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ASX:HNR
www.hannansreward.com
An Introduction to Hannans and the
*New* Lapland Ni-Cu-PGE Project in Sweden
2 February 2015
Hannans Reward Ltd
ABN: 52099862129
For personal use only
DISCLAIMER
This Document and the information contained herein and any presentation (collectively referred to as “Information”) is proprietary to
Hannans Reward Limited (“the Company”, “Hannans Reward” or “Hannans”).
This Document is intended to provide general background on the Company. It is not a disclosure document and is not intended as an
offer, invitation, solicitation or recommendation with respect to any potential transaction.
Securities of micro cap exploration companies, typically involve a high degree of risk and as such, any investment in the Company must
be considered as purely speculative. The Information in this presentation does not purport to cover all relevant information about any
potential investment in the Company. Accordingly potential investors are advised to seek appropriate independent advice, if necessary,
to determine the suitability of this investment. You should not solely act in reliance on the material in this presentation. This presentation
does not purport to be all inclusive or to contain all information which its recipients require in order to make an informed assessment of
the Company’s prospects. You should conduct your own investigation and perform your own analysis in order to satisfy yourself as to the
accuracy or completeness of the information, statements, and opinions contained in this presentation before deciding whether to make
an investment into Hannans.
The Document contains reference to certain intentions, expectations and plans of the Company. Those intentions, expectations and plans
may or may not be achieved. They are based on certain assumptions which may not be met or on which views may differ. The
performance and operations of the Company may be influenced by a number of factors, many of which are outside the control of the
Company. No representation or warranty, express or implied, is made by the Company or any of their respective directors, employees,
agents, advisers and consultants that any intentions, expectations or plans will be achieved either totally or partially or within a
prescribed timeframe or that any particular rate of return will be achieved.
The Information disclosed relates to the proposed business of the Company at the date of this Document. Material information may have
changed since the date the Document was compiled. No responsibility is accepted to advise any person of any change or update any of
the Information.
Neither the provision of this Document nor any information contained in this Document or subsequently communicated to any person in
connection with this Document is, or should be taken as, constituting the giving of investment advice to any person. By accepting this
Document you acknowledge and agree to be bound by each of the foregoing statements.
The currency used throughout the presentation is Australian Dollars unless otherwise stated.
Infrastructure, locomotives, ore wagons, unloading facilities, mining operations, drill rigs, windmills, ships nor reindeers are owned by
Hannans. Hannans does not own any of the infrastructure in this presentation.
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TABLE OF CONTENTS
Slide Title
Slide Number
Strategy
5
Directors & Management
6
Projects
7
Capital Structure
8
Scandinavia – High Grade Deposits
9
Scandinavia – Location Map
11
*New* Lapland Ni-Cu-PGE
12
Pahtohavare Copper-Gold
22
Rakkuri Iron
26
Lannavaara Iron
27
Lake Johnston Nickel
28
Reducing the Costs of Exploration
30
Contact Details
31
Competent Persons Statement
32
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SNAPSHOT SUMMARY
 Hannans Reward Ltd (ASX:HNR) is an exploration company with a focus on
copper, gold, nickel, PGE and iron.
 Since listing on the Australian Securities Exchange in 2003 Hannans has
signed agreements with Vale Inco, Rio Tinto, Anglo American, Boliden,
Warwick Resources, Cullen Resources, Nickel Australia, Reed Resources,
Tasman Metals and Grängesberg Iron.
 Hannans has a significant *NEW* Ni-Cu-PGE exploration project in
Sweden, JORC compliant copper, gold and iron resources in Sweden, a
free-carried interest in a nickel sulphide project in Australia and a royalty
interest on a copper exploration project in Norway.
 Shareholders at various times since listing have included Rio Tinto, Anglo
American, OM Holdings, BlackRock and Craton Capital.
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STRATEGY
Vison
 Our vision is to build a successful exploration and production company.
Mission
 Our mission is to develop a company that has a material interest in a
portfolio of mineral projects that are being rapidly progressed whether
they are exploration, development or production assets.
 We recognise that maintaining a professional, knowledgeable and
