1. Sector 30 April Pulse Report 2012CopperDisclaimer: Information and recommendations herein are the opinions of the Oreninc Analyst only. Datautilized is believed to be accurate and reliable as of the date of this report. You should independently verifyall data herein. Data was not reviewed, supplied or amended by any bank or third party prior to productionof this report.

2. Broker Fee ChartsBroker Fees by Market Cap: All SectorsAverage Cash FeeAverage Total Fee 14% When looking at a financing, it is important 12% to remember: the smaller the market cap, 10% the higher the fees.8%6%4%2%0% $0-$10 $10-$25 $25-$50 $50-$100$100-$500 Broker Fees: CopperAverage Cash Fee Average Total Fee This chart represents the fees charged by16%14% each broker in the copper sector. The12%10% numerical values listed on page 5 can be8% used for negotiating purposes.6% 4% 2% 0%Note: The charts represent all brokered deals in the respective sector(s) opened on or after 1/5/2011 and closed by 30/4/2012. Market cap listed in million-dollar units.2 April 2012 Pulse Report: Copper 3. Broker Efficiency Average Deal Size: Copper Choose a broker who has completed 80 70 offerings of similar size to your deal, but 60Millions keep in mind that these are averages. 50 40 Sometimes a broker completes one large30 20 offering and several small ones, which10 skews the average deal size. Therefore, it 0 is important to review the table in the back. Average Time to Close: Copper We care about broker efficiency. The speed80 at which a broker moves a transaction from70 60 announcement to completion is a good50Days indication of their ability to deliver a40 30 successful raise. 20 100Note: The charts represent all brokered deals in the respective sector(s) opened on or after 1/5/2011 and closed by 30/4/2012.3 April 2012 Pulse Report: Copper 4. Broker Sector Focus% of Brokers Total Book: Copper120%100% The percentage of a brokers total lead in 80% your sector gives you a sense of how 60% material your sector is for their business.40%20%0% Money raised in copper will show whichMoney Raised: Copper brokers have a track record of raising$90 $80 money for your sector.$70 $60Millions $50 $40 $30 $20 $10$0Note: The charts represent all brokered deals in the respective sector(s) opened on or after 1/5/2011 and closed by 30/4/2012.4 April 2012 Pulse Report: Copper 5. Copper Brokers % of DealsAverage AverageCash WarrantTotal Total Total Average Deal % of Total Broker with Days to SubscriptionFee FeeFee Raised Deals SizeBook Warrants Close RateCanaccord5.8% 3.3%9.0% $78.5 2$39.2 13.0% 50.0% 26.5 100.0% Casimir 6.0% 6.0%12.0%$2.11$2.10.7%100.0%14.0 101.0% CapitalD&D Securities 6.0% 6.8%12.8%$0.51$0.51.9%100.0%69.0 43.8% Dundee 5.0% 5.0%10.0%$26.7 1$26.7 10.8% 100.0%27.0 133.4%SecuritiesEMD Financial2.3% 2.2%4.5% $0.62$0.3 100.0% 100.0%70.0 218.6%M Partners 5.2% 2.9%8.1% $7.81$7.848.7% 100.0%24.0 96.9% Mackie 6.0% 6.0%12.0%$10.0 2$5.013.7%0.0% 14.0 125.6%ResearchMacquarie7.0% 7.0%14.0%$13.8 1$13.8 10.6% 100.0%15.0 