MINEAfrica 4 th Annual UK November 2010 Greg Ferron TSX & TSXV: A Leader in Financing African Projects

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. © 2010 TMX Group Inc.

3 Globally Competitive Exchanges Mining Sector Listing on TSX and TSXV Outline

4 157 New Mining Companies on TSX/TSXV 16 on LSE/AIM The Shift to TMX in 2010

5 Strong Fundamentals in Canada Resource Rich Largest oil reserves in the world after Saudi Arabia World’s largest producer of zinc and uranium and major producer of gold, nickel, aluminum and lead Important global supplier of wheat, canola and other grains Extensive timber resources Strong Canada’s financial system has been ranked as the soundest in the world for two years in a row by the World Economic Forum Lowest debt-to-GDP among G7 Relatively strong financial position: 12 years of surpluses

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

7 TMX Group Serves Companies at all Stages of Growth Market Capitalization Toronto Stock Exchange and TSX Venture Exchange Unique feeder system 478 graduates + 93 M&A* *From January 1, 2000 – September 30, Toronto Stock Exchange issuer base: 1,485 issuers, ~$1.9 trillion market cap TSX Venture Exchange issuer base (excludes NEX): 2,143 issuers, ~$48.5 billion market cap As at September 30, Issuers 549 Issuers 463 Issuers 1922 Issuers Issuers

8 International Investment Community Trades on Toronto Stock Exchange 25 International Brokers including: Barclays Capital Citigroup CSFB Deutsche Bank Goldman Sachs HSBC JP Morgan Macquarie Capital Markets Merrill Lynch Morgan Stanley Raymond James Thomas Weisel State Street UBS 80 Canadian Brokers including: BMO Nesbitt Burns Canaccord Genuity CIBC World Markets GMP Securities RBC Capital Markets Scotia Capital Markets TD Securities National Bank Financial ~35% of daily trading originates from International brokers Volume CAGR 14% Transactions CAGR 37% Toronto Stock Exchange Volume and Transactions ( )

9 General Conditions YTD September 2010: Key Markets TSX/TSXVLSE/AIM NYSE/AMEX Euronext (US) NasdaqASXJSE Hong Kong Exchanges Number of Issuers Listed 3,6282,9782,3142,8051, ,365 Quoted Market Value (US$ Billions) 1, , ,278.43,480.71, ,536.0 New Listings Equity Capital Raised (US$ Billions) * Value Traded (US$ Billions) , ,794.69, ,027.6 Broad Stock Market Indexes (%Change over Sept ) 8.5%8.9%5.4%11.6%-2.2%18.3%7.0% *NASDAQ Information does not include secondary financings Source: Exchange Websites, World Federation of Exchanges, (TMX analysis of public information)

10 Globally Competitive Exchanges Mining Sector Listing on TSX and TSXV Outline

11 Key Global Mining Trends on Our Markets UK/Europe: Increase in Dual Listings USA: Increase in Trading Flow Latin America: Record year for capital raised for projects Increase in New Listings Australia: Increase in Dual Listings and equity raised Increase in Trading Flow Asia: Increase in New Players and Investment Record Year for International New Listings Record Year for Daily Volume Traded on TSXV Increase in Gold Financings Increase in New Commodities Increase in New Players/M&A Africa: Increase in Equity Raised for African Projects

12 TSX and TSXV have consistently captured over a third of the equity capital raised globally for mining Source: Gamah International, , compiled by Toronto Stock Exchange Global Mining Equity Financing Trend (C$ Billions) During this period TSX and TSXV captured on average: 36% of total equity capital raised globally 27% compound annual growth rate Increase in mega financings since 2006

13 TSX and TSXV have supported the mining sector over the past 10 years Source: Gamah International, , compiled by Toronto Stock Exchange Global Mining Equity Financing Trend (Number of Financings)

14 Mining Financing Update – First Nine Months 2010 Source: Gamah International, YTD September , Compiled by TMX Group $7.0 $2.3 Number of Financings $ First Nine Months 2010 Mining Equity Financings ($ Billions) 11 First Nine Months 2010: $18 Billion total equity capital raised globally financings 50 2 $1.3 $0.528 $0.170 $0.308 $2.1 $1.5

15 Source: Gamah International TMX leads globally in mining financing and new listings TSX/TSXV% of Total LSE/AIMASXNYSE AmexNYSEHKExJSE Q1+Q2+Q $9.855%$3.4$1.50$0.170$2.3$ $22.234%$22.3$13.50$4.5$3.0$ $8.336%$5.0$3.10$5.4$1.3$ $20.547%$9.3$8.3$0.095$2.6$0.909$ $12.543%$10.8$2.20$0.571$2.7$0.047 Mining Equity Financings 2005 to First Three Quarters 2010 ($Billions) TSX/TSXV% of Total LSE/AIMASXNYSE AmexNYSEHKExJSE Q1+Q2 +Q % % % % n/a % n/a10 New Mining Listings 2005 to First Three Quarters 2010

16 A Record Year: International Mining Companies by the Numbers 147 Inter. Mining Cos. on TSX and TSX V $61B Market Cap $3.4B Raised Through 87 Financings 5 Average Number of Analysts Covering Int’l Mining Cos. Unless otherwise noted, all numbers are as at September New International Mining Listings (YTD Oct 2010)

