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TITANIUMIRON ANDVANADIUMTSX-V: RGX
RGX TSX.V1
ARGEXMINING INCCORPORATE PRESENTATION
May 2011
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Forward Looking StatementThe information presented contains forward-looking statements, within the meaning of the United States Private Securities Litigation Reform Act of 1995, and
forward-looking information under similar Canadian legislation, concerning the business, operations and financial performance and condition of the Company. Forward-looking statements and forward-looking information include, but are not limited to, statements with respect to estimated production, the estimation of mineral reserves and
mineral resources; the realization of mineral reserve estimates; the timing and amount of estimated future production; costs of production; capital expenditures; success of
exploration activities; permitting time lines and permitting, mining or processing issues; government regulation of mining operations; environmental risks; unanticipated
reclamation expenses; title disputes or claims; litigation liabilities; and limitations on insurance coverage. Generally, forward-looking statements and forward-looking
information can be identified by the use of forward-looking terminology such as 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 sta te that certain actions, events or results may,
could, would, might or will be taken, occur or be achieved. Forward-looking statements and forward-looking information are based on the opinions and estimates
of management as of the date such statements are made, and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results,
level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements or
forward-looking information. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from thosecontained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There
can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The Company does not undertake to update any
forward-looking statements or forward-looking information that are incorporated by reference herein, except in accordance with applicable securities laws.
Investors are advised that National Instrument 43-101 of the Canadian Securities Administrators requires that each category of mineral reserves and mineral resources be
reported separately. Mineral resources that are not mineral reserves do not have demonstrated economic viability.
Cautionary Note to U.S. Investors Concerning Estimates of Measured, Indicated or Inferred Resources
The information presented uses the terms measured, indicated and inferred mineral resources. United States investors are advised that while such terms are recognizedand required by Canadian regulations, the United States Securities and Exchange Commission does not recognize these terms. Inferred mineral resources have a great
amount of uncertainty as to their existence, and as to their 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 other economic studies. United States
investors are cautioned not to assume that all or any part of measured or indicated mineral resources will ever be converted into mineral reserves. United States investors are
also cautioned not to assume that all or any part of an inferred mineral resource exists, or is economically or legally mineable.
RGX TSX.V2
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RGX TSX.V3
High Quality Projects and Technology andRapid Evaluation
An Aggressive and Successful Approach toExploration and Rapid advancementtowards productionCommodities the world needs titaniumdioxide, vanadium pentoxide and iron
What is Argex?
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RGX TSX.V4
Rapid advancement to production = potential nearterm cash flowTitanium dioxide price forecast to double in the period
from 2010 to 2015Expected to be the largest vanadium pentoxideproducer in the Americas
Iron ore at all time highsProprietary TiO2 Technology
Why invest in Argex?
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Highlights NI 43-101 compliant resource estimate including: 30,888,000 tonnes
measured and indicated and 13,013,000 tonnes inferred resourceestimate grading >44% iron (63.36% Fe2O3), >11% titanium(18.67% TiO2) and >0.24% vanadium (0.43% V2O5).
High grade titanium, iron and vanadium deposits
Environmental Permitting work underway by Genivar
100 km from deep water port
Extensive infrastructure in place
Exclusive exploration agreement with Innu
Initial sample testing shows excellent iron and titanium recovery andpurity
20,000m of Drilling completed by Major Drilling
NI43-101 Preliminary Economic Assessment (PEA or Scoping Study)currently being prepared by BBA.
Favourable valuation to other comparables
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Team
Michael Dehn, President, CEO & Director President and CEO of Puget Ventures Inc. and Director of other mining companies
B.Sc. in Earth Sciences from the University of Waterloo
Former Senior Geologist with Goldcorp Inc. (1995-2005); over 19 years of experience in the
mining industry, including extensive technical knowledge of the Red Lake district
Mark Billings, CFO, Director President and CEO of Orex Exploration Inc. (TSX-V: OX), a gold exploration company with
properties in Nova Scotia
BA (Honours) from Carleton University and an MBA from the Harvard Business School;
Chartered Financial Analyst
Enrico Di Cesare, COO & VP TechnologyRoy Bonnell, VP Business and Corporate Development, Director
Managing Director of Atwater Financial Group, a Montreal-based merchant banking group.
