Half Year Presentation

March 2011
Revitalised, refocused, positioned for growth
Disclaimer

This presentation may contain forward-looking statements

that reflect Weatherly’s current expectations regarding future
events, its liquidity and results of operations and its future
working capital requirements and capital raising activities.
Forward-looking statements involve risks and uncertainties.
Actual events could differ materially from those projected
herein and depend on a number of factors, including the
success of the Company’s
Company s development strategies,
strategies the ability
of the Company to obtain additional financing for its
operations and the market conditions affecting the availability
and terms of such financing.

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Weatherly International (WTI)
Weatherly is an international resources
company focused on copper and bulk
minerals in Africa.

Weatherly’s strategy in Burkina Faso is to assist

its partner, Wadi, in perfecting its rights to the
Tambao manganese project
BURKINA FASO

Tambao(Mn)

Weatherly’s
y strategy
gy in Namibia is to develop
pa
copper mining business capable of sustaining
20,000 tpa of copper at average industry cost of
production for the next ten years

NAMIBIA

Otjihase (Cu)

Matchless (Cu)

Tschudi (Cu)

Tsumeb West (Cu)

Tsumeb Tailings (Cu)

Berg Aukas (Pb/ Zn) 2

Shareholder Information
Listed on London’s AIM(1) WTI
Common shares 537 million
Warrants & options
p 22 million
Market cap (undiluted) ~ £ 67 million
(Fully diluted) ~ £ 70 million

Key shareholders(1)
Blackrock 16.7%
Directors & associated companies(2) 12.2%
%
Namibian interests(3) 8.6%
Gartmore 2.7%
40.2%

Note 1 – as at 1 March 2011

Note 2 – Webster ((5.1%), Martinick (3.6%), Ezenet (3.4%))

Note 3 – Bank Windhoek, GRN (6.3%), GIPF (2.3%)

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Corporate Information

Directors & Management – Weatherly International plc

John Bryant (Non

(Non-Executive
Executive Chairman)
Rod Webster (Chief Executive Officer)
Alan Stephens (Non-Executive Director)
Dr Wolf Martinick (Non-Executive Director)

Max Herbert (Company Secretary)

Kevin Ellis (Chief Financial Officer)
Dominic Claridge
g ((Group
p Exec Project
j Development)
p )

Directors & Management – Weatherly Mining Namibia

Craig Thomas (MD & Chief Operating Officer)

Andrew Thomson (Technical Director & Country Manager)
Cleophas Mutjavikua (Senior Non Executive Director)
Titus Haimbili ((Non Executive Director))
Frans Ndoroma (Non Executive Director)

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 Financial Highlights
6m to Year to 30
31 Dec Jun 2010
2010 US$
US$
Income Statement Maintaining and developing mines (3.2) (5.7)
Depreciation (1.6) (5.0)
Profit on disposal of property 1.1 19.8
Operating profit/loss (3.7) 9.1

Balance Sheet Cash 15.0 7.0

Net assets 32.1 26.1

Period highlights:
• Sale of Kombat received US$3.2m
• Placing £4.45m (US$7m) in November 2010
• US$7m Louis Dreyfus loan facility

Operational Objective:
• First sales revenue expected March 2011

5
Namibian Assets

Weatherly Mining Namibia’s (WMN) assets are:

• Two operating copper mines

• Four development projects (one zinc/lead) &
two exploration licences
• Approx. US$140m in future tax deductions

NAMIBIA

Otjihase (Cu)

Matchless (Cu)

Tschudi (Cu)

Tsumeb West (Cu)

T
Tsumeb
b Tailings
T ili (C
(Cu))

Berg Aukas (Pb/ Zn)

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Central Operations

(Note 1)

Status LOM Reserves/Resource

Otjihase Operating 5+ yrs 3.2mt @ 1.6% Cu, 0.29g/t Au (JORC)
11mt @ 1.9% Cu, 0.24g/t Au (JORC)
Matchless Operating 5+ yrs Western shoot: 0.7mt @ 1.8% Cu (JORC)
Rivershoot: 1mt @ 2.5% (Historical-Samrec)

