Broken Hill Prospecting ASX:BPL - Investor presentation delivered at the 4th annual Resources Investment Symposium held in Broken Hill NSW Australia, 26-28 May 2014.

1. ‘Strategic Evaluation of Sulphuric Acid Production’
1
Study group report, Graduate MBA course
Australian Graduate School of Management (AGSM), University of NSW
* Managing Director, Broken Hill Prospecting Ltd
Alexia Combet Aristotle Solomon
Tushar Gupta Rico Xiong
Presented by Ian Pringle*

2. Cautionary Notes
Investors are advised that this study has not established the economic viability or definite value of the Thackaringa Project. While the
study was based on the Company’s existing and previously announced Inferred Mineral Resource estimates , they are not in themselves
sufficient to define the economic viability of producing sulphuric acid from concentrate produced from the Thackaringa Project. Under
the JORC Code, Inferred Mineral Resource estimates are not sufficient to permit the application of the type of technical and economic
parameters required to imply economic viability.
Disclaimer
This presentation contains forward-looking statements that involve subjective judgement and analysis and accordingly, are subject to significant
uncertainties and risks, many of which are outside the control of, and are unknown to, Broken Hill Prospecting Pty Ltd ( “BPL”). In such circumstances,
the forward-looking statements can be identified by the use of forward-looking words such as “may”, “will”, “expect”, “intend”, “seek”, “estimate”,
“believe”, “continue” or other similar words.
No representation, warranty or assurance is given or made in relation to any forward-looking statement by BPL or it’s representatives, In addition, no
representation, warranty or assurance is given in relation to any underlying assumption or that any forward-looking statements will be achieved.
Actual future events may vary materially from the forward-looking statements and the assumptions on which the forward-looking statements are
based. Accordingly, presentation readers are cautioned not to place undue reliance on such forward-looking statements as a result of the
uncertainties.
In particular, BPL wishes to caution readers that these forward-looking statements are based on economic predictions and assumptions on reserves,
mining method, production rates, metal prices and costs (both capital and operating) developed by BPL management in conjunction with consultants.
This presentation and the forward-looking statements made in this presentation, speak only as of the date of the presentation. Accordingly, subject
to any continuing obligations under the Corporations Act and the New Zealand and Australian Stock Exchange Listing Rules, BPL disclaims any
obligation or undertaking to publicly update or revise any of the forward-looking statements in this presentation, whether as a result of new
information, or any change in events, conditions or circumstances on which any such statements is based.
Competent Person Statement
Exploration activities and results contained in this presentation are based on information compiled by Dr Ian Pringle, a Member of the Australasian
Institute of Mining and Metallurgy. Dr Pringle is the Managing Director of Broken Hill Prospecting Ltd and also a Director of Ian J Pringle & Associates
Pty Ltd, a consultancy company in minerals exploration. He has sufficient experience which is relevant to the style of mineralisation and types of
deposits under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the Australasian Code for
Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code). The Inferred Mineral Resource was prepared and first
disclosed under the JORC Code 2004. It has not been updated since to comply with the JORC Code 2012 on the basis that the information has not
materially changed since it was last reported. The Potential is reported under JORC Code 2012. It is conceptual in nature and more drilling is required
to further define it. However, there is no certainty that additional work will result in an upgrade of potential to Mineral Resource. Dr Pringle has
consented to the inclusion in this report of the matters based on his information in the form and context in which it appears.
2

3. Agenda for talk
Project and Resources
Sulphuric Acid: Production, Use, World Market, Supply & Demand
Sulphuric Acid: Australian Market
MBA Study: Summary, Potential Customers, Cost Estimates
MBA Study: Broken Hill Option, Financial Analysis & Sensitivity
Overall Business Model Summary
3

4.  Unique style of cobalt pyrite
mineralisation
 Located beside main railway &
highway, 25km SW of BH
 Outcropping, very large
surface deposits
 In 2012/2013 BPL discovered
new extensions & considerable
potential for more
 Processing of pyrite to recover
Co by sulphide roasting to
produce sulphuric acid
Pinnacles mine
EL 8143
Excellent location
4

5. Area of
next slide
Offset
Resources and potential…. are very large & near surface
5

6. 6
Sulphuric acid global production forecast
(‘000 tonnes)
Courtesy of Dr Robert Boyd, Elkbury Sulphur Consultants Inc, March 2014
Sulphur based Smelter by-product Pyrite roasting Spent acid

7. 7
Sulphuric acid production by region
~90%
produced in the
northern
hemisphere
Courtesy of Dr Robert
Boyd, Elkbury Sulphur
Consultants Inc, March
2014

8. 8
Sulphur/sulphuric acid use
Source: International Fertilizer Association (IFA)
Other sulphur
uses: 9pc
Other fertilizers: 6pc
Fertilizers:
46pc

9. Sulphuric Acid Market - Australia
Australian Market
$-
$20
$40
$60
$80
$100
$120
$140
-
100,000
200,000
300,000
400,000
500,000
600,000
700,000
2005 2006 2007 2008 2009 2010 2011
Imported Tonnes Trade Unit Value
Australian Annual SA Imports
Largest Australian producers:
•Incitec Pivot: 965,700 tpa*
•Nyrstar: 452,200 tpa
•Sun Metals: 380,000 tpa
•Wesfarmers, Orica, BHP Billiton, Coogee
Chemicals
International Market
China: 120 Mtpa (2015) with 20-30 Mtpa
overcapacity but importer
South Korea: 2.7 Mtpa exported (2012)
Net import sources (2012): (>400,000t)
• South Korea: 216,400 tonnes
• Japan: 178,300 tonnes
• China: 12,800 tonnes
9
Demand for phosphate fertilisers and base
metals processing drive sulphuric acid prices
*Glencore Xstrata plan to close the Mt Isa Cu smelter by 2016 and
Incitec Pivot phosphate production at Phosphate Hill may be reduced.

