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FINAL PROGRAM April 29-30, 2013 City University of New York, Graduate Center 365 Fifth Avenue, New York, NY 10016 CURRENT TRENDS IN MINING FINANCE: AN OPERATORS GUIDE
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SME Current Trends in Mining Finance Program April 29, 30, 2013 in New York

Sep 01, 2014

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Page 1: SME Current Trends in Mining Finance Program April 29, 30, 2013 in New York

Final Program

April 29-30, 2013City University of New York, Graduate Center

365 Fifth Avenue, New York, NY 10016

CUrrEnT TrEnDS in mining FinanCE:

an oPEraTorS gUiDE

Page 2: SME Current Trends in Mining Finance Program April 29, 30, 2013 in New York

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Organizing Committee

SME12999 E. Adam Aircraft Circle

Englewood, CO 80112 USA1-303-948-4200 • [email protected] • www.smenet.org

Tim AlchV.P & Senior Minerals Business Analyst

Behre Dolbear & Company

Alan OshikiManaging Director

King Worldwide

Monday, April 29, 20138:00am - 8:45am . . . . .Registration and Continental Breakfast8:45am - 8:55am . . . . . Opening Remarks8:55am - 10:55am . . . . . . . . . Sessions10:55am - 11:15am . . . . . . .Coffee Break11:15am - 12:45pm . . . . . . . . . Sessions12:45pm - 1:45pm . . . . . . Hosted Lunch1:45pm - 3:25pm . . . . . . . . . . Sessions3:25pm - 3:45pm . . . . . . . .Coffee Break3:45pm - 5:35pm . . . . . . . . . . Sessions5:35pm - 7:00pm . . . . . Hosted Reception

Tuesday, April 30, 20138:00am - 8:50am . . . Registration and Continental Breakfast8:50am - 10:30am . . . . . . . . Sessions10:30am - 10:50am . . . . Coffee Break10:50am - 12:30pm . . . . . . . Sessions12:30pm - 1:30pm . . . . Hosted Lunch1:30pm - 3:10pm . . . . . . . . . Sessions3:10pm - 3:30pm . . . . . . Coffee Break3:30pm - 4:55pm . . . . . . . . . Sessions

Schedule

General InformationRegistration / Membership / Bookstore ProceedingsSME membership applications and information will be available. Best selling industry publications and SME merchandise will also be available for purchase.Location: Concourse LevelHours: Monday, April 29 . . . . . . . . . 8:00am - 5:30pm Tuesday, April 30 8:00am - 4:55pm

Social EventsLocation: Concourse LevelMonday: Continental Breakfast . . . . . . . . . . . 8:00am Coffee Breaks . . . . . . . . . 10:25am & 3:25pm Hosted Lunch . . . . . . . . . . . . . . . 12:45pm Hosted Reception . . . . . . . . . . . . . 5:35pm

Tuesday: Continental Breakfast . . . . . . . . . . . 8:00am Coffee Breaks . . . . . . . . . 10:30am & 3:10pm Hosted Lunch . . . . . . . . . . . . . . . 12:30pm

PoliciesrEgiSTraTion PoliCy: All attendees and authors are required to register. The appropriate badge is required for admittance to all activities.STUDEnT rEgiSTraTion PoliCy: Student registration for the conference must meet eligibility requirements. SME requires that an individual must be attending a college/university/higher education institution on a full-time basis to qualify for student registration rates. SME cannot process student registrations without evidence that you are a full-time student. Students enrolled in 12 or more semester credit hours are considered full-time.

Page 3: SME Current Trends in Mining Finance Program April 29, 30, 2013 in New York

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Page 4: SME Current Trends in Mining Finance Program April 29, 30, 2013 in New York

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CUrrEnT TrEnDS in mining FinanCE:an ExECUTivE’S gUiDE: WhaT arE lEnDErS, invESTorS looking For?

SME - the Society for Mining, Metallurgy, and Exploration (www.smenet.org) together with the New York Section of the SME (www.smeny.org) is hosting the SME’s first annual conference on Current Trends in Mining Finance in New York on April 29 & 30, 2013. Intended for senior executives and mining industry specialists including bankers, analysts and investors; this two-day event will cover a range of important topics and trends including: project evaluation and investment decision-making; drivers of future industry mergers and acquisitions; tax and accounting issues facing the mining industry; risk factors in the current market environment; new sources of funding for mining projects; trends in mineral development agreements; and the impact of “soft” issues on mine development and finance.

Conference Co-Chairs:

Tim AlchV.P & Senior Minerals Business Analyst, Behre Dolbear & Co.Tim Alch is a V.P. & Senior Minerals Business Analyst at Behre Dolbear & Company (USA) Inc. Tim is an International Business, Investment Analyst and Consultant with 25+ years of experience working within business units analyzing prospective, operating, management, strategy, technical, technology, valuation, transactions and investment issues for industrial and financial clients. He was an SVP of Anderson & Schwab Inc. and Equity Analyst at Dean Witter Reynolds, Prudential Securities, Paine Webber and Senior Consultant and Industry Analyst at World Steel Dynamics, Resource Strategies, Inc., CRU Inc. (London) covering global precious, base and industrial metals and minerals, mining, steel, coal, energy and related sectors. He is an Honors graduate of Amherst College in Geology and studied the Economic and Political impact of the Industrial Revolution and Modern Economy on the Global Mineral and Energy Resource Sectors. He continued study in the M.Sc. Mineral & Energy Economics program at Penn State. Tim has been on the Executive Committee of the New York City Section of SME since 2008.

Alan OshikiManaging Director, King WorldwideAlan is a Managing Director at King Worldwide, a global stakeholder management firm, and has 25 years of experience in capital markets communications for IPOs, mergers, acquisitions, divestitures, crises, financial restructurings and other special situations. He also has ten years of direct mining industry experience in engineering, management and finance. Alan holds an MBA in Finance and Accounting from the University of Arizona and a BS in Mining Engineering from the University of Idaho. He has been a speaker and workshop leader with the NASDAQ Executive Forum, National Investor Relations Institute, Public Relations Society of America, the U.S. Agency for International Development, and the Brazilian Congress of Corporate Communication. He is also chairman of the New York City section of SME.

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MONDAY, APRIL 29, 2013

8:00 – 8:45am REGISTRATION AND CONTINENTAL BREAKFAST

CONFERENCE CHAIRMAN’S OPENING REMARKS

Society for Mining, Metallurgy & Exploration - David Kanagy, Executive Director Dave joined SME in March 2004 and has tripled the revenues of the organization making a real difference in turning around the SME financial situation. He also improved staff coordination and cooperation, and is positioning SME to provide greater value for its members with the development of new products such as OneMine. He was instrumental in developing a merger of the Woman’s Auxiliary to the American Institute of Mining, Metallurgical, and Petroleum Engineers, the Underground Construction and Tunneling Association, the Minerals Information Institute and the International Marine Minerals Society into SME. He has a B.S. degree in industrial education from the University of Maryland and a MS degree in technology education from Eastern Illinois University. He is also a certified association executive by the American Society of Association Executives.

I.1 - AN OVERVIEW OF THE CAPITAL MARKETS AND EXPLORATION SPENDINGHow have the capital markets changed? Who are the new players? In what capacity?Where has capital been raised in private, public markets; exchanges; private equity, etc.?How did the 2008 financial slump in 2008 and current tight market impact mining capital markets? What are exploration budget trends? How are tough capital markets impacting the Junior mining sector?

Citibank Corporate & Investment Bank: Michael Cramer, Managing Director Global Metals & MiningSNL Metals Economics Group: Bakes Mitchell, Vice President Sales

I.1.1 - CitiBank: Michael N. Cramer, Managing & Technical Director - Global Metals & MiningMr. Cramer will highlight recent trends and alternatives in metals and mining resource funding including: (1) Financial Markets: fewer through consolidating, financial institutions, base, non-ferrous mining companies and coal companies; (2) Global Trends about key recent and near term industry fundamentals: the pricing cycle, credit quality, consolidations and M&A; (3) Fund Raising Activities discussing existing and evolving capital structures by stages of a mining company’s life cycle; trends of conventional funding with highlights on debt, equity, project finance and syndicated loans; and (4) Key Capital Raisings Takeaways for accessing both traditional and alternative sources of funding.

Michael Cramer is a Licensed Engineer in the Global Metals and Mining Group at Citi. He has been a Senior Industry Specialist for metals, mining, aluminum, steel, energy and industrial minerals for over 25 years, 15+ of which have been at Citi. His primary responsibility includes directing and supporting the Bank’s interests in its global metals and mining business. This includes marketing, technical reviews, managing credit and portfolio exposures, while providing individual approvals for transactions. Mr. Cramer has been involved in numerous transactions from an array of product perspectives including corporate finance, acquisition finance, public and private underwritings, project finance, commodity finance, equity, leveraged and asset backed financings, and M&A’s for mines, smelters and refineries around the world.

I.1.2 - SNL Metals Economics Group: Bakes Mitchell, Vice President SalesWorldwide Nonferrous Exploration Trends, 2003 - 2012, will examine the major trends in nonferrous exploration over the last 10 years including the principal commodity targets, regional allocations, and stages of exploration. We will discuss the relative importance of junior exploration companies, those companies mostly dependent on equity financing or partnerships for their exploration activities, and the likely impact of the current scarcity of equity financing on exploration in 2013.

Bakes Mitchell is Vice President of Sales for SNL Metals Economics Group and is currently responsible for SNL MEG’s sales in eastern North America, South America, and Australia. After graduating from Dalhousie Law School in Halifax, Nova Scotia, he began his career as a research analyst for SNL Metals Economics Group (previously Metals Economics Group), designing and producing an environmental audit of the gold mining industry. He continued as a senior consultant and research analyst, and he is credited with designing and implementing one of SNL MEG’s proprietary products called Exploration Activity Services. Bakes has been speaking and presenting worldwide on trends in the mining industry for SNL Metals Economics Group since 1997.

