ForbesCoal Investor Presentation July 2011

A Forbes & Manhattan Group Company

Investor Presentation

July 2011TSX: FMC

EMERGING SOUTHERN AFRICAN COAL COMPANY

2

TSX: FMCDisclaimer

This presentation contains forward-looking statements under Canadian securities legislation. Forward-looking statements include, but are not limited to, statementswith respect to the development potential and timetable of the Magdelena and Aviemore projects; the Company’s ability to raise additional funds as necessary;the future price of coal; the estimation of mineral resources; conclusions of economic evaluations (including scoping studies); the realization of mineral resourceestimates; the timing and amount of estimated future production, development and exploration; costs of future activities; capital and operating expenditures;success of exploration activities; mining or processing issues; currency exchange rates; government regulation of mining operations; and environmental risks.Generally, forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”,

“budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases orstatements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking statements arebased on the opinions and estimates of management as of the date such statements are made. Estimates regarding the anticipated timing, amount and cost ofmining at the Company’s projects are based on assumptions underlying mineral resource estimates and the realization of such estimates; results of previous miningactivities at the projects, and detailed research and analysis completed by independent consultants and management of the Company; research and estimatesregarding the timing of delivery for long-lead items; knowledge regarding certain factors described in the technical report filed under the profile of the Companyon SEDAR. Capital and operating cost estimates are based on results of previous mining activities, research of the Company and independent consultants.Production estimates are based on mine plans and production schedules, which have been developed by the Company’s personnel and independentconsultants. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity,performance or achievements of the Company to be materially different from those expressed or implied by such forward looking statements, including but notlimited to risks related to: timing and availability of external financing on acceptable terms; unexpected events and delays during construction, expansion andstart-up; variations in ore grade and recovery rates; receipt and revocation of government approvals; actual results of exploration and mining activities; changesin project parameters as plans continue to be refined; future prices of coal; failure of plant, equipment or processes to operate as anticipated; accidents, labourdisputes and other risks of the mining industry. Although management of the Company has attempted to identify important factors that could cause actual resultsto differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated orintended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from thoseanticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake toupdate any forward-looking statements except in accordance with applicable securities laws.

Investors are advised that National Instrument NI 43-101 of the Canadian Securities Administrators (“NI 43-101”) requires that each category of mineral reserves and

mineral resources be reported separately. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Johan Odendaal,B.Sc.(Geol.), B.Sc.(Hons)(Min. Econ.), M.Sc. (Min. Eng.), a director of Minxcon and an independent Qualified Person, as defined in National Instrument 43-101 hasreviewed and approved the scientific and technical information contained in this presentation.

Cautionary Note to U.S. Investors Concerning Estimates of Measured, Indicated or Inferred ResourcesThe information presented uses the terms “measured”, “indicated” and “inferred” mineral resources. United States investors are advised that while such terms arerecognized and required by Canadian regulations, the United States Securities and Exchange Commission does not recognize these terms. “Inferred mineralresources” have a great amount of uncertainty as to their existence, and as to their economic and legal feasibility. It cannot be assumed that all or any part of aninferred mineral resource will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred mineral resources may not form the basis offeasibility or other economic studies. United States investors are cautioned not to assume that all or any part of measured or indicated mineral resources will everbe converted into mineral reserves. United States investors are also cautioned not to assume that all or any part of an inferred mineral resource exists, or iseconomically or legally mineable.

3

TSX: FMCCompany Overview

Forbes & Manhattan Coal Corp.’s (“Forbes Coal” or the “Company”) vision is to build a high quality bituminous and anthracite coal company with potential

capacity in excess of 10 million tonnes (“M t”) per year

C o m p a n y S u m m a r y

Headquarters: Toronto, Ontario Total coal resource

(NI 43-101):

51.7 million tonnes Bituminous1

(measured and indicated)

35.7 million tonnes Anthracite1

(measured and indicated)

15.1 million tonnes Anthracite1

(inferred)

Number of

mines:

2 (Magdalena

and Aviemore)

Historical annual ‘run-rate’

production:

550,000 saleable tonnes

Mine location: Kwa-zulu, Natal,

South Africa

2-3 year target production: 900,000 saleable tonnes

Bituminous - Magdalena

340,000 saleable tonnes

Anthracite - Aviemore

Production capacity: 1.5 million saleable tonnes

1. As set out in “An Independent National Instrument 43-101 Technical Report for Forbes Coal on its Slater Coal Properties, KwaZulu-Natal Province, South Africa” with an effective date of March 1, 2011 and an issue date of March 27, 2011. A copy of the Technical Report is available under the profile of the Company on SEDAR at www.sedar.com.

