Exploration, Silver & PGM’s

1. Calgary Mining ConferenceApril 27th, 2011 Exploration, Silver & PGM’s Chris Thompson, M.Sc. Ben Asuncion Haywood Securities, Canada

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4. Synopsis • Junior Exploration • Silver • Fundamentals • Equities • Bear Creek Mining (BCM-V) & Mirasol Resources (MRZ-V) • Platinum Group Metals • Fundamentals • Equities • North American Palladium (PDL-T)

5. Junior Exploration Haywood’s Metals & Mining Analysts Stefan Ioannou (sioannou@haywood.com) Geordie Mark (gmark@haywood.com) Joe Mazumdar (jmazumdar@haywood.com) Kerry Smith (ksmith@haywood.com) Chris Thompson (cthompson@haywood.com)

6. Junior Exploration Reports

7. What do we look for: • Management: Market Credibility &Technical Expertise • A Plan that Makes Sense: Corporate & Technical • The Financial Ability to Execute • Clear Timelines and Achievable Goals

8. Q2/11 Exploration Companies

9. Silver Chris Thompson, M.Sc. (Eng), P.Geo cthompson@haywood.com (604) 697-7433

10. Silver Fundamentals – Supply & Demand

11. Silver Fundamentals - Trends Silver Price: April 21: US$46.63 or 32:1 Au : Ag

12. Silver Fundamentals – ETF Holdings April 2011: 987 M oz or 61% of annual supply

13. Silver Producers – CFPS Multiples A Broad Range : P / CF: 6x to 22x

14. Silver Equity Performance 90 Day Performance: -30 % to 110%

15. Silver Equity Leverage

16. Bear Creek Mining Corp (BCM-V) • Valuation: $14.00 TP / SECTOR OUTPERFORM • Market Cap: $844M / Cash: $131M

17. Bear Creek Mining Corp (BCM-V) Highlights: • Santa Ana: Low Capex + Compelling Economics – US$70 M initial Capex and LOM average US$9.86 / oz cash cost over 10.5 years. Haywood forecasts 1.6 M oz 2012 production at US$10.47 / oz cash cost increasing to 4.3 M oz 2013 production at US$10.49 / oz cash cost. • Corani: A Company Builder – Increased throughput (22,500 tpd from 15,000 tpd) = potential + 11.4 M average LOM silver production ounces a year. Haywood currently models 15,000 tpd generating 7.7 M LOM oz/ year. BFS (Q3/11) anticipated. • Silver Price Sensitivity – US$45 / oz Ag = Intrinsic Target of $35.30/ share – Aligning our silver price deck with current US$45/oz (leaving all other assumptions unchanged) delivers at intrinsic target of $35.30 / share. • An Estimated US$131 M in the Treasury Covers Funding for Santa Ana – US$132M in the treasury funds US$70 M in initial capital costs at Santa Ana (US$35 M in 2011 and 2012). Recently announced prepayment of US$23 M consolidates property ownership of Corani at 100%.

18. Bear Creek Mining Corp (BCM-V)

19. Mirasol Resources Ltd (MRZ-V) • Valuation: $8.75 TP / SECTOR OUTPERFORM • Market Cap: $232M / Cash: $13M

20. Mirasol Resources Ltd (MRZ-V) Highlights: • Joaquin (39% ownership) – On the Pathway to Development: With silver miner Coeur d’Alene Mines (NYSE:CDE) as project operator and majority owner (61%), the Joaquin silver-gold property provides Mirasol with a rapidly evolving advanced exploration opportunity. Haywood estimates 23.5 million silver equivalent ounces attributable to Mirasol, or $82 million of value. Haywood anticipates an exploration budget of $3 million for calendar 2011, funded by Coeur d’Alene Mines delivering +70 million ounce potential at Joaquin. • Virginia (100% ownership) – The Near-Term Multimillion-Ounce Value Driver: With over 9 kilometres of multiple silver-bearing veins (confirmed by rock chip and sampling programs) manifesting themselves as outcrop and/or float, the prospectivity of the Virginia–Santa Rita project for high-grade silver is clear. Haywood estimates 41 million ounces or $142 million of value for the Julia Vein plus 11 million ounce potential from other veins. Haywood anticipates an exploration budget of $1.5 million for calendar 2011. • Santa Cruz Province, Argentina + Northern Andes, Chile = An Impressive Land Position: An impressive portfolio including twenty 100%-owned gold and silver projects in Santa Cruz Province, Argentina, provides Mirasol with a pipeline of exploration projects. Area diversification is offered by its strategy of hunting for gold-silver deposits in Argentina and porphyry copper deposits in Chile. Haywood allocates $50 million of value for Mirasol’s property portfolio (outside Joaquin and Virginia–Santa Rita). Haywood anticipates an exploration budget of $2 million for the calendar year 2011. • Mirasol = A Winning Team: This internationally recognized management team has an exceptional track record of mineral discovery in South America. • $13 Million in the Treasury: Mirasol’s estimated exploration expenditures of $3.5 million at Virginia and other properties, $3 million at Joaquin (wholly financed by Coeur d’Alene Mines), in addition to $0.7 million in forecasted corporate expenditures for the year are supported by a strong $14 million treasury.

21. Mirasol Resources Ltd (MRZ-V)

22. PGMs Chris Thompson, M.Sc. (Eng), P.Geo cthompson@haywood.com (604) 697-7433

23. PGM Fundamentals – Supply & Demand Palladium Supply: 84% = South Africa & Russia Palladium Demand: 60% = Autos Platinum Supply: 78% = South Africa Platinum Demand: +48% = Autos

24. PGM Fundamentals - Trends Palladium Price: April 21: US$759 or 2.4:1 Pt : Pd

25. PGM Fundamentals – Supply & Demand Pt & Pd: Shrinking Supply / Demand Surplus - Deficit

26. PGM Fundamentals – ETF Holdings April 2011 - Pd: 1.19 M oz or 28% of annual supply April 2011 - Pt: 1.38 M oz or 19% of annual supply

27. PGM Producers – CFPS Multiples A Broad Range : P / CF: 2x to 17x

28. PGM Equity Performance 90 Day Performance: -90 % to 20%

29. North American Palladium (PDL-T) • Valuation: $8.35 TP / SECTOR OUTPERFORM • Market Cap: $965M / Cash: $117M

30. North American Palladium (PDL-T) Highlights: • Over 3x Pd production growth by 2015 – PDL’s aggressive development plan for the Offset Zone is 309 Koz of Pd production in 2015 at a US$125/oz Pd cash cost net of credits, compared with 95 Koz at US$283/oz for 2010. • Growing gold division – Growth comes from redevelopment of the Sleeping Giant mine and the estimated production from Vezza in 2012. Production growth and operating costs from 18 Koz in 2010 at a cash cost of US$1,549/oz to 65 Koz in 2012 at a cash cost of US$739/oz. Further growth (not modelled) offers additional growth potential from satellite deposits (Flordin and Discovery) feeding the Sleeping Giant mill. • Significant growth in cash flow anticipated – Cash flow of $0.31 estimated for 2011 growing to $0.76 in 2012, $0.84 in 2013, $0.95 in 2014 and $1.02 in 2015. • Robust Pd prices + higher grades + low operating costs = further upside – Fundamentals for PGM remain firm, supported by growth in demand, investor interest, and uncertainty about supply from the Republic of South Africa and depletion of Russian stockpiles.

31. North American Palladium (PDL-T)

32. Industry Reports