M.Sc. Accounting & Finance (London School of Economics), MBA (McGill) University, L.L.B.
Western Ontario, B.A. (Queens University).
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Team (contd)Peter H. Smith, Director
President and CEO of Fancamp Exploration Ltd. (TSX-V: FNC),
B.Sc. in geology from McGill University and an MS and Ph.D. from Northwestern University
Anthony Garson, Director B.Sc. in Earth Sciences from the University of Waterloo and an MBA from the University of
Toronto.
Involved in the brokerage industry as a Mines and Metals Analyst, V-P Scotiabank 1975-80,
Dean Witter Reynolds (Canada) Ltd. ,Canaccord Capital. Founding partner of Union CapitalMarkets (UK) Ltd.
Director of Alamos Gold Inc.
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Commodity Prices
RGX TSX.V8
Commodity Price (per tonne, US$)Iron Ore (Magnetite) $125Titanium Dioxide (TiO2) $600 - $3,000Vanadium Pentoxide V2O5 $15,000
http://rds.yahoo.com/_ylt=A9G_bDiLBjZMRx8ALfWjzbkF/SIG=12kbtum05/EXP=1278695435/**http:/www.warehamforge.ca/ironsmelting/june08/images/ore952.jpg8/6/2019 Vanadium Will Be A By-Product Of This Titanium Deposit
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La BlacheMetal Value(based on NI 43-101 compliant resource estimate)
9RGX TSX.V
Estimated In Situ Metal Valueof NI 43-101 Compliant Resource Estimate:Iron Ore TiO2 V2O5
Market ($US/tonne) $125 $3,000 $15,000NI 43-101 Est. Grade 63.29% 18.78% 0.45%30,888,000 tonnes(measured + indicated only)
Est. Metal Value (bil. $US) $2.44 $17.40 $2.08
Total Value (billions $US) $22Gross Value of Metal Per Share($US) $247(based on 88,725,304 shares outstanding)
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Titanium Mining/Exploration(Comparables)
10RGX TSX.V
Company
Shares
Outstanding
Share Price
(CAN$) Market Cap (CAN$)
Resource/Reserve
tonnes
Ore Grade
TiO2
Planned Production
tonnes
TiO2
Product
ILUKA 418,700,000 8.61 $ 3,606,765,540 275,600,000 6.00% 1,371,000 66.2%
KENMARE RESOURCES
PLC 2,403,502,000 0.52 $ 1,257,743,200 6,520,000,000 1.19% 800,000 55%
TITANIUM RESOURCES
GROUP 65,870,856.24 0.17 $ 65,870,856 277,000,000 1.35% 100,000 55%
ARGEX MINING INC 88,725,304 0.50 $ 44,362,652 30,888,000 17.40% 600,000 98%
$3,607
$1,258
$66 $440
1,000
2,000
3,000
4,000
ILUKA KENMARE RESOURCES PLC TITANIUM RESOURCESGROUP
ARGEX MINING INC
CAN$
Market Cap (CAN$)
*NI 43-101 compliant resource estimate, anticipated production -share prices and market cap data as of May 17, 2011
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Business Strategy 2011
Complete NI 43-101 Preliminary EconomicAssessment Report
Mini-Plant operation for commercializationtesting and product production for customer
materials testing
Capital Financing for Production Plantconstruction
Mine site development and pre-productionmining
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Progress for La Blache Project
12
Dec.2008
Dec.2009
Dec.2009
Jan.2010
Jan.2010
Feb-May2010
May-July2010
May-Aug2010
Feb.2011
May2011
June2011
Ju;y2011
43-101 Qualifying ReportCompilation and PlanningAirborne Geophysical SurveyModel and Validate TargetCamp Installation, MobilizationDrill (13,000m) (Consul-Teck/Major)Drilling (7000m) (Consult-Teck/Major)Initial Metallurgical Testing (Oretech)43-101 Resource Estimate (Met-Chem)Phase Two Met. Testing (Oretech)Scoping Study (BBA)Mini-Plant (Oretech)
RGX TSX.V
Testwork completeawaiting additional mini-plant results
Underway
Leaching has commenced and is ongoing
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La Blache Project The La Blache Project comprises three known lenses of massive titaniferous magnetite
(Fe-Ti-V) mineralization: West Hervieux, East Hervieux and Schmoo Lake. It was discovered in 1952 by Bersimis Mining.
