industrial alliance securities: orocan resource corp

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Company Snapshot Total Shares Outstanding (M) 16.58* Options & Warrants (M) 3.03 Fully Diluted (M) 19.61 Share Price ($) 0.27 90-Day Avg Volume 14,505 52 Week High Low ($) 0.39 0.12 Fully Diluted Market Cap ($M) 5.30* Cash ($M) 0.6 *I/O post TSX approval of ON & QC property Acquisitions; Currently 14,833,644 outstanding Management Chris Bogart President & CEO; Director Antoine Fournier Chief Geologist Michael Philpot Director Alan Hitchborn Director Terese J. Gieselman CFO CORE TALK OROCAN RESOURCES CORP. (TSX-V: OR) December 2, 2011 Orocan Resources Corp., an exploration stage company, engages in the acquisition, exploration, and development of graphite properties in Canada. Its properties include: The Black Donald & Little Bryan properties, Ontario as well as the Carheil & River in Quebec. The company is based in Vancouver, Canada with the exploration office based in Val d’Or, Quebec. Stockcharts.com Recent Development December 1, 2011 OROCAN SIGNS AGREEMENT FOR GRAPHITE PROPERTIES IN QUEBEC "We are extremely pleased to have strategically consolidated one of the most important graphite portfolios within Quebec. [..]These Quebec assets, coupled with our recently acquired Ontario properties, positions Orocan to be the premier pure-play graphite exploration company in North America." - Chris Bogart, President & CEO OR announced it has signed an option agreement to acquire a 100% interest in nine graphite properties in Quebec, Canada. These properties have been acquired by a group of vendors led by the Quebec Graphite Consortium (QGC). SUMMARY There are three major graphite districts in Quebec; Wakefield, North Shore and New Quebec with notable deposits such as Lac des Iles (Timcal) and Lac Knife (Focus Metals). These nine properties are all located within these districts and centered on the metasedimentary belts of the Grenville Province. These are known marble/gneiss lithologies considered essential to host graphite deposit and having been metamorphosed to sufficiently high grade to produce the larger graphite flakes. Orocan’s Property Portfolio Source: Company Website NEAR TERM STRATEGY Aggressive exploration campaign with state-of-the-art airborne geophysical surveys; Enhance its graphite portfolio through acquisitions of additional properties that meet its geologic criteria for the potential of a high quality flake graphite deposit within known graphite districts.

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Industrial Alliance Securities provided an update on graphite explorer Orocan Resource Corp. in their December 2011 edition of Core Talk.

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Page 1: Industrial Alliance Securities: Orocan Resource Corp

Company Snapshot

Total Shares Outstanding (M) 16.58* Options & Warrants (M) 3.03 Fully Diluted (M) 19.61 Share Price ($) 0.27 90-Day Avg Volume 14,505 52 Week High – Low ($) 0.39 – 0.12 Fully Diluted Market Cap ($M) 5.30* Cash ($M) 0.6 *I/O post TSX approval of ON & QC property Acquisitions; Currently 14,833,644 outstanding

Management

Chris Bogart President & CEO; Director Antoine Fournier Chief Geologist Michael Philpot Director Alan Hitchborn Director Terese J. Gieselman CFO

CORE TALK OROCAN RESOURCES CORP. (TSX-V: OR)

December 2, 2011

Orocan Resources Corp., an exploration stage company, engages in the acquisition, exploration, and development of graphite properties in Canada. Its properties include: The Black Donald & Little Bryan properties, Ontario as well as the Carheil & River in Quebec. The company is based in Vancouver, Canada with the exploration office based in Val d’Or, Quebec.

Stockcharts.com

Recent Development – December 1, 2011

OROCAN SIGNS AGREEMENT FOR GRAPHITE PROPERTIES IN QUEBEC

“"We are extremely pleased to have strategically consolidated one of the most important graphite portfolios within Quebec. [..]These Quebec assets, coupled with our recently acquired Ontario properties, positions Orocan to be the premier pure-play graphite

exploration company in North America." - Chris Bogart, President & CEO

OR announced it has signed an option agreement to acquire a 100% interest in nine graphite properties in Quebec, Canada. These properties have been acquired by a group of vendors led by the Quebec Graphite Consortium (QGC). SUMMARY There are three major graphite districts in Quebec; Wakefield, North Shore and New Quebec with notable deposits such as Lac des Iles (Timcal) and Lac Knife (Focus Metals). These nine properties are all located within these districts and centered on the metasedimentary belts of the Grenville Province. These are known marble/gneiss lithologies considered essential to host graphite deposit and having been metamorphosed to sufficiently high grade to produce the larger graphite flakes.

Orocan’s Property Portfolio

Source: Company Website

NEAR TERM STRATEGY

Aggressive exploration campaign with state-of-the-art airborne geophysical surveys;

Enhance its graphite portfolio

through acquisitions of additional properties that meet its geologic criteria for the potential of a high quality flake graphite deposit within known graphite districts.

Page 2: Industrial Alliance Securities: Orocan Resource Corp

OROCAN RESOURCES CORP. DECEMBER 2, 2011

2 of 2

QUEBEC PROPERTIES OVERVIEW

New Quebec District

Carheil:

High grade schist/marble lithologies favorable for large flakes; Proximal to Lac Knife graphite deposit; Easy access; Presence of massive (>30%) graphite boulders and graphite

seams in the rocks.

Sandy Lake

Similar geology to Lac Knife; Large claim block, regional targets; Up to 12.44% Cg in lenses.

Sandy Lake NE

Similar geology to Lac Knife; Up to 30.46% Cg in lenses.

Historical Drilling Intercepts

Hole # Length (ft.) Grade (%Cg)

3 32.00 2.25

including 3.60 5.00

4 28.20 2.36

8 10.70 5.80

including 10.50 3.06

9 17.50 3.33

including 7.60 2.77

10 55.20 3.77

12 40.00 2.67 Source: Company Website

2011 Exploration Program

Step 1 Step 2 Step 3 Step 4 Step 5 Step 6 Step 7

Airborne EM Survey

(5,000 line km's @ 150m

spacing)

Ground EM-Detailed ground

geophysics

mapping, Sampling, Trenching over EM Targets

1st Phase Metallurgical

Tests on Graphitic Material

Evaluate exploration data to delineate &

prioritize targets for Phase 1 Drill

Program

5,000m of DDH

Drilling to test 8-10 priority targets

Evaluate drill results to

determine to prioritize targets

for rapid development

Source: Company Website

Source: Company Website

North Shore District

River

High grade schist/marble lithologies favorable for large flakes; Disseminated graphite similar to Bissett Creek type; Large claim block, regional targets; Poorly explored; Large assaying between 0.1 to 10% graphite.

Wakefield District

Preston

High grade schist/marble lithologies favorable for large flakes; Prospected targets with potential for high-grade; Well circumscribed target with high grade; Underexplored.

Notre Dame

Excellent access and infrastructure; Largest claim block available in proximal location; 10% Cg from historical sampling.

ONTARIO PROPERTY OVERVIEW

Black Donald Property – 100% Interest

Surrounding the past producing Black Donald Mine; Black Donald Graphite Mine; Reported historic ore grades of up to 80% Cg; Average reported grade was 25-30% Cg during last 10 years of mine life; Responsible for 94% of the total value of Ontario graphite production