ethical team of directors, employees and consultants is the key to our
business.
 Our focus is to provide shareholders with a satisfactory return on
investment by managing our people, projects and capital in an
entrepreneurial and responsible manner.
(Source: Hannans Annual Reports 2003 - 2014)
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DIRECTORS & MANAGEMENT
Damian Hicks
Managing Director
• Co-Founder of Hannans Reward Ltd (2002).
• Financial, legal and compliance qualifications
• Non-executive director of funds management
company Growth Equities
Markus Bachmann
Non-Executive Director
• Director of Hannans Reward Ltd (2012).
• Corporate finance professional and
founding partner of Craton Capital.
• Craton Capital awarded Fund Manager of
the Year at the Mining Journal’s
“Outstanding Achievement Awards” during
December 2010.
Magnus Arnqvist
Non-Executive Director, Kiruna Iron AB
• MD of Bergteamet
• Ex-MD of Europe’s largest zinc mine.
• Mining engineer with Rapallo (Australia)
and Mine Manager of the Kristineberg,
Storliden and Maurliden Mines (owned by
Boliden).
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Jonathan Murray
Non-Executive Director
• Director of Hannans Reward Ltd (2010).
• Partner of Steinepreis Paganin
• Principal legal practice areas include equity
capital markets, takeovers, project acquisitions
and divestments, corporate governance,
commercial law and strategy.
Olof Forslund
Non-Executive Director
• Director of Hannans Reward Ltd (2012).
• Geophysicist with extensive international
experience in the mineral exploration industry.
• Previously Regional Manager of SGU Mineral
Resources Information Office.
Amanda Scott
Exploration Manager
• Geologist with 10 years experience.
• Responsible for developing the Kiruna Iron
Project portfolio and the SCR gold and base
metals portfolio since inception.
• Previously Exploration Manager for Hannans
Reward Ltd (2008-2010) and Scandinavian
Resources Ltd (2010–2012)
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PROJECTS
*NEW* Lapland Ni-Cu-PGE Project (Sweden)
 First mover advantage in potential new magmatic province
 High potential for economic nickel-copper-PGE and gold
Pahtohavare Copper-Gold Project (Sweden)
 Brownfields copper-gold project with drill ready sulphide targets
 Copper oxide resource1 (1.4Mt @ 1.8% Cu) amenable to contract
mining with excellent access to infrastructure
Rakkuri Iron Project (Sweden)
 High quality iron project, strategically located
Lannavaara Iron Project (Sweden)
 Large iron project at early stage of development
Lake Johnston Nickel Project (Australia)
 20% free carried interest in nickel project (assays pending)
1: Refer ASX Announcement dated 31st January 2014
7
3.0
5
Errawarra Pty Ltd
2.2
Top 5 Subtotal
34.4
Volume
Period average volume
31-dec-14
Jetosea Pty Ltd
03-dec-14
4
0,005
05-nov-14
3.7
08-okt-14
Bruce Drummond
0,007
10-sep-14
3
0,009
13-aug-14
8.9
16-jul-14
Craton Capital
0,011
18-jun-14
2
20,0
18,0
16,0
14,0
12,0
10,0
8,0
6,0
4,0
2,0
0,0
21-maj-14
16.6
23-apr-14
ERI
26-mar-14
1
Price and volume
26-feb-14
%
29-jan-14
Name
Volume (m)
#
Share price ($)
For personal use only
CAPITAL STRUCTURE
0,003
Share price
Last Twelve Months
Top 20 Subtotal
48.9
1,176 Holders
100.0
Trading Activity in HNR
Commonwealth Securities Ltd
Morgan Stanley Smith Barney Au...
Pershing Securities Australia ...
Directors &
Management Holdings
9.7
Patersons Securities Limited
ETRADE Australia Securities Lt...
Australian Investment Exchange...
Shares on Issue
Options on Issue
Macquarie Equities Ltd
Hartleys Limited
721,966,133
36,056,000
Bell Potter Securities Ltd
Timber Hill Australia Pty Ltd
(1st tranche ex. at 0.08c and thereafter VWAP
plus 50% premium on anniversaries)
-400000,0
-200000,0
0,0
Sell ($)
200000,0
Buy ($)
400000,0
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SCANDINAVIA - HIGH GRADE DEPOSITS
Deposit
Production/Reserves/Exploration Results
History
Garpenberg,
Sweden
Reserves:
25Mt @ 0.3g/t Au, 151 g/t Ag, 0.5% Cu, 4.6%
Zn, 1.9% Pb
Resources:
38Mt @ 0.4g/t Au, 113g/t Ag, 0.6% Cu, 3.4%
Zn, 1.7% Pb
Mining started 800AD
Zinc, lead and silver ores mined
with copper and gold as byproducts
Total resource (historical
production, reserves and
resources exceeds) 110Mt
VMS
Zinkgruvan,
Sweden
Current reserves:
Zn-Rich: 11.8Mt @ 9% Zn, 3.6% Pb, 76g/t Ag
Cu-Rich: 3.9Mt @ 2.2% Cu, 0.4% Zn, 31g/t Ag
Discovered in 1857, acquired by
Lundin Mining from Rio Tinto in
2004.
SEDEX
Kristineberg,
Sweden
Current reserves & resources:
11.2Mt @ 3.74% Zn, 1.04% Cu, 1.4g/t Au,
39g/t Ag, 0.4% Pb
Discovered in 1918.
Mining commenced in 1940’s.
Production by Boliden ongoing,
currently at 650kt/yr.
Total production to date 27.8Mt
(2013)
VMS
Sakatti,
Finland
Intercepts include:
48.10m @ 3.13% Cu, 0.47% Ni, 0.18g/t Pt,
0.12g/t Pd, 0.47g/t Au and
52.40m @ 2.36% Cu, 1.87% Ni, 0.76g/t Pt,
0.79g/t Pd, 0.19g/t Au
Greenfields discovery by Anglo
American (no published
resource statement)
Magmatic

