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Accessing Capital for African Mining Projects

Greg Ferron

Senior Manager, Global Mining, Listings

Toronto Stock Exchange and TSX Venture Exchange

3rd Annual Investing in African Mining

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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.

© 2009 TMX Group Inc.

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Contents

1. Globally Competitive Exchanges

2. Current Mining Market Activity and Africa on TMX

3. Accessing TMX

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Canada’s Economy and TMX are Robust

Currency – Increasing against the USD

Strong Banking System

Resource-Rich Potash, Uranium, Oil Sands, Natural Gas, Nickel, Copper

Increased Investment from China

Access to Capital at Early Stage for Juniors

Balanced Corporate Governance Model

Canada TMX

Record Year for Financing

~40% of daily trading comes from international brokers

1st in Mining – 57% of the world’s public mining companies

1st in Energy – 43% of the world’s public energy companies

Record Year in Mining

Diversified Mining Exchange

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TMX Group is a Multi-Asset Class Market Leader

(53% Ownership)

(47% Ownership)

(19.9% Ownership)

Data

Energy

Derivatives

Fixed Income

Equities

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Access to Capital on Toronto Stock Exchange

EQUITY FINANCING ON TORONTO STOCK EXCHANGE (C$B)

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 YTDSept

Public Offerings Private Placements IPOs

$23.1

2009 YTD September equity capital raised

surpasses equity capital raised in all of 2008

$21.1$25.8

$37.6

$46.5 $46.2

$41.8

$47.6

$35.3

$44.5

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International Investment Community Tradeson 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

80 Canadian Brokers including: BMO Nesbitt Burns Canaccord CIBC World Markets GMP Securities RBC DS Scotia Capital Markets TD Securities National Bank Financial

220.9 242.7 255.6326.9

382.1435.2

485.8

2003 2004 2005 2006 2007 2008 2009 YTDSept

~40% of TSX daily trading originates from international brokers for their

institutional and retail clients

Average Daily VolumeToronto Stock Exchange

Sh

are

s T

rad

ed

(mill

ion

s)

8

Average Number of Analysts by Size of Mining Company

12

3

6

16

11

Market Capitalization (C$ Millions)

100-250 >50050-10025-50<25

Source: Thomson One

250-500

Global Visibility

Companies of all sizes receive analyst coverage

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Contents

1. Globally Competitive Exchanges

2. Current Mining Market Activity and Africa on TMX

3. Accessing TMX

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Mining activity on Toronto Stock Exchange has increased significantly this year

$88

$537

$1,507

$212 $102

$1,018

$345$63 $44 $95 $239

$1,032

$254

$2,113$1,970

$1,452

$290

$1,808$2,059

$671

$6,352

0

1000

2000

3000

4000

5000

6000

7000

Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08 Jul-08 Aug-08 Sep-08 Oct-08 Nov-08 Dec-08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09

Eq

uit

y C

ap

ital

Ra

ised

(C

$M)

0

50

100

150

200

250

300

350

400

450

Ma

rke

t Ca

pita

lizatio

n (C

$B

)

Mining Equity Capital Raised on TSX (C$M) TSX Mining Market Cap (C$B)

Top 3 Mining Financings in September 20091. Barrick Gold Corporation - $4.3B SO2. Paladin Energy Ltd. - $400M PP3. Silver Wheaton Corp. - $308M SOEight financings in September were over $100 M

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Mining Dealflow on TMX in 2009

Increase in gold, silver, copper and uranium financings• $19.7 billion raised across all commodities in the first ten months of 2009 (including TSX VN)• Producers and developers accessing most of the capital until second half of 2009• Significant capital raised for projects in Africa and by TSX listed international mining companies

Increase in consolidations and takeover bids between TSX and TSXV miners and with International miners including recent examples - Goldcorp and Canplats, First Quantum and Kiwara Plc, Randgold and Moto, Cliffs and Freewest

New players coming to our markets – investors, senior management and foreign mining

companies • Shift of activity to traditional mining exchanges both management and capital

Significant improvement in valuations on both TSX and TSXV • S&P/TSX Metals and Mining Index, TSX Mining Sector and TSXV mining sector valuations bouncing

back; up 240%, 50% and 83% respectively this year

Earlier stage capital returning to TSX Venture Exchange• Exploration financings returned to historical levels in June 2009• $1.8 Billion raised in over 1,000 + financings this year and new listings are active

Signs of life:• Bought deal financings picked up significantly earlier in 2009• IPO market is starting to open up• Trading volumes remain robust - volume up 15%, value down (27%) and number of trades up 5% • Increase in interlisted mining companies

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Mining Market Comparison for YTD September 2009

TSX is having a record year for mining finance

TSX

LSE

ASX

TSXV

AIM

333

37

619

1076

143

No. of Issuers Listed

$310B

$383B

$237B

$16B

$17B

Quoted Market

Value (C$)

$17B1

$20B2

$11B3

$1.5B

$1.0B

Equity Capital

Raised (C$)

264

3

130

1173

119

No. of Financings

10

1

8

53

0

No. of New

Listings

1 Includes $4.3B Barrick Gold financing2 Includes $12.4B Rio Tinto and $7.2B Xstrata financings3 Includes $4.2B Rio Tinto financing

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International Mining Companies By The Numbers

123Mining

Companies

$47B

Market Cap

$4BRaised Through 140 Financings

10BShares Traded

Through 5 Million

Transactions

5Average Number

of Analysts Covering Int’l Mining Cos.

