1. State of the Mining Market Vasily Alekseenko Astana, June 13, 2014

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4. Overview Mining Sector Summary Commodity Prices Exploration (Drilling and Spending) Development Projects Financing Mergers and Acquisitions

5. ANNUAL GLOBAL OUTPUT 2013 The Mining Sector

6. Commodity Tonnages and Prices Data for 2013; annual tonnages, median prices $1,300/oz $950/oz $115/ct 85 Moz 90 Mct Now much lower

7. VALUE OF MINED PRODUCTION (2013) Extracted total worth some US$1.9 trillion pa: US$700 billion metals and gems US$660 billion coal / lignite US$340 billion cement and aggregates US$200 billion industrial minerals Value of the Mining Sector 1/3rd

8. TARGET OPERATIONS Mined coal and metals production According to SNL database, around 90% of the value of the world’s annual production is produced by only 2,000 mines. The Mining Sector

9. Mining Market (end March) 57% 21% 6% 16%

10. Commodity Prices (to end-March) Recession bites

11. Commodity Prices Worst over?

12. Long-term Metals Prices REAL GOLD PRICE (since 1270)

13. Two-year Decline in Drilling 56% 62%

14. Where Still Drilling? (2012 to Feb 2014)

15. Worldwide Exploration v Metals Prices

16. Drilling Follows Metals Prices

17. Drilling Reports (Individual Prospects)

18. Regional Exploration (Share Total)

19. Falling Junior Share of Exploration Expenditure Majors Juniors Gov’t / Other Intermediate

20. Grassroots Work Has Fallen Grassroots Late Stage Minesite

21. Major Producers’ Exploration (Share of Revenue)

22. New Gold Resources

23. New Gold Reserves

24. Development Projects Numbers continue to fall but capex rising

25. Capital Raising 85% of total Cash crisis for juniors

26. Mergers and Acquisitions (March Quarter) 83% of total 71% of total

27. M&A: Still Low but Improving Deal value is improving

28. www.snl.com/metals +44 (0)20 739 81300 valekseenko@SNL.com