138.0% NCP 5.2% 5.1%10.3%$3.32$1.730.1% 100.0%56.0 47.8%Northern 10.0%5.0%15.0%$1.01$1.0 100.0% 100.0%28.0 100.0%SecuritiesOcean Equities 1.0% 3.8%4.8% $12.1 1$12.1100.0%0.0% 25.0 89.9% PI Financial10.0%0.0%10.0%$0.51$0.53.9% 0.0% 6.0100.0%Raymond 5.0% 0.0%5.0% $15.0 1$15.0 21.7%0.0% 15.0 100.0% James Salman 6.5% 6.5%13.0%$1.51$1.55.4% 0.0% 23.0 100.0% PartnersNote: The chart represents all brokered deals in the respective sector(s) opened on or after 1/5/2011 and closed by 30/4/2012. Average deal size and total raised listed in million-dollar units. 5 April 2012 Pulse Report: Copper 6. Copper Brokers % of DealsAverage AverageCash WarrantTotal Total Total Average Deal % of Total Broker with Days to SubscriptionFee FeeFee Raised Deals SizeBook Warrants Close RateScotiabank 5.0% 0.0%5.0% $6.01$6.06.5% 0.0% 20.0 100.0%Wellington West5.0% 0.0%5.0% $76.0 1$76.0100.0%0.0% 24.0 122.6% Brokered 5.2% 2.6%7.8%$255.420$12.8 0.0%52.4% 31.2 110.5% Average Non-Brokered 4.4% 1.1%5.6%$212.488$2.40.0%70.5% 40.3 92.5% AverageNote: The chart represents all brokered deals in the respective sector(s) opened on or after 1/5/2011 and closed by 30/4/2012. Average deal size and total raised listed in million-dollar units.6 April 2012 Pulse Report: Copper 7. All Deals: CopperDollars % ofMarket Company Open CashWarrantTotal Security Financing LeadCo- TickerRaisedMarket Cap atName Date FeeFeeFee TypeBasisUnderwriter Underwriterat Close Cap Deal OpenQuaterra 13/04/2012TSX-V:QTAN/A1 N/A1 N/A1 $2.5 3.9%CommonBest Efforts$64.0 ResourcesInternational PBX 12/04/2012TSX-V:PBXN/A1 N/A1 N/A1 $0.7 4.9%CommonBest Efforts$13.7 VenturesEnertopia09/04/2012CNSX:TOP7.0%7.0%14.0% $0.2 13.2% CommonBest Efforts$1.6 Toro Resources29/03/2012TSX-V:TRK 8.0%8.0%16.0% Cancelled N/ACommonBest Efforts$5.4Castle Resources 15/03/2012 TSX-V:CRI6.0%6.0%12.0% $6.6 12.6% Flow-ThroughBought Deal $52.7Mackie ResearchScotiabankCastle Resources 15/03/2012 TSX-V:CRI6.0%6.0%12.0% $3.4 6.4%CommonBought Deal $52.7Mackie ResearchScotiabank WCB Resources 09/03/2012TSX-V:WCB 6.0%6.0%12.0% $2.1 12.2% CommonBest Efforts$17.0 Casimir Capital Highbank 28/02/2012TSX-V:HBK 8.0%8.0%16.0% $0.7 9.9%CommonBest Efforts$7.0 Resources Cascadero 24/02/2012TSX-V:CCDN/A1 N/A1 N/A1 $0.1 0.5%CommonBest Efforts$19.6CopperEquinox 23/02/2012TSX-V:EQX 3.8%3.0% 6.8% $1.3 25.2% CommonBest Efforts$5.3 Exploration Panoro Minerals 22/02/2012TSX-V:PML 7.0%7.0%14.0% $13.815.2% CommonBought Deal $90.9 Macquarie M Partners Andover Mining16/02/2012TSX-V:AOXN/A1 N/A1 N/A1 $1.4 2.9%CommonBest Efforts$49.2Abacus Mining and 15/02/2012TSX-V:AME 6.0%0.0% 6.0% $3.2 6.9%CommonBest Efforts$46.4 ExplorationNote: The chart represents all deals in the respective sector(s) opened on or after 1/5/2011 and closed by 30/4/2012. Dollars raised and market cap listed in million-dollar units.1Fees unavailable at time of publication. 