NunaMinerals A/S Exploring the mineral potential of Greenland Seminar on mineral exploration in Greenland Shilla Hotel, December 2012 Ole Christiansen, CEO, NunaMinerals

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FORWARD LOOKING STATEMENTS Forward-looking statements contained in this presentation, including descriptions of NunaMinerals’ exploration and development projects, strategy and plans, as well as expectations for future revenue and earnings, reflect NunaMinerals’ current views and assumptions with respect to future events and are subject to certain risks, uncertainties and assumptions. There are many factors that may cause actual results achieved by NunaMinerals to differ materially from expectations for future results and expectations that may be expressed in or form an assumption of such forward-looking statements. Such factors include risks related to exploration, development and mining activities, uncertainties related to the results of NunaMinerals’ exploration and development projects, including risks of delays or closure of projects, price falls, currency fluctuations and changes in concession terms, legislation and administrative practices, as well as competition risk and other unforeseen factors. If one or more of such risks or factors of uncertainty were to materialise, or should one or more of the statements provided prove to be incorrect, actual developments may differ materially from the forward-looking statements contained in this presentation. NunaMinerals is not under any duty to update the forward-looking statements contained in this presentation or to adjust such statements to actual results, except as may be required by law.

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EXECUTIVE SUMMARY

1 slide

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NunaMinerals in brief

5 slides

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Exploration in Greenland

4 slides

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Appendix

27 slides

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Executive summary Core projects – Vagar gold, South Greenland • Granite hosted gold, Proterozoic • Drill intersect 54,7 metres @ 1.3 g/t Au • Grab samples up to 1013 g/t Au

– Storø gold, Vest Greenland • Greenstone hosted lode gold, Archaean • Drill intersect 28 metres @ 6.7 g/t Au • 34% of all drill holes contain visible gold (VG)

– Inglefield copper-gold, North Greenland • Porphyry copper-gold targets, Proterozoic (never tested before) • Skarn type copper targets • MVT and sedex type zinc targets

Projects for partnering – – – –

Rare earths (4.2 metres @ 4.2% TREO) & niobium project Tungsten & antimony (high grade veins & lower grade bulk minable) Platinum group elements (high Pt/Pd reefs) Diamond (numerous diamondiferous float & >12 geophysical pipe targets)

Focused gold exploration with considerable mining potential 4

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Executive summary

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NUNAMINERALS IN BRIEF

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Exploration in Greenland

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Appendix

5 slides

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Diversified but focused on gold •

NunaMinerals is the leading mineral exploration company in Greenland – one of the world’s few remaining unexplored regions

•

Extensive experience and strong core competencies on gold/copper exploration

•

Exclusive exploration licenses currently at around 8,500 km2 (6,900 km2 covering gold and copper plays)

Copper-gold Zinc / Cobalt-nickel-gold

Tungsten Antimony

NunaMinerals A/S • •

Established in 1998 and headquartered in Nuuk, Greenland Listed at Nasdaq OMX Copenhagen in 2008 • 1,291,619 shares | Mcap of DKK 200m

Ownership

Government

LD

Nykredit

Others

33%

17%

13%

37%

Diamonds

Rare Earths

Gold

PGE = core projects = projects for partnering

Gold NunaMinerals is Greenland’s leading gold exploration company 6

Diversified partnership strategy

Grassroot phase

Resource phase

Mining phase

Core projects NunaMinerals interest 100%

Core projects •

Fully owned through resource phase

•

Partner options, sale or 100% ownership to be decided at feasibility stage

0 – 100%

Partner projects

Projects for partnering NunaMinerals interest 100% Earn in phase

35%

Participation? 35% 35% 0% Sale?

•

Prospectivity substantiated by data compilation and minor work and then partnered out

•

Partner earns in a major interest by funding exploration, preferentially including the resource phase

•

Nuna would participate or divest after the earn in phase.

Generating value by resource creation – generating cash by sale or mining participation 7

Core projects focussed on gold & copper Inglefield copper-gold project • •

Targets: porphyry copper-gold and skarn type copper-gold Best surface grab sample: 1.3% Cu + 12.5 g/t gold

Grassroot

Drilling

Resource

Storø gold • • •

>15,000 metres drilled; 65 holes; excellent metallurgy Main Zone best intersect 28 metres @ 6.7 g/t 37% of all holes intersect Visible Gold (VG)

Grassroot

Drilling

Resource

Vagar gold project • • •

Wide gold intersection at Amphibolite Ridge Province scale project; >150 km gold belt Near existing mining infrastructure, hydropower potential and deep tide water Grassroot Drilling Resource

