Cash is King? Combined Reports

The Metal Augmentor © 2008
The Metal Augmentor’s MINING EQUITIES REPORT: ISSUE I

CASH IS KING?
September 14, 2008

Introduction

A major objective of many investors active in the natural resources sector is to diversify away from the fiat-based world of finance and credit-dominated sectors such as banking, insurance, and retail. These investors want exposure to hard assets, not soft ones. Today, they desperately hope that commodity prices will soon recover given the large losses just about every natural resource portfolio has incurred over the past few months, the last two in particular. The fall in commodity prices has created an environment that has made it very challenging for natural resource companies—mining equities in particular—to obtain financing for exploration and project development. It seems cash, not metal in the ground, is king. How ironic that the one asset natural resource investors are trying to diversify away from—the U.S. dollar and its troubled competitors—is the very asset that mining equities need the most right now. It turns out that drilling contractors, engineers, geologists and miners all still prefer to be paid in paper money. Due to the simultaneous reduction in market liquidity and commodity prices, metal exploration and mining companies that need to raise funds to finance their activities are facing the prospect of substantial share dilution or the possibility of losing their property interests if they cannot meet contractual spending commitments. We believe there has to be a very compelling reason to own cashstrapped companies in this market. Conversely, companies that are not in need of financing have an important margin of safety in the current environment. Should metal and commodity prices stay weak for a long period of time— something that is not impossible during a bull market as the historical example of the mid-1970s demonstrates— such a margin of safety could turn into a major advantage.

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Indeed, if the markets were efficient and logical, we should expect that mining equities with lots of cash and other liquid assets would trade at significant premiums to their cash-strapped peers. But that doesn’t appear to be the case at the moment. In early August of this year, things didn’t look quite as bad, but nevertheless we had already started to notice that the market capitalizations of several mining equities were approaching their cash positions. This situation piqued our curiosity so we placed these companies on our radar. To our surprise, their prices continued to fall so that now in many case they are trading at a steep discount to their breakup value (the estimated amount of cash that could be distributed to shareholders if all assets and liabilities are liquidated and the company is broken up). Compellingly, many of these companies have attractive property holdings—some joint ventured with majors—that are currently being assigned a zero value by the market. Thus was born the idea for our inaugural Mining Equities Report, the title of which—“Cash is King?”— reflects the strange contradiction that the one asset in greatest need, cash, seems to actually be more of a burden than an asset to some mining equities. While this situation is perplexing, we feel that it is only a matter of time before the most astute natural resource investors begin to realize that the market’s present foolishness obscures a rare opportunity. With blood running in the streets, now seems like the best time to beat the smart crowd to that realization. The dollar signs wouldn’t stop dancing in our minds, so we were left with no choice but to examine several hundred mining equities, both explorers and producers, to plot their cash and liquidity positions against their capital requirements. We discarded companies that still have substantial value attributed to their projects because those values could evaporate should fear continue to run rampant in the hearts of investors. Though some of you may protest that we have erred in casting aside some extremely undervalued companies, we suspect that the value of fiat money could fare better than the value of metal in the ground for a while yet. That bold assessment still left us with more than 30 companies that deserve closer examination. We detail these companies in our inaugural report. We would like to point out that our report is not a comprehensive list of mining equities with breakup value exceeding market cap because such a calculation is very difficult to make given the large daily fluctuations in the prices of mining equities recently. Rather, our report should be viewed as a crosssection of interesting opportunities to explore further. We believe it contains something for every natural resource investor. Some of the mining equities in our report possess a cushy cash position that is not contractually committed to be spent in the near term. Others have virtually no cash requirements because a separate company (for example, through a joint venture) is paying for all exploration expenditures and sometimes even covering administrative expenses. Many of these companies have projects of

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significant merit and other assets unaccounted for in our calculations because they have been given zero value by the market. After all, who are we to argue with the market? Ultimately, our report does not answer the underlying question: Cash is King? Only time will do that. But we believe there is a reasonable basis to conclude that some of companies in our report are positioned to benefit, relative to other mining equities, regardless of where the market heads next: up, down, or sideways.

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About The Metal Augmentor
The Metal Augmentor is a new service being launched in the next few weeks at www.metalaugmentor.com. The main purpose of The Metal Augmentor is to aid both new and experienced investors in navigating the fascinating, dangerous, and rewarding world of investing in physical metals and mining equities. Our focus will be on gold and silver, but we will also provide indepth coverage of the other major metals. Portions of the service will be devoted to investors who buy gold and/or silver in its various forms (ETF, bullion, allocated account, etc.) for price appreciation. Other portions will appeal to people who buy bullion to hold in their own possession for the purpose of preserving their wealth or buying power against fiscal irresponsibility by fiat-wielding governments. A key feature of The Metal Augmentor will be the detailed coverage of mining equities from junior explorers to major mining companies. Our unique approach will avoid making outright buy and sell recommendations (except in special reports that focus on individual situations) but instead provide relevant and timely information and insights so that each investor can confidently make his or her own investment decision. Perhaps the most valuable feature of The Metal Augmentor will be exclusive coverage of the basis in gold and silver as taught by Professor Antal E. Fekete.

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Questions on How to Use this Report
What is Breakup Value (BV)?

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We compute a company’s breakup value by adding together all cash plus assets that can be liquidated and converted to cash in a reasonable period of time and then subtracting the company’s debt and other liabilities. Breakup value does not include off-balance sheet commitments and liabilities that may require cash expenditures to eliminate. What is Market Capitalization (MC)? A company’s market capitalization is computed by multiplying its number of shares outstanding by its current market price. What does MC-BV tell us? The MC-BV calculation shows how much value the market is assigning to the company’s non-cash and non-marketable assets including exploration and mining properties. In many cases, this number is negative in our report, which means the company’s cash and other marketable assets less its debt exceeds its current market capitalization. In other words, if the company shut its doors and liquidated, shareholders may receive a per share cash distribution greater than the current share price. Why use MC instead of Fully Diluted MC for the BV computation? Because generally the average exercise prices of all warrants and options (which are included in the fully diluted MC) are significantly above the current share price. Therefore, if the fully diluted MC were used, it would be necessary to add the cash to be received upon exercise of all warrants and options, which is often several multiples of the current market cap. Why use separate columns for unrestricted assets vs. restricted assets? The use of separate columns is to identify relatively liquid (unrestricted) vs. relatively illiquid (restricted) assets. For example, if a company’s MC-BV is negative but the majority of the assets included in BV come from the restricted category, which would be less desirable than a similarly-valued company where the majority of assets are unrestricted (all else being equal).

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Why not compare MC to working capital instead of performing the BV computation?

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Working capital doesn’t include many assets that could be marketable in a liquidation scenario, nor does it include noncurrent debt. As a result, it is a better measure of short-term liquidity as compared to ultimate liquidity. What is the attached Excel file to be used for? The attached Excel file is an extremely valuable part of this report. This is where all of our numbers within the tables of each company are derived. Importantly, our Excel file is enabled such that the market price of each company can be updated (this requires downloading a free add-in program – see instructions tab within Excel file). In turn, this updates all dependent cells and allows us to compute measures such as MC-BV in nearly real time (with a 15 minute quote delay). Without this functionality, the report would not remain as relevant after the publication date. Using the Excel file, users can get updated figures throughout the trading day and are able to make more informed investment decisions. How to open the Excel 2007 file? If you own an earlier version of Microsoft Office (i.e. prior to 2007), you will need to download the following Microsoft Office 2007 compatibility pack in order to open the attached Excel file: Compatibility Pack Download Why is there a warning message when I open the attached Excel file? Some systems may display a warning message about a potential virus, macro, or other program that could potentially harm your computer, but this is due to the MSN Money Stock Quotes add-in. Both the Excel and PDF files have been scanned using Bit Defender and no threats were detected. How do I close the attachments window in order to view the PDF in full page format? Once you have downloaded the attached Excel file, or if you have decided not to do so at this time, you can close the attachments window by clicking on the paper clip icon on the lower left hand corner of the page. Doing so will allow you to view the report in a full page format.

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Augment Partners, Inc. © 2008

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All Rights Reserved Unauthorized Distribution will be Prosecuted to the Full Extent of the Law

Disclaimer: We are not licensed investment advisors and this is not a recommendation to buy or sell any company. The information and data herein is being presented as a service to help investors conduct further research. We believe the data comes from reliable sources but it may not be current and material changes in a company’s financial position could have taken place since the asof date. Before making an investment decision, you or your licensed investment advisor should verify all information that you are relying upon. We are not responsible for the results of any investment made on the basis of the data presented herein, nor are we responsible for any errors or omissions (though we strive for accuracy and completeness). We disclose our own investment position or relationship in all companies.

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Contents

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Page

Introduction __________________________________________________________________________________ 1 Questions on How to Use this Report ______________________________________________________________ 4 Cash Value Companies __________________________________________________________________________ 8 Altius Minerals Corporation (TSX: ALS) ......................................................................................................................8 Committee Bay Resources Ltd. (TSX-V: CBR) ...........................................................................................................10 Dynamite Resources Ltd. (TSX-V: DNR) ...................................................................................................................12 Endeavour Financial Corporation (TSX: EDV) ..........................................................................................................14 Golden Arrow Resources Corporation (TSX-V: GRG) ................................................................................................16 IMA Exploration Inc. (TSX-V: IMR; AMEX: IMR) .......................................................................................................18 Mega Silver Inc. (TSX-V: MSR) .................................................................................................................................19 Minco Gold Corporation (TSX: MMM; AMEX: MGH) ...............................................................................................20 Mundoro Capital Inc. (TSX: MUN) ...........................................................................................................................21 Nautilus Minerals Inc. (TSX: NUS) ............................................................................................................................22 Orvana Minerals Corp. (TSX: ORV) ..........................................................................................................................24 Pacific North West Capital Corp. (TSX: PFN) ............................................................................................................25 Pinetree Capital Ltd. (TSX: PNP) ..............................................................................................................................27 Southwestern Resources Corp. (TSX: SWG) .............................................................................................................29 Sprott Molybdenum Participation Corp. (TSX: MLY)................................................................................................30 Staccato Gold Resources Ltd. (TSX-V: CAT) ..............................................................................................................31 Strategic Metals Ltd. (TSX-V: SMD) .........................................................................................................................32 Talon Metals Corp. (TSX: TLO) .................................................................................................................................34 Tiomin Resources Inc. (TSX: TIO) .............................................................................................................................35 Tri Origin Exploration Ltd. (TSX-V: TOE)...................................................................................................................36 U.S. Energy Corp. (NASDAQ: USEG) .........................................................................................................................37 U3O8 Corp. (TSX-V: UWE)........................................................................................................................................39 Volta Resources Inc. (TSX: VTR) ...............................................................................................................................40 Wallbridge Mining Company Ltd. (TSX: WM) ..........................................................................................................41 Western Uranium Corporation (TSX-V: WUC) .........................................................................................................42 Appendix A: Other Companies to Consider ________________________________________________________ 43 Appendix B: Technical Analysis Charts ____________________________________________________________ 46

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Cash Value Companies

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Price:

Shares Outstanding (O/S): Market Cap. (MC): Options: Warrants:

Altius Minerals Corporation (TSX: ALS)
C$5.25 30.9M Shares Fully Diluted (F/D): C$162.4M 1.0M 0 Fully Diluted MC: Avg. Opt. Exercise Price: Avg. War. Exercise Price:

Click Here for Technical Analysis Chart 32.0M

C$167.8M C$10.34 n/a

Unrestricted Assets Cash & Short Term Inv: Marketable Investments: Other Liquid Assets: Debt: Breakup Value (BV): MC – BV: C$167.4M C$20.0M C$0 C$38.5M C$195.5M C$(33.1)M ABCP/etc:

Restricted Assets C$0 C$12.3M C$34.3M C$(1.0)M July 31, 2008

Cash Cost of Property: Other: Quarterly Burn Rate: Last Financial Filing:

www.altiusminerals.com

Altius is a natural resource project generation and royalty business. Currently, it is involved in joint ventures on 11 different projects and is seeking partners on several others. The company’s “Marketable Investments” reflected in the table above include a portfolio of undisclosed resource companies with a fair market value of C$11.1M at July 31, 2008. These investments may need to be discounted up to 50% given the current market environment. The “Marketable Investments” also include several companies for which share amounts and prices are current as of the date of this report. Most significantly, Altius owns a 10% interest in the Labrador Nickel Royalty Limited Partnership, which owns a 3% net smelter return royalty on the Voisey's Bay nickel project. This royalty is reflected in the above table in “Cash Cost of Property” at C$12.3 million. Voisey’s Bay began its first full year of operation in 2006 and is expected to have at least a 25-yr. mine life. Revenue from this royalty interest totaled C$5.2M for the year ended April 30, 2008. Altius has C$38.1 million in long-term debt, payable at maturity on December 2011 and bearing interest at 4.25% per annum. The value of this loan roughly coincides with the value of Altius’ hedge to sell 2.5

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million shares of Aurora Energy Resources Inc. (TSX: AXU) in December 2011 at C$17.72 (current market price of C$2.41). The hedge is reported in “Other” (C$34.3M). In December 2007, Altius advanced C$30.1 million in the form of a non-interest bearing convertible loan to Newfoundland and Labrador Refining Corporation (NLRC). In June 2008 NLRC filed for Bankruptcy and has been given until October 17, 2008 to attract additional financing or partners. The full amount of C$30.1M has been written off by Altius and it not reflected in the table above, but should NLRC emerge from bankruptcy, it is possible that a portion of the loan may be recoverable. Altius reported net income of $12.1 million or $0.40/share for the year ended April 30, 2008 and is therefore trading at a trailing P/E ratio of about 13 or so at current market prices. However, it should be noted that earnings for Altius are fairly erratic given that they are influenced heavily by gains or losses recorded on the sale of its mining and mineral related investments. For example, in the most recent quarter ended July 31, 2008, Altius reported only C$0.4M of net income. Recently insiders of Altius have begun buying shares in the open market, with about 103,000 shares having been purchased since July 30, 2008 when the buying began. Collectively, insiders now own about 5 million shares, or nearly 17% of the company. Notably, Altius has only slightly over 1 million options with an average exercise price of C$10.34 and zero warrants. Additionally, Altius began aggressively repurchasing its shares in the open market under its normal course issuer bid during August and September 2008—repurchasing 1,134,030 shares at an average price of $6.49. We don’t own any shares nor have we ever received compensation in any form from Altius Minerals.

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Price:

Shares Outstanding (O/S): Market Cap. (MC): Options: Warrants:

Committee Bay Resources Ltd. (TSX-V: CBR)
C$0.13 96.1M Shares Fully Diluted (F/D): C$12.5M 8.9M 17.3M Fully Diluted MC: Avg. Opt. Exercise Price: Avg. War. Exercise Price:

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Click Here for Technical Analysis Chart 122.3M

C$15.9M C$0.66 C$0.71

Unrestricted Assets Cash & Short Term Inv: Marketable Investments: Other Liquid Assets: Debt: Breakup Value (BV): MC – BV: C$17.0M C$3.8M C$0 C$0 C$23.9M C$(11.4)M ABCP/etc:

Restricted Assets C$0 C$0 C$3.1M C$(1.2)M June 30, 2008

Cash Cost of Property: Other: Quarterly Burn Rate: Last Financial Filing:

www.committeebay.com

Committee Bay agreed to acquire Niblack Mining Corp (TSX-V: NIB) which requires Committee Bay to provide funds of up to C$10 million to Niblack by way of a secured convertible debenture. According to Niblack's press release on September 10, C$5.6 million has been advanced for exploration and development work on the Niblack project which reduces the above cash position by C$4.5 million (C$1.1 million is already included in “Other” representing the amount loaned as of June 30). It should be expected that Committee Bay has or will fund the remainder of this program, although it is not an obligation. “Other” also includes a C$2 million debenture from Focus Minerals (ASX: FML) due April 2009. Committee’s “Marketable Investments” include 140 million shares of Focus Minerals. The above does not consider that Committee Bay has spent over C$20 million to explore its Committee Bay Greenstone Belt property in Nunavut where it has defined 468,000 ounces of gold in the indicated category and another 231,000 ounces in the Inferred category at its Three Bluffs Deposit. In addition, the above figures do not include Committee Bay’s 100% interest in Underground Drilling and Services Pty Ltd. a private Australian drilling company with a potential fair market value of C$2 million. The company reported C$11.3 million of working capital as of August 20, 2008 which is almost equal to its current market capitalization.

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We don’t own any shares nor have we ever received compensation in any form from Committee Bay Resources.

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Price:

Shares Outstanding (O/S): Market Cap. (MC): Options: Warrants:

Dynamite Resources Ltd. (TSX-V: DNR)
C$0.14 113.5M Shares Fully Diluted (F/D): C$15.9M 8.7M 103.4M Fully Diluted MC: Avg. Opt. Exercise Price: Avg. War. Exercise Price:

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Click Here for Technical Analysis Chart 225.6M

C$31.6M C$0.67 C$0.84

Unrestricted Assets Cash & Short Term Inv: Marketable Investments: Other Liquid Assets: Debt: Breakup Value (BV): MC – BV: C$26.0M C$0.3M C$0 C$0 C$42.0M C$(26.1)M ABCP/etc:

Restricted Assets C$0 C$15.7M C$0 C$(1.6)M April 30, 2008

Cash Cost of Property: Other: Quarterly Burn Rate: Last Financial Filing:

www.dynamiteresources.com

Dynamite has commitments to spend approximately C$6 million in 2008 at its Mike Lake project in the Dawson Mining District, Yukon Territory, which is not reflected in the above figures. In addition, Dynamite has an AUD$6.5 million commitment to fund exploration at the Lake Torrens IOCGU project located next to BHP’s Olympic Dam Mine, not all of which is due in the near term. Additionally, the “Cash Cost of Property” reflected in the table above is related to Dynamite’s purchase of Tau Mining in 2007, which owns two prospective uranium and gold exploration licenses in Kyrgyzstan. Discounting the Kyrgyzstan uranium properties by 50% or more may be appropriate, which would reduce the MC-BV calculation to negative $12 million or so (about the same as the committed exploration expenditures noted above). Even when the near-term exploration commitments and other company obligations are figured into the equation, Dynamite will have significant operating cash remaining. Should the share price recover in the next 12 months, significant proceeds may also be realized from warrant exercises. Alternatively, if the share price does not recover to $1 or more (a 600% rise from current levels), those warrants may expire and reduce the fully diluted share count by a very significant amount. Finally, note that the breakup value assumes the IOCGU and Mike Lake projects are worthless. Given that Dynamite has planned to drill up to 30,000 meters in 2008, there is the possibility of significant

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assay results that could re-ignite interest in the company. Such prospects are enhanced when we consider that in 2007 Dynamite drilled a “discovery hole” at Mike Lake grading 0.61% Copper, 1.38 g/t Gold, 13.6 g/t Silver and 0.044% Tungsten oxide over 89.31 meters near surface. We don’t own any shares nor have we ever received compensation in any form from Dynamite Resources.

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Price:

Shares Outstanding (O/S): Market Cap. (MC): Options: Warrants:

Endeavour Financial Corporation (TSX: EDV)
$5.47 30.5M Shares Fully Diluted (F/D): 36.8M $167.1M 2.8M 3.4M Fully Diluted MC: Avg. Opt. Exercise Price: Avg. War. Exercise Price:

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$201.2M $9.73 $5.50

Unrestricted Assets Cash & Short Term Inv: Marketable Investments: Other Liquid Assets: Debt: Breakup Value (BV): MC – BV: $14.8M $237.3M $0 $0 $323.2M $(156.1)M ABCP/etc:

Restricted Assets $0 $0 $71.1M $2.0M June 30, 2008

Cash Cost of Property: Other: Quarterly Run Rate: Last Financial Filing:

www.endeavourfinancial.com

All amounts are in US Dollars unless otherwise noted.

Endeavour Financial is an investment, financial advisory, and merchant banking firm focused on the natural resource sector. Its clients include well-known names such as Goldcorp, Northern Orion, Silver Wheaton, and Hecla Mining. Endeavour Financial held marketable securities, convertible loans and debentures, and warrants valued at $308.4 million as of June 30, 2008. “Marketable investments” in the above table includes publicly traded equity securities and “Other” includes convertible loans and debentures, warrants, and investments in privately-held companies. Unfortunately, Endeavour’s financial statements do not disclose the individual securities held, which means we cannot update the value of these securities. We do know that about 70% of Endeavour’s portfolio is allotted to gold, oil & gas, and copper investments. Given the current market conditions for these commodities and especially their underlying stocks, it may be reasonable to discount these marketable investments, convertible loans and debentures, and warrants by 50 percent.

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The company currently generates positive cash-flow from its merchant banking and advisory business, excluding gains and losses from its investment portfolio. Endeavour also pays out a small dividend, with a current annualized rate of C$0.18. We don’t own any shares nor have we ever received compensation in any form from Endeavour Financial.

