This document provides an overview of Hazelwood Resources Limited, a producer of ferrotungsten. Key points include: - Hazelwood owns 60% of the largest ferrotungsten plant outside of China, with plans to increase ownership to 100% - The plant in Vietnam has successfully ramped up production, shipping over 500 tonnes of product globally - Hazelwood aims to produce 1,500 tonnes of ferrotungsten in 2014 and expand to 2,600 tonnes in 2015 - The document outlines Hazelwood's assets, management team, and investment opportunity in becoming a leading global supplier of ferrotungsten.

1. A Leading Producer of Ferrotungsten
Hazelwood Resources Limited
March 2014
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2. A S X : H A Z | P a g e 2
Disclaimer
• This presentation does not constitute an offer to sell securities and is not a solicitation of an offer to buy securities. It is not to be distributed to third
parties without the consent of Hazelwood Resources Ltd ( the “Company”).
• The information contained in this presentation is subject to updating, completion, revision, further verification and amendment without notice. This
presentation does not constitute, or form part of, any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for,
any shares in the Company nor shall it (or any part of it) or the fact of its distribution, form the basis of, or be relied on in connection with, or act as
an inducement to enter into any contract or commitment therefore
• No representation or warranty, express or implied, is made or given by or on behalf of the Company, any of its directors, or any other person as to
the accuracy or completeness or fairness of the information or opinions contained in this presentation and no responsibility or liability is accepted
by any of them for such information or opinions or for any errors, omissions, misstatements, negligent or otherwise, or for any communication written
or otherwise, contained or referred to in this presentation
• Accordingly, neither the Company nor any of the Company’s directors, officers, employees, advisers, associated persons or subsidiary
undertakings shall be liable for any direct, indirect or consequential loss or damage suffered by any person as a result of relying upon the
statement or as a result of any admission in , or any document supplied with, this presentation or by any future communications in connection with
such documents and any such liabilities are expressly disclaimed
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3. A S X : H A Z | P a g e 3
Why Invest in Hazelwood?
• Hazelwood is a producer of premium quality ferrotungsten
(FeW) at an advanced facility in Vietnam
• Majority stake in the largest and most advanced
ferrotungsten plant outside of China, with opportunity to move
to 100% ownership1
• Entered production in 2013 and during the ramp-up phase
alone, has produced >10% of non-China market for
ferrotungsten
• ATC business is delivering strong operating cashflow, moving
towards self-sustaining cashflow and profitability for
Hazelwood
• Global Sales Agency through Wogen Resources – selling into
all markets outside of China. Strong financial and logistical
support from Wogen and Siderian Resources
• Targeting 1,500 tonnes production in 2014, and targeting
further expansion into 2015
• Capital efficient operation, with scope to expand and
diversify into other specialty metals opportunities
• Advanced tungsten assets in Western Australia offer potential
for future vertical integration, and strong increase in operating
margins PremiumGrade FerrotungstenProduced by Hazelwood
Refining operations at ATC FerrotungstenProject
1 Hazelwood has an agreement with its Joint Venture partner to acquire the balancing 40% for US$7.5m,
which may be satisfied with cash and/or Hazelwood shares
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4. A S X : H A Z | P a g e 4
Corporate Snapshot
Broker Date Recommendation
Price
Target
Hartleys 13 Feb 2014 SPECULATIVE BUY $0.086
Helmsec 29 Aug 2013 SPECULATIVE BUY $0.07
Analyst Coverage
Issued Capital
Ordinary shares (HAZ) 1.157 billion
Unlisted options 20 million
Market Capitalisation
(undiluted at 3.3 cps)
$38.2 million
Cash and receivables (28 Feb 2014) ~$2m
Loan Note * $US4m (undrawn)
*Term Sheet signed for $US4m loan note from Siderian Resources as
announced on 25 February 2014. This loan is undrawn, and remains
subject to satisfaction of conditions precedent, including execution of
definitive agreement in respect of the Loan Note.
