Low Cost Tungsten & Tin ProducerBuilding one of the world’s largest tungsten mines

AIM : WRES February 2019

Disclaimer

This presentation was prepared by and is the property of W Resources Plc (“W Resources” or “the Company”). No reproduction or distribution this material is permittedto companies or individuals outside of those for whom this is intended. No agents, brokers or investment banks are authorised to present this material to other partiesfor the purpose of soliciting potential clients or transactions of any kind without prior consent to do so.

While the Company is not aware of any inaccuracies, no warranty or representation is made by the Company or their respective employees and representatives as tothe completeness or accuracy of the information contained herein. The Company, JLSI and their respective employees and representatives expressly disclaim anyliability for damages, direct or consequential, arising out of or related to this presentation or omissions there from, or any other information provided in writing, orally orotherwise regarding this potential transaction. Any party considering a transaction with the Company agrees to look solely to its own due diligence and anyrepresentations, warranties and/or covenants set forth in a fully-executed, definitive written agreement with the Company relative to the transaction.

Certain matters discussed in this presentation are “forward-looking statements”. These forward-looking statements can often but not always be identified because thecontext of the statement will include words such as “the Company expects,” “anticipates” or words of similar import. Similarly, statements that describe the Company’scapabilities, future plans, objectives or goals are also forward-looking statements. Such forward looking statements are subject to significant risks and uncertainties,including the financial performance of the Company and the viability of its technology. These risks could cause actual results to differ materially from those currentlyanticipated.

Although the Company believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, the Company can give noassurance that its expectations will be attained. Potential investors, customers, suppliers and other readers are urged to consider this factor carefully in evaluating anyforward-looking statements. Forward-looking statements made herein are only made as of the date of this presentation and the Company undertakes no obligation toupdate such forward looking statements to reflect subsequent events or circumstances.

Technical information in this presentation has been prepared and approved for inclusion by Mr Fernando de la Fuente, who is a “qualified person” in respect of the AIMRules for Companies with over 44 years experience in the Exploration and Mining Geology industry. Mr de la Fuente holds a B.Sc. in Geology and a MSc in Geologyfrom the University of Granada in Spain. He is also a member of the Spanish College of Geologists (Number 49), the Spanish Society of Mineralogy, founder memberof the Spanish Society of Geology, member of the Spanish Association of Applied Geology to Mineral Deposits, member of the Society for Mining, Metallurgy andExploration, Inc., member of PDAC.

The press releases relating to the initial announcements of the technical disclosures in this presentation can be found on the Company website(www.wresources.co.uk). The relevant announcement dates are La Parrilla (25 August 2017, with full FID report on website), Régua (27 October 2015) and SãoMartinho (8 June 2016).The company confirms that it is not aware of any new information or data that materially affects the information included in the original marketannouncement and, in the case of estimates of Mineral Resources or Ore Reserves, that all material assumptions and technical parameters underpinning theestimates in the relevant market announcement continue to apply and have not materially changed. The company confirms that the form and context in which theCompetent Person’s findings are presented have not been materially modified from the original market announcement.

2

Overview

La Parrilla

Régua

Tarouca

CAA / Portalegre

/ São Martinho

SPAIN

PORTUGAL

Madrid

Lisbon

Porto

Seville

Monforte-

Tinoca

Monforte-Tinoca, Portugal:

Two former copper mines

with prospective tungsten

Tarouca, Portugal: Former

tungsten / tin mine advanced

exploration progressing

La Parrilla Mine, Spain:

Open-pit tungsten mine

development – 2,700 tpa

(“T2”) expanding to >4,000

tpa (“T3.5”)

JORC Resource of 49mt @

0.100% WO3

JORC Reserves of 29.8mt

total

• Proven 1.2mt @

0.0995% WO3

• Probable 28.6mt @

0.0928% WO3

• Total 29.8mt @

0.0931% WO3

Régua, Portugal: Underground

tungsten mine development -

1,300 tpa

JORC Resource of 5.46mt @

0.28% WO3

Portalegre, Portugal:

CAA - Advanced exploration

São Martinho - 111,987oz

contained gold; significant

upside

Michael Masterman - Chairman

Founding Shareholder & GM - Fortescue Metals Group

8 Years - McKinsey & Company

CEO - Po Valley Energy and CFO - Anaconda Nickel

Fernando de la Fuente - Country Manager Spain

Anglo American Corporation

Rio Algom (Rio Tinto)

Phelps Dodge

Aaron Szumilak - Metallurgist & Process Engineer

Fortescue Metals Group

Syncrude

Composites Innovation Centre

Juan Garcia Valledor - La Parrilla Operations Manager

Rio Tinto

Imerys Groups

W Resources Management Team +130 years of experience

Focus:Tungsten & tin - production, development &

exploration in Spain & Portugal

Major

Projects:

Tungsten - La Parrilla, Régua, Tarouca

Copper Gold - São Martinho, Monforte-Tinoca

3

Building a world class tungsten company

La Parrilla (T2 mtpa)

Low cost

producer$4

• In production

• T2 Complete Mar 2019

• Scale production 2Q 2019

LP Expansion (T3.5 mtpa)

Doubles EBITDA to US$40m p.a.

