May 29, 2012

A North American Near Term Copper Developer

May 2012

Forward-Looking Statements

Statements in this presentation other than purely historical information, including statements relating to the Company’s

future plans, objectives or expected results, constitute forward-looking statements. Forward-looking statements are based

on numerous assumptions and are subject to the risks and uncertainties inherent in the Company’s business, including

risks inherent in exploration and development, and uncertainties in connection with anticipated commodity prices, growth

of worldwide market demand, exploration capital requirements, length of asset life and availability of qualified personnel,

among others. As a result, actual results may vary materially from those described in the forward-looking statements.

Resources and Reserves

The resource estimates described in this presentation have been prepared in accordance with National Instrument 43-101

Standards of Disclosure for Mineral Projects and uses the terms “mineral reserves” and “mineral resources”. Investors are

cautioned of the difference between the terms “mineral resources” and “mineral reserves” as “mineral resources” do not

have demonstrated economic viability like that of “mineral reserves”.

Bill Willoughby, PhD, PE, Enexco’s Chief Operating Officer and Director, an NI 43-101 Qualified Person, supervised the

preparation of and verified all technical information contained in this presentation.

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Cautionary Notes

Contact Copper Project

Focused on advancing the 100%

owned Contact Copper Project in

northeast Nevada towards

production

Intrusive-related deposit, oxidized

PFS completed in Oct. 2010, BFS

planned for 2012

Major land acquisition completed

with Allied Nevada; step-out drilling

underway to test expansion potential

Good resource upside; deposit open

along strike and at depth

Au-Ag and U Exploration Assets

Enexco Overview

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Management

Arnold Armstrong - President & CEO, Chairman

Extensive legal career. Owner of Armada Investments Ltd. and Founding Director of Silvercorp Metals

Inc. (NYSE – SVM). Chairman & Director of Doxa Energy Ltd., Elissa Resources Ltd., and Director of

Paget Minerals Corp.

Recognized leader in founding and managing successful public companies in natural resource sector

Bill Willoughby - Chief Operating Officer, Director

Mining engineer with 32 years experience. PhD in Mining Engineering from the University of Idaho.

Registered Professional Engineer in Idaho. Director of Enexco since 2008

18 years with Teck Cominco: Chief Mine Engineer, Pend Oreille Mine; Mine Superintendent, Polaris

Mine; Senior Engineer, Projects and Evaluations, responsible for feasibility studies, mine design

Dan Frederiksen - Chief Financial Officer, Director

20 years senior accounting experience. CA, CPA, CFA, Bachelor of Business Administration. Director

and CFO of Elissa, Enexco, and Doxa Energy and Controller of Armada Investments Ltd.

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Directors

Arnold Armstrong Chairman of the Board

Bill Willoughby Director

Dan Frederiksen Director

Jim Gibbons Director, Senior Advisor Geologist, lawyer, former Governor of Nevada

Terry Hodson Director Geologist, General Manager of Geology for Baja Mining

Brad Armstrong Director Environmental Law, Partner Lawson Lundell LLP

Paul McKenzie Director 20+ years experience in the resources sector

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Share Structure

Shares Outstanding 32,348,883

Shares Fully Diluted 38,248,883

Treasury C$ 1.9 Million

Market Cap C$19.4 Million

Major Shareholders

Officers and

Directors 23.5%

Allied Nevada Gold 10%

Note: Post-financing and following completion of land acquisition from Allied Nevada 6

1 Year Stock Chart – TSX.V: IEC

A feasibility stage, oxide copper project

• 100% owned, located in Elko County, Nevada

• Intrusive-related deposit, oxidized down >2,000 ft.

• Amenable to heap-leaching to produce copper

cathode

• Excellent infrastructure in roads, power lines, water

2010 Pre-feasibility study update:

• Reserves of 317 Mlbs Cu

• Measured & Indicated Resources of 711 Mlbs Cu,

plus Inferred Resource of 291 Mlbs Cu

Recent land acquisition from Allied Nevada; likely

to have significant impact on mine optimization

• Acquired 8,000 acres of additional land

• BFS scheduled for 2012 to incorporate additional

drilling on acquired land

Contact Copper Project

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Intrusive-related copper deposit,

oxidized down ~2,000 feet

Copper mineralization in quartz veins,

and as fracture coatings and

disseminations within granodiorite host

Oxide mineralization open along strike to

the east and west, also open at depth

Additional copper oxide potential in

satellite areas

Deeper sulfide porphyry and vein targets

identified to the north and south of main

resource area

Geology

2010 Reserve Outline

North Porphyry Target

Vein Target

EN-88 EN-156

A A’

N

Looking west

2010

Reserve

Outline

Copper Ridge

West End East End

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Granodiorite

K-alteration Rhyolite

Carbonate Quartzite

Resources from Oct. 2010 NI 43-101

PFS update

Resources and Reserves reported at

0.10% Cu cut-off

2010 Reserves and Resources

Category Tons Cu (%) Pounds Cu

Reserves

Proven 27,011,000 0.305% 164,701,000

Probable 27,138,000 0.280% 152,199,000

Total P&P 54,149,000 0.293% 316,899,000

Resources

Measured 52,976,000 0.282% 298,397,000

Indicated 82,233,000 0.251% 413,413,000

Total M&I 135,209,000 0.263% 711,810,000

Inferred 53,490,000 0.272% 291,368,000

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2010 PFS (Pre-Allied Nevada Transaction)

