Miners, Operators, Builders

…unlocking value in resource assets

December 2012

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A Unique and Proven Model

Capital Talent

Strategy

Strengthen Companies &

Increase Value

Each company has access to: Global network of

political leaders

Industry experts

Technical teams

Developmental teams

Financial experts

…in over 30 countries around the world.

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Sulliden

Brazil Potash Belo Sun

Aguia

Aguia

Irati

Alder Resources

Castillian

Alderon

Forbes Coal

Black Iron

Castillian Pitchblack

Allana

Allana

Silver Bear

Rodinia

Castillian

Rodinia

Cap-Ex

Cap-Ex

Legacy Platinum

Dacha

Scandinavian Metals

Ferro Iron

Windamere

TAG Resources

Mason Graphite Emerita

East Asia Minerals

East Asia Minerals

Forbes Offices Projects / Operations

Global Mining Footprint

What We Bring

Integrated Team Built on Technical and Operational Expertise and Accomplished Financial Markets Professionals

Stan Bharti Founder and

Executive Chairman

• Over 50 engineers • Over 50 geologists • Expertise in all

mining, energy and agriculture products

• 11 (globally) full-time securities lawyers and support staff

• Over 30 people with expertise in – M&A – Investment banking – Corporate Finance – Corporate Development – Investor relations

• Over 20 accounting and administration staff

Advisory Board

Technical Team

Legal Team

Financial Team

Admin / Accounting

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Agriculture David Argyle Corporate Finance Fred Leigh Investments David Stein Geology David Gower Forbes West Mark Morabito

Legal Pat Gleeson Gold Group Mark Eaton Iron Ore Group Matt Simpson Mine Engineering Mike Hoffman Oil & Gas Ahmed Said

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Executive Committee

Stan Bharti, P.Eng, Founder, Executive Chairman and CEO Internationally educated as a professional mining engineer, Mr. Bharti has over 30 years of experience in operations, public markets and finance. He has been instrumental in acquiring, restructuring and financing numerous mining assets worldwide generating billions in market capitalization. Mr. Bharti is bottom line driven with an enormous capacity to manage multiple complex transactions.

Who We Are

Chief Operating Officer – Scott Moore Chief Financial Officer – Deb Battiston

International Advisory Board General John Abizaid, U.S. Army (Ret.)

Served for 34 years in U.S. military; Commander of US Central Command 2003-2007

Peter Boot, South America 25 years in finance; experience in Brazil, Curacao, Venezuela, Paraguay & Bolivia

General Jay Garner, U.S. Army (Ret.) 35 years in the U.S. military; Command of Air Missile Defense Units during the Gulf War

General Ron Hite, U.S. Army (Ret.) Served 33 years in the U.S. military; Senior Military Advisor to the Army Chief of Staff

Larry King, U.S.A. American icon; Former Host of CNN’s Larry King Live

General Lewis MacKenzie, Canadian Army (Ret.) Canadian Forces for 35 years; led the UN peacekeeping mission in Sarajevo

Hon. Pierre Pettigrew, PC, Canada Served as Canadian Federal Minister of Foreign Affairs and International Trade

Jim Rogers Author, financial commentator and successful international investor.

General Sir Michael Rose, British Army (Ret.) Highly decorated former SAS Commander for the British Army

Bernard Wilson Corporate Finance and Investment Banking advisor with substantial experience in restructurings

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F&M at a Glance

Over the last 10 years, we have… Discovered more than 20M oz of gold to 43-101 compliant standards worth

more than $34 billion in situ value today

Produced almost 1 million oz from mines that were built or re-started by our teams. Another million ounces have been produced from gold mines bought from F&M companies.

Discovered + 900 million tonnes of iron metal to 43-101 compliant standards (and + 3 billion tonnes of iron ore)

Produced 3.3 million tonnes of saleable iron ore concentrate before being acquired and another 12 million tonnes since.

Operated, expanded and produced successfully from coal and nickel mines.

Discovered under 43-101 or JORC compliant standards resources in silver, zinc, nickel, potash, phosphate, vanadium, tungsten, lithium, and other commodities.

