Investor Presentation November 2012. - EMED Mining

A I M : E M E DT S X : E M DPresentation November 2012

2FORWARD LOOKING STATEMENTSThis Presentation contains “forward looking information” which may include, but is not limited to, statements with respect to thefuture financial or operating performance of the Company, its subsidiaries and its projects, the future price of metals, theestimation of ore reserves and resources, the conversion of estimated resources into reserves, the realization of ore reserveestimates, the timing and amount of estimated future production, costs of production, capital, operating and explorationexpenditures, costs and timing of the development of new deposits, costs and timing of future exploration, requirements foradditional capital, government regulation of mining operations, environmental risks, reclamation expenses, title disputes orclaims, limitations of insurance coverage and the timing and possible outcome of pending litigation and regulatory matters.Often, but not always, forward looking statements can be identified by the use of words such as “plans”, “expects”, “isexpected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes” orvariations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”,“could”, “would”, “might” or “will” be taken, occur or be achieved. Accordingly, readers should not place undue reliance onforward looking statements.Forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the actualresults, performance or achievements of the Company and/or its subsidiaries to be materially different from any future results,performance or achievements expressed or implied by the forward looking statements. Such factors include, among others,general business, economic, competitive, political and social uncertainties; the actual results of current exploration activities;actual results of reclamation activities; conclusions of economic evaluations; changes in project parameters as plans continueto be refined; future prices of metals; the future costs of capital to the company; possible variations of ore grade or recoveryrates; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of themining industry; political instability, terrorist attacks, insurrection or war; delays in obtaining governmental approvals orfinancing or in the completion of development or construction activities, as well as those factors discussed in the sectionentitled “Risk Factors” in this Presentation.Although the Company has attempted to identify important factors that could cause actual actions, events or results to differmaterially from those described in forward looking statements, there may be other factors that cause actions, events or resultsto differ from those anticipated, estimated or intended. Forward looking statements contained herein are made as of the dateof this Presentation and the Company disclaims any obligation to update any forward looking statements, whether as a resultof new information, future events or results or otherwise. There can be no assurance that forward looking statements willprove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.Accordingly, readers should not place undue reliance on forward looking statements.Sources for technical information and financial forecasts (except where noted) in this presentation are the “Amendedand Restated NI43-101 Technical Report on Reopening the Rio Tinto Copper Mine Huelva Province, Spain” and the“Amended and Restated NI43-101 Technical Report on Biely Vrch Gold Deposit, Detva Licence Area in Slovakia”.Both of these reports are dated 17 November 2010. Mr Ron Cunneen, BSc (Geology), Head of Exploration for EMEDMining, a qualified person as defined by National Instrument 43-101, supervised the preparation of the scientific andtechnical information in this presentation.

Copper Market – DemandStrong FundamentalsUnderpin Copper PriceGlobal Copper Cathode Demand(Index, 1980=100)Increasing copper prices driven by Chinagrowth (13% pa since 1990)New mines increasingly remote and expensiveto developCopper production costs increasing withaverage grades declining globallyIncentive price analysis implies long termprice ~$2.70/lb (Brook Hunt)Significant structural surplus in copper minesupply is unlikely for a decadeChart sources: BHP Billiton, Brook HuntCopper demand is growing while mine supply remains constrained

6EXCELLENCE INMINING, EXPLORATION AND DEVELOPMENT• IPO 2005: To develop Cu-Au properties in Europe• Mission: A long term leader of mining in Europe• Vision: Growing profitability from 2014 coupled with social excellence• Assets: Some of the largest Cu deposits in Spain and Au deposits in Slovakia• Initial Project: To redevelop Rio Tinto open-pit Cu mine in Andalucia• Next Projects: Other mines in the Rio Tinto District in Spain, Slovakia & Cyprus

7EARTHWORKS HAVE BEGUN AT TAILINGS DAMPre-start-up works have begun, including pre-start works at the tailings dams.

