DRAFT – SUBJECT TO CHANGE SME’s Third Annual Mining Finance Conference and Two Short Course Workshops Sunday 26 April 2015 through Wednesday 29 April 2015 at the Princeton Club in New York City

CURRENT TRENDS IN MINING FINANCE: IMPROVING PROFITABILITY BY USING SMART FINANCE AND BIG DATA Connecting Mining and Finance Executives (Content and Order Subject to Change)

The SME - the Society for Mining, Metallurgy, and Exploration www.smenet.org together with the New York Section of the SME www.smeny.org is hosting SME’s third annual conference about Current Trends in Mining Finance Intended for senior executives and mining industry specialists among bankers, analysts and investors, the conference and two workshops: on Sunday (about Managing Metal Risk Exposure - Hedging Strategies and Related Accounting Issues -) and on Wednesday (about Integrated Valuation and Risk Modelling Methods) will cover a range of important topics, including: Trends in project evaluation and investment decision-making; Types of financings done; Drivers of future industry mergers and acquisitions; Tax and accounting issues facing the mining industry; Risk factors in the current market environment; New sources of capital for mining projects; Smarter use of data and technology to reduce operating and capital cost and manage risk; Impact of “soft” issues on mine development and finance. This is a unique opportunity to get current on important issues that affect mining finance, investment, smarter use of data and Big Data, strategic planning and network with colleagues and fellow professionals. Register soon, space is limited For Conference Details Visit: http://community.smenet.org/currenttrendsinminingfinance/home Registration Form is at http://community.smenet.org/currenttrendsinminingfinance/registration To become a Sponsor, please visit http://community.smenet.org/currenttrendsinminingfinance/sponsors

SHORT COURSE: MANAGING METAL RISK EXPOSURES METALS HEDGING AND ACCOUNTING STRATEGIES at Opia Restaurant 57th St & Lexington Ave Sunday 26 April 2015 : 11:30AM - 4:30PM

DRAFT – SUBJECT TO CHANGE Agenda SME 2015 Finance Conference as of 28 February 2015

DRAFT – SUBJECT TO CHANGE

Sunday 26 April 2015: 5 PM to 7:30PM DELEGATE DINNER WITH GUEST SPEAKERS at Opia Restaurant 57th St & Lexington Ave Register to Attend at: http://www.smeny.org/id20.html

Key Note Speakers Will Discuss

The Use of Technology and Data to Manage and Reduce Cost and Risk and Optimize Mining Operations and Decisions Dylan Webb, Director, Technology, Datamine will discuss recent real-world case studies* of the application of improved orebody knowledge and technology to deliver lower unit costs. New data sources and analysis methods are critical components for delivering step-change improvements in productivity. Sampling and sensor technologies, big data and analytics are enablers that can be combined to deliver improved margins in an environment of lower grade ore bodies, increasing costs and challenging commodity prices. *The case studies discussed are from CRC ORE, a Cooperative Research Centre funded by the Australian Government and a consortium of global mining companies, mining equipment and technology suppliers (METS) and research providers. The CRC program is industryled and impact driven providing a bridge between technology development and industry implementation. Dylan is a mining engineer with 19 years’ experience in operations management, mining studies and business improvement. Throughout his career he has worked for mining companies, consulting firms and technology suppliers in Australia, Canada, South Africa and the United Kingdom. In his current role at Datamine formerly CAE Mining, Dylan is responsible for the strategy and execution of the company’s software research and development, leading a team of over 50 software engineers. The company’s goal is to improve the productivity and efficiency of mining operations by providing leading-edge solutions built on its core database, desktop and cloud technology platforms. José R Favilla Jr. Director, World-Wide Industry Solutions, Industrial Products, Natural Resources Industries, IBM will demystify what is meant by "big data" and discuss what are the main characteristics of companies realizing most value from it. He will provide examples of how leading mining companies are leveraging big data approaches to identify hidden inefficiencies in their operations to improve productivity and reduce operating costs. He will also discuss how big data and mobile technologies are being used to improve employee safety and create a more effective workforce. Jose has more than 25 years of experience in designing and implementing innovative business solutions for the natural resources and process manufacturing industries including mining & metals, oil & gas, forest & paper and heavy equipment manufacturing. José has in-depth knowledge of the challenges, business drivers, leading practices, existing technologies and solutions. He has served many clients worldwide. José’s experience spans a number of areas including product specification, manufacturing, quality, production planning and scheduling, supply chain optimization, inbound and outbound logistics, asset management, risk management and safety. He has extensive experience in designing and implementing innovative solutions by working with leading research organizations. He has led major business and process innovation projects resulting in billions of dollars in financial benefits to his clients. He is a member of IBM Industry Academy, a prestige group of industry experts recognized for their eminence in the industry. José has authored a number of scientific and thought leadership papers and has spoken in numerous conferences around the globe. He has been serving as a mentor for MBA students at Notre Dame University.

DRAFT – SUBJECT TO CHANGE Agenda SME 2015 Finance Conference as of 28 February 2015

DRAFT – SUBJECT TO CHANGE

SHORT COURSE: INTEGRATED VALUATATION AND RISK MODELLING METHODS IN THE MINING INDUSTRY Wednesday 29 April 2015 : 8:30AM - 12:30PM ***************

IMPROVING PROFITABILITY BY USING SMART FINANCE AND BIG DATA at the Princeton Club 15 West 43rd St, New York, NY 10036 MONDAY 27 APRIL 2015 (Content and Order Subject to Change) 8:00

Registration and Continental Breakfast

8:45

CONFERENCE WELCOME BY CONFERENCE CO-CHAIRMEN Tim Alch: Vice Chairman of NY Section of SME The Abernathy MacGregor Group, Inc.: Alan Oshiki, Executive Vice President The Afund, Inc.: Henry Weingarten, Managing Director

8:50

CONFERENCE CHAIRMAN’S OPENING REMARKS Society for Mining, Metallurgy & Exploration, Inc.: Steven Gardner PE PS, RM President SME

8:55

I.1 - OVERVIEW AND OUTLOOK FOR CAPITAL MARKETS AND EXPLORATION SPENDING How have capital markets and exploration spending changed? Are there signs of improvement? Where has capital been raised in private, public markets, stock exchanges, private equity, etc.? What companies successfully raised capital in the last year? How are they spending it? How are traditional and alternative funding sources investing in mining? Citibank Corporate & Investment Bank: Michael Cramer, PE, MD - Global Metals & Mining PwC, John Gravelle, Partner, Global Mining Leader I.1.1. Citibank Corporate & Investment Bank: Michael Cramer, PE, MD, Global Metals & Mining: Mr. Cramer will highlight recent trends in metals and mining financings, including: financial markets: through consolidating, financial institutions, base, non-ferrous mining companies and coal companies; global trends in key recent and near term industry fundamentals: the pricing cycle, credit quality, consolidations and M&A; fund raising activities discussing existing and evolving capital structures by stages of a mining company’s life cycle; trends in conventional funding with highlights on debt, equity, project finance and syndicated loans; and key capital raisings takeaways for accessing both traditional and alternative sources of funding. Michael Cramer is a licensed engineer in the Global Metals and Mining Group at Citi. He has been a senior industry specialist for metals, mining, aluminum, steel, energy and industrial minerals for over 25 years, 15+ of which have been at Citi. His primary responsibility includes directing and supporting the bank's interests in its global metals and mining business. This includes marketing, technical reviews and managing credit and portfolio exposures, while providing individual approvals for transactions. Mr. Cramer has been involved in numerous transactions from an array of product perspectives including corporate finance, acquisition finance, public and private underwritings, project finance, commodity finance, equity, leveraged and asset backed financings, and M&As for mines, smelters and refineries around the world. DRAFT – SUBJECT TO CHANGE Agenda SME 2015 Finance Conference as of 28 February 2015

DRAFT – SUBJECT TO CHANGE Prior to joining Citi, Mike worked at Chase/Chemical Bank for 17 years, where his predominant responsibilities included marketing, the coordination of all technical evaluations and on-site audits of operations and projects, and management of industry and portfolio approvals for the bank's global metals and mining exposures. Prior to his banking years, he was a chief engineer with Consolidation Coal Co. and ran the processing equipment labs at York Chemical Co. Mike received a B.S. in geochemical engineering from the New Jersey Institute of Technology, Rutgers, an M.S. in mining engineering from the Krumb School of Mines at Columbia University and an ABD professional degree in mineral finance from Columbia University, where he has lectured on the subject. He is registered as a PE (licensed professional engineer) in the states of NJ and PA; CP (chartered professional) in mining with the Australian Institute of Mining and Metallurgy (AusIMM); RM (registered member) in mining with the Society for Mining, Metallurgy & Exploration (SME) and QP (qualified person) in mining and ore reserves with the Mining and Metallurgical Society of America. I.1.2. PwC, John Gravelle, Partner, Global Mining Leader PwC will speak about current and recent trends in the global mining industry highlighting key drivers in the capital markets, etc. John is PricewaterhouseCooper’s mining industry leader for Canada and the Americas. In this capacity he assists several large mining companies with operations in the Americas address their business issues. John is also a tax partner and provides tax advice to numerous large and medium size producers and junior exploration companies. John has over twenty years of experience in advising both domestic and foreign multinational mining clients on a full range of tax matters including those related to cross border financing, capital restructuring, repatriation techniques, mergers and acquisitions, tax shelter monetization and mining tax planning. John has written several articles and made presentations on various mining industry issues. He has also written tax articles and presented tax topics relevant to mining companies at various seminars including Insight and the Canadian Tax Foundation and is an editor of and contributor to the Canadian Resource Taxation Journal. 9:30

I.2 – OVERVIEW AND OUTLOOK FOR BASE, BULK, PRECIOUS AND SPECIALTY METALS What is ahead for copper, lead, zinc, nickel, iron ore, precious and specialty metals and equities? Where are the opportunities for lenders, investors, miners, governments and service providers? Are brighter days ahead? Is the worst over? How do base, bulk and precious metals differ? What is the impact of economic growth in the BRIC; EMEA; CIVET, etc. countries? SNL Metals & Mining: David Cox, Senior Sales Executive Sterne Agee: Michael Dudas CFA, Precious Metals Equity Analyst I.2.1. SNL Metals & Mining: David Cox, Senior Sales Executive “Worldwide Exploration and Financing Trends” David will examine the major trends in exploration over the last 10 years, including the principal commodity targets, regional allocations, and stages of exploration. He will examine the role of junior exploration companies and the impacts of the prolonged weak equity market for them. Despite these several years of struggle, he'll review some of the recent successes by junior and intermediate companies, focusing on financing activity, exploration results, and share price movements. David Cox, Senior Sales Executive, SNL Metals & Mining David, as corporate representative, has held SNL Metals& Mining’s Senior Sales Executive position since 1999. He was a Senior Research Analyst and Study Director from 1990 to 1999. He is credited with designing and implementing one of SNL M&M’s proprietary studies called Corporate Exploration Strategies. SNL M&M has been providing comprehensive mining industry information and analysis for more than 30 years. He was an editor and comptroller at a publishing company prior to joining SNL M&M and has a degree in comparative religions. David has presented DRAFT – SUBJECT TO CHANGE Agenda SME 2015 Finance Conference as of 28 February 2015