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Price:

Shares Outstanding (O/S): Market Cap. (MC): Options: Warrants:

Golden Arrow Resources Corporation (TSX-V: GRG)
C$0.28 15.5M Shares Fully Diluted (F/D): 21.0M C$4.3M 1.5M 4.0M Unrestricted Assets Fully Diluted MC: Avg. Opt. Exercise Price: Avg. War. Exercise Price: C$5.8M C$0.85 C$1.27

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Click Here for Technical Analysis Chart

Restricted Assets ABCP/etc: Cash Cost of Property: Other: Quarterly Burn Rate: Last Financial Filing: C$0.2M C$0 C$0 C$(0.3)M June 30, 2008

Cash & Short Term Inv: Marketable Investments: Other Liquid Assets: Debt: Breakup Value (BV): MC – BV:

C$3.0M C$0.1M C$0 C$0 C$3.2M C$1.0M

www.goldenarrowresources.com

Golden Arrow is required to fund exploration and option payments of approximately US$5.5 million related to its Poncha gold-copper project in San Juan Province, Argentina including US$1.4 million over the next 12 months. A Phase II drill program at Poncha produced 266m @ 1.21 g/t gold and 3.30 g/t silver as announced March 27, 2008. Golden Arrow holds 2.3M shares of Amera Resources Corporation (TSX-V: AMS), as well as a small amount of asset back commercial paper with an estimated fair value of C$0.2 million. Most significantly, Golden Arrow owns a 1% NSR on Yamana Gold’s Gualcamayo Project, with annual production expected to be 200,000 oz. starting at the end of 2008. The mine has Measured and Indicated resources of over 2 million ounces of gold and currently has an estimated 10 year mine life. Cash flow from the royalty is expected to begin in early 2009, when the royalty is estimated to bring in about $1.0 million in after-tax cash flow— assuming $800/oz gold and an annual production rate of 200,000 ounces.

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Yamana claims the mine has the potential to produce 300,000 ounces per year and perhaps even more if underground mining operations are initiated. Thus, Golden Arrow can be viewed purely as a royalty company with the potential to yield a roughly 20% return per annum on the current share price. We don’t own any shares nor have we ever received compensation in any form from Golden Arrow Resources.

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Price:

Shares Outstanding (O/S): Market Cap. (MC): Options: Warrants:

IMA Exploration Inc. (TSX-V: IMR; AMEX: IMR)
C$0.38 52.1M Shares Fully Diluted (F/D): 57.7M C$19.8M 3.9M 1.7M Unrestricted Assets Fully Diluted MC: Avg. Opt. Exercise Price: Avg. War. Exercise Price:

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Click Here for Technical Analysis Chart

C$21.9M C$2.86 C$3.45

Restricted Assets ABCP/etc: Cash Cost of Property: Other: Quarterly Burn Rate: Last Financial Filing: C$0 C$0 C$0 C$(0.5)M June 30, 2008

Cash & Short Term Inv: Marketable Investments: Other Liquid Assets: Debt: Breakup Value (BV): MC – BV:

C$24.8M C$0.5M C$0 C$0 C$25.3M C$(5.5)M

www.imaexploration.com

IMA has obligations to spend C$15 million over the next 3 years on its Island Gold Project in order to earn an initial 49% interest from Western Copper Corporation (TSX: WRN). This is currently IMA’s only project, and it can earn up to a 70% interest. The Island Gold Project includes the Hushamu deposit, which hosts a NI 43-101 compliant Measured and Indicated resource of 2.3 million ounces of gold and 1.4 billion pounds of copper, as well as an Inferred resource of 326 million pounds of copper and 0.6 million ounces of gold. The deposit also includes molybdenum (0.013%) although this is not part of the defined NI 43-101 resource. IMA expects to begin a drill program on the Island Gold Project sometime in September or October of 2008. The project is estimated to require 52,000m of diamond drilling, with at least 5,000m planned for this initial drill program. IMA previously owned the Navidad Project, which hosted a very large silver-base metal deposit. However, Aquiline Resources Inc. (TSX: AQI) has since taken ownership of the project following the Supreme Court of British Columbia ruling against IMA regarding an alleged breach of a confidentiality agreement in 2002 between IMA and Newmont Mining. We don’t own any shares nor have we ever received compensation in any form from IMA Exploration.

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Price: Shares Outstanding (O/S): Market Cap. (MC): Options: Warrants:

C$0.30 26.8M

Mega Silver Inc. (TSX-V: MSR)
Fully Diluted MC:

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Click Here for Technical Analysis Chart 37.8M C$11.3M C$1.61 C$1.47 Shares Fully Diluted (F/D):

C$8.1M 1.8M 9.2M

Avg. Opt. Exercise Price: Avg. War. Exercise Price:

Unrestricted Assets Cash & Short Term Inv: Marketable Investments: Other Liquid Assets: Debt: Breakup Value (BV): MC – BV: C$14.7M C$0 C$0 C$0 C$14.7M C$(6.6)M ABCP/etc:

Restricted Assets C$0 C$0 C$0 C$(1.1)M June 30, 2008

Cash Cost of Property: Other: Quarterly Burn Rate: Last Financial Filing:

www.megasilver.ca

Mega Silver holds an interest in two silver and gold projects in Mexico, both of which are under option from Silverstone Resource Corp. (TSX-V: SST). The option agreement requires Mega Silver to spend C$10 million on both properties over 5 years. The company is currently conducting a 5,000m exploration program on these properties. Meanwhile, the company is carrying out a 1,500m drill program on its optioned Virginia Silver property located in British Columbia. The option agreement on Virginia requires that Mega Silver incur C$3.0 million in expenditures by August 2009. Finally, on Mega Silver’s Strategic Properties located in the Yukon Territory, the company must expend C$3.0 million by September 2009. We don’t own any shares nor have we ever received compensation in any form from Mega Silver.

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Price:

Shares Outstanding (O/S): Market Cap. (MC): Options: Warrants:

Minco Gold Corporation (TSX: MMM; AMEX: MGH)
C$0.57 42.9M Shares Fully Diluted (F/D): 47.4M C$24.5M 4.4M 0 Unrestricted Assets Fully Diluted MC: Avg. Opt. Exercise Price: Avg. War. Exercise Price: C$27.0M C$1.15 n/a

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Click Here for Technical Analysis Chart

Restricted Assets ABCP/etc: Cash Cost of Property: Other: Quarterly Burn Rate: Last Financial Filing: C$0 C$0 C$3.7M C$(1.7)M June 30, 2008

Cash & Short Term Inv: Marketable Investments: Other Liquid Assets: Debt: Breakup Value (BV): MC – BV:

C$7.3M C$18.9M C$0 C$4.3M C$25.5M C$(1.0)M

www.mincogold.com

Minco Gold has conditional commitments to pay approximately C$10 million for exploration and property payments related to its projects, with C$4 million falling due within one year. Most of this is related to the Changkeng gold project, where Minco Gold can earn 51%. The Changkeng (also known as Mingzhong) gold project sits directly atop Minco Silver’s developing Fuwan Silver deposit. The proximity of Changkeng to the Fuwan Silver project makes its exploitation more likely despite its relatively small resource (700,000 oz. Measured and Indicated at approximately 5 grams per tonne) at the present time. Minco Gold holds 13 million shares of Minco Silver Corporation (TSX: MSV). In addition, Minco Gold has net receivables of approximately C$2.0 million due from Minco Silver. Minco Gold also holds exploration licenses on a number of prospective properties in China which are not being given any value by the market. We own shares in Minco Gold and Minco Silver but have received no compensation in any form from either company.

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Price: Shares Outstanding (O/S): Market Cap. (MC): Options: Warrants:

$0.33

38.6M

Mundoro Capital Inc. (TSX: MUN)
Shares Fully Diluted (F/D): Fully Diluted MC: Avg. Opt. Exercise Price: Avg. War. Exercise Price:

The Metal Augmentor © 2008
Click Here for Technical Analysis Chart 44.4M $14.7M $1.55 n/a

$12.8M 5.7M 0

Unrestricted Assets Cash & Short Term Inv: Marketable Investments: Other Liquid Assets: Debt: Breakup Value (BV): MC – BV: $16.9M $0 $0 $0 $16.9M $(4.1)M ABCP/etc:

Restricted Assets $0 $0 $0 $(0.5)M March 31, 2008

Cash Cost of Property: Other: Quarterly Burn Rate: Last Financial Filing:

www.mundoro.com

All amounts are in US Dollars unless otherwise noted.

Mundoro owns 79% of the Maoling gold deposit located in Liaoning Province, China. The deposit has Probable Reserves of 2.8 million ounces of gold as well as 4.8 million ounces in Measured and Indicated Resources and 4.4 million ounces in Inferred Resources. There has been a long delay in the renewal of the license related to this project. If and when the license is renewed, Mundoro is expected to have substantial expenditures to complete a full Feasibility Study and other requirements leading up to a production decision. The project is being assigned zero value by the market. As announced in May 2008, Mundoro may purchase for cancellation up to a maximum of 1.9 million of its Common Shares, or approximately 5% of the Common Shares outstanding as of the date of the announcement. We don’t own any shares nor have we ever received compensation in any form from Mundoro Capital.

21 The Metal Augmentor

Price: Shares Outstanding (O/S): Market Cap. (MC): Options: Warrants:

$1.46

146.6M

Nautilus Minerals Inc. (TSX: NUS)
Shares Fully Diluted (F/D): Fully Diluted MC: Avg. Opt. Exercise Price: Avg. War. Exercise Price:

The Metal Augmentor © 2008
Click Here for Technical Analysis Chart 175.3M $256.3M $4.04 $5.14

$214.4M 13.6M 15.1M

Unrestricted Assets Cash & Short Term Inv: Marketable Investments: Other Liquid Assets: Debt: Breakup Value (BV): MC – BV: $299.0M $0 $0 $3.6M $297.2M $(82.8)M ABCP/etc:

Restricted Assets $0 $0 $1.8M $(10.0)M June 30, 2008

Cash Cost of Property: Other: Quarterly Burn Rate: Last Financial Filing:

www.nautilusminerals.com

All amounts are in US Dollars unless otherwise noted.

Nautilus is a mineral exploration company attempting to tap vast offshore resources of high-grade seafloor deposits of copper, zinc, gold, and silver. Currently, the company is planning to mine highgrade, copper-gold material about 1,500 meters below surface in the Bismarck Sea of Papua New Guinea beginning in late 2010 (subject to timely permitting). Nautilus has spending commitments of roughly $141 million over the next 6 years, most of which will go towards paying for a deepwater seafloor sulfide exploration vessel—much of this expense will presumably be incurred after mining has commenced. A roughly $60 million contract has also been awarded for two subsea mining tools, as well as a $116 million contract for a riser and lifting system. Nautilus’s cash position of about $300 million should provide a significant portion of the funding required to bring this seafloor mining project into production. Nautilus has partnered with Teck Cominco Limited (NYSE: TCK) on a currently ongoing $12 million exploration program. Holding more than 360,000 km2 of tenement licenses and exploration applications in the exclusive economic zones and territorial waters of Papua New Guinea, Fiji, Tonga, the Solomon Islands, and New

22 The Metal Augmentor

Zealand, Nautilus is well-positioned to make additional underwater discoveries going forward. If Nautilus can demonstrate success on its first project, this massive land package could potentially become very valuable.

The Metal Augmentor © 2008

We don’t own any shares nor have we ever received compensation in any form from Nautilus Minerals.

23 The Metal Augmentor

Price: Shares Outstanding (O/S): Market Cap. (MC): Options: Warrants:

Orvana Minerals Corp. (TSX: ORV)
C$0.56 115.2M Shares Fully Diluted (F/D): C$64.5M 3.0M 0 Fully Diluted MC: Avg. Opt. Exercise Price: Avg. War. Exercise Price:

The Metal Augmentor © 2008
Click Here for Technical Analysis Chart 118.2M C$66.2M C$0.90 n/a

Unrestricted Assets Cash & Short Term Inv: Marketable Investments: Other Liquid Assets: Debt: Breakup Value (BV): MC – BV: C$87.5M C$0 C$0 C$4.5M C$83.0M C$(18.5)M ABCP/etc:

Restricted Assets C$0 C$0 C$0 C$7.6M June 30, 2008

Cash Cost of Property: Other: Quarterly Run Rate: Last Financial Filing:

www.orvana.com

Orvana’s Don Mario Mine produces approximately 15,000 to 20,000 ounces of gold per quarter at a cash cost of under US$200 per ounce. This resulted in US$7.1 million or US$0.06 per share earnings in the latest quarter. Meanwhile, free cash flow for the quarter was more than US$9 million. The company plans to extend the life of the Don Mario mine to the third quarter of 2010 and at the current rate that would mean another US$50 million in production cash flows. There are plans afoot to acquire prospective projects with the more than US$80 million cash hoard, but management does not appear to be in a hurry. In the meantime, the company trades at a significant discount to its cash even on a fully diluted basis. We own shares in Orvana but have received no compensation in any form from the company.

24 The Metal Augmentor

Price:

Shares Outstanding (O/S): Market Cap. (MC): Options: Warrants:

Pacific North West Capital Corp. (TSX: PFN)
C$0.17 61.7M Shares Fully Diluted (F/D): C$10.2M 6.3M 9.8M Fully Diluted MC: Avg. Opt. Exercise Price: Avg. War. Exercise Price:

The Metal Augmentor © 2008
Click Here for Technical Analysis Chart 77.8M

C$12.8M C$0.63 C$0.69

Unrestricted Assets Cash & Short Term Inv: Marketable Investments: Other Liquid Assets: Debt: Breakup Value (BV): MC – BV: C$8.6M C$0.4M C$0 C$0 C$9.0M C$1.2M ABCP/etc:

Restricted Assets C$0 C$0 C$0 C$(1.0)M July 31, 2008

Cash Cost of Property: Other: Quarterly Burn Rate: Last Financial Filing:

www.pfncapital.com

As of August 2008, Pacific North held about C$9 million of cash, leaving it with sufficient funds for operating expenses over the next 12 months. The company has total spending commitments of approximately C$2.5 million to earn an interest in optioned properties. Pacific North has an interest in a number of PGM and nickel properties located throughout Canada, none of which are given any value in the breakup value calculation. River Valley, located within Sudbury, is the company’s most advanced project. The project hosts a near surface, NI 43-101 Measured, Indicated, and Inferred resource of 1.1M oz. palladium, 0.4M oz. platinum, and 63,400 oz. gold. The project is a 50/50 joint-venture with Anglo Platinum, which can earn up to a 65% interest by taking the project to production. Anglo Platinum has already expended approximately C$22 million on this project. Assuming Anglo continues to advance River Valley towards feasibility, at the very least this should put a floor under the price of Pacific North given the value of the current resource. Pacific North also boasts a number of other high-profile partners on its remaining projects, such as Stillwater Mining Co. (NYSE: SWC) and Xstrata plc (LSE: XTA.L), and all of these projects have been given a value of zero in the breakup value calculation.

25 The Metal Augmentor

We don’t own any shares nor have we ever received compensation in any form from Pacific North West Capital.

The Metal Augmentor © 2008

26 The Metal Augmentor

Price: Shares Outstanding (O/S): Market Cap. (MC): Options: Warrants:

C$1.34

114.0M

Pinetree Capital Ltd. (TSX: PNP)
Fully Diluted MC: Avg. Opt. Exercise Price: Avg. War. Exercise Price:

The Metal Augmentor © 2008
Click Here for Technical Analysis Chart 133.6M C$179.0M C$5.46 C$9.89 Shares Fully Diluted (F/D):

C$152.8M 6.4M 13.2M

Unrestricted Assets Cash & Short Term Inv: Marketable Investments: Other Liquid Assets: Debt: Breakup Value (BV): MC – BV: C$ nil C$223.0M C$0 C$68.3M C$203.2M C$(50.3)M ABCP/etc:

Restricted Assets C$0 C$0 C$48.4M C$(6.0)M June 30, 2008

Cash Cost of Property: Other: Quarterly Burn Rate: Last Financial Filing:

www.pinetreecapital.com

Pinetree is a diversified investment, financial advisory and merchant banking firm focused on the smallcap market primarily within the uranium, oil & gas, molybdenum, precious metals, potash, rare earths, and base metals sectors. Pinetree also has a small amount of investments in the biotechnology, energy related technology, and technology sectors. As of June 30, 2008, Pinetree held “Marketable Investments” in over 70 companies, which means that unlike other firms such as Sprott Molybdenum Participation Corp., its relatively small positions are spread throughout many companies and sectors. That should theoretically allow Pinetree to be relatively more nimble in acquiring and divesting. On the other hand, the sheer number of positions may call into question whether Pinetree has a clear portfolio strategy or whether it is simply diversifying for the sake of diversification. Marketable Investments as of June 30, 2008 have been adjusted to current prices but do not reflect any purchases or sales that may have taken place since that date. Importantly, Pinetree’s marketable investments consist of a very substantial number of warrants across many different companies, all of which have conservatively been given zero value.

27 The Metal Augmentor

The “Other” category under restricted assets is made up of positions in private companies, and given the current market conditions it may be prudent to discount this amount by 50 percent. Insiders began buying in mid-July 2008, and have since acquired approximately 330,000 shares at market prices as of early September 2008. Subsequent to June 30, 2008, Pinetree completed a brokered financing which raised aggregate gross proceeds of C$43.2 million through the issuance and sale of 17.3 million units of the company at a price of C$2.50 per unit, which includes one common share and one purchase warrant exercisable at C$3.50. We don’t own any shares nor have we ever received compensation in any form from Pinetree Capital.

The Metal Augmentor © 2008

28 The Metal Augmentor

Price:

Shares Outstanding (O/S): Market Cap. (MC): Options: Warrants:

Southwestern Resources Corp. (TSX: SWG)
C$0.56 44.9M Shares Fully Diluted (F/D): C$25.2M 3.4M 0 Fully Diluted MC: Avg. Opt. Exercise Price: Avg. War. Exercise Price:

The Metal Augmentor © 2008
Click Here for Technical Analysis Chart 48.3M

C$27.1M C$0.65 n/a

Unrestricted Assets Cash & Short Term Inv: Marketable Investments: Other Liquid Assets: Debt: Breakup Value (BV): MC – BV: C$23.0M C$3.9M C$0 C$0 C$26.9M C$(1.7)M ABCP/etc:

Restricted Assets C$0 C$0 C$0 C$(3.0)M June 30, 2008

Cash Cost of Property: Other: Quarterly Burn Rate: Last Financial Filing:

www.swgold.com

On September 10, 2008, Southwestern Resources announced it will settle a class action lawsuit by shareholders whereby the company will make a cash payment up to C$S7.5 million. This will reduce the above cash position by a corresponding amount. Southwestern Resources holds a 48.2% interest in Zincore Metals (TXS: ZNC) (approx. 38.2 million shares). The company also holds 6.5% of Northern Superior Resources (TSX-V: SUP) (approx. 4.1 million shares). Southwestern Resources is currently evaluating its options including its significant landholdings in Peru, two of which are joint ventures with Hochschild Mining and Yamana Gold. It should be noted that, as announced on August 21, 2008, Hochschild acquired its 50% interest in the Liam project (the other 50% is held by Southwestern Resources) along with related assets from Newmont Peru for cash consideration of US$33.3 million. That implies a potentially significant valuation to the other 50% of the Liam project held by Southwestern Resources, yet the market is currently giving zero value to the project. We don’t own any shares nor have we ever received compensation in any form from Southwestern Resources.

29 The Metal Augmentor

Price:

Shares Outstanding (O/S): Market Cap. (MC): Options: Warrants:

Sprott Molybdenum Participation Corp. (TSX: MLY)
C$2.80 40.4M Shares Fully Diluted (F/D): 40.6M C$113.1M 0.2M 0 Unrestricted Assets Fully Diluted MC: Avg. Opt. Exercise Price: Avg. War. Exercise Price: C$113.6M C$5.31 n/a

The Metal Augmentor © 2008
Click Here for Technical Analysis Chart

Restricted Assets ABCP/etc: Cash Cost of Property: Other: Quarterly Burn Rate: Last Financial Filing: C$0 C$0 C$0 C$(1.3)M June 30, 2008

Cash & Short Term Inv: Marketable Investments: Other Liquid Assets: Debt: Breakup Value (BV): MC – BV:

C$23.4M C$143.8M C$19.8M C$0 C$187.0M C$(73.9)M

www.sprottmoly.com

Sprott Molybdenum Participation Corp. (SMPC) is an investment holding company which invests in molybdenum assets— primarily companies focused on exploring for, mining, and/or processing molybdenum. SMPC’s portfolio of molybdenum assets is relatively small, consisting of about 20 different molybdenum explorers, producers, and/or processors, as well some physical molybdenum—included in “Other Liquid Assets” above—of which SMPC plans to sell the balance by the end of 2008. “Marketable Investments” as of June 30, 2008 have been adjusted to current prices but do not reflect any purchases or sales that may have taken place since that date. SMPC’s portfolio also includes a number of substantial warrant positions, none of which have been given any value in the above table. SMPC has been engaged in a share buyback program, having purchased and cancelled 3.0 million shares during the six months ended June 30, 2008. We don’t own any shares nor have we ever received compensation in any form from Sprott Molybdenum Participation Corporation.

