2. Forward looking Statement
2
This presentation may contain certain information
that constitutes forward-looking statements.
Forward-looking information and statements are
frequently characterized by words such as "plan,"
"expect," "project," "intend," "believe," "anticipate"
and other similar words, or statements that certain
events or conditions "may" or "will" occur. The
forward-looking information and statements made in
this presentation are based on the opinions and
estimates of, and assumptions made by,
management at the date the statements are made.
Forward-looking information and statements are
subject to a variety of risks and uncertainties and
other factors that could cause actual events or
results to differ materially from those projected in
the forward-looking statements.
These factors include the inherent risks involved in
the exploration and development of mineral
properties, the uncertainties involved in interpreting
test results and other geological and technical data,
fluctuating metal prices, the ability to obtain
necessary permits and approvals, the availability of
funds to complete work programs and studies, and
other factors described above. The Company
disclaims any obligation to update or revise any
forward-looking statements if circumstances or
management's estimates or opinions should
change, except as required by applicable law. The
reader is cautioned not to place undue reliance on
forward-looking statements.
3. Copper Flat Project
Low Cash Cost, Low Capital and High Return Project
3
Permitting
Well Advanced
(Late 2016 Start-Up)
Low
Capital Intensity
($[11,500]/tac)
Significant & Constant
Production Profile
([35,000] tpa)
Well-Defined
Copper Reserve
([125]Mt @ [0.40]% Cu Eq)
High Quality
Copper Concentrate
(28% grade)
Low Operating Costs
(1st Quartile Cash Costs
of ($[1.42]/lb LOM)
Upside in
Neighbouring
Tenements
(Au and Ag)
Strong
Project Returns
([19]% IRR; $[160]M NPV)
Strong Management
Team and
Experienced Board
Strategic Location
in Copper
Mining District
10
21
3 4
5 6
87
9
4. Andrew Maloney
CEO
Formerly Executive at The MAC
Services Group, Australia’s largest
integrated mining accommodation
provider
Instrumental in The MAC Service’s
Group’s growth, its public listing on
the ASX in 2007, and the sale of
the company in 2010 for $651m to
the NYSE listed Oil States
International Inc.
Currently Managing Director of
Tulla Group, the investment office
of the Maloney family
Holds a Bachelor’s Degree in
Project Management from the
University of Technology in Sydney
and a Master’s Degree in Business
Administration from IE in Madrid
4
Jeffrey Smith
COO, Feasibility
Study Manager
35 years of experience in the
mining industry managing large,
complex mining operations and
construction projects and held
various technical and executive
positions with Echo Bay Mines,
Coeur d’Alene Mines and Pan
American Silver
Also worked for three years with
Quintana Minerals Corp where
he was the mine engineer at the
original Copper Flat Mine and
assisted with its construction,
operation and closure
Masters Degree in Management,
Licensed Professional Engineer
and Qualified Person under NI
43-101
Kevin Maloney
Chairman
Founder and Chairman of The
MAC Services Group, formerly
Australia's largest publicly listed
provider of remote area mining
accommodation and services until
its acquisition by a US based
NYSE listed entity in late 2010
Extensive career in retail banking,
finance and resources
Joined Elders Resources in 1981
after spending 20 years with the
ANZ Bank
THEMAC Resources
Today’s Presenters
5. Canadian-listed (TSXV:MAC) resource company focused on
developing and operating the Copper Flat Project
THEMAC Resources Group holds a 100% ownership interest
in the Copper Flat Project
Strategic relationship with Tulla Resources, an investment
group which owns 69.7%1 of THEMAC and is the provider of
its current loan facility
5
THEMAC acquires the
option on 100% of Copper
Flat from Mercator Gold
THEMAC releases Prefeasibility Study
outlining a 25,000tpd open pit mine with
average production of 23,000t Cu, 460t
Mo, 12,750oz Au and 455,390oz Ag
Construction targeted
to commence in 2015
Quintana Minerals brings Copper Flat into
production as an open pit mine with a mill and
concentrator (13,600tpd). The mine was in
production for 3.5 months, but halted when
copper prices declined
1982 2010 2012 2014 2015 20162011 2013
Commissioning
targeted for late
2016
THEMAC releases Definitive
Feasibility Study outlining a
[]tpd open pit mine with
average production of []t Cu,
[]t Mo, []oz Au and []oz Ag
//
THEMAC Resources
Who are we?
