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A Premier Merchant Bank Focused on
   Building Resource Companies

    www.forbesmanhattan.com
                                February 2012
Cautionary Note Regarding
 Forward Looking Statements

All statements, other than statements of historical fact, contained in this presentation constitute “forward-looking statements” and
are based on the reasonable expectations, estimates and projections of the Company as of the date of this presentation.
Forward-looking statements include, without limitation, possible events, trends and opportunities and statements with respect to
possible events, trends and opportunities, including with respect to, among other things, global market trends, expected industry
demands, the Company‟s business strategy and investment criteria, the nature of potential business acquisitions, costs and
timing of business acquisitions, capital expenditures, successful development of potential acquisitions, currency fluctuations,
government regulation and environmental regulation. The words “plans,” “expects,” or “does not expect,” “is expected,” “budget,”
“scheduled,” “estimates,” “forecasts,” “intends,” “anticipates,” or “does not anticipate,” or “believes,” or variations of such words
and phrases or statements that certain actions, events or results “may,” “could,” “would,” “might,” or “will be taken,”“occur” or “be
achieved” and similar expressions identify forward-looking statements. Forward-looking statements are necessarily based upon a
number of estimates and assumptions that, while considered reasonable by the company as of the date of such statements, are
inherently subject to significant business, economic and competitive uncertainties and contingencies. The estimates and
assumptions contained in this presentation, which may prove to be incorrect, include, but are not limited to, the various
assumptions of the company set forth herein. Known and unknown factors could cause actual results to differ materially from
those projected in the forward-looking statements. Such factors include, but are not limited to fluctuations in global supply and
demand, changes in competitive pressures, including pricing pressures, timing and amount of capital expenditures, changes in
capital markets and corresponding effects on the company‟s investments, changes in currency and exchange rates, unexpected
geological or environmental conditions, changes in and the effects of government legislation, taxation, controls and regulations
and political or economic developments in jurisdictions in which the Company carries on its business or expects to do business,
success in retaining or recruiting officers and directors for the future success of the Company‟s business; officers and directors
allocating their time to other ventures; success in obtaining any required financing; develop an acquired business; employee
relations, and risks associated with obtaining any necessary licences or permits. Many of these uncertainties and contingencies
can affect the Company‟s actual results and could cause actual results to differ materially from those expressed or implied in any
forward-looking statements made by, or on behalf of, the Company. There can be no assurance that forward-looking statements
will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. All
of the forward-looking statements made in this presentation are qualified by these cautionary statements. These factors are not
intended to represent a complete list of the factors that could affect the Company. The Company disclaims any intention or
obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise,
or to explain any material difference between subsequent actual events and such forward-looking statements, except to the
extent required by applicable law. The reader is cautioned not to place undue reliance on forward-looking statements.



                                                                                                                                        2
Company Overview




Our Business Model




Our Delivered Results


                        3
Overview

Leading Private Merchant Bank
      Focused on the Natural Resources Sector


  Successful track record of identifying high quality assets
     and advancing them from discovery through to production


  World-class, multi-disciplined team of professionals


  Access to timely capital
     We finance natural resource companies from early-stage to
     exploration to development



                                                                 4
Overview

  Fast time to close
     Immediate access to capital enables swift closings


  Integrated leadership
      Direct involvement at the management, board and
      technical levels


  Extensive investment banking / capital raising relationships
     Our network spans leading institutional and private equity
     funds, investment banks and retail brokers across the globe


  Headquartered in Toronto, Canada
     With offices, operations and assets worldwide
                                                                   5
What We Bring
Integrated Team Built on Technical and Operational Expertise
       and Accomplished Financial Markets Professionals

                                         Stan Bharti
                                        Founder and                  Advisory
                                      Executive Chairman              Board




      Technical                   Legal            Financial                   Admin /
        Team                      Team               Team                     Accounting
   • Over 50 engineers      • 8 full-time       • Over 30 people            • Over 20
   • Over 50 geologists       securities          with expertise in           accounting and
                              lawyers and         – M&A                       administration
   • Expertise in all
                              support staff       – Investment banking        staff
     mining, energy and
                                                  – Corporate Finance
     agriculture products
                                                  – Corporate Development
                                                  – Investor relations


                                                                                               6
Who We Are

Executive Committee

 Stan Bharti, P.Eng, Founder, Executive Chairman and CEO
 Internationally educated as a professional mining engineer, Mr. Bharti has over 30 years
 of experience in operations, public markets and finance. He has been instrumental in
 acquiring, restructuring and financing numerous mining assets worldwide generating
 billions in market capitalization. Mr. Bharti is bottom line driven with an enormous
 capacity to manage multiple complex transactions.


