Franco-Nevada is a gold-focused royalty company with additional interests in platinum group metals, oil and gas and other assets. We are the leading gold royalty company with the largest gold royalty revenues. The majority of our revenues are derived from a diversified portfolio of high-quality royalty properties located in North America. Franco-Nevada also holds a pipeline of assets which have the potential to generate future royalty revenues but which are currently under development or in the exploration phase. As of mid 2010, the royalty portfolio consists of approximately 311 royalty interests diversified over a range of commodities and stages from exploration through to operating.Our royalty portfolio generates high-margin free cash-flow with lower exposure to operating and capital costs than operating companies. The portfolio also provides us with direct leverage to commodity prices and the exploration potential of world-class ore deposits and mineral exploration trends where we have existing royalty interests. Management has proven successful in both acquiring and creating new royalties along with managing our growing portfolio of assets. We intend to utilize our free cash-flow to grow the portfolio and to pay dividends. We believe that a portfolio of royalty interests provides our shareholders with a higher risk-adjusted return through the commodity cycle than direct operating interests.

United States Antimony Corporation engages in the production and sale of antimony and zeolite products in the United States. The company offers antimony oxide that is primarily used in conjunction with a halogen to form a synergistic flame retardant system for plastics, rubber, fiberglass, textile goods, paints, coatings, and paper. Its antimony oxide is also used as a color fastener in paints, as a catalyst for the production of polyester resins for fibers and films, as a phosphorescent agent in fluorescent light bulbs, and as an opacifier for porcelains. The company also offers various grades of sodium antimonite, which is principally used as a fining agent for glass in cathode ray tubes used in television picture tubes, as well as a flame retardant; and antimony metal for use in bearings, storage batteries, and ordnance. In addition, it offers zeolite, which is used for various purposes, including soil amendment and fertilization, water filtration, sewage treatment, nuclear waste and other environmental cleanup, odor control, gas separation, and animal nutrition. The company was founded in 1968 and is based in Thompson Falls, Montana

Philex Gold Inc. is a Canadian mineral exploration company active in the Philippines. Its interests include the Silangan Project (formerly Boyongan Project) on Mindanao Island. A joint venture with Anglo American Exploration (Philippines), B.V.(Anglo) led to the discovery of the Boyongan copper-gold porphyry deposit in 2000 and the Bayugo in 2003. Philex Gold operated the Bulawan gold mine from 1996 until 2002, and owns a number of gold prospects throughout the Philippines. The Philippines have a long history of mining and one of the highest mineral endowments in the world, but have undergone minimal exploration in recent years. Philex Gold Inc. Company was created in 1996. Prior to the incorporation of the Company, the Company's business was operated as a division of Philex Mining Corporation (PMC). In 1996 the gold operations of PMC were transferred to a subsidiary, Philex Gold Philippines, Inc. (PGPI) in exchange for 100% of the issued and outstanding capital stock of PGPI. The Company then acquired all of the outstanding shares of PGPI.As a result of this reorganization, the Company became the successor-owner of substantially all of PMC's gold properties in the Philippines.

Sumitomo Metals is at the forefront of the Japanese seamless pipe industry. In 1998, despite a sluggish oil industry activity, as well as a trend of strategic restructures among tubular manufacturers, Sumitomo Metals concentrated all of its proprietary technology in the construction of a state-of-the-art medium size seamless pipe making plant This plant besides being extensively automated, inaugurated numerous innovative technologies developed in house represented by the High-Toe-Angle Piercer, dinamically adjustable sizer, inline heat treatment and so on.In 1999, the new steel making plant, which is another embodiment of SMI technology, was constructed next to the medium size pipe making plant and directly connected to it, to become the world's first in line pipe making process.Thanks to these best-in-class facilities, Wakayama Steel Works boasted quality and productivity, and consolidated Sumitomo Metals' position as the leading pipe technology company.Besides Wakayama Steel Works where Carbon steel, low alloy steel, and martensitic stainless steel grades are produced, Sumitomo Metals operates another seamless pipe manufacturing plant, Amagasaki Tube Works which has been fulfilling the majority of CRA OCTG worldwide demand of such as Duplex stainless steel and Nickel based alloy.Sumitomo Metals has historically been the leading pioneer in developing high performances OCTG and a number of Major Oil and Gas companies have selected Sumitomo Metals as a long term partner.The Company's large diameter welded pipes produced in Kashima Steel Works have been deployed all over the world in oil and natural gas pipelines. In the domestic boiler tube market, Sumitomo Metals fulfills approximately 80% of the demand for the main tubes of thermal power generation plants and for boiler tubes used in large-scale industrial projects. Our electric-resistance welded pipe sector has been integrated into Sumitomo Pipe&Tube Co., Ltd. operations in 1999.Sumitomo Metals Pipe and Tube company together with Sumitomo group sister companies have built a world-wide reputation of quality and innovation as a manufacturer of critical application tubular used across a number of industries.

