Kasbah Resources Limited is an emerging tin producer that owns the Achmmach tin project in Morocco. The company recently updated its resource estimate for Achmmach to 130,900 tonnes of contained tin. Kasbah is advancing the Achmmach project with a definitive feasibility study scheduled for completion in the fourth quarter of 2013. Exploration is also underway to evaluate additional targets near Achmmach that could provide further resource growth. With a strong cash position and development partner Toyota Tsusho, Kasbah is well positioned to become a sustainable tin producer.

1. Kasbah Resources Limited ASX : KAS
An Emerging Tin
Producer
Investor Presentation
March 2013

2. DISCLAIMER
Certain oral and written statements contained or incorporated by reference in this presentation, including information as to the future financial or operating performance of the Company and its
projects, constitute forward-looking statements. All statements, other than statements of historical fact, are forward-looking statements. The words “believe”, “expect”, “anticipate”,
“contemplate”, “target”, “plan”, “intend”, “continue”, “budget”, “estimate”, “may”, “will”, “schedule” and similar expressions identify forward-looking statements.
Forward-looking statements include, among other things, statements regarding targets, estimates and assumptions in respect of tin or other metal production and prices, operating costs and
results, capital expenditures, mineral reserves and mineral resources and anticipated grades and recovery rates. Forward-looking statements are necessarily based upon a number of estimates
and assumptions related to future business, economic, market, political, social and other conditions that, while considered reasonable by the Company, are inherently subject to significant
uncertainties and contingencies.
Many known and unknown factors could cause actual events or results to differ materially from estimated or anticipated events or results reflected in such forward-looking statements. Such
factors include, but are not limited to: competition; mineral prices; ability to meet additional funding requirements; exploration, development and operating risks; uninsurable risks; uncertainties
inherent in ore reserve and resource estimates; dependence on third party smelting facilities; factors associated with foreign operations and related regulatory risks; environmental regulation
and liability; currency risks; effects of inflation on results of operations; factors relating to title to properties; native title and aboriginal heritage issues; dependence on key personnel; and share
price volatility and also include unanticipated and unusual events, many of which are beyond the Company’s ability to control or predict.
For further information, please see the Company's most recent annual financial statement, a copy of which can be obtained from the Company on request or at the Company's website:
www.kasbahresources.com.
The Company disclaims any intent or obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise. All forward-looking
statements made in this presentation are qualified by the foregoing cautionary statements. Investors are cautioned that forward-looking statements are not guarantees of future performance
and, accordingly, not to put undue reliance on such statements.
COMPETENT PERSON’S STATEMENT
The information in this announcement that relates to Kasbah Resources Limited’s March 2013 Mineral Resource estimate for the Achmmach Tin Project is based on information compiled by
Michael Job, who is a full time employee of Quantitative Group Pty Ltd. and a Fellow of the Australasian Institute of Mining and Metallurgy. Michael Job 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 2012 edition of the
“Australasian Code for Reporting of Exploration Results, Mineral resources and Ore Reserves” (JORC Code). Michael Job verifies that this Report is based on and fairly and accurately reflects in
the form and context in which it appears, the information in the supporting documentation relating to Mineral Resources.
The information in this report which relates to Mineral Resources is based on information compiled by Michael V. McKeown who is a Fellow of the Australasian Institute of Mining and
Metallurgy. Michael McKeown is employed by Mining One Pty Ltd and he has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to
the activity he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves”
(JORC Code). Michael McKeown consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.
The information in this report that relates to Mining Inventory is based on information reviewed by Mr Bill Frazer, who is a Member of The Australasian Institute of Mining and Metallurgy. Mr
Frazer is a Director and Employee of Mining One Consultants Pty Ltd. Mr Frazer 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 Results, Mineral Resources and
Ore Reserves (JORC Code).
2

3. 130 kT SnO2
Morocco
Team
KASBAH’s Competitive Advantages
$ 19.1 M cash Funding options
Development partner
3

