Hunter Dickinson Inc. A Mining Group for the 21st Century Investor

May 2011

Hunter Dickinson

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Global Experience and Reach

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Hunter Dickinson

For 26 years, Hunter Dickinson Inc. (“HDI”) has been an enterprise of strong professionals which have formed and managed a number of successful private and public mining companies

The historical compounded annual growth rate of the HDI group companies, on an aggregated basis, is in excess of 29.4%*

The track record of HDI illustrates the ability of the team to create and operate a globally diversified mining group

Overview

* This figure illustrates the growth of one lump sum investment (C$10,000) in the Hunter Dickinson group of companies whereby the

proceeds from initial investments are invested in new Hunter Dickinson companies, as they are created over the past 25 years. That

is, when a new company is created, we have assumed that proceeds are realized on prior investments on an equal value basis to

create liquidity to invest in new Hunter Dickinson companies. The impact of income taxes has not been considered.

HDI Business Model

1 ACQUIRE High quality, high potential mineral assets diversified by geography, commodity, and stage of

development

2 DEVELOP Advance assets up the exploration and mine value curve, from exploration to production and

expansion Create commodity focused interest groups Aggregate assets to generate large production base (including pipeline assets)

3 MONETIZE Seek to maximize the value of assets and return to shareholders through mergers, spin-outs

(transfer 100% ownership to shareholders), IPOs (partial divestment), and trade sales

4 SERVICE Management & Strategic Development Geology Engineering Environmental Permitting Socio-Economic & Social License

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Finance, Acquisitions and Divestitures Investor Relations & Media Services Human Resources & Staffing Administration & Accounting Facilities, Offices, Hardware & Software

HDI Corporate Model

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Service Provider Employs Staff

Other Projects or Companies

W-Mo (New Brunswick)

Zn-Pb (Poland, Ireland)

European Nickel PLC Caldag (Turkey) Acoje (Philippines)

Hunter Dickinson

Services Inc.

ISR Cu (Arizona)

Operating Assets Development

Projects Joint Ventures

Cu-Au-Ag-Zn (Alaska)

HDI Corporate Model

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Zinc, lead Extensive portfolio of highly

prospective zinc development and exploration properties in Poland and Ireland

Copper Advanced in-situ copper

recovery project Construction start 2012 Production start in 2013

Copper, gold, silver and zinc

Expanding newly discovered high grade Lookout Zone

Exceptional results from ongoing underground exploration program

Strong potential to support high grade underground mine

Nickel Advanced nickel laterite

heap leach projects

Tungsten, molybdenum Bulk tonnage, open-pit

mining Construction start in 2013

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Company Overview HDI controlling interest: 41%* Constantia to become largest shareholder of European Nickel PLC European Nickel is developing the:

Caldag nickel laterite heap leach mine in Turkey (construction stage); and Acoje nickel laterite heap leach project in the Philippines (prefeasibility completed)

Investment by Constantia: US$ 5M placement – 5% interest US$ 3M placement – aggregate 7% interest US$ 55M placement – 22% interest (total 27%)

Second placement subject to project finance being in place to develop the Caldag mine

Caldag Project**: Near term nickel producer – construction to start on completion of project finance Annual Ni production – 20,400 tonnes Total project capital cost – US$ 428M, US $78M spent NPV (10%) of US$ 490 M (geared) IRR of 32% (long term nickel price of US$7.00/lb)

Acoje Project***: Prefeasibility complete – trial heap leaching and feasibility study underway Annual Ni production – 24,500 tonnes Total project capital cost – US$ 498M NPV (10%) of US$ 586M IRR of 32% (long term nickel price of US$7.00/lb)

* HDI currently owns 13,308,243 common shares in the capital of Constantia (representing 41%). ** Caldag Feasibility Study: Snowden Australia (Geology and Resources, Mine Design), Aker Kvaerner, Australia (Heap Leach and Process Design).

