Šturec Deposit Investor Presentation

Investor Presentation, Q1 2013

Investor Presentation

Q1 2013

London: AIM : OTC

Frankfurt: DFY

www.ortacresources.com

Šturec Deposit 1.32 Moz JORC Compliant Gold

Resource

Approval

Working towards Regulatory

approval

Fully Funded To completion of Bankable

Feasibility Stage


Regulatory Notice

The information contained in these slides and this presentation is being supplied to you by Ortac

Resources Ltd. (“the Company”) solely for your information and may not be reproduced or redistributed

in whole or in part to any other person. Recipients of these slides and/or persons attending this

presentation who are considering a purchase of ordinary shares in the Company are reminded that any

such purchase must be made solely on the basis of the information that the Company has officially

released into the public domain. Whilst all reasonable care has been taken to ensure that the facts stated

in these slides and this presentation are accurate and the forecasts, opinions and expectations contained

in these slides and this presentation are fair and reasonable, the information contained in this document

has not been independently verified and accordingly no representation or warranty, express or implied, is

made as to the accuracy, fairness or completeness of the information or opinions contained in these slides

or this presentation and no reliance should be placed on the accuracy, fairness or completeness of the

information contained in these slides and this presentation.

None of the Company, its shareholders or any of their respective advisers, parents or subsidiaries nor any

of their respective directors, officers or employees or agents (including those of their parents or

subsidiaries) accepts any liability or responsibility for any loss howsoever arising, directly or indirectly,

from any use of these slides or this presentation or their contents. These slides and this presentation do

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These slides and this presentation do not constitute a recommendation regarding the shares of the

Company. Recipients of these slides and this presentation should conduct their own investigation,

evaluation and analysis of the business, data and property described therein. If you are in any doubt

about the information contained in these slides or this presentation, you should contact a person

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cause the actual results, achievements or performance expressed or implied by such forward looking

statements. Such risks and other factors include, but are not limited to, general economic and business

conditions, changes in government regulations, currency fluctuations, the gold price, the Group’s ability

to recover its reserves or develop new reserves, competition, changes in development plans and other

risks.

There can be no assurance that the results and events contemplated by the forward looking statements

contained in this presentation will, in fact, occur. These forward-looking statements are correct or

represent honestly held views only as at the date of delivery of this presentation. The Company will not

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This document has not been approved by a person authorized under the Financial Services and Markets

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inducements to engage in investment activity pursuant to the Financial Services and Markets Act 2000

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only at the following, being persons who the Company reasonably believes to be: (a) persons having

professional experience relating to investments (being "Investment Professionals" within the meaning of

articles 19(5) of the Financial Promotion Order); (b) persons who fall within article 49 of the Financial

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any contract or commitment whatsoever.

2


Overview

3

AIM-listed Ortac Resources is actively

developing the Šturec Deposit in Slovakia, which

has a JORC Code compliant resource of 1.32

million ounces of gold equivalent.

Overview. Exploration and development company focussed on

natural resource projects.

Assets. The Šturec Deposit is located in a proven gold-bearing

mineral district. Ortac is well advanced on the critical path of

project delivery.

Resources. 1.32 million ounces gold equivalent (0.4g/t Au Eq.

cut-off), with over 1 Moz in the Measured and Indicated

categories.

Status. Positive results from SRK Scoping Study to advance

towards completion of Šturec PFS by Q1 2013.

Additional Value. 8 exploration licences in Slovakia totalling

200 sq km.

Strategy

Create shareholder value through responsible

development.

Utilise Ortac’s extensive in-house knowledge and

development expertise to build value adding results.

Focus on sustainable solutions that mobilise the

economic and human potential of resource assets and

deliver robust investment returns.


Corporate Information

4

Share Price* 0.51p

Market AIM

Ticker OTC

Market Capitalisation £11.59 million

Ordinary Shares in

Issue 2,315,679,000

Options & Warrants 246 million

Average Daily

Volume (1m) 10.2 million

Broker Seymour Pierce

Cash & Investments £5.6 million

EV (US$) $9.36 million

EV/$US resource oz

Au eq. $7/oz

Shareholders

Henderson Global Investors 12.05%

Directors 10%

*Share Price as at 06.02.13


Board of Directors & Management Team

5

An experienced team with a strong track

record of delivery in the natural resources

and corporate finance sectors.

