1. People & Mining Continuously Balancing & Increasingly Challenging

2. Introduction Lessons Learned 1) Stakeholder Engagement 2) Financial Discipline

3. Introduction Our perspective Miner InvestorsGovernmentEmployeesCommunity 1.Fair Share 2.Continuously Balancing 3.Increasingly Challenging

4. Community Web 2.0 era

5. Community Shared values Cost of Conga: -USD 5 B project halted; Water Doña Maxima Acuña Chaupe Independent system to review environmental impact assessments Social License Miner Investors Governmen t EmployeesCommunity

6. Community Conflict

7. Community Social License to Operate Corporate Social Responsibility No formal Agreement Dynamic “…Permission is like dating. You don't start by asking for the sale at first impression. You earn the right, over time, bit by bit..”

8. Government Resource Nationalism Cost of Resource Nationalism: Multi Billion Dollar Forms of Resource Nationalism: Beneficiation Government Ownership Taxes/Royalties FDI & Resource Nationalism: Rule of law; Accountability; Transparency; Integrity; Miner InvestorsGovernmentEmployeesCommunity

9. Government Judicial/Regulatory activism Cost of Malku Khota*: -USD 16 M Development Stage; -Support from 43-46 of indigenous groups; Miner InvestorsGovernmentEmployeesCommunity *http://www.northernminer.com/news/bolivian-govt-seizing-malku-khota/1001553854/?&er=NA

10. Government Compliance National Instrument 43-101

11. Government CSR & GRI Government of Canada International CSR performance guidelines Canadian companies: 1.International Finance Corporation Performance Standards; 2.The Voluntary Principles on Security and Human Rights; and 3.The Global Reporting Initiative. The government will work with the GRI and stakeholders to develop GRI supplements for junior mining companies. http://www.miningfacts.org/communities/what-is-corporate-social-responsibility/#sthash.yZfAfEYl.dpuf

12. Investors Governance Cost for Bumi Plc: -Shares price plunged 69%; Miner InvestorsGovernmentEmpoyeesCommunity

13. Investors Reputation Loss: 3,000 Alaskan jobs $ 541 M Investment Miner InvestorsGovernmentEmployeesCommunity

14. Employees Empowerment Management Team

15. Employees Governance Cost of Marikana: -FDI in SA; -PMG production; -Workers; Miner Investors Governme nt Employees Communit y

16. Investment Model Triple Bottom Line Why? Equator Principles Adoption: > 80 financial institutions; > 35 countries; and > 70% of Project Finance debt in emerging markets. IFC Performance Standards: 184 member countries Global Reporting Initiative: > 4,000 organizations; In 60 countries;

17. Investment Model Stock Exchange & Exploration Short TermvsLong Term Public InterestvsPrivate Interest TransparencyvsConfidentiality Investor FocusvsProject Focus

18. Stone Capital Resources Our Principles Performance Standard 1 Assessment and Management of Environmental and Social Risks and Impacts Performance Standard 2 Labor and Working Conditions Performance Standard 3 Resource Efficiency and Pollution Prevention Performance Standard 4 Community Health, Safety, and Security Performance Standard 5 Land Acquisition and Involuntary Resettlement Performance Standard 6 Biodiversity Conservation and Sustainable Management of Living Natural Resources Performance Standard 7 Indigenous Peoples Performance Standard 8 Cultural Heritage

19. Stone Capital Resources Our Investment Criteria StageEarly Stage Exploration GeographySouth America MetalsPrecious & Base InvestmentUp to USD 10 M per project TermBetween 5-7 years

20. Stone Capital Resources Our Project Stages Decision Point > 1 million hectare of prospective land Generative Drill Target Generation Target Delineation Drilling & Ressource Delineation Economic Studies (PEA, PFS, FS) Mine Construction & Production Current Operations Advanced Projects Target Testing Decision Point

21. Stone Capital Resources Our Entry Process Screening Step 1 Evaluation Step 2 Review Step 3 Due Diligence Step 4 Investment Step 5 Check for right fit based on investment criteria Introduction Management Team; Finding alignment with Key People, Goals, Expectations Meet with Management Team to assess any existing EHS and/or other project plans in order to determine actual Scope of Work. LOI | Termsheet | Full Legal & Operational Due Diligence prior to Investment | Inspect site and evaluate current conditions: i) Environmental impacts / community receptors, ii) Review existing EHS plans, iii) Benchmark current conditions with IFC and government requirements. Capital call | Enter into agreement | Tax & Legal structuring | Investment

22. Stone Capital Resources Our Monitoring Assist in Environmental & Social Impact Assessment. Amend Company’s corporate EHS plan/program to address risks and requirements of the particular project. Train personnel on EHS program; Develop performance metrics; Conduct periodic audits of the site program; Develop and monitor implementation of corrective actions; and Implement continuous improvement loop & management of change processes.

23. Stone Capital Resources Contact Egbert Hennen Stephanie Ashton hennen@stonecapitalfund.comstephanie@stonecapitalfund.com Gideon BlaauwEric Roth gideon@stonecapitalfund.comeric@stonecapitalfund.com @Stonecapital