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Building Companies & Creating Value

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Cumulative Value Added

Source: Bloomberg, F&M

Our Fees

In 2012: F&M charges on average $28,000 per month per company

Depending on size, stage of development, use of F&M internal resources This includes ALL bonuses paid to F&M and Stan Bharti

These charges are fully disclosed in each company’s quarterly reports under General & Administrative expenses

These fees provide the funding for F&M to operate a global network of more than 200 senior mining/resource professionals who are instrumental in taking projects from concept to commercial production Technical, operations management, capital markets, legal, accounting,

investor relations and risk management

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Case Study : Avion Gold

An analysis of overhead costs of each of the F&M companies reveals that they are run significantly cheaper than their peers

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G&A per oz of gold production (2011)

Source: RBC Capital Markets Data, Forbes & Manhattan Research

G&A cost of $51/oz

Case Study : Avion Gold

11 Source: RBC Capital Markets Data, Forbes & Manhattan

G&A per oz of gold production (2011) – Avion Gold versus Peers

Belo Sun - Avion - Castillian - Sulliden

12 Source: RBC Capital Markets Data, Forbes & Manhattan Research

Relationship between G&A and Market Cap (2011) – Gold Companies

Iron Ore Companies

13 Source: RBC Capital Markets Data, Forbes & Manhattan Research

Relationship between G&A and Market Cap (Dec 2012) – Iron Ore Companies

Case Study: Consolidated Thompson

• World Class Iron Ore Project in Quebec

• Built from exploration stage in 2005 through to production in 2010 • Completed scoping study, 3 feasibility studies, secured off-take and

financing agreements with China.

• Market cap when F&M got involved was $1 million; sale price market capitalization of $4.9 billion

• Raised approximately $1 billion, including a strategic US$240 million investment from Wuhan Iron & Steel Co. (WISCO)

Founded Consolidated Thompson Iron Mines

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Case Study: Consolidated Thompson Value Realized: Acquired by Cleveland Cliffs Natural Resources Inc. for $4.9billion

$0.22

$17.25

• ~7,700% return over 4 years

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Case Study: Alderon Iron Ore

• World class iron ore project in the heart of the Labrador Trough, Canada’s Premier Iron ore District

• Kami Property consisted of three map-staked licences at the time of acquisition (March 2010)

• Completed 2 NI 43-101 mineral resource estimates, a PEA, secured a strategic partner and a major off-take agreement within two years of acquiring the asset

Founded Alderon Iron Ore in March 2010

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Case Study: Avion Gold

• Acquired Tabakoto / Segala mine in Mali, West Africa mid-2008 from Nevsun Resources for US$ 20 million

• Over US$150 million in infrastructure was invested by Nevsun: brand new mill, accommodations, roads and power facilities

• Avion’s expert team turned around the operation and put the property back into production. We build value in struggling assets where others cannot – our technical team is one of the best in the world

• 4.8 million ounce resource with significant exploration upside

Founded Avion Gold Corp

MALI

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BURKINA FASO

Case Study: Avion Gold

Production Ramping Up

Gold Production (000’s oz)

2009 2011 Future

Potential to double production

~100,000 oz

~50,000 oz

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• 300% return • Market cap $390M

>$0.88

$0.22

Cost (Oct ‘07)

EDV Deal Value

Technical Team Strength John Begeman, Mining Engineer

Mr. Begeman, is a professional mining engineer with over 30 years of mining experience and currently President, Chief Executive Officer and Director of Avion Gold Corporation, a growing gold mining company in Mali, West Africa and the largest company currently in the F&M Group. John was previously President and CEO of Valencia Ventures Inc., Chief Operating Officer of Zinifex Canada Inc., and Vice President, Western Operations of Goldcorp Inc.. Mr. Begeman is also a director of Yamana Gold Inc. and Premier Gold Mines Limited. He holds a B.Sc. in Mining Engineering, an M.Sc. in Engineering Management and an MBA.

Mike Hoffman, Mining Engineer

Mr. Hoffman is a professional mining engineer with over 28 years of experience in open pit and underground mine operations, projects, engineering and corporate development. He served in senior executive positions at Crocodile Gold, Crowflight Minerals Inc., Goldcorp Inc., Desert Sun Mining Corp., and Yamana Gold Inc. He has been responsible for leading a team in the design and construction of large mining projects such as the #3 Shaft Project at Red Lake and the construction of Crowflight’s Bucko Mine. Currently, Mr. Hoffman is a director of several F&M Group Companies including Aberdeen International and Crocodile Gold. Mr. Hoffman holds a Bachelor of Applied Science degree in mining engineering from Queen’s University.

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Technical Team Strength Bruce Humphrey, Mining Engineer

Mr. Humphrey is a mining engineer with over 30 years experience with such major companies as Goldcorp, Inco, Cominco and Noranda. He recently served as Chairman of Consolidated Thompson Iron Mines Ltd. During his time as the President and Chief Executive Officer of Desert Sun he contributed to the successful development of the Jacobina Mine in Brazil. Prior to Desert Sun, Mr. Humphrey served as Senior Vice President and Chief Operating Officer at Goldcorp Inc. during the re-development of its high-grade Red Lake mine. He is a member of the Professional Engineers of Ontario. Currently Mr. Humphrey serves on several F&M boards including Chairman of Black Iron Mining (Iron Ore, Ukraine).