Tungsten Tin Growth

• Design embedded in T2

• EIA approval 3Q 2019

• Trial Ore Sorting 2H 2019

• Tarouca high-grade

• Régua production 2019

• New licences 2019

La Parrilla - Near Completion / In Production

5

• La Parrilla is being built on schedule and below budget

• Production has commenced and will expand to 200 tonnes per month (US$3m p.m)

• La Parrilla expansion creates the foundation for substantial EBITDA and value growth

• Full support from local authorities with a €5.3m grant

La Parrilla – Key parameters

Low Cost

US$94/mtuLarge Scale

49mt+Long Life

11+ years

Simple Low

Cost processing

First Ore

Q1 2019European / USA

Offtake > 80%

6

Tungsten - Worlds hardest metal with highest melting point

Source: ITIA – Tungsten End Use Analysis 20177

Primarily used to make

tungsten carbide for

cutting tools such as drill

bits and machining tools

One of the hardest man

made materials when

mixed with carbon to form

cemented tungsten

carbide

Auto industry is a heavy

tungsten user - tire studs

ball joints, brakes, crank

shafts & other parts that

see hard usage

Highest melting point,

lowest vapour pressure of

any naturally occurring

metal

High demand, tight supply

(1) Source: International Tungsten Industry Association (2) Source: Roskill

China consumed 60%of world production in

2016, up from 30% in

1996 (2)

Current global tungsten

demand is

approximately

80,000tpa (1)

Supply shortages are

expected resulting in

upwards trending

price 2022 & beyond

Demand for tungsten

has grown 4% per

year for the past 10

years

8

Historical pricing

Source: Metal Bulletin

European Tungsten APT Price LME Tin Price

9

Dec16 to Nov18

US$ per mtu

17,500

18,000

18,500

19,000

19,500

20,000

20,500

21,000

21,500

22,000

22,500

Aug16 to Dec18

US$ per tonne

180

200

220

240

260

280

300

320

340

360

47

75

250

450

La Parrilla Barruecopardo Drakelands Núi Pháo

Low operating & capital costs

0

50

100

150

200

250

300

% of total output

China Molybdenum China by-product La Parrilla Nui Phao†

China China Drakelands Los Santos

Minmetals Jiangxi Tungsten Ind Group Mittersill Chongyi Zhangyuan

Xiamen Tungsten Panasquiera China China

China

2018 Average WO3 Concentrate Price ($325 / mtu) (1)

Source: Argus

Global Tungsten Production Cost CurveCapital Costs - US$m

85 94

117

155

Núi Pháo La Parrilla Barruecopardo Drakelands

Unit Operating Costs - US$ / mtu

Low Cost Drivers

• Excellent location

• Open-pit mine – limited pre-strip

• Low cost gravity separation circuit

• “Fit for purpose” plant

• Scaled and sensible staging

• Primary infrastructure already in place

Power connection

7km to main highway

Quality water supply

(1) Assuming a 20% discount to the 2018 average European APT tungsten price of US$325 / mtu (Source: Metal Bulletin)

