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ABOUT US

OVERVIEW

Masan Resources is looking to become Vietnam’s private sector resources champion by acquiring, exploring anddeveloping resource assets of scale. Vietnam is endowed with significant resources across a variety of metals andminerals. These resources are largely undeveloped and, outside of state ownership, their market is highly fragmented. Webelieve that with our experienced management team, local access, strong execution capabilities, international partners andcapital raising abilities, we have developed the right platform to consolidate these assets and build Masan Resources intothe leading mineral mining company in Vietnam.

In 2010, we acquired Nui Phao Mining. Nui Phao Mining owns a 9.21km2 open pit mine located in Thai Nguyen province innorthern Vietnam which contains mineral deposits of tungsten, fluorspar, bismuth, copper and traces of gold. Our currentfocus is to develop the Nui Phao on schedule and within budget.

Once in production, Nui Phao will be among the world’s largest producers of tungsten, fluorspar as well as bismuth and isexpected to generate approximately US$400-500 milllion in revenue and approximately US$250-300 million in EBITDAannually. Over the life of the project, Nui Phao is expected to generate around US$6 billion in revenue and over US$3billion in EBITDA (based on prices and design cost and recoveries as of July 2011).

STRATEGY

EXECUTION...

Our execution strategy for building our business is focused around three key areas:

Leverage local relationships to access and execute on opportunities

First on scene - Leverage local networks to obtain preferential access to quality assets

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Vietnam expertise - Proficient at navigating central and local government and regulatory requirements

Swift execution - Governmental and community ties to accelerate onsite progress

Use capital to acquire and develop quality assets

Brownfield assets - Inject required capital to complete development of brownfield assets to generate cash flows

Optimize production - Inject expansion capital to scale up operations for significant productivity gains

Value addition - Put capital to use in building infrastructure to improve asset efficiency and cost competitiveness

Significantly de-risking projects through the Masan platform

Macroeconomic risk - Hedged against commodity price fluctuations with Masan Resources' diversified basket of metalsand minerals

Financial risk - Access to Masan Group's stable capital flows and investor networks

Operational risk - Access to Masan Group's trading partners, customers and professional management expertise tosolve operational

...WITH GLOBAL STANDARDS

Masan Resources is committed to working to achieve global standards as we develop and expand our business. We havehas assembled a team of world-class professionals with extensive international and regional experience who is passionateabout building Masan Resources into Vietnam's resources champion. Our partners including Jacobs Engineering Group,Knight Piesold and Golder Associates are assisting us in achieving this vision. We care deeply about the impact of ourprojects on the environment and community surrounding them. Thus, our environmental and social action plans are built inaccordance with Equator Principles (the 'gold standard' for social and environmental sustainability for mining projects) tominimize any adverse impacts from our projects and also to add value to the communities surrounding our projects. Wehave provided some additional infrastructure to the people relocating to the resettlement sites provided by our projects, aswell as providing training to help them to be able to pursue alternate careers. For more information on our communityinitiatives, please refer to the section on Community.

PARTNERS

SHAREHOLDERS

OWNERSHIP STRUCTURE OF MASAN RESOURCES

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NEWS

Masan Group Raises USD$100 Million from Mount KellettInvestment in Nui Phao Mine24 January 2011

Masan Group to appoint Dominic Heaton as CEO of MasanResources 4 October 2010

EARNINGS RELEASE

CORPORATE PRESENTATIONS

Masan Resource Investor Presentation11 July 2011

US. Geological Survey Vietnam Mineral Yearbook 200930 November -0001

* Includes the Company’s right but not obligation to buy the 15% ownership of Tiberon Minerals Pte. Limited, a companyowned by the funds managed by Dragon Capital Group.Note: Ownership structure of Masan Resources as at March 31, 2011.

INVESTOR CENTER

NEWS

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COMPANY RESEARCH

PRESENTATIONS AND REPORTS

2011

2010

2009

LICENSE AND REGULATIONS

Nui Phao Mining has already obtained the key licenses and approvals required to build and operate the project.

In July 2010, the Thai Nguyen Provincial People’s Committee issued a new investment certificate recognizing newownership and converting Nui Phao into wholly Vietnamese-owned enterprise. The investment certificate, valid till 2034,allows Nui Phao to exploit and process the tungsten, fluorite, bismuth, copper and gold resources at the Nui Phao mine in

the project area of 9.211 km2 with at least 80% of the products to be exported.