Vagar Gold Project is NunaMinerals primary exploration focus 8

Projects for partnership Inglefield zinc & cobalt projects • Targets: MVT and sedex type zinc-lead-silver • Targets: Cobalt type gold-silver-cobalt-nickel • 125 km north of Qaanaaq airport; 2-3 month shipping season

Grassroot

Drilling

Resource

Ymer tungsten & antimony project • Distal high grade tungsten & antimony ore – excellent metallurgy • Proximal intermediate grade bulk mineable tungsten, antimony & gold • Excellent logistical support to the area by Royal Arctic Line

Grassroot

Drilling

Resource

Qeqertaasaq REE & Nb project • High grade REE veins (4.2 metres @ 4.2% TREO) • Simple metallurgy and low processing costs indicated

Amikoq PGE project • Reef type platinum group element mineralisation; >40 km mafic complex • High Pt/Pd ratios

Qaamasoq diamond project

”Diavik type” (Canada)

• Numerous kimberlite float; excellent mineral chemistry; diamondiferous • >12 pipe targets identified by geophysics

Grassroot

Drilling

Resource

Potentially world class projects for partnership 9

Management with strong track record Executive management with considerable exploration and discovery experience Ole Christiansen, Executive CEO (age 55)

Strong mineral knowledge base and international business experience on Board Birks Bovaird, Executive chairman

Geologist, MSc, Aarhus University, Denmark 25 year background in mineral exploration CEO of NunaMinerals since 1999 Previously head of the mineral exploration arm of Nunaoil • Co-responsible for the discovery and development of Nalunaq Gold Mine and Seqi olivin mine

• •

Peter van Maastrigt, Chief Geologist (age 55)

Anton Marinus Christoffersen, vice chairman

• • • •

• • • • • •

Extensive knowledge about mineral exploration and mining Chairman of the Board of Directors of Energy Fuels Inc. (TSX:EFR) a uranium development company based in Colorado USA. Director of Noble Minerals Exploration (TSX.V: NOB) Past president and chairman of Superior Copper Inc. (TSX.V: SPC) a Canadian copper exploration company. Previously been involved with numerous publicly traded resource exploration companies on the Toronto Venture Exchange Financial consulting services since the 1970’s Canadian citizen Graduate of the Canadian Director Education Program and holds an ICD.D designation

• Geologist, MSc • Previously held positions as senior geologist, region geologist for several companies • Has worked for companies like IAM Gold, Pasminco Exploration and Goldfields. • Experience from gold and base metal exploration in three continents

• • •

Dan Bång, CFO (age 45)

Hans Kristian Karl Olsen

• Auditor • Bachelor in economics, MBA • Previously held positions as CFO and financial manager for a number of companies, including public companies

Retired CEO of Tele Greenland –one of the largest companies in Greenland Strong connections to Greenland government and parliament Senior experience in businesses in Greenland and Denmark

Edvard Slowey • • • • • • • •

Professional geologist; P.Geo; EurGeol More than 30 years of experience in gold and base metal exploration in Europe, Africa, Asia, Canada and Greenland Ex Rio Tinto CEO at Orogen Gold and Technical Manager at Silvrex CEO at Nunaoil A/S Geologist, MSc Former chief geologist at BMP Senior knowledge about the mineral potential of Greenland

Henning Skovlund Pedersen • • • •

CFO at Bikubenfonden MSc (Economics) Further education in strategy and management Board member of several financial and other companies

Superior technical backgrounds as foundation for successful exploration puipeline 10

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EXECUTIVE SUMMARY

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NUNAMINERALS IN BRIEF

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EXPLORATION IN GREENLAND

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APPENDIX

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Attractive mining environment •

Greenland (2012)

Exploration investments per km2

– Ice-free area: 410,449 – Exploration investments: 237 $/km2 – Gold production: 0,7 tonne (target) km2

Greenland

Australia

Canada

350

300

Canada (2010)

250

– Ice-free area: 9,984,670 – Exploration investments: 251 $/km2 – Gold production: 95 tonnes km2

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US$/km2

•

200

150 100

Australia (2010) – Ice-free area: 7,692,024 km2 – Exploration investments: 240 $/km2 – Gold production: 215 tonnes

50 0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Source: BMP, Metals Economics Group, Internet

Exploration in Greenland is now at the same level as in Canada and Australia 12

Mining friendly country Political stable country – Greenland gained self-governance from Denmark in 2009 – Ranks #14 in the Fraser Institute’s Potential Policy out of 93 countries – Welcomes investments into minerals and oil – Provides fast path to production

