NOLAN WATSON

COMMODITY STREAMING

STARTON TIME

DELAYED

Timeline to Production

78%

22%

FIRST YEAR

ANTICIPATEDPRODUCTION

Success of Anticipated Production

DELAYED

Timeline to Production Success of Anticipated Production

78%

22%

FIRST YEAR

ACTUALPRODUCTION

STARTON TIME

DELAYED

Timeline to Production Success of Anticipated Production

78%

22%

FIRST YEAR

MISSINGPRODUCTION

STARTON TIME

ACTUALPRODUCTION

“Don’t take capital from people whose incentives are not aligned with yours.”

Level Of Debt (%debt/mc)R

ET

UR

N

3.7%–32.0%

-20%

-15%

-10%

-5%

5%

-25%

-30%

-35%

10%

Between 10% – 20% Greater than 20%

HighLow

TIME

ST

OC

K P

RIC

E

Debt financing

TIME

ST

OC

K P

RIC

E

Equity financing

Debt financing

LUNDIN MINING

GLENCORE INTERNATIONAL

AG

GOLDCORP

EUROPEAN GOLDFIELDS MERCATOR MINERALS

FARALLON RESOURCES

FNX MINING

FIRSTURANIUM

CORP.

LUNA GOLD

SILVERCREST

RAMBLER METALS

BRIGUS GOLDNOVADX VENTURES

METANORRESOURCES

DONNER METALS

THUNDERBIRD ENERGY

COLOSSUSMINERALS

Combined Market Cap ofStreaming Companies

2004$0

GLENCORE INTERNATIONAL

GOLDCORP

LUNDIN MINING

GLENCORE INTERNATIONAL

AG

GOLDCORP

EUROPEAN GOLDFIELDS MERCATOR MINERALS

FARALLON RESOURCES

FNX MINING

FIRSTURANIUM

CORP.

LUNA GOLD

SILVERCREST

RAMBLER METALS

BRIGUS GOLDNOVADX VENTURES

METANORRESOURCES

DONNER METALS

THUNDERBIRD ENERGY

COLOSSUSMINERALS

Combined Market Cap ofStreaming Companies

2012$27 BILLION

GLENCORE INTERNATIONAL

GOLDCORP

LUNDIN MINING

GLENCORE INTERNATIONAL

AG

GOLDCORP

EUROPEAN GOLDFIELDS MERCATOR MINERALS

FARALLON RESOURCES

FNX MINING

FIRSTURANIUM

CORP.

LUNA GOLD

SILVERCREST

RAMBLER METALS

BRIGUS GOLDNOVADX VENTURES

METANORRESOURCES

DONNER METALS

THUNDERBIRD ENERGY

COLOSSUSMINERALS

Combined Market Cap ofStreaming Companies

Benefits of Streaming

LESS

DILUTIVETHAN EQUITY

LESS

RISKYTHAN DEBT

GLENCORE INTERNATIONAL

GOLDCORP

TIME

ST

OC

K P

RIC

E

Stream fin

ancing

Equity financing

Debt financing

TIME

ST

OC

K P

RIC

E

Stream fin

ancing

Equity financing

Debt financing

STR

EA

MIN

G

EQUITY

DEBT

“Becoming All Things to All People”