Tulla Resources : Unearthed Conference Presentation

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Tulla Resources Plc

ASX:TUL

Bell Potter Unearthed Conference Presentation

9 FEBRUARY 2022

Disclaimer

This Presentation

This presentation by Tulla Resources Plc (ARBN 122 088 073) (Tulla Resources or the Company) is to be delivered at the Bell Potter Unearthed Conference on 9 February 2022. Statements in this presentation are made only as 31 January 2022 and the information in this presentation remains subject to change without notice. The information in this presentation is of a general nature and does not purport to be complete, is provided solely for information purposes of giving you summary information and background about Tulla Resources and its related entities and their activities, and should not be relied upon by the recipient.

onlyNo representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this presentation. This presentation does not purport to summarise all information that a recipient should consider when making an investment decision and should not form the basis of any decision by a recipient.

Recipients should carry out their own investigations and analysis of the Company and verify the accuracy, reliability and completeness of the information contained in this presentation.

Not an Offer

This presentation and its contents is not, and does not constitute, or form any part of, an offer to sell or issue, or the solicitation, invitation or recommendation to purchase any securities in the Company in any jurisdiction. This presentation is not a prospectus or any other offering document under either Australian law or the laws of England and Wales or any other law.

No liability / Disclaimer

To the maximum extent permitted by law, Tulla Resources and the Company's respective affiliates or related bodies corporate or any of their respective officers, directors, employees, agents and advisers (Related Parties), nor any other persons, accepts any responsibility or liability for, and makes no recommendation, representation or warranty concerning, the content of this presentation. The Company and Related Parties shall not be liable whatsoever (including in respect to negligence) for any loss or

damage which may be suffered by any person as a consequence of any information in this presentation or any omission. The Company will not update or keep current any information in this presentation or correct any error, misstatement or omission which may become apparent. Any opinions expressed in this presentation are subject to change without notice.

useInt rnational Offer Restrictions

This presentation is not, and does not constitute, or form any part of, an offer to sell or the solicitation, invitation or recommendation to purchase any securities in the United States and neither this presentation nor anything contained herein shall form the basis of any contract or commitment. This presentation may not be distributed or released in the United States. Securities may not be offered or sold in the United States unless such securities are registered under the U.S. Securities Act of 1933, as

amended (U.S. Securities Act) or in a transaction exempt from, or not subject to, the registration requirements of the U.S. Securities Act and any other applicable securities laws. Any public offering of securities in the United States would be made by means of a prospectus that would be obtained from the issuer or selling security holder and that would contain detailed information regarding the company and management, as well as financial statements. Each institution or person that reviews this

presentation will be deemed to represent that each such institution or person is not in the United States.

The distribution of this presentation may be restricted by law. Persons who come into possession of this presentation should seek advice and observe any such restrictions. Any failure to comply with such restrictions may constitute a violation of applicable securities laws.

Exploration Targets, Exploration Results

The information is extracted from the reports as referred to in this Presentation created on the dates stated herein and are available to view on the Company's website (www.tullaresources.com) and the ASX (www.asx.com.au). The Company confirms ersonal

that it is not aware of any new information or data that materially affects the information included in the original market announcement.

Mineral Resources or Ore Reserves

The information is extracted from the report entitled 'Annual Mineral Resource and Ore Reserve Statement' created on 27 September 2021 and is available to view on the Company's website (www.tullaresources.com) and the ASX (www.asx.com.au).

The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and, in the case of estimates of Mineral Resources or Ore Reserves, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The company confirms that the form and context in which the Competent Person's findings are presented have not been materially modifed from the original market announcement.

N t financial product advice

Reliance should not be placed on the information or opinions contained in this presentation. This presentation is for information purposes only and is not a financial product or investment advice or recommendation to acquire Tulla Resources securities

( r any interest in Tulla Resources securities) and does not take into consideration the investment objectives, financial situation or particular needs of any particular investor. You should make your own assessment of an investment in Tulla Resources and hould not rely on this presentation. In all cases, you should conduct your own research of the Company and analysis of the financial condition, assets and liabilities, financial position and performance, profits and losses, prospects and business affairs of Tulla Resources and its business, and the contents of this presentation. You should seek legal, financial, tax and other advice appropriate to your jurisdiction.

Pa t performance

Past performance information given in this presentation is given for illustrative purposes only and should not be relied upon as an indication of (and gives no guidance as to) future performance.