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I.2 - OUTLOOK FOR BASE METAL AND INDUSTRIAL MINERALS & LATAM CREDIT MARKETSWhat is ahead for copper, aluminum, iron ore, coking coal, potash, other industrial and precious metals?How does the supply/demand pricing of these metals differ? What is impact of BRICs; EMEAs; CIVETs? Where are growth opportunities for lenders, investors, miners, governments and service providers?How important are commodities in Latin America? What is ahead for LATAM’s credit markets?

CRU: Lisa Morrison, Principal Consultant Nomura: Tony Volpon, Managing Director - Head of Emerging Markets Research

I.2.1 - CRU: Lisa Morrison, Principal ConsultantLisa Morrison will present a roundup and outlook for Copper, Aluminum, Iron Ore, Coking Coal and Potash and highlight what is happening with financing, the strategic implications of greater investment funds and China’s interest in these areas going forward.

Lisa Morrison has been developing models, producing forecasts and assessing risk since she joined CRU in May 1995. Currently, she manages CRU’s Price Risk Management services for both aluminum and copper and regularly produces research focused on the impact of investors on LME metal prices. Prior to her current position, Lisa was a Senior Consultant with CRU Strategies, the management consultancy arm of CRU. She contributed to a wide variety of steel and nonferrous metals projects which included strategy, valuation, negotiation support and specialized market research. In addition to client projects, she was involved in developing price forecasts for aluminum, copper, zinc and steel as well as macroeconomic and production cost models. Lisa holds a Master’s degree in Economics from New York University and a Bachelor’s degree in Economics from Drew University.

I.2.2 - Nomura: Tony Volpon, Managing Director - Head of Emerging Markets ResearchMr. Volpon will discuss the divergent prospects for several Latin American countries after they all benefitted from the Asian-led economic and commodities boom since about 2002. The Mexico - Brazil comparison is most illustrative, but it can be expanded to Chile, Peru, Colombia, Argentina and Venezuela. Mr. Volpon will review recent macro-economic data highlighting trends and differences in Brazil, Chile, Colombia, Mexico, Chile, Peru concerning GDP growth; Inflation, Balance of payments; Elections and the Political outlook and the Impact of changes in China, elsewhere and the credit markets may have on these economies and their commodity based sectors.

Tony Volpon, Managing Director is Head of Emerging Markets Research, Americas at Nomura, the global investment bank. Tony joined Nomura in September 2009 and is based in New York. Before Nomura, he was Chief Economist at CM Capital Markets in Sao Paulo for five years. Prior to CM Capital Markets, he worked for Bank of America from 1999 through 2004, where he was a Senior Rates Trader covering Brazil and was based in both London and Sao Paulo. Tony received a Bachelor of Arts in Economics from McGill University and a Master’s degree in Economics from the University of Western Ontario.

I.3 - WHAT ARE BANKERS’ VIEW OF RAISING CAPITAL AND THE OUTLOOK?How has ‘conventional’ bank lending, project finance and asset-based financing changed? Why?Who is getting funded? Juniors? Medium? Large Companies? Brown or Greenfields? Why? What are key issues and benchmarks investors, bankers etc. use to gauge success?What are the sweet spots to raise capital? How can management raise the odds? What are some of the regional issues in China, Latin America, Africa and OECD?

Caterpillar Mining Finance: Christopher C. Patterson, Executive Director: Structured Finance (Americas) Cowen Securities LLC: Keith Philips, Managing Director Global Head of Metals & Mining Investment Banking Societe Generale: Chris Henstock, Managing Director, Mining & Commodities Finance

I.3.1 - Cat Mining Finance: Chris C. Patterson, Executive Director: Structured Finance (Americas)Chris Patterson, Executive Director of Caterpillar Financial Services Corporation’s Structured Finance group will discuss Caterpillar’s involvement in financing mining projects on a global basis. He highlight equipment financing as a potential component to covering project CAPEX to juniors and majors and provide insights about Caterpillar Inc.’s view of the global commodity markets and industry outlook.

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Chris joined Caterpillar in 2005 and has served as Global Sales Manager and the Global Operations and Credit Manager for Capital Markets & Syndication department. Prior to joining Caterpillar, Chris held management roles in credit, operations and sales for Volvo Commercial Finance, including Risk & Syndication Manager leading large ticket workouts and establishing its US syndication business. Chris also worked at JP Morgan in the credit underwriting and loan workout departments and as a corporate lawyer in private practice. He is a graduate of Wittenberg University with Bachelor degrees in Political Science and Business Administration and of the University of Akron School of Law, Juris Doctorate.

I.3.2 Cowen Securities: LLC K. Phillips, Managing Director Global Head of Metals & Mining Investment BankingKeith Phillips is a Managing Director and Head of Cowen’s Metals & Mining Investment Banking Group. Mr. Phillips joined Cowen from Dahlman Rose where he was Head of the Metals & Mining Investment Banking and responsible for the company’s Metals & Mining investment banking effort globally. Previously, he was with JP Morgan, where he headed the investment bank’s Metals & Mining practice. He previously ran the Metals & Mining investment banking groups at Bear Stearns & Co and Merrill Lynch. Mr. Phillips has worked with over one hundred Metals & Mining companies during his 26-year Wall Street career, including established global leaders such as Rio Tinto, Vale, Barrick Gold, and Peabody Energy, successful growth companies such as Goldcorp, Yamana Gold and PanAmerican Silver, as well exploration and development stage companies such as Silver Standard, NovaGold, Seabridge Gold, Guyana Goldfields and Gold Canyon Resources. Mr. Phillips received his MBA from the University of Chicago and a B. Comm. from Laurentian University in Canada.

I.3.3 - Societe Generale: Chris Henstock, Managing Director Mining & Commodities FinanceMr. Henstock’s will discuss the State of Mining Finance addressing: Market Context; Funding Alternatives; Market Practices and Funding Sources; Project Finance Basics; What constitute an economic Bankable Project; Project Finance Best Practices and Risk Management Considerations.

Chris Henstock joined SG in December 1997 and is responsible for the bank’s Mining Finance activities in the Americas region. His oversight encompasses a team of six front office professionals focused on providing finance solutions, advisory support and risk management to junior, mid-tier and senior mining corporate. He is also responsible for managing the bank’s Mining Hybrid Program, a merchant banking and principal finance activity geared towards pre-development situations. He has arranged a wide range of project and structured finance transactions across a variety of minerals and jurisdictions, including Canada, the United States, Mexico, Peru, Chile, Brazil, French Guyana, Suriname and Tanzania. Chris graduated from the University of Toronto in June 1995, with a Bachelor of Commerce specializing in Economics and Finance and was accredited a Chartered Finance Analyst designation in September 1997. Chris is a long-standing member of the Canadian Institute of Mining, Metallurgy and Petroleum and the Prospectors and Developers Association of Canada.

I.4 - REGULATORY AND COMPLIANCE ISSUES IMPACT ON MINING FINANCE & INVESTMENT How to define, estimate and report on resource and reserves re US, JORC, NI 43-101 regimes? How can mining companies be compliant about reports about core assets, i.e. ore resources?What measures and issues do mining companies, bankers, lenders, regulators focus on?How can the public and analysts interpret management reporting and progress?

Marshall Miller & Associates (Cardno-MM&A): John Feddock, Senior Vice President Newmont Mining Corporation USA: Ian Douglas, Group Executive Value AssuranceVery Independent Research, LLC: John Tumazos, Founder, CEO & President

I.4.1 - Marshall Miller & Associates (Cardno-MM&A): John Feddock, Senior Vice PresidentMr. Feddock will address When a US Reserve is a Resource. Increasing levels of foreign investment in U.S. mineral development requires compliance with foreign codes for public reporting. The JORC Code, NI 43-101, and the SME Guide are recognized codes for mineral disclosure in foreign filings. The SEC has not adopted a comparable code, resulting in differences by companies filing in both Canadian and U.S. exchange, and for foreign investors seeking to acquire U.S mineral assets. Based on his experience on actual cases and recent acquisitions, John will highlight problems U.S. mining companies have reporting mineral assets using SEC standards and value implications of not complying with international codes.

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John E. Feddock, P.E., SME Founding Registered Member is Senior Vice President of Marshall Miller & Associates (Cardno-MM&A), and is the lead mining engineer responsible for mining engineering projects and serves as the principal investigator in mineral economic and mining geotechnical projects. John’s mining experience spans over 40 years during which he has dealt with almost every type of surface and underground project in the energy industry and for financial investment. John performs due-diligence reviews of both underground and surface mines and mining related facilities, financial analysis of mining operations, and the valuation of mining property, plant and equipment. John earned a Master of Science degree in Mining Engineering with specialties in Mineral Economics and Rock Mechanics from the Henry Krumb School of Mines at Columbia University in New York. John is a Registered Professional Engineer in seven states. John is a Founding Registered Member of the SME and has prepared resource and reserve reports under SEC, Canadian and JORC standards.

I.4.2 - Newmont Mining Corporation USA: Ian H. Douglas, Group Executive Value Assurance Mr. Douglas will discuss Reserve and Resource Reporting within the United States that has been challenging due to a lack of alignment with other major international reporting codes. The SEC’s Industry Guide 7 (IG7) is over 30 years old and has not kept up with developments in Reserve and Resource reporting standards, guidelines and codes. This lack of alignment has created challenges for US-based mining companies to disclose on an equal footing with counterparts in other countries, and for foreign companies that list on US exchanges that must re-state Reserve and Resource estimates to be compliant with IG7. Recent developments in the U.S. to update IG7 include meetings and discussions with Staff of the SEC and filing a Petition for Rule Change with the SEC by the SME on October 2, 2012. The presentation will summarize the current similarities and differences in International reporting regimes, recent developments in reporting guidelines across the globe and in the U.S. that may close the gap between reporting in the U.S. and other jurisdictions in the next 3-5 years.