Capital Structure
Board of Directors
Terry Butler-Blaxell Managing Director & Chairman
John Chegwidden Director & Joint Company Secretary
Frank Ash Non-Executive Director
Hazelwood Management
Martin McQuade Chief Operating Officer
Carol New CFO & Joint Company Secretary
Board of Directors and Management
0.0
5.0
10.0
15.0
20.0
25.0
30.0
$0.00
$0.01
$0.02
$0.03
$0.04
$0.05
$0.06
Jan-13 Apr-13 Jul-13 Oct-13 Jan-14
Volume(millions)
SharePrice
Volume Hazelwood Share Price
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5. A S X : H A Z | P a g e 5
Hardmetals
56%
Mill
Products
17%
Steels &
Alloys
20%
Other 7%
Tool steels, high speed steels,
temperature and corrosion-
resistant alloys
NICHE SECTOR
Lighting, electronics,
tungsten metal products,
wires, rods, superalloys
Tungsten Market Sectors
* During 2011 79,500 tonnes W was from primary
sources; an estimated 20-30% of the market is thought
to be comprised of recycled (secondary) sources
Operating in a Niche Sector
• Global tungsten consumption by all sectors is approximately 100,000tpa of tungsten *
• ATC Ferrotungsten sells to the niche Steels & Alloys sector. We have >10% of non-China market & increasing
rapidly
• Ferrotungsten is used to harden steel and improve its performance at high temperatures
• Limited production of FeW outside of China, and Chinese origin ferrotungsten is subject to restrictions and tariffs
Tungsten carbide - cutting
tools and wear parts
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6. A S X : H A Z | P a g e 6
Western Australia
Vietnam
Hazelwood’s Asset Portfolio
• Mt Mulgine Tungsten Project (100%)
• Big Hill Tungsten Deposit (100%)
• East Pilbara Exploration (70% - 100%)
• 60% interest in the ATC Ferrotungsten
Project, increasing to 100%1
• Max capacity of 4,000tpa FeW
• Latest generation design
1 Hazelwood has an agreement with its Joint Venture partner to acquire the balancing 40% for US$7.5m,
which may be satisfied with cash and/or Hazelwood shares
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7. A S X : H A Z | P a g e 7
Tungsten Concentrate
+ Coke + Ferrosilicon
+ Scrap Iron
Electric Arc Furnace
>3,000° C
Lifting of
Ferrotungsten Metal
The ATC Ferrotungsten Operation
• Feedstock sourced from range of international suppliers
• Produces on a campaign basis with low fixed holding costs
• Yield ~96%, targeting 99% and capable of 18 tonnes/day production
• The plant can utilise a range of feedstock types and grades
• Specialist operator skill set – we overcame high technical barriers to entry
89%
11%
ATC Production Costs
Feedstock
Conversion
Costs
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8. A S X : H A Z | P a g e 8
-
250
500
Apr-May 2013 Jul-Aug 2013 Dec 2013-Jan 2014
Commissioning Campaign 2 Campaign 3
tonnesferrotungsten75%W
2013 FERROTUNGSTEN CAMPAIGN
RAMP-UP
ferrotungsten product
Hazelwood On-Track to Profitability
• >500 tonnes product shipped during initial
ramp-up (April 2013 - Jan 2014), representing
~$20m of sales revenue
• Product sold to customers in Japan, Europe,
Russia, Ukraine, USA, Brazil
• ATC margins during start-up phase approx.
10%; About to reach critical mass and
become profitable for Hazelwood
• Targeting 15% sales margin in 2014 – 2015
(US$5 - $8/kg)
• Developing a robust international supply
chain with strong support from Wogen
• 2014: Targeting 6 production campaigns
• 2015: Targeting 6-8 production campaigns
• Beyond 2015: Look to vertical integration of
Hazelwood’s Australian assets to provide
feedstock supply, and potential for greater
margins
Successful Production Ramp-Up & Market Penetration
$2.1m
Sales
~$13m Sales
~$5m
Sales
-
500
1,000
1,500
2,000
2,500
3,000
CY2013 CY 2014 f'cast CY2015 f'cast
tonnesferrotungsten75%W
2013 - 2015 PROPOSED RAMP-UP
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9. A S X : H A Z | P a g e 90
1000
2000
3000
4000
5000
2006 2007 2008 2009 2010 2011
tonnescontained
tungsten
Ferrotungsten consumption (Europe/Japan)
Europe
Japan
China consumption
approx 8,000 tpa
0
1,000
2,000
3,000
4,000
5,000
2006 2007 2008 2009 2010 2011
tonnescontained
tungsten
Chinese Exports Ferrotungsten
(Effect of Restrictions)
Japan
Europe
Europe consumption
2,000 – 3,600tpa
Japan consumption
800 – 1,200 tpa
R.O.W. consumption
approx 500 tpa
Global Consumption of Tungsten in Steelmaking
Tonnes contained tungsten in ferrotungsten
The Ferrotungsten Market
• China, Europe and Japan are the main
consumers for ferrotungsten
• Consumption of approximately 12,000–