In September 2010, the Ministry of Natural Resources and Environment issued a mining license to Nui Phao Mining,pursuant to which Nui Phao Mining is authorized to mine the tungsten, fluorite, bismuth, copper and gold resources at theNui Phao mine area of 90.0 hectares. The mining license is valid for a period of 17.5 years from its date of issuance.

VIETNAM RESOURCES

Vietnam is endowed with significant deposits of a variety of bulk and niche minerals, including bauxite, rare earths,tungsten, titanium, phosphate, coal and iron-ore. However, with the exception of coal, the majority of current miningprojects in the country are small in scope, representing an untapped opportunity for development on a larger scale.

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While Vietnam’s mining industry has been growing at a rapid pace (2000-09 CAGR of 14.1% for contribution of miningindustry to real GDP of the country), the industry (excluding oil and gas) constitutes only about 2.2% of Vietnam’s GDP(2009 data), despite the contribution of the coal sector, suggesting significant potential for growth.

Further, the ownership for metals and minerals, especially in the minor metals space, is highly fragmented. This creates anopportunity for us to consolidate the sector and de-risk the industry by deriving efficiencies through scale.

OUR PEOPLE

MANAGEMENT TEAM

Masan Resources has assembled a world-class team of international mining industry professionals who have extensiveexperience in building and operating projects in the region with international best practices. We have the right team todevelop and operate the Nui Phao mine successfully and to develop Masan Resources into Vietnam’s premier privatesector resources company.

Dominic HeatonChief Executive Officer

Dominic Heaton is responsible for developing the Nui Phao project, leading Masan Resources’ exploration activities andbuilding Masan Resources into a scale multi-asset resource company. Over the course of a 25 year career in the miningindustry, Dominic has managed projects in remote areas of Australia, Papua New Guinea, Indonesia, and Lao PDR. Priorto joining Masan Resources, he served a variety of management roles at Oxiana/OZ Minerals/MM Group, working for the

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better part of a decade at the Sepon Gold and Copper Mine in Lao PDR. Dominic holds a Bachelor of Science from James Cook University, Townsville, Australia and a Post Graduate Diploma inMineral Processing Technology from La Trobe University, Australia. He has also completed an Advanced ManagementProgram with the Mt Eliza arm of the Melbourne Business School.

Vu HongFirst Deputy General Director/Director of External Relations

Vu Hong is responsible for all external relations and community relocation activities of Masan Resources. Vu Hong comesto Masan Resources with more than 30 years’ experience in the field of project development and has been working on theNui Phao project since 2004. He has been managing resettlement efforts for over 2000 families. His career, which includessix years as a Senior Development Specialist at the World Bank, has taken him from Vietnam to Lao PDR, East Timor,China and the Philippines. Hong graduated from Hanoi Water Resources University and has a master’s degree in Hydrology from the University ofRoorkee, India.

OPERATIONS

Craig Bradshaw Operations Director

Craig Bradshaw is responsible for day to day operations. Craig Bradshaw has close to 20 years’ experience in the miningbusiness, spanning mining and processing operations, logistics and sales and marketing in Australia, Thailand and LaoPDR. Craig comes to Masan Resources from MMG LXML Sepon in Lao PDR, where was Senior Commercial Manager. Hehas also previously served as the Country General Manager for Thailand for Toll, Australasia’s largest fully integratedlogistics service provider.Craig holds a Bachelor of Business from the University of Southern Queensland, Australia and a Graduate Diploma inApplied Finance & Investment from the Securities Institute of Australia. He is a Certified Practicing Accountant.

Richard KitchenerMine and Geology Manager

Richard Kitchener’s 20 years in mining operations have spanned projects in Vietnam, Lao PDR, China, Armenia,Kyrgyzstan, the United Kingdom and Australia. Prior to joining Masan Resources, Richard was the General Manager ofOperations for Swan Gold Mining in Western Australia, and he has also had the same role at the Ban Phuc Nickel Mines inVietnam. Richard has a Bachelor’s degree in Mining Engineering from the Camborne Schools of Mines in Cornwall, England.

Les AdrianEnvironment Manager

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Les Adrian has over 20 years assessing environmental impact and developing environmental, health and safetymanagement plans for mining projects. He has led the environment, health and safety efforts for projects in Eritrea, EastAfrica, Vietnam, Kyrgyzstan, and Mongolia for various companies including Cameco Corporation and Bisha Mining. Les holds a Bachelor degree in Environmental Engineering from the University of Regina in Saskatchewan, Canada and acertification in Environmental and Water Sciences Technology from the Saskatchewan Institute of Applied Sciences.