30 The Metal Augmentor

Price:

Shares Outstanding (O/S): Market Cap. (MC): Options: Warrants:

Staccato Gold Resources Ltd. (TSX-V: CAT)
C$0.10 99.8M Shares Fully Diluted (F/D): C$10.0M 8.2M 47.1M Fully Diluted MC: Avg. Opt. Exercise Price: Avg. War. Exercise Price:

The Metal Augmentor © 2008
Click Here for Technical Analysis Chart 155.1M

C$15.5M C$0.43 C$0.50

Unrestricted Assets Cash & Short Term Inv: Marketable Investments: Other Liquid Assets: Debt: Breakup Value (BV): MC – BV: C$12.7M C$0 C$0 C$0 C$12.7M C$(2.8)M ABCP/etc:

Restricted Assets C$0 C$0 C$0 C$(0.5)M April 30, 2008

Cash Cost of Property: Other: Quarterly Burn Rate: Last Financial Filing:

www.staccatogold.com

Staccato has five gold exploration projects in various stages of exploration in the Carlin, Cortez/Battle Mountain, and Independence Trends in North-eastern Nevada, including a 70/30 joint venture with Barrick Gold Corporation (NYSE: ABX). Two of these properties have NI 43-101 compliant Measured, Indicated, and Inferred resources totaling approximately 1.1 million ounces gold (~1.4g/t cut-off). The company has future minimum property payments and exploration expenditures of under C$0.6 million per year. A 6,000m drill program has recently commenced on Staccato’s 100% owned flagship South Eureka property (current defined resources of ~0.9 million ounces gold). Insiders have been very heavy buyers since late July 2008, purchasing about 3.5 million shares at an average market price of about $0.11 as of early September 2008. We don’t own any shares nor have we ever received compensation in any form from Staccato Gold Resources.

31 The Metal Augmentor

Price: Shares Outstanding (O/S): Market Cap. (MC): Options: Warrants:

Strategic Metals Ltd. (TSX-V: SMD)
C$0.38 58.0M Shares Fully Diluted (F/D): C$21.7 5.3M 12.5M Fully Diluted MC: Avg. Opt. Exercise Price: Avg. War. Exercise Price:

The Metal Augmentor © 2008
Click Here for Technical Analysis Chart 75.7M C$28.4 C$0.56 C$1.17

Unrestricted Assets Cash & Short Term Inv: Marketable Investments: Other Liquid Assets: Debt: Breakup Value (BV): MC – BV: C$17.5M C$3.6M C$0 C$0 C$23.9M C$(2.1)M ABCP/etc:

Restricted Assets C$0 C$0 C$2.8M C$(0.4)M June 30, 2008

Cash Cost of Property: Other: Quarterly Burn Rate: Last Financial Filing:

www.strategicmetalsltd.com

Strategic Metals uses the “generative business model” which involves farming out projects to joint venture partners who incur exploration expenditures while retaining an equity interest in the project and receiving cash payments, royalties or shares in the JV partner. According to Strategic Metals, this business model minimizes shareholder exposure to exploration risk and minimizes shareholder dilution because expenditures are made by a third party. The model also protects shareholders in the case of a major discovery because an equity or royalty interest is retained in each farmed-out project. Meanwhile, this strategy allows the company to accumulate cash for protection against market downturns or to use if exceptional opportunities arise. Strategic Metals holds shares in a number of current and past exploration JV partners, including almost 9 million shares in Rockhaven Resources Ltd. (TSX-V: RK). The value of these shares should be discounted to reflect that approximately 8 million shares are escrowed until 2010. Strategic Metals has insignificant spending commitments related to its large project portfolio due to its use of the “generative business model”. The company’s exploration pipeline is very active it will directly and indirectly participate in several substantial drill programs throughout the rest of 2008 and beyond. With around 35 properties available for joint-venture, spin-out, or outright sale, another 20 under option, and several NSR royalties, Strategic Metals seems to offer attractive value besides the fact that it sports a breakup value exceeding its market capitalization.

32 The Metal Augmentor

We own shares in Strategic Metals but have received no compensation in any form from either the company or any of its joint venture partners.

The Metal Augmentor © 2008

33 The Metal Augmentor

Price: Shares Outstanding (O/S): Market Cap. (MC): Options: Warrants:

C$0.45 27.0M

Talon Metals Corp. (TSX: TLO)
Fully Diluted MC:

The Metal Augmentor © 2008
Click Here for Technical Analysis Chart 29.6M C$13.3M C$1.20 n/a Shares Fully Diluted (F/D):

C$12.2M 2.5M 0

Avg. Opt. Exercise Price: Avg. War. Exercise Price:

Unrestricted Assets Cash & Short Term Inv: Marketable Investments: Other Liquid Assets: Debt: Breakup Value (BV): MC – BV: C$12.8M C$1.8M C$0 C$0 C$14.7M C$(2.5)M ABCP/etc:

Restricted Assets C$0 C$0 C$0 C$(0.9)M June 30, 2008

Cash Cost of Property: Other: Quarterly Burn Rate: Last Financial Filing:

www.talonmetals.com

Talon has up to approx. $1 million in property payment and exploration commitments over the next 12 months and can elect to modify its current exploration budget to conserve cash. Talon holds 2.5 million shares in Beadell Resources Ltd. (ASX: BDR) and 4.9 million shares of Brazauro Resources Corp. (TSX-V: BZO). Talon also has several interesting-looking projects in Brazil including Sao Jorge where it has delineated 343,000 oz. of gold in the Indicated category. We don’t own any shares nor have we ever received compensation in any form from Talon Metals.

34 The Metal Augmentor

Price: Shares Outstanding (O/S): Market Cap. (MC): Options: Warrants:

C$0.05

445.4M

Tiomin Resources Inc. (TSX: TIO)
Shares Fully Diluted (F/D): Fully Diluted MC: Avg. Opt. Exercise Price: Avg. War. Exercise Price:

The Metal Augmentor © 2008
Click Here for Technical Analysis Chart 584.2M C$26.3M C$0.12 C$0.54

C$20.0M 40.4M 98.4M

Unrestricted Assets Cash & Short Term Inv: Marketable Investments: Other Liquid Assets: Debt: Breakup Value (BV): MC – BV: C$23.7M C$0 C$0 C$0 C$25.7 C$(5.7)M ABCP/etc:

Restricted Assets C$0 C$2.0M C$0 C$(2.0)M June 30, 2008

Cash Cost of Property: Other: Quarterly Burn Rate: Last Financial Filing:

www.tiomin.com

Tiomin owns the interesting Kwale Titanium Project, regarding which a memorandum of understanding was reached on July 28, 2008 whereby Jinchuan Group Ltd. would invest $25 million into the project to earn a 70% interest. Jinchuan would be responsible for advancing all funds required to bring the project to production and after repayment of these funds, profits are to be shared 70/30 by Jinchuan and Tiomin respective. This transaction values Tiomin’s retained 30% interest at potentially $10 million on a breakup basis. Tiomin has also earned a 49% interest in the Pukaqaqa copper-gold project in Peru. The project contains 2 billion pounds of copper in Indicated and Inferred Resources at a 0.3% cutoff as well as 500,000 oz. gold. Tiomin also owns 4 million shares and 4 million warrants of Kivu Gold Corp. (acquired for $2 million in February 2008), a private company operating in China. This has been given zero value in calculating Tiomin’s breakup value. We don’t own any shares nor have we ever received compensation in any form from Tiomin Resources.

35 The Metal Augmentor

Price:

Shares Outstanding (O/S): Market Cap. (MC): Options: Warrants:

Tri Origin Exploration Ltd. (TSX-V: TOE)
C$0.30 51.0M Shares Fully Diluted (F/D): C$15.3M 2.3M 0 Fully Diluted MC: Avg. Opt. Exercise Price: Avg. War. Exercise Price:

The Metal Augmentor © 2008
Click Here for Technical Analysis Chart 53.3M

C$16.0M C$0.79 n/a

Unrestricted Assets Cash & Short Term Inv: Marketable Investments: Other Liquid Assets: Debt: Breakup Value (BV): MC – BV: C$ nil C$15.6M C$0 C$0.5M C$17.0M C$(1.7)M ABCP/etc:

Restricted Assets C$1.9M C$0 C$0 C$(1.0)M March 31, 2008

Cash Cost of Property: Other: Quarterly Burn Rate: Last Financial Filing:

www.triorigin.com

Tri Origin Exploration (TOE) holds 49 million shares of its Australian-traded subsidiary, Tri Origin Minerals Ltd (ASX: TRO). In addition, TOE holds C$1.8M of asset-backed commercial paper marked down to fair value (cost of C$2.5M), which may become liquid at some point in the future. TOE has little to no available cash and has been relying on a credit facility secured by its illiquid ABCP holdings. TOE also has some exploration properties which appear to have significant potential, including projects in the Red Lake district and Abitibi Greenstone Belt. The company has also recently entered into an agreement with OZ Minerals, which is one of the largest diversified mining companies operating in Australia. This agreement requires that OZ fund TOE’s Canadian exploration expenditures to identify new projects up to C$750,000 per year, which may significantly reduce TOE’s cash burn rate. TOE’s appears to be an arbitrage opportunity solely on the basis of the trading price of its Australian subsidiary, with some upside for the resolution of its ABCP and the value of its own exploration projects. Of course, should the share price of the Australian subsidiary decline, the arbitrage opportunity might go away. Currently, Tri Origin Minerals trades near a 52-week low. We don’t own any shares nor have we ever received compensation in any form from either Tri Origin Exploration or Tri Origin Minerals.

36 The Metal Augmentor

Price: Shares Outstanding (O/S): Market Cap. (MC): Options: Warrants:

U.S. Energy Corp. (NASDAQ: USEG)
$2.29 23.5M Shares Fully Diluted (F/D): $53.9M 3.6M 0.9M Fully Diluted MC: Avg. Opt. Exercise Price: Avg. War. Exercise Price:

The Metal Augmentor © 2008
Click Here for Technical Analysis Chart 28.1M $64.4M $3.74 $3.61

Unrestricted Assets Cash & Short Term Inv: Marketable Investments: Other Liquid Assets: Debt: Breakup Value (BV): MC – BV: $9.9M $60.9M $0 $13.9M $73.8M $(19.9)M ABCP/etc:

Restricted Assets $0 $7.0M $9.9M $(2.0)M June 30, 2008

Cash Cost of Property: Other: Quarterly Burn Rate: Last Financial Filing:

www.usnrg.com

All amounts are in US Dollars unless otherwise noted.

Most of U.S. Energy’s liquid assets are held in the form of U.S. Treasuries with maturities greater than 3 months ($60.3 million at June 30, 2008). U.S. Energy is developing a multi-unit apartment project in Wyoming that may require the company to fund up to $14 million if a permanent loan cannot be obtained and none of the units are sold (worst case scenario). That does not represent an additional commitment above the amounts reflected in the table above (project debt of US$14 million, $7 million spent on the property so far, and $4.9 million secured investments held in U.S. Treasuries reflected in “Other”) but it could reduce breakup value by up to $14 million. U.S. Energy had budgeted $5 million in expenditures related to its Lucky Jack molybdenum project for the remainder of 2008. Importantly, on August 19, 2008 US Energy entered into an agreement with Thompson Creek Metals Company Inc. (TSX:TCM; NYSE:TC) whereby Thompson Creek will have the ability to earn up to a 75% interest in the Lucky Jack molybdenum project by expending up to $400 million. This comes soon after US Energy’s prior partner, Kobex Resources Ltd. (TSX-V: KBX), terminated its agreement due to its perception of uncertainties in the regulatory and legal environment for developing the property.

37 The Metal Augmentor

On August 22, 2008, U.S. Energy announced it had sold its interest in Sutter Gold Mining Inc. (TSX-V: SGM) for C$5.4 million, net of a C$0.5 million private placement. After the transaction, U.S. Energy will have approximately 8 million shares of Sutter (4.5 million shares with a 4 month holding period), warrants to purchase 2.2 million Sutter shares at $0.15/share, and a 5% Net Profits Royalty which will be reduced to 1% after U.S. Energy receives $4.6 million from production. We have estimated the value of the Sutter transaction to be $5.0 million and included it as “Other” in the table above. Effective June 22, 2007, US Energy approved a share buyback program for up to $5.0 million. Through June 30, 2008, the Company had repurchased 0.78 million shares of its common stock (including 0.55 million in 2008 for $1.9 million). The company’s breakup value does not include any value attributed to the company’s Lucky Jack molybdenum project, its oil and gas interests, its 4% Net Profits Royalty on the Green Mountain uranium property in Wyoming owned and operated by Rio Tinto, or the up to $40 million in payments from Uranium One starting in 2010 (including initial payment of up to $27.5 million). We don’t own any shares nor have we ever received compensation in any form from U.S. Energy.

The Metal Augmentor © 2008

38 The Metal Augmentor

Price: Shares Outstanding (O/S): Market Cap. (MC): Options: Warrants:

C$0.64 23.1M

U3O8 Corp. (TSX-V: UWE)
Fully Diluted MC:

The Metal Augmentor © 2008
Click Here for Technical Analysis Chart 25.5M C$16.3M C$2.03 C$2.50 Shares Fully Diluted (F/D):

C$14.8M 1.9M 0.6M

Avg. Opt. Exercise Price: Avg. War. Exercise Price:

Unrestricted Assets Cash & Short Term Inv: Marketable Investments: Other Liquid Assets: Debt: Breakup Value (BV): MC – BV: C$17.4M C$0 C$0 C$0.7M C$16.7M C$(2.0)M ABCP/etc:

Restricted Assets C$0 C$0 C$0 C$(3.0)M June 30, 2008

Cash Cost of Property: Other: Quarterly Burn Rate: Last Financial Filing:

www.u3o8corp.com

U3O8 Corp. expects to spend about C$3.0 million on exploration over the next 18 months. The company is making good progress on its Prometheus Uranium project in Guyana. A 77-hole, phase III drill program (13,600m) was recently completed on the project’s Aricheng South structure. Similarly, a 53-hole, 8,831m Phase III program on Aricheng North was also recently completed and all assay results are in the process of being received. An initial resource estimate on both these structures is expected in Q4 2008. Meanwhile, a Phase I drill program is taking place on the Accori North area. Infill drilling is expected to continue into late 2008, with a resource estimate planned for early 2009. Typical intersections across these structures have ranged from 10-20m of 0.10%-0.20% U3O8. We don’t own any shares nor have we ever received compensation in any form from U3O8 Corporation.

39 The Metal Augmentor

Price: Shares Outstanding (O/S): Market Cap. (MC): Options: Warrants:

C$0.25 53.2M

Volta Resources Inc. (TSX: VTR)
Fully Diluted MC: Avg. Opt. Exercise Price: Avg. War. Exercise Price:

The Metal Augmentor © 2008
Click Here for Technical Analysis Chart 58.1M C$14.5M C$0.94 n/a Shares Fully Diluted (F/D):

C$13.3M 4.9M 0

Unrestricted Assets Cash & Short Term Inv: Marketable Investments: Other Liquid Assets: Debt: Breakup Value (BV): MC – BV: C$11.0M C$2.9M C$0 C$0 C$13.9M C$(0.7)M ABCP/etc:

Restricted Assets C$0 C$0 C$0 C$(1.0)M June 30, 2008

Cash Cost of Property: Other: Quarterly Burn Rate: Last Financial Filing:

www.voltaresources.com

“Marketable Investments” reflected in the table above consist of 10 million shares of Apex Minerals NL (ASX: AXM). The breakup value assumes that Gaoua, Kampti, and various other prospects located in Burkina Faso are worthless. At Gaoua, Volta has partnered with Freeport McMoRan Exploration Corporation, a subsidiary of Freeport McMoRan Copper and Gold Inc. (NYSE: FCX) where a 12,000m drill program is currently underway-- significant drill results include 106m of 0.66% copper and 0.49g/t gold, and 224m of 0.52% copper and 0.19g/t gold. At Kampti, Volta is currently carrying out a 5,000m program targeting gold, with recent results such as 3m of 63.52g/t gold. We don’t own any shares nor have we ever received compensation in any form from Volta Resources.

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Price:

Shares Outstanding (O/S): Market Cap. (MC): Options: Warrants:

Wallbridge Mining Company Ltd. (TSX: WM)
C$0.16 88.8M Shares Fully Diluted (F/D): C$14.2M 10.1M 12.8M Fully Diluted MC: Avg. Opt. Exercise Price: Avg. War. Exercise Price:

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Click Here for Technical Analysis Chart 111.7M

C$17.9M C$0.44 C$0.91

Unrestricted Assets Cash & Short Term Inv: Marketable Investments: Other Liquid Assets: Debt: Breakup Value (BV): MC – BV: C$4.4M C$10.0M C$0 C$1.0M C$13.4M C$0.8M ABCP/etc:

Restricted Assets C$0 C$0 C$0 C$(2.0)M June 30, 2008

Cash Cost of Property: Other: Quarterly Burn Rate: Last Financial Filing:

www.wallbridgemining.com

Wallbridge has commitments to spend roughly C$2.5 million on exploration properties by December 31, 2009, but is likely to spend at least 2-3x this amount especially given its aggressive drill program for 2008—10,000m on 11 properties. The company has a number of PGM exploration projects in Sudbury as well as a copper-moly-gold property in British Columbia and several gold properties in the Kirkland Lake gold camp which have recently been joint-ventured with Tanqueray Resources Ltd. (TSX-V: TQY). Wallbridge’s Sudbury properties include joint-venture arrangements with Xstrata Nickel (LSE: XTA), Impala Platinum Holdings Limited (JSE: IMP), and Lonmin Plc (LSE: LMI). With 10 million shares of Duluth Metals (TSX: DM) which are worth close to the company’s current market capitalization, Wallbridge is highly leveraged to Duluth’s performance. Investors are essentially receiving exposure to Wallbridge’s exploration projects at little to no cost. We don’t own any shares nor have we ever received compensation in any form from Wallbridge Mining.

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Price:

Shares Outstanding (O/S): Market Cap. (MC): Options: Warrants:

Western Uranium Corporation (TSX-V: WUC)
C$0.85 59.4M Shares Fully Diluted (F/D): 65.3M C$50.5M 3.2M 2.8M Fully Diluted MC: Avg. Opt. Exercise Price: Avg. War. Exercise Price:

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C$55.5M C$1.64 C$4.25

Unrestricted Assets Cash & Short Term Inv: Marketable Investments: Other Liquid Assets: Debt: Breakup Value (BV): MC – BV: C$51.5M C$6.8M C$0 C$0 C$58.3M C$(7.8)M ABCP/etc:

Restricted Assets C$0 C$0 C$0 C$(1.5)M June 30, 2008

Cash Cost of Property: Other: Quarterly Burn Rate: Last Financial Filing:

www.westernuraniumcorp.com

“Marketable Investments” consist of 15.2 million shares—or about 30%— of its recent spin-out, Western Lithium Canada Corporation (TSX-V: WLC). Western’s breakup value assumes that its 4 uranium properties located in New Mexico, Nevada, and northern Canada are worthless. The most advanced project, Kings Valley, contains about 23 million lbs. of uranium exposed at or near surface levels, of which 4.8M lbs. are NI 43-101 compliant Inferred resources—average grade of 0.08 percent. Western is currently drilling in Kings Valley. Finally, it is interesting to note that the company entered into a strategic alliance with Cameco Corporation (NYSE: CCJ) in August 2007, whereby Cameco has the right to earn a 70% interest on any of Western’s project if they represent a stand-alone deposit containing at least 15M lbs. of Indicated or better NI 43-101 uranium resources. To obtain this interest, Cameco must pay Western a minimum of $5.00 per pound of uranium resource and carry the project through feasibility. We don’t own any shares nor have we ever received compensation in any form from Western Uranium.

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Appendix A: Other Companies to Consider
Brinkley Mining Plc (AIM: BRM)

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Brinkley currently has a BP$5.6M MC versus BP$8.1M cash on hand at June 30, 2008. In July 2008, the company spent US$1.75M to acquire the remaining 30% stake in African Uranium. The quarterly burn rate, absent unusual one-time transactions, of BP$1-2M should allow the company to operate for some time without needing to raise funds. We don’t own any shares nor have we ever received compensation in any form from Brinkley Mining.

Continental Precious Metals Inc. (TSX: CZQ)
Don’t let the name fool you, this company is actually exploring for uranium in Sweden. The company had a treasury of over C$28M as of May 31, 2008 and currently sports a market capitalization of $C31.4M. Thus, the market is giving almost no value to the significant indicated and inferred resources consisting of (1) 20 million pounds of higher-grade uranium oxide and (2) 437 million pounds of lowgrade uranium oxide hosted in oil shale. At the current burn rate, the company could support exploration and other costs for several years. We don’t own any shares nor have we ever received compensation in any form from Continental Precious Metals.

Crescent Gold Limited (TSX-V: CRA; ASX: CRA)
The Canadian listing of Crescent (TSX: CRA) is trading at a very large discount to its Australian listing (ASX: CRE). The company’s market capitalization on the basis of its Canadian share price (C$44.0M) is below the cash on hand as of June 30, 2008 (AU$49.6M). We should not that Crescent has likely spent a substantial amount of cash since June 30, 2008, and it also appears to have substantial liabilities including accounts payable and an AU$5M convertible debenture that would reduce breakup value below its current Canadian market capitalization. The price arbitrage, however, between the Canadian shares (C$0.065) and Australian shares (AU$0.115) appears interesting. We don’t own any shares nor have we ever received compensation in any form from Crescent Gold.

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International Nickel Ventures Corp. (TSX: INV)

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International Nickel (INV) currently trades near its cash position reported on June 30, 2008, giving no value for its Canadian and Brazilian projects which include the Santa Fe nickel laterite project. Santa Fe is a joint venture with Teck Cominco beneficially owned 20% by INV and carried on the company’s books at C$17M (representing property option payments). The company’s exploration budget appears somewhat flexible and should allow the current C$3M per quarter burn rate to be reduced. We don’t own any shares nor have we ever received compensation in any form from International Nickel Ventures.

