Objective Capital's Africa Resources Investment Congress 2011 Ironmongers' Hall, City of London 14-15 June 2011 Day 1: Africa Resources Speaker: Hal Kent, Roulston Resource Opportunity Fund

1. AFRICA RESOURCES
INVESTMENT CONGRESS
Investing in african mining equities
Hal Kent – Roulston Resource Opportunity Fund
IRONMONGERS’ HALL, CITY OF LONDON ● TUESDAY-WEDNESDAY, 14-15 JUN 2011
www.ObjectiveCapitalConferences.com

2. Objective Capital Conferences
AFRICA RESOURCES CONGRESS
June 14 – 15, 2011
Castor Asset Management Ltd.
15 Toronto Street, Suite 205
Toronto, Canada
(416) 800-9138
Harold (Hal) Kent
Portfolio Manager, President / CEO
Presents:
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3. Objective Capital Conferences
AFRICA RESOURCES CONGRESS
June 14 – 15, 2011
Presentation Contents
Life-Cycle Of Junior Mining Share
S&P/ TSX Venture Exchange
Roulston Resource Opportunities Fund
Castor Asset Management Ltd.
LSE / TMX Merger Proposal
Current Events
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4. Life-Cycle Of Junior Mining Share
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5. Life-Cycle Of Junior Mining Share
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6. Roulston Resource Opportunities Fund
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7. Life-Cycle Of Junior Mining Share
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8. Life-Cycle Of Junior Mining Share
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9. Life-Cycle Of Junior Mining Share
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10. Life-Cycle Of Junior Mining Share
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11. Life-Cycle Of Junior Mining Share
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12. Life-Cycle Of Junior Mining Share
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13. Life-Cycle Of Junior Mining Share
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14. Life-Cycle Of Junior Mining Share
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15. Life-Cycle Of Junior Mining Share
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16. Life-Cycle Of Junior Mining Share
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17. Life-Cycle Of Junior Mining Share
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18. Life-Cycle Of Junior Mining Share
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19. Life-Cycle Of Junior Mining Share
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20. Life-Cycle Of Junior Mining Share
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21. Life-Cycle Of Junior Mining Share
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22. Life-Cycle Of Junior Mining Share
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23. Life-Cycle Of Junior Mining Share
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24. Life-Cycle Of Junior Mining Share
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25. Roulston Resource Opportunities Fund
Lawrence Roulston
Industry Experience (Over 30 years of experience in the mining industry)
•Analyst with major mining companies;
• Cominco Ltd. (a major metal producer, now part of Teck Resources Limited)
• McIntyre Mines Ltd. (operator of a major coal mining operation in Canada)
•Senior executive / management of exploration companies;
• manager, Pembina Resources (a Calgary-based mid-tier oil and gas production company, which was then part of the
Mannix family holdings)
• vice president, Ventures West Minerals (a group of mineral exploration and development companies)
• vice president, Coromandel Resources Ltd. (a mineral exploration company)
• president, Canmex Minerals Corp. (a mineral exploration company, part of the Lundin Group)
•Expert guest on financial television, radio, and speaker at investment and mining events.
•Expert witness in investment litigation.
Investment Experience
•From 1988 to 1991, Mr. Roulston was vice president and director of the Mintax Group which managed an investment fund that
invested in the mining industry.
•Editor of a highly-regarded mining investment publication, Resource Opportunities, an independent, subscriber-supported
newsletter with impressive 10-year track-record
Specialist Advantage
•Lawrence Roulston trained as a geologist at the Univ. of British Columbia and then gained hands-on experience in various facets
of the mining industry.
•For 12 years, focused exclusively on small resource companies
•Extensive due diligence includes frequent travel to conferences and site visits obtain first hand information
•Proven methodology for identifying and evaluating investment candidates.
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26. Roulston Resource Opportunities Fund
Investment Process
Selecting From An Extensive Investment Database
In 12 years of publishing an investment newsletter, Roulston and his team have developed an extensive internal
database of the mining investment universe and gained invaluable experience in company and project identification and
evaluation.
