1 Financing Opportunities for Mining Ventures and Going Public with the TSX Venture CPC Program Tim Babcock Director, Listed Issuer Services TSX Venture Exchange

2 Disclaimer This document is for information purposes only and is not an invitation to purchase securities listed on Toronto Stock Exchange and/or TSX Venture Exchange or Natural Gas Exchange. TMX Group Inc. and its affiliates do not endorse or recommend any securities referenced in this document. Please seek professional advice to evaluate specific securities. While the information herein is collected and compiled with care, neither TMX Group Inc. nor any of its affiliated companies represents, warrants or guarantees the accuracy or the completeness of the information. You agree not to rely on the information contained herein for any trading, business or financial purpose. This information is provided with the express condition, to which by making use thereof you expressly consent, that no liability shall be incurred by TMX Group Inc. and/or any of its affiliates as a result of any errors or inaccuracies herein or any use or reliance upon this information. © 2009 TMX Group Inc.

3 Contents 1.Globally Competitive Exchanges 2.Experts in Mining 3.TSX Venture Exchange and the Capital Pool Company Program

4 TMX Group is a Multi-Asset Class Market Leader (53% Ownership) (47% Ownership) (19.9% Ownership) Data Energy Derivatives Fixed Income Equities

5 8 th largest exchange group Based on domestic market cap of listed issuers on TSX and TSXV (WFE, Dec 2008) 1 st in North America 2 nd globally Based on number of listed issuers on TSX and TSXV (WFE, Dec 2008) 5 Toronto Stock Exchange and TSX Venture Exchange 7 th largest exchange group By equity capital raised (WFE, Dec 2008)

6 2,262 companies 45 graduates in graduates in ,570 companies TSX Venture Exchange Access to capital for earlier stage companies or smaller financings Total market cap of $17.0 Billion & average market cap of $7.5MM Cost effective stepping stone for international companies looking to list on a quality North American market Exchange mandate to mentor management of newly public companies Streamlined graduation to TSX when senior market requirements are met 102 year history Toronto Stock Exchange Senior market for well established businesses and management teams with experience in public markets Total market cap of $1.3 Trillion & average market cap of $815MM 32% of TSX issuers >$500M are interlisted on a US exchange Access to larger, more international institutional investors and greater analyst coverage Globally visible specialized indices 156 year history Unique Market Structure

7 Investor Relations is key to success The Equicom Group is a leading Investor Relations consulting firm and a trusted resource in the capital markets. Service Offerings  IR strategy  Financial media relations  Broker relations  Investor roadshows  News releases and filings (SEDAR)

8 Contents 1.Globally Competitive Exchanges 2.Experts in Mining 3.TSX Venture Exchange and the Capital Pool Company Program

9 Source: Exchange Websites *Includes RTOs and QTs on TSXV TOTAL NUMBER OF MINING ISSUERS More mining companies are listed on TMX equity exchanges than any other market in the world NUMBER OF NEW MINING LISTINGS IN 2008

10 Our exchanges have the most diversified roster of public mining companies by stage of development MARKET CAPITALIZATION OF TORONTO STOCK EXCHANGE AND TSX VENTURE EXCHANGE MINING ISSUERS (C$M) April Toronto Stock Exchange mining issuer base: 344 issuers, $229.4B Market Cap TSX Venture Exchange mining issuer base (excludes NEX) : 1077 issuers, $12.3B Market Cap

11 Exposure to different countries through the mining sector on TMX *Other includes Caribbean, Channel Islands, Guernsey TMX Group Mining International Listings by Country/Region TMX Group International Listings by Sector We have 123 international mining companies – the most of any exchange in the world

12 Our mining companies have operations around the world Source: InfoMine 50% of the 10,000+ mineral exploration projects held by TSX and TSXV companies are outside of Canada

13 Mining sector activity has increased in the first five months of 2009 QTs = Qualifying Transactions on TSX Venture Exchange 4 New Mining Listings 25 New Mining Listings (Includes 14 Mining QTs) 25 New Mining Listings (Includes 14 Mining QTs) Q1 Value of Mining Equity Financings (C$ Millions) Source: Gamah International, YTD March 2009 Compiled by TMX Group financings 1 20 May : 339 Mining Companies on TSX Market Cap C$276.8B (up 34% since Dec ) 1079 Mining Companies on TSXV Market Cap C$13.8B (up 58% since Dec ) May : 339 Mining Companies on TSX Market Cap C$276.8B (up 34% since Dec ) 1079 Mining Companies on TSXV Market Cap C$13.8B (up 58% since Dec ) Equity Capital Raised YTD May 2009: TSX: C$6.02B TSXV: C$0.676B (represents 80% of the total mining equity capital raised on TSX and TSXV in all of 08) Equity Capital Raised YTD May 2009: TSX: C$6.02B TSXV: C$0.676B (represents 80% of the total mining equity capital raised on TSX and TSXV in all of 08) 1 2 4

14 Mining activity on Toronto Stock Exchange has increased in the last five months

15 Contents 1.Globally Competitive Exchanges 2.Experts in Mining 3.TSX Venture Exchange and the Capital Pool Company Program

16 Going Public Activity on TSX Venture Exchange Companies list on TSXV and TSX using various listing vehicles 204 Going Public Activity on TSX

17 Capital Pool Company (CPC) Program is a unique reverse merger listing vehicle

18 Capital Pool Company (CPC™) Program: 2,021 listed since program inception (1987) 79% of CPCs have completed their QT 247 former CPCs currently trade on a senior exchange 22% of the 45 graduates to TSX in 2008 were CPCs –28% of the 72 graduates to TSX in 2007 were CPCs On average since 2004, 8% of TSX’s new listings were CPCs A new clean CPC shell has none of the hidden costs of a shell with previous operating history Successful Track Record of the CPC™ Program As at December 31, 2008

19 Why/When a CPC Alternative access to capital; Retain higher ownership Want to be public company (M&A currency, stock options, visibility) Greater flexibility, certainty and control in the process Going public risk reduced Management Long term strategy to grow as a public company Reasonable valuation = Viable share structure Investor support Appropriate advisors (lawyer, broker, investment banker) Company Wants/ Needs Critical Success Factors Company is too early stage for a broadly distributed regular IPO IPO market is not strong enough in general VC financing is not viable or management prefers not to use Market appears to reward growth business of target company’s sector Market Conditions

20 TSX Venture graduates have succeeded in the senior market 31 Companies that started on TSXV are now in S&P/TSX Comp Index (11 were former CPCs) Alamos Gold Inc. AltaGas Income Trust Baytex Energy Trust Birchcliff Energy Ltd. Boardwalk Real Estate Investment Trust Calloway Real Estate Investment Trust Crescent Point Energy Trust Daylight Resources Trust Ensign Energy Services Inc. European Goldfields Limited First Quantum Minerals Ltd. HudBay Minerals Inc. Lundin Mining Corporation New Gold Inc. Niko Resources Ltd. Osisko Mining Corporation Pacific Rubiales Energy Corp. Pan American Silver Corp. Pason Systems Inc. Petrobank Energy And Resources Ltd. Peyto Energy Trust Precision Drilling Trust Provident Energy Trust Red Back Mining Inc. Savanna Energy Services Corp. Silver Standard Resources Inc. Silver Wheaton Corp. Silvercorp Metals Inc. Tanzanian Royalty Exploration Corporation Thompson Creek Metals Company Inc. Vermilion Energy Trust

21 Tim Babcock Director, Listed Issuer Services TSX Venture Exchange Greg Ferron Senior Manager, Global Mining Toronto Stock Exchange & TSX Venture Exchange