Altona Mining (ASX:AOH) investor presentation at Symposium's Investor Roadshow in Sydney and Melbourne, November 2013. Presentation was given by Altona Mining's Managing Director, Alistair Cowden.

1. Corporate Presentation
Symposium Forum
November 2013
www.altonamining.com
ACN 090 468 018
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ASX: AOH
FSE: A2O
November 2013

2. Disclaimer and JORC Compliance
What You Should Know

Find out more - This presentation is being used as a presenter’s aid with 1 information. See Altona’s other periodic
and continuous disclosure announcements lodged with the Australian Securities Exchange, which are available at
www.asx.com.au or www.altonamining.com, for more information.

Third party information - Altona does not make any representations as to the accuracy or otherwise of third party
information, including where projections are given.

Forward-looking statements - Within this presentation there may be certain forward-looking statements, opinions
and estimates. These are based on assumptions and contingencies which are subject to change without notice and
are not guarantees of future performance. Altona assumes no obligation to update such information.

Taking action - Please undertake your own evaluation of the information in this presentation and contact your
professional advisers if you wish to buy or sell Altona shares.
Competent Person Statement
The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on
information compiled by Dr Alistair Cowden BSc (Hons), PhD, MAusIMM, MAIG who is a full time employee of the
Company and 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’. Dr
Cowden has consented to the inclusion in the report of the matters based on his information in the form and context in
which it appears.
Copper Equivalence
Copper equivalence refers to production only where total revenues are expressed as copper revenues, ie. Revenue
÷copper price. It does not refer to Resources, Reserves or drill results.
altonamining.com
November 2013
2.

3. We Believe in Copper
A sustained step change in copper markets in 2005
Post 2005 price averages: US$7,265 (US$3.30/lb)
$8,811
$7,958
$7,540
$7,126
$6,731
$7,670
$6,952
Today
$5,164
$3,684
$2,868
$1,577
$1,558
2001
2002
altonamining.com
$1,780
2003
2004
2005
2006
2007
November 2013
2008
2009
2010
2011
2012
2013
YTD
3.

4. Growing Copper Production and Optionality
Outokumpu Project
Roseby Project
Underground copper-gold mine in Finland
Development ready, 40ktpa copper
altonamining.com
November 2013
4.

5. Corporate Snapshot
Major Shareholders
Market Status
Australian institutions:
32.0%
ASX (Australia) code:
AOH
Foreign institutions:
20.0%
FSE (Frankfurt) code:
A2O
Share price (12-11-2013):
A$0.15
Average daily turnover:
0.5M shares
Shares on issue:
532M
Market capitalisation:
A$80M
Debt:
US$21M
Cash (01-09-2013):
A$26M
Research coverage:
Credit Suisse
Board:
8.7%
German/Swiss retail:
7.0%
Top 20:
57.0%
Source: ASX
altonamining.com
November 2013
5.

6. Outokumpu Copper Project in Finland
I metre
Massive copper sulphide ore in
development face
altonamining.com
November 2013
6.

7. Finland is a Leading Mining Destination
Euro zone country with a history of mining and
mining equipment manufacturing, a stable tax
regime (20.0%) and no royalties.
Major miners include Agnico Eagle, Anglo
American and First Quantum.
altonamining.com
November 2013
Altona’s projects are in eastern Finland.
Geology is similar to other Archaean
and Proterozoic terrains in Australia and
Canada.
7.

8. Mill, Mine and 5 Deposits in Historic Outokumpu
Past or present mine
Resource
Prospect
Keretti mine produced 1Mt
copper and 1 Moz gold
from 1914 to 1989
altonamining.com
November 2013
8.