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Otjihase Mine Area
 Otjihase Mine – Plan View

POTENTIAL 5 YR PLAN REMAINING RETREAT TO SURFACE

NEW MINE 35 500t
35,500t
75,000t copper copper 29,426t copper

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 Otjihase and Matchless
Five Year Plan (Note 1)
Resources 7.9mt 2.14% Cu 0.35g/t Au
Reserves 3.9mt 1.70% Cu 0.25g/t Au
64,934t Cu 31,350oz Au
Ann. production 7,100t (Cu in
Five year plan concentrate) 35,500t Cu 17,139oz Au

Cost of Production :

Ex Minegate N$410/t ore milled

Ex LME Cu (C1)US$3,258/t Cu
US$5,500/t Cu
NPV (10%) US$35m
US$7,000/t Cu
US$67m
Remaining Resources After Five Years:
Remaining retreat to surface 29,426t Cu 14,211oz Au
Potential new mine (Tigerschlucht) 75,000t Cu

Note 1 – Based on Coffey Technical Review and Valuation of Otjihase & Matchless mines, March 2010
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Matchless Mine – Plan View

5 YR PLAN 1
NEXT 7 YRS 1

MWE West Shoot

East Shoot
S
River Shoot

Western prospect Eastern prospect

N t 1 – Assumes
Note A mining
i i rate
t att 150
150,000
000 ttpa

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 Central Operations – Life of Mine Plan

YEARS 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18

Karuma1
MWE1

Retreat to Surface2
River Shoot2 Development

Tigerschlucht2 FS & Development

Western Prospect2

Otijhase

Matchless

Note 1 – Current 5 y
year p
plan
Note 2 – Subject to conversion of resources to reserves

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 Northern Operations

Status LOM Resources

Tschudi Feasibility 10+ yrs 43.4mt @ 0.83% Cu, 10.5 g/t Ag (JORC)
Exploration O/P to 186m – 25mt @ 0.9% Cu,11g/t Ag (JORC)
Tsumeb Feasibility 16mt @ 0.7% Cu (Historical)1
Tailings

Tsumeb Exploration 1.0mt @ 2.1%Cu, 18g/t Ag (JORC)

West
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Note 1 – non compliant ‘historical’ resource, should not be relied upon
Tschudi Open Pit Development

Underground portal

Test pits
28 o
Tschudi Open Pit

Resources to 180m depth (1) 25.0mt 0.9% Cu 11g/t Ag

Potential diluted reserve (2) 19.2mt 0.8% Cu 9g/t Ag

Pit to approx. 186m depth has a stripping ratio (5.7:1)

Processing Route:
Results to date support either heap leaching the transitional ores
followed by flotation of the primary ores or simply flotation of both
ore types. Estimated average production of 13,000tpa of copper
and 280,000ozs Ag (10yr life).

Feasibility awarded to Sedgman (Perth) to be completed in 2011

Note 1 – Source: Coffey Report based only on JORC compliant measured and indicated resources
Note 2 – Source: Coffey Report, based on pit shell 16 to 186m depth fully diluted with a waste to ore ratio of 5.7:1
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Tschudi Open Pit
Key attractions:

• Known resource, drilled out to JORC compliance

• Grade risk and variations well understood from

previous underground campaign (2008)

• Good recoveries from both heap leaching and

conventional flotation based on Gold Fields 1 and
Indec test work 2

• Potentially low capital costs as a result of proximity to

existing infrastructure. Mine is only 26 road kms from
smelter (now owned by Dundee)

• E i
Environmental
t l approvall for
f open pit
it granted
t d in
i 2003

• High potential for increasing resource along strike

Note 1 – ‘Recovery of copper from Tschudi Ore Deposit’ – Goldfields Laboratories R Haegele 1995
Note 2 – ‘Tschudi Copper Project’ - INDEC Contract BO3020 Santiago Chile July 2003
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 Exploration Tschudi Syncline
Target areas
for 2011

Tschudi
ML 125

EPL132A

Soil Geochemistry (ppm Cu)

Red > 1,000
Orange > 540 < 1000
Green > 160 < 540
Blue < 160
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Tsumeb Tailings & Concentrator