Shareholders Interest
Tulla Resources1
and Affiliates
69.7%
ECR Minerals 15.5%
Free Float 14.8%
(1) 69% interest in THEMAC is held through Tulla Resources (54.7%) and Marley Holdings (14.0%), a Tulla-related affiliate
6. 6
Located in one of the world’s most prolific copper districts
Port of Guaymas
Copper Flat Project
Where are we?
7. US$10 million to fund the next 18 months prior to construction
̶ Permitting (US$4 million)
̶ Detailed Engineering (US$2 million)
̶ Project Development Improvement (US$2 million)
̶ General Corporate Purposes (US$2 million)
Currently funded by loans from Tulla Resources
Funding for construction is expected to be in place by Q3 2014
̶ Debt funding expected to account for 60% – 70% of construction cost
7
THEMAC Resources
What are we looking for?
9. 98.1
225.6
[124.9]
[305.2]
Proven & Probable Measured & Indicated
Copper Flat Resources & Reserves (Mt)
PFS FS
[35]%
Measured & Indicated Sulfide
Resource (Cu tons)
From PFS to FS
[27]%
Proven & Probable Sulfide
Reserve (Cu tons)
From PFS to FS
9
1 Well Defined Reserve
Extensive Drilling and Exploration Program has
Significantly Increased Reserve Base
10. Copper Flat Mineral Reserves as Contained in Total Resources 1,2,3
(1) As per [2 April 2013]
(2) Mineral reserve based on $[3.00]/lb Copper, $[8.00]/lb Moly, $[1,350]/oz Gold and $[20.00]/oz Silver
(3) Mine design based on $[2.50]/lb cone pit 10
1
Mineral Reserve
Tons
(000s)
Cu Eq
(%)
Copper
(%)
Moly
(%)
Gold
(g/t)
Silver
(g/t)
Proven 79,251 0.32 0.010 0.085 2.0
Probable 45,630 0.23 0.005 0.085 1.4
Total 124,881 0.40 0.29 0.008 0.085 1.7
Well Defined Reserve (cont’d)
Current Reserves of [125] Mt @ [0.4]% Cu Eq
11. 11
0.00
0.05
0.10
0.15
0.20
0.25
0.30
0.35
0.40
0.45
0.50
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
1 2 3 4 5 6 7 8 9 10 11 12 13 14
Copper Equivalent1 Production and Grade
Equivalent Copper Production (klbs) First 3 years average Production (klbs)
Head Grade CuEq% First 3 years average Grade (%)
0.454%
75,567 klbs
2
(1) Copper equivalent calculation considers metal price, recovery and smelting/refining charges
Significant and Constant Production Profile
Strong Returns and Early Payback from Initial
High Grade Production
13. Mining
23%
Processing
44%
Tailings
3%
G&A
6%
Smelting &
Refining
11%
Concentrate
Transport
13%
Category Cost ($/lb)1
Mining $ 0.41
Ore Process $ 0.78
Tailings $ 0.06
G&A $ 0.10
Smelting & Refining $ 0.19
Concentrate Transport $ 0.24
Total Before By-Products $ 1.77
By-Product Credits $ [ ]
Total After By-Products $ [ ]
13
3
(1) $ Per Equivalent Copper Produced (LOM Average)
Low Operating Cost (cont’d)
Lean Cost Structure Supports High Margins
14. Copper Flat ore lends itself to common crushing and grinding practice and standard
flotation reagents
Concentrate is expected to yield a 28% copper grade based upon lab as well as
actual plant performance
Low impurities: clean copper and moly concentrates, modest levels of recoverable
gold and silver
Cu
92%
8%
Mo
60%
40%
Ag
83%
17%
Au
73%
27%
Not RecoverableExpected Recoveries
Copper Moly Gold Silver
14
4 High Copper Quality
Attractive to Smelters Worldwide
15. 15
Nearly 2 Mt of pre-stripping exposing high
grade copper sulfides ore at surface
Concrete foundations to be utilized for
major structures
Original access, mine haul and services
roads are suitable for reuse
Conveyor tunnels for crusher discharge and
course ore stockpile reclaim
Major water diversion channel exists around
the mine site
General earthworks including mill site and
mine shop grading
5 Low Capital Intensity
$[65]M of Existing Infrastructure Already in Place
17. 17
5
Copper Project IRRs vs. LOM Average VolumeCopper Project IRRs vs. Capital Intensity
Source: Wall Street Research
Note: Analysis based on 60 global copper projects currently under consideration representing over 11 Mt of potential additional production
