Hollywood, Florida February 22-25, 2009 BMO Capital Markets 2009 Global Metals and Mining Conference Kinsevere Stage II Construction

2 This presentation contains historical and forward-looking statements. The forward-looking statements involve risks and uncertainties particularly with respect to reserves and resources, development and expansion plans, production levels, production costs, political events and operational capabilities. Forward looking statements appearing in this presentation represent management’s current estimates and these may change significantly as new information comes to hand. The information contained in this presentation has been obtained by Anvil from its own records and from other sources believed to be reliable, however no representation or warranty is made as to its accuracy or completeness. Disclaimer

3 Anvil in the DRC ▪DRC copper producer with strong operational presence in the Congo Copperbelt ▪Three mines: Dikulushi 1, Kinservere 2, and Mutoshi 3 ▪Kinsevere is a world class high-quality project set to produce 60ktpa of copper cathode with significant equity already invested ▪Strategy to preserve cash in current low Cu price market implemented quickly ▪Zero debt 1. Care and Maintenance Dec.‘08 2. HMS Plant on Care and Maintenance Dec.‘08; 3: HMS operation completed; move to next phase

4 Corporate Overview Directors Senior Management Bill Turner President and CEO Robert La Vallière Vice President Corporate Affairs Craig Munro Snr. Vice President Corporate and CFO Jeff Knuckey Vice President Human Resources Toby Bradbury Vice President Operations, DRC Stuart McKenzie Corporate Secretary Paul Chare General Manager and Project Director Kinsevere Stage II Lui Evangelista Financial Controller John Sabine Chairman (non-exec) Bill Turner President and CEO Peter Bradford Director (non-exec) Tom Dawson Director (non-exec) Kenneth Brown Director (non-exec) Capital Structure and Trading ▪TSX and ASX listed: AVM ▪Issued shares: 71.2M ▪Average daily volume: 380k ▪Market cap: ≈ C$110M

5 DRC as an Investment Destination ▪ Highest grade openpitable copper deposits in the World ▪New Mining Code 2003 (World Bank) ▪Newly elected Democratic Government (2007) ▪Significant Multilateral and Bilateral engagement ▪Over $3 billion raised publicly since 2005 for mining projects ▪DRC Mining Review nearing completion 120kv hydro-electric transmission line & access route

Anvil has significant experience in developing and operating projects in the DRC. 6 DRC Experience Tonnes of Contained Copper 1,213 Dikulushi Mine Startup 11,716 Dikulushi Stage II 19,200 47,633 Mutoshi Stage I HMS Operation Kinsevere Stage I Mine Startup 12,073 42,574 41,000 Kinsevere Mutoshi Dikulushi

7 DRC Mining Review Process ▪Process commenced in mid 2007 ▪Agreement with Gécamines and DRC Government achieved in Jan 09; – Kinsevere: no change to the equity interest – Anvil (95%). The amended agreement includes: – additional entry premium of $15M – Gécamines to have one senior management appointment in JV and three members on an Advisory Committee – increased employment opportunity for Gécamines – preferred use of local suppliers – Dikulushi Mining Convention: no change – Mutoshi: ongoing discussions with Gécamines to complete Amendment Agreement

8 Cash Conservation Anvil has taken a proactive approach to conserving cash following the sharp falls in copper prices. SiteDescriptionCash Conservation Kinsevere Major open pit mining operation, HMS processing plant, two electric-arc furnaces and a future 60ktpa SX-EW plant Mining suspended in Dec 08 Construction of Stage II SX-EW plant placed on hold Dikulushi Anvil’s first mining operation; in production since 2002 Transition from Open Pit to Underground Concentrate production and underground development suspended. Placed on care and maintenance in Dec 08 Mutoshi Stage I – HMS Cu concentrate in production since Q4‘05. Need to move to a Stage II SX-EW; Resource upgrade in Q2‘09 Mining and processing activities suspended in 2008 Regional exploration discontinued

9 Near Term Objectives ▪ Finalise debt funding and recommence construction of Kinsevere Stage II SX-EW ▪ Continue to shepherd the Company’s cash reserves ▪ Complete Kinsevere resource and reserves update ▪ Finalise Mining Review documentation for Mutoshi Kinsevere Central pit

