investorSCOREcard

Mining Stock Report as of Jul 25, 2011

Red Crescent Resources (RCB-T)Toronto, ON, Canada

Share Price $0.45 Market Cap (Mil)

52 Week High $0.85 Cash (Mil)

52 Week Low $0.29 Debt & Preferreds (Mil)

Avg Vol Last 3 mos. (000's) 41.80 Enterprise Value (Mil)

Basic Shares Outstanding (Mil) 82.60 Dividend Yield 0.0%

Diluted Shares Outstanding (Mil) 82.56 P/E (TTM) NA

Stock Price and Volume Business Description Source: Morningstar

2010 2011

Comparables

Scorecard HighlightsRatings Out of Possible 5 Stars

Quarter Ending Mar 11 Quarter Ending Dec 10

Stock Market Performance2.5 1.8 2.4

Insider Ownership4.0 4.0 Not Provided

Resource Assessment3.4 0.8 Not Provided

Balance Sheet Analysis4.2 3.6 3.6

Valuation1.9 2.1 3.0

© 2011 The Equicom Group Inc.  All rights reserved. The Investor Scorecard is exclusively distributed by TMX Equicom. To learn more visit www.tmxmoney.com/scorecardFor a full description of the methodology used, refer to www.fsavaluation.com/scorecardinformation.aspxPlease see the final page(s) of this Investor Scorecard for important disclosure and disclaimer information.

Red Crescent Resources' business objective is to secure,consolidate and grow its portfolio of base metal opportunitiesin Turkey, including zinc & lead, copper and manganese andto rapidly progress these up the value curve to production.

$37.17

$34.53

$2.63

-$0.02

AQA-TDON-VZNC-T

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investorSCOREcard

Red Crescent Resources (RCB-T)

Business Description Red Crescent Resources (TSX: RCB) is a junior mining company based in Turkey. The Company is applying

modern exploration techniques and technology to previously inaccessible areas that have been identified as having a

high potential of base metal deposits, notably zinc, lead and copper.

Red Crescent’s current focus is to complete the exploration and development of its three main assets:

- Hakkari Zinc/Lead Project.

- Sivas Copper Project.

- Tufanbeyli Zinc Project.

Red Crescent’s long-term strategy is to acquire and consolidate regionally-diversified projects in Turkey and become a

low-cost producer with world-class assets within five years.

Overview of Projects Red Crescent currently holds a portfolio of properties in areas in Turkey with very significant mining potential, a

country with a favorable investment climate and a generally under-explored mining history.

Hakkari Zinc Project

The Hakkari Zinc Project was the Company’s first acquisition in 2009 and remains a focal point of current and planned

activity. Hakkari province is a large, previously unexplored but informally mined area exhibiting high-grade, mainly

tabular MVT style zinc and lead oxide deposits, indicator anomalies for significant Copper mineralization and massive

manganese mineralization. Hakkari is located in the south-east corner of Turkey. The Hakkari Zinc Project is a joint

venture owned by Red Crescent Resources and Seyitoglu, one of the major families in the area.

Red Crescent announced an initial independent National Instrument 43-101 compliant Mineral Resource Estimate for

Hakkari in February 2011. Highlights of the report include:

Potential mineralisation of between 80 and 100 million tonnes at a grade of between 20% and 30%.

Zinc/Lead/Silver (Zn equivalent) at Hakkari within an approximate 80km strike (>52 000 Ha) of contiguous

and adjacent tenements.

The reported estimate covers only 1% of the area of known zinc mineralisation held under licence by Red

Crescent and only the oxide mineralization potential. The known sulphide mineralization has yet to be fully

examined, but it is believed to be equally as significant at depths of between 150 metres below surface

(MBS) and 400 MBS.

The report was based on drilling in a short season (2,300m in 2 months) with use of existing and restricted

access.

investorSCOREcard

Red Crescent Resources (RCB-T)

Metallurgical test work on the mineralised samples harvested proves high grade concentrate can be produced

and first 20tph Concentrator to be commissioned in August 2011.