MAX Resources Corp. (TSX-V: MXR)
MAX had approx. C$7M of cash at June 30, 2008 compared to a current market cap of C$6.5M. MAX has optioned a number of projects that would require exploration expenditures and option payments totaling more than C$2M over the next 12 months to remain in good standing. Assuming that MAX management picks and chooses among the most prospective projects in the current tough environment, there may not be a need for a financing any time soon. We don’t own any shares nor have we ever received compensation in any form from MAX Resources.

New Oroperu Resources Inc. (TSX-V: ORO)
While New Oroperu holds just C$1.2M of cash at June 30, 2008, it has no project expenditures and only minimal administrative expenses—under C$0.2M per quarter. The company receives a C$0.2M annual cash option payment from Barrick Gold, which is currently earning a 70% interest in the company’s 100% owned Tres Cruces project in Peru. Recent drill results from this project included the highlight hole of 228m grading 2.96g/t gold. The project also has a historical (non-43-101 compliant) resource estimate of 1.7 million ounces of gold at 1.59g/t—this does not include hole highlighted above or many other significant holes drilled by Barrick over the last several years. With just 16.2 million shares outstanding, 1.8 million options, zero warrants, no requirement in the near term to raise funds, and Barrick proceeding with baseline project studies for the development of the Tres Cruces project, New Oroperu represents an interesting option in a cash-strapped resource market.

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We own shares in New Oroperu but have never received compensation in any form from the company.

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Triex Minerals Corporation (TSX-V: TXM)
Triex had about C$12.5M of net cash at April 30, 2008 as compared to its current market capitalization of C$10.M. However, the company is extremely active in Canadian uranium exploration, and therefore its current cash position is likely to be several million dollars lower than what was last reported. We don’t own any shares nor have we ever received compensation in any form from Triex Minerals.

U.S. Silver Corporation (TSX-V: USA)
U.S. Silver has put approximately US$30M into its Galena project in Idaho during the past 2 years—more than US$15M to purchase it from Coeur d’Alene Mines and another US$15M in repairs, development, and resource expansion. The current market cap is C$32M (US$30.3M), about the same as the cash investment in the mine, and that does not account for the US$20M in working capital as of June 30, 2008 (currently estimated to be US$15M). We own shares in U.S. Silver but have never received compensation in any form from the company.

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Appendix B: Technical Analysis Charts
By Roy Martens Charts begin on the following page.

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Altius Minerals Corporation

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Committee Bay Resources Ltd.

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Dynamite Resources Ltd.

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Endeavour Financial Corporation

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Golden Arrow Resources Corporation

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IMA Exploration Inc.

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Mega Silver Inc.

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Minco Gold Corporation

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Mundoro Capital Inc.

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Nautilus Minerals Inc.

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Orvana Minerals Corp.

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Pacific North West Capital Corp.

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Pinetree Capital Ltd.

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Southwestern Resources Corp.

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Sprott Molybdenum Participation Corp.

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Staccato Gold Resources Ltd.

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Strategic Metals Ltd.

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Talon Metals Corp.

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Tiomin Resources Inc.

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Tri Origin Exploration Ltd.

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U.S. Energy Corp.

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U3O8 Corp.

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Volta Resources Inc.

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Wallbridge Mining Company Limited

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Western Uranium Corporation

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The Metal Augmentor © 2008
The Metal Augmentor’s MINING EQUITIES REPORT: ISSUE I

CASH IS KING?
Introduction

Updated: September 24, 2008

A major objective of many investors active in the natural resources sector is to diversify away from the fiat-based world of finance and credit-dominated sectors such as banking, insurance, and retail. These investors want exposure to hard assets, not soft ones. Today, they desperately hope that commodity prices will soon recover given the large losses just about every natural resource portfolio has incurred over the past few months, the last two in particular. The fall in commodity prices has created an environment that has made it very challenging for natural resource companies—mining equities in particular—to obtain financing for exploration and project development. It seems cash, not metal in the ground, is king. How ironic that the one asset natural resource investors are trying to diversify away from—the U.S. dollar and its troubled competitors—is the very asset that mining equities need the most right now. It turns out that drilling contractors, engineers, geologists and miners all still prefer to be paid in paper money. Due to the simultaneous reduction in market liquidity and commodity prices, metal exploration and mining companies that need to raise funds to finance their activities are facing the prospect of substantial share dilution or the possibility of losing their property interests if they cannot meet contractual spending commitments. We believe there has to be a very compelling reason to own cashstrapped companies in this market. Conversely, companies that are not in need of financing have an important margin of safety in the current environment. Should metal and commodity prices stay weak for a long period of time— something that is not impossible during a bull market as the historical example of the mid-1970s demonstrates— such a margin of safety could turn into a major advantage.

1 AUGMENT PARTNERS, INC. © 2008

Indeed, if the markets were efficient and logical, we should expect that mining equities with lots of cash and other liquid assets would trade at significant premiums to their cash-strapped peers. But that doesn’t appear to be the case at the moment. In early August of this year, things didn’t look quite as bad, but nevertheless we had already started to notice that the market capitalizations of several mining equities were approaching their cash positions. This situation piqued our curiosity so we placed these companies on our radar. To our surprise, their prices continued to fall so that now in many case they are trading at a steep discount to their breakup value (the estimated amount of cash that could be distributed to shareholders if all assets and liabilities are liquidated and the company is broken up). Compellingly, many of these companies have attractive property holdings—some joint ventured with majors—that are currently being assigned a zero value by the market. Thus was born the idea for our inaugural Mining Equities Report, the title of which—“Cash is King?”— reflects the strange contradiction that the one asset in greatest need, cash, seems to actually be more of a burden than an asset to some mining equities. While this situation is perplexing, we feel that it is only a matter of time before the most astute natural resource investors begin to realize that the market’s present foolishness obscures a rare opportunity. With blood running in the streets, now seems like the best time to beat the smart crowd to that realization. The dollar signs wouldn’t stop dancing in our minds, so we were left with no choice but to examine several hundred mining equities, both explorers and producers, to plot their cash and liquidity positions against their capital requirements. We discarded companies that still have substantial value attributed to their projects because those values could evaporate should fear continue to run rampant in the hearts of investors. Though some of you may protest that we have erred in casting aside some extremely undervalued companies, we suspect that the value of fiat money could fare better than the value of metal in the ground for a while yet. That bold assessment still left us with more than 30 companies that deserve closer examination. We detail these companies in our inaugural report. We would like to point out that our report is not a comprehensive list of mining equities with breakup value exceeding market cap because such a calculation is very difficult to make given the large daily fluctuations in the prices of mining equities recently. Rather, our report should be viewed as a crosssection of interesting opportunities to explore further. We believe it contains something for every natural resource investor. Some of the mining equities in our report possess a cushy cash position that is not contractually committed to be spent in the near term. Others have virtually no cash requirements because a separate company (for example, through a joint venture) is paying for all exploration expenditures and sometimes even covering administrative expenses. Many of these companies have projects of

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significant merit and other assets unaccounted for in our calculations because they have been given zero value by the market. After all, who are we to argue with the market? Ultimately, our report does not answer the underlying question: Cash is King? Only time will do that. But we believe there is a reasonable basis to conclude that some of companies in our report are positioned to benefit, relative to other mining equities, regardless of where the market heads next: up, down, or sideways.

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About The Metal Augmentor
The Metal Augmentor is a new service being launched in the next few weeks at www.metalaugmentor.com. The main purpose of The Metal Augmentor is to aid both new and experienced investors in navigating the fascinating, dangerous, and rewarding world of investing in physical metals and mining equities. Our focus will be on gold and silver, but we will also provide indepth coverage of the other major metals. Portions of the service will be devoted to investors who buy gold and/or silver in its various forms (ETF, bullion, allocated account, etc.) for price appreciation. Other portions will appeal to people who buy bullion to hold in their own possession for the purpose of preserving their wealth or buying power against fiscal irresponsibility by fiat-wielding governments. A key feature of The Metal Augmentor will be the detailed coverage of mining equities from junior explorers to major mining companies. Our unique approach will avoid making outright buy and sell recommendations (except in special reports that focus on individual situations) but instead provide relevant and timely information and insights so that each investor can confidently make his or her own investment decision. Perhaps the most valuable feature of The Metal Augmentor will be exclusive coverage of the basis in gold and silver as taught by Professor Antal E. Fekete.

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Questions on How to Use this Report
What is Breakup Value (BV)?

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We compute a company’s breakup value by adding together all cash plus assets that can be liquidated and converted to cash in a reasonable period of time and then subtracting the company’s debt and other liabilities. Breakup value does not include off-balance sheet commitments and liabilities that may require cash expenditures to eliminate. What is Market Capitalization (MC)? A company’s market capitalization is computed by multiplying its number of shares outstanding by its current market price. What does MC-BV tell us? The MC-BV calculation shows how much value the market is assigning to the company’s non-cash and non-marketable assets including exploration and mining properties. In many cases, this number is negative in our report, which means the company’s cash and other marketable assets less its debt exceeds its current market capitalization. In other words, if the company shut its doors and liquidated, shareholders may receive a per share cash distribution greater than the current share price. Why use MC instead of Fully Diluted MC for the BV computation? Because generally the average exercise prices of all warrants and options (which are included in the fully diluted MC) are significantly above the current share price. Therefore, if the fully diluted MC were used, it would be necessary to add the cash to be received upon exercise of all warrants and options, which is often several multiples of the current market cap. Why use separate columns for unrestricted assets vs. restricted assets? The use of separate columns is to identify relatively liquid (unrestricted) vs. relatively illiquid (restricted) assets. For example, if a company’s MC-BV is negative but the majority of the assets included in BV come from the restricted category, which would be less desirable than a similarly-valued company where the majority of assets are unrestricted (all else being equal).

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Why not compare MC to working capital instead of performing the BV computation?

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Working capital doesn’t include many assets that could be marketable in a liquidation scenario, nor does it include noncurrent debt. As a result, it is a better measure of short-term liquidity as compared to ultimate liquidity. What is the attached Excel file to be used for? The attached Excel file is an extremely valuable part of this report. This is where all of our numbers within the tables of each company are derived. Importantly, our Excel file is enabled such that the market price of each company can be updated (this requires downloading a free add-in program – see instructions tab within Excel file). In turn, this updates all dependent cells and allows us to compute measures such as MC-BV in nearly real time (with a 15 minute quote delay). Without this functionality, the report would not remain as relevant after the publication date. Using the Excel file, users can get updated figures throughout the trading day and are able to make more informed investment decisions. How to open the Excel 2007 file? If you own an earlier version of Microsoft Office (i.e. prior to 2007), you will need to download the following Microsoft Office 2007 compatibility pack in order to open the attached Excel file: Compatibility Pack Download Why is there a warning message when I open the attached Excel file? Some systems may display a warning message about a potential virus, macro, or other program that could potentially harm your computer, but this is due to the MSN Money Stock Quotes add-in. Both the Excel and PDF files have been scanned using Bit Defender and no threats were detected. How do I close the attachments window in order to view the PDF in full page format? Once you have downloaded the attached Excel file, or if you have decided not to do so at this time, you can close the attachments window by clicking on the paper clip icon on the lower left hand corner of the page. Doing so will allow you to view the report in a full page format.

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Augment Partners, Inc. © 2008

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All Rights Reserved Unauthorized Distribution will be Prosecuted to the Full Extent of the Law

Disclaimer: We are not licensed investment advisors and this is not a recommendation to buy or sell any company. The information and data herein is being presented as a service to help investors conduct further research. We believe the data comes from reliable sources but it may not be current and material changes in a company’s financial position could have taken place since the asof date. Before making an investment decision, you or your licensed investment advisor should verify all information that you are relying upon. We are not responsible for the results of any investment made on the basis of the data presented herein, nor are we responsible for any errors or omissions (though we strive for accuracy and completeness). We disclose our own investment position or relationship in all companies.

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Contents

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Page

Introduction __________________________________________________________________________________ 1 Questions on How to Use this Report ______________________________________________________________ 4 Breakup Value Update – Current as of 9/24/08 ______________________________________________________ 8 Cash Value Companies – Current as of 9/14/08 ______________________________________________________ 9 Altius Minerals Corporation (TSX: ALS) ......................................................................................................................9 Committee Bay Resources Ltd. (TSX-V: CBR) ...........................................................................................................11 Dynamite Resources Ltd. (TSX-V: DNR) ...................................................................................................................13 Endeavour Financial Corporation (TSX: EDV) ..........................................................................................................15 Golden Arrow Resources Corporation (TSX-V: GRG) ................................................................................................17 IMA Exploration Inc. (TSX-V: IMR; AMEX: IMR) .......................................................................................................19 Mega Silver Inc. (TSX-V: MSR) .................................................................................................................................20 Minco Gold Corporation (TSX: MMM; AMEX: MGH) ...............................................................................................21 Mundoro Capital Inc. (TSX: MUN) ...........................................................................................................................22 Nautilus Minerals Inc. (TSX: NUS) ............................................................................................................................23 Orvana Minerals Corp. (TSX: ORV) ..........................................................................................................................25 Pacific North West Capital Corp. (TSX: PFN) ............................................................................................................26 Pinetree Capital Ltd. (TSX: PNP) ..............................................................................................................................28 Southwestern Resources Corp. (TSX: SWG) .............................................................................................................30 Sprott Molybdenum Participation Corp. (TSX: MLY)................................................................................................31 Staccato Gold Resources Ltd. (TSX-V: CAT) ..............................................................................................................32 Strategic Metals Ltd. (TSX-V: SMD) .........................................................................................................................33 Talon Metals Corp. (TSX: TLO) .................................................................................................................................35 Tiomin Resources Inc. (TSX: TIO) .............................................................................................................................36 Tri Origin Exploration Ltd. (TSX-V: TOE)...................................................................................................................37 U.S. Energy Corp. (NASDAQ: USEG) .........................................................................................................................38 U3O8 Corp. (TSX-V: UWE)........................................................................................................................................40 Volta Resources Inc. (TSX: VTR) ...............................................................................................................................41 Wallbridge Mining Company Ltd. (TSX: WM) ..........................................................................................................42 Western Uranium Corporation (TSX-V: WUC) .........................................................................................................43 Appendix A: Other Companies to Consider ________________________________________________________ 44 Appendix B: Technical Analysis Charts ____________________________________________________________ 47

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Breakup Value Update – Current as of 9/24/08 OLD Cash Value Companies
Altius Minerals Corporation Committee Bay Resources Ltd. Dynamite Resources Ltd. Endeavour Financial Corporation Golden Arrow Resources Corporation IMA Exploration Inc. Mega Silver Inc. Minco Gold Corporation Mundoro Capital Inc. Nautilus Minerals Inc. Orvana Minerals Corp. Pacific North West Capital Corp. Pinetree Capital Ltd. Southwestern Resources Corp. Sprott Molybdenum Participation Corp. Staccato Gold Resources Ltd. Strategic Metals Ltd. Talon Metals Corp. Tiomin Resources Inc. Tri Origin Exploration Ltd. U.S. Energy Corp. U3O8 Corp. Volta Resources Inc. Wallbridge Mining Company Limited Western Uranium Corporation Price (9/14/08) MC-BV (9/14/08) Price (9/24/08)

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NEW

MC-BV (9/24/08)

$5.25 ($33,131,944) $0.13 ($11,359,233) $0.14 ($26,109,100) $5.47 ($156,115,329) $0.28 $1,020,546 $0.38 ($5,487,946) $0.30 ($6,641,404) $0.57 ($1,039,415) $0.33 ($4,123,454) $1.46 ($82,807,434) $0.56 ($18,469,520) $0.17 $1,183,151 $1.34 ($50,354,638) $0.56 ($1,705,120) $2.80 ($73,933,883) $0.10 ($2,755,721) $0.38 ($2,134,273) $0.45 ($2,518,197) $0.05 ($5,658,574) $0.30 ($1,685,262) $2.29 ($20,043,196) $0.64 ($1,964,593) $0.25 ($604,775) $0.16 $802,560 $0.85 ($7,840,706) Average ($20,539,099)

$6.04 ($8,700,622) $0.14 ($10,762,890) $0.10 ($30,092,825) $6.48 ($132,588,838) $0.32 $1,739,734 $0.37 ($6,269,926) $0.39 ($4,225,627) $0.79 $11,004,747 $0.35 ($3,668,143) $1.55 ($78,284,315) $0.63 ($10,403,211) $0.13 ($941,950) $1.32 ($47,158,168) $0.45 ($5,800,650) $2.52 ($65,271,773) $0.12 ($758,865) $0.31 ($6,033,813) $0.40 ($4,019,139) $0.06 $3,248,724 $0.26 ($781,323) $2.58 ($13,299,585) $0.68 ($1,042,273) $0.20 ($3,385,785) $0.14 $727,240 $0.76 ($14,553,019) ($17,252,892)

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Cash Value Companies – Current as of 9/14/08
Price: C$5.25 Shares Outstanding (O/S): Market Cap. (MC): Options: Warrants: 30.9M

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Altius Minerals Corporation (TSX: ALS)
Shares Fully Diluted (F/D): C$162.4M 1.0M 0 Fully Diluted MC: Avg. Opt. Exercise Price: Avg. War. Exercise Price:

Click Here for Technical Analysis Chart 32.0M

C$167.8M C$10.34 n/a

Unrestricted Assets Cash & Short Term Inv: Marketable Investments: Other Liquid Assets: Debt: Breakup Value (BV): MC – BV: C$167.4M C$20.0M C$0 C$38.5M C$195.5M C$(33.1)M ABCP/etc:

Restricted Assets C$0 C$12.3M C$34.3M C$(1.0)M July 31, 2008

Cash Cost of Property: Other: Quarterly Burn Rate: Last Financial Filing:

www.altiusminerals.com

Altius is a natural resource project generation and royalty business. Currently, it is involved in joint ventures on 11 different projects and is seeking partners on several others. The company’s “Marketable Investments” reflected in the table above include a portfolio of undisclosed resource companies with a fair market value of C$11.1M at July 31, 2008. These investments may need to be discounted up to 50% given the current market environment. The “Marketable Investments” also include several companies for which share amounts and prices are current as of the date of this report. Most significantly, Altius owns a 10% interest in the Labrador Nickel Royalty Limited Partnership, which owns a 3% net smelter return royalty on the Voisey's Bay nickel project. This royalty is reflected in the above table in “Cash Cost of Property” at C$12.3 million. Voisey’s Bay began its first full year of operation in 2006 and is expected to have at least a 25-yr. mine life. Revenue from this royalty interest totaled C$5.2M for the year ended April 30, 2008. Altius has C$38.1 million in long-term debt, payable at maturity on December 2011 and bearing interest at 4.25% per annum. The value of this loan roughly coincides with the value of Altius’ hedge to sell 2.5

9 AUGMENT PARTNERS, INC. © 2008

million shares of Aurora Energy Resources Inc. (TSX: AXU) in December 2011 at C$17.72 (current market price of C$2.41). The hedge is reported in “Other” (C$34.3M). In December 2007, Altius advanced C$30.1 million in the form of a non-interest bearing convertible loan to Newfoundland and Labrador Refining Corporation (NLRC). In June 2008 NLRC filed for Bankruptcy and has been given until October 17, 2008 to attract additional financing or partners. The full amount of C$30.1M has been written off by Altius and it not reflected in the table above, but should NLRC emerge from bankruptcy, it is possible that a portion of the loan may be recoverable. Altius reported net income of $12.1 million or $0.40/share for the year ended April 30, 2008 and is therefore trading at a trailing P/E ratio of about 13 or so at current market prices. However, it should be noted that earnings for Altius are fairly erratic given that they are influenced heavily by gains or losses recorded on the sale of its mining and mineral related investments. For example, in the most recent quarter ended July 31, 2008, Altius reported only C$0.4M of net income. Recently insiders of Altius have begun buying shares in the open market, with about 103,000 shares having been purchased since July 30, 2008 when the buying began. Collectively, insiders now own about 5 million shares, or nearly 17% of the company. Notably, Altius has only slightly over 1 million options with an average exercise price of C$10.34 and zero warrants. Additionally, Altius began aggressively repurchasing its shares in the open market under its normal course issuer bid during August and September 2008—repurchasing 1,134,030 shares at an average price of $6.49. We don’t own any shares nor have we ever received compensation in any form from Altius Minerals.