Board

Anthony Balme

Non Executive

Chairman

Extensive Experience in Natural Resources, Commerce and Finance.

Chairman of Carter Capital Ltd, AMC Ltd, Lymington Underwriting and

Forum Uranium Corp; former director of Vatukoula Gold Mines plc and Far

North Platinum.

Vassilios Carellas

Chief Executive

Officer

Geologist with extensive experience in mining and exploration in Central

Asia. Past Managing Director and co-founder of AIM-listed Kryso Resources

plc. Past Vice President Mining, General Manager and Chief Geologist for

two TSX-listed miners operating producing mines.

Charles Wood

Executive Director

Corporate

15 years in corporate positions in resources, banking and agriculture.

Extensive experience in independent experts’ reports, due diligence, capital

raisings and m&as. Past General Manager of AIM-listed Equatorial Palm Oil

plc and Founding Director of Ragnar Capital, an independent broker.

David Paxton

Non-executive

Director

Professional engineer with 35 years’ experience in the mining sector. 25

years as a mining analyst at a number of Canadian & UK stockbrokers, most

recently Religare Hichens. CEO of Vatukoula Gold Mines plc, India

Minerals plc, Adit Investments Ltd, Sahara Mines Ltd, Far North Platinum

Ltd, and Mining & Dining Club Ltd.

Paul Heber

Non-executive

Director

Investment manager and stockbroker with over 20 years’

experience. Director of bespoke boutique Savoy Investment

Management. FSA regulated in London and FSB regulated in

Johannesburg. Director of AIM-listed Cambria Africa Ltd and

Shanta Gold plc.

Senior Management

Hugo Green

Chief Financial

Officer

Based full-time in OTC Bratislava office. Extensive

experience in Central Europe, having worked for 15 years in

the region with major companies. Past positions at Deloitte

and PWC.

Owen Mihalop

Technical Director

17 years’ international mining experience. Particular

experience in feasibility studies. Past positions with Navan

Resources plc, Homestake Mining Corporation and

Wardell Armstrong International.

Viktor Pomichal

Managing Director

Slovakia

Based full-time in OTC Bratislava office. Past positions at

UBS Bank, covering worldwide transactions. Past Director

& Partner at Private & Syndicated Investments. Former

Managing Director of Finance & Partner at Slovak Forestry

Company.


Šturec Deposit

6

Considerable progress has been made at the

Šturec Deposit. Ortac is past the exploration

stage and is engaged in active project

development.

Proven. Recently State-owned Rudne Bane operated at

Kremnica (Šturec) from 1987-1992 producing 50,028 tons of

ore averaging 1.54g/t Au from a small pit.

Historically an estimated 1.5 million ounces of gold have been

recovered from the Kremnica area with an estimated 4 million

ounces mined.

Further core/RC drilling by Argosy Mining Corporation and

Tournigan Gold Corporation (120 holes, 25,000m) prior to

Ortac acquiring Šturec in 2010.

Quality. SRK’s Scoping Study (commissioned by Ortac in Jan

2012) demonstrated a post-tax NPV of US$309m and IRR of

36% at a US$1,585 oz eq. gold price.

Resource category

Tonnes (kt)

Au (g/t)

Ag (g/t)

Au Eq. (g/t)

Contained metal

(Koz Au Eq)

Measured &

Indicated

15,400 1.75 14.85 2.04 1,010

Inferred 9,700 0.89 5.08 0.99 310

Total 25,100 1.42 11.07 1.64 1,320

Open Pit Resource

Classified in accordance with the JORC Code (2004) Snowden,

May 2012 – 0.4 g/t Au Eq. COG


Šturec Deposit

7

Developing an advanced stage asset into a

profitable operation in a historic gold and silver

producing region.

Historic Work. The open pit was assessed in 2007 as a

conventional truck and shovel operation, processing 2.1Mtpa

with ore mining of up to 3Mtpa.

Mineralisation. Continuous mineralisation for 1,200m along

strike. The deposit is up to 120m wide and extends to a known

depth of at least 300m and is still open in all directions.