2011 Drilling campaign launched in Q2 2011 and is expected to total 10,000 metres for expanding the

resource estimate to >10 million tonnes @ +15% zinc equivalent.

Sivas Copper Project

Red Crescent recently acquired the rights to the Sivas Copper Project, which is located in northeast-central Turkey.

Key highlights include:

Progress and Milestones Rights to Sivas Copper Project were previously held by Falconbridge/Noranda, who

also completed extensive investigation and exploration activities.

Historical exploration using geochemical, geophysical, surface mapping & sampling and drilling realized data

results indicating a high potential for delineation of potentially significant and economic mineralization.

Historical drilling results indicated an estimated potential of 100 million tones of mineralized material at

grades greater than 2.74% Cu and an additional 200 million tones at grades higher than 1.98% Cu

Falconbridge/Noranda relinquished its rights to the Project due to un-related merger activities and depressed

market conditions at the time.

Red Cresecent completed its due diligence activities and acquired 75% of the project and management

control of all related activities within a new subsidiary JV Co called RCR Quantum A.S. Red Crescent will be

executing a diamond core and reverse circulation drilling program for 15000m beginning in July of 2011 to

prove up estimate grades reported historically.

Red Crescent obtained full funding support for the SIVAS project via the signing of a deal with Johannesburg

(JSE) and London (AIM) listed miner PETMIN Limited. PETMIN made a strategic equity investment into Red

Cresecent of $4.6m for 10.1% of the TSX listed companies equity and also has signed an “earn-in”

agreement detailing milestone based expenditures of $17m over three years at SIVAS. This will take the

project to completion of a pre-feasibility study by 2014.

 

Tufanbeyli Zinc Project

Red Crescent recently acquired 100% of the rights to the Tufanbeyli Zinc Project, which is located in south-central

Turkey. The project was acquired in concert with the Company’s strategy to diversify the location of its assets

throughout Turkey as well as holding at least one significant asset fully unencumbered, i.e. without a local equity

partner. Key highlights of Tufanbeyli Project include:

200,000 tons have been historically mined at 23% zinc.

2,500 hectares have been explored.

investorSCOREcard

Red Crescent Resources (RCB-T)

12,500 metres (reverse circulation and diamond core) drilling programs completed and a non-compliant

indicated and inferred resource of 3m tonnes @ 10% Zinc was defined.

Mining licenses in place for more than 6,000 hectares.

NI 43-101 compliant resource estimate based upon the drilling expected to verify the resource in Q2 2011.

A 2006 NI43-101 completed for previous owners defined potential for +20 million tons of zinc oxide

mineralization at 10% zinc. Red Crescent will accordingly be drilling a further 5000m (infill and step out) to

further extend the compliant resource by end of 2011.

Mining and concentrate production planned in Q3/Q4 2011.

Progress and Milestones

Completed a preliminary 43-101 compliant zinc oxide resource estimate for Hakkari Zinc Project in Q2

2011.

Zinc sulphide anomalies highlighted beneath the oxides at +150m dbs.

Closed acquisition of Sivas Copper Project in Q2 2011.

Secured $4.6 million equity financing from Petmin, a listed South-African Miner of Anthracite &

Infrastructure commodities.

Increased its land holdings in the Hakkari Region of Turkey to >65,000 hectares.

Acquired a 75% interest & management control in the Sivas Copper Project located in central Turkey.

Acquired 100% of Tufanbeyli Zinc Project

Interim and partial results of chemical assays of Hakkari Zinc Project confirmed initial grade profiles and

confirmed presence of economic precious metal grades of silver.

Small scale mining and processing of ores will begin second half of 2011, generating cash flow, meeting

conditions precedent in the Hakkari DA, and generating full scale metallurgical performance results for the

Hakkari and Tufanbeyli Zinc oxide ores.

Investment Highlights

Red Crescent’s strategy is to acquire, consolidate and grow base metal projects in Turkey.

Turkey is among the world’s fast-growing economy and a bridge between the West and East.

Red Crescent is targeting historically inaccessible projects where no modern exploration or technology has been applied.

Red Crescent has very strong relationships with local stakeholders.

investorSCOREcard

Red Crescent Resources (RCB-T)

Operations are located in a favorable tax environment with strong investment incentives.

