonnage (Kt) Copper (%) Gold (g/ton) Silver (g/ton)

Measured - - - - Indicated 629 1,4 0,4 14,3 Inferred 1 485 1,5 0,3 11,3

• Mining concession in April, 2012

• More indications on the exploration concessions with percentage up to 5 % zinc and 5 % lead

• Mineralization open towards depth and to the north

• Top hammer drilling on-going

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Class Kton Zinc, % Lead, % Silver, g/ton

Indicated* 575 3,3 2,6 27

Inferred* 281 3,0 2,5 20 * Hans Torshag QP SweMin,

Tvistbo: Mining concession

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Bergslagen: un-explored outside existing mines

• The company regularly evaluates new areas to explore

• Most recent areas: Såggården and Meshatten

Nordic Iron Ore – short summary

• Portfolio company (ownership: 18,6 %) to restart Ludvika Mines

• Brown-field: Blötberget and Håksberg

• Excellent logistics with existing railroad

• High value iron ore products to be produced, 67 % Fe

• Competitive economics according to studies

• Almost triple mineral resource statement early 2013

• Letter of Intent signed with Oxelösunds Harbour

• Letter of Intent signed with Coal and Ore Trading Limited,

• Environmental permit decision expected by Q1 2014

• New financing by Inlandsinnovation

• On track for production Q3 2015: focus Blötberget

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Norrliden Mining in the Skellefte-field

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A 7+ Mt (M&I) base and precious metal company with advanced deposits and a true blue-sky potential

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Norrliden contains:

• Polymetallic VHMS-deposit with

a mining concession Norrliden K

nr 1, 19 ha

• Updated JORC Mineral Resource

(Adam Wheeler, QP United

Kingdom 2012)

• Mine plan, test mining

permission reapplied

Norra Norrliden Ktonnes Zinc, % Lead % Copper % Gold g/t Silver, g/t

Measured 493 2,93 0,39 0,74 0,65 58,9

Indicated 1 499 2,89 0,31 0,59 0,54 40,2

Inferred 914 1,58 0,22 0,76 0,34 33,6

Norrliden - status

• Beneficiation trials positive: easily beneficiated, typical Skellefte ore

• Environmental study (full) almost finished

• Economics studies indicating excellent internal rate of return

• The project could generate a positive cash flow in two years

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Norrliden – the next mine in the Skellefte field?

Copperstone/Eva – what we know

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• Advance stage VHMS poly metallic deposit

• Mining concession application pending

• Eva deposit is considered a national interest for mining (2010)

• Zinc-gold-silver massive sulphide bodies, some copper, lead

• Composed of upper sulphide lenses and lower feeder system

• Limited historic lab-scale metallurgical testing

• 5.16mt historic resource estimated in upper lenses only

*Hans Torshag, QP, SweMin

Non-compliant, historic NANR internal estimation

EVA Resource Ktonne Zn % Pb % Cu % Au g/t Ag g/t

Indicated* 5 160 2.39 0.36 0.25 0.96 38

Copperstone/North, historic exploration

Cu-Ag

Cu-Ag-Zn

Cu-Ag

Zn-Ag-Au-Cu

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Two disseminated Cu-Ag-Au mineralization targets, including: • 82 m @ 0.77 % Cu and 4.5 g/t Ag • 26 m @ 1.12 % Cu and 7.0 g/t Ag • 33 m @ 0.82 % Cu and 6.3 g/t Ag • 31 m @ 0.74 % Cu and 11.3 g/t Ag

Financial information and share issue

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Rights issue ending October 25th

• Issue of 11,8 MSEK

• Over subsccribed to 2,5 MSEK

• Almost 90 % of 11,8 MSEK was subscribed by existing owners

• Share price: 0,60 SEK

• 100 new share holders

• Sold 77 000 shares in Nordic Iron Ore

Use of funds

• Develop Bergslagen

• Support development of Norrliden Mining

• Support Nordic Iron Ore

• Secure working capital

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If the on-going exploration result in resources enough to justify mine development, Kopparberg Mineral may have a part in three mining projects in three to five years: Bergslagen, Nordic Iron Ore AB and Norrliden Mining AB.

Conclusion

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Future

• Long term demand is still around!

• Development Bergslagen – Drill Tvistbo

– Evaluate other targets

– Håkansboda awaiting decision

• Development Norrliden – Finance next step: DFS & environmental Norra Norrliden

– extended evaluation EVA

• Support NIO

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Thank you!

Kopparberg Mineral AB Verkstadsvägen 52, Kopparberg Kungsgatan 62, Uppsala

Tel: +46 (0)705 – 94 90 24 Per.storm@kopparbergmineral.se www.kopparbergmineral.se

Kopparberg Mineral AB

”We are an exploration and project development company and are active owners in our associated companies. With a relatively minor financial stake we will create value and return for our shareholders going forward”

Per Storm CEO Kopparberg Mineral

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Christer Lindqvist, CoB

Harald Meinhardt Chris Carlon

Nils-Erik Marinder

Per Storm: CEO since October 1 2011. Previously CEO for Raw Materials Group AB and has extensive experience from the international metal and mining industry.