Richard Bishop, Mining Engineer Mr. Bishop is a mining engineer that joined F&M from RBC Capital Markets, where he was a gold mining equities analyst covering exploration and development stage mining companies. He has industry experience in gold, molybdenum, titanium, tungsten, and phosphate, having worked for Mosaic, Iluka Resources, Freeport McMoRan, and Barrick Gold. Mr. Bishop holds a Bachelor of Science degree in Mining Engineering from Virginia Tech, and a graduate certificate in Mining Engineering from the European Mining Course in Finland, England, Germany, and the Netherlands.

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Technical Team Strength Dave Anthony, Mining Engineer

Mr. Anthony has more than 30 years of engineering and environmental experience in the mining industry. Recently, he worked with Barrick Gold Corp. as Chief Operating Officer, responsible for African Barrick Gold (ABG) Mines & Capital Projects. He also has held general management positions with Barrick's gold and copper operations in Tanzania, directing the design, commissioning and operation of greenfield projects. Mr. Anthony also completed designs for mining companies across the globe while a senior metallurgist for SNC-Lavalin Engineers & Constructors Ltd., a leading Toronto-based engineering and construction group. He is a graduate of Queens University and holds a Bachelor of Science in Mining Engineering.

Chantal Lavoie, Mining Engineer Mr. Lavoie is a professional mining engineer with more than 25 years of experience in mining operations and projects. Mr. Lavoie has previously spent eight years at De Beers Canada Inc. where he was responsible for the Canadian operations including Snap Lake and Victor mines, the Gahcho Kue project and was acting CEO of De Beers Canada. He has also worked for Barrick Gold Corporation at Goldstrike in Nevada and Aur Resources Inc. at the former Louvicourt mine.

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Technical Team Strength Neil Ringdahl, Mining Engineer

Mr. Ringdahl is a mining engineer with 17 years experience held in senior management positions with a number of companies including Anglo Platinum, Golden Star Resources, and an executive position with Peruvian base metals producer Volcan Companía Minera. Most recently, he was country manager for Ancash Mining (now a Korea Zinc subsidiary). On behalf of the defaulting creditors, he was responsible for taking the company through the administration process. He also financed and managed the construction and commissioning of its silver/base metals concentrator and mine. Neil has led a number of mining and project teams on mines across South America and Africa. He spent five years as a consultant specializing in strategic and tactical mine planning on various diamond, precious and base metals mines around the world.

Peter Tagliamonte, Mining Engineer Mr. Tagliamonte is a professional mining engineer and also holds an MBA from the Richard Ivey School of Business, at the University of Western Ontario. He is the former President and CEO of Central Sun Mining Inc. and Chief Operating Officer of Desert Sun Mining Corp. where he was responsible for the development of the Jacobina Mine in Brazil into a 4,200-tonne-per-day mining operation. Mr. Tagliamonte has over 25 years of progressive managerial experience building and operating mines worldwide, notably in Central and South America. In 2005, he received the Mining Journal's "Mine Manager of the Year" award in recognition for his work in the mining sector.

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Technical Team Strength Allan Polk, Mining Engineer

Mr. Polk is a mining engineer with over 20 years of experience in mine operations and consulting for both underground and open pit mines in a variety of commodities at mines and projects around the world. He is an expert in resource to reserve conversion as a qualified person for technical reports and as a corporate representative at operating mines. Allan recently worked at Pan American Silver Corporation as the Director of Mining Engineering and was a Principal Engineer at Snowden Mining Industry Consultants in Vancouver.

Mark Trevisiol, Engineer

Mr. Trevisiol is a professional mechanical engineer with over 24 years of management experience in the base metals industry, the majority of which have been spent specifically in the nickel sector. Between August 2009 and December 2010, Mr. Trevisiol acted as CEO of Crowflight Minerals. Mr. Trevisiol was the Chief Operating Officer of Liberty Mines, where he was responsible for their mining and milling operations in Timmins, Ontario. Formerly General Manager of Business Development & Strategy of Xstrata Nickel Sudbury Operations, Mr. Trevisiol spent 18 years with Falconbridge Ltd in various roles, including General Manager of the Sudbury Smelter business unit, Production Manager of the Sudbury smelter and Superintendent of the Kidd Creek zinc operations. He holds a mechanical engineering degree from the University of Waterloo.

