1 Accessing Capital for African Mining Projects Greg Ferron Senior Manager, Global Mining, Listings Toronto Stock Exchange and TSX Venture Exchange 3 rd Annual Investing in African Mining

2 Disclaimer This document is for information purposes only and is not an invitation to purchase securities listed on Toronto Stock Exchange and/or TSX Venture Exchange or Natural Gas Exchange. TMX Group Inc. and its affiliates do not endorse or recommend any securities referenced in this document. Please seek professional advice to evaluate specific securities. While the information herein is collected and compiled with care, neither TMX Group Inc. nor any of its affiliated companies represents, warrants or guarantees the accuracy or the completeness of the information. You agree not to rely on the information contained herein for any trading, business or financial purpose. This information is provided with the express condition, to which by making use thereof you expressly consent, that no liability shall be incurred by TMX Group Inc. and/or any of its affiliates as a result of any errors or inaccuracies herein or any use or reliance upon this information. © 2009 TMX Group Inc.

3 Contents 1.Globally Competitive Exchanges 2.Current Mining Market Activity and Africa on TMX 3.Accessing TMX

4 Canada’s Economy and TMX are Robust Currency – Increasing against the USD Strong Banking System Resource-Rich Potash, Uranium, Oil Sands, Natural Gas, Nickel, Copper Increased Investment from China Access to Capital at Early Stage for Juniors Balanced Corporate Governance Model Canada TMX Record Year for Financing ~40% of daily trading comes from international brokers 1 st in Mining – 57% of the world’s public mining companies 1 st in Energy – 43% of the world’s public energy companies Record Year in Mining Diversified Mining Exchange

5 TMX Group is a Multi-Asset Class Market Leader (53% Ownership) (47% Ownership) (19.9% Ownership) Data Energy Derivatives Fixed Income Equities

6 Access to Capital on Toronto Stock Exchange EQUITY FINANCING ON TORONTO STOCK EXCHANGE (C$B) $ YTD September equity capital raised surpasses equity capital raised in all of 2008 $21.1 $25.8 $37.6 $46.5$46.2 $41.8 $47.6 $35.3 $44.5

7 International Investment Community Trades on Toronto Stock Exchange 25 International Brokers including:  Barclays Capital  Citigroup  CSFB  Deutsche Bank  Goldman Sachs  HSBC  JP Morgan  Macquarie Capital Markets  Merrill Lynch  Morgan Stanley  Raymond James  Thomas Weisel  State Street  UBS 80 Canadian Brokers including:  BMO Nesbitt Burns  Canaccord  CIBC World Markets  GMP Securities  RBC DS  Scotia Capital Markets  TD Securities  National Bank Financial ~40% of TSX daily trading originates from international brokers for their institutional and retail clients Average Daily Volume Toronto Stock Exchange Shares Traded (millions)

8 Average Number of Analysts by Size of Mining Company Market Capitalization (C$ Millions) > <25 Source: Thomson One Global Visibility Companies of all sizes receive analyst coverage

9 Contents 1.Globally Competitive Exchanges 2.Current Mining Market Activity and Africa on TMX 3.Accessing TMX

10 Mining activity on Toronto Stock Exchange has increased significantly this year Top 3 Mining Financings in September Barrick Gold Corporation - $4.3B SO 2.Paladin Energy Ltd. - $400M PP 3.Silver Wheaton Corp. - $308M SO Eight financings in September were over $100 M

11 Mining Dealflow on TMX in 2009  Increase in gold, silver, copper and uranium financings $19.7 billion raised across all commodities in the first ten months of 2009 (including TSX VN) Producers and developers accessing most of the capital until second half of 2009 Significant capital raised for projects in Africa and by TSX listed international mining companies  Increase in consolidations and takeover bids between TSX and TSXV miners and with International miners including recent examples - Goldcorp and Canplats, First Quantum and Kiwara Plc, Randgold and Moto, Cliffs and Freewest  New players coming to our markets – investors, senior management and foreign mining companies Shift of activity to traditional mining exchanges both management and capital  Significant improvement in valuations on both TSX and TSXV S&P/TSX Metals and Mining Index, TSX Mining Sector and TSXV mining sector valuations bouncing back; up 240%, 50% and 83% respectively this year  Earlier stage capital returning to TSX Venture Exchange Exploration financings returned to historical levels in June 2009 $1.8 Billion raised in over 1,000 + financings this year and new listings are active  Signs of life: Bought deal financings picked up significantly earlier in 2009 IPO market is starting to open up Trading volumes remain robust - volume up 15%, value down (27%) and number of trades up 5% Increase in interlisted mining companies

12 Mining Market Comparison for YTD September 2009 TSX is having a record year for mining finance TSX LSE ASX TSXV AIM No. of Issuers Listed $310B $383B $237B $16B $17B Quoted Market Value (C$) $17B 1 $20B 2 $11B 3 $1.5B $1.0B Equity Capital Raised (C$) No. of Financings No. of New Listings 1 Includes $4.3B Barrick Gold financing 2 Includes $12.4B Rio Tinto and $7.2B Xstrata financings 3 Includes $4.2B Rio Tinto financing