17 Our mining companies have operations around the world Africa: TSXV: 104 Companies TSX: 71 Companies UK/Europe: TSXV: 54 Companies TSX: 32 Companies Russia & CIS Countries: TSXV: 17 Companies TSX: 19 Companies USA: TSXV: 251 Companies TSX: 102 Companies Central America & Caribbean: TSXV: 34 Companies TSX: 25 Companies South America: TSXV: 189 Companies TSX: 86 Companies Mexico: TSXV: 138 Companies TSX: 59 Companies Australia/NZ/PNG: TSXV: 40 Companies TSX: 47 Companies Asia: TSXV: 66 Companies TSX: 44 Companies Source: InfoMine, November 2010 Canada: TSXV: 771 Companies TSX: 173 Companies

18 Africa is Well-Serviced by Four Stock Exchange Groups Source: InfoMine, Gamah International Sept 2010, Exchange Websites ExchangeCos.Props. Financing $ New Listings TSX and TSXV $1.3B 16 ASX $239M 3 LSE and AIM $1.4B 9 JSE $528M 3

Number of TSX and TSXV Mining Companies Operating in Africa by Region Top 10 Countries South Africa Tanzania DRC Ghana Mali Burkina Faso Niger Namibia Guinea Botswana Zambia TSX and TSXV Mining Companies in Africa Source: InfoMine, November

New Listings and Financing Activity in Africa New Listings: Auryx Gold Corp. (TSX:AYX) Forbes and Manhattan Coal Corp. (TSX:FMC) Gold Wheaton Gold Corp. (TSX:GLW) Metalline Mining Company (TSX:MMZ) Minemakers Limited (TSX:MAK) Perseus Mining Limited (TSX:PRU) Primero Mining Corp. (TSX:P) Ratel Gold Limited (TSX:RTL) Rockgate Capital Corp. (TSX:RGT) Angus Mining (Namibia) Inc. (TSXV:ANA) Energizer Resources Inc. (TSXV:EGZ) Frontline Gold Corporation (TSXV:FGC) Kokanee Minerals Inc. (TSXV:KOK) Mukuba Resources Limited (TSXV:MKU) Stone Resources Limited (TSXV:SRH) Tanzania Minerals Corp. (TSXV:TZM) New Financings for African Projects First Nine Months 2010: Red Back Mining: $600 million for gold in Ghana, Mauritania Semafo: $120 million for gold in Guinea, Niger, Burkina Faso Nevsun Resources: $117 million for gold/silver/copper/zinc in Eritrea and Mali Perseus Mining: $91 million for gold in Ghana, Côte d'Ivoire CGA Mining: $86 million for gold/copper in Nigeria and Zambia Volta Resources: $34 million for gold in Burkina Faso Avion Gold: $28 million for gold in Mali Canaco Resources: $25 million for gold/silver in Tanzania Hana Mining: $24 million for copper/gold/silver in Botswana MagIndustries: $23 million for potash in DRC

21 Globally Competitive Exchanges Mining Sector Listing on TSX and TSXV Outline

22 Capital Pool Company™ (CPC) Program has a Strong Track Record Since inception: Over 2075 CPCs were created 80% have completed their QT – over 1600 companies Currently: 335 Graduates now trade on TSX 99 of the grads were CPCs 100 QTs in the first 9 months of Mining QTs As at September 30, 2010

23 Dual Listing Market Continues to Evolve on TSX Key Trends Growing number of dual listed success stories Dual listed cos. have steadily built profile Greater interaction between key exchanges Dual list process continues to improve Access significant capital and trading on TMX Improvements in home market valuations and trading liquidity Dual Listed Companies:

24 Recent Listings are Diverse ‐London based dual Listed ‐Leading Mining Royalty Company Anglo Pacific Group PLC (TSX:APY LSE:APF) ‐Australian Dual Listed Success Story ‐Gold Developer in Western Africa ‐Raised $127 M in the First Half of 2010 Perseus Mining Limited. (TSX:PRU ASX:PRU) -$383 M IPO in June US company with precious metals project in Guatemala Tahoe Resource Inc. (TSX:THO) ‐Direct Dual List from ASX on TSX ‐Gold Producer in The Philippines Medusa Mining Limited (TSX:MLL ASX:MML AIM:MML) –ASX Dual List with Takeover Bid –Gold Producer in PNG –$145 M Offering Post-Listing Allied Gold Limited (TSX:ALG ASX:ALD AIM:AGLD) ‐$275 M RTO on TSXV ‐Gold & Silver exploration & development in Colombia ‐Canadian and Colombian management team Gran Colombia Gold Corp. (TSXV:GCM) ‐$46 M IPO ‐Lead by Brazilian based group ‐Gold Developer in Brazil Rio Novo Gold Inc. (TSX:RN) ‐$45 M IPO ‐Exploration and development of lithium, potassium, borax in Argentina Lithium Americas Corp. (TSX:LAC) ‐Luxembourg headquartered ‐Exploration and development in South Africa ‐$60 Million IPO Frontier Rare Earths Limited (TSX:FRO) Minera IRL (TSX:IRL AIM:MIRL BVL:MIRL) ‐Head office in Peru ‐Lima and TSX listed ‐Precious metals mining development and exploration company in Peru and Argentina Talison Lithium Limited (TSX:TLH) ‐Mines and processes lithium in Western Australia ‐Explores for lithium in Chile

25 Companies can capitalize on TMX Leadership

26 United States Tala Zarbafi Energy Cindy Gray Mining Greg Ferron Clean Technology Robert Peterman