Low Capital Intensity (cont’d)
$[11,500] of Capital Required per Ton of Annual
Output Capacity
18. 18
6
*Disclaimer: Permits are subject to agency review and approval
Permitting Well Advanced
Commissioning Targeted for Late 2016
Year
Quarter 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4
THEMAC Drilling Program
Environmental Studies
PFS
EIS
DFS
Detail Engineering
Permitting*
Project Finance
Construction
Commissioning
Commercial Production
201720162014 20152010 2011 2012 2013
Progress Work Still Required
19. 19
6 Permitting Well Advanced (cont’d)
Permitting Process Orderly and On-Track
Federal EIS Process
Expected
April 2014
Anticipated
June 2015
State Permit Process
Draft
Environmental
Evaluation (EE)
Expected
Jan 2014
Anticipated
Aug 2015
ROD will
inform state
permit
EE will rely on EIS for
State Required Format
Expected
Nov 2014
State Mine
Permit Issued
• Public Notice
• Permit
Application
Package
• Other Permits
Agency
Review,
Technical
Comments
Submit
Responses,
Added Data
Technical
Review- Permit
Application
Package & EE
Public
Hearing
Comments,
Agency Review
Final
Environmental
Evaluation (EE)
Draft EIS
Public meetings
Agency Review
Public Comment
Final EIS
Record of
Decision (ROD)
Anticipated
July 2015
• Scoping
• Develop
Alternatives
• Environmental
Effects Analysis
20. Port
Guaymas is the fastest growing seaport
in Mexico, located 400 miles (640 km)
from the Copper Flat site
Road
I-25 is the main North South interstate in
NM and is situated east of the project
Rail
Nearest Rail stop is Rincon, NM, 40
miles south of the project via I-25. The
concentrates will be hauled from the
mine by truck, off loaded at Rincon and
then reloaded onto train cars
Power
12 miles of existing 115 kv power lines
connecting to the mine substation
Water
Site already supplied by 4 wells and 8
miles of water pipelines to the mill site
Port of Guaymas, Mexico
Services and Accommodation:
Hillsboro (5 miles SW) and Truth or Consequence
(25 miles NE), with population of 6,500 and well-
developed amenities and services
Hatch (30 miles South of the project)
Las Cruces (75 miles South via I-25)
20
7 Well Located in Copper Mining District
Project is Close to Existing Infrastructure
21. Copper Flat is expected to produce 400 - 500 jobs
during construction and up to 270 jobs during
operations
We will help create training and would like to hire
locally as much as possible. The first 5 course
certificate program begins this fall of 2013
THEMAC preserves the environment, heritage,
and culture of the area to the highest standards set
by federal and state regulations
We connect regularly with community members
through outreach sessions, mine tours, and direct
personal interactions
21
7
“I feel very strongly about supporting Copper Flat
Mine. This is something great for our area”
– Elephant Butte Mayor Eunice Kent
“To be honest, I can hardly wait for it to open. It will
create many jobs, grow our tax base, and boost the
economy”
– Sierra County Commission Chairman Walter Armijo,
referring to Copper Flat Mine
Well Located in Copper Mining District (cont’d)
Strong Local and Government Support
22. 22
8 Experienced Management Team
In Addition to Strong Board Leadership
Steve Raugust
Resource Development Manager
Studied Copper Flat while attaining Master of Science
in Mineral Engineering at New Mexico Institute of
Mining and Technology, and has had extensive
practical experience since
Mr. Raugust is a professionally certified geologist and
engineering geologist, as well as a Qualified Person
by NI 43-101 criteria
Katie Emmer
Project Scientist
Fourth generation New Mexican with a MS in Water
Resource Management from the University of New
Mexico
Over 12 years of experience in state and federal
