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2. Canada Mining Update: June 2012

3. Current Market Conditions Toronto Stock Exchange (“TSX”) LISTINGSMARCH 2012 YTDMARCH 2011 YTD20112010 New Listings3145 (down 31%)201187 New Mining Listings10 4959

4. Current Market Conditions TSX – Mining Financings MINING FINANCINGSMARCH 2012 YTDMARCH 2011 YTD20112010 Public Offerings$1.52B$2.69B (down $1.17B)$4.9B$8.2B Private Placements$771M$644M (up $127M)$1.7B$4.3B

5. Current Market Conditions Toronto Venture Stock Exchange (“TSXV”) LISTINGSMARCH 2012 YTDMARCH 2011 YTD20112010 New Listings8077334337 New Mining Listings 3632152149

6. Current Market Conditions TSXV – Mining Financings MINING FINANCINGSMARCH 2012 YTDMARCH 2011 YTD20112010 Public Offerings$108.5M$393.5M (down $285M)$1.03B$1.2B Private Placements$757M$1.73B (down $973M)$4.86B$4.07B

7. The Disconnect PWC Review of Global Trends 2012 – based on top 40 mining cos 2011 = record profits of $133B, record cash-flows BUT market capital ↓ 25% ↑ shareholder demands for heightened capital discipline Invested $98B in capital projects (2011), $140B planned in 2012 Top 40 returned 156% more to shareholders in 2011 over 2010 Only 6 of top 40 saw market cap ↑ Source: PWC – Mine - 2012

8. What is the impact of the Disconnect? Long-term demand fundamentals remain robust Key issues facing supply over next 5 years –Structural changes to costs bases –↑ resource nationalism –Timing issues –Capital requirements in light of financial markets How long can the disconnect continue? Source: PWC – Mine - 2012

9. Offer Trends In Canada, governments are actively promoting resource development –BC –Ring of Fire –NWT –Bill 14 (Quebec) Clean Mining Alliance

10. www.millerthomson.com Added experience. Added clarity. Added value. Follow us... Carmen L. Diges, LL.M, CFA Chair, National Mining Group