Natural Resources Group

1. Natural Resources Group
Audit | Tax | Advisory

2. Crowe Clark Whitehill 2
Crowe Clark Whitehill LLP - UK

3. Crowe Clark Whitehill 3
Crowe Horwath International
9th largest global network of independent audit and advisory services firms in the world
International Accounting Bulletin (IAB)

4. Crowe Clark Whitehill 4
Services to natural resources companies

5. Crowe Clark Whitehill 5
Team experience in the mining sector (1 of 2)
Our team members have extensive experience of the mining sector including:
• Reporting accountant to the reverse acquisition and re-admission to AIM of the owner of a producing gold mine which contains
680,000 ounces of gold reserves and 4.3 million ounces of gold resources.
• Reporting accountant to £5 million placing and admission to AIM of a diamond mining and exploration company with two
alluvial projects in production in Guinea, and rights over four high-grade kimberlite projects in Sierra Leone and Guinea at
various stages of development
• Reporting accountant to placing and introduction to AIM of a junior resource company currently the holder of the largest area of
gold mineral exploration ground in Guinea
• Reporting accountant to fast track introduction to AIM of an ASX listed resource company with uranium, gold, copper and other
base metal interests in Namibia.
• Audit of UK Full List company with zinc-copper-lead deposit in North Wales with a total historical resource in excess of 7
million tonnes at over 9% combined copper, lead and zinc and a substantial interest in a TSX listed miner of iron ore deposits
in western Labrador and north-eastern Quebec.
• Group audit of a UK based AIM listed exploration company with a portfolio of high quality concessions prospective for high-
grade epithermal gold and silver in Nicaragua and El Salvador in Central America
•
• Audit of an emerging near-term thermal coal production and development company with assets in South Africa of over 1.8
billion tonnes of JORC compliant coal resources across three thermal coal projects and two coking coal projects.
• Audit of a mining company with copper exploration and development projects in the Democratic Republic of Congo.

6. Crowe Clark Whitehill 6
Team experience in the mining sector (2 of 2)
Our team members have extensive experience of the mining sector including:
• Tax structuring of an AIM listed group with diamond mining and development interests in Botswana and Lesotho.
• Tax advice to an AIM and TSX listed gold mining and exploration company involved in the evaluation, development and mining
of gold deposits in Brazil.
• Tax advice to AIM listed company with copper and gold exploration tenements in the Solomon Islands and Australia.
• Tax advice to an AIM and Botswana Stock Exchange listed copper production and exploration company, currently focused on
Botswana.
• Tax advice to a AIM and TSX listed junior mining company copper and gold mining assets in Newfoundland and Labrador,
Canada.
• Financial due diligence in support of a €7.1 million fundraising for a company quoted on the Open Market of the Frankfurt Stock
Exchange and engaged in the exploration and development of rare earths with a principal asset in north-western Madagascar.

7. Crowe Clark Whitehill 7
Team experience in the oil & gas sector
Our team members have extensive experience of the oil & gas sector including:
• Reporting accountant to £11 million placing and introduction to AIM of a company providing patented oil-in-water emulsion
fuels to its downstream clients.
• Reporting accountant to £42 million placing and introduction to AIM of an oil & gas company with exploration interests in
onshore Mozambique and offshore Mozambique, Kenya and Tanzania.
• Group auditor to a UK Full List upstream international oil & gas company whose assets are principally in India. Its portfolio
includes a blend of exploration, appraisal, development, and production assets.
• Group audit of a UK AIM listed independent oil & gas exploration company with a portfolio of exploration and production assets
in Italy and Indonesia
• Group audit of a UK AIM listed company developing a major underground natural gas storage facility in northern Italy, as well
as upstream oil & gas resources in Italy and Tunisia.
• Group audit of a UK AIM listed company providing patented oil-in-water emulsion fuels to its downstream clients.
• Group audit of a UK AIM listed oil and gas engineering company based in Aberdeen. The company has developed and
patented a method of engineering for oil and gas field wellheads and connectors.
• Audit of a private company engaged in trading, lifting, bunkering of crude oil and petroleum products, tanker, and vessel
broking and related activities in Nigeria.