The Metal Augmentor © 2008

10 AUGMENT PARTNERS, INC. © 2008

Price:

Shares Outstanding (O/S): Market Cap. (MC): Options: Warrants:

Committee Bay Resources Ltd. (TSX-V: CBR)
C$0.13 96.1M Shares Fully Diluted (F/D): C$12.5M 8.9M 17.3M Fully Diluted MC: Avg. Opt. Exercise Price: Avg. War. Exercise Price:

The Metal Augmentor © 2008
Click Here for Technical Analysis Chart 122.3M

C$15.9M C$0.66 C$0.71

Unrestricted Assets Cash & Short Term Inv: Marketable Investments: Other Liquid Assets: Debt: Breakup Value (BV): MC – BV: C$17.0M C$3.8M C$0 C$0 C$23.9M C$(11.4)M ABCP/etc:

Restricted Assets C$0 C$0 C$3.1M C$(1.2)M June 30, 2008

Cash Cost of Property: Other: Quarterly Burn Rate: Last Financial Filing:

www.committeebay.com

Committee Bay agreed to acquire Niblack Mining Corp (TSX-V: NIB) which requires Committee Bay to provide funds of up to C$10 million to Niblack by way of a secured convertible debenture. According to Niblack's press release on September 10, C$5.6 million has been advanced for exploration and development work on the Niblack project which reduces the above cash position by C$4.5 million (C$1.1 million is already included in “Other” representing the amount loaned as of June 30). It should be expected that Committee Bay has or will fund the remainder of this program, although it is not an obligation. “Other” also includes a C$2 million debenture from Focus Minerals (ASX: FML) due April 2009. Committee’s “Marketable Investments” include 140 million shares of Focus Minerals. The above does not consider that Committee Bay has spent over C$20 million to explore its Committee Bay Greenstone Belt property in Nunavut where it has defined 468,000 ounces of gold in the indicated category and another 231,000 ounces in the Inferred category at its Three Bluffs Deposit. In addition, the above figures do not include Committee Bay’s 100% interest in Underground Drilling and Services Pty Ltd. a private Australian drilling company with a potential fair market value of C$2 million. The company reported C$11.3 million of working capital as of August 20, 2008 which is almost equal to its current market capitalization.

11 AUGMENT PARTNERS, INC. © 2008

We don’t own any shares nor have we ever received compensation in any form from Committee Bay Resources.

The Metal Augmentor © 2008

12 AUGMENT PARTNERS, INC. © 2008

Price:

Shares Outstanding (O/S): Market Cap. (MC): Options: Warrants:

Dynamite Resources Ltd. (TSX-V: DNR)
C$0.14 113.5M Shares Fully Diluted (F/D): C$15.9M 8.7M 103.4M Fully Diluted MC: Avg. Opt. Exercise Price: Avg. War. Exercise Price:

The Metal Augmentor © 2008
Click Here for Technical Analysis Chart 225.6M

C$31.6M C$0.67 C$0.84

Unrestricted Assets Cash & Short Term Inv: Marketable Investments: Other Liquid Assets: Debt: Breakup Value (BV): MC – BV: C$26.0M C$0.3M C$0 C$0 C$42.0M C$(26.1)M ABCP/etc:

Restricted Assets C$0 C$15.7M C$0 C$(1.6)M April 30, 2008

Cash Cost of Property: Other: Quarterly Burn Rate: Last Financial Filing:

www.dynamiteresources.com

Dynamite has commitments to spend approximately C$6 million in 2008 at its Mike Lake project in the Dawson Mining District, Yukon Territory, which is not reflected in the above figures. In addition, Dynamite has an AUD$6.5 million commitment to fund exploration at the Lake Torrens IOCGU project located next to BHP’s Olympic Dam Mine, not all of which is due in the near term. Additionally, the “Cash Cost of Property” reflected in the table above is related to Dynamite’s purchase of Tau Mining in 2007, which owns two prospective uranium and gold exploration licenses in Kyrgyzstan. Discounting the Kyrgyzstan uranium properties by 50% or more may be appropriate, which would reduce the MC-BV calculation to negative $12 million or so (about the same as the committed exploration expenditures noted above). Even when the near-term exploration commitments and other company obligations are figured into the equation, Dynamite will have significant operating cash remaining. Should the share price recover in the next 12 months, significant proceeds may also be realized from warrant exercises. Alternatively, if the share price does not recover to $1 or more (a 600% rise from current levels), those warrants may expire and reduce the fully diluted share count by a very significant amount. Finally, note that the breakup value assumes the IOCGU and Mike Lake projects are worthless. Given that Dynamite has planned to drill up to 30,000 meters in 2008, there is the possibility of significant

13 AUGMENT PARTNERS, INC. © 2008

assay results that could re-ignite interest in the company. Such prospects are enhanced when we consider that in 2007 Dynamite drilled a “discovery hole” at Mike Lake grading 0.61% Copper, 1.38 g/t Gold, 13.6 g/t Silver and 0.044% Tungsten oxide over 89.31 meters near surface. We don’t own any shares nor have we ever received compensation in any form from Dynamite Resources.

The Metal Augmentor © 2008

14 AUGMENT PARTNERS, INC. © 2008

Price:

Shares Outstanding (O/S): Market Cap. (MC): Options: Warrants:

Endeavour Financial Corporation (TSX: EDV)
$5.47 30.5M Shares Fully Diluted (F/D): 36.8M $167.1M 2.8M 3.4M Fully Diluted MC: Avg. Opt. Exercise Price: Avg. War. Exercise Price:

The Metal Augmentor © 2008
Click Here for Technical Analysis Chart

$201.2M $9.73 $5.50

Unrestricted Assets Cash & Short Term Inv: Marketable Investments: Other Liquid Assets: Debt: Breakup Value (BV): MC – BV: $14.8M $237.3M $0 $0 $323.2M $(156.1)M ABCP/etc:

Restricted Assets $0 $0 $71.1M $2.0M June 30, 2008

Cash Cost of Property: Other: Quarterly Run Rate: Last Financial Filing:

www.endeavourfinancial.com

All amounts are in US Dollars unless otherwise noted.

Endeavour Financial is an investment, financial advisory, and merchant banking firm focused on the natural resource sector. Its clients include well-known names such as Goldcorp, Northern Orion, Silver Wheaton, and Hecla Mining. Endeavour Financial held marketable securities, convertible loans and debentures, and warrants valued at $308.4 million as of June 30, 2008. “Marketable investments” in the above table includes publicly traded equity securities and “Other” includes convertible loans and debentures, warrants, and investments in privately-held companies. Unfortunately, Endeavour’s financial statements do not disclose the individual securities held, which means we cannot update the value of these securities. We do know that about 70% of Endeavour’s portfolio is allotted to gold, oil & gas, and copper investments. Given the current market conditions for these commodities and especially their underlying stocks, it may be reasonable to discount these marketable investments, convertible loans and debentures, and warrants by 50 percent. The company currently generates positive cash-flow from its merchant banking and advisory business, excluding gains and losses from its investment portfolio. Endeavour also pays out a small dividend, with a current annualized rate of C$0.18.

15 AUGMENT PARTNERS, INC. © 2008

We don’t own any shares nor have we ever received compensation in any form from Endeavour Financial.

The Metal Augmentor © 2008

16 AUGMENT PARTNERS, INC. © 2008

Price:

Shares Outstanding (O/S): Market Cap. (MC): Options: Warrants:

Golden Arrow Resources Corporation (TSX-V: GRG)
C$0.28 15.5M Shares Fully Diluted (F/D): 21.0M C$4.3M 1.5M 4.0M Unrestricted Assets Fully Diluted MC: Avg. Opt. Exercise Price: Avg. War. Exercise Price: C$5.8M C$0.85 C$1.27

The Metal Augmentor © 2008
Click Here for Technical Analysis Chart

Restricted Assets ABCP/etc: Cash Cost of Property: Other: Quarterly Burn Rate: Last Financial Filing: C$0.2M C$0 C$0 C$(0.3)M June 30, 2008

Cash & Short Term Inv: Marketable Investments: Other Liquid Assets: Debt: Breakup Value (BV): MC – BV:

C$3.0M C$0.1M C$0 C$0 C$3.2M C$1.0M

www.goldenarrowresources.com

Golden Arrow is required to fund exploration and option payments of approximately US$5.5 million related to its Poncha gold-copper project in San Juan Province, Argentina including US$1.4 million over the next 12 months. A Phase II drill program at Poncha produced 266m @ 1.21 g/t gold and 3.30 g/t silver as announced March 27, 2008. Golden Arrow holds 2.3M shares of Amera Resources Corporation (TSX-V: AMS), as well as a small amount of asset back commercial paper with an estimated fair value of C$0.2 million. Most significantly, Golden Arrow owns a 1% NSR on Yamana Gold’s Gualcamayo Project, with annual production expected to be 200,000 oz. starting at the end of 2008. The mine has Measured and Indicated resources of over 2 million ounces of gold and currently has an estimated 10 year mine life. Cash flow from the royalty is expected to begin in early 2009, when the royalty is estimated to bring in about $1.0 million in after-tax cash flow— assuming $800/oz gold and an annual production rate of 200,000 ounces.

17 AUGMENT PARTNERS, INC. © 2008

Yamana claims the mine has the potential to produce 300,000 ounces per year and perhaps even more if underground mining operations are initiated. Thus, Golden Arrow can be viewed purely as a royalty company with the potential to yield a roughly 20% return per annum on the current share price. We don’t own any shares nor have we ever received compensation in any form from Golden Arrow Resources.

The Metal Augmentor © 2008

18 AUGMENT PARTNERS, INC. © 2008

Price:

Shares Outstanding (O/S): Market Cap. (MC): Options: Warrants:

IMA Exploration Inc. (TSX-V: IMR; AMEX: IMR)
C$0.38 52.1M Shares Fully Diluted (F/D): 57.7M C$19.8M 3.9M 1.7M Unrestricted Assets Fully Diluted MC: Avg. Opt. Exercise Price: Avg. War. Exercise Price:

The Metal Augmentor © 2008
Click Here for Technical Analysis Chart

C$21.9M C$2.86 C$3.45

Restricted Assets ABCP/etc: Cash Cost of Property: Other: Quarterly Burn Rate: Last Financial Filing: C$0 C$0 C$0 C$(0.5)M June 30, 2008

Cash & Short Term Inv: Marketable Investments: Other Liquid Assets: Debt: Breakup Value (BV): MC – BV:

C$24.8M C$0.5M C$0 C$0 C$25.3M C$(5.5)M

www.imaexploration.com

IMA has obligations to spend C$15 million over the next 3 years on its Island Gold Project in order to earn an initial 49% interest from Western Copper Corporation (TSX: WRN). This is currently IMA’s only project, and it can earn up to a 70% interest. The Island Gold Project includes the Hushamu deposit, which hosts a NI 43-101 compliant Measured and Indicated resource of 2.3 million ounces of gold and 1.4 billion pounds of copper, as well as an Inferred resource of 326 million pounds of copper and 0.6 million ounces of gold. The deposit also includes molybdenum (0.013%) although this is not part of the defined NI 43-101 resource. IMA expects to begin a drill program on the Island Gold Project sometime in September or October of 2008. The project is estimated to require 52,000m of diamond drilling, with at least 5,000m planned for this initial drill program. IMA previously owned the Navidad Project, which hosted a very large silver-base metal deposit. However, Aquiline Resources Inc. (TSX: AQI) has since taken ownership of the project following the Supreme Court of British Columbia ruling against IMA regarding an alleged breach of a confidentiality agreement in 2002 between IMA and Newmont Mining. We don’t own any shares nor have we ever received compensation in any form from IMA Exploration.

19 AUGMENT PARTNERS, INC. © 2008

Price: Shares Outstanding (O/S): Market Cap. (MC): Options: Warrants:

C$0.30 26.8M

Mega Silver Inc. (TSX-V: MSR)
Fully Diluted MC:

The Metal Augmentor © 2008
Click Here for Technical Analysis Chart 37.8M C$11.3M C$1.61 C$1.47 Shares Fully Diluted (F/D):

C$8.1M 1.8M 9.2M

Avg. Opt. Exercise Price: Avg. War. Exercise Price:

Unrestricted Assets Cash & Short Term Inv: Marketable Investments: Other Liquid Assets: Debt: Breakup Value (BV): MC – BV: C$14.7M C$0 C$0 C$0 C$14.7M C$(6.6)M ABCP/etc:

Restricted Assets C$0 C$0 C$0 C$(1.1)M June 30, 2008

Cash Cost of Property: Other: Quarterly Burn Rate: Last Financial Filing:

www.megasilver.ca

Mega Silver holds an interest in two silver and gold projects in Mexico, both of which are under option from Silverstone Resource Corp. (TSX-V: SST). The option agreement requires Mega Silver to spend C$10 million on both properties over 5 years. The company is currently conducting a 5,000m exploration program on these properties. Meanwhile, the company is carrying out a 1,500m drill program on its optioned Virginia Silver property located in British Columbia. The option agreement on Virginia requires that Mega Silver incur C$3.0 million in expenditures by August 2009. Finally, on Mega Silver’s Strategic Properties located in the Yukon Territory, the company must expend C$3.0 million by September 2009. We don’t own any shares nor have we ever received compensation in any form from Mega Silver.

20 AUGMENT PARTNERS, INC. © 2008

Price:

Shares Outstanding (O/S): Market Cap. (MC): Options: Warrants:

Minco Gold Corporation (TSX: MMM; AMEX: MGH)
C$0.57 42.9M Shares Fully Diluted (F/D): 47.4M C$24.5M 4.4M 0 Unrestricted Assets Fully Diluted MC: Avg. Opt. Exercise Price: Avg. War. Exercise Price: C$27.0M C$1.15 n/a

The Metal Augmentor © 2008
Click Here for Technical Analysis Chart

Restricted Assets ABCP/etc: Cash Cost of Property: Other: Quarterly Burn Rate: Last Financial Filing: C$0 C$0 C$3.7M C$(1.7)M June 30, 2008

Cash & Short Term Inv: Marketable Investments: Other Liquid Assets: Debt: Breakup Value (BV): MC – BV:

C$7.3M C$18.9M C$0 C$4.3M C$25.5M C$(1.0)M

www.mincogold.com

Minco Gold has conditional commitments to pay approximately C$10 million for exploration and property payments related to its projects, with C$4 million falling due within one year. Most of this is related to the Changkeng gold project, where Minco Gold can earn 51%. The Changkeng (also known as Mingzhong) gold project sits directly atop Minco Silver’s developing Fuwan Silver deposit. The proximity of Changkeng to the Fuwan Silver project makes its exploitation more likely despite its relatively small resource (700,000 oz. Measured and Indicated at approximately 5 grams per tonne) at the present time. Minco Gold holds 13 million shares of Minco Silver Corporation (TSX: MSV). In addition, Minco Gold has net receivables of approximately C$2.0 million due from Minco Silver. Minco Gold also holds exploration licenses on a number of prospective properties in China which are not being given any value by the market. We own shares in Minco Gold and Minco Silver but have received no compensation in any form from either company.

21 AUGMENT PARTNERS, INC. © 2008

Price: Shares Outstanding (O/S): Market Cap. (MC): Options: Warrants:

$0.33

38.6M

Mundoro Capital Inc. (TSX: MUN)
Shares Fully Diluted (F/D): Fully Diluted MC: Avg. Opt. Exercise Price: Avg. War. Exercise Price:

The Metal Augmentor © 2008
Click Here for Technical Analysis Chart 44.4M $14.7M $1.55 n/a

$12.8M 5.7M 0

Unrestricted Assets Cash & Short Term Inv: Marketable Investments: Other Liquid Assets: Debt: Breakup Value (BV): MC – BV: $16.9M $0 $0 $0 $16.9M $(4.1)M ABCP/etc:

Restricted Assets $0 $0 $0 $(0.5)M March 31, 2008

Cash Cost of Property: Other: Quarterly Burn Rate: Last Financial Filing:

www.mundoro.com

All amounts are in US Dollars unless otherwise noted.

Mundoro owns 79% of the Maoling gold deposit located in Liaoning Province, China. The deposit has Probable Reserves of 2.8 million ounces of gold as well as 4.8 million ounces in Measured and Indicated Resources and 4.4 million ounces in Inferred Resources. There has been a long delay in the renewal of the license related to this project. If and when the license is renewed, Mundoro is expected to have substantial expenditures to complete a full Feasibility Study and other requirements leading up to a production decision. The project is being assigned zero value by the market. As announced in May 2008, Mundoro may purchase for cancellation up to a maximum of 1.9 million of its Common Shares, or approximately 5% of the Common Shares outstanding as of the date of the announcement. We don’t own any shares nor have we ever received compensation in any form from Mundoro Capital.

22 AUGMENT PARTNERS, INC. © 2008

Price: Shares Outstanding (O/S): Market Cap. (MC): Options: Warrants:

$1.46

146.6M

Nautilus Minerals Inc. (TSX: NUS)
Shares Fully Diluted (F/D): Fully Diluted MC: Avg. Opt. Exercise Price: Avg. War. Exercise Price:

The Metal Augmentor © 2008
Click Here for Technical Analysis Chart 175.3M $256.3M $4.04 $5.14

$214.4M 13.6M 15.1M

Unrestricted Assets Cash & Short Term Inv: Marketable Investments: Other Liquid Assets: Debt: Breakup Value (BV): MC – BV: $299.0M $0 $0 $3.6M $297.2M $(82.8)M ABCP/etc:

Restricted Assets $0 $0 $1.8M $(10.0)M June 30, 2008

Cash Cost of Property: Other: Quarterly Burn Rate: Last Financial Filing:

www.nautilusminerals.com

All amounts are in US Dollars unless otherwise noted.

Nautilus is a mineral exploration company attempting to tap vast offshore resources of high-grade seafloor deposits of copper, zinc, gold, and silver. Currently, the company is planning to mine highgrade, copper-gold material about 1,500 meters below surface in the Bismarck Sea of Papua New Guinea beginning in late 2010 (subject to timely permitting). Nautilus has spending commitments of roughly $141 million over the next 6 years, most of which will go towards paying for a deepwater seafloor sulfide exploration vessel—much of this expense will presumably be incurred after mining has commenced. A roughly $60 million contract has also been awarded for two subsea mining tools, as well as a $116 million contract for a riser and lifting system. Nautilus’s cash position of about $300 million should provide a significant portion of the funding required to bring this seafloor mining project into production. Nautilus has partnered with Teck Cominco Limited (NYSE: TCK) on a currently ongoing $12 million exploration program. Holding more than 360,000 km2 of tenement licenses and exploration applications in the exclusive economic zones and territorial waters of Papua New Guinea, Fiji, Tonga, the Solomon Islands, and New Zealand, Nautilus is well-positioned to make additional underwater discoveries going forward. If

23 AUGMENT PARTNERS, INC. © 2008

Nautilus can demonstrate success on its first project, this massive land package could potentially become very valuable.

The Metal Augmentor © 2008

We don’t own any shares nor have we ever received compensation in any form from Nautilus Minerals.

24 AUGMENT PARTNERS, INC. © 2008

Price: Shares Outstanding (O/S): Market Cap. (MC): Options: Warrants:

Orvana Minerals Corp. (TSX: ORV)
C$0.56 115.2M Shares Fully Diluted (F/D): C$64.5M 3.0M 0 Fully Diluted MC: Avg. Opt. Exercise Price: Avg. War. Exercise Price:

The Metal Augmentor © 2008
Click Here for Technical Analysis Chart 118.2M C$66.2M C$0.90 n/a

Unrestricted Assets Cash & Short Term Inv: Marketable Investments: Other Liquid Assets: Debt: Breakup Value (BV): MC – BV: C$87.5M C$0 C$0 C$4.5M C$83.0M C$(18.5)M ABCP/etc:

Restricted Assets C$0 C$0 C$0 C$7.6M June 30, 2008

Cash Cost of Property: Other: Quarterly Run Rate: Last Financial Filing:

www.orvana.com

Orvana’s Don Mario Mine produces approximately 15,000 to 20,000 ounces of gold per quarter at a cash cost of under US$200 per ounce. This resulted in US$7.1 million or US$0.06 per share earnings in the latest quarter. Meanwhile, free cash flow for the quarter was more than US$9 million. The company plans to extend the life of the Don Mario mine to the third quarter of 2010 and at the current rate that would mean another US$50 million in production cash flows. There are plans afoot to acquire prospective projects with the more than US$80 million cash hoard, but management does not appear to be in a hurry. In the meantime, the company trades at a significant discount to its cash even on a fully diluted basis. We own shares in Orvana but have received no compensation in any form from the company.

25 AUGMENT PARTNERS, INC. © 2008

Price:

Shares Outstanding (O/S): Market Cap. (MC): Options: Warrants:

Pacific North West Capital Corp. (TSX: PFN)
C$0.17 61.7M Shares Fully Diluted (F/D): C$10.2M 6.3M 9.8M Fully Diluted MC: Avg. Opt. Exercise Price: Avg. War. Exercise Price:

The Metal Augmentor © 2008
Click Here for Technical Analysis Chart 77.8M

C$12.8M C$0.63 C$0.69

Unrestricted Assets Cash & Short Term Inv: Marketable Investments: Other Liquid Assets: Debt: Breakup Value (BV): MC – BV: C$8.6M C$0.4M C$0 C$0 C$9.0M C$1.2M ABCP/etc:

Restricted Assets C$0 C$0 C$0 C$(1.0)M July 31, 2008

Cash Cost of Property: Other: Quarterly Burn Rate: Last Financial Filing:

www.pfncapital.com

As of August 2008, Pacific North held about C$9 million of cash, leaving it with sufficient funds for operating expenses over the next 12 months. The company has total spending commitments of approximately C$2.5 million to earn an interest in optioned properties. Pacific North has an interest in a number of PGM and nickel properties located throughout Canada, none of which are given any value in the breakup value calculation. River Valley, located within Sudbury, is the company’s most advanced project. The project hosts a near surface, NI 43-101 Measured, Indicated, and Inferred resource of 1.1M oz. palladium, 0.4M oz. platinum, and 63,400 oz. gold. The project is a 50/50 joint-venture with Anglo Platinum, which can earn up to a 65% interest by taking the project to production. Anglo Platinum has already expended approximately C$22 million on this project. Assuming Anglo continues to advance River Valley towards feasibility, at the very least this should put a floor under the price of Pacific North given the value of the current resource. Pacific North also boasts a number of other high-profile partners on its remaining projects, such as Stillwater Mining Co. (NYSE: SWC) and Xstrata plc (LSE: XTA.L), and all of these projects have been given a value of zero in the breakup value calculation.