8MAJOR SHAREHOLDERSBoard and Management 6%Resource Capital Funds(USA/Australia, mining investor)Yanggu Xiangguang Copper Co. Ltd.(strategic investor and off-take customer)RBC Asset Management(Canada, institutional investor)Rand Merchant Bank(UK/Australia, mining bank)Rumbo 5 Cero(Andalucian investment group)Red Kite,(USA, metals trader and financiers)Astor Holdings, formerly MRI Group(Switzerland, metals trader and financiers)Standard Life(UK, institutional investor)14%12%8%6%4%4%3%3%

9DIRECTORSRonnie Beevor - Non-Executive ChairmanDirector of several mining companiesFormer MD, investment banking, Rothschild AustraliaHarry Anagnostaras-Adams - Managing DirectorJohn Leach - Finance DirectorNON-EXECUTIVE DIRECTORSJasper BertisenPrincipal of Resource Capital Funds and engineerRoger DaveyFormer Director of Rothschild, mining company director and mining engineerBob FrancisFormer senior partner of Deloitte & Touche specialising in miningHarry LiuVice President Xiangguang responsible for corporate developmentAshwath MehraCEO of Astor Group and commodities traderJose Sierra30 years minerals policy & regulation, Spain (Director-General Mines) and EU

10SENIOR MANAGEMENTHarry Anagnostaras-Adams- Managing Director , Chairman of SubsidiariesFounder of EMED Mining . Serves (or has served) as non-executive Director of manyother public and private companiesJohn Leach - Finance Director30 years experience in senior financial and executive positions within mining industryRod Halliday - Organisation Development40 years military and business leadership and organisational developmentRob Williams - Group Development20 years project start-up and management experienceBill Enrico - Chief Operating Officer20 years general management start-up and operational experienceRon Cunneen - Group Geologist30 years exploration, start-up and operational experienceDemetrios Constantinides - External Relations30 years experience in private and government roles in Europe

11PROJECTSSLOVAKIABay of BiscayBIELY VRCHSPAINRIO TINTOBlack SeaKLIROUMediterranean SeaCYPRUS

12EMED MINING: 2005 TO 2012IPO on AIMwith initial Cuexplorationprogram onlyin CyprusGold discovery inSlovakiaAcquired anoption over RioTinto Copper MineManagedthrough the GFCby refiningprojects andfinance structureRio Tintopermitapplicationsadjusted forenlarged landfootprintPermit processesfor AS, AAU andProject still clingto startingcommissioningend-20132005 2006 2007 2008 2009 2010 20112012Started goldexploration inSlovakiaOvercamelitigation andacquired 100%of Rio TintoCopper MineRio Tintopermitapplicationsfor originalland footprintIPOon TSXCompletedconsolidation of allland for restart andexpansion at Rio Tinto

13INVESTMENT HIGHLIGHTS100% ownership of the Rio Tinto copper district inSpain. All project land consolidated and acquired.Agreed financing plan with customersGoldman Sachs, Xiangguang and Red KiteFully equipped mine site with access to roads,port, power & water can be cost-effectively startedStrong Spanish government and communitysupport for projectExperienced management and staffon the ground in SpainProduction scheduled to start end-13 based onprogress of permitting, engineering and financingGrowth pipeline: Copper - Spain, Gold - Slovakia

14RIO TINTO: MAJOR COPPER MINING FIELD• 100% ownership of assets, including theCerro Colorado deposit, processingfacilities and all project lands• Last operated in 2001 and was put oncare and maintenance due to thenprevailinglow Cu prices• Excellent infrastructure in place:– Access to towns, roads, port, power & water– Only 75 km from Freeport McMoRan’sAtlantic Cu smelterSPAINSPAINRio Tinto

15PROJECT TRIGGER TARGETED FOR Q4-2012• Project trigger involves the following tasks:– Regulatory permitting of project trigger– Financier sign-off of feasibility study underlying the plans• Regulatory permits required for project trigger:– Administrative Standing of Mineral Rights – we believe wehave fulfilled legal, technical and economic requirements– Approval of Environmental Plans - we believe we will satisfythis quarter the conditions flowing from:…public comments, already answered by EMED…regulator’s review, being discussed with EMED….which will serve to clarify:• the required level of bonding, warranties and insurance• any consequential conditions for approval of developmentand restoration plans, to be combined with conditionsresulting from the independent national technicalagencies’ review of the overall Project and the tailingsdam in particular.

