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Record Breaking Year for Global Mining FinanceGreg FerronSenior Manager, Global Mining, ListingsToronto Stock Exchange and TSX Venture ExchangeRussia and CIS Presentation

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Disclaimer

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© 2010 TMX Group Inc.

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Contents

1. Globally Competitive Exchanges

2. Mining Sector

3. Uniqueness of TSX and TSXV

4

8th largest exchange groupBy domestic market cap1

1st in North America

2nd

globally By number of issuers1

4

TMX Group - Global Leader in Equities

6th largest exchange group By equity capital raised2

1Issuers on TSX and TSXV (WFE, Dec 2009)2(WFE and Capital IQ, Dec 2009)

5

Canada’s Economy is Stable and TMX is Robust

Currency – Increasing against USD

Strong Banking System

Resource-Rich Potash, Uranium, Oil Sands, Natural Gas, Nickel, Copper, Gold

Increased Investment from Asia

Access to Capital at Early Stage for Juniors

Balanced Corporate Governance Model

Canada TMX

1st in Mining and 1st in Energy for public companies

Record Year in Finance

Market Choice for Resource and SME Companies

Sustained Access to Capital

Strong Trading Liquidity

Access to U.S. capital without higher cost of regulatory compliance

6

TMX Group is a Multi-Asset Class Market Leader

(53% Ownership)

(47% Ownership)

(19.9% Ownership)

Data

Energy

Derivatives

Fixed Income

Equities

7

32% 33%

93%

6%1%

35%

<$50 Million $50 - $250 Million >$250 Million

% of TSX Issuers

% of TSXV Issuers

TMX Group Serves Companies at all Stages of Growth

Market capitalization Toronto Stock Exchange and TSX Venture

ExchangeAs at December 31, 2009Unique feeder system

451 graduates

+ 73 M&A*

*From January 1, 2000 – December 31, 2009

7

512

Issuers

478

Issuers

472

Issuers

Toronto Stock Exchange issuer base: 1,462 issuers, ~$1.8 trillion market capTSX Venture Exchange issuer base (excludes NEX): 2,178 issuers, ~$35.8 billion market cap

2036

Issuers

127

15 Issuers

8

25.9

15.519.2

23.120.9

25.829.1 28.4

46.2

41.8

47.6

35.3

60.0

1.1 1.4

32.5

2.44.8

7.911.1

5.56.14.1

2.4

64.9

40.8

58.849.7

52.2

25.9

15.519.2

25.522.0

27.331.5

0

10

20

30

40

50

60

70

1997 1998 1999* 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

Toronto Stock Exchange TSX Venture Exchange

2009 was a record year for equity financing on TMX GroupEquity Financing on Toronto Stock Exchange and TSX Venture Exchange

1997 to 2009 ($ Billions)

*TSX Venture Exchange commenced operations on November 29 1999

9

Other* , 11, 4%

South Africa/ Africa, 11,

4%

Central & S.America, 9, 3%

Australia/ New Zealand/ Papua New Guinea, 33,

12%

UK/ Europe, 18, 6%

USA, 149, 53%

China, 50, 18%

Life Sciences, 13, 5%

Financial Services & Products, 20,

7%

Tech, 15, 5%

Clean Technology, 21,

7%Oil & Gas, 25, 9%

Mining, 128, 46%

Diversified Industries, 59,

21%

Total International Listings as at December 31, 2009 = 281TSX = 155 listings, QMV=$74.8BTSXV =126 listings, QMV= $3.2B

Total International Listings as at December 31, 2009 = 281TSX = 155 listings, QMV=$74.8BTSXV =126 listings, QMV= $3.2B

*Other includes Caribbean, Channel Islands, Guernsey

TMX Group International Listingsby Country/Region

TMX Group International Listings by Sector

International companies list on our exchanges

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International Investment Community Trades on Toronto Stock Exchange

~35% of daily trading originates from

International firms

118.5

96.1

109.2

64.261.3

82.0

191.3

40.355.2

182.9

118.6

85.7

50.0

75.0

100.0

125.0

2004 2005 2006 2007 2008 2009

0

50

100

150

200

Volume (B) Number of Transactions (M)

Volume CAGR 14%

Transactions CAGR 37%

Toronto Stock Exchange Volume and Transactions

(2004-2009)

25 International Brokers including:

Barclays Capital Citigroup CSFB Deutsche Bank Goldman Sachs HSBC JP Morgan Macquarie Capital Markets Merrill Lynch Morgan Stanley Raymond James Thomas Weisel State Street UBS