26 AUGMENT PARTNERS, INC. © 2008

We don’t own any shares nor have we ever received compensation in any form from Pacific North West Capital.

The Metal Augmentor © 2008

27 AUGMENT PARTNERS, INC. © 2008

Price: Shares Outstanding (O/S): Market Cap. (MC): Options: Warrants:

C$1.34

114.0M

Pinetree Capital Ltd. (TSX: PNP)
Fully Diluted MC: Avg. Opt. Exercise Price: Avg. War. Exercise Price:

The Metal Augmentor © 2008
Click Here for Technical Analysis Chart 133.6M C$179.0M C$5.46 C$9.89 Shares Fully Diluted (F/D):

C$152.8M 6.4M 13.2M

Unrestricted Assets Cash & Short Term Inv: Marketable Investments: Other Liquid Assets: Debt: Breakup Value (BV): MC – BV: C$ nil C$223.0M C$0 C$68.3M C$203.2M C$(50.3)M ABCP/etc:

Restricted Assets C$0 C$0 C$48.4M C$(6.0)M June 30, 2008

Cash Cost of Property: Other: Quarterly Burn Rate: Last Financial Filing:

www.pinetreecapital.com

Pinetree is a diversified investment, financial advisory and merchant banking firm focused on the smallcap market primarily within the uranium, oil & gas, molybdenum, precious metals, potash, rare earths, and base metals sectors. Pinetree also has a small amount of investments in the biotechnology, energy related technology, and technology sectors. As of June 30, 2008, Pinetree held “Marketable Investments” in over 70 companies, which means that unlike other firms such as Sprott Molybdenum Participation Corp., its relatively small positions are spread throughout many companies and sectors. That should theoretically allow Pinetree to be relatively more nimble in acquiring and divesting. On the other hand, the sheer number of positions may call into question whether Pinetree has a clear portfolio strategy or whether it is simply diversifying for the sake of diversification. Marketable Investments as of June 30, 2008 have been adjusted to current prices but do not reflect any purchases or sales that may have taken place since that date. Importantly, Pinetree’s marketable investments consist of a very substantial number of warrants across many different companies, all of which have conservatively been given zero value.

28 AUGMENT PARTNERS, INC. © 2008

The “Other” category under restricted assets is made up of positions in private companies, and given the current market conditions it may be prudent to discount this amount by 50 percent. Insiders began buying in mid-July 2008, and have since acquired approximately 330,000 shares at market prices as of early September 2008. Subsequent to June 30, 2008, Pinetree completed a brokered financing which raised aggregate gross proceeds of C$43.2 million through the issuance and sale of 17.3 million units of the company at a price of C$2.50 per unit, which includes one common share and one purchase warrant exercisable at C$3.50. We don’t own any shares nor have we ever received compensation in any form from Pinetree Capital.

The Metal Augmentor © 2008

29 AUGMENT PARTNERS, INC. © 2008

Price:

Shares Outstanding (O/S): Market Cap. (MC): Options: Warrants:

Southwestern Resources Corp. (TSX: SWG)
C$0.56 44.9M Shares Fully Diluted (F/D): C$25.2M 3.4M 0 Fully Diluted MC: Avg. Opt. Exercise Price: Avg. War. Exercise Price:

The Metal Augmentor © 2008
Click Here for Technical Analysis Chart 48.3M

C$27.1M C$0.65 n/a

Unrestricted Assets Cash & Short Term Inv: Marketable Investments: Other Liquid Assets: Debt: Breakup Value (BV): MC – BV: C$23.0M C$3.9M C$0 C$0 C$26.9M C$(1.7)M ABCP/etc:

Restricted Assets C$0 C$0 C$0 C$(3.0)M June 30, 2008

Cash Cost of Property: Other: Quarterly Burn Rate: Last Financial Filing:

www.swgold.com

On September 10, 2008, Southwestern Resources announced it will settle a class action lawsuit by shareholders whereby the company will make a cash payment up to C$S7.5 million. This will reduce the above cash position by a corresponding amount. Southwestern Resources holds a 48.2% interest in Zincore Metals (TXS: ZNC) (approx. 38.2 million shares). The company also holds 6.5% of Northern Superior Resources (TSX-V: SUP) (approx. 4.1 million shares). Southwestern Resources is currently evaluating its options including its significant landholdings in Peru, two of which are joint ventures with Hochschild Mining and Yamana Gold. It should be noted that, as announced on August 21, 2008, Hochschild acquired its 50% interest in the Liam project (the other 50% is held by Southwestern Resources) along with related assets from Newmont Peru for cash consideration of US$33.3 million. That implies a potentially significant valuation to the other 50% of the Liam project held by Southwestern Resources, yet the market is currently giving zero value to the project. We don’t own any shares nor have we ever received compensation in any form from Southwestern Resources.

30 AUGMENT PARTNERS, INC. © 2008

Price:

Shares Outstanding (O/S): Market Cap. (MC): Options: Warrants:

Sprott Molybdenum Participation Corp. (TSX: MLY)
C$2.80 40.4M Shares Fully Diluted (F/D): 40.6M C$113.1M 0.2M 0 Unrestricted Assets Fully Diluted MC: Avg. Opt. Exercise Price: Avg. War. Exercise Price: C$113.6M C$5.31 n/a

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Click Here for Technical Analysis Chart

Restricted Assets ABCP/etc: Cash Cost of Property: Other: Quarterly Burn Rate: Last Financial Filing: C$0 C$0 C$0 C$(1.3)M June 30, 2008

Cash & Short Term Inv: Marketable Investments: Other Liquid Assets: Debt: Breakup Value (BV): MC – BV:

C$23.4M C$143.8M C$19.8M C$0 C$187.0M C$(73.9)M

www.sprottmoly.com

Sprott Molybdenum Participation Corp. (SMPC) is an investment holding company which invests in molybdenum assets— primarily companies focused on exploring for, mining, and/or processing molybdenum. SMPC’s portfolio of molybdenum assets is relatively small, consisting of about 20 different molybdenum explorers, producers, and/or processors, as well some physical molybdenum—included in “Other Liquid Assets” above—of which SMPC plans to sell the balance by the end of 2008. “Marketable Investments” as of June 30, 2008 have been adjusted to current prices but do not reflect any purchases or sales that may have taken place since that date. SMPC’s portfolio also includes a number of substantial warrant positions, none of which have been given any value in the above table. SMPC has been engaged in a share buyback program, having purchased and cancelled 3.0 million shares during the six months ended June 30, 2008. We don’t own any shares nor have we ever received compensation in any form from Sprott Molybdenum Participation Corporation.

31 AUGMENT PARTNERS, INC. © 2008

Price:

Shares Outstanding (O/S): Market Cap. (MC): Options: Warrants:

Staccato Gold Resources Ltd. (TSX-V: CAT)
C$0.10 99.8M Shares Fully Diluted (F/D): C$10.0M 8.2M 47.1M Fully Diluted MC: Avg. Opt. Exercise Price: Avg. War. Exercise Price:

The Metal Augmentor © 2008
Click Here for Technical Analysis Chart 155.1M

C$15.5M C$0.43 C$0.50

Unrestricted Assets Cash & Short Term Inv: Marketable Investments: Other Liquid Assets: Debt: Breakup Value (BV): MC – BV: C$12.7M C$0 C$0 C$0 C$12.7M C$(2.8)M ABCP/etc:

Restricted Assets C$0 C$0 C$0 C$(0.5)M April 30, 2008

Cash Cost of Property: Other: Quarterly Burn Rate: Last Financial Filing:

www.staccatogold.com

Staccato has five gold exploration projects in various stages of exploration in the Carlin, Cortez/Battle Mountain, and Independence Trends in North-eastern Nevada, including a 70/30 joint venture with Barrick Gold Corporation (NYSE: ABX). Two of these properties have NI 43-101 compliant Measured, Indicated, and Inferred resources totaling approximately 1.1 million ounces gold (~1.4g/t cut-off). The company has future minimum property payments and exploration expenditures of under C$0.6 million per year. A 6,000m drill program has recently commenced on Staccato’s 100% owned flagship South Eureka property (current defined resources of ~0.9 million ounces gold). Insiders have been very heavy buyers since late July 2008, purchasing about 3.5 million shares at an average market price of about $0.11 as of early September 2008. We don’t own any shares nor have we ever received compensation in any form from Staccato Gold Resources.

32 AUGMENT PARTNERS, INC. © 2008

Price: Shares Outstanding (O/S): Market Cap. (MC): Options: Warrants:

Strategic Metals Ltd. (TSX-V: SMD)
C$0.38 58.0M Shares Fully Diluted (F/D): C$21.7 5.3M 12.5M Fully Diluted MC: Avg. Opt. Exercise Price: Avg. War. Exercise Price:

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Click Here for Technical Analysis Chart 75.7M C$28.4 C$0.56 C$1.17

Unrestricted Assets Cash & Short Term Inv: Marketable Investments: Other Liquid Assets: Debt: Breakup Value (BV): MC – BV: C$17.5M C$3.6M C$0 C$0 C$23.9M C$(2.1)M ABCP/etc:

Restricted Assets C$0 C$0 C$2.8M C$(0.4)M June 30, 2008

Cash Cost of Property: Other: Quarterly Burn Rate: Last Financial Filing:

www.strategicmetalsltd.com

Strategic Metals uses the “generative business model” which involves farming out projects to joint venture partners who incur exploration expenditures while retaining an equity interest in the project and receiving cash payments, royalties or shares in the JV partner. According to Strategic Metals, this business model minimizes shareholder exposure to exploration risk and minimizes shareholder dilution because expenditures are made by a third party. The model also protects shareholders in the case of a major discovery because an equity or royalty interest is retained in each farmed-out project. Meanwhile, this strategy allows the company to accumulate cash for protection against market downturns or to use if exceptional opportunities arise. Strategic Metals holds shares in a number of current and past exploration JV partners, including almost 9 million shares in Rockhaven Resources Ltd. (TSX-V: RK). The value of these shares should be discounted to reflect that approximately 8 million shares are escrowed until 2010. Strategic Metals has insignificant spending commitments related to its large project portfolio due to its use of the “generative business model”. The company’s exploration pipeline is very active it will directly and indirectly participate in several substantial drill programs throughout the rest of 2008 and beyond. With around 35 properties available for joint-venture, spin-out, or outright sale, another 20 under option, and several NSR royalties, Strategic Metals seems to offer attractive value besides the fact that it sports a breakup value exceeding its market capitalization.

33 AUGMENT PARTNERS, INC. © 2008

We own shares in Strategic Metals but have received no compensation in any form from either the company or any of its joint venture partners.

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34 AUGMENT PARTNERS, INC. © 2008

Price: Shares Outstanding (O/S): Market Cap. (MC): Options: Warrants:

C$0.45 27.0M

Talon Metals Corp. (TSX: TLO)
Fully Diluted MC:

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Click Here for Technical Analysis Chart 29.6M C$13.3M C$1.20 n/a Shares Fully Diluted (F/D):

C$12.2M 2.5M 0

Avg. Opt. Exercise Price: Avg. War. Exercise Price:

Unrestricted Assets Cash & Short Term Inv: Marketable Investments: Other Liquid Assets: Debt: Breakup Value (BV): MC – BV: C$12.8M C$1.8M C$0 C$0 C$14.7M C$(2.5)M ABCP/etc:

Restricted Assets C$0 C$0 C$0 C$(0.9)M June 30, 2008

Cash Cost of Property: Other: Quarterly Burn Rate: Last Financial Filing:

www.talonmetals.com

Talon has up to approx. $1 million in property payment and exploration commitments over the next 12 months and can elect to modify its current exploration budget to conserve cash. Talon holds 2.5 million shares in Beadell Resources Ltd. (ASX: BDR) and 4.9 million shares of Brazauro Resources Corp. (TSX-V: BZO). Talon also has several interesting-looking projects in Brazil including Sao Jorge where it has delineated 343,000 oz. of gold in the Indicated category. We don’t own any shares nor have we ever received compensation in any form from Talon Metals.

35 AUGMENT PARTNERS, INC. © 2008

Price: Shares Outstanding (O/S): Market Cap. (MC): Options: Warrants:

C$0.05

445.4M

Tiomin Resources Inc. (TSX: TIO)
Shares Fully Diluted (F/D): Fully Diluted MC: Avg. Opt. Exercise Price: Avg. War. Exercise Price:

The Metal Augmentor © 2008
Click Here for Technical Analysis Chart 584.2M C$26.3M C$0.12 C$0.54

C$20.0M 40.4M 98.4M

Unrestricted Assets Cash & Short Term Inv: Marketable Investments: Other Liquid Assets: Debt: Breakup Value (BV): MC – BV: C$23.7M C$0 C$0 C$0 C$25.7 C$(5.7)M ABCP/etc:

Restricted Assets C$0 C$2.0M C$0 C$(2.0)M June 30, 2008

Cash Cost of Property: Other: Quarterly Burn Rate: Last Financial Filing:

www.tiomin.com

Tiomin owns the interesting Kwale Titanium Project, regarding which a memorandum of understanding was reached on July 28, 2008 whereby Jinchuan Group Ltd. would invest $25 million into the project to earn a 70% interest. Jinchuan would be responsible for advancing all funds required to bring the project to production and after repayment of these funds, profits are to be shared 70/30 by Jinchuan and Tiomin respective. This transaction values Tiomin’s retained 30% interest at potentially $10 million on a breakup basis. Tiomin has also earned a 49% interest in the Pukaqaqa copper-gold project in Peru. The project contains 2 billion pounds of copper in Indicated and Inferred Resources at a 0.3% cutoff as well as 500,000 oz. gold. Tiomin also owns 4 million shares and 4 million warrants of Kivu Gold Corp. (acquired for $2 million in February 2008), a private company operating in China. This has been given zero value in calculating Tiomin’s breakup value. We don’t own any shares nor have we ever received compensation in any form from Tiomin Resources.

36 AUGMENT PARTNERS, INC. © 2008

Price:

Shares Outstanding (O/S): Market Cap. (MC): Options: Warrants:

Tri Origin Exploration Ltd. (TSX-V: TOE)
C$0.30 51.0M Shares Fully Diluted (F/D): C$15.3M 2.3M 0 Fully Diluted MC: Avg. Opt. Exercise Price: Avg. War. Exercise Price:

The Metal Augmentor © 2008
Click Here for Technical Analysis Chart 53.3M

C$16.0M C$0.79 n/a

Unrestricted Assets Cash & Short Term Inv: Marketable Investments: Other Liquid Assets: Debt: Breakup Value (BV): MC – BV: C$ nil C$15.6M C$0 C$0.5M C$17.0M C$(1.7)M ABCP/etc:

Restricted Assets C$1.9M C$0 C$0 C$(1.0)M March 31, 2008

Cash Cost of Property: Other: Quarterly Burn Rate: Last Financial Filing:

www.triorigin.com

Tri Origin Exploration (TOE) holds 49 million shares of its Australian-traded subsidiary, Tri Origin Minerals Ltd (ASX: TRO). In addition, TOE holds C$1.8M of asset-backed commercial paper marked down to fair value (cost of C$2.5M), which may become liquid at some point in the future. TOE has little to no available cash and has been relying on a credit facility secured by its illiquid ABCP holdings. TOE also has some exploration properties which appear to have significant potential, including projects in the Red Lake district and Abitibi Greenstone Belt. The company has also recently entered into an agreement with OZ Minerals, which is one of the largest diversified mining companies operating in Australia. This agreement requires that OZ fund TOE’s Canadian exploration expenditures to identify new projects up to C$750,000 per year, which may significantly reduce TOE’s cash burn rate. TOE’s appears to be an arbitrage opportunity solely on the basis of the trading price of its Australian subsidiary, with some upside for the resolution of its ABCP and the value of its own exploration projects. Of course, should the share price of the Australian subsidiary decline, the arbitrage opportunity might go away. Currently, Tri Origin Minerals trades near a 52-week low. We don’t own any shares nor have we ever received compensation in any form from either Tri Origin Exploration or Tri Origin Minerals.

37 AUGMENT PARTNERS, INC. © 2008

Price: Shares Outstanding (O/S): Market Cap. (MC): Options: Warrants:

U.S. Energy Corp. (NASDAQ: USEG)
$2.29 23.5M Shares Fully Diluted (F/D): $53.9M 3.6M 0.9M Fully Diluted MC: Avg. Opt. Exercise Price: Avg. War. Exercise Price:

The Metal Augmentor © 2008
Click Here for Technical Analysis Chart 28.1M $64.4M $3.74 $3.61

Unrestricted Assets Cash & Short Term Inv: Marketable Investments: Other Liquid Assets: Debt: Breakup Value (BV): MC – BV: $9.9M $60.9M $0 $13.9M $73.8M $(19.9)M ABCP/etc:

Restricted Assets $0 $7.0M $9.9M $(2.0)M June 30, 2008

Cash Cost of Property: Other: Quarterly Burn Rate: Last Financial Filing:

www.usnrg.com

All amounts are in US Dollars unless otherwise noted.

Most of U.S. Energy’s liquid assets are held in the form of U.S. Treasuries with maturities greater than 3 months ($60.3 million at June 30, 2008). U.S. Energy is developing a multi-unit apartment project in Wyoming that may require the company to fund up to $14 million if a permanent loan cannot be obtained and none of the units are sold (worst case scenario). That does not represent an additional commitment above the amounts reflected in the table above (project debt of US$14 million, $7 million spent on the property so far, and $4.9 million secured investments held in U.S. Treasuries reflected in “Other”) but it could reduce breakup value by up to $14 million. U.S. Energy had budgeted $5 million in expenditures related to its Lucky Jack molybdenum project for the remainder of 2008. Importantly, on August 19, 2008 US Energy entered into an agreement with Thompson Creek Metals Company Inc. (TSX:TCM; NYSE:TC) whereby Thompson Creek will have the ability to earn up to a 75% interest in the Lucky Jack molybdenum project by expending up to $400 million. This comes soon after US Energy’s prior partner, Kobex Resources Ltd. (TSX-V: KBX), terminated its agreement due to its perception of uncertainties in the regulatory and legal environment for developing the property.

38 AUGMENT PARTNERS, INC. © 2008

On August 22, 2008, U.S. Energy announced it had sold its interest in Sutter Gold Mining Inc. (TSX-V: SGM) for C$5.4 million, net of a C$0.5 million private placement. After the transaction, U.S. Energy will have approximately 8 million shares of Sutter (4.5 million shares with a 4 month holding period), warrants to purchase 2.2 million Sutter shares at $0.15/share, and a 5% Net Profits Royalty which will be reduced to 1% after U.S. Energy receives $4.6 million from production. We have estimated the value of the Sutter transaction to be $5.0 million and included it as “Other” in the table above. Effective June 22, 2007, US Energy approved a share buyback program for up to $5.0 million. Through June 30, 2008, the Company had repurchased 0.78 million shares of its common stock (including 0.55 million in 2008 for $1.9 million). The company’s breakup value does not include any value attributed to the company’s Lucky Jack molybdenum project, its oil and gas interests, its 4% Net Profits Royalty on the Green Mountain uranium property in Wyoming owned and operated by Rio Tinto, or the up to $40 million in payments from Uranium One starting in 2010 (including initial payment of up to $27.5 million). We don’t own any shares nor have we ever received compensation in any form from U.S. Energy.

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39 AUGMENT PARTNERS, INC. © 2008

Price: Shares Outstanding (O/S): Market Cap. (MC): Options: Warrants:

C$0.64 23.1M

U3O8 Corp. (TSX-V: UWE)
Fully Diluted MC:

The Metal Augmentor © 2008
Click Here for Technical Analysis Chart 25.5M C$16.3M C$2.03 C$2.50 Shares Fully Diluted (F/D):

C$14.8M 1.9M 0.6M

Avg. Opt. Exercise Price: Avg. War. Exercise Price:

Unrestricted Assets Cash & Short Term Inv: Marketable Investments: Other Liquid Assets: Debt: Breakup Value (BV): MC – BV: C$17.4M C$0 C$0 C$0.7M C$16.7M C$(2.0)M ABCP/etc:

Restricted Assets C$0 C$0 C$0 C$(3.0)M June 30, 2008

Cash Cost of Property: Other: Quarterly Burn Rate: Last Financial Filing:

www.u3o8corp.com

U3O8 Corp. expects to spend about C$3.0 million on exploration over the next 18 months. The company is making good progress on its Prometheus Uranium project in Guyana. A 77-hole, phase III drill program (13,600m) was recently completed on the project’s Aricheng South structure. Similarly, a 53-hole, 8,831m Phase III program on Aricheng North was also recently completed and all assay results are in the process of being received. An initial resource estimate on both these structures is expected in Q4 2008. Meanwhile, a Phase I drill program is taking place on the Accori North area. Infill drilling is expected to continue into late 2008, with a resource estimate planned for early 2009. Typical intersections across these structures have ranged from 10-20m of 0.10%-0.20% U3O8. We don’t own any shares nor have we ever received compensation in any form from U3O8 Corporation.

