Balance Sheet Weight20-Sep-11

AssetsCapital Assets 12,021,643 75% 9,016,232 Mineral Poperties 13,179,198 25% 3,294,800

Total 25,200,841 48.9% 12,311,032

LiabilitiesAsset Retirement Obligation 358,961 100% 358,961

Total 358,961 358,961

Recovery 11,952,071

Senior Creditors Recovery % Recovery $Debt Obligation 2,877,733 65% 1,868,059 Royalty Agreement (Sandstorm) 1,649,076 65% 1,070,486 Royalty Agreement (Sandstorm) 3,157,628 65% 2,049,751 Debt Oglibation 39,795 65% 25,833 Debt Oglibation 20,436 65% 13,266 Deffered Revenue (Sandstorm) 10,667,419 65% 6,924,677

Total 18,412,087 11,952,071

SubordinatedBank Loan 91,393 0% - Debt Obligation - 0% - Debt Oglibation (Sandstorm) 3,000,000 0% - Convertible Debentures 8,248,271 0% -

Total Sandstorm Recovery 10,044,913 Recovery on total investment and accrued interest: 54%Tax Asset 8,429,210

54%Recovery of total senior investment and accured interest: 65%Recovery of Initial Senior Investment: 69%

Key Assumptions

18,474,123 15,474,123 14,500,000

http://www.novadx.com/images/stories/findocs/Financial_Statements_December_31_2011.pdf

Balance Sheet Weight31-Dec-11

AssetsReclamation Deposits 1,168,699 100% 1,168,699 Note Receivable 2,000,000 0% - Capital Assets 11,791,140 75% 8,843,355 Mineral Properties 8,044,232 85% 6,837,597

Total 23,004,071 73.2% 16,849,651

LiabilitiesAccount Payable 2,106,937 0% - Bank Loan 31,251 100% 31,251 Debentures 609,978 100% 609,978 Asset Retirement Obligation 352,292 100% 352,292

Total 3,100,458 993,521

Recovery 15,856,130

Senior Recovery % Recovery $Long term debt 1,060,983 51% 543,856 Royalty Agreement (Sandstorm) 29,872,000 51% 15,312,274

Total 30,932,983 15,856,130

SubordinatedBank Loan - 0% - Debt Obligation - 0% - Convertible Debentures 2,033,104 0% -

Total Sandstorm Recovery 15,312,274 Recovery on total investment: 51.3%Loss: 14,559,726 Tax Asset:

http://www.novadx.com/images/stories/findocs/Financial_Statements_December_31_2011.pdf

Key Assumptions

Pledged letters of credit for future reclamation costs secured by CDsConnected to Ikerd transaction, portion already written off as uncollectable

Secured by a CDSecured by certain assets

Balance Sheet Weight Key Assumptions30-Nov-11

AssetsProperty, plant, and equip 18,548,346 100% 18,548,346 Connected to Ikerd transaction, portion already written off as uncollectable

Total 18,548,346 100.0% 18,548,346

LiabilitiesAsset Retirement Obligation 296,190 100% 296,190

Total 296,190 296,190

Recovery 18,252,156

Senior Recovery % Recovery $Long term debt - 100% - Royalty Agreement (Sandstorm) 17,018,700 100% 17,018,700 Total 17,018,700 17,018,700

Total Sandstorm Recovery 17,018,700 Recovery on total investment: 100.0%Tax Asset -

Key Assumptions

Connected to Ikerd transaction, portion already written off as uncollectable

$ in thousandshttp://www.terrexenergy.ca/images/stories/Information_Centre/FinancialReports/q1_2012.pdf#zoom=100

Balance Sheet Weight31-Mar-12

AssetsExploration and evaluation assets 15,181 50% 7,591 PP&E, net 8,771 75% 6,578

Total 23,952 59.2% 14,169

LiabilitiesAsset Retirement Obligation 3,742 100% 3,742

Total 3,742 3,742

Recovery 10,427

Senior Recovery % Recovery $Long term debt - 74% - Royalty Agreement (Sandstorm) 14,130 74% 10,427 Total 14,130 10,427

Total Sandstorm Recovery 10,427 Recovery on total investment: 73.8%Tax Asset 3,703

http://www.terrexenergy.ca/images/stories/Information_Centre/FinancialReports/q1_2012.pdf#zoom=100

