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TSXV: LGO Near Term VANADIUM Producer Metals and Mining Deal of the Year Best Mining Deal CORPORATE PRESENTATION December, 2013 www.largoresources.com Forward Looking Statements The information presented contains forward-looking


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TSXV: LGO

Best Mining Deal

www.largoresources.com

Near Term VANADIUM Producer December, 2013

CORPORATE PRESENTATION

Metals and Mining Deal of the Year

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TSXV: LGO

Forward Looking Statements

The 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 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; metal prices and demand for materials; capital expenditures; success of exploration and development activities; permitting time lines and permitting, mining or processing issues; government regulation of mining operations; environmental risks; and title disputes or claims. 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,”, “projects” or variations of such words and phrases or state 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, including, but not limited to, unexpected events during operations; variations in ore grade; risks inherent in the mining industry; delay or failure to receive board approvals; timing and availability of external financing on acceptable terms; risks relating to international operations; actual results of exploration activities; conclusions of economic valuations; changes in project parameters as plans continue to be refined; and fluctuating metal prices and currency exchange rates. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained 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 recognized and 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

  • r legally mineable.

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TSXV: LGO

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Production in sight.

As at October 10, 2013

Project as at November 19, 2013

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Maracas Vanadium Project

  • Vanadium Project in Brazil
  • Highest grade/quality; lowest cost project
  • Funded and in construction
  • Production to begin in Q1, 2014
  • Glencore Off-take: 100% Take-or-Pay

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Metals and Mining Deal of the Year Best Mining Deal

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TSXV: LGO

Vanadium – a Strategic Metal

  • Most used alloy to strengthen steel
  • Significantly increases tensile strength
  • Resistant to: seismic, corrosion, abrasion
  • Proven process for separation

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Makes steel stronger, tougher and lighter

Source: vanitec.org/Roskill, 2013

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Vanadium – Few Substitutes

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2lbsV 1 Tonne

  • f Steel

= 2X

Strength

Highest strength to weight ratio of any alloy

Source: vanitec.org

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Demand Drivers

  • Increased use in steel production
  • Growth in applications containing V
  • Higher quality steel standards in BRICs

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Strong growth profile

Growth Rate (CAGR)

Source: Roskill, 2013

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Growth Example

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Source: Les Ford Vanadium and Steel presentation, PDAC 2010 Source: Roskill 2013

% of Vanadium Used per Tonne of Steel by Region Total Tonnes by Region (V2O5 Equiv.) Projected Impact of China’s Increased Rebar Standards

Actual Consumption 2010 Projected Impact of China’s 2013 Rebar Standards

Japan Europe China

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  • Rebar for construction
  • Buildings, bridges, tunnels
  • Automotive parts
  • Pipelines
  • Aviation and aerospace
  • Power lines and power pylons
  • Chemical plants, oil refineries, offshore-platforms
  • Various tools and dies
  • High strength steel structures
  • Construction machinery and equipment
  • Cast iron used for rolls in steel mills

Vanadium is Everywhere

Source: Vanitec

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Supply is Concentrated

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Brazil production provides stability of supply

Source: Roskill, 2013

Of global supply

China 70,000 Tonnes (V2O5 Equiv) South Africa 35,000 Tonnes (V2O5 Equiv) Russia 14,000 Tonnes (V2O5 Equiv) Total Supply 127,000 Tonnes (V2O5 Equiv) Total Demand 136,000 Tonnes (V2O5 Equiv)

*Tonnage calculated in V2O5 Equivalent

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Vanadium Historical Pricing

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$0.00 $5.00 $10.00 $15.00 $20.00

Historical Vanadium Price

Consistent floor at $5.00 per lb

Largo Operating Costs

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Maracas – Ideal Location

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Safe, mining friendly jurisdiction

  • Government and local support
  • Arid climate, ideal topography
  • Management with regional experience

Metals and Mining Deal of the Year Best Mining Deal

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  • Magnetite deposit
  • Mineralization at surface
  • Highest grade and quality ore
  • Contains Platinum Group Metals

Maracas - Mineralization

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Long strike zone

Significant opportunity for future expansion

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Concessions and Mineralization