DRAFT – SUBJECT TO CHANGE keynote speeches and talks at the UNCTAD Commodities Forum, Mining Indaba, Canadian Mines Ministers Conference, CESCO Santiago, China Mining, MINEX Moscow, PDAC, and at LBMA Conferences. 1.2.2 Sterne Agee: Michael Dudas CFA, Precious Metals Equity Analyst 2015 Precious Metals Markets Outlook, Equities and Valuation Michael Dudas, Senior Research Analyst joined Sterne Agee in September 2011 as a Managing Director in the Equity Capital Research Department covering Coal, Engineering & Construction, and Metals & Mining sectors. Prior to joining Sterne Agee, Mr. Dudas spent more than 20 years as an equity research analyst at Jefferies, Bear Stearns, UBS Securities, Drexel Burnham Lambert, and Prudential-Bache Securities. During his career, Mr. Dudas has been cited numerous times by various business publications for his analytical work, including Fortune, FT Starmine, Greenwich Associates, Institutional Investor, and The Wall Street Journal. Mr. Dudas, a Chartered Financial Analyst, earned his BBA from The University of Notre Dame. 10:05 I. 3 – BANKERS’ VIEW OF CAPITAL MARKETS FOR JUNIORS AND OPERATING MINERS Which Juniors, Medium & Large Companies, Brown & Greenfield Projects are getting funded? How is bank lending, project finance, equipment and asset-based financing changing? Why? What are some of the regional issues in China, Asia, Latin America, Africa and OECD? Have the capital markets improved? What is outlook for Alternative sources of funding? BNP Paribas: Carlos A. Urquiaga, MD, Head for Americas Structured Debt, Metals & Mining Caterpillar Mining Finance: Brad Atkinson, Director of Mining Finance Red Cloud Mining Capital, Inc.: Chad Williams, President & CEO I.3.1 BNP Paribas: Carlos A. Urquiaga, MD, Head for Americas Structured Debt, Metals & Mining Carlos will highlight recent trends in the global metals and mining sectors and deals closed for juniors, mid and senior companies involving streaming and PE firms and capital market trends. Mr. Carlos Urquiaga is a managing director at BNP Paribas’ Americas Energy & Commodities team based in New York. Mr. Urquiaga has been a financier of metals and mining, energy and infrastructure projects for over 15 years and has been involved in strategic corporate finance activities before transitioning to his banking career in New York. Prior to joining BNP Paribas in 2008, Mr. Urquiaga was a director in Citigroup’s Global Project Finance team in New York, where he held different positions including origination, execution and portfolio management. He has advised on and/or financed the acquisition and development (green field/brown field) of mining and metal assets, infrastructure transportation assets, natural gas pipelines, refineries and electric generation projects throughout the Americas. I.3.3 Red Cloud Mining Capital, Inc.: Chad Williams President & CEO The past 4 years have been challenging for mining exploration or development stage companies seeking to raise capital. An overview of the current funding environment will be provided. Equity financing, the mining industry’s historical mainstay for raising money, has fallen greatly in importance. Now, new, alternative forms of financing need to be considered by all public and private companies. Equity crowd funding has developed from the now-ubiquitous crowd funding activities created for nonprofit activities. Klondike Strike is the world's first mining-only equity crowd funding portal. The outlook for mining equity crowd funding, opportunities and challenges will be discussed. Chad Williams, P Eng, is the Founder and CEO of Red Cloud Mining Capital Inc. Previously, Mr. Williams was the CEO of Victoria Gold Corp. He has extensive experience in mining finance and management. Mr. Williams is the Director of several emerging mining companies and was a founder of Agilith Capital Inc. as well as Westwind Capital Inc. Mr. Williams was the Head of DRAFT – SUBJECT TO CHANGE Agenda SME 2015 Finance Conference as of 28 February 2015

DRAFT – SUBJECT TO CHANGE Mining Investment Banking at Blackmont Capital Inc. and was also a top-ranked mining analyst at TD Bank and other Canadian brokerage firms. He holds both a B Eng (Mining) and an MBA from McGill University. 10:50 SESSION BREAK – Coffee, Phones, Emails, Etc. 11:10 I.4 - WHAT FINANCING STRUCTURES WORK AND WHAT ARE THE KEY ISSUES? Which types of projects are attracting traditional bankers, lenders and investors? What are salient features of recent project financings and alternatively financed deals? Are streaming companies, high yield bonds, hedge funds and strategic investors here for good? What are implications of funds from alternative sources, PEs, ECAs, MDIs, SOEs, SWFs, etc.? Holland & Hart LLP: Robert A. Bassett, Mining Team Leader Oren Inc.: Benjamin Cox, Founder & CEO Shearman & Sterling LLP: Cynthia Urda Kassis, Senior Partner I.4.1. Holland & Hart LLP: Robert A. Bassett, Mining Team Leader Bob will discuss M&A transactions and Joint Venture metrics and trends and issues impacting deals being done in the mining and minerals sector today. Bob Bassett is the Mining Practice Leader at Holland & Hart. Bob has nearly 30 years of experience in mining law, providing clients with practical solutions and advice for financing and developing projects, representing clients in a wide variety of transactions in the coal, copper, gold, industrial minerals sectors, including uranium mines and companies in the U.S., Latin America and Africa. He has acted as Counsel for many financings of mining companies; acted as counsel in complex mining mergers & acquisitions; and represented clients before government agencies for development of mining projects, mine methane capture programs and property rights acquisitions. Bob has been an adjunct professor at the University of Denver, College of Law Masters Degree program in international mining law and policy since 1997, a lecturer at the Centre for Energy, Petroleum and Mineral Law and Policy at the University of Dundee, Scotland and published numerous articles for the Rocky Mountain Mineral Law Foundation, of which he is a member of the Executive Committee and Chair of the International Committee, and for the International Bar Association Section on Energy and Natural Resources Law, of which he is coordinator of the Model Mining Development Agreement project and past Chair of the Mining Committee. He has co-chaired 5 Special Institutes on International Mining Law, jointly sponsored by these two organizations. I.4.2 Oren Inc.: Benjamin Cox, Founder & CEO Benjamin Cox will discuss the chilling realities of today's fundraising market in the junior resources space, diving into core issues within the current crisis state of our industry. He will focus on the view of shareholders, owners and management and comment on actions stakeholders can take to survive this capital plague – to live or survive to see another day. Benjamin it’s all yours. Benjamin Cox is Founder & Managing Director of Oren Inc. Prior to founding Oren Inc. Mr. Cox served as a senior analyst at the D.E. Shaw Group. Currently, he is the CEO and a Director of Aston Bay Holdings Ltd. (listed on the TSX-V: symbol BAY) a copper & zinc exploration company with properties in Nunavut, Canada. Benjamin also serves as the CEO of Roche Bay plc, an iron ore holding company that also has leases in Nunavut, Canada. Benjamin is an entrepreneur, investor, a recognized market expert of the metals and mining industry (with a particular focus and interest in base metals, iron ore, PGMs and industrial materials such as potash and lithium. He holds a B.S. from Brandeis University and an M.B.A. from Portland State University. DRAFT – SUBJECT TO CHANGE Agenda SME 2015 Finance Conference as of 28 February 2015

DRAFT – SUBJECT TO CHANGE I.4.3 Cynthia Urda Kassis is a senior partner in Shearman & Sterling’s Project Development & Finance Practice. Financing Options in Current Market: Observations Despite the general improvement in the financial markets, liquidity to fund green field mining projects remains constrained. As a consequence, companies developing such projects continue to need to consider non-traditional debt and equity funding sources and structures. In doing so, it is important to consider the consequences which flow from the use of any such funding. Cynthia will discuss some of the key consequences such as the reduction of the borrowing capacity of the project, likely inter-creditor issues, future consent requirements which give rise to options to renegotiate and limits on future grow activities. She will also focus on one alternative source which seems to be re-emerging in some jurisdictions as construction activity has slowed and consequently significant contractor capacity has opened up is the construction contractors themselves. Contractor funding can take a variety of forms, each with different implications on which Cynthia will provide some highlights. Cynthia represents U.S. and non-U.S. corporations/financial institutions as sponsors, borrowers and lenders in project development and finance matters, general finance transactions and joint venture transactions worldwide. She has extensive experience in mining, energy, infrastructure and general manufacturing industries, and in power and infrastructure restructurings. She is ranked a leading lawyer in project finance by Chambers Global, Chambers USA, Chambers Latin America, IFLR 1000 (The guide to the world's leading financial law firms (www.iflr1000.com), Legal 500, PLC Which Lawyer?, Guide to the World’s Leading Lawyers in Project Finance, The International Who’s Who of Project Finance Lawyers and The International Who’s Who of Mining Lawyers. She was also named “Projects/Energy Lawyer of the Year” (in 2011) by Chambers USA and “Dealmaker of the Year” (in 2008) by The American Lawyer and served as a trustee-at-large of the Rocky Mountain Mineral Law Foundation 2010-2014. 11:55 I.5 – IMPACT OF REGULATIONS ON MINING FINANCE How do US SEC regulations and reporting requirements and tax policy differ from other regions? What changes do executives and Boards need to know about? Is Crowd Funding possible? Which countries’ mining codes are making investment more and less attractive? Transparent? How could regulators improve and better accommodate investor interest? Ellenoff, Grossman & Schole LLP: Barry Grossman, Attorney At Law KPMG LLP: Darice M. Henritze, Partner International Corporate Services Mitchell Chadwick LLC, Patrick Mitchell, Attorney At Law Toronto Stock Exchange: Carlos Espinosa, Head, Business Development - Global Mining I.5.1 Ellenoff, Grossman & Schole LLP: Barry Grossman, Attorney At Law Mr. Grossman will speak about the following topics: Basic crowdfunding and potential structures; Accredited Investors vs. The Crowd; Sectors that have used crowdfunding; Real estate and crowdfunding; Risks associated with crowdfunding transactions and Crowdfunding and mining Barry I. Grossman, a member of Ellenoff Grossman & Schole since its founding in 1992, is a corporate/tax attorney who specializes in business transactions, corporate finance and associated tax matters. Mr. Grossman's practice focuses on representing both foreign and domestic public and private companies in connection with their financing activities, regulatory compliance, as well as general corporate matters. Mr. Grossman's transactional experience includes public and private financings, structuring sales and acquisitions of companies, mergers and reorganizations, and organizing partnerships and limited liability companies. As a member of Ellenoff Grossman & Schole LLP, he has been involved in numerous public offerings for domestic and foreign entities (including pool offerings or SPACs which have raised more than $1.5 billion), reverse mergers for domestic and foreign companies, private placements, many DRAFT – SUBJECT TO CHANGE Agenda SME 2015 Finance Conference as of 28 February 2015

