1 World Boron Minerals Reserves RUSSIA 8% KAZAKHSTAN USA CHINA - PowerPoint PPT Presentation

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World Boron Minerals Reserves RUSSIA 8% KAZAKHSTAN USA CHINA 1% 7 % 4% TURKEY % 72 BOLIVIA PERU 2% 2% CHILE 3 % ARGENTINA 1%  2

World Boron Market Shares, 2011 Russia  China  South America  Others Eti Mine 31% 46% Rio Tinto 23%  3

Boron Products & Production Sites of Eti Mine EMET KIRKA BİGADİÇ BANDIRMA BORON WORKS BORON WORKS BORON WORKS BORON WORKS • Borax Decahydrate • Boric Acid • Etibor-48 (Borax • Ground Colemanite / • Borax Pentahydrate Pentahydrate) Ulexite • Concentrated • Boric Acid • Etibor-68 (Anhydrous • Concentrated Colemanite borax) Colemanite / Tincal / • Boron Oxide Ulexite • Calcined Tincal • Etidot-67 (Agri Boron) • Natural Zeolite (Compacted) • Sodium Perborate  4

Eti Mine in Figures; Production & Capacity of Boron Chemicals 2.400 2.125 Production Capacity 2.100 1.725 1.800 1.365 Thousand Tons 1.500 1.272 1.277 1.100 1.200 2.100 900 1.780 730 570 1.400 1.312 600 923 1.021 1.102 1.002 715 300 518 435 436 420 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012  5

Eti Mine in Figures; Sales 854 825 900 Domestic Sales Export Total Sales 800 829 800 647 700 600 535 629 Million USA $ 452 500 519 390 399 400 435 322 384 276 367 300 233 225 201 228 299 252 200 215 209 207 186 100 25 25 24 23 23 21 18 17 18 16 15 15 16 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012  6

Consumption of Boron Products in the World & Change in Eti Mine’s Market Share Consumption of Boron Products in the World (Million Tonnes) 3.3 2000 3.1 2002 2.7 2005 World 2010 4.0 2011 4.3 Boron Leader Change in Eti Mine’s Market Share 36% 2000 31% 2002 30% 2005 World 2010 42% 2011 46% Boron Leader  7

RARE EARTH OXIDES IN TURKEY Eti Mine in Turkish Economy Eti Mine is stated as 10 th in general rank in the list of “Top 1000 Exporters of Turkey *” *TEA (Turkish Exporters Assembly), 2011  8

Historical and Current Prices of Rare Earth Oxides 3.000 2.855 La Oxide Ce Oxide Pr Oxide Nd Oxide 2.500 Eu Oxide Dy Oxide Y Oxide US $/kg (FOB CHINA) 2.000 1.810 1.455 1.500 1.000 615 553 500 240 229 234 70 83 48 15 101 1 0 15 22 2006 2010 2011 October 2012 Source: Greenfields Research Ltd  9

Rare Earth Oxides in Turkey Reserve Grade Ore type (tons) (%) Kızılcaören , 30,568,268 3.14 Bastnazite, Fluorite, Baryte, Eskişehir 1 (proved and probable) Thorium Çanaklı, Burdur 3 49,000,000 Allanite (29% REO), (proved) Chevkinite (41 % REO, 20 238 - 340,000,000 %TiO 2 , 2.5% ThO 2 ) (potential) Sphene (19% REO, 34% TiO 2 ) Source: 1. Eti Mine 2.AMR MINERAL METAL INC.  10

Mineral Distribution of the Resource, Sivrihisar (by Percentage) Baryte Gangue 31.04 % 28.18% 9,424,424 tons, 8,612,182 tons REO 3.14 % 953,588 tons Thorium Fluorite 0.2 % 37.44 % 11,366,135 tons Source: Report, Hüseyin Kaplan, MTA, 1977 & Report, İsrafil Kayabalı, MTA, 1986. Source: Report, Hüseyin Kaplan, MTA, 1977 & Report, İsrafil Kayabalı, MTA, 1986.  11

Sivrihisar Tenor Distribution Average Tenor, % 45 Fluoride Baryte Rare Earth Oxide 41,75 41,7 39,23 40 37,44 35,97 35,37 35,15 34,28 35 32,65 31,04 30,77 28,92 30 28,49 27,75 25,92 25 20,63 20 15 10 4,46 3,67 5 3,27 3,14 2,55 2,65 2,06 1,25 0 Devebağırtan Küçük Höylü Hill Canavar İni Sırtı Köyyeri Hill Yaylabaşı Hill Kocatepe Kocayayla Hill Average Bağırtan Hill Hill  12

ETI MINE’S OPERATION PLAN OF RARE EARTH OXIDES TENDER • Performed in December 5, 2012. Planned Production According to Feasibility Study • 10,000 tons/year Rare earth oxides • 72,000 tons/year Baryte • 70,000 tons Fluoride • 250 tons/year Thorium FINAL SITUATION • Competent companies given 9 months to prepare technical specification. Source: Greenfields Research Ltd  13