Morgan CarrollHealth, Safety and Security Manager

Morgan Carroll joined Masan Resources with 14 years’ occupational risk, health and safety management within the miningindustry. He has served as Acting Health and Security Manager at the Sepon Gold and Copper Mine in Lao PDR andOccupational Health and Safety Superintendent for Barrick’s North Mara Gold Mine in Tanzania. Morgan is a certifiedparamedic and emergency medical rescue technician and holds a host of other certifications in the health and safety field. Morgan also has an Associate in Management degree from the University of Cape Town’s Graduate School of Business.

Ngoan DangHuman Resources and Administration Manager

In his nearly seven years in Human Resources, Ngoan Dang has served as both an HR manager and officer. He brings awealth of knowledge about Vietnamese labor and social insurance law to Masan Resources.Ngoan holds a Bachelor of English from the Hue University of Sciences, and has completed significant additional training inthe field of Human Resources Management.

CONSTRUCTION

Dale SmithConstruction Director

Dale Smith is responsible for managing the EPCM contractors and the construction of infrastructure under the scope of theowner’s team. Dale has over 23 years’ experience in the mining industry, with over 10 years of experience in projectdevelopment in Australia, Canada, the US, Papua New Guinea, South Africa and Lao PDR. He has worked across allaspects of mineral projects, including operations, corporate, and project management and spent much of his career withPlacer Dome, one of the world’s top-10 gold producers. Most recently, he was Project Director of the Sepon Gold andCopper Projects in Lao PDR, owned by Oxiana/OZ Minerals/MM Group. Dale holds a Bachelor of Science in Metallurgy from the University of Queensland and a Graduate Diploma in AppliedFinance and Investment from the Securities Institute of Australia.

Nick GreenDeputy Construction Manager

Nick Green has over 13 years’ experience delivering construction solutions in Australia, Tasmania, Lao PDR, Indonesia,Papua New Guinea and Ghana. He was previously Commissioning Manager at the Sepon Gold and Copper Mine in LaoPDR, where he was responsible for the development and implementation of construction completion for a copperexpansion ramp-up. Nick holds a Bachelor of Mechanical Engineering from the University of Tasmania and is currently working towards aMaster’s degree in Project Management at Queensland University of Technology.

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Luke O’NeillProject Controls Manager

Luke O’Neill has eight years of experience in the field of construction and building design. He was most recently ProjectControls Engineer for the Sepon Copper Expansion in Lao PDR, a project that was delivered on schedule and underbudget. He also has coordinated and scheduled construction projects in Australia and the United Kingdom. Luke has a diploma in building design and drafting from Holmesglen Vocational Training in Melbourne, Australia.

Jason WatsonSupply Chain Manager

Jason Watson has over 15 years’ experience in mining, and has worked for some of the industry’s largest companies,including BHP Billiton and Anglo Coal Australia. He has extensive experience managing supply, contracts, logistics and siteservices in Lao PDR, Papua New Guinea and across Australia. Jason has previously served as president of the LogisticAssociation of Australia. Jason holds a Bachelor of Arts in Economics and Management from the University of New South Wales.

SALES AND MARKETING

Russell Griffin Sales & Marketing Director

Russell Griffin has been responsible for the sales and logistics of a diverse range of products across all major continents.Mr Griffin has considerable experience in developing markets for new mines and expansions in Australia and SE Asia. Before joining Masan Resources, Russell was the General Manager, Sales & Marketing for OZ Minerals based inMelbourne where his responsibilities included the sales and logistics for all base metals production. He has developed andimplemented sales and marketing plans for new mines including Prominent Hill open cut and underground mines, theSepon copper mine in Laos and the last expansion of one of the world’s largest copper deposits at Olympic Dam in SouthAustralia in 1997-1998. Previously, he was in the oil and gas industry with responsibilities for the sale and transport, storage and shipping ofproducts including crude oil, LPG and naphtha. During his career, Russell has gained extensive experience in duediligence and feasibility studies of many major mining projects. Russell holds a Bachelor of Business, majoring in Industrial Marketing from the University of South Australia (Adelaide).

