The Time is Right to Invest in the Mining Sector

Index Overview 3 Commodity Demand 6 Commodity Prices 11 Mining Capital Markets 15 Specialist mining finance companies 19 Public Equity v Private Equity 22 Competitive Landscape 25 Summary 27 217 TOR Mining Capital All Rights Reserved. http://www.torminingcapital.com 2

Overview TOR Mining Capital Limited (TOR Capital) is a private equity company that is focused on providing finance for mining companies. With long term demand for natural resources set to increase due to population growth, GDP growth and urbanisation, TOR Capital believe the time is right to invest in the mining sector. TOR Capital owns a portfolio of mining assets that should increase in value as mining sector valuations increase in line with demand growth for natural resources. After performing well in the last 12 months the major indexes in the mining sector were still down by an average of over 52% in comparison to previous all-time highs. Commodity prices also rebounded significantly in 216 but were still an average of 57% off of their off all-time highs. TOR Capital will be listing publicly in 217 in order to take advantage of current conditions in the mining marketplace. 217 TOR Mining Capital All Rights Reserved. http://www.torminingcapital.com 4

About TOR Capital TOR Capital was spun out from a large private equity fund in order to create a separate public private equity company with the specific intention of leveraging existing assets and acquiring additional assets at current low valuations. TOR Capital is focused on mining finance assets and existing assets consist of convertible loans to mining companies as well as equity investments in companies that provide mining finance via streaming contracts, royalty agreements and offtake agreements. Current portfolio consists of 9% mining finance assets and 1% other mining assets; all future investments will be in the mining finance sector. The majority of TOR Capital s current assets were acquired at low valuations and are all projecting significant growth in the next 5 years. Recent market conditions have resulted in listed mining finance companies making significant returns in 216. 217 TOR Mining Capital All Rights Reserved. http://www.torminingcapital.com 5

Billions Demand will be driven by Population Growth Global Population Growth and Urbanisation Growth 195 to 25 From 195 to 2 the global population rose from 2.52 billion to 6.12 billion and is forecast to grow to 9.55 billion by 25. From 195 to 2 the urban population grew from.73 billion to 2.84 billion and is forecast to grow to 6.33 billion by 25. Between 215 and 25 the urban population is forecast to increase by 1.45 million people per week. 12 1 8 6 Global Population Urban Population 4 2 195 2 23 25 217 TOR Mining Capital All Rights Reserved. http://www.torminingcapital.com 7

Demand will be driven by GDP Growth Global GDP projected to grow by over 24% between 214-25 Top 2 Countries by GDP 214, 23 & 25 214 23 25 Country GDP at MER (214 US$bn) Country GDP at MER (214 US$bn) Country GDP at MER (214 US$bn) 1 United States 17,416 China 26,667 China 53,553 2 China 1,355 United States 25,451 United States 41,384 3 Japan 4,77 India 7,34 India 27,937 4 Germany 3,82 Japan 5,994 Indonesia 8,742 5 France 2,92 Germany 4,734 Brazil 8,534 6 United Kingdom 2,848 Brazil 4,65 Japan 7,914 7 Brazil 2,244 United Kingdom 3,98 Mexico 7,87 8 Italy 2,129 France 3,663 Russia 6,61 9 Russia 2,57 Russia 3,323 Nigeria 6,354 1 India 2,48 Mexico 2,881 Germany 6,338 11 Canada 1,794 Indonesia 2,66 United Kingdom 5,744 12 Australia 1,483 Italy 2,638 France 5,27 13 South Korea 1,449 South Korea 2,557 Saudi Arabia 4,481 14 Spain 1,4 Canada 2,391 Turkey 4,354 15 Mexico 1,296 Spain 2,77 South Korea 4,142 16 Netherlands 88 Saudi Arabia 2,48 Italy 3,617 17 Indonesia 856 Australia 2,9 Canada 3,583 18 Turkey 813 Turkey 1,822 Spain 3,99 19 Saudi Arabia 778 Nigeria 1,756 Australia 2,93 2 Nigeria 594 Poland 1,161 Egypt 2,896 Total 61,932 Total 19,19 Total 214,119 217 TOR Mining Capital All Rights Reserved. http://www.torminingcapital.com 8