9. Kylylahti Underground Mine
All infrastructure in place
altonamining.com
November 2013
9.

10. Luikonlahti Mill
altonamining.com
November 2013
10.

11. Mine and Mill Movie
altonamining.com
November 2013
11.

12. Robust Quarterly Production Performance
4,000
2.5
3,500
2.3
2.1
3,000
1.9
2,000
1.5
1,500
Tonnes
1.7
1.3
US$ / lb*
2,500
1.1
1,000
0.9
500
0.7
-
0.5
Q3 FY12
Q4 FY12
Q1 FY13
Q2 FY13
By-products as Copper Equivalent
Q3 FY13
Copper
Q4 FY13
Q1 FY14
C1 Cost
2012/2013 was a ramp up year and EBIT (earnings) were US$18.3 million.
* C1 cash cost calculated per Brook Hunt methodology. Cost data during commissioning period not meaningful.
altonamining.com
November 2013
12.

13. Altona Among the Best ASX Copper Producers
C1 Cash Cost US$ / lb September Quarter
4.00
3.50
3.00
2.50
2.00
1.50
1.00
0.50
0.00
Altona’s C1 Cash cost calculated as per Brook Hunt methodology. Refer to websites of above
companies for their calculation method. Source: September quarterly activities reports of the
respective companies, except Hillgrove which is for the quarter ended 31 July.
altonamining.com
November 2013
13.

14. Increasing Resources and Reserves
1.60
70000
1.40
60000
1.20
50000
1.00
40000
0.80
30000
0.60
20000
0.40
10000
0.20
0
0.00
Feasibility Study
Production depletion
altonamining.com
June 2012
December 2012
Ore Reserves Cu t
November 2013
Copper Grade %
1.80
80000
Copper Tonnes
90000
June 2013
Reserve Grade
14.

15. Kylylahti Mine Open at Depth
Deep drilling underway to expand resources
altonamining.com
November 2013
15.

16. Outokumpu: Sustainable Growth
PRODUCTION AND GROWING
CASHFLOW
Currently 12 - 13,000tpa Cueq*, 7.6 year
life. Reserve expansion likely, targeting
700,000tpa throughput
STRATEGIC ASSET
Leverage our mill and competencies in the
Nordic region
FINANCIALLY STRONG
Cash in bank, no net debt and positive
cashflow
EXPLORATION UPSIDE
We control a major historic copper field
POTENTIAL FOR COBALTNICKEL REVENUE
Storing US$50M of valuable metals in
concentrates in dams each year
* See Disclaimer.
altonamining.com
November 2013
16.

17. Roseby Copper Project
Little Eva
Looking north-west
from Green Hills
altonamining.com
November 2013
17.

18. 3 Elements to the Project
Little Eva: A Development Ready Project
Fully permitted with DFS completed on a simple
39,000tpa copper open pit mine and flotation plant
Major Resource Inventory
1.52Mt copper including 0.84Mt copper in deposits
within Little Eva Project tenure
Exploration
• 750km² of exploration tenure prospective for copper,
gold and zinc-lead-silver surrounds the Resources.
• 800km2 Roseby South JV with Chinalco Yunnan
leverages exploration exposure
altonamining.com
November 2013
18.

19. A Strategic Asset
altonamining.com
November 2013
19.

20. May 2012 Definitive Feasibility Study

Bankable DFS by GR Engineering
Services

Large, simple and well drilled
resource

Straightforward open pit mining and
processing for 11 years

Simple processing route

Quality copper-gold concentrate

Stable, skilled mining jurisdiction

Native title, environmental permits
and mining leases all in place

A$252 million NPV

A$320 million capital cost

US$1.70/lb cash cost
altonamining.com
Ernest Henry Mine Truck
November 2013
20.

21. DFS Update Pending

DFS costs were top of market
−
−

Mining contractor rates down
from DFS estimates
Engineering margins down
Resource/Reserves
−
−

Incorporate post DFS drilling at
Turkey Creek, Lady Clayre and Ivy
Ann
Little Eva resource/reserve remodelling
Outlook
−
Lower operating costs
−
Lower capital costs
−
Longer mine life (>11 years)
altonamining.com
November 2013
21.

22. What Next for Little Eva?

Altona needs a partner to
develop Little Eva

Altona pursuing partnering,
sale and corporate
opportunities that flow from
having a large development
ready copper asset

China has bought up the
Mt Isa area, eg: Shanxi
Donghui A$160 million bid for
copper miner Inova

Major land positions in Mt Isa
A number of Chinese parties
and others in the data room
altonamining.com
November 2013
22.

