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Canadian Gold Outlook

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Canada

The End of the World

US economic activity picking up – trillions later

Unemployment 10%, highest since 1983 Washington controls housing, mortgages,

car companies, Wall Street and now healthcare

Foreign capital paying the bills Commodities, gold, wine etc outperform

US2

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By the Numbers:Just How Much Debt Is Too Much

$70 Trillion World Economy GDP$500 Trillion Global Derivatives, Seven times world’s GDP$51 Trillion Credit Default Swaps, CDOs, SIV, conduits etc in

circulation$11.3 Trillion US debt$12 Trillion Price tag to bailout Wall Street$5.4 Trillion Fannie & Freddie – mortgages held + guaranteed$4 Trillion Obama’s budget spending up 32%$1.68 Trillion Deficit 13% of GDP$1 Trillion Credit Card Loans$18.4 billion Wall Street Bonuses$34,000 Fed. Tax owed by Secretary of the Treasury Geithner

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What Does One Trillion Dollars Look Like?

$100 million fits Neatly on a standard pallet...

Ladies and gentlemen....I give you $1 trillion dollars.....

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New Economy Really Debt Economy

New Economy Manufacturing jobs overseas Artificially low interest rates Wall Street – shadow banking system

Debt Economy Consumer household debt – 131% of GDP US budget deficit 13% of GDP Total debt 370% of GDP Wall Street debt 120% of GDP

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Top Gold Holders

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Mine Supply Estimate

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Canadian Mining

Ontario and Quebec account for 40% of spending

World-class gold deposits produced 180 million ounces of gold or 5,300 tonnes of gold

World’s largest greenstone belt (volcanic, intrusive)

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Region ProjectsMexico 210Ontario 176Nevada 135Quebec 119British Columbia 80

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Toronto – Mining capital of the world

TSX is the 8th largest Exchange in the world

1400 mining issues59 new listing YTD$18.5 billion raised YTD123 International Mining companiesBarrick Gold market cap $34.23

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Canada 21

Barri

ck

Newm

ont

Gold

Fiel

ds

Poly

us

Harm

ony

Lihir

Gold

Agni

co-E

agle

Yam

ana

New

Eldo

rado

IAMG

OLD

Buen

aven

tura

Pete

r Ham

bro

Rand

gold

New

Gold

Eldo

rado

Cent

erra

Zhao

jin

Sino

Gol

d

Red

Back

3926 (138.5)

2410(85.0) 2285

(80.6)2257(79.6)

1415(49.9)

675(23.8) 513

(18.1)502

(17.7) 360(12.7)

357(12.6)

337(11.9)

329(11.6)

306(10.8) 215

(7.6)215(7.6)

164(5.8)

150(5.3)

145(5.1)

125(4.4)

Reservestonnes (Moz)

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Canada 22

Gold

Fiel

ds

Harm

ony

Barri

ck

Poly

us

Newm

ont

Lihir

Gold

Yam

ana

IAMG

OLD

Agni

co-E

agle

Buen

aven

tura

New

Eldo

rado

Rand

gold

New

Gold

Eldo

rado

Pete

r Ham

bro

Cent

erra

Zhao

jin

Sino

Gol

d

Red

Back

2829(99.8)

1916(67.6)

6503(229.4)

3657(129.0)

2472(87.2)

1015(35.8) 870

(30.7) 689(24.3)

601(21.2)

567(20.0)

533(18.8) 417

(14.7)34612.2)335

(11.8)329

(11.6)289

(10.2)204(7.2)

198(7.0)

150(5.3)

M&I Resourcestonnes (Moz)

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Canada 23

Barri

ck

Newm

ont

Gold

Fiel

ds

Harm

ony

Buen

aven

tura

Poly

us

Yam

ana

Lihir

IAMG

OLD

Cent

erra

Agni

co-E

agle

New

Eldo

rado

Pete

r Ham

bro

Rand

gold

Red

Back

Eldo

rado

Zhao

jin

New

Gold

Sino

Gol

d

209.79(7400)

150.25(5300)

103.73(3659)

44.71(1577) 38.64

(1363) 33.17(1170)

32.72(1154)

31.13(1098) 25.97

(916) 20.04(707)

15.88(560)

15.08(532)

13.58(479)

13.18(465)

10.80(381)

9.41(332)

8.73(308)

8.16(288)

5.67(200)

2009E Productiontonnes (000 oz)

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Canada 24

Pete

r Ham

bro

Zhao

jin

Buen

aven

tura

Eldo

rado

Agni

co-E

agle

New

Eldo

rado

Yam

ana

Lihir

Red

Back

Sino

Gol

d

Poly

us

Cent

erra

Newm

ont

IAMG

OLD

Barri

ck

Rand

gold

New

Gold

Gold

Fiel

ds

Harm

ony

278 282 311 317 351 358 385 394 412 425 429 446 450 462 475 476 481529

586

2009E Cash CostsUS$ per ounce

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Canada 25

Barri

ck

Newm

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Agni

co-E

agle

Gold

Fiel

ds

Poly

us

Buen

aven

tura

Yam

ana

New

Eldo

rado

Lihir

Gold

Rand

gold

Eldo

rado

IAMG

OLD

Harm

ony

Red

Back

Zhao

jin

Pete

r Ham

bro

Sino

Gol

d

Cent

erra

New

Gold

43.6

25.8

9.0 8.5 8.1 7.0 6.6 5.8 5.1 4.8 4.4 4.3 4.0 2.3 2.2 1.9 1.5 1.4 1.3

Market CapitalizationUS$ billions