An Investor Presentation on ZYL Limited (ASX:ZYL) by Managing Director Dr Eric Lilford

1. INVESTOR
PRESENTATION:
METALLURGICAL
COAL PROJECTS
NOVEMBER 2011

2. IMPORTANT INFORMATION
The information in this presentation is an overview and does not contain all information necessary to make an investment
decision. To the extent permitted by law, no representation or warranty, express or implied, is made as to the accuracy, adequacy
or reliability of any statements, estimates or opinions or other information contained in this presentation, any of which may
change without notice. This document is not a prospectus, disclosure document or offering document under Australian law or
under any other law. It does not constitute an offer or invitation to apply for securities. It is for information purposes only. This
presentation is not an offer of securities for subscription or sale in the United States or any other jurisdiction in which such an
offer or solicitation is not authorised or to any other person to whom it is unlawful to make such an offer or solicitation. Some of
the information contained in this presentation constitutes forward-looking statements that are subject to various risks and
uncertainties, not all of which may be disclosed. These statements discuss future objectives or expectations concerning results of
operations or financial condition or provide other forward looking information.
Prospective investors should make their own independent evaluation of an investment in the securities. The material contained in
this document does not take into account the investment objectives, financial situation or particular needs of any particular
investor. No recommendation to investors regarding the suitability of the securities has been made and the recipient must make
its own assessment and/or seek independent advice on financial, legal, tax and other matters, including the merits and risk
involved. This presentation and its contents have been distributed to you, in confidence, solely for your information and may not
be retransmitted or otherwise reproduced or disclosed to third parties or made public in any way, in whole or in part, for any
purpose without written permission.
Competent person statement
Information in this presentation that relates to exploration results, mineral resources or ore reserves is based on information
compiled by Mr Dawie Van Wyk who is a consultant to the Company and is a member and fellow of the Geological Society of
South Africa and SACNASP, a Recognised Overseas Professional Organisation. Mr Van Wyk has sufficient experience which is
relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to
qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration, Mineral
Resources and Ore Reserves’. Mr Van Wyk consents to the inclusion in the presentation of the matters based on his information in
the form and context in which it appears.
ZYL - Metallurgical Coal Projects 2

3. CORPORATE OVERVIEW & STRATEGIC INTENT
Capital Structure
ASX Code: ZYL
Current shares on issue 488,535,899
Options on issue (20c ex.) 20,000,000
Options on issue (10c ex.) 3,000,000
Options on issue (6c ex.) 4,000,000
Market Capitalisation * $82.2 million
Cash on hand $30 million
Share price range (H/L) $0.26 - $0.10
Mission - to develop high margin metallurgical coal
deposits for domestic and export markets
* Market Capitalisation calculated as at 27 October 2011
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4. BOARD OF DIRECTORS – TWO NEW APPOINTMENTS
Bevan Tarratt – Executive Chairman
Director of a number of ASX listed companies with experience in primary and secondary
capital raisings and strategic consulting. Accounting background focussed on small cap
resources companies and equity markets experience with Patersons Securities.
Dr Eric Lilford – Managing Director, Kangwane BFS Committee
23 years operational experience across the global resources sector, including large gold,
platinum, copper and coal mines. 12 years in investment banking and commodities
research. Completion of bankable feasibility studies (BFS) in numerous jurisdictions.
Ian Benning – Operations Director, Kangwane BFS Committee
25 years of mining industry experience in both production and mine management, and
investment banking. Previously worked for Rand Merchant Bank and Investec focussing
on corporate & specialised finance and asset management.
Phillipe Lalieu – Commercial Director
Co-founder of Opes Capital with 13 years experience in corporate finance advisory
specializing in the mining and infrastructure sectors. Previously established and jointly
managed a SA based private equity fund for a Dubai based company and worked for
Anglo Platinum in corporate finance and project development.
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5. SENIOR MANAGEMENT AND NON-EXECUTIVE DIRECTOR
David Greenwood – Non-Executive Director
29 years of geological and mining experience with a number of coal, precious metal and
base metal producers. Extensive operational knowledge of the South African coal
environment. Previously section head of new business and international operations
within the coal division at Gold Fields of South Africa Limited.
Nicholas Ong – Company Secretary
Managerial experience with the ASX; approved and listed over 100 companies. Detailed
knowledge and understanding of all facets of the listing process, company restructurings
and compliance with industry codes.
Garth Reardon –Business Development Manager
22 years experience in financial, strategic and business development roles spanning the
EPCM engineering, mining, media, investment banking, asset management, printing,
professional accounting and tax industries.
Mzwandile Nombewu – Director Siyanda Resources, Kangwane BFS Committee
15 years of coal (Ingwe) and gold (AngloGold) mining experience in South Africa with
additional experience in mining education. Currently holds the position of Technical
Director, Coal and Mineral Rights in Siyanda Resources.
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6. MBILA & KANGWANE – COMPLEMENTARY MULTI SITE FOCUS
ZYL - Metallurgical Coal Projects PG 6