10. 10
Sulphuric acid supply/demand, Australia
Australian issues include:
• Net importer of sulphuric acid (and sulphur)
• Freight, handling, storage from northern hemisphere
producers
• Adds to costs as well as uncertainty of supply
• Future production decline is forecast for Australia
• Supply is a deterrent for new projects - sulphuric acid
can make up a significant proportion of CAPEX and
OPEX for many projects.
• East Australia contains some of the world’s largest
undeveloped HMS (TiO2), phosphate, Ni laterite and
REE deposits.

11. MBA Study - Executive Summary
The scope of the MBA project was to analyse the potential of
producing & selling sulphuric acid at three locations using
pyrite roasting of concentrate feed from cobalt-pyrite
deposits near Broken Hill:
1. Broken Hill
2. Central NSW
3. Tennant Creek
Recommendation: Pursue Option #1
Sulphuric acid plant located at Broken Hill
11

12. Customer Demand – MBA study
12
Option #1 Broken Hill Option #2 Central NSW Option #3 Tennant Creek
Demand?
(tonnes/ yr)
2.5 M 0.2 M 1.4 M
Industry • 3-4% expected growth for
titanium due to demand
from China and India
• Strong REE growth as key in
element in technology
• Phosphate industry declining
0.9% in Australia annual to
$3.8billion in 2018
• Fast growing REE market
Cornerstone
Customers
• Cristal
• Iluka
(BHP Billiton, Murray
Zircon, Australian Zircon)
• Alkane Resources DZP
(Syerston Ni-Co-Pt, Jervois
Mining Ni, Tottenham Cu,
Sydney markets)
• Rum Jungle Resources
• Arafura Resources
(Minemakers, Ranger U)
Upside • Supportive community
• Skilled labour
• Familiarity with
environmental risks
• CAPEX est for DZP is high
• Possibility to outsource
sulphuric acid production
• Emerging markets
• Port availability,
• Close to Asia/India markets
• Direct shipment of P2O5 rock
is expensive
Risks • FOB assumption may not
be valid for all customers
• Dependent on Ti industry
• Single customer?
• EIS approval March 2014,
Production 2016?
• Erratic phosphate pricing
• Freight distances
• Acid imports from Indonesia

13. Costs Estimation – Flow Chart for MBA
Mining Cobalt-
Pyrite Ore
7.5 Mtpa
Concentrate
Cobalt-Pyrite
1.3 Mtpa
Roasting Plant
2.0 Mtpa
CAPEX $ 60 M
$ 14
(per tonne)
OPEX
Freight
1.3 Mtpa
$ 190 M
$ 39
(per tonne)
$ 0
$ 0.04
(per tonne per km)
$ 500 M
$ 30
(per tonne)
Key Assumptions:
• Escalation factor of 0.6 (WorleyParsons)
• ±50% range on cost estimates (WorleyParsons & GHD)
• Breakdown between fixed cost and variable cost at
30%:70%, except for freight 0%:100% (WorleyParsons)
13

14. Customer Import Costs – MBA Study
Sulphuric acid
$ per tonne
Broken Hill
& Central
NSW
Tennant
Creek
Custom Value 2013* 61.27 61.27
Transport 56.30 51.64
Insurance 2.12 2.03
Total 119.69 114.94
14
*Value has fluctuated between $35 and
$130/t between 2005-2013
Add to these…. storage,
infrastructure costs,
operational costs,
salaries ….

15. Summary BH Scenario – Option 1
Broken Hill
Annual sulphuric
acid production
2Mt
Capacity utilisation 100%
Total Capex $769M
Annual BE revenue $382M
Profit Margin 30%
Break Even NPV
Sale Price (+/- 40%)
$186
Import Price - low
estimate
$120
Premium to
purchase from BPL
55%
Of the 3 options a sulphuric acid plant at Broken Hill offers the lowest break
even price and the best possibility for customer value creation
15
NOTES
Cost estimates are + 50%
No account for CAPEX/OPEX &
value of cobalt production
?5,000-6,000tpa
(Current cobalt price ~$30,000/t)
No account for hematite
production/sale

16. Creating Customer Value
16
Option #1 offers the best potential for customer value creation
when considering cost sensitivities
IRRPercentages
$AustralianNetPresentValue

17. Ilmenite (FeTiO3) can be upgraded to synthetic rutile (TiO2) using concentrated
sulfuric acid. The titanium oxygen sulfate (TiOSO4) is selectively extracted and
converted into titanium pigment.
Finishing
Waste
TiOHh Calcination
Acid
digestion
ilmenite
feedstock
Purification
H2SO4
Sulphate Process
Upgrade ilmenite to TiO2 at Broken Hill?
TiO2
Cristal currently operate a mineral separation
plant at Broken Hill and export ~200,000tpa of
ilmenite from the Ginkgo and Snapper mines.
~$150-200/t ~$2-3,000/t
17

18. Overall business model summary
18
Potential to create metal mining and chemical industry synergies
Broken Hill Prospecting to develop, mine and build cobalt pyrite concentrate plant
Second party - to build and operate a pyrite roast sulphuric acid plant with;
– Off-take agreements with customers for the acid
– Purchase agreement with Broken Hill Prospecting (Broken Hill Chemical) for supply of pyrite
concentrate
– JV for recovery of cobalt and sale of Fe fines
Others (+BPL?) - to develop projects based on long-term security of supply of acid.
Contact details:
Dr Ian Pringle, Managing Director, Broken Hill Prospecting Ltd (‘BPL’)
Tel: 0408 548 767 Email: ipringle@bhpl.biz Website: www.bhpl.biz