Ian H. Douglas has over 30 years’ experience in Mining, spanning exploration, development, operations, consulting and corporate governance roles. He received a BS in geology from UCLA in 1979 and an MS in Ore Deposits and Exploration from Stanford in 1984. Mr. Douglas is currently Group Executive Value Assurance with Newmont Mining Corporation, where he provides Independent Review of major capital projects as well as managing the public reporting of Newmont’s Reserves and Resources. He chairs the Registered Membership and co-chairs the Reserves and Resources Committees of the SME.

I.4.3 - Very Independent Research, LLC - John Tumazos, Owner, Founder and Senior AnalystMr. Tumazos will discuss his experience of interpreting and analyzing mine planning preliminary economic assessments (PEAs), scoping, pre-feasibility and feasibility studies where by his research has found a one-thousand-fold variation in gold resource calculations measured in “tonnes of resources per assay” and 125-fold variation measured in “ounces of gold per assay.” Some say “eureka” sooner than others. Mr. Tumazos will highlight five areas in such studies for weaknesses, including: (1) capex cost estimates, (2) mining cost per tonne, (3) indirect social costs - especially in remote third world venues, (4) resource estimation; and (5) reasonable likelihood of social license.

Mr. John Charles Tumazos, CFA is the Owner, Founder and Senior Analyst at John Tumazos Very Independent Research, LLC since July 2007. He serves as the Chairman of the Board at Texas Rare Earth Resources Corp and a director since August 2, 2012 and as an Executive Officer at Galway Resources Ltd, where he helps commercialize the Victorio Project. Mr. Tumazos is a perennially top rated Wall Street analyst in the metals and steel sectors. He ranked first in Institutional Investor All-America team first twelve times since 1988 and 42 times overall since 1982. He is an all-time Hall of Famer in Wall Street Journal survey by 1997, was first in Greenwich Research survey metals category five straight years, and was a top metals price forecaster in RTZ 1995 global survey. He was named the best steel analyst worldwide by Euromoney magazine in 1986. He received an M.S. in Industrial Administration in May 1979 and a B.S. with University Honors in Management Science and Economics in May 1978 both from Carnegie-Mellon University, where he was a recipient of PA State Senatorial Scholarship for achievement in History.

I.5 - TAX AND ACCOUNTING ISSUES IMPACTING MINING FINANCE What are key accounting issues that bankers focus on in the current regulatory environment?What metrics impact valuations and M&A e.g. impairment, write offs re mineral rights, etc.? How can risks be factored into capital and operating budget decision making and reporting? Are best practices enough to stay compliant in an ever changing regulatory environment?

Dean Dorton Allen Ford PLLC: Bill Kohm, Partner Ernst & Young LLP: J. Andrew Miller, Partner and Robert J. Stall, Principal

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I.5.1 - Dean Dorton Allen Ford, PLLC: Bill Kohm, PartnerMr. Kohm will discuss how mining companies are managing in the current global economic downturn which has led to depressed market values. The sluggish economic conditions have required companies to adjust mine plans and shut down operations. These triggering events have required a focus on the following accounting issues: (1) Goodwill impairment assessment; (2) Tangible long-term asset impairment assessment including mineral rights; and (3) Asset Retirement Obligation calculations. Mr. Kohm will focus on how the above accounting issues are handled in a mining environment and how the management team should work together with operations to make the proper accounting calculations. Gathering accurate and timely information is paramount to tackling these accounting challenges.

Bill Kohm, CPA, has over 15 years of experience working with mining companies. He currently leads the Natural Resource & Energy Team of Dean Dorton Allen Ford, PLLC, a regional accounting firm located in Kentucky. Over the years Bill has helped mining clients with due diligence, acquisition accounting, internal audits, external audits, adoption of new accounting standards and expert witness work. Bill spent his first seven years of public accounting working with national accounting firms which focused on mining companies.

I.5.2 - Ernst & Young LLP: J. Andrew Miller, Partner and Robert J. Stall, PrincipalMr. Miller will discuss Ernst & Young’s work in and view of the impact of resource nationalism from a tax perspective and discuss some of E&Y’s project work assisting the mining industry respond to resource nationalism. In addition E&Y will discuss the published IMF recommendations for fiscal regimes for extractive industries (published last fall) that financial executives in the industry should be aware of. Mr Stall will highlight some of E&Y’s survey “Capital Confidence Barometer”. The data that comes out of E&Y’s analysis identifies where mining companies are looking to deploy their capital - green field development, brown field expansion or M&A.

J. Andrew Miller (Andy) is a partner and member of Ernst & Young LLP’s National Tax Department. Andy has over 30 years of experience serving a wide range of corporate clients. He focuses on corporate tax services acting as a tax engagement partner for several large multinational energy and natural resource clients. He has extensive experience serving as a tax specialist in the natural resource industries on due diligence teams for the firm’s merger and acquisition practice. As a result of Andy’s extensive mining and natural resources experience he was appointed the Americas Area Leader of Mining & Metals Industry services. In that role Andy works with all service lines (audit, tax and transaction support) supporting the mining, metals and natural resource clients. In light of his extensive natural resource experience in tax, Andy is the Global Mining & Metals Industry Tax leader. In this dual role serving the Mining & Metals Industry Andy works with the Global Mining & Metals Center of Excellence located in Sydney, Australia.

Robert J. Stall MRICS, ASA Robert Stall is a Principal in Ernst & Young’s Transaction Advisory Services. He is the Americas Director of the Capital Equipment Group and leads the firm’s Southeast and Southwest Area Valuation Advisors practices with offices in Atlanta, Charlotte, Dallas and Houston. Mr. Stall is a founding member of Ernst & Young’s Global Valuation and Business Modeling Steering Committee. He has been active in the appraisal industry since 1987. Mr. Stall has performed and directed valuation studies for both tax reporting and financial accounting purposes utilizing Ernst & Young’s local, national and global valuation resources. He directly oversees a leveraged valuation practice of seventy-five professionals that is integrated with a valuation practice of more than 350 professionals and a global practice of over 1400 professionals. Mr. Stall holds Bachelor of Science degrees in accounting and finance from Miami University. He is a member of the Royal Institution of Chartered Surveyors as well as a Senior Member of the American Society of Appraisers (ASA) accredited in machinery and technical specialties.

I.6 - IMPACT OF GOVERNANCE STANDARDS ON INVESTMENT & FOREIGN DIRECT INVESTMENTHow do changing regulations impact foreign direct investment, exploration and development?How have mineral concession agreements, governments, investors’ perceptions evolved?What rules are changing? Where? What is the state of the regulatory environment?What are the recent trends of foreign direct investment in various jurisdictions?

Baker & McKenzie LLP: Greg McNab, Partner U.S. - Mongolia Advisory Group: Alicia Campi, President Vale Columbia Center: Perrine Toledano, Lead Economics and Policy Researcher

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I.6.1 - Baker McKenzie LLP: Greg McNab, PartnerMr. McNab will highlight the following: What Will be Different than What Mattered in 2012 and 2011?; Regulatory, Legal and Compliance Issues Related to Mining Finance; USA - Dodd-Frank - Disclosure of Payments by Resource Extraction Issuers and Disclosure Related to Safety for Mining Issuers; and recent changes and impact of Mining Developments and the Regulatory Environment in China.

Greg McNab is a member of Baker & McKenzie’s Corporate & Securities Practice Group in Toronto. He is the co-head of Baker & McKenzie’s Mining and Climate Change practice groups in Canada and a member of the Firm’s global mining group. Mr. McNab brings a mechanical engineering background to his practice. Mr. McNab has represented buyers, sellers and developers from a wide range of industries including the oil and gas, power (including wind and solar) and mining industries. Mr. McNab is actively involved in private equity/venture capital transactions, public markets transactions and has substantial experience in public and private fund investments, both domestically and internationally. He also advises on corporate governance, regulatory compliance, continuous disclosure and stock exchange matters for public issuers. Mr. McNab is also the Canadian Chair of the Canadian Australian Chamber of Commerce and the co-chair of the International Emissions Trading Association’s global carbon capture and storage working group. Mr. McNab regularly speaks, writes published articles and appears in the media with respect to a variety of securities, mining and climate change matters.

I.6.2 - U.S.- Mongolia Advisory Group: Alicia Campi, PresidentAlicia Campi will discuss Mongolia’s booming mining sector in recent years that is being hammered by a changing domestic political and legal environment which has confused foreign investors. Just analyzing developments from the prism of ‘resource nationalism’ or other economic policy paradigms only obscures the real game being played out in Mongolia between the Mongolian government and Mongolia’s giant neighbors, China and Russia. Western investment hurdles and options must be better calculated from a more multi-dimensional context which takes into account the pressures on Mongolian decision makers and their long term goals to diversify trade partners and strengthen links beyond China to the outside world. Only by understanding and not assuming Mongolian motivations, which often are not economically-based, will foreign mineral companies and their financial backers be able to create realistic exploitation agreements and plans for returns. Mongolia’s minerals are abundant and the Mongols’ desire for western investment and expertise truly genuine, but investors need to work with not against Mongolian national interests to achieve more stability and transparency in the regulatory environment.