•

Currency linked to Euro

•

Strong ties to Scandinavia – Former colony of Denmark – Mixed Inuit-Dane culture over several hundred years – Scandinavian business culture

Commodity

NunaMinerals Avannaa Resources North American Nickel Ironbark Zinc CGRG Green Mining Red Rock Resources Hudson Ressource Greenland Minerals E RAM resources Nordic Mining True North Gems Greenland Gold Hunter Minerals Angel Mining Icefire Diamonds Pinaccle Nominees Platina Gold Member Sirius Rimbal Greenland Graphite North Star London Mining 9 other companies New & enlargements

Au, Cu, Zn, REE Cu, Zn, REE Ni, Cu, PGE Zn, Pb, Ag Mo, (REE) Ni, Cu, PGE Fe REE U, REE, Zn REE, Ta, Nb Cu, Au, U Rubies Au Fe, Ti, V Zn, Pb, Ag Diamonds Coal Au, PGE Au, PGE REE Ta, Nb, REE, Z Graphite Ilmenite sand Fe Base, industrial

Total (>32 companies)

Licences

Area (km2)

14 12 1 7 2 1 1 2 4 1 2 2 2 3 2 2 1 1 2 1 3 1 1 1 9 14

8,411 8,116 4,843 2,438 1,501 1,383 1,013 749 701 568 453 444 324 303 206 187 179 141 130 124 119 95 58 26 1141 10,961

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45,820

Source: BMP as of 16 Jan 2012 / NunaMinerals

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Company

Huge interest in mineral and oil exploration in Greenland 13

Connects North America & Scandinavia North Atlantic continents in 1.8-1.2 Ga configuration Latest event

Anticipated Gold belt

Minerals Nickel Zinc Coal Iron Gold Diamonds

Kupol Norilsk

Red Dog

Keivitsa (nickel) Surikuusikko (gold) Kiruna (iron)

Fort Knox

North Pole Spitsbergen

Great Bear Lake Jericho Diavik Ekati Snap Lake

Polaris Nanisivik Mary River

Hosku (gold) Pampolo (gold) Karpsa (gold) Surikuusikko (gold)

Thomson Rankin Inlet

Superior Province

Fennoscandian Shield

The mining hearth of Canada

The mining hearth of Scandinavia

Raglan

Voiseys Bay

Metal provinces in North America and Fennoscandia are interconnected through Greenland 14

Greenland welcomes Korea

Taegeukgi

Seoul – Nuuk (Greenland) =

Erfalasorput

8700 km

=

Seoul – Canberra (Australia)! 15

CONTACT INFORMATION

Ole Christiansen – – – – –

President, CEO Geologist, MSc Phone +299 36 20 01 Cellphone +299 55 18 57 [email protected]

www.nunaminerals.com 16

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EXECUTIVE SUMMARY

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NUNAMINERALS IN BRIEF

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EXPLORATION IN GREENLAND

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APPENDIX

27 slides

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CORE PROJECT OVERVIEW Grassroot phase

Drilling phase

Resource phase

Storø gold (greenstone hosted) >15,000 meter drilling completed VG nugget gold in at least 27 of 65 drill holes Main Zone 60 x 400 m open pitable BD Zone >1,000 m strike length

Qussuk gold (greenstone hosted) >5,000 meter drilling completed At least 5 gold zones within 20 km Swan North: 23 metre @ 1.2 g/t Au Plateau Zone: 0.6 metre @ 19.6 g/t Au

Vagar gold (Fort Knox type) Initial 1193 m drilling 2012 – assays pending 5 surface grab samples >100 g/t Au Best chip sample 8 metre @ 25 g/t Au

Inglefield copper-gold Main porphyry copper target: Humboldt monzonite Skarn & other targets: Up to 1.2% Cu + 12.5 g/t Au

Focus on gold and copper! 18

PROJECTS FOR PARTNERING Grassroot phase

Drilling phase

Resource phase

Qeqertaasaq REE 2,500 meter drilling indicates vein swarm Discovery Vein 4.2m @ 4.2% TREO Bench scale metallurgy indicates - Low cost potential

Ymer tungsten-antimony Up to 7 meter @ 14% WO3 Up to 13.5 meter @ 3.8% Sb Untested strong geochemical anomalies

Amikoq PGE Merensky type reefs identified; >2.5 km Only 15% of 20 km long complex has been tested Part of meteor impact structure

Qaamasoq diamonds More than 200 kimberlite float – diamondiferious; excellent KIM chemistry More than 7 pipe type targets identified by detailed geophysics

Mainly critical raw materials! 19

VAGAR GOLD

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Vagar gold initial drilling 2012

