agm presentation jan_18_2012_pdf

AGM-‐V

ALDRIDGE MINERALS AGM-V www.aldridgeminerals.ca January 18, 2012

AGM-‐V DISCLAIMER

Certain statements contained in this presentation regarding the company and its activities constitute “forward-looking statements”. All statements that are not historical facts, including without limitation statements regarding future estimates, plans, objectives, assumptions or expectations of future performance are “forward-looking statements“. We caution you that such “forward-looking statements” involve known and unknown risks and uncertainties that could cause actual results and future events to differ materially from those anticipated in such statements. Such risks and uncertainties include fluctuations in metal prices, unpredictable results of exploration, uncertainties inherent in the estimation of mineral resources and reserves, fluctuations in the costs of goods and services, problems associated with exploration and mining operations, changes in legal, social or political conditions in the jurisdictions where the company operates, lack of appropriate funding and other risk factors. There can be no assurance that such “forward-looking statements” will prove to be accurate. Potential investors should conduct their own investigation as to the suitability of investing in securities of the company. Martin S. Oczlon, PhD Geo, is the qualified person for the company as required by NI 43-101 (Canadian Securities Administrators). The company undertakes no obligation to update any “forward-looking statements”. We seek Safe Harbour.

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AGM-‐V Directors & Management

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Mario Caron, CEO & Director

Joined Aldridge Nov 2011. Mario is a mining engineer with over 30 years of experience in the mining industry including board and management expertise in operations, exploration, and capital markets as well as government relations, from various international projects

Jacob Willoughby President & Director

Joined board Feb 2010 & became President April 28th 2010. Geologist and former Partner and base metal analyst at Paradigm Capital in Toronto

Barry Hildred Chairman & Director

Joined board April 2010. Former President of TMX Equicom, a subsidiary of the TMX Group, and past President and founder of the Equicom Group

Dr. Martin Oczlon, VP Exploration & Director

Founder & largest individual shareholder. Former BHP Senior Exploration Geologist for SE Europe and SW Asia


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Jim O’Neill, CFO

Joined Aldridge June 2011. Formerly CFO of Royal Coal Corp, and VP Corporate Controller & IR at Tiomin Resources.

Daniella Dimitrov, Director & legal advisor

Joined board Oct 2010. Formerly Vice Chair of Baffinland Iron Mines and COO of Dundee Securities

John F. Cook, Director

Joined the board May 2011. Mining Engineer and former Chairman of Premier Gold and Wolfden Resources

Ed Guimaraes, Director

Joined the board May 2011. Served as Executive VP & CFO at Aur Resources prior to it being acquired by Teck Resources

AGM-‐V Market Highlights (as of Jan 13, 2011)

Symbol Canada TSX-V: AGM Frankfurt: AIW

Shares outstanding 37.1 million

Directors & Insiders approximately 12 %

Shares fully diluted 51.7 million 4.8 m options @ avg. strike of $1.37, 9.8 m warrants @ avg. strike of $1.71) (Exercising all options and warrants brings in C$23.4m)

52 week high / low C$ 2.25 / $0.60

Recent price C$ 0.63

Market cap C$ 23 million

Cash C$ 8.45 million (Aug 31, 2011)

Top institutional shareholders

RBIM, Colonial First State, US Global, Libra, Excalibur, Sprott, JVAR and Creststreet

Analyst coverage

Clarus Securities Inc.

Mackie Research Capital Corporation

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AGM-‐V Yenipazar - Location Map

AGM – Yenipazar Au-Ag-Cu-Pb-Zn Project

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AGM-‐V Turkey: A Great Place for Mining

Fantastic Growth GDP second only to China at 9.0%. Worlds 17th largest economy set to enter the top 10 by 2022

Excellent infrastructure roads, electricity, water, railways

New, modern and western oriented mining code (2004)

Low tax rate, tax incentives in our area, VAT re-payments •  0.5-1 % effective royalty, 20 % corporate tax

One of the world’s last under explored mineral-rich regions with security of title and a safe working environment

Recent large discoveries include: •  EGO-T: Kisladag (254 Mt @ 0.95 g/t Au – 7.8 M oz Au = $10.7 B ) •  ANO-T: Cöpler (90 Mt @ 1.87 g/t Au – 5.4 M oz Au = $7.4 B) •  ENK-ASX: Caldag (33 Mt @ 1.3 % Ni – 946 M lbs Ni = $9.8 B excluding Cobalt value) 7