La Parrilla

10

SPAIN SPAIN UK VIETNAM

VIETNAM SPAIN SPAIN UK

La Parrilla - Strategically located

• 7km from

Seville / Madrid highway

• Access to quality water supply

• Established infrastructure

• Facilities and on-site laboratory operational

• Connected to the Spanish power grid

• Short trucking distance from Atlantic & Mediterranean ports

Process Plant Infrastructure

Initial Mining Area

Operational Tailings Dam

Madrid / Seville Highway

11

La Parrilla - Strategically located

12

Initial Mining Area

Crushing Circuit

La Parrilla - Simple open pit mining & processing

Open Pit Mining

600tph contracted

Crushing & Screening

350tph - €3.2m to be installedPre-Con Stockpile

6000t - €300k installed

Jig & Mill Pre-Concentration

350tph - €5.5m

Shaking Table Cleaning

12tph

Spiral Concentration

155tph

Sulphide Flotation

3tph

Electrostatic Separation

0.5tph 13

La Parrilla - In production

Production Start

14

La Parrilla - In production

First two Shipments & Payments

15

La Parrilla - In production

Crusher Completion

16

La Parrilla - In production

First Ore to Crusher

17

La Parrilla - In production

February 2019Mined ore fed to concentrator

18

La Parrilla - In production

LNG power station commissioned & delivering power

19

La Parrilla - 3D Model of crusher

20

La Parrilla - Construction nears completion

21

La Parrilla - Construction nears completion

22

Development timeline - nearing completion

23

Production Start

Crusher Completion

First Shipments

Crusher First Ore

March 2019Jig Completion

March 2019Jig Commissioning

April 2019Concentrator Completion

From 2Q 2019Large Scale Production

Project financial overview

Source: Financial Investment Decisions Report summary as announced on 25 August 2017.

Note: Assumes Argus Forecast for tungsten APT price; Note that all debt figures and related coverage ratios are for illustrative purpose only

PRODUCTION 2018 2019 2020 2021 2022 2023 2024

RoM Feed Rate (kt) - 2,004 2,004 3,200 3,477 3,500 3,489

WO3 production (MTU) - 184,265 181,496 236,051 279,409 252,073 253,274

SN production (t) - 125 138 363 274 272 241

Tungsten price - APT (US$ / MTU) 230 245 263 288 313 313 313

Tin price (US$ / t) 18,000 18,500 19,500 20,000 20,000 20,000 20,000

INCOME STATEMENT 2018 2019 2020 2021 2022 2023 2024

Net revenue - 34,001 36,055 53,819 66,480 60,326 60,152

Opex - 18,784)( 17,445)( 30,360)( 24,261)( 20,517)( 21,160)(

EBITDA - 15,216 18,610 23,460 42,219 39,808 38,992

Depreciation - 2,318)( 2,493)( 3,149)( 4,427)( 4,600)( 32,014)(

EBIT - 12,899 16,117 20,311 37,793 35,208 6,977

Interest expense 2,288)( 2,727)( 2,727)( 477)( - - -

Transaction fees - 455)( 455)( 455)( - - -

EBT 2,288)( 9,717 12,935 19,379 37,793 35,208 6,977

Tax expense - 1,195)( 2,738)( 4,385)( 8,994)( 8,587)( 5,228)(

NPAT 2,288)( 8,522 10,197 14,994 28,798 26,621 1,749

24

(US$000’s)

4.9x4.0x

3.2x

13.6x

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

Year 1 Year 2 Year 3 Year 4 Year 5

CFADS / Interest Expense

Key project financial metrics

Key Financials Leverage

Interest Coverage Operating Cash Flow

($ in millions)

1.8x

1.4x

1.1x

0.0x0.0x

0.2x

0.4x

0.6x

0.8x

1.0x

1.2x

1.4x

1.6x

1.8x

2.0x

Year 1 Year 2 Year 3 Year 4 Year 5

Total Debt /EBITDA

$17.6$20.0

$24.2

$42.8

$0

$5

$10

$15

$20

$25

$30

$35

$40

$45

Year 1 Year 2 Year 3 Year 4 Year 5

Operating Cash Flow

Source: Financial Investment Decisions Report summary as announced on 25 August 2017. Note: Assumes Argus Forecast for tungsten APT price; Note that all debt figures and related coverage ratios are for illustrative purpose only 25

38.0 40.3

60.1

74.2

67.4

15.218.6

23.5

42.2 39.8

0

10

20

30

40

50

60

70

80

Year 1 Year 2 Year 3 Year 4 Year 5 Year 6

Gross Revenue

EBITDA

Régua tungsten project - Portugal

Low Capital Cost

€4-6m

Development

Ready

Low cost mining

using adits &

existing crushing

plants

High Grade 0.3%

3 times LP

26

Régua resource section

• Open deposit in all

directions and at depth

• Large high-grade north-

west extension27

Régua development

2 underground mine

adits access 100kt of

high grade ore @

0.4% WO3

Utilising existing

crushing & screening

infrastructure close to

the mine

Simple gravity

concentrator using

spirals and shaking

tables

ROM Feed Grade 0.4% - Production 1,300 tpa

28

São Martinho, Portugal - gold resources

São Martinho Gold Project

• JORC resource estimate 3mt @ 1.04g/t gold containing 111,987oz

• SMD-009 intersection: 56.4m grading 2.34 g/t gold from surface

• Near term target 250,000oz

29

%

M. Masterman* 16.10

Hansource Investments Ltd 5.76

Beronia Investments Pty Ltd (B. Pirola)** 5.13

M. Garvie 3.57

Miton Group 3.53

Substantial Shareholders (31 Dec 2018)