15,000tpa contained tungsten per annum
• Main sources of supply have historically
been China, and a small plant in Vietnam
Need for Alternative Sources of FeW
• 20% export tariff imposed on Chinese origin
ferrotungsten since 2008
• Restrictions on new tungsten projects
• Phasing out of obsolete ferroalloy capacity
in China
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10. A S X : H A Z | P a g e 1 0
•16th largest population in the world
•56% of the population is under 30
•7.8% annual GDP growth rate 2005 – 2012
•$US 14.8b foreign direct investment in 2012
•Manufacturing base for major int’l companies
•Significant infrastructure development underway
•To become 2nd largest tungsten producer globally
(Masan Resources Nui Phao operations)
Vietnam
•50 year investment license
•License includes other tungsten products
•Adjacent largest port city in Vietnam
•Connected to grid power
•Established industrial estate
•Excellent catchment area for workers
ATC
The Project Setting
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11. A S X : H A Z | P a g e 1 1
Built for <$12m Capex
>500t FeW sold during
commissioning & ramp-up
Product sold globally
Premium grade product
Campaign production
12-18 t/day production
Max furnace capacity >4,000 tpa
Targeted ramp-up:
CY2014 1,500t (1,100t W)
CY2015 2,600t (2,000t W)
Expected margin
$US 5 -8/kg long term
Becoming a major global
force in the supply of
tungsten master alloy
Turnover @ $US 49/kg:
CY2014 $US 54m
CY2015 $US 98m
max capacity >$US 140m
Enters the market Production ramp-up Outlook
Progress & Outlook
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12. A S X : H A Z | P a g e 1 2
Big Hill Tungsten Deposit (Hazelwood 100%)
•Robust pre-feasibility; high category Resource
•Deposit occurs at surface; open-pittable
•Extensive pilot metallurgy & simple processing
•Exceptionally clean concentrate, suitable for ATC
•Re-visit the Definitive Feasibility to match ATC
Mt Mulgine Tungsten Project (Hazelwood 100%)
• Near surface, relatively high-grade Resource
•Mid west location close to infrastructure
•Engineering Pre-Feas shows modest plant CAPEX $A31.5m
•Could supply approx. 1/3rd of ATC feedstock
•Evaluating capital efficient path to vertical integration
Australian Tungsten Assets - Vertical Integration Potential – Increased Refining Margins
Mt % WO3 MTU
Contained Tungsten Metal
Tonnes
Measured 9.51 0.16 1,540,678 12,218
Indicated 10.38 0.19 2,007,109 15,917
Inferred 4.53 0.15 700,042 5,551
Total 24.42 0.17 4,247,829 33,686
Total Tungsten JORC Mineral Resources (at 0.1% WO3 cut-off grade)
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13. A S X : H A Z | P a g e 1 3
Hazelwood is a leading specialty metals producer
• Successful penetration of market during ramp-up – more than 10% of non-China market
• Has shipped >500 tonnes FeW during ramp-up phase; representing ~$20m of sales
• Margin of ~10% achieved, targeting 15% margin in full production
• Highly experienced minor metals team
• Niche product with few sources of supply outside of China
• Strong logistics, procurement and financial support from sales agent Wogen
ATC Ferrotungsten Project
• Largest and most advanced ferrotungsten plant outside of China
• Low overheads and competitive, low-cost operating setting delivering strong margins
(projected LT margins US$5 - $8/kg tungsten)
• Hazelwood’s 60% ownership to increase to 100%1
• Ramping up to deliver profitability to Hazelwood
Incremental growth opportunities
• At full rate of production, capable of generating > $140 million in revenue 2
• Advanced tungsten projects in Australia offer potential future vertical integration
• Potential to leverage off our team and plant to produce other specialty metals
• Established processing base base and proven delivery of capital-efficient capacity
The Investment Case
1 Hazelwood has an agreement with its Joint Venture partner to acquire the balancing 40% for US$7.5m, which may be
satisfied with cash and/or Hazelwood shares
2 Based on LT projected sales price of US$49/kg tungsten
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14. A S X : H A Z | P a g e 1 4
Contact Information
Mr. Terry Butler-Blaxell
Managing Director
Address: Unit 2, 13 Oxleigh Driver,
Malaga, WA 6090
Phone: +618 9320 5220
Email: info@hazelwood.com.au
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15. A S X : H A Z | P a g e 1 5
15
25
35
45
55
65
$US/kgcontainedtungsten
China benchmark concentrate price
China export FeW f.o.b.
