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Donner Metals and Xstrata Zinc : Bracemac-McLeod Mine

Discovered in 2007 Production in 2013

Investor Presentation March 2013

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CAUTIONARY STATEMENT This presentation includes certain “forward-looking statements”. These statements are based on information currently available to the Company and the Company provides no assurance that actual results will meet management’s expectations. Forward-looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by terms such as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”, or their conditional or future forms. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results relating to, among other things, results of exploration, project development, reclamation and capital costs of the Company’s mineral properties, and the Company’s financial condition and prospects, could differ materially from those currently anticipated in such statements for many reasons such as: changes in general economic conditions and conditions in the financial markets; changes in demand and prices for minerals; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological and operational difficulties encountered in connection with the activities of the Company; and other matters discussed in this news release. This list is not exhaustive of the factors that may affect any of the Company’s forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on the Company’s forward-looking statements. The Company does not undertake to update any forward-looking statement that may be made from time to time by the Company or on its behalf, except if required to do so by applicable securities laws.

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›  Donner Metals ›  Bracemac-McLeod Mine ›  Joint venture exploration ›  Strategy for the future

Presentation

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Years of experience Juniors Majors Exploration Metallurgy Development Operation Finance Strategy Environment

David Patterson Chairman & Director

35 ü ü ü ü

Harvey Keats CEO & Director 35 ü ü ü ü ü ü ü ü Normand Champigny, CFO, President, Director

31 ü ü ü ü ü ü ü ü

Ron Tessier VP Engineering 40 ü ü ü ü ü ü Robin Adair VP Exploration 33 ü ü ü ü ü ü ü ü Kerry Sparkes Director 30 ü ü ü ü ü ü ü ü Ken Thorsen Director 35 ü ü ü ü ü ü ü ü Laurie Sadler Director 30 ü ü

Strong, Complementary Management Team

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Management and Directors David Patterson (Chairman, Director) •  20 years of experience with exploration stage mining

companies

Harvey Keats (CEO, Director) •  25 years with senior positions at Falconbridge Ltd. •  Former VP Exploration of Diamond Fields Resources,

where he was responsible for the exploration program at Voisey’s Bay

Normand Champigny (President, CFO, Director) •  31 years of experience in Québec and other jurisdictions •  Chair of the Board of Directors of Minalliance and an

Executive Committee Member of the PDAC.

Robin Adair (VP Exploration) •  25 year career with Falconbridge/Noranda, Exploration

Manager – North America for zinc/copper •  He received his B.Sc. and M.Sc. in geology from the

University of Alberta

Ron Tessier (VP Engineering) •  Over 40 years of experience in the mining industry,

including in the Matagami Camp •  He managed the feasibility study at Perseverance Mine

and oversaw its $160M construction by Xstrata

Kerry Sparkes (Director) •  25 years of experience in exploration •  Vice-President of Exploration for Rainy River Resources

Ken Thorsen (Director) •  Over 35 years of experience in the exploration business

including President of Teck Exploration Ltd. •  Spent 21 years General Manager of Advanced Projects

with Teck-Cominco

Laurie Sadler (Director) •  Founder and managing partner of Sadler, Weismiller,

Spencer, Chartered Accountants (1984-2001) •  He holds an MBA from the University of Western

Ontario

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Shares Outstanding: 255,280,993 Fully Diluted: 284,174,148 52 Week Hi-Lo: $0.125 - $0.27 Market Capitalization: ~$40M

Toronto Venture Exchange: DON Frankfurt Exchange: D4M Institutionally held: approx. 50%

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Capital Structure

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A Donner Metals/Xstrata Zinc Joint Venture

Bracemac-McLeod The next Matagami Mine May 2013 production of zinc and

copper in Québec

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Large Area of Mutual Interest: 4,737km2 Located in Mining-Friendly Jurisdiction

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Copper

Zinc + Copper

Underground at Bracemac-McLeod: Bracemac Main Zone Ore

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Donner’s annualized production: 50 million lbs. of zinc, unhedged

Matagami zinc concentrate

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Proven and Probable Reserves

Mt % Zn % Cu g/t Ag g/t Au Depth (m)

Bracemac-McLeod 3.7 9.6 1.3 28 0.43 35-900

Measured and Indicated Resources

Mt % Zn % Cu g/t Ag g/t Au Depth (m) McLeod copper

zone 0.24 1.0 1.3 7.8 0.19 600-700

PD1 (West Camp) 1.7 4.6 1.1 20 <0.1 25-515

Inferred Resources

Mt % Zn % Cu g/t Ag g/t Au Depth (m)

McLeod Deep 2.5 9.2 1.2 40 1.1 600-1,200

West McLeod 0.16 2.2 2.6 24 0.20 400-600

Resources and Reserves High-grade zinc, copper, silver and gold

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Mine Development

›  Partnership with Xstrata Zinc (65% Xstrata / 35% Donner) ›  Bracemac-McLeod Mine under construction - 90 kt Zn, 13 kt Cu/yr ›  Production begins in May 2013 - cost US$ 0.42/lb. Zn ›  Initial 4 year mine life, potential to expand to 7+

