themacresourcesgroup.com

Investor Presentation | October 2013 Investor Presentation | November 2013

Forward looking Statement

2

This presentation contains “forward-looking” information or statements within the meaning of Canadian securities legislation and the United States Private Securities Litigation Reform Act of

1995. Forward-looking statements relate to future events or the anticipated performance of the Company and reflect management’s expectations or beliefs regarding such future events and

anticipated performance. In certain cases, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, ”estimates”,

”forecasts”, ”intends”, ”anticipates” 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”, or the negative of these words or comparable terminology. Forward looking information provided in this presentation includes information regarding THEMAC’s future

financial or operating performance, timelines for the completion of permitting, construction, development and timing of commercial productions, construction of plant, statements with respect

to the estimation of mineral resources and reserves, expanding mineral reserves and mineral resources, the realization of mineral reserve and mineral resource estimates, the timing and

amount of estimated future production, capital costs, costs of production, metal or mineral recoveries, mine life and production rates, capital expenditures and success of mining operations.

Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by THEMAC, are inherently subject to significant

business, economic and competitive uncertainties and contingencies. Such assumptions include the specific assumptions set out in this presentation, that future capital and operating costs

will be in line with THEMAC’S assumptions, that mineral resource and mineral reserve estimates prove accurate, permits required to commence production will be obtained on a timely basis,

copper, molybdenum, gold and silver prices will remain consistent with THEMAC’s expectations, that there are no changes in THEMAC’s development plans as new information is received,

that THEMAC will be able to access financing, equipment and sufficient labour to carry out its planned business. Known and unknown factors could cause actual results to differ materially

from those projected in the forward- looking statements. Known factors include, but are not limited to: fluctuations in the currency markets; fluctuations in the spot and forward price of copper,

molybdenum, gold, and silver; volatility in the price of fuel and electricity; changes in national and local government legislation, taxation, controls, regulations and political or economic

developments in Canada and the USA, operating or technical difficulties in connection with mining or development activities; employee relations; litigation; the speculative nature of mineral

development, including the risks of obtaining necessary licenses and permits; uncertainty surrounding the availability of water rights required for mining operations which, if not secured, could

result in changes to the proposed plan for development of Copper Flat; contests over title to properties, particularly title to undeveloped properties; failure of processing and mining equipment

to perform as expected; labor disputes; supply problems; uncertainty of production and cost estimates; the interpretation of drill results; the assumptions upon which the estimation of mineral

resources and reserves prove inaccurate, which could lead to a restatement of reserves and resources;; changes in project parameters as plans continue to be refined; possible variations in

ore reserves, grade of mineralization or recovery rates may differ from what is indicated and the difference may be material; legal and regulatory proceedings and community actions;

accidents, title matters; regulatory restrictions; permitting and licensing; volatility of the market price of Common Shares; insurance; competition; and hedging activities. In addition, there

are risks and hazards associated with the business of exploration, development and mining, including environmental hazards, industrial accidents, unusual or unexpected formations,

pressures, cave - ins, flooding and the risk of inadequate insurance, or inability to obtain insurance, to cover these risks. Many o f these uncertainties and contingencies can affect 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, THEMAC. Readers are cautioned that

forward-looking statements are not guarantees of future performance. All of the forward-looking statements made in this press release are qualified by these cautionary statements.

THEMAC disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except to the extent

required by applicable laws.

This presentation uses the terms “indicated resources” and “inferred resources”. The Company advises readers that although these terms are recognized and required by Canadian

regulations (under National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI43-101”)), the United States Securities and Exchange Commission does not recognize them.

Readers are cautioned not to assume that any part or all of the mineral deposits in these categories will ever be converted into reserves. In addition, “inferred resources” have a great amount

of uncertainty as to their existence, and economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category.

Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies, or economic studies, except for a Preliminary Assessment as

defined under NI43-101. Investors are cautioned not to assume that part or all of an inferred resource exists, or is economically or legally mineable.

This presentation includes “Operating cost per pound of copper”, “Life of mine sustaining capital”, “IRR” and similar terms which are alternative performance measures. These performance

measures are included because these statistics are key performance measures that management may use to monitor performance. Management may use these statistics in future to assess

how THEMAC is performing to plan and to assess the overall effectiveness and efficiency of mining operations. These performance measures do not have a meaning within

International Financial Reporting Standards ("IFRS") and, therefore, amounts presented may not be comparable to similar data presented by other mining companies. These performance

measures should not be considered in isolation as a substitute for measures of performance in accordance with IFRS.

