Lionhart Advisors Group Investment Opportunities in Natural Resources

April 2013

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Disclaimer

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The information and opinions in this report were prepared by Lionhart Advisors Group Ltd. (“Lionhart”), and are believed to be reliable at the time of their publication. Lionhart makes no representation as to the accuracy or completeness of such information and disclaims any and all liability for such potential representations to the maximum extent permitted by law. This report is for information purposes only and is not intended to be relied upon in making any investment decisions. This report is not an offer or a solicitation of an offer to buy or sell any financial instruments. The information presented in this report may not be suitable for all investors and investors must make their own informed investment decisions. Lionhart assumes no obligation to update, modify or amend this report or to otherwise notify a recipient thereof in the event that any opinion, forecast or estimate set forth herein, changes or subsequently becomes inaccurate. Certain statements contained in these presentation materials constitute forward-looking information, future oriented financial information, and financial outlooks (collectively "forward-looking information"). Forward-looking information may relate to this and other documents relating to the subject matter hereof and, in some cases, can be identified by terminology such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "intend", "estimate", "predict", "potential", "continue" or other similar expressions concerning matters that are not historical facts. Actual results may vary from such forward-looking information for a variety of reasons, including those set forth herein. Such forward-looking statements are based on a number of material factors and assumptions, including, that contracted parties provide goods and/or services on the agreed timeframes, that equipment necessary for construction and development is available as scheduled and does not incur unforeseen break downs, that no labor shortages or delays are incurred, that no unusual geological or technical problems occur, and that on-going contractual negotiations will be completely successful and progressed and/or completed in a timely manner. There can be no assurance that the results of the project referred to in these presentation materials will actually match the forward-looking information as a result of various specific risks and otherwise normal hazards (geological, technical, and production) associated with mining operations, adverse currency fluctuations, and those risks otherwise disclosed in other documentation related to the project referred to in these presentation materials. While we consider these assumptions to be reasonably based on information currently available to us, they may prove to be incorrect. The information contained within this presentation is provided for information purposes only and not intended to serve as investment advice nor is it directed toward any persons in a jurisdiction where the information contained within this presentation may be construed as providing investment advisement services which are not authorized or not legally permitted. No information contained herein should be construed as an investment advertisement directed into the United Kingdom in violation of Section 57 of the Financial Services Act 1986. Accordingly, nothing in this presentation is to be construed as an offer or invitation made to any person in the United Kingdom except to those persons contemplated within the scope of article 11(3) of the Financial Services Act (investment advertisements) (exceptions) order 1995 or to persons to whom the information may otherwise be lawfully issued or passed. Investments may only be made in any fund or offering by means of the information contained in the private placement memorandum relevant to that fund.

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Table of Contents

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1. Lionhart Overview

2. Why Africa

3. Project Pipeline

4. Lionhart Team

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Why Natural Resources in Africa

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Government leaders now seek more success and wealth for their people by increasingly cooperating with certain countries and corporations not just in Africa, but around the world

African government structures projects to production in 2-4 years vs. 8-10 years in USA and Canada

A vast majority of the land in Africa remains unexplored, despite over two centuries of sporadic exploration and production

Geographical proximity to Asia and Europe makes the continent an ideal supplier of natural resources, minimizing transportation costs

Opportunistic jurisdictions such as Zimbabwe, Zambia, Botswana, Tanzania, DRC, Guinea, Equatorial Guinea and Ethiopia

Africa has more than 80% of the world’s platinum reserves, and 55% of the world’s cobalt, 88% and 42% of diamonds and gold reserves, respectively, plus Guinea contains an estimated 25% of global bauxite deposits

Foreign countries and industries are moving up the supply chain in an effort to ensure a more reliable and sustainable source of raw materials from Africa. In addition, Africa will continue to require large quantities of its own natural resources

Source: McKinsey Global Institute, Lions on the Move June 2011

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Abundance of Minerals in Africa

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• Africa has an abundance of natural resources, with some of the largest known reserves including precious metals (platinum, gold), industrial base resources (iron, coal, copper) and oil and gas deposits.

• There is simply not enough known and accessible supply of base and precious metals in the world to go around, so further exploration and production of these resources will have to take place.