Demand will be driven by Urban Growth Urban Growth - 1.45 Million people per week Between 199 and 215, approximately 1.1 million people per week urbanised, and between 215 and 25 approximately 1.45 million people per week are projected to urbanise. Between 199 and 215, of the 1,427 million people who urbanised, 471 million were in China, 63 million were in the rest of Asia, and 272 million were in Africa. Between 215 and 25, of the 2,638 million people who are projected to urbanise, 291 million are in China, 596 million in the rest ofasia, and 759 million in Africa. bn 3.5 3 2.5 2 1.5 1.5 Asian Urban Growth 3,m 2,113m 1,12m 199 215 25 bn 1.4 1.2 1.8.6.4.2 African Urban Growth 1,23m 471m 199m 199 215 25 bn 2.5 2 1.5 1.5 ROW Urban Growth 2,18m 1,62m 1,116m 199 215 25 217 TOR Mining Capital All Rights Reserved. http://www.torminingcapital.com 9

Billions Demand will be driven by Africa and Asia African and Asian Urban Growth 195 to 25 Asian urbanisation is projected to grow from 232 million in 195 to 3 billion by 25. African urbanisation is projected to grow from 33 million in 195 to 1.23 billion by 25. Africa had 5% of the global urban population in 195 - estimated to grow to 2% by 25. Asia had 32% of global urban population in 195 - estimated to grow to 47% by 25. 7 6 5 4 Global Urbanisation Asian Urbanisation African Urbanisation 3 2 1 195 199 22 25 217 TOR Miningl Capital All Rights Reserved. http://www.torminingcapital.com 1

Precious Metals Precious Metals Prices Have Increased During 216 Gold Silver Platinum Increased by 8.43% to $1,151.4 per ounce All time high of $1,923. in April 211 Increased by 14.1% to $15.86 per ounce All time high of $49.45 in January 198 Increased by 3.54% to $91.1 per ounce All time high of $2,253. in March 28 14 12 1 8 6 4 2 $1,61.9 $1,236.9 $1,316.3 1151.4 2 15 1 5 $13.9 $15.47 $18.43 15.86 15 1 95 9 85 $87.3 $981 $1,7.3 91.1 8 217 TOR Miningl Capitall All Rights Reserved. http://www.torminingcapital.com 12

Volume Metals Iron Ore Volume Metals Prices Have Increased During 216 Copper Aluminium Increased by 56.52% to $72.25 per tonne All time high of $191.9 in February 211 Increased by 16.67% to $5,51. per tonne All time high of $1,179.5 in February 211 Increased by 13.7% to $1,713.5 per tonne All time high of $3,271.25 in July 28 8 7 6 5 4 3 2 1 $46.16 $46.18 $54.85 72.25 56 54 52 5 48 46 44 $4,715. $4,94. $4,78. $5,51. 175 17 165 16 155 15 145 14 $1,57. $1,478. $1,614. $1,713.5 42 135 217 TOR Miningl Capital All Rights Reserved. http://www.torminingcapital.com 13

Energy Commodities Energy Prices Have Increased During 216 Crude Oil (Brent) Steam/Thermal Coal Gas Increased by 54.74% to $56.82 per barrel All time high of $147.27 in July 28 Increased by 9.47% to $17.14 per tonne All time high of $22. per tonne in July 28 Increased by 58.47% to $3.74 per btu All time high of $18.48 per btu in February 23 6 5 4 3 2 1 $36.72 $39.71 $5.16 $54.74 12 1 8 6 4 2 $56.25 $54.54 $54.82 $17.14 4 3.5 3 2.5 2 1.5 1.5 $2.36 $2. $2.78 $3.74 217 TOR Mining Capital All Rights Reserved. http://www.torminingcapital.com 14

Major Mining Indexes Major Mining Indexes Posted Significant Increases During 216 TSX Global Mining ASX 3 Metals and Mining FTSE 35 Mining Index Increased by 42% to 63.5 All time high of 135.53 in May 28 Increased by 55% to 2,936.16 All time high of 6,153.4 in May 28 Increased by 12% to 14,799.22 All time high of 3,745.8 in May 28 7 6 5 4 3 2 1 44.49 5.57 6.73 63.5 35 3 25 2 15 1 5 1,923.46 2,25.21 2,334.74 2,936.16 16 14 12 1 8 6 4 2 7,312.3 9,23. 1,414.65 14,799.22 217 TOR Capital Capital All Rights Reserved. http://www.torminingcapital.com 16