FINANCE

Wilson Soon Deputy CFO

Wilson Soon has over 6 years’ experience as an auditor with 'Big 4' accounting firms and has audited firms in theinfrastructure, manufacturing and consumer goods industries. His experience is highly international; he has managed a

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diverse portfolio of clients from China, Australia, Indonesia, the Philippines, Germany, Vietnam, Japan, Switzerland, the USand Russia. Before joining the management team at Masan Resources, he served as a Manager for KPMG China in HongKong. Wilson holds a Bachelor of Science in Accounting and Finance from the London School of Economics and Political Scienceand is a member of the Association of Chartered Certified Accountants.

Nguyen Thi Hai YenAccounting Manager

Nguyen Thi Hai Yen brings over 16 years’ accounting experience in Vietnam to Masan Resources. Prior to joining ourteam, she was the Accounting Manager in the Vietnam office of Fichtner, Germany’s largest independent firm of consultingengineers. Yen holds a Bachelor of Accounting and Finance from Hanoi National Economic University, a Bachelor of Foreign Tradeand Economy from Hanoi Foreign Trade University and a Chief Accountant Certificate.

COMMUNITY

RESETTLEMENT

Masan Resources takes every step to ensure the quality of life, satisfaction and economic stability of the community. Thefamilies affected by the Nui Phao mine have been relocated and resettled to the following sites:

NAM SONG CONG SITE

The Nam Song Cong resettlement site is located in the Hung Son Commune, which has good physical infrastructure andsocial services facilities. Currently, 425 plots are available to households and 405 plots have been allocated, with 167houses either constructed or under construction. A 10.5m-wide asphalt main road with 6m-wide sidewalks on either sidehas been built at the site.

The Nam Song Cong site has several features for residents including a market with an area of 6,000m2, a facility fordomestic water supply and sewage and waste treatment, telephone lines, a power supply system, and a health care center.

There is a cemetery near the site with a total area of 8,500m2, which includes a prayer house for funerals, a brick fenceand other necessary features.

HUNG SON 3 SITE

The Hung Son 3 site currently has 205 available plots. A 10.5m-wide, asphalt main road with 4.5m-wide sidewalks oneither side has been constructed at the site. Features of the Hung Son 3 site include a kindergarten and a health clinic. It

has a total area of 1,200m2, operated by the Hung Son commune. A facility for domestic water supply and sewage andwaste treatment is currently being constructed.

HUNG SON 2 SITE

In addition to the two resettlement sites, Masan Resources has developed the Hung Son 2 site to provide training andemployment opportunities for families. Activities at the site include vocational training, a mushroom-growing workshop andporcupine-raising and tea-growing programs. Hung Son 2 has an area of 3.2ha with drainage and road systems

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constructed to support the economic restoration programs in place. A Taiwanese company has already invested in themushroom workshop.

CREATING OPPORTUNITIES

Masan Resources has initiated activities to provide jobs and economic stability to the resettled communities. Theimplementation plan will have an impact on about 3,500 people, with 1,671 already involved in the following activities.

Source: Masan Resources, as at December31, 2010

For those not involved in these activities, Masan Resources will provide vocational training or employment with the NuiPhao project, which has already recruited over 50 new employees from within the resettled communities.

COMMODITIES

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TUNGSTEN

HIGHLIGHTS

Properties and Uses

Tungsten is a gray-to-white metal with several unique properties:

High melting point - The highest melting point of all metals

Extremely hard - Tungsten has very high tensile strength and wears resistance, while tungsten carbide, a tungstencompound widely used in industry, is nearly as hard as diamond.

Very heavy - The density of tungsten is similar to that of gold.

Given its unique properties, tungsten is used in a variety of industrial applications for which it is virtually impossible tosubstitute for it without affecting performance:

Hardmetals (cemented carbides) - Due to its hardness and wear resistance, over 50% of the world’s tungsten is usedin producing hardmetals. These are tungsten carbide-based materials that have a variety of applications, including use incutting tools for metals and stone; large-scale tools such as drill bits for mining drills; delicate tools such as the drillsused in dentistry; molding tools in the steel industry; armaments (cannon shells, grenades and missiles); and even ball-point pen tips.

Steels and superalloys - The hardness and high melting point of tungsten also lends itself to applications in the steelindustry. It is used in cutting tools and superalloys employed in applications such as jet turbine engines.

Lamp filaments - Probably the most well-known application of tungsten is its role in the filaments in light bulbs.However, its use in this industry is slowly reducing as more efficient sources of lighting are developed and used.