Rare Earth Oxide Composition of Samples % 0,014 Lu 0,012 0,057 Yb 0,05 % Oxide % Element 0,013 Tm 0,0116 0,003 Er 0,0027 0,021 Ho 0,018 0,055 Dy 0,048 0,022 Tb 0,019 0,104 Gd 0,09 0,016 Eu 0,014 0,137 Sm 0,118 0,595 Nd 0,51 0,205 Pr 0,17 2,446 Ce 1,99 1,833 La 2 0,047 Y 0,0372 0 0,25 0,5 0,75 1 1,25 1,5 1,75 2 2,25 2,5  14

Operating Model of the Mine By technology firm Florite (Determined after tender) (CaF2) Open pit mine Barite Market (BaSO4) Run of Mine Ore Process By Coordination (Complex Ore) REE with Turkish Atomic Energy (Ce+La+Nd) Agency Thorium Stockpile (ThO 2 )  15

Location of REE Site Eskişehir, Sivrihisar Vertical Section of Complex Ore Zone of Kızılcaören  16

Resource Development Project Sivrihisar-Turkey  17

Typical “Basket Values” of REO Mines Source: Greenfields Research Ltd  18

Global Comparison of Grades Total Rare Earth Oxides grades 1 st Quartile 2 nd Quartile 3 rd Quartile 4 th Quartile Source: Greenfields Research Ltd  19

Global comparison of ore values, TREO ore values 1 st Quartile 2 nd Quartile 3 rd Quartile 4 th Quartile Source: Greenfields Research Ltd; Data: Company websites  20

Global Comparison of Resource Size 1 st Quartile 2 nd Quartile 3 rd Quartile 4 th Quartile Typical TREO content Source: Greenfields Research Ltd; Data: Company websites  21

ETİ MINE’S URANIUM SITES AND ACTIVITIES Köprübaşı/MANİSA  22

Uranium Areas in Turkey  23

Data on Uranium Reserves Licensed to Eti Mine Province Area Reserve Grade City Town Village (hectares) (Ton U 3 O 8 ) (U 3 O 8 %) SÖKE Çavdar AYDIN 2.164,18 1.935 0,123 KOÇARLI AYDIN - 1.129,00 500 0,050 MANİSA GÖRDES Köprübaşı 3.113,86 1970 0,236 MANİSA GÖRDES Tomaşa 1.489,32 885 0,089 UŞAK EŞME Fakılı 1.778,76 489 0,044 TOTAL 9.675,12 5.780  24

Gold Field Information of Eti Mine AMOUNT OF RESERVE AVERAGE TENOR Proved (Ton):519,285 Proved (ppb):1,641 Probable (Ton):1,280,595 Probable (ppb):1,562 Possible (Ton):1,753,714 Possible (ppb):1,526 TOTAL:3,553,594 ton TOTAL:1,556 ppb  25

KEPSUT, BEYKÖY, BALIKESİR  26

Kepsut- Beyköy Area Information • 3,553,594 tons (proved, probable and possible) containing 1.556 gr/ton Au Total •  5.5 ton Metallic Gold Reserve • For open plants:90-95% For closed plants:75-85% • Average drilling depth: 270 m Operational Efficiency • 5 Years Operating Life  27

OTHER INVESTMENT OPPORTUNITIES IN TURKEY • the production of the high value added boron specialties, • ceramic, • insulating glass + textile fiberglass, • TFT-LCD Substrate Glass which promise an important growth potential.  28

Contact AB ETI PRODUCTS O.Y FINLAND Espoo ETIMINE SA, Bettembourg, LUXEMBOURG ETIMINE ASIA, ETIMINE, MARIO PILATO Shanghai, ETIMINE,TURKEY Pittsburgh, S.A, CHINA USA Ankara Valencia, SPAIN ETIMINE SRL, ITALY BOROCHEMIE INTERNATIONAL PTE.LTD., ASIAN AGRO CHEMICALS SINGAPORE CORPORATION, U.A.E AFRO-GLOBAL GROUP PTY.LTD. SOUTH AFRICA Saxonwold  29

Sivrihisar Reserve Fluoride Baryte Rare Earth Oxides Volume of Density Reserve Ore Zone Average Average Average (gr/cm 3 ) (tons) Reserve Reserve Reserve (m 3 ) Tenor, Tenor, Tenor, (tons) (tons) (tons) % % % Devebağırtan 1,799,833 6,554,351 39.23 2,571,352 28.92 1,895,990 3.67 240,464 3.64 Hill Küçük Höylü 3,797,185 13,973,640 41.75 5,835,210 35.37 4,942,598 3.27 457,036 3.68 Hill Canavar İni 3.72 1,325,146 4,929,543 27.75 1,368,243 25.92 1,277,997 2.65 130,619 Sırtı Kocatepe 799,880 2,527,620 28.49 720,228 20.63 521,497 2.55 64,437 3.16 Bağırtan Hill Köyyeri Hill 236,624 946,496 35.97 340,496 30.77 291,282 2.06 19,520 4.00 Yaylabaşı Hill 212,374 736,937 41.70 307,334 34.28 252,637 4.46 32,895 3.47 Kocayayla 3.86 178,674 689,681 32.65 225,212 35.15 242,423 1.25 8,617 Hill Total 3.64 8,349,716 30,358,268 37.44 11,368,075 31.04 9,424,424 3.14 953,588  30