DRAFT – SUBJECT TO CHANGE into public companies (commonly referred to as PIPEs) and crowdfunding. In connection with financings Mr. Grossman has represented issuers and underwriters in initial public offerings, secondary public offerings, other various public financing and private debt and equity financings. Mr. Grossman's clients include a variety of industries including mining and natural resource. Mr. Grossman’s mining clients have included Capital Gold (which was purchased by AuRico Gold), Gold Hill and a natural resource SPAC. I.5.2 KPMG LLP: Darice M. Henritze, Partner International Corporate Services Darice will discuss tax transparency, trends in royalty agreements, tax policy in general with a focus on what political events and economic factors are influencing tax policy trends and what companies should be prepared for including systems, personnel requirements, board leadership, etc. Darice Henritze is lead tax partner in KPMG’s Denver International Corporate Services practice. She has more than 24 years of experience advising mining, data/telecommunications, wire transfer, high technology, and manufacturing clients on all aspects of domestic and international taxation, mergers and acquisitions, and financial management. She further advises numerous multinational clients on all aspects of income tax provision accounting, including SFAS 109, ASC 740, APB 23, and purchase accounting. In addition to leading the Denver international tax practice, Darice is global industry tax sector leader for KPMG LLP’s Global Mining practice. In her role as a Tax sector leader, she is responsible for coordinating mining experts around the globe, sponsoring training and development programs, developing tax technical publications, public speaking engagements, and participating in think tanks to identify practice opportunities specific to the mining industry. Darice is a member of KPMG’s Global International Corporate Tax team (“GICT”), which includes a network of professionals from KPMG member firms that work together to advise material global accounts and international tax teams on all aspects of international tax from cross-border transactions to mergers and acquisitions and global transfer pricing. Darice also leads the Denver chapter of the Global Enterprise Institute. The Global Enterprise Institute is designed to engage business leaders of mid-market companies in Colorado, and to provide companies with a forum to discuss issues surrounding growth and possible business expansion. I.5.3 Mitchell Chadwick LLC, Patrick Mitchell, Attorney At Law Patrick will discuss What are the risks of the permitting process for a new mine or expansion of an existing mine? And How to best quantify, assess and minimize a variety of important risks including: administrative process delays; title issues; changing agency staff; change in political control (local, state and/or federal level); NGOs, tribes, and NIMBYs slowing down the process by lengthy comment letters/input; hearing delays due to scheduling conflicts; delays in finalizing the NEPA or state equivalent documents; the law changing via case law developments, statutory changes and/or regulatory changes; and the risk of post-project approval litigation in state and/or federal courts. Patrick G. Mitchell graduated from University of California in Davis School of Law in 1986. He has been practicing natural resource permitting, due diligence, and compliance work, with an emphasis on mining projects for the last 29 years. He has worked on over 200 mines in his career and is currently working on permitting three greenfield mine sites and two mine expansions, and numerous compliance and due diligence issues. Mr. Mitchell’s law firm, Mitchell and Chadwick LLP in Roseville, CA specializes in natural resource and development projects and mitigation banks and conservation easements. He has worked on surface and underground mines involving numerous minerals including gold, iron ore, colemanite, aggregate, limestone, nickel, shale, talc, clay, hectorite, oil, geothermal, and other substances. His clients include several of the largest mining companies in the world. DRAFT – SUBJECT TO CHANGE Agenda SME 2015 Finance Conference as of 28 February 2015

DRAFT – SUBJECT TO CHANGE I.5.4 Toronto Stock Exchange: Carlos Espinosa, Head, Business Development - Global Mining Carlos will give an update about TSX and TSXV, our agreement with Santiago Stock Exchange to create the Santiago Stock Exchange, Venture, and how companies can have access to MILA (Latin American Integrated Market) that includes the stock exchanges from Chile, Colombia, Mexico and Peru. 1:00

LUNCHEON – followed by brief break for Phones, Emails, Etc.

2:00

I.6 - ISSUES AND TRENDS IN MINING M&A Are asset sales likely to continue? What may impact this trend? Are local issues an issue? What firms are participating in M&A in the global and regional mining sectors? Where is M&A activity greatest? By Commodity? Geography? Size of Firm? How are M&A deals changing? Will there be more cross border deals? Blake, Cassels & Graydon LLP: Geoffrey S. Belsher, New York Office Managing Partner Ernst & Young, LLP: Robert J. Stall MRICS, ASA, Principal, Transaction Advisory Services I.6.1 Blake, Cassels & Graydon LLP: Geoffrey S. Belsher, New York Office Managing Partner Mr. Belsher will discuss current legal trends in mining mergers and acquisitions, including increasing and decreasing use of various transaction structures, friendly acquisitions, hostile takeover bids, joint ventures and minority investments. Geoff will also discuss the increasing nationalism and protectionism by foreign governments and some legal techniques to address the risks associated with these matters. He will also review some of the legal considerations when considering investment by alternative investment funds, including private equity funds and family offices. Mr. Belsher is the managing partner of Blake, Cassels & Graydon’s New York office. He specializes in cross-border mergers and acquisitions and corporate finance with a particular focus on the mining sector. Mr. Belsher advises Canadian, U.S. and international public and private companies, investment dealers, private equity, venture capital and alternative investment funds with respect to Canadian law matters. He frequently acts as lead special counsel to boards of directors and special committees in mergers and acquisitions and has been special counsel to the target company and acquirer in a number of high-profile Canadian hostile takeover bids in the mining sector. Mr. Belsher is one of only four lawyers in New York City ranked as a leading lawyer by The International Who’s Who of Business Lawyers – Mining 2014. He taught advanced mergers and acquisitions at the University of British Columbia Law School for 10 years before relocating to New York. I.6.2 Ernst & Young, LLP: Robert J. Stall MRICS, ASA, Principal, Transaction Advisory Services Mr. Stall will discuss M&A trends and the use of the debt market by the mining industry. Robert Stall is a principal in Ernst & Young’s Transaction Advisory Services group. He is the Mining & Metals Sector Leader for Americas TAS, Americas Director of the Capital Equipment Group and leads the firm’s southeast and southwest area Valuation Advisors practices with offices in Atlanta, Charlotte, Dallas and Houston. Mr. Stall represents the Capital Equipment team on Ernst & Young’s Global Valuation and Business Modeling Steering Committee. He has been active in the appraisal industry since 1987. Mr. Stall specializes in valuing machinery and equipment in numerous industries. These studies have addressed a variety of value premises, including fair market value, fair value, investment value, liquidation value and forced liquidation value. These studies have been conducted for the purpose of financial and tax allocations, residual forecasting, sale-leaseback financing, asset based financing, bankruptcy proceedings, interest expense apportionment, ad valorem tax and litigation. DRAFT – SUBJECT TO CHANGE Agenda SME 2015 Finance Conference as of 28 February 2015

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2:35

I.7 – MINING COMPANY EXECUTIVE DISCUSSION How are financiers of mining projects evaluating and managing project cost over runs? How are mining engineers and executives instilling confidence among investors and lenders? What are best practices to manage growth, capital and operating budget decision making? How best to communicate with bankers, investors, employees and local stakeholders? Comstock Mining Inc.: Corrado de Gasperis, President & CEO Export Development Canada: Tin Lwin, Managing Principal, Technical Advisory Services NuLegacy Gold Corporation: James E. Anderson, CEO RungePincockMinarco: Tim Swendseid, P.E., MBA, CFA, President, Consulting Services Americas I.7.1 Comstock Mining Inc.: Corrado de Gasperis, President & CEO Mr. De Gasperis will discuss Comstock Mining’s recent drilling and analytical work and the importance of its digitizing older technical, geologic data to advance exploration, development and operations in the historic Virginia City, Nevada area and Comstock’s work on important non-technical issues. Mr. De Gasperis brings 25 years of manufacturing, metals and mining operational and financial management, project management and capital markets experience. Previously, he served as the CEO of Barzel Industries Inc. (formerly Novamerican Steel Inc.). Barzel operated a network of 15 manufacturing, processing and distribution facilities in the United States and Canada that offered a wide range of metal solutions to a variety of industries, including construction, infrastructure development and mining. From 2001 to 2005, he served as CFO of GrafTech International Ltd., a global manufacturer of industrial graphite and carbon-based materials, in addition to his duties as VP and CIO, which he assumed in 2000. He served as controller of GrafTech from 1998 to 2000. From 1987 to 1998, Mr. De Gasperis was a CPA with KPMG LLP. As a senior assurance manager in the Manufacturing, Retail and Distribution Practice, he served major clients like GE and Union Carbide Corporation. KPMG announced his admittance, as a Partner, effective July 1, 1998. He holds a BBA from the Ancell School of Business at Western Connecticut State University, with honors. Mr. De Gasperis was appointed as a Director to Comstock Mining Inc.'s Board in June 2011. He also served as a director of GBS Gold International Inc., where he was chairman of the audit, and Governance Committee and the Compensation Committee and a member of the Nominations and Advisory Committees. Mr. De Gasperis is a Member of the NYSE Markets Advisory Committee, the Northern Nevada Development Authority and Prospectors and Developers Association of Canada. I.7.2 Export Development Canada: Tin Lwin, Managing Principal, Technical Advisory Services Project Cost Overruns from a Project Finance Lender’s Perspective The occurrence of large capital cost overruns has been endemic in the mining industry such that one seldom comes across projects that were delivered on time and on budget. Out of necessity, mining project finance lenders are increasingly focusing on realistic assessment of the cost overruns and mitigating the risks of these events. EDC’s presentation seeks to share learnings from past projects and how these have come to influence a project finance lender’s perspective and approach in recent mining project finance transactions. Tin Lwin is Managing Principal, Technical Advisory Services, of the Export Development Canada. He is a licensed professional engineer with 19 years of mining and metals project finance transaction and 27 years of engineering, project management and commercial experience. He DRAFT – SUBJECT TO CHANGE Agenda SME 2015 Finance Conference as of 28 February 2015

