2012 Annual General Meeting 8 November 2012

Carbine Tungsten Limited ASX Code: CNQ

Jim Morgan, Managing Director & CEO

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DISCLAIMER Forward Looking Statements Some statements in this presentation relate to the future and are forward looking statements. Such statements may include, but are not limited to, statements with regard to intention, capacity, future production and grades, projections for sales growth, estimated revenues and reserves, targets for cost savings, the construction cost of new projects, projected capital expenditures, the timing of new projects, future cash flow and debt levels, the outlook for minerals and metals prices, the outlook for economic recovery and trends in the trading environment and may be (but are not necessarily) identified by the use of phrases such as “will”, “expect”, “anticipate”, “believe” and “envisage”. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future and may be outside Carbine Tungsten Limited’s (CNQ) control. Actual results and developments may differ materially from those expressed or implied in such statements because of a number of factors, including levels of demand and market prices, the ability to produce and transport products profitably, the impact of foreign currency exchange rates on market prices and operating costs, operational problems, political uncertainty and economic conditions in relevant areas of the world, the actions of competitors, activities by governmental authorities such as changes in taxation or regulation. Given these risks and uncertainties, undue reliance should not be placed on forward-looking statements and intentions which speak only as at the date of the presentation. Subject to any continuing obligations under applicable law or any relevant stock exchange listing rules, CNQ does not undertake any obligation to publicly release any updates or revisions to any forward looking statements contained in this presentation, whether as a result of any change in CNQ’s expectations in relation to them, or any change in events, conditions or circumstances on which any such statement is based. Certain statistical and other information included in this presentation is sourced from publicly available third party sources and has not been independently verified. Ore Reserves and Mineral Resources Reporting Requirements As an Australian company with securities listed on the Australian Securities Exchange (“ASX”), CNQ is subject to Australian disclosure requirements and standards, including the requirements of the Corporations Act and the ASX. Investors should note that it is a requirement of the ASX Listing Rules that the reporting of ore reserves and mineral resources in Australia comply with the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the “JORC Code”) and that CNQ’s ore reserve and mineral resource estimates comply with the JORC Code. Competent Person’s Statement The information in this document relating to Exploration Results, Mineral Resources, Production Targets and Ore Reserves is based on information compiled by Dr Andrew White, who is a Fellow of the Australian Institute of Geoscientists and a Director of CNQ. Dr White has sufficient experience relevant to the style of mineralisation, mining and processing the type of deposit under consideration to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (the JORC code). Dr White consents to the inclusion of matters based on his information in the form and context in which it appears.

SEQUENCE OF EVENTS

Chairman’s Welcome Managing Director / CEO Presentation

Questions Resolutions

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WELCOME CEO & MANAGING DIRECTOR

Andrew James (Jim) Morgan • Commenced 2 April 2012.

• 30 years’ experience in the Australian and International Mining and Construction industries.

• Holds tertiary qualifications in Electrical Engineering.

• Possesses strong project development, engineering and construction skills.

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RESIGNATION – ANDREW WHITE, DIRECTOR

• Intends retiring from the Board at the end of January 2013.

• Fortunately, Andrew’s invaluable technical expertise and extensive knowledge of the Mt Carbine Project will not be lost.

• Will continue to act on a consultative basis for CNQ.

• On behalf of the Board, Management and staff of CNQ we would like to say……

For your unselfish contribution and willingness to share your knowledge and passion for the Mt Carbine Mine Project.

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Junior Diversified Exploration Company

Tungsten Mining & Production

Company

Significant Mine Development Major Tungsten Producer

Pure Play Tungsten Company

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• Modified to account for the higher level of operational activity.

• CNQ endeavours to engender and promote the values of a safe work place and work culture with all its employees and contractors.

• Responsible environmental management is a basic and fundamental principle of CNQ’s current and future business activities.

• Engages locally based staff and contractors where possible.

• Aims to fairly spread the economic benefits of its future growth with the local and regional communities within which it operates.

