precious metal mining & exploration an

Abacus Mining and Exploration Corporation | TSXV:AME | www.amemining.com 1

April 2013

Value Realization Ajax Copper Gold Project, B.C.


Forward Looking Information

This presentation includes certain statements that may be deemed "forward looking statements". All

statements herein, other than statements of historical facts, that address events or developments

that Abacus Mining and Exploration Corporation (the "Company") expects to occur, are forward

looking statements. Forward looking statements are statements that are not historical facts and are

generally, but not always, identified by the words "expects", "plans", "anticipates", "believes",

"intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions

"will", "would", "may", "could" or "should" occur. Forward looking statements are based on the

beliefs, estimates and opinions of the Company's management on the date the statements are made.

Although the Company believes the expectations expressed in such forward looking statements are

based on reasonable assumptions, such statements are not guarantees of future performance and

actual results may differ materially from those in the forward looking statements. Factors that could

cause the actual results to differ materially from those in forward looking statements include market

prices, exploitation and exploration successes, and continued availability of capital and financing, and

general economic, market or business conditions. Investors are cautioned that any such statements

are not guarantees of future performance and actual results or developments may differ materially

from those projected in the forward looking statements. Except as required by securities laws, the

Company undertakes no obligation to update these forward looking statements in the event that

management's beliefs, estimates or opinions, or other factors, should change.


Abacus Today

• 20% interest in post-feasibility Ajax Copper-Gold project

• AME’s share of capex fully financed

• Significant cash flow potential of 23+ years from Ajax mine alone

• New world class operational leadership combines Abacus and

KGHM International (formerly Quadra-FNX) with major global mine

experience

• 6,000 hectares of surface freehold and leases, extensive mineral

rights


Abacus – Capital Structure

AME.V Capital Structure (C$)

TSXV Symbol AME

Share Price (Apr 1, 2013) $0.16

Share Price (52 week range) $0.32 – 0.11

Issued and Outstanding 214.0 million

Warrants ($0.32) 7.2 million

Options 11.4 million

Fully Diluted 232.6 million

Market Capitalization (fd) $36.5 million

Working Capital* $1.8 million Ownership

Teck Corporation 18.6%

KGHM 7.0% * As at 12/31/12


AME Achievements

• Joint ventured the Ajax project with a global mining major – May‘10

• Established a 500Mt reserve – 3 bil lbs Cu + 2.7 mil oz Au – Oct ‘11

• Completed a Feasibility Study – Jan ‘12

• Completed exercise of 80/20 ownership option giving AME a fully

financed carry to production – Apr ‘12

• Managed complex First Nations, Community Relations and

Environment Assessment Issues

• Handed over Operatorship of Ajax to KGHM Int’l – Sep ‘12

From 2002 Abacus acquired, explored and developed a world class orebody at Ajax. Since 2010 it has:


KGHM & AME (JV Company - KGHM Ajax Mining Inc)

• JV Partner KGHM Polska SA is the world’s 7th largest producer of copper

• Current output >500ktpa, goal to increase to 700ktpa by 2017

• Ajax investment is part of their global strategy for growth

• KGHM exercised its option to increase its stake to 80/20 in exchange for

$30m and fully financing AME in April 2012

7

The Ajax Copper-Gold Project

Prince George

Williams Lake

British Columbia

Conventional Open-Pit Copper-Gold Mine – 60,000 tpd


Feasibility Study Results

Base Case Highlights (all economic figures in US$)

Proven & Probable Reserves 3 bil lbs Cu + 2.7 mil ozs Au

Average annual production 110 million lbs Copper + 100,000 oz Gold

Mine life (@ 60,000 tpd or 21.9Mtpa) 23 years

LOM stripping ratio 2.4:1

LOM production (in concentrate) 2.5 bil lbs Cu + 2.28 mil oz Au

Concentrate composition 25% Cu + 18 g/t Au

Cash cost per lb of Cu (net of Au) US $1.28

Initial capital costs (incl $87 mil contingency) US $795 Million

Sustaining capital US $604 Million

Cu/lb US$2.75; Au/oz US$1,085

Robust economics using very conservative price assumptions

As of Jan 6, 2012


Feasibility Study Results (Jan 6, 2012)

Economic Analysis (all economic figures in US$)

