A Capital Opportunity A Global Market for Mining Companies Disclaimer This document is for information purposes only. While the information herein is collected and compiled with care, neither TMX Group Limited nor any of its affiliated companies represents, warrants or guarantees the accuracy or the completeness of the information. You agree not to rely on the information contained herein for any trading, legal, accounting, tax, investment, business, financial or other purpose. This information is provided with the express condition, to which by making use thereof you expressly consent, that no liability shall be incurred by TMX Group Limited and/or any of its affiliates as a result of any errors or omissions herein or any use or reliance upon this information. 2 © 2014 TSX Inc. All rights reserved. Do not sell or modify without the prior written consent of TSX Inc. Canada and TSX: Strong Fundamentals Economically stable • Canada is the fifth largest equity market by float capitalization in the MSCI World Index • World’s soundest banking system • Lowest debt-to-GDP among G7 • Strong equity culture • ~$2.4 Trillion in market cap • $270 billion in equity capital raised in last 5 years Resource rich • World’s largest producer of zinc and uranium and major producer of gold, nickel, aluminum and lead • #1 in resource listings 3 The World Lists on TSX and TSXV TSX and TSXV International Listings by Country/Region Total International Listings as at December 31 2013= 314 TSX = 164 Listings | QMV=$151 B TSXV = 150 Listings | QMV= $2.8 B 4 The World Trades on TSX and TSXV ~40% of daily trading originates from international brokers 7th in the world in value traded 5 Diverse Issuer Base Real Estate Structured Financial 106 Services Products Utilities & 122 214 Clean Pipelines Technology 29 116 Oil & Gas & Energy Mining Services ETPs 1,618 449 296 Forest Products Technology 23 169 CPC Comm & Diversified 115 Media 52 Industrials 254 Life Sciences 110 *As at December 31, 2013, Includes issuers on TSX and TSXV (100% = 3,673) 6 Service at All Stages of Growth Serving all Market Caps A Unique Market Structure with Strong Feeder System 94% % of TSX Issuers % of TSXV Issuers 583 259 graduates mining 35% 36% +147 M&A* graduates 29% 535 2,015 442 5% 555 1% Issuers Issuers Issuers 114 Issuers 12 <$50 Million $50 ‐ $250 Million >$250 Million From January 1, 2000 –December 31, 2013 Market Capitalization, December 31, 2013 7 Access to Capital Toronto Stock Exchange and TSX Venture Exchange Total Financings (C$ Billions) 1999 – 2013 Average Financing Size: TSX: $67M TSXV: $2M 64.9 58.8 56.5 52.2 60.0 54.0 51.1 43.6 49.7 50.6 47.6 46.2 40.8 44.1 31.5 32.5 41.8 41.0 39.9 27.3 25.5 22.0 35.3 19.2 29.1 28.4 25.8 23.1 11.1 20.9 7.9 9.8 19.2 6.1 5.5 10.1 4.1 5.0 6.0 2.4 1.1 1.4 2.4 3.8 1999* 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 8 TSX Venture Exchange commenced operations on November 29, 1999 Global Leader in Mining 9 TSX and TSXV Lead the Mining Sector # 1 # 1 in listed mining companies in equity capital raised TSX and TSXV list the most mining companies Value of Mining Equity Capital Raised in the world 5‐Year (2009 to 2013) Total = $157 billion 1618 782 190 TSX/TSXV ASX LSE/AIM 10 Average daily trading volume increased after dual-listing Average Daily Increase in Average Average Daily Volume on Volume on ASX Post- Daily Volume on ASX Average Daily Volume on TSX ASX 12 Months Prior to Dual Listing to Post-Dual Listing Post-Dual Listing Dual Listing February 18 2014 (From Date of Company (Thousands of Shares) (Thousands of Shares) (Thousands of Dual-Listing to Shares) February 18 2014) 535.2 595% 30.8 IMX Resources Limited 77.1 1,830.0 404% 348.7 Intrepid Mines Limited 363.3 293.5 360% 21.9 Troy Resources NL 63.8 368.8 276% 334.9 Moly Mines Limited 98.2 2,850.0 239% 743.9 Perseus Mining Limited 839.8 5,370.0 102% 1,760.0 Paladin Energy Ltd. 2,660.0 756.0 91% 438.3 Marengo Mining Limited 395.8 832.6 73% 125.4 Bannerman Resources Limited 482.4 1,190.0 38% 279.7 Coalspur Mines Limited 862.4 332.7 16% 20.6 Chalice Gold Mines Limited 287.1 Source: Capital IQ – Data as at February 18, 2014 11 Diversity in Issuer Base Number of Mining Companies by Stage of Project Advanced Exploration Exploration Production 1149 866 188 Development 142 Source: Infomine as at February 18 2014 12 Access to