40 AUGMENT PARTNERS, INC. © 2008

Price: Shares Outstanding (O/S): Market Cap. (MC): Options: Warrants:

C$0.25 53.2M

Volta Resources Inc. (TSX: VTR)
Fully Diluted MC: Avg. Opt. Exercise Price: Avg. War. Exercise Price:

The Metal Augmentor © 2008
Click Here for Technical Analysis Chart 58.1M C$14.5M C$0.94 n/a Shares Fully Diluted (F/D):

C$13.3M 4.9M 0

Unrestricted Assets Cash & Short Term Inv: Marketable Investments: Other Liquid Assets: Debt: Breakup Value (BV): MC – BV: C$11.0M C$2.9M C$0 C$0 C$13.9M C$(0.7)M ABCP/etc:

Restricted Assets C$0 C$0 C$0 C$(1.0)M June 30, 2008

Cash Cost of Property: Other: Quarterly Burn Rate: Last Financial Filing:

www.voltaresources.com

“Marketable Investments” reflected in the table above consist of 10 million shares of Apex Minerals NL (ASX: AXM). The breakup value assumes that Gaoua, Kampti, and various other prospects located in Burkina Faso are worthless. At Gaoua, Volta has partnered with Freeport McMoRan Exploration Corporation, a subsidiary of Freeport McMoRan Copper and Gold Inc. (NYSE: FCX) where a 12,000m drill program is currently underway-- significant drill results include 106m of 0.66% copper and 0.49g/t gold, and 224m of 0.52% copper and 0.19g/t gold. At Kampti, Volta is currently carrying out a 5,000m program targeting gold, with recent results such as 3m of 63.52g/t gold. We don’t own any shares nor have we ever received compensation in any form from Volta Resources.

41 AUGMENT PARTNERS, INC. © 2008

Price:

Shares Outstanding (O/S): Market Cap. (MC): Options: Warrants:

Wallbridge Mining Company Ltd. (TSX: WM)
C$0.16 88.8M Shares Fully Diluted (F/D): C$14.2M 10.1M 12.8M Fully Diluted MC: Avg. Opt. Exercise Price: Avg. War. Exercise Price:

The Metal Augmentor © 2008
Click Here for Technical Analysis Chart 111.7M

C$17.9M C$0.44 C$0.91

Unrestricted Assets Cash & Short Term Inv: Marketable Investments: Other Liquid Assets: Debt: Breakup Value (BV): MC – BV: C$4.4M C$10.0M C$0 C$1.0M C$13.4M C$0.8M ABCP/etc:

Restricted Assets C$0 C$0 C$0 C$(2.0)M June 30, 2008

Cash Cost of Property: Other: Quarterly Burn Rate: Last Financial Filing:

www.wallbridgemining.com

Wallbridge has commitments to spend roughly C$2.5 million on exploration properties by December 31, 2009, but is likely to spend at least 2-3x this amount especially given its aggressive drill program for 2008—10,000m on 11 properties. The company has a number of PGM exploration projects in Sudbury as well as a copper-moly-gold property in British Columbia and several gold properties in the Kirkland Lake gold camp which have recently been joint-ventured with Tanqueray Resources Ltd. (TSX-V: TQY). Wallbridge’s Sudbury properties include joint-venture arrangements with Xstrata Nickel (LSE: XTA), Impala Platinum Holdings Limited (JSE: IMP), and Lonmin Plc (LSE: LMI). With 10 million shares of Duluth Metals (TSX: DM) which are worth close to the company’s current market capitalization, Wallbridge is highly leveraged to Duluth’s performance. Investors are essentially receiving exposure to Wallbridge’s exploration projects at little to no cost. We don’t own any shares nor have we ever received compensation in any form from Wallbridge Mining.

42 AUGMENT PARTNERS, INC. © 2008

Price:

Shares Outstanding (O/S): Market Cap. (MC): Options: Warrants:

Western Uranium Corporation (TSX-V: WUC)
C$0.85 59.4M Shares Fully Diluted (F/D): 65.3M C$50.5M 3.2M 2.8M Fully Diluted MC: Avg. Opt. Exercise Price: Avg. War. Exercise Price:

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Click Here for Technical Analysis Chart

C$55.5M C$1.64 C$4.25

Unrestricted Assets Cash & Short Term Inv: Marketable Investments: Other Liquid Assets: Debt: Breakup Value (BV): MC – BV: C$51.5M C$6.8M C$0 C$0 C$58.3M C$(7.8)M ABCP/etc:

Restricted Assets C$0 C$0 C$0 C$(1.5)M June 30, 2008

Cash Cost of Property: Other: Quarterly Burn Rate: Last Financial Filing:

www.westernuraniumcorp.com

“Marketable Investments” consist of 15.2 million shares—or about 30%— of its recent spin-out, Western Lithium Canada Corporation (TSX-V: WLC). Western’s breakup value assumes that its 4 uranium properties located in New Mexico, Nevada, and northern Canada are worthless. The most advanced project, Kings Valley, contains about 23 million lbs. of uranium exposed at or near surface levels, of which 4.8M lbs. are NI 43-101 compliant Inferred resources—average grade of 0.08 percent. Western is currently drilling in Kings Valley. Finally, it is interesting to note that the company entered into a strategic alliance with Cameco Corporation (NYSE: CCJ) in August 2007, whereby Cameco has the right to earn a 70% interest on any of Western’s project if they represent a stand-alone deposit containing at least 15M lbs. of Indicated or better NI 43-101 uranium resources. To obtain this interest, Cameco must pay Western a minimum of $5.00 per pound of uranium resource and carry the project through feasibility. We don’t own any shares nor have we ever received compensation in any form from Western Uranium.

43 AUGMENT PARTNERS, INC. © 2008

Appendix A: Other Companies to Consider
Brinkley Mining Plc (AIM: BRM)

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Brinkley currently has a BP$5.6M MC versus BP$8.1M cash on hand at June 30, 2008. In July 2008, the company spent US$1.75M to acquire the remaining 30% stake in African Uranium. The quarterly burn rate, absent unusual one-time transactions, of BP$1-2M should allow the company to operate for some time without needing to raise funds. We don’t own any shares nor have we ever received compensation in any form from Brinkley Mining.

Continental Precious Metals Inc. (TSX: CZQ)
Don’t let the name fool you, this company is actually exploring for uranium in Sweden. The company had a treasury of over C$28M as of May 31, 2008 and currently sports a market capitalization of $C31.4M. Thus, the market is giving almost no value to the significant indicated and inferred resources consisting of (1) 20 million pounds of higher-grade uranium oxide and (2) 437 million pounds of lowgrade uranium oxide hosted in oil shale. At the current burn rate, the company could support exploration and other costs for several years. We don’t own any shares nor have we ever received compensation in any form from Continental Precious Metals.

Crescent Gold Limited (TSX-V: CRA; ASX: CRA)
The Canadian listing of Crescent (TSX: CRA) is trading at a very large discount to its Australian listing (ASX: CRE). The company’s market capitalization on the basis of its Canadian share price (C$44.0M) is below the cash on hand as of June 30, 2008 (AU$49.6M). We should not that Crescent has likely spent a substantial amount of cash since June 30, 2008, and it also appears to have substantial liabilities including accounts payable and an AU$5M convertible debenture that would reduce breakup value below its current Canadian market capitalization. The price arbitrage, however, between the Canadian shares (C$0.065) and Australian shares (AU$0.115) appears interesting. We don’t own any shares nor have we ever received compensation in any form from Crescent Gold.

44 AUGMENT PARTNERS, INC. © 2008

International Nickel Ventures Corp. (TSX: INV)

The Metal Augmentor © 2008

International Nickel (INV) currently trades near its cash position reported on June 30, 2008, giving no value for its Canadian and Brazilian projects which include the Santa Fe nickel laterite project. Santa Fe is a joint venture with Teck Cominco beneficially owned 20% by INV and carried on the company’s books at C$17M (representing property option payments). The company’s exploration budget appears somewhat flexible and should allow the current C$3M per quarter burn rate to be reduced. We don’t own any shares nor have we ever received compensation in any form from International Nickel Ventures.

MAX Resources Corp. (TSX-V: MXR)
MAX had approx. C$7M of cash at June 30, 2008 compared to a current market cap of C$6.5M. MAX has optioned a number of projects that would require exploration expenditures and option payments totaling more than C$2M over the next 12 months to remain in good standing. Assuming that MAX management picks and chooses among the most prospective projects in the current tough environment, there may not be a need for a financing any time soon. We don’t own any shares nor have we ever received compensation in any form from MAX Resources.

New Oroperu Resources Inc. (TSX-V: ORO)
While New Oroperu holds just C$1.2M of cash at June 30, 2008, it has no project expenditures and only minimal administrative expenses—under C$0.2M per quarter. The company receives a C$0.2M annual cash option payment from Barrick Gold, which is currently earning a 70% interest in the company’s 100% owned Tres Cruces project in Peru. Recent drill results from this project included the highlight hole of 228m grading 2.96g/t gold. The project also has a historical (non-43-101 compliant) resource estimate of 1.7 million ounces of gold at 1.59g/t—this does not include hole highlighted above or many other significant holes drilled by Barrick over the last several years. With just 16.2 million shares outstanding, 1.8 million options, zero warrants, no requirement in the near term to raise funds, and Barrick proceeding with baseline project studies for the development of the Tres Cruces project, New Oroperu represents an interesting option in a cash-strapped resource market.

45 AUGMENT PARTNERS, INC. © 2008

We own shares in New Oroperu but have never received compensation in any form from the company.

The Metal Augmentor © 2008

Triex Minerals Corporation (TSX-V: TXM)
Triex had about C$12.5M of net cash at April 30, 2008 as compared to its current market capitalization of C$10.M. However, the company is extremely active in Canadian uranium exploration, and therefore its current cash position is likely to be several million dollars lower than what was last reported. We don’t own any shares nor have we ever received compensation in any form from Triex Minerals.

U.S. Silver Corporation (TSX-V: USA)
U.S. Silver has put approximately US$30M into its Galena project in Idaho during the past 2 years—more than US$15M to purchase it from Coeur d’Alene Mines and another US$15M in repairs, development, and resource expansion. The current market cap is C$32M (US$30.3M), about the same as the cash investment in the mine, and that does not account for the US$20M in working capital as of June 30, 2008 (currently estimated to be US$15M). We own shares in U.S. Silver but have never received compensation in any form from the company.

46 AUGMENT PARTNERS, INC. © 2008

Appendix B: Technical Analysis Charts
By Roy Martens Charts begin on the following page.

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47 AUGMENT PARTNERS, INC. © 2008

Altius Minerals Corporation

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48 AUGMENT PARTNERS, INC. © 2008

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Committee Bay Resources Ltd.

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49 AUGMENT PARTNERS, INC. © 2008

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Dynamite Resources Ltd.

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50 AUGMENT PARTNERS, INC. © 2008

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Endeavour Financial Corporation

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51 AUGMENT PARTNERS, INC. © 2008

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Golden Arrow Resources Corporation

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52 AUGMENT PARTNERS, INC. © 2008

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IMA Exploration Inc.

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53 AUGMENT PARTNERS, INC. © 2008

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Mega Silver Inc.

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54 AUGMENT PARTNERS, INC. © 2008

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Minco Gold Corporation

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55 AUGMENT PARTNERS, INC. © 2008

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Mundoro Capital Inc.

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Nautilus Minerals Inc.

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Orvana Minerals Corp.

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Pacific North West Capital Corp.

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Pinetree Capital Ltd.

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Southwestern Resources Corp.

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Sprott Molybdenum Participation Corp.

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Staccato Gold Resources Ltd.

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Strategic Metals Ltd.

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Talon Metals Corp.

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Tiomin Resources Inc.

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Tri Origin Exploration Ltd.

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U.S. Energy Corp.

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U3O8 Corp.

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Volta Resources Inc.

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Wallbridge Mining Company Limited

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Western Uranium Corporation

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The Metal Augmentor’s MINING EQUITIES REPORT: ISSUE I

CASH IS KING?
Updated: October 8, 2008

Introduction

A major objective of many investors active in the natural resources sector is to diversify away from the fiat-based world of finance and credit-dominated sectors such as banking, insurance, and retail. These investors want exposure to hard assets, not soft ones. Today, they desperately hope that commodity prices will soon recover given the large losses just about every natural resource portfolio has incurred over the past few months, the last two in particular. The fall in commodity prices has created an environment that has made it very challenging for natural resource companies—mining equities in particular—to obtain financing for exploration and project development. It seems cash, not metal in the ground, is king. How ironic that the one asset natural resource investors are trying to diversify away from—the U.S. dollar and its troubled competitors—is the very asset that mining equities need the most right now. It turns out that drilling contractors, engineers, geologists and miners all still prefer to be paid in paper money. Due to the simultaneous reduction in market liquidity and commodity prices, metal exploration and mining companies that need to raise funds to finance their activities are facing the prospect of substantial share dilution or the possibility of losing their property interests if they cannot meet contractual spending commitments. We believe there has to be a very compelling reason to own cashstrapped companies in this market. Conversely, companies that are not in need of financing have an important margin of safety in the current environment. Should metal and commodity prices stay weak for a long period of time— something that is not impossible during a bull market as the historical example of the mid-1970s demonstrates— such a margin of safety could turn into a major advantage.

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Indeed, if the markets were efficient and logical, we should expect that mining equities with lots of cash and other liquid assets would trade at significant premiums to their cash-strapped peers. But that doesn’t appear to be the case at the moment. In early August of this year, things didn’t look quite as bad, but nevertheless we had already started to notice that the market capitalizations of several mining equities were approaching their cash positions. This situation piqued our curiosity so we placed these companies on our radar. To our surprise, their prices continued to fall so that now in many case they are trading at a steep discount to their breakup value (the estimated amount of cash that could be distributed to shareholders if all assets and liabilities are liquidated and the company is broken up). Compellingly, many of these companies have attractive property holdings—some joint ventured with majors—that are currently being assigned a zero value by the market. Thus was born the idea for our inaugural Mining Equities Report, the title of which—“Cash is King?”— reflects the strange contradiction that the one asset in greatest need, cash, seems to actually be more of a burden than an asset to some mining equities. While this situation is perplexing, we feel that it is only a matter of time before the most astute natural resource investors begin to realize that the market’s present foolishness obscures a rare opportunity. With blood running in the streets, now seems like the best time to beat the smart crowd to that realization. The dollar signs wouldn’t stop dancing in our minds, so we were left with no choice but to examine several hundred mining equities, both explorers and producers, to plot their cash and liquidity positions against their capital requirements. We discarded companies that still have substantial value attributed to their projects because those values could evaporate should fear continue to run rampant in the hearts of investors. Though some of you may protest that we have erred in casting aside some extremely undervalued companies, we suspect that the value of fiat money could fare better than the value of metal in the ground for a while yet. That bold assessment still left us with more than 30 companies that deserve closer examination. We detail these companies in our inaugural report. We would like to point out that our report is not a comprehensive list of mining equities with breakup value exceeding market cap because such a calculation is very difficult to make given the large daily fluctuations in the prices of mining equities recently. Rather, our report should be viewed as a crosssection of interesting opportunities to explore further. We believe it contains something for every natural resource investor. Some of the mining equities in our report possess a cushy cash position that is not contractually committed to be spent in the near term. Others have virtually no cash requirements because a separate company (for example, through a joint venture) is paying for all exploration expenditures and sometimes even covering administrative expenses. Many of these companies have projects of

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significant merit and other assets unaccounted for in our calculations because they have been given zero value by the market. After all, who are we to argue with the market? Ultimately, our report does not answer the underlying question: Cash is King? Only time will do that. But we believe there is a reasonable basis to conclude that some of companies in our report are positioned to benefit, relative to other mining equities, regardless of where the market heads next: up, down, or sideways.

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About The Metal Augmentor
The Metal Augmentor is a new service being launched in the next few weeks at www.metalaugmentor.com. The main purpose of The Metal Augmentor is to aid both new and experienced investors in navigating the fascinating, dangerous, and rewarding world of investing in physical metals and mining equities. Our focus will be on gold and silver, but we will also provide indepth coverage of the other major metals. Portions of the service will be devoted to investors who buy gold and/or silver in its various forms (ETF, bullion, allocated account, etc.) for price appreciation. Other portions will appeal to people who buy bullion to hold in their own possession for the purpose of preserving their wealth or buying power against fiscal irresponsibility by fiat-wielding governments. A key feature of The Metal Augmentor will be the detailed coverage of mining equities from junior explorers to major mining companies. Our unique approach will avoid making outright buy and sell recommendations (except in special reports that focus on individual situations) but instead provide relevant and timely information and insights so that each investor can confidently make his or her own investment decision. Perhaps the most valuable feature of The Metal Augmentor will be exclusive coverage of the basis in gold and silver as taught by Professor Antal E. Fekete.

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Questions on How to Use this Report
What is Breakup Value (BV)?

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We compute a company’s breakup value by adding together all cash plus assets that can be liquidated and converted to cash in a reasonable period of time and then subtracting the company’s debt and other liabilities. Breakup value does not include off-balance sheet commitments and liabilities that may require cash expenditures to eliminate. What is Market Capitalization (MC)? A company’s market capitalization is computed by multiplying its number of shares outstanding by its current market price. What does MC-BV tell us? The MC-BV calculation shows how much value the market is assigning to the company’s non-cash and non-marketable assets including exploration and mining properties. In many cases, this number is negative in our report, which means the company’s cash and other marketable assets less its debt exceeds its current market capitalization. In other words, if the company shut its doors and liquidated, shareholders may receive a per share cash distribution greater than the current share price. Why use MC instead of Fully Diluted MC for the BV computation? Because generally the average exercise prices of all warrants and options (which are included in the fully diluted MC) are significantly above the current share price. Therefore, if the fully diluted MC were used, it would be necessary to add the cash to be received upon exercise of all warrants and options, which is often several multiples of the current market cap. Why use separate columns for unrestricted assets vs. restricted assets? The use of separate columns is to identify relatively liquid (unrestricted) vs. relatively illiquid (restricted) assets. For example, if a company’s MC-BV is negative but the majority of the assets included in BV come from the restricted category, which would be less desirable than a similarly-valued company where the majority of assets are unrestricted (all else being equal).

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Why not compare MC to working capital instead of performing the BV computation?

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Working capital doesn’t include many assets that could be marketable in a liquidation scenario, nor does it include noncurrent debt. As a result, it is a better measure of short-term liquidity as compared to ultimate liquidity. What is the attached Excel file to be used for? The attached Excel file is an extremely valuable part of this report. This is where all of our numbers within the tables of each company are derived. Importantly, our Excel file is enabled such that the market price of each company can be updated (this requires downloading a free add-in program – see instructions tab within Excel file). In turn, this updates all dependent cells and allows us to compute measures such as MC-BV in nearly real time (with a 15 minute quote delay). Without this functionality, the report would not remain as relevant after the publication date. Using the Excel file, users can get updated figures throughout the trading day and are able to make more informed investment decisions. How to open the Excel 2007 file? If you own an earlier version of Microsoft Office (i.e. prior to 2007), you will need to download the following Microsoft Office 2007 compatibility pack in order to open the attached Excel file: Compatibility Pack Download Why is there a warning message when I open the attached Excel file? Some systems may display a warning message about a potential virus, macro, or other program that could potentially harm your computer, but this is due to the MSN Money Stock Quotes add-in. Both the Excel and PDF files have been scanned using Bit Defender and no threats were detected. How do I close the attachments window in order to view the PDF in full page format? Once you have downloaded the attached Excel file, or if you have decided not to do so at this time, you can close the attachments window by clicking on the paper clip icon on the lower left hand corner of the page. Doing so will allow you to view the report in a full page format.

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Augment Partners, Inc. © 2008

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All Rights Reserved Unauthorized Distribution will be Prosecuted to the Full Extent of the Law

Disclaimer: We are not licensed investment advisors and this is not a recommendation to buy or sell any company. The information and data herein is being presented as a service to help investors conduct further research. We believe the data comes from reliable sources but it may not be current and material changes in a company’s financial position could have taken place since the asof date. Before making an investment decision, you or your licensed investment advisor should verify all information that you are relying upon. We are not responsible for the results of any investment made on the basis of the data presented herein, nor are we responsible for any errors or omissions (though we strive for accuracy and completeness). We disclose our own investment position or relationship in all companies.

