Stonewall Resources (ASX: SWJ) is reawakening a giant goldfield. It is developing its high grade, near surface gold mine Rietfontein that has all permits in place and whose costs will be in the lowest quartile globally. Rietfontein is in the Eastern Goldfields, the home of South Africa's gold mining industry.

1. ASX: SWJ
Developing Rietfontein
Investor Presentation – March 2017
1

2. • This Presentation has been prepared by and issued by Stonewall Resources Limited (ASX.SWJ) (Stonewall or Company) is to assist in informing
interested parties about the Company and should not be considered as an offer or invitation to subscribe for or purchase any securities in the
Company or as an inducement to make an offer or invitation with respect to those securities. No agreement to subscribe for securities in the
Company will be entered into on the basis of this Presentation. This Presentation is limited to persons who are sophisticated investors for the
purposes of s708(8) or professional investors for the purposes of s708(11) of the Corporations Act 2001 or persons who hold Australian financial
services licences and any of their representatives. By attending and/or receiving this presentation you warrant to Stonewall that you are such a
person. This Presentation may contain forward looking statements. Whilst Stonewall has no reason to believe that any such statements and
projections are either false, misleading or incorrect, it does not warrant or guarantee such statements.. Nothing contained in this presentation
constitutes investment, legal, tax or other advice. This overview of Stonewall does not purport to be all inclusive or to contain all information which
its recipients may require in order to make an informed assessment of the Company’s prospects. Before making an investment decision, you should
consult your professional adviser, and perform your own analysis prior to making any investment decision. Neither the Company nor its advisers has
verified the accuracy or completeness of the information, statements and opinions contained in this presentation. Accordingly, to the maximum
extent permitted by law, the Company makes no representation and gives no assurance, guarantee or warranty, express or implied, as to, and take
no responsibility and assume no liability for, the authenticity, validity, accuracy, suitability or completeness of, or any errors in or omissions, from
any information, statement or opinion contained in this presentation. The contents of this presentation are confidential. This presentation is being
provided to you on the condition that you do not reproduce or communicate it or disclose it to, or discuss it with, any other person without the prior
written permission of the Company. This Presentation contains information, ideas and analysis which are proprietary to Stonewall. By agreeing to
receive this information you also agree to respect the confidential nature of this entire presentation. Specifically you agree not to reproduce in any
manner or distribute any part of the information contained herein without the prior written consent of the Company.
• The information in this Presentation that relates to Exploration Results, Exploration Targets, Mineral Resources or Ore Reserves is based on The
Competent Person responsible for the Mineral Resources as presented in this press release is Mr Uwe Engelmann (BSc (Zoo. & Bot.), BSc Hons (Geol.),
Pr.Sci.Nat. No. 400058/08, MGSSA) of Minxcon (Pty) Ltd. Mr Engelmann is satisfied that the information as presented by Stonewall is a true
reflection of the Mineral Resources of the Rietfontein Gold Project. The Mineral Resources as presented in the consolidated Mineral Resource
tabulations represents a true reflection of the existing JORC Code (2012) compliant stated Mineral Resources (as per 2017 estimates) together with
the updated Rietfontein Mineral Resources for all the Stonewall operations. Mr Engelmann is satisfied that the information as presented by
Stonewall may be publically disclosed.
Disclaimer & Competent Person Statement
2