Capital Global Mining Equity Financing 2013 (C$B) 48% 6.9 of the number of mining equity financings globally 3.4 2.3 1.4 0.7 0.4 TSX/TSXV ASX NYSE/ LSE/AIM HKEx Other NYSE MKT 46% 1,409 1,351 3 180 1 8 of the equity capital raised globally for mining 13 Source: Gamah International, 2013 Equity Capital Raised on TSX/TSXV UK/Europe, Middle East and Russia: Canada: $4.1B $229M USA: $564M Asia: $61M Africa: Latin America: $801M $969M Australia: $193M By project location Listed mining companies raised $6.9B on TSX and TSXV in 2013 14 Strong Liquidity for Mining Issuers AIM Value Traded $449 $450$450 TSXV Value Traded $433$439 ASX Value Traded $394 TSX Value Traded $373 $354 $348 $342 $310 $273 $262 $210 $204 $204 $33 $28 $22 $26 $18 $22 $15 $13 $14 $10 $11 $12 $11 $10 $5 $5 2006 2007 2008 2009 2010 2011 2012 2013 15 Source: Exchange Websites. Amounts are in C$Billions Diversity in Issuer Base 16 Source: Infomine, By Location of Projects Diversity in Issuer Base Breakdown of TSX and TSXV Breakdown of TSX and TSXV Mining Issuers by Primary Metals Mining Projects by Location 17 Source: Infomine, TSX/TSXV Market Intelligence Group Analyst Coverage Average Number of Analysts by Size of Mining Company 18 Over 400 mining 11 analysts cover 7 TSX/TSXV listed 6 companies 3 $50 ‐ $100 million $100 ‐ $250 $250 ‐ $500 $500 ‐ $1 billion >$1 billion 18 Source: Capital IQ, January 29 2014 The Leading Exchange 2013 Mining Markets at a Glance TSX TSXV TSX&TSXV LSE AIM ASX JSE HKEx NYSE/ NYSE MKT Number of Mining 331 1,287 1,618 40 150 782 50 55 132 Issuers Listed Quoted Market Value 229.6 10.8 240.4 506.0 9.6 392.0 356.2 375.9 926.4 (C$ Billions) New Mining Listings 8 65 73 1 11 18 1 1 10 Equity Capital Raised 5.6 1.3 6.9 (C$ Billions) 0.352 0.381 3.4 0 0.381 2.3 Number of Financings 202 1,207 1,409 2 178 1,351 0 1 3 19 Source: Gamah International , Capital IQ. Unless noted, data is as at or YTD Dec 31 2013 The Leading Exchange… …for Mining Companies in Africa 158 575 $801M Number of Mining Number of African Amount of Equity Capital Companies in Africa Mining Properties Raised in 2013 for African Mining Projects 6 102 37 Number of mining companies 7 Number of Countries in exploring in UN Subregions of Africa 61 Number of New Mining Northern Africa 29 Africa Where TSX/TSXV Cos. Western Africa Listings with Projects are Mining Central Africa in Africa Eastern Africa Southern Africa 44 20 Unless otherwise noted, all numbers are as at December 31, 2013 The Leading Exchange… …for Mining Companies in Africa 1 Top 5 Countries by Number of Companies Ghana: 23 Companies, 54 Projects Mali: 20 Companies, 70 Projects 2 2 South Africa: 20 Companies, 65 Projects Tanzania: 18 Companies, 66 Projects 4 Burkina Faso: 18 Companies, 54 Projects 5 20 12 5 18 1 6 1 4 6 1 3 4 3 23 3 1 5 1 1 18 18 3 2 9 5 2 6 15 8 3 20 1 21 Source: Infomine, January 28, 2014 The Leading Exchange… …for Mining Companies in Africa Number of Number of Financing $ Companies Properties YTD Nov 30 2013 TSX and 158 575 $611 M TSXV ASX 187 613 $302 M LSE and AIM 82 493 $129 M 22 Source: Infomine January 29 2013, Gamah International YTD November 2013 The Leading Exchange… …for Mining Companies in Africa 7 $801 M New Mining Listings with Equity Capital Raised on TSX/TSXV in 2013 Projects in Africa 2013 for Companies with Projects in Africa TSX: Select Financings on TSX: Loncor Resources Inc. (LN) Platinum Group Metals: $355 M raised for platinum in South Africa Paladin Energy Ltd.: $82 M raised for uranium in Malawi, Namibia, Niger Banro Corporation: $68 M raised for gold in DRC TSXV: RTG Mining Inc.: $21 M raised for gold in Nigeria, Zambia Bullman Minerals Inc. (BUL) Aureus Mining Inc.: $16 M raised for gold in Cameroon, Liberia, Sierra Leone East Africa Metals Inc. (EAM) Kaizen Discovery Inc. (KZD) Select Financings on TSXV: Karoo Exploration Corp. (KE) Atlatsa Resources Corporation: $72 M for platinum in South Africa Orca Gold Inc. (ORG) True Gold Mining Inc.: $27 M for gold in Burkina Faso Pangolin Diamonds Corp. (PAN) Roxgold Inc.: $20 M for gold in Burkina Faso Kilo Goldmines Inc.: $10 M for gold in DRC 23 Unless otherwise noted, all numbers are as at December 31 2013 Dual Listed Mining Companies with African Projects Market Dual Equity Capital Capitalization Listed Exploring In Exploring For Raised on TSX 31-Dec-2013 On Aureus Mining Inc.