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Canada Mining Update:

Canada Mining Update:. June 2012. Current Market Conditions. Toronto Stock Exchange (“TSX”). Current Market Conditions. TSX – Mining Financings. Current Market Conditions. Toronto Venture Stock Exchange (“TSXV”). Current Market Conditions. TSXV – Mining Financings. The Disconnect.

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Canada Mining Update:

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  1. Canada Mining Update: June 2012

  2. Current Market Conditions Toronto Stock Exchange (“TSX”)

  3. Current Market Conditions TSX – Mining Financings

  4. Current Market Conditions Toronto Venture Stock Exchange (“TSXV”)

  5. Current Market Conditions TSXV – Mining Financings

  6. The Disconnect • PWC Review of Global Trends 2012 – based on top 40 mining cos • 2011 = record profits of $133B, record cash-flows BUT market capital ↓ 25% • ↑ shareholder demands for heightened capital discipline • Invested $98B in capital projects (2011), $140B planned in 2012 • Top 40 returned 156% more to shareholders in 2011 over 2010 • Only 6 of top 40 saw market cap ↑ Source: PWC – Mine - 2012

  7. What is the impact of the Disconnect? • Long-term demand fundamentals remain robust • Key issues facing supply over next 5 years • Structural changes to costs bases • ↑ resource nationalism • Timing issues • Capital requirements in light of financial markets • How long can the disconnect continue? Source: PWC – Mine - 2012

  8. Offer Trends • In Canada, governments are actively promoting resource development • BC • Ring of Fire • NWT • Bill 14 (Quebec) • Clean Mining Alliance

  9. Carmen L. Diges, LL.M, CFA • Chair, National Mining Group

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