That wealth of information enables the Fund to select a short-list of the most suitable investment candidates from the
mining universe (rather than selecting from the candidates put forth by others). Many of the candidates that have not
yet been discovered by other analysts (and Funds) represent the best opportunities for gains from a low entry level.
Short-List
The investment universe is continually screened to develop short list of potential investment candidates. Working from
a comprehensive list of companies, due diligence efforts can best be focused in the best companies.
Detailed Review
For short list candidates a detailed review of public material, including websites and regulatory filings of financial and
technical reports is carefully reviewed. Evaluation includes meetings with management as well as geological and
engineering staff and site visits, where warranted. In the absence of site visits, reviews include independent reports and
conferences with independent consultants.
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27. Roulston Resource Opportunities Fund
Investment Process Cont’d
Evaluation Criteria
The search process is directed to finding companies that can add value to a mineral project in the context of the current metal
price outlook. The project must have sufficient size potential to attract the interest of a larger mining company. The management
team must have the appropriate skills and motivation to advance the project and they must have the credibility in the investment
community to enable them to secure financing on suitable terms. The project must be in a location and in a jurisdiction where
mine development is feasible. The project must meet key technical criteria with regard to matters such as metallurgy as well as
permitting and other environmental and social issues.
External Opinions
Independent technical reports are a critical aspect of the review process (Canadian-listed companies are required to obtain
comprehensive reports from qualified professionals at various stages of the exploration and development process.) Opinions of
other analysts, via formal reports and informal discussions are also considered.
Develop Market Strategy
Based on the individual characteristics of the company, a strategy is developed to initiate investment, determine a suitable
investment price, and determine the way to acquire a position: private placement, market purchase, or negotiated block.
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28. Roulston Resource Opportunities Fund
Evaluation Criteria
People
Company management is paramount to the success rate of exploration and early production mining companies. Having the basic
skill set is only the first step in evaluating management. The most successful people have an element of motivation that is best
identified through personal meetings. Having a high level of credibility in the industry is important, as management must be able
to effectively communicate with investors in order to secure funding.
Property
Geology of the Property as well as the location and access to infrastructure are critical to the viability and profitability of any
resource company. The project must have a geological setting permissive of large size in order to attract the interest of the larger
companies.
Financial
An analysis of the company’s share structure, cash on hand, and access to capital (equity and/or debt). The company must be
able to secure equity financing on suitable terms in order to add shareholder value.
Regulatory/Political Environment
An assessment of the external risks to project development. Permitting delays can be more costly to shareholders than hostile
government actions. The manner in which a company handles its relations with local regulators can be critical to success.
Metallurgy
Ability to economically extract metal from ore is often poorly understood in resource evaluation. Roulston and his team
understand this key component in the evaluation process.
Engineering / Development
Estimates of capital, revenues, and operating costs. Roulston has years of experience in resource project modeling and analysis.
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29. Roulston Resource Opportunities Fund
Evaluation Criteria
Investment Strategy
•The primary emphasis will be small producers that have expansion plans, emerging production companies, and companies
with advanced-stage metal deposits which are judged to have good prospects of advancing toward production.
•More than 90% of the fund will be invested in companies that have a metal deposit in hand. Most will have formal resource
estimates. Projects that have not yet had a formal resource estimate but which have drill results suitable for an approximation
of size and grade will also be considered, as projects at that stage offer the greatest upside potential.
•Up to 10% of the Net Asset Value of the Fund may be allocated to exploration companies that have projects and other
characteristics that demonstrate potential to enhance the value of early-stage metal projects. Such an investment would seek
to capitalize on specific attributes such as proven exploration success and/or management capability or an exceptional
circumstance related to the project or property.
•Concentration on publicly traded companies. The Fund maintains a 3% allocation to private holdings, where an IPO or liquidity
event is believed to be imminent.