80 Canadian Brokers including:

BMO Nesbitt Burns Canaccord Adams CIBC World Markets GMP Securities RBC DS Scotia Capital Markets TD Securities National Bank Financial

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Contents

1. Globally Competitive Exchanges

2. Mining Sector

3. Uniqueness of TSX and TSXV

12

Equity capital raised globally for mining has increased dramatically

Source: Gamah International, 1999-2009, compiled by Toronto Stock Exchange

4.2 4.6 5.4

13.2 13.4 14.011.7

30.0

50.3

42.3

65.9

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

Global Mining Equity Financing Trend 1999-2009 (C$ Billions)

During this period TSX and TSXV captured on average:•80% of total number of mining financings•36% of total equity capital raised globally •27% compound annual growth rate

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TMX: Record Breaking Year for Mining

Australia:

$2.2 B raised by Australian Cos.

Africa:

$2.6 B raised for projects

Latin America:

$3.5 B raised for projects

North America:

$4.3 B financing by Barrick Gold Corporation (TSX:ABX) was the largest in Toronto Stock Exchange and Canadian

history

Over $22 B raised on TSX/TSXV in 2009 for mining

Over 1900 financings

75 financings over $50 M

14Source: Exchange Websites *Includes RTOs and QTs on TSXV

610

17162 58 55 36

1434

TSXTSXV

ASX LSE-AIM

NYSE NYSEAmex

J SE HKEx

TOTAL NUMBER OF MINING ISSUERS

New listings activity continues to shift to TMX Group equity exchanges

TSX/TSXV

LSE/AIM ASX NYSE Amex

NYSE HKEx JSE

2009

104 4 22 1 1 1 0

2008

138 29 9 5 3 3 2

2007

186 142 33 13 3 n/a 4

2006

112 70 55 14 6 n/a 10

2005

86 53 67 17 3 n/a 6

NUMBER OF NEW MINING LISTINGS 2005 to 2009

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Mining Market Comparison for 2009

Mining Stock Exchange Comparison for 2009

TSX

LSE

ASX

TSXV

AIM

331

37

610

1103

134

No. of Issuers Listed

$347B

$420B

$300B

$20B

$15B

Quoted Market

Value (C$)

$19.4B1

$20.8B2

$13.5B3

$2.8B

$1.5B

Equity Capital

Raised (C$)

395

4

186

1567

162

No. of Financings

18

2

22

86

2

No. of New

Listings

1 Includes $4.3B Barrick Gold financing2 Includes $12.4B Rio Tinto and $7.2B Xstrata financings3 Includes $4.2B Rio Tinto financing

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A record $22.2 billion was raised on TSX and TSXV by our listed mining companies in 2009

Source: Gamah International, YTD December 2009, Compiled by TMX Group

$4.5$3.0

$1.5$0.531

$13.5

LSE TSX ASX NYSE Hong Kong TSXV AIM Other

1864 38 1567 162395

$19.4$20.8

Number of Financings

Barrick Gold $4.3BRio Tinto $12.4BXstrata $7.2B

Rio Tinto $4.2B

$2.8

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TSX and TSXV:

•84% of total number of mining financings

•34% of total equity capital raised globally

2009 Mining Equity Financings ($ Billions)

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$20B

Market Cap UP 47% from June

30 2009 19BShares Traded Through 2.4

Million Transactions

TSX Venture Exchange Mining Sector Strong in the Second Half of the Year

32 54

New Listings

Equity Capital Raised

$1.8B

$0.95B

First Half Second Half

First Half Second Half

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International Mining Companies by the Numbers

130Inter. Mining

Cos. on TSX and TSX V

$52B

Market Cap

$4.8B

Raised Through 140 Financings

12BShares Traded

Through 6 Million

Transactions

5Average Number

of Analysts Covering Int’l Mining Cos.

Australia, 29, 22%

USA, 62, 48%

China, 11, 8%

UK/ Eur, 10, 8%

Latin America,

5, 4%

Africa, 10, 8%

Other, 3, 2%

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TSX and TSXV mining companies have projects in Russia and the CIS countries

13Number of Mining

Companies in Russia (34 Projects)

22Number of

Mining Companies in

CIS (41 Projects)

$93M

Amount of Equity Capital Raised in

2009 for Russian/CIS Mining

Projects

34 projects

41

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TSX and TSXV mining companies have projects in Russia and the CIS countries

TSX Companies with Mining Projects (17) in RussiaB2Gold Corp.Barrick Gold CorporationCrocodile Gold Corp.High River Gold Mines Ltd.Kinross Gold CorporationRoyal Gold Inc.Silver Bear Resources Inc.

