CORPORATE PRESENTATION – SEPTEMBER 2018

Tethyan Resources is a Junior Explorer with a focus on precious and base-metals in the Balkans region of the great Tethyan Metallogenic Belt

TSX-V:TETH

DISCLOSURE

These presentation slides (the “Slides”) do not comprise a prospectus or other form of offering document relating to Tethyan Resources plc

(“the Company”), and do not constitute an offer or invitation to purchase or subscribe for any securities of the Company or any other

company and should not be relied on in connection with a decision to purchase or subscribe for any such securities.

The Slides and the accompanying verbal presentation do not constitute a recommendation regarding any decision to sell or purchase

securities of the Company or any other company. Your attention is drawn to the risk factors set out below.

This presentation may contain forward-looking statements including, but not limited to, comments regarding the timing and content of

upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, and other related

matters. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. The

Company’s current projects in Serbia are at an early stage and all estimates and projections are based on limited, and possibly incomplete

data. More work is required before geological and economic aspects can be confidently modelled. Actual results may differ materially from

those currently anticipated in this present tion. No representation or prediction is intended as to the results of future work, nor can there

be any guarantee that estimates and projections herein will be sustained in future work or that the Project will otherwise prove to be

economic.

The Slides and their contents are directed only at persons who fall within the exemptions from applicable securities laws and persons to

whom distribution may otherwise lawfully be made. Any investments, inves ment activity or controlled activity to which the Slides relate is

available only to such persons and will be engaged in only with such persons. Andrew Tunningley, Fellow AUSIMM, is a qualified person

and has reviewed the technical information contained herein.

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Team with track record of success

• Board with a track-record

of discovering mines

• CEO was Chief Geologist

of Lydian International

• High-quality Serbian team Consolidating exploration licenses in the ‘Raska Ore District’, Serbia

• Drilling brownfield zinc-lead-silver targets surrounding a past-producing mine, excellent potential to fast-track to resource definition and development

• Potential for major copper-gold porphyry at Rudnica

‘Project Developer' model

• Developing a portfolio of projects up the value curve through exploration

Attention to delivering shareholder value • Management and shareholders aligned

with Directors and related parties owning 41% of equity

Focus on the Balkans region of the Tethyan mineral belt • Re-emerging as a highly prospective

yet underexplored area for copper-gold and base metal deposits

COMPANY OVERVIEW

Tethyan Resources is a junior

exploration company listed on the

TSX-V stock market.

Building shareholder value by

acquiring a portfolio of precious

and base metals exploration

projects in the Balkans region of

Europe.

We focus on areas of historic

mining with known mineralisation

and compelling drill targets.

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WHERE TETHYAN IS EXPLORING

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WESTERN TETHYAN MINERAL BELT

The Tethyan Mineral Belt extends over 10,000km from SE-Asia to the Balkans and is comparable to the Andes and Western US & Canada yet significantly less explored

• Highly prospective for porphyry & epithermal copper, gold & base metal deposits

• The western portion of the Tethyan belt has the highest endowment for gold, copper, lead and zinc

• Number of significant districts & deposits:

o Chelopech/Elatsite region - Bulgaria o Bor/Timok region – Serbia o Trepca region – Serbia & Kosovo o Rosia Montana – Romania

• Under explored with modern geophysics and geochemistry, particularly for gold

Tethyan has secured a 643 square kilometre land-package in the belt including surrounding historical mines

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SERBIA - A Welcoming Mining Jurisdiction

A rare combination: stable government, pro-mining, low tax, good geology and open for investment in exploration

• Favourable new Mining Law enacted December 2015: o Practical new law developed by interaction with

stakeholders including local and international mining companies

o 15% corporate tax o 5% net smelter royalty o 100% foreign ownership and repatriation of profits

• Favourable business jurisdiction as an EU candidate with political stability

• Excellent infrastructure and easy access to markets

• In-country expertise

• Low-cost operating environment

• Other active companies: o Eldorado Gold o Rio Tinto o Freeport McMoRan o Nevsun (acquired Reservoir Minerals) o Dundee Precious Metals

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THE PROJECTS

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Vojvodina

Kosovo

RAŠKA DISTRICT - SERBIA

Tethyan’s more advanced projects are situated in the

Raška District, Southwest Serbia:

• A region of historical mining: a part of the former Trepca lead-zinc mining complex, which was the largest mining complex in Yugoslavia and one of the largest lead-zinc producers in Europe during 1900’s

• Pro-mining local workforce: mining has been a key

employer in the region for generations

• Existing infrastructure: water, grid electricity,

roads, railway line to Adriatic Coast

• Government support: gold-copper-zinc-lead-silver

are designated by the Serbian Government as

strategic minerals and therefore receive increased

support for development

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Tethyan’s ‘Raska District’ Projects

CONSOLIDATING THE RAŠKA MINING DISTRICT

Consolidated exploration licenses in the Raška mining district, an extension of the Trepca mining complex, which accounted for 70% of former Yugoslavia’s mineral wealth in the 1980s.

Acquired rights to 443 km2 to date.

Multiple copper-gold and zinc-lead-silver exploration targets and excellent existing infrastructure.

Flagship projects are:

Kizevak Zinc-Lead-Silver Project

• ‘Brownfields’ project surrounding past-producing mine

• Historical Serbian mineral ‘reserves’ exist on Tethyan’s license

• Outcropping mineralisation and large soil anomalies to be tested

Rudnica Copper-Gold Porphyry Project

• Pre-resource stage project

• Two porphry centres with outcropping copper-gold mineralisation

• First drillhole intersected 567m at 0.28 % copper & 0.45 g/t gold from surface 9

KIZEVAK ZINC-LEAD-SILVER PROJECT

• ‘Brownfields’ project surrounding past-producing

open-pit mine

• Historical ‘Reserves’ defined by the Serbian

State exist on Tethyan’s license

• Outcropping mineralisation and significant soil

anomalies remain to be tested:

South-Eastern Prospect:

• continuation of mineralisation and

historical ‘reserve’ from open-pit mine

• initial 4 drill hole programme returned

significant Zn-Pb-Ag intercepts

Southern Prospect:

• 1.3 km zinc-lead-silver-gold anomaly

never drilled

• Geophysics and trenching planned prior

to drilling in 2018

IP survey commencing late-September 10

Opportunity exists to discover a major zinc-lead-silver resource:

KIZEVAK DRILL RESULTS

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KIZEVAK DRILL RESULTS

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Hole ID From

(m)

To

(m)

Apparent

Width

(m)

Zinc

(%)

Lead

(%)

Silver

(g/t)

Gold

(g/t)

Zinc Eq.

(%)

KSEDD001 128.00 129.50 1.5 4.36 2.02 30 0.09 6.92

KSEDD001 160.00 181.00 21.0 1.02 4.68 60 0.17 6.69

including 161.00 166.60 5.6 1.50 16.13 213 0.19 20.51

KSEDD001 187.00 188.00 1.0 2.15 2.90 23 0.30 5.68

KSEDD001 193.00 236.00 43.0 4.30 2.49 26 0.21 7.39

including 221.00 234.10 13.1 11.28 5.05 57 0.32 17.44

KSEDD002 130.00 142.00 12.0 22.03 10.49 167 0.18 35.09

KSEDD002 188.50 189.50 1.0 1.73 3.64 26 0.41 6.16

KSEDD003 1010 101.50 0.5 9.42 3.94 51 0.14 14.20

KSEDD003 105.00 127.20 22.2 2.95 2.41 41 0.18 6.23

including 116.00 117.50 1.5 15.30 6.29 135 0.24 24.09

and 123.70 125.20 1.5 4.63 5.30 154 0.40 13.23

and 126.70 127.20 0.5 3.61 29.30 437 0.39 39.27

KSEDD003 137.00 177.00 40.0 4.35 2.14 27 0.34 7.37

including 151.20 154.00 2.8 18.34 5.49 77 0.45 25.54

and 166.30 168.00 1.7 17.08 10.94 126 1.82 32.41

KSEDD004 116.50 118.00 1.5 2.64 1.16 12 0.11 4.09

KSEDD004 159.80 181.00 21.2 1.75 0.74 6 0.13 2.74

including 167.10 170.60 3.5 6.09 2.23 17 0.22 8.77

KSEDD004 223.00 228.00 5.0 1.96 1.35 11 0.40 4.03

KSEDD004 248.50 251.00 2.5 2.47 0.02 27 0.34 3.63

Notes

1. Zinc Equivalent (Zinc Eq.) metal grade was calculated using assumed metal prices of $1250/oz gold; $16/oz silver; $2100/t lead

and $2400/t zinc.