Agriculture          David Argyle             Legal                 Pat Gleeson

Corporate Finance    Fred Leigh               Mining                Mark Eaton

Investments          David Stein              Oil & Gas             Ahmed Said




                                                                                            7
International Advisory Board
General John Abizaid, U.S. Army (Ret.)
    Served for 34 years in U.S. military; was Commander of US Central Command from 2003-2007

Peter Boot, South America
     25 years financial markets experience; 15 years with ING Group in Brazil, Curacao, Venezuela,
     Paraguay and Bolivia

General Jay Garner, U.S. Army (Ret.)
    Served for 35 years in the U.S. military; Command of Air Missile Defense Units during the Gulf War

General Ron Hite, U.S. Army (Ret.)
    Served 33 years in the U.S. military; Senior Military Advisor to the Army Chief of Staff

Larry King, U.S.A.
     American icon; Former Host of CNN‟s Larry King Live

General Lewis MacKenzie, Canadian Army (Ret.)
    Served in the Canadian Forces for 35 years; led the UN peacekeeping mission in Sarajevo

Hon. Pierre Pettigrew, Canada
     Served as Canadian Federal Minister of Foreign Affairs and Minister of International Trade

General Sir Michael Rose, British Army (Ret.)
    Highly decorated former SAS Commander for the British Army

Bernard Wilson
     Corporate Finance and Investment Banking advisor with substantial experience in financial
     restructurings
                                                                                                         8
The F&M Group at a Glance


Market Capitalization of F&M Group Companies*           >$8B

Employees & Consultants                                 >200

Group Companies                                         >40

Total Funds Raised by Group Companies in last 4 Years   >$5B

Number of Resource Projects in F&M Group                >90

Number of Producing Assets in F&M Group                  7

Number of Countries F&M Group has Projects               29
* Includes historical successes
                                                               9
The F&M Group At A Glance
                                                 Forbes &
                                                 Manhattan


              Forbes
          METALS & MINING
             GROUP *


     Forbes           Forbes                  Forbes          Forbes     Forbes
BASE & PRECIOUS     SPECIALTY              AGRICULTURE       ENERGY    FINANCIAL
 METALS GROUP     METALS GROUP               GROUP           GROUP       GROUP




                     Gladiator
                     Resources




                  * Larger companies are highlighted
                                                                                   10
Company Overview




Our Business Model




Our Delivered Results


                        11
About Forbes & Manhattan

Asset Builders, Not Stock Traders
   • Technical specialists with a track record of identifying superior,
     undeveloped or under-developed assets
   • Experienced financial, legal and back office teams to support assets at
     all stages from concept to production

International Network
   • Global network of technical specialists to identify high quality projects
   • International network of investors
   • Track record of securing off-take agreements and long-term project
     financing

Results
   • Ability to raise capital to develop projects on time and on
     budget resulting in superior returns


                                                                                 12
Our Business Model


A clear focus: “stick to the knitting”
 we focus on what we know best
                                             Disciplined investment
                                               and technical approach
                                                  clear criteria




Deliver excellent returns

                                          Build assets
                                         strong active management




                                                                        13
A Clear Focus
Resource Companies Are Our Core Business
                      >40 companies with assets in 29 countries




       Full range of resource investments:
       precious metals, energy, fertilizer, bulk commodities

                Corporate Headquarters         Regional Offices   14
Disciplined Investment Approach
We Know What We Are Looking For


   Exceptional assets


          Significant growth potential


                 Strong local and political relationships


                         Ability to build assets


                                 Potential exit in 3-6 years


                                                               15
Build Assets



      We are NOT traders…   We BUILD Assets




                                              16
Forbes’ Vision


                             VISION
 To use technical and operational excellence to source and develop
 mineral, energy and agriculture projects that have high potential for
                            value growth

    To couple capital with technical and operational expertise for
              high quality resource projects in order to
                    to create shareholder wealth




                             TECHNICAL &
      QUALITY
     PROJECTS          +     OPERATIONAL        +         CAPITAL
                                SKILLS

                                                                         17
Deliver Excellent Returns…

             HISTORY
                                                                 >$7.00                       $17.25                    $7.00