3. • This presentation may refer to the intention of Stonewall Resources regarding estimates or future events which could be considered forward looking
statements. Forward looking statements are typically preceded by words such as “Forecast”, “Planned”, “Expected”, “Intends”, “Potential”,
“Conceptual”, “Believes”, “Anticipates”, “Predicted”, “Estimated” or similar expressions. Forward looking statements, opinions and estimates
included in this document are based on assumptions and contingencies which are subject to change without notice, and may be influenced by such
factors as funding availability, market-related forces (commodity prices, exchange rates, stock market indices and the like) and political or economic
events (including government or community issues, global or systemic events). Forward looking statements are provided as a general reflection of
the intention of the company as at the date of release of the document, however are subject to change without notice, and at any time. Future
events are subject to risks and uncertainties, and as such results, performance and achievements may in fact differ from those referred to in this
presentation. Mining, by its nature, and related activities including mineral exploration, are subject to a large number of variables and risks, many of
which cannot be adequately addressed, or be expected to be assessed, in this document. Work contained within or referenced in this report may
contain incorrect statements, errors, miscalculations, omissions and other mistakes. For this reason, any conclusions, inferences, judgments,
opinions, recommendations or other interpretations either contained in this report, or referencing this report, cannot be relied upon. There can be
no assurance that future results or events will be consistent with any such opinions, forecasts or estimates. The company believes it has a reasonable
basis for making the forward looking statements contained in this document, with respect to any production targets, resource statements or
financial estimates, however further work to define Mineral Resources or Reserves, technical studies including feasibilities, and related
investigations are required prior to commencement of mining. No liability is accepted for any loss, cost or damage suffered or incurred by the
reliance on the sufficiency or completeness of the information, opinions or beliefs contained in this presentation.
• The Scoping Study referred to in this announcement is based on low level technical and economic assessment, insufficient to support the estimation
of Ore Reserves. There is no assurance that the intended development referred to will proceed as described, and will rely on further studies at the
Pre-Feasibility and Feasibility Study levels, and access to future funding to implement. Stonewall believes it has reasonable grounds under ASIC
Information Sheet 214 to report the results of the Scoping Study. The mine plan referred to in the quoted NPV contains 34% Indicated Mineral
Resources and 66% Inferred (refer to Fig.5, & ASX release dated 7/2/17 for Mineral Resource Statement). The Rietfontein mine has been previously
operated to extract gold and has existing underground development and some infrastructure in place. The company intends to conduct further
drilling to upgrade the Mineral Resource incorporated in the mine plan to Measured & Indicated Mineral Resources as appropriate as well as test for
strike and depth extensions. The results of the drilling will be used to progress further project studies to enable finance to be arranged to execute the
mine plan. At this stage there is no guarantee that funding will be available, and investors are to be aware of any potential dilution of existing
issued capital. The production targets and forward looking statements referred to are based on information available to the company at the time of
release, and should not be solely relied upon by investors when making investment decisions. SWJ cautions that mining and exploration are high
risk, and subject to change based on new information or interpretation, commodity prices or foreign exchange rates. Actual results may differ
materially from the results or production targets contained in this release. Further evaluation and appropriate studies relating to geology, mining
and economics are required to increase the level of confidence prior to a decision to conduct mining being made. The estimated Mineral Resources
quoted in this release have been prepared by Competent Persons as required under the JORC Code (2012). Material assumptions and other
important information are contained in this release.
Forward Looking Statement & Cautionary Statement
3

4. TGME’s Rietfontein Project Location
4
Located in Sabie township of
Mpumalanga Province:
 370km east of Johannesburg
directly by Road, or
 30 minutes flight from
Johannesburg to Nelspruit by
commercial airline, then 95km
north of Nelspruit by Road.
Other Infrastructure:
 Fully Permitted to mine
 CIL Plant, Elution Circuit/tanks, gold room onsite.
 Road Access
 Water
 Power supply straight off the Grid (Eskom)
 Tailing Dams onsite

5. SWJ - Investment Summary
• Near-term Production: Fully permitted mines, 2018 production target
• Large Resource Base: 3.4Moz trading at <US$10/oz
• Low Cost: Rietfontein targeting lowest quartile cash costs
• Low Capital: US$31m peak development funding for Rietfontein
• Multi-mine upside: Beta, Vaalhoek, Theta, Dukes & other potential
development & exploration options (43 Historical Mines)
• Previous valuation of US$141m: Through unsuccessful 2013 takeover
offer
• Stable BEE partner
5