= Gulcari “A” Deposit (first 12 Years)

Maracás concessions and strike length 14

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Mineral Resources

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0.83% V2O5 +2 Times Industry Average Grade

30.4 Million Tonnes 24.6 Million Tonnes

Gulcari “A” Deposit

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Gulcari “A” Cross Section

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Cost Advantage

*Average grade comparisons compiled by Les Ford, presentation March 8, 2011

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Highest Grade/Quality Vanadium Deposit in the World

Ore V2O5% Concentrate SiO2% Concentrate V2O5% Higher head-grade and higher iron content Concentrate has much higher V2O5 Concentrate has fewer contaminants like silica

=

LOWEST COST PRODUCTION

Higher Recoveries Less Energy Required Lower reagent costs

Results in

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Maracas Project Economics

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*including iron ore byproduct credit – OPEX without credit is $3.18 (still lowest cost producer) **Average years 1-15

Net Present Value $554 million After tax IRR 26.3% Discount rate 8% Exchange rate (BRL:USD) 2:1 Average Production 11,400 t V2O5 equiv Mine life 29 Years Initial CAPEX 235 million OPEX $2.10* V2O5 price – 3 year avg $6.37 Average annual cashflow $89 million**

Includes taxes, royalties, and sustaining capex

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Low Cost Environment

  • Open pit mining
  • At surface deposit
  • Highly magnetic ore
  • Few contaminants
  • Water leaching process

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OPEX costs*

Ore provides better recoveries and reduces input costs

*including iron ore byproduct credit - OPEX without credit is $3.18 (still lowest cost producer)

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Low Cost with Potential to Improve

  • Lower mining costs
  • Lower power costs
  • In-house crushing
  • Depreciation of the Real

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Potential reductions in operating costs

*including iron ore byproduct credit - OPEX without credit is $3.18 (still lowest cost producer)

OPEX costs*

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Vanadium Historical Pricing

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$0.00 $5.00 $10.00 $15.00 $20.00

Historical Vanadium Price

Profitable at historic lows

Largo Operating Costs

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Process Flow Sheet

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Proven, industry tested process

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Production Profile

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Phase 1

(10,000 Tonnes Capacity)

Initial Ramp Up, Implementing Expansion & FeV Plant

Phase 2

(15,000 Tonnes Capacity) Expanded Production rates & FeV

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Year 1 Ramp-up Projections

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Conservative Ramp-Up Projections with Opportunity to Improve

Year 1 Total: 5,511 Tonnes V2O5 Year 2 Total: 9,689 Tonnes V2O5 Plant Capacity: 10,000 Tonnes V2O5 100% % Capacity

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Strong Partners

Glencore International Plc.

  • Largest trader of Vanadium
  • Take-or-pay agreement
  • 100% of all material produced

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Off-take agreement

De-risked product sale

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Strong Management

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Mark Brennan President & CEO 20+ years experience in capital markets Michael Mutchler Chief Operating Officer 20+ years mining engineering experience

  • perating and managing mines

Les Ford Technical Director Vanadium expert. 40+ years experience building/designing vanadium plants Kurt Menchen Country Manager & Maracas Project Manager 30+ years mining engineering experience

  • perating mines in Brazil

Douglas Herbst Maracas Construction Manager 30+ years mining engineering experience building mines Andy Campbell VP Exploration 30+ years of mining exploration experience Ernest Cleave Chief Financial Officer 10+ years experience in financial management Andrew Hancharyk Chief Legal Officer 10+ years experience in corporate Law

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Maracas Project Schedule

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Engineering Procurement Services Civil Works Crushing System Erection Milling System Erection Kiln System Erection Sulphate Salt Recovery System Erection Deammoniator/ Furnace Erection Utilities System Erection Equipment Fabrication Eletrical Line Contract Water Pipeline Erection COMPLETE COMPLETE

Q1 Q2 Q3 Q4 Q4 Q3 Q2

COMPLETE COMPLETE

Q1 Q2

2012 2013 2014 COMPLETE COMPLETE

= Commissioning in Progress = Commissioned and Operational

COMPLETE

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Recent Construction Milestone

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Crushing Circuit successfully commissioned in October 2013