Technical information in this presentation has been read and approved by Jeffrey Smith, P.E., COO of THEMAC Resources Group, a Qualified Person under Canadian NI 43-101.

Copper Flat Project Low Cash Cost, Low Capital and High Return Copper/Gold Project

3

High Quality Copper Concentrate

(28% grade)

Strong Returns (20.0% IRR | $187M NPV

3.6 Year Payback)3

Significant & Constant Production Profile

(~35,000tpa Cu Years 1–5)

Well-Defined Copper Reserve1

(113Mt @ 0.39% Cu Eq)

Low Operating Costs (1st Quartile Cash Costs

of $1.15/lb LOM)2

Upside in Neighbouring

Tenements (Au and Ag)

Excellent Land Position and Permitting

Well Advanced (Start-Up: Late 2016)

Strategic Location in Established Copper

Mining District

Low Capital Intensity (~$10,300/tac)

Strong Management Team and

Experienced Board

6

2 1

10 3

9 4

5 8

7

(1) See slide 10 for detailed mineral reserve and resource tables

(2) Cash costs are net of by-product credit; calculation of cash costs provided on slide 12

(3) See slide 22 for additional details on IRR, NPV and Payback

Andrew Maloney CEO

Formerly Executive at The MAC

Services Group, Australia’s largest

integrated mining accommodation

provider

Instrumental in The MAC Service’s

Group’s growth, its public listing on

the ASX in 2007, and the sale of

the company in 2010 for $651m to

the NYSE listed Oil States

International Inc.

Currently Managing Director of

Tulla Group, the investment office

of the Maloney family

Holds a Bachelor’s Degree in

Project Management from the

University of Technology in Sydney

and a Master’s Degree in Business

Administration from IE in Madrid

4

Jeffrey Smith COO

35 years of experience in the

mining industry managing large,

complex mining operations and

construction projects and held

various technical and executive

positions with Echo Bay Mines,

Coeur d’Alene Mines and Pan

American Silver

Also worked for three years with

Quintana Minerals Corp where

he was the mine engineer at the

original Copper Flat Mine and

assisted with its construction and

operation

Masters Degree in Management,

Licensed Professional Engineer

and a Qualified Person under

Canadian NI 43-101

Kevin Maloney Chairman

Founder and Chairman of The

MAC Services Group, formerly

Australia's largest publicly listed

provider of remote area mining

accommodation and services until

its acquisition by a US based

NYSE listed entity in late 2010

Extensive career in retail banking,

finance and resources

Joined Elders Resources in 1981

after spending 20 years with the

ANZ Bank

THEMAC Resources Today’s Presenters

Canadian-listed (TSXV:MAC) resource company focused on

developing and operating the Copper Flat Project

THEMAC Resources Group holds a 100% ownership interest

in the Copper Flat Project

Strategic relationship with Tulla Resources, an investment

group managed by the Maloney Family which owns 69.7%1

of THEMAC and is the provider of its current loan facility

5

THEMAC acquires the

option on 100% of Copper

Flat from Mercator Gold

THEMAC releases Prefeasibility Study outlining

an annual 25,000tpd open pit mine with

estimated average annual production of 23,000t

Cu, 12,750oz Au, 455,390oz Ag and 460t Mo

Construction targeted

to commence in 2015

Quintana Minerals brings Copper Flat

into production as an open pit mine with

a mill and concentrator (15,000tpd). The

mine was in production for 3.5 months,

but halted when copper prices declined

1982 2010 2012 2014 2015 2016 2011 2013

Commissioning

targeted for

late 2016

THEMAC releases Definitive Feasibility

Study outlining a 30,000tpd open pit

mine with estimated average annual

production of 25,900t Cu, 20,000oz Au,

540,000oz Ag and 650t Mo

//

THEMAC Resources Who are we?

Shareholders Interest

Tulla Resources

and Affiliates 69.7%1

ECR Minerals 15.5%

Free Float 14.8%

(1) 69.7% interest in THEMAC is held through Tulla Resources (54.7%) and Marley Holdings (14.0%), a Tulla-related affiliate

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Located in one of the world’s most prolific copper mining districts

Port of Guaymas

Copper Flat Project Where are we?