Alicia Campi, President, U.S. - Mongolia Advisory Group and the Mongolia Society is a former Department of State officer and has been an American leader in all aspects of relations with Mongolia, including mining and financial consultancy for many decades. Since March 2007, Dr. Campi has been President of The Mongolia Society of Bloomington, Indiana. In 1991, she founded the U.S.-Mongolia Advisory Group (USMAG), a company specializing in finding Mongolian partners for western companies, and two years later she established the private charity Chinggis Khan Foundation to promote small-scale assistance projects. Dr. Campi received her A.B. in East Asia History from Smith College in 1971 and obtained an M.A. in East Asian Studies with a concentration in Mongolian Studies from Harvard University in 1973. She received a Ph.D. in Mongolian Studies (Department of Central Eurasian Studies) with a minor in Chinese in 1987 from Indiana University. While serving in Tokyo in the mid-1980s, Dr. Campi conducted preliminary negotiations leading to the establishment of diplomatic relations between the U.S. and Mongolia

I.6.3 - Vale Columbia Center: Perrine Toledano, Lead Economics and Policy ResearcherMs. Toledano will discuss host country’s policy, regulatory and legal options to leverage and optimize mining investments for the development of the host country. Those options range from the fiscal framework to infrastructure and local content obligations to local community obligations. Perrine will review different case studies illustrating success and failures of host countries in leveraging the mining investments. Her discussion will be framed in the context of the last five years that have been marked by the increase in commodity price and the emergence of new players from the BRIC and Emerging Markets, including Sovereign Wealth Funds from China, India, Asia, and the Middle East.

Perrine Toledano is the lead economics and policy researcher of the Vale Columbia Center on Sustainable International Investment (VCC). At the VCC, Perrine is specializing in natural resources investments, and as such she is researching and advising on issues such as fiscal terms, transparency, competitive bidding, natural resource funds and optimal legal clauses for development benefits. She is also leading work on economic diversification, including leveraging extractive industry investments in rail, port and energy infrastructure for the broader development needs of the country as well as optimizing direct and indirect local job creation from the investments. Before joining the VCC, Perrine worked as a consultant for several non-profit organizations (World Bank, DFID, Revenue Watch Institute) and private sector companies (Natixis Corporate Investment Bank, Ernst and Young). She has a Master of Business Administration from ESSEC (Paris) and a Master of Public Administration from Columbia University.

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I.7 WHAT ARE ALTERNATIVE CAPITAL SOURCES AND WHO ARE THE PROVIDERS? What are the best options for non-dilutive means of raising capital? How do green and brown field projects tap the varied alternative sources of capital?When are Rights Offerings, Flow through Shares, Advance Sales, Off-Take Agreements best? What are the roles of private equity and sovereign wealth funds?

CPM Group LLC: Douglas Sherrod, Managing Director, Financial AdvisoryRoyal Gold, Inc.: William Heissenbuttel, VP Corporate Development Shearman & Sterling LLP: Cynthia Urda Kassiss, Senior Partner

I.7.1 - CPM Group LLC: Douglas Sherrod, Managing Director, Financial AdvisoryDoug Sherrod will discuss commodity-denominated financing for the minerals industry that is being used by both operating and development-stage companies as a source of non-dilutive capital. Given recent equity market conditions, this form of financing has become increasingly attractive to mining companies as it enables them to monetize by-product metal streams to partially fund development costs for greenfield assets or leverage producing assets. Commodity-denominated transaction structures include streaming deals, prepaid forwards, royalties, and metal loans.

Douglas Sherrod is a Managing Partner at CPM Group. Doug heads up the Financial Advisory practice at CPM Group. Among his recent assignments at CPM, Mr. Sherrod advised a Korean steel company on its strategic investment in a greenfield molybdenum project in Canada. He is currently advising a North American client on monetizing a stream of silver production from a greenfield base metals project. His experience in investment banking and structured finance includes his working at Citibank, Sharps Pixley, Deutsche Bank and Dresdner Kleinwort Wasserstein. Doug has originated and executed financing transactions and advisory mandates for clients in the commodities and natural resources sectors over the past 25+ years. His transactional expertise spans M&A advisory, equity & debt capital markets, loan markets and risk management. He is a Bachelor of Science in Economics graduate from The Wharton School, University of Pennsylvania

I.7.2 - Royal Gold, Inc.: William Heissenbuttel, VP Corporate DevelopmentMr. Heissenbuttel will discuss the benefits of royalty and stream finance as a potential cost-of-capital efficient alternative to traditional debt, joint venture and equity sources. With its production-based, life-of-mine focus, streams or royalties share in the operating risk of a project while not imposing scheduled amortization or associated hedge delivery requirements. Streams and royalties leave the operator in full control of the project and can also replace the need for equity to be issued at dilutive price levels. Mr. Heissenbuttel will also explain how streams and royalties can be used for a variety of financing needs, from traditional project development capital to mergers and acquisitions, or reclamation obligations, and at various stages of a project’s advancement toward production.

William Heissenbuttel is Vice President Corporate Development for Royal Gold, Inc. and has more than 20 years of corporate finance experience, with 15 of those years in project and corporate finance in the metals and mining industry. Previously, Mr. Heissenbuttel was employed in various capacities as the Vice President and Senior Vice President at N M Rothschild & Sons, (Denver) Inc. and was responsible for the natural resources sector lending team for the Americas. Prior to joining Rothschild, Bill was employed for five years at ABN AMRO Bank N.V. where he established their U.S. based mining project finance business. Mr. Heissenbuttel holds an M.B.A. degree with a specialization in Finance from the University of Chicago and a B.A. in Political Science and Economics from Northwestern University.

I.7.3 - Shearman & Sterling LLP: Cynthia Urda Kassis, Senior PartnerMs. Kassis will present an overview of the potential sources and structures/products available to finance mining projects (greenfield, brownfield, acquisitions, etc.) in the current market. The overview may cover the traditional sources and structures such as commercial banks, Export Credit Agencies (ECA) and Multi-Lateral Lending Agencies (MDI) and equipment vendors using the traditional project financing structure and recent entrants or ‘unconventional’ or non- traditional sources of capital such as streaming companies, high yield bonds, hedge funds and strategic investments and private equity and sovereign wealth funds and discuss funding from new players including Chinese and Korean agency lenders and highlight the benefits and challenges of using such funding.

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Cynthia Urda Kassis is a senior partner in Shearman & Sterling’s Project Development & Finance Practice. She represents U.S. and non-U.S. corporations/financial institutions as sponsors, borrowers and lenders in project development and finance matters, general finance transactions and joint venture transactions worldwide. Cynthia has extensive experience in the mining, energy, infrastructure and general manufacturing industries, as well as in power and infrastructure restructurings. She is ranked a leading lawyer in project finance by Chambers Global, Chambers USA, Chambers Latin

I.8 - STRATEGIC AND FINANCIAL CHALLENGES FOR MINING COMPANIES How can companies manage commodity price, cost volatility, equipment delays, etc.?Are escalating capital and operating costs a game changer? Or will they decline soon? How do management challenges differ by stage of life, geology and jurisdiction? How are budgets, construction, development factored into capital structures? Is there a need to reevaluate, restructure exploration in the mining business?

Eurasian Minerals Inc.: M. Stephen Enders, Executive Director & COO Export Development Canada (CDC): James Babbitt, Senior Project Finance ManagerKPMG LLP: Roy Hinkamper, Managing DirectorWainscott Commodities: Paul Shellman, Principal

I.8.1 - Eurasian Minerals Inc.: M. Stephen Enders, Executive Director & COOMr. Enders will discuss A Paradigm Shift and Mind-Set Change for Exploration - It’s About Time, wherein there is a huge opportunity to develop new business models for the mining and mineral exploration business. The probabilities for success are on the order of 1:1000 to over 1:10000 for greenfield discoveries of new copper and gold deposits. Given such long odds of success, it would make sense if we collaborated more and competed less to deliver the mineral resources demanded by a growing world population. Timeframes for exploration, discovery and development of new mines average 13 years in the gold business and 28 years in the copper business. Given such long timeframes for success, it would make sense if the financial community developed more innovative funding models that were consistent with the realities of the business. Exploration and discovery must be based on models of cooperation and collaboration rather than simple zero-sum competition. Portfolio management and partnerships offer intriguing ways to do this.

M. Stephen Enders is the Executive Director and Chief Operating Officer of Eurasian Minerals, a co-founder and director of Cupric Canyon Capital, and a Research Professor and Director of the Center for Innovation in Earth Resources Science & Engineering at the Colorado School of Mines. He earned a BSc in geological engineering from the Colorado School of Mines, and an MSc geological engineering and a PhD in economic geology from the University of Arizona. Steve has worked in the mining and mineral exploration business for 37 years and previously held positions of Senior Vice President, Worldwide Exploration for Newmont Mining Corporation and President of Phelps Dodge Exploration Corporation as well as 2011 President of the Society of Economic Geologists, and an Honorary Lecturer

I.8.2 - Export Development Canada: James Babbitt, Senior Project Finance ManagerMr. Babbitt will discuss potential sources of debt financing, outside of commercial bank financing, for the development and construction of mining projects. In particular, he will focus on obtaining financing from Export Development Canada and other export credit agencies (“ECAs”), their criteria for support and the benefits they can bring to a project financing. In addition to providing debt capacity, in certain instances ECAs can add provide longer term financing than commercial banks and can help to mobilize additional commercial bank capacity through the provision of political risk insurance. Developmental financial institutions are another source of potential financing particularly in light of the large number of mining projects being developed in emerging markets. Mr. Babbitt will highlight some of the some of the challenges faced by both junior and senior mining companies in raising project financing and how these can be addressed.

Mr. James Babbitt is a senior transactor within EDC’s Project Finance team and is responsible for the leading of deal teams on specified transactions. He has been at EDC for 15 years, with 8 years project finance experience largely in the mining, metals and resources sector. Mr. Babbitt has led EDC transaction teams on various high profile, complex, multi-sourced transactions in the mining, metals and resources sector. Notably, he led the EDC transaction teams involved in the financing of the Oyu Tolgoi copper mine in Mongolia, Esperanza copper mine in Chile, the Tenke Fungurume copper/cobalt mine in the Democratic Republic of Congo, the Ambatovy nickel/cobalt mine in Madagascar and the Lumwana copper mine in Zambia. Mr. Babbitt holds a Bachelor of Applied Science degree and an MBA from Queen’s University. He is a Certified Management Accountant.