16GOVERNMENT POLICY STATUS ON RIO TINTOThe Minister announced there will be "good news" about Rio Tinto• J. LANDERO / EL CERRO | UPDATED 10/11/2012 - 01:00 HUELVA INFORMACION• Huelva province currently has 60 active mining projects and it shares withinAndalucia the largest reserve of non-ferrous deposits in Europe, the socalled Pyrite Belt.• According to the Minister of Economy, in Huelva there are currently "manymining projects in the pipeline" among which he highlighted as the mostimportant the reopening of the Rio Tinto mine.• He specified it "is advancing and we will have good news about it in thecoming months, after the reports by other administrations concerned areavailable, and the AAU that the Junta de Andalucia grants continues on theright path".• Avila said that the project presented by Emed Tartessus to reopen the RioTinto mine is advancing at a "very reasonable" speed and that "we mustkeep in mind that this type of initiative is very complicated and gets delayedbecause it has to be implemented based on constituent projects that areconservatively assessed and because the granting of authorizations is verydecentralized administratively".

17REGULATORY STATUS OF RIO TINTO PERMITTINGAdministrative Standing (“AS”): EMED believes it has satisfied all therequirements - legal, technical & economic.Environmental Plans (“AAU”): EMED expects to satisfy this quarter theconditions for approval, based on discussions with the regulator. Furtherdocuments being assembled in respect of: water treatment plant, dam safetymargins, many miscellaneous issues.National Agency Reviews EMED understands that positive reports issued byIGME and CEDEX supporting approval of project development plans.Discussions being held with regulator to set schedule for finalising detailedoperating plans, after follow-up drilling, sampling and measurements onremaining tailings dam sections purchased on 28 August 2012. We can thenimplement recommendations to increase safety margins.Bonding and Related Guarantees and Indemnities: Insurance requirementunderstood for tailings dam. Regulators will focus on the levels of bonding forenvironmental restoration and personnel entitlements once AAU approved.

18EXCELLENT INFRASTRUCTURE IN PLACEGOOD GROUNDCONDITIONS FOR MININGPRIMARY CRUSHERSECONDARY &TERTIARY CRUSHINGGRINDING AREA FLOTATION AREA THICKENER

19BASE AND TARGET CASE for first mine to beredeveloped – Cerro Colorado Open PitBase Case 2.50 3.00 3.50 4.00 4.50Operating cash flow(pre-tax) $Mpa84 112 150 189 227Project NPV US$M atdiscount rate 10%discount rate 7.5%241313367467513641656814758925(1) Base Case assumes extraction of existing ore reserves at 9Mtpa only over 14 years. Target Case 15Mtpa.(2) Scenarios under $3.20/lb assume 60% of years 1-2 and 40% of years 3-6 are hedged at conservative $3.20/lb.(3) C1 ~$1.40 (Operating Costs). C3 ~$1.80 (Capital, Operating, Exploration and Closure Costs).(4) Estimates will be revised in accordance with final permitting, engineering and finance arrangements due forcompletion Q4-12. The NI-43-101 will then be updated.Target Case 2.50 3.00 3.50 4.00 4.50Project NPV US$M atdiscount rate 10% 523 704 1,043 1,380 1,709

20TIMETABLE TO FIRST PRODUCTION IN SPAINCompletedPlannedAssembledfinanciers andagreed planStartedsite preexecutionworksEnvironmentplans reviewedby generalpublicProjectplansreviewed bynationaltechnicalagencyApproval ASand AAUTriggerapprovalprojectfinanceDrawdownof projectfinanceMobilisecontractorsand operatorsStartcommissioningproduction

1SLOVAKIA: GOLD PORPHYRY DISCOVERY• 100%-owned Detva Gold Project• Background of Biely Vrch deposit• NI-43-101 Indicated & Inferred Resource• Focused on shallow, oxidised 1M oz• First Permit “National Resource”• Encouraging Independent Scoping Study• Now consulting communities• Next permit is “Mining Lease Area”SLOVAKIAGermanyCzechRepublicAustriaPolandSLOVAKIABiely VrchUkraineHungaryRomania

2DETVA GOLD PROJECT (100%)BIELY VRCH (SLOVAKIA) MINERAL RESOURCESGold ResourcesRESOURCESMtGold Gradeg/tContained Gold(ounces)Indicated 17.7 0.81 461,000Inferred 24.0 0.77 596,000Source: Amended and Restated NI-43-101 Technical Report on Biely Vrch Gold Deposit, Detva Licence Area in Slovakia - dated 17 November 2010• Multi-million ounce system, consistently mineralized from surface• Shallowest1 million ounce is focus of current planning• Consult community and advance permitting prior to more detailed studies