Kumba Iron Ore Limited, a member of the Anglo American plc group, is a leading value-adding supplier of the highest quality iron ore to the global steel industry. The South African based company is the fourth largest supplier of seaborne iron ore in the world, exporting more than 34 million tonnes per annum to steelmakers in Europe, the Middle-East, and Asia. Kumba has reserves of more than a billion tons of high quality haematite.Kumba Iron Ore Limited company operates two opencast mines in South Africa – Sishen Mine and Thabazimbi Mine. Together they produce more than 40Mt of iron ore per annum (Mtpa), which accounts for 81% of South Africa’s total production and around 4% of the global seaborne trade. The combined reserves of these mines exceed one billion tons of high quality iron ore.An expansion project named Kolomela, which uses jig technology, is ramping up to reach a capacity of 13Mtpa in 2010. A new greenfields project will supply an additional 9Mtpa by 2013.Thabazimbi Mine’s product is sold exclusively to ArcelorMittal South Africa.In 2008 Kumba received a new order mining right to proceed with the Kolomela project and converted old order mining rights for the existing Sishen and Thabazimbi mines. Receiving these rights enabled the company to focus on the extraction of the resources and significantly strengthened business security.Kumba has been exporting iron ore to Europe and Japan since 1976 and has established enduring relations with the most significant steel mills in these countries. These customers regard Kumba as a strategic supplier of superior iron ore that enhances their furnaces’ efficiencies. The company was also a “first mover” into China by investing in the port of Qingdao in the early 1990s. This enabled Kumba to secure its customer base in Northern China and to take full advantage of the remarkable growth in the Chinese steel industry when production quadrupled during the commodities boom of 2000 – 2008.

In 1917, Agnes and H.C. Greer recognized a need for high-quality cold rolled strip steel. Their solution: build a state-of-the-art manufacturing facility and produce the best quality strip available.From there, the Greer Steel Company grew into one of the most respected producers of cold rolled strip steel in the U.S. Greer Steel's immersion into our customers' businesses creates the type of relationship that is rare these days. Back when the Greers started this company, they built it one customer at a time.By paying attention to the details and listening to their customers’ needs, they built true relationships.Today, Greer Steel not only remains a leader in cold rolled strip quality but is an extraordinary resource for products and services that provide you with more efficient production, more satisfied customers, and more profit.

Freegold Ventures Limited is a North American gold exploration company. Current projects include Golden Summit, Rob and Vinasale. On the Golden Summit Project in Alaska, exploration discovered new high-grade veins and bulk tonnage shear zones. At Freegold's Rob project drilling insected high-grade gold mineralization. Exploration was also undertaken on the Vinasale Gold deposit in an effort to expand the known 920,000 historical gold resource (not 43-101 compliant).

Pan American Silver Corp. was founded in 1994 with the intention to provide investors with the best vehicle to gain real exposure to higher silver prices. Today, after 13 years of consecutive production and financial growth, Pan American owns and operates seven silver mines in Peru, Mexico and Bolivia. The Company’s eighth mine, Manantial Espejo, in the southern Argentinean province of Santa Cruz commenced production in December 2008. Pan American has also finished construction of a 750 tpd processing facility at the San Vicente mine, in the silver-rich Bolivian province of Potosi. Pan American's mission is to be the largest and lowest cost primary silver mining company, and to achieve this by constantly increasing silver production and silver reserves. The Company’s growth strategy is based on the continued increase of low cost silver production through the efficient operation and expansion of its existing mines, an aggressive exploration program and the acquisition and development of new silver-rich deposits. The Company has an industry-leading team of professionals with a wealth of experience in operations, construction, exploration and financ

Mexico's largest mining company, Grupo Mexico is the world's #3 copper producer, behind Chile's Codelco and Freeport-McMoRan Copper & Gold of the US. The company's mining segment (more than 75% of sales) has operations in Mexico (Minera Mexico), the US (ASARCO), and Peru (75%-owned Southern Copper). The segment mines and refines copper, silver, zinc, molybdenum, lead, and other metals, as well as coal. It also produces intermediate copper products (cathodes and rods) and sulfuric acid. The company's Ferroviario Mexicano (Ferromex) rail transport division operates Mexico's largest rail fleet (15,000 railcars) and has 6,000 miles of track. The company was founded as a construction company in 1942.

Since discovering a major nickel oxide deposit at Dutwa in Tanzania, African Eagle is in transition from an explorer into a nickel company. The Company completed a positive scoping study on the Dutwa deposit in July 2009 and is now working towards a feasibility study. In addition to Dutwa, African Eagle is also evaluating a second promising nickel oxide at Zanzui, which is located 60 km from Dutwa. The Company holds a 49% interest in the Mkushi Copper Mines joint venture in Zambia, for which a draft feasibility study was completed in Q4 2008. It also holds a half million ounce gold resource at the Miyabi project in Tanzania, and a portfolio of gold and base metal exploration assets, including two projects in the Zambian Copperbelt. We currently have operations in Tanzania, Zambia, Mozambique.

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