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I.8.3 - KPMG LLP: Roy Hinkamper, Managing DirectorMr. Hinkamper will discuss the challenges and issues surrounding rising capital and operating costs. Recent cost escalation is a derivative of other risks in the mining industry that impact project management, operating, capital and related infrastructure costs. However with robust commodity prices, investors, governments and other stakeholders assume mining companies are reaping the benefits when in fact, the high market demand has driven other costs, e.g. labour, supplies etc. higher. Companies can only benefit from higher prices if they keep costs in line and maintain or improve margins. All of which makes it difficult in mining today for management to manage and accurately estimate the cost of projects to include the component costs as well as costs associated with re-engineering and delays and local jurisdictional issues from foreign country risk. Capital cost escalation is a great concern to companies because it creates uncertainty in the market. KPMG will highlight various means of effectively evaluating and managing these risks.

Mr. Hinkamper is the U.S. leader of KPMG’s mining practice, a member of the firm’s global mining leadership council and one of two global coal commodity leaders within KPMG. He is involved in a number of industry focused activities including his role with KPMG’s Mining Share Forum held annually in Canada and his leadership in mining specific knowledge sharing related to KPMG’s advisory services and issues specific to the coal sector. Roy is the client service and account lead on Peabody Energy, the world’s largest private sector coal mining company, and the key advisory lead on multiple mining companies headquartered in the United States. Roy is a licensed CPA (Missouri), holds an MBA degree from Loyola University.

I.8.4 - Wainscott Consulting: Paul Shellman, PartnerPaul Shellman will discuss ‘Risk, uncertainty and the impact of commodity price cyclicality on Junior Miners’. The commodity boom of the past decade has lifted many a miners’ ability to extract profits from marginal operations, but also exposed them to greater earnings volatility tied to price risk. Yet many continue to ride out the volatility curve and not pursue a more active price risk management program. This laissez faire approach can be attributed to a range of factors, but does it provide shareholder value? In his presentation, Paul will review the legacy issues holding back active risk management and show how miners can leverage the available market opportunities to extract greater value. This engagement starts at the project financing level and continues into the commodity marketing operations. He will show how implementing flexible, market-based programs can offer new areas to provide enterprise value.

Paul Shellman is a specialist in the field of metal price risk management. He focuses on the application of financial instruments within the physical market to control pricing exposures. His advisory services are used by industry and financial services companies worldwide, including several of the leading futures exchanges and price reporting agencies. He has been instrumental in the creation of derivative markets within the ferrous metal industry. Mr. Shellman is founder and principal consultant at Wainscott Commodities, Inc., and has over 25 years of experience in the international commodity trading markets. Prior to WCI, his practical market experience was with managing physical and derivative commodity portfolios at firms including; Goldman Sachs, Koch Supply & Trading, and AIDC Metals in Australia. Mr. Shellman received his degree in Economics and Business Administration from The University of North Carolina at Chapel Hill.

I.9 - THE GLOBAL ECONOMIC AND POLITICAL LANDSCAPE FOR MINING What jurisdictions are looking most favorable for investors and miners? Which are trending badly?How current regulations compare across jurisdictions? Will uniform codes ever exist?How does this landscape impact cross border M&A and foreign direct investment?What has been the impact on capital spend on exploration and development? What are the best places to invest and or operate in? Are they the same?

Behre Dolbear Group, Inc.: Karr McCurdy, President & CEO Holland & Hart LLP: Robert Bassett, Partner, Mining Team Leader Hunter Dickinson Inc.: Robert Schafer, Executive Vice President, Business Development

I.9.1 - Behre Dolbear Group, Inc.: Karr McCurdy, President and CEOMr. McCurdy will discuss current activity and trends in the global mining industry from the perspective of Behre Dolbear’s technical and related financial work for its mining, investor and banking clients. In addition to the changing landscape of regulatory and political risks that impact investment in various mining jurisdictions around the world, Karr will discuss the impact on mining companies, investors, financial institutions including Private Equity, Sovereign Wealth Funds and State Owned Enterprises.

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Mr. McCurdy, President and Chief Executive Officer, Behre Dolbear Group Inc., where he is working to further expand the company’s international growth, service products, and end markets. Mr. Karr McCurdy’s distinguished career has evolved over the last 30 years from hands-on geologic, operational, and project development roles to finance, where he has been a champion of mine development globally. Prior to joining Behre Dolbear, Mr. McCurdy was the Global Sector Head of Mining and Metals for Standard Chartered Bank. He also held senior banking positions with Citigroup, Mellon Bank, and Wells Fargo. He has completed over 200 financing and advisory transactions valued at well over $100 billion. Before beginning his financing career, Mr. McCurdy worked as a geologist to develop and mine the world-class Pueblo Viejo gold oxide deposit in the Dominican Republic.

I.9.2 - Holland & Hart LLP: Robert A. Bassett, Partner, Mining Team LeaderMr. Bassett will speak about the trends and legal issues in mining financings and mergers/acquisitions, all of which revolve around risk. The biggest risks are quasi-legal: nationalization and loss of social license. These issues have a legal aspect, but also involve “soft-law” aspects such as gaining community support, engaging in free and informed prior consent consultations, obtaining stabilization agreements with governments, and invoking jurisdictional protection measures based on a host country’s bilateral treaty obligations. There are also the hard-law aspects, such as compliance with laws governing tenure, environmental compliance, rent payments and the like, but these issues can often be categorized and quantified with a thorough due diligence effort, unlike the soft-law aspects that face the industry.

With nearly 30 years of experience in mining law, Mr. Bassett provides clients with the practical solutions and the solid advice they need for financing and developing their projects. He has represented clients in a myriad of complex transactions involving major coal, copper, gold, industrial minerals and uranium mines and companies in the U.S., Latin America and Africa; acted as mining counsel for numerous financings of mining companies; has acted as mining counsel in complex mining company mergers and acquisitions; and represented clients before government agencies for development of mining projects, mine methane capture programs and property rights acquisitions. Mr. Bassett has been and adjunct professor at the University of Denver, College of Law Masters Degree program in international mining law and policy since 1997, and a lecturer at the Centre for Energy, Petroleum and Mineral Law and Policy at the University of Dundee, Scotland

I.9.3 - Hunter Dickinson Inc.: Robert Schafer, Executive Vice President, Business DevelopmentMr. Schafer will discuss current exploration, development and capital spending in the global junior mining sector that has taken a different course in the past year or so reflecting changing investment and political circumstances. Some countries, regions and sectors continue to trend favorably while elsewhere investment in exploration is declining. An issue dominating the discussion well beyond the usual changing political landscape is the impact of increasing resource nationalism which is altering the investment climate as well as perspectives on doing business in many parts of the world. In addition, investment in the junior exploration sector has significantly diminished in recent years, calling to question not only the ability to sustain its discovery record, but also the viability of the sector. The junior exploration sector is struggling to adapt to the challenges of the new paradigm.

Robert W. Schafer joined Hunter Dickinson Inc. in 2004 and is Executive Vice President, Business Development, based in Vancouver, Canada, where he is responsible for identifying, evaluating and structuring transactions for mineral deposits globally. As an executive, manager and field geologist, he led teams to the discovery of mines in the western USA; as well as developing innovative strategies that lead to the discovery of a blind gold deposit beneath +100m of glacial cover in Far East Russia. He has experience working in more than 70 countries, particularly Russia, Australia, China, central Asia, India, and many countries in Africa and South America. Mr. Schafer volunteers much effort to professional organizations. He is currently Incoming President of the Canadian Institute for Mining, Metallurgy and Petroleum (C.I.M.). He is also 2nd Vice President and a member of the Board of Directors for the Prospectors and Developers Association of Canada (PDAC). He is an active member of the Society for Mining, Metallurgy and Exploration SME, where he sat on the Board of Directors for a number of years.

5:40pm – 7:00pm RECEPTION - FOOD AND BEVERAGE

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Tuesday, April 30, 2013

8:00 – 8:50am REGISTRATION & CONTINENTAL BREAKFAST

II.1 - PRECIOUS METALS PRICES OUTLOOK AND HOW BEST TO INVEST?How have precious metals markets and investors reacted to changing perceptions of value? Are precious metals where opportunities continue to exist? Will the trend continue?What are the best vehicles for investors? Physical metals? Equities? ETFs? Why?Which miners are best positioned? How? Where are they raising funds?What has been the impact of the financial crisis? What is ahead?

AFund: Henry Weingarten, President Auramet Trading, LLC: James Verraster, CEO HSBC Bank USA: James R. Steel, Senior Vice President, Metals Analyst

II.1.1 - AFund, Inc.: Henry Weingarten, Managing DirectorIt is clear the one way bet on precious metals that began in 2001 is over. It is less clear about the intermediate and longer term outlook. We will present our AFUND commodity forecasts for gold, silver as well as copper against the background of our fundamental, technical and sentiment/astrological indicators for the U.S. Dollar and the global economy.

Mr. Weingarten has been the Managing Director of The Astrologers Fund, Inc. for close to 25 years and a practicing astrologer for over forty years. In addition to utilizing fundamental and technical analysis, he employs astrology as the primary tool to oversee investment funds and advise institutional investors and money managers worldwide. With interview appearances on Fox Business, CNBC, Bloomberg and the BBC, Weingarten’s success has received widespread recognition - and his predictions for 2012 were spot on. performance here.

II.1.2 - Auramet Trading, LLC: James Verraster, CEOFrom a Trader’s perspective, Mr. Verraster will discuss what a producer ought to be thinking about and discussing when they go to market to raise capital.