4

TSX: FMCInvestment Highlights

Strategic assets in one of the best developed coal markets in the world

Substantial resource base of high quality bituminous and anthracite coal

Ability to TRIPLE production from historic levels using existing infrastructure and

capacity

In-place infrastructure to reach export corridors and growing domestic market

Substantial upside through organic production growth and opportunistic

acquisitions

Coal-focused management team sponsored by Forbes & Manhattan

5

TSX: FMCExperienced Management Team

Stephan Theron, B.Comm, CGA │President and Chief Executive Officer Extensive management, project finance and equity analysis experience in the mining, energy and infrastructure sectorsPrevious capital and project experience includes Weir PLC and AMEC PLCFormer sector head materials and energy with a specific focus on South African coal market

Malcolm Campbell ,Pr. Eng. (Mining) │Chief Operating Officer Fourth generation coal miner with 25 years industry experienceProfessional Certified Mining EngineerSkilled in operational management, turnaround strategies and business development Spent 20 years with Anglo Coal; held a variety of positions including Regional Manager for New Business Development and Strategy

Johan Louw, Pr. Eng. │Vice President, African Operations Capital project specialist with over 15 years experience in the Southern African mining and energy sectorsFormer project manager for Weir PLC and KBR Inc.Former senior plant metallurgist for Anglo Coal covering numerous export focused coal mines

Kuda Muchenje, │VP Exploration & Development Seasoned exploration geologist with over 15 years experience in the generation of exploration targets and

management of exploration and evaluation programs

Former Country Manager(Mozambique)for Rio Tinto

Deb Battiston, CGA │Chief Financial OfficerFinancial specialist with over 20 years experience in the mining sector

Bob Bentley, │Mining ManagerFormer Mine Inspector in Kwa-Zulu, Natal

Over 30 years of mining management experience

6

TSX: FMCDirectors

Stan Bharti, P.Eng. │ Executive Chairman

Business consultant and a professional mining engineer with more than 25 years experience

President of Forbes & Manhattan, Inc., a private merchant bank operating in Canada, the U.S. and

Western Europe, since July 2001

Stephan Theron, B.Comm, CGA , │ President and CEO

David Stein, MSc., CFA │ Director

Over nine years of asset evaluation, research and corporate finance experience

President and Director of Aberdeen International (seed investor in Forbes Coal)

Grant Davey, P. Eng. │ Director

Mining Engineer with close to 20 years experience in coal, platinum and gold mining industry

Previously held senior operational management roles for Anglo American in South Africa & Australia

David Gower, P. Geo. │ Director

Professional Geologist and the former Global Head of Nickel Exploration for Falconbridge

Ryan Bennett, M.Mining Eng. │ Director

Masters degree in Mining Engineering from the Colorado School of Mines

Extensive technical mining project analyses experience

Senior Partner of Resource Capital Fund, major shareholder in Forbes Coal

7

TSX: FMC Progress to Date

April 2010

June/July 2010

September 2010

December 2010

Completed NI43-101

Technical Report

Aviemore anthracite

mine reopened

at full capacity

Closed CDN$36 million

private placement at

$2.80/share

Completed RTO within 60 days, began

trading on the Toronto Stock Exchange

under the symbol “FMC”

Increased export capacity at

Navitrade Terminal at Richards Bay

Magdalena upgraded mining operations;

increased saleable production capacity by

330,000 tonnes per annum

March 2011

Closed CDN$42 million capital raise at

$4.55/share

Forbes Coal increased ownership in Slater

Coal to 76.75%

April 2011

Signed three year offtake

agreement with leading

energy trading company for

1.75 million tonnes of thermal

coal

Reported January and

February 2011 production

increases of 28%

May 2011

Released fiscal 2011 full year results: FMC

produced 648,000 saleable tonnes

(combined) and $16.5 million EBITDA (for 12

months ended February 28, 2011 at Slater

Coal properties)