10 ▪ 25 years - Lease Agreement with Gécamines ▪ Amendment Agreement with Gécamines finalised January 2009 ▪ Measured and Indicated Resources (Year-end 2008): – oxide: 798kt ASCu (Acid soluble) – sulphide: 139kt total Cu – average oxide grade: 3.6% Cu ▪ Expected operating parameters: – annual production 60kt Cu cathode – cash cost of production: – C1 $0.88/lb – C3 $1.18/lb – mine life of 10+ years Kinsevere C1: Cash cost at mine gate + realisation costs + transportation and marketing C3: C1 cash cost + royalties + depreciation & amortization

11 High Grade Best intersection (sulphide + oxide) 4.6% Cu.

12 Long Life Large deposit supporting at least 10 years of mine life.

13 Kinsevere Stage II Outlook ▪ Funding – funds spent or committed: US$180 million – estimated cost to complete: US$200 million ▪ Timetable 1 Debt funding finalised May 09 June 09 Aug-Sep 09 Project completion Q First drawdown Recommence on-site construction works Q Initial SX-EW Cu production 1. Timetable contingent on securing financing in Q2‘09

Project status Plant and equipment on site ▪ Complete 2.55 MW ball mill ▪ Crusher and apron feeder ▪ 50% of electro-winning cells ▪ 50% of cathode plates and anodes ▪ Tailings dam liner 14 Construction Plant and equipment in transit to site ▪ Cathode stripping machine ▪ 50% of cathode plates and anodes ▪ Pin bed clarifier ▪ All transformers and rectiformers

15 CCD Tanks Stage II Tails Storage Facility +2% Ore Stockpile Low Grade Stockpile EAF Building Present ROM Mine Contractor Workshops Construction Offices Stores & Workshops PLS & RAF Ponds E/W Cell Manufacturing Bldg Leach Tanks HG Thickener Grinding Mill Stage II Crusher Area Stage I HMS Plant Re-agents Store Electrowinning Building Low Grade SX High Grade SX E/W Cells awaiting installation Stores Laydown (Future SX Expansion) Junior Camp Kinsevere Stage II as at January 2009 Crusher Kinsevere Stage II Construction—August 2008 CCD Thickeners HG-SX LG-SX Electro-winning Reagents Area Ball Mill Leach Tanks PCI—EW Cells Workshop General Workshops Crusher Kinsevere Stage II Construction—August 2008 CCD Thickeners HG-SX LG-SX Electro-winning Reagents Area Ball Mill Leach Tanks PCI—EW Cells Workshop General Workshops

16 ▪ On Care & Maintenance since Dec 08 – postponement of the U/G development – uneconomical in present Cu price environment ▪ Start-up conditional upon Cu market improvement – resource open at depth and to the east – drilling program at depth Dikulushi Dikulushi processing plant

17 Mutoshi Anvil tenements cover 29% of the Kolwezi Klippe Mutoshi tenement area: 105km 2 ▪ Scope drilling program completed across Mutoshi tenement in 2008 – Significant Cu and Co mineralisation ▪ Potential for large bulk oxide mining and processing operation ▪ Engineering Cost Study completed on transition from existing HMS to SX-EW processing ▪ Further metallurgical test work and infill drilling required

18 Social & Community Development Programs ▪ Anvil committed to sharing the benefits with the local community and making a meaningful difference ▪ Anvil leading the way amongst international mining companies in the DRC ▪ US$18M invested in the DRC to date: – 9 Schools (3,740 students) – Refurbishing of the Kilwa Hospital and the Mwangeji Hospital; 2 medical clinics – 71 fresh water wells (in over 60 villages) – Over 100km of road refurbishment work – Support to at least 5,400 small-scale farmers Refurbished Kilwa Hospital New Lumekite School

Summary ▪ Significant experience developing and operating projects in the DRC ▪ Successful outcome from mining review achieved for Kinsevere & Dikulushi ▪ Kinsevere Stage II SX-EW is now Anvil’s flagship project  low cost, long life, 60ktpa production  material free cash flow starting mid 2010  $180M spent so far; debt funding is well advanced ▪ Well placed to weather the current downturn by preserving cash through the temporary closure of unprofitable operations ▪ Significant upside potential with large sulphide resources at Kinsevere and the future development of the Mutoshi project 19

20 Please Visit us Contact Craig Munro – Snr Vice President Corporate & CFO Telephone: Fax: Robert LaVallière - Vice President Corporate Affairs Telephone: +1 (514) Fax: +1 (514) Mobile: +1 (514) 944 Dikulushi at dusk