Mineralisation
Examples of high grade deposits discovered, developed and or mined in Scandinavia
Source : Company web sites
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SCANDINAVIA - HIGH GRADE DEPOSITS
Deposit
Production/Reserves
History
Storliden,
Sweden
1.86Mt @ 8.8% Zn, 3.1% Cu,
producing 52kt of copper, 150kt of
zinc.
Discovered in 1998 by North Atlantic
Natural Resources (renamed Lundin
Mining), mining commenced in joint
venture with Boliden in 2002, closed in
2008.
Kylylahti,
Finland
Current reserve: 4.2Mt @ 1.6% Cu,
0.7g/t Au, 0.6% Zn
Current resource: 7.7Mt @ 1.3% Cu,
0.7g/t Au, 0.5% Zn
Discovered in 1984 by Outokumpu,
acquired by Altona Mining Ltd (ASX:AOH)
in 2010, mining recommenced in 2012
and was sold to Boliden in 2014
Ophiolite
Svartliden,
Sweden
3Mt @ 4.72g/t Au producing 370koz
Discovered in 1994, acquired by Dragon
Mining in 1999. Open pit mining
commenced in 2004 followed by
underground mining in 2011, closed in
2013
Lode Gold

Mineralisation
VMS
Examples of high grade deposits discovered, developed and or mined in Scandinavia

Source : Company web sites 10
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SCANDINAVIA – LOCATION MAP
Project Locations
Kiruna Iron &
Pahtohavare
Lannavaara Iron
Lapland Ni-Cu-PGE
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*NEW* LAPLAND NI-CU-PGE PROJECT
 Potential for major deep-seated mafic intrusive complex
identified – potential new magmatic province
 Exploration targets have high ore potential
 First mover advantage in the region - significant
landholding secured
 Key targeting criteria met
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THE CONCEPT
 Sweden has good coverage of high quality regional geophysical
data including airborne magnetic and ground gravity data.
 Most conspicuous anomaly is the large positive gravity
anomaly (40-50mgal) – the Muonionalusta Gravity High (MGH).
 MGH has not been satisfactorily explained by the present
knowledge of the bedrock geology.
 Recent geophysical interpretation by independent consultants
suggests the gravity anomaly is related to a major deep-seated
mafic intrusive complex.
 Where exposed, the bedrock comprises highly metamorphosed
gneiss and several gabbroic ring dyke complexes and gabbroic
intrusives (mafic to ultramafic).
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SWEDEN’S LARGEST POSITIVE GRAVITY ANOMALY
Lapland Ni-Cu-PGE
Project Location
Gravity map over northern Sweden, from Bergman et al.,
(2001). Muonionalusta Gravity High (MGH) within red ellipse.
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MGH – SIGNATURE HOT-SPOT
The MGH:
 represents the loci of very anomalous, mantle derived
magmatic flux into the crust and is therefore a site of inherent
prospectivity
 can be considered as the signature of a “hot-spot”
 may be associated with a mantle plume
 might equally represent a major favourable tectonic
intersection that has received multiple pulses of magma over
a protracted time.
Dr Jon Hronsky, January 2015 (Independent Consultant)
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LAPLAND – KEY CRITERIA MET
 Craton Margin – The MGH is located
within close proximity to the BotniaPajala megashear and the
interpreted Norrbotten and Karelian
Craton margin (Lahtinen et al, 2007).
 Regional Gravity High – Pronounced
regional gravity high (40-50mgal)
and subtle coincident magnetic high.
Individual magnetic/gravimetric
anomalies associated with mapped
mafic-ultramafic intrusives.
 Intrusives – Multiple mapped maficultramafic intrusives are located
within an upper-amphibolite gneissic
terrane.
MGH
C.J. Carlon, 2000
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LAPLAND PROJECT – CRATON MARGIN
 Craton Margin
The Nova deposit is owned by Sirius Resources Ltd (ASX:SIR) and is
referred to in this presentation as an example of a world class
magmatic Ni-Cu-PGE deposit.
MGH
 MGH sitting on the Norrbotten
Craton margin, Northeastern Sweden
 Nova Ni-Cu deposit sitting on the
Yilgarn Craton margin, Western
Australia
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LAPLAND PROJECT – GRAVITY HIGH
 Regional Gravity Anomaly
MGH
 Muonionalusta Gravity High (MGH)
(40-50Mgal), Northeastern Sweden
 Nova Ni-Cu deposit sitting on
axis of the Fraser Range Gravity
Complex (15-20Mgal), Western
Australia
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LAPLAND PROJECT – INTRUSIVES
 Mafic-Ultramafic Intrusives within Highly Metamorphosed Terrane
MGH
 Multiple mafic-ultramafic intrusives
within upper-amphibolite facies
terrane. The centre of the MGH is
shown by the dashed zone.
 Nova Ni-Cu deposit sitting on
the limb of a gabbro intrusive
within the granulite facies
Fraser Zone terrane.
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IMPLICATIONS FOR MINERALISATION
 Major deep-seated mafic intrusives can be an important
component in mineralising systems.
 Economic mineralisation within or near the MGH could
potentially include:







Massive to disseminated Cu-Ni-PGE
Stratiform Cr
Reef style PGE
Fe-Ti-V deposits
Hydrothermal Au-Cu
IOCG mineralisation
REE mineralisation within pegmatites
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MAGMATIC NI-CU-PGE DEPOSITS
Examples of magmatic Ni-Cu-PGE deposits include:










Bushveld (South Africa)
Duluth (USA)
Norilsk-Talnakh (Russia)
Jinchuan (China)
Pechenga (Russia)
Voisey’s Bay (Canada)
Eagle (USA)
Nebo Babel (Western Australia)
Nova (Western Australia)
Sakatti (Finland)
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PAHTOHAVARE COPPER-GOLD

Potential for 2-3 high grade copper deposits
across the Project

At Southern, there is high potential for
continuation of copper ore beneath the
lowest mined level ~200m. Historical
production of ~1.7Mt @ 1.9% Cu, 0.9g/t Au

At Central, there is high potential for
continuation of copper-gold sulphide ore
beneath oxide ore

At Central, metallurgical testwork results on
oxide copper ore is positive, an internal
scoping study to assess CAPEX and OPEX is
planned

Between Southern and Central there is
potential for copper-gold ore, currently ZERO
drilling testing contiguous host stratigraphy

Drilling workplan to test copper-gold sulphide
targets recently granted by Mining Inspector
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PAHTOHAVARE – SOUTHERN DEPOSIT
Proposed drillholes
Historical drives
~200m from surface
Lowest mined level
“DRILL HERE” - Untested
depth potential
Mined out orebody (blue)
Drill ready copper sulphide targets beneath current high-grade copper sulphide mineralisation at Southern
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PAHTOHAVARE – CENTRAL DEPOSIT
Bottom of
oxidation
“DRILL HERE” - Untested sulphide
potential (beneath the oxide ore)
Drill ready copper sulphide targets beneath currently defined oxide copper mineralisation at Central
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PAHTOHAVARE – CENTRAL DEPOSIT
In summary:

80% of the copper can be recovered using an acid leach;

94-99% of all copper bearing minerals are present as chrysocolla or chrysocolla with
chlorite/smectite or iron oxide/hydroxides (>94%) across all size fractions;

<5% of the copper containing minerals are present as chalcopyrite, bornite and chalcocite;

no observations of malachite or azurite; and

4-8% by weight of the master composite is comprised of copper containing minerals.
Sample
Distribution
Head
100%
Acid Soluble
80%
Cyanide Leach Soluble
1%
Residue
19%
Figure: QEMSCAN results showing abundance and distribution of copper
mineralisation across a range of size fractions within the master
composite.
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RAKKURI IRON
Rakkurijoki

Current JORC Inferred resource of 74.5Mt @ 39.7% Fe
(down to 350m) - mineralisation currently open at a
depth of >400m - positive scoping study completed in
February 2013
Operating iron mine
at 1,365m depth
Rakkurijärvi

Current JORC Inferred resource of 69.6Mt @ 28.5% Fe
(drill spacing to 150m) - mineralisation currently open
at a depth of ~150-300m; additional resource drilling
required
Rakkuri (Combined)

Ore upgrades to +68% Fe product (DTR-analysis) &
requires flotation of sulphides

Excellent location for mining - 4km from Kiruna, ~1km
from open access, heavy gauge rail, 250m from the
road

Area of national interest for mining & reindeer herding

Potential for a 15 year open pit mining operation
Potential open pit
iron ore mine
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LANNAVAARA IRON

Potential large, long-life (+25 year)
project; at the conceptual stage

Proven high iron content product
(+69% Fe) & requires flotation of
sulphides.

