Discovery and Development of High Grade Gold-Silver Projects in Argentina

February 2012

Cautionary Note to U.S. Investors – The United States Securities and Exchange Commission (“SEC”) permits mining companies in their filings with the SEC to disclose only those mineral deposits that a company can economically and legally extract or produce. We use certain terms in this presentation, such as “inferred resource”, that the SEC guidelines strictly prohibit us from including in our filing with the SEC. U.S. investors are urged to consider closely the disclosure contained in our Management Discussion and Analysis for the quarter ended March 31, 2010 filed on SEDAR and available at www.sedar.com.

This document and the information contained in it do not constitute a prospectus and do not form any part of an offer of, or invitation to apply for, securities in any jurisdiction. Potential investors should no rely solely on the information contained herein prior to making any investment decision. Investors should seek independent advice from a qualified finance and investment advisor, giving due regard to their own personal circumstances, prior to forming any investment decision

Safe Harbor Statement - This presentation may contain certain “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995. These statements reflect our current belief and are based upon currently available information. Actual results could differ materially from those described in this presentation as a result of numerous factors, some of which are outside of the control of Extorre Gold Mines Limited.

Many of the assay results presented are preliminary and may not be accurate due to various factors, including but not limited to sample recoveries, true widths and interpretations.

Preliminary Economic Assessment (PEA) – The Cerro Moro PEA is by definition preliminary in nature as it includes some mineral resources that are too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as reserves at this time. As such there is no certainty that the preliminary assessment and project economics will be realized. A NI 43-101 Technical Report for the Cerro Moro PEA has been filed on SEDAR (www.sedar.com) and is posted on the Company’s website at www.extorre.com

Cautionary Statement2

Capital Structure –February 23rd, 2012

3

Shares 92.8 MWarrants 0.12 MOptions 10.2 MFully Diluted 103.03 M

Management / Insiders 15%Institutions 60%Retail 25%Cash $18 M

An Experienced Management Team

Yale Simpson

Co-Chairman

Bryce Roxburgh Co-Chairman

Eric Roth President

Ignacio Celorrio Director

Rob Reynolds Director

James Strauss Director

George Lawton Director

A Strong Board President Eric Roth – C.E.O. Geologist – 20 yrs

Trevor Mulroney - C.O.O. Mng. Engineer- 25 yrs

Exploration

Matt Williams – Exploration Manager Geologist - 17 yr

Fernando Chacon – Project Manager Geologist - 8 yr

Development Gonzalo Damond – Commercial Manager Engineer - 17 yr

Alberto Carlocchia – Country Mgr, Argentina Lawyer – 13 yrs

Victor Vera – Mine Devel. Superintendent Engineer – 15 yr

Corporate Darcy Daubaras – CFO Chart. Acc’t. - 14 yr

Cecil Bond – VP Finance Chart. Acc’t. - 20 yr

Louis Montpellier – Senior VP & Legal Lawyer - 30 yr

Marina (Trasolini) Katusa –VP Corporate Dev. Geologist, MBA

Rob Grey – VP Investor Relations IR - 7yr

4

Extorre Project Locations

1.36 million indicated + 1.05 million inferred ounces Au Eq*

5

925,000 measured & indicated + 334,000 inferred ounces Au

*Gold equivalent grade is calculated by dividing the silver assay result by 50, adding it to the gold value and assuming 100% metallurgical recovery. See slide 7 for full resource grades and tonnes.

Project Location

Pro-mining Santa Cruz Province

90 km road to a deep water port

Population of Puerto Deseado 20,000

Site is 80 km from grid power

EIA approved, connection permits in progress

6

CERRO MORO

Cerro Moro Resource – November 2011National Instrument 43-101 Compliant Resource Estimate, by Cube Consulting

An Exceptional Gold & Silver Deposit

* Note: Gold equivalent grade is calculated by dividing the silver assay result by 50, adding it to the gold value and assuming 100% metallurgical recovery.

Indicated Mineral Resources

Inferred Mineral Resources

Indicated and Inferred resources shown above utilise a 1.0 g/t gold equivalent* cut-off

7

Cerro Moro – Resource LocationAreas included in the Cube November 2011 Resource Estimate

Mapped/Interpreted Veins

Drill hole collars as at Sep 2011

Cerro Vanguardia Mine

Satellite view of AngloGold Ashanti’s 209,000 ounces gold, 2.8 million ounces silver per year open pit

mine west of Cerro Moro Project

6 million ounce gold resource

Waste/ore ratio +23 to 1

Cash costs (2010) $366/ounce

Total costs (2010) $517/ounce

CONV LEACHING - GOLD

0

10

2030

40

50

60

7080

90

100

ECF ECO EE EW LOMA ESP ESP-SE GAB

Re

co

ve

rie

s (

%)