7 April 2012 Pulse Report: Copper 8. All Deals: Copper (Cont.)Dollars % ofMarket Company Open CashWarrantTotal Security Financing LeadCo- TickerRaisedMarket Cap atName Date FeeFeeFee TypeBasisUnderwriter Underwriterat Close Cap Deal OpenWestminster 09/02/2012TSX-V:WMRN/A1 N/A1 N/A1 $0.9 8.2%CommonBest Efforts$10.6Resources Snowfield 09/02/2012TSX-V:SNO 1.4%0.0% 1.4% $0.5 25.2% CommonBest Efforts$2.1DevelopmentRegulusConditional DundeeAxemen 08/02/2012TSX-V:PMA 5.0%5.0%10.0% $26.755.8% Bought Deal $47.8 ResourcesCommonSecurities ResourceNorthisle Copper 08/02/2012TSX-V:NCX 6.5%6.5%13.0% $1.5 9.5%Flow-ThroughBest Efforts$15.9Salman Partnersand Gold White Tiger 07/02/2012TSX-V:WTC 1.5%1.5% 3.0% $0.6 17.1% CommonBest Efforts$3.4MiningVMS Ventures 01/02/2012TSX-V:VMS 6.0%3.0% 9.0% $2.5 5.0%Flow-ThroughBest Efforts$48.8 Lions Gate 31/01/2012TSX-V:LGM 3.3%0.0% 3.3% $0.4 4.2%CommonBest Efforts$9.4 Metals Lions Gate 31/01/2012TSX-V:LGM 3.3%0.0% 3.3% $0.5 4.9%Flow-ThroughBest Efforts$9.4 MetalsSalazar 30/01/2012TSX-V:SRL 2.0%0.0% 2.0% $3.0 16.0% CommonBest Efforts$18.8 ResourcesAfrican Metals 27/01/2012TSX-V:AFR 7.5%7.5%15.0% $1.3 8.9%CommonBest Efforts$14.4Hana Mining26/01/2012TSX-V:HMG 2.9%0.0% 2.9% $14.911.6% CommonBest Efforts $129.1International PBX 24/01/2012TSX-V:PBX 0.7%0.0% 0.7% $0.6 2.6%CommonBest Efforts$22.7 Ventures Catalyst Copper 23/01/2012TSX-V:CCY 3.0%0.0% 3.0% $3.5 13.3% CommonBest Efforts$26.5Note: The chart represents all deals in the respective sector(s) opened on or after 1/5/2011 and closed by 30/4/2012. Dollars raised and market cap listed in million-dollar units.1Fees unavailable at time of publication. 8 April 2012 Pulse Report: Copper 9. All Deals: Copper (Cont., 2)Dollars % ofMarket Company Open CashWarrantTotal Security Financing LeadCo- TickerRaisedMarket Cap atName Date FeeFeeFee TypeBasisUnderwriter Underwriterat Close Cap Deal Open Terra Firma 20/01/2012TSX-V:TFR 6.7%0.0% 6.7% $0.4 32.6% CommonBest Efforts$1.1 ResourcesOracle Mining19/01/2012 TSX:OMN6.0%0.0% 6.0% $9.8 24.8% CommonBest Efforts$39.3 Copper Fox 18/01/2012TSX-V:CUUN/A1 N/A1 N/A1 $2.2 0.5%CommonBest Efforts $426.1 Metals Niblack Mineral 29/12/2011 TSX-V:NIB10.0% 0.0%10.0% $0.5 7.3%CommonBest Efforts$6.5PI FinancialDevelopment Los Andes 23/12/2011 TSX-V:LAN/A1 N/A1 N/A1 $0.8 1.5%CommonBest Efforts$51.0CopperCaribou King 22/12/2011TSX-V:CKR 10.0% 0.0%10.0% $0.2 5.0%Flow-ThroughBest Efforts$3.9 Resources Doubleview 20/12/2011TSX-V:DBVN/A1 N/A1 N/A1 $0.1 21.2% Flow-ThroughBest Efforts$0.5 Capital Snowfield 12/12/2011TSX-V:SNO 3.6%0.0% 5.1% $0.3 16.0% CommonBest Efforts$1.7DevelopmentMillstream Mines 12/12/2011TSX-V:MLM 10.0% 0.0%10.0% $0.1 5.8%CommonBest Efforts$1.9Millstream Mines 12/12/2011TSX-V:MLM 10.0% 0.0%10.0% $0.042.1%Flow-ThroughBest Efforts$1.9International PBX 09/12/2011TSX-V:PBXN/A1 N/A1 N/A1 Cancelled N/ACommonBest Efforts$31.6 VenturesRed Crescent 01/12/2011 TSX:RCB0.5%0.5% 1.0% $0.3 1.0%CommonBest Efforts$28.0 ResourcesRockcliff 01/12/2011TSX-V:RCR 8.0%8.0%16.0% $2.2 34.2% Flow-ThroughBest Efforts$6.5 ResourcesNote: The chart represents all deals in the respective sector(s) opened on or after 1/5/2011 and closed by 30/4/2012. Dollars raised and market cap listed in million-dollar units.1Fees unavailable at time of publication. 