June 2011

First fiscal quarter 2012

production increased of

45% and export sales

increased 61%

8

TSX: FMC Coal Markets Overview

• Thermal (bituminous) coal sold directly to independent industrial companies in South Africa

• Thermal coal sold at circa US$80 per tonne vs low quality coal sold to Eskom priced at US$20 - 30 per tonne

• Demands increasing from emerging Asian markets, especially India and China

• Indian government expecting domestic coal shortfall of approx. 112 million tonnes for year ended March 2012; 35% increase from previous forecasts

• South African coal exports to India increased 161% 2008 – 2009

• China imported165 million tonnes of coal in 2010, up 31% from prior year

Domestic

Export

• Aviemore one of four listed metallurgical (anthracite) coal producers in South Africa

• Cost-effective replacement for coking coal/coke

• Applications include iron ore pelletizing, PCI for blast furnaces, calcining for electrode manufacturing, ferroalloys and power generation

Thermal Metallurgical

Source: Company reports1. McCloskey Coal Report, March 22, 2 011

• Demand driven by the metal refining industry

• Asia dominates demand for anthracite coal

o 83% of global imports; 95% of expected export demand growth

• Pricing highly correlated with PCl coal prices

• Australian coal producers starting to settle PCl contracts at a record US$275 per tonne FOB for April –June quarter 1

9

TSX: FMCEstablished Mining Region

Source: Company reports

10

TSX: FMC

Company Outlook

11

TSX: FMC2010 – 2015 Mine Plan

Saleable Production1

• Increasing production: saleable production is expected to grow at a CAGR of 22% from 2010 to 2015

– Driven by expansion of production from the Magdalena and Aviemore underground mines

(000 t)


505

648

1,061

1,423

2010FY 2011FY 2012FY 2013FY

Bituminous Anthracite

12

TSX: FMCOrganic Growth Opportunities

Ramp up at Magdalena

• Double production

• FY2011 CAPEX: $9.7 million

• Estimated FY2012 CAPEX: $12.4 million

Increase wash plant recovery rates

• Improve from current level of 60% to 70%

• Investigate product upgrade potential



Aviemore anthracite operations

• Ramp-up saleable production to 500,000

tonnes/year(represents US$20.0M in incremental EBITDAbased on current forecasted price)



Source: Company reports, all figures in CDN $ unless otherwise indicated

13

TSX: FMCPositioned for Multi-Year Export Growth

Milestone agreement inked on December 7th increases export

capacity incrementally from 197,000 by 960,000 tonnes per annum

for a total export capacity of 1,157,000 tonnes in 2013.

SECURED ADDITIONAL EXPORT CAPACITY AT RICHARD’S BAY

SIGNIFICANT OFFTAKE AGREEMENT PROVIDES STEADY

CASH FLOW

Three year offtake agreement reached with global energy trading

company for 1.75 million tonnes (total) of thermal coal

Cash flow from offtake agreement to fund continued ramping up of production at the two operating mines

14

TSX: FMCExternal Growth Opportunities

Source: Company reports

Target consolidation in area

• 6 mining operators estimated in the region

• 2 acquisition opportunities

currently identified in Kwa-Zulu, Natal, South Africa

• Substantial enhanced upside by improving acquired business operating practices

• Increased export allocation and marketing advantage

• Synergy in product base and

cost savings with central management team

15

TSX: FMCMining Resource

NI 43 – 101 Global Resource1

1. As set out in “An Independent National Instrument 43-101 Technical Report for Forbes Coal on its Slater Coal Properties, KwaZulu-Natal Province, South Africa” with an effective date of March 1, 2011 and an issue date of March 27, 2011.