Key Assumptions

http://www.thunderbirdenergy.net/i/pdf/FS_YE_2011.pdf

Balance Sheet Weight31-Mar-12

AssetsCapital Assets 46,426 75% 34,820 Oil and gas property 9,230,661 85% 7,846,062

Total 9,277,087 84.9% 7,880,881

LiabilitiesAsset Retirement Obligation 215,003 100% 215,003

Total 215,003 215,003

Recovery 7,665,878

Senior Recovery % Recovery $Long term debt 6,232,938 25% 1,529,825 Royalty Agreement (Sandstorm) 25,000,000 25% 6,136,053 Total 31,232,938 7,665,878

Total Sandstorm Recovery 6,136,053 Total recovery on investment: 24.5%Tax Asset 18,863,947

Key Assumptions

Asset Recovery Scenario 1 Capital Assets PropertySandstorm Cash $ 40,585,000 Royal Coal $ 10,044,913 75% 25%Novadx $ 15,312,274 75% 85%Donner $ 17,018,700 100% 100%Terrex $ 10,426,750 75% 50%Thunderbird $ 6,136,053 75% 85%Total: $ 99,523,690 Value per share: $ 0.313

Asset Recovery Scenario 2 Capital Assets PropertySandstorm Cash $ 40,585,000 Royal Coal $ 10,044,913 75% 25%Novadx $ 15,312,274 75% 85%Donner $ 45,152,002 N/A N/ATerrex $ 10,426,750 75% 50%Thunderbird $ 39,375,000 75% 85%Total: $ 160,895,939 Value per share: $ 0.506

Asset Recovery Scenario 3 Capital Assets PropertySandstorm Cash $ 40,585,000 Royal Coal $ 10,044,913 75% 25%Novadx $ 73,605,814 N/A N/ADonner $ 54,182,402 N/A N/ATerrex $ 10,426,750 75% 50%Thunderbird $ 47,250,000 75% 85%Total: $ 236,094,879 Value per share: $ 0.742

Asset Recovery Scenario 4 Capital Assets PropertySandstorm Cash $ 40,585,000 Royal Coal $ 10,044,913 75% 25%Novadx $ 81,784,238 N/A N/ADonner $ 60,202,669 N/A N/A

Terrex $ 10,426,750 75% 50%Thunderbird $ 52,500,000 N/A N/ATotal: $ 255,543,570 Value per share: $ 0.804

Tax Assets (undiscounted) $ 14,649,805 Tax Rate 35%

Other Seniors $ 10,231,885

Cash & Equiv.

0%0%0%0%0%

CF (2014) Multiple

$ 6,020,267 7.5x

$ 5,250,000 7.5x

CF (2014) MultipleNotesDid not give any value to current assets

$ 8,178,424 9.0x No value given for tax assets created by Sandstorm losses $ 6,020,267 9.0x

Did not consider current liabilities or subordinated debt $ 5,250,000 9.0x Actual asset values may differ materially from those recorded on the balance sheet

Catalysts for revaluation1. Royal Coal recovery providing validation of deal strcuture and clarification on recovery values2. New stream deal(s) with current cash

CF (2014) Multiple 3. Additional financing secured by Novadx, Terrex, and/or Thunderbird4. Donner production / cash flow in early 2013

$ 8,178,424 10.0x $ 6,020,267 10.0x

Asset retirement obligations represent the present value of expected future restoration costs

$ 5,250,000 10.0x 194,486,907 $ 0.76

Balance Sheet Value Recovery %Stream Capital Assets Property Capital Assets PropertyRoyal Coal 12021643 13179198Donner 18548346TerrexThunderbird

Other senior debt includes ARO

Stream Royal Coal Novadx Donner TerrexCapital AssetsPropertyOther

Asset Retirement Obligation (ARO)

SandstormOther Senior Creditors

Did not give any value to current assetsNo value given for tax assets created by Sandstorm losses

Did not consider current liabilities or subordinated debtActual asset values may differ materially from those recorded on the balance sheet

Catalysts for revaluation1. Royal Coal recovery providing validation of deal strcuture and clarification on recovery values2. New stream deal(s) with current cash3. Additional financing secured by Novadx, Terrex, and/or Thunderbird4. Donner production / cash flow in early 2013

Asset retirement obligations represent the present value of expected future restoration costs

Recovery $ Senior CreditorsCapital Assets Property Total Sandstorm All Others Total Recovery Rate

Thunderbird

Senior CreditorsSandstorm Recovery