13 International Mining Companies By The Numbers 123 Mining Companies $47B Market Cap $4B Raised Through 140 Financings 10B Shares Traded Through 5 Million Transactions 5 Average Number of Analysts Covering Int’l Mining Cos. As at and YTD September

14 Dual Listing Market Continues to Evolve on TSX Key Trends Growing number of dual listed success stories Dual listed cos. have steadily built profile Greater interaction between key mining exchanges Significant trading and capital raised on TSX Improvements in home market valuations and trading liquidity More mines put into production Streamlined dual listing process New trends Dual Listed Companies:

15 Source: Exchange Websites *Includes RTOs and QTs on TSXV TOTAL NUMBER OF MINING ISSUERS TMX exchanges continue to list more mining companies than any other market NUMBER OF NEW MINING LISTINGS IN 2008NUMBER OF NEW MINING LISTINGS YTD SEPT 2009

16 TMX is the Top Exchange for Mining in Africa 169 Number of Companies Mining in Africa 681 Number of African Mining Properties 44 Number of Countries in Africa Where TSX/TSXV Cos. are Mining 68 Number of Financings for African Mining Projects $2.1B Amount of Equity Capital Raised so far This Year for African Mining Projects

Number of TSX and TSXV Mining Companies Operating in Africa by Region Top 10 Countries South Africa Burkina Faso DRC Mali Tanzania Ghana Namibia Niger Botswana Guinea TSX and TSXV Mining Companies in Africa

18 1. First Quantum Minerals Ltd.: $345 million raised for copper and diamond in DRC, Mauritania, Zambia 2. IAMGOLD Corp.: $345 million raised for gold in Burkina Faso 3. Katanga Mining Ltd.: $282 million raised for copper in DRC 4.Equinox Minerals Ltd.: $184 million for copper in Zambia 5.Red Back Mining Inc.: $165 million for gold in Ghana, Mauritania 6.Banro Corporation: $117 million for gold in DRC 7.Centamin Egypt Ltd.: $98 million for gold in Egypt 8.Denison Mines Corp.: $95 million* for uranium in Zambia 9.Moto Goldmines Limited.: $50 million for gold in DRC 10.Semafo Inc.: $40.5 million for gold in Guinea, Niger, Burkina Faso Top 10 Financings into Africa Source: Gamah International, September 2009, Compiled by TMX Group *Denison Mines raised $214 million through three financings. Amount raised for Zambian project is an estimate.

19 Contents 1.Globally Competitive Exchanges 2.Current Mining Market Activity and Africa on TMX 3.Accessing TMX

20 How can AIM or International companies access TSX?  Public mining companies dual list on a TMX exchange and remain listed on home exchange  Private companies can access via IPO or RTO/CPC  Access the TSX or TSXV through an M&A transaction or the Capital Pool Company Program (CPC) 33 Mining Qualifying Transactions in the first nine months of available CPCs currently trading on TSXV 2,021 listed CPCs since inception and 80% Qualifying Transaction rate 247 CPCs currently trade on a TSX

21 Centamin Egypt Ltd. TSX:CEE ASX:CNT LSE:CEY An Australian Based Dual Listed Success Story Focused on Gold Exploration in Egypt ExchangeToronto Stock Exchange Date of ListingApril 4, 2007 Type of ListingDirect Listing Interlisting Listed on ASX on October 8, 1970 Listed on AIM on December 21, 2001 and moved up to LSE on October 7, 2009 Financings $134.4 Million Private Placement in November 2007 $69 Million Secondary Offering in February 2009 Market Capitalization$2.2 Billion (as of October 26, 2009) Trading 2008 Average Daily Trading Volume: 856,330 shares 2009 YTD September Average Daily Trading Volume: 2,852,770 shares Analyst Coverage13 UK analysts and 3 Canadian analysts cover Centamin Egypt Ltd. (as of October 26, 2009) Company Description Centamin has been exploring for gold in Egypt since 1995, and in 2005 was granted a 160km 2 exploitation lease over the massive Sukari Hill gold project.

22 Equinox Minerals Limited TSX:EQN ASX:EQN An Australian Based Dual Listed Success Story Focused on Copper in Zambia ExchangeToronto Stock Exchange Date of ListingJune 29, 2004 Type of ListingCanadian IPO by Prospectus Offering InterlistingListed on ASX on June 21, 2004 Financings $17.25 Million IPO in June, 2004 $155.6 Million through three private placements in 2005 $139.1 Million through two private placements and one secondary offering in 2006 $215.3 Million secondary offering in March, 2007 $160.0 Million Secondary Offering in April 2009 Market Capitalization$2.5 Billion (as of October 27, 2009) Trading 2008 Average Daily Trading Volume: 2,898,471 shares 2009 YTD September Average Daily Trading Volume: 4,871,673 shares Analyst Coverage 15 Australian analysts, 13 Canadian analysts and 2 US analysts cover Equinox Minerals (as of October 26, 2009) Company Description Equinox Minerals Limited is an international mining company focused on operating its 100% owned Lumwana Copper Project in Zambia.

23 TMX Group has listing criteria specifically for the mining sector This table is an overview. For detailed listing requirements, go to

24 Companies can capitalize on TMX Leadership

25 Contact Information Greg Ferron Senior Manager, Global Mining, Listings Toronto Stock Exchange & TSX Venture Exchange