1. Metal recoveries of 100% were applied in the metal equivalent calculations.

1. Zinc equivalent (%) was calculated using the following formula: Zinc Eq. (%) = 100 x ((Au price (g) x Au grade) + (Ag Price (g) x

Ag grade) + (Pb price x Pb grade/100) + (Zn price x Zn grade/100))/Zn price.

1. Numbers may not add up due to rounding

1. The true thickness of mineralised zones is estimated to vary between 70 to 95% of apparent width. Due to currently limited

drilling data, early stage of exploration, variable geometry of the mineralisation and lack of outcrop, the Company is currently

unable to accurately estimate true widths

Tota

l Altera

tion S

yst

em

1500m

North

ern

Porp

hyry

Zone

600m

South

ern

Porp

hyry

Zone

750m

RUDNICA COPPER-GOLD PORPHYRY

Total alteration system covers 1500m by 600m area defined by coincident copper – gold – molybdenum anomaly in soil sampling, with two zones of greater than 0.1 g/t gold in soils: Southern porphyry zone

• Drillhole RDD-001 returned 567m at 0.28%

copper and 0.45 g/t gold (includes 30m @

1.45% copper & 0.4 gold from 120m)

• Mineralisation remains open in all

directions with little drilling to date

Northern porphyry zone

• New 600m by 400m geochemical anomaly

discovered by soil sampling in the north

• Never drill tested, initial 3 drill holes to

commence mid-September 2018

Possible double-headed porphyry with potential join-up at depth Figure: The Rudnica porphyry area, contoured gold in soil results highlight the two

porphyry centres. 13

FIRST DRILLING CURRENTLY UNDERWAY

RUDNICA– 2017 DRILLING RESULTS

Table below shows the Rudnica copper-gold porphyry drilling results to date:

Notes on drill intersection and copper equivalent calculations:

10m minimum composite length, 10m maximum internal waste

Commodity prices: Au $1,300/ounce Cu $2.97/lb

Copper equivalent calculation: CuEq = Cu % + (Au g/t x 0.64) 14

Hole ID From Length

(m) Copper

(%) Gold (g/t)

Copper Equivalent

(%)

RDD-001 0 567 0.28 0.45 0.57

RDD-002 96 224 0.24 0.27 0.41

RDD-003 42 291 0.31 0.32 0.52

RDD-004 0 428 0.34 0.27 0.51

RDD-005 6 266 0.22 0.20 0.35

RDD-006 0 460 0.21 0.20 0.34

RDD-007 0 572 0.11 0.16 0.21

RDD-008 138 479.7 0.17 0.24 0.32

RUDNICA PORPHYRY GEOPHYSICS

Tethyan recently ran

Quantec’s proprietary

TITAN 24 IP technology over

the Rudnitza porphyry:

• Interpretation of the data

shows a significant

coincident chargeability

high and resistivity low

from 300m depth to

more than 1,500m

• Anomalies coincide with

soil anomalies and

combine into one large

anomaly at depth

• Previous drilling was

angled towards the

edges of and barely

intersected the anomaly

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LARGE ANOMALY BARELY DRILLED

RAŠKA DISTRICT ADDITIONAL TARGETS

Numerous historical exploration projects exist on

Tethyan’s licenses, some with significant volumes

of historical data which Tethyan is working to

acquire.