5 out of 6 drill holes intersects gold – 4 holes indicates a strike length of +600 m 21

Vagar gold vs Fort Knox Alaska Amphibolite Ridge gold prospect, Greenland Amphibolite Ridge gold prospect, Greenland (gold (gold anomalous cluster 3 km) anomalous cluster 2 x23x km)

Fort Knox Gold Gold Mine, Mine, Alaska Alaska (footprint: 600 600 xx 1100 1100 m) m) (footprint:

Average grade 0.98 g/t gold Produced +4 Moz gold since 1996 Current resources +4 Moz

The gold anomalous cluster at Amphibolite Ridge has a footprint larger than Fort Knox 22

Regional gold potential

Nanortalik Gold Province

Vagar gold project

NunaMinerals exclusive licences

Vagar licence 435 km2 Hugin licence 1074 km2

Vagar gold prospect: a province scale gold play – NunaMinerals holds >1400 km2 prospective ground! 23

Aappalaartoq prospect

Nuuk at distance (40 km)

Qingaaq prospect at distance (5 km)

Deep tide-water Easy access from Nuuk, the capital of Greenland

STORØ GOLD 24

STORØ GOLD PROJECT Qingaaq prospect

(85% ownership)

Aappalaartoq prospect

Main Zone (open pitable)

BD Zone

Qussuk gold project at distance (30 km)

• 60 x 400 m surface target • Best drill intersect 28 m @ 6.7 g/t Au

BD Zone (limited drilling)

BD Zone

Deep tidewater

• >1000 m strike length defined at Qingaaq • >4 km possible strike length Main Zone

• Best drill intersect: 2 m @ 30 g/t Au

1000 m

2000 m

3000 m

Qingaaq prospect BD Zone (drilled) Main Zone (drilled)

4000 m

5000 m

Aappalaartoq prospect BD Zone

Deep target

Possible strike length of >4 km – potential for multi million ounces 25

STORØ – QINGAAQ PROSPECT Section through Qingaaq prospect

BD Zone Visible gold in drill core

37% of all drill holes contain visible gold (VG) indicating high grade 26

STORØ - QINGAAQ PROSPECT Surface anomaly map Qingaaq prospect

Storø gold project Location • • •

Excellently sited at deep tidewater 40 km east of Nuuk Easy access by boat or helicopter All year ice free fjord 300 m

Selected diamond drill results, Qingaaq target Qingaaq

Drill hole

Main Zone

10-54 05-05 95-03 05-24 06-32

22.25 to 51.00 45.1 to 57.0 34.0 to 44.0 37.0 to 51.0 61.3 to 73.4

28.75 11.9 10.0 14.0 12.1

6.74 12.70 10.10 4.89 5.59

06-28 05-14 05-17 95-09

160.0 to 162.0 89.0 to 93.0 127.0 to 141.0 90.4 to 108.1

2.0 4.0 14.0 17.7

29.85 9.58 2.43 1.38

BD Zone

Intercept (m)

Length (meter)

Gold (gpt)

Visible gold (VG) in garnet altered drill core MAIN ZONE

BD ZONE

Storø gold deposit: >12,000 metre drilled – 2 gold zones defined! 27

STORØ – QINGAAQ PROSPECT Nugget Effect: – Storø gold project is ”nuggety” –

At least 24 of 65 (37%) drill holes intersect Visible Gold (VG) indicating high grades

–

13 of these 27 drill core with VG appear to have marginal grades below 15 gram*meter indicating negative nugget effect

–

Several samples with no reported VG yields high gold grades

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Screened metallic assays of historic drill data indicate an increase of 36.9% in the average gold grade compared to standard fire assay results, as determined from 66 re-assays

–

Micro bulk samples c. 191 kg each collected at Main Zone yielded >20% better grades than standard 5 kg samples (see table)

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Tumb of rule for nuggety deposits: • •

Drill for structure Drift for grade

Main Zone; c 60 m wide and 400 m long; best drill intersect: 28 m @ 6.7 g/t Au

Sample

Bulk grade

Historical grade

Grade increase

Width

M2 High grade

7.49 g/t Au

7.00 g/t Au

7%

9.3 meter

M1 Medium grade

7.17 g/t Au

5.40 g/t Au

33%

9.4 meter

M6 Low grade

1.83 g/t Au

1.41 g/t Au

30%

7.1 meter

Drill for structure – drift for grade 28

Inglefield Land - copper-gold - cobalt-nickel-(silver)-gold - zinc

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INGLEFIELD PROSPECTS ORTHOGNEISS-hosted