Primary focus is very high grade Hakkari Zinc, Sivas Copper and Tufanbeyli Zinc projects.

Experienced management team in place.

Long-term objective is to become a low-cost producer with world-class assets.

Management Alan Clegg Executive Chairman and CEO

Rick Giel Chief Financial Officer

Douglas Taylor Project Director & General Manager of Sivas Project

Muhannad Arar

Project Director and General Manager of Hakkari and Tufanbeyli Projects

Uygar Saylam

Project Manager

Comparables Aquila Resources Inc. - AQA-T

Donner Metals Ltd. – DON-V

Zincore Metals Inc. - ZNC-T

investorSCOREcard

Red Crescent Resources (RCB-T)

Stock Market Performance Rating

Stock Market Returns

Return Percentile RatingThree Months 1% 56% 2.8

Six Months (23.7%) 19% 0.91 Year 32% 84% 4.2

3 Years (CAGR) (3.5%) 41% 2.15 Years (CAGR)

Market DataPrice

Mkt Cap (Mil) Shs Outstanding (Mil)

Dividend Yield % Avg Vol Last 3mos. (000's)

P/E (TTM) 2010 2011

Insider Ownership Rating

Value of Shares and Options Percent of Ownership

Options Total Value Rating Percent Rating 58.5% Insiders

2.6% > 10% Holders

Rating Percent of Rating 38.9% Other

(Add all) Mkt. Value (Add all)

$22,454,932 $461,369 $230,685 $22,685,616 4.0 58.5% 4.0

(Max of 4) (Max of 4)

* Adjusted $ Value of Options is 50% of their full value if exercised to account for volatility. Furthermore, our view is that shareholders would rather management owned shares vs. options

Add: Compensation Type

Category Rating Addition Percent of Compensation

SalaryTotal

Comp.

Salary

Bonus

Shares & Units

Options

All Other

$0 $0 $0 $0 $0 $0 0.00 0.00 0.00(Max Score)

Bonus: Net Buying/Selling Last Six MonthsInsider Holdings Beginning and Ending Value

Transactions

RatingBuying Selling Net Bonus

$0 $0 $0 0.00$0 $0 $0 0.00$0 $3,086,734 ####### 0.00

Board of Dir. (excl. CEO & CFO) $0 $0 $0 0.00> 10% Holders (info only) $0 $0 $0

$0 $3,086,734 ####### 0.00 (Total Score)

17.1%

2.5

4.0

3.4

5.0

41.80NA

Shares

Adjusted $ Value

4.0 40.3%$0 $0

# of Shares

$0.45$37.1782.600.0%

$ Value# of

Options$ Value if Exercised

* Adjusted $ Value if Exercised

Alan Clegg33,256,034 $14,965,215 - $14,965,215

CEO

- $0 - $0 $0

2.5Other Officers

14,130,534 $6,358,740 5,000 $2,250 $1,125 $6,359,865

2.6%

1.1%

$956,250

0.2Board of Directors & Other

Executives (excl. CEO) 0.2388,280 $174,726 1,020,265 $459,119 $229,560 $404,286

All Other Comp.

Perform-ance

Bonus

0.5(For info only)

> 10% Holders2,125,000 $956,250 - $0 $0

Total (excl. >10% Holders)

Perform-ance Bonus

Share and Unit

AwardsOption Awards

Share and Unit

AwardsOption Awards

Alan Clegg$0

CEO

Total

Total (excl. >10% Holders)

Alan Clegg, CEO

,

Other Officers

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CEO CFOOther Officers Directors> 10% Holders Public Float

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investorSCOREcard

Red Crescent Resources (RCB-T)

Resource Assessment Rating

Assessment Phase

Legend

'000 Pounds of Zinc

Assessment Phase Rating 0.5

Size Assessment

Hakkari Compliant Turkey Zinc Open Pit 70,780

Total Gold equivalent size 4,426 000 Ounces

Note: Resource size is inclusive of inferred resources. Please see Assessment Phase above for categorical breakdown by project.