James Verraster has been successful in the Metals Trading and Finance Industry for 33 consecutive years. He is the CEO of Auramet Trading LLC. Jim started his working career in the Precious Metals Division of The Rhode Island Hospital Trust National Bank (the institution credited with creating the first commercial-scale precious metals consignment and lease portfolio in the early 1970’s). RIHTNB served the US market for industrial gold and silver end-users. Jim was a significant contributor to the growth and development of the RIHTNB precious metals portfolio which in the mid-1980’s became the largest of any financial institution in the US and in 1987 he was promoted to First Vice President and Head of Marketing and Business Development for the Precious Metals Division. In 1989, Jim left RIHTNB to join privately-owned metal trader, Gerald Metals in Stamford , CT. Over the next 8 years, Jim Verraster built niche business’s for Gerald, providing innovative finance to the junior and mid-size mining companies, jewelry/dental manufacturers and PGM industrial end-users. In 1996, Standard Bank approached Jim to create and head up a comprehensive precious metals financing and physical precious metals trading business in their newly opened New York office.

II.1.3 - HSBC Bank USA: James R. Steel, Senior Vice President, Metals AnalystMr. Steel will discuss the development of the bullion market, investment trends, trends in supply and demand as well as macro-economic and geopolitical influences that impact bullion’s position as an alternate currency, a central bank reserve, and a portfolio diversifier.

James Steel is HSBC’s Chief Commodities Analyst with specific responsibilities for precious metals. Jim joined HSBC in May 2006. Previously Jim ran the New York research department for Refco, a large US commodities brokerage house and was in charge of energy, precious and base metals analysis. Jim also worked for The Economist in the Economist Intelligence Unit as an economist specializing in commodity producing nations, where he also worked on the Middle East desk. Jim studied economics at undergraduate and graduate levels in London and New York. Jim is also a member of the International Precious Metals Institute and the New York Energy Forum.

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II.2 - BASE, PRECIOUS AND INDUSTRIAL MINERALS: PROPERTY AND PROJECT VALUATIONSWhat are the basics of exploration, developing, operating property and project valuations?What benchmarks and trends are important to evaluate in today’s marketplace?How have valuations, appraisals and due diligence changed in recent years?How have and should mining company management react to these trends?

Cowen Securities LLC: Adam Graf, CFA, Managing DirectorMineral Appraiser LLC: John Gustavson, PresidentTocqueville Asset Management L.P.: Douglas B. Groh, Co-Portfolio Manager

II.2.1 - Cowen Securities LLC: Adam Graf, CFA, Managing DirectorMr. Graf will discuss valuation trends in the precious metals sectors providing his view of the changing landscape and various measures and benchmarks that management and institutional and retail investors focus on today. Based on his analysis of stocks he covers daily, Adam will highlight parameters and trends that differentiate companies raising equity capital and what management should be mindful of when companies go to market and investors need to consider in the current environment.

Mr. Graf joined Dahlman Rose, now Cowen Securities, in September 2008 and focuses on the Precious Metals, Emerging Miners and Rare Earth Miners sectors. He was a recipient of the 2011 Financial Times/StarMine Award for Top Industry Analyst in the Metals & Mining category. Mr. Graf started his career as an Exploration Geologist for Phelps Dodge and BHP in the American Southwest. In 2001, he began his Wall Street career as a Research Associate and later as an Analyst for the Bear Stearns Metals and Mining team. In 2005, Mr. Graf joined Federated Investors as their Global Metals, Mining, and Steel Analyst. He received his Bachelor of Science degree from the University of Michigan, his Masters of Science in Economic Geology and Masters of Business Administration, both from the University of Arizona. Mr. Graf holds a Chartered Financial Analyst designation.

II.2.2 - Mineral Appraiser LLC: John Gustavson, PresidentMr. Gustavson will discuss mineral property valuation, the underlying asset in the ground. He will outline the basics of exploration property valuation (financed mostly by equity). He continues with the basics of development property valuation, the most important financing stage and also treats operating property valuation. The author emphasizes the need for well-defined battery limits for the valuation (must you include a mill as part of the Property?) and touches upon the reserve/resource “alphabet soup” dilemma. Also, the need for factors for adjustment of comparable sales is highlighted. Finally, the recent efforts involving international harmonization of valuation standards and of certification of appraisers are treated. The presentation concludes with the current emphasis on more thorough due diligence by both engineers and minerals appraisers.

John B. Gustavson, Certified Minerals Appraiser #1992-1 Mr. Gustavson consults in the areas of gold and precious metals; base metals like copper, lead and zinc; iron and aluminum; uranium; oil and gas; coal and coal bed methane; industrial minerals including evaporites and sand and gravel; and geothermal energy. His core competency is geology as applied to mineral resources with adjunct support in engineering, economics and appraisal based on his forty five years of experience.

II.2.3 - Tocqueville Asset Management L.P.: Douglas B. Groh, Co-Portfolio ManagerMr. Groh will focus on what creates value in an exploration / mining company that is the basis for establishing an investment thesis. The identification of the investment opportunity as a company evolves through various stages of corporate development -- from exploration to discovery and on to development and production -- requires a different set of investment and financial analytical tools for each stage. The assessment of small cap exploration companies tends to be more qualitative; while project analysis is more appropriate for mid-size companies in the project development phase. Traditional financial analysis is most useful for operating companies that are publicly listed. For each stage of corporate development, equity investors seek to understand three aspects of a company: Management -- its strategy; Mines or Minerals -- what is the value proposition; Money -- what it is worth in absolute and relative terms. Investment opportunities arise when market perceptions differ from what reality portrays.

Mr. Groh joined Tocqueville in 2003, where he is a co-portfolio manager of the Tocqueville Gold Fund as well as other investment vehicles in the Gold Equity strategy. Prior to joining Tocqueville, Mr. Groh was Director of Investment Research at Grove Capital from 2001 to 2003. From 1990-2001, he held investment research and banking positions at J.P. Morgan, Merrill Lynch, and ING Bank, covering the extractive and basic industries. During the late 1980s, Mr. Groh served as a portfolio manager of gold mining equity funds for U.S. Global Investors and IDS Financial Services, after beginning his career as a mining and precious metals analyst in 1985 at U.S. Global Investors. Mr. Groh earned a B.S. in Geology/Geophysics from the University of Wisconsin - Madison and a M.A. from the University of Texas at Austin, where he focused on mineral economics.

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II.3 - TRENDS IN MERGERS AND ACQUISITIONS IN THE MINING AND MATERIALS SECTORSWhat firms are participating in the M&A in the global and regional mining sectors?Where is the M&A activity greatest? By Commodity? Geography? Size of Firm? Will China and State Owned Enterprises continue to invest in resources?How is the M&A landscape changing? Which banks are the leaders? Are asset sales by the majors and others likely to continue?

Bloomberg LLP: Todd Sibilla, Commodity Applications SpecialistBNP Paribas: Carlos A. Urquiaga, Head of AmericasErnst & Young LLP: Robert J. Stall, Principal

II.3.1 - Bloomberg L.P.: Todd Sibilla, Commodity Applications SpecialistMr. Sibilla will focus on Mergers and Acquisitions in the global Mining and Materials Sectors including discussion of geopolitical issues, profitability regionally, and core trends in the industry worldwide.

Todd Sibilla is a Commodity Applications Specialist at Bloomberg LP in New York. In this capacity he has lectured at multiple industry events, including the 2009 United Nations Renewable Energy Conference, the 2010 AFP Canada Annual Conference, various CFA events, Bloomberg LP Corporate Symposium sand the 2011 and 2012 Bloomberg Link Precious Metals Symposium He has written numerous technical commodity articles for BLOOMBERG MARKETS Strategy Section. He has been a Principal for BLOOMBERG TRADEBOOK LLC, and his current responsibilities include internal and external training, assisting in core product development, assisting in internal procurement planning at Bloomberg LP and for direct sales as a commodity product specialist across all aspects of the commodity complex.

II.3.2 - BNP-Paribas Corporate Finance: Carlos A. Urquiaga, Head of AmericasCarlos is a Managing Director at BNP Paribas’ Americas Energy & Commodities team based in New York. Carlos has been a financier of metals & mining, energy and infrastructure projects for over 15 years and has been involved in strategic corporate finance activities before transitioning to his banking career in New York. Prior to joining BNP Paribas in 2008, Carlos was a Director in Citigroup’s Global Project Finance team in New York where he held different positions including origination, execution and portfolio management. He has advised on and/or financed the acquisition and development (green field/brown field) of mining & metal assets, infrastructure transportation assets, natural gas pipelines, refineries and electric generation projects throughout the Americas. Prior to moving to New York Carlos worked in one of the largest companies in Peru, FAM Peru, which has the leading market share of aluminum market in the country.

II.3.3 - Ernst & Young LLP: Robert J. Stall, PrincipalMr. Stall will discuss M&A trends and the proliferation of the use of the debt market last year by the Mining industry--the resulting change in leverage and the investor outlook for equity and transactions in 2013.

Robert J. Stall MRICS, ASA Robert Stall is a Principal in Ernst & Young’s Transaction Advisory Services. He is the Americas Director of the Capital Equipment Group and leads the firm’s Southeast and Southwest Area Valuation Advisors practices with offices in Atlanta, Charlotte, Dallas and Houston. Mr. Stall is a founding member of Ernst & Young’s Global Valuation and Business Modeling Steering Committee. He has been active in the appraisal industry since 1987.Mr. Stall has performed and directed valuation studies for both tax reporting and financial accounting purposes utilizing Ernst & Young’s local, national and global valuation resources. He directly oversees a leveraged valuation practice of seventy-five professionals that is integrated with a valuation practice of more than 350 professionals and a global practice of over 1400 professionals.

