ALASKA 1. LUCKY SHOT MILE DISTRICT

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1 STOCK - FULL METAL MINERALS SYMBOL - FMM - TSX-V TICKER - FMM.V 52 WEEK RANGE - HIGH LOW SHARES OUTSTANDING - BASIC - 33,953,011 - DILUTED - 39,706,761 MARKET CAPITALIZATION 105 Million Star Rating -- *** PROJECTS ALASKA All of the company's 11 projects are located in Alaska. The company indicates that two of its' projects have made significant discoveries - Lucky Shot (gold) and 40 Mile District (zinc rich sulphide). The other 9 are in various stages of exploration. 1. LUCKY SHOT The past producing Lucky Shot Mine produced 250,000 oz. of gold which were recovered from the mine from 1921 to In 2005, Full Metal discovered high grade extensions of this mine. The original mine is 50 km.from Anchorage, Alaska. There is road access from Anchorage and the new property is in close proximity to both rail and power drilling results continued to show some high grade gold within the Lucky Shot shear and the company is optimistic about the mining potential of this discovery. A NI compliant resource report is a near term objective. On May 7, 2007, Full Metal announced the first results from its 2007 drill program. Drill hole C07-92 encountered 54.6 g/t Au over.98 meters and is a 100 meter offset from hole C06-89 which intersected194.8 g/t Au over.4 meters. Drill hole C07-91 is 100 meters down dip from C07-92 and encountered 2.03 g/t Au over.4 meters MILE DISTRICT This property is a search for possible silver-lead-zinc-gold-copper deposits. In the summer of 2006, Full Metal did a first pass drilling program and discovered two zinc rich massive sulphide prospects. An extensive diamond drilling campaign in May/07 is to follow up this discovery in the hope of further outlining the potential of these discoveries. On June 21/07, Full Metal announced that drill hole LWM which was collared approximately 50 meters south of the near surface of 2006 drill hole LWM (which revealed 12 meters averaging 110.9g/tAg,15.7% Zn,4.0%

2 Pb). Two massive sulphide intervals were encountered. From 14.1 meters to meters (length meters), 68.6 g/t Ag, 8.1% Zn and 3.7%.13% Cu were discovered. From 74.2 to meters (44.57 meters in length), 76.6 g/t Ag, 15.9% Zn, 4.5% Pb and.19% Cu were discovered. The company has an option to earn a 100% interest in the project. On June 27, 2007, further results wee released from two further drill holes. Drill hole LWM07-07 is an eastern step out form drill hole LWM Drill hole LWM07-07 returned, over 15.6 meters, grades of 21.2% Zn, 8.1% Pb, and 127 g/t Ag. Drill hole LWM 07-05, a vertical hole, was drilled off the same pad as LWM and encountered partially oxidized semi-massive sulphides with 8.5 meters averaging 12.3% Zn, 7.7% Pb and g/t Ag correlating with the upper zone of drill hole LWM MILE PROPERTY A. LWM PROSPECT put in everything that is there now under 40 Mile property and then add the next subsection: B. EVA PROSPECT On Aug. 13/07, Full Metal announced "bonanza" silver grades and big base metal values from 14 samples which were collected from sub crop and historic prospect pits in the Eva Prospect. All samples of mineralized rock averaged 957 g/t Ag, 23.6% Zn, 12.6% Pb and.9% Cu with high grades of 3730 g/t Ag, 43.6% Zn, greater than 25% Pb and 4.9% Cu. The Eva prospect is located 22 km. west of the LWM Discovery where 2007 drilling is ongoing. 3. CHICKALOON PROJECT This is a joint venture between Full Metal (20%) and Afognak Native Corporation (80%). Coal has been mined in the past in the Matanuska coal field. This is a speculative venture with Full Metal committing to commence surface mapping, sampling and possibly geophysics. On March 27/07, the Afognak Native Corporation advised that they were not going to exercise their option on the Castle Mountain Lease. On April 26, 2007, Full Metal Minerals announced that they were surrendering all of their leased area for their coal lease at Chickaloon. 4. GOLDDIGGER PROJECT This project is 80 km. north of the Lucky Shot Project. The company is researching for gold in a felsic volcano dome. Surface sampling and trench range samples in the past have shown gold in the range of.7 to5.7 g/t Au. An exploration program was conducted in 2006.