Other electrical and electronic applications - Tungsten has many other electrical and electronic applications, such asits use in circuit boards and in the production of electrical contacts and electrodes.

Chemical and other applications - Tungsten also has a range of chemical and niche applications in the glass,ceramics, paint, and petroleum industries.

Global Supply

China dominates world’s production of primary tungsten with over 85% of tungsten production in 2010 (estimated), as wellas over 65% of identified tungsten reserves (source: U.S. Geological Survey).

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In recent years, China has implemented production and export quotas as domestic requirements for tungsten continue toincrease. The country is looking to move up the value chain by shifting from providing tungsten raw material to sellingfinished tungsten products to consumers globally. In November 2010, China announced an export quota for 2011 of15,700 metric tonnes of tungsten, up from 14,300 metric tonnes in 2010.

A recent report by the European Union names Tungsten as one of the ‘critical raw elements’ for Europe given the metal’seconomic importance and concentration of supply sources.

TUNGSTEN

PRICING

FLUORSPAR

HIGHLIGHTS

Properties and Uses

Fluorspar is a mineral composed of calcium fluoride (CaF2). Fluorspar specimens are classified into one of two industrial

grades based on purity: acid grade fluorspar contains more than 97% CaF2 and metallurgical grade fluorspar contains less

than 97% CaF2. Acid grade and metallurgical grade fluorspar are used in a variety of applications.

Acid grade fluorspar is the primary industrial source of fluorine in the world. It is mainly used to manufacture the followingproducts:

Hydrofluoric acid (HF) - HF is used in a diverse set of industries.

Approximately 60% of HF is used as a feedstock for manufacturing a host of fluorocarbons such as CFCs, HCFCs

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and HFCs. These fluorocarbons are primarily used as refrigerants in air conditioners and as foam blowingagents/propellants in the manufacture of polymers.

HF is also used as a catalyst in petroleum alkylation, as a cleaning and etching agent in the semiconductor industry,and in the pickling of stainless steel.

Aluminum fluoride and synthetic cryolite - These are both critical raw materials in the electrolytic extraction ofaluminum.

Metallurgical grade fluorspar is most commonly used as a flux in steel manufacturing, iron foundries and ferroalloypractices.

As a source of fluorine, fluorspar is virtually irreplaceable since there are no other known abundant sources of the element.

Global Supply

China and Mexico together account for over 70% of world fluorspar production. Approximately 70-75% of the fluorsparmined around the world is acid grade, with the rest being metallurgical grade. Both China and Mexico produce both grades.World resources of fluorspar are reasonably widely spread, with South Africa and Mongolia also having sizeable reserves.

A recent report by the European Union names fluorspar as one of the ‘critical raw materials’ for Europe given the mineral’seconomic importance and concentration of supply sources.

FLUORSPAR

PRICING

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BISMUTH

HIGHLIGHTS

Properties and Uses

Bismuth is a brittle white metal with many unique properties:

One of the lowest melting points among metals

Expands on freezing

Very low thermal and electrical conductivity

Non-toxic

Bismuth is used across a wide range of applications that capitalize on its particular properties:

Free-machining steel and free-machining aluminum - Owing to the low melting point of bismuth, adding it to steel oraluminum increases the metals’ machinability by reducing power required and wear on tools.

Low melting-point alloys - With its low melting point and expansion upon solidification, bismuth is used in low-melting-point alloys that have applications in solder wires, safety fuses and molded products that require the reproduction of finedetail.

Pharmaceutical products - Bismuth is used in a variety of pharmaceutical and cosmetic products such as antacids.

Bismuth’s properties are similar to those of lead, except that it is non-toxic, making it a suitable and safer substitute.Growth in the usage of bismuth has been boosted as countries around the world clamp down on usage of lead for variousapplications, such as:

In plumbing fixtures and brass, to avoid toxicity from lead from the pipes leaching into the water

As an additive to zinc alloys during galvanization

As an additive to steel to improve machinability

In shots, bullets and sinkers

Global Supply

There are very few standalone bismuth mines, bismuth is usually found in association with other metals such as lead,tungsten, copper, silver, gold and zinc. Most commercially produced bismuth is a byproduct of processing these metals,particularly lead. Therefore, a more accurate measure of bismuth production is the refinery production rather than the mineproduction. Due to this reason, the growth in lead production also determines, to a substantial extent, the growth inbismuth production.

China dominates both the world’s bismuth supply and its reserves, with 80% of refinery production (2009) and 75% ofworld reserves.