6. Corporate Overview
ASX code: SWJ
Current share price: $0.024
Market Capitalisation: A$45 million
Shares on Issue: ~1.9 billion
6
90% owned by top 20 Shareholders %
Tasman Funds (Sydney based fund manager, related to
director Eric Zhang)
16.70%
High Gift Investments (US based family office) 11.93%
Smart Vision Investment Group (related to director
Simon Liu)
8.39%
Khan International (subsidiary of Hanhong Funds,
related to director Simon Liu)
8.07%
BWW (HK Institution) 8.06%
Directors
Trevor Fourie Non-Exec. Chairman (since 2012)
Rob Thomson Managing Director (since Nov 2016)
Richie Yang Non-Exec. Director (since June 2015)
Eric Zhang Non-Exec. Director (since June 2015)
Simon Liu Non-Exec. Director (since 2013)
Management
Rob Thomson Managing Director (Aus)
George Jenkins Chief Executive Officer (SA)
GLOBAL REGISTRY, EXPERIENCED TEAM, LARGE & HIGH GRADE
RESOURCES, EXISTING PLANT & FACILITIES
0.7
1.2
1.7
2.2
SharePrice(cps)
SWJ: Stonewall Resources Ltd

7. Rietfontein: 905koz, 11g/t Au JORC 2012
• JORC Resource of 2.55Mt @ 11g/t Au (905koz, Indicated and Inferred)
• Fully permitted and development ready: Pending drilling program to
establish reserves & funding
• Part of wider Group Resources of 28Mt @ 3.7g/t Au (3.4Moz)1
• Scoping Study indicates potential for Stage 1 60kozpa mine @ 9.5g/t Au2,3
• Potential lowest quartile cash costs of US$417/oz
• Pre-Feasibility Study underway, target completion 2H’17
• Target 2H’18 production
• Low capital requirements (US$31m peak funding) including existing CIL
refurbishment
• Located 41km from existing TGME processing plant
• PFS to examine expansion potential to 80-90kozpa
7
1 Refer to ASX announcement 7 February, 2017. 2 Refer to ASX announcement 28 February, 2017
3 Production target is based on Indicated & Inferred Resources. Insufficient work to define a Mineral Reserve at this stage. Average LOM
production over 7yrs is 55koz (38-68kozpa). Confirmation of reserves will be conducted in accordance with JORC (2012).

8. Rietfontein: Scoping Study Summary
8
Refer to ASX announcement 28 February, 2017. Production target is based on Indicated & Inferred Resources.
Insufficient work to define a Mineral Reserve at this stage. Average LOM production over 7yrs is 55koz (38-68kozpa).
Confirmation of reserves will be conducted in accordance with JORC (2012).

9. Rietfontein – JORC (2012) Mineral Resources
9
Resource
Classification
Stope Au Reef Width Stope width Stope
Stope
Tonnes
Au Content
g/t cm cm cm.gt Mt kg koz
Measured - - - - - - -
Indicated 10.1 76 111 1,113 0.72 7,247 233
Total Measured and
Indicated
10.1 76 111 1,113 0.72 7,247 233
Inferred 11.4 108 132 1,502 1.834 20,901 672
Total 11.1 2.554 28,148 905
Note:
• Mineral
Resources are
reported at
resource cut-
off of 1.8g/t
(230 cmg/t)
• 33% of the
Inferred
resources is
below the last
known data
point
• Fault losses of
5% for
Indicated and
10% for
Inferred
Mineral
Resources
were applied
Note: * Please refer to Page 2/3, and see ASX Announcement 7/2/2017 for the latest Mineral Resource Statements

10. Rietfontein: Robust Preliminary Economics
10
• Pre-tax NPV of US$114m in Scoping Study
• Initial 7.5yr Mine life based on 200ktpa (with
plans to upgrade this towards 300ktpa)
• IRR of 83%
• PFS underway, complete 2H’17
• Located 41km from existing
TGME processing plant
• PFS to examine expansion
potential to 80-90kozpa

11. Rietfontein: Lowest Quartile Target
11
• Stability of labour relations, lower exchange
rate have helped SA gold miners reduce
costs
• Many mines require refrigeration & consume
a large amount of power (higher cost): These
are shallow and already largely developed
• One of the highest grades in SA
• Shallow mine, most high grade
mined via shaft
• Low cost and high grade =
potential high margin
0
2
4
6
8
10
12
14
16
18
Cooke
Barbrook
Beatrix
Lily
Evander
Driefontein
Masimong
Kloof
Unisel
Tshepong
Doornkop
SouthDeep
Joel
Kusasalethu
Kopanang
Phakisa
TauTona
MoabKhotsong
Barberton
Mponeng
Bambanani
GoldGrade(g/tAu)
South Africa: 2015 Grade profile
400
600
800
1000
1200
1400
1600
AISC(US$/oz)
South Africa: 2015 AISC estimates (US$/oz)
Rietfontein scoping Rietfontein scoping