regulatory permitting and compliance, natural
resource evaluation, environmental due diligence
and characterization
22 years with BHP, most recently serving as VP
Operations and COO of the BHP Billiton Base
Metals Group based in Santiago, Chile, before
retiring in 2008
In 2010, served as interim CEO of Silver Standard
a company listed on the TSX and Nasdaq
Considerable business development experience,
project evaluation, M&A and asset sales; led the
purchase of the Magna copper company and the
sale of the Tintaya operation in Peru to Xstrata
Mike Anglin
Executive Advisor
and Director
Stuart Crawford
CFO
Over 18 years of investment banking and accounting
experience with a range of global investment banks
Graduate degrees in Commerce and Law from the
University of Queensland, Australia, and Masters of
Business Administration from the Australian Graduate
School of Management
23. Economic Indicators after Taxes
Copper Price
($/lb)
NPV
($M)
IRR
(%)
Payback
(years)
$ 3.00 35.0 10.3% 5.4
$ 3.50 161.8 17.5% 4.1
$ 4.00 282.9 23.6% 3.3
$ 4.50 397.8 28.9% 2.8
$ 5.00 506.6 33.6% 2.5
0
50
100
150
200
250
300
350
400
450
500
550
$3.00 $3.50 $4.00 $4.50 $5.00
Copper Price ($/lb)
After Tax NPV (8% real) ($M)
23
9
(1) Base case price assumptions based on $[3.00]/lb Copper, $8.00/lb Moly, $1,350/oz Gold, $20/oz Silver
Strong Project Returns
IRR of [19]% at $[3.25]/lb copper price
Economic assessment provided by M3 Engineering, in
compliance with NI 43-101 requirements
Guidance for smelting and refining costs provided by
Marc Ingelbinck, former VP of Base Metals Concentrates
Marketing & Trading at BHP Billiton
24. 82%
10%
4%
4%
Commodity Exposure
Copper Gold Silver Moly
Metal
LOM Revenue
(US$M)
% of
Total
Copper $1,899.4 82%
Gold $220.3 10%
Silver $100.4 4%
Moly $98.9 4%
Total $2,319.0 100%
24
9 Strong Project Cash Flows
Total LOM Revenue of $[2.3] Billion, with Meaningful
Commodity Diversification
25. 10 Upside in Neighboring Tenements
Andrews Area has Significant Gold and Silver Potential
25
The target is in an area in which historical placer and high grade lode gold silver mining occurred
Copper Flat
Deposit
Andrews
Area
Approximately 1 mile from
the Copper Flat Deposit
27. Although the spot market has struggled over the past 2 years, the back-end of the
copper forward curve (i.e. the long-term price) has been strong and trending upward
27
$6,460/t ($2.93/lb)
$7,257/t ($3.29/lb)
$9,619/t ($4.36/lb)
$7,483/t
($3.39/lb)
6,000
6,500
7,000
7,500
8,000
8,500
9,000
9,500
10,000
Jan-11
Jan-12
Jan-13
Jan-14
Jan-15
Jan-16
Jan-17
Jan-18
Jan-19
Jan-20
Jan-21
Jan-22
Jan-23
$/t
1/1/11 3/31/11 6/30/11 9/30/11 12/30/11 3/30/12
6/29/12 9/28/12 12/31/12 3/28/13 6/28/13 Current
KEY DRIVERS
China/Emerging Demand
“Still Growing”
CapEx and OpEx Costs
“Rising Rapidly”
New Supply
“Even more Complex
and Challenging”
Geopolitical Risk
“Taxes and Politics
are Rising”
OECD Demand
“Growth Eventually”
Copper Market Outlook
Strong Long-Term Fundamental
28. 28
Permitting Well Advanced
Expect to be Fully Permitted by 2015
Year
Quarter 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4
Environmental Studies
Air Quality Monitoring
Baseline Data Studies ✔
Geochemical Data Collection
Hydrogeology Data Collection
Groundwater Model Projections and Report
Stage I Abatement Plan Reports, Monitoring
New Mexico State Permitting
New Mexico State Mine Permit
Air Quality Permit
Dam Permit
Discharge Permit
Federal Evaluation
Mine Plan of Operations
Right of Way Applications
Envirnmental Impact Statement (EIS)
Cultural Resources Section 106
Progress Work Still Required*Permits are subject to agency review and approval
20152010 2011 2012 2013 2014
29. 26 Patented Claims
202 Unpatented Claims
29 Placer Claims
9 Mill Site Claims
29
Majority of Deposit on Patented Mining Claims
