1. Cobalt – 2011 Supply Source
Cobalt Ian Pringle
Managing Director
mineralisation Broken Hill Prospecting
near Broken Hill Limited (‘BPL’)
(20-21 May, 2012)
Sydney – Adelaide railway line

2. Important notices
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.
The exploration target and potential being reported under Section 18 of the JORC Code is based on assessments of
prospects within BPL’s tenure which are supported by drilling, geophysics, geological studies, imagery analysis,
metallurgical test-work and preliminary modelling. However, the potential quantity and grade is conceptual in nature, there
has been insufficient exploration to define a Mineral Resource and it is uncertain if further exploration will result in discovery
of a Mineral Resource.
Competent Person Statement The review of exploration activities and results contained in this report is 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 Pty 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 mineralization
and types of deposits under consideration and to the activity which he is undertaking to qualify as a Competent Person as
defined in the December 2004 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and
Ore Reserves (the JORC Code). 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.

3. What is cobalt?
Cobalt is a minor metal with many special qualities....
• Co is hard, heavy and has a high melting point. It used extensively in superalloys
and high pressure and temperature resistant metals in energy turbines, jet motors,
military hardware, aircraft, space craft etc...
• Co is a major component in many new rechargeable batteries (electric cars, mobile
phones, laptops....). Many lithium-ion batteries contain up to 60% Co.
• Co is strongly magnetic and is used in magnets in preference to Ni and Fe
• Co pigments have been used for many centuries for bright blue colouring.
• Co is a principle component of vitamin B12, essential for blood and brain. Co is used
in food supplements for both man and beast.
• Co is used as; a catalyst, in jewellery, medical isotopes, cosmetics, ......
Cobalt is a metal of the future with growing demand in technology, health and energy
industries of the modern world.
Co is integral to defence, aerospace,
and the energy industry. Co is
threatened by supply disruptions due to
limited domestic production and is a
designated ‘Strategic Metal’ in the
USA, China, Japan and Europe.
Cobalt price range over last 5 years;
$12-$50/lb or $22,000-$110,000/t Co

4. Why are BPL’s cobalt deposits special?
Deposits of cobalt of significant size and mine-grade are few and
geographically isolated. Near Broken Hill, a distinctive type of deposit has been
recognised by BPL and a new depositional model has assisted BPL to
successfully find large areas of near-surface cobalt mineralisation.
• Co is mostly produced as a bi-product from some copper or nickel mines
• From the estimated 98,000t (216mlb) of cobalt produced in 2011;
– >60% came from the Democratic Republic of Congo (DRC)
– >40% was refined in China 2011 Cobalt Mine Production
– Over 80% was consumed by the USA, Japan and the EU DR Congo
– No cobalt was mined in the USA, Japan, or the EU Canada
– China produced a small amount of cobalt from its own mines Others
China
Source:
• The DRC contains about half of the world’s Russia
Zambia
USGS
Mineral
Commodity
known cobalt resources Australia
Cuba
Summary
2012
Broken Hill Prospecting (BPL) has large cobalt resources which could be mined
by open cut, can be readily upgraded to a Co-pyrite concentrate and may
provide a reliable and alternative source for the world cobalt market.
BPL has several future options.... BPL could mine and export a cobalt-pyrite
concentrate, process the concentrate on site or at another location and use one
of a number of processing options.

5. Location - important for future development
• BPL’s project is located 25km SW
of Broken Hill in western NSW
• Main highway to Adelaide joins the
northern part of the project
• Main trunk railway line 500 metres
from the deposits
• Exploration license (EL6622) and
two mining leases (ML86, ML87)
• Geophysics (IP survey) and Pyrite
Hill resource confirmation drilling
completed in late 2011
• New drilling has intersected Pinnacles mine
spectacular zones of cobalt
mineralization
• The Railway Prospect is a new and
very large deposit which will likely
become a significant world cobalt
producer

6. Project Geology – Co in surface deposits
PYRITE HILL
Inf Res; 16.4Mt at 1.83lb/t Co
(plus 14-24Mt potential)
BIG HILL
Inf Res; 4.4Mt
at 2.00lb/t Co
(open to NE &
at depth)

7. Albite-quartz-cobaltiferous pyrite gneiss
View of Big Hill looking east from Pyrite Hill

8. channel fill
Big Hill outcrop
Conglomerate/breccia with rip-up
clasts of f.g. ‘sediments’, monolithic
Channel cuts through layered, and
well laminated beds bedding /
layering

9. Sedimentary textures include layering of graded beds
Big Hill outcrops and slump breccia horizons.
Typical of sediment deposition on a deep sea floor.
quartz-albite-pyrite gneiss
Geology - sediment-hosted pyrite
Age - 1.7 billion years
Model - Co mineralisation formed
by bacteria in a saline sea

10. More cobalt – great potential beside the tracks!
PYRITE HILL
Railway
Inf Res; 16.4Mt at 1.83lb/t Co Prospect
(plus 14-24Mt potential)
BIG HILL
Inf Res; 4.4Mt IP survey
at 2.00lb/t Co areas
(open to NE &
at depth)

11. IP plan with conductivity (colour)
and chargeability (contours) Railway Prospect
drill hole
BER004
Scale; 500 metres
massive cobaltiferous
pyrite 40-90 metres
2cm

12. Railway Prospect
• Continuity of outcropping
pyrite-quartz-albite gneiss
• Numerous gossans (after
pyrite, some shown in red)
• Correlation with anomalous
cobalt in soil (range to
500g/t Co)
• 2012 drilling at about 250m
spacing
• Pyrite gneiss outcrop 50-
300m wide, >2.5km long
• Steep west to vertical dip
• New, very large strata-
bound cobalt deposit
• Drill results with high grade
cobalt - expected to be fully
complete by early June
2012

13. Railway Prospect – drill section 1
Anomalous zinc (3.5%) ,
Co (2.41lb/t) and silver
(6g/t) between 120-126m

14. Railway Prospect – drill section 2
BER012
27-72*m (>45m) of
3.85lb/t Co (incl 48-
57m of 4.89lb/t Co)
BER009
33-47m(14m) of 2.42lb/t Co
57-92m (35m) of 2.01lb/t Co

15. RC drilling BER004 at the Railway Prospect
Cobalt – 2011 Supply Source
April, 2012
• No residence within 5km
• Limited land use area
• Environmental impacts are
manageable
• Granted MLs and EL Railway
Sydney - Adelaide
• Great future mine site location!!