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BISMUTH

PRICING

COPPER

HIGHLIGHTS

Properties and Uses

Copper is a reddish, orangish or brownish metal, depending on its level of oxidation. It is one of the most extensively usedmetals in the world owing to its unique properties:

It is amongst the most malleable and ductile metals

It has the second highest thermal and electrical conductivity of all the elements (bested only by silver)

It is highly resistant to corrosion.

Copper is used in a variety of applications, including:

Electrical products - The primary use of copper globally is in the production of power cables and other electricalproducts such as generators, motors and transformers, which are used in the power generation and transmissionindustry, and in machinery.

Building construction - The second-largest use of copper and its alloys (such as brass and bronze) comes from thebuilding construction industry. It is used for roofing and plumbing, especially in water pipes, taps, valves and fittings,because of the corrosion-resistant quality and malleability of the metal.

Electronic product manufacturing - The high electrical and thermal conductivity of copper also means it is usedextensively in the electronics industry.

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Industrial machinery production - Owing to their durability, machinability, and ability to be cast with high precision andtolerances, copper alloys are ideal for making products such as gears, bearings and turbine blades.

Several of the above applications of copper are brought together in transportation vehicles, where copper is an essentialcomponent in the motors, wiring, radiators, connectors, brakes and bearings.

About 98% of all copper is used in the form of pure metal or in alloys, with the remaining 2% being diverted for theproduction of compounds.

Global Supply

The supply of copper is widely distributed globally. Chile produces over 30% of the world’s primary copper. However, therest of the production is spread across a host of countries that includes Peru, China, the US and Australia. In addition,about one-third of the world’s copper consumption is sourced through recycling.

COPPER

PRICING

PROJECTS

NUI PHAO

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HIGHLIGHTS

Polymetallic mine with significant deposits of tungsten, fluorspar, bismuth, copper and gold

One of world’s largest identified tungsten deposits outside China, with 55.4 million tonnes of ore with averageWO3(tungsten trioxide) grade of 0.21%

Once in production, Nui Phao will be the largest producer of tungsten outside China, and among the largest producers ofacid-grade fluorspar and bismuth in the world

With open-pit mining and low strip ratio, will be one of the lowest-cost producers of tungsten in the world

Once in production, expected to generate around US$400-500 million in revenue and approximately US$250-300 millionin EBITDA annually

Favorable location with convenient access to railway, roads and ports

Significant progress made, with production set to begin in early 2013

Additional exploration potential to extend the mining life past the current plans of 16 years

NUI PHAO PROJECT LOCATION

The Nui Phao polymetallic project, spread over an area of 9.21km2, is located in the Dai Tu District of the Thai NguyenProvince in Vietnam, approximately 80km northwest of Hanoi by road. The mine site is well-situated, accessible by road viaHighway 37 and adjacent to a narrow gauge railway that connects to the Vinarail railway system. The Hai Phong port andthe new Cai Lan port in the Quang Ninh Province lie 180km and 240km, respectively, from the project site, providingconvenient access for shipping products from the project.

NUI PHAO

DESCRIPTION

Nui Phao is a unique tungsten-polymetallic mine which is poised to be one of the world’s lowest-cost producers oftungsten.

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Minerals

Masan Resources is developing Nui Phao into a unique polymetallic mine with reserves of tungsten, fluorspar, bismuth,copper and gold. The mine has reserves of 55.4 million tonnes of ore at a WO3 grade of 0.21% (as estimated by IMC).

Operations

The project will produce ammonium paratungstate, acid-grade fluorspar, bismuth and copper concentrate (containing somepayable gold). The products will be separated from the ore using a combination of conventional froth flotation and gravityseparation processes.

Nui Phao will be one the largest producers of primary tungsten, acid-grade fluorspar and bismuth globally. The mining willbe open-pit and the strip ratio is low, making this project one of the lowest-cost long-life producers of tungsten in the world.

