Donner Metals and Xstrata Zinc : From the discovery of Bracemac-McLeod in 2007 to the production in 2013

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1 CAUTIONARY STATEMENT Certain statements of this presentation contain forward looking information and future oriented financial information. The reader is cautioned that assumptions used in the preparation of such information, although considered accurate at the time of preparation, may prove incorrect. The actual results may vary materially from the information provided herein. Consequently, there is no representation that actual results achieved will be the same as those forecast. A full Cautionary Statement is available at www.donnermetals.com

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2 Presentation

› Donner Metals › Bracemac-McLeod › Joint venture exploration › Strategy for the future

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3 Management and Directors

David Patterson (Chairman, Director) Ron Tessier (VP Engineering) • 20 years of experience with exploration stage • Over 40 years of experience in the mining industry, companies including in the Camp • He managed the feasibility study at Perseverance Mine and oversaw its $160M construction by Xstrata Harvey Keats (CEO, Director) • 25 years with senior positions at Falconbridge Ltd. Kerry Sparkes (Director) • Former VP Exploration of Diamond Fields Resources, • 25 years of experience in exploration where he was responsible for the exploration program • Vice-President of Exploration for Rainy River Resources at Voisey’s Bay

Normand Champigny (President) Ken Thorsen (Director) • 31 years of experience in Québec and other jurisdictions • Over 35 years of experience in the exploration business • Chair of the Board of Directors of Minalliance and an including President of Teck Exploration Ltd. Executive Committee Member of the PDAC. • Spent 21 years General Manager of Advanced Projects with Teck-Cominco

Robin Adair (VP Exploration) Laurie Sadler (Director) • 25 years career with Falconbridge/Noranda, Exploration • Founder and managing partner of Sadler, Weismiller, Manager – North America for zinc/ Spencer, Chartered Accountants (1984-2001) • He received his B.Sc. and M.Sc. in geology from the • He holds an MBA from the University of Western University of Alberta Ontario

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4 Capital Structure

Shares Outstanding: 249,655,993 Toronto Venture Exchange: DON Fully Diluted: 274,711,948 Frankfurt Exchange: D4M 52 Week Hi-Lo: $0.125 - $0.27 Institutionally held: approx. 50% Market Capitalization: ~$40M Liquidity: ~$15M, no debt

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5 Bracemac-McLeod The next Matagami Mine Q2 2013 production of zinc and copper in Québec

T S X . V : D O N A Donner Metals/Xstrata Zinc Joint Venture Mine Development › Partnership with Xstrata Zinc (65% Xstrata / 35% Donner) › Bracemac-McLeod Mine under construction - 90 kt Zn, 13 kt Cu / yr › Production first part of Q2 2013, cash cost US$0.42 lb Zn › Initial 4 year mine life, potential to expand to 7+

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7 Tracking On Budget and On Schedule

Ramp Entrance Bell Allard South Pit

Upper Bracemac Zone Bracemac KT Zone

170 Bracemac Main Zone 230

290 Current Advancement 350

West McLeod

McLeod -750m Zone LEGEND 2010 Exploration corridors 2011 2012 2013 McLeod Deep Discovery 2014 2.47 MT (Inferred Resources) Open 2015 Inferred resources 2016 not included in mine plan

T S X . V : D O N Resources and Reserves High-grade zinc, copper, and

Proven and Probable Resources

Mt % Zn % Cu g/t Ag g/t Au Depth (m)

Bracemac-McLeod 3.7 9.6 1.3 28 0.43 35-900 Measured and Indicated Resurces Mt % Zn % Cu g/t Ag g/t Au Depth (m) McLeod copper 0.24 1.0 1.3 7.8 0.19 600-700 zone PD1 (West Camp) 1.7 4.6 1.1 20 <0.1 25-515 Inferred Resources Mt % Zn % Cu g/t Ag g/t Au Depth (m) Deep McLeod 2.5 9.2 1.2 40 1.1 600-1,200 McLeod West 0.16 2.2 2.6 24 0.20 400-600