16. Cobalt – much more along trend?
Railway Prospect
PYRITE HILL Shaping up to be a
Inf Res; 16.4Mt at 1.83lb/t Co
(plus 14-24Mt potential)
very large Co deposit
Offset Prospect
1 hole , 22m of 1.8lb/t Co
North Big Hill Prospect
1 hole , 17m of 2.2lb/t Co
BIG HILL
Inf Res; 4.4Mt IP survey
at 2.00lb/t Co areas
(open to NE &
at depth)

17. Cobalt Resources
• Combined Inferred Resources at Pyrite Hill and Big Hill of
20.8Mt of 1.87lb/t Co (H&S, Nov 2011)
• Also potential for 14 – 24Mt of cobalt mineralization of similar
grade peripheral to the resource at Pyrite Hill (H&S, Nov 2011)
• April-May 2012 drilling has discovered considerable amounts
of new cobalt at Railway, Offset and North Big Hill Prospects
• All of the Co deposits are open at depth and along trend
• Co mineralization can be concentrated (gravity/flotation) into
pyrite concentrate with plus 0.5% cobalt grade (with separation
of feldspar/quartz)
• Concentrate process options include bacterial leach, pressure
leaching or oxidation of pyrite to produce cobalt, sulphuric acid
and iron.
• Next month BPL plans to commence a scoping study for a
7.5Mta open cut mine with annual production of 7,000t of cobalt
in pyrite concentrate.

18. Concept time-line for BPL development plans
Q2 2012 Complete evaluation of current drilling at Railway, Offset
and North Big Hill Prospect areas – determine conceptual target for
open cut mine planning.
Q3-Q4 2012 Scoping Study to determine basic parameters for a 7.5
million tpa open cut mine to produce about 7,000t cobalt in pyrite
concentrate each year over a 15 year mine life.
2013 Pre-feasibility studies (resource drilling, metallurgical test work,
engineering, processing and marketing studies), commence
environmental, historical, cultural and land studies.
2014 Complete Feasibility studies, EIS, development funding and
marketing. Commence Development Approval, community
consultation.
2015 Development Approval completion – construction start-up in
mid 2015.
2016 Initial production in early 2016.

19. Public capital raising of $A4.5m &
Commenced Trading 17 Feb 2011
Corporate snapshot
ASX and NZSX Code: BPL and BPLOA
ASX trades for BPL over 12 months, courtesy of E*TRADE Australia
Current Cash: AUD2.0m
Share price 16 May 2012: 9-10 cents
Directors/Management
Creagh O’Connor (Ch) Corp Advise Consultant
Dr Ian Pringle (MD) Geologist
Geoff Hill (Matt Hill) Finance
Ralph Stagg Geologist
Peter Atkinson Geologist
Donald de Boer Company secretary
Francesco Girotto Office manager
John Elliot Consultant Geologist
Wolf Leyh Consultant Geologist
Rob Barnes Consultant Geologist
Shareholders Shares (m) %
Capital
So Co Limited 34.37 42%
Shares total 82,581,900
Listed 29,257,511 New Talisman Gold Mines Ltd 17.93 22%
Unlisted 53,324,389 (previously Heritage Gold NZ Ltd)
Options total 46,340,950 Top 20 63.65 77%
Listed (20c, 17/2/14) 11,190,950
Unlisted (20c, 17/2/16) 33,650,000
Unlisted (24c, 17/2/13) 1,500,000
Total shareholders: 620

20. Why is Broken Hill Prospecting different?
• BPL is focussed on a new mineral development near Broken Hill.
• BPL is finding large, near-surface cobalt resources located within sight of
the main Sydney-Adelaide railway, 25km from Broken Hill.
• Cobalt is a metal of the future with rapidly growing use in batteries and
superalloys and many other evolving technologies.
• There are worrying worldwide supply and demand issues for future
cobalt production and these could result in +Co price fluctuation.
• BPL will soon commence a scoping study for a 7.5Mtpa open cut
mine with an annual production of pyrite concentrate containing
about 7,000 tonnes of cobalt.
• BPL’s goal is to become one of the world’s largest and lowest cost cobalt
producers.
• Co price could rise above 2007/8 levels of $50/lb, current price on LME is
$31-32,000/tonne or about $15/lb.
• BPL could also supply sulphuric acid processing bi-product to a growing
local market demand.
• BPL could also benefit from other value adding bi-products;
– Feldspar for ceramics/tiles
– High-grade iron ore residue

21. Summary
Broken Hill Prospecting Ltd is well positioned to
take advantage of increasing cobalt demand and
rising cobalt prices as it develops into a low cost
cobalt producer.
----------------- Thank you -----------------
Dr Ian Pringle, Managing Director
(ipringle@bhpl.biz, +61 408 548767)
Broken Hill Prospecting Ltd is listed on the ASX and NZX(code BPL)
Please visit our booth, meet our people and find out more about BPL, our
deposits and the cobalt industry