Overview – Strategic Development Partner

PG Mining Management

April 2014

PG Mining Management

Mining project

development group

PG MINING MANAGEMENT

Extensive project

development credentials

Project investment

capital

Provide management capabilities, expertise and networks to advance mining projects

Service and manage mining investments for PG Mining Management investor consortia

Provide additional endorsement for mining development projects as a project enabler

Specialist focus on mine building and mine production optimization

PG Mining Management was established to provide mining project technical expertise, commercial

acumen and investment track record

Global Mining Project Experience

Canada

Australia

New Zealand

Indonesia

China

U.S.A

(Representative Office)

South Africa

Philippines (Representative Office)

Malaysia

India

Project Experience & Office Locations

PG Mining Management (PGMM) staff have advised, arranged, financed, developed and operated mining projects across the

globe

Laos

PNG

Thailand

Tanzania

Singapore

(Head Office)

Mexico

Chile

Greece

Investor consortium , with PGMM lead management, invested US$80m to redevelop the

Philippine copper/gold mine, and took the lead role in driving the business development

and managing operations. Mining operations resumed after an 18 month rehabilitation

program and the stake was sold for US$370m

PGMM management oversaw the US$250m construction and commissioning of the

200,000oz per annum Masbate gold project. The project was developed on time and

budget and has met production forecasts. Masbate was divested by project owner CGA

Mining in late 2012 for more than US$1b

Global Mining Project Experience

Mine Development Track Record

The PGMM track record of investment and management of mining projects includes the following recent examples:

Additional Projects: PGMM senior management have been involved with a large number of additional projects. Roles

include providing project development management, operational expertise, technical reviews, diligence and advisory

services to many projects in most major global mining jurisdictions and covering a range of commodities

Business Focus

Overview

PGMM acts as a strategic development partner for mining companies. PGMM seeks to identify projects that are compatible

with its track record and which PGMM can add value to as the project is developed

PGMM is a project enabler and the involvement of PGMM is intended to facilitate a project’s access to development capital,

both from PGMM’s investor consortia and other sources of capital

PGMM aims to promote value appreciation at every level of the capital structure

Technical & Commercial Management Services

PGMM adds value to mining assets through a contribution of mining technical and commercial management input. Areas of

particular expertise include:

Project modelling and valuations

Mine and project development

Feasibility studies for both UG and open pit

Resource/reserve modeling and mine design

Mineral exploration programs

Permitting in particular jurisdictions

Mining Technical

Investment structuring – including defining appropriate finance instruments/ methodologies to suit a project

Business and project development plans

Partner negotiations

Finance and other corporate and commercial services

Commercial Management

Technical Services & Commercial Management

Technical Services & Commercial Management Overview

Development Management Team PGMM performs the role of an ‘outsourced management team’ for mine project development

The exact nature of the management services provided by PGMM is flexible and determined by

individual project developments

May involve assuming overall responsibility for managing project development including setting

strategic and actionable business plans, in addition to financial objectives

Problem Solving PGMM also has the capability to undertake assignments focused on a particular facet of a

project - i.e. ‘trouble shooting’

An assignment of this nature may, for example, involve focusing on improving the operating

performance of an existing mining project

PGMM has a proven ability to deliver operational and financial discipline to mining projects

Technical & Commercial Reviews PGMM undertakes technical reviews and limited due diligence studies for boards and project

owners seeking an expert opinion on mining project development

Service Delivery

The range of situations where PGMM may provide Mining Technical & Commercial Management Services is listed below:

Featured Project Developments – Carmen Copper Corporation

Project Overview

Large porphyry copper deposit located on Cebu Island

Multiple open pit operation and underground development

Infrastructure includes power, concentrating and port facilities

Project Development

Purchased a 45.5% stake in a copper/gold mine in the

Philippines, Carmen Copper Corporation, co-owned with PSE

listed, Atlas Consolidated Mining and Development Corporation

The investment was made prior to the rehabilitation of the mine,

which had operated successfully for 50 years until the mid

1990’s when it closed down due to a confluence of events

Consortia invested circa US$80m and held a co-control position

of the company with Atlas. Investor consortium management

(now PGMM) managed the business; including day-to-day

operations, all key development decisions and board level

matters

The mine began operations again in September 2008 after an

18 month rehabilitation program and currently processing an

average of approximately 42,000 tonnes of ore per day at

0.31% Cu, and producing about 205,000 lbs of payable copper

or approximately US$750,000 revenue per day (plus gold by-

product revenue )

In 2011, the consortia sold its stake to Atlas financed by

Philippine’s largest bank, Banco de Oro for circa US$370m

Cebu - Philippines

Featured Project Developments – Masbate Gold Project

Project Development

Site of historic small scale mining prior to more significant

mining activity from 1979 until 1994. Mining ceased in 1994

while additional drilling and in-house studies occurred through

until 2002

The project was acquired from Thistle Mining at a feasibility

stage in 2006 by ASX and TSX-listed CGA Mining

PGMM management were key members of the Masbate

development team at the point of CGA Mining’s acquisition and

for the entire development and early operational phases

CGA Mining management (now PGMM) oversaw the US$250m

construction and commissioning of the project over a two year

period

At first gold pour in 2009 the project had Reserves of 3Moz and

was forecast to produce at a rate of approximately 200,000oz

per annum from a 4Mtpa plant. 2014 budget forecasts 190,000

to 200,000oz total production

In late 2012 CGA Mining divested Masbate in a transaction that

valued the project at approximately US$1b

Project Overview

Flagship gold mine in the Philippines with over 750,000oz produced

Historic mining site redeveloped into modern mining operation

Masbate - Philippines

Featured Project Developments – Additional Projects

Mine/Project Mine/Project Detail Role

Banahaw/Medusa Mine

– Philippines

UG mine - gold Managed permitting and development of initial small scale operation