▪

Rail Rail

▪

Rincon

Deming

THEMAC Resources is currently looking for a partner to take the Copper Flat Project to the

next stage of development

US$10 million needed to fund the next 18 months prior to construction

Permitting (US$4 million)

Detailed Engineering (US$2 million)

Project Development Improvement (US$2 million)

General Corporate Purposes (US$2 million)

Currently fully funded by loans from Tulla Resources until the end of 2013

Funding for construction is expected to be in place by Q3 2014

Debt funding expected to account for 60% – 70% of construction cost

7

THEMAC Resources What are we looking for?

themacresourcesgroup.com

Investment Overview

225.6

98.1

305.2

113.1

Mineral Resources(Measured and Indicated)

Mineral Reserves(Proven and Probable)

PFS DFS

35% Measured & Indicated Sulfide

Mineral Resource (Cu tons)

From PFS to DFS

15% Proven & Probable Sulfide

Mineral Reserve (Cu tons)

From PFS to DFS

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1 Well Defined Reserve Extensive Drilling and Exploration Program has

Significantly Increased Reserve Base

Copper Flat Mineral Resources & Reserves (Mt)1,2,3

(1) See slide 10 and 32 for detailed mineral resource and reserve tables for the PFS and DFS

(2) Mineral Resources includes Mineral Reserves

(3) Resource and Reserve definitions and methods conform to Canadian Institute of Mining, Metallurgy and Petroleum (CIM) guidelines and standards

and to Canadian NI 43-101 regulations

Mineral Reserves1,2,3,4

(1) Effective October 4, 2013

(2) Mineral reserves and resources based on $3.00/lb Copper, $8.00/lb Moly, $1,350/oz Gold and $20.00/oz Silver

(3) Mine design based on $2.50/lb cone pit

(4) See our news release dated October 7, 2013 filed in SEDAR for additional details on the key assumptions, parameters and methods used to

estimate mineral reserves and resources, as well as known risks that could materially affect the development of the reserves and resources 10

1

Cut-Off Grade

(NSR/t)

Tons

(000s)

Cu Eq

(%)

Copper

(%)

Moly

(%)

Gold

(g/st)

Silver

(g/st)

Proven $6.11 78,857 0.32 0.010 0.093 2.18

Probable $6.11 34,227 0.25 0.007 0.093 1.24

Total $6.11 113,084 0.39 0.30 0.009 0.093 1.87

Well Defined Reserve (cont’d) Current Reserves of 113 Mt @ 0.39% Cu Eq

Mineral Resource1,2,3,4

Cut-Off Grade

(NSR/t)

Tons

(000s)

Copper

(%)

Moly

(%)

Gold

(g/st)

Silver

(g/st)

Measured $6.11 126,655 0.28 0.009 0.093 1.87

Indicated $6.11 178,571 0.19 0.005 0.062 1.24

Total $6.11 305,226 0.23 0.007 0.062 1.56

11

2

(1) Copper equivalent calculation considers metal prices ($3.00/lb Copper, $1,350/oz Gold, $22/oz Silver, $9.50/lb Moly), process recovery (93.14%

Copper, 73.70% Gold, 82.70% Silver, 78% Moly), and smelting/refining return (96.5% Copper, 94% Gold, 90% Silver, 99% Moly)

Significant and Constant Production Profile Strong Returns and Early Payback from Initial

High Grade Production

Copper Production (t) and Copper Equivalent1 Grade (%)

35,222t Cu

0.46% Cu Eq

0.00%

0.10%

0.20%

0.30%

0.40%

0.50%

0.60%

0

10,000

20,000

30,000

40,000

50,000

1 2 3 4 5 6 7 8 9 10 11 12

Cu Production (in Concentrate) Average Year 1-5 Production

Head Grade (CuEq %) Average Year 1-5 Grade (CuEq %)

Category Cost ($/lb)1

Mining $ 0.47

Process Plant $ 0.87

General Administration $ 0.10

Smelting & Refining Treatment $ 0.59

Total Before By-Products $ 2.03

By-Product Credits2,3 ($ 0.88)

Total After By-Products $ 1.15

12

3

(1) $ per pound of copper produced (LOM average)