• Recently completed NI 43 – 101 technical report calls for +20 year weighted life

of mine (“LOM”)

Measured Indicated Inferred MI & I

Magdalena – bituminous 51.7 - - 51.7

Aviemore – anthracite 1.6 34.1 15.1 50.8

16

TSX: FMCMagdalena Bituminous Coal Operations

17

TSX: FMCMagdalena Bituminous Coal Operations

Location: • Dundee, Kwa-Zulu, Natal

Coal Type: • Bituminous

Resource1: • 51.7 million tonnes (measured and indicated)

Acres: • 4,557

Average BTU: • 12,250 BTU/lb

• 6,800 kcal/kg

Ash: • 15.0%

Volatility: • 16.7%

Saleable

Production:

• 2011FY2: 556,000 tonnes

• 2012FY2: 900,000 tonnes (estimated)

Mine Life1: • Approximately +20 years

Infrastructure: • Wash plant, processing plant

and siding

Asset Summary


2. Fiscal year-end February 28

Magdalena Operations and Site Layout

18

TSX: FMCMagdalena Bituminous Coal Production Profile

• Ramp-up on schedule

• New continuous miner arrived in December (further increase saleable

production capacity by close to 30,000 tonnes per month)

Magdalena Saleable Bituminous Coal Production1

(000 t)/February 28 year-end

299347 326

449485

556

900

1,003

2006 2007 2008 2009 2010 2011 2012E 2013E

Magdalena - open pit Magdalena - underground


19

TSX: FMCAviemore Anthracite Coal Operations

20

TSX: FMCAviemore Anthracite Coal Operations

Location: • Dundee, Kwa-Zulu, Natal

Coal Type: • Anthracite

Resource1: • 35.7 million tonnes(measured and indicated)

• 15.1 million tonnes(inferred)

Acres: • 13,818

Average BTU: • 12,800 BTU/lb

• 7,100 kcal/kg

Ash: • 13.7%

Volatility: • 7.9%

Saleable

Production:

• 2011FY2: 92,000 tonnes

• 2012FY2: 161,000 tonnes (estimated)

Mine Life1: • Approximately +20 years

Infrastructure: • Wash plant, processing plant

and siding

Asset Summary


2. Fiscal year-end February 28

Aviemore Operations

21

TSX: FMCAviemore Anthracite Coal Production Profile

• Annual production capacity expected to hit 500,000 tonnes of saleable coal

per annum in FY2014

Aviemore Anthracite Coal Saleable Production1

(000 t)/February 28 year-end


59 62 61102

20

92

161

420

2006 2007 2008 2009 2010 2011 2012E 2013E

22

TSX: FMCCapitalization and Share Performance

Company Ticker TSX: FMC

Closing Price (July 5, 2011) C$3.39

Trading Range

(since September 27, 2010)

C$2.50 – C$5.01

Basic Shares Outstanding1 34.8 million

FD Shares Outstanding2 39.5 million

Market Capitalization (Basic) C$118 million

Market Capitalization (FD) C$134 million

1 Includes 2,700,000 performance warrants that convert into

common shares upon the company reaching certain

operating targets2 Includes 3,445,300 options with a weighted average

exercise price of C$5.35 per share, 763,887 broker warrants

convertible into common shares at an exercise price of

C$2.80 per share and expiring on January 23, 2012 and

480,000 broker warrants convertible into common shares at

an exercise price of C$4.55 per share and expiring on

February 22, 2013.

Share Performance Major Shareholders

• Forbes & Manhattan and

Management

• Resource Capital Fund

• RBC Global Asset Management

• Chilton Resource Fund

23

TSX: FMCComparable Trading Analysis

Comparable Trading Analysis

Note: As of June 3, 20111. Pro forma acquisition of Massey Energy Inc.2. Pro forma acquisition of International Coal Group3. International Coal Group is shown prior to announcement of acquisition by Arch Coal announced on May 2, 2011

4. Note: Riversdale Mining is shown pre-announcement of offer by Rio Tinto on December 6, 20105. Note: Gloucester Coal is shown pro forma A$585 million acquisition of Donaldson Coal and A$30 million (with contingent share payments) acquisition of Monash Group6. Forbes Coal’s operating forecast are based on Canaccord Genuity Research estimatesSource: Consensus estimates and company reports

