1 Record Breaking Year for Global Mining Finance Greg Ferron Senior Manager, Global Mining, Listings Toronto Stock Exchange and TSX Venture Exchange Russia and CIS Presentation

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3 Contents 1.Globally Competitive Exchanges 2.Mining Sector 3.Uniqueness of TSX and TSXV

4 8 th largest exchange group By domestic market cap 1 1 st in North America 2 nd globally By number of issuers 1 4 TMX Group - Global Leader in Equities 6 th largest exchange group By equity capital raised 2 1 Issuers on TSX and TSXV (WFE, Dec 2009) 2 (WFE and Capital IQ, Dec 2009)

5 Canada’s Economy is Stable and TMX is Robust Currency – Increasing against USD Strong Banking System Resource-Rich Potash, Uranium, Oil Sands, Natural Gas, Nickel, Copper, Gold Increased Investment from Asia Access to Capital at Early Stage for Juniors Balanced Corporate Governance Model Canada TMX 1st in Mining and 1st in Energy for public companies Record Year in Finance Market Choice for Resource and SME Companies Sustained Access to Capital Strong Trading Liquidity Access to U.S. capital without higher cost of regulatory compliance

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

7 TMX Group Serves Companies at all Stages of Growth Market capitalization Toronto Stock Exchange and TSX Venture Exchange As at December 31, 2009 Unique feeder system 451 graduates + 73 M&A* *From January 1, 2000 – December 31, Issuers 478 Issuers 472 Issuers Toronto Stock Exchange issuer base: 1,462 issuers, ~$1.8 trillion market cap TSX Venture Exchange issuer base (excludes NEX): 2,178 issuers, ~$35.8 billion market cap 2036 Issuers Issuers

was a record year for equity financing on TMX Group Equity Financing on Toronto Stock Exchange and TSX Venture Exchange 1997 to 2009 ($ Billions) *TSX Venture Exchange commenced operations on November

9 Total International Listings as at December 31, 2009 = 281 TSX = 155 listings, QMV=$74.8B TSXV =126 listings, QMV= $3.2B Total International Listings as at December 31, 2009 = 281 TSX = 155 listings, QMV=$74.8B TSXV =126 listings, QMV= $3.2B *Other includes Caribbean, Channel Islands, Guernsey TMX Group International Listings by Country/Region TMX Group International Listings by Sector International companies list on our exchanges

10 International Investment Community Trades on Toronto Stock Exchange ~35% of daily trading originates from International firms Volume CAGR 14% Transactions CAGR 37% Toronto Stock Exchange Volume and Transactions ( ) 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 Adams  CIBC World Markets  GMP Securities  RBC DS  Scotia Capital Markets  TD Securities  National Bank Financial

11 Contents 1.Globally Competitive Exchanges 2.Mining Sector 3.Uniqueness of TSX and TSXV

12 Equity capital raised globally for mining has increased dramatically Source: Gamah International, , compiled by Toronto Stock Exchange Global Mining Equity Financing Trend (C$ Billions) During this period TSX and TSXV captured on average: 80% of total number of mining financings 36% of total equity capital raised globally 27% compound annual growth rate

13 TMX: Record Breaking Year for Mining Australia: $2.2 B raised by Australian Cos. Africa: $2.6 B raised for projects Latin America: $3.5 B raised for projects North America: $4.3 B financing by Barrick Gold Corporation (TSX:ABX) was the largest in Toronto Stock Exchange and Canadian history Over $22 B raised on TSX/TSXV in 2009 for mining Over 1900 financings 75 financings over $50 M

14 Source: Exchange Websites *Includes RTOs and QTs on TSXV TOTAL NUMBER OF MINING ISSUERS New listings activity continues to shift to TMX Group equity exchanges TSX/TSXVLSE/AIMASXNYSE AmexNYSEHKExJSE n/a n/a n/a6 NUMBER OF NEW MINING LISTINGS 2005 to 2009

15 Mining Market Comparison for 2009 Mining Stock Exchange Comparison for 2009 TSX LSE ASX TSXV AIM No. of Issuers Listed $347B $420B $300B $20B $15B Quoted Market Value (C$) $19.4B 1 $20.8B 2 $13.5B 3 $2.8B $1.5B Equity Capital Raised (C$) 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

16 A record $22.2 billion was raised on TSX and TSXV by our listed mining companies in 2009 Source: Gamah International, YTD December 2009, Compiled by TMX Group $19.4 $20.8 Number of Financings Barrick Gold $4.3B Rio Tinto $12.4B Xstrata $7.2B Rio Tinto $4.2B $ TSX and TSXV: 84% of total number of mining financings 34% of total equity capital raised globally 2009 Mining Equity Financings ($ Billions)

17 $20B Market Cap UP 47% from June B Shares Traded Through 2.4 Million Transactions TSX Venture Exchange Mining Sector Strong in the Second Half of the Year New Listings Equity Capital Raised $1.8B $0.95B First HalfSecond Half First HalfSecond Half

18 International Mining Companies by the Numbers 130 Inter. Mining Cos. on TSX and TSX V $52B Market Cap $4.8B Raised Through 140 Financings 12B Shares Traded Through 6 Million Transactions 5 Average Number of Analysts Covering Int’l Mining Cos.

