jon lamb

Investment banking associate specializing in metals and mining industry coverage. Evaluated strategic acquisition opportunities for corporate clients Lead comprehensive evaluation and valuation of copper-sector targets for global Mining and M&A teams Conducted, audited and evaluated the results of valuation analyses (discounted cash flows/net asset value, sum-of-the parts, comparable trading and comparable transaction) Directed, oversaw and audited work product of analysts Trained incoming analysts on modeling, valuation methodology and other Metals & Mining analyses Selected transaction experience C$1 billion sale of Grande Cache Coal to an Asian Consortium (Lead advisor to GCC, fairness opinion provider) $700 million joint venture between Augusta Resource and Korean consortium (Financial Advisor to AZC)

Investment banking analyst in the Natural Resources group. Specializing in Metals and Mining industry coverage. Focused on metals, mining and coal Majority of analyst experience focused on M&A-related activities Conducted valuation analyses (discounted cash flows/net asset value, sum-of-the parts, comparable trading and comparable transaction) Assisted senior team in establishing North American mining and coal franchises Selected transaction experience: $1.25 billion senior note offering for Barrick Gold (joint bookrunner, October 2009), $110 million re-IPO for Synthesis Energy Systems (joint bookrunner, June 2008), $230 million senior convertible note offering for Coeur d’Alene Mines (sole bookrunner, March 2008), $181 million senior convertible note offering for Stillwater Mining (sole bookrunner, March 2008) FINRA Series 79 and 63

* Worked as private equity analyst for a $50-100mm private equity fund in Richmond, VA. Experience includes: * Divestiture of consumer retail property (completed March 2007) * Modeling portfolio companies and potential investment targets * Detailed industry research in the for-profit education, payments, medical device and publishing industries.

* Orion Mine Finance is a private equity fund specializing in providing debt, equity and streaming financing to base and precious metal mining companies. Orion also specializes in off-take linked financing solutions and royalties. Director of Atalaya Mining (AIM: ATYM) * Proyecto Riotinto in Spain (copper). Former Director of Lynx Resources (Private) * SASA lead/zinc/silver mine in Macedonia * led sale of portfolio company to Central Asia Metals (AIM: CAML)