1. STRATEX IN DJIBOUTI – A CASE HISTORY
DAVID J. HALL – Executive Director

2. Disclaimer
These presentation slides (the “Slides”) do not comprise an admission document, listing particulars or a prospectus relating to Stratex International plc (“the Company”) or any subsidiary of the Company, do not constitute an offer or invitation to purchase or subscribe for any securities of the 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 in the Company. The Slides and the accompanying verbal presentation are confidential and the Slides are being supplied to you solely for your information and may not be reproduced or distributed to any other person or published, in whole or in part, for any purpose. 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The Slides and their contents are confidential and should not unless otherwise agreed in writing by Northland Capital Partners Limited be copied, distributed, published or reproduced (in whole or in part) or disclosed by recipients to any other person. Northland Capital Partners Limited has not authorised the contents of, or any part of, the Slides and no representation or warranty, expressed or implied, is made by as to any of its contents. MAY 2013

3. Overview WHO IS STRATEX ?
Focussed on exploration and development of gold and high-value base metals, AIM-quoted STRATEX INTERNATIONAL is active in Turkey, East Africa and West Africa and, in the seven years since it was listed, has discovered more than 2.2 million ounces of gold and 7.9 million ounces of silver.
The Company has a successful track record in forming joint-venture partnerships with both successful local private companies and major international mining companies, including Antofagasta, Centerra and Teck in Turkey, and Thani Ashanti in East Africa.
Company Value - £24 Million
Company cash - £17.5 Million 3

4. Redefining Exploration Success
Stratex in Djibouti – invested over US$1.5 million to date
October 2009: Stratex discover epithermal gold in Afar in Ethiopia.
January 2010: First visit to Djibouti – meet with HE President Ismail Omar Guelleh
May 2010: Sign agreement for 5 EEL’s with Minister Moussa Bouh
October 2010: Field review with Dr. R. Sillitoe, world renowned consultant
Joint venture with Thani Ashanti – introduce one of world’s largest
gold mining companies into Djibouti
June 2011: New Minister Natural Resources - Fouad Ahmed Aye
February 2012: Pandora discovery Oklila EEL
June 2012: Exploration suspended by Minister Fouad
September 2012: Work recommences
April 2013: New Minister #3 – HE Ali Jacoub Mahamoud 4

5. Stratex-Thani Ashanti Joint Venture
Thani Ashanti – joint venture company (50:50) between Thani Group of Dubai and
AngloGold Ashanti – world’s 3rd largest gold mining company.
Thani Ashanti funded first US$1.4 million to earn 51% of Stratex projects in Djibouti
Thani Ashanti now investing US$4 million per EEL to earn 70%.
Standard industry joint venture sharing early stage exploration risk
NOTE Exploration HIGH RISK – no guarantee of economic success
Djibouti no domestic mining industry
Stratex initially identified potential for gold mineralization
View shared by Thani Ashanti
Number of early stage discoveries to be tested by first pass drill programmes in 2013

6. The Exploration-Mining Value Curve
The E & D
Business 
The Mining
 Business
VALUE
Resource definition
US$10M
Pre-feasibility
To Feasibility US$30M
Construction US$200M
High risk Exploration
US$1M to US$20M
No cost to Djibouti
POSITIVE
FEASIBILITY
LONG TERM VALUE ADDED
For countries and companies
Stratex-Thani-Ashanti
At this point
FINANCING & START-UP
CONSTRUCTION PROBLEMS
In recent times the brokers and markets have focused on the mining business……when will you be in production? Is the frequent question…………how much resources and reserves do you have? Not how far along are you in discovering major deposit? How many exploration projects have you in your portfolio? What is needed is the possibility of a major ore body that can be quickly and DECISIVELY tested.
E&D is where the most value is added – one drill hole could define a billion dollars of metal……………..and also the low risk end.
TIME
Discovery Development Production

7. Key Factors for Attracting Investment
Public policy factors that encourage or discourage investment include:
uncertainty concerning the administration of current regulations and environmental regulations;
regulatory duplication;
the legal system and taxation regime;
uncertainty concerning protected areas and disputed land claims;
Infrastructure;
Socioeconomic and community development conditions;
trade barriers;
political stability;
labour regulation;
quality of geological database; and
security, labour and skills supply, corruption and uncertainty.

8. What would a New Gold Mine mean to Djibouti?
TARGET 2 Million Ounce Contained Gold Deposit
In-situ value at US$1500/oz = US$3 Billion
Capital expenditure to build mine US$200 million
Production of 200,000 oz / annum at total production cost of US$1000/oz
Gross annual cash flow US$100 million
Djibouti state 5% plus 2% royalty = US$7 million per year
Djibouti tax revenues at 35% = US$35 million per year
Total of potential US$42 million per year direct income to Djibouti
PLUS employment, training, school and medical support for mine
ALL FINANCIAL RISK TAKEN BY THANI ASHANTI / STRATEX
SUCCESS BENEFITS EVERYONE - Republic of Djibouti, local population through employment,
development of infrastructure, etc.

9. Pandora Prospect, Oklila Licence, Djibouti

10. Pandora, Afar Project
g/t Au (P-CH-30)
KEY
g/t Au (P-CH-29)
Early channel sampling over main 1,500 m vein has identified wide gold- mineralised zones with multiple higher-grade intervals
Follow-up drilling anticipated Q3/Q – timing dependent on logistics
11.91 g/t Au over 2.60 m (P-CH-22)
20.35 g/t Au over 1.90 m (P-CH-17)
15.42 g/t Au over 1.65 m incl g/t Au over 0.50 m (P-CH-4) )
g/t Au (PS-CH-3)
65.7 g/t Au
g/t Au (PS-CH-4)
High-grade zones 10

11. Drilling – Key to Exploration Success
Drilling - US$180 per metre m = US$900,000
Assays for gold, silver and other elements US$35/sample = US$175,000
Plus camp support - US$500,000
Local labour
First testing drill programme to cost excess of US$1,575,000

12. The Next Steps in Djibouti
ONGOING REVIEW OF GEOLOGY AND GEOCHEMISTRY
FORMAL RECOGNISION OF JV BY MINISTRY; AWAITING NEW LICENCES FROM MINISTRY
PREPARE ROAD ACCESS AND CAMP SUPPORT AT OKLILA
FIRST PASS 5,000 METRE DRILL PROGRAMME IN Q TO TEST PANDORA –
AIMS TO PROVE EXISTENCE OF ECONOMIC GOLD GRADES AT DEPTH ALONG 1,500 METRES STRIKE
INSHALLAH SUCCESS
LEAD TO MORE INVESTMENT
10,000 METRES OF ADDITIONAL DRILLING
DEVELOPMENT
DJIBOUTI’S FIRST GOLD MINE

13. Thank You!