Šturec. Estimated to contain 15.4Mt of ore at a grade of

1.75g/t Au and 14.9g/t Ag in the Measured and Indicated

categories and 9.7Mt at a grade of 0.89g/t Au and 5.1g/t Ag

in the Inferred category (at a 0.4 g/t Au Eq. cut-off grade).

Scenarios. The 2012 Scoping Study (SRK Consulting) for

Šturec identifies three open pit scenarios and an underground

option.

Šturec : Geological Context


Scenarios

8

A world-class deposit, benefitting from strong

geological knowledge and proven metallurgy.

Deposit. Amenable to surface mining with low stripping

(waste) ratios.

Scoping Study. Identifies three scenarios all utilising latest

surface mining techniques.

Base Case

1.5 mtpa surface mining

Gold grade: 1.66 g/t

Strip ratio: 2.25

Mine life: 11 years

Capital cost: US$149m

Scenario 2



Strip ratio: 1.06

Mine life: 11 years


Scenario 3



Strip ratio: 1.75

Mine life: 11 years


Source: SRK Scoping Study, January 2012

Above: Open pit mine model, Base Case

Picture: Šturec Crest looking east


Scoping Study

SRK Consulting’s Scoping Study confirms the

economic viability of the Šturec Deposit.

2012 Scoping Study Highlights*

Average Annual Gold Production (Au oz eq.) 86,000

Life of Mine Net Revenue (US$m) 1,125

Life of Mine Net Present Value (post tax NPV US$ 8%) 153

Pre Tax Internal Rate of Return (IRR %) 24

Payback (Years) 4

Open Pit Capital Costs (US$) 155

Total Life of Mine Cash Costs (US$/oz) 495

Initial Mine Life 11

Gold US$1,188/oz US$1,387oz US$1,586/oz US$1,784/oz

Post Tax NPV (US$m) 153 232 309 392

Payback (yrs) 4 3 3 2

IRR (%) 24 30.5 36.5 46.9

Project Sensitivity Model

* Assumes ‘scenario 3’ and base case price of US$1,188 Au Eq.

SRK Conclusions

The project “appears viable and the open pit scenarios

examined are economic at gold prices below the

current spot price”.

“The results warrant progression to the next level of

technical study.”

Source: SRK

Scoping Study,

January 2012

9


Development Timeline

The Šturec Deposit is well advanced

in the critical path of project delivery.

HIGH RISK MEDIUM RISK

Proven & probable reserves: c. 0.8 –

0.9Moz

Integrated mining and process plant

design: compliant with EU BAT

Externally costed CAPEX and OPEX

scenarios: +/- 25%

Lodgement of Preliminary

Environmental Report: with

Government

Commencement of full EIA and BFS

PFS Targets

10


Current Principal Risk and Uncertainty

Ortac’s principal risks are neither technical nor

infrastructural. We have a defined resource that

is economic and is amenable to modern

extraction and processing.

Risk Mitigation / Comment Potential

Impact

Further Information Additional

• Mining Licence,

Environmental

Permits, required

to progress Šturec

• Regional and Local

stakeholder

blessing required

• Implemented a robust local

stakeholder engagement strategy

• In direct contact to secure

regulatory approval from:

• The Supreme Mine

Office (Hlavný banský

úrad)

• Ministry of Economy of

the SR (MH SR)

• Ministry of the

Environment of the SR

(MŽP SR)

High • Šturec Resource is already

designated within a mining

licence area that has been in

place for over 40 years

• Mining precedent already set

• State-owned Rudne Bane,

operated at Kremnica from 1987

-1992

• Extensive adit and

cross-cut development

undertaken within the

Šturec zone

• Historically producing

from surface and

underground

11


Engagement

12

Ortac’s corporate social responsibility

programme involves real local engagement.

Gold panning, part of our open day events programme.

In partnership with the local community, Ortac is

exploring sustainable development solutions.