TSXV Companies with Mining Projects (17) in RussiaArchangel Diamond CorporationFortress Minerals Corp.Golden Reign Resources Ltd.Kola Mining CorporationVostok Minerals Inc.Zoloto Resources Ltd.

Source: InfoMine

TSX and TSXV Companies with Mining Projects (6) in ArmeniaBarrick Gold Corporation (TSX)Dioro Exploration NL (TSX)Dundee Precious Metals Inc. (TSX)Lydian International Limited (TSX)Bactech Mining Corporation (TSXV)Caldera Resources Inc. (TSXV)

TSX and TSXV Companies with Mining Projects (8) in KazakhstanCameco Corporation (TSX)Ivanhoe Mines Ltd. (TSX)Orsu Metals Corporation (TSX)Uranium One Inc. (TSX)Alhambra Resources Ltd. (TSXV)

TSX and TSXV Companies with Mining Projects (22) in KyrgyzstanCenterra Gold Inc. (TSX)Orsu Metals Corporation (TSX)Perseus Mining Limited (TSX)Uranium One Inc. (TSX)Avion Gold Corporation (TSXV)Cash Minerals Ltd. (TSXV)Eurasian Minerals Inc. (TSXV)Kola Mining Corporation (TSXV)Stans Energy Corp. (TSXV)

TSX and TSXV Companies with Mining Projects (3) in UkraineCatalyst Copper Corp. (TSXV)Lysander Minerals Corporation (TSXV)TSX and TSXV Companies with Mining Projects (2) in

TajikistanGreat Basin Gold Ltd. (TSX)Otish Energy Inc. (TSXV)

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Contents

1. Globally Competitive Exchanges

2. Mining Sector

3. Uniqueness of TSX and TSXV

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TMX Group Global Leadership Strengths

All data is as of or YTD Dec. 31, 2009. All amounts are in Canadian dollars.

1434 issuers

55% of the world’s public mining companies

104 going public events

$22 B equity raised

$365 B value traded

123 issuers

11 going public events

$1.8 B equity raised

$6.5 B value traded

3640 issuers

301 going public events

$64.9 B equity raised

Average Financing:

TSX $73.7 M

TSXV $2.2 M

439 issuers

26 going public events

$9.2 B equity raised

$272 B value traded

Mining

Energy & Energy Services

Clean Technology

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Methods for Going Public on Toronto Stock Exchange or TSX Venture Exchange

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Dual Listing Market Continues to Evolve on TSX

Key Trends

•Growing number of dual listed success stories

•Dual listed cos. have steadily built profile

•Greater interaction between

key mining exchanges

•Dual list process continues to improve

• Accessed significant capital and trading on TMX

• Improvements in home market valuations and trading liquidity

• More mines put into production

Dual Listed Companies:

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Recent International Listings are Diverse

‐QT and Direct Graduation‐$150 M Private Placement‐Gold Assets in Mexico‐Reno Based Management Team

Argonaut Gold Ltd. (TSX:AR)

‐RTO on Venture and Direct Graduation‐Phosphate and Potash in Brazil‐$60 M Financing‐Canadian and Brazilian Management Team

MBAC Fertilizer Corp. (TSX:MBC)

‐Qualifying Transaction and Direct Graduation‐$60 M Financing‐Coal Producer in the US‐US Based Management Team

Xinergy Ltd. (TSX:XRG)

Direct Dual List from ASX on TSXGold Producer in The Philippines

Medusa Mining Limited (TSX:MLL)

Direct Dual List from ASX on TSXEmerging Uranium Company in Tanzania

$52 M Offering Post-Listing

Mantra Resources Limited (TSX:MRL)

Direct Dual List from ASX on TSXExploration and Development Company

Focused in Ontario$13 M Offering Post-Listing

Magma Metals Limited (TSX:MMW)

ASX Dual List with Takeover BidGold Producer in PNG

$145 M Offering Post-Listing

Allied Gold Limited (TSX:ALG)

‐Engaged in the Advancement of Exploration Projects in Latin America and in Providing Mine Management Services‐Experienced Management Team Based in Golden, Colorado‐Completing Offering Post-Listing

Golden Minerals Company (TSX:AUM)

Exeter Resources Corporation (TSX:XRC)SouthGobi Energy Resources Ltd.

(TSX:SGQ)

Graduations from TSX Venture Exchange

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Companies can capitalize on TMX Leadership

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MiningGreg Ferron416 947-4477greg.ferron@tsx.com