12. Rietfontein: Target High Grade first
12
• Mining ceased around 1945
• Narrow granite-hosted shear
zone (unusual for SA)
• Normal shrinkage stoping (with
fill)
• Dual (north-south) adit entrance
may enhance production levels

13. Rietfontein – Exploration Target
13
Rietfontein Grade Model with the Identified Exploration Targets Identified
Note:
The tonnages and
content presented in
the table represent a
high level of
uncertainty as to their
existence and do not
represent Mineral
Resources. It may not
be assumed that the
Exploration Targets will
automatically be
converted to
Resources after
exploration activities
have taken place.
The Exploration Target summary for Rietfontein Gold Mine: Additional Identified Potential
Exploration Target
Tonnage
Stoping Au
Grade Au Content
Minimum Maximum Minimum Maximum Minimum Maximum Minimum Maximum
Mt Mt g/t g/t Kg Kg Koz Koz
Target 1 0.321 0.641 8.34 10.01 2673 6417 85.9 206.3
Target 2 0.265 0.53 13.11 15.74 3474 8339 111.7 268.1
Target 3 0.234 0.468 13.08 15.7 3059 7344 98.3 236.1
Total 0.819 1.639 11.23 13.49 9206 22100 296 710.5
Note: * Please refer to Page 2, and see ASX Announcement 7/2/2017 for the latest Mineral Resource Statements

14. Stonewall Revitalisation Strategy
14
*Exploration target based on sampling work to date. Work underway to define JORC (2012) resources. Refer to Competent Person
Statement on p.2.
Grow Resources from 3Moz to 5Moz+
Resource delineation & Scoping Studies
Aiming for production in 1-2 years
Funding Underway
Rietfontein
PMR, Beta
Dukes, Browns Hill, Ponieskrantz,
Rietfontein Extended, Vaalhoek, Glynns,
JORC (2012) Resource of 905koz @
11.1g/t (25.7% Indicated) from
Rietfontein
JORC (2004) Resources of >0.7Moz,
and Exploration targets*
JORC (2004) Resources of
0.8Moz (M&I)
Theta, Clewer, Glynns, TGME Tailings
Elansdrift, Sabie Tailings/Rock Dumps, Sabie others
JORC (2004) Resources
up to 1Moz
Please refer to Page 2, and see ASX Announcement 7/2/2017 for the latest Mineral Resource Statements

15. Beta Mine: Another treasure chest
• JORC resource of 6.8Mt @ 3.3g/t
for 709koz (indicated/inferred)
• Indicated 0.6Mt @ 4.9g/t Au
(92koz)
• Updated JORC Resource & Scoping
Study pending in coming weeks
• Focus on higher grade areas initially
>6g/t Au & PMR material
• PFS work on mine scheduling,
drilling and met. work planned
• Sampling to upgrade hard-rock
resources to Indicated (planned)
• PMR sampling underway – very
high grades detected in some areas
15

16. Stonewall Strategy: 2-3 Mines in 2-3 Years
1. Drilling & Publication of Reserves
for Rietfontein & Beta
2. Complete PFS studies into
Rietfontein & Beta/PMR
3. Drilling at Vaalhoek, Beta & others
4. Commence refurbishment of TGME
processing plant
5. Mine dewatering and development
at Beta with view to first ore 2H’18
6. Mine development at Rietfontein
with first stopes target 1Q’19
7. Scoping/PFS studies into Vaalhoek,
Theta and other mine targets
8. Develop Third Mine with best grade
and development potential by 2020
16