•Flexibility to invest in any mined resource at discretion of management team;
•Precious metals - gold, silver, PGM group metals, etc.
•Base metals – copper, nickel, lead, zinc, etc.
•Uranium.
•Rare earth minerals.
•Other specialty metals.
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30. Roulston Resource Opportunities Fund
Investment Manager
Castor Asset Management
•Licensed Investment Fund Manager / Portfolio Manager
•Registered with Canada’s principal securities regulator (Ontario Securities Commission)
Castor Asset Management Ltd. (“Castor”) is a Toronto, Canada based Investment Funds Manager. Castor was formed to provide
both international and domestic investors with access to unique and differentiated investment products that feature proven
proprietary investment management techniques but also, and importantly, provide access to the skills and often unconventional
perspectives originating from the development and/or sponsorship of emerging managers and organizations.
Harold Kent, MBA, CIM - President / CEO and Portfolio Manager
•Past Portfolio manager to;
• DKAM Capital Ideas Fund LP
• DKAM Financial Services Venture Fund
• ACCL Multi-Strategy Fund
• All-Canadian Resource Fund
• All-Canadian Capital Fund
•20+ years financial Industry Experience
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31. Castor Asset Management Ltd.
Company Overview
• Founded in 2010. Regulated in Canada by Ontario Securities Commission (Principal regulator).
Business Plan
• Provide Intl. investors access to Canada via core multi-sector Canada Allocation Fund and a complementary
suite of specialized funds with new managers and/or unconventional themes or strategies. Both Canadian and Global.
• Roulston Resource Opportunities Fund example of new fund with direct from industry/unconventional inputs.
Management Style Canadian Industries by # of companies and market cap %
• Top down – Bottom up manager that doesn’t ignore fundamentals. Consumer
Utilities (49) Telecommunication
2% Services (30)
• Generalist due to wide range of experience. Has managed financial services,
3%
Discretionary (224)
Consumer 4%
Staples (89)
resources, alternative energy, large-cap, small-cap, growth and value. 3%
• Similar experience from sales-desk . Materials (1617)
25%
• Won ‘Best new Hedge Fund” award in 2009 award for multi-sector small-cap. (1)
• Sector rotation strategy works well in Canada as 3 sectors make up 75% of mkt. cap. Energy (626)
Information
Technology
27%
is Financials, Energy, Materials (core of investment management experience) Industrials (233)
5%
(287)
3%
• Favours businesses with ‘moats’ and structural advantages. Plenty in Canada.
Healthcare (188)
• Consideration to style and capitalization 1%
Financials (392)
27%
•Challenges
• Sales and marketing of new funds into new markets despite new funds/managers Canadian Sectors by Market
outperforming established ones. Capitalization.
• Overcoming agency conflicts at investor decision-making level.
(1) Best New Hedge Fund in Canada from KnowledgeSuites/Hedge Fund Hotel for DKAM Capital Ideas Fund
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32. S&P/TSX Venture Exchange – Monthly Returns
Jan Feb Mar April May June July Aug Sep Oct Nov Dec
2002 7.9% 0.0% 6.1% -2.4% 6.8% -6.4% -11.9% 0.1% -6.9% -3.8% 5.0% 11.8%
2003 4.0% -0.9% -4.3% -1.4% 4.4% 1.2% 10.0% 8.4% 5.8% 12.3% 8.0% 3.6%
2004 -0.7% 8.6% -0.8% -11.2% -3.2% -2.5% -4.0% 1.1% 6.9% 0.0% 7.6% 4.1%
2005 -1.6% 11.1% -5.5% -9.7% -3.1% 4.6% 4.5% 6.6% 12.3% -7.7% 2.8% 9.1%
2006 14.3% -0.9% 15.1% 6.5% -8.6% -7.1% -0.8% 4.2% -9.0% 3.9% 9.9% 5.5%
2007 -1.6% 7.9% 0.5% 2.5% -0.7% -2.1% 0.6% -17.1% 8.9% 8.7% -12.7% 3.8%
2008 -9.7% 8.5% -9.5% -2.5% 8.2% -0.8% -15.6% -10.8% -28.7% -35.3% -16.3% 4.0%
2009 10.7% -2.4% 11.0% 5.5% 11.4% -2.9% 8.0% -0.4% 8.7% 1.1% 9.6% 7.5%
2010 -1.9% 2.6% 3.0% 6.2% -9.5% -6.5% 0.8% 5.1% 13.9% 14.2% 6.3% 10.4%
2011 -0.6% 5.1% -4.0% -1.9% -7.0% n/a n/a n/a n/a n/a n/a n/a
Average 2.1% 4.0% 1.2% -0.8% -0.1% -2.5% -0.9% -0.3% 1.3% -0.7% 2.3% 6.6%
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33. S&P/TSX Venture Exchange – Monthly Returns
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34. Roulston Resource Opportunities Fund
Service Providers
Fund Administrator
Harmonic Fund Services is an independent financial services firm that specializes in the global
alternative investments industry. They provide comprehensive fund services from offices in Grand
Cayman, Toronto, and Geneva.