Hours Worked Lost Time Injuries

22,899 0

2011 – 2012 Safety Statistics

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Consolidated

2012 2011

$ $

REVENUE 822,042 2,123,312

Administration expenses (294,149) (368,762)

Consultant expenses (458,876) (82,963)

Depreciation (290,977) (21,569)

General expenses (29,664) (1,940)

Loss on revaluation of investments (900,000) -

Exploration written off (317,135) (1,167,581)

Occupancy expenses (72,692) (33,463)

Salaries and employee benefits expense (474,736) (186,091)

Travel and accommodation (129,312) (30,935)

Other expenses from ordinary activities (1,057) (878)

PROFIT (LOSS) BEFORE INCOME TAX EXPENSE (2,146,556) 229,130

INCOME TAX EXPENSE - -

PROFIT (LOSS) AFTER INCOME TAX EXPENSE (2,146,556) 229,130

NET PROFIT (LOSS) ATTRIBUTABLE TO MEMBERS OF CARBINE

TUNGSTEN LTD

(2,146,556)

229,130

Basic gain(loss) per share (cents per share) (0.01) 0.002

Diluted gain(loss) per share (cents per share) (0.01) 0.002

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2011 / 2012 Capital Raising Activities • Funds utilised to construct & commission the Tailings Retreatment

Plant. 2012 / 2013 Funding Requirements • $2,000,000 raised through a share placement of 16,000,000 shares @

$0.125 per share with Mota-Engil Minerals & Mining Investments.

• Other funding options for the Hard Rock Project are being investigated and will be ongoing for a number of months.

• Currently received a Letter of Intent for 50% of Hard Rock Production and potential funding contribution.

Revenue from Sales – Tailings Retreatment Plant

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The mine is located 130km by sealed highway from the port of Cairns, and a 45 minute drive from Port Douglas. The northern face of the open pit mine is visible from the highway.

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With a density of 19.25 g/cm3, tungsten is also among the

heaviest metals.

Highest melting point of all metals at 3,422 ± 15 oC and a boiling point

which corresponds approx to the temperature of the sun’s surface,

5,700 ± 15 oC .

• Rare metal that is critical to modern industry.

• Very hardwearing – second only to diamonds.

• Primary uses include: Cemented carbides, also called hard metals, the

work horses for shaping metals, alloys, wood, composites, plastics and ceramics, used in the mining and construction industries.

Tool steels such as high speed steels, stellites and creep-resistant steels and superalloys.

Tungsten metal products such as lighting filaments, electrodes, electrical and electronic contacts, wires, sheets, rods, etc. These components are used in the electronic industry, transportation (aviation, automobile and trains), chemical industries, glass melting industry, medical technology and power engineering to name a few.

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Tailings Retreatment Plant

CONSTRUCTION COMMENCED DECEMBER 2011

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Tailings Retreatment Plant

OFFICIAL OPENING 26 MARCH 2012

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Tailings Retreatment Plant

First Shipment Despatched 28 June 2012

Value USD$288,845

Latest Shipment Despatched 12 October 2012 Approx. Value USD$227,300

CONCENTRATE SHIPMENTS

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Tailings Retreatment Plant

COMPLETION OF FRONT-END UPGRADE

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CNQ believes you have …….….

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Tungsten recovery prior to Plant Upgrade

Tungsten Recovery after Plant Upgrade

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Key Findings • Viable, profitable project based on modern, previously successful,

tungsten mining business. • Project offers a realistically short product supply cycle in an

undersupplied tungsten concentrate market. • Introduction of X-ray ore sorting technology will guarantee competitive

production cost profile. • Project compares very favourably with the limited tungsten mine supply

alternatives announced globally to date.

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Key Findings Cont… • Previously successful large scale operation for a period of over 13 years. • Environmental permitting underway – progressive approval process

estimated 12 months.

• Minimal chemical usage in the process – gravity separation based system.

• Predominantly a “brown field” project.

• Project is located in strategic geographical location.

• State of Queensland has well developed, reliable transport, power and communication infrastructure.

• Shallow open pit mining operation will warrant competitive low mining cost.

• Open pit mining diminishes potential hazards exacerbated by underground mining.

• Capital Expenditure AUD $53.8 million.

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Key Findings Cont…

• Queensland has well developed, reliable transport, power and communication infrastructure.

• Shallow open pit mining operation will warrant competitive low mining cost.

• Open pit mining diminishes potential hazards exacerbated by underground mining.