                                                    $0.20                       $0.22                      $0.86

             CURRENT                                 Cost        Sale Exit        Cost        Sale Exit     Cost       IPO Exit
                                                    • 3400% return in 4 yrs    • >7700% return
                                                                                                          • 715% return in 2 yrs
                                                    • Sold to Yamana Gold      • Sold to Cliffs Natural
                                                    for $735M                  Resources for $4.9B        • Market cap $1.5B




              >$1.48                   >$3.20                      A$.51                      >$1.54                    >$1.03



 $0.22                     $1.00                     A$0.15                      $0.35                      $0.25
   Cost        Market        Cost       Market         Cost        Market         Cost         Market        Cost       Market
 (Oct „07)    (Feb.„12)    (Jan „10)   (Feb. „12)    (Jun „10)    (Feb. „12)    (Apr „08)     (Feb.12)     (Mar „10)   (Feb. ‟12)

• 573% return             • 220% return             • 240% return              • 340% return              • 312% return
• Market cap $653M        • Market cap $319M        • Market Cap A$41M         • Market cap $375M         • Market Cap $217M

                                                                                                                                    18
In Summary
What Sets Forbes & Manhattan Apart
• Extensive Network
    • Political leaders, industry experts, strong technical and developmental
      team, financial experts, high net-worth individuals and institutional
      investors
•   Ability to attract financing on a large scale and secure
    international off-take agreements

• Proven Business Model
    • First class team of specialists take projects from concept to operating
      success. Model has been replicated numerous times
• Excellent Results
    • Secure assets, capital and develop projects to realize superior returns on
      investment




                                                                                   19
List of Companies by Commodity
Base and Precious Metals Group
Company Name                Primary Country          Main       Market Cap
                             of Operations        Product(s)      (Recent)

Alder Resources Ltd         Nicaragua             Copper/Gold       $ 19M
Alexis Minerals Corp        Canada                Gold              $30M
Apogee Silver Ltd           Bolivia               Silver            $51M
Avion Gold Corp             Mali / Burkina Faso   Gold             $653M
Bell Copper Corp            U.S.A. / Mexico       Copper            $16M
Belo Sun Mining Corp        Brazil                Gold             $217M
Castillian Resources Corp   Canada                Gold              $30M
Copper One Inc              Canada / U.S.A.       Copper            $18M
Crocodile Gold Corp         Australia             Gold             $171M
Kibaran Nickel Ltd          Tanzania              Nickel            A$2M
Pitchblack Resources Ltd    Canada                Gold                $3M
Silver Bear Resources Inc   Russia                Silver            $23M
Sulliden Gold Corp          Peru                  Gold             $375M
Temujin Mining              Mongolia              Gold             Private
                                                                             20
List of Companies by Commodity
Specialty Metals Group

Company Name              Primary Country Main Product(s)   Market Cap
                           of Operations                       (Recent)

Alderon Resource Corp      Canada              Iron Ore         $319M
Black Iron Inc             Ukraine             Iron Ore          $88M
Cap-Ex Ventures Ltd        Canada              Iron Ore          $64M
Consolidated Thompson                                        $4,900M
                           Canada              Iron Ore
Iron Mines Ltd                                              (Sold May‟11)
Gladiator Resources Ltd    Uruguay             Iron Ore        A$16M
Rodinia Lithium Inc        U.S.A./ Argentina   Lithium           $27M
Valencia Ventures Inc      Canada              Uranium             $8M




                                                                            21
List of Companies by Commodity
Agriculture Group


Company Name          Primary Country Main Product(s)   Market Cap
                       of Operations                        (Recent)

Aguia Resources Ltd     Brazil         Phosphate           A$41M
Allana Potash Corp      Ethiopia       Potash               $165M
Brazil Potash Ltd       Brazil         Potash                Private
                                                        (Market Cap $150M)
                                       Bio-solid
Earth Renew Corp        Canada                              Private
                                       remediation




                                                                             22
List of Companies by Commodity
Energy Group

Company Name            Primary Country     Main Product(s)   Market Cap
                         of Operations                          (Recent)