Prime Broker / Custodian
Bank of Montreal (BMO Capital Markets) is one of Canada’s ‘Big 6’ Schedule A banks included in the
World Economic Form’s ratings is the most stable banking system for the second consecutive year.
BMO also is the top rated securities research firm in Canada.
Auditor
As one of the global ‘Big Four’ audit firms, KPMG operates as an international network of member
firms offering audit, tax and advisory services. We work closely with our clients, helping them to
mitigate risks and grasp opportunities.
Legal Counsel (Cayman Islands)
Walkers is internationally recognised as having one of the leading offshore investment fund
practices, advising many of the world's most prominent asset managers, fund promoters and
institutional investors.
Legal Counsel (Canada)
London-based World Finance magazine named Stikeman Elliott as the 2008 Best Corporate &
Commercial Team in Canada and Chambers Global identifies it as one of Canada's two top-tier
Corporate/M&A practices
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35. Roulston Resource Opportunities Fund
Independent Directors
To Mitigate Against Operational Risk - Independent Directors with Strong Operational / Legal Background
Martin Laidlaw,
•20+ years in Offshore Fund Administration.
•Director and Head of Fund Services at CIBC Bank & Trust Co. (Cayman) Ltd.
•Founding Member of Cayman Islands Fund Administrators Association.
•Currently Managing Director of Cayman Islands based Fund Administrator.
Anthony Baker,
•Called to the Bar in 1985.
•Formerly Intl. Corporate Finance for UBS, NatWest, and IndoSuez Group in London.
•Formerly Maples Finance (Cayman). Engaged in structured finance and capital markets.
•Former Director Ogier Fiduciary Services (Cayman) Ltd.
•Currently involved in capital market activities for local & overseas companies, governments, and statutory authorities
Independent Mining Consultation - Independent Directors with Strong Operational Background
Michael Legg
•Mineral Resources Investment Consultant – Switzerland
•> 45 years’ international mineral resources experience
15 years’ exploration, mine geology & production in Africa, Ireland and Canada
13 years’ in resource project banking and management consulting (Canada)
10 years’ as mine finance and management consultant mostly in former Soviet Union
2 years’ in executive management of two Canadian junior exploration companies
3 years’ as mineral resources investment consultant, Canada and Switzerland
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36. Roulston Resource Opportunities Fund
Security of Investor Capital
The investor’s capital remains within a secure loop including the Fund Administrator and the Prime Broker / Custodian. The
Investment Manager does not have access to the invested capital at any time.
Subscription.
Fund
Prime Broker Investment
Adminis
/ Custodian Manager
trator
The investment Manager executes directly with the Prime Broker.
Investor
Fund Prime
Administra Broker /
tor Custodian
Redemption.