8. Crowe Clark Whitehill 8
Capital markets
• Since January 2005, members of our Capital Markets Team have acted on 112 capital markets
transactions, including 83 completed AIM transactions.
• Transactions include IPO’s, introductions, secondary fundraisings, acquisitions and reverse take overs.
• Geographically, we have worked with companies operating in Australia, Brazil, Canada, China, CIS, El
Salvador, Fiji, Germany, Guinea, Hungary, India, Indonesia, Madagascar, Malaysia, Mexico,
Mozambique, Namibia, New Zealand, Nicaragua, Philippines, Poland, Sierra Leone, Singapore, Spain,
Tanzania, UK and USA.
• Our sector experience includes mining, oil & gas, alternative fuels, property, general financials, food
production, leisure goods, manufacturing, media, software, support services, technology,
telecommunications and travel.

9. Crowe Clark Whitehill 9
Recent transactions
Tantalus Rare Earths AG – fundraising - April 2011
Tantalus Rare Earths AG is a German incorporated holding company whose subsidiaries are engaged in the exploration
and development of rare earths. Its principal asset is an exploration project located in north-western Madagascar and its
shares are quoted on the Open Market of the Frankfurt Stock Exchange. Crowe Clark Whitehill LLP carried out financial
due diligence in support of two share subscriptions to raise in aggregate €7.1 million in April 2011.
"Crowe Clark Whitehill brought a pragmatic and commercial approach to our fund raising which
contributed greatly to its successful outcome.”
Paul Richards, Executive Director, Tantalus Rare Earths AG
Sovereign Mines of Africa Plc – placing and admission to AIM – July 2011
Sovereign Mines of Africa Plc is a junior resource company focused on unlocking the vast mineral resource potential of
the African continent in partnership with African governments. It has entered into partnership with the Government of the
Republic of Guinea, which assisted the company in the selection of its permit areas, and Sovereign is currently the
holder of the largest area of gold mineral exploration ground in Guinea. Crowe Clark Whitehill LLP acted as reporting
accountant when its shares were admitted to trading on the AIM market of the London Stock Exchange in July 2011.
"Crowe Clark Whitehill acted as reporting accountant to our recent fund raising and admission to AIM.
The team was pro-active and responsive and I would certainly recommend them to other resources
companies."
Nathan Steinberg, Finance Director, Sovereign Mines of Africa Plc

10. Crowe Clark Whitehill 10
Natural Resources team
Stephen Bullock – Partner, Head of Natural Resources
Tel: + 44 (0) 207 842 7166 Mobile: +44 (0) 7714 700 657
Email: stephen.bullock@crowecw.co.uk
Paul Blythe – Director, Corporate Finance
Tel: +44 (0) 207 842 7231 Mobile: +44 (0) 7876 282 728
Email: paul.blythe@crowecw.co.uk
David Mellor – Partner, Tax
Tel: + 44 (0) 207 842 7391 Mobile: +44 (0) 7801 140 568
Email: david.mellor@crowecw.co.uk
Robin Stevens – Partner, Corporate Finance
Tel: +44 (0) 207 842 7282 Mobile: +44 (0) 7787 112 059
Email: robin.stevens@crowecw.co.uk
Leo Malkin – Partner, Audit
Tel: + 44 (0) 207 842 7245 Mobile: +44 (0) 7795 554 932
Email: leo.malkin@crowecw.co.uk
Matthew Stallabrass – Partner, Audit
Tel: + 44 (0) 207 842 7212 Mobile: +44 (0) 7736 659 186
Email: matthew.stallabrass@crowecw.co.uk
Joseph Archer - Senior Manager, Audit
Tel: +44 (0) 207 842 7248 Mobile: +44 (0) 7500 869 482
Email: joseph.archer@crowecw.co.uk

11. Crowe Clark Whitehill 11
Crowe Clark Whitehill LLP
Chartered Accountants
St Bride’s House
10 Salisbury Square
London EC4Y 8EH
UK
Tel: +44 (0) 20 7842 7100
Fax: +44 (0) 20 7853 1720
www.croweclarkwhitehill.co.uk
www.crowehorwath.net
Authorised and regulated by the Financial Services Authority