T S X . V : D O N 9 Production primarily from zinc, with copper, silver and gold

Production by metal Revenues by metal Revenues by metal (feasibility) (as of Nov 2012) (consensus Nov 28 2012)

gold gold gold silver silver silver 4% 3% 7% 3% 6% 3%

copper zinc copper zinc copper zinc 33% 60% 36% 54% 31% 60%

zinc 0.80/lb $ zinc 0.91/lb $ zinc 1.06/lb $ copper 2.50/lb $ copper 3.57/lb $ copper 3.35/lb $ silver 12 /oz $ silver 34.18/oz $ silver 31.52/oz $ gold 1,000 /oz $ gold 1,725/oz $ gold 1,661/oz $

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10 Surface Key Tuffite

McLeod Deep proposed drilling

-500m

-1000m

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*Conceptual mine design Established Infrastructure

T S X . V : D O N Underground at Bracemac-McLeod: Bracemac Main Zone Ore

Copper

Zinc + Copper

T S X . V : D O N Bracemac-McLeod

Reduced Risk Optimization › Existing infrastructure › Grinding circuit › Production without ramp-up › Developing in ore › Qualified workforce from › Backfilling Persévérance › Zinc Larox › Treatment by Xstrata › Precious metals › Permitted

T S X . V : D O N 14 Financing with Sandstorm Metals & Energy

Metal Purchase Agreement Cu >2.75 US$ / lb, 0.80 US$/ lb Donner >2.75 US$ / lb, 1.05 US$ / lb Donner <2.75 US$ / lb, 0.55 US$/ lb Donner <2.75 US$ / lb, 0.80 US$ / lb Donner 20.8 M lbs Au equivalent >350 US$ / oz, 350 US$ / oz Donner <350 US$ / oz, market price Donner

› Payments : $US 32.75M, revenue from sales of copper and precious metals › Line of credit up to $US 4M › 100 % of zinc production remains unhedged › Other joint venture areas excluded

T S X . V : D O N Large Area of Mutual Interest: 4,737km2 Located in Mining-Friendly Jurisdiction

T S X . V : D O N South Flank - Key Tuffite 3D Model

Matagami Town site Matagami Isle Dieu Mill Orchan West Ramp High-grade Portal (Undeveloped) Bell Allard 2 Kms

Historical Producer

Exploration Potential Bracemac-McLeod Ramp access under construction

T S X . V : D O N Looking at the surface of the Key Tuffite (paleo-sea floor) in its current position in the South Flank 17 Exploration Targets Pipeline Matagami Mill 3,000 tonnes per day

Development & production Bracemac-McLeod 3.6 MT Reserve Feasibility study McLeod Deep 1.7 MT Definition drilling West McLeod Meas. + Ind. Resource 2.6 MT PD1 OP Scoping study PD1 UG 2.6 MT Inf. Resource Inf. + Ind. Resource

West McLeod Delineation drilling McLeod Up dip Bracemac- Orchan West Advanced 0.34 MT 15.9% Zn, 1.8% Cu McLeod extension Exploration Daniel 1 Bell Channel 2.2% Cu/ 4.0 m 8.6% Zn, 0.14% Cu/ 2.2m Radiore Discovery

Cavalier 2.4% Cu/ 8.9m 0.29 MT 1.4% Zn, 1.5% Cu Galinee 14 North South Perseverance Radiore New Hosco Central Drill Targets T S X .Flank V : D O N Flank North East Camp

18 Strategy for the future

› Generation of revenues from the mine › Exploration and potential acquisitions, with a focus on

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19 › Experienced exploration team

› Adaptable exploration plans

› Pipeline of high-quality drill targets

Bracemac-McLeod discovery - 2007

Intersecting the discovery hole - 2012 Miners at surface - 2012 T S X . V : D O N 20 20 Montréal 1 Place Ville Marie, bureau 2001 Montréal, QC H3B 2C4 T : 514.286.1665 Vancouver 1055 West Georgia Street, Suite 2480 Vancouver, BC V6E 0B6 T : 1-800-909-8311 www.donnermetals.com T S X . V : D O N T S X . V : D O N

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