Casa Berardi Mine

- Canada

UG mine - gold Expansion management

Indonesia Nickel

– Indonesia

OP mine - nickel General development management and operation of DSO nickel

operation

Kassandra Mines

– Greece

UG mines - lead, zinc and gold Management of mine upgrade and introduction of modern mining

methods

Lepanto Mine

– Philippines

UG mine - gold General management of mining operations and project expansion

Macasa/Lakeshore Mine

– Canada

UG mine - gold Management of mine redevelop and expansion

Massara Mine

– Philippines

UG mine - gold General management of the project development and operation

Mineral Hill Mine

- USA

UG mine - gold General manager and superintendent of mining operations

Mussle White Mine

- Canada

UG mine - gold Project development Superintendent

Runruno Project

– Philippines

OP mine – gold

(under development)

Conducted exploration and scoping activities leading to project

feasibility

The following table lists projects for which key members of PGMM senior management have been instrumental in developing:

Senior Management Overview

PG Mining Management

Mining Technical Mining Operational Business Development PGMM Continuity

Geology Focus Engineering Focus Management Project/ Company

Development

Years Association With Other PGMM

Management

Tim Armstrong 21 Years

Scott Robson 10 Years

Gary Leighton 7 Years

Dewayne Chambers 21 Years

PGMM senior management have expertise across key project development disciplines and have a history of working together

Senior Management - Profiles

Scott Robson

Scott Robson is an Australian national and a graduate of

Monash University, Australia, with a Bachelor of Science –

Geology and Geophysics. He has over 20 years’ experience in

the mineral industry in Australia and South-East Asia including

more than 9 years operating in the Philippines, China,

Indonesia and Papua New Guinea. His experience covers

underground gold mining operations, open cut gold deposits,

large porphyry copper-gold projects and nickel laterites

Scott started his career with major mining houses including

BHP and CRA Exploration in the early 1990’s and subsequently

held line management positions with a number of Australian

based mining groups including Resolute Samantha, Sons of

Gwalia, Mt Grace Gold Mining and Geochemex Australia. His

particular skill sets include resource and reserve estimation

and mine planning, mine design, scheduling and tailings dam

design

Tim Armstrong

Tim Armstrong is an experienced mining industry manager with

exposure to a range of management and operational roles in

Canada and Asia over the last 24 years

Substantial experience in managing a wide range of

underground mine developments including: declines, shaft

sinking, contract mining, design, remote operations and

contract administration

Tim’s most recent executive position was as Chief Operating

Officer at Carmen Copper Corporation. Prior to Carmen

Copper Corporation, Tim worked for CGA Mining at the

Masbate gold project (acquired by B2Gold Corporation) as the

Project Manager managing both the preconstruction activities

and mine development. He has also served as Vice President

of Project Development for TVI Pacific Minerals and had his

own contract drilling service company that worked with clients

in the Philippines, China and Taiwan. Other employers include

J.S. Redpath Mine Contractors & Engineers (1986 – 1993) and

TVX Gold (1993 – 1995). He holds a Masters in Mining

Engineering from Queens University in Canada

Senior Management - Profiles

Dewayne Chambers

Dewayne has over 20 years of mining development and

operations experience in North America and Asia

Operations manager with mine operations experience from

prefeasibility to full production. Specific expertise in costs

analysis, production, development, design, personnel /

equipment selection, property acquisitions

Dewayne’s most recent executive position as Senior

Operations Manager at Galeo Equipment and Mining

(significant multi-mine Philippine mining contractor) is focused

on new mine development and feasibility related assessments.

Prior roles include Project Director at United Paragon Mining

Corporation, Project Consultant at Carmen Copper

Corporation, Mining/Construction Manager for Filminera

Resources, Project Development Manager for Geograce’s

open pit and underground mining assets and General Manager

at TVX Gold’s Mineral Hill Mine

Dewayne holds a Bachelor of Science and addition other

mining and business specific qualifications

Gary Leighton

Gary Leighton is a qualified mining engineer with professional

management experience developing mines all over the world

over the last 40 years. Gary has overseen over 20 mining

project developments located around the world

Gary worked at a senior level with Tim Armstrong as a Project

Director at Carmen Copper Corporation from 2007 through to

the mine’s redevelopment

Prior to his role at Carmen Copper Corporation Gary was the

General Manager at Compania Minera Tamaya Scm, Chile

(2004 – 2006), Consultant to Golden Rose and Kinrade

Resource Limited (2000 – 2004), General Manager at Bema

Gold Chile (1996 – 2000), and Vice President Development at

Barrick Gold Corporation/ Lac South America (1994 – 1995)