For example, drilling near Karadak by Phelps

Dodge returned:

Tethyan sees excellent potential to develop

both copper-gold and zinc-lead-silver

resources throughout the district

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Drill Hole

From (m)

To (m)

Intercept (m)

Pb (%)

Zn (%)

Pb+Zn (%)

Ag (g/t)

PDRC 04-4

161 165 4 1.57 2.67 4.34 16.5

285 293 8 7.11 3.37 10.48 108

326 330 4 2.52 0.76 3.28 43

370 374 4 9.21 11.19 20.4 229

430 432 2 7.82 0.99 8.81 204

504 508 4 11 0.2 11.2 154.5

THE NEXT 6 MONTHS …

• June 2018: Acquisition of Taor (Completed)

• July-August 2018: Kizevak drill programme (Completed)

o First drilling programme following acquisition

o 4 to 6 drill holes up to 300m deep to confirm historical mineralisation

• September-November: North Rudnica drill programme & additional Kizevak drilling

o First drill programme at Rudnica North and following geophysics and Steve Garwin interpretations

o Add drill rigs at Kizevak and begin expanding and confirming historical resources rapidly

• Ongoing: exploration of earlier-stage targets

o Define additional zinc-lead-silver drill targets within the wider Raska license package

o Advance Kremic gold-copper-molybdenum porphyry target to drill decision

o Mapping and sampling of the Plavkovo, Bukovik and Lipovica prospects and Kosovo licenses

• Ongoing: develop market interest and investor relations as a new story on the TSX.V

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THE TEAM

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BOARD OF DIRECTORS

JOHN PROUST - Non-Executive Chairman

John received the designation of Chartered Director (C.Dir.) from McMaster University, Directors College, Michael G. DeGroote School of Business. He is the founder and principal shareholder of numerous public and private companies. He has directed, managed and advised public and private companies regarding corporate strategy and structure, debt and equity financing, mergers and acquisitions, and corporate restructuring since 1986. Mr. Proust has held senior positions and served on the boards of many private and TSX-V/CSE listed companies. He is currently Chairman and CEO of Japan Gold Corp., Chairman and CEO of Southern Arc Minerals Inc., Chairman of Canada Energy Partners Inc., Interim President & CEO and a director of Outrider Energy Corp., and a director of Q Investments Ltd.

FABIAN BAKER - Director, President & CEO

BSc Applied Geology. Mr. Baker is a geologist with significant experience in the Western Tethyan Mineral Belt, including leading grassroots exploration through to completion of Bankable Feasibility. Previous roles include Chief Geologist at Lydian International's newly discovered Amulsar gold deposit in Armenia and Exploration Manager for Royal Road Minerals whilst the company was focused in Turkey. Mr Baker founded the private company that secured exploration assets in Serbia which was subsequently acquired by Tethyan and led to the Company's entry into the Balkan region in 2015. As CEO he has successfully acquired and developed significant exploration assets, built a highly capable team and implemented the Company's business strategy in the region.

DR MIKE ANDREWS - Non-Executive Director

Mike is a geologist with more than 35 years of research and mining industry experience in gold, copper, coal and iron exploration. He holds an honours degree in Geology from the University of Reading, and a doctorate in exploration geochemistry from the University of Wales. Mike is currently President and Chief Operating Officer of Southern Arc Minerals, President and Chief Operating of Japan Gold, and a Director of Q Investments. He played an instrumental role in the discovery, exploration, feasibility and development of the Way Linggo Gold Mine in Indonesia. He also held the positions of executive director and chief geologist of AuIron Energy Ltd., Director of Gold Operations for Meekatharra Minerals Ltd., and managed the Teck-MM Gold Indonesian Joint Venture, an exploration portfolio of thirteen gold and copper projects in Indonesia. He also held senior exploration positions with Ashton Mining Ltd, Aurora Gold Ltd and Muswellbrook Energy and Minerals Ltd.

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BOARD OF DIRECTORS

JOHN CARLILE - Non-Executive Director

Mr. John Carlile is a geologist with more than 35 years of experience in the resource industry. Mr. Carlile has held senior executive and director positions with both major and junior resource companies, including President of Indonesian and Philippines subsidiaries of Newcrest Mining Limited, and Chairman of Singaporean public listed oil company Pearl Energy Ltd. As a geologist, Mr. Carlile has a proven track record of mineral discovery and business building in Asia, most notably as Exploration Manager, Asia for Newcrest Mining Limited when it discovered its Gosowong mine. Mr. Carlile has served on the boards of several resource companies, and currently holds the position of director of Japan Gold Corp., Tethyan Resources plc, and Equator Gold Ltd. He holds a BSc in Geology from University of Reading, England, and an MSc in Mineral Exploration from the Royal School of Mines, Imperial College, University of London. Mr. Carlile is a Fellow of the AusIMM and a Fellow of the Geological Society of London.