Size Assessment Rating 4.7

Ore Grade Assessment

Inferred Indicated Measured Probable Proven Inferred Indicated Measured Probable Proven Hakkari Compliant Turkey Zinc Open Pit 1.92 2.67 2.67 5.0

Note: Grades for primary and byproduct minerals are scored pro forma as described in the NI 43-101 technical report without accounting for recovery rates which in some cases could be significantly below 100%.

Ore Grade Assessment Rating 5.0

Regional Policy and Mineral Potential

Fraser Institute Survey Scores Out of 100

Policy PotentialMine Name Resource Location

RatingHakkari Compliant Turkey NA NA

Weighted Average 0.0

Source: Fraser Institute; www.fraserinstitute.org

Source: Company presentation

Regional Policy and Mineral Potential Rating NA

IndicatedInferred

Mine Name

ProvenProbableMeasured

Since 1997, The Fraser Institute has conducted an annual survey of metal mining and exploration companies toassess how mineral endowments and public policy factors such as taxation and regulation affect explorationinvestment. Survey results represent the opinions of executives and exploration managers in mining and miningconsulting companies operating around the world. The survey now includes data on 51 jurisdictions around theworld, on every continent except Antarctica, including sub-national jurisdictions in Canada, Australia, and theUnited States.

Survey Results

Resource Location

Primary Mineral

Mine Type

Mine NamePrimary Mineral GradeResource

LocationPrimary Mineral

Mine Type

3.4

RatingAverage Equiv. Grade

Primary Mineral Grade Equiv. incl. Byproducts

Resource Classification of Primary Project:Hakkari Compliant

Hakkari Compliant

Primary Mineral Equivalent Resource Size

Including Byproducts

'000 Pounds

Probable

0%

Measured

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Inferred

100%

Proven 

0%

Proven ProbableMeasuredIndicated Inferred

---

70,780

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70,000

80,000

Other Inferred

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70,000

80,000

Other Inferred

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80,000

Other Inferred

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Other Inferred

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Other Inferred

investorSCOREcard

Red Crescent Resources (RCB-T)

Balance Sheet Analysis Rating 4.2

Short-Term Liquidity

Quadrant Rating Mar-10 Jun-10 Sep-10 Dec-10 Mar-11Working Capital $ 2.6 $ 2.4 $ 2.5 $ 5.9 $ 4.7

Cash Flow Ops (Q in mil) ($0.1) ($0.2) ($0.2) ($1.2) ($0.5)

Cash Flow Ops (Ann Q's in mil) ($0.5) ($0.6) ($1.0) ($5.0) ($2.0)

Quadrant Rating 3.0 3.0 3.0 3.0 3.0

Addition to Quadrant Rating

Add: 1.2 - VE Working Capital (mil) + VE

Short-Term Liquidity Rating 4.2

Debt to EquityMar-10 Jun-10 Sep-10 Dec-10 Mar-11

EquityCommon Stock Equity $ 4.7 $ 4.5 $ 4.1 $ 7.6 $ 6.8

Total Equity $ 4.7 $ 4.5 $ 4.1 $ 7.6 $ 6.8

Debt and EquivalentsPref. Securities of Sub Trust - - - - -

Pref. Equity Outside Stock Equity - - - - -

Preferred Stock Equity - - - - -

Minority Interest (Bal. Sheet) - - - ($0.0) ($0.0)

Short-Term Debt - - - - -

Long-Term Debt - - - - -

Capital Lease Obligations - - - - -

Total Debt and Equivalents -$ -$ -$ ($0.0) ($0.0)

Debt to Equity 0.00 0.00 0.00 0.00 0.00

Debt to Equity Rating NA Low Risk High Risk

Debt to Equity Rating NA

Interest CoverageMar-10 Jun-10 Sep-10 Dec-10 Mar-11

EBITQuarterly ($0.2) ($0.2) ($0.4) ($2.0) ($0.8)

TTM ($0.7) ($0.8) ($1.0) ($2.8) ($3.4)