DRAFT – SUBJECT TO CHANGE led technical due diligence activities in the majority of mining and metals project finance transactions undertaken by EDC, including some in the capacity of mandated technical agent on behalf of commercial lenders and export credit agencies. He has project experience in Asia, Africa, North and South America and Oceania, and has been involved in various large and complex transactions in the mining and metals sector. I.7.3 NuLegacy Gold Corporation: James E. Anderson, CEO NuLegacy Gold Corp. has an exploration option with Barrick Gold Corp. on a 35 square mile land package in the highly productive Cortez trend in Nevada, USA. The option requires NuLegacy to expend the high risk / high reward early exploration money to find a significant discovery. Then Barrick will be required to fund the project to production. In an age of financing challenges for junior explorers, this model can work well for small and large companies alike. James was born in the Canadian mining community of Timmins Ontario. His grandfather was an underground mine foreman, while his father was a mining exploration financier. James graduated from the University of Alberta, then worked for 20 years in the Canadian brokerage industry, focused on financing mining exploration companies. He is CEO of NuLegacy Gold Corp., and lives in Vancouver, Canada. I.7.4 RungePincockMinarco: Tim Swendseid, P.E., MBA, CFA, President, Consulting Services Americas Frequent news of mining project overruns has caused many lending institution credit committees to be very skeptical about mine project financing and capital project budgets. The mining industry’s track record of completing projects on time and within budget has often been horrendous—sometimes caused by scope changes, a cost basis, or a host of other major and minor issues. To deal with this, independent engineers need to follow a logical process to improve their assessment of potential overruns. Tim J. Swendseid, P.E., MBA, CFA is RungePincockMinarco’s President, Consulting Services Americas. Tim has over 30 years of operational and engineering experience including senior leadership positions at operating properties in the USA, Chile and Mexico. He has been involved with numerous operation and construction audits, numerous investigations and implementations of internal growth projects and numerous acquisition evaluations of individual properties and of entire companies. As Independent Engineers for leading lending institutions, RPM is often involved with assessment of potential overruns. 3:35

SESSION BREAK – Coffee, Phones, Emails, Etc.

3:55

I.8 – INTELLIGENT RISK MANAGEMENT How lower cost data collection and analysis can improve planning and operations? What techniques, strategies and metals price hedging methods can companies use? How to manage and control costs and optimize operations and use of resources? What options are there beyond commodity price, royalty and forward sales agreements? How can exploration, development and operations improve by using technology? Kiewit Mining Group Inc.: Michael Young, Senior Vice President Knight Piesold and Co.: Bryan Ulrich,.P.E., Senior Vice President Tetra Tech, Inc.: Alva Kuestermeyer, Principal Project Manager, Ta Li, VP Business Development Wainscott Commodities, Inc.: Paul Shellman, Principal

DRAFT – SUBJECT TO CHANGE Agenda SME 2015 Finance Conference as of 28 February 2015

DRAFT – SUBJECT TO CHANGE I.8.1 Kiewit Mining Group Inc.: Michael Young, Senior Vice President Capital Project Certainty : Strategies to enhance financing confidence and reverse the cycle of project overruns. Mining project are fragile and sensitive to failure. The complexity, costs and risks of new projects requires capital project certainty. Early and innovative capital strategies are required to restore miner credibility and attract financing. Structured and proactive planning from initial feasibility studies and financing through detailed design, construction and operations ramp-up will be discussed. Strategies include early and continuously integrated teams; fully integrated schedules and effective planning. Risk identification and mitigation; proactive versus reactive problem solving; and the elimination of scope changes, cost reimbursable cultures and ineffective Construction Management is required. Proper owner engagement also accelerates the feasibility, permitting, design and construction process. Michael Young is a mining engineer and MBA graduate with over 25 years of mining operations, capital and executive experience. Michael has completed international assignments and is a Qualified Person under National Instrument guidelines. Kiewit is an employee owned, Fortune 250 firm. Kiewit is ENR ranked first in the Heavy Domestic Contractor category and second overall in Mining. In addition to constructing complex mining projects; Kiewit is a mine developer, owner and operator. I.8.2 Knight Piesold and Co.: Bryan Ulrich,.P.E., Senior Vice President The Role of the Engineer of Record in Mine Waste Management Each year there tends to be one or two very significant failures of mine waste storage facilities, e.g. the failure of tailings storage facilities can be devastating to the owner, the environment, and to the mining profession at large. Bryan’s presentation pertains to the role and benefit of having an Engineer of Record (EoR) for mine waste (and other such) facilities. Mine operator's employees tend to change frequently, and often consulting engineers fill the gap for institutional knowledge, and quite often have more specific expertise that the mine owners for this type of facility. By engaging an engineering firm to function as an EoR in a partnership, the EoR would have a greater knowledge of the operation of the facility and be made aware of any operational changes which may differ from design assumptions. The EoR would be better able to advise changes through the operational life of the facility and beyond with a goal of reducing risks to the mine operator. Bryan Ulrich is a Senior Vice President of Knight Piésold and Co. He is a geotechnical engineer with 30 years of experience and has participated in all aspects associated with the design of tailings and heap leach facilities and has carried out numerous other geotechnical design efforts. He is licensed as a professional mining engineer in South Africa and as a civil engineer in US five states. He has BS degrees in mining engineering and geological engineering from the New Mexico Institute of Mining and Technology and a Master’s of Engineering from the University of Alberta. He has received awards from both universities from which he graduated and also serves on the Minerals Engineering department’s Industrial Advisory Board for the New Mexico Institute of Mining and Technology. I.8.3 Tetra Tech, Inc.: Alva Kuestermeyer, Principal Project Manager, Ta Li, VP Business Development Too often in the mining industry we read about capital cost overruns – some of which are very large, and even an order-of-magnitude higher. This is a major concern, and probably resulting in a big headache, to the financial community. This is typically associated with mining projects for Junior Companies, but we are also seeing Majors experiencing this on their projects. This presentation will examine the reasons for the capital cost overruns in the mining industry. Mr. Alva Kuestermeyer is a metallurgical engineer and mineral economist with over 40 years of engineering, operating and consulting experience in the mining industry. Mr. Kuestermeyer has DRAFT – SUBJECT TO CHANGE Agenda SME 2015 Finance Conference as of 28 February 2015

DRAFT – SUBJECT TO CHANGE a B.S. degree in Metallurgical Engineering from South Dakota School of Mines and a M.S. in Mineral Economics from Colorado School of Mines. He has performed costing and economic studies for scoping, pre-feasibility and feasibility for mining projects involving precious and PGM metals, uranium, base metals, and industrial mineral projects. Additionally, he has served as the project manager, metallurgical engineer and mineral economist for numerous technical, economic, and acquisition due diligence assignments for financial institutions and mining companies. Mr. Kuestermeyer joined Tetra Tech in November 2014. Prior to Tetra Tech, he was Executive Vice President at European Uranium Resources (EUU) where he managed the company’s engineering and environmental studies for its Kuriskova and Novoveska Huta projects in Slovakia, and directed exploration work for EUU’s uranium concessions in Sweden and Finland. His previous work employment was at ASARCO, PAH, SRK and Behre Dolbear. I.8.4 Wainscott Commodities, Inc.: Paul Shellman, Principal Risk Savvy: How knowledge gleaned from markets gives you a competitive advantage. Technology innovation within data management has had a profound impact on how participants use information to make marketbased decisions. Obtaining superior knowledge is about understanding the shape of data; shape has meaning, and meaning has value. Paul Shellman is a commodity risk management expert at Wainscott Commodities, Inc. He leads the firm’s risk advisory practice. Paul has three decades of practical experience handling metals and minerals exposures while at Goldman Sachs and Koch Industries. He now provides independent advisory services for companies seeking to manage commodity exposures. 5:00

RECEPTION – FOOD AND BEVERAGE – ART SHOW NETWORKING AND MEETING SPEAKERS/PANELISTS

6:00

Conclusion

IMPROVING PROFITABILITY BY USING SMART FINANCE AND BIG DATA at the Princeton Club 15 West 43rd St, New York, NY 10036 TUESDAY 28 APRIL 2015 (Content and Order Subject to Change) 8:00

Registration and Continental Breakfast

8:45

II.1 – ALTERNATIVE NON-TRADITIONAL CAPITAL SOURCES When are streaming, royalty, high yield debt, etc. financings appropriate? Why? What are the roles of private equity, government sponsored, sovereign wealth funds, etc.? Why are some commodities and projects more attractive to alternative sources of capital? When are Rights Offerings, Flow through Shares, Advance Sales, Off-Take Agreements best? Duff & Phelps, LLC: Edward Lee, Managing Director, Valuation Advisory Headwaters MB: Joel Schneyer, Managing Director, Minerals Capital & Advisory Practice Treasury Metals, Martin Walter, President & CEO Hecla Mining, Carolyn Turner, Treasurer II.1.1. Duff & Phelps, LLC: Edward Lee, Managing Director, Valuation Advisory Edward will present an overview of the benefits, issues, key metrics and trends impacting the mining industry raising capital from royalty, streaming and other sources. DRAFT – SUBJECT TO CHANGE Agenda SME 2015 Finance Conference as of 28 February 2015

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Edward is a managing director in the San Francisco office of Duff & Phelps and part of the firm’s Valuation Advisory Services practice. Edward has more than 25 years of corporate finance experience. Edward holds a B.S. in mining engineering from Imperial College at London University and is qualified as a Chartered Management Accountant, is a member of the Society for Mining, Metallurgy and Exploration (SME) and the Royal School of Mines Association (RSMA). Prior his joining Duff & Phelps in 2004, Edward was a managing director with Standard & Poor’s Corporate Value Consulting unit and a Partner at PricewaterhouseCoopers and Coopers & Lybrand. Before joining the financial services industry, Edward worked in line management and consulting roles in the mining industry. Edward specializes in valuation of mining businesses, energy sector and industrial minerals. His valuation work is done for a variety of purposes, including privatization, financing, corporate restructuring, tax and financial reporting. Edward’s clients have included many large mining companies and early/development stage companies. II.1.2 Headwaters MB: Joel Schneyer, Managing Director, Minerals Capital & Advisory Practice Joel will update a presentation he recently gave at the SME, American Exploration and Mining Association annual meetings and to the Rocky Mountain Law Foundation about current gold company valuations relative to the sectors’ capital development costs and an overview about the Private Equity sectors’ investments in the USA and North American Frac Sand sector. Joel’s international career spans 30 plus years as an investment banker, financial analyst, metals trader and geologist. He joined Headwaters from Mercantile Resource Finance, an advisory firm to the natural resource sector that he founded in 1996. Prior to that, he was Manager of Derivative Finance in the metals group of Barclays Bank, and a Senior Analyst in the New Business and Strategic Planning Group at Billiton Royal Dutch Shell. Before starting his banking career, Joel was an oil and gas exploration geologist at Celeron Oil & Gas (a unit of Goodyear – the tire company) and IP Petroleum (then a unit of International Paper) and served as a field geologist at the U.S.G.S. He currently is on the Board of several junior mining companies. Joel earned a B.A. in Geology with High Honors from Colgate University, a M.A. in Geology from University of Texas at Austin, and a M.S. in Mineral Economics from Colorado School of Mines. He holds the ICD.D certification from the Institute of Corporate Directors. II.1.3 Treasury Metals, Martin Walter, President & CEO Mr. Walter brings more than 20 years of operational and international mineral and mine development experience to the Company. He has worked on numerous precious metals projects worldwide as a consulting geologist and has held a number of executive level positions, including at Aquiline Resources Inc., where he served as Executive Vice President and Director. He is co-founder and former director of Crown Point Ventures Ltd., and instrumental in building the assets of the company and the production team in Argentina. Mr. Walter holds a degree in geology from Ballarat University, Australia as well as an MBA from the University of Toronto. II.1.4 Hecla Mining, Carolyn Turner, Treasurer Carolyn will discuss Hecla’s experience in the high-yield market since its first issuance of high-yield notes in April 2013. She will also cover the current conditions in terms of capital flows, deals, pricing and transaction qualities necessary to access today’s high-yield market. Since January 2015, Carolyn has served as the Treasurer of Hecla Mining Company, the largest primary silver producer in the US, a growing gold producer and also one of the lowest-cost producers. Carolyn joined Hecla in 2008 as Director of Budgeting and Forecasting after holding DRAFT – SUBJECT TO CHANGE Agenda SME 2015 Finance Conference as of 28 February 2015