3GROWTH PIPELINEGROWTHSlovakia, potential whichhas been identified:DETVAGold ProjectCYPRUSCopper(95%-owned) depositand other targets– To optimise open pitresources for higher gold price– To consider the impact ofpotentially higher gold priceson the economics of deeperzones of mineralisation– To keep testing Hodrusa FieldRIO TINTOCopper Mines– To re-start drilling afteraddressing higherpriorities elsewhereSpain, potential which has been identified:– To optimise open pit reserves of 123 Mtfor copper price higher than $2/lb– To convert more of 203 Mt open pitresources to reserves– To increase open pit resources of 203 Mt– To re-evaluate the San Dionisio depositpreviously mined by RTZ– To test other deposits RTZ reported on thecompany’s Rio Tinto Mine property– To test targets on one or more of thesurrounding mineral concessions

4“GROWTH AGENDA” TASKS FOR 2013, SO AS TORE-ESTABLISH RIO TINTO AS A MINING DISTRICTCerro Colorado Pit, initial target increase reserves - 600Kt to 900Kt CuDrilling programs to commence 2013. No past drilling below 250 meters & openConcentrator, increase output – 37Ktpa Cu (9Mtpa) to 60Ktpa Cu (15Mtpa)Engineering studies to commence 2013. Some plant capacity already 15MtpaTailings Treatment, target reduced enviro impact and increased capacityEngineering studies to commence 2013. Optimise tailings thickening/depositionSan Dionisio Underground Mine, evaluate this adjacent high grade depositValidate and interpret database under today’s standards and economicsSan Antonio Underground Mine, evaluate this adjacent high grade depositValidate and interpret database under today’s standards and economicsTailings Reprocessing Joint Venture, evaluate treatment of precious metalMetallurgical testing and engineering programs to commence 2013Rio Tinto is the world’s largest VMS system. Historical production2Mt Cu at 1.5% + 60M oz Ag. No exploration for 25 years.

Relative Share Performance of EMED on TSXComparison with Copper Developers and ProducersThe sector performed poorly in 2011 in stock market termsEMED has outperformed the majority of TSX and TSXV listed copper exploration, development andproducing companies since the TSX IPO in December 2010Relative Share Performance Since Dec. 17, 2010 – Copper Developers and ProducersLuminaPanoroNGExCopper FoxEMEDFirst QuantumImperialDuluthNevada CopperLundinInmetYellow headAugustaCopper MountainRedhaw kAbacusDuranTasekoHudBayPolymetMedianAmerigoCapstoneLos AndesCuOroConstantineKatangaVMS VenturesThunderminCoroTurquoise HillWestern CopperNorthernCopper OneCandenteSarengetiInternational PBXIntrepidHanaMercatorBajaAQM-85% -79%-74%-86%-87%-88%-89%-44%-46%-48%-49%-49%-50%-71%-68%-67%-64%-62%-58%-58% -53%-51%-72%-72%-74%-33%-33%-40%-38%-27% -16%-14%-32%-27%-32%109%113%41%-1% 0% 30%127%Source: Capital IQ, as of November 13, 2012

FINANCE STRATEGYFinance plan with customers Goldman Sachs, Xiangguang and Red Kitepotentially covers $240M when “fully-bankable”USES OF FUNDSUS$MRepairs and initial plant improvements (1) 135Bonding for environmental and social (2) 30Outstanding payment for project acquisition (on drawdown project finance) 9Rio Tinto Mine 174Support permitting of Slovakia Gold 2Provisions for currency movements, plant refinements, bonding increases fornew land, working capital and contingencies (3)64TOTAL Capital to be Committed (4) 240(1) Reflects latest estimates, to be finalised in Q4-12 . Takes into account enlarged land footprint, new water and tailings management and upgrades to the process plant.(2) “Bonding” was independently assessed for the project as submitted in 2010 but needs to be expanded for enlarged restoration plan over enlarged land footprint.(3) Estimates subject to revision in accordance with final permitting, engineering and finance arrangements due for completion Q4-12 The NI-43-101 will then be updated.(4) Will also arrange insurance for environmental and other indemnities(5) Fully-diluted shares on issue :1,254M shares including the shares to be issued to Red Kite6