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Tsumeb Tailings

• Sampling from testwork has provided a wide range of

metal values,
- Copper ranges from a low of 0 0.46%
46% (Goldfields) to
a high of 0.83% (Mintek, 2008)
- Silver, lead and zinc values are also significant

• The opportunity exists to fast track a simple regrind

and refloat of the tails using the idle Tsumeb
concentrator

• None of the previous work can be relied upon as no

systematic drilling of the dam was carried out

 Weatherl
Weatherly has commissioned DumpD mp & Dune
D ne
contractors to drill the dam, and Coffey to prepare a
resource report as the basis for a full feasibility

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 Copper Development Plan

Assets Status (US$) 2011 2012 2013

Otjihase/ Production (ave) 7,100tpa
Matchless (1) Cu Production
Opex $3,258/t Cu
Capex $6.7m
Tschudi Open Production 11,000 –
Pit (2) 13,000tpa Cu
Opex $3,300-4,100/t Cu (3) BFS Construction Production
Capex and timing subject
to feasibility
Tsumeb Contains 16mt @ 0.7%Cu(4)
T ili
Tailings
Capex and timing subject Plant
Project FS. Upgrade Production
to feasibility

Note 1 – Source: Coffey Technical Review and Valuation of Otjihase & Matchless mines, March 2010
Note 2 – Source: Coffey Report, based on pit shell 16 to 186m depth fully diluted with a waste to ore ratio of 5.7:1
Note 3 – Source: Coffey Mining “Preliminary Pit Optimisation Results “ December 2009
Note 4 – non compliant ‘historical’ resource, can not be relied upon

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Forecast Production

Annualised tonnes of copper

12000 1
Otjihase/Matchless
2
Tschudi
3
Tsumeb Tailings
Tsumeb Tailings
10000

8000

6000

4000

? ? ? ?
2000

0
2011 2012 2013 2014 2015

Note 1 - Revised production plan as at 31 December 2010 (WTI model)

Note 2 - Indicative only and subject to feasibility and funding
Note 3 - Yet to be determined based on the outcome of the resource drilling and feasibility

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Exploration

• Weatherly owns the regional database created by

Gold Fields in the 1980’s and 90’s

• Weatherly has applied to renew exploration licence

(EPL 132A) which extends west from Tsumeb to
Tschudi (20km) 1

• Priority will be given to carry out the following:

– review all Gold Fields data
– extension drilling to the Tschudi syncline
– deep diamond drilling at Tsumeb West

Note 1 – EPL 132A expired on 9/3/2008 – application for renewal submitted prior to expiry

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Regional Copper Geochemical Soil Sampling Map

EPL132A

TSUMEB

TSCHUDI
TSUMEB
WEST

Red > 1,000 ppm Cu

Orange > 540 < 1000 ppm Cu
Green > 160 < 540 ppm Cu
Blue < 160 ppm Cu
 Exploration Tsumeb West
Tsumeb West Tsumeb

Tsumeb West: Tsumeb:

Potential at depth in Mined to 1700m
sulphides below surface

Similar orebody
morphology &
mineralogy to
Tsumeb

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Berg Aukas

• Berg Aukas is a dormant zinc/lead mine containing

1.7mt of 22% Zn/Pb and 0.6% V oxide (historical)

• The intention is to divest Berg Aukas into a new AIM-

listed company called China Africa Resources (CAR)

• East China Mineral Exploration & Development

Bureau (ECE) will own 65%, Weatherly 25% and
Weatherly shareholders 10%. ECE will pay £4.8m for
its share

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Berg Aukas

A B
In conclusion

• Total copper resources of 623,645 tonnes (JORC)

and 276,634 tonnes (Historical)

• At Otjihase/Matchless, production steadily

increasing

• Rapid transition to Tschudi open pit development

will create further value for shareholders

• Opportunity for near term, low cost retreatment of

T
Tsumebb tailings
t ili using
i existing
i ti concentrator
t t

• Strategic alliance with large Chinese group – East

China Mineral Exploration
p and Development
p Bureau
(ECE)

• Potential involvement in Tambao manganese in

Burkina Faso

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