DRAFT – SUBJECT TO CHANGE several finance positions in the mining industry, including Treasurer of Coeur Mines and Mine Controller for Silver Valley Resources. Carolyn holds a bachelor’s degree in accounting from Montana State University – Billings, an MBA from Regis University and is a graduate of the Gonzaga University Emerging Leaders Program. 9:45

II-2 - WHAT MINING ANALYSTS SEE AHEAD How are exploration, development, operating property and project valuations trending? Where are best values and opportunities in gold, silver, pgms, copper, iron ore, nickel, etc.? Are capital and operating costs declining? Which projects are best positioned? Why? How have and should mining company management and investors react to these trends? Disruptive Discoveries Journal: Chris Berry, Founder ECSI, Edmundo LaPorte: Principal Consultant Raw Materials & Ironmaking Global Consulting: Dr. Joseph J. Poveromo, President Wells Fargo Securities: David Cheney, Managing Director, Industrials Investment Banking II.2.1 Disruptive Discoveries Journal: Chris Berry, Founder Chris Berry will provide an overview and outlook for Energy Metals covering: What they are? Why do they matter? What is the nearterm and long-term outlook? What are the principal supply and demand issues and drivers? Why are Energy Metals crucial for driving productivity and innovation? And How correlated are Energy Metals to economic growth? And Other metals production? Chris is a well-known writer, speaker and analyst. He focuses much of his time on Energy Metals, those metals or minerals used in the generation or storage of energy. He is a student of the theory of Convergence emanating from the Emerging World and believes it will have profound effects across the globe in the coming years. Active on the speaking circuit around the world and frequently quoted in the press, Chris spent 15 years working across various roles in sales and brokerage on Wall Street before shifting focus and taking control of his financial destiny. Chris is a Senior Editor at Investor Intel. He holds an MBA in Finance with an international focus from Fordham University and BA in International Studies from The Virginia Military Institute. II.2.2 ECSI, Edmundo LaPorte: Principal Consultant Mr. LaPorte will discuss Lessons learned about the use of data to minimize project risk – Fluorspar as a strategic industrial mineral. A consultant’s view on the use of data to minimize project risk applied to the strategic industrial mineral Fluorspar. The presentation will illustrate the risk-management process on a US-based generic fluorspar project using data. It will also give a general overview of the current state of this important industrial mineral, including information on the location of the world’s reserves, main producers and consumers, uses of fluorspar, market structure, drivers and limitations and a forecast for the next few years, including the role that the development of the US resources could mean for the industry. Mr. Laporte serves as director of Mining Services for ECSI. He is a licensed engineer and has participated in multiple metal, coal and hard rock mining projects in North and South America, Europe, Asia, Africa and Australia. These include underground operations in epithermal narrow vein deposits in Mexico and United States; large open pit copper mines in Chile and Argentina; underground limestone, sandstone and oil shale mines in the USA; underground coal mines in USA and Colombia; and multiple open pit and underground coal mines and hard-rock projects in South America, USA, China and Mongolia. Mr. Laporte is licensed in multiple jurisdictions in the United States; Alberta, Canada; and Australia (chartered engineer). He is also a registered professional engineer in Queensland. Mr. Laporte is responsible for coordinating multiple mineral reporting efforts; geotechnical engineering projects; development of mine plans and DRAFT – SUBJECT TO CHANGE Agenda SME 2015 Finance Conference as of 28 February 2015

DRAFT – SUBJECT TO CHANGE financial models for both local and international clients; inspection design and certification of coal mines; technical consulting and evaluation of technical and financial feasibility of surface and underground mining operations, as well as preparation and research of expert testimony. II.2.3 Raw Materials & Ironmaking Global Consulting: Dr. Joseph J. Poveromo, President Dr. Poveromo’s presentation The Impact of the Price Crash on Iron Ore Markets and Iron Ore Projects Globally will focus on: The iron ore price crash caused by oversupply led by “Big Three”; Increased dominance by the Big Three (and Fortescue) in the China market, Impact of declining prices on marginal supply capacity globally, and Challenges and opportunities in developing new iron ore projects in an era of sustained lower iron ore prices Joe Poveromo received his Ph.D. degree in Chemical Engineering in 1974 at the Center for Process Metallurgy, State University of New York at Buffalo (SUNYAB). He joined Bethlehem Steel’s Homer Research Laboratories where he advanced to the position of Research Consultant. In 1993 he established his consultancy, Raw Materials & Ironmaking Global Consulting. From 1993 through 2008 his principal client was the Quebec Cartier Mining Company. Currently, he consults for steel, natural resource, technology provider, financial and consultancy companies on a global basis. Dr. Poveromo is a Distinguished Member of the Iron and Steel Society (now AIST) of AIME. He has received a number of Iron & Steel Society Awards including the T. L. Joseph Award in 1998 for his long-standing contributions to ironmaking technology. He is also a Special Member of the IIMA (International Iron Metallics Association). II.2.4 Wells Fargo Securities: David Cheney, Managing Director, Industrials Investment Banking What to Expect in the Capital Markets David will speak about 3 core areas and means by which mining companies are able to raise capital today: (1) PIPE: Private Investments in Public Equity and CMPO: Confidentially Marketed Public Offering markets. What they are? Recent market performance, and What investors look for when evaluating an investment; (2) Structured debt markets. What are they? Recent market performance and What investors look for in evaluating an investment? (3) Convertible bond market which is one of the traditional means miners have raised capital. What are the positive and potential negative issues and trends impacting them? David Cheney is a Managing Director in the Industrials Investment Banking group at Wells Fargo Securities. He is responsible for the Metals and Mining sector and is based in New York City. Prior to joining Wells Fargo, David was a Managing director at Deutsche Bank Securities Inc., where he was responsible for the Americas Mining franchise. David has focused on the Metals and Mining since 1998, when he began his career at JP Morgan Securities. David earned his B.A. degree from Lafayette College. 10:45 SESSION BREAK – Coffee, Phones, Emails, Etc. 11:05 II.3 – BASE, PRECIOUS AND INDUSTRIAL MINERALS: PROPERTY AND PROJECT VALUATIONS What are the basics of exploration, developing, operating property and project valuations? What terms, benchmarks and trends can we agree on and are best used today? How have valuations, appraisals, terms and due diligence changed in recent years? How have and should mining company management react to these trends? Mineral Appraiser LLC: John Gustavson, Founder & President RPA Inc.: Bill Roscoe Ph.D., P.Eng., Chairman Emeritus SRK Consulting: Grant Malensek, Principal Consultant - Mineral Project Evaluation

DRAFT – SUBJECT TO CHANGE Agenda SME 2015 Finance Conference as of 28 February 2015

DRAFT – SUBJECT TO CHANGE II.3.1 Mineral Appraiser LLC: John Gustavson, Founder & President John Gustavson will discuss the importance and uses of and methods to develop a Fair Market Valuation of an Underlying Mineral Deposit, in particular of undeveloped deposits in juxtaposition to a going mining business where the discounted cash flow (DCF) approach is the Industry Standard. John will focus on the sources and use of the large amounts of data available in the public domain from recent sales of deposits and the many parameters and the discipline needed when adjusting data from such comparable sales to the Subject as well as discuss that it is mostly undeveloped deposits, that require financing. John B. Gustavson, Certified Minerals Appraiser #1992-1 Mr. Gustavson consults in the areas of gold and precious metals; base metals like copper, lead and zinc; iron and aluminum; uranium; oil and gas; coal and coal bed methane; industrial minerals including evaporites and sand and gravel; and geothermal energy. His core competency is geology as applied to mineral resources with adjunct support in engineering, economics and appraisal based on his forty five years of experience. II.3.2 RPA Inc.: Bill Roscoe Ph.D., P.Eng., Chairman Emeritus IMVAL Standards for Valuation of Mineral Assets The International Mineral Asset Valuation Committee (IMVAL) was formed in 2012 by representatives of VALMIN (Australia), SAMVAL (South Africa), CIMVal (Canada), SME and IIMA (USA), and RICS (UK). IMVAL’s objective is to develop a principles-based template of standards and guidelines for the valuation of mineral property assets which aligns with generally accepted valuation concepts, principles, and definitions in the International Valuation Standards (IVS, 2013 Edition). The purpose is to provide an international standard for reference and adoption in national mineral asset valuation codes. SAMVAL, CIMVal, SME and IIMA have completed a Draft International Mineral Asset Valuation Standards Template which will be released for comment in due course. The four fundamental principles are Competence, Materiality, Objectivity, and Transparency. Additional principles of Independence and Reasonableness may apply to national codes. The Draft Template includes requirements for valuations, mineral reserve and mineral resource definitions, and valuation reports; but leaves the selection of appropriate valuation approaches and methods to a properly qualified Valuer. William E. Roscoe, Ph.D., P.Eng., is Chairman Emeritus and Principal Geologist with RPA Inc. (formerly Roscoe Postle Associates Inc.), a mineral industry consulting firm which he co-founded in 1985. Among the services he provides are valuation of mineral properties, and mineral resource estimates and audits. Prior to that, he worked for another consulting firm and with two major mining companies. Bill Roscoe is Co-Chair of a Special Committee of the Canadian Institute of Mining, Metallurgy and Petroleum on Valuation of Mineral Properties (CIMVal Committee). The CIMVal Committee developed Standards and Guidelines for Valuation of Mineral Properties which was adopted by CIM Council in 2003. The CIMVal Standards and Guidelines are currently undergoing a review for potential updating. From 2001 to 2008, Dr. Roscoe was on a Task Force which prepared a Guidance Note on Valuation in the Extractive Industries for the International Valuation Standards. He is Chair of an international group (IMVAL) working toward harmonization of mineral valuation standards in several countries. Dr. Roscoe has a B.Sc. (Eng.) from Queen’s University and M.Sc. and Ph.D. degrees in Geological Sciences from McGill University. He is registered as a Professional Engineer in Ontario and British Columbia and has published extensively and given numerous presentations on valuation of mineral properties, mineral resources and reserves, and economic geology. II.3.3 SRK Consulting: Grant Malensek, Principal Consultant - Mineral Project Evaluation With a 40-year reputation built initially on geotechnical engineering, SRK Consulting has grown into a global network of engineering consultants with in-house expertise ranging from exploration, mining and infrastructure engineering to water, tailings, social and environmental impact DRAFT – SUBJECT TO CHANGE Agenda SME 2015 Finance Conference as of 28 February 2015