Corporate snapshot

30

Michael Masterman – Chairman

Byron Pirola – Non Executive Director

David Garland – Non Executive Director

Jim Argalas – Non Executive Director

Pablo Neira – Non Executive Director

Board of Directors

Share Price Performance (1 Jan 18 to 31 Dec 18)Financial Information (31 Dec 2018)

Share price 0.535 GBX

52 week high / low 0.645 - 0.405 GBX

Number of shares (undiluted) 5,784,197,054

Market Capitalisation £30.95m / US$37.31m

Cash US$7.40m

Debt US$38.65m

Enterprise Value US$68.56m

* Includes Symmall Pty Ltd

** Includes related party interests

Price GBX Volume (k)

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000

200,000

0.00

0.10

0.20

0.30

0.40

0.50

0.60

0.70

Management team +130 years of experience

31

Celestino Parejo

Government

Relations / Mining

Mining engineer

with over 30 years’

experience in the

technical direction

of mining projects

in the Extremadura

region of Spain and

internationally

Fernando de La

Fuente

General Manager

Geologist with more than 43 years’

experience in the exploration and mining

geology industry in Europe, Africa and

North America and Latin America

Mechanical process

engineer with 10

years’ experience in

mineral processing

and resource

development. Aaron

has worked for

Fortescue Metals

Group, Syncrude

and Composites

Innovation Centre.

Aaron Szumilak

Metallurgist &

Process Engineer

Michael

Masterman

Chairman

Mr Masterman has an exceptional track record in

establishing and financing new resources companies.

He has been a founding shareholder at Fortescue

Metals Group, Po Valley Energy & Atacama Metals

Juan Garcia

Valledor

Operations

Manager

Mining Engineer with

25 years of

experience in

management of

industrial processing

plants and design,

planning,

management and

rehabilitation of open

pit mines

Why invest in W Resources?

FundedLarge low

cost mines

Near construction

completion (early 2019)

Skilled can doteam

Significant earnings

growth from 2019

Broker valuations

US$70-80m vs

US$37m market cap

32

Appendix

33

Reserves and resources

34

La Parrilla Proven and Probable Mineral Reserves - JORC 2012 (RNS 14 June 2017)

CategoryTonnes Grade Metal Content Grade Metal Content

‘000 WO3 (ppm) WO3 (t) Sn (ppm) Sn (t)

Proven 1,177 995 1,171 251 295

Probable 28,577 928 26,511 111 3,156

Total 29,754 931 27,683 116 3,451

Régua JORC Compliant Mineral Resource Estimate (RNS 27 October 2015)

Category Tonnage (Mt) WO3 % Cut-off (WO3 %)

Indicated 3.76 0.304 0.1

Inferred 1.70 0.227 0.1

Total 5.46 0.280 0.1

São Martinho Maiden JORC Compliant Mineral Resource Estimate (RNS 8 June 2016)

Category Tonnage (Mt) Au (g/t) Au Content (Oz) Cut-off (g/t Au)

Indicated 0.48 1.03 17,363 0.5

Inferred 2.56 1.05 94,624 0.5

Total 3.04 1.04 111,987 0.5

LaParrilla JORC Compliant Mineral Resource Estimate (RNS 11 May 2017)

Category Tonnage (Mt) WO3 (ppm) Sn (ppm)

Measured 1 1,115 278

Indicated 35 1,004 110

Inferred 13 974 97

Total 49 998 110

Financing & development of La Parrilla complete

(US$ in millions)

Development

ROM Tungsten Capital EBITDA*

T2 2 Mtpa 2,700 tpa $27.8m $20m

T3.5 3.5 Mtpa 4,000 tpa $20m $40m

Finance T2

$35m term loan financing

- T2 Construction $28m

- Fees / Interest / Contingency $2m

- Contingency / WC $5m

Total Term Loan $35m

Equity Capital Invested to date $16m

Total Capitalisation $51m

La Parilla Grant -$7m

TOTAL $44m

* FID Study 3 Year Average published 25 August 201735

BlackRock US$35 million La Parrilla financing

• Fully funds La Parrilla T2 Mine Development

• US$13.125 million received in February 2018

• Balance of US$21.875 million received in May 2018

• Backing from of one of the worlds largest fund managers

• The Loan is for a scheduled term of 5 years, with a 2 year non call period

• The Loan is subject to an average 5 year interest rate of 12.6%

• First year interest is Payable in Kind (“PIK”) and added to the principal, while 50% of the second year interest is PIK and 50% is payable in cash

• BlackRock will receive warrants totalling 5% of W’s fully diluted equity

36

Board of directors

Michael

Masterman

Chairman

Mr Masterman has an exceptional track record in establishing and financing new resources companies. He completed the US$1.15bn sale of a 31% interest in the

Fortescue Metals Group’s majority-owned FMG Iron Bridge iron ore company to Formosa Plastics Group. Following 9 years at McKinsey, and 8 years as an

Executive Director of Anaconda Nickel, he has been a founding shareholder at Fortescue Metals Group, Po Valley Energy and Atacama Metals.