Specialist Mining Indexes Specialist Mining Indexes Posted Significant Increases During 216 ASX 3 Energy Index ASX All Ordinaries Gold Index TSX Venture Composite Index Increased by 12% to 9,135.75 All time high of 2,962.4 in June 28 Increased by 52% to 4,8.92 All time high of 8,349.8 in April 211 Increased by 46% to 762.37 All time high of 3,361.41 in April 27 95 9 85 8 75 8,134.85 7,96.88 8,349.31 9,135.75 6 5 4 3 2 1 2,645.78 3,389.21 4,89.45 4,8.92 1 8 6 4 2 52.86 576.89 721.1 762.37 7 217 TOR Mining Capital All Rights Reserved. http://www.torminingcapital.com 17

Major All Share Indexes ASX 1 Index Major All Share Indexes Posted Increases During 216 FTSE 1 Index Dow Jones Industrial Average Increased by 6% to 4,695.84 All time high of 5,51.9 in October 27 Increased by 14% to 7,142.83 All time high of 7,122.74 in April 215 Increased by 12% to 19,762.6 All time high of 18,351.36 in May 215 48 47 46 45 44 43 42 41 4 39 4,695.84 4,395.3 4,323.77 4,27.27 74 72 7 68 66 64 62 6 58 56 7,142.83 6,356.1 6,256. 6,184. 2 195 19 185 18 175 17 165 17,63.87 17,716.66 17,694.68 19,762.6 217 TOR Miningl Capital All Rights Reserved. http://www.torminingcapital.com 18

Specialist Mining Finance After previous losses in value for commodities and mining companies, there is a lack of traditional finance available for mining companies. As such, mining companies are turning to specialist mining finance companies to meet their financing needs. Specialist mining finance companies typically provide finance to mining companies via streaming agreements, royalty agreements and offtake agreements. Streaming agreements are contracts where an up-front payment is made in order to purchase at an advantageous price a percentage of a mine s production based upon an agreed fixed cost. Royalty agreements are contracts where a miner contracts to pay an ongoing royalty revenue in exchange for an upfront payment. There are two types of royalty: a net smelter return (revenue royalty) and a net profit interest (profit royalty). Offtake agreements are entered into between a mining company and a buyer where a buyer contracts to buy a certain amount of future production.. 217 TOR Mining Capital All Rights Reserved. http://www.torminingcapital.com 2

Listed Specialist Mining Finance companies Streaming & Royalty Companies are up by an average of over 15% from their 216 lows Royalty Companies are up by an average of over 6% from their 216 lows Name Of Company Type of Company Symbol Exchange Current Price All time high/low Market Cap. (mil) 216 low Date of 216 low % Gain from 216 Low Franco Nevada Corp. Streaming & Royalties FNV TOR CAD 87.6 14.19/11.62 CAD CAD 15,469. CAD 58.67 22/1/216 49% Silver Wheaton Corp. Streaming & Royalties SLW TOR CAD 27.69 45.1/3.22 CAD CAD 12,513. CAD 14.51 21/1/216 59% Royal Gold Inc. Streaming & Royalties RGLD NSQ USD 68.34 1.84/.3 USD USD 4,753. USD 24.68 2/1/216 179% Sandstorm Gold Ltd. Streaming & Royalties SSL TOR CAD 5.79 14.99/.65 CAD CAD 95. CAD 2.82 21/1/216 15% Osisko Gold Royalties Ltd. Royalty OR TOR CAD 11.24 18.85/12.39 CAD CAD 1226. CAD 12.58 28/3/216-11% Altius Minerals Corp. Royalty ALS TOR CAD 12.27 29.88/.18 CAD CAD 54. CAD 7.39 2/1/216 66% Anglo Pacific Group PLC Royalty APF LSE GBP 1.14 3.64/.7 GBP GBP 18. GBP.5 28/1/216 121% AuRico Metals Inc. Royalty AMI TOR CAD 1.17 1.15/.47 CAD CAD 189. CAD.55 2/1/216 111% Royalco Resources Ltd. Royalty RCO ASX AUD.22.97/.11 AUD AUD 11. AUD.19 22/6/216 15% 217 TOR Mining Capital All Rights Reserved. http://www.torminingcapital.com 21