Brookwater Ventures      Brazil             Oil & Gas            $20M
Eurocontrol Technics     Global             Energy Services       $8M
Exile Resources Inc      Africa             Oil & Gas             $7M
Forbes Coal Corp         South Africa       Coal                 $63M
Irati Energy Ltd         Brazil             Oil Shale           Private
Longford Energy          Kurdistan (Iraq)   Oil & Gas            $29M
Magdalena Coal           Colombia           Thermal Coal        Private
Sagres Energy Inc        Colombia           Oil & Gas             $7M
Stetson Oil & Gas Ltd    USA                Oil & Gas             $3M
Vast Exploration Inc     Kurdistan (Iraq)   Oil & Gas            $16M




                                                                           23
List of Companies by Commodity
Financial Group


Company Name                 Primary Country    Main Product(s)       Market Cap
                              of Operations                             (Recent)

Aberdeen International Inc     Global          Resource Investments     $52M
                                               Rare Earth
Dacha Strategic Metals Inc     Asia                                     $39M
                                               Investments
F&M Capital Management         Global          Resource Investments    Private




                                                                                   24
Contact Information




Corporate Headquarters
65 Queen Street West                       Tel:    +1 (416) 861-1685
Suite 805, P.O. Box 71                     Fax:    +1 (416) 861-8165
Toronto, Ontario, Canada
M5H 2M5                                    info@forbesmanhattan.com



 If you wish to submit or discuss a specific idea, please submit your
 company information or business proposal to:
                    bplans@forbesmanhattan.com




                                                                        25
Company Overview




Our Business Model




Our Delivered Results


                        26
Case Study: Consolidated Thompson
Founded Consolidated Thompson Iron Mines

•   World Class Iron Ore Project in Quebec
•   Built from exploration stage in 2005 through to production in 2010
     • Completed scoping study, 3 feasibility studies, secured off-take and
        financing agreements with China.
•   Market cap when F&M got involved was $1 million; sale price market
    capitalization of $4.9 billion
•   Raised approximately $1 billion, including a strategic US$240 million
    investment from Wuhan Iron & Steel Co. (WISCO)




                                                                              27
Case Study: Consolidated Thompson
Building Bloom Lake Iron Ore Mine




                   Production: Q1 2010

                                         28
Case Study: Consolidated Thompson
Value Realized:
Acquired by Cleveland Cliffs Natural Resources Inc. for $4.9billion
                           $17.25




                                     • ~7,700% return over 4 years



              $0.22




                                                                      29
Case Study: Avion Gold
Founded Avion Gold Corp
• Acquired Tabakoto / Segala mine in Mali, West Africa mid-2008 from
  Nevsun Resources for US$ 20 million
    • Over US$150 million in infrastructure was invested by Nevsun:
      brand new mill, accommodations, roads and power facilities
• Avion‟s expert team turned around the operation and put the
  property back into production. We build value in struggling assets
  where other cannot – our technical team is one of the best in the
  world
    • 4.8 million ounce resource with significant exploration upside
• Result: current market cap $653 million                       MALI



                                                            BURKINA
                                                             FASO




                                                                       30
Case Study: Avion Gold
We Build Value Where Others Cannot

   Milling Facility – 96% Au recovery      Fuel Supply – contracted




       Camp – houses 200 staff          Power Supply – purchased 2008




                                                                        31
Case Study: Avion Gold
Production Ramping Up

   Gold Production (000’s oz)
                                Potential to double
                                                                       >$1.48
                                    production



             ~100,000 oz                                  $0.22


~50,000 oz                                                 Cost        Market
                                                         (Oct „07)    (Feb. „12)

                                                      • 686% return
                                                      • Market cap $762M