*** Acoje Prefeasibility Study: Snowden Australia (Acoje Geology and Resources), SRK Consultants (Mining Design and Cost Estimation), Vector Engineers USA (Heap Leach Design and Cost),

Westmar Canada (Port Options), Wardrop Engineering Canada (Infrastructure Analysis and Cost).

Company Overview HDI controlling interest: 24%*

Focus on in-situ copper recovery (ISCR) development and production 100% owner of ISCR copper resource in Arizona

$38 million financing and qualifying transaction completed in Nov 2010, now publicly listed on Toronto Stock Exchange (TSX)

Florence Copper Project Advanced in-situ copper recovery (ISCR) project near Florence, AZ 1,342-acre land holdings

1,182 acres of patented claims 160 acres of state mineral claims

429 million ton Measured and Indicated resource** containing: 2.8 billion lb copper resource

Proven technology Renewable permits Excellent infrastructure 2010 Preliminary Economic Assessment at US$2.50/lb

After tax/royalty NPV of US$360 million and 30% IRR (7.5% discount) 19-year mine life with annual production of 76.5 million lb of copper

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* HDI, insiders & management currently own 13,308, 243 common shares in the capital of Curis (representing 24%). ** Average grade 0.331% Cu, cut-off 0.05% TCu. Qualified person is R.White, R.G., SRK Consulting.

Symbol TSX: CUV

Shares 56 million

Market cap. US$134 million

Cash US$24.6 million

52-week high US$2.61

52-week low US$1.86

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Symbol TSX-V: HTR

Shares 55.8 million

Market cap. US$74 million

Cash US$8.7 million

52-week high US$1.87

52-week low US$0.67

Company Overview HDI controlling interest: 24%*

Operated by HDI

Niblack Project (Cu, Au, Zn, Ag) 51% owner with option to increase to 70% Completed first $15 million investment Exceptional results from 2009/2010 underground exploration program Updated resource including high-grade zone adds significant value 2011 program to drill test excellent exploration targets on 10 sq. mile property Strong potential to support high-grade underground mine in future

Delta Project (Zn, Au, Ag, Cu, Pb) Option to acquire 100% ownership Mid stage exploration project with drill ready targets Substantial inferred resource with high precious metal values District scale land position on Alaska state mining claims 19 miles from Alaska Highway

* HDI currently owns 13,308,243 common shares in the capital of Heatherdale (representing 24%).

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Company Overview HDI controlling interest: 41%* Northcliff has embarked on a program to advance the project through feasibility and permitting, targeted for completion in the first quarter of 2012. Permitting work will continue throughout 2012

Investment by Northcliff: Joint venture agreement with Geodex Minerals Ltd. (“Geodex Minerals”):

Northcliff will retain its 70% interest by completing a feasibility study or by incurring up to C$17 million in project related expenditures

Sisson Project: Located in New Brunswick, Canada – a progressive mining jurisdiction Amenable to open pit mining (low cost) Excellent infrastructure and logistics

Mineral Resources at December 2009

* HDI currently owns 13,308,243 common shares in the capital of Northcliff (representing 41%).

Sisson Deposit (at a 0.1% WO3 cut-off)

Resource Category

Rounded Tonnes WO3 % Mo %

WO3 Equivalent %

Measured (M) 28,800,000 0.097 0.034 0.167 Indicated (I) 148,600,000 0.094 0.030 0.155 Total M + I 177,400,000 0.094 0.031 0.157 Inferred 69,000,000 0.086 0.033 0.153

1 0.10 WO3% = %WO3 + (%Mo x 2.02); metal prices are US$9.00/lb for WO3, US$15/lb for Mo; recoveries are 70% for WO3, 85% for Mo. Qualified Person is Michael Cullen, P.Geo., Mercator Geological Services Limited.