Dr. Radomir Vukcevic – Executive Director, Vice President – Operations

Dr.Vukcevic has a distinguished 35-year career in creating and developing engineering, technical and equipment solutions for the international mining industry. He holds a PhD in metallurgy from the Technical University of Clausthal, Germany, and a bachelor and master’s degree in metallurgy, and, has many industrial patents for mining-related technologies. Dr. Vukcevic has taught metallurgy at a number of universities, he was associate professor and professor at RMIT University in Melbourne, Witwatersrand University in Johannesburg and the University of Western Australia in Perth. Dr. Vukcevic’s has held a number of senior international positions including: General Manager, Large Equipment and Construction Materials with Alcoa World Alumina in Melbourne, Perth, and Pittsburgh; General Manager, Equipment, at Murrin Murrin, one of the world’s largest nickel laterite and cobalt processing facilities; CEO/Principal, Mineral Processing and Marketing, with Australia Ltd.; and Chairman of the Supervisory board of the Niksic Steel Mill a specialty steel plant in Montenegro.

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MANAGEMENT

VINCE BOON- Chief Financial Officer

Mr. Boon is a chartered accountant with over ten years of professional accounting experience with private and public companies focusing on financial reporting, regulatory compliance, internal control and corporate finance activities. Mr. Boon's experience includes financial reporting for both Canadian and U.S. listed companies with international subsidiaries, strategic planning, tax planning, corporate governance, equity financings and due diligence for acquisitions. Mr. Boon is currently the CFO of Japan Gold Corp., Southern Arc Minerals Inc., Canada Energy Partners Inc. and TekModo Industries Inc. Mr. Boon holds a Bachelor of Science degree from the University of British Columbia and is a Chartered Professional Accountant, CPA, CA.

ANDREW TUNNINGLEY – Exploration Manager

Andrew is an exploration geologist with over 14 years’ international experience in over 30 countries, and is a Member and Chartered Professional (Geology) with the Australasian Institute of Mining and Metallurgy (MAusIMM). His previous roles include four years as Senior Exploration Geologist with Ivanhoe Mines in Mongolia, China and Serbia, a total of ten years as a Principal Consultant with several boutique consulting firms, and Chief Geologist with Hunter Bay Minerals plc. Andrew has worked extensively in porphyry-epithermal environments including the Tethyan (Serbia, Bulgaria, Turkey, Iran), Tien Shan (Mongolia, China, Kazakhstan), East and Southeast Asian (Papua New Guinea, Philippines, Laos, Vietnam, South Korea) and Andean (Peru, Bolivia, Argentina, Colombia, Ecuador and Mexico) arcs. Andrew has significant experience in the design, implementation, management and interpretation of generative, early stage exploration and resource estimation projects as well as due diligence appraisals on behalf of funds and high net worth individuals. Recently he has also assisted with the preparation of reserve estimates as well as design and interpretation of metallurgical, geotechnical and hydrogeological investigations. Andrew is fully conversant with codes of international best practice relating to mineral exploration and has authored or co-authored several technical reports for publicly listed and private companies, in accordance with CIM (NI 43-101) and JORC (2012) codes.

Eileen Eau – Corporate Secretary

Ms. Au currently serves as Corporate Secretary to various public and private companies as an employee of J. Proust & Associates Inc. Ms. Au worked in the capital markets in Asia for more than 15 years, beginning her career at an international brokerage firm before moving on to regional Asian firms. She is currently also the Corporate Secretary of Canada Energy Partners and TekModo Industries, both TSX-V listed companies. Ms. Au holds a Bachelor of Science degree from Acadia University.

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MANAGEMENT

ALEKSA DJOKOVIC - Project Geologist

With MSc equivalent in geology, Aleksa has 5 years of experience with exploration companies including Mineco, Dunav Resources and Avala Resources (now Dundee). Through this work he gained experience in various different types of mineral deposits in Serbia. Most recently he was a part of Mineco’s Project Delivery Team where he gained significant experience from both underground and open pit operations and also strengthened his management and project leading skills.

