Low Cost Tungsten & Tin ProducerBuilding one of the world’s largest tungsten mines

AIM : WRES November 2019

Disclaimer

This presentation was prepared by and is the property of W Resources Plc (“W Resources” or “the Company”). No reproduction or distribution this material is permittedto companies or individuals outside of those for whom this is intended. No agents, brokers or investment banks are authorised to present this material to other partiesfor the purpose of soliciting potential clients or transactions of any kind without prior consent to do so.

While the Company is not aware of any inaccuracies, no warranty or representation is made by the Company or their respective employees and representatives as tothe completeness or accuracy of the information contained herein. The Company, JLSI and their respective employees and representatives expressly disclaim anyliability for damages, direct or consequential, arising out of or related to this presentation or omissions there from, or any other information provided in writing, orally orotherwise regarding this potential transaction. Any party considering a transaction with the Company agrees to look solely to its own due diligence and anyrepresentations, warranties and/or covenants set forth in a fully-executed, definitive written agreement with the Company relative to the transaction.

Certain matters discussed in this presentation are “forward-looking statements”. These forward-looking statements can often but not always be identified because thecontext of the statement will include words such as “the Company expects,” “anticipates” or words of similar import. Similarly, statements that describe the Company’scapabilities, future plans, objectives or goals are also forward-looking statements. Such forward looking statements are subject to significant risks and uncertainties,including the financial performance of the Company and the viability of its technology. These risks could cause actual results to differ materially from those currentlyanticipated.

Although the Company believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, the Company can give noassurance that its expectations will be attained. Potential investors, customers, suppliers and other readers are urged to consider this factor carefully in evaluating anyforward-looking statements. Forward-looking statements made herein are only made as of the date of this presentation and the Company undertakes no obligation toupdate such forward looking statements to reflect subsequent events or circumstances.

Technical information in this presentation has been prepared and approved for inclusion by Mr Fernando de la Fuente, who is a “qualified person” in respect of the AIMRules for Companies with over 44 years experience in the Exploration and Mining Geology industry. Mr de la Fuente holds a B.Sc. in Geology and a MSc in Geologyfrom the University of Granada in Spain. He is also a member of the Spanish College of Geologists (Number 49), the Spanish Society of Mineralogy, founder memberof the Spanish Society of Geology, member of the Spanish Association of Applied Geology to Mineral Deposits, member of the Society for Mining, Metallurgy andExploration, Inc., member of PDAC.

The press releases relating to the initial announcements of the technical disclosures in this presentation can be found on the Company website(www.wresources.com). The relevant announcement dates are La Parrilla (25 August 2017, with full FID report on website), Régua (27 October 2015) and SãoMartinho (8 June 2016).The company confirms that it is not aware of any new information or data that materially affects the information included in the original marketannouncement and, in the case of estimates of Mineral Resources or Ore Reserves, that all material assumptions and technical parameters underpinning theestimates in the relevant market announcement continue to apply and have not materially changed. The company confirms that the form and context in which theCompetent Person’s findings are presented have not been materially modified from the original market announcement.

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Overview

La Parrilla

Régua

Tarouca

São Martinho

SPAIN

PORTUGAL

Madrid

Lisbon

Porto

Seville

Tarouca, Portugal: Former

tungsten / tin mine advanced

exploration progressing

La Parrilla Mine, Spain:

Open-pit tungsten mine

development – 2,700 tpa

(“T2”) expanding to >4,000

tpa (“T3.5”)

JORC Resource of 49mt @

0.100% WO3 Concentrate

JORC Reserves of 29.8mt

total

• Proven 1.2mt @

0.0995% WO3

• Probable 28.6mt @

0.0928% WO3

• Total 29.8mt @

0.0931% WO3

Régua, Portugal: Underground

tungsten mine development -

1,300 tpa WO3 Concentrate

JORC Resource of 5.46mt @

0.28% WO3

São Martinho, Portugal:

Trial Mine Application

111,987oz contained gold;

significant upside

Michael Masterman - Chairman

Founding Shareholder & GM - Fortescue Metals Group

8 Years - McKinsey & Company

CEO - Po Valley Energy and CFO - Anaconda Nickel

Fernando de la Fuente - Country Manager Spain

Anglo American Corporation

Rio Algom (Rio Tinto)

Phelps Dodge

Aaron Szumilak - Metallurgist & Process Engineer

Fortescue Metals Group

Syncrude

Composites Innovation Centre

Juan Garcia Valledor - La Parrilla Operations Manager

Rio Tinto

Imerys Groups

W Resources Management Team +130 years of experience

Focus:Tungsten & tin - production, development &

exploration in Spain & Portugal

Major

Projects:

Tungsten - La Parrilla, Régua, Tarouca

Copper Gold - São Martinho

3

La Parrilla – Key parameters

Low Cost

US$94/mtuLarge Scale

49mt+Long Life

11+ years

Simple Low

Cost processingIn Production

European / USA

Offtake > 80%

4

La Parrilla - In Production

5

• La Parrilla completed below budget

• Production has commenced and will expand to 200t of concentrate per month (net US$3m p.m)

• La Parrilla expansion creates the foundation for substantial EBITDA and value growth

• Full support from local authorities with a €5.3m grant

• BlackRock US$35 million financing

Building a world class tungsten company

6

ROM Tungsten Capital EBITDA* Timing

La Parrilla T2 2.0 Mtpa 2,700 tpa €27.8m US$20.0m Q3 2019

+ €20.0m US$20.0m

= La Parrilla T3.5 3.5 Mtpa 4,000 tpa €47.8m US$40.0m 2021

Régua 0.1 Mtpa 1,000 tpa €6.0m US$ TBA Q1 2020

* FID Study 3 Year Average published 25 August 2017

Tungsten – World’s hardest metal with highest melting point

Source: ITIA – Tungsten End Use Analysis 20177

Primarily used to make

tungsten carbide for

cutting tools such as drill

bits and machining tools

One of the hardest man

made materials when

mixed with carbon to form

cemented tungsten

carbide

Auto industry is a heavy

tungsten user - tyre studs,

ball joints, brakes, crank

shafts & other parts that

see hard usage

Highest melting point,

lowest vapour pressure of

any naturally occurring

metal

High demand, tight supply

(1) Source: International Tungsten Industry Association (2) Source: Roskill

China consumed 60%of world production in

2016, up from 30% in

1996 (2)

Current global tungsten

demand is

approximately

80,000tpa (1)

Supply shortages are

expected resulting in

upwards trending

price 2022 & beyond

Demand for tungsten

has grown 4% per

year for the past 10

years

8

Low operating & capital costs

0

50

100

150

200

250

300

350

% of total output

China Molybdenum China by-product La Parrilla Nui Phao†

China China Drakelands Los Santos

Minmetals Jiangxi Tungsten Ind Group Mittersill Chongyi Zhangyuan

Xiamen Tungsten Panasquiera China China

China

2018 Average WO3 Concentrate Price ($260 / mtu) (1)

Source: Argus

Global Tungsten Production Cost CurveCapital Costs - US$m

85 94

117

155

Núi Pháo La Parrilla Barruecopardo Drakelands

Unit Operating Costs - US$ / mtu

Low Cost Drivers

• Excellent location

• Open-pit mine – limited pre-strip

• Low cost gravity separation circuit

• “Fit for purpose” plant

• Scaled and sensible staging

• Primary infrastructure already in place

− Power connection

− 7km to main highway

− Quality water supply

(1) Assuming a 20% discount to the 2018 average European APT tungsten price of US$325 / mtu (Source: Metal Bulletin)

