FINANCING NORDIC MINE DEVELOPMENTS. DEAL FLOW in FINLAND. Tuomo Mäkelä Jyväskylä, 08 May 2007 Sotkamo, 20 September 2007

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1 FINANCING NORDIC MINE DEVELOPMENTS DEAL FLOW in FINLAND Tuomo Mäkelä Jyväskylä, 08 May 2007 Sotkamo, 20 September 2007

2 DEVELOPMENT PIPELINE Mineral Resource Development Ore Reserve Exploitation Feasibility Prefeasibility Conceptual Ore Deposit Discovery Construction Finance Construction Expansion / Revamp Operative Optimisation Learning Curve Mine Start-up Mineral Exploration Project Completion

3 FINANCIAL DRIVERS Feasibility Expansion / Revamp EQUITY Prefeasibility Conceptual BANKS & EQUITY Operative Optimisation CASH FLOW Learning Curve Ore Deposit Discovery Mine Start-up

4 INVESTOR s VIEW SITUATION PLAYS Credibility challenge CASH COWS True Commodity Tickets Feasibility Expansion / Revamp EQUITY Prefeasibility Conceptual BANKS & EQUITY Operative Optimisation CASH FLOW Learning Curve Ore Deposit Discovery Mine Start-up SPECULATIVE PLAYS Hope, Hype & Illusion COMMODITY HOPEFULS Gearing, Markets

5 INVESTOR s CHECKLIST SITUATION PLAYS Credibility challenge CASH COWS True Commodity Tickets Management, Board, Consultants Ownership, Other stakeholders Projects Service providers < > competence Process, Products < > standard / tailored Commodities and the markets Strategic partners Newsflow < > integrity SPECULATIVE PLAYS Hope, Hype & Illusion COMMODITY HOPEFULS Gearing, Markets

6 Investor s & Financier s field in Finland SITUATION PLAYS Arctic Platinum Vulcan Scandinavian Endomines Northland Nordic Mines Au Keliber Li Luzenac Talc Kemira GH Sokli Nb Ta P Adriana Fe V Ti PGM Ni Cu Cu Co Ni Ni Cu PGM Au Ilmenite Fe Cu Au SPECULATIVE PLAYS Diamonds, Uranium, some precious & base metals initiatives CASH COWS Inmet Pyhäsalmi Cu Zn Mondo Minerals Talc Outokumpu Kemi Chromite COMMODITY HOPEFULS Talvivaara Nordkalk Kemira GrowHow ScanMining Agnico Eagle Belvedere Dragon Ni Zn Co Limestone P Au Au Ni Au Au

7 ENTREPRENEURS in FINLAND Non-institutional private funding, seed stage EXPLORATION, LAND PLAYS Akkerman Apofas Attu Zinc Endomines Kalvinit Keliber Karelian Res. Magnus Minerals Talvivaara Finn Nickel SES Finland Silver Resources

8 ENTREPRENEURS in FINLAND Business development deals, EXPLORATION, LAND PLAYS Akkerman JV & TRADE SALE Apofas TRADE SALE Attu Zinc Endomines & Kalvinit INSTITUTIONS IPO Karelian Res. Keliber Magnus Minerals TRADE SALE SES Finland TRADE SALE Talvivaara INSTITUTIONS IPO Finn Nickel JOINT VENTURING TRADE SALE Silver Resources

9 RECENT FINANCINGS Institutional & listed markets EXPLORATION GOLD and PLATINUM GROUP METALS Nordic Belvedere Northern Lion Taranis Conroy Nortec Riddarhyttan Riddarhyttan Agnico Eagle Nordic IPO Dragon N-Am Palladium

10 RECENT FINANCINGS Institutional & listed markets EXPLORATION BASE METALS, FERROUS METALS Scandinavian Belvedere Scandinavian Belvedere Talvivaara Talvivaara Talvivaara Vulcan Vulcan Vulcan FinMetal Northland Northland Northland OTHER Adriana Tertiary

11 RECENT FINANCINGS Institutional & listed markets EXPLORATION, LAND PLAYS DIAMONDS European Diamonds Karelian Diamonds Mantle Diamonds Nordic Diamonds Sunrise Diamonds URANIUM Agricola Cooper Mawson Uranium Star

12 DEAL FLOW in FINLAND Future Development Financings, 24 month view EXPLORATION GOLD and PLATINUM GROUP METALS Riddarhyttan Riddarhyttan Agnico Eagle Dragon Nordic Nordic IPO Nordic Belvedere Northern Lion Taranis Conroy Nortec Belvedere Lappland Goldminers N-Am Palladium Dragon N-Am Palladium Endomines

13 DEAL FLOW in FINLAND Future Development Financings, 24 month view EXPLORATION BASE METALS, FERROUS METALS, OTHERS Belvedere Belvedere Scandinavian Scandinavian Scandinavian Talvivaara Talvivaara Talvivaara Vulcan Vulcan Vulcan Vulcan Northland Northland Northland Adriana Tertiary Adriana Silver Resources Endomines ilmenite FinMetal FinMetal Keliber

14 DEAL FLOW in FINLAND Development Financings, 24 month view EXPLORATION, LAND PLAYS DIAMONDS European Diamonds Karelian Diamonds Mantle Diamonds Nordic Diamonds Sunrise Diamonds URANIUM Agricola Cooper Mawson Uranium Star??

15 DEAL FLOW in FINLAND Future Financings view EXPLORATION NUMBER OF FINANCINGS PER CATEGORY TOTAL OF FINANCINGS, million s min 15 max 30 min max min max

16 MINING SECTOR DEAL FLOW IN FINLAND WILL BE A SUSTAINED PROCESS