7. MBILA PROJECT
• ZYL (44%) and its partner York Energy Pty Ltd (30%) have the right to earn
74% of the Mbila Anthracite Project
• Mbila project consists of two licences in the KZN Province;
– Mbila Mining Right covering a total area of 19,000 Ha (enabling early
production)
– New Order Prospecting Right covering 53,000 Ha
• Full BFS completed in 2008, SRK and RMB updated the financial model in
2009
• No additional drilling required for the first 5 years of mineral extraction
• Combination of underground and open pittable operations available
PG 7

8. MBILA - OPPORTUNITY
• SAMREC resource of 89Mt GTIS, 97% in Measured and Indicated with target
seam resource of 20Mt – 60Mt
• 2 anthracite formations, ECCA and Beaufort:
– Ecca - ultra low phosphorous products
– Beaufort - low phosphorous product
• Both products ideal for domestic mineral sands, ferrochrome and
ferromanganese markets
• Significant shortfall exists in South African market; short and long term
opportunity for Mbila
• High quality metallurgical coal to generate premium pricing (estimates of
US$140 – US$180 per tonne at mine gate)
PG 8

9. MBILA ANTHRACITE PROPERTIES
Mining Right
Mining Right Prospecting
Area –
Area – Ecca Right Area –
Beaufort
Seam Beaufort Seam
Seam
High Rank B High Rank C High Rank C
Coal Classification Anthracite Anthracite Anthracite
Yield % 65.5 57.1 51.9
Ash Content % 9.9 15.1 15.1
Inherent Moisture % 1.5 2.0 <2.0
Volatile Matter % 5.2 5.9 7.3
Fixed Carbon % 84.9 79.0 77.6
Gross Calorific Value MJ/kg 32.25 29.78 30.41
Total Sulphur % 1.06 0.65 0.76
Phosphorous % 0.008 0.012 0.012
ZYL - Metallurgical Coal Projects PG 9

10. MBILA – HIGH QUALITY = COMPETITIVE ADVANTAGE
95% Semi Anthracite Anthracite Standard Metallurgical High Grade Metallurgical
92%
88%
90% 87%
85% 85% 85% 85%
84%
85% 83% 83% 83%
82%
78% 78%
80% 77% 77%
76%
75% 72%
71%
70% 70%
70%
66%
65%
ZYL - Metallurgical Coal Projects PG 10

11. MBILA – CLOSE TO INFRASTRUCTURE & DOMESTIC MARKETS
Power: Water:
Rail: Port:
Power supply is in Water sourced from
Two rail sidings close Either Richards Bay local boreholes in
to tenement or Durban Harbour close proximity to the
project Zululand District
(200km)
Direct rail link access
to port facilities
ZYL - Metallurgical Coal Projects PG 11