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Company Overview HDI controlling interest: 12%*

Extensive portfolio of highly prospective base metal exploration properties in: Upper Silesian Mining District, Poland** Midlands Ore Field, Ireland

Interest in Rathdowney acquired in 2007 based on excellence of technical team and quality of land holdings

* HDI currently owns 9,509,571 common shares in the capital of Rathdowney (representing 12%). ** Rathdowney’s area of interest cover the Rodaki-Rokitno deposit area (“Rokitno Concession”), the Zawiercie I and Zawiercie II deposit areas (“Zawiercie Concession”) and the Rokitno deposit. The Rokitno and Zawiercie Concession licenses have been granted and the Chechlo Concession application has been filed. Rathdowney will own a 100% interest in the licences (upon grant) through its wholly owned subsidiary Rathdowney Polska Sp. z o.o.

Upper Silesian Mining District, Poland 150 km2 land package in a world-class district of Mississippi Valley-type zinc-lead

deposits Historical resources: >500 million tonnes at grades of 3-5% zinc Historical production: 16 million tonnes zinc and 4 million tonnes lead

Along strike from Pomorzany-Olkusz-Boleslaw mines Historic production: 200 million tonnes grading 4% zinc and 2% lead

Underexplored, high-potential targets for outlining new high-grade zinc deposits

Midlands Ore Field, Ireland 2,000 km2 land package comprising eight zinc-lead targets Projects located along permissive structures that host Ireland’s major operating

mines and base metal discoveries Irish zinc-lead deposits are high-grade and metallurgically clean Extensive geochemical and geophysical surveys will guide exploration drilling in 2011 Symbol TSX-V: RTH

Shares 81.6 million

Cash C$32 million

Hunter Dickinson Services Inc.

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Services Include: Management & Strategic Development Technical Geology Engineering Environmental Permitting Socio-Economic & Social License Finance, Acquisitions and Divestitures Investor Relations & Media Services Human Resources & Staffing Administration & Accounting Facilities, Offices, Hardware & Software

Project Commodities and Locations

Company Symbol Commodity Location

Constantia Resources Private Nickel Cobalt Turkey, Philippines

Curis Resources TSX: CUV Copper Arizona, USA

Heatherdale Resources TSX-V: HTR Gold Silver Copper Zinc Alaska, USA

Northcliff Resources Private Tungsten Molybdenum New Brunswick, Canada

Rathdowney Resources TSX-V: RTH Zinc Lead Poland, Ireland

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Company Symbol Commodity Location

Amarc Resources TSX-V: AHR OTCBB: AXREF Gold Base Metals BC, Canada

Anooraq Resources TSX-V: ARQ NYSE Amex: ANO JSE: ARQ

PGM South Africa

Northern Dynasty Minerals TSX: NDM NYSE Amex: NAK Copper Gold Molybdenum Alaska, USA

Taseko Mines TSX: TKO NYSE Amex: TGB Copper Gold Molybdenum BC, Canada

HDI Companies

HDI Affiliated Companies

HDI Affiliated Companies

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Taseko Mines Limited

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Gibraltar Copper-Molybdenum Mine (75% Taseko & 25% Cariboo Copper Corp. owned) Operational mine, located north of Williams Lake, British Columbia With a +20 year mine life plus significant resources, Taseko is moving forward with a further

capacity increase, in addition to the previous $300 million multi-phase expansion. Once completed at the end of 2012, annual copper production will increase by 90%, to 180 million pounds

Prosperity Gold-Copper Project (100% owned) Asset located south west of Williams Lake, British Columbia One of the largest undeveloped Gold deposits in Canada, with 7.7 million ounces of

recoverable gold and 3.6 billion pounds of recoverable copper After receiving Provincial Government approval early in 2010, at the Federal Government’s

request, Taseko submitted a revised proposal in February 2011 to address certain environmental concerns

Aley Niobium Project (100% owned) Asset located in Northern British Columbia Recent drilling program found high grade niobium and rare earth mineralization Potentially the largest niobium deposit outside of Brazil

Harmony Gold Project (100% owned) Asset located off British Columbia’s west coast Represents a longer term development opportunity for the Company

(TSX: TKO | NYSE Amex: TGB)

Anooraq Resources Corporation

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Platinum Group Metal (PGM) producer and exploration company based in South Africa

