A Global Exploration Vehicle

• Principal exploration company in Lundin Group • Active in Eritrea and South America • Business model: Add value through exploration• Flexible and opportunistic• Cash ~$21 million

Symbol NGQ – TSX

Shares outstanding 146.8 million

Fully diluted 154.2 million

Market Capitalization $145 million

The Lundin Group-Combined value >$10BOne of the most successful resource groups in the world

Oil Exploration

Mining Exploration Mining Production

Oil Production

Other

Projects

Chile, Argentinacopper-gold porphyry

Congocarbonate hostedcopper/lead/zinc

Eritreavolcanogenic massive sulphidecopper/zinc

Canada – JV Partnercopper-gold porphyry

Arabian-Nubian ShieldA Major Massive Sulfide Province

• Arabian-Nubian Shield emerging as one of the world’s most significant VMS belts

• >180Mt of massive sulfide discovered in last ten years. Best discovery record in the world. Much of it in Eritrea

• High value gold-rich deposits. High value gold caps overlie enriched copper mineralization

• Still underexplored • Desert terrain is easy to explore with low

cost remote sensing and basic prospecting

• Most has not been flown by airborne geophysics

Bisha 39Mt

Hambok 27Mt

Ariab +60Mt

Asmara 60 Mt

Eritrea

• Large land package covering extensions of Bisha belt

• Significant resource at Hambok• Excellent exploration potential

near Hambok• New high grade discovery at

Aradaib

Gold-Rich VMS ExplorationBisha Deposit: 1 million oz gold

9.8 million oz silver747 million lbs copper

1 billion lbs zinc

• Prospecting has identified numerous gossan + outcrops on licenses

• Area has never been flown with airborne Mag and EM

• VTEM Survey underway

• Will cover Hambok Trend, Aradaib, and Shukula for the first time

• Expected to generate lots of drill targets.

Currently conducting VTEM survey in order to detect mineralized bodies obscured by overburden.

M + I10.4Mt @ 1% and Cu 2.2% Zn

Inferred17Mt @ 0.85 Cu and 1.7% Zn

Hambok Trend

• Hambok is coincident with a strong gravity anomaly shown in red

• Untested potential along linear trend from Hambok

• This area will be covered by planned airborne survey

Aradaib

• Recent high-grade discoveryARD-01: 10m 1.9% Cu, 1.2% Zn, 0.92 g/t Au, 21 g/t Ag

7m 1% Cu, 15.1% Zn, 0.39 g/t Au, 33 g/t Ag

ARD-03: 13m 3.3% Cu, 5.6% Zn, 1.8 g/t Au, 46 g/t Ag

ARD-04: 7m 2.7% Cu, 1.7% Zn, 0.82 g/t Au, 26 g/t Ag

ARD-10-03 From 71 to 72m:

11.70g/t Au 157g/t Ag 9.63% Cu 6.50% Zn

Aradaib Exploration PotentialOil Exploration

Mining Exploration Mining Production

Oil Production

Other

•3km trend of anomalous rock geochemistry; scattered gossans

•Extensive shallow cover on strike

•Drilling to date has only tested a tiny fraction of the exploration potential

•Upcoming airborne survey will trace mineralization under cover

Other Significant Prospects - Shukula

• Significant new discovery • High copper-zinc-gold

gossan• Opens up a new belt• Will be covered by

airborne survey

Other Significant Prospects- Koken

•Favorable host rocks extend for >100km to the north of Bisha•Alteration associated with mineralization shows up on satellite imagery- green and red patches•Follow-up prospecting has found high copper, zinc, gold geochemistry

• Significant new shallow potash play

• Historical production; recent new results

• Close to tidewater• Potential for other

evaporite minerals??

Recent shallow potash intercepts

15m 16% KCl

Eritrea- Other Opportunities

NGEX in South America• Porphyry copper-gold projects

of interest to: – China, Japan, and Korea

– mid tier base metal producers

– Gold companies

• Large copper deposits in stable jurisdictions on Pacifc rim are very rare

• Most are controlled by majors

• NGEX has exactly the kind of projects all the above will want– Large size +500Mt potential

– By-product gold; good Cu eq grades

– Concentrate producers

– Located in stable jurisdictions on Pacific rim

Vicuna Project• Copper and gold potential• District scale play

– at least 3 major copper-gold systems on one contiguous land package

– each one a potential company maker

• Partnered with Japanese– 60% NGEX

– 40% JOGMEC

Josemaria, Argentina

Resource

Cover

• Large resource with potential to grow substantially

• Is the other half under cover?

• Higher grade core

• JOGMEC earning 40%, funding current program

Los Helados, Chile

Large copper-gold porphyry systemAt least 1000m by 700 m by 450 m

760 m @ 0.4 % Cu, 0.2 g/t Au Including 345 m 0.6% Cu, 0.2 g/t Au

Deepest drill holes still in mineralization at +800M

Higher grades at southern end

High sulfidation gold potentialat higher levels

Filo del Sol

• Large high-sulphidation gold system

• Overprinted on deeper porphyry copper

• Very large alteration zone with limited testing

Holes drilled so far are very similar to first 54 first holes at Veledaro

A Significant Resource Basewith Excellent Exploration Potential

Summary• A very strong pipeline of resource and resource extension

projects in South America and Eritrea- not fully valued• Eritrean projects historically discounted but this may be

changing– Hambok is very similar to Emba Derho– Aradaib is the best new discovery since Bisha– Airborne Mag/EM could be a game changer– Opening of Bisha Mine and strong interest in region from gold

majors may lead to re-rating of Eritrean projects

• South American exploration starts November, 2010– Will drill 4 porphyry copper projects and one high-sulfidation gold

project. News through May 2011

• Teck program at GJ- Spring 2011

Thank You!For more information please contact:Wojtek Wodzicki, President and CEO

wojtekw@namdo.comor

Sophia Shanesophias@namdo.com

orCheck our website

www.ngexresources.com

NGEX NI 43-101 Resources

Project TMm

Cu % Cu lbs

mm

Zn % Zn lbsmm

Au g/t

Au oz Ag g/t

Ag ozmm

HambokM&I

10.7 0.98 231.2 2.25 530.7 0.2 68,801 6.84 2.3

HambokInferred

17 0.85 318.6 1.74 652.1 0.19 103,845 5.89 3.2

GJM&I

69.1 0.29 442 0.34 764,562

GJInferred

23 0.26 131.8 0.31 229,230

JosemariaInferred

460 0.39 3,955 0.30 4,436,700