As at and YTD September 30 2009

Australia, 26, 21%

USA, 57, 47%

UK/ Eur, 11, 9% Africa,

10, 8%

Latin America,

5, 4%

China, 11, 9%

Other, 3, 2%

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Dual Listing Market Continues to Evolve on TSX

Key Trends

•Growing number of dual listed success stories

•Dual listed cos. have steadily built profile

•Greater interaction between key mining exchanges

•Significant trading and capital raised on TSX

• Improvements in home market valuations and trading liquidity

• More mines put into production

• Streamlined dual listing process

• New trends

Dual Listed Companies:

15Source: Exchange Websites *Includes RTOs and QTs on TSXV

619

21481 68 38 48

1409

TSXTSXV

ASX LSE-AIM

HKEx NYSEAmex

J SE NYSE

TOTAL NUMBER OF MINING ISSUERS

299 5 3 3 2

138

TSXTSXV*

ASX LSE-AIM NYSEAmex

NYSE HKEx JSE

TMX exchanges continue to list more mining companies than any other market

NUMBER OF NEW MINING LISTINGS IN 2008

8 3 1 1 1 0

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TSXTSXV*

ASX HKEx LSE-AIM NYSEAmex

NYSE JSE

NUMBER OF NEW MINING LISTINGS YTD SEPT 2009

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TMX is the Top Exchange for Mining in Africa

169Number of Companies

Mining in Africa

681Number of

African Mining Properties

44Number of

Countries in Africa Where

TSX/TSXV Cos. are Mining

68Number of

Financings for African Mining

Projects50

6338

117

8

$2.1B

Amount of Equity Capital Raised so far This Year for African

Mining Projects

17

11

20

20

23

16

20

1911

16

10

20

5

56

5

5

59

6

5

50

6338

117

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Number of TSX and TSXV Mining Companies Operating in Africa by Region

Top 10 Countries

South AfricaBurkina FasoDRCMaliTanzaniaGhanaNamibiaNigerBotswanaGuinea

TSX and TSXV Mining Companies in Africa

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1. First Quantum Minerals Ltd.: $345 million raised for copper and diamond in DRC, Mauritania, Zambia

2. IAMGOLD Corp.: $345 million raised for gold in Burkina Faso

3. Katanga Mining Ltd.: $282 million raised for copper in DRC

4. Equinox Minerals Ltd.: $184 million for copper in Zambia

5. Red Back Mining Inc.: $165 million for gold in Ghana, Mauritania

6. Banro Corporation: $117 million for gold in DRC

7. Centamin Egypt Ltd.: $98 million for gold in Egypt

8. Denison Mines Corp.: $95 million* for uranium in Zambia

9. Moto Goldmines Limited.: $50 million for gold in DRC

10. Semafo Inc.: $40.5 million for gold in Guinea, Niger, Burkina Faso

Top 10 Financings into Africa

Source: Gamah International, September 2009, Compiled by TMX Group*Denison Mines raised $214 million through three financings. Amount raised for Zambian project is an estimate.

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Contents

1. Globally Competitive Exchanges

2. Current Mining Market Activity and Africa on TMX

3. Accessing TMX

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How can AIM or International companies access TSX?

Public mining companies dual list on a TMX exchange and remain listed on home exchange

Private companies can access via IPO or RTO/CPC

Access the TSX or TSXV through an M&A transaction or the Capital Pool Company Program (CPC)

• 33 Mining Qualifying Transactions in the first nine months of 2009

• 200+ available CPCs currently trading on TSXV

• 2,021 listed CPCs since inception and 80% Qualifying Transaction rate

• 247 CPCs currently trade on a TSX

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Centamin Egypt Ltd.TSX:CEE ASX:CNT LSE:CEY

An Australian Based Dual Listed Success Story Focused on Gold Exploration in Egypt

Exchange Toronto Stock Exchange

Date of Listing April 4, 2007

Type of Listing Direct Listing

InterlistingListed on ASX on October 8, 1970

Listed on AIM on December 21, 2001 and moved up to LSE on October 7, 2009

Financings $134.4 Million Private Placement in November 2007

$69 Million Secondary Offering in February 2009

Market Capitalization $2.2 Billion (as of October 26, 2009)

Trading2008 Average Daily Trading Volume: 856,330 shares

2009 YTD September Average Daily Trading Volume: 2,852,770 shares

Analyst Coverage13 UK analysts and 3 Canadian analysts cover Centamin Egypt Ltd. (as of October 26, 2009)

Company DescriptionCentamin has been exploring for gold in Egypt since 1995, and in 2005 was granted a 160km 2 exploitation lease over the massive Sukari Hill gold project.

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Equinox Minerals LimitedTSX:EQN ASX:EQN

An Australian Based Dual Listed Success Story Focused on Copper in Zambia

Exchange Toronto Stock Exchange

Date of Listing June 29, 2004

Type of Listing Canadian IPO by Prospectus Offering

Interlisting Listed on ASX on June 21, 2004

Financings

$17.25 Million IPO in June, 2004

$155.6 Million through three private placements in 2005

$139.1 Million through two private placements and one secondary offering in 2006

$215.3 Million secondary offering in March, 2007

$160.0 Million Secondary Offering in April 2009

Market Capitalization $2.5 Billion (as of October 27, 2009)

Trading2008 Average Daily Trading Volume: 2,898,471 shares

2009 YTD September Average Daily Trading Volume: 4,871,673 shares

Analyst Coverage15 Australian analysts, 13 Canadian analysts and 2 US analysts cover Equinox Minerals (as of October 26, 2009)

Company DescriptionEquinox Minerals Limited is an international mining company focused on operating its 100% owned Lumwana Copper Project in Zambia.

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TMX Group has listing criteria specifically for the mining sector

This table is an overview. For detailed listing requirements, go to www.tsx.com

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Companies can capitalize on TMX Leadership

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Contact InformationGreg FerronSenior Manager, Global Mining, ListingsToronto Stock Exchange & TSX Venture Exchange

greg.ferron@tsx.com416.947.4477