95%

88%

82%

66%

60%

55%

45%

44%

42%

51%

78%

28%

27%

54%

18%

4%

40%

20%

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

Vanadium

Diamonds

Manganese

Phosphate

Platinum Group

Cobalt

Aluminum

Chromium

Gold% of World Production

% of World Reserve

Source: ECA and African Union

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Operating in Different Jurisdictions

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Africa Australia North America

Political Risk Δ Royalties/Taxes Δ Taxes Δ Royalties/Taxes

Title Risk Medium – High (improving)

Low Low

New World-Class Ore Bodies Numerous Few Few

Cost to Acquire Low – Mid High High

Ore Grades High Low – Medium Low – Medium

Current Infrastructure Improving Good Good

Capex Costs Low – Medium High High

Permitting Process Medium Long Long

Access to Workers and Expertise Improving Difficult Difficult

Comparative view of operations in three continents

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Lionhart’s Competitive Advantages

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Senior management team experienced in asset and fund management with particular focus in natural resources

Reputation attracts high-quality deals in resource rich regions with ability to de-risk, advance, and monetize investments

Achieved 25% IRR in private equity natural resource investments using a proven investment process refined since the mid 1990s

Strong strategic partnerships with exploration experts, financial institutions, other natural resources investors, government entities, lawyers, and investment banks

Experienced Management

Ongoing Deal Flow

Successful Track Record

Global Strategic Relationships

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Proven Investment Process

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Phase I

Phase II

Phase III

Phase IV

Phase V

Perform due diligence with strategic partners Establish ownership Validate concessions

Source Transactions

Verify Reserves

Review geologist data Fly aeromag Schedule drill program

Progress Assets

Refine corporate structure, management team and board

Substantiate Valuation

Obtain (43-101) report Pre-IPO financing File mining license

Exit Strategy

Strategic sale or merger Initial Public Offering

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Large Global Relationship Network

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Source Verify Monetization

• Exclusive mining teams • Government contacts • Investment banks • Top and mid tier mining

companies • Independent political due

diligence consultants • Accounting firms • Law firms • Other funds

Geology • Ferrox geology team • Freelance geologists • Process Research Ortech • Neomet Technologies • Avanti Consulting • Lakefield Research • Mintek. • Obsidian Consulting • Wardrop Engineering • Hatch Engineering • Associated Geoscience • CICC • Coffee Mining • MSA Geoservices

Legal and Accounting • Stikeman Elliot • Deloitte & Touche LLP • Ernst & Young • Erwin Lowy • McMillan • Cassels Brock • Wilderboer Dellelce • Morrison & Foerster

Co-Investors • Front Street Capital • Sprott Asset Management • Salida Capital • Litchfield Capital • Dundee Capital Markets • Lumina Capital LP • AGF • Investors Group • Mackenzie Financial • Pinetree Capital • Lakeshore Capital

• GMP • Canaccord • Dundee • Bryon Capital • Ocean Equities • Rand Merchant Bank • Ounavarra Capital • Macquarie Group • Jennings Capital • Royal Bank of Canada • First Peninsula Capital • Nedbank • Chrysalis Capital • Raymond James • Liberum Capital • BMO • Top and mid tier mining

companies

Progress Substantiate

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Solid Private Equity Track Record

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2002 2007 2012

Average Investment Size $14 million

Average Total Return 173%

Average Time 3.7 years

Number of Investments 22

Profitable Transactions 14

Annual Return = 20% to 25%

Lionhart has a successful track record in private equity natural resource investments

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Natural Resource Project Pipeline

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Resource Location Exchange Lionhart % Status

Iron ore South Africa

Private >50% World class asset with NI 43-101 compliant resource of 471 million tonnes, post concentrate grade of 60% Fe. Acquired adjacent properties to potentially add 3x resource. Valuable by-products titanium, phosphate, vanadium. MOU signed with former South African Reserve Bank Governor. Appointed HSBC as exclusive financial advisor.

Copper Zambia Private ~50% 8 copper licenses totaling over 3,300 km2. Working on going public through CPC.

Copper DRC Public ~20% 165 km2 property adjacent to massive high grade Tenke Fungurume copper operation. Recent successful private placement of C$1.5 million to continue drilling. Positive sampling results confirming similar structure to Tenke Fungurume. 5 drill targets identified for further testing and drilling.

Copper Zambia Private ~20% 6 copper licenses totaling over 4,000 km2. Completed NI 43-101. 5 properties optioned to major miners including BHP, Rio Tinto, and Vale.