  2009          2011                  Future




                                                                                   32
www.forbesmanhattan.com

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February 2012

  • 1. A Premier Merchant Bank Focused on Building Resource Companies www.forbesmanhattan.com February 2012
  • 2. Cautionary Note Regarding Forward Looking Statements All statements, other than statements of historical fact, contained in this presentation constitute “forward-looking statements” and are based on the reasonable expectations, estimates and projections of the Company as of the date of this presentation. Forward-looking statements include, without limitation, possible events, trends and opportunities and statements with respect to possible events, trends and opportunities, including with respect to, among other things, global market trends, expected industry demands, the Company‟s business strategy and investment criteria, the nature of potential business acquisitions, costs and timing of business acquisitions, capital expenditures, successful development of potential acquisitions, currency fluctuations, government regulation and environmental regulation. The words “plans,” “expects,” or “does not expect,” “is expected,” “budget,” “scheduled,” “estimates,” “forecasts,” “intends,” “anticipates,” or “does not anticipate,” or “believes,” or variations of such words and phrases or statements that certain actions, events or results “may,” “could,” “would,” “might,” or “will be taken,”“occur” or “be achieved” and similar expressions identify forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the company as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The estimates and assumptions contained in this presentation, which may prove to be incorrect, include, but are not limited to, the various assumptions of the company set forth herein. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements. Such factors include, but are not limited to fluctuations in global supply and demand, changes in competitive pressures, including pricing pressures, timing and amount of capital expenditures, changes in capital markets and corresponding effects on the company‟s investments, changes in currency and exchange rates, unexpected geological or environmental conditions, changes in and the effects of government legislation, taxation, controls and regulations and political or economic developments in jurisdictions in which the Company carries on its business or expects to do business, success in retaining or recruiting officers and directors for the future success of the Company‟s business; officers and directors allocating their time to other ventures; success in obtaining any required financing; develop an acquired business; employee relations, and risks associated with obtaining any necessary licences or permits. Many of these uncertainties and contingencies can affect the Company‟s actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, the Company. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. All of the forward-looking statements made in this presentation are qualified by these cautionary statements. These factors are not intended to represent a complete list of the factors that could affect the Company. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, or to explain any material difference between subsequent actual events and such forward-looking statements, except to the extent required by applicable law. The reader is cautioned not to place undue reliance on forward-looking statements. 2
  • 3. Company Overview Our Business Model Our Delivered Results 3
  • 4. Overview Leading Private Merchant Bank Focused on the Natural Resources Sector Successful track record of identifying high quality assets and advancing them from discovery through to production World-class, multi-disciplined team of professionals Access to timely capital We finance natural resource companies from early-stage to exploration to development 4
  • 5. Overview Fast time to close Immediate access to capital enables swift closings Integrated leadership Direct involvement at the management, board and technical levels Extensive investment banking / capital raising relationships Our network spans leading institutional and private equity funds, investment banks and retail brokers across the globe Headquartered in Toronto, Canada With offices, operations and assets worldwide 5
  • 6. What We Bring Integrated Team Built on Technical and Operational Expertise and Accomplished Financial Markets Professionals Stan Bharti Founder and Advisory Executive Chairman Board Technical Legal Financial Admin / Team Team Team Accounting • Over 50 engineers • 8 full-time • Over 30 people • Over 20 • Over 50 geologists securities with expertise in accounting and lawyers and – M&A administration • Expertise in all support staff – Investment banking staff mining, energy and – Corporate Finance agriculture products – Corporate Development – Investor relations 6