17. 17
Centralised Treatment Plant & Infrastructure

18. Valuation Upside
• Risked valuation A$112m: Detailed project assessment by MineInvest
with a current, risk-adjusted valuation of US$85m
• 120-130kozpa: Report assessed the costs and likelihood of >100kozpa in
coming years through Rietfontein/Beta and PMR material (chart, below)
• Valuation A$0.056/share: Assessed NAV by RC Research, compares to
recent price of A$0.024/share
“With target first quartile costs and >100kozpa medium term gold production, the company
appears well placed to attract market attention”
18
1 Refer to MineInvest report “Preliminary Valuation of the TGME Gold Project” 6 March, 2017
3 Refer to RC Research report on Stonewall Resources dated 10 March, 2017
Both reports available on the company website under: http://stonewallresources.com/investor-centre/

19. Historical
Production – the
tip of the iceberg
Northern & Central (Pilgrims Rest)
• 1872 - 1972 : ≈ 4.27 Moz
• 2005 - 2014 : ≈ 0.23 Moz
Southern (Sabie)
• 1872 – 1972 : ≈ 2.15 Moz
19
“Proven past production
of 7 Moz - Entire district
now controlled by
Stonewall”

20. Thank You
Rob Thomson
Managing Director - SWJ
Mobile: +61 409 843 963
info@stonewallresources.com
20
www.stonewallresources.com.au
SWJ

21. Group Resources: 3.4Moz and growing
21
Note: * Refer to Competent Person Statement on p2.
Mineral Resource
Category
Type of Operation
Tonnage Gold Grade Gold Content
Mt g/t kg koz
Measured
UG* 0.17 4.77 811 26.1
Surface 0.151 1.59 240 7.7
Tailings 2.294 0.77 1,770 56.9
Total Measured 2.615 1.08 2,821 90.7
Indicated
UG* 2.379 6.01 14297 459.6
Surface 3.173 0.88 2,811 90.4
Tailings 0.012 0.58 7 0.2
Total Indicated 5.564 3.08 17,115 550.2
Inferred
UG* 17.328 4.57 79179 2,545.80
Surface 0.801 0.8 642 20.7
Tailings 2.124 3.06 6,503 209
Rock Dump 0.121 1.59 192 6.2
Plant Floats 0.041 0.54 22 0.7
Beta Main 0.109 0.81 88 2.8
Total Inferred 20.523 4.22 86,626 2,785.30
Grand Total 28.702 3.71 106,562 3,426.20
Note:
1. All Mineral Resources have an
effective date of 30 June 2014, with
the exception of the underground
(UG*) Mineral Resources which
include the updated 20 January 2017
Mineral Resource estimation for
Rietfontein Mine*
2. Only the Mineral Resources lying
within the legal boundaries are
reported.
3. 1 kg = 32.15076 oz.
4. Columns may not add up due to
rounding.

22. Building Up the Technical and Development Team
22
Key Personnel Position Expertise and Role
Robert Thomson Managing Director Stonewall
Resources
- Australian, Sydney
35+ years Mining Engineer & Director. Development/Operations as CEO/Exec
Director/Project Manager in 8 gold and base metal projects progressed through
exploration, BFS , approvals, financing, construction and delivery to operations.
Commenced career in underground gold mining in Southern Africa. Successful Project
Director/GM – Chatree and Sepon Stage 1, 125,000+ ozpa goldmines.
George Jenkins Chief Executive Officer Stonewall
Mining
– South African
26 Years Mining Industry Experience. 22 Years Extraction Metallurgist. 19 Years in
various hands-on management and executive roles in South Africa and Australia.
Johan Fourie Environmental & Strategic Planning
Stonewall Mining
– South African
40 years of mining industry experience. Has managed the successful completion of
approvals for the Stonewell redevelopment plans.
Hanlie Grobler Finance & Administration Stonewall
Mining – South African
30 years Financial Management experience including 7 years as CFO and Financial
Director of Multi National as well as 7 years mining.
Elane Botha Legal, Environmental Compliance
Stonewall Mining – South African
Qualifications in Law and Environmental Management, over 14 years experience and
joined SWJ in 2013 and works with Johan on permitting.
Minxcon Group Resource Geologists
- Johannesburg H/Q
Consultants – Leading South African group. Know intimately all of the Stonewall
resources and mines.
Bara Group Mining Engineers
- Johannesburg H/Q
Consultants - Leading South African group. Mining studies, due diligence, detailed
design and operational support to the mining industry world-wide.
Adrian Singh &
Robbie Murray
Group Metallurgical Consultants- ---
Johannesburg based
Consultants. Both have worked on TGME and are at the forefront of metallurgical
performance optimization in the South African gold industry.