AGM-‐V

Contained metal: 854,400 oz of Au, 26.6m oz of Ag, 819m lbs of Zn, 624m lbs of Pb and 167m lbs of Cu NI 43-101-compliant resource estimate based on 370 drill holes in an optimized open pit shell (Feb 2011) According to the USGS the average Felsic VMS deposit is 3.0m tonnes and grades 3.2% Zn, 0.4% Pb, 1.2% Cu, 0.4 g/t Au and 25 g/t Ag. (Felsic VMS deposits are the largest of the 3 subtypes of VMS deposits) Mosier, Berger & Singer 2009

Yenipazar Open Pit Resources (Feb 2011)

Million Tonnes

Au g/t

Ag g/t

Cu %

Pb %

Zn %

Ind. 24.28 1.09 33.8 0.31 1.16 1.52

Inf. 0.22 0.49 22.7 0.30 0.71 1.16

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AGM-‐V Accomplishments in 2011

Completed C$12.4m bought deal private placement Financing ($1.50 unit with one 1/2 warrant, for two years at $2.00) Syndicate included Dundee (lead), Clarus, Raymond James & Macquarie

Discovered Large-Scale Copper-Gold porphyry in Papua New Guinea

Completed 30 hole infill diamond drill program, confirming higher than resource grade zones within Yenipazar, especially for gold and silver

Completed metallurgical study indicating higher gold recoverability (+/- 75%) by gravity concentrate and cyanide leaching

Discovered 3 new mineralized outcrops north of the known resource at Yenipazar with grades at or higher than average resource grades

Engaged Jacobs Minerals Canada to complete feasibility study

Completed first pass drill program and further sampling in PNG

Strengthened companies Board of Directors and Management team

Completed the spin-off of Aldridge Uranium (now Anatolia Energy)

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AGM-‐V Project Details

Open pit project — volcanogenic massive sulphide (VMS) Zn-Pb-Cu-Au-Ag deposit. Robust economics as demonstrated by our PEA

Solid Resource Base — +24 Mt within an optimized open pit shell. This puts Yenipazar in the 90th percentile of all known VMS deposits as far as size

Great Infrastructure — paved road next to the deposit, as well as access to water. Power and rail within approximately 20 km

Unique characteristic — Large ore mineral grains due to metamorphism – potentially more cost-efficient separation from host rock than usual VMS-deposits

Deposit dimensions — roughly flat lying body should allow for flexible mine sequencing to optimize early payback - 1700 m long, up to 300 m wide, 30-190 m deep, on average about 25-30 m thick. Still open to the east and north of the deposit

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AGM-‐V Yenipazar Key Parametres

Large land package — 100 km2 property that has seen very limited exploration, level and low-relief, open terrain used predominantly for farming

Local support — Near-by village with pro-mining work force and strong community support.

Agreement with Alacer — to earn 100 % interest. Alacer Minerals retains 6 % net proceeds interest (revenue minus operational cost) until a total revenue of US$165m, and 10% beyond that amount

Commitment — Aldridge must deliver a feasibility to Alacer. There is no deadline, as long as Aldridge works diligently towards completing feasibility study 11

Typical VMS Mining Camps (Source: Geological Survey of Canada)

AGM-‐V Scoping Study Highlights (P&E Mining, February 2011)

Base Case NPV US$209m & IRR of 23.2% at 7% discount rate

•  At 10% discount rate, NPV US$151m or $4.07per basic share, $2.92 a share fully diluted

•  Base case uses 3-year trailing average metal prices and 4.5:1 strip including pre-strip and capex of US$198m for a 12 year mine life assuming 5,700 tpd mill (2m tpa)

•  Average payable production of 23,700 oz Au, 1.1m oz Ag, 10m lbs Cu, 37m lbs Pb, 37m lbs Zn from diluted average grades of 1.02 g/t Au, 31.6 g/t Ag, 0.29% Cu, 1.1% Pb, 1.4% Zn

•  Zn conc grades 55%, Pb conc grades 55% & 1025 g/t Ag, Cu conc grades 23% with 20 g/t gold & 337 g/t Ag