3 5. PEBBLE SOUTH This property is located east, south and west of North America's largest gold deposit - the Pebble deposit - which is owned by Northern Dynasty. Northern Dynasty's Pebble property indicates a measured and indicated resource of 31.3 million oz. of gold and 18.8 billion pounds of copper. Inferred resources add another 34.3 million oz. of gold and 31.8 billion pounds of copper. Full Metal's property is 3 km. south of Northern Dynasty's Pebble deposit. A 2006 drill program is planned on high priority prospects. 6. KAMISHAK PROJECT This is a joint venture between Full Metal (40%) and Andover Ventures (60%). In autumn of 2006, drilling was done. Results include 73.5 meters averaging.28 to.46 g/t gold and.31% Cu to.48%cu. A follow up drilling program is planned for the 2007 field season. 7. ALASKA PENINSULA This is a joint venture between Full Metal (35%) and Metallica Resources (65%). The two companies are exploring 1.4 million acres of prospective Native owned lands in the Alaskan peninsula. During the 2006 season, limited exploration took place and there are numerous exploration projects planned in the future. 8. MOORE CREEK Full Metal is evaluating the geology of the Moore Creek area for the bedrock source of the placer gold deposits in the region. The area has produced over 60,000 oz. of placer gold. Surface mapping is planned for 2006 and exploration appears to be in its' early stages. 9. BOULDER CREEK URANIUM PROJECT This is a joint venture between Full Metal (35%) and Triex Minerals (65%). The 2500 hectare Boulder Creek property is Alaska's largest uranium deposit discovered to date. A resource estimate was prepared in 1981 prior to today's more rigorous standards. The area is isolated but is accessible by air. Additional drilling is planned. 10. IMMACUCK This is the most northerly of the company's 10 projects. An early stage Lode Gold target has been outlined by a 1.8 km. long gold-arsenic-antimony soil anomaly. State of Alaska records report that the Fairhaven/Immacuck district produced 348,089 oz. of gold from but these records are not NI43-101

4 compliant. The property is accessible and is 40 km. southeast of the town of Deering. Deering has air service and barge service except in the winter. A surface exploration program of additional soil sampling and mapping will commence in June/06. On April 4/07, the company announced that First Factor had entered into a letter of intent with reference to this property to earn a 60% interest. To earn the 60% interest, First Factor must incur US$2.5 million in exploration expenditures (US$ 335,000 in the first year), issue 600,000 shares to FMM (100,000 in the first year) and pay $90,000 in cash ($25,000 in first year). 11. CJ GOLD PROPERTY On May 17, 2007, Full Metal Minerals announced a letter of agreement to acquire a 100% interest in the historically producing CJ Gold Property in Alaska. Results from a limited 1980 drill program showed values as high as average 40.4 g/t Au over 2.4 meters. Contractual details from the press release are as follows: Full Metal Minerals can earn a 100% interest in patented and unpatented federal mining claims from Red Diamond Mining Company (RDMC), by agreeing to incur US$2,800,000 over four years (US$300,000 first year), pay US$700,000 in cash (US$50,000 first year). Upon earn-in, Full Metal will make annual Advanced Royalty Payments of US$150,000 until the commencement of Commercial Production. Full Metal will also make a one-time cash payment to RDMC of US$1 million upon completion of a positive, Bankable Feasibility Study. Upon commencement of Commercial Production, Full Metal will pay RDMC a 2% Net Smelter Return Royalty (NSR) for the first four years with the NSR increasing to 4% thereafter. After four years, Full Metal shall have the right to purchase onequarter of the NSR (1%) from RDMC for US$2,000,000 at any time. On Aug. 15/07, FMM announced that is has signed a binding letter of intent in which Altair Ventures inc. (Altair) can acquire up to a 75% interest in the property. Altair can earn an initial 60% by making staged payments of US$210,000 by Aug/09 and an additional US$100,000 to RDMC by Aug/2011, issuing a total of 1.3 million shares over 4 years and incurring a minimum of US$ 1 million in exploration expenses by Aug/09 and an additional US$2.5 million by Aug./11. The additional 15% can be earned by Altair funding pre-feasibility and feasibility studies in the future. 12. DAWSON CITY, YUKON On May 29, 2007, the company announced that it had acquired 3 zinc-lead-silver prospects covering 11,200 acres north of Dawson City, Yukon Territory. Previous drilling by Hudson s Bay Company in 1975/76 encountered significant intercepts of zinc, lead and silver. Full Metal can earn a 100% interest in the 3 properties form a 3 rd party by completing annual exploration programs totaling $3.4 million

5 ($200,000 in the first year), paying $725,000 cash ($50,000 in the first year) and issuing 700,000 Full Metal Mining shares(150,000 in the first year) plus additional various royalty payments commencing Oct. 1/2010. A. EXPLORATION - MOUNT ANDREW COPPER GOLD PROPERTY This property does not appear on the web site map but is located in south east Alaska. On Jan. 22/07, the company announced that 4 of 5 holes drilled on this property encountered multiple intersections of magnetite-chalcopyrite mineralization. Commencing in March or April, Full Metal announced it intends to aggressively follow up this discovery. FINANCIALS For the 9 month period ending Feb. 28/07, (all figures in Canadian funds), current assets were $9.1 million with cash and cash equivalents of $8.1 million. Current liabilities stood at approximately $700,000. No long term debt was listed. For the 9 month period ending Feb. 28/07, losses were listed at $3.315 million, up from a loss of $1.199 million for the 9 month period ending Cash flows were positive due to financing activities. OVERVIEW The company is optimistic about having 2 finds that have great potential. There are a lot of outstanding shares and options. Given the number of on-going exploration projects, further share sales are likely to further dilute outstanding shares. However, the company has made some real finds and some of the future exploration costs will be shared by joint venture partners. TECHNICAL ANALYSIS Since seeing a huge move into April 2006 Full Metal has been a trading range of 3.00 to 2.10 a share. As we write it is getting near the high of 3.00 a share once again. If the 3.00 area is broken, combined with a strong gold market we expect FMM to get to the range. The above is from our last technical update in April FMM is breaking out as we write and looks like it is headed towards that 4.00 to 5.00 range.

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