Project History and Status

Significant progress had been made on Nui Phao prior to acquisition by Masan Resources:

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Since the acquisition of Nui Phao, Masan Resources has moved forward rapidly to develop the project:

At as June 30, 2011:

The Final Feasibility Study has been completed

The key approvals, including the Investment Certificate, Mining License and approval of the EIA have been obtained

The key management positions have been filled

Over 91% of the land required for project construction has been acquired

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Jacobs Engineering Group had been appointed as the EPSA contractor with engineering design well under way

Significant amount of long-lead-time equipment ordered and on-site

Plant site bulk earthworks contractor has been appointed

NUI PHAO

GEOLOGY

Regional Geology

The Nui Phao project is located within an area of Palaeozoic to Cainozoic rocks within the South China tectonic plate,northeast of the Da River mobile zone. The region has been subject to several episodes of rifting and periods ofcompression from the collision of the South China and Indochina plates. The country rocks are intruded by Triassic andCretaceous granites that are typically associated with tin mineralization, but, locally, tungsten and base metals are alsofound in economic concentrations. The adjacent region of southern China hosts some of the largest hard rock tin andtungsten mines in the world. However, to date, no similar large deposits have been found in northern Vietnam. This likelyreflects a paucity of exploration in this part of the country, since the area shares similar complex tectonics and a closespatial relationship with other districts in southern China.

Local Setting

The rocks in the Nui Phao region range in age from lower Palaeozoic to Cainozoic. The Ordovician-Silurian shales,sandstones, siltstones and marbles form the principal hosts to the Nui Phao mineralization. The sequence has beenintruded, first by the Triassic Nui Phao granite, which outcrops to the south of the deposit and underlies much of themineralization, and then by the Cretaceous Da Lien granite, which outcrops to the north of the deposit and is generallyconsidered the source of the mineralization. The intrusion of the Nui Phao biotite granite resulted in the formation of anintercalated assemblage of magnetite, garnet, pyroxene and amphibole-rich skarns, as well as granitic and pegmatiticdykes and sills. The later intrusion of the relatively coarse grained two-mica muscovite-biotite Da Lien granite resulted ingreisenisation, massive pyrrhotite-fluorite-albite overprinting and tungsten mineralization. In the Nui Phao region, the sedimentary sequence strikes east-west and dips shallowly to the north. The Nui Phao granitecuts off the mineralization to the south; the contact with the Nui Phao granite dips shallowly to the north, forming a base tothe mineralization. The granite forms a ‘high’ between the Central and Western zones. The northern limit of mineralization isformed by a fairly steep, southerly-dipping contact with the Da Lien granite.

Northwest-southeast high angle strike slip faults have been interpreted as forming the contacts between many of the rockunits in the region. An east-west fault is interpreted as forming the locus for magma intrusions between the Nui Phao andDa Lien granites. Magnetic data indicates the presence of two northerly-trending structures, which appear to define thelimits of the known mineralization. However, field evidence for major structural displacements within the mineralized arearemains scant.

NUI PHAO

RESOURCES AND RESERVES

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NUI PHAO

INTERNATIONAL BEST PRACTICES

Comming soon...

NUI PHAO

PROJECT DEVELOPMENT PLAN

The company is working to develop a comprehensive construction management strategy and project development plan,which will be available shortly

Progress Report

Coming soon

NUI PHAO

OFFTAKE CONTRACTS

We have already secured offtake contracts for our fluorspar and bismuth products from Nui Phao and are working tosecure offtake contracts for our tungsten and copper products.

Fluorspar

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http://masangroup.com/masanresources/en/qwik-report[12/27/2011 9:22:38 AM]

Nui Phao Mining has an offtake contract with CMC Cometals for the acid-grade fluorspar to be produced by the project.Under the offtake contract, CMC Cometals will offtake at least 200,000 DMT of fluorspar annually at prices linked to themarket price. The contract is valid for a minimum period of three years from the start of production by Nui Phao, with CMChaving the option to extend the contract by another three years. Thereafter, the contract can be extended with the mutualagreement of both parties.

Bismuth

Nui Phao Mining has an offtake contract for its bismuth product with Sidech, a subsidiary of 5N Plus, the world’s onlyspecialist producer of bismuth. Under the offtake contract, Sidech will purchase at least 2,000 DMT of bismuth productannually at prices linked to the market price, with an option to purchase any additional product produced by Nui Phao. Thecontract is valid for a minimum period of five years from the start of production by Nui Phao. Thereafter, the contract can beextended with the mutual agreement of both parties.

Tungsten

We are currently in discussions to select a suitable offtaker for Nui Phao’s output of tungsten. Given the shortage oftungsten in the world currently, we have received significant interest from several international consumers and traders oftungsten.

Copper

Nui Phao Mining is currently evaluating options to sell Nui Phao’s output of copper concentrate within Vietnam or toneighbouring countries which will help to minimize transportation costs and export taxes.

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