23. The Altona Advantage
PRODUCTION & CASHFLOW
De-risked copper-gold-zinc mine and mill
in Finland with strong growth profile
COPPER LEVERAGE
1.66Mt (3.7mlbs) copper and 0.76Moz
gold in resources
STRATEGIC OPTION
Little Eva copper-gold deposit nearing
decision to build / value realisation
STRONG FINANCIALS
Cash in bank, no net debt and positive
cashflow
EXPLORATION UPSIDE
We control two major copper fields
altonamining.com
November 2013
23.

24. APPENDICES
2011 was a turbulent year,
2012 will be Altona’s year to shine
Termite mounds watching summer
storms at the Blackard deposit
altonamining.com
November 2013
24.

25. Little Eva is a Large Deposit


Drilled up to 300m deep (511 drillholes,
76km)

Large bulk IOCG style deposit similar to
Ernest Henry

Strip ratio of 1.8:1 after 15Mt pre-strip

Reserve: 53Mt ore at 0.6% copper, 0.1g/t
gold

Additional 6Mt reserves in 3 small
satellite pits

15Mt of low grade ore stockpiled and
treated at end of mine life

11 year mine life

altonamining.com
1.3km long, 20-370m wide
Underground potential
November 2013
25.

26. Luikonlahti Mill Key Facts
Interior Luikonlahti Mill Hall
Status
91.5% copper recovery.
71.5% gold recovery.
Products
Copper-gold concentrate
Zinc concentrate.
Sales
Boliden’s Harjavalta
smelter 400km by truck,
monthly payments.
FY2013 sales US$64M.
Plant capacity Up to 700,000tpa.
Milling cost
€15/tonne plus €3/tonne
concentrate transport.
Cobalt
Low-grade cobalt-nickelcopper concentrate in
storage dams
Pebble mill 1 in action
altonamining.com
November 2013
26.

27. Kylylahti Mine Key Facts
Status
600,000tpa, expansion under
consideration
Mine
5.5m x 5.5m decline tunnel,
longhole open stopes with
cemented waste fill
Life of mine
average
production
Copper:
Gold:
Zinc:
Copper equiv:
Mining cost
€32/tonne including trucking
Mine life
7.6 years
Reserves
4.2Mt at 1.6% Cu, 0.7g/t Au,
0.6% Zn
Resources
7.7Mt at 1.3% Cu, 0.7g/t Au,
0.5% Zn
Luikonlahti
Mill Interior
altonamining.com
November 2013
8,000tpa
8,400ozpa
1,600tpa
12,000tpa
27.

28. Outokumpu Guidance FY2014
Metric
Guidance Range
Ore (tonnes)
570,000 - 625,000
Copper grade (%)
1.50 - 1.65
Copper production (tonnes)
8,000 - 8,800
Gold production (ounces)
8,400 - 9,200
C1 costs (US$/lb)
1.60 - 1.75

Production guidance increased after excellent first quarter

C1 cash cost guidance falls

Commence paying debt principal in Q3 FY2014

Capital expenditure will reduce significantly in FY2015

8,659 tonnes copper hedged to Q4 FY16 at €5,651/tonne (US$3.46/lb)
altonamining.com
November 2013
28

29. Altona Overview and Objectives

A profitable 9,000ktpa copper producer at Outokumpu in Finland with
by-product gold, silver and zinc (12-13,000t copper equivalent)

Considering production expansion at Outokumpu dependent on further
reserve/resource growth from deep drill program

Completed Definitive Feasibility Study for the Little Eva copper project
near Mt Isa, Queensland has NPV of US$250 million

Little Eva could produce 39,000tpa copper and 17,000oz of gold per
year over a mine life in excess of 10 years at a C1 cash cost of US
$1.73/lb

Pursuing a range of transactions to realise value / develop Roseby, with
the overriding objective being to maximise value for its shareholders
altonamining.com
November 2013
29.