  • 7. Who We Are Executive Committee Stan Bharti, P.Eng, Founder, Executive Chairman and CEO Internationally educated as a professional mining engineer, Mr. Bharti has over 30 years of experience in operations, public markets and finance. He has been instrumental in acquiring, restructuring and financing numerous mining assets worldwide generating billions in market capitalization. Mr. Bharti is bottom line driven with an enormous capacity to manage multiple complex transactions. Agriculture David Argyle Legal Pat Gleeson Corporate Finance Fred Leigh Mining Mark Eaton Investments David Stein Oil & Gas Ahmed Said 7
  • 8. International Advisory Board General John Abizaid, U.S. Army (Ret.) Served for 34 years in U.S. military; was Commander of US Central Command from 2003-2007 Peter Boot, South America 25 years financial markets experience; 15 years with ING Group in Brazil, Curacao, Venezuela, Paraguay and Bolivia General Jay Garner, U.S. Army (Ret.) Served for 35 years in the U.S. military; Command of Air Missile Defense Units during the Gulf War General Ron Hite, U.S. Army (Ret.) Served 33 years in the U.S. military; Senior Military Advisor to the Army Chief of Staff Larry King, U.S.A. American icon; Former Host of CNN‟s Larry King Live General Lewis MacKenzie, Canadian Army (Ret.) Served in the Canadian Forces for 35 years; led the UN peacekeeping mission in Sarajevo Hon. Pierre Pettigrew, Canada Served as Canadian Federal Minister of Foreign Affairs and Minister of International Trade General Sir Michael Rose, British Army (Ret.) Highly decorated former SAS Commander for the British Army Bernard Wilson Corporate Finance and Investment Banking advisor with substantial experience in financial restructurings 8
  • 9. The F&M Group at a Glance Market Capitalization of F&M Group Companies* >$8B Employees & Consultants >200 Group Companies >40 Total Funds Raised by Group Companies in last 4 Years >$5B Number of Resource Projects in F&M Group >90 Number of Producing Assets in F&M Group 7 Number of Countries F&M Group has Projects 29 * Includes historical successes 9
  • 10. The F&M Group At A Glance Forbes & Manhattan Forbes METALS & MINING GROUP * Forbes Forbes Forbes Forbes Forbes BASE & PRECIOUS SPECIALTY AGRICULTURE ENERGY FINANCIAL METALS GROUP METALS GROUP GROUP GROUP GROUP Gladiator Resources * Larger companies are highlighted 10
  • 11. Company Overview Our Business Model Our Delivered Results 11
  • 12. About Forbes & Manhattan Asset Builders, Not Stock Traders • Technical specialists with a track record of identifying superior, undeveloped or under-developed assets • Experienced financial, legal and back office teams to support assets at all stages from concept to production International Network • Global network of technical specialists to identify high quality projects • International network of investors • Track record of securing off-take agreements and long-term project financing Results • Ability to raise capital to develop projects on time and on budget resulting in superior returns 12
  • 13. Our Business Model A clear focus: “stick to the knitting” we focus on what we know best Disciplined investment and technical approach clear criteria Deliver excellent returns Build assets strong active management 13
  • 14. A Clear Focus Resource Companies Are Our Core Business >40 companies with assets in 29 countries Full range of resource investments: precious metals, energy, fertilizer, bulk commodities Corporate Headquarters Regional Offices 14
  • 15. Disciplined Investment Approach We Know What We Are Looking For Exceptional assets Significant growth potential Strong local and political relationships Ability to build assets Potential exit in 3-6 years 15
  • 16. Build Assets We are NOT traders… We BUILD Assets 16
  • 17. Forbes’ Vision VISION To use technical and operational excellence to source and develop mineral, energy and agriculture projects that have high potential for value growth To couple capital with technical and operational expertise for high quality resource projects in order to to create shareholder wealth TECHNICAL & QUALITY PROJECTS + OPERATIONAL + CAPITAL SKILLS 17
  • 18. Deliver Excellent Returns… HISTORY >$7.00 $17.25 $7.00 $0.20 $0.22 $0.86 CURRENT Cost Sale Exit Cost Sale Exit Cost IPO Exit • 3400% return in 4 yrs • >7700% return • 715% return in 2 yrs • Sold to Yamana Gold • Sold to Cliffs Natural for $735M Resources for $4.9B • Market cap $1.5B >$1.48 >$3.20 A$.51 >$1.54 >$1.03 $0.22 $1.00 A$0.15 $0.35 $0.25 Cost Market Cost Market Cost Market Cost Market Cost Market (Oct „07) (Feb.„12) (Jan „10) (Feb. „12) (Jun „10) (Feb. „12) (Apr „08) (Feb.12) (Mar „10) (Feb. ‟12) • 573% return • 220% return • 240% return • 340% return • 312% return • Market cap $653M • Market cap $319M • Market Cap A$41M • Market cap $375M • Market Cap $217M 18