9 April 2012 Pulse Report: Copper 10. All Deals: Copper (Cont., 3)Dollars % ofMarket Company Open CashWarrantTotal Security Financing LeadCo- TickerRaisedMarket Cap atName Date FeeFeeFee TypeBasisUnderwriter Underwriterat Close Cap Deal OpenRockcliff 01/12/2011TSX-V:RCR 8.0%8.0%16.0% $0.040.5%CommonBest Efforts$6.5 ResourcesRedtail Metals 30/11/2011TSX-V:RTZ 1.2%0.0% 1.2% $0.5 15.4% CommonBest Efforts$3.2 PolyMet Mining30/11/2011 TSX:POM N/A1 N/A1 N/A1 $20.010.3% CommonBest Efforts $193.4 Lumina Copper 23/11/2011TSX-V:LCC 5.0%0.0% 5.0% $15.03.8%CommonBest Efforts $397.9 Lumina Copper 23/11/2011TSX-V:LCC 5.0%0.0% 5.0% $15.03.8%CommonBest Efforts $397.9Raymond JamesScotiabank El Nino 21/11/2011TSX-V:ELN 4.2%4.0% 8.2% $0.5 7.8%Flow-ThroughBest Efforts$6.4Ventures El Nino 21/11/2011TSX-V:ELN 4.2%4.0% 8.2% $1.0 15.7% CommonBest Efforts$6.4VenturesBoxxer Gold17/11/2011TSX-V:BXX 9.0%9.0%18.0% $1.2 5.2%Flow-ThroughBest Efforts$22.3Boxxer Gold17/11/2011TSX-V:BXX 9.0%9.0%18.0% $1.1 4.9%CommonBest Efforts$22.3 Copper Fox 17/11/2011TSX-V:CUUN/A1 N/A1 N/A1 $4.0 0.9%CommonBest Efforts $468.1 MetalsMercator 17/11/2011TSX:ML2.7%0.0% 2.7% $20.04.7%CommonBest Efforts $422.3MineralsNetwork 10/11/2011TSX-V:NETN/A1 N/A1 N/A1 $0.9 42.9% CommonBest Efforts$2.0 ExplorationWestminster 04/11/2011TSX-V:WMR 5.4%4.0% 9.4% $1.2 15.7% CommonBest Efforts$7.7ResourcesNote: The chart represents all deals in the respective sector(s) opened on or after 1/5/2011 and closed by 30/4/2012. Dollars raised and market cap listed in million-dollar units.1Fees unavailable at time of publication.10 April 2012 Pulse Report: Copper 11. All Deals: Copper (Cont., 4)Dollars % ofMarket Company Open CashWarrantTotal Security Financing LeadCo- TickerRaisedMarket Cap atName Date FeeFeeFee TypeBasisUnderwriter Underwriterat Close Cap Deal OpenCopper North 03/11/2011TSX-V:COLN/A1 N/A1 N/A1 $0.2 1.5%CommonBest Efforts$13.0MiningGuerrero 02/11/2011TSX-V:GEX 7.2%0.0%13.2% $1.0 25.9% CommonBest Efforts$3.7 Exploration Cresval Capital 01/11/2011TSX-V:CRVN/A1 N/A1 N/A1 $0.1 2.8%Flow-ThroughBest Efforts$1.8 Telferscot 28/10/2011 CNSX:TFSN/A1 N/A1 N/A1 $1.0 23.4% CommonBest Efforts$4.3 ResourcesCadillac Ventures26/10/2011TSX-V:CDC 5.2%5.1%10.3% $2.5 9.5%Flow-ThroughBest Efforts$26.8NCPCadillac Ventures26/10/2011TSX-V:CDC 5.2%5.1%10.3% $0.8 3.0%CommonBest Efforts$26.8NCPBlack Smoker 26/10/2011CNSX:BSM6.0%6.0%12.0% $1.2 45.0% CommonBest Efforts$2.8VenturesBellhaven Copper 26/10/2011TSX-V:BHVN/A1 N/A1 N/A1 $6.1 15.9% CommonBought Deal $38.0 & GoldHappy Creek 25/10/2011TSX-V:HPY 8.0% 10.0%18.0% $0.7 5.9%CommonBest Efforts$11.3MineralsHappy Creek 25/10/2011TSX-V:HPY 7.0%8.0%15.0% $2.2 19.8% Flow-ThroughBest Efforts$11.3Minerals Greenock 20/10/2011TSX-V:GKRN/A1 N/A1 N/A1 $0.1 8.0%CommonBest Efforts$1.2 Resources Copper Fox 18/10/2011TSX-V:CUUN/A1 N/A1 N/A1 $2.0 0.4%CommonBest Efforts $545.9 MetalsInternational 11/10/2011 TSX-V:IEC4.1%0.0% 