(2) Base case price assumptions based on $3.00/lb Copper, $9.50/lb Moly, $1,350/oz Gold, $22/oz Silver

(3) Smelting/refining and transportation costs for molybdenum concentrate included with by-product credit

Low Operating Cost Well positioned in the 1st Quartile of the Copper Cost Curve

Total Cash Costs Before By-Product

Strip Ratio of 0.4:1

Copper TC/RC cost assumption based on $88/t treatment and

$0.088/lb refining charges

Mining23%

Process Plant43%

General Administration

5%

Smelting & Refining

Treatment29%

Copper Flat ore lends itself to common crushing and grinding practice and standard flotation

reagents

Copper concentrate has low impurities and is expected to yield clean 28% copper, 6 g/st

gold and 160 g/st silver grade based upon lab as well as actual plant performance

Molybdenum concentrate expected to yield 55% Mo

Expected Recoveries

Copper Moly Gold Silver

13

4 High Copper Quality Attractive to Smelters Worldwide

Ag83%

17%

Cu93%

Mo78%

Au74% Ag

83%

14

Nearly 2 Mt of pre-stripping exposing high

grade copper sulfides ore at surface

Concrete foundations to be utilized for

major structures

Original access, mine haul and services

roads are suitable for reuse

Conveyor tunnels for crusher discharge and

course ore stockpile reclaim

Major water diversion channel exists around

the mine site

General earthworks including mill site and

mine shop grading

5 Low Capital Intensity $65M of Existing Infrastructure Already in Place

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5 Low Capital Intensity (cont’d) $10,300 of Capital Required per Ton of Annual

Output Capacity

Capital Expenditures By Category

Category Cost

(US$M)

Direct Costs

Mine & Equipment $ 15.3

Plant $ 104.1

TSF $ 55.3

General Site $ 47.2

Indirect Costs

Construction Indirects $ 15.1

EPCM $ 36.3

Owners, Contingency &

Gross Receipts Tax $ 87.2

Total $ 360.5

Mine & Equipment

4.2%

Plant28.9%

TSF15.3%General Site

13.1%

Construction Indirects

4.2%

EPCM10.1%

Owners, Contingency &

GRT24.2%

26 Patented Claims

202 Unpatented Claims

29 Placer Claims

9 Mill Site Claims

16

6 Excellent Land Position and Permitting Well Advanced Permit Area 100% Controlled with Established “Buffer Zone”

17

6

*Disclaimer: Permits are subject to agency review and approval

Excellent Land Position and Permitting Well Advanced (cont’d) Commissioning Targeted for Late 2016

Year

Quarter 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4

THEMAC Drilling Program

Environmental Studies

PFS

EIS

DFS

Detail Engineering

Permitting*

Project Finance

Construction

Commissioning

Commercial Production

201720162014 20152010 2011 2012 2013

Progress Work Still Required

18

6 Excellent Land Position and Permitting Well Advanced (cont’d) Permitting Process Well Defined and On-Track

Federal EIS Process

Expected

April 2014

Anticipated

June 2015

State Permit Process

Expected

Jan 2014 Anticipated

Aug 2015

ROD will

inform state

permit

EE will rely on EIS for

State Required Format

Expected

Nov 2014

State Mine

Permit Issued

• Public Notice

• Permit

Application

Package

• Other Permits

Agency

Review,

Technical

Comments

Submit

Responses,

Added Data

Technical

Review- Permit

Application

Package & EE

Public

Hearing

Comments,

Agency Review

Final

Environmental

Evaluation (EE)

Draft EIS

Public meetings

Agency Review

Public Comment

Final EIS Record of

Decision (ROD)

Anticipated

July 2015

• Scoping

• Develop

Alternatives

• Environmental

Effects Analysis

Draft

Environmental

Evaluation (EE)

Port

Guaymas is the fastest growing seaport

in Mexico, located 400 miles (640 km)

from the Copper Flat site

Road

I-25 is the main North South interstate in

NM and is situated east of the project

Rail

Nearest Rail siding is Rincon, NM, 40

miles south of the project via I-25. The

concentrates will be hauled from the

mine by truck, off-loaded at Rincon and

then reloaded onto train cars

Power

12 miles of existing 115 kv power lines

connecting to the mine substation

Water

Site already supplied by 4 wells and 8

miles of water pipelines to the mill site Port of Guaymas, Mexico

Services and Accommodation:

Hillsboro (5 miles SW) and Truth or Consequence

(25 miles NE), with population of 6,500 and well-

developed amenities and services

Hatch (30 miles South of the project)

Las Cruces (75 miles South via I-25)

19

7 Strategically Located in Established Copper Mining District Project is Close to Existing Infrastructure

Copper Flat is expected to produce 400 – 500 jobs

during construction and up to 270 jobs during

operations

We will help create training and intend to hire

locally as much as possible. The first 5 course

certificate program begins in the fall of 2013

THEMAC preserves the environment, heritage,

and culture of the area to the highest standards

set by federal and state regulations

We connect regularly with community members

through outreach sessions, mine tours, and direct

personal interactions

20

7

“I feel very strongly about supporting Copper Flat

Mine. This is something great for our area”

– Elephant Butte Mayor Eunice Kent

“To be honest, I can hardly wait for it to open. It will

create many jobs, grow our tax base, and boost the

economy”

– Sierra County Commission Chairman Walter Armijo,

referring to Copper Flat Mine

Strategically Located in Established Copper Mining District (cont’d) Strong Local and Government Support

21

8 Experienced Management Team In Addition to Strong Board Leadership

Steve Raugust Resource Development Manager

Studied Copper Flat while attaining Master of Science in Mineral

Engineering at New Mexico Institute of Mining and Technology

Professionally Certified Geologist and Engineering Geologist,

Qualified Person under NI 43-101

Katie Emmer Permitting and Environmental Compliance

Manager

Fourth generation New Mexican with a MS in Water Resource

Management from the University of New Mexico

Over 12 years of experience in state and federal regulatory

permitting, resource evaluation and environmental due diligence

22 years with BHP, most recently serving as VP Operations

and COO of the BHP Billiton Base Metals Group

Interim CEO of Silver Standard a company listed on the TSX

and Nasdaq

Mike Anglin Executive Advisor

Stuart Crawford CFO

Over 18 years of investment banking and accounting experience with

a range of global investment banks

Graduate degrees in Commerce and Law from the University of

Queensland, MBA from Australian Graduate School of Management

Ray Irwin, P. Geo VP Exploration

More than 35 years of exploration, development and operating

experience, and directly participated in four significant discoveries

New Mexico State University’s Geology Hall of Fame, Registered

Professional Geologist and Qualified Person under NI 43-101

Omar El-Emawy Office Manager/Analyst

Office and project manager, public and government affairs, and

information technology

Graduated from the University of New Mexico and expected to

complete MBA in the fall of 2013

Elena Carnes Chief Accountant

Certified Public Accountant (CPA) and Chartered Global

Management Accountant (CGMA)

Previously at KPMG, BBA from the University of New Mexico

(UNM) Anderson School of Management

Economic Indicators after Taxes1

Copper Price

($/lb)

NPV

($M)

IRR

(%)

Payback

(years)

$ 2.75 118.0 15.8% 4.1

$ 3.00 187.0 20.0% 3.6

$ 3.25 253.0 23.8% 3.3

$ 3.50 318.6 27.3% 3.0

$ 3.75 382.3 30.5% 2.8

22

9

(1) Base case price assumptions based on $3.00/lb Copper, $9.50/lb Moly, $1,350/oz Gold, $22/oz Silver; post private royalty of 3.25%

Strong Project Returns Base Case IRR of 19.2% at $3.00/lb copper price

Economic assessment provided by M3 Engineering, an

industry leader in Feasibility Studies and NI 43-101’s

Resources and reserves calculated by Independent Mining

Company (IMC) under the supervision of IMC President

John Marek, P.E., a Qualified Person under NI 43-101

Cost estimates for tailings storage facility and associated

ponds provided by Golder Associates

Guidance for smelting and refining costs provided by Marc

Ingelbinck, former VP of Base Metals Concentrates

Marketing & Trading at BHP Billiton

After Tax NPV at 8% Real Discount Rate ($M)

0

50

100

150

200

250

300

350

400

$2.75 $3.00 $3.25 $3.50 $3.75

Metal

LOM Revenue

(US$M)1

Copper $1,816.8

Gold $288.3

Silver $117.8

Moly $147.8

Total $2,370.7

23

Strong Project Cash Flows Total LOM Revenue of $2.36 Billion, with Meaningful

Commodity Diversification

(1) Base case price assumptions based on $3.00/lb Copper, $9.50/lb Moly, $1,350/oz Gold, $22/oz Silver

