A Global Exploration Vehicle Principal exploration company in Lundin Group Active in Eritrea and South America Business model: Add value through exploration Flexible and opportunistic Cash ~$21 million SymbolNGQ – TSX Shares outstanding146.8 million Fully diluted154.2 million Market Capitalization$145 million

The Lundin Group-Combined value >$10B One of the most successful resource groups in the world Oil Exploration Mining ExplorationMining Production Oil Production Other

Projects Chile, Argentina copper-gold porphyry Congo carbonate hosted copper/lead/zinc Eritrea volcanogenic massive sulphide copper/zinc Canada – JV Partner copper-gold porphyry

Arabian-Nubian Shield A Major Massive Sulfide Province Arabian-Nubian Shield emerging as one of the world’s most significant VMS belts >180Mt of massive sulfide discovered in last ten years. Best discovery record in the world. Much of it in Eritrea High value gold-rich deposits. High value gold caps overlie enriched copper mineralization Still underexplored Desert terrain is easy to explore with low cost remote sensing and basic prospecting Most has not been flown by airborne geophysics Bisha 39Mt Hambok 27Mt Ariab +60Mt Asmara 60 Mt

Eritrea Large land package covering extensions of Bisha belt Significant resource at Hambok Excellent exploration potential near Hambok New high grade discovery at Aradaib Gold-Rich VMS Exploration Bisha Deposit: 1 million oz gold 9.8 million oz silver 747 million lbs copper 1 billion lbs zinc

Prospecting has identified numerous gossan + outcrops on licenses Area has never been flown with airborne Mag and EM VTEM Survey underway Will cover Hambok Trend, Aradaib, and Shukula for the first time Expected to generate lots of drill targets. Currently conducting VTEM survey in order to detect mineralized bodies obscured by overburden. M + I 1% and Cu 2.2% Zn Inferred 0.85 Cu and 1.7% Zn

Hambok Trend Hambok is coincident with a strong gravity anomaly shown in red Untested potential along linear trend from Hambok This area will be covered by planned airborne survey

Aradaib Recent high-grade discovery ARD-01:10m 1.9% Cu, 1.2% Zn, 0.92 g/t Au, 21 g/t Ag 7m 1% Cu, 15.1% Zn, 0.39 g/t Au, 33 g/t Ag ARD-03:13m 3.3% Cu, 5.6% Zn, 1.8 g/t Au, 46 g/t Ag ARD-04:7m 2.7% Cu, 1.7% Zn, 0.82 g/t Au, 26 g/t Ag ARD From 71 to 72m: 11.70g/t Au 157g/t Ag 9.63% Cu 6.50% Zn

Aradaib Exploration Potential Oil Exploration Mining ExplorationMining Production Oil Production Other 3km trend of anomalous rock geochemistry; scattered gossans Extensive shallow cover on strike Drilling to date has only tested a tiny fraction of the exploration potential Upcoming airborne survey will trace mineralization under cover

Other Significant Prospects - Shukula Significant new discovery High copper-zinc-gold gossan Opens up a new belt Will be covered by airborne survey

Other Significant Prospects- Koken Favorable host rocks extend for >100km to the north of Bisha Alteration associated with mineralization shows up on satellite imagery- green and red patches Follow-up prospecting has found high copper, zinc, gold geochemistry

Significant new shallow potash play Historical production; recent new results Close to tidewater Potential for other evaporite minerals?? Recent shallow potash intercepts 15m 16% KCl Eritrea- Other Opportunities

NGEX in South America Porphyry copper-gold projects of interest to: –China, Japan, and Korea –mid tier base metal producers –Gold companies Large copper deposits in stable jurisdictions on Pacifc rim are very rare Most are controlled by majors NGEX has exactly the kind of projects all the above will want –Large size +500Mt potential –By-product gold; good Cu eq grades –Concentrate producers –Located in stable jurisdictions on Pacific rim

Vicuna Project Copper and gold potential District scale play –at least 3 major copper-gold systems on one contiguous land package –each one a potential company maker Partnered with Japanese –60% NGEX –40% JOGMEC

Josemaria, Argentina Resource Cover Large resource with potential to grow substantially Is the other half under cover? Higher grade core JOGMEC earning 40%, funding current program

Los Helados, Chile Large copper-gold porphyry system At least 1000m by 700 m by 450 m % Cu, 0.2 g/t Au Including 345 m 0.6% Cu, 0.2 g/t Au Deepest drill holes still in mineralization at +800M Higher grades at southern end High sulfidation gold potential at higher levels

Filo del Sol Large high- sulphidation gold system Overprinted on deeper porphyry copper Very large alteration zone with limited testing Holes drilled so far are very similar to first 54 first holes at Veledaro

A Significant Resource Base with Excellent Exploration Potential

Summary A very strong pipeline of resource and resource extension projects in South America and Eritrea- not fully valued Eritrean projects historically discounted but this may be changing –Hambok is very similar to Emba Derho –Aradaib is the best new discovery since Bisha –Airborne Mag/EM could be a game changer –Opening of Bisha Mine and strong interest in region from gold majors may lead to re-rating of Eritrean projects South American exploration starts November, 2010 –Will drill 4 porphyry copper projects and one high-sulfidation gold project. News through May 2011 Teck program at GJ- Spring 2011

Thank You! For more information please contact: Wojtek Wodzicki, President and CEO or Sophia Shane or Check our website

NGEX NI Resources 4.4 billion lbs Cu 4.8 million oz Au 652 million lbs Zn 3.2 million oz Ag Total Inferred 673 million lbs Cu 833,363 oz Au million lbs Zn 2.4 million oz Ag Total Measured and Indicated ProjectT Mm Cu %Cu lbs mm Zn %Zn lbs mm Au g/t Au ozAg g/t Ag oz mm Hambok M&I , Hambok Inferred , GJ M&I ,562 GJ Inferred ,230 Josemaria Inferred , ,436,700