Market Cap EV

Company (US$M) (US$M) 2011E 2012E 2011E 2012E

U.S. Coal Producers

Alliance Resource Partners LP $2,560 $2,946 5.1x 4.7x 6.1x 5.4x

Alpha Natural Resources Inc.1

$11,339 $13,283 6.4x 5.0x 8.0x 5.5x

Arch Coal2

$4,487 $9,228 6.7x 4.9x 4.7x 3.2x

Cloud Peak Energy Inc. $1,205 $1,455 4.3x 3.9x 4.7x 4.4x

Consol Energy, Inc. $11,389 $14,622 8.2x 6.3x 9.2x 7.2x

International Coal Group3

$2,252 $2,399 7.3x 4.8x 9.8x 7.6x

James River Coal Co. $720 $1,058 3.8x 4.1x na na

Natural Resource Partners LP $3,762 $4,460 15.2x 13.3x 13.3x 13.5x

Oxford Resource Partners, LP $535 $647 8.8x 6.6x 13.2x 9.4x

Patriot Coal Corporation $1,977 $2,170 6.2x 3.5x 8.1x 4.1x

Peabody Energy Corp. $16,030 $16,492 6.7x 5.4x 9.2x 7.1x

Rhino Resource Partners LP $612 $642 7.2x 5.6x 7.0x 6.1x

Xinergy Ltd. $225 $297 5.6x 2.4x 8.9x 3.3x

U.S. Coal Producers Average (excluding high and low) 6.6x 5.0x 8.4x 6.0x

African Coal Producers

Coal of Africa Limited $678 $680 5.6x 2.8x 12.3x NA

Exxaro Resources $8,194 $8,523 7.3x 5.8x 6.5x 5.0x

Keaton Energy $75 $37 NA NA NA NA

Optimum Coal $1,103 $1,006 3.8x 3.2x 4.2x 3.5x

Petmin Limited $244 $214 4.3x 3.2x NA 0.0x

Riversdale Mining4

$3,290 $2,765 40.5x 16.0x 45.0x 23.1x

African Coal Producers Average (excluding high and low) 5.7x 4.1x 9.4x 4.3x

Other Coal Producers

Cline Mining $549 $526 7.0x 2.0x 7.6x 2.6x

Coal & Allied Industries $10,034 $9,757 7.7x 7.1x 9.6x 8.8x

Gloucester Coal5

$1,861 $1,940 9.4x 6.9x 8.9x 7.2x

Grande Cache Coal $801 $851 5.5x 4.1x 5.3x 3.7x

MacArthur Coal $3,633 $3,152 7.8x 5.6x 10.9x 8.5x

Walter Energy6

$7,447 $9,953 5.8x 5.8x 6.9x 5.2x

Other Coal Producers Average (exluding high and low) 7.1x 5.6x 8.3x 6.1x

Overall Average (excluding high and low) 6.9x 5.2x 8.5x 6.1x

Forbes Coal (C$)6

$113 $128 2.7x 1.6x 2.2x 1.6x

Forbes Coal - Discount to Comparables (61%) (69%) (74%) (74%)

EV / EBITDA P/CFPS

• Forbes Coal trades at a significant discount to comparable coal producers on an EV/EBITDA and P/CF basis

24

TSX: FMCSummary

Currently producing high quality bituminous and anthracite coal

Plans to organically TRIPLE production from historic levels to 1.5 million saleable

tonnes per annum in two to four years

Export capacity at Richards Bay Coal Terminal to increase incrementally to

1,157,000 tonnes per annum by 2013

Offtake agreement with global energy trading company provides cash to fund

ramp up at two operating mines

Growing demand for coal from emerging markets

Looking at potential acquisition opportunities in the region

Strong balance sheet and coal-focused management team

25

TSX: FMC

Appendix

26

TSX: FMCSouth Africa – Overview

• South Africa is the most attractive country in

Africa which to do business according to Ernst

& Young 2011 Africa Attractiveness Survey

• Modern infrastructure system supporting

distribution of commodities for both domestic

and export markets

– Extensive rail network (10th longest in

the world)

– Majority of electricity generated via

coal fired power stations

– Richard’s Bay port in South Africa is the

world’s largest bulk coal terminal

• 91 million tonne capacity

• Coal railed from approximately

49 mines

• Long history in resource development

– World’s largest PGM & ferrochrome

producer

– Significant coal, iron ore and

manganese resources

Richard’s Bay Port

World’s Largest Coal Terminal

27

TSX: FMCHistorical Coal Prices

• South African thermal coal (Richard’s Bay terminal) and coking coal prices have increased significantly

over the last several months

• The recovery to 2008 levels have been driven by increased demand, particularly from China and India,

and higher cost supply from key producing nations such as Russia and the U.S.