DRAFT – SUBJECT TO CHANGE assessment, mineral economics, and corporate advisory services. Mineral project valuations naturally follow on from much of the work undertaken by these disciplines for a wide variety of clients and purposes. In SRK’s experience, estimating the value of mining projects can be complicated mainly from a lack of full understanding of 1) the ore body itself, and 2) operating conditions at site. The selection of the proper valuation technique becomes very much a process of “Different Courses for Different Horses” where what works in many cases, like the Income Approach, does not work in other cases or at least has to be supplemented as this presentation will demonstrate with case histories. While the Income Approach constitutes a majority of the valuations that SRK has done, SRK is insistent that these valuations should be done on an aftertax basis which, amongst other benefits, recognizes the growing importance of the Social License to Operate requirement which needs to be quantified as best as possible. Grant Malensek has been a Principal Consultant – Mineral Project Evaluation at SRK Consulting (U.S.) Inc. since 2012 and specializes in mineral project valuations. Prior to joining SRK, Grant worked for Newmont as part of their projects group for over 4 years and Qwest Communications in product finance and offer management before then. Earlier in his career, he worked as a geologist in mineral exploration and development with a variety of companies including Rio Tinto and Freeport McMoRan in Papua New Guinea, Indonesia, Canada, USA, and several countries in South America. He has a Bachelor’s degree in Geology from the University of British Columbia, a Master of Engineering in Geological Engineering with specialization in mine valuation from the Colorado School of Mines and a Graduate Business Certificate in Finance from the University of Denver. He holds a dual Professional Engineer/Professional Geologist registration with the Association of Professional Engineers and Geoscientists of British Columbia and also lectures part time on mineral project valuation as an adjunct professor at the Colorado School of Mines’ Division of Economics and Business. 11:50 II-4 – SUCCESSFUL APPLICATIONS OF SMART DATA IN THE MINING INDUSTRY What technologies are available to lower cost and manage risk using data in-house? What are the benefits flowing from recent developments and new technology? What are examples of Smart Data improving results in any part of mine life cycle? Are all types of companies able to realize benefits from use of smart data? Bloomberg Intelligence: Kenneth Hoffman, CFA, Sector Head Global Metals & Mining Research MISOM Technologies Inc.: Dr. Sean Dessureault, President USGS, National Minerals Info. Center, Elizabeth Sangine, Chief, Mineral Commodities Section II.4.1 Bloomberg Intelligence: Kenneth Hoffman, CFA, Sector Head Global Metals & Mining Research Ken will discuss Bloomberg’s data evaluating mining costs and deals and transactions. Hoffman, Sector Head, Metals and Mining, Bloomberg Research Ken Hoffman covers metals and mining. Mr. Hoffman began his career at Prudential Securities, covering base and precious metals as well as the global steel industry, and headed Prudential’s global steel research team for five years. Mr. Hoffman ran the top quartile Orbitex Energy & Basic Materials fund for three years, ran a commidity long/short fund for Millennium Partners, and for four years was a partner and head of research at MarCap European Investors fund, which focused on Northern European industrial and commodity shares. A CFA charterholder, Mr. Hoffman holds a BS in finance from Syracuse University and an MBA from Duke University. II.4.2 MISOM Technologies Inc.: Dr. Sean Dessureault, President The Use of New Technology, Data & Systems to Manage Risk and Reduce Mining Costs The unvarnished truth about big data, DRAFT – SUBJECT TO CHANGE Agenda SME 2015 Finance Conference as of 28 February 2015

DRAFT – SUBJECT TO CHANGE mobile devices, existing machine monitoring technology, wearables, nearables, cloud computing and data utilization in mines Dr. Sean Dessureault is an associate professor at the University of Arizona, engaged in applied research related to the integration and effective use of modern mining information systems. He directs the Mining Intelligence Research Group (MIRG) laboratory having real-time and historical data warehouses from several mining companies, an integrated monitoring room for remote optimization of mines, and cloud as well as local servers to implement big-data research on industrial and sustainability/social media data sets. (www.mirg.arizona.edu). Sean founded MISOM technologies Inc., a mine technology company that designs and implements integrated data solutions and mobile apps with consideration toward the people (cultural) and process (workflow) aspects of mine operations (www.misom.com). He is a recognized expert in both underground and surface mobile fleet mine automation, big-data in mining and data-driven sustainability. Dr. Dessureault was awarded the Foundation of the South West American Mining Hall of Fame Medal of Merit under 40 for his academic and entrepreneurial work supporting the technological transformation of mining. II.4.3 Elizabeth Sangine, Chief, Mineral Commodities Section, National Minerals Information Center, USGS. Elizabeth in her presentation will discuss big data production and applications from a government perspective. The first section will briefly discuss the history of USGS and the variety of big data available. She will then discuss some applications of data in the rescue and recovery of trapped miners, and finally will discuss how big data can be used to fulfill regulatory requirements, using an example relating to Section 1502 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) (Pub. L. 111–203, 124 Stat. 1376–2223). In late June 2014, Elizabeth joined the National Minerals Information Center, United States Geological Survey, as the Chief of the Mineral Commodities Section where she leads a highly skilled group of 37 mineral commodities and State specialists. The group is responsible for statistics and information on the worldwide supply of, demand for, and flow of minerals and materials essential to the U.S. economy, the national security, and protection of the environment. She spent the previous eleven years with the U.S. Department of Commerce as the Director, Chemical and Biological Controls Division working on ensuring industrial competitiveness in the chemical and biological industries while meeting national security goals for the nonproliferation of chemical and biological weapons. Her professional background prior to service in the government was in industrial chemical production, large scale project management, regulatory affairs, and quality assurance. She has a Bachelor of Science Degree in Chemical Engineering from Virginia Tech in Blacksburg, VA, a Masters Degree in Business Administration from the University of Houston in Houston, Texas, and a Masters of Science Degree in National Resource Strategy from the National Defense University at Fort McNair in Washington, DC. 12:35 LUNCHEON – followed by break for Phones, Emails, Etc. 1:35

II.5 – SUCCESSFUL APPLICATIONS OF RISK MODELING IN MINING Can technology optimize resources, mines and value chains with uncertain supply and demand? How can management employ new methods, concepts to reduce risk in project development? What are examples of and counter intuitive aspects of reducing risk used by investors & miners? How is managing risk today different than in past and relate to current industry standards? Independent Project Analysis, Inc., Baqun Ding Ph.D., Core Review Board Member McGill University: Dr. Roussos Dmitrikiopolous, Professor and Canada Research Chair DRAFT – SUBJECT TO CHANGE Agenda SME 2015 Finance Conference as of 28 February 2015

DRAFT – SUBJECT TO CHANGE Resource Capital Funds: Craig Hairfield, Investment Analyst Vale S.A., Edson Ribeiro, Director, Mineral Projects II.5.1 Independent Project Analysis, Inc., Baqun Ding Ph.D., Core Review Board Member What Erodes NPV of a Mineral Development Project? It is widely thought that correct decisions to invest in mineral asset development depend on accurate assessment of the project’s value and whether the Sponsors have the capability to successfully develop the asset to realize the expected value. While the uncertainty of traditional factors that determine the NPV of a mine project, such as commodity prices, capital and operating costs, and ore grade are widely understood, IPA’s data show that the understanding of how these factors are uncertain and the effort to address the uncertainties are very often inadequate, and appear to be the key factors that erode the return on the owner’s investment. IPA will talk about how it quantifies the effects of these factors on NPV and incorporates them into its NPV assessment model. Baqun Ding has a Ph.D. degree in Mining Engineering from Queen’s University in Canada, and received his M.Sc. and B.Sc. degrees in China. His areas of expertise include orebody definition, mineral reserve estimation, project evaluation, feasibility studies, mine design and planning, and mine production control. Before joining IPA in early 2006, Dr. Ding had worked in the industry for over 20 years, including over 8 years of hands-on experience with China Gold in China, where his work involved leading, coordinating, and supervising mining projects in international locations. He has been an independent consultant providing a wide range of technical services to the industry, and he played the roles as an international project coordinator on Canada International Development Agency (CIDA) sponsored research projects on sustainable development. He served for as Assistant Professor at the Delft University of Technology, The Netherlands, where he developed and taught courses on various subjects of underground and surface mining engineering and orebody evaluation, and led various research work covering various technical topics of mining industry. Over the past 9 years with IPA, he led and/or participated in evaluation of hundreds of capital projects of various types and sizes across business sectors, performed research studies, taught IPA Institute courses, and contributed to IPA’s continuous improvement of mining project evaluation technique. He is now a core reviewer and a senior project analyst at IPA. II.5.2 McGill University: Dr. Roussos Dmitrikiopolous, Professor and Canada Research Chair New smart(er) technologies for the simultaneous optimization of mining complexes and value chains with uncertain supply and demand – Part I: Concepts, methods, examples, counter intuitive aspects : A mining complex may be seen as an integrated business starting from the extraction of materials from a group of mines, the processing and treatment of these materials through different interconnected processing facilities, leading to a set of products delivered to various customers and/or the spot market. Key aspects of this integrated business are the underlying uncertainty in the materials produced from mines (supply uncertainty), and the uncertainty in demand, over the production life of the mining complex. This presentation overviews new optimization technologies developed to facilitate the above, and uses applications in gold and copper mining complexes to demonstrate new concepts as well as document differences between the new technologies and current industry standards. The new developments are shown to lead to the counterintuitive higher cash flows for lower risk, quantification of risk as well as project valuation and advanced decision support. Roussos is the Canada Research Chair (Tier I) in Sustainable Mineral Resource Development and Optimisation under Uncertainty and Director of the COSMO Laboratory, McGill University, Montreal, Canada. Previously he was Professor and Director of the Bryan Research Centre, Univ. of Queensland, Australia, worked for Newmont Mining, Denver, USA, and GSI Montreal, Canada. He holds a PhD in Stochastic Modelling from École Polytechnique, Montreal, and an MSc from DRAFT – SUBJECT TO CHANGE Agenda SME 2015 Finance Conference as of 28 February 2015