4. WHY
TIN ?
4

5. IF ACHMMACH WAS A…
Nickel mine ≈ 186,000 t contained
1% Sn is ≈ 1.42% Ni
Copper mine ≈ 399,000 t contained
1% Sn is ≈ 3.05% Cu
Gold mine ≈ 1.95 M Oz contained
1% Sn is ≈ 4.6 g/t Au
* Ni /Cu /Au /Sn prices as of 6/3/2013
5

6. Tin Sector Challenges…..
 Tin supply constrained and global mine
production declining
 Producers facing lower grades, operating
problems and higher costs
 New uses adding demand pressure
 Few new, sustainable tin projects in
development….
6

7. LME TIN Price – 4th peak approaching?
US$/t
40,000 ?
35,000
30,000
25,000
20,000
15,000
WE ARE HERE
10,000 US $23,520 / t
(5/3/2013)
5,000
0
1900 1920 1940 1960 1980 2000 2012 2016
7

8. DEMAND – Consumer electronics dominates
Sn t/y
120,000
100,000
80,000
60,000
40,000
20,000
0
Construction Transport Consumer Packaging Industrial Other
electronics equipment
Source: ITRI
8

9. SUPPLY – Production declining
Production
Top 10 Tin Producers in 2012 % Change
(tonnes)
Yunnan Tin (China) 69,760 +24.2%
Malaysia Smelting Corporation 37,792 -6.1%
PT Timah (Indonesia) 29,600 -22.4%
Minsur (Peru) 25,399 -15.9%
Thaisarco (Thailand) 22,847 -4.3%
Yunnan Chengfeng (China) 16,600 +7.6%
Guangxi China Tin (China) 14,034 -9.6%
Metallo Chimique (Belgium) 11,350 +13.4%
EM Vinto (Bolivia) 10,800 -1.5%
Gejiu Zi-Li (China) 7,000 -18.6%
Source: ITRI
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10. 10

11. WHY Morocco ?
 #2 in Africa for FDI - stable political environment
 Average GDP growth of 5.1% (2001 – 2010)
 Export focused - FTA with US and special “EU Neighbour” status
 Investment incentives for export industries
 Simplified tax code and clear legal regime
 Morocco has long mining history
 Mining is largest GDP earner
11

12. KASBAH – Corporate Snapshot
Major Shareholders Shareholders Who Need Tin
IFC (World Bank) 15.8 % Transamine (trader) 3.3 %
African Lion 15.1 %
Traxys (trader) 3.3 %
Other Institutional > 8.5 %
Thaisarco (smelter) 2.0 %
Mgmt. & Directors 3.1 %
ASX : KAS
Capital Structure Cash @ Dec 31
Shares on Issue 396 M
Options on Issue 23.4 M $19.1M
Market Cap (@17cps) 67 M
12

13. KASBAH – Board & Management
Mike Spratt Wayne Bramwell Rod Marston Rob Weinberg Ian McCubbing Gary Davison
Non - executive Managing Non - executive Non - executive Non - executive Non - executive
Chairman Director Director Director Director Director
Mike Kitney Pierre Chaponniere Trevor O’Connor
Chief Operating Resource Dev. CFO & Company
Officer Manager Secretary
13

14. KASBAH
Achmmach
& BLJ Tin
Projects 14
14

15. El Hammam
Fluorite Mine
Kasbah
Exploration
Achmmach Tin Base
Project
8 km
Bou El Jaj
Tin Project
A virgin tin field
15

16. ACHMMACH – 2 km long tin oxide ore bodies
Sidi Addi
Trend
(untested)
2013 Resource
15.3 Mt @ 0.85% Sn
Meknes for 130,900 t
Trend
16

17. ACHMMACH – Contained tin peer comparison
200
180 KAS
160
2013
140
120 KAS 181
100 2011 151
80
131
60
71 81
40 54 58
20
(HR)
0 (HR)
(HR)
(HR) (HR)
Tin Resource/ KAS (HR)
CSD (HR)
Reserve (kt) SRZ
VMS
KAS
MLX
HR = hard rock * Source - Company Presentations and ASX releases Minsur 17

