CBH is a mining company owned by Toho Zinc of Japan that produces zinc, lead and silver from mines in New South Wales, Australia. In 2014, CBH is forecast to produce 123,000 tonnes of zinc concentrate, 67,500 tonnes of lead concentrate, and 907,000 ounces of silver. Total revenue for 2014 is forecast to be $254 million. CBH owns the Endeavor and Rasp mines and the ConPorts minerals export facility. Exploration projects include the Mallee Bull copper discovery near Cobar, where CBH has a 50% interest. CBH's priorities include improving profitability, developing new ore sources at Rasp mine, focusing exploration near existing mines, and positioning

1. CBH Resources
Resources and Energy Investment Symposium
Broken Hill, May 25-28, 2014

2. Corporate Profile
CBH is a private company owned by
Toho Zinc of Japan
Toho’s upstream mining assets are held
through CBH
Current Operations
Zinc, lead and silver from the Endeavor and Rasp Mines in NSW
Owner/operator of the ConPorts minerals export facility at Newcastle
Exploration projects in NSW , including Mallee Bull copper
polymetallic discovery (50%) near Cobar
Total Production (2014 f)
123,000 tonnes of zinc concentrate
67,500 tonnes of lead concentrate
907k/ozs silver
Total Revenue( 2014 f )
$ 254m

3. Board : Tatsuya Tejima ( President of
Toho) , Fujio Hattori, Toshio
Shimamura, Lewis Marks , Visko
Sulicich , Stephen Dennis
Technical Advisor : Ian Plimer
Management : Stephen Dennis (MD) ,
Visko Sulicich (COO), Rob Williamson
(GM Rasp) , Denver D’Angelo ( GM
Endeavor ) , James Dunstan (CFO),
Gwen Wilson (OHE&S)
Employees : 348 ( down 60 from 2013),
complimented by technical
secondments from Toho
CBH Board and
Management

4. Chigirishima Lead Refinery
(100 ktpa lead metal)
Onahama Zinc
Roaster (16ktpa zinc
oxide)
Fujioka Works (electrolytic iron)
Annaka Zinc Refinery
(140ktpa electrolytic zinc)
Toho’s Domestic
Operations

5. Toho – Overview
Annaka Electrolytic Zinc Refinery ( est
1937)
Formation 1937 - production commences at Annaka
Primary Listing Tokyo Stock Exchange ( Code 5707)
Market cap AUD 495m ( ranked 904 out of 3425)
Annual Turnover AUD1,250 m ( ranked 739 out of 3425)
Employees 1196 ( excl CBH )

6. CBH Australian Operations

7. Endeavor Mine
A great turnaround in 2013

10. Rasp Mine
Improved Outlook after Difficult Startup

12. 12
Rasp Mine
2012
2013
 Lower ore grades from Western
Mineralisation(WM)
 Delayed access to higher grade
Main Lode (ML) remnant ore
 Sequencing and development
inefficiencies operating WM at
58,000 tonnes per month
 Oxidisation of Main Lode ore in
upper levels
Early Challenges

13. Rasp Mine
Interim Operating Strategy
WM operating at 38,000-40,000tpm
Focus on sustainable development
to access high grade ML ore targets
at depth, opening up mine 1 km to
south
Personnel reduced from 190 to 140
Upskilling of professional staff in
Mining & Metallurgy
Expected return to full production in
2015

15. Combined Metal Production
Endeavor and Rasp
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
Lead 2012 Lead 2013 Lead 2014 (f) Zinc 2012 Zinc 2013 Zinc 2014 (f)
Metaltonnes
Rasp Zn
Endeavor Zn
Rasp Pb
Endeavor Pb
38,800 Pb
in 2014
60,900 Zn
in 2014
Combined Metal Production
Endeavor + Rasp

16. ConPorts Shiploader
Newcastle

17.  Port logistics/concentrate handling
for 4 NSW mines :
Endeavor Mine (CBH, Zn)
CSA Mine ( Glencore, Cu )
Tritton Mine ( Straits, Cu )
Rasp Mine (CBH, Zn & Pb)
 Annual throughput capacity ~ 500
ktpa
 Capacity to expand retained ( option
held on southern port land )
 30 year lease with Newcastle Port
Corp
ConPorts Shiploader

18. ConPorts Shiploader
Environmental Upgrade completed ($2.5m )
New adjoining NAT grain terminal
commissioned
No immediate impact from recent sale of
Newcastle Port expected

19. Exploration – Cobar District
Region
BOONA & MT. MCKELLAR
CBH 100%
LOWAN
CBH 80%,
GOLDEN REEF ENTERPRISES 20%
YELLOW MOUNTAIN
CBH 40%
GOLDEN CROSS RESOURCES 30%,
PARADIGM METALS 30%
(farm-in for additional 21%)
ENDEAVOR NORTH / SOUTH & BURRI
CBH 100%, JOGMEC (farm-in for 30%)
GILGUNNIA (Mallee Bull)
CBH 50%,
PEEL RESOURCES 50%
ENDEAVOR MINE LEASES
CBH 100%

20. Exploration – Broken Hill
RASP MINE & EXPLORATION
LEASES
CBH 100%
ARAGON JV
CBH 15% (free carried),
SILVER CITY MINERALS LTD 85%
WILLYAMA – NATIVE DOG JV
CBH 25% (free carried),
SILVER CITY MINERALS LTD 75%
STIRLING VALE JV
CBH 49%
PERILYA BROKEN HILL LTD 51%
(farm-in for additional 19%)
RILDAR – LYNOR JV
CBH 25%
SILVER CITY MINERALS LTD 75%

21. Exploration-Mallee Bull
 Initial $8.3m farm-in completed by
CBH in March 2014
 JV 50/50 underway between CBH
and Peel Mining
 Initial resource estimate expected
in June
 Scoping study parameters under
consideration
 Cooperative relationship with Peel
Mining team continues

22. “ 2.2 Mt/a of new production capacity is required by 2019....to offset
expected closures and attrition at base case operations and to meet
demand growth”
“ Developing ...new capacity in a timely fashion will be a significant
challenge for the zinc industry in the near to medium term ....as
todays metal prices and economic environment are not particularly
supportive to the financing of new mine capacity “
Zinc Market – Best fundamentals
in a long time
Wood Mackenzie , April 2014
“$7 billion is needed to finance 2 Mt/a Zn of project capacity “

23. $1,910
$2,093
$2,750
$3,800
0
100
200
300
400
500
$-
$500
$1,000
$1,500
$2,000
$2,500
$3,000
$3,500
$4,000
2013 2014 2015 2016
DeficitTonnes‘000s
USD ZINC PRICE ANNUAL ZN DEFICIT
Consensus is for metal deficits and
higher zinc prices
Source: Wood Mackenzie , April 2014

24. CBH Priorities
Profitability and costs (including removal of carbon tax ! )
Future for Endeavor Mine ( replacement feed , leveraging
infrastructure )
Development of high grade Main Lode ore sources at Rasp, and
return to design throughput in 2015
The next orebody - exploration to remain focussed on areas
within vicinity of existing CBH mines
Business development opportunities (Targets Zn , Pb, Cu ,
Cu/Au )
Positioning for higher zinc and lead prices

25. Pleased to Sponsor the Resources and Energy Investment Symposium