Interest ExpenseQuarterly - - - $ 0.1 $ 0.0

TTM - - - $ 0.1 $ 0.1

Interest CoverageQuarterly #N/A #N/A #N/A #N/A #N/A

TTM #N/A #N/A #N/A #N/A #N/A

Interest Coverage RatingQtrly Interest Coverage Rating QuarterlyTTM Interest Coverage Rating TTM

Interest Coverage Rating N/A

This Company's cash flow is considered NOT SEASONAL, therefore this report uses the last quarter's cash flow multiplied by 4 as a proxy for annual cash flow. +

VE

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Our methodology accounts for the 'nearness' to improving or worsening a Company's quadrant ranking based on current cash generation/burn rate and working capital position. The Company is DRAWING DOWN their working capital. At the current cash burn rate the Company's working capital will be $0 in 28 month(s).

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Quadrant 1:"OPTIMAL"

Quadrant 3: "RECOVERING"

Quadrant 2:"DRAWING DOWN"

Quadrant 4: "URGENT"

0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50 4.00

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investorSCOREcard

Red Crescent Resources (RCB-T)

Valuation Rating 1.9

Premium to Invested Capital(Lower numbers receive higher rankings)Quarterly (TTM) Mar-10 Jun-10 Sep-10 Dec-10 Mar-11Working Capital (Excl S.T. Debt) $ 2.6 $ 2.4 $ 2.5 $ 5.9 $ 4.7

Long-Term Net Fixed Capital $ 2.0 $ 2.0 $ 1.6 $ 1.7 $ 2.1

Net Invested Capital $ 4.7 $ 4.5 $ 4.1 $ 7.6 $ 6.8

Market Value of Equity $ 3.0 $ 3.0 $ 5.5 $ 42.0 $ 37.2

Debt and Equivalents -$ -$ -$ -$ -$

Enterprise Value $ 3.0 $ 3.0 $ 5.5 $ 42.0 $ 37.2

Premium to Invested Capital -92.7% -88.6% -10.4% 400.0% 407.7%Premium to Invested Capital Rating 5.0 5.0 5.0 1.2 1.2

Premium to Invested Capital Rating 1.2

Price to Book (P/Book)(Lower numbers receive higher rankings)Annual (Fiscal Year) Dec-06 Dec-07 Dec-08 Dec-09 Dec-10* Price $ 0.34 $ 0.34 $ 0.62 $ 0.51 $ 0.45Book Equity Per Share $ 0.18 $ 0.12 $ 0.49 $ 0.54 $ 0.09

Annual P/BookAnnual P/Book Rating 4.8 4.8 4.8 4.8 4.8

Quarterly Mar-10 Jun-10 Sep-10 Dec-10 Mar-11* Price $ 0.34 $ 0.34 $ 0.62 $ 0.51 $ 0.45Book Equity Per Share $ 0.52 $ 0.50 $ 0.46 $ 0.09 $ 0.08

Quarterly P/Book 0.7 x 0.7 x 1.3 x 5.5 x 5.5 xQuarterly P/Book Rating 4.5 4.5 4.1 0.3 0.3

Price to Book (P/Book) Rating 2.5

Market Implied In Situ Valuation

Hakkari Compliant (Zinc) Proven + ProbableIncluding Measured & IndicatedIncluding Inferred 70,780

NA* Price - Delayed 60 days to reflect the fact the financial statements are publicly approximately 60 days after the last day of the reporting period. For the last period the most recent price is used.

$0.53

Market Implied In Situ Valuation per resource unit (C$)Property (Primary Mineral)

Resource Size at Certainty Levels of Equivalent '000 Pounds

NANA

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investorSCOREcard

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The issuer (“Issuer”) covered under this investor scorecard (“Investor Scorecard”) has paid a fee to or has been charged a fee to produce and distribute this Investor Scorecard. The fee paid or charged for the production and distribution of this Investor Scorecard was not subject to the rankings or information provided herein, nor was any securities of the Issuer accepted as payment for such fee. FSA Financial Science & Art Ltd. (“FSA”), The Equicom Group Inc. (“Equicom”) and their respective employees and directors may have had or from time to time acquire, hold or sell an interest in the listed securities of the Issuer.

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