La Parrilla

9

SPAIN SPAIN UK VIETNAM

VIETNAM SPAIN SPAIN UK

47 60

250

450

La Parrilla Barruecopardo Drakelands Núi Pháo

La Parrilla - Strategically located

• 7km from Seville / Madrid highway

• Access to quality water supply

• Established infrastructure

• Facilities and on-site laboratory operational

• Connected to the Spanish power grid

• Short trucking distance from Atlantic & Mediterranean ports

Process Plant Infrastructure

Initial Mining Area

Operational Tailings Dam

Madrid / Seville Highway

10

La Parrilla – Plant Complete

11

Initial Mining Area

Crushing Plant

Concentrator Plant

Site Offices

Jig&Mill Plant

Laboratories

12

La Parrilla – Mineralisation

• The thickness of the veins varies from a fraction of a millimetre to more than 3m, with an average of

about 10cm

• The reefs are arranged in a series of packages of 10m to 45m in width and showing a good

continuity up to 300m deep and several hundred meters in the direction

13

La Parrilla – Mineralisation

Mineralized quartz veins contain scheelite (often

coarse-grained), arsenopyrite, cassiterite, muscovite,

and smaller amounts of wolframite, pyrite, tourmaline

Greisenized granite fingers show high-grade

intersections of up to 55 m at 0.73% WO3

La Parrilla - Mining operations

14

Infrastructure created:

• Ramp access to RoM Pad

• Contractor platform

• Main access track

Mine equipment in situ

First blasting carried out

La Parrilla - Simple open pit mining & processing

Open Pit Mining

Mining UnderwayCrushing & Screening Plant

350tph - €3.2m Commissioned & Operational

Crushed Ore Bin

6,000t - €300k Fully Operational

Jig & Mill Pre-Concentration Plant

350tph - €5.5 Commissioned on Ore

Shaking Table Cleaning

12tph

Spiral Concentration

155tph

Sulphide Flotation

3tph

Electrostatic Separation

0.5tph 15

La Parrilla - In production

Crusher Plant Operating at Design

16

La Parrilla - 3D Model of crusher

17

Completed

Design

La Parrilla - In production

Jig & Mill Plant Operating Near Design

18

La Parrilla - In production

Concentrator Commissioning Commenced

19

La Parrilla - In production

LNG Power Station Commissioned & Delivering Power

20

La Parrilla - In production

Production Start

21

La Parrilla - In production

Shipments Underway - Payment at Mine Gate

22

Development timeline - nearing completion

23

Crusher Plant Completion

First Shipments

Crusher Plant First Ore

Jig & Mill Plant Completion

Jig & Mill Plant Commissioning

Production Underway

Concentrator Plant Completion

Ramp-up to T2 Production

Project financial overview

24

PRODUCTION Year 1 Year 2 Year 3 Year 4 Year 5 Year 6

RoM Feed Rate (kt) 2,004 2,004 3,200 3,477 3,500 3,489

WO3 production (MTU) 184,265 181,496 236,051 279,409 252,073 253,274

SN production (t) 125 138 363 274 272 241

Tungsten price - APT (US$ / MTU) 245 263 288 313 313 313

Tin price (US$ / t) 18,500 19,500 20,000 20,000 20,000 20,000

INCOME STATEMENT Year 1 Year 2 Year 3 Year 4 Year 5 Year 6

Net Revenue 34,001 36,055 53,819 66,480 60,326 60,152

Opex (18,784) (17,445) (30,360) (24,261) (20,517) (21,160)

EBITDA 15,216 18,610 23,460 42,219 39,808 38,992

Source: Financial Investment Decisions Report summary as announced on 25 August 2017.