4.1% $2.5 25.4% CommonBest Efforts$9.8 EnexcoNote: The chart represents all deals in the respective sector(s) opened on or after 1/5/2011 and closed by 30/4/2012. Dollars raised and market cap listed in million-dollar units.1Fees unavailable at time of publication.11 April 2012 Pulse Report: Copper 12. All Deals: Copper (Cont., 5)Dollars % ofMarket Company Open CashWarrantTotal Security Financing LeadCo- TickerRaisedMarket Cap atName Date FeeFeeFee TypeBasisUnderwriter Underwriterat Close Cap Deal OpenNGEx Resources 11/10/2011 TSX:NGQ4.0%0.0% 4.0% $27.06.4%CommonBest Efforts $424.5International PBX 11/10/2011TSX-V:PBX 3.0%0.0% 3.0% $1.0 3.8%CommonBest Efforts$26.3 Ventures Highbank 05/10/2011TSX-V:HBK 8.0%0.0% 8.0% $0.2 5.4%CommonBest Efforts$4.1 Resources CormarkCastle Resources 29/09/2011 TSX-V:CRI5.0%0.0% 5.0% $6.0 9.9%Flow-ThroughBest Efforts$60.5 Scotiabank SecuritiesMetropolitan 23/09/2011TSX-V:MNZ 8.5%0.0% 8.5% $0.4 48.7% CommonBest Efforts$0.7MiningVirgin Metals23/09/2011TSX-V:VGM 10.0%10.0%20.0% $1.5 20.5% CommonBest Efforts$7.3 Nitinat Minerals21/09/2011TSX-V:NZZN/A1 N/A1 N/A1 Cancelled N/ACommonBest Efforts$3.9 Westridge 20/09/2011TSX-V:WST 8.0%4.0%12.0% $1.2 11.8% CommonBest Efforts$9.9 Resources Cascadero 13/09/2011TSX-V:CCDN/A1 N/A1 N/A1 $1.5 8.5%CommonBest Efforts$18.0CopperLogan Copper 09/09/2011 TSX-V:LC 2.3%2.2% 4.5% $0.5 21.4% CommonBest Efforts$2.3EMD FinancialLogan Copper 09/09/2011 TSX-V:LC 2.3%2.2% 4.5% $0.2 6.5%Flow-ThroughBest Efforts$2.3EMD FinancialTigray Resources 08/09/2011 TSX-V:TIG N/A1 N/A1 N/A1 $5.3 10.1% CommonBest Efforts$52.2Mukuba 07/09/2011TSX-V:MKUN/A1 N/A1 N/A1 $2.0 21.6% CommonBest Efforts$9.2 ResourcesNote: The chart represents all deals in the respective sector(s) opened on or after 1/5/2011 and closed by 30/4/2012. Dollars raised and market cap listed in million-dollar units.1Fees unavailable at time of publication.12 April 2012 Pulse Report: Copper 13. All Deals: Copper (Cont., 6)Dollars % ofMarket Company Open CashWarrantTotal Security Financing LeadCo- TickerRaisedMarket Cap atName Date FeeFeeFee TypeBasisUnderwriter Underwriterat Close Cap Deal Open Copper Fox 07/09/2011TSX-V:CUUN/A1 N/A1 N/A1 $2.5 0.4%CommonBest Efforts $619.3 Metals Miocene Metals31/08/2011 TSX-V:MII N/A1 N/A1 N/A1 $0.1 0.7%CommonBest Efforts$13.3 Cascadero 15/08/2011TSX-V:CCDN/A1 N/A1 N/A1 $0.5 2.9%Flow-ThroughBest Efforts$16.4CopperRegulus 08/08/2011TSX-V:REGN/A1 N/A1 N/A1 $0.7 1.6%CommonBought Deal $44.5 Resources Catalyst Copper 29/07/2011TSX-V:CCY 2.8%0.0% 2.8% $2.1 8.4%CommonBest Efforts$25.4Pebble Creek 28/07/2011TSX-V:PEB 8.0%0.0% 8.0% $0.1 2.7%CommonBest Efforts$5.5 Mining Crazy Horse 13/07/2011TSX-V:CZHN/A1 N/A1 N/A1 $5.2 12.2% CommonBest Efforts$42.9 Resources Nevada Copper 07/07/2011 TSX:NCU5.5%2.5% 8.0% $65.118.9% CommonBought Deal$345.1 Canaccord Scotiabank WCB Resources 06/07/2011TSX-V:WCBN/A1 N/A1 N/A1 $1.0 31.8% CommonBest Efforts$3.1 Crazy Horse 04/07/2011TSX-V:CZHN/A1 N/A1 N/A1 $5.0 12.7% CommonBought Deal $39.3 