Schloderer

Tethyan Copper Company Ltd..&Tethyan copper company limitedReko Diq Exploration and Discovery

Tethyan Magmatic Arc

Satellite Image PakistanKashmirAfghanistanKabulSar CheshmehIranReko DiqPakistanIndia200 kmArabian SeaKarachi

Project InfrastructureLondonRoad andRailway

History of Reko Diq1993 BHP Billiton JV with Government of Balochistan.1994-98 Regional Bleg sampling , 21,000 meters drilling,Discovery of Reko Diq. US$7 million expenditure.May 2000Jun 2000Mincor Alliance with BHP Billiton to develop Reko Diq in aspecialist vehicle.TCC created as specialist vehicle, initially 100%-owned byMincor Resources NL.March 2001 TCC raises A$1.7m, completes 21 drill program at H4.Oct 00-Pres Scoping study defines substantial leachable copper resource atH4. Export Processing Zone status granted by Government ofPakistan. New Balochistan Mining Rules passed.

Bleg Sampling Chagai Range5000 samples over 12,000 sq km

Regional Geology and BCL GoldReko Diq0 50 km

Ting Dargun Prospect

Reko Diq Porphyry Complex

Regional BCL Gold

Regional –80# Copper>77 ppm

Reko Diq Licences

Reko Diq – Landsat ImageBukit PashirNorth Koh DalilWESTERNPORPHYRIESH15H79H35H10H2Kohi DalilSam KohH13H8H4H7H27H9H3H36Pharra Koh

Alteration-Geochem-K-Ar Ar DatesPropyliticsSCCss s ssss s ssssssssssosssssssss ss12.00 1 2kms12.0sssPhyllicssss11.4Dyke 10.8Potassicsss13.0sss13.8ssssssssAlunite 3.6ssssossssssssssssssH-4s10.512.0s26.7 – 22.4Sample locationCu (ppm)1000 – 1999 ppm>2000 ppmAu (ppm)>0.1 ppmsAge date (Mya)ssssss11.3

Western Porphyry H13

Potassic Alteration H-13

0.6%0.4%Western Porphyry H15Feldspar-Quartz-Biotite PorphyryContact BrecciaAndesitic VolcanicsPorphyritic andesiteAndesite DykeLate DykesPorphyriticAndesiteDrill holeDrill hole traceH-520.4 %H-510.4%Copper (%) envelopeContactBrecciasH-76H-150.40% CopperEnvelopeH-38H-480.4 %Feldspar QuartzBiotite Porphyry(Tonalite)Andesite-DaciteVolcanicsH-770 200m

Western Porphyry H140.4%Feldspar-Quartz-Biotite PorphyryContact BrecciaAndesitic VolcanicsPorphyritic andesiteAndesite DykeDrill holeDrill hole traceCopper (%) envelopeH-49H-78H-33Feldspar-Quartz-Biotite Porphyry(Tonalite).04% Copper Envelope0.60% CopperEnvelopeH-74H-730.6 %H-34H-71H-14High Grade ContactBrecciasH-75H-32Andesite-DaciteVolcanicsH-37H-50H-82H-700.4 %0 200H-31m

Western Porphyries – H141000m900m800m700m600m4900EAndesiteVolcanics5000ERD37++++5100E 5200E 5300E 5400E 5500E 5600E153m @0.7% Cu0.36 g/t + Au++74m @0.76% Cu0.41 g/t Au++201m @0.65% Cu0.42 g/t Au+++++7m @1.06% Cu0.79 g/t Au++++RD70++++184m @0.53% + Cu0.42 g/t Au+++++++++++++++ +TD 551 m+++++++++++++RD50VV78m @0.7% Cu0.25 g/t Au78m @0.54% Cu0.26 g/t Au81m @1.0% Cu0.67 g/t Au54m @0.8% Cu0.45 g/t AuVLithology+ ++VVVContact (Igneous) BrecciaFeldspar V - Hornblende VBiotite PorphyriesAndesitic VolcanicsLate / Intermineral FQBFaultVVRD32(Projected)VVVVV>= 0.8% CuV>= 0.6% Cu>= 0.5% Cu100 m

Ground MagneticsWesternPorphyriesH79BukitPashirH4 LeachedCapH2PharraKoh45870455754540845281452014513745082450354499744964449344490344875448464481344774447354467844571Intensity(NT)H35H8H7H27H9H3H36Drill hole

Resources and TargetsDrill tested to Resource statusWesternPorphyriesBukit PashirCampH3Target Number1-7 drill holes each (more work required)New targets - not yet drill tested33 Drill HolesInferred Resource729Mt @ 0.6% Cuand 0.4g/t Auat 0.5% Cu cut-off1 Drill HoleH35H4 (Supergene)46 Drill Holes1 Drill HoleH2H10 4 Drill HolesKohi-DalilNorth Kohi-Dalilpossible second supergene resourceSam Koh0 1 kmH87 Drill HolesH71 Drill HoleH272 DrillHoles3 Drill HolesH9H31 DrillHoleH365 Drill Holes5 Drill HolesParrah Koh

H4 – Ground EM Channel 1583*Vertical drillhole1500m4344Barren10ChalcociteBlanket517144m @24m @0.49% Cu0.46% Cu4283*2030m @0.88% Cu2224 4 69 28 217215m 15m @38m @1.33% Cu 0.88% 27m @0.66% Cu Cu0.88% Cu Cu18 41 19 2315m @0.32% Cu4715m 15m @@1.08% Cu Cu6

H4 Leached Cap

Drilling H4 Leached CapChalcociteHematite Cap

H4 Geology and DrillingD’IFeldspar Qtz.PorphyryAndesiticVolcanicsI’93 Mt @ 0.73% CuIndicatedD

H4 – Long SectionChalcocite Blanket 30-50mLeached Cap 30m0 200m

Landsat TM Bands 3/1 + 5/7WPH4

H4 – Scoping Study&Indicated Resource: 94mt @ 0.73% Cu, cut-off 0.3%Cu&Probable Reserve: 78mt @ 0.7% Cu, cut-off 0.3% Cu&SX-EW bacterial heap leach operation:!5-8 Mt ore pa for 40,000 t copper metal pa!Strip ratio LOM – 1.2 : 1 Recovery 87%!Cash cost of production – 45-48c per pound copper!NPV (10) = US$73 million Initial Capex = $120M!Internal Rate of Return = 21% (ungeared)!Average annual after tax cashflow (ungeared) = US$30 million!Copper price assumption: 85c per pound, LOM

The Reko Diq ProjectWestern porphyries inferred mineral resource!730 million tonnes at 0.6% copper and 0.4g/t gold!4.6 million tonnes copper metal!9.3 million ounces gold!In situ value: $9.8 billionH4 project probable mining reserve!78 million tonnes at 0.7% copper!550,000 tonnes copper!In situ value: $820 million

Target High Grade WPDepositResourceCopperEquivalentHigh GradeCopperEquivalentAlumbrera(’97)Bau Hijau(’99)SarCheshmeh(’80)Reko Diq(WP)694 Mt0.51% Cu0.66 g/t Au907 Mt0.53% Cu0.34 g/t Au1250 Mt0.60% Cu0.27 g/t Au729 Mt0.64% Cu0.40 g/t Au0.84% Cu0.70% Cu0.73% Cu0.83% Cu118 Mt0.64% Cu0.92 g/t Au334 Mt0.80% Cu0.69 g/t Au430 Mt1.13% Cu0.27 g/t Au200 Mt0.90% Cu0.60 g/t Au1.10% Cu1.14% Cu1.26% Cu1.20% Cu

Reko Diq Camp