Leaching

Gravity

Flash Flotation

CONV LEACHING - SILVER

01020

3040506070

8090

100

ECF ECO EE EW LOMA ESP ESP-SE GAB

Rec

ove

ries

(%

)

Leaching

Gravity

Flash Flotation

Cerro Moro MetallurgyHigh gold and silver recoveries (95% and 87.5%, respectively) are achievable

via a combination of flash flotation, gravity separation, and leaching

10

For more detailed information on metallurgy please view company technical reports filed on Sedar

Cerro Moro – Conceptual Plant Design

BALL MILLMINE

LEACH

CRUSHER PUMP

CYCLONE

FLASHFLOTATION

GRAVITYh.g. concentrate

h.g. concentrate

Merrill-Crowe

GOLDROOM

CERRO MORO –

A

B

A. 750 ton/day “Base Case” Production Plan from PEA-1

B. Potential Future Expansion

11

Modular Design to Accommodate Potential Future Expansions

Updated Mine Economic Study

Updated Preliminary Economic Assessment (PEA-3) will use November 2011 Mineral Resource which includes new discoveries at Zoe, Carla, Martina & Esperanza-Nini

Increased resource base will allow for increased mining and processing rates (1000tpd - 1,500 tpd) to be evaluated

PEA-3 scheduled to be completed in Q1 2012

12

Cautionary Note: The Cerro Moro PEA is by definition preliminary in nature as it includes some mineral resources that are too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as reserves at this time. As such there is no certainty that the preliminary assessment and project economics will be realized. A NI 43-101 Technical Report for the Cerro Moro PEA has been filed on SEDAR (www.sedar.com) and is posted on the Company’s website at www.extorre.com

Project Schedule13

Q1 Q2 Q3 Q4

Discovery Drilling

Delineation Drilling on New Resources

Mineral Resource Updates

Mine Economics Study Update (w/ Zoe) (PEA-3)

Environmental Impact Assessment Revision

Mine Financing

Decline Development (at Escondida Far West)

Decline Development (at Escondida Central & East)

Advanced Engineering and Construction

Mine Commissioning

Community / Social / Environmental

2011 2012 2013Q4 H1 H2

Excellent Resource Expansion Potential

Aggressive Exploration – Strategic Land Position 1600km2

The Cerro Moro Vein Field (95% XG)Continued resource growth will come from extensions of existing veins,

(including Zoe, Carla, Martina, Nini and Esperanza) plus many other new drill ready veins

Don Sixto (100% XG)Potential beyond 1.2 million ounces gold

Puntudo Project – Santa Cruz (100% XG)6 exploration targets

Other Regional Targets – Santa Cruz (100% XG)Falcon, Verde, Azul, Ventana

The Fomicruz Joint Venture (XG Earning 80%)Union Domes, Escondida Extensions

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Cerro Moro Project Surface Ownership

ESCONDIDA

ZOE

Extorre 14,000 hectare Estancia/ranch

purchase (green)

5 kilometres

3.0 mile

Cerro Moro tenement outline

Fo

mic

ruz

JV t

enem

ent

ou

tlin

e

15

5 kilometres

3.0 miles

1. Zoe2. Zoe East3. Belen NE4. Martina5. Mosquito Feeder target6. Michele7. Romina8. Tres Lomas NW9. Esperanza & Nini Extensions10. Gabriela Extensions11. Carlita, & Carlita to Deborah12. Escondida West Extension13. Escondida Far East Deeps14. Fomicruz Escondida Deeps15. Loma Escondida East16. Deborah Parallel17. Esperanza Parallel18. Agostina19. Deborah NE20. Carla to Zoe21. Esperanza to Carla22. Carla Deeps23. Loma Escondida West24. Natalia25. Silica Ridges26. Georgina27. Lechuzo28. Lucia29. Deborah Termination Structure30. Carolene

16PRIORITY EXPLORATION

TARGETS

Ground Magnetics Leads to New Discoveries

Over 30 veins identified to

date.

Detailed magnetic data

shows the veins

Drilling on new veins underway

Priority is to

discover high-grade, near

surface veins

Black lines = mapped veinsWhite lines = exploration target

ESCONDIDA

5 km

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All Mineralization Open to Depth; Long Sections

MA

RT

INA

ZOE

320 metres

Fomicruz Far West West Central Far East Martina

ESCONDIDA

320 metres

GABRIELA

320 metres

Current depths from surface to

significant mineralization

Far West 270 mCentral 220 mMartina 290 mGabriela 320 mZoe 360 m

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Blue lines: Interpreted Faults

Red lines: Mapped Veins

N

Perspective Projection of Nov 2011 Block ModelsGeneralized View Looking North

Scale: 2 km x 2 km GridAuEQ50 g/t

GABRIELA

MARTINA

ZOE

ESPERANZANINI

ESCONDIDA

CARLA

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Location of new significant drill hole.

