A Golden Investment Opportunity

High Grade Gold Within District-Scale Land Package

February 2012

Cautionary Notes and Disclaimers

This presentation may contain forward-looking statements including, but not limited to, comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, and other related matters. Forward-looking statements address future events conditions and therefore involve inherent risk and uncertainties. Linear Metals’ projects in Kenya, Canada and Mexico are at an early stage and all estimates and projections are based on limited, and possibly incomplete, data. More work is required before the mineralization and the economic aspects of the projects can be confidently modeled. Actual results may differ materially from those currently anticipated in this presentation. No representation or prediction is intended as to the results of future work, nor can there be any promise that the estimates and projections herein will be sustained in future work or that the projects will otherwise prove to be economic.

2 TSX: LRM

3 TSX: LRM

Linear MetalsLinear is focused on the exploration of a district-scale land package along a prolific gold-hosting greenstone belt in southwestern Kenya. Highlights of Linear’s strategic land package include:

► Approximately 2,000 square kilometres (200,00 hectares) of prospective mineral belt under license and/or application;

► Long history of near-surface gold extraction by local artisanal miners that continues today;

► High-grade gold mineralization confirmed by early drill results and sampling;

► Demonstrated mineralization throughout Linear’s project area with the potential for several mineral deposits

Linear’s ongoing exploration program has the potential to deliver multiple large-scale discoveries for Linear’s shareholders.

Artisanal activity at Linear License

Management TeamBrian MacEachen, CA – President & CEO

▶ Industry experience spans 25 years with small, mid and large cap mining companies

▶ Experience includes operations, project development, exploration discoveries, company start-ups including roles with Brigus Gold Corp., Franco-Nevada Mining Limited, Aur Resources Inc., and Avalon Rare Metals Inc.

Wade K Dawe – Chairman

▶ Mining and venture capital entrepreneur since 1994

▶ Chairman, CEO & President of Brigus Gold Corp. (founder of Linear Gold Corp. in 2003)

Matt Rees – Vice President Exploration

▶ Over 25 years of exploration experience with18 years at Noranda/Falconbridge including Mexico, Mongolia, Turkey, Spain, Ireland & USA

▶ Involved in multiple discoveries – KM61, Esker Lake & JG (Pb-Zn-Ag) in the high Arctic and Rod Au Zone which became part of the Jolu Mine

Keith Abriel, CA, CFA – Vice President & CFO

▶ Senior finance professional

▶ Former CFO of Linear Gold Corp

Jim Megann – Director of Investor Relations and Marketing

▶ Senior marketing and communications consultant

▶ Over 25 years IR and marketing experience

4 TSX: LRM

Capital StructureToronto Stock Exchange LRM

Shares issued 63.4 million

Fully diluted shares 72.4 million

Recent market cap ~$15 million

Inside ownership >20%

5 TSX: LRM

Key Asset - Kenya

▶ District-scale Opportunity▶ Greenstone belt extends into Tanzania and is host to several large

gold producers notably African Barrick and AngloGold’s projects with combined resources of over 40 million ounces of gold

▶ Multiple prospects throughout Linear’s property area with demonstrated high grade gold mineralization

▶ Linear’s 100% focus*Includes applications pending

2000 km2* Along Under-Explored Greenstone Belt

6 TSX: LRM

7

Kenya Mineral Opportunities

Attractive geologic environment - Archean Greenstone Belt

Long history of colonial and artisanal mining

Underexplored with limited modern exploration

Early participant advantage

Country advantages English speaking country with the

highest number of college/university educated professionals in East Africa

Supportive government New constitution approved in 2010 New mining legislation in progress Kenya Vision 2030, provides an

emphasis on investment Communication and financial center of

East Africa

TSX: LRM

8

Archean Greenstone BeltLake Victoria Archean

Greenstone Belt Host to numerous gold and base

metal deposits, including: Tanzania - Large Scale Start Ups

Since 2000: Anglo’s Geita: 16.3 M oz Au Barrick’s Bulyanhulu: 17.0 M oz Au Barrick’s North Mara: +10 M oz Au Barrick’s Buzwagi: 4.4 M oz Au

Kenya – Projects: Bumbo/Aviva : 1.7 Mt at 4% Cu - Eq Kakamega/Aviva: 250K oz Au @ 13

g/t +++ resource update in 2012 Macalder/Falconbridge: 0.84 Mt at

2.29% Cu, 5.1% Zn, 3.26 g/t Au and 1.8 oz/t Ag

Migori/Red Rock: 33 MT at 1.1 g/t Au

Largely underexplored opportunities in Kenya

TSX: LRM

9

Priority Target Kamwang

o

Advanced Prospects

Awuoro Kanga Kwoyo

Linear’s Nyanza and Sotik Projects

TSX: LRM

Tertiary & Quat.BikobianGranitesKavrondianNyanzian Greenstone Belt

Option Agreement with B&M Mining and East African Pure Gold (“EAPG”):

Phase 1 Linear acquires an initial 70% interest by:▶ Making Cash Payments of US$300,000 over 4 years▶ Incurring exploration expenditures of US$600,000

(completed)

Phase 2 Linear can increase its interest to 80% by:▶ Spending an additional US$3.4 million

IF B&M/EAPG decline to fund their pro-rata exploration & development expenditures beyond the first US$4 million, Linear can increase its interest based on the following expenditures

Phase 3 Linear can increase its interest to 90% by:▶ +1% per $1 million of expenditure to a maximum 90% with EAPG

& B&M then carried to completion of a feasibility study

Phase 4 Linear can increase its interest to 95% by:▶ + 1% per $2.0 million of development expenditure to a maximum

of 95%

Nyanza Project Earning 70-95% Interest

10 TSX: LRM

Kamwango – Priority Target Significant artisanal mining activity that

includes 12 large-scale workings along a four kilometre northwest strike length trend intersecting a two kilometre northeast strike length trend of mineralization

Grab and chip samples from artisanal workings up to 96.6 g/t Au

Linear commenced drilling in December 2011

11 TSX: LRM

Kamwango Drill Highlights KG-11-02: 10.68 g/t gold over 4.8 m;

Including: 51.6 g/t gold over 0.81m DDH-1: 34.5 g/t gold over 2.96 m (lost in vein) DDH-4: 81.4 g/t gold over 2.55 m (collared in vein)

Significant gold mineralization in 8 of the first 10 drill holes

12 TSX: LRM

Kamwango: KG-11-02 Kamwango: KG-11-03 Kamwango: KG-11-02

Reported Kamwango Drill Results

13 TSX: LRM

DDH Number

Gold Width (metres)

KG-11-01

3.34 g/t 5.96

Including 4.55 g/t 4.15

KG-11-02

10.68 g/t 4.8

Including 51.6 g/t 0.81

KG-11-02

0.94 g/t 3.4

KG-11-03

4.14 g/t 3.83

Including 5.0 g/t 3.13

KG-11-03

2.8 g/t 4.38

Including 4.16 g/t 2.77

DDH Number

Gold Width (metres)

DDH-1 34.5 g/t 2.96

DDH-3 1.4 g/t 20.0

Including 2.13 g/t 5.5

DDH-4 81.4 g/t 2.55

DDH-6 0.4 g/t 11.7

DDH-7 2.8 g/t 7.6

Including 3.95 g/t 5.3

2012 Drill Results 2003-04 Drill Results

Kamwango Drill Results

14 TSX: LRM

50 Metres

Kamwango Drill Results

15 TSX: LRM

16

Kamwango Magnetics

TSX: LRM

Kamwango - Summary High grade gold over a four kilometre northwest strike

length trend intersecting a two kilometre northeast strike length trend of mineralization

Geophysical grid in progress over Kamwango and Garissa areas

Detailed soil sample coverage planned Expanded drill program planned

17 TSX: LRM

Awuoro-Kanga-Kwoyo

Awuoro-Kanga - Approximate seven by one kilometre gold-in-soil anomalies with values running up to 2.53 g/t Au, and grab samples up to 37.5 g/t Au;

Kwoyo - Approximate four by one kilometre area of gold-in-soil anomalies and grab samples up to 5.7 g/t Au;

Geophysics & geochemistry surveys completed; Results from initial drill holes include:

17.2 g/t Au over 0.7 m; (KE-11-04) 3.77 g/t Au over 4.4 m (KE-11-06 - Ruga); and 2.50 g/t Au over 11.5 m (KE-11-11 -Ruga trend)

Including 50.3 g/t Au over 0.45 m

18 TSX: LRM

Artisanal activity at Linear License

Awuoro-Kanga Gold in soils and Drill Hole Locations

19 TSX: LRM

Nyanza – Additional Opportunities

Linear’s extensive property package has already identified a number of other potential targets: Bouye Hill – High grade hematite

with samples up to 65% iron oxide Wire Hill – a 2.2 km long magnetic–

high anomaly hosting multiple copper and iron showings

Ombassa – Attractive gold-in-soil and VMS targets identified by 8 AEM conductors

20 TSX: LRM

Soil and rock samples – goldAmbassa

Iron oxide samples running up to 65%

Bouye Hill

21

Building Value Through Exploration A Case Study

Key Asset: Handeni Gold Project Location: Tanzania Initial Drilling: Sept 2009 Market cap Sep-09: ~$9 million Market cap Dec-11: ~$300

million (~2 mm ozs)

Canaco Resources: CAN:TSV

Canaco Handeni Project

Linear Nyanza Project

Initial Soil Anomaly

1.3 km >11 km

Peak soil value .77g/t Au 2.5 g/t Au

Project size 200 km² 2000 km²Linear’s Nyanza project can deliver similar returns!

TSX: LRM

Investing in Gold

Forms of Gold Investment

Factors Impacting Return

Physical gold Spot gold

Gold producing companies Spot gold and operating success

Gold exploration companies Spot gold, exploration and development success

22 TSX: LRM

SummaryKey Asset: Kenya – Nyanza & Sotik Projects:

Strategic land package in underexplored Greenstone Belt (~2,000 km2*)

Extensive colonial & recent artisanal workings

Demonstrated high grade gold mineralization Federal and local support Drilling in progress District scaleLinear’s primary focus and value driver

* Includes applications pending

23 TSX: LRM

Visible gold from Kamwango2003-2004 drill program

Linear OtherAssets

• 43-101 – Resource: significant size & grade, 100 Million tonne @ 0.065 Mo Eq. with open-pit, high grade starter zone potential

• Location & infrastructure advantages – road, rail, power, etc.

• Long-term asset – 100% owned – minimal cost - JV potential

• Significant mineral grades confirmed in two drill programs

• March 2011 JV with Super Metals Mining Inc. to advance project to BFS

• Untested deep geophysical anomalies correlate with previous drilling intersecting 218 g/t Ag over 23 m incl @ 1245g/t Ag over 3m (LM-04) and 21.2 m @ 1.4% Cu, 140.4 g/t Ag (LM-10)

• Attractive drill targets – JV potential

KM61: +100mt Molybdenum-Copper-Silver Resource

Seymour Lake: Tantalum-Lithium-Beryllium Project

La Morena: Large CRD Silver System With Follow-up Targets

24 TSX: LRM

Quartz stock-worked and altered mafic volcanic, hosting disseminated Molybdenum

25

ContactBrian MacEachen

President and CEObmaceachen@linearmetals.com

(902) 442-7180

Jim MegannDirector of Investor Relations and Marketing

jmegann@linearmetals.com(902) 482-1240

Address1969 Upper Water StreetPurdy’s Wharf II, Suite 2001Halifax, NSB3J 3R7

www. linearmetals.com

LRM: TSX

TSX: LRM