• Project payback in 3.9 years. LOM average NSR US$57.27/t, LOM average total operating cost $29.65/t

•  At current metal prices (11/07/11) NPV of US$532m at 7% discount rate (NPV of US$431m at 10% discount rate) and IRR of 44% • *pre-tax numbers excluding the Alacer NPI 12

AGM-‐V Scoping Study Lowlights

Base case used results of ONE locked cycle flotation test •  Recoveries: Zn 59%, Pb 78%, Cu 77% - well below average for Zn – need to be improved – Proper floatation study to be completed soon

• Recoveries: Au 37%, Ag 57% - we expect to significantly improve on both of these

•  A doubling of gold recoveries would double the base case NPV (i.e. US$302m at 10% or $8.14 / basic share)

•  A 10% increase in recoveries of each of the 5 metals would result in a 52% increase in our base case NPV

•  Assumed smelter payability of Au and Ag in the Cu conc were only 90% and 80%; should get 95% for both

•  Assumed payability of Ag in the Pb conc was only 85%; should get 90% - 95%

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AGM-‐V Targeted Metallurgical Recoveries & Production

Revenue by Metal

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Au (oz)18%

Ag (oz)13%

Cu (lbs)22%

Pb (lbs)24%

Zn (lbs)23%

Au (oz)28%

Ag (oz)16%Cu (lbs)

17%

Pb (lbs)19%

Zn (lbs)20%

PEA Recoveries and ProductionAu (oz) Ag (oz) Cu (lbs) Pb (lbs) Zn (lbs)

Pricing Assumptions (3 Yr Trailing as at 12/10/10) $1,007 $16.19 $2.95 $0.90 $0.86Estimated Recoveries (PEA) 36.8% 56.9% 76.6% 77.8% 58.8%

Avg Payable Prod 23,700 1,100,000 10,000,000 37,000,000 37,000,000

10% Discount Rt. 7% Discount Rt. IRRNPV (US$m) $151 $209 23.2%

Share Price (Basic) $4.07 $5.63 Share Price (FD) $2.92 $4.04

Targeted Potential RecoveriesAu (oz) Ag (oz) Cu (lbs) Pb (lbs) Zn (lbs)

Pricing Assumptions (3 Yr Trailing as at 12/10/10) $1,007 $16.19 $2.95 $0.90 $0.86Estimated Recoveries (Targeted) 70.0% 66.9% 76.6% 77.8% 65.5%

Avg Payable Prod 49,000 1,670,000 9,742,000 36,838,000 40,609,000

10% Discount Rt. 7% Discount Rt. IRRNPV (US$m) $381 $475 39.8%


Potential Recoveries at Spot PricesAu (oz) Ag (oz) Cu (lbs) Pb (lbs) Zn (lbs)

Pricing Assumptions (Spot as at 11/7/11) $1,792 $35.00 $3.55 $0.90 $0.89Estimated Recoveries (Targeted) 70.0% 66.9% 76.6% 77.8% 65.5%

Avg Payable Prod 49,000 1,670,000 9,742,000 36,838,000 40,609,000

10% Discount Rt. 7% Discount Rt. IRRNPV (US$m) $850 $1,017 70.1%


Au (oz)35%

Ag (oz)23%

Cu (lbs)14%

Pb (lbs)13%

Zn (lbs)15%

AGM-‐V Recent Metallurgical Improvements

Based on work done by G&T Metallurgical (Released Dec 1, 2011) •  Improvement in TOTAL Au recovery to 76% (approx. 47% recovered to a Au gravity “Pan” concentrate, 24% recovered to Cu conc., 5% recovered to Pb conc.)

•  Cu conc. graded 19.6% at recovery of 72% and contained 30.3 g/t Au (recovery of 24%) and 482 g/t Ag (recovery of 15%)

•  Pb conc. graded 64.3% at a total recovery of 51% and contained 1111 g/t Ag (45% recovery) and 4.7 g/t Au (5% recovery)

•  Zn conc. graded 57.7% at a recovery of 77%

•  OPPORTUNITY OF IMPROVEMENT: in this latest round of testing, 24% of our total Au and 20% of our total Ag ended up in the Cu cleaner tailings. We will examine ways to get more of this “lost” Au and Ag to remain in the Cu conc., and also test to determine if we can leach these tails to recover more gold and silver. We’ll also look to improve the Pb recovery by examining operating mines with similar grades and mineralogy (such as Oz Minerals Rosebery Mine in Tasmania).