Metric Value

Production Start 2014

Mine Life 10 years

Production 25 Mlbs/yr cathode copper

Capex $86M

Recovery 76%

Acid Consumption 11 lb/ton

Production Cost $0.93/lb Cu

NPV10% @ $2.25/lb Cu $44M

IRR 20.2%

NI 43-101 Pre-feasibility Study Update completed by

Gustavson Associates in October, 2010

Project NPV sensitive to the price of copper

PFS analysis does not include potential impact of

Allied Nevada land acquisition deal

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NPV-10%

$ x1000

Copper Price $/lb

Base Case NPV at $2.25/lb

Allied Nevada Transaction

2010 Pit Outline

Enexco

Allied Nevada Gold

Allied Nevada land

acquisition deal closed

Sept. 26, 2011

• IEC issued 3.2M shares to

Allied Nevada

Enexco now controls

majority of the Contact

mining district

Increased land holdings

from 5,400 acres to

~13,000 acres

Pit outline no longer

constrained by Allied

Nevada land

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Post-Acquisition Exploration

2010 Pit Outline

Following Allied

Nevada land

acquisition:

• Defined drill targets

• Began 2011-2012

drill program

• On-going

metallurgical tests

and environmental

work

• Refining geologic

model and

incorporating drill

results

• Preparing to revise

reserves and mine

plans for feasibility

study

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East

Extension

Target

2011-2012 Drill Program

40,000 ft (12,192 m) Drill Program Near Completion

Initial drilling east of the 2010 reserve outline

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Intercepts Reported To-Date

ENR-3 45 feet (13.7 m) 0.92% Cu

ENR-6 55 feet (16.7 m) 0.43% Cu

ENR-8 130 feet (39.6 m) 0.24% Cu

ENR-15 95 feet (29.0 m) 0.40% Cu

ENR-26 70 feet (21.3 m) 0.48% Cu

ENR-27 170 feet (51.8 m) 0.24% Cu

ENR-30 110 feet (39.6 m) 0.31% Cu

Project Timeline

H2/2011 H1/2012 H2/2012 H1/2013 H2/2013 H1/2014 H2/2014 H1/2015

Allied Nevada

Land Acquisition

Infill & Step-Out

Drilling

Metallurgical

Testing

Bankable

Feasibility Study

Permitting

Construction

Production

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SX-EW Peers

SX-EW Copper

Project

Annual

Production Recovery

Cash Cost

(US$/lb Cu)

Capex

(US$) NPV (US$)

El Pilar (Mercator) 73 Mlbs Cu 56% $1.37 $245M $335M(3)

Franke (Quadra) 35-45 Mlbs Cu(1) 86% $2.45(2) $239M $234M(4)

Piedras Verdes (Priv.) 70 Mlbs Cu 62% $1.41 $135M $148M(5)

Source: Company and Technical Reports

Note: (1) 2011 Guidance

(2) FY 2010

(3) NPV(8%) at $2.60/lb Cu LT

(4) RBC Research at $2.25/lb Cu LT

(5) NPV(12.5%) at $2.00/lb Cu LT

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M&A in the Copper Sector

Target Acquirer

2011 Transactions Norsemont Mining Inc. HudBay Minerals Inc.

Explorator Resources Inc. Sociedad Punta Del Cobre S.A.

Creston Moly Corp. Mercator Minerals Ltd.

Far West Mining Ltd. Capstone Mining Corp.

Equinox Minerals Ltd. Barrick Gold Corp.

Anvil Mining Ltd. Minmetals Resources Ltd.

2010 Transactions Chariot Resources Ltd. CST Holdings Ltd.

Terrane Metals Corp. Thompson Creek Metals Company Inc.

FNX Mining Company Inc. Quadra Mining Ltd.

Continental Minerals Corp Jinchuan Group Ltd.

Globestar Mining Corp. Perilya Ltd.

Antares Minerals Inc. First Quantum Minerals Ltd.

Citadel Resource Group Ltd. Equinox Minerals Ltd.

2009 Transactions Centario Copper Corp. Quadra Mining Ltd.

Sanu Resources Ltd. Canadian Gold Hunter Corp/

Stingray Copper Inc. Mercator Minerals Ltd.

Kiwara Plc First Quantum Minerals Ltd.

Corriente Resources Inc. CRCC-Tongguan Investment Co. Ltd.

Source: Bloomberg

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Numbers of peers in the

development and intermediate

production space have

dramatically fallen off since

2009

Growth pipelines still required

for remaining junior producers

New junior producers needed to

fill market gaps left by

acquisitions

Junior Producers

Hypothetical impact of an additional 35 Mlbs Cu/yr to junior base metal producer profiles

Source: Company Reports

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Uranium

Holding a 30% interest in the Mann Lake

Uranium Project in the Athabasca Basin,

Saskatchewan; Cameco is operator

3,407 ha, between the McArthur River and

Millennium deposits

Joint Venture

• Enexco 30.0%

• Cameco (Operator) 52.5%

• Areva 17.5%

Gold - Silver

Exploring grass-roots level gold & silver

properties in Idaho and Nevada

• Properties with promising surface

mineralization, structural features

• Low holding costs and royalties

• Drill ready targets

Additional Assets

Bluebird project Surface samples up to 107 opt Ag, 0.04 opt Au

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Contact Us

Spiros Cacos

Corporate Development

spiros@enexco.ca

2060-777 Hornby Street info@enexco.ca Phone 1.604.669.8368

Vancouver, BC V6Z 1T7 www.enexco.ca Fax 1.604.662.3691