ResourcesNorthernSego Resources 29/06/2011TSX-V:SGZ 10.0% 5.0%15.0% $1.0 9.8%CommonBest Efforts$10.2SecuritiesBoxxer Gold23/06/2011TSX-V:BXX 6.0%6.8%12.8% $0.5 1.5%Flow-ThroughBest Efforts$34.0 D&D Securities Drexel 23/06/2011 TSX-V:DX 0.0%0.0% 6.0% $2.4340.0% CommonBest Efforts$0.7 ResourcesNote: The chart represents all deals in the respective sector(s) opened on or after 1/5/2011 and closed by 30/4/2012. Dollars raised and market cap listed in million-dollar units.1Fees unavailable at time of publication.13 April 2012 Pulse Report: Copper 14. All Deals: Copper (Cont., 7)Dollars % ofMarket Company Open CashWarrantTotal Security Financing LeadCo- TickerRaisedMarket Cap atName Date FeeFeeFee TypeBasisUnderwriter Underwriterat Close Cap Deal OpenSlater Mining21/06/2011TSX-V:SLM 0.0%0.0% 0.8% $0.8 8.0%CommonBest Efforts$9.4Slater Mining21/06/2011TSX-V:SLM 0.0%0.0% 0.8% $0.3 2.7%Flow-ThroughBest Efforts$9.4RK Equity Capital Kincora Copper20/06/2011TSX-V:KCC 1.0%3.8% 4.8% $12.1 522.1% CommonBest Efforts$2.3Ocean EquitiesMarketsVirgin Metals17/06/2011TSX-V:VGM 8.0%7.0%15.0% $0.3 4.4%CommonBest Efforts$7.9 Serengeti 16/06/2011 TSX-V:SIR6.0%0.0% 6.0% $1.3 11.6% Flow-ThroughBest Efforts$11.3 Resources Panoro Minerals 13/06/2011TSX-V:PML 5.2%2.9% 8.1% $7.8 14.3% CommonBest Efforts$54.3 M Partners CanaccordMetropolitan 01/06/2011TSX-V:MNZN/A1 N/A1 N/A1 Cancelled N/ACommonBest Efforts$1.0Mining Cormark Iberian Minerals31/05/2011 TSX-V:IZN5.0%0.0% 5.0% $76.021.1% CommonBought Deal$359.5 Wellington West Securities Caribou Copper 26/05/2011TSX-V:CKR 7.4%7.4%14.8% $0.4 10.0% Flow-ThroughBest Efforts$4.1 Resources Caribou Copper 26/05/2011TSX-V:CKR 6.8%9.6%16.4% $0.8 20.3% CommonBest Efforts$4.1 ResourcesTribune Minerals 19/05/2011TSX-V:TCBN/A1 N/A1 N/A1 $4.6 85.0% CommonBest Efforts$5.4Tribune Minerals 19/05/2011TSX-V:TCBN/A1 N/A1 N/A1 $3.9 72.1% Flow-ThroughBest Efforts$5.4AKA Ventures 17/05/2011TSX-V:AKA 5.5%0.0% 5.5% $0.6 4.5%CommonBest Efforts$14.0Note: The chart represents all deals in the respective sector(s) opened on or after 1/5/2011 and closed by 30/4/2012. Dollars raised and market cap listed in million-dollar units.1Fees unavailable at time of publication.14 April 2012 Pulse Report: Copper 15. All Deals: Copper (Cont., 8) Dollars % ofMarketCompany Open CashWarrantTotal Security Financing LeadCo-TickerRaisedMarket Cap at Name Date FeeFeeFee TypeBasisUnderwriter Underwriter at Close Cap Deal OpenWhite Tiger06/05/2011TSX-V:WTC 4.4% 0.0%4.4% $0.3 11.2% CommonBest Efforts$2.7 Mining Guerrero04/05/2011TSX-V:GEX 8.0% 8.0% 16.0% $0.3 5.9%CommonBest Efforts$5.2ExplorationCuOro04/05/2011TSX-V:CUA 7.0% 0.0%7.0% $1.6 6.0%CommonBought Deal $26.9ResourcesCuOro Conditional04/05/2011TSX-V:CUA 7.0% 7.0% 14.0% $13.449.7% Bought Deal $26.9 Canaccord ScotiabankResourcesCommonNote: The chart represents all deals in the respective sector(s) opened on or after 1/5/2011 and closed by 30/4/2012. Dollars raised and market cap listed in million-dollar units.15 April 2012 Pulse Report: Copper 16. About