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II.4 - CSR IMPACT ON CAPITAL INVESTMENT IN MINE PLANNING AND DEVELOPMENTWhat is required to maintain Social License to explore, develop and operate? What is IFC’s Performance Standards on Social & Environmental Sustainability? When and how best to manage and incorporate Best Practices at Pre or Design Stage?How important is assessing and measuring social impact when seeking to raise capital? How can management and investors plan for changing government, community expectations?

ERM: Jennifer Collins, Principal Consultant and Andy Churr, PartnerGrayling USA: Leslie Wolf-Creutzfeldt, Managing Director Monkey Forrest Consulting Ltd: Carol Odell, Senior Manager

II.4.1 - ERM: Jennifer Collins, Principal Consultant and Andy Churr, PartnerValuing and Managing Sustainability Risk in Capital Investment in Mine Planning and Development: ERM will discuss how Sustainability or non-technical risk (environmental, health, safety and social) can erode significant project value on mining capital investments. Currently, mine planning and development decision making processes are biased towards technical and commercial value drivers. Adopting a decision-making framework that calculates NPV and values sustainability equally with technical and economic factors can protect project value and possibly impact the selection of preferred options. Similarly, as the mine planning and development phases progress, integration of sustainability or non-technical risk management into these phases can optimize overall project performance. Integrated sustainability risk management systems are a requirement for membership in the International Council on Mining and metals (ICMM) and for financing through the International Finance Corporation’s (IFC) Performance Standards. ERM will present some case studies on how sustainability or non-technical risks were valued and addressed in the Pre-Feasibility and Feasibility stages for new mines in a variety of regions.

Andy Churr is a Partner of ERM’s Sustainability Strategy and Transformation team in London. He has 10+ years of strategy consulting and line management experience across mining, oil & gas and power industries in Africa, Europe, Asia, South America and the USA. Andy partners with senior executives of multinational companies in defining and implementing solutions to their greatest safety, environmental and social challenges. Andy specialises in developing business cases to quantify the financial value of sustainability, designs and implements programs to transform performance by integrating sustainability considerations into core business, risk management and decision making processes.

Jennifer Collins is a Principal Consultant based in NYC and leads ERM’s Sustainable Operational Excellence mining initiative in North America. She works closely with mining companies to develop and implement environment, health, safety and community strategies and programs that deliver sustainable business value. In addition, Ms. Collins’s expertise includes corporate sustainability standard and policy development, resource efficiency programs, management systems, training, assurance, disclosure and reporting, risk assessment, and the management of large-scale global projects and teams.

II.4.2 - Grayling USA: Leslie Wolf-Creutzfeldt, Managing DirectorGrayling’s Managing Director Leslie Wolf-Creutzfeldt will discuss based on Grayling’s experience in the mining and other sectors the importance of adhering to and adopting best CSR and Sustainability practices. The business case for doing so have becomes clearer as CSR is critically linked to sustainable business growth and long term success. CSR recognises that in order to be successful over the long term, a business must actively manage and add value to all its stakeholder relationships, not just to the bottom line and involves measuring the impact of the business on all its stakeholders to maximise the company’s positive impact and minimise the negative impact.

Leslie Wolf-Creutzfeldt has more than 20 years of experience in financial communications and PR, providing full-scale strategic counsel to senior management. She specializes in building proactive communications programs ranging from pre-IPO initiatives to expanding the reach of established multinational corporations both digitally and through meetings and events. Leslie has represented regional provinces in China and Canada, and has organized Peru Days and Investment Forums at the NYSE and Brazil in 2011 and 2012. She has worked with global companies in China, Europe and the Middle East in a variety of sectors including finance, technology, real estate, media, biotech, and natural resources helping management to communicate with a wide audience, better understand US regulations, raise money, meet new investors and bankers, list on US exchanges, gain higher exposure and design digital programs. Leslie attended the London School of Economics where she earned a Masters of Science degree in International Relations. She received a B.A. degree from Wellesley College.

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II.4.3 - Monkey Forrest Consulting Ltd: Carol Odell, Senior ManagerThe “When” and “How” of the IFC Performance Standards: Social risk assessment and social issues management are integral to the success and oversight of mining projects, yet these risks are moving targets. Funders and companies can use the IFC’s Performance Standards on Social and Environmental Sustainability to track project and company performance levels around social and environmental issues. By conducting an assessment of social impact and performance early in a project’s lifecycle companies and funders can set benchmarks and identify volatile areas of social risk. It isn’t your Grandpa’s SIA. This presentation will outline approaches to identify and address social risks and impacts that may be flagged by lenders and could affect the financing of a project.

Driven by her inter-disciplinary PhD work in mining engineering and 12-plus years designing and assessing social performance management systems in Latin America and West Africa, Carol knows when organizations are destined for company-community conflict and which ones will achieve sustainable social acceptance. Carol brings a rights-based approach to her leadership of Monkey Forest’s social performance management practice. She focuses on designing local content and stakeholder engagement plans anchored in respect for indigenous and community rights. Her experience assessing extractive, agro-forestry and hydro-electric infrastructure projects drives Monkey Forest’s assessment practice; she works with investors and managers who see compliance with international standards as the baseline, not the goal. Carol’s multidisciplinary training feeds her ability to design cutting-edge social performance management systems and Monkey Forest’s thought leadership; she has written on topics ranging from results-based external affairs for mining projects, to corporate ethics, to integrating social concerns into mine design. She also leads the company’s human-resources practice from her home base in Lima, Peru.

II.5 - SAFETY, ENVIRONMENT, SUSTAINABILITY AND LOCAL ECONOMIC DEVELOPMENT ISSUESHow can executives, exploration and mining teams manage local, indigenous peoples’ expectations?Can management remedy social and environment issues at the exploration and operating stages? What is the role of safety, community engagement and “social license” to secure project viability?What strategies can management use? Do they differ at exploration and development stages?What is the value of and Is it possible to place a value of adhering with best practices?

Behre Dolbear - America: H. John Head, Senior Managing DirectorEnviron: Sharon Maharg, Senior Manager and Robert P. Langstroth, Principal Consultant Revett Minerals Inc.: John Shanahan, President and CEO

II.5.1 - Behre Dolbear - Americas: H. John Head, Senior Managing DirectorMr. Head will discuss ‘Why Mine Safety Matters’ from the perspective of the operators, employees, investors and government regulatory bodies, at the local, state, regional and federal levels - in various mining countries. Safety trends in the industry reflect the use of new techniques, equipment etc. used by operators to instill zero harm culture, lost time procedures and methods of operation. How are various government agencies enforcing regulations? How are companies instilling best practices among their work force? How does this impact success in the global mining business today.

Mr. H. John Head has 40 years of experience in the mining industry with specific expertise in underground and surface mine planning, ore reserves analysis, mine and tunnel ventilation, and mine safety and health issues, including litigation support and compliance audits in the USA and internationally. Mr. Head’s general fields of competence include mine operations, mining engineering, and surface and underground mine feasibility studies. He has experience in all aspects of mining including mine management and engineering, corporate and financial issues, mine safety and health, regulatory affairs, and consulting research services. Mr. Head is a nationally and internationally recognized expert in mine safety and health. He has been instrumental in drafting and implementing corporate safety policies and managing mine safety programs.

II.5.2 - ENVIRON - Sharon Maharg, Senior Manager and Robert Langstroth, Principal ConsultantENVIRON will discuss Lenders’ Standards applicable to Mining Projects presenting an overview of: the Equator Principles; IFC Performance Standards and EHS Guidelines; IDB’s Environmental Safeguard Policy and Directives; EBRD’s Performance Requirements; and OECD Common Approaches. Environ’s presentation will provide a comparison between these Standards and the importance and challenges of interpreting and achieving best practices vis a vis raising capital in the mining sector by highlighting methods of identifying at an early stage potential environmental and social impacts as well as examples in which remedying existing environmental and social situations.

Sharon Maharg is a Senior Manager at ENVIRON. Sharon specializes in social and reputational risk consulting. She has more than 8 years of experience in sustainable finance and consulting, as well as more than 20 years of experience in multiple areas of emerging markets finance including project finance, export finance and structured trade. Sharon’s technical expertise includes assessing and managing social and reputational risks and impacts of large-scale infrastructure projects; conducting social baseline studies, stakeholder engagement and public consultations; and performing due diligence and project monitoring for lenders.

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Robert P. Langstroth, Ph.D is a Principal Consultant at ENVIRON. Dr. Langstroth has over 12 years’ experience as an environmental consultant, and more than 20 years’ research experience in biodiversity and geography. He is experienced in addressing issues related to the Equator Principles, IFC Performance Standards on Social and Environmental Sustainability and the Inter-American Development Bank’s (IDB’s) Environment and Safeguards Compliance Policy, having participated in numerous due diligence and environmental and social impact assessment (ESIA) reviews. He is a specialist in Latin American biodiversity and ecosystems studies, with expertise in the development of baselines, impact assessments and management plans, as well as field implementation, monitoring and auditing.

II.5.3 - Revett Minerals, Inc.: John Shanahan, President and CEOTo be the best natural resource company you can be, you need to have a strong commitment not only to your shareholders, but also to your employees, the communities where you operate, and with the Federal and State agencies that regulate and guide you. Revett’s Troy Mine and Rock Creek project are nestled in the scenic mountains in Northwest Montana which provides a unique set of operating and social issues. For an organization to survive and thrive in each and every environment where it operates, clear and concise goals need to become commonplace on a day to day basis. At Revett, from the Board of Directors to the latest hire, the three essentials that we live by are; Safety in the workplace; Commitment to the communities where they live, and Stewardship of the environment

John Shanahan was named President and CEO of Revett Minerals in 2008. Prior to becoming CEO, Mr. Shanahan was the chairman of the board of directors from 2005 until April 2009. John’s background is in physical trading and commodity price risk management and he has held senior management positions with Barclays Capital, Rothschild Inc., Pasminco Ltd, and Australian Mining and Smelting. Mr. Shanahan is also a director of Mediterranean Resources Ltd and Condor Blanco Mines Ltd. John holds a bachelor of commerce degree from the University of Melbourne, a graduate diploma in Systems Analysis and Design from the Royal Melbourne Institute of Technology, and an MBA degree from the Columbia School of Business.