Byron Pirola

Non-Executive

Director

Director of Port Jackson Partners Limited, a Sydney based strategy management consulting firm. Prior to joining Port Jackson Partners in 1992, Byron spent six

years with McKinsey working out of the Sydney, New York and London offices and across the Asian region. He has extensive experience in advising CEOs and

boards of both large public and small developing companies across a wide range of industries and geographies. Byron is a Non-Executive Director of Po Valley

Energy Limited.

David Garland

Non-Executive

Director

David is the former General Counsel, Secretary and Chief Compliance Officer of Dominion Petroleum Limited (an oil and gas exploration company then listed on the

LSE). Before joining Dominion, he had practiced as a barrister for 18 years from Brick Court Chambers, a leading commercial barristers’ chambers in London. David

was a founder, and is currently General Counsel and a director, of Atacama Metals Holdings Limited, a private Hong Kong registered copper exploration company,

with mining concessions and interests, in the Atacama Desert in Chile.

James Argalas is the founder of Presidio Union, LLC, a company that specialises in providing financial analysis and corporate advisory services. Prior to founding

Presidio Union, James was a Principal at Watershed Asset Management and NM Rothschilds, an Associate Principal with McKinsey & Company and an Associate

at Goldman Sachs.

Pablo Neira currently works with Casa Grande de Cartagena, family office of several members of Del Pino family, involved with direct investments. Pablo is former

CEO of Urbar, a Corporate Services General Manager at Valdepesa Textil and Finance Director at Global Steel Wire Group. Prior to joining Global Steel Wire

Group, he was Manager at A.T. Kearney in New York and at the Swedish group Mölnlycke as Controller for southern Europe.

37

James Argalas

Non-Executive

Director

Pablo Neira

Non-Executive

Director

Regulatory permits

Current Mining Lease

• Fully granted – expires 2068

• Provides access to tailings facilities for T2

T2 Mining Approvals

• Mining plans submitted to the Department of Mines (DM) in Q1 2015

• Environmental Impact Assessment submitted in Q1 2015

• First initial review stage completed Q2 2105 by the DM

• Environmental team has provided written feed back to queries

• Environmental Impact Assessment (EIA) approval received in Q3 2015

• Full mining approval granted for the T2 stage development

T3.5 Mining Approvals *

• Following discussions with the Environmental and Mining Authorities the

LP team has submitted an initial application for the T3.5

*All required approvals (environmental, water, heritage, etc.) fall under the single mining lease application38

Key investment highlights - La Parrilla

• “Heavy” Tungsten hosted in quartz veins within soft “light” shale host rock

• Demonstrated track record of high recovery of WO3 - 7Mt ore mined and processed

Favourable Geology

and Proven

Metallurgy

• Cash cost of US$94 / mtu (1) – first quartile of the global tungsten cost curve

• High grade ore at surface with higher tin grade in first 3 years boosts early cash flowLow Cost Producer

• Existing plant, site offices, and tailings ponds

• Connected to grid power and water and 7km from 4-lane Madrid-Lisbon highway

• Mining lease to 2068 and full authority to mine and process

Existing

Infrastructure

and Regulatory

Approvals in Place

• Initial 2 mtpa ROM at T2, expanding to 3.5 mtpa ROM for T3.5 phase in year 3

• Coarse grain ore amenable to low cost

• Simple gravity separation techniques supporting high metal recoveries

Conventional yet

Efficient Process

• Metso crusher

• allmineral jig+mill and concentrator

Industry Leading

Equipment Suppliers

• Offtake agreements signed with two investment grade publicly traded firms for 80% of

production

Strong Offtake

Agreements with

Investment Grade

Companies

1 - Tungsten is typically priced according to metric ton units (“mtu”) of Ammonium Paratungstate (APT), which is equal to 10 kg. 1 mtu of APT contains approximately 7.93kgs of tungsten

2 - Assuming a 20% discount to the current tungsten APT price of US$250/mtu

39