A historic (non-compliant) estimate of the property is 79 million tons at 48% Fe, 20.5%TiO2, and 0.36% V2O5.
In excess of 110 holes totaling more than 6000 metres completed in 41 holes at theWest Hervieux occurrence and nearly 9000m in 69 holes on the East Hervieux occurrence,located approximately 2 km east and 1.25 km north of the West Hervieux Occurrence.Results for more than 70 holes are pending.
RGX TSX.V13
HOLE # From
Length
along
core (m)
Fe Ti V Fe2O3 TiO2 V2O5HW-10-001 7.5 161.25 42.62 11.04 0.27 61.86 18.29 0.48HW-10-003 9.40 85.80 42.14 10.73 0.26 60.25 17.90 0.46
HW-10-007 10.00 121.50 43.34 11.16 0.27 61.96 18.61 0.48
HW-10-008 34.90 72.00 44.38 11.33 0.28 63.45 18.90 0.50
HW-10-013 3.80 68.00 41.72 10.46 0.27 59.65 17.45 0.47
HW-10-029 4.60 105.40 43.31 10.70 0.28 61.92 17.85 0.50
HW-10-030 50.90 51.90 43.05 11.13 0.28 61.55 18.57 0.50
HW-10-030 108.50 58.80 37.07 9.29 0.26 53.00 15.50 0.46
HW-10-031 4.00 107.00 44.99 11.68 0.29 64.33 19.48 0.52
HW-10-039 127.10 67.10 41.76 10.83 0.27 59.70 18.07 0.48
Significantresults from2010 WestHervieux drilling
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La Blache ProjectNI 43-101 Resource Estimates
Resource Category In Situ (tonnes) Fe % Ti % V % Fe2O3% TiO2% V2O5%
Measured 8,017,000 44.22 11.27 0.25 63.22 18.8 0.45
Indicated 22,871,000 44.28 11.26 0.26 63.31 18.78 0.46
Measured + Indicated 30,888,000 44.27 11.26 0.25 63.29 18.78 0.45
Inferred 13,013,000 44.11 11.19 0.24 63.06 18.67 0.43
In Situ Grades Calculated In Si tu Oxide Grades
Resources Estimation Summary for West and East Hervieux (COMBINED)
East Hervieux and West Hervieux (Cut-Off 40% Fe)
Resource Category In Situ (tonnes) Fe % Ti % V % Fe2O3% TiO2% V2O5%
Measured 5,601,000 44.19 11.34 0.25 63.18 18.92 0.45
Indicated 12,839,000 44.37 11.37 0.27 63.44 18.55 0.43
Measured + Indicated 18,440,000 44.32 11.36 0.26 63.36 18.95 0.46Inferred 4,173,000 44.14 11.4 0.27 63.11 19.02 0.48
In Si tu Grades Calculated In Situ Oxide Grades
Resources Estimation Summary for West Hervieux
West Hervieux (Cut-Off 40% Fe)
Resource Category In Situ (tonnes) Fe % Ti % V % Fe2O3% TiO2% V2O5%
Measured 2,416,000 44.28 11.12 0.24 63.31 18.55 0.43
Indicated 100,320,000 44.17 11.12 0.24 63.15 18.55 0.43
Measured + Indicated 12,448,000 44.19 11.12 0.24 63.18 18.55 0.43Inferred 8,840,000 44.1 11.09 0.23 63.05 18.5 0.41
In Si tu Grades Calculated In Situ Oxide Grades
Resources Estimation Summary for East Hervieux
East Hervieux (Cut-Off 40% Fe)
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The Mouchalagane Project
The Mouchalagane Project consists of a group of 3 iron oreproperties referred to as Hanna, Consolidated Morrison
and Fortin.
