TSX TSXV A Leader in Financing African Projects

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

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. 2

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

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

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 G 7 • Relatively strong financial position: 12 years of surpluses 1998‐ 2009 5

TMX Group is a Multi‐Asset Class Market Leader Equities Derivatives (53% Ownership) (19. 9% Ownership) Fixed Income Energy Data (47% Ownership) 6

TMX Group Serves Companies at all Stages of Growth Market Capitalization Toronto Stock Exchange and TSX Venture Exchange Unique feeder system As at September 30, 2010 478 graduates + 93 M&A* 473 1922 Issuers 463 Issuers 191 549 Issuers 30 Issuers *From January 1, 2000 – September 30, 2010 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 7 7

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 Toronto Stock Exchange Volume and Transactions (2004 -2009) Volume CAGR 14% Transactions CAGR 37% 80 Canadian Brokers including: • • 8 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

General Conditions YTD September 2010: Key Markets TSX/TSXV LSE/AIM NYSE/AMEX Euronext (US) Nasdaq ASX JSE Hong Kong Exchanges 3, 628 2, 978 2, 314 2, 805 1, 966 398 1, 365 1, 867. 6 3, 467. 6 12, 278. 4 3, 480. 7 1, 318. 6 748. 1 2, 536. 0 New Listings 370 113 78 157 69 9 58 Equity Capital Raised (US$ Billions) 32. 6 41. 1 66. 9 4. 7* 25. 4 6. 7 42. 8 Value Traded (US$ Billions) 993. 2 2, 123. 3 13, 794. 6 9, 998. 0 786. 1 249. 6 1, 027. 6 8. 5% 8. 9% 5. 4% 11. 6% ‐ 2. 2% 18. 3% 7. 0% Number of Issuers Listed Quoted Market Value (US$ Billions) Broad Stock Market Indexes (%Change over Sept 30 2009) 9 *NASDAQ Information does not include secondary financings Source: Exchange Websites, World Federation of Exchanges, (TMX analysis of public information)

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

Key Global Mining Trends on Our Markets UK/Europe: Increase in Dual Listings 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 USA: Increase in Trading Flow Africa: Increase in Equity Raised for African Projects Asia: Increase in New Players and Investment 11 Australia: Increase in Dual Listings and equity raised Increase in Trading Flow Latin America: • Record year for capital raised for projects • Increase in New Listings

TSX and TSXV have consistently captured over a third of the equity capital raised globally for mining 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 Global Mining Equity Financing Trend 1999‐ 2009 (C$ Billions) 12 Source: Gamah International, 1999‐ 2009, compiled by Toronto Stock Exchange

TSX and TSXV have supported the mining sector over the past 10 years Global Mining Equity Financing Trend 1999‐ 2009 (Number of Financings) Source: Gamah International, 1999‐ 2009, compiled by Toronto Stock Exchange 13

Mining Financing Update – First Nine Months 2010 Mining Equity Financings ($ Billions) $7. 0 First Nine Months 2010: • $18 Billion total equity $2. 8 $2. 3 capital raised globally • 1675+ financings $2. 1 $1. 5 $1. 3 $0. 528 $0. 308 $0. 170 Number of Financings 14 187 1328 1 4 50 95 1 2 11 Source: Gamah International, YTD September 30 2010, Compiled by TMX Group

TMX leads globally in mining financing and new listings New Mining Listings 2005 to First Three Quarters 2010 TSX/TSXV % of Total LSE/AIM ASX NYSE Amex NYSE HKEx JSE 140 68% 16 36 4 3 2009 104 78% 4 22 1 1 1 0 2008 138 73% 29 9 5 3 3 2 2007 186 49% 142 33 13 3 n/a 4 2006 112 42% 70 55 14 6 n/a 10 Q 1+Q 2 +Q 3 2010 Mining Equity Financings 2005 to First Three Quarters 2010 ($Billions) TSX/TSXV % of Total LSE/AIM ASX NYSE Amex NYSE HKEx JSE $9. 8 55% $3. 4 $1. 5 0 $0. 170 $2. 3 $0. 528 2009 $22. 2 34% $22. 3 $13. 5 0 $4. 5 $3. 0 $0. 007 2008 $8. 3 36% $5. 0 $3. 1 0 $5. 4 $1. 3 $0. 040 2007 $20. 5 47% $9. 3 $8. 3 $0. 095 $2. 6 $0. 909 $1. 5 2006 $12. 5 43% $10. 8 $2. 2 0 $0. 571 $2. 7 $0. 047 Q 1+Q 2+Q 3 2010 15 Source: Gamah International

A Record Year: International Mining Companies by the Numbers 16 147 $61 B 28 Inter. Mining Cos. on TSX and TSX V Market Cap New International Mining Listings $3. 4 B 5 Raised Through 87 Financings Average Number of Analysts Covering Int’l Mining Cos. (YTD Oct 2010) Unless otherwise noted, all numbers are as at September 30 2010

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 Canada: TSXV: 771 Companies TSX: 173 Companies USA: TSXV: 251 Companies TSX: 102 Companies Central America & Caribbean: TSXV: 34 Companies TSX: 25 Companies Asia: TSXV: 66 Companies TSX: 44 Companies 17 Source: Info. Mine, November 2010 Australia/NZ/PNG: TSXV: 40 Companies TSX: 47 Companies Mexico: TSXV: 138 Companies TSX: 59 Companies South America: TSXV: 189 Companies TSX: 86 Companies

Africa is Well‐Serviced by Four Stock Exchange Groups Exchange Cos. TSX and TSXV 175 693 ASX LSE and AIM JSE 136 91 36 Source: Info. Mine, Gamah International Sept 2010, Exchange Websites 18 Props. 463 569 269 Financing $ New Listings $1. 3 B 16 $239 M $1. 4 B $528 M 3 9 3

TSX and TSXV Mining Companies in Africa 3 2 Number of TSX and TSXV Mining Companies Operating in Africa by Region 2 4 5 20 16 9 11 20 4 1 107 1 3 3 4 3 39 4 6 3 Top 10 Countries South Africa Tanzania DRC Ghana Mali Burkina Faso Niger Namibia Guinea Botswana Zambia Source: Info. Mine, November 2010 19 8 4 17 21 5 22 10 3 5 10 15 23 1 49 5 7 69

2010 New Listings and Financing Activity in Africa New Financings for African Projects First Nine Months 2010: 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) 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 Mag. Industries: $23 million for potash in DRC 20

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

Capital Pool Company™ (CPC) Program has a Strong Track Record Sinception: • 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 2010 ‐ 60 Mining QTs 22 As at September 30, 2010

Dual Listing Market Continues to Evolve on TSX Key Trends Dual Listed Companies: • 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 23 Access significant capital and trading on TMX Improvements in home market valuations and trading liquidity

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

Companies can capitalize on TMX Leadership 25

Mining Greg Ferron 416 947 -4477 greg. ferron@tmx. com 26 Clean Technology Robert Peterman 416 947‐ 4305 robert. peterman@tmx. com Energy Cindy Gray 403 218‐ 2822 cindy. gray@tmx. com United States Tala Zarbafi 416 947‐ 4636 tala. zarbafi@tmx. com