Public Private Equity v Private Equity The overall private equity market is forecast to grow to $6.5 trillion of assets under management by 22. Public private equity is a private equity fund that is publicly listed, giving investors in the public company the ability to achieve liquidity whilst still benefiting from private equity returns. Public private equity funds are evergreen (unlimited life) rather than being for a fixed term. Public listing of private equity funds gives the manager increased flexibility and gives the investor increased transparency. Public private equity funds enable retail investors to access an elite outperforming asset class that was previously only available to institutional investors. 217 TOR Mining Capital All Rights Reserved. http://www.torminingcapital.com 23

Advantages Advantages of Public Private Equity vs Private Limited Partnerships Public Private Equity (LPE) Usually evergreen (unlimited life) Usually fixed size, but can raise additional capital (both debt and equity) or return capital Fees lower than LPs shareholders often own management company Share can be sold in the secondary market Usually well diversified by deal type and vintage Easy to rebalance portfolio private equity exposure No co-investment opportunities for shareholders Company usually subject to at least some tax, though rarely material Produce reports and accounts, but full disclosure often limited by commercial sensitivities Shareholders not able to participate in the management of the company Shareholder democracy Can often buy at a discount Realisation proceeds usually reinvested, although some listed funds return capital. There can be cash drag pending reinvestment. No minimum size and diversification can be achieved with a smaller number of holdings Limited Partnerships (LP) Generally have a fixed life of 1 years Fixed Size Fees typically 1.5-2% of commitments + 2% carry Can be difficult to sell Direct funds tend to be focused Active management of drawdowns/exposure required Sometimes offer co-investment opportunities Tax-transparent Detailed information on the investments available to investors Investors can sometimes participate on advisory boards Investors can change managers, but usually have few other powers Initially invest at asset value Realisation proceeds are returned to investors High minimum size of investment and investors need to invest in a wide range of direct funds to diversify properly 217 TOR Miningl Capital All Rights Reserved. http://www.torminingcapital.com 24

Comparable Public Private Equity Companies Mid tier public private equity companies listed on European exchanges typically trade at.89 times NAV and an average PE of 12.65 Name Symbol Exchange Local Currency Price 52W HIGH/LOW Mkt.Cap. (US$m) PE Net Assets (US$m) HBM Healthcare Investments AG HBMN SWX CHF CHF 1. 16.5/91.4 719.17 5.3 1,3.72 HgCapital Trust PLC HGT LSE GBX 1,476.81p 1,511./981. 683.52 NS 66 1.4 NB Private Equity Partners Limited NBPE AEX USD USD 11.9 11.9/9.85 645.1 23.92 7.92 Princess Private Equity Holding Ltd. PEY LSE EUR EUR 8.5 8.8/5.72 621.33 NS 694.9 ICG (ex. Graphite) Enterprise Trust PLC ICGT LSE GBX 659.81p 674./56.86 572.48 NS 649.88 JZ Capital Partners Limited JZCP LSE GBX 55.p 517.5/376. 527.42 NS 852.62 Standard Life European PE Trust SEP LSE GBX 272.p 283./191. 514.85 NS 546.94 Deutsche Beteiligungs AG DBAX.N GER EUR EUR 3.33 31.49/23.3 482.62 16.62 32 1.51 Altamir SCA LTA PAR EUR EUR 11.7 11.93/8.86 454.3 5.3 717.63 J.P. Morgan Private Equity Limited JPEL LSE USD USD 1.13 1.14/.9 379.5 NS 479.79 Oakley Capital Investments Limited OCL LSE GBX 155.75p 158./12. 366.22 NS 476.77 F&C Private Equity Trust FPEO LSE GBX 292.75p 298.32/224. 268.5 NS 269 1. TOTAL/AVERAGE 6,234.75 12.65 7,365.89 M Book 217 TOR Miningl Capital All Rights Reserved. http://www.torminingcapital.com 26

Summary TOR Capital is a private equity company that owns a portfolio of mining finance assets. TOR Capital is ideally positioned to take advantage of the long term demand for commodities and the current oversold status of the mining sector. Recent market conditions have resulted in listed mining finance companies making significant returns in the last 12 months. TOR Capital current net asset value per share of $1.32 projected to increase significantly over the next five years. TOR Capital will be listing publicly in 217 which should drive further growth. 217 TOR Mining Capital All Rights Reserved. http://www.torminingcapital.com 28