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DESK NOTE – SPECULATIVE BUY

October 30, 2017

MYANMAR METALS (MYL.ASX)

Nicholas Brownbill, J-François Bertincourt

BENCHMARKING BAWDWIN MARK CREASY BECOMES

LARGEST SHAREHOLDER

• UNLOCKING VALUE FROM ONE OF ASIA’S LARGEST UNDERDEVELOPED MULTI-COMMODITY ASSETS

• RARE OPPORTUNITY TO BUILD AND DEVELOP WORLD CLASS TIER 1 BASE METALS MINE

• MARK CREASY’S YANDAL INVESTMENTS KEY FINANCIER - #1 SHAREHOLDER

Myanmar Metals Limited (ASX: MYL) has secured the option for

up to an 85% participating interest in the world-class Bawdwin

lead/zinc/silver/copper polymetallic mine lease held by Win Myint

Mo Industries Co. This gives the company the right to acquire a

base metals mining opportunity in Myanmar, possibly the last

Tier-1 Lead/Zinc/Silver mine available globally.

HIGHLIGHTS • Board replaced in June 2017 with new professional board.

• Option to take a controlling interest in the Bawdwin mine in Myanmar was secured with the financial assistance of Mark Creasys’ Yandal Investments.

• Recent Maiden Mineral Resource estimate reported under JORC Code 2012 edition: Total Inferred Mineral Resource of 41.4 Mt at 7.5% Pb, 3.5% Zn, 0.33% Cu and 178g/t Ag at a cut-off of 2.0% Pb.

• The Mineral Resource estimate provides key input to the ongoing Scoping Study to assess an open-pit mine development strategy at Bawdwin and provide a basis for Myanmar Government permitting.

• Whilst initial resource is tier 1 and already alongside world’s best, it represents only the beginning of the new Bawdwin story.

Share Data

MYL Price 27/10/17 MYLO Price

$0.087 $0.054

Corporate Structure

Shares on Issue 548.5m Listed Options 185m Market Cap@$0.087 Cash Position@Sept ‘17

$47.5m $2.0m

52 Week High $0.098 52 Week Low $0.014 Board

John Lamb CEO/Chairman Jeff Moore Exec Director Rowan Caren Company Secretary 1 Month Price Chart

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“Probably the best investment opportunity in the world right now is Myanmar… It’s like

when China opened up in 1978. There were unbelievable opportunities going forward.

The same is true in Myanmar now in my view”- Legendary commodities guru Jim Rogers

Figure 1: Bawdwin open pit looking north, ready for extension by cutting back the east wall

BACKGROUND ON THE PROJECT • In May 2017, Myanmar Metals (MYL) announced that it had signed an exclusive option to acquire up to 85%

interest in the Bawdwin Zn-Pb-Ag-Cu Mine Lease in Myanmar with current owner Win Myint Mo Industry Co (WMM), through payment consideration of US$20M.

• Prior to World War 2, Bawdwin was the greatest producer of lead, zinc and silver in the British Empire and it remains a globally significant deposit.

• The recent, sustained increase in the international price for zinc metal and strong underlying demand for zinc supply reinforces the MYL Board’s positive outlook for zinc production. Upon exercise of the “Bawdwin Option”, Myanmar Metals Limited seeks to establish itself as a significant regional metals producer based in Myanmar with a focus on base metals and accompanying silver, copper, cobalt, nickel, gold and other by-products.

• This can be achieved in the short-medium-term by producing metals concentrates (principally lead/zinc/silver) from a potential open pit at Bawdwin and in the longer term by producing metals concentrates from the Great Bawdwin Mine if successful modern exploration shows that Bawdwin can be reopened as a safe, modern, high-productivity underground mine.

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PROJECT LOCATION

• 160km from the Chinese border on the Oriental highway from Mandalay to Kunming

• Excess smelting capacity in Yunnan province

• Road and rail to site from nearby Namtu, the historical (and likely, new) concentrator site

• Hydro-electric power to Bawdwin (dedicated plant) and Namtu (regional scheme power)

• Workforce accommodated at Bawdwin village and Tiger Camp

• Bitumen road to Lashio (capital of Northern Shan state) with commercial air links to Yangon and Mandalay

• Myanmar is thought of by leading resource industry leaders and economists as the last frontier for exploration and mining. Recent changes to the Mining Law have improved on what is already an exciting resource investment opportunity.