Controls RSA’s third largest PGM resource

51% interest in Bokoni Mines, 49% owned by Anglo Platinum

In 2009, refined production at Bokoni totaled 110,245 oz platinum, palladium, rhodium and gold

Production capacity at Bokoni currently being expanded by 60%

Controlling interest in Ga-Phasha, Boikgantsho and other prefeasibility stage properties

Joint venture partner with Anglo Platinum

(TSX-V: ARQ | NYSE Amex: ANO | JSE: ARQ)

Located in Alaska, the Pebble Project hosts the world’s largest undeveloped copper-gold-molybdenum porphyry system

Mineral resources (at 0.3% CuEq cut-off)*: 5.9 billion tonnes Measured & Indicated containing 55 billion lb copper, 70

million oz gold and 3.9 billion lb molybdenum; and 4.8 billion tonnes Inferred containing 27 billion lb copper, 40 million oz gold

and 2.3 billion lb molybdenum

Established 50:50 partnership with Anglo American plc in 2007 to engineer, construct and operate modern, long life mine

Anglo required to invest US$1.5 billion in project costs to retain 50% interest

Preliminary Assessment prepared by Wardrop (February 2011)** 25, 45 and 78 years of open pit mining with an average mill throughput of

229,000 tpd At a 7% discount rate and long-term metal prices, 45-year Reference Case

yields: Pebble Project (pre-tax): 14.2% IRR, a 6.2-year payback on initial

capital investment of $4.7 billion and a $6.1 billion NPV Northern Dynasty’s 50% share (post-tax): 15.4% IRR, a 5.3-year

payback on capital and a $2.4 billion NPV

Prefeasibility Study targeted for 2012; project construction targeted for 2015

Northern Dynasty Minerals Ltd.

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(TSX: NDM | NYSE Amex: NAK)

* Cu Eq based on metal prices of US$1.85/lb for Cu, US$902/oz for Au and US$12.50/lb for Mo & recoveries of 85% for Cu, 69.6% for Au, and 77.8% for Mo (west) & 89.3% for Cu, 76.8% for Au, 83.7% for Mo (east). M&I: 0.42% Cu 0.35 gpt Au 250 ppm Mo. Inferred: 0.24% Cu, 0.26 gpt Au, 215 ppm Mo

** see further information at the end of the presentation.

An exploration company whose goal is to discover & develop British Columbia’s (BC) next major mine

Discovered an important new bulk-tonnage gold system at the Newton Property in late 2009

2010 exploration programs at Newton identified a world class mineralized system that is currently undergoing drill testing

Newton may represent a new deposit type in BC within a previously unrecognized gold

Earning an 80% interest in the Newton Property

100% owner of an extensive land position, extending to the north and south of Newton, within the Plateau Gold-Copper Belt

The Belt hosts significant potential for copper-gold porphyries and epithermal gold deposits

Aggressive exploration programs over the Belt are defining bulk tonnage copper-gold targets for drill testing in 2011

Amarc Resources Ltd.

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(TSX-V: AHR | OTCBB: AXREF)

Directors

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Ronald W. Thiessen CA Director, President and Chief Executive Officer

David J. Copeland P.Eng. Director │ Project Development

Robert A. Dickinson M.Sc. Director and Chairman

Scott D. Cousens Director │ Capital Markets

Russell E. Hallbauer P.Eng. Director

Marchand Snyman CA (Aust), CA (SA) Director and Chief Operating Officer

Senior Management

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Stephen Hodgson P.Eng. Executive Vice President │ Engineering

Dickson Hall BA, MA Senior Vice President │ Corporate Development

Trevor Thomas LLB General Counsel and Secretary

Lena Brommeland B.Sc. Geology Executive Vice President │ Project Services

Bruce W. Jenkins B.Sc., M.Sc. Executive Vice President │ Environment & Sustainability

Paul Mann BASc., CA Executive Vice President │ Finance & Reporting

Shari Gardiner P.Geo Executive Vice President │ Corporate Communications & Reporting

