1. 1 Marcus Evans Conferences Greenland and Arctic Mineral Exploration and Exploitation Forum 2 nd & 3 rd November 2011 The Cumberland Hotel, London, UK

2. Growth within Greenland THE ANGEL MINING STORY

3. History 1 1998 Became an AIM listed mineral exploration company to develop rare earth exploration projects (tantalum) 2005 Commenced exploration at Black Angel zinc/lead mine 2007 Decided to mine the Black Angel $12.5m loan from Cyrus to fund BFS NH recruited 2008 Completed BFS Mining licence for Black Angel Obtained offer of project finance Banking crisis Project finance offer is withdrawn Survival plan

4. History 2 2009Off take agreement with MRI Purchase of Nalunaq Plan to build plant for $12m 2010Recruitment of new senior operations team 2011Nalunaq commences production Installed a cable car to access the Black Angel mine New feasibility study for Black Angel

5. Focussed on Greenland Highly prospective and underexplored land mass Greenland is seeking to increase economic independence as Danish subsidy is reduced Opportunities in gold, zinc, lead, coal, iron ore, rare earths and precious stones, etc. Angel is currently the only operational mining company in Greenland

6. Greenland Anything you want to do in Greenland is difficult ! No road or rail transport No local distributors of mining equipment or consumables Purchase order lead time – at least 1 week (assuming air freight) Very little skilled labour Ice (fjord freezes over for 6 months, or may be blocked with ice floes) Bureaucracy can frustrate

7. Greenland experience to date 7 NALUNAQ Bought a bargain Honest but bureaucratic regulators Good conceptual project plan Poor plant design (now rebuilt with design modifications) Poor management of subcontractors & poor recruitment (new team now working well) Poor selection of equipment (refurbished or replaced) Impractical mine plan (new mine captain, new plan, now producing to target) BLACK ANGEL Huge opportunity Good conceptual plan Poor approach to engineering economic feasibility (new feasibility plan will be completed by year end)

8. Nalunaq Gold Mine Zero JORC resource but life expectancy of 2 years is anticipated producing c. 50,000 ozs of gold. Production commencing now Grade 5 gpt to 100+ gpt (average for Crew was 14.5 gpt) Cash cost forecast at $900 per ounce Cash generation potential at current gold price $40m ($800 per ounce) Invested to date $25m

9. Black Angel A high grade zinc/lead mine Operated by Cominco from 1976 and closed in 1990 JORC resource of 4.5m tonnes of medium to high grade ore Capex estimate to build the mine - $80m Programme – - 2011 complete installation of cable car for mine access - 2012 mine chamber for plant, install plant, entrap first pillars - 2013 commence production Annual target output 30,000 tonnes of Zn and 9,000 tonnes of Pb Cash generation potential of first 5 years (pillar extraction) at $2,500 per tonne of metal - $190m

10. Why Develop Nalunaq ? Existing mine infrastructure Perceived to be low risk Learn how to work in Greenland Build a competent team Generate cash to help fund Black Angel Was this a good decision? Time and costs have overrun dramatically. The gold price has increase from $800 per ounce to $1,700 per ounce

11. Making Nalunaq Economically Viable Crew Gold shipped ore to Newfoundland for processing They could not get approval for a process plant on site due to environmental risk Angel had the idea of locating the process plant inside the mine NERI supported the plan We now have the worlds first underground cyanide leaching plant

12. Nalunaq: Operational Cash Forecast

13. Nalunaq CIP tanks

14. Nalunaq Leaching Tanks

15. Nalunaq Elution

16. 16 Nalunaq Gold Mine

17. Annual production target of 24,000 ounces Average target grade of 13.5 grams/tonne First commercial production in April 2011 Cyanide plant will allow recovery of circa 92% Ramp up to mining and full production Q1 2012 Expected mine life of 2 years with opportunities for possible extensions 17 Nalunaq: Mine Profile

18. Black Angel zinc and lead mine Mine Entrance Mine Camp

19. Black Angel Resource

20. Black Angel: an established mining system

21. Black Angel: future exploration potential NUNNGARUT Indicated Resources: 0.2 Mt @ 9.0% Zn & 3.4% Pb ARK Measured Resources: 492kt @ 4.7% Zn & 2.2% Pb DEEP ICE ZONE Drill intersection with 6.9 metres @ 19.5% Zn & 13.1% Pb SOUTH LAKES Measured and Indicated Resources: 1.7Mt @ 6.9% Zn & 2.5% Pb

22. Making Black Angel Economically Viable Cominco built a process plant at Maarmorilik For 15 years, tailings were disposed into the fjord Lead contamination poisoned the local fish Boliden dredged the tailings into very deep water – pollution cleared Angel plan is to build a process plant in the mine and dispose the tailings as part of the roof support First 5 to 6 years will be mining pillars

23. Black Angel: Operational Cash Flow.

24. The Future We have already learned a great deal, much of it – the hard way. There is still much more to learn and even more to do. To continue development of our team Improve training Achieve highest practical level of operational efficiency To set the standard for mining in Greenland Develop NGM, BA and other Greenlandic projects

25. Images of Greenland

26. Winter at Black Angel

27. Nalunaq Harbour – June 2011.

28. Camp Visitors at Nalunaq

29. A Recent (Rare) Visitor to Nalunaq.