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Contents

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Page

Introduction __________________________________________________________________________________ 1 Questions on How to Use this Report ______________________________________________________________ 4 Breakup Value Update – Current as of 10/08/08 _____________________________________________________ 8 Cash Value Companies – Current as of 9/14/08 _____________________________________________________ 10 Altius Minerals Corporation (TSX: ALS) ....................................................................................................................10 Committee Bay Resources Ltd. (TSX-V: CBR) ...........................................................................................................12 Dynamite Resources Ltd. (TSX-V: DNR) ...................................................................................................................14 Endeavour Financial Corporation (TSX: EDV) ..........................................................................................................16 Golden Arrow Resources Corporation (TSX-V: GRG) ................................................................................................18 IMA Exploration Inc. (TSX-V: IMR; AMEX: IMR) .......................................................................................................20 Mega Silver Inc. (TSX-V: MSR) .................................................................................................................................21 Minco Gold Corporation (TSX: MMM; AMEX: MGH) ...............................................................................................22 Mundoro Capital Inc. (TSX: MUN) ...........................................................................................................................23 Nautilus Minerals Inc. (TSX: NUS) ............................................................................................................................24 Orvana Minerals Corp. (TSX: ORV) ..........................................................................................................................26 Pacific North West Capital Corp. (TSX: PFN) ............................................................................................................27 Pinetree Capital Ltd. (TSX: PNP) ..............................................................................................................................29 Southwestern Resources Corp. (TSX: SWG) .............................................................................................................31 Sprott Molybdenum Participation Corp. (TSX: MLY)................................................................................................32 Staccato Gold Resources Ltd. (TSX-V: CAT) ..............................................................................................................33 Strategic Metals Ltd. (TSX-V: SMD) .........................................................................................................................34 Talon Metals Corp. (TSX: TLO) .................................................................................................................................36 Tiomin Resources Inc. (TSX: TIO) .............................................................................................................................37 Tri Origin Exploration Ltd. (TSX-V: TOE)...................................................................................................................38 U.S. Energy Corp. (NASDAQ: USEG) .........................................................................................................................39 U3O8 Corp. (TSX-V: UWE)........................................................................................................................................41 Volta Resources Inc. (TSX: VTR) ...............................................................................................................................42 Wallbridge Mining Company Ltd. (TSX: WM) ..........................................................................................................43 Western Uranium Corporation (TSX-V: WUC) .........................................................................................................44 Appendix A: Other Companies to Consider ________________________________________________________ 45 Appendix B: Technical Analysis Charts ____________________________________________________________ 48

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Breakup Value Update – Current as of 10/08/08 OLD Cash Value Companies
Altius Minerals Corporation Committee Bay Resources Ltd. Dynamite Resources Ltd. Endeavour Financial Corporation Golden Arrow Resources Corporation IMA Exploration Inc. Mega Silver Inc. Minco Gold Corporation Mundoro Capital Inc. Nautilus Minerals Inc. Orvana Minerals Corp. Pacific North West Capital Corp. Pinetree Capital Ltd. Southwestern Resources Corp. Sprott Molybdenum Participation Corp. Staccato Gold Resources Ltd. Strategic Metals Ltd. Talon Metals Corp. Tiomin Resources Inc. Tri Origin Exploration Ltd. U.S. Energy Corp. U3O8 Corp. Volta Resources Inc. Wallbridge Mining Company Limited Western Uranium Corporation Price (9/14/08) MC-BV (9/14/08) Price (10/08/08)

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NEW

MC-BV (10/08/08)

$5.25 ($33,131,944) $0.13 ($11,359,233) $0.14 ($26,109,100) $5.47 ($156,115,329) $0.28 $1,020,546 $0.38 ($5,487,946) $0.30 ($6,641,404) $0.57 ($1,039,415) $0.33 ($4,123,454) $1.46 ($82,807,434) $0.56 ($18,469,520) $0.17 $1,183,151 $1.34 ($50,354,638) $0.56 ($1,705,120) $2.80 ($73,933,883) $0.10 ($2,755,721) $0.38 ($2,134,273) $0.45 ($2,518,197) $0.05 ($5,658,574) $0.30 ($1,685,262) $2.29 ($20,043,196) $0.64 ($1,964,593) $0.25 ($604,775) $0.16 $802,560 $0.85 ($7,840,706) Average ($20,539,099)

$4.89 ($42,585,209) $0.06 ($16,658,757) $0.08 ($33,386,635) $4.09 ($211,855,482) $0.20 ($486,811) $0.33 ($9,961,064) $0.28 ($13,228,619) $0.47 $1,448,752 $0.30 ($5,290,066) $1.46 ($106,365,468) $0.50 ($25,383,500) $0.12 ($1,419,196) $0.76 ($59,425,360) $0.20 ($15,953,400) $1.40 ($75,010,161) $0.09 ($3,754,148) $0.30 ($4,722,596) $0.26 ($7,427,104) $0.05 ($3,431,750) $0.14 $410,744 $2.34 ($18,672,936) $0.32 ($9,343,153) $0.15 ($6,082,350) $0.09 $88,940 $0.51 ($29,243,883) ($27,909,568)

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25 New Cash Value Companies – Current as of 10/08/08 NEW Cash Value Companies
Alberta Star Development Corp. Aurora Energy Resources Inc. B2Gold Corp. Benton Resources Corp. Brinkley Mining Plc Continental Precious Minerals Inc. Crescent Gold Limited Evolving Gold Corp. Hudbay Minerals Inc. Inca Pacific Resources Inc. International Nickel Ventures Corp. Khan Resources Inc. Linear Gold Corp. MAX Resource Corp. Mines Management, Inc. New Oroperu Resources Inc. North American Palladium Ltd. Northern Lion Gold Corp. PDX Resources Pitchstone Exploration Sabina Silver Corporation Sprott Resource Corp. Spur Ventures Inc. Triex Minerals Corporation U.S. Silver Corporation Price (10/08/08) MC-BV (10/08/08)

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$0.13 ($7,077,918) $1.05 ($36,942,537) $0.45 $5,858,324 $0.17 ($9,053,303) $0.75 ($4,948,241) $0.30 ($14,228,537) $0.06 ($6,386,752) $0.22 ($5,409,152) $5.81 $154,140,245 $0.35 ($6,137,875) $0.20 ($10,289,216) $0.28 ($11,017,765) $0.76 ($3,589,304) $0.17 ($3,340,631) $1.24 $2,024,689 $0.60 $8,581,221 $1.73 $9,503,458 $0.06 ($2,961,571) $1.45 ($39,084,557) $0.37 $2,651,925 $0.69 $3,405,102 $2.44 ($199,191,485) $0.26 ($8,595,043) $0.25 ($8,394,296) $0.17 ($1,626,454) Average ($7,684,387)

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Cash Value Companies – Current as of 9/14/08
Price: C$5.25 Shares Outstanding (O/S): Market Cap. (MC): Options: Warrants: 30.9M

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Altius Minerals Corporation (TSX: ALS)
Shares Fully Diluted (F/D): C$162.4M 1.0M 0 Fully Diluted MC: Avg. Opt. Exercise Price: Avg. War. Exercise Price:

Click Here for Technical Analysis Chart 32.0M

C$167.8M C$10.34 n/a

Unrestricted Assets Cash & Short Term Inv: Marketable Investments: Other Liquid Assets: Debt: Breakup Value (BV): MC – BV: C$167.4M C$20.0M C$0 C$38.5M C$195.5M C$(33.1)M ABCP/etc:

Restricted Assets C$0 C$12.3M C$34.3M C$(1.0)M July 31, 2008

Cash Cost of Property: Other: Quarterly Burn Rate: Last Financial Filing:

www.altiusminerals.com

Altius is a natural resource project generation and royalty business. Currently, it is involved in joint ventures on 11 different projects and is seeking partners on several others. The company’s “Marketable Investments” reflected in the table above include a portfolio of undisclosed resource companies with a fair market value of C$11.1M at July 31, 2008. These investments may need to be discounted up to 50% given the current market environment. The “Marketable Investments” also include several companies for which share amounts and prices are current as of the date of this report. Most significantly, Altius owns a 10% interest in the Labrador Nickel Royalty Limited Partnership, which owns a 3% net smelter return royalty on the Voisey's Bay nickel project. This royalty is reflected in the above table in “Cash Cost of Property” at C$12.3 million. Voisey’s Bay began its first full year of operation in 2006 and is expected to have at least a 25-yr. mine life. Revenue from this royalty interest totaled C$5.2M for the year ended April 30, 2008. Altius has C$38.1 million in long-term debt, payable at maturity on December 2011 and bearing interest at 4.25% per annum. The value of this loan roughly coincides with the value of Altius’ hedge to sell 2.5

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million shares of Aurora Energy Resources Inc. (TSX: AXU) in December 2011 at C$17.72 (current market price of C$2.41). The hedge is reported in “Other” (C$34.3M). In December 2007, Altius advanced C$30.1 million in the form of a non-interest bearing convertible loan to Newfoundland and Labrador Refining Corporation (NLRC). In June 2008 NLRC filed for Bankruptcy and has been given until October 17, 2008 to attract additional financing or partners. The full amount of C$30.1M has been written off by Altius and it not reflected in the table above, but should NLRC emerge from bankruptcy, it is possible that a portion of the loan may be recoverable. Altius reported net income of $12.1 million or $0.40/share for the year ended April 30, 2008 and is therefore trading at a trailing P/E ratio of about 13 or so at current market prices. However, it should be noted that earnings for Altius are fairly erratic given that they are influenced heavily by gains or losses recorded on the sale of its mining and mineral related investments. For example, in the most recent quarter ended July 31, 2008, Altius reported only C$0.4M of net income. Recently insiders of Altius have begun buying shares in the open market, with about 103,000 shares having been purchased since July 30, 2008 when the buying began. Collectively, insiders now own about 5 million shares, or nearly 17% of the company. Notably, Altius has only slightly over 1 million options with an average exercise price of C$10.34 and zero warrants. Additionally, Altius began aggressively repurchasing its shares in the open market under its normal course issuer bid during August and September 2008—repurchasing 1,134,030 shares at an average price of $6.49. We don’t own any shares nor have we ever received compensation in any form from Altius Minerals.

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Price:

Shares Outstanding (O/S): Market Cap. (MC): Options: Warrants:

Committee Bay Resources Ltd. (TSX-V: CBR)
C$0.13 96.1M Shares Fully Diluted (F/D): C$12.5M 8.9M 17.3M Fully Diluted MC: Avg. Opt. Exercise Price: Avg. War. Exercise Price:

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C$15.9M C$0.66 C$0.71

Unrestricted Assets Cash & Short Term Inv: Marketable Investments: Other Liquid Assets: Debt: Breakup Value (BV): MC – BV: C$17.0M C$3.8M C$0 C$0 C$23.9M C$(11.4)M ABCP/etc:

Restricted Assets C$0 C$0 C$3.1M C$(1.2)M June 30, 2008

Cash Cost of Property: Other: Quarterly Burn Rate: Last Financial Filing:

www.committeebay.com

Committee Bay agreed to acquire Niblack Mining Corp (TSX-V: NIB) which requires Committee Bay to provide funds of up to C$10 million to Niblack by way of a secured convertible debenture. According to Niblack's press release on September 10, C$5.6 million has been advanced for exploration and development work on the Niblack project which reduces the above cash position by C$4.5 million (C$1.1 million is already included in “Other” representing the amount loaned as of June 30). It should be expected that Committee Bay has or will fund the remainder of this program, although it is not an obligation. “Other” also includes a C$2 million debenture from Focus Minerals (ASX: FML) due April 2009. Committee’s “Marketable Investments” include 140 million shares of Focus Minerals. The above does not consider that Committee Bay has spent over C$20 million to explore its Committee Bay Greenstone Belt property in Nunavut where it has defined 468,000 ounces of gold in the indicated category and another 231,000 ounces in the Inferred category at its Three Bluffs Deposit. In addition, the above figures do not include Committee Bay’s 100% interest in Underground Drilling and Services Pty Ltd. a private Australian drilling company with a potential fair market value of C$2 million. The company reported C$11.3 million of working capital as of August 20, 2008 which is almost equal to its current market capitalization.

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We don’t own any shares nor have we ever received compensation in any form from Committee Bay Resources.

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Price:

Shares Outstanding (O/S): Market Cap. (MC): Options: Warrants:

Dynamite Resources Ltd. (TSX-V: DNR)
C$0.14 113.5M Shares Fully Diluted (F/D): C$15.9M 8.7M 103.4M Fully Diluted MC: Avg. Opt. Exercise Price: Avg. War. Exercise Price:

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C$31.6M C$0.67 C$0.84

Unrestricted Assets Cash & Short Term Inv: Marketable Investments: Other Liquid Assets: Debt: Breakup Value (BV): MC – BV: C$26.0M C$0.3M C$0 C$0 C$42.0M C$(26.1)M ABCP/etc:

Restricted Assets C$0 C$15.7M C$0 C$(1.6)M April 30, 2008

Cash Cost of Property: Other: Quarterly Burn Rate: Last Financial Filing:

www.dynamiteresources.com

Dynamite has commitments to spend approximately C$6 million in 2008 at its Mike Lake project in the Dawson Mining District, Yukon Territory, which is not reflected in the above figures. In addition, Dynamite has an AUD$6.5 million commitment to fund exploration at the Lake Torrens IOCGU project located next to BHP’s Olympic Dam Mine, not all of which is due in the near term. Additionally, the “Cash Cost of Property” reflected in the table above is related to Dynamite’s purchase of Tau Mining in 2007, which owns two prospective uranium and gold exploration licenses in Kyrgyzstan. Discounting the Kyrgyzstan uranium properties by 50% or more may be appropriate, which would reduce the MC-BV calculation to negative $12 million or so (about the same as the committed exploration expenditures noted above). Even when the near-term exploration commitments and other company obligations are figured into the equation, Dynamite will have significant operating cash remaining. Should the share price recover in the next 12 months, significant proceeds may also be realized from warrant exercises. Alternatively, if the share price does not recover to $1 or more (a 600% rise from current levels), those warrants may expire and reduce the fully diluted share count by a very significant amount. Finally, note that the breakup value assumes the IOCGU and Mike Lake projects are worthless. Given that Dynamite has planned to drill up to 30,000 meters in 2008, there is the possibility of significant

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assay results that could re-ignite interest in the company. Such prospects are enhanced when we consider that in 2007 Dynamite drilled a “discovery hole” at Mike Lake grading 0.61% Copper, 1.38 g/t Gold, 13.6 g/t Silver and 0.044% Tungsten oxide over 89.31 meters near surface. We don’t own any shares nor have we ever received compensation in any form from Dynamite Resources.

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Price:

Shares Outstanding (O/S): Market Cap. (MC): Options: Warrants:

Endeavour Financial Corporation (TSX: EDV)
$5.47 30.5M Shares Fully Diluted (F/D): 36.8M $167.1M 2.8M 3.4M Fully Diluted MC: Avg. Opt. Exercise Price: Avg. War. Exercise Price:

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$201.2M $9.73 $5.50

Unrestricted Assets Cash & Short Term Inv: Marketable Investments: Other Liquid Assets: Debt: Breakup Value (BV): MC – BV: $14.8M $237.3M $0 $0 $323.2M $(156.1)M ABCP/etc:

Restricted Assets $0 $0 $71.1M $2.0M June 30, 2008

Cash Cost of Property: Other: Quarterly Run Rate: Last Financial Filing:

www.endeavourfinancial.com

All amounts are in US Dollars unless otherwise noted.

Endeavour Financial is an investment, financial advisory, and merchant banking firm focused on the natural resource sector. Its clients include well-known names such as Goldcorp, Northern Orion, Silver Wheaton, and Hecla Mining. Endeavour Financial held marketable securities, convertible loans and debentures, and warrants valued at $308.4 million as of June 30, 2008. “Marketable investments” in the above table includes publicly traded equity securities and “Other” includes convertible loans and debentures, warrants, and investments in privately-held companies. Unfortunately, Endeavour’s financial statements do not disclose the individual securities held, which means we cannot update the value of these securities. We do know that about 70% of Endeavour’s portfolio is allotted to gold, oil & gas, and copper investments. Given the current market conditions for these commodities and especially their underlying stocks, it may be reasonable to discount these marketable investments, convertible loans and debentures, and warrants by 50 percent. The company currently generates positive cash-flow from its merchant banking and advisory business, excluding gains and losses from its investment portfolio. Endeavour also pays out a small dividend, with a current annualized rate of C$0.18.

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We don’t own any shares nor have we ever received compensation in any form from Endeavour Financial.

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Price:

Shares Outstanding (O/S): Market Cap. (MC): Options: Warrants:

Golden Arrow Resources Corporation (TSX-V: GRG)
C$0.28 15.5M Shares Fully Diluted (F/D): 21.0M C$4.3M 1.5M 4.0M Unrestricted Assets Fully Diluted MC: Avg. Opt. Exercise Price: Avg. War. Exercise Price: C$5.8M C$0.85 C$1.27

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Restricted Assets ABCP/etc: Cash Cost of Property: Other: Quarterly Burn Rate: Last Financial Filing: C$0.2M C$0 C$0 C$(0.3)M June 30, 2008

Cash & Short Term Inv: Marketable Investments: Other Liquid Assets: Debt: Breakup Value (BV): MC – BV:

C$3.0M C$0.1M C$0 C$0 C$3.2M C$1.0M

www.goldenarrowresources.com

Golden Arrow is required to fund exploration and option payments of approximately US$5.5 million related to its Poncha gold-copper project in San Juan Province, Argentina including US$1.4 million over the next 12 months. A Phase II drill program at Poncha produced 266m @ 1.21 g/t gold and 3.30 g/t silver as announced March 27, 2008. Golden Arrow holds 2.3M shares of Amera Resources Corporation (TSX-V: AMS), as well as a small amount of asset back commercial paper with an estimated fair value of C$0.2 million. Most significantly, Golden Arrow owns a 1% NSR on Yamana Gold’s Gualcamayo Project, with annual production expected to be 200,000 oz. starting at the end of 2008. The mine has Measured and Indicated resources of over 2 million ounces of gold and currently has an estimated 10 year mine life. Cash flow from the royalty is expected to begin in early 2009, when the royalty is estimated to bring in about $1.0 million in after-tax cash flow— assuming $800/oz gold and an annual production rate of 200,000 ounces.

18 AUGMENT PARTNERS, INC. © 2008

Yamana claims the mine has the potential to produce 300,000 ounces per year and perhaps even more if underground mining operations are initiated. Thus, Golden Arrow can be viewed purely as a royalty company with the potential to yield a roughly 20% return per annum on the current share price. We don’t own any shares nor have we ever received compensation in any form from Golden Arrow Resources.

The Metal Augmentor © 2008

19 AUGMENT PARTNERS, INC. © 2008

Price:

Shares Outstanding (O/S): Market Cap. (MC): Options: Warrants:

IMA Exploration Inc. (TSX-V: IMR; AMEX: IMR)
C$0.38 52.1M Shares Fully Diluted (F/D): 57.7M C$19.8M 3.9M 1.7M Unrestricted Assets Fully Diluted MC: Avg. Opt. Exercise Price: Avg. War. Exercise Price:

The Metal Augmentor © 2008
Click Here for Technical Analysis Chart

C$21.9M C$2.86 C$3.45

Restricted Assets ABCP/etc: Cash Cost of Property: Other: Quarterly Burn Rate: Last Financial Filing: C$0 C$0 C$0 C$(0.5)M June 30, 2008

Cash & Short Term Inv: Marketable Investments: Other Liquid Assets: Debt: Breakup Value (BV): MC – BV:

C$24.8M C$0.5M C$0 C$0 C$25.3M C$(5.5)M

www.imaexploration.com

IMA has obligations to spend C$15 million over the next 3 years on its Island Gold Project in order to earn an initial 49% interest from Western Copper Corporation (TSX: WRN). This is currently IMA’s only project, and it can earn up to a 70% interest. The Island Gold Project includes the Hushamu deposit, which hosts a NI 43-101 compliant Measured and Indicated resource of 2.3 million ounces of gold and 1.4 billion pounds of copper, as well as an Inferred resource of 326 million pounds of copper and 0.6 million ounces of gold. The deposit also includes molybdenum (0.013%) although this is not part of the defined NI 43-101 resource. IMA expects to begin a drill program on the Island Gold Project sometime in September or October of 2008. The project is estimated to require 52,000m of diamond drilling, with at least 5,000m planned for this initial drill program. IMA previously owned the Navidad Project, which hosted a very large silver-base metal deposit. However, Aquiline Resources Inc. (TSX: AQI) has since taken ownership of the project following the Supreme Court of British Columbia ruling against IMA regarding an alleged breach of a confidentiality agreement in 2002 between IMA and Newmont Mining. We don’t own any shares nor have we ever received compensation in any form from IMA Exploration.

20 AUGMENT PARTNERS, INC. © 2008

Price: Shares Outstanding (O/S): Market Cap. (MC): Options: Warrants:

C$0.30 26.8M

Mega Silver Inc. (TSX-V: MSR)
Fully Diluted MC:

The Metal Augmentor © 2008
Click Here for Technical Analysis Chart 37.8M C$11.3M C$1.61 C$1.47 Shares Fully Diluted (F/D):

C$8.1M 1.8M 9.2M

Avg. Opt. Exercise Price: Avg. War. Exercise Price:

Unrestricted Assets Cash & Short Term Inv: Marketable Investments: Other Liquid Assets: Debt: Breakup Value (BV): MC – BV: C$14.7M C$0 C$0 C$0 C$14.7M C$(6.6)M ABCP/etc:

Restricted Assets C$0 C$0 C$0 C$(1.1)M June 30, 2008

Cash Cost of Property: Other: Quarterly Burn Rate: Last Financial Filing:

www.megasilver.ca

Mega Silver holds an interest in two silver and gold projects in Mexico, both of which are under option from Silverstone Resource Corp. (TSX-V: SST). The option agreement requires Mega Silver to spend C$10 million on both properties over 5 years. The company is currently conducting a 5,000m exploration program on these properties. Meanwhile, the company is carrying out a 1,500m drill program on its optioned Virginia Silver property located in British Columbia. The option agreement on Virginia requires that Mega Silver incur C$3.0 million in expenditures by August 2009. Finally, on Mega Silver