Europe FeW ex-warehouse Rotterdam
six year average metal -
feedstock premium ~ 35%
Appendix 1: Strong Margins on Ferrotungsten Product
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16. A S X : H A Z | P a g e 1 6
• Wogen Resources – traders of minor metals for over 40 years
• Existing networks of customers in specialty steelmaking
• Five year sales agency and sales financing agreement
• Actively sourcing feedstock from multiple sources
With few sources of ferrotungsten outside of China, the Wogen – ATC
Relationship can achieve a strong market position in its chosen territories
Appendix 3: Global Sales Agent, Wogen Resources
ATC Product Sampling Area
(Left to right)
• Terry Butler-Blaxell Managing Director
Hazelwood
• Ross Sabberton Managing Director
Wogen Pacific
• George Chen President ATC
• John Chegwidden Director Hazelwood
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17. A S X : H A Z | P a g e 1 7
Terry Butler-Blaxell Managing Director, Hazelwood
Mr Butler-Blaxell has 20 years’ experience in the resources sector in commodities
including gold, industrial metals, vanadium, nickel, tungsten, magnetite iron ore and
titanomagnetite, and has directed the economic evaluation of numerous projects. He has
significant experience in financial modelling and valuation, project and company
transactions, due diligence reviews, and minor metals markets.
John Chegwidden Director & Management, Hazelwood & ATC
Mr Chegwidden has over 20 years experience as an accountant, including providing
advice in management, accounting and taxation, and consulting to manufacturing, mining,
primary production and earthmoving operations. Mr Chegwidden has a strong
knowledge of the mining and resources sector in Australia, with key competencies in
exploration, materials processing, marketing and financial management in relation to
junior mining companies. More recently he has consulted to a number of listed companies
and negotiated with capital financiers for junior exploration companies.
Martin McQuade Chief Operations Officer, Hazelwood
Mr McQuade has more than 30 years experience in the mineral processing industry
including pyrometallurgical and extractive processes. He has held roles that range from
operations management, project economic analysis, strategy development, to study and
project management. Mr McQuade has broad experience across a range of minerals
including nickel, tin, tantalum, magnesia, tungsten and gold.
Dr Jake Zhu Senior Pyrometallurgist, Hazelwood
Mr Zhu has more than 20 years’ experience in pyro-metallurgical operations including
ferroalloy smelting and production, iron production, tin and copper concentrate smelting
and converting. He has worked for Ausmelt, BHP Billiton, Xstrata and Nyrstar in a range
of operations, which included a number of overseas locations including China, and South
Africa.
.
Chen Guanyu (George Chen) President, ATC
George Chen presently holds a 40% interest in the ATC Joint Venture. Mr
Chen is a qualified mechanical engineer and has more than 20 years’
experience in the global tungsten industry, having previously held senior
executive roles with China’s largest hardmetals producer, XTC where he was
also involved in the procurement and trade of tungsten materials. George
has significant experience operating in Vietnam and was a founder of the
Youngsun ferrotungsten operations. Mr Chen has assembled a team of
experienced ferrotungsten personnel and support staff from the Chinese
tungsten industry.
Wei Jian Cao Chief Engineer, ATC
Mr Wei is an electrical engineer with more than 25 years
experience. Specific ferrotungsten experience was gained during his
employment at Jiangxi Tungsten Group in the areas of design,
installation and commissioning. Jiangxi Tungsten Group is one of the largest
tungsten producers in China.
Yen Ngyuen Principal Project Engineer, Hazelwood
Ms Nguyen is a mechanical engineer with more than 20 years experience in
major project development and project delivery in the Western Australian
mining industry. She has worked with BHP Billiton, WMC, and major
engineering houses and has provided senior project support for the
construction of the Vietnamese facility.
Xu Ling Chen Operations Superintendent ATC
Mr Xu is an experienced process engineer with more than 30 years’
experience in metallurgical operations. Having previously operated
ferrotungsten furnaces at Jinling Ferroalloys Group in China, Mr Xu was one
of the pioneers in adapting Russian technology to the Chinese ferrotungsten
industry
Appendix 4: The ATC Team – Experience in Minor Metals
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18. The information in this report that relates to exploration results, mineral resources or ore reserves has been compiled by Mr Terence Butler-Blaxell MAust IMM who is
a full time employee of Hazelwood Resources Limited. Mr Butler-Blaxell has sufficient experience that is relevant to the style of mineralisation and type of deposit
under consideration and to the activity which he has undertaken to qualify as a competent person as defined in the 2012 edition of the Australasian Code for the
reporting of exploration results, mineral resources and ore reserves. Mr Butler-Blaxell consents to the inclusion in this report of the matters based on his information in
the form and context in which it appears.
0.1% cut-off Mt % WO3 mtu
Indicated 5.87 0.22 1,302,474
Inferred 2.32 0.17 402,810
Total 8.18 0.21 1,705,284
Big Hill Mineral Resource Mt Mulgine Hill Mineral Resource
Appendix 5: Australian Tungsten Resources
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