Wings Dec 09 Pea Ridge Presentation

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December 2009

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Disclaimer

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November 2009

The enclosed materials are informational only and are not intended to constitute any part of an offering of or solicitationof an offer to purchase any securities by Wings Enterprises Inc. and/or its affiliates (the “Company”). Such materialsare intended to provide general information about the Company so that recipients may evaluate the merits ofparticipating in the Company’s proposed financing transaction. Offers and sales of any securities by the Company willonly be effected through a purchase agreement having terms acceptable to the Company, its agent and participants.

The enclosed materials contain certain projections which are based upon numerous assumptions, and in some casesrely on information from third parties. While we have attempted to present such information as accurately as possible,we have not independently verified all such information. Accordingly, interested persons are encouraged to seek moreinformation to verify the accuracy of any such information.

These materials contain certain forward-looking statements within the meaning of the Private Securities LitigationReform Act of 1995 (the “1995 Act”). Although the Company is not afforded the protections of the 1995 Act with respectto these forward-looking statements, they are provided under the common law counterpart to the 1995 Act, the so-called“bespeaks caution” doctrine (the “Doctrine”). Such statements are made in good faith by the Company pursuant to theDoctrine, and are identified as including terms such as “may,” “will,” “should,” “expects,” “anticipates,” “estimates,”“plans,” or similar language. There are factors that could cause actual results to differ materially from those containedin any forward-looking statement made by or on behalf of the Company, including, without limitation, its ability to retainkey management personnel, general economic and political conditions and more particularly conditions affecting theiron ore market, our ability to successfully finance the development of our sites, and risks generally associated with acompany our size, including the effects of having limited resources, capital and inadequate sales, and general exposureto litigation. The Company further cautions that such factors are not exhaustive or exclusive. The Company does notundertake to update any forward-looking statement which may be made from time to time by or on behalf of theCompany.

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Wings Enterprises at a Glance

Company Type: • Private Co.

Principal Asset: • Pea Ridge Iron Mine(100% interest)

• Producer for 30 yrs

Location Of Mine: • Sullivan, Missouri

! Brownfield iron ore development company that owns the Pea Ridge Iron Mine inMissouri with one of the most prospective high grade iron ore deposits in theworld

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Resources: • 150M tons Iron OreResource (+57% Fe)

• High Grade

Alberici Constructors: • Revenues of $1.3 B

All figures throughout the presentation are in US$ unless noted otherwise.

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Investor Highlights

Redevelopmentof Past

Producing IronOre mine

State andFederal

Support forRedevelopment

World ClassNorth AmericanStrategic BasedMineral Deposit

Unique Accessto US EAF

Market

High GradeScalable IronOre Deposit

Proximity,Transportation& Infrastructure

Advantage

30 yrsHistoric

Production

150 MT Cont.57% Fe +

significant upsidepotential

FullyPermitted

& PotentialSubsidies

One ofRichest

REEDeposits

Eligible forFederal &

StateSubsidies

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On the Move

Large ScaleProduction

Initial PublicOffering

Developing HighGrade Iron Mine

Established RegionalInfrastructure

• Q1-2013 start-up

• 4 MT 70% Concentrate

• Potential to upgrade to pigiron (98% Fe)

• 6 – 12 months

• Construction financing

• Fully permitted

• Significant potential for byproducts production (REE)

• Mississippi River

• Rail and road access

• Pipeline proposed

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Management

James KennedyPresident & Owner- Designed and constructed the iron ore beneficiation

facility at Pea Ridge- Former portfolio manager for Kennedy Capital

Management with AUM of $100M- 13 years as a securities research analyst and marketing

representative funding over $300M in early 1990s

Laurence M. NuelleChief Geologist

Advisors During Feasibility Study

Terry GoodingFormer Senior Mining Manager for Pea Ridge

Larry TuckerFormer Chief Underground Mine Manager andActing Geologist for Pea Ridge

David JamesFormer Senior Mine Engineer for Pea Ridge

Management & Advisors

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- Transitioning to become the company’s full timegeologist

- Completed extensive work at Pea Ridge under theUSGS, specifically relating to the rare earth deposit

- Will coordinate the laboratory and processing for theproduction of rare earth concentrates from the Apatiteand the heavy rare earths from the breccia pipes

Martin SchaperInterim CFO

Bob NiemeierInterim COO

Tom GallagherFormer Senior Personnel and Safety Officerfor Pea Ridge

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All the Ingredients for Success

High Grade Underground Resource

Fully Permitted Brownfield Operation

Extensive Development Upside

Infrastructure & Geographic Advantage

Strategic Mineral Deposits / By-Products

Near Term Cash Flow from Tailings Development

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Resource Estimates are not 43-101 Compliant

Source: Pincock Allen & Holt, Bo Arvidson Consulting and multiple USGS reports and assays

Resources Summary

! Significant resource upside open at depth and along strike

Metal Contained TonsGradeTons

Metal Contained TonsGradeTons

75.3k5.4%1.4MREO from Apatite

1.4M7.0%Phos. / Apatite – ~30% P2O5

1.0M5.0%Iron Ore – Fe3O4

4.8M24.0%20MIron Ore – Fe2O3

Recoverable Surface Resources – Tailings Lake

72k12%600kREO

Rare Earth Oxide Breccia Pipes

55k Conc.5.0%1.1MRare Earth

Underground Crude Ore ResourcesMetal Contained TonsGradeTons

Iron Ore 150M + 57.0% 86.4M

Phosphorus 0.7% 1.1M

Pyrite 0.5% 75M

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! Discovered in 1950

! Originally a partnership between Bethlehem Steeland St. Joe Land Company in 1957

! 30 million tons of pellets, fines heavy media and

Pea Ridge Iron Mine – Fully Permitted BrownfieldProducer

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other iron products between 1964 and 2001! Shift to specialty products in 1990

! Shut down in 2001 due to falling iron ore pricesand strategic investments

! Iron ore reclamation began in Fall of 2006

! Current production of 30 tons per hour at 70% Fefrom 200k ton surface reserve

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Alberici Constructors, Inc

! Established in 1918

! 2008 Revenues of $1.3 Billion

! Ranked 47st Largest Contractor byEngineering News Record (ENR)

! Headquarters in St. Louis, MO, withregional offices in Detroit, MI; Atlanta, GA;Toronto, Canada; and Irapuato, Mexico

Design and Construction Partner

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Pea Ridge Mine

Project Overview

44 Mile Underground

Pipeline

New Processing &

Bulk Shipping Port

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Pea Ridge – Profile of a Successful Mine

Iron Ore Resource 150 MT

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Mine Life 30+ years

Annual Production 4 MTPA

Cash Operating Costs per Ton (excluding potential by-products) US$47.00

Iron Ore Grade 57%

*Pre Production Development Costs *$390 M

*Includes mine development costs of $180M; Surface facility costs of $150M; and Pipeline System / Dewater costs of $60M

*Full mine development will require an additional $150M over the next 10 years.

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Highly Profitable – Even at Current Prices

Iron ore $ per Ton

$91.00

$2.102

$11.50

$33.40

$47.001

HighlyProfitable

Hoisted cost per ton

70% Fe Concentrate

Pipeline to River

~50% margins before by-productsfrom Fe Concentrate

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Current Prices Our Cost3

1 Source: Marston Engineering report dated September 9, 2009

2 Includes Dewatering cost at River Site

3 Assumes hoisting 6 million tons to produce 4 million tons of +70% concentrate and recovery of all hoisted Hematite,approximately 30% of total dilution, via tailings lake reclaim facility

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Upside Potential from By-Product Revenues1

1 Does not factor in production costs or additional Capex required to produce these by-products. Process and cost will be determined in theexpected upcoming feasibility study.

5% of phosphorus production15% of hoistedmaterial

0.7% of iron oreMineral Source:

$23.1M$14.0M$4.2MPotential AnnualRevenues

$11,000.00$14.00$100.00Price per Ton

Cerium, Lanthanum, Yttrium,Neodymium, Gadolinium and

Dysprosium

Waste rock frommining

30% P 2O 5 / 5% rareearth oxides

ChemicalComposition

2,100 tons per year1M tons per year42k tons per yearPotential AnnualProduction

Cob Rock Rare Earth OxidesPhosphorusBy-Product

Page 15Redevelopment of Pea Ridge MinePig Iron Technology

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Unit Capacity CostProd. Cost(per FinishedTon)

Kobe ITkm31

System500,000 tpy $200M $220.002

Alternative3 50,000 tpy $20M $200.00

1 Production cost above include market price for iron ore, of $91 (Current spot market price of 65% Fe = $85 [$85/65= $1.30] / $1.30 x 70% Fe =$91)

2Kobe cash cost may be as low as $200 per finished ton based on 70% Fe iron units. Target capacity requires the use of 4 Kobe units

3The “Alternative” technology is not named due to confidentiality agreements

! High grade and quality of Pea Ridge deposit make it uniquely amendable toupgrading using Kobe Steel’s advanced iron ore refining technology

! Value add proposition creating higher value / significantly higher margin production

! Pea Ridge is in advanced discussions with Kobe Steel

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Profit Centre Revenues Gross Profit

Phase 1: 4M Tons x $91.0

Mine Production $364M $176M

Phase 1 Total $364M $176M

Phase 2: (4M Tons Concentrate)

Pig Iron (3M Tons Concentrate) $800M* $360M

Redevelopment of Pea Ridge MineSignificant Value Potential

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Iron Ore Fines (1M Tons Concentrate) $91M $44M

Phase 2 Total $891M $404M

*3M Tons of Concentrate results in 2M Tons of Pig Iron, sold at $400/Ton FOB/St. Louis

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Infrastructure & Geographical Advantage

! Proximity to End User Market• Direct access to regional steel manufacturing sector via river, rail

and road• Strategically located below all locks and river control devices on

Mississippi

! Transportation & Logistical Advantage from Mississippi(site for port development)

• Large Land Package for development• Access to Union Pacific / BNSF rail lines• Approx. 30 miles from St. Louis

! Strong Government Support• Potential for subsidies at State / Federal level• Eminent Domain• USGS considers Pea Ridge to be a strategic asset

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! Majority of iron ore in the U.S.comes from Mesabi Range

! EAF steel mills in U.S. arelocated in South Central U.S.

! All pig iron from the region isimported

! Wings is strategically located tomeet this demand

Geographical / Transportation Advantage

Wings’ Crystal City location iscentrally located below St.Louis and all lock and damcontrol structures

Mesabi Range

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Wings

3 BOF via Water

EAF

BOF

! Wings has a Logistical Advantage to 22 Steel Mills in the USA


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3,000 Miles toBrazil

17 EAF via Water2 EAF via Rail

! The U.S. imports 5million tons of pig iron viaNew Orleans per year

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! Wings has direct access to Union Pacific and BNSF at our River facility, with a regionallogistical advantage to 27 EAF mills

EAF

Wings


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Mississippi River

Interstate Hwy 55 and 67Union Pacific RailNBNSF Rail

Hwy 55Small Regional Airport


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! Government allocated funding forGreenfield Intra Modal Facility on theMississippi

! Wings will control 2.5 miles of riverfront

! Partnership interest from State of

Intra Modal Port Project

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Missouri and Jefferson County

! “Eminent Domain” legislation inplace

! Financial incentives to be introducedinto legislation

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! Pea Ridge has the highest value Heavy Rare Earths Distribution of anyPermitted mine in the World

SEGY = Heaviest and Most Valuable (Samarium, Europium, Gadolinium, Yttrium, and Terbium)Nd, Pr, Dy = The Middle REO Values (Neodymium, Praseodymium and Dysprosium)

13%- SEGY

21%- Nd., Pr., Dy.

66%- Ce. + La.

Pea Ridge Iron Mine – Heavy Rare Earths

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Ce + La = The Light, abundant and lowest value (Cerium and Lanthanum)

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! The Breccia Pipes open at depthand potentially continue to 900 ft

• 600k tons @ 12% REO

! Another source of REO is fromthe flotation of apatite from theiron ore in beneficiation process

! REO enriched apatite to be a byproduct


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! In discussions with REO/REE companies regarding development, concentrationand sales of rare earth oxides


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! In communication with the DoD and DoE to develop rare earth elemental alloyrefinery at cost US$500-US$700M

• Requires a grant from the Federal Government

! Pea Ridge rare earth deposit classified as “Strategic and Critical” by the USGS

! Pea Ridge to be a stable rare earth producer, economically insulated from foreignmonopoly pricing pressure

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Wings Enterprises Inc.Corporate Office

8800 Page AvenueSaint Louis, Missouri 63114-6106

United States of America

CEO - James KennedyTel: (314) 494-1638

[email protected]

COO – Bob NiemeierTel: (314) 733-2329

Website: www.wingsironore.com

Contact Information

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Wings Dec 09 Pea Ridge Presentation

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