7THE INVESTMENT PROPOSITIONMarket Capvs NPVInflection Pointswe expectimminentlyExcellentTeamSolid Platformand Pipeline ofGrowth Projects• Market cap US$225M (£144M), NPV US$400-1,000M at $3.00-3.50/lb Cu• NPV is only the base and target case of the first mine in Spain• Spanish Copper:• Permitting: project trigger permits pending: AdministrativeStanding, conditional approvals Environment and Project• Engineering: lock in for commissioning Q4-13• Financing: seek formal approval of finance with customersGoldman Sachs, Xiangguang, Red Kite and counterparties• Q4-12 Slovak Gold: permitting approval of Mining Lease Area• Shareholders, financiers, board, management and personnel• Supportive mining communities, local contractors and consultants• EMED Mining also has first-class international specialist advisers• Robust Base Case for near term start of cash flow• Potential brownfields copper mines next to main mine in Spain• Exploration potential at gold deposit discovered in Slovakia

INTEGRIDAD TRANSPARENCIA PROGRESO

9RESERVES & RESOURCESRIO TINTO COPPER – CERRO COLORADO OPEN PITRESERVES Mt Cu% Cu ‘000tProven 39 0.38 148Probable 84 0.54 458TOTAL Ore Reserves 123 0.49 606RESOURCES Mt Cu% Cu ‘000tMeasured 48 0.38 179Indicated 155 0.49 754TOTAL Measured &Indicated Resources203 0.46 933Inferred 2 0.50 10Source: Behre Dolbear NI-43-101 Report and based on a 0.2% cut-off gradeResources Inclusive of ReservesResources based on $3.00/lb pit shellReserves based on $2.00/lb pit shell

Rio Tinto Mine - Historical CopperProduction PROJECT HISTORICAL PRODUCTIONOrigin From TotOre% CuCerro Colorado 1970 2001 87,856,533 0.67Underground NorthDepositOpen Cast NorthDeposit(1)Underground SouthDepositOpen Cast SouthDeposit1881 1895 2,760,891 2.161892 1937 22,919,069 2.381737 1967 19,904,027 2.061875 1949 24,124,505 2.28TOTAL ORE 1737 2001 157,565,025 1.36TOTAL CONTAINEDCOPPER METAL2,128,402t10

HISTORY11

INDEPENDENTIndependent ReviewsDUE DILIGENCEof all Plans• Audits, Due Diligences, Feasibility Reports• Information management & validation– QA/QC• Information Processing Digitalization / DataBases New Technologies• Resource and Reserve Estimation Publishedunder JORC & NI 43-101codes.• Mining Project(June 2010) to beupdated in 2013 for permitting• AAU (February 2012)• Geology, Hydrology & Geotechnics• Mining Study Pit Design – Optimization Strategic Planning Short Term Planning• Facilities and Ore Processing• Waste Facilities Projects (Waste Dumps & Tailings)• Restoration, Demobilization & Closure Plan• Economic Study• Some of the independent experts are listed here12

Extensive Drilling DatabaseExtensive Historical DrillingSample Type Nº MetersExploration Drilling 696 143,855Investigation Drilling 24,337 264,314Underground Drilling 361 14,39225,394 422,56113

Exploration ObjectivesTargeted Expansion of Cerro Colorado Open Pit• Unknown Limit• The deposit is open to the east andat depth• 60,000 m of drilling in key areasplanned in initial years of operation Increase Resources~ 300 Mt Increase Reserves ~ 200 Mt14

One of the Brownfields ProjectsMineralisation at San Dyonisio• San Dionisio• Complex Sulphides• 17 Mt @ 1,45 %Cu15

Mine Design Parameters• Mining PitBenches: 12 mBerms: 5 mPit Area: 150 ha2,100 m (E-W) X 1.200 (N-S)• RampsWidth: 30 mSlope Long: 9%Slope Transv: 1-2%Ratio curve min: 25 m• Bench Slopes70º volcanics & slates45º upper benches37º backfill• General SlopesInter-ramp angle: 52º• Min. Width Production Bench 40 m16

Material Movement Tonnage (Mt)Concentrate Production (WMT)Concentrate Copper Grade( %)Production Profile – Base Case at Cerro ColoradoOreConcentrate35PRT LOM Schedule Material Movement250PRT LOM Concentrate Production25.0%302520024.0%2015023.0%151051005022.0%21.0%--20.0%ORE WASTE REHANDLECopper ConcentrateConcentrate Grade123 Mt of Ore131 Mt of WasteAverage Grade = 0.49 %CuWaste to Ore ratio= 1.1TOTAL = 254 Mt moved2.6 Mt of Concentrate22.3 %Cu517,000 t Cu Metal37,000 t Cu Metal (Average Year)17

Final Situation Post-Restoration18

A I M : E M E DT S X : E M DPresentation November 2012