McGary Island 12.5 ppm Au 1.28% Cu, 35ppm Ag

MAFIC-ULTRAMAFIC HOSTED Marshall Bugt amphibolite belt pte,py,cpt droplets 6.9 ppm Au; 233 ppb Pd 0.38% Cu; 0.16% Zn 2.53 % Mn; 540 ppm V MAFIC SILLS AND FEEDER DYKES COBALT-TYPE Au, Co, Ni Co: 8,82%; Au:15,6 ppm Ni: 7,60%; Cu:185 ppm

Porphyritic monzonite Septembersøerne 6.9 ppm Au 0.38% Cu

Charnockitic Syenite

Potassic Alteration

Cap Agassiz SKARN -hosted 0.6 ppm Au 0.91% Cu

Cu-Au mineralised rust zone

Black Angel type Marbles Strong SED Zn anomalies within 25 km x 75 km

Gold zone ass. with geoph/geochem

Limited surface work indicates a strong multi-commodity potential 30

INGLEFIELD CU-AU PROJECT 1. Porphyry copper-gold targets (Aitik Type, Sweden) – Never tested before – Potassic alteration

2. Skarn type copper targets – Malachite staining at Marathon prospect

3 2 1

3. Greenstone hosted coppergold targets – 100 km long greenstone belt; up to 1.2% copper and 12 g/t gold (GEUS)

•

2-3 months shipping season!

Excellent targets within 5300 km2 licence only ½ hours helicopter flight from the town of Qaanaaq 31

Ymer tungsten, antimony, gold

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Ymer (tungsten, antimony) General chronology of Central East Greenland

Replacement type mineralisation at Ymer

W Sb W Au As FeS2 Pb Cu Zn Ag

Heat source needed! (several generations of Caledonian granites)

Faults = conduit for fluids

Replacement type tungsten – antimony – gold – silver – basemetal mineralisation ! Slide 33 of 3833

Ymer resources and intersections SMD & NMD •

Limited drilling = Historic resource: – – – –

•

87,000 tonnes @ 2.54% WO3 48,000 tonnes @ 0.89% WO3 146,000 tonnes @ 2.5% Sb 40,000 tonnes @ 4.4% Sb

Best drill intersects: – 7 metres @ 14% WO3 – 2.5 metres @ 20.9% Sb – 13.5 metres @ 3.8% Sb

•

Metallurgy indicates: – Excellent quality, few impurities – Commercial grade by gravity alone

Noa Dal •

Best chip samples: – 14 metres @ 7.2% Sb – 40 metres @ 0.8 g/t Au

Drilling at NMD

4000 metres drilling (43 holes) defined several small but high grade lenses at SMD and NMD !

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Ymer – sediment anomalies Noa Dal

Noa Dal Arsenic in sediments

10 km

Gold in

NMD SMD

sediments

10 km

Noa Dal Antimony in sediments

10 km

NMD SMD

Noa Dal Tungsten

NMD SMD

in sediments

10 km

NMD SMD

SMD and NMD are small but high grade targets – Noa Dal offers EM conductors coinciding with sediment anomalies !

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Ymer geophysics

EM conductors coinsides with 5-10 km stretch with antimony – gold – tungsten mineralisation !

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Ymer sections Cluster of geochemical anomalies, vein type Sb-W-Au mineralisation and EM conductors north of this mountain

W

E

High grade tungsten skarn in limestone

W

High grade antimony in shale

E

8

N 22

EM conductors along E-W faults and veins, some coincining with geochemical anomalies

0

10

20

30

S

km

0 -1000 -2000 -3000

+ +

+ +

+ + +

+ + +

Circular magnetic features indicate the presence of granite +

+ Granite?

+12000 metres of sediments + large scale open structures + granites = excellent targets !

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Qeqertaasaq - Rare Earths - Niobium, Tantalum - Phosphate, iron

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A 3D image of Discovery REE-Vein (brown) and South Vein (blue) – strike length 450 m, downdip 170 m, open in all directions.

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NunaMinerals 2011 - Magnetite Hill average of 36 surface samples: • Nb2O5 • P2O5 • Fe2O3 • TiO2 •V • ZrO2 • Ta2O5

– – – – – – –

3.3% (Max. 11.76%) 3.9% (Max. 20.56%) 62.8% (Max. 90.57%) 1.2% (Max. 1.81%) Max. 0.16% 0.20% (Max. 0.53%) 8.6 ppm (Max. 31.3 ppm)

New REE-Mineralisation Identified (2011) 3 Samples: Average Grade of 3.36% TREO 1 km

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Thank you

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