19 TSX and TSXV mining companies have projects in Russia and the CIS countries 13 Number of Mining Companies in Russia (34 Projects) 22 Number of Mining Companies in CIS (41 Projects) $93M Amount of Equity Capital Raised in 2009 for Russian/CIS Mining Projects 34 projects 41

20 TSX and TSXV mining companies have projects in Russia and the CIS countries TSX Companies with Mining Projects (17) in Russia B2Gold Corp. Barrick Gold Corporation Crocodile Gold Corp. High River Gold Mines Ltd. Kinross Gold Corporation Royal Gold Inc. Silver Bear Resources Inc. TSXV Companies with Mining Projects (17) in Russia Archangel Diamond Corporation Fortress Minerals Corp. Golden Reign Resources Ltd. Kola Mining Corporation Vostok Minerals Inc. Zoloto Resources Ltd. Source: InfoMine TSX and TSXV Companies with Mining Projects (6) in Armenia Barrick Gold Corporation (TSX) Dioro Exploration NL (TSX) Dundee Precious Metals Inc. (TSX) Lydian International Limited (TSX) Bactech Mining Corporation (TSXV) Caldera Resources Inc. (TSXV) TSX and TSXV Companies with Mining Projects (8) in Kazakhstan Cameco Corporation (TSX) Ivanhoe Mines Ltd. (TSX) Orsu Metals Corporation (TSX) Uranium One Inc. (TSX) Alhambra Resources Ltd. (TSXV) TSX and TSXV Companies with Mining Projects (22) in Kyrgyzstan Centerra Gold Inc. (TSX) Orsu Metals Corporation (TSX) Perseus Mining Limited (TSX) Uranium One Inc. (TSX) Avion Gold Corporation (TSXV) Cash Minerals Ltd. (TSXV) Eurasian Minerals Inc. (TSXV) Kola Mining Corporation (TSXV) Stans Energy Corp. (TSXV) TSX and TSXV Companies with Mining Projects (3) in Ukraine Catalyst Copper Corp. (TSXV) Lysander Minerals Corporation (TSXV) TSX and TSXV Companies with Mining Projects (2) in Tajikistan Great Basin Gold Ltd. (TSX) Otish Energy Inc. (TSXV)

21 Contents 1.Globally Competitive Exchanges 2.Mining Sector 3.Uniqueness of TSX and TSXV

22 TMX Group Global Leadership Strengths All data is as of or YTD Dec. 31, All amounts are in Canadian dollars issuers 55% of the world’s public mining companies 104 going public events $22 B equity raised $365 B value traded 123 issuers 11 going public events $1.8 B equity raised $6.5 B value traded 3640 issuers 301 going public events $64.9 B equity raised Average Financing: TSX $73.7 M TSXV $2.2 M 439 issuers 26 going public events $9.2 B equity raised $272 B value traded Mining Energy & Energy Services Clean Technology

23 Methods for Going Public on Toronto Stock Exchange or TSX Venture Exchange

24 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 Dual list process continues to improve Accessed significant capital and trading on TMX Improvements in home market valuations and trading liquidity More mines put into production Dual Listed Companies:

25 Recent International Listings are Diverse ‐QT and Direct Graduation ‐$150 M Private Placement ‐Gold Assets in Mexico ‐Reno Based Management Team Argonaut Gold Ltd. (TSX:AR) ‐RTO on Venture and Direct Graduation ‐Phosphate and Potash in Brazil ‐$60 M Financing ‐Canadian and Brazilian Management Team MBAC Fertilizer Corp. (TSX:MBC) ‐Qualifying Transaction and Direct Graduation ‐$60 M Financing ‐Coal Producer in the US ‐US Based Management Team Xinergy Ltd. (TSX:XRG) Direct Dual List from ASX on TSX Gold Producer in The Philippines Medusa Mining Limited (TSX:MLL) Direct Dual List from ASX on TSX Emerging Uranium Company in Tanzania $52 M Offering Post-Listing Mantra Resources Limited (TSX:MRL) Direct Dual List from ASX on TSX Exploration and Development Company Focused in Ontario $13 M Offering Post-Listing Magma Metals Limited (TSX:MMW) ASX Dual List with Takeover Bid Gold Producer in PNG $145 M Offering Post-Listing Allied Gold Limited (TSX:ALG) ‐Engaged in the Advancement of Exploration Projects in Latin America and in Providing Mine Management Services ‐Experienced Management Team Based in Golden, Colorado ‐Completing Offering Post-Listing Golden Minerals Company (TSX:AUM) Exeter Resources Corporation (TSX:XRC) SouthGobi Energy Resources Ltd. (TSX:SGQ) Graduations from TSX Venture Exchange

26 Companies can capitalize on TMX Leadership

27 Mining Greg Ferron