30. An Experienced Team
Altona Management
Alistair Cowden
Managing Director
Eric Hughes
Chief Financial Officer

Over 30 years experience as a geologist
and mining company executive

Accountant, formerly BHP Billiton


Instrumental in listing Vulcan
Resources, Rox Resources, Archaean
Gold and Magnetic Minerals
20 years experience in financial
management of resources companies

10 years experience as CFO of listed
companies
Iain Scott
Chief Operating Officer
Jarmo Vesanto
General Manager Finland

Metallurgist, formerly Straits, Renison

Geologist

25 years experience in mining and
processing

25 years Outokumpu Oyj in Finland,
Canada and Australia

15 years experience at COO and MD
levels

6 years as Manager in Finland
Altona Board
Kevin Maloney

Non-Executive Chairman, founder of The Mac Services. Extensive career in retail banking,
finance and resources
Paul Hallam

Non-Executive Director, formerly Director of Operations at Fortescue and EGM Development
and Projects for Newcrest
Peter Ingram

Non-Executive Director , 45 years mining industry experience
Steve Scudamore

Non-Executive Director , 28 years as a partner at international accounting and financial
services firm KPMG
altonamining.com
November 2013
30.

31. Top 10 Shareholders (53.6%)
Rank
Shareholder
Country
No. of Shares
%
1
Perpetual Investments
Australia
73,422,491
13.8%
2
L1 Capital
Australia
58,006,278
10.9%
3
German retail clients through
Clearstream Luxembourg
Germany
38,947,372
7.3%
4
Kevin Maloney (Chairman)
Australia
35,348,000
6.6%
5
Thomas Roeggla and clients
Monaco
29,626,422
5.6%
6
Colonial First State - Growth Australian
Australia
11,200,000
2.1%
7
Matchpoint Investment Management
Hong Kong
11,114,261
2.1%
8
Finnish Industry Investment
Finland
10,261,300
1.9%
9
Dr Alistair Cowden (MD)
Australia
10,010,960
1.9%
10
Pareto Growth
Norway
7,399,233
1.4%
altonamining.com
November 2013
31.

32. Share Price has Outperformed other ASX Coppers
350
300
250
200
150
100
50
0
Altona
Hillgrove
Ivanhoe
Tiger
OZ Minerals
All Ordinaries
Altona commenced trading on 23 February 2010
altonamining.com
November 2013
32.

33. Roseby Resource Estimates
CONTAINED
METAL
TOTAL
DEPOSIT
Tonnes
Grade
Cu
(%)
COPPER-GOLD DEPOSITS
million
Little Eva
Ivy Ann
Lady Clayre
Bedford
Sub-total
Au
(g/t)
Copper
MEASURED
Gold
I metre
tonnes
ounces
100.3 0.54 0.09
538,000
271,000
7.5 0.57 0.07
43,000
14.0 0.56 0.20
Tonnes
million
Grade
Cu
(%)
Au
(g/t)
36.3 0.63 0.08
INDICATED
Tonne
million
Grade
Cu
(%)
INFERRED
Tonnes
Au
million
(g/t)
Grade
Cu
(%)
Au
(g/t)
41.4
0.48 0.08
22.6
0.49 0.11
17,000
5.4
0.60 0.08
2.1
0.49 0.06
78,000
85,000
3.6
0.60 0.24
10.4
0.54 0.18
1.7 0.99 0.20
17,000
11,000
1.3
1.04 0.21
0.4
0.83 0.16
123.4 0.55 0.10
675,000
384,000
51.7
0.52 0.09
35.5
0.51 0.13
6.6
0.60
42.7
0.59
18.4
0.65
3.8
0.60
36.3 0.63 0.08
COPPER ONLY DEPOSITS
Blackard
76.4 0.62
475,000
Scanlan
22.2 0.65
143,000
Longamundi
10.4 0.66
69,000
10.4
0.66
Legend
17.4 0.54
94,000
17.4
0.54
Great Southern
6.0 0.61
37,000
6.0
0.61
Caroline
3.6 0.53
19,000
3.6
0.53
Charlie Brown
0.7 0.40
3,000
0.7
0.40
136.7 0.61
840,000
84.7
0.59
Sub-total
TOTAL
260.1 0.58 0.05
1,515,000
27.0 0.68
27.0 0.68
384,000
25.0
0.64
63.2 0.65 0.05
76.7
0.55 0.06
120.1
0.56 0.04
See ASX release of 26 July 2011, 19 December 2011, 23 April 2012, 3 July 2012 and 22 August 2012 for full details of resource
estimation methodology and attributions.
Note: All figures may not sum exactly due to rounding.
Little Eva is reported above a 0.2% copper lower cut-off grade, all other deposits are above 0.3% copper lower cut-off grade.
altonamining.com
November 2013
33.