Completed initial consultations
with stakeholders in three
countries

Completed study into technical
feasibility of slurry pipeline – positive

Planned study into
environmental approvals and
social licenses to operate
3D airborne magnetic image showing 3.5km
strike length of magnetite mineralisation
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LAKE JOHNSTON NICKEL

Nickel targets located adjacent to Poseidon
Nickel Limited’s (ASX:POS) Lake Johnston
Project

Hannans’ 20% interest free carried by
NeoMetals Ltd (ASX:NMT) through to a
Decision to Mine
Two diamond drillholes (755m apart)
completed in October 2014 were designed to
intersect pronounced aeromagnetic
anomalies.
Both holes intersected a classic maficultramafic pile of gabbro, amphibolite and
serpentinite before entering the pillowed
basalt footwall.
Serpentinised cumulate zones in both holes
contained very fine grained sulphides and
were elevated in nickel. Assay results from
MGD001 include 38m @ 0.24% Ni from
335m.
The serpentinised cumulate zone in MGD002
was considerably thicker than that intersected
in MGD001. Assay results now expected to be
received during February 2015




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LAKE JOHNSTON NICKEL
Photomicrograph showing nickel mineralisation from MGRC059. 29
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REDUCING THE COST OF EXPLORATION
 Hannans subsidiary Scandinavian Resources AB is developing a
system to reduce the cost of exploration associated with collecting
project and prospect scale geophysical data (magnetics,
electromagnetics and gravity).
 Our data will supplement the extensive regional data sets made
available on ‘open file’ by the Geological Survey of Sweden
 System has the potential to be 100X faster than ground surveys
(magnetics) and cost effective
 Test flights scheduled for March 2015
 Potentially a ‘competitive advantage’ for Scandinavian Resources in a
jurisdiction that relies heavily on the use of geophysics due to the
extensive coverage of glacial moraine.
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CONTACT DETAILS
For further information please contact:
Damian Hicks, Managing Director
+46703220226 (M)
[email protected] (E)
Amanda Scott, Exploration Manager
+46703225133 (M)
[email protected] (E)
Mindy Ku, Finance & Compliance Manager
+61893243388 (T)
[email protected] (E)
www.hannansreward.com (W)
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COMPLIANCE STATEMENTS
The information in this document that relates to exploration results is based on information compiled by Amanda Scott, a
Competent Person who is a Member of the Australian Institute of Mining and Metallurgy (Membership No.990895). Amanda
Scott is a full-time employee of Hannans Reward Ltd. Amanda Scott has sufficient experience, which is relevant to the style of
mineralisation and types of deposits under consideration and to the activity which has been undertaken to qualify as a
Competent Person as defined in the 2012 edition of the Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves (JORC Code). Amanda Scott consents to the inclusion in the report of the matters based on her
information in the form and context in which it appears.
The information in this document that relates to Mineral Resource and Exploration Target Estimates for Pahtohavare is
extracted from the report entitled “Re-Release of Maiden JORC Resource at Pahtohavare To Comply With JORC” created on 31
January 2014 and is available to view on the Company’s website (www.hannansreward.com). The Company confirms that it is
not aware of any new information or data that materially affects the information included in the original market
announcement and in the case of Mineral Resources or Ore Reserves that all material assumptions and technical parameters
underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The
Company confirms that the form and context in which the Competent Person’s findings are presented have not been
materially modified from the original market announcement.
The information in this document that relates to Mineral Resource Estimates for Rakkurijoki and Rakkurijärvi is extracted from
the report entitled “Kiruna Iron Project JORC Resource Update” created on 17 January 2012 and is available to view on the
Company’s website (www.hannansreward.com). The Company confirms that it is not aware of any new information or data
that materially affects the information included in the original market announcement and in the case of Mineral Resources or
Ore Reserves that all material assumptions and technical parameters underpinning the estimates in the relevant market
announcement continue to apply and have not materially changed. The Company confirms that the form and context in which
the Competent Person’s findings are presented have not been materially modified from the original market announcement.
32