Various Equatorial Guinea

Public ~10% Completed geophysical survey on entire country. First right of refusal on 15% of area surveyed. Prioritizing targets now.

Gold Tanzania Ethiopia

Going public

~10% 400 km2 area beside Canaco Resources in the Handeni region. Completed NI 43-101. Key drill holes include 6.4 g/t Au over 16m and 1.6 g/t Au over 31m. Also ~3,000 km2 land package in Ethiopia. Artisanal miners are present. Completed mapping, trenching. Drilling underway.

Gold Senegal Private ~1% Flagship project in Senegal. Maiden resource estimate of 1.05 million ounces of gold. Recently raised GBP16.5 million at successively higher valuation.

Bauxite Guinea Private Convertible Debt

4 projects in total. Current JORC compliant resource of 2.4 billion tonnes. Feasibility study expected by end of 2012. Current raise of US$10 million to fast track production.

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Lionhart Recognitions and Awards

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Lionhart has received many industry awards for its hedge funds, private equity funds, and for natural resources investing

Other recognitions for Lionhart funds from 2001 to 2011: • BarclayHedge – 9 awards, including #1 ranking five times • HedgeFund Review – 3 awards • EuroHedge – 2 awards • Other groups – 4 awards

Recent Awards 2nd highest performer in Sector Other,

for the Past 3 Years (Dec 2012) 2nd best performing fund in Metals and

Mining in 2011

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Talon Hawk Terms

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Name Segregated Portfolio - Minerals, Mining & Natural Resource Portfolio

Strategy Focus on natural resource investments predominately in Africa

Jurisdiction Cayman Islands

Liquidity 1 year lock, early redemption penalty for 2-3 years from subscription, no penalty for >3 years

Target Fund Size US$300 million

High Water Mark Yes

Min. Investment US$1,000,000

Management Fee 2%

Performance Fee 20%

Early Redemption Penalty Fee 8%

Administrator Caledonian Fund Services

Prime Brokers Bank of America Merrill Lynch

Target Returns 35%-50% (annual)

Expected Volatility 15%-25% (annual)

Leverage 1.0x

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Lionhart Senior Management

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Michael Smyth Michael joined Lionhart in 2006. Based in Toronto, he is a member of the natural resources team that selects and manages investments through to a liquidity event. Mike leads a team of strong analysts who research global resource investments in mining, energy, and alternative energies. Prior to joining Lionhart, Mike has had extensive experience working in resource companies such as the CEO of TSX-listed global mining explorer Geoinformatics Exploration, the CFO of mineral technology company Bactech Mining, and the CFO of large gold and copper producer Lac Minerals. His other previous work experiences consist of senior financial positions in large Canadian public companies, such as natural gas company TransCanada PipeLines and technology company Bell Canada. Mike began his career spending 8 years in the capital markets teams at Scotiabank and Royal Bank of Canada. He is a board member of Mukuba Resources, Sparcap One, and Shwachman Diamond Syndrome Canada, and is also a key member of Lionhart’s risk management team.

Neill Ebers Neill joined Lionhart in 2003 to oversee the firm’s operational, compliance, legal, financing, and treasury management functions. His 20 years of experience in the alternative investment industry includes four years as Director at Credit Suisse First Boston (Europe) Ltd. During that time, Neill transformed their Prime Brokerage business from regional start up to one of the top three service providers in Europe and Asia. He also helped start and expand Morgan Stanley’s Asian Prime Brokerage into the number one Equity Finance Group in the region.

Terrence Duffy In 1993, Terrence Duffy founded Lionhart. His impressive background includes over 25 years of alternative investment industry experience. Terrence has held several key roles prior to forming Lionhart. As Head Trader of Global Equity Derivatives at First Interstate Capital Markets, he was instrumental in producing significant profits for the bank’s proprietary accounts. As Senior Manager at Continental Bank, he developed substantial trading experience in Japanese and Korean warrant and convertible arbitrage. In addition, at O’Connor & Associates he developed a leading edge trading system that helped make significant profits during the Crash of 1987. Terrence holds a Bachelor of Science degree in Mathematics and Computer Science from Purdue University.

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Contact

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Terrence Duffy

terry.duffy@lionhart.net

+1(416) 367-3333

Toronto, Canada

Neill Ebers

Neill.Ebers@lionhart.net

+44 (0)20 8947 6934

London, UK