BAWDWIN’S POTENTIAL IS OUTSTANDING

• A maiden JORC 2012 compliant Inferred Mineral Resource of 41.4 Mt at 7.5% Pb, 3.5% Zn, 0.33% Cu and 178 g/t Ag at a 2.0% Pbcut-off grade has been estimated by CSA Global.

• This Mineral Resource represents the extensive mineralised “halo” around the high grade lodes historically mined underground

• Estimate based on 56,008m of historical underground sampling, 669m of channel samples and 2,966m of diamond drilling

• CSA Global is now conducting a Scoping Study on the potential for an open pit mine development on the new resource

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BAWDWIN’S PROJECT GLOBAL BENCHMARKING

BAWDWIN COMPETITIVE ADVANTAGE

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BAWDWIN COMPETITIVE ADVANTAGE

MYL GROSSLY UNDERVALUED VS. PEERS

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BAWDWIN- THE NEXT STEPS

• The maiden Mineral Resource estimate in accordance with the JORC Code 2012 Edition provides the key input to the Scoping Study on development of an open cut mine at Bawdwin. The study results together with geological interpretation that is currently underway will inform the Myanmar Government permitting process and decisions on the next phase of work at Bawdwin. This is expected to include a significant drilling programme likely to commence in the first half of 2018.

• Constructive discussions with JV partner, potential new partners and Myanmar Government authorities taking place

• Discussions with debt and equity financiers underway and advancing –key value catalyst

WHY TO BUY ✓ MYL well placed for substantial re-rating given its significant resource size and grade and its amenability to

open pit mining

✓ Value to be realised from the conversion of the Bawdwin option, exploration and appraisal activities and

funding of project development

✓ Outstanding board and management with experience in Myanmar and Tier-1 Assets

✓ Strong relationship with in-country partners

✓ Unrivalled listed-company exposure to a large underdeveloped multi-commodity deposit

“This initial resource of over 40 million tonnes with excellent grades puts the project, the

Company and its partners in a great position to confidently move ahead with economic

evaluation and Myanmar Government permitting of a new mine development.

This resource estimate clearly demonstrates the potential of the Bawdwin deposit but it only

represents the remnant high-grade and surrounding low-grade mineralisation from historical

mining.

There is great potential via future exploration programs to extend the open pittable and

underground areas of the three known lodes and to discover new lodes. In other words, this

resource represents only the beginning of the new Bawdwin story.”

MYL Chairman & CEO John Lamb

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DISCLAIMER This Research report, accurately expresses the personal view of the Author. This report was prepared by Triple C Consulting Pty Ltd ABN: 45 141

412 106, Australian Financial Services Licence No. 346282.This Research Report was not commissioned by the Company, the Company did

however provide assistance in verifying the factual content of the report. No inducements have been offered or accepted by the company for

the publication of this report. Triple C Consulting initiated this research of its own initiative based on its own due diligence of the company and

its opinion that it represents value to existing and potential shareholders. Disclosure Triple C Consulting Pty Ltd, including the authors of this

report, its directors and employees advise that they have an interest in and earn brokerage and other benefits or advantages, either directly or

indirectly from client transactions in securities the subject of this report. Interest in Securities 32,878,111 shares and 35,450,884 listed options.

Fees Triple C Consulting has received fees of $615,478.10 (including GST) in the last 24 months. Triple C is engaged by the company to provide

corporate services and is paid $10,000 +GST per month as a retainer. Warning In accordance with Section 949A of the Corporations Act 2001

Triple C Consulting advise this report contains general financial advice only. In preparing this document Triple C Consulting did not take into

account the investment objectives, financial situation and particular needs (‘financial circumstances’) of any particular person. Accordingly,

before acting on any advice contained in this document, you should assess whether the advice is appropriate in light of your own financial

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Prepared by

Nicholas Brownbill Director

08 9228 5999

nic@tripleccc.com.au

Triple C Consulting Pty Ltd 5 Lindsay Street, Perth WA 6000

08 9228 5999 | www.tripleccc.com.au

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