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AGM-‐V Yenipazar Property & Drill Hole Sites

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Exploration Drill Target

AGM-‐V

Hole-No Interval (m) Thick-ness Au g/t Ag g/t Cu % Pb % Zn %

YP-149 92 126 34 m 5.78 93.4 1.11 2.72 3.90

YP-151 58 70 12 m 3.62 52.0 1.03 0.52 2.76

YP-151 74 100 26 m 6.35 52.5 1.62 1.18 2.79

YP-156 42 90 48 m 3.93 16.7 1.09 0.30 0.30

YP-156* 110 150 22 m* 0.46 26.9 0.15 0.81 1.39

YP-264 52 100 48 m 4.72 66.2 0.96 4.22 7.65

YP-282 82 114 32 m 2.93 82.1 0.97 3.10 4.84

*Cumulative thickness of 4 levels in 110-150 m interval

High-grade Intersections

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AGM-‐V Recent Yenipazar Drilling News

Pairs of RC and duplicated diamond holes, 5 m apart

* YPD-1 includes 112-114 m (61 g/t Au), 122-124 m (20.15 g/t Au), 124-126 m (12.5 g /t Au). Capped at 10 g/t Au, the average grade for the diamond drilled interval of 62-130 meters is 2.05 g/t Au

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AGM-‐V Yenipazar Mineralization

Large mineral grains at Yenipazar allow for gravitational pre-enrichment

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AGM-‐V

Shallow topography is ideal for open pit construction

Favourable Terrain

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AGM-‐V Feasibility Study - Consultants

Jacobs Minerals Canada – part of Jacobs Engineering Group Inc. (NYSE: JEC), one of the world’s largest & most diverse providers of technical, professional & construction services - US$10B market cap. Overseeing & coordinating feasibility study.

P&E Mining – established geological & mine engineering consulting firm specializing in NI 43-101 geological reports, resource estimate technical reports, preliminary economic analysis and pre-feasibility studies. Commissioned to do resource update and mine design.

Golder Associates – founded in 1960, a global company providing consulting, design, & construction services to clients in Mining, Oil & Gas, Manufacturing, Power, Transportation & more. Responsible for geotechnical studies.

SGS UK – global leader & innovator in inspection, verification, testing & certification services. Responsible for Metallurgical test work.

SRK Turkey – formed in 1974, with 1000+ professionals employed internationally, specializes in design & management of mineral exploration programs. Experienced in preparing technical reports admissible for stock exchange purposes, mineral exploration project audits and in the valuation of exploration projects. Recent projects in Africa, South America, the Middle East, Asia and Europe. Preparing ESIA Study.

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AGM-‐V Future Milestones for Aldridge

Complete feasibility study at Yenipazar – Began in May 2011, targeting November 2012

Release drill results from our PNG exploration discovery – Late January or early February

Complete an AIF – draft complete, working towards final document – To be filed concurrent with our audited annual financial statements

Complete a financing to secure funding for all our planned 2012 expenditures of approximatley C$10m – Targeting Q1 2012

Release the results of the metallurgical portion of our feasiblity study – Targeting early Q2 2012

Recommence exploration drilling at Yenipazar – Targeting late Q1 2012

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AGM-‐V Aldridge PNG – The Kili Teke Discovery

Acquired a 338 sq. km license awarded in Feb 2009. Received 3 requests from majors to JV the property before any results published

Collected 80 rock samples and 350 soil samples

Discovered a very large Cu-Au porphyry & skarn system named Kili Teke

•  Two rock samples grading between 23% - 35% Cu with an average of 60 g/t Au and 238 g/t Ag;

•  Thirteen samples grading from 1.0% - 12.9% Cu with an average of 0.44 g/t Au and 3.8 g/t Ag;

•  28 samples grading from 0.3% - 1.0% Cu with an average of 0.39 g/t Au and 3.8 g/t Ag. Also had one sample grade 9.1% zinc