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Technical Team Strength David Gower, Geologist

Mr. Gower has over 20 years of experience in exploration with Falconbridge, Noranda (now X-strata) most recently as Director of Global Nickel and PGM exploration. He was a member of the Senior Operating Team responsible for mining projects with Falconbridge. He has led exploration teams which were responsible for brownfields discoveries at Raglan and Sudbury, Matagami, Falcondo – DR, and greenfield discoveries at Araguaia in Brazil, Kabanga in Tanzania and significant increases in known resources at Kabanga in Tanzania and El Pilar in Mexico. He has a Bachelor of Science In Geology from Saint Francis Xavier University and a Masters degree in Geology from Memorial University.

David Stein, Geologist

Mr. Stein is an investment manager specializing in natural resource assets and companies. He is the CEO of Aberdeen International, our in-house fund management company. He served as director for three public companies and three private companies with direct experience in and exposure to Latin America, Asia, and Africa. Mr. Stein is a former top-ranked mining equity analyst with Cormark Securities/Sprott Securities in Canada. He earned a Bachelors’ degree in Geological Engineering and Masters’ degree in Geology from Queen’s University, Canada.

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Technical Team Strength Bill Pearson, Geologist

Dr. Pearson is a professional geologist with 38 years of experience in the national and international mining industry in all phases from grassroots exploration through to advanced projects and mine development. Has carried out exploration programs in 15 countries in North and South America, Europe, East Asia and Australia. He was the former Vice President, Exploration for Desert Sun Mining Corp. prior to the April 2006 takeover by Yamana Gold Inc. and the former Executive Vice President, Exploration for Central Sun prior to the April 2009 takeover by B2Gold Inc. He holds a B.Sc. In Geology from the University of British Columbia and a M.Sc. and Ph.D. from Queens University in Ontario.

Joseph Arengi, Geologist Mr. Arengi is a professional geologist with 38 years of exploration and operational experience throughout Canada, Central America, South America and Africa. Prior to joining Alder Resources, Mr. Arengi was V. P. Exploration for Hana Mining Ltd. where he managed the team that discovered 4.0Bn pounds of copper and 60MMoz of silver in the Kalahari Copper Belt of northwest Botswana. Prior to that he was Regional Exploration Manager of Central America and the Caribbean Basin for Aur Resources Inc., a mid-tier copper producer acquired by Teck Resources Ltd. in 2007. He holds a M.Sc. in Geology from the University of Toronto and a B.Sc. in Geology from the State University of New York. 25

Technical Team Strength Bill Nielsen, Geologist

Mr. Nielsen is a professional geologist with over 35 years of worldwide mineral exploration and development experience. Most recently, he has been working as a senior industry consultant to mining exploration companies working with a variety of commodities in various countries and geological environments. From 2003 to 2008, Mr. Nielsen was the V.P. Exploration of Nevsun Resources Ltd., where he played a significant role in the discovery of the Bisha gold-VMS deposit in Eritrea. He has worked with the F&M group since early 2010.

Sarah Palmer, Geologist Dr. Palmer is a professional geologist that previously spent fourteen years as an exploration geologist and consultant to the Canadian oil and mining industries. She has managed projects and conducted exploration programs for both junior and major international mining companies over a broad range of oil and mineral commodities, including uranium, gold, base metals, and platinum group metal deposits. She holds a B.Sc. (Cum Laude) from Saint Mary’s University, M.Sc. in structural geology from Dalhousie University, and a Ph.D. in geochemistry from Queen’s University.

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Technical Team Strength Helio Diniz, Geologist

Mr. Diniz has over 30 years of experience, most recently as Director of Exploration, Brazil for Xstrata (formerly Noranda – Falconbridge). In this role, he was a primary discoverer of the world class Araguaia Nickel Deposits (+100 million tonnes, 1.5% Ni) which are currently undergoing scoping studies by Xstrata Nickel. He also assembled one of the most impressive property portfolios in the prolific Carajas Mineral District and the land position at Mangabal. Prior to that, he worked with GENCOR South Africa, and was involved in the evaluation and development of the Sao Bento gold mine in Brazil which operated for 25 years.

William Randall, Geologist Mr. Randall is a professional geologist with extensive experience in mineral exploration and production, including lithium projects in South America. Mr. Randall has run and supervised numerous discoveries and has taken deposits from the resource stage through to feasibility and production.

Raymond Spanjers, Geologist

Mr. Spanjers has twenty-nine years experience in industrial exploration, plant and mine management. Mr. Spanjers joined Rodinia from FMC Lithium division, where he explored for lithium brine deposits in Nevada and the Andean Puna of Argentina.

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