Mark Rebagliati P.Eng. Executive Vice President │ Exploration

Senior Management

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Eric Titley B.Sc. Geology, P.Geo. Senior Manager │ Resource Geology

Robert Schafer Ph.D., M.Sc., RG Executive Vice President │ Business Development

Bob Cluff B.Sc., M.Sc., P.Geo. Executive Vice President │ Technical Services

Bernard Tan CA, MBA Chief Financial Officer

David Gaunt B.Sc. Geology, P.Geo. Vice President │ Resources & Database

Sean Magee BA Executive Vice President │ Strategic Communications & Public Affairs

Chris Zahovskis B.Sc. (Hons), P.Eng. Executive Vice President │ Project Engineering

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Cautionary & Forward Looking Information

This presentation includes certain statements and other information that may be deemed "forward-looking statements”. All such statements, other than statements of historical facts, that address estimated resource quantities, grades, locations, geometry and contained metals, possible future mining, exploration and development activities, are forward-looking statements. Although HDI believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements should not be in any way construed as guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. HDI is subject to the specific risks inherent in the mining business as well as general economic and business conditions. Specific factors that could cause actual results to differ materially from those in forward-looking statements include market prices for metals, the conclusions of detailed feasibility and technical analyses, lower than expected grades and quantities of resources, mining rates and recovery rates changes in and the effect of government policies regarding mining and natural resource exploration and exploitation potential environmental issues and liabilities associated with mineral exploitation, development and mining, general economic, market or business conditions and the lack of availability of necessary capital, which may not be available to the companies on terms acceptable to them or at all. For more information on the various companies discussed herein, Investors should review where applicable HDI’s and HD portfolio companies annual Form 20-F filings with the United States Securities and Exchange Commission (the “SEC”) and their Canadian home jurisdiction filings that are available at www.sedar.com. This presentation also uses the terms “Measured resources”, “Indicated resources” and “Inferred resources”. Although these terms are recognized and required by Canadian regulations (under National Instrument 43-101 Standards of Disclosure for Mineral Projects “NI 43-101”), the SEC does not recognize them. Investors are cautioned not to assume that any part or all of the mineral deposits in these categories will ever be converted into reserves. In addition, ”Inferred resources” have a great amount of uncertainty as to their existence, and 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 pre-feasibility studies, or economic studies except for Preliminary Assessments as defined under NI 43-101. Investors are cautioned not to assume that part or all of an Inferred resource exists, or is economically or legally mineable. All statements in the presentation, other than historical facts, including those that address relating to the contents of the Wardrop Preliminary Assessment, described on the Northern Dynasty page, and including but not limited to statements of the Pebble Project's potential, and information relating to the possible construction of a port, road, power generating facilities and power transmission facilities constitutes forward looking statements. The Preliminary Assessment was prepared to broadly quantify the Pebble project's capital and operating cost parameters and to provide guidance on the type and scale of future project engineering and development work that will be needed to ultimately define the project's likelihood of feasibility and optimal production rate. It was not prepared to be used as a valuation of the Pebble project nor should it be considered to be a pre-feasibility study. Although based on a comprehensive technical review of recent engineering and technical studies undertaken by the Pebble Partnership and Northern Dynasty, the studies of capital and operating costs are incomplete and have not been optimized, so the ultimate costs may vary widely from the amounts set out in the Preliminary Assessment. This could materially and adversely impact the projected economics of the Pebble project. The Preliminary Assessment, in part, uses inferred mineral resources which are considered too speculative geologically to be categorized as mineral reserves and to have economic considerations applied to them. There can be no assurance that the operating and financial projections contained in the Preliminary Assessment will be realized. Northern Dynasty is solely and entirely responsible for information on the Preliminary Assessment. No other party, including any parties which have an interest in the project, are in any way responsible for the contents hereof. For further information on Forward Looking Statements and the Wardrop Preliminary Assessment, please see Northern Dynasty’s February 23, 2011 news release at www.northerndynasty.com.

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