On behalf of the board of Directors of Relentless Resources Limited (Relentless), I am delighted to present you with this Prospectus
and invite you to become a shareholder in our company.
Since its establishment in 2012, Relentless has made exceptional progress and is now seeking additional funding to assist with the
ongoing exploration and development of its exciting Heavy Mineral Sands (HMS) projects.
Heavy minerals are defined as minerals having a higher density than quartz (2.65 g/cm3
). Of the numerous heavy minerals, only a
few have economic significance due to their properties and prevalence. The mostly exploitable heavy minerals with a density of >3.7
ilmenite, leucoxene, rutile and zircon, are of most interest to Relentless.
Globally, very large deposits of heavy minerals such as ilmenite, rutile and zircon form so-called beach placers or strandline
deposits. Titanium minerals such as ilmenite, rutile and leucoxene usually form the largest proportion of HMS deposits. They
are used to manufacture TiO2 feedstock the largest end-use of which is titanium dioxide pigment, accounting for around 90%
of consumption globally. Pigments are used in paints and coatings, plastics, paper, inks, fibres, food and cosmetics to provide
brightness, whiteness and opacity. Non-pigment applications include titanium sponge, titanium metal, welding electrode fluxes and
other specialised products. Zircon is chemically inert and has high heat conductivity. The main end-use for zircon can be broadly
categorised as ceramics, speciality chemicals and materials, refractories and foundry castings.
Global demand for titanium feedstock is forecast to increase by 2.5% CAGR over the period 2017 to 2025 reaching just under 9
million TiO2 Units by the end of the forecast period. Strong growth of 5.4% CAGR is anticipated for the titanium metal sector over the
same period. 1
Global demand for zircon is estimated at 1.2 million tonnes in 2017. Demand growth is forecast to be strongest in the zirconia/
zirconium chemicals sector followed by ceramics, foundry and refractories markets. Supply remains the greatest cause of
uncertainty in the global zircon market as it is not obvious where future supply will be sourced to meet the ongoing demand
requirements of the sector. 1
All Relentless’ projects are located in the North Murray Basin in New South Wales. The Murray Basin hosts a number of significant
HMS projects owned by other companies in New South Wales as well as Victoria and South Australia. As such it is a globally
recognised HMS province.
As the demand for products utilising HMS products grows globally, and is currently experiencing significant output shortfalls,
Relentless considers that it is well positioned to capitalise on this growing demand.
Relentless is seeking to take the higher-grade strandline Copi Project into production whilst exploring and delineating resources on
the other tenements to deliver a globally significant business in the North Murray Basin.
Historical data and market experience has highlighted that Australia has a genuine competitive advantage in relation to the
production and exploration of HMS, and that the grade and quality of the product explored and produced in Australia is equal to or
superior to that found elsewhere in the World.
Both the Board and the Relentless management team consist of highly qualified, experienced personnel that bring together a broad
range of exploration, project development, management, commercial and technical skills. In addition, the Board and management
team understand the obligations of a public organisation and are prepared to work diligently, within a focussed and disciplined
business culture, to deliver a satisfactory return to Relentless shareholders.
The Board believes Relentless’ assets are located in the right place, with the right people, to be able to deliver the right product,
at the right time.
Under this Prospectus, Relentless is seeking to raise $8,000,000, with the ability to take $2,000,000 in oversubscription
(before costs) by the issue of 16,000,000 new Shares (with 4,000,000 oversubscription Shares) under the Offer at a price of
$0.50 per Share. The money raised will be used to fund Relentless’ exploration program, environmental impact study, detailed
feasibility study, and the costs of the Offer.
This Prospectus contains information about Relentless, the Offer and the industry in which Relentless operates. It also contains
detailed information in Section 5 about the potential risks of investing in Relentless. The Shares, the subject of this Prospectus,
should be considered a speculative investment. I urge you to read this Prospectus carefully and thoroughly, as well as consulting
with your professional advisers, as required.
The Directors are pleased to present this Prospectus and invite you to take part in this exciting investment opportunity in the mining
and resources sector. I look forward to warmly welcoming you as a shareholder of Relentless.