LOM Revenue Diversification By Commodity

9

77%

12%

5%6%

Copper Gold Silver Moly

Upside in Neighboring Tenements Andrews Area has Significant Gold and Silver Potential

24

The target is in an area in which historical placer and high grade lode gold silver mining occurred

Copper Flat Deposit

Andrews Area

Approximately 1 mile from the Copper Flat Deposit

10

25

Copper Flat Project Additional Information and Resources

Additional Information regarding THEMAC Resources Group:

http://themacresourcesgroup.com

Download the Definitive Feasibility Study, released on November 21, 2013:

http://themacresourcesgroup.com/copper_flat_mine/technical-reports

Follow THEMAC on Social Media:

http://www.facebook.com/themacresourcesgroup

http://www.linkedin.com/company/themac-resources-group

themacresourcesgroup.com

Additional Materials

Although the spot market has struggled over the past 2 years, the back-end of the

copper forward curve (i.e. the long-term price) has been strong and trending upward

27

KEY DRIVERS

China/Emerging Demand

“Still Growing”

CapEx and OpEx Costs

“Rising Rapidly”

New Supply

“Even more Complex

and Challenging”

Geopolitical Risk

“Taxes and Politics

are Rising”

OECD Demand

“Growth Eventually”

Copper Market Outlook Strong Long-Term Fundamental

Source: Bloomberg

$6,460/t ($2.93/lb)

$9,619/t ($4.36/lb)

$7,286/t ($3.30/lb)

$7,489/t($3.40/lb)

6,000

6,500

7,000

7,500

8,000

8,500

9,000

9,500

10,000

$/t

1/1/11 3/31/11 6/30/11 9/30/11 12/30/11 3/30/12

6/29/12 9/28/12 12/31/12 3/28/13 6/28/13 9/30/13

28

Permitting Well Advanced Expect to be Fully Permitted by 2015

Year

Quarter 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4

Environmental Studies

Air Quality Monitoring

Baseline Data Studies ✔

Geochemical Data Collection

Hydrogeology Data Collection

Groundwater Model Projections and Report

Stage I Abatement Plan Reports, Monitoring

New Mexico State Permitting

New Mexico State Mine Permit

Air Quality Permit

Dam Permit

Discharge Permit

Federal Evaluation

Mine Plan of Operations

Right of Way Applications

Environmental Impact Statement (EIS)

Cultural Resources Section 106

Progress Work Still Required*Permits are subject to agency review and approval

20152010 2011 2012 2013 2014

29

Copper Flat Project Current Layout

30

Copper Flat Project Plant Area Facilities Layout – 25,000 tpd

31

Copper Flat Project 3-D Grade Model

32

Copper Flat Project Straightforward Plant and Processing

33

Mineral Resources and Reserves from Prefeasibility Study

Mineral Reserves1,2,3,4

(1) Effective July 18, 2012

(2) Mineral reserves and resources based on $3.00/lb Copper, $12.00/lb Moly, $1,350/oz Gold and $25.00/oz Silver

(3) Mine design based on $2.20/lb cone pit

(4) See our Copper Flat NI 43-101 Prefeasibility Study dated August 22, 2012 and filed in SEDAR for additional details on the key assumptions,

parameters and methods used to estimate mineral reserves and resources, as well as known risks that could materially affect the development of

the reserves and resources

Cut-Off Grade

(NSR/t)

Tons

(000s)

Cu Eq

(%)

Copper

(%)

Moly

(%)

Gold

(g/st)

Silver

(g/st)

Proven $7.25 29,536 0.38 0.012 0.093 2.49

Probable $7.25 68,582 0.28 0.008 0.093 1.87

Total $7.25 98,118 0.44 0.31 0.009 0.093 2.05

Mineral Resource1,2,3,4

Cut-Off Grade

(NSR/t)

Tons

(000s)

Copper

(%)

Moly

(%)

Gold

(g/st)

Silver

(g/st)

Measured $7.25 41,503 0.33 0.011 0.093 2.18

Indicated $7.25 184,049 0.23 0.006 0.062 1.56

Total $7.25 225,552 0.25 0.007 0.068 1.67