II.6 - HOW TO PREPARE AND MANAGE CRISIS COMMUNICATIONS How can management anticipate and prepare for potential crises? What are best practices?How can you anticipate local community, government, citizen, worker concerns?Are natural e.g., weather crises handled differently than events related to operations? How to prepare for and wage corporate control contests e.g., shareholder activist actions, hostile takeovers, proxy fights

Control Risks: Rebecca Scorzato, Manager, Crisis and Resilience Consulting in North AmericaKing Worldwide: Alan Oshiki, Managing DirectorMonkey Forrest: Zoë Mullard, Specialist

II.6.1 - Control Risks: Rebecca Scorzato, Manager, Crisis and Resilience Consulting in North AmericaMining as a business is always exposed to risks - whether they are risks inherent to the business and process of mining or risks inherent to the environment in which mining operations occur. Through good CSR-, HSE- and security programs many of the threats, hazards and risks can be reduced, but never eliminated. That is where best practice crisis preparation comes in - to minimize the impact of a crisis on your mining investment’s People, Environment, Assets and Reputation. A well prepared crisis management organization has the ability, through planning, training and maintenance. Control Risks partners with mining clients both on the ground - finding solutions to local and regional political, operational and security risks and supporting operations in times of crisis - and at HQ, assisting senior executives and boards to make strategic and long-term investment and operational decisions

Rebecca Scorzato manages the Crisis and Resilience Consulting practice in North America inclusive of crisis management, business resilience and continuity engagements. Rebecca’s expertise focuses on business continuity, crisis management, and corporate and information security program development. She also has extensive experience in information security control evaluation and audit. Before joining Control Risks, Rebecca worked as a management consultant on Booz Allen Hamilton’s Global Security team supporting the Department of Homeland Security’s National Critical Infrastructure-Cyber Security Program and also with the Federal Government. Rebecca’s roots are in corporate security where she started her career with the Gillette company working on emergency response, travel security and related issues for the company’s global headquarters in Boston.

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II.6.2 - King World Wide Investor Relations: Alan Oshiki, Managing DirectorPlanning for the Unplanned: Seven Strategies For Crisis Communications in the Mining Industry: Mining is inherently vulnerable to unplanned events such as accidents, changes in geologic conditions, and volatile commodity prices, to name a few. Any of one these can have a negative impact on a company’s market value and, in certain extreme cases, its financial condition - particularly communications around the event are not properly handled. Being prepared for such events is less about planning for specific scenarios than having clear goals and the right organizational and communications processes in place, particularly in the early hours of a crisis. I will discuss seven key strategies for crisis communications that are the core of any good preparedness effort.

Alan is a Managing Director at King Worldwide, a global stakeholder management firm, and has 25 years of experience in capital markets communications for IPOs, mergers, acquisitions, divestitures, crises, financial restructurings and other special situations. He also has ten years of direct mining industry experience in engineering, management and finance.

II.6.3 - Monkey Forrest: Zoë Mullard, SpecialistGary MacDonald will discuss why natural resource companies face constant scrutiny by the public, social activists and host governments and, as a result must be strategic about their ongoing communications. It is no longer enough to provide consistent and trustworthy information. Communicating in the ‘teens’ means building trust over the long term with an audience that is increasingly distracted by raw information, some of it misleading. Effective, proactive communications are based on performance driven by a comprehensive Social and Environmental Management System. Strategic communications programs that are tailored to a project’s environment and coordinated with community and external relations approaches can be particularly effective as they build credibility. Monkey Forest will share experience and key aspects of strategic communications approaches that can help natural resource companies address challenging environments and handle crisis situations.

For Zoë, communication technology and social media open opportunities to complement and enhance modern social performance management systems. Zoë’s expertise in social media strategy, community mapping processes and internal communications underlines Monkey Forest’s social performance practice, where she helps to create robust stakeholder engagement, community relations and enterprise development plans. Zoë’s work in reviewing and evaluating organizational capacity for social performance informs Monkey Forest’s assessment practice; effective social performance requires more than just well-designed programs.

II.7 - WHAT IS REQUIRED OF MINING COMPANIES TO RAISE CAPITAL TODAY?What have been the important financing alternatives and where are the key sources of capital today? What is the outlook for the capital markets, ability and means of miner’s to raise capital? How important are private equity, royalty and metal streaming, forward sales, etc.?What about project finance, debt, asset based financing, FDI, China and SWFs?

Headwaters MB: Peter Gray, Managing Director: Minerals Capital & Advisory Practice Oren Inc.: Benjamin Cox, Managing Director PWC LLP: John P. Gravelle, CA, Partner, Mining Industry Leader for Canada & the AmericasResource Capital Funds: Justin Anderson P.E., Analyst

II.7.1 - Headwaters MB: Peter Gray, Managing Director: Minerals Capital & Advisory PracticeMr. Gray’s presentation will highlight: What is required of mining companies to raise capital today.

Peter Gray has 25+years in project finance, investment banking and mergers and acquisitions. Previously he headed KPMG’s Energy and Natural Resources Group in Corporate Finance. He has 20years experience with ANZ Investment Bank, NAB Capital in Corporate Finance and Project and Structured Finance divisions where he worked in Australia, Singapore and London. Post-graduate degree in Finance from Monash University in Melbourne, Australia and Bachelor of Commerce (Minerals Economics, Law and Industrial Relations) from the University of Wollongong

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II.7.2 - OREN Inc.: Benjamin Cox, Managing DirectorBenjamin Cox’s presentation will explore current trends in mining finance over the last 24 months with a focus on what is now economic on Canadian public markets. Benjamin will discuss what asset quality and stage of development is required for public companies looking to raise money. With fewer and smaller successful offerings, the overall theme he will stress that it has become very difficult to find funding at every stage of development, especially early stage exploration. He will also address topics such as: understanding corporate capital structures, what commodities have fundamental value and are financeable in the long-term, and when investors should walk away from projects. Lastly, Mr. Cox will discuss taking advantage of corporate cash shortages through direct investment and how Oreninc research can help investors and executives make smarter decisions.

Benjamin Cox is the Managing Director of Oren Inc., a boutique merchant bank focusing on Canadian equity financings in the natural resources sector. In addition, Mr. Cox is the Chief Executive Officer of two mining companies: Roche Bay plc, an iron ore holding company with significant leases currently being developed through joint venture partnerships, and Aston Bay Ventures, a copper-zinc exploration company with properties in Nunavut. From 2008 to 2010, Mr. Cox served as a Senior Analyst at the US-based hedge fund D.E. Shaw, where he covered a broad range of topics including large-cap mining equities, fundamental commodity views, and bulk freight. Mr. Cox received his MBA from Portland State University and his BA from Brandeis University.

II.7.3 - PwC LLP: John Gravelle, Partner, Mining Industry Leader for Canada & the AmericasJohn Gravelle will discuss how Chinese State Owned Enterprises (SOEs) are structuring deals and investments in the global mining and minerals processing sectors to get significant economic interest without having to launch a takeover bid. He will also discuss how Canada and other countries restrict Chinese SOEs and otherwise investments and when such investments may and may not be allowed.

John is PricewaterhouseCooper’s mining industry leader for Canada and the Americas. In this capacity he assists several large mining companies with operations in the Americas address their business issues. John is also a tax partner and provides tax advice to numerous large and medium size producers as well as junior exploration companies. John has over twenty years of experience in advising both domestic and foreign multinational mining clients on a full range of tax matters including those related to cross border financing, capital restructuring, repatriation techniques, mergers and acquisitions, tax shelter monetization and mining tax planning. John has written several articles and made presentations on various mining industry issues. He has also written tax articles and presented tax topics relevant to mining companies at various seminars including Insight and the Canadian Tax Foundation and is an editor of and contributor to the Canadian Resource Taxation Journal.

II.7.4 - Resource Capital Funds: Justin Anderson, AnalystThe Role of Private Equity in Mining Finance: Private Equity (“PE”) can offer more attractive and flexible financing packages to mining companies than traditional financing. PE can offer creative investment structures tailored to a company’s needs including - equity, convertible debentures and bridge loans, royalties and direct project interests or any combination of these alternatives. The long term approach of PE enables it to align its interests with those of the company and allows it to support companies throughout commodity, exploration and feasibility cycles. The specific focus of PE provides companies a sophisticated, cornerstone investor with significant industry experience, knowledge and financial strength.

Mr. Anderson joined Resource Capital Funds in 2010 having previously worked as a mining engineer for URS Corp. in support of its contract mining operations and as an engineering consultant in both metal and coal mining with Marston & Marston Inc. He is a registered Professional Engineer in Colorado and has a M.S. in Mineral Economics and a B.S. in Mining Engineering both from the Colorado School of Mines. Resource Capital Funds is a mining-only private equity firm that works closely with its portfolio companies to build strong, successful and sustainable businesses that produce superior returns to all shareholders.

II. 8 - ROUNDTABLE DISCUSSION, RECAP AND Q&AHow best will miners finance growth via organic brownfield drilling, expansion or M&A?What will the future capital markets look like for miners to obtain new capital?

II.9 - CLOSING REMARKS BY CONFERENCE CO-CHAIRPERSONSTim Alch, Vice President and Senior Minerals Business Analyst - Behre Dolbear & Co Alan Oshiki, Managing Director, Co-Head, Global Investor Relations - King Worldwide

Page 23: SME Current Trends in Mining Finance Program April 29, 30, 2013 in New York

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