Base Case Scenario

Alternate Case Scenario1

Alternate Case Scenario2

Cu US$/lb $2.75 $3.00 $ 3.50

Au US$/oz $1,085 $1,300 $1,700

Exchange Rate (US$:C$) 0.92 0.94 0.98

Pre-tax IRR 14.5% 19.5% 30.3%

Cash Cost per lb Cu1 $1.28 $1.11 $0.79

Pre-Tax NPV (8%) $416 mil $818 mil $1,601 mil

Project NPV to AME (8%) 2 $113 mil $194 mil $350 mil

NPV per share2 $0.53 $0.91 $1.65

Payback Years 7.8 3.8 2.2

1) Net of gold credits

2) Pretax, incl. cash paid to AME for PP reserves


Abacus’ 20% Interest

– Base Case per BFS

Cu US$/lb $2.75

Au US$/oz $1,085

AME’s current market cap $ 36.5 Mil

Project Pre-Tax NPV (8%) US $416 Mil

Portion Attributable to AME (20%) $83

Cash paid to AME for PP Reserves $30

Pre-Tax Project Value to AME (8%) US$113 Mil



– Median Case

Cu US$/lb $3.00

Au US$/oz $1,300


Project Pre-Tax NPV (8%) US $818 Mil


Cash paid to AME for PP Reserves $ 30




– Scenario 2 – current market

Cu US$/lb $3.50

Au US$/oz $1,700


Project Pre-Tax NPV (8%) US $1,601 Mil


Cash paid to AME for PP Reserves $ 30



Ajax Production Schedule

Start-up expected in Q3 2016

EA Permitting

Detailed Engineering

MAP Permitting

Construction

Production

2013 2014 2015 2016

Sept ‘13

Submission

Sept ‘14

Approval

Mar ‘14

Mar ‘14 Sept

Sept ‘14 Sept ‘16

Note: These timelines have been provided by KGHM International and are subject to change

As of Mar/13


Abacus vs. Peer Group

EV / Total Cu & Cu Equiv. Resources P / NAV (Consensus)

*Median $EV per Cu lb and P / NAV across 16 comparable transactions over the last 3 years

NAVPS based on consensus street estimates. Abacus NAV based on 20% of Feasibility Study pre-tax NAV under Alternative Case 1 ($3.00 Cu / $1,300 Au)

0.21x0.28x

0.32x

0.92x

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Strategic Review

• Stifel Nicolaus has completed a detailed assessment of

the Ajax project valuation

• A number of potential investors have been reviewing the

data site

• Offtake interest

• Royalty stream

• Merger/acquisition

• Inherent value demonstrably in excess of market value

Abacus’ management and Board are

committed to maximizing value for

Abacus shareholders


Appendix

Ajax Project Area


General Site Layout

Ajax West Pit



Mineral Reserve Estimates (October 31, 2011)

Confidence Cut-Off Average

Grades

Copper

Equivalent Contained Metal

Category Grade Tonnes Cu Au Cu.Eq. Copper Gold

(US$/t) (Mt) (%) (g/t) (%) (M lb) (k oz)

Proven Mineral

Reserve

4.53 279.5 0.27 0.17 0.38 1,680 1,520

Probable

Mineral

Reserve

4.53 223.5 0.26 0.17 0.37 1,280 1,230

Total P&P Mineral

Reserves

4.53 503.0 0.27 0.17 0.37 2,960 2,750



Estimated Capital

US$ ‘000

Site services, utilities, general 61,584

Mine pre-stripping 34,443

Mining equipment 84,880

Crushing & Conveying 37,464

Ore storage and HPGR 89,614

Concentrator 144,815

Tailings storage 79,493

Ancillary buildings 18,639

Water supply from Lake 14,805

TOTAL DIRECT INITIAL CAPITAL 565,737



Estimated Capital

US$ ‘000

Total Direct Initial Capital 565,737

Project indirect 107,176

Owners costs 34,500

Contingency 87,570

TOTAL INITIAL ESTIMATED CAPITAL 794,983

Sustaining Capital

Mining equipment 262,714

Crushing & Conveying 135,458

Stacking 57,987

Plant site 43,214

Tailings 104,642

TOTAL ESTIMATED SUSTAINING CAPITAL 604,015


Copper Fundamentals

Copper price and inventory – 5 years

Copper deficit YTD estimated at almost 300,000mt

Bloomberg, Deutsche Securities


Copper Fundamentals

Chinese metal net imports

Chinese net imports of refined copper steadily increasing since May ‘12

Desjardins Capital Markets, Chinese gov’t statistics


Copper Fundamentals

Shanghai copper inventories

China continues to increase its monthly net imports of copper prior to consumption to meet growing domestic demand

The Shanghai warehouse is one of two

primary inventory depots in China for

storing refined copper

Desjardins Capital Markets, Chinese gov’t statistics

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