Lutila Exploration License

Licence. Comprises 64,83 Sq.km area immediately to the

south of the Kremnica Au/Ag deposit in central Slovakia

Licence has recently been renewed and is extendable for up to 10

years

Perfectly preserved palaeogeothermal field. Preserved all the way

to the palaeolandsurface, where proximal and distal sinters and

associated hydrothermal feeder zones are abundant

Soil geochemistry. Shows focused anomalism in the gold-

pathfinder elements typically associated with epithermal gold,

namely As, Sb, Hg, Tl

Geophysics. Ground based geophysical survey completed in 2011

– targets generated

Scout drilling. Intersected 33m @ 0.86g/t in the strongly

brecciated margin of a rhyolite dyke

13

Kremnica

64.8 km 2

2

Lutila Exploration Licence

Kremnica Mining Licence

0 5 km

11.8 km

Mining and Exploration Licence Areas

N


Eastern Slovakian Exploration Licenses

Additional exploration licences in

Slovakia add value to Ortac’s

portfolio.

Zlata Bana

• 1,200m drill programme complete – results include 12.5m and 6.35m at 2.40

and 1.98g/t Au.

• Snowden is producing an updated Mineral Resource estimate.

• 1970/80s exploration programme uncovered grades of 48.5 g/t Au and 1,220

g/t Ag - historical non-JORC resource in excess of 0.5 million oz Au.

Cejkov

• Exploration activities completed in November 2011, including 4 diamond drill

holes (av. 225m) and ground based geophysics (2.5km)

Smolnik

• Adjacent to Global Minerals Strieborna Silver Vein Deposit (3.425Mt @ 208

g/t Ag, 1% Cu, 0.7% Sb & 32.6% Fe)

• Historical underground mining activities focussed on gold bearing antimony

vein style mesothermal mineralisation (1.8% to 15% Sb; 0.25 g/t to 20 g/t Au)

Porobsky Potok and Ruska Bystra

• Ground geophysics (mag and IP) combined with soil geochemical grids and

rock geochemical sampling defined two large porphyry style targets.

Bysta Skaros

• Early stage exploration targeting high-level, low sulphidation precious

metal mineralisation – similar to Šturec

• 49,000m of geophysical-geochemical profiles surveyed on 13 profiles

14


Why Slovakia needs Šturec

15

Resource Sector

Slovakia

Extractive industries can play a vital role in the Slovak

economy, with it currently only contributing US$400 million

to GDP (approx. 0.5%) and employing around 6,000

people.

EU policy-makers want the EU

natural resource sector to

contribute to economic

recovery.

Gold Mine Silver Mine (Exploration) Coal & Lignite Mining Industrial Minerals

The EU accounts for no more than 1% of the

world gold mining production.

As a result, the EU imports more than 90%

of the gold needed to satisfy its internal

demand, including from third world

countries that apply lower corporate,

health, social and environmental standards.

Slovenská Banská operates the Rozália gold mine, at its height in the mid 1990s they employed 300

people.

Ortac would employ a similar number and make a significant contribution (€ 750m life of mine

estimate) to regional and national Slovak GDP.


Vision

1. Establish and maintain open dialogue with all interested

parties and stakeholders.

2. Mobilise what is great in Europe: technology, innovation

and environmental protection.

3. Respect all views: understand the positive and negative

before any action is taken.

4. Comply with Slovak and EU laws.

Ortac intends to develop Šturec in a way

that respects and conserves the region’s

heritage and nature by following four

core development principals.

Purpose: Seek to establish partnerships

that go beyond responsible mining

Result: Partnering with local leaders

across fields of tourism, industry & nature

conservation: enabling the full potential of

the Šturec Deposit & surrounds to be

realised

16


Investment Case

Pricing Scenario (Long Term Gold Price)

US$m £M Price Per Share

Share Price forecast

US$1,000 / oz)

101.3 62.9 2.7

Scoping Study Base Case

US$1,200 / oz)

140.3 87.1 3.8

Spot Price

US$1,560 / oz)

279.5 173.6 7.3

This is a marketing communication. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is

not subject to any prohibition on dealing ahead of the dissemination of investment research.

Good news + good news = Buy

There has been positive news for Ortac on two fronts in recent days. A

24% increase in the resource estimate at the company’s flagship Sturec

gold project has been followed by a £20m equity funding agreement with

a subsidiary of Henderson Global Investors, the company’s largest

shareholder. In our view both these developments help to further derisk

Ortac’s offering as it pushes on with its evaluation of Sturec. This in turn

makes the recent downward trend in the share price difficult to

comprehend. We maintain our 4p target price.