34. Little Eva Project - Resource and Reserve Estimates
Tonnes
(m)
RESERVES
Proven
Probable
Sub Total
Probable (stockpile)
Total
Mining Inventory
Copper
(%)
Gold
(g/t)
Contained
Copper
(t)
Contained
Gold
(oz)
31.2
28.1
59.3
15.3
74.7
1.9
0.64
0.53
0.59
0.18
0.50
0.51
0.08
0.10
0.09
0.06
0.08
0.23
198,000
149,000
347,000
28,000
375,000
10,000
85,000
90,000
174,000
31,000
204,000
14,000
See ASX release of 14 May 2012 for full details of Reserve estimation methodology and attribution and 26 July 2011,
19 December 2011, 23 April 2012 and 22 August 2012 for full details of Resource estimation methodology and attribution.
Little Eva Project reserves are drawn from Little Eva, Lady Clayre and Ivy Ann.
altonamining.com
November 2013
34.

35. Outokumpu Resource and Reserve Estimates
Deposit
Saramäki
Vuonos
Hautalampi
Riihilahti
Valkeisenranta
Särkiniemi
Sarkalahti
TOTAL
Kylylahti
RESOURCES
Measured
Indicated
Inferred
TOTAL
Contained metal (t)
RESERVES
Proven
Probable
TOTAL
Contained metal (t)
Classification
Inferred
Inferred
Measured
Indicated
Inferred
Total
Indicated
Indicated
Indicated
Inferred
Tonnes
(m)
Copper
(%)
Gold
(g/t)
Zinc
(%)
Cobalt
(%)
Nickel
(%)
3.40
0.76
1.03
1.23
0.90
3.16
0.14
1.54
0.10
0.19
16.98
0.71
1.76
0.47
0.30
0.30
0.36
1.69
0.29
0.35
0.33
0.93
0.31
0.63
1.33
0.06
0.07
0.10
0.07
0.44
0.09
0.14
0.13
0.11
0.10
0.11
0.04
0.03
0.05
0.15
0.05
0.47
0.42
0.40
0.43
0.16
0.71
0.70
1.02
0.26
Tonnes
(m)
Copper
(%)
Gold
(g/t)
Zinc
(%)
Cobalt
(%)
Nickel
(%)
1.4
5.4
0.9
7.7
1.22
1.44
0.64
1.31
100,670
0.56
0.72
0.59
0.68
167,850oz
0.55
0.54
0.36
0.52
40,360
0.23
0.25
0.17
0.23
18,000
0.20
0.20
0.25
0.21
15,900
0.6
3.5
4.2
1.51
1.62
1.60
66,700
0.75
0.73
0.73
97,700oz
0.66
0.62
0.63
26,100
0.25
0.27
0.27
11,100
0.15
0.17
0.16
6,900
See ASX release of 29 August 2013 for full details as required by the 2012 Edition of the Australasian Code for Reporting of
Exploration Results, Mineral Resources and Ore Reserves (JORC Code).
altonamining.com
November 2013
35.

36. Telephone: +61 8 9485 2929
Facsimile: +61 8 9486 8700
Email: altona@altonamining.com
www.altonamining.com
altonamining.com
November 2013