Cerro Moro Project – Zoe Discovery

Escondida Structure

Martina

CarlitaCarla

N

1 kilometre

0.5 mile

ZOE

No significant result Existing holes

In progress/awaiting results

Fomicruz Far West West Central Far East Martina Zoe

400 m

ESCONDIDA – ZOE LONG SECTION KEY 1.0 km

Zoe Discovery – Projected Long SectionNote: Displaying gold equivalents*

by true width.

160 metres

* Gold equivalent grade is calculated by dividing the silver assay result by 50, adding it to the gold value and assuming 100% metallurgical recovery.

ZOE LONG SECTION KEY

640 metres

Interpreted plunge

Awaiting results

Location of new significant drill hole.

Existing holes

No significant result

Significant result in footwall or hanging wall.

CuelloCentral Vein zone

Cachete

Mandibula

Luna

Ojo

Don Sixto Gold Project 925,000 oz. gold measured + indicated resource and an additional

334,000 oz. gold inferred resource (see August 2007 – NI 43-101 resource estimate for more details)

C$19 million expenditure to date 60,000 meters of drilling completed Project stalled awaiting amendments to provincial mining legislation

N

M&I: 5.3Mt at 1.5 g/t

Inferred: 0.35 Mt at 3.1 g/t

M&I: 1.5 Mt at 2.4 g/t

M&I: 6.2 Mt at 1.3 g/t

M&I: 2.9 Mt at 1.4 g/t

M&I: 4.5 Mt at 1 g/t

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Regional Exploration Targets

PUNTUDO

FALCON

Cerro Negro (+6 M Oz Au)

San Jose (1.3 M Oz Au, 90 M Oz Ag)

Mina Martha

Manantial Espejo (685 K Oz Au, 50 M Oz Ag)

Cerro Vanguardia (+5 M Oz Au)

Dos Calandrias

UNION DOMES

100% EXTORRE LANDS

FOMICRUZ 80/20% JV AGREEMENTFAVORABLE VOLCANIC ROCKS

Cerro Moro

MINE/ADVANCED PROJECT

RECENT DRILLINGDon Nicolas

VERDE

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LAG Sampling

Gold

> 1.0 g/t

0.5 to 1.0 g/t

0.2 to 0.5 g/t

< 0.2 g/t

Drill collar

Hole - m - Au - Ag

Falcon – Crest Zone – Drill Plan on Resistivity

200 metres

FD004 - 53 - 1.33 - 30

FD001 – 30 – 1.33 - 6

FD005 - 30 – 0.53 – 33

- 27 – 0.73 - 10

FD002 – 56 – 0.81 - 12

FD003 – No significant result

Resistivity high

North

High

Low

20

O

h

m

.

m

10

24

La NegraApproximate

locationLa MorochaApproximate

location

JOAQUIN PROJECTCOEUR - MIRASOL

RENALDO PROJECT100 % EXTORRE

Joaquin Resource67.6 million ounces of silver

(May 9, 2011 Mirasol news release)

Drill HolesIn recent releasePreviously reported

RD0011

Property Boundary Property Boundary

La MorochaSE extension

La NegraSE extension

North

RD0016RD0008RD0013

RD0038

RD0017

RD0019RD0029

RD0024RD0025

RD0026

RD0028RD0021

RD0037RD0023

RD0022RD0035

RD0034

RD0036 RD0016

RD0033

RD0014RD0012

RD0027RD0020A

RD0031

0 250 500 meters

Puntudo Project – Renaldo Silver Target 25

Cerro Moro continued drilling announcements every 2 months - new discoveries

Updated PEA-3 in Q1-2012 (includes the additional Nov. 2011 resources)

Update to mining permit – Q2-2012, mine financing package, start mine decline

Commence mine development

Excellent potential for new discoveries at Falcon and Puntudo properties.

News Flow- 2012 26

Extorre in an Industry Context

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Extorre & the Metals IndustryGOLD MARKET

Exploration expenditures are increasing yet fewer new resources are being discovered

New discoveries are replacing less than half the current production

Resources versus Gold Production 1997-2008

SILVER MARKETIndustrial silver demand is expected to

increase from 487million ounces silver in 2010 to 666million ounces in 2015

This demand could underpin strong silver prices

World Industrial Silver Demand Forecast

Source: MEG

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Mining Analyst Coverage

Daniel EarleDaniel.earle@tdsecurities.com416 308 7906

Adam Graf agraf@dahlmanrose.com 212-702-4527

Wendell ZerbWendell.zerb@canaccordadams.com604 643 7485

David Westdwest@salmanpartners.com604-622-5569

Michael Gray Michael.gray@macquarie.com 604-639-6372

John Hayes Johnp.hayes@bmob.com416-359-6189

Imaru Casanova icasanova@mlvco.com212.542.5869

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