Sturec resource upgrade

Following the infill drilling programme last year Ortac's geological consultant,

Snowden has updated its resource estimate for the project based on a more realistic

overall cut off grade of 0.26g/ t gold (vs. 0.75g/ t used in the 2011 estimate). This has

led to a 24% increase in the global resource to 1.36Moz gold equivalent (including

1.18Moz gold) with the proportion of the resource in the Measured and Indicated

categories up by 75% to over 1.01Moz, or 74% of the total. Most importantly, at 25Mt

the new estimate provides further comfort in the company’s preferred open pit

scenario from the January scoping study which was based on a 20Mt resource

envelope and throughput of 2Mt ore/ year producing 86koz/ year gold equivalent.

Financing agreement

Ortac has secured a £20m equity finance facility with Darwin Strategic Limited, an

investment vehicle majority owned by a subsidiary of Henderson Global Investors,

Ortac’s largest shareholder (11.06%). The company can draw down in full or in part on

the facility at any time over the next three years and the subscription price will be

based on a 5% discount to a reference price determined during the 15 trading days

following the delivery of a subscription notice from Ortac to Darwin. The agreement is

accompanied by an offering of 20m warrants exercisable at 1.25p up to 11 May 2015.

With the capital expenditure for the 2Mt ore/ year operation at Sturec estimated in the

Scoping Study at US$155m (£97m), the Darwin financing option could represent the

majority of the required equity component (£34m). Given current prevailing market

conditions this agreement could prove very useful to Ortac in our view.

3,4,5 Please see regulatory disclosure notes at the end of this document

F Forecast change

A draft of this research has been shown to the company following which minor factual amendments have been made.

15 May 12 | Company Note | Mining

Ortac Resources( AIM: OTC)3,4,5,F

BUY

Share price 1p

Target price 4p

480% Upside

Market cap (£m) 16.0

Net cash (£m) 7.8

Enterprise value^ (£m) 8.2

No. of shares (m) 2,315.7

Free float (%) 93.0

Average daily vol ('000, -3m) 13,881

Dividend yield (%) 0.0

PER at Target price (Y1) (133.4)

Sector PER 10.8

Price/ book 1.2

12 month high/ low (p) 1/ 1

(%) 1m 3m 12m

Absolute -10.4 -17.9 -50.7

FTA relative -7.5 -12.1 -45.3

Price & price relative (-2yr)

0.0

0.5

1.0

1.5

2.0

2.5

3.0

May Aug Nov Feb May Aug Nov Feb May

Price Relat ive

Source: Datastream

Share price as at close: 14 May 12

Next news

On going exploration/ appraisal results

Business

Precious metal exploration & development in

Central Europe

www.ortacresources.com

Asa Bridle

Research Analyst

+44 (0) 20 7107 8034

[email protected]

Matthew McDonald

Research Analyst

+44 (0) 20 7107 8070

[email protected]

Year end

March

Revenue

($m)

EBIT*

($m)

PBT*

($m)

Tax

(%)

Adj. EPS*

(c)

PER

(x)

EV/ EBIT*

(x)

Div yield

(%)

2010A 0.0 0.1 0.1 0.0 0.0 59.9 121.5 0.0

2011A 0.0 (2.1) (1.7) 0.0 (0.1) n/ a n/ a 0.0

2012E 0.0 (1.2) (1.1) 0.0 (0.0) n/ a n/ a 0.0

2013E 0.0 (1.2) (1.2) 0.0 (0.1) n/ a n/ a 0.0

2014E 0.0 (1.2) (1.2) 0.0 (0.1) n/ a n/ a 0.0

* excludes exceptional items and amortisation of acquired intangibles.

^ EV calculation adjusted for core cash, investments etc.

Source: Seymour Pierce Ltd

Valuation Analysis

Source: Seymour Pierce Equity Research – 18 May 2012

We maintain our 4p/share target

price for now, some 6.5x the current

share price.