18. ACHMMACH – Resource Confidence Growing
Mineral Resource Estimate (undiluted)
Achmmach Tin Project
March 2013 (0.5% Sn cut off)
Category Million % Contained
Tonnes Sn Sn (Kt)
Measured 0.5 1.20 6.0
Indicated 14.2 0.85 120.7
Inferred 0.6 0.70 4.2
Total 15.3 0.85 130.9
Q3, 2013 - 20m in-fill targets Indicated to Measured
- 40m extensional targets Inferred & Indicated
18

19. ACHMMACH – Resource Category shifts up
Million
(t) Mineral Resource
16 Category
14 Measured
Indicated
12 Inferred
10
8
6
4
2
0
2007 2008 2010 2012 2013 19

20. ACHMMACH 2012 Economics – PFS used 6.6 yr mining inventory
PFS Target
6.6 yr 6.6 yr 10 yr
Mining Inventory Mining Mining Inventory
PFS Economics & 90-Day LME Inventory & &
Average(1) LME Spot LME Spot
29/5/12 1/3/13 (2) 1/3/13 (2)
$21,961 $23,150 $23,150 / t
NPV10, US$M 79 106 188
IRR, % 23.8 28.1 32.6
Operating Margin
29.2 32.6 40.0
US$/tonne ore treated
Cash surplus, US$M 194 235 438
1) LME 3 month sellers to 29th May 2012
2) The Indicative economics above are illustrative only and are calculated using the same inputs of the 2012 PFS Model with only the tin price and/or mine inventory inputs changed.
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21. INDICATIVE ECONOMICS – Mine life & Sn Price Impact on NPV
Target 10 yr
Parameter Mining Inventory &
LME spot Sn @ Sn @ Sn @
1/3/13
10 year mine life basis
$23,150 / t $26,000 / t $27,000 / t $28,000 / t
NPV10, US$M 188 273 303 333
IRR, % 32.6 41.5 44.5 47.5
Operating Margin
40.0 54.6 59.7 64.8
US$/tonne ore treated
Cash surplus, US$M 438 588 640 693
* The Indicative economics above are illustrative only and are calculated using the same inputs of the 2012 PFS Model with only the tin price and mine inventory inputs changed.
21

22. ACHMMACH – DFS Underway
DFS base case
 1Mtpa UG mine
 Decline access and LHOS mining method
 Conventional gravity and flotation plant
 6,000 – 7,000 tpa tin in concentrate
 All concentrate for export
 Development partner – Toyota Tsusho
 Q4 2013 completion
22

23. ACHMMACH 2013 – E-W Long section (≈1.6km )
3 rigs on 20m
spaced sections
1 rig on 40m spaced in-fill
& extensional sections
23
23

24. CONVENTIONAL Sn FLOWSHEET
24

25. ACHMMACH – Project Schedule
2013 2014 2015
Project Task
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Drilling
EIA Approved
DFS Complete
Project Financing
Project Approved
Construction
Production
25

26. DEVELOPMENT PARTNER – Toyota Tsusho
Toyota Tsusho Corporation (TTC) trades 8% of the global tin market
 TTC can earn 20% interest in Achmmach by making 4 staged
payments
 3 payments ($16M) received to date
 Last payment due 90 days > completion of DFS
 Potential project finance from Japanese
ECA’s and banks
26

27. EXPLORATION UPSIDE – 3 targets
Eastern Zone Shallows (EZS)
• Shallow target (< 100m) within Achmmach Eastern Zone
EZS • Drilling commenced February 2013 – results pending
Bou El Jaj Tin Project (BLJ)
• 8km from Achmmach, high grade tin outcrop evident
BLJ • First pass shallow drilling completed December 2012 – results pending
Sidi Addi Trend (SAT)
• Parallel 2km system at Achmmach – untested outcrop and at depth
SAT • Drilling to commence Q3 2013?
27

28. KASBAH – The Value Proposition
 Achmmach continues to be de-risked
 High quality SnO2 resource is growing
 Toyota Tsusho Corp (TTC) as development
partner
 Potential project financiers being evaluated
 Off-takers positioned
 Next resource upgrade Q3 2013
 Exploration upside @ EZS, SAT and BLJ
 DFS advancing - completion Q4 2013
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29. Kasbah Resources Limited An Emerging Tin Producer
ASX : KAS ww.kasbahresources.com
29