23. Approvals Process
23
1 Final production ounces subject to planned PMR resource delineation program and project study upgrade
Mine Description Date
Required
Status Expected
Timeframe
Rietfontein Hard Rock Mining Right Jun 18

Complete
Environmental approval Jun 18 Complete
Water User Licence Jun 18 Complete
Social and labour plan Jun 18 Complete
Mine Works Programme Jun 18 Complete
Ore Transport to TGME Jun 18 Jun 17
Beta Hard Rock Mining Right Jun 18

Complete
Environmental approval Jun 18 Complete
Water User Licence Jun 18 Complete
Social and labour plan Jun 18 Complete
Mine Works Programme Jun 18 Complete
Ore Transport to TGME Jun 18 Complete

24. Approvals in Place
24
1 Final production ounces subject to planned PMR resource delineation program and project study upgrade
Mine Description Date
Required
Status Timeframe
PMR Mining Beta Mining Right Jan 18

Complete
Environmental approval Jan 18 Complete
Water User Licence Jan 18 Complete
Social and labour plan Jan 18 Complete
Addendum to include PMR mining
into mine works programme
Jan 18 Mar 17
Ore Transport to TGME Jan 18

Complete
PMR Mining Dukes Mining Right Jan 18 Complete
Environmental approval Jan 18 Complete
Water User Licence Jan 18 Complete
Social and labour plan Jan 18 Complete
Addendum to include PMR mining
into mine works programme
Jan 18 Mar 17
Ore Transport to TGME Jan 18

Complete
TGME Plant Environmental approval Jan 18 Complete
Water User Licence Jan 18 Complete
Social and labour plan Jan 18 Complete
Expansion to Tailings dam Jan 21 Dec 18

25. What is PMR?
25
• Historically, ore was hand-mined and sorted to produce high grade ore for
processing with grades typically > 10g/t, leaving the residual fine material
behind (known as Pre Mined Residue) , i.e. effectively creating extensive gold
mineralised underground stockpiles.
• This pre-mined residue, in the minus 25mm fraction contains substantial gold.*
• SWJ has identified and analyzed over 3,000 historical maps and there is a multi-
million ounce potential identified in the fine-materials left behind
• PMR successfully trial mined at Beta and processed with good results obtained
by Stonewall in 2015.
• Refer to ASX announcement 18 October, 2016 which comprehensively updates
the current status of the PMR. This includes results of bulk sampling of the PMR
and screening tests at -17mm. Grades of 2+ g/t resulted. Additional sampling to
take the PMR to JORC resources is planned in early 2017

26. Appendix: The Gold One & Sibanye Success Story
• Gold One (ASX: GDO) Created from BMA Gold (RTO) in 2009 & Alfalease
• Developed the successful Modder East Mine (12Mt @ 4g/t reserves, 120kozpa,
US$400-450/oz cash cost in 2010/11)
• Gold One takeover for A$0.55/share announced by Chinese (BCX Gold) in 2011
(effective valuation of A$443m)
• Sibanye spun out from Gold Fields in 2012
• Gold One later merged the West Rand Assets into Sibanye for 17% equity in 2013
• Sibanye acquired Rustenburg platinum from Anglo American in 2015
• Sibanye acquires Burnstone Mine for R70m (+debt), with R7.5b previously spent on
the mine. Re-evaluated mine plan, and now the asset is in development with a plan
to mine 1.7moz at a cost of US$700/oz (13Mt @ 4g/t Au reserves)
• 2016: Sibanye now the 10th largest gold producer globally with US$1.6b market
capitalisation
• Dec’16: Sibanye makes US$2.2b bid for Stillwater Mining (NYSE: SWC) to potentially
become one of the world’s largest gold and platinum producers
26

27. Geology –Gold Mineralisation
27