12. KANGWANE LOCATION & RAIL - IDEAL FOR EXPORT
ZYL - Metallurgical Coal Projects 12

13. KANGWANE CENTRAL – EXPORT FOCUS
• JORC Compliant Resources of 114Mt including a Measured Resource
of 21.4Mt
• Open Pittable Resource of 60.79Mt at a stripping ratio up to 5 : 1
• Initial feasibility results in Q4 2011 with the focus on production from open
pit operations (indicative 2.1 Mt per annum ROM)
• Approximately 100km from Maputo Port by direct rail link, with
existing rail siding. Road, power and water all located nearby
• Siyanda Resources (BEE partner) has extensive experience in South
African coal mining; currently operating two mines and previous
owners of the Koornfontein Coal Mine
• High quality metallurgical coal has the potential to generate premium
pricing (estimates of US$100 - US$120 per tonne at mine gate)
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14. KANGWANE CENTRAL - CURRENT JORC RESOURCES
Coal Resource Estimate Statement (JORC and SAMREC compliant)
for Kangwane Central (gross tonnes in situ – GTIS)
Total Measured Coal Resource (GTIS) 21.4 Mt
Total Indicated Coal Resource (GTIS) 25.5 Mt
Total Inferred Coal Resource (GTIS) 67.2 Mt
Total JORC compliant Coal Resources at Kangwane Central Anthracite 114.1 Mt
Exploration Target 1 of 350Mt to 450Mt at an expected calorific value
range of 6,635 kcal to 6,712 kcal ideal for export markets
1 The potential quantity and grade of the above Exploration Target is conceptual in nature and there has been insufficient
exploration to define a Mineral Resource and it is uncertain if further exploration will result in the determination of a Mineral
Resource.
ZYL - Metallurgical Coal Projects 14

15. KANGWANE CENTRAL - MINING RESOURCES
Indicated Resource Estimate (JORC and SAMREC compliant)
for Kangwane Central Anthracite (gross tonnes in situ – GTIS)
Indicated Coal Resource North Open Cut area (GTIS) 11.17 Mt
Indicated Coal Resource South Open Cut area (GTIS) 49.62 Mt
Indicated Coal Resource Central Underground area (GTIS) 29.78 Mt
Total JORC compliant Indicated Coal Resources at Kangwane Central Anthracite 90.57 Mt
Total JORC compliant Coal Resources at Kangwane Central
Anthracite 114.1Mt
PG 15

16. KANGWANE CENTRAL - EXPORT QUALITY COAL
Washed coal specifications based on exploration to date
@ 20% ASH @ 16% ASH
Yield % 79.34 66.36
Ash Content % 17.78 15.46
Inherent Moisture % 2.43 2.40
Volatile Matter % 6.35 6.17
Fixed Carbon % 74.32 76.80
Gross Caloric Value MJ/kg 27.74 28.70
Total Sulphur % 0.62 0.61
*These are the average specifications based on the drilling and washability analysis conducted during 2011. It does not suggest that
Kangwane’s product will ultimately be a 20% or 16% ash content product. The final targeted ash content will be dictated by market
demand and economics.
PG 16

17. KANGWANE SOUTHERN – COMPLEMENTARY EXPORT FOCUS
• Conceptual Exploration Target of 90Mt - 190Mt at an expected calorific
value range of 19MJ/kg to 28MJ/kg¹ (5,250kcal to 6,680kcal) unwashed
• Approximately 25km to the South and considered highly complementary to
Kangwane Central; potential to share services and infrastructure
• Close proximity to port, water, electricity, roads and rail; approximately
130km by rail to Maputo Port in Mozambique with existing rail siding
• Mining Right Application (MRA) submitted
• Anthracite qualities expected to be similar to Kangwane Central
1The potential quantity and grade of this exploration target is conceptual in nature, there has been insufficient exploration to define a Mineral Resource on the property and it is
uncertain if further exploration will result in discovery of further Mineral Resources on the property.
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18. KANGWANE SOUTHERN – SAMREC RESOURCE
Coal Resource Estimate Statement (JORC and SAMREC compliant)
for Kangwane Southern (gross tonnes in situ – GTIS)
Total Indicated Coal Resource (GTIS) 73.9 Mt
Total Inferred Coal Resource (GTIS) 25.8 Mt
Total SAMREC* compliant Coal Resources at Kangwane Southern Anthracite 99.7 Mt
• Minimum seam width of 1.2 metres used in estimation
• Seam depth ranges between 20 metres and 400 metres below the surface
• Approximately 2Mt open pittable coal on the shallow western limit with
the remaining coal to be mined using underground methods
• A total of 103 boreholes drilled since 1982
*SAMREC: The South African Code for the Reporting of Exploration Results, Mineral Resources and Mineral Reserves.
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19. KANGWANE INFRASTRUCTURE
Rail: Power Lines: Water:
Port:
- Rail siding access - Mains power 18km - Nkomati River
- Maputo Port operates traverses north and
adjacent to Kangwane 24 hrs from project
Central west of the
- Power currently Kangwane Central
- Port can handle 6Mt Project
- Capacity of 100,000 of product per annum supplied to
tonnes/month at rail neighbouring Nkomati
siding Anthracite Mine - Supplied to
- Direct rail link access neighbouring
to port facilities Nkomati Anthracite
- 100km by direct rail - Sealed road passes
link to Maputo Port through Kangwane Mine
- Capacity upgrade
occurring allowing for power line
extensions
ZYL - Metallurgical Coal Projects 19