The Hanna and Morrison properties have an historicalestimate that is non compliant under National Instrument43-101 of 300+ millions tonnes, with historical gradesranging from 31% to 36% Fe.
The more grass-roots Fortin property yielded grab samplesgrading in the range of 67% Fe and over.
Recently increased the property by 127% to cover expectediron formation prior to airborne geophysical survey
Completed 2447 km airborne geophysical survey thatidentified more than 40km of iron formation strike length
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Mouchalagane ProjectOriginally172 square km
RGX TSX.V16
M h l Ai b
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RGX TSX.V17
IRONFORMATION
IRONFORMATION
Mouchalagane AirborneGeophysics
(property increased to 230 sq km)
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RGX TSX.V18
Mouchalagane Property Now330 sq km
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Lac Brul Property
RGX TSX.V19
CLM Claims
Argex Mining Claims
ArgexMiningClaims
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Lower Costs Due to Unique Location
EXISTINGINFRASTRUCTURE
Rail lines
Power lines
Main access roads &logging roads
Housing for employees
7 deep sea ports
20
LABRADOR
QUBEC
St. Lawrence
River
Producing iron mine
Shipping terminal
Rail line
Hydro
Road
QNS&LQCM
Pointe NoireSept-Iles
Port Cartier
LabradorCity
Twin Falls
ChurchillFalls
Bloom Lake (CLM)WABUSH (WABUSH IRON)
CAROL LAKE (IOC)
MONT-WRIGHT (QCM)
Mouchalagane
Properties (RGX)
La Blache
Properties (RGX)
Baie-Comeau
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Exclusive Innu Agreement
RGX TSX.V21
Mining exploration agreement between Argex and the Innu.
The Innu consent to Argex conducting mining exploration on landsthat they claims pursuant to their ancestral rights.
Innus grant Argex an exclusive right to mining exploration anddevelopment on land within a 100 km radius of any Argex claims.
Argex agrees to communicate with the Innu in a timely mannerits exploration plans and results.
Innu have a right of first participation in the financing of Argexs
future development projects on its territory.
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43-101 Resource
RGX TSX.V22
NI 43-101 compliant resource estimate including: 30,888,000 tonnes
measured and indicated and 13,013,000 tonnes inferred resourceestimate grading >44% iron (63.36% Fe2O3), >11% titanium (18.67%TiO2) and >0.24% vanadium (0.43% V2O5).
Scoping StudyArgex has hired Montreal based BBA Inc., one of Canadas leading firmsof independent engineering professionals in the mining and metalssector, to help the Company in its preparations for the scoping study onits La Blache Project.
The scoping study to include an economic analysis of the potential
viability of the mineral resources, forecast mine production rates, capitalcosts to develop and sustain the mining operation, operating costs, andprojected cash flows prior to the completion of a preliminary feasibilitystudy.
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Metallurgical Process
RGX TSX.V
Argex has signed an Letter of Intent toacquire 50.1% of the company CanadianTitanium Ltd which owns the technology
A purity of 99.8% TiO2 has been achieved The process in closed loopedno chemicals
are discharged
Minimal tailings from La Blache ore allinert
23
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CTL Process Flow
Crushing,Grinding
Ilmenite
Leaching
HCl+MgCl2
Filtering
S/X for Fe
TiO2 Fe2O3product
Precipitation S/X for Ti
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CTL Technology ComparedChloride Process (CP)1 Sulphate Process (SP)1 CTL Process (CTL)
Generally requires the use of high TiO2
content
Both lower cost and lower TiO2 content
ilmenite ores and sulfate slags may be
used in this process.
Primarily ilmenite ore, not optimized
for rutile
Generally higher product consistency Base particle size control is less
consistent than in the chloride process,
negatively impacting product
performance.