Note: Assumes Argus Forecast for tungsten APT price; Note that all debt figures and related coverage ratios are for illustrative purpose only

(US$000’s)

4.9x4.0x

3.2x

13.6x

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

Year 1 Year 2 Year 3 Year 4 Year 5

CFADS / Interest Expense

Key project financial metrics

Key Financials Leverage

Interest Coverage Operating Cash Flow

($ in millions)

1.8x

1.4x

1.1x

0.0x0.0x

0.2x

0.4x

0.6x

0.8x

1.0x

1.2x

1.4x

1.6x

1.8x

2.0x

Year 1 Year 2 Year 3 Year 4 Year 5

Total Debt /EBITDA

$17.6$20.0

$24.2

$42.8

$0

$5

$10

$15

$20

$25

$30

$35

$40

$45

Year 1 Year 2 Year 3 Year 4 Year 5

Operating Cash Flow

Source: Financial Investment Decisions Report summary as announced on 25 August 2017. Note: Assumes Argus Forecast for tungsten APT price; Note that all debt figures and related coverage ratios are for illustrative purpose only 25

38.0 40.3

60.1

74.2

67.4

15.218.6

23.5

42.2 39.8

0

10

20

30

40

50

60

70

80

Year 1 Year 2 Year 3 Year 4 Year 5 Year 6

Gross Revenue

EBITDA

Régua tungsten project - Portugal

26

Low Capital Cost

€4-6mHigh Grade 0.3%

3 times LPLong Life

20+ years

Simple Low

Cost processing

First Ore

Q1 2020

Low cost underground mining

using adits

Régua

27

• High-grade, low-capital cost development with significant scope to increase the resource base

• Contract signed for ore haulage and crushing at Régua with Francisco Pereira Marinho Imaos

• Existing Concentrator Plant at La Parrilla to be moved to Régua in Q4 2019

Régua – Low capital cost development

28

São Martinho, Portugal - gold resources

São Martinho Gold Project

• JORC resource estimate 3mt @ 1.04g/t gold containing 111,987oz

• SMD-009 intersection: 56.4m grading 2.34 g/t gold from surface

• Near term target 250,000oz

29

Management team +130 years of experience

30

Celestino Parejo

Government

Relations / Mining

Mining engineer

with over 30 years’

experience in the

technical direction

of mining projects

in the Extremadura

region of Spain and

internationally

Fernando de La

Fuente

General Manager

Geologist with more than 43 years’

experience in the exploration and mining

geology industry in Europe, Africa and

North America and Latin America

Mechanical process

engineer with 10

years’ experience in

mineral processing

and resource

development. Aaron

has worked for

Fortescue Metals

Group, Syncrude

and Composites

Innovation Centre.

Aaron Szumilak

Metallurgist &

Process Engineer

Michael

Masterman

Chairman

Mr Masterman has an exceptional track record in

establishing and financing new resources companies.

He has been a founding shareholder at Fortescue

Metals Group, Po Valley Energy & Atacama Metals

Juan Garcia

Valledor

Operations

Manager

Mining Engineer with

25 years of

experience in

management of

industrial processing

plants and design,

planning,

management and

rehabilitation of open

pit mines

%

M. Masterman* 17.58

Beronia Investments Pty Ltd (B. Pirola)** 5.00

Miton Group 3.25

Substantial Shareholders (15 November 2019)

Corporate snapshot

31

Michael Masterman – Chairman

Byron Pirola – Non Executive Director

David Garland – Non Executive Director

Jim Argalas – Non Executive Director

Pablo Neira – Non Executive Director

Board of Directors

Share Price Performance (29 Aug 18 to 29 Aug 19)Financial Information (31 October 2019)

Share price 0.37 GBX

52 week range 0.32 - 0.59 GBX

Number of shares (undiluted) 6,288,427,640

Outstanding Warrants 779,033,998

Market Capitalisation £23.27m / US$29.02m

Cash US$170k *

Debt US$45.8m

* Includes Symmall Pty Ltd

** Includes related party interests

Price GBX

0.35

0.4

0.45

0.5

0.55

0.6

0.65

Aug-18 Oct-18 Dec-18 Feb-19 Apr-19 Jun-19

* Cash figure prior to recent placing

Why invest in W Resources?

Construction

FundedLarge low

cost mines

Construction

Completed

Skilled ‘can do’team

Significant earnings

growth from 2019

Broker valuations

US$70-80m vs

US$37m market cap

32