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.

VSMPO-AVISMA (formerly Verkhnaya Salda Metallurgical Production Association if that helps at all) is a leading producer of titanium and magnesium alloys, including ingots and mill products. The Russia-based company also produces aluminum alloys, ferrotitanium, and other metal products. Subsidiary Tirus distributes products throughout Europe and North America, as well as provides services such as cutting, heat treating, precision grinding, and machining to customer specifications. Its NF&M International unit makes titanium billet and bar stock. VSMPO-AVISMA exports about 70% of its produced titanium; customers include leading aerospace companies such as Airbus, Rolls-Royce, Pratt & Whitney, GE, and Boeing.

Denman & Davis customers are saving money when it comes to steel.As the largest independent, general-line steel service center in the Northeast, Denman & Davis offers a complete selection of carbon, alloy, and stainless steel in plate, sheet, bars, structurals, and tubing. We are also experts at sourcing unusual metals on short notice. Most importantly, we work side-by-side with customers to uncover new ways to eliminate processing steps, speed delivery, and simplify assembly. Whether it’s through our advanced technology, just-in-time delivery, or value added services that result in products burned to size – pre-drilled, scored, or marked – for off-the-shelf assembly…Denman & Davis works tirelessly to reduce your costs.While reducing your total steel expenditure is one of our biggest advantages, we also keep a tight grip on quality – from the incoming mill shipment to the documentation that we complete upon delivery. We utilize the most sophisticated processing technologies like our advanced CAD/CAM system, which feeds customer files directly into our computerized multi-torch cutting machinery for precise accuracy. But, when it comes to quality, there’s no better judge than you. So, we invite you to drop by any of our various service centers to see for yourself.

Aguila American Resources is actually a Canadian company that calls Peru home. Aguila American Resources explores and develops precious and base metals primarily at its Anogstura gold property in Peru. The mining project consists of nine concessions and two claims and is located in a mountainous area in the Department of Apurimac in southern Peru. None of Aguila American Resources' projects are in production. It also has an option to purchase 70% of 10 uranium exploration permits in Niger. Aguila American Resources was formed in 1997.

Columbus Stainless sees the world as flat and without stain. Columbus Stainless company manufactures stainless steel flat products, which are used in various forms, such as automotive exhaust tubing, gas cylinders, safety belt buckles, and the everyday kitchen sink. The South African market accounts for about 25% of sales. The rest of the company's sales are derived from the Americas, Europe, the Far East, and the Middle East. Customers of the company's exhaust and catalytic converter systems include Chrysler, Ford Motor, and Toyota. Spain's Acerinox owns about 76% of Columbus Stainless.

Magna Mining NL is a Western Australian based exploration company with significant projects located in Namibia and Western Australia.Magna Mining Company is actively exploring for industrial minerals, precious metals, base and rare metals, precious and semi-precious stones. It will continue to identify exploration targets both nationally and internationally.Magna aims to become a significant minerals producer.

The Doe Run Company assures us that no female deer are harmed in the production of its metal products. The fully integrated company is primarily involved in the entire lead production process, from mining to milling to smelting and refining. It is also engaged in the recycling and fabrication of lead and lead products. The company's recycling unit handles about 150,000 tons of lead annually. Doe Run has operations in Arizona, Missouri, and Washington. The Doe Run company also has an affiliate, Doe Run Peru, which mines lead and other nonferrous metals in Andes region. It's a part of the Renco Group, which also owns a stake in auto maker AM General among several other businesses.

Anshan Iron and Steel Group Corporation (Ansteel) is situated in Anshan, Liaoning Province. The Anshan area abounds with the rich iron ore resources. The proved reserves make up one fourth of the total reverses in the country. Additionally, the rich magnesite, limestone, claystone, manganese are distributed over the Anshan area, which are the uncommon auxiliary materials for the metallurgical industry. Anshan has convenient communications. Zhong-Chang railway and Shen-Da expressway pass through the urban area of Anshan, linking with Dalian Port, Yingkou Port and Bayuquan Port in the vicinity and opening into the world.Initially came into being in 1916 and grew out of Anshan Ironworks and Shouwa Steelworks, Ansteel was established in 1948 and rebuilt into an earliest large-sized iron and steel production base in New China, thus having the reputation of the cradle of the Chinese steel industry and the eldest son of the Republic’s steel industry.Ansteel has made great contribution to the national economic construction. In 60 years, Ansteel cumulatively produced 375 million tons of pig iron, 381 million tons of raw steel and 277 million tons of rolled steel, and paid the tax and profit of 124.5 billion yuan, equivalent to 23 times of the State’s investment for Ansteel, and also delivered nearly 60000 outstanding cadres, engineers, technicians and skilled workers to the various parts of the country and provided the training of more than 11 thousand people across all kinds of talents.After the 60 years construction and development, Ansteel has formed a development pattern of three major production bases respectively located in Anshan, Bayuquan and Chaoyang, with an annual integrated capacity of 25 million tons of pig iron, raw steel and rolled steel, which are the production bases for leading products and high-quality rolled steel, mainly including the auto sheet, electric household appliance sheet, container plate, ship plate, heavy rail, oil tubing, pipeline plate, vessel plate, cold-rolled silicon steel, etc. Ansteel can produce 16 types, 120 sub-types, 600 steel grades and 42000 specifications of steel products which are widely used in various fields of the national economy. Ansteel has the certification of ISO 9002 Quality Management System, the certification of ship plates by the classification societies of nine countries, the API approval of oil country tubing, certificate for building materials of Approval for CE Marking by Lioyd's Register Quality Assurance, and the certifications of ISO 14000 Environment Management System and GB/T28001 Occupation Safety and Health Management System.

Gold Reserve Inc. has history in mining dating back to 1956 and was formed for the purpose of acquiring, exploring and developing mining properties and placing them into production. Consistent with that strategy, the Company in 1992 acquired and began developing what is now known as the Brisas gold and copper project, located in the historic Km 88 mining district of the State of Bolivar in southeastern Venezuela (the “Brisas Project”). The Brisas deposit, which is one of the largest undeveloped gold/copper deposits in the world, contains ore reserves of 10.2 million ounces of gold and 1.4 billion pounds of copper. From 1992 to 2009, the Company invested close to US $300 million on among other things acquisition, land exploration, development, equipment, and engineering costs, which the Company believed developed the Brisas Project into a world class mining project.

Thompson Creek Metals Company Inc., through its subsidiaries, engages in mining, milling, processing, and marketing molybdenum products in Canada and the United States. Thompson Creek Metals company owns the Thompson Creek Mine and mill in Idaho; a metallurgical roasting facility in Langeloth, Pennsylvania; and a 75% joint venture interest in the Endako Mine, mill, and roasting facility in British Columbia. It also holds an option to acquire a 75% interest in the Mount Emmons molybdenum property located in Colorado; and a 100% interest in the Davidson molybdenum property situated in British Columbia. Thompson Creek Metals Company Inc. produces primarily molybdenum products, including pure oxide, molybdic oxide, powder and briquettes, ferromolybdenum, and high performance molybdenum disulfide. As of December 31, 2009, its consolidated recoverable proven and probable ore reserves totaled 556.0 million pounds of contained molybdenum in the Thompson Creek Mine and the Endako Mine. Thompson Creek Metals company was formerly known as Blue Pearl Mining Ltd. and changed its name to Thompson Creek Metals Company Inc. in May 2007. Thompson Creek Metals Company Inc. has its main executive office in Denver, Colorado.

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