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Disclaimer (Continued)

Future performance
This presentation contains certain forward-looking statements (including financial forecasts) with respect to the financial condition, operations and business of the Company and certain plans and objectives of the management of Tulla Resources.
Forward-looking statements can be identified by the use of forward-looking terminology, including, without limitation, the terms "believes", "estimates", "anticipates", "expects, "predicts", "intends", "plans", "goals", "targets", "aims", "outlook", "guidance",
"forecasts", "may", "will", "would", "could" or "should" or, in each case, their negative or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts.
Such forward looking statements involve known and unknown risks, uncertainties and other factors which because of their nature may cause the actual results or performance of the Company to be materially different from the results or performance
expressed or implied by such forward looking statements. Such forward looking statements are based on numerous assumptions regarding Tulla Resources' present and future business strategies and the political and economic environment in which Tulla
Resources will operate in the future, which may not be reasonable, and are not guarantees or predictions of future performance. No representation is made that any of these statements or forecasts will come to pass or that any forecast result will be
achieved, or that there is a reasonable basis for any of these statements or forecasts.
Forward-looking statements speak only as at the date of this presentation .
All figures in the presentation are Australian dollars ($ or A$) unless stated otherwise. A number of figures, amounts, percentages, estimates, calculations of value and fractions in this presentation are subject to the effect of rounding. Accordingly, the
actual calculation of these figures may differ from the figures set out in this presentation.
Financial information
onlyThe pro forma and forecast financial information provided in this presentation is for illustrative purposes only and does not represent a forecast or expectation as to Tulla Resource's future financial condition and/or performance.
Acknowledgement
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P	rsons who access, receive, review or attend this presentation are required to inform themselves of, and comply with, all of the above restrictions and prohibitions and none of Tulla Resources or the Related Parties accepts any liability to any person in
r	lation thereto. This presentation is made to you on the basis that by attending, accessing or receiving or reviewing this presentation, you confirm that you understand and agree to the contents of this important notice and disclaimer and that you are a
p	rson to whom this presentation may lawfully be made in accordance with laws applicable to you, including those of the jurisdiction in which you are located.
Authorised for Release
This announcement was authorised for release by the Board
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Delivering on our Strategy

Bring the Norseman Gold Project into production

only	• JV parties focusing on delivering Phase One LOM Plan
• Construction of new plant well underway for planned recommencement of
	production in August 2022
	• Major equipment delivered to site or in transit
use	• Contracts to be awarded for OMP and UGM imminent to commence mining
in May 2022
• Exploration success leading to expanded Resources and Reserves to support
	Phase Two expansion and extension of LOM
	• Current drilling (six rigs) at Scotia Deeps and Green Lantern
	• Updated JORC Statement expected in March quarter
Strategy for other Norseman minerals
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• Initial review completed of lithium, nickel and iron ore

• Lithium JV signed

• Iron ore Off take and funding non binding HoA signed

• Exploring other commercialisation options

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Corporate Snapshot

Tulla Resources (ASX:TUL) is a diversified Resources House and owns a 50% interest in the historic flagship Norseman Gold Project,

located in the Eastern Goldfields of Western Australia, at the southern end of the highly productive Norseman-Wilunagreenstone belt. In October 2020 a DFS2 was released1 on the Project in respect to a 7 year Phase One project life to resume production in H2 2022 at the Norseman Gold Project.

Tulla Resources is now focused on working with JV partner, Pantoro, to deliver on

Share Price Chart

the DFS, recommence production and fast track to cashflow, whilst continuing to

identify exploration targets and implement drilling programs to significantly

increase Mineral Resources and Ore Reserves. The Company is also assessing its

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iron ore, lithium and nickel opportunities at Norseman.

Key Metrics - ASX:TUL

Share Price2

$0.57/sh

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Ordinary Shares

269.2m

Market Capitalisation

$153.4m

Cash at Bank3

$27.6m

Top 5 Shareholders

PNR Shares (market value)2

$28.2m

Tulla Resources Group Pty Ltd

67.00%

Enterprise Value4

$97.6m

Franklin Templeton

5.00%

Resource Attributable to Tulla Resources

2.27Moz

Berne No 132 Nominees

3.30%

Enterprise Value / Resource

$43.0/oz

Bell Potter Nominees

2.10%

Reserves Attributable to Tulla Resources

0.35Moz

Citicorp Nominees

1.90%

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Enterprise Value / Reserves

$278.8/oz

Not s:(1) 12 October 2020 - DFS for the Norseman Gold Project - Pantoro release (ASX:PNR) (www.pantoro.com.au) (2) Market data as at 3-February-2022. (3) As at 31 December 2021 (4) Implied enterprise value calculated based on Market Capitalisation less Cash on Hand and market value of shares held in	5
Pantoro