See appendix for more photos of recent milestones

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Recent Construction Milestone

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Installation of first kiln shells – December 2013

See appendix for more photos of recent milestones

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Maracas Deposit Outcrop

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25 meters of

  • re at surface

150 meters Magnetite (ore) Gabbro (waste)

  • Dips at 65
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Maracas Environment

31 Gulcari “A” Open Pit Main Access Road Admin Facilities Roasting (kiln) Crushing

1 km

Milling Leaching Desilication Precipitation Final Product

Project as at December 11, 2013

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Corporate Structure

32 Stock symbol: LGO – TSX-V Share price (Dec 12, 2013): $0.21 Shares issued (Basic): 982 million Market Cap C$206 million 52-week High/Low: $0.275 / $0.155 Management & Institutions: 75% Warrants & Options (Basic): 253 million Institutional Shareholders Arias Resource Capital - 25.9% Mackenzie Investments - 14.3% Eton Park Capital Management - 11.1% Ashmore Investment Management - 11.4%

Shareholders & Project Partners

Project Finance Deal of the Year Awards - March 2013

Project Partners Glencore International

100% 6 yr take-or-pay off-take for Maracas

Business Development Bank of Brazil Bank Itau, Votorantim, Bradesco

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Secondary Projects

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Project Jurisdiction Metal Stage Currais Novos Brazil Tungsten Development – care and

maintenance due to drought

Northern Dancer Yukon, Canada Tungsten PEA Complete Campo Alegre de Lourdes Brazil Iron, Titanium, Vanadium Exploration

Blue sky potential to add value

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Investment Summary

  • Project funded, permitted and in construction
  • Advancing towards production in Q1, 2014
  • High grade, low cost production project
  • Significant cash-flow potential in near-term
  • Exposure to commodity with strong growth profile
  • Experienced management
  • Pipeline of projects in place for growth

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Substantially de-risked flagship project with near term cash flow

Under-Valued Near-Term Producer

Project as at November 19, 2013

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35 35

LARGORESOURCES.COM

Darcie Ladd

Business Development Manager dladd@largoresources.com 416-861-9406

Mark Brennan

President and CEO mbrennan@largoresources.com 416-861-9797

Largo Resources LargoResources1 Largo Resources largoresources

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Appendix

  • Board of Directors
  • Photos: Recent Construction Milestones
  • Useful equations for Vanadium
  • Maracas Mining Process
  • Tungsten
  • Currais Novos
  • Northern Dancer
  • Campo Alegre de Lourdes

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Appendix: Strong Board

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Mark Brennan Director Largo Resources President & CEO Dirk Donath Director Managing director Eton Park Capital Management Alberto Arias Director Founder & President Arias Resource Capital Dan Ioschpe Director CEO of Lopche-Maxion David Brace Director CEO of Karmin Exploration. Formerly with Aur Resources Wayne Egan Director Partner at Weir Foulds LLP

  • Dr. Alan Alper

Director Tungsten expert. Formerly with Osram Sylvania

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Recent Construction Milestones

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Main Ball Mill Placed on its Foundation – August 2013

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Recent Construction Milestones

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Evaporator Placed on into its Structure – September 2013

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Recent Construction Milestones

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AMV Filter Placed on its Structure – August 2013

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Recent Construction Milestones

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Kiln Assembly Commences – Sept 2013

Assembly of 90m Kiln Commences – September 2013

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Useful Equations for Vanadium

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Question: Equation:

Conversion of V2O5 to FeV Equivalent V2O5 x 0.5602 x 0.945 = V contained in FeV Or, 1 lb V205 = .1811 Kg Contained V in FeV Converting Tonnes V contained into V2O5 Equivalent Tonnes V x 1.7851 = V2O5 Equivalent Rough Equation to Calculate FeV (kg) price from V2O5 (lb) Equivalent V2o5 price x 4 + 2 = FeV

Vanadium is sold in two forms –Ferro Vanadium (FeV) and, Vanadium Pentoxide (V2O5). Largo will produce Vanadium Pentoxide only for the first three years of production. For the purposes of this presentation we have converted all tonnage of vanadium in Vanadium Pentoxide equivalent. Often, in other sources, Vanadium is reported in tonnes of FeV or in tonnes V contained in FeV Below are some helpful equations to convert tonnes of V2O5 into V equivalent.