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Key Findings Cont…

• Capital Expenditure AUD $53.8 million (accuracy +/- 20%)

• Pre-tax Internal Rate of Return (IRR) of 60%

• Net Present Value (NPV) of AUD $161 million using a discount rate of 8% and an average product concentrate sales price of USD $290 per metric tonne unit (MTU)

• Payback period 1.5 years

Year Cash Flow AUD Revenue AUD

0 - 53,800,000

1 32,704,865 66,822,248

2 29,240,318 64,431,210

3 39,008,516 75,150,398

4 37,812,962 74,355,636

5 26,772,246 63,639,166

6 22,003,818 59,237,426

7 25,282,699 63,165,360

8 30,089,236 68,666,166

9 48,581,009 88,176,478

10 56,712,967 93,828,105

11 1,243,321 1,579,236

295,651,957 719,051,429

NPV(8%) 161,584,537

IRR 60%

3mtpa, Sale Price -$290

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Key Findings Cont… • Resources:

Indicated Mineral Resource (JORC) 18.1 million tonnes at 0.14% WO3 Inferred Mineral Resource (JORC) 29.3 million tonnes at 0.12% WO3

Surface stockpile resources:- Low-grade stockpile ~12 million tonnes at 0.075% WO3 Sorter reject stockpile ~4-6 million tonnes at 0.059% WO3

• The Indicated Resource includes a Probable Ore Reserve of 18 Mt at

0.14% WO3

• The open-pit resource evaluated over a 10 year operational period

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Key Findings Cont… • Production of 260,974 MTU of tungsten concentrate per annum to

commence in 2014.

• The mineralisation is open at depth and to the north and south of the open pit.

Financing • Combination of strategic investment partners and interested take-off

customers.

• Mota-Engil Minerals & Mining Investment provided initial funding of $2,000,000 via a share placement, consisting of 16,000,000 shares at 12.5 cents per share.

• Discussions are continuing with a number of other interested parties.

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Tungsten Global Consumption: ~96,400 t as W-content Estimated Volume at 2011

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Tungsten Global Consumption: ~96,400 t as W-content Estimated Volume at 2011

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Major Phases

Price Stabilisation 2006-2008

Price Deterioration

2008-2009

Price Increase 2010-2011

Price Deterioration

or Stabilisation? 2012-2013

The equilibrium is quite delicate, as the fundamental tightness in supply of tungsten remains, and any recovery in demand is likely to put upward pressure on prices until new supply comes into the market. Major new tungsten production is unlikely to enter the market until 2014. It is certainly possible, therefore, that tungsten prices could continue on an upward trajectory (particularly in 2013) as the market waits for new output to satisfy growing global demand.

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Mt Carbine Drilling

5 holes drilled to test possible extensions to the sheeted quartz vein-hosted tungsten mineralisation.

Hole MTCB002 intersected sheeted quartz vein-hosted mineralisation below 425 metres, in a position suggesting the main ore body plunges to the north (Figure 1).

Figure 2. 3-D view of the high grade (>0.22% WO3) zones in the Mt Carbine resource and mineral system looking along strike toward the north-west, showing the current resource relative to the existing open pit and highlighting the wolframite and scheelite mineralogical zones.

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Indicated Mineral Resource Inferred Resource

18.1 million Tonnes at 0.14% WO3, in situ hard rock.

12 million Tonnes at 0.07% WO3 in low grade stockpile

(mineralised rock stockpiled from previous mining operation)

29.3 million tonnes at 0.12 % WO3

Previously announced 47 million tonnes Inferred Resource at an average grade of 0.13% WO3, using a cut off of 0.05% WO3 was updated to the following Statement of Resources and Reserves:-

From the “Hard Rock” Feasibility Study, which included pit optimization studies, also enabled CNQ to announce a maiden Probably Ore Reserve of 18 million tonnes at 0.14 WO3 using a cut-off of 0.05% WO3. F

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Tara Prospect (NSW) Silver Prospectivity

Tests for tin mineralisation also revealed that the prospect had very significant silver prospectivity.

Gossan Hill Gold

• IPO for Gossan Hill Gold did not achieve minimum subscription nor minimum shareholder spread due to weak market conditions.

• Seeking a “back door” listing

with a suitable company in order to maximise the value of GOS to its shareholders.

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HARD ROCK PROJECT

2013 Construction

2014

Production

Hard Rock Project

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100

200

300

400

500

600

700

800

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

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Cumulative Revenue - Product Prices Sensitivity (Price / MTU)

Period (Year)

Concentrate Price / MTU $290 $265 $230

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Continual Improvements

Plant Modifications

Increase Production

Capacity

Increase Tungsten Recovery

R & D Slimes Recovery

Tailings Retreatment Plant 2012 - 2014

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