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Tracking On Budget and On Schedule

-750m 2010

2011

2012 2013

2014 2015 2016

LEGEND

350

290

230

170

Ramp  Entrance  Bell  Allard  South  Pit  

McLeod Deep Discovery 2.47 MT (Inferred Resources)

West McLeod

Explora7on  corridors  

Bracemac Main Zone

Upper Bracemac Zone Bracemac KT Zone

Inferred resources not included in mine plan

McLeod Zone

                           Current  Advancement  

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New high-grade intersections Open

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Established Infrastructure

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McLeod Deep drilling

West McLeod

McLeod Zone Reserves

McLeod Deep 2.47 MT Inferred Resources *Conceptual mine design

Key Tuffite Surface

-500m

-1000m

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New high-grade intersections

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Reduced Risk Optimization ›  Existing infrastructure ›  Production without ramp-up ›  Qualified workforce from

Persévérance ›  Treatment by Xstrata ›  Permitted

›  Grinding circuit ›  Developing in ore ›  Backfilling ›  Zinc Larox ›  Precious metals

Bracemac-McLeod Mine

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Revenues by metal (as of 14 Mar, 2013)

Production by metal (feasibility)

3% 7%

37% 53%

3% 4%

33% 60% copper copper zinc zinc

silver gold silver gold

Revenues by metal (consensus 14 Mar, 2013)

3% 6%

32% 59% copper zinc

silver gold

zinc 1.05/lb $ copper 3.45/lb $ silver 31.75/oz $ gold 1,664/oz $

zinc 0.88/lb $ copper 3.51/lb $ silver 28.77/oz $ gold 1,593/oz $

zinc 0.80/lb $ copper 2.50/lb $ silver 12 /oz $ gold 1,000 /oz $

Production primarily from zinc, with copper, silver and gold

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Financing with Sandstorm Metals & Energy

Metal Purchase Agreement

›  100 % of zinc production remains unhedged ›  Payments : $US 32.75M, revenue from sales of copper and precious metals ›  Line of credit up to $US 4M ›  Other joint venture areas excluded

Cu

Au equivalent 20.8 M lbs

>2.75 US$ / lb, 0.80 US$/ lb Donner <2.75 US$ / lb, 0.55 US$/ lb Donner <2.75 US$ / lb, 0.80 US$ / lb Donner

>2.75 US$ / lb, 1.05 US$ / lb Donner

>350 US$ / oz, 350 US$ / oz Donner <350 US$ / oz, market price Donner

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South Flank - Key Tuffite 3D Model

Looking at the surface of the Key Tuffite (paleo-sea floor) in its current position in the South Flank

Matagami Town site

Bracemac-McLeod

Orchan West High-grade (Undeveloped)

Bell Allard

Historical Producer

Exploration Potential Ramp access under construction

Mill

1 Km

2  Kms  

Isle Dieu Matagami

Ramp Portal

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Exploration Targets Pipeline

Drill  Targets  

Delinea7on  drilling  

Advanced    Explora7on  

Discovery  

Feasibility  study  Defini7on    drilling  Scoping  study  

Development  &  produc7on  Bracemac-­‐McLeod  

Orchan  West  

PD1  OP  

Bell  Channel  

Galinee  14  

Matagami  Mill    3,000  tonnes  per  day  

McLeod  Deep  West  McLeod  

West  McLeod  

8.6%  Zn,  0.14%  Cu/  2.2m    

Daniel 1 2.2% Cu/ 4.0 m

South    Flank  

Perseverance  North    

New  Hosco   Central  Camp  

North    Flank  

0.34  MT  15.9%  Zn,  1.8%  Cu    

                       Radiore  2.4%  Cu/  8.9m  

3.6  MT  Reserve  

1.7  MT  Meas.  +  Ind.  Resource    

 Radiore    East  

PD1  UG  

Bracemac-­‐            McLeod              extension  

Cavalier  0.29  MT  1.4%  Zn,  1.5%  Cu  

2.6  MT    Inf.  Resource    

McLeod  Up  dip  

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›  Generation of revenues from the mine

›  Exploration and potential acquisitions, with a focus on Québec

Strategy for the future

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›  Experienced exploration team

›  Adaptable exploration plans

›  Pipeline of high-quality drill targets

Bracemac-McLeod discovery - 2007

Intersecting the discovery hole - 2012

Miners at surface - 2012

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www.donnermetals.com

Montréal 1 Place Ville Marie, bureau 2001 Montréal, QC H3B 2C4 T : 1-514-286-1665

Vancouver 1055 West Georgia Street, Suite 2480 Vancouver, BC V6E 0B6 T : 1-800-909-8311

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Appendix: Zinc Outlook

“The predicted rally in prices comes as Xstrata Plc (XTA) closes its Brunswick mine in Canada this month, an operation which yielded 2.9 million tons of ore last year. About 841,000 tons of mine output will be lost by 2014 as Xstrata also shuts the Perseverance mine in Canada and Vedanta Resources Plc (VED) closes Lisheen in Ireland.” Source: Kenneth Hoffman, analyst, Bloomberg Industries, March 2013

Source: www.Xstrata.com