17


Investment Case

Asset Discount Rate

NAV Target (£m)

NAV Factor

NAV Target (£m)

Target SP (p)

Šturec 10% 135.7 0.5 67.8 2.9

Cash 7.2 1.0 7.2 0.3

Total 142.9 75.0 3.2

Valuation Analysis

The Gold Sector — August 2012

More Golden Opportunities 16 August 2012

The Gold Sector — August 2012 16 August 2012 13

Base Case Analysis

Source: RFC Ambrian

Bullish

Excluding the companies that had the largest percentage return from the base case, we have found that the best return in the bullish case scenario came from Vatukoula. Vatukoula is a high-cost underground gold producer that has had a difficult 18 months as production has decreased and cash costs have increased to the point where costs are currently higher than the gold price as the company has been focusing on an extensive mine development programme.

Therefore, it is not surprising that a company that is at the top of the cost curve is also most likely to be the main benefactor from lower costs and higher gold prices (in relative terms). Assuming an improved gold price and a lower cost scenario, we can assume a premium of nearly 300% return on Vatukoula’s current market valuation.

Bullish Scenario

Source: RFC Ambrian

-50% 0% 50% 100% 150% 200% 250% 300%

Vatukoula

Ortac

Olympus Pacific

Mandalay

Goldone

Edgewater

Cluff

Centamin

Avocet

Aureus

Archipelago

Anglo-Asian

Ampella

0% 100% 200% 300% 400% 500% 600%

Vatukoula

Ortac

Olympus Pacific

Mandalay

Goldone

Edgewater

Cluff

Centamin

Avocet

Aureus

Archipelago

Anglo-Asian

Ampella

High-cost producers are better leveraged to our bullish scenario

In a scenario where gold is priced at

US$1,400 /oz Ortac offers a 300%

upside on an NPV basis to a 0.5p share

price.

Source: RCF Ambrian, Gold Book, September 2012

18


Investment Case

19

The Gold Sector — August 2012

More Golden Opportunities 16 August 2012

Source

The G

old

Secto

r — A

ugust 2

012

16 A

ugust 2

012

17

AIM/LSE — Explorers & Developers Peer Group Relative Valuations — EV/Resources (U$/oz attributable gold contained)

Source: Company data

0

1

2

3

4

5

6

0

10

20

30

40

50

60

70

80

90

100

Re

sou

rce

s co

nta

ine

d M

oz

To

tal E

V/

Re

sso

urc

es

(USD

/ o

z)

EV/Resource (USD /oz) Resources contained (oz)

Developers Explorers

*Gold Equivalent ounces calculated at an Ag:Au ratio 57:1

Ortac is a development stage company

trading at a significant discount to its

peers.


Ortac in Numbers

100% of a 1.32 million ounce gold equivalent project in Central Europe

1.0Moz+ in Measured and Indicated categories

US$309 million (post tax) NPV revealed in Scoping study

~$1.5 billion life of mine revenue

£5.6 million in cash and investments – Šturec fully funded to completion of BFS

12.05% held by Henderson Global Investors demonstrates strong institutional support

20


Corporate Directory

21

Charlie Wood

Executive Director Corporate

Ortac Resources Ltd

T: +44 (0) 20 7389 9050

Stewart Dickson

Seymour Pierce

T: +44 (0) 20 7107 8072

Vassilios Carellas

Chief Executive Officer

Ortac Resources Ltd

T: +44 (0) 20 7389 9050

Lottie Brocklehurst

St Brides Media & Finance

T: +44 (0) 20 7236 1177


Gold Market

22

Since January 2006, the price of gold has consistently traded above Šturec’s

projected cash cost per ounce, helping to lower our economic risk profile.

Šturec Deposit:

cash cost

per ounce is US$495


Gold Market

23

...and a bull market in in gold equities...

3 Pierre Lassonde | "It was the best of times, it was the worst of times" | 10 September, 2012

We are confident that the junior

gold sector will be the first to feel

the impact of a return to the

market by investors interested in

early stage pre-production phase

investment opportunities.

In the 1970s, gold equities closely tracked the gold

price.


Gold Market

24

...but not this time.

4 Pierre Lassonde | "It was the best of times, it was the worst of times" | 10 September, 2012

It is clear that gold

equities have been over-

sold by the market.

Šturec Deposit Investor Presentation

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