2

Current trend: growing IPO market

• 52 IPOs since January 2010, raising a total of £6.7 bn• Significant international transactions:

– March 2010: African Barrick Gold, Main Market, raising £581m

– April 2010: Bellzone Mining, AIM, raising £33.6m

– May 2010: Essar Energy, Main Market, raising £1,273m

– May 2010: Avangard, Main Market, raising £123m

• Recent listings:

Souce: London Stock Exchange statistics, August 2010

3

Mining companies at a glance

UK Int’l* UK Int’l*

No. of listed companies 20 17 86 44

Market cap (£bn) 207.94 29.8 3.14 5.8

Total No. of IPOs2000- 2010 8 5 85 42

Total IPO money raised (£m) 2000 – 2010 4,568 1,960 513 359

Total no. of further issues 2000 – 2010 117 288 636 1,969

Total further money raised (£m) 2000 – 2010 17,233 1,708 1,103 5,409

Summary statistics

Souce: London Stock Exchange statistics, September 2010* By country of incorporation

Main Market

4

Significance of mining sector in London

Support Services

6%

Equity Investment

Instruments

5%Pharma

4%Food

3%

Real Estate

7%

Oil & Gas

Producers

19%

IT

7%General Financial

7%

General Retailers

3%Other

22%

Mining

17%

Banks

17%

Oil & Gas

Producers

16%

Other

37%

Automobiles

4%

Mobile Telecoms

4%

Fixed Telecoms

3%

Media

2%

Pharma

4%

General

Industrials

4%

Support Services

2%

Mining

7%

Sector distribution by market value

• Mining is the 3rd largest sector on the Main Market by market value

• 37 mining companies, accounting for only 2.5% of all Main Market companies, take up 13% percent of the total market value of the Main Market

• Mining is the 2nd largest sector on AIM by market value

• 130 mining companies, accounting for 10.4% of all AIM companies, take up 15% percent of the total market value of AIM

Sector distribution by market value

Source: London Stock Exchange Statistics, September 2010 Source: London Stock Exchange Statistics, September 2010

Main Market

5

30

11

1111

133

15

37

Sub Saharan Africa AustralasiaNorth America Central & South AmericaAsia Pacific Middle East and North AfricaRussia & CIS Europe (Incl UK)

London – a truly global mining market

1

2

1

22

1

2

41 1

Australia Bermuda Virgin IslandsCanada Nertherlands IrelandRussia South Africa ZambiaZimbabwe

Country* distribution by No. of companies

• AIM is truly a globally focussed growth companies market. Many UK and Non-UK incorporated mining companies on AIM have their primary business operations outside the UK, with Mining companies on AIM operating across all major continents

Region* distribution by No. of companies

Source: London Stock Exchange Statistics, September 2010*Country of incorporation

Source: London Stock Exchange Statistics, September 2010*Region of operation

• 17 international mining companies on our Main Market come from 10 countries, with greatest number of non-UK incorporated companies being domiciled in South Africa

Main Market

6

AIM has a large investor base for mining

Value of investments (£m) on AIM by sector, Top-10 sectorsfor 2009

4,026

2,772 2,699 2,637

2,025

1,321

853 814 775 721

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

Mining Oil & GasProducers

General Financial Real Estate Equity InvestmentInstruments

Support Services Softw are &ComputerServices

Food Producers Electricity Media

Source: Growth Company Research on Institutional Investors, December 2009

7

Other New Admissions for AIM Mining in 2010

• Broad mix of mining assets represented - Copper, Iron Ore, Gold, Coal

• AIM continues to support mining companies of all sizes

Source: London Stock Exchange Statistics, July 2010

2010 AIM Mining IPOs by Market Value at Admission (£m)

£5

£44

£184

£3

£147

£85

SCOTGOLDRESOURCESLTD

METMINCOLIMITED

BELLZONEMINING PLC

Q RESOURCESPLC

NCONDEZICOAL CO LTD

CENTRAL ASIAMETALS PLC

8

AIM in 2010: Further capital for Miners

• £706m raised in further issues by mining companies on AIM

• Among the top ten, we see a strong showing by Africa, South America and Central Asian mining assets

Source: London Stock Exchange Statistics, September 2010

Top 10 AIM Miners by Money Raised (£m) in 2010

248

172

5518 15 13 11 10 9 9

AFRICAN M

INERALS L

TD

PLATMIN

LIM

ITED

COAL

OF AFRIC

A LTD

ORSU METALS C

ORP

EUROPEAN N

ICKEL

CREAT RESO

URCES HLD

GS LTD

AFRICAN A

URA MIN

ING IN

C

AFRICAN D

IAM

ONDS

FIRESTONE D

IAM

ONDS

MW

ANA AFRIC

A