May 6th, 2011 Minor Metals, Major Potential Technology and Strategic Metals American Manganese Buy (S) AMY-V: $0.59 Target price: $2.90 Canada Fluorspar Inc. Buy (S) CFI-V: $0.53 Target price: $1.00 Colt Resources Buy (S) GTP-V: $0.68 Target price: $1.30 EMC Metals Corp. Buy (S) EMC-T: $0.30 Target price: $0.60 Jim Powell, P.Eng, CFA Brandon Throop Technology and Strategic Metals Analyst Associate 416 941-7701 416 865-5967 [email protected] [email protected] Minor Metals, Major Potential Electrolytic Manganese Metal (EMM) ................................................................................................................................ 1 Fluorspar (CaF2)................................................................................................................................................................... 6 Scandium............................................................................................................................................................................ 10 Tungsten............................................................................................................................................................................. 11 Industry Comparables....................................................................................................................................15 American Manganese........................................................................................................................................................ 17 Investment Thesis – Low Cost Producer ..............................................................................................................18 Valuation...............................................................................................................................................................19 American Manganese - Company Overview.........................................................................................................21 Location – Surrounded by Public Lands ........................................................................................................21 Site History ....................................................................................................................................................22 Open Pit Mining .............................................................................................................................................23 Artillery Peak Infrastructure ...........................................................................................................................24 Metallurgical Process.....................................................................................................................................25 Artillery Peak Project Timeline.......................................................................................................................26 American Manganese Management .....................................................................................................................27 Other Properties....................................................................................................................................................28 Investment Risks...................................................................................................................................................28 American Manganese’s Past Financings..............................................................................................................29 Canada Fluorspar Inc........................................................................................................................................................ 30 Investment Thesis – Chinese Export Squeeze .....................................................................................................31 Valuation...............................................................................................................................................................32 Canada Fluorspar - Project Overview...................................................................................................................33 Site History ....................................................................................................................................................34 St. Lawrence Infrastructure............................................................................................................................34 Project Development .....................................................................................................................................34 Metallurgical Testing and Processing Strategy..............................................................................................36 Canada Fluorspar Management ...........................................................................................................................37 Investment Risks...................................................................................................................................................38 Canada Fluorspar’s Past Financings ....................................................................................................................38 Canada Fluorspar’s DCF Model ...........................................................................................................................39 i Jim Powell, P.Eng, CFA Brandon Throop Technology and Strategic Metals Analyst Associate 416 941-7701 416 865-5967 [email protected] [email protected] May 6, 2011 Colt Resources................................................................................................................................................................... 40 Investment Thesis – Upside Potential...................................................................................................................41 Valuation...............................................................................................................................................................41 Colt Resources - Project Overview .......................................................................................................................43 Montemor Gold Project..................................................................................................................................43 Site History ....................................................................................................................................................44 Montemor Infrastructure ................................................................................................................................45 Metallurgical Testing and Processing Strategy..............................................................................................46 Armamar-Meda Tungsten Project..................................................................................................................46 Site History ....................................................................................................................................................47 Armamar-Meda Infrastructure........................................................................................................................47 Metallurgical Process.....................................................................................................................................47 Colt Resources Management ...............................................................................................................................48 Other Properties....................................................................................................................................................49 Investment Risks...................................................................................................................................................49 Colt Resources’ Past Financings ..........................................................................................................................50 EMC Metals Corp. .............................................................................................................................................................. 51 Investment Thesis – The Only Sc Game in Town.................................................................................................52 Valuation...............................................................................................................................................................52 EMC Metals – Company Overview .......................................................................................................................54 Focus on Scandium, Close to Relevant Infrastructure...................................................................................54 Site History ....................................................................................................................................................55 Open Pit Mine................................................................................................................................................55 Metallurgical Process and Timeline ...............................................................................................................56 EMC Metals Management ....................................................................................................................................56