20. MBILA PROJECT - JOINT VENTURE STRUCTURE
Right to earn a 44% interest via
• Payment of US$2.8 million for the acquisition of an initial 5% of Mbila’s total
issued share capital on 16 September 2011
• Payment of an aggregate amount of US$24,200,000 on the 5th business day
following the later of 1 May 2012 and the date of fulfillment of the Suspensive
Conditions for the acquisition of an additional 39% of Mbila’s total issued
capital to be paid via:
- US$13,200,000 cash
- US$11,000,000 by way of issue or transfer of listed shares in
ZYL valued as:
i) the AUD Equivalent of US$5,000,000 at the AUD denominated volume weighted average price (VWAP) at which the
shares in ZYL traded on the Australian Securities Exchange (ASX) for the 30 day period prior to 14 December 2011, or
ii) the VWAP at which the shares in ZYL traded on the ASX for the 30 day period prior to the date of conclusion of the
Formal Agreement, whichever is the higher amount;
iii) If a secondary listing on the JSE has not occurred on or before the Second Payment Date, then ZYL will acquire the 39%
Subscription Shares for a cash amount of US$24,200,000 escalated by 1% per month for each month settlement does not
occur from 16 September 2011.
PG 20

21. KANGWANE CENTRAL - JOINT VENTURE STRUCTURE
Right to earn a 50.12% interest subject to spend commitments:
• ZYL to expend ZAR20 million (~A$3 million) over 12 months to complete
a FS
• ZYL will invest ZAR30 million (~A$4.5 million) in equity for capital
expenditure items in connection with mine development
• Loan of ZAR3.00 per tonne (~A$0.45 per tonne) of economically mineable
coal (as demonstrated by the BFS) capped at ZAR100.5 million (~A$15.5
million) provided in two tranches repaid out of profits after an initial 3 year
period of operations
• After selling 36.6Mt of anthracite, the original shareholders will receive a
royalty of ZAR2/tonne for anthracite sold (~A$0.30/tonne) above 36.6Mt
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22. KANGWANE SOUTHERN - JOINT VENTURE STRUCTURE
Right to earn a 70% interest via
• Initial payment of $500,000 to Prosperitas Capital on signature of the Share
Sale Agreement
• Subsequent payment of $500,000 to Prosperitas Capital on obtaining ZYL
Shareholder Approval
• Final payment of 3,472,000 fully paid shares in ZYL issued to Prosperitas
Capital on acceptance of the Mining Right Application
• ZYL’s medium term funding commitments will be to maintain the Mining
Right in good standing with the Department of Mineral Resources and to
complete a FS
PG 22

23. ANTHRACITE – HIGH CARBON & ENERGY, LOW MOISTURE
LOW Carbon and Energy Content of Coal
HIGH
Moisture Content of Coal
Low Rank Coal Hard Coal
% OF WORLD RESERVES
47% 53%
Peat/Bog Lignite Sub-Bituminous Bituminous Anthracite
17% 30% 52% 1%
Thermal Metallurgical
Steam Coal Soft Coking Hard Coking
power generation power generation power generation iron and steel clean heating
cement manufacture cement manufacture smokeless fuel
USES
industrial industrial anode paste
carbon source
Source: World Coal Association
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24. INVESTMENT OPPORTUNITY
For further information on investment opportunities in this emerging metallurgical coal producer
go to www.zyllimited.com.au
or contact:
Bevan Tarratt Dr Eric Lilford Ian Benning
Chairman / Director Managing Director Operations Director
Telephone +61 8 9486 4036 Telephone +61 8 9486 4036 Telephone +27 87 350 2751
Facsimile +61 8 9486 4799 Facsimile +61 8 9486 4799 Facsimile +27 11 245 9801
Mobile +61 (0)418 928 719 Mobile +61 (0)424 757 452 Mobile +27 (0)837 028 221
btarratt@zyllimited.com.au elilford@zyllimited.com.au ibenning@zyllimited.co.za
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