UsOreninc is a research firm in the junior commodities space. We work to creategreater transparency and information flow between companies, institutions, andinvestors.Research:Sector and region-specific quarterly reportsFinancing targets based on commodity or area of operationCustomized updates on Canadian commodity financingsBespoke researchStrategic Work:Assess company and project valuationsAdvise companies on capital structuresTarget companies with stranded assetsAcquire and restructure projectsThe Oreninc team holds your needs above all else and works as an independentthird party consultant on the terms you want.16 April 2012 Pulse Report: Copper 17. 2012 Rates Product Company & Investor Relations Brokerage & InstitutionalBroker Fee ReportSingle QuarterlySingleQuarterlyPrimary Sector$2,500$5,000$3,500$8,000Secondary Sector$2,000$2,500$2,500$3,500 Single -- Single -- Sector Pulse Report $495 --$1,895-- Monthly Yearly MonthlyYearly Custom ODL$50 $500--* --* Note: Oreninc charges a $1,000 one-week rush fee for a Broker Fee Report requested out of cycle. Visit oreninc.com for a current list of sectors ready for download. Price is negotiable on bundled purchases of Sector Pulse Reports. *Brokerage and institutional rates for Custom ODL calculated on a bid by bid basis. Strategic Work: Oreninc also provides strategic advisement to junior mining companies, acting as a third party consultant on a variety of issues including project structuring, raising capital, strategic partnerships, due diligence, and marketing. Oreninc does not provide banking, brokering or other financial services. Delivery Timeline: Broker Fee Reports are updated quarterly and will be delivered by January 16, April 16, July 16, and October 15. Sector Pulse Reports are updated six times a year, and the most popular sectors are available for download immediately. All other sectors are produced upon request and delivered within three to five business days.17 April 2012 Pulse Report: Copper 18. Contact Us If you are interested in receiving more information, please contact us. Benjamin Cox Megan SweeneyManaging DirectorDirector of Marketingbenjamin.cox@oreninc.com megan.sweeney@oreninc.com400 E Evergreen Blvd.Vancouver, WA 98660 (360) 262-6969oreninc.com18 Tear SheetPulse Report:the Institutional Investor: Wellington West April 2012 prepared for Copper 19. DisclaimerGeneral DisclaimerThis report is based on all representative data from 1/1/2011 through 31/12/2011.This report is Copyright 2012 Oren Inc., which reserves all rights in and to this report. This report MAY NOT BE REPRODUCED IN ANY FORM, AND IS FOR THE USE OF THE INTENDED RECIPIENTONLY.Oren Inc. (Oreninc) is a research service providing customized reports for client companies and brokers in the mining and commodities sectors, as well as producing the ODL, a digest, updated daily, of financings inthe mining and commodities space. This disclaimer statement is an integral part of our service. 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