ANDJELIJA VUJOVIC - Office Manager

Andjelija is a Serbian national, with a BSc in Management from London School of Economics (LSE) and an MBA degree from the International University of Monaco. She has more than 20 years of experience in public relations, public speaking, marketing and consulting specializing in innovation, place branding and place management. Andjelija has worked for Societe des Bains de Mer de Monaco and Fairmont Hotel, Monte Carlo, Monaco, as a strategy and innovation consultant, and was involved in overseeing innovation implementation. She is currently managing Tethyan’s Belgrade office and assisting with local Serbian and international marketing and investor relations.

NICK SAVIC – Balkans Regional Advisor

A Serbian national, Nick qualified as a geologist in the late 70’s, following which he emigrated to Western Australia where he worked for a number of major companies for 20 years. Nick was approached by Dundee Precious Metals in the early 2000’s and asked to establish Dundee Precious Metals in Bulgaria and Serbia where Nick remained as Country Manager for a number of years. More recently Nick managed the country entry for First Quantum Minerals into Serbia. Nick has unparalleled exploration and related administrative experience in the Balkans region and is assisting and advising Tethyan on all local administrative aspects in Serbia and Bulgaria.

MARKO MILETIC - Community & Land Officer

Born Serbian and local to the Raska district (where the Suva Ruda project is located), Marko has been working for decades on administrative, and operations management jobs in Serbia and abroad. This experience in marketing, trade, and logistics industry has enabled him to gain valuable skills, such as leadership, organizational and time managing skills. Furthermore, working abroad (Africa) made him comfortable working in multinational and multicultural environment. Additionally he fluently speaks Serbian, English, and Spanish. Marko is leading Tethyan’s community engagement and implementation of our environmental policy.

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INVESTMENT CASE

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• Management has a proven track record of delivering

shareholder value

o They are an experienced and nimble team

• Focused on acquiring and developing projects and moving

projects up the value curve through exploration success

• Portfolio approach – Consolidating ‘Raska’ flagship area

o Known mining district

o Have potential flagship development project at

Kizevak

o Rudnica porphyry has potential to be a significant

copper-gold porphyry

o Regular news flow planned for H2 of 2018

• Well established in the Balkan region of the Tethyan

Mineral belt

o Focused on Serbia – a significant historic mining

country

o Competitive advantage in ongoing exploration of wider Balkan region

INVESTMENT CASE

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Competitive Advantage

Quality assets

Technical expertise

Local knowledge

Corporate ability

INVESTMENT CASE “PEERS” WITH SIMILAR PROJECTS

Mark

et Cap C

AD

$ M

illio

ns

$640

$320

$160

$80

$40

$20

$10

$5

Staking

Acquisition First Drilling

Success

Resources Major Resource Buy Out

Rugby Mining

Tethyan

Mundoro

Capital

Norsemont,

Constancia

Antares,

Haquira

Panoro Minerals 605Mt

@ 0.31% Cu 0.17g/t Au

Black Sea

Lumina Gold, Cangrejos

202Mt @ 0.1% Cu,

0.62 g/t Au

Sol Gold - Cascabel

Stages of Company Development

Step 1: Near-term goal

is for Tethyan to be re-

rated to a higher price

through 2018 drilling and

better informing the

market (current market

cap $C10 million at 25c)

Step 2: Reliant on

exploration success, next

stage is to define an

initial resource in early-

2019

25

Medgold

Euromax 256 m tons @

0.21% Cu, 0.32 g/t Au

Cordoba Minerals 53Mt

@ 0.7% Cu, 0.37 g/t

Au

STEP 1 – Near-Term

STEP 2 – 2019

Note to graph: Market capitalisations as of 13 June 2018

CORPORATE STRUCTURE

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Current corporate structure

Ordinary Shares in issue (fully-diluted)

50,310,561 (62,656,541)

Directors Holding 21%

Warrants in issue 8,439,313 at C$0.35

Options 3,906,667 at C$0.24 – C$0.50

Current Market Cap C$10 million (at 25c)

Commencement of trading on TSX.V and de-listing from AIM-market

Note: Acquisition of Taor will result in the issuance an additional 5 million shares on 29th June 2019

COMPANY CONTACT DETAILS

For further information please visit www.tethyan-resources.com

or contact us at: info@tethyan-resources.com

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