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Appendix: Maracas Mining Process*

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  • Deposit outcrops at surface
  • Less than 1 meter pre-stripping
  • High grade material from

surface continues to depth

Simple, Cost-Effective Open Pit Mining Process

Unit Mining Cost Total OPEX Revenue Tonne of ore $14.29 $61.50 $129.97 Per lb V2O5 /equiv.** $0.82 $2.10 $6.09

*See press release dated Jan 18, 2013 **Includes all royalties less credit Iron Ore byproduct

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Appendix: Tungsten

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Tungsten [W74]

Tungsten is unique in its extreme qualities and difficult to replace

Source: Roskill, 2011 Source: Minor Metals Trade Association

Cemented Carbide Usage

  • Only diamonds are harder
  • 100X harder than steel

Very Hard

  • Highest melting point
  • Lowest expansion

Very Heat Resistant

  • Greater than lead or

uranium

Very Dense

Tungsten is….

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Appendix: Tungsten

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Source: British Geological Survey’s Risk List, 2011 Source: US Gelological Survey

Supply Demand

Source: Roskill, 2011/Europacific Canada, April 12, 2012

Production

17% Tungsten Scored 4th Most at Risk out of 52 Elements 67,000 Tonnes (2011) 95,000 Tonnes (2015)

Growing at 7% per year

Consumption

Supply

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Appendix: Currais Novos

Historical production district Significant production from 1940s to 1970s (approx 8% of global supply) Numerous potential acquisitions in immediate vicinity – both underground and tailings Provides significant expansion potential Preliminary exploration underway with goal

  • f defining additional resources

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Appendix: Currais Novos

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Production Commenced December 2011

90 tonnes of concentrate shipped Initially commissioned without mill due to importation delay at port Mill commissioned in February

Plant optimization proceeded to adjust milling circuit 3 additional screens were added in order to increase yields

Screens commissioned in Q3 Modifications to plant are ongoing

Production temporarily suspended due to severe regional drought

Currais Novos Site Visit – August 2012

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Appendix: Northern Dancer Project

Northern Dancer Resource Estimate

223.4 MT grading 0.102% WO3 and 0.029% Mo (M&I) Higher-grade tungsten and molybdenum zone: 60.3 MT of 0.14% WO3 and 0.045% Mo (M&I) 201.2 MT grading 0.09% WO3 and 0.024% Mo (I)

Development Milestones

PEA complete Environmental permitting under way Discussions with off-take partners and JV partner

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Appendix: Northern Dancer PEA Highlights

Tungsten

(US$ per MTU)

Moly

(US$ per lb)

IRR (%) NPV @ 8%

(US$ millions) $275 $17.50 20.0 918 $300 $17.50 22.2 1,110 $325 $17.50 24.4 1,302 $350 $17.50 26.5 1,494 $365 $17.50 27.8 1,769

* The PEA is preliminary in nature, and includes inferred resources that are too speculative geologically to have economic considerations applied to them. There is no certainty that the PEA will be realized.

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Low cash cost producer: US$116 per MTU 49 year mine life Pre-production capital costs: $645 million Cumulative cash flow US$4.8 billion Average annual production of 833,000 MTU tungsten (18.3 million pounds) and 5,959,000 pounds molybdenum over initial 23 years Current trading price of US$300 MTU Attractive economics at current tungsten prices Strategic asset for long term supply of tungsten

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Appendix: Campo Alegre Project

Non NI 43-101 Resource: 133 Million Tonnes Grading 50% Fe, 21% TiO2, 0.75% V2O5*

100% owned iron, titanium, and vanadium deposit - seven concessions covering 9,274.66 hectares Purchased in 2009 for USD $250,000.00 from Bahia State Mining Development Agency (CBPM) Preliminary metallurgical testwork completed in 2011 suggested potential for titanium dioxide (TiO2) project Further metallurgical testing underway in 2012

* Historical resource provided by CBPM (Bahia State Mining Development Agency)