Historical South African Thermal Coal and PCI Coal Prices

$0

$50

$100

$150

$200

$250

$300

$350

Jan

-07

Ma

r-0

7

Ma

y-0

7

Jul-0

7

Se

p-0

7

No

v-0

7

Jan

-08

Ma

r-0

8

Ma

y-0

8

Jul-0

8

Se

p-0

8

No

v-0

8

Jan

-09

Ma

r-0

9

Ma

y-0

9

Jul-0

9

Se

p-0

9

No

v-0

9

Jan

-10

Ma

r-1

0

Ma

y-1

0

Jul-1

0

Se

p-1

0

No

v-1

0

Jan

-11

Ma

r-1

1

Ma

y-1

1

Jul-1

1

(US

$/

ton

ne

)

Richards Bay Thermal Coal Spot Price McCloskey/Xinhua Infolink's Coking Coal Price

Source: Bloomberg

28

TSX: FMCThermal Coal Global Overview

• Significant upside potential to export prices

• A tightening of the global seaborne market in late 2010 provided the initial base for thermal coal to rise

• Robust import demand from India

• Growing imports into China due to increasing demand and production curtailments

• Slowing export supply growth from Indonesia as more coal is diverted for domestic use

• Short-term supply constraints caused by flooding in Australia

• Australia is the second-largest exporter of bituminous coal

• Wood Mackenzie stated that prices could exceed 2008 highs

Global Thermal Demand and Supply Forecast

Source GTIS, Macquarie Research, February 2011

29

TSX: FMC

• Global thermal trade flows show India and China as major global importers of thermal coal

• South Africa exported an estimated 23 million tonnes of thermal coal to India in 2010

Thermal Coal Global Overview

30


• India will be relying heavily on coal fired power plants in the near future

31


• As a result of reliance on thermal power generation, Indian thermal

exports are expected to rise significantly


32


• Chinese thermal coal imports have been robust; this trend is expected

to continue into the near future

33

TSX: FMC

Global Thermal Demand and Supply Forecast

Metallurgical Coal Global Overview

• The coking coal market was fundamentally tight prior to the Queensland, Australia floods, which have added considerable fuel to the fire

• Current situation highlights the lack of geographical diversity to supply side portfolio, leaving it prone to shocks

• Market deficit likely to prevail, keeping price at decent premium to cost support

• Requirement for projects in high geopolitical and infrastructure risk regions will keep long-term prices elevated


34

TSX: FMCMetallurgical Coal Global Overview


Many metallurgical coal basins exist, however there is a challenge in

bringing new projects online

35

TSX: FMCMetallurgical Coal Global Overview

• Supply growth in 2011 is set to be much lower than in 2010, while key

regions increase demand

36

TSX: FMC

• Global anthracite coal demand driven by the metal refining industry

– Cost-effective replacement for coking coal/coke

• Emerging markets consuming the most steel

• China is the world largest steel producer

– Accounts for 44% of global steel production

– Expected to sustain steel consumption growth of 6%-8% annually

• China accounts for 52% of the world’s coking coal consumption

– Imports more than half of coking coal consumed from export markets

Global steel consumption: Macquarie Commodities Research February 2011

Increasing steel

production and

consumption

drives demand

for anthracite

coal

Metallurgical Coal Global Overview

37

Stephan TheronPresident & CEO

Forbes & Manhattan Coal Corp.

Tel: + 1 416 861 5912

[email protected]

www.forbescoal.com

July 2011

CONTACT INFORMATION

65 Queen Street West, Suite 815 P.O. Box 71, Toronto, Ontario, Canada, M5H 2M5

Sabina SrubiskiInvestor Relations Manager

Forbes & Manhattan Coal Corp.

Tel: + 1 416 309 2957

[email protected]

www.forbescoal.com

TSX: FMC