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37. Roulston Resource Opportunities Fund
Fund Information
Minimum Subscription: $125,000 Management Fee: 1.5%
Currency Denomination: Canadian Dollars Performance Fee: 15% of net new profits
Liquidity: Quarterly with 60 days notice High-Water Mark: Yes. No reset.
NAV Calculation: Monthly Reporting: Monthly
No gates or hold periods. ISIN # KYG7677A1076
No commissions or loads. CUSIP # G7677A 107
Contact;
Roulston Resource Opportunities Fund Castor Asset Management Ltd.
c/o Harmonic Fund Services 15 Toronto Street
Cayman Corporate Centre Suite # 205
4th Floor, 27 Hospital Road Toronto, Canada
P.O Box 940 GT M5C 2E3
George Town, Grand Cayman KY1-1102 Phone (416) 800-9138
Cayman Islands hkent@castorassetmanagement.com
Phone (345) 949-0090
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38. Roulston Resource Opportunities Fund
Disclaimer
This presentation is made on a confidential basis to selected sophisticated institutional, high net-worth individual s or organizations, sovereign
wealth funds, Fund of Funds, family office, or similar type entities. It must not be copied or disclosed to anyone except to personnel and professional
advisors of the recipient on a confidential, need-to-know basis. This presentation does not constitute an offer nor a solicitation of a transaction or
investment, a promotion or recommendation of the purchase or sale of any security. All investments in securities entail an element of risk and may
not be suitable for certain investors. The information contained herein does not purport to be complete or current or to cover all the information or
risk factors which a recipient may need to reach an investment decision, and it does not take into consideration the investment objectives , financial
situation , sophistication, investment experience or particular needs of any potential investor. Investors should always refer to the Private Placement
Memorandum for detailed information and any investment decision must be made solely on the basis of the information contained in the Private
Placement Memorandum in its final form and/or the definitive agreement relative to the investment, the information in which may be materially
different from the information in this presentation. Each recipient should conduct its own independent investigation and assessment of the
investment opportunity discussed herein, with particular attention paid to the information on risk factors. The contents of this presentation have
not been reviewed by any regulatory authority.
Investment is subject to significant risks of loss of income and capital, and will be subject to restrictions on transfer. Unless other wise noted, there
will be no public market for investments in this issuer and the securities will not be negotiable on the capital markets. Accordingly, investors should
regard this investment as illiquid . There can be no assurance that the targeted returns, results, diversification, capitalization or asset allocations
will be met or that the issuer referenced herein will be able to implement its investment strategy and investment approach or achieve its investment
objectives. Actual investment performance will depend on future operating results, general market conditions, and a variety of other factors.
Past performance should not be seen as an indication of future performance.
Statements contained in this presentation that are not historical facts are based on current expectations, estimates, projections, opinions and
beliefs. Such statements involve known and unknown risks, uncertainties and other factors, and past results are not necessarily indicative of future
performance. In addition, this presentation may contain forward-looking statements.‖ Actual events or results or actual performance may differ
materially from those reflected or contemplated in such forward-looking statements. Certain economic, market and other information contained
herein may have been obtained from published sources prepared by third parties or from the issuer referenced herein and in certain cases may not
have been updated through the date hereof. While such sources are believed to be reliable, neither Castor Asset Management Ltd., nor the
Roulston Resource Opportunities Fund Ltd., assumes any responsibility for the accuracy or completeness of such information.
With respect to materials distributed by Castor Asset Management Ltd., Castor Asset Management Ltd. is not acting for or advising the recipients of
this document or any other person except the issuer referenced herein, and is not responsible for providing them with the protections which would
be given to those who are clients of Castor Asset Management Ltd. under Canadian securities laws.
As the underlying security referenced in this presentation is not available for purchase to citizens or residents of Canada or the United States, this
presentation does not constitute an offer nor a solicitation of a transaction or investment, a promotion or recommendation of the purchase or sale
of any security to such persons, or any other, and may only be viewed for information purposes.
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39. LSE / TMX Proposed Merger
Participants and Background
Implications
Why It Won’t Happen
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