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AGM-‐V

Base image source: PNG Mineral Resources Authority, Info-DVD distributed on PDAC 2009-3, Toronto

Aldridge PNG License Area

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ALDRIDGE MINERALS INC Exploration License_2009-2-18

AGM-‐V Au in Soil Samples at Kili Teke

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AGM-‐V Cu in Soil Samples at Kili Teke

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AGM-‐V Cu in Soil Samples at Kili Teke with Ok Tedi Pit Overlain for Scale

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AGM-‐V Timeline – Advancing Ahead

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AGM-‐V

ALDRIDGE MINERALS AGM-V www.aldridgeminerals.ca


Mario Caron, CEO & Director Joined Aldridge Nov 2011. Mario is a mining executive with over 30 years of

experience in the mining industry including board and management expertise in operations, exploration, and capital markets as well as government relations, from various international projects. He holds a Bachelor of Engineering degree in Mining from McGill University and is a member of the Quebec Order of Engineers and the Association of Professional Engineers of Ontario.

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Jacob Willoughby, President & Director Jacob is a geologist with a Masters in Business Administration from the University

of Windsor and became president of Aldridge in April 2010. He joined the board in February 2010. He was previously a partner and mining analyst at Paradigm Capital in Toronto, a highly ranked investment firm with a specialization in mining finance, where he worked for five years until choosing to leave in March 2009. He is also a director of Foxpoint Capital Corp.


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Barry Hildred, Chairman Barry founded The Equicom Group in 1995 and remained its President until

October of 2009. In 2007, Equicom was acquired by the TSX Group. Mr. Hildred also serves on the Board of the Children's Aid Foundation and is a past member of the Ontario Securities Commissions' Continuous Disclosure Advisory Committee.

Dr. Martin Oczlon, VP Exploration & Director Dr Oczlon spent seven years during the 1990’s with BHP as senior exploration

geologist in SW Asia and SE Europe. He drilled the discovery holes for the Reqo Diq Cu-Au porphyries in Pakistan, now with 21 Mt Cu + 37 Moz Au. From 1999-2002, he developed a private exploration company with a large project in Romania and sold it at a 200% profit. Aldridge Director since 2003, responsible for project acquisition, exploration and development


John F. Cook, Director Mr. Cook is a mining engineer with 45+ years of experience including

development of open-pit & underground mines, exploration, operations, management, & feasibility studies. He was most recently President & CEO of San Anton Resource Corp. & is currently a director of Strategic Resources Inc., MBMI Resources Inc., Southern Andes Energy Inc. & Cerro Resources Inc.. He was Chairman of Wolfden Resources Inc. until its purchase by Zinifex Ltd in June 2007, and was Chairman of Premier Gold Mines Limited until 2010. Mr. Cook is a graduate of Sheffield University in mining engineering.

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Daniella Dimitrov, Director Ms. Dimitrov has over 16 years of broad commercial and operational experience in

senior executive roles with major companies. She has held principal roles in mergers, acquisitions, financings, corporate finance and joint ventures. Ms. Dimitrov’s former positions include Senior VP, Strategic Initiatives of Raymond James Ltd., COO of Dundee Securities and Dundee Private Investors, General Counsel for the Dundee group of companies and counsel at a national law firm. She is also a director and vice chair of Baffinland Iron Mines.


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Jim O’Neill, CFO Mr. O'Neill, a Chartered Accountant with over 25 years of industry experience,

brings a depth of knowledge from various international mining, project management and distribution companies. Formerly CFO of Royal Coal Corp., and VP Corporate Controller & Investor Relations at Tiomin Resources. Prior to Tiomin, I held CFO positions with a publicly-traded multi-national engineering firm and a private business products manufacturer and distributor.

Ed Guimaraes, Director Ed is a CA who held progressive management positions with Aur Resources

between 1995 and 2007, ultimately serving as Executive Vice-President, Finance and Chief Financial Officer of Aur until December 2007. Aur was acquired by Teck Resources Limited in a takeover valued at $4.1 billion in August 2007. Mr. Guimaraes has worked as a consultant in the resources industry since that time and is currently a director of Nuinsco Resources Limited. Mr. Guimaraes holds a Bachelor of Arts in Administrative and Commercial Studies from the University of Western Ontario.