  • 19. In Summary What Sets Forbes & Manhattan Apart • Extensive Network • Political leaders, industry experts, strong technical and developmental team, financial experts, high net-worth individuals and institutional investors • Ability to attract financing on a large scale and secure international off-take agreements • Proven Business Model • First class team of specialists take projects from concept to operating success. Model has been replicated numerous times • Excellent Results • Secure assets, capital and develop projects to realize superior returns on investment 19
  • 20. List of Companies by Commodity Base and Precious Metals Group Company Name Primary Country Main Market Cap of Operations Product(s) (Recent) Alder Resources Ltd Nicaragua Copper/Gold $ 19M Alexis Minerals Corp Canada Gold $30M Apogee Silver Ltd Bolivia Silver $51M Avion Gold Corp Mali / Burkina Faso Gold $653M Bell Copper Corp U.S.A. / Mexico Copper $16M Belo Sun Mining Corp Brazil Gold $217M Castillian Resources Corp Canada Gold $30M Copper One Inc Canada / U.S.A. Copper $18M Crocodile Gold Corp Australia Gold $171M Kibaran Nickel Ltd Tanzania Nickel A$2M Pitchblack Resources Ltd Canada Gold $3M Silver Bear Resources Inc Russia Silver $23M Sulliden Gold Corp Peru Gold $375M Temujin Mining Mongolia Gold Private 20
  • 21. List of Companies by Commodity Specialty Metals Group Company Name Primary Country Main Product(s) Market Cap of Operations (Recent) Alderon Resource Corp Canada Iron Ore $319M Black Iron Inc Ukraine Iron Ore $88M Cap-Ex Ventures Ltd Canada Iron Ore $64M Consolidated Thompson $4,900M Canada Iron Ore Iron Mines Ltd (Sold May‟11) Gladiator Resources Ltd Uruguay Iron Ore A$16M Rodinia Lithium Inc U.S.A./ Argentina Lithium $27M Valencia Ventures Inc Canada Uranium $8M 21
  • 22. List of Companies by Commodity Agriculture Group Company Name Primary Country Main Product(s) Market Cap of Operations (Recent) Aguia Resources Ltd Brazil Phosphate A$41M Allana Potash Corp Ethiopia Potash $165M Brazil Potash Ltd Brazil Potash Private (Market Cap $150M) Bio-solid Earth Renew Corp Canada Private remediation 22
  • 23. List of Companies by Commodity Energy Group Company Name Primary Country Main Product(s) Market Cap of Operations (Recent) Brookwater Ventures Brazil Oil & Gas $20M Eurocontrol Technics Global Energy Services $8M Exile Resources Inc Africa Oil & Gas $7M Forbes Coal Corp South Africa Coal $63M Irati Energy Ltd Brazil Oil Shale Private Longford Energy Kurdistan (Iraq) Oil & Gas $29M Magdalena Coal Colombia Thermal Coal Private Sagres Energy Inc Colombia Oil & Gas $7M Stetson Oil & Gas Ltd USA Oil & Gas $3M Vast Exploration Inc Kurdistan (Iraq) Oil & Gas $16M 23
  • 24. List of Companies by Commodity Financial Group Company Name Primary Country Main Product(s) Market Cap of Operations (Recent) Aberdeen International Inc Global Resource Investments $52M Rare Earth Dacha Strategic Metals Inc Asia $39M Investments F&M Capital Management Global Resource Investments Private 24
  • 25. Contact Information Corporate Headquarters 65 Queen Street West Tel: +1 (416) 861-1685 Suite 805, P.O. Box 71 Fax: +1 (416) 861-8165 Toronto, Ontario, Canada M5H 2M5 info@forbesmanhattan.com If you wish to submit or discuss a specific idea, please submit your company information or business proposal to: bplans@forbesmanhattan.com 25
  • 26. Company Overview Our Business Model Our Delivered Results 26
  • 27. Case Study: Consolidated Thompson Founded Consolidated Thompson Iron Mines • World Class Iron Ore Project in Quebec • Built from exploration stage in 2005 through to production in 2010 • Completed scoping study, 3 feasibility studies, secured off-take and financing agreements with China. • Market cap when F&M got involved was $1 million; sale price market capitalization of $4.9 billion • Raised approximately $1 billion, including a strategic US$240 million investment from Wuhan Iron & Steel Co. (WISCO) 27
  • 28. Case Study: Consolidated Thompson Building Bloom Lake Iron Ore Mine Production: Q1 2010 28
  • 29. Case Study: Consolidated Thompson Value Realized: Acquired by Cleveland Cliffs Natural Resources Inc. for $4.9billion $17.25 • ~7,700% return over 4 years $0.22 29
  • 30. Case Study: Avion Gold Founded Avion Gold Corp • Acquired Tabakoto / Segala mine in Mali, West Africa mid-2008 from Nevsun Resources for US$ 20 million • Over US$150 million in infrastructure was invested by Nevsun: brand new mill, accommodations, roads and power facilities • Avion‟s expert team turned around the operation and put the property back into production. We build value in struggling assets where other cannot – our technical team is one of the best in the world • 4.8 million ounce resource with significant exploration upside • Result: current market cap $653 million MALI BURKINA FASO 30
  • 31. Case Study: Avion Gold We Build Value Where Others Cannot Milling Facility – 96% Au recovery Fuel Supply – contracted Camp – houses 200 staff Power Supply – purchased 2008 31
  • 32. Case Study: Avion Gold Production Ramping Up Gold Production (000’s oz) Potential to double >$1.48 production ~100,000 oz $0.22 ~50,000 oz Cost Market (Oct „07) (Feb. „12) • 686% return • Market cap $762M 2009 2011 Future 32