Very high purity (99.8 %) TiO2 (rutile)
product
Produces only rutile crystal forms Produces either the rutile or anatase
crystal form
Production of anatase pigment is
possible
Smaller buildings Larger buildings Larger buildings
Fewer vessels More vessels No pressure vessels
Less manpower necessary More manpower necessary More manpower than Chloride Process
Higher training requirements for plant
operations staff
Lower training requirements for the staff Mix of qualified staff and operating
personnel
A more continuous process A batch process Continuous process
Less environmental impact due to less
waste generation
More environmental impact due to much
higher waste generation
Environmentally attractive: energy
efficient, chlorine not used, closed loop
operation, very low inert tailings
1 Source: Modified from http://www.ti-cons.com/Ti-Cons/index.php?option=com_content&view=article&id=1&Itemid=12&lang=en
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Chloride Process (CP)1 Sulphate Process (SP)1 CTL Process (CTL)
Limited possibility to rework some of
the waste to sellable co-products
Process needs co-product management
and attractive markets for co-products
Sellable byproducts (dependent on the
source of ilmenite) of iron, vanadium
and chromium, acid recovery and
recycle
Requires stable production environment
and infrastructure
Process is easier to handle because of
batch process
Process is flexible can handle
variation in feed material
The process is more sensitive to
production shortfall because it has a
closed loop front end
Production does not directly stop if one
step fails
Production does not directly stop if one
step fails
Higher safety requirements due to the
use of Cl2 and TiCl4
Safer operation - chlorine not used,
organic solvents used
Higher degree of automation necessary Lower requirements to equipment and
automation
Continuous process can be
automated
In general, the production costs arelower and do vary by plant
In general, the production costs arehigher than chloride process plants,
especially outside of China
Lower capital costs, lower operatingcosts reagents recycled, by-product
revenue
CTL Technology Compared(contd)
1 Source: Modified from http://www.ti-cons.com/Ti-Cons/index.php?option=com_content&view=article&id=1&Itemid=12&lang=en
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Summary
RGX TSX.V27
NI 43-101 compliant resource estimate including: 30,888,000 tonnes
measured and indicated and 13,013,000 tonnes inferred resourceestimate grading >44% iron (63.36% Fe2O3), >11% titanium(18.67% TiO2) and >0.24% vanadium (0.43% V2O5).
High grade titanium, iron and vanadium deposits
Environmental Permitting work underway by Genivar
100 km from deep water port Extensive infrastructure in place
Exclusive exploration agreement with Innu
Initial sample testing shows excellent iron and titanium recovery andpurity
20,000m of Drilling completed by Major Drilling
NI43-101 Preliminary Economic Assessment (PEA or Scoping Study)currently being prepared by BBA.
Favourable valuation to other comparables
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Market CapitalizationMARKET PERFORMANCE Recent Price - $0.50
52 week High$0.92
52 week Low - $0.18
Market Cap $44.3 Million
As of May 17, 2011
CAPITALIZATION 88,725,304 Outstanding Shares (basic)
23,320,777 Escrowed Shares
65,404,527 Free-trading Shares
4,837,500 Options
47,521,846 Warrants
3,460,020 Broker Warrants
144,544,670 Outstanding Shares (fully diluted)
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MANAGEMENT TEAMMichael Dehn, President & [email protected]
Tel: +1.647.477.2382
Mark Billings, CFO
Tel: +1.514.296.1641
Roy Bonnell, VP Business Development
Tel: +1.514.928.5933
CORPORATE HEADQUARTERSSuite 410, 630 Sherbrooke Street West
Montreal, Quebec H3A 1E4
Fax: +1.514.843.9208
www.argex.ca
Auditors : BDO DunwoodyLegal Counsel : Heenan, Blakie LLPTransfer Agent : CIBC Mellon Trust Company
All of Argexs public filings can be found on SEDAR
(www.sedar.com)
Corporate Information
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RGX TSX.V30
ARGEX
MINING INC
TSX-V: RGXwww.argex.ca
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RGX TSX.V
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