DRAFT – SUBJECT TO CHANGE the Univ. of Alberta, Edmonton. Roussos has been working on the simultaneous stochastic optimization of mining complexes and related material flow from ‘mines to customers’, given uncertain supply and demand. The focus of this integrating framework is the global optimization of related mineral value chains and is founded upon new technologies dealing with big datasets and new integrated computing technologies” II.5.3 Resource Capital Funds: Craig Hairfield, Investment Analyst Using Stochastic Analysis to Evaluate Risk in Mining Project Financing The world of mining is fraught with risk from the perspective of the project financier. Risk is present in many forms: commodity pricing, country risk and operational risk are just a few. It is impossible to predict with absolute precision how all the elements of risk will influence forecasted mining project economics. Resource Capital Funds posits that the use of stochastic modelling is an appropriate way to model mining project economics as it allows one to analyze a variety of scenarios simultaneously and produce probability distributions representing a range of potential outcomes. When attempting to quantify and model project risk, it is better to “approximately right” than “precisely wrong.” Craig Hairfield is an investment professional with Resource Capital Funds, a mining-focused private equity fund based in Denver that is currently investing its sixth fund, Resource Capital Fund VI L.P., with committed capital of $2.04 billion. Craig graduated from the Mining and Minerals Engineering program at Virginia Tech and worked in the mining industry for a number of years: initially for Mine Ventilation Services, a ventilation engineering consulting firm, and later Marshall Miller & Associates, a geological and engineering consulting firm servicing primarily the Appalachian coal industry. Craig also completed the Executive MBA program at William & Mary in Virginia while working full time. Craig moved to Colorado 4 years ago to start working with Resource Capital Funds and has been a part of a team who has since invested over $300 million into mining projects over the past 3 years. In Craig’s 10 year career, he has visited dozens of mine sites across dozens of countries and many commodities. II.5.4 Vale S.A., Edson Ribeiro, Director, Mineral Projects New smart(er) technologies for the simultaneous optimization of mining complexes and value chains with uncertain supply and demand – Part II: Applications, reasons and contributions, challenges, where to from here, and a corporate perspective : The “depletion” of the world’s mineral resources has challenged the mining industry to seek the development of new advanced technologies for improved extraction and processing of increasingly complex material and/or the development of previously considered marginal deposits. Major development addressing these issues is the simultaneous optimization of the so-termed mining complexes and value chains to maximize value for mining companies and stakeholders, while enhancing the sustainable development of the earth’s mineral resources. Key aspect of the above is dealing with geological uncertainty combined with new technological developments where material that was once considered waste can be processed as ore. New smart(er) technologies provide the ability to transform into multiple products, ore extracted from a group of mines containing several metals or materials of distinct mineralogy. A corporate perspective on the above is presented. Edson is the Director of Mineral Projects of Vale S.A. and has over 25 years of experience in the mineral’s industry. He has devoted most of his career to mineral resources evaluation covering a broad range of ore types and deposit styles, including iron ore, manganese, nickel sulphides and laterites, copper, bauxite, kaolin, coal, potash and phosphates. As Mineral Projects Director at Vale S.A., he currently leads a team responsible for prefeasibility studies of mineral projects worldwide and the introduction of a new generation of technologies to these studies focusing on risk management and big data related computing technologies 2:35

II.6 – SUCCESSFUL APPLICATIONS OF BIG DATA IN THE MINING INDUSTRY DRAFT – SUBJECT TO CHANGE Agenda SME 2015 Finance Conference as of 28 February 2015

DRAFT – SUBJECT TO CHANGE What Big Data technologies exist to optimize operations, multiple mines, processing, etc.? What are examples of companies that have realized benefits from Big Data? Can the benefits be realized in supply chain, procurement, transportation and logistics? Can Big Data optimize mine complexes, value chains with uncertain supply and demand? Datamine, Dylan Webb, Director, Technology IBM: Jose Favilla, Director, WW Industry Solutions, Industrial Products McKinsey & Company, MineLens: Richard Sellschop, Expert Partner II.6.1 Datamine, Dylan Webb, Director, Technology Mr. Webb will discuss: Capital allocation and risk analysis - applying big data analytics to mine optimization. Understanding risk in mining investment decisions has been historically challenging due to uncertainties in grade distribution, production forecasts and economic conditions. Allocation of capital is often done with a limited understanding of the full range of scenarios due to lack of time to do the required analysis using traditional desktop studies. This paper discusses the application of high performance cloud computing to rapidly generate a complete picture of project risk and the probability of achieving defined financial metrics, improving confidence in capital allocation decisions. Dylan Webb, Director, Technology is a mining engineer with 19 years’ experience in operations management, mining studies and business improvement. Throughout his career he has worked for mining companies, consulting firms and technology suppliers in Australia, Canada, South Africa and the United Kingdom. In his current role at CAE Mining, Dylan is responsible for the strategy and execution of the company’s software research and development, leading a team of over 50 software engineers. The company’s goal is to improve the productivity and efficiency of mining operations by providing leading-edge solutions built on its core database, desktop and cloud technology platforms. II.6.2 IBM: Jose Favilla, Director, WW Industry Solutions, Industrial Products Are you Leveraging Data, A Natural Resource to Achieve Competitive Advantage? Data is becoming the natural resource that if properly mined can enable mining companies to achieve competitive advantage and change the game in their industry. In its presentation IBM will exam the key characteristics leading companies that are getting the most value from data have and will dismisstify "big data" and will present a number of examples of how leading mining companies are realizing value. In his presentation Jose Favilla, Director, WW Industry Solutions, Industrial Products at IDM will discuss What is Big Data? What is different now? and How the Use of Technology has changed in recent years? What are the key Enabling technologies? and cover how several leading mining companies are leveraging Big Data and importantly How other mining can get started. Jose has more than 25 years of experience in designing and implementing innovative business solutions for the natural resources and process manufacturing industries including mining & metals, oil & gas, forest & paper and heavy equipment manufacturing. José has in-depth knowledge of the challenges, business drivers, leading practices, existing technologies and solutions. He has served many clients worldwide. José’s experience spans a number of areas including product specification, manufacturing, quality, production planning and scheduling, supply chain optimization, inbound and outbound logistics, asset management, risk management and safety. He has extensive experience in designing and implementing innovative solutions by working with leading research organizations. He has led major business and process innovation projects resulting in billions of dollars in financial benefits to his clients. He is a member of IBM Industry Academy, a prestige group of industry experts recognized for their eminence in the industry. José has authored a number of scientific and thought leadership papers and has spoken in numerous conferences around the globe. He has been serving as a mentor for MBA students at Notre Dame University. DRAFT – SUBJECT TO CHANGE Agenda SME 2015 Finance Conference as of 28 February 2015

DRAFT – SUBJECT TO CHANGE II.6.3 McKinsey & Co., MineLens: Richard Sellschop, Expert Partner Productivity in Mining Operations Driving increased impact to the bottom line by understanding mining productivity trends, causes, and levers to reverse the trend Richard will discuss the mining industry’s shift to focus on increasing productivity and its need to drive great productivity for increased impact to the bottom line by discussing McKinsey’s business unit MineLens that is focused on the global mining sector – analyses of and understanding the mining sectors’ productivity trends, causes, and levers to reverse the trend in relation to other sectors McKinsey studies and works in. Richard is an Expert Partner and a leader in the McKinsey Metals & Mining global practice and the McKinsey Operations practice. Since joining McKinsey in 2002 from the automotive industry, he has worked primarily in Basic Materials on Operations topics. He has led multiple lean transformations in mining and manufacturing environments. His focus is on ensuring performance improvement work is both high impact and sustainable, and improving Asset Productivity practices and outcomes. Recent examples of impact are helping a North American mine reduce unit cost by 15% in one year; and at another mine increased haul fleet availability by 5% while reducing cost of maintenance. Richard has a M.Sc. in Automotive Engineering and Manufacturing from the University of Michigan and a B.Sc in Mechanical Engineering from the University of the Witwatersrand in Johannesburg, South Africa. 3:20

SESSION BREAK – Coffee, Phones, Emails, Etc.

3:40

II.7 – CASE STUDIES – WHAT DO MANAGEMENTS KNOW AND NEED TO KNOW How to implement management and technology solutions to improve the bottom line How practical is using cloud computing and big data technology to prioritize options What obstacles do technical services, strategic mine planning, management need to overcome? How can big data improve and optimize models, planning and management of operations? AMEC, Graham Wood M.Sc., M.B.A. Group Technical Dir., Financial Services, Mining & Metals Ernst & Young, LLP: Andrew Miller, Partner Hard Rock Consulting, LLC: Mark C. Shonnard, CPA, President HDR, Lachlan Broadfoot, Mining Market Sector Director II.7.1 AMEC, Graham Wood M.Sc., M.B.A. Group Technical Dir., Financial Services, Mining & Metals Risk! What risk? We manage risk on a daily basis but, other than a rather vague awareness of its existence, do we have a real sense of its magnitude and primary areas of impact? Project and operational economic models are often stress-tested by varying some or all of the high-level economic parameters but such a process tends to be very limited in its ability to highlight some of the engineering aspects and their respective impact on the project/operation cash flow. A disciplined and systematic approach to identification, definition and simulation can provide real insights into the degree of robustness of the project or operation as well as those aspects on which management should focus their attention. Graham Wood is AMEC’s Group Technical Director, Financial Services, Mining & Metals Consulting since 2004. He has more than 30 years of operations, management and consulting experience. Graham directs the economic evaluation services of AMEC’s Mining & Metals division, and provides analysis and guidance on economic valuation/optimization, metal and commodity pricing, exchange rates, financial viability, project and operational risk, capital escalation/de-escalation, targeted spending and flexible valuation. In the last nine years, he has conducted financial and economic analyses on dozens of advanced mining projects worldwide. He graduated with an M.B.A., International Trade & Finance from Heriot-Watt University, UK in DRAFT – SUBJECT TO CHANGE Agenda SME 2015 Finance Conference as of 28 February 2015

DRAFT – SUBJECT TO CHANGE 2000, earned a M.Sc. in Mining Geostatistics from University of Leeds, UK in 1989 and received a B.Sc. in Pure & Applied Mathematics from Rhodes University, South Africa in 1982. II.7.2 Ernst & Young, LLP: Andrew Miller, Partner Mr. Andrew Miller will discuss the capital dilemmas faced by the mining and metals companies today. There are significant and systemic limits on the amount and type of capital available to mining and metals companies depending upon the nature of the company - the majors have different capital sources available to them than the junior miners. China (and others) weighs in heavily on the sources of capital. What is driving the changes and what nontraditional sources are available today? Mining and metals companies must choose among competing projects - how will they choose and what factors impact those decisions? Mr. Miller is a partner and member of Ernst & Young LLP’s National Tax Department. Mr. Miller has over 30 years of experience serving a wide range of corporate clients. He focuses on corporate tax services acting as a tax engagement partner for several large multinational energy and natural resource clients. He has extensive experience serving as a tax specialist in the natural resource industries on due diligence teams for the firm's merger and acquisition practice. In light of his extensive natural resource experience in tax, Mr. Miller is the Global Mining & Metals Industry Tax leader. In this dual role serving the mining and metals industry he works with the Global Mining & Metals Center of Excellence located in Sydney, Australia. Each year, Mr. Miller assists Peter Maxfield in updating his treatise, Taxation of Mining Operations by preparing and editing revisions to the book. Mr. Miller is a co-author of the treatise. He is also a featured speaker at the firm's annual conference on mining taxation and the firm’s annual financial reporting conference for the mining industry. II.7.3 Hard Rock Consulting, LLC: Mark C. Shonnard, CPA, President Mark’s presentation will focus on a Comparison of Administrative Costs and Effect on Valuation of Private Companies versus Public Companies. He will examine average and variances of administrative costs for public and private companies and impact of these costs on valuing and typical advantages and disadvantages of Private versus Public Funding of mining and mineral enterprises. Mr. Mark C. Shonnard, CPA, is a mining finance professional and a Member of SME with 30 years of international experience. His success in the developing high performance teams in administration and finance helped to create extraordinary achievement in operations in base metals and precious metals operations in the US, Perú and Venezuela. He has developed strategies for business enhancement for both employers and clients – identifying improvements in product control and reconciliation, business combination opportunities, simplified business processes, and transaction structuring to maximize value. II.7.4 HDR, Lachlan Broadfoot, Mining Market Sector Director The necessary productivity drive in the mining sector is creating the foundation for the giant leaps forward always imagined possible by automation and IT. While commodity price drops have piled pressure on earnings, a clear commitment has emerged that innovation and the application of automation technologies will reset the cost base. In the Australian context both Rio Tinto (Hunter Valley Coal Operations) and BHP (BMA Queensland Coal) are taking lessons learned in Western Australian Iron Ore to use data and remote automation to integrate operations across previously separate mines and logistics chains. The key operational philosophies that now can be implemented through the integration of big data and remote worksites will be the focus of this presentation. Lachlan Broadfoot is the Mining Market Sector Director for HDR Engineering heading up their global mining division. Lachlan joined the HDR team in 2013 following the acquisition of international consulting firm Salva Resources where he was founding CEO. With a background DRAFT – SUBJECT TO CHANGE Agenda SME 2015 Finance Conference as of 28 February 2015

DRAFT – SUBJECT TO CHANGE in mineral processing and marketing, Lachlan has held positions in both operations and commodity marketing for Anglo American and Rio Tinto prior to starting his own business in 2007. With international offices established in Australia, India, Indonesia and Mongolia, Lachlan has spent a lot of his time working and travelling throughout Asia. Since joining US based HDR Engineering, he has added America to his itinerary and has primarily been working across the groups mining services and advisory team in the US and Canada. Lachlan and his wife (and dog) recently relocated from Brisbane to New York City to coordinate the services of HDR’s engineering, environmental and advisory teams for mining and investment clients. 4:40

CLOSING REMARKS BY CONFERENCE CO-CHAIRMEN

4:45

Conference Closing

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A Short Course

Managing Metal Risk Exposure - Hedging Strategies and Related Accounting Issues Sunday 26 April 2015 in New York City 11:30AM - 4:30PM - Lunch will be Served at Opia Restaurant 57th Street & Lexington Avenue NYC (followed by a Delegates Dinner with Guest Speaker starting 5PM, ending 7:45PM)

This is a half day course on market risk that addresses the decision making structure necessary to manage the exposure pertaining to volatile metal markets. It will be structured in a workshop format to provide HANDS ON LEARNING. The workshop presenters will cover several CASE STUDIES and encourage two-way PARTICIATION and ENGAGEMENT from ATTENDEES. This Short Course is designed for finance, sales, procurement and accounting professionals focused on pricing strategy, market risk management, commodity finance and derivative accounting. Core issues to be addressed in this workshop are: 

Formulating a commodity risk management program – strategy and tactics.

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What are the important trends impacting firms that are hedging and why? Understanding the derivative markets and instruments used to manage risk.

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Trade execution. Which strategies to use at cyclical price peaks or valleys?

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Administrative, jurisdictional, tax and accounting issues that management should focus on.

These professionals will present on the following topics.

Hedging 101: Introducing Risk Management - Futures, Options and Swaps Keith Gwozdz, Head of Metal Sales – Americas at INTL FCStone Inc.

DRAFT – SUBJECT TO CHANGE Agenda SME 2015 Finance Conference as of 28 February 2015

DRAFT – SUBJECT TO CHANGE Keith will address how to use derivative contracts to manage risks and in doing so he will discuss the appropriate LME/CME products. Highlights of what Keith will discuss include:     

Introductory hedge concepts Futures market risks Types of futures and swap hedges Hedge administration and controls Overview of Options

Keith Gwozdz is the Head of Base Metal Sales at INTL FCStone in New York providing a full array of client trading and risk management services on the LME and COMEX. Keith has over 20 years of experience in risk management having worked at ASARCO, General Motors Corp, and number of LME brokerage firms. He received his BS in Mineral Economics from Penn State and an MBA in Finance from Pace University. He currently serves on the American Copper Council board.

Developing a Corporate Strategy to Manage Market Risk Paul Shellman - Wainscott Commodities, Inc. Paul will provide an overview of the building blocks involved in developing a commodity risk management program and show how these activities can bring competitive advantages to different companies within the commodity value chain. He will discuss how risk theory has been put into practice and review the performance of these concepts.

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Requirements and steps for establishing the corporate risk appetite and culture

Building in-house expertise and leveraging the organization Physical supply chain mechanics – managing risk through the product’s lifecycle

This section sets out the need for an overall strategy to manage risks and how to make good market-based decisions using various instruments to manage commodity exposures. Producers, smelters, fabricators and consumers all have exposures, but approach these risks in very different ways. Paul Shellman is a commodity risk management expert at Wainscott Commodities, Inc. He leads the firm’s risk advisory practice. Paul has three decades of practical experience handling metals and minerals exposures while at Goldman Sachs and Koch Industries. He now provides independent advisory services for companies seeking to manage commodity exposures.

Using Data Analytics in Your Risk Management Program Todd Sibilla, Commodity Applications Specialist, Bloomberg LLP Todd will discuss the following issues and topics:        

What are the important financing trends impacting firms that are hedging and why? How do production costs impact the use of hedging? How does Seasonality and Secular Trends impact the usefulness of Hedging? What are key Market Surveillance factors? What information is critical? What different types of financing are available to hedge risk? What is the role of Speculators? How can Bloomberg Terminals be used to track critical benchmarks for Iron Ore? Copper? How do producers book them into a basic Mark-to-Market risk management system?

Todd Sibilla has written numerous technical commodity articles for BLOOMBERG MARKETS Strategy Section. He has been a principal for BLOOMBERG TRADEBOOK LLC, and his current responsibilities include internal and external training, assisting in core product development, DRAFT – SUBJECT TO CHANGE Agenda SME 2015 Finance Conference as of 28 February 2015

DRAFT – SUBJECT TO CHANGE assisting in internal procurement planning at Bloomberg LP and for direct sales as a commodity product specialist across all aspects of the commodity complex. Previously, Mr. Sibilla worked in Bloomberg Core Sales as a regional manager for the Americas, ran advertising sales and third party contributions. Prior to Bloomberg, he was an institutional salesperson for the Dreyfus Corp. and IBM NY Accounts. *****************************************************************

A Short Course

Integrated Valuation and Risk Modelling Methods in the Mining Industry Wednesday 29 April 2015: From 8:30AM to 12:30PM at EY New York Office, Times Square New York City Volatility in commodity prices and financial markets makes it difficult for mining professionals to assess the risk exposures and identify the factors influencing the value of their investments. Integrated Valuation and Risk Modeling (“IVRM”) methods provide a toolkit combining advanced finance theory, risk management concepts, decision analytics, and numerical business modelling for analyzing a wide range of mining investments. Example applications include competing project development strategies, innovative financing structures, mergers and acquisitions, and corporate portfolio risk. In this workshop, EY's Dr. Michael Samis will discuss why IVRM is an important extension to conventional cash flow modelling and investment analysis. Key concepts will be illustrated through simple examples and industry case studies. The workshop is organized as follows:       

Why Integrated Valuation and Risk Modelling (IVRM) methods are needed Modelling commodity and energy price uncertainty How flexibility influences investment value and the benefits of staged project development Valuing long-life base metal and energy projects Recognising the cash flow uncertainty effects of country risk in an economic analysis Assessing the risk characteristics of a corporate asset portfolio and various financing alternatives Organizational aspects of IVRM

This workshop will be of interest to mining and finance professionals involved with corporate strategy, mergers & acquisitions, corporate risk management, project finance, and mine design. Professional Biography Dr. Michael Samis, P.Eng. is a leading Integrated Valuation and Risk Modelling practitioner in the natural resource industries with more than 25 years of mining experience. He has extensive professional experience valuing base and precious metals, diamond, and petroleum projects with complex forms of flexibility and risk. His assignments have ranged from exploration stage to late-stage capital investments and have also included the analysis of project financing and contingent taxes. He holds a Ph.D. from the University of British Columbia that combines the fields of mining engineering and finance. Dr. Samis is currently an Associate Partner in the Toronto office of Ernst and Young’s Transaction Advisory Service where he and his team also value complex financial securities such as employee stock options, convertible debt with

DRAFT – SUBJECT TO CHANGE Agenda SME 2015 Finance Conference as of 28 February 2015

DRAFT – SUBJECT TO CHANGE embedded derivatives, contingent contracts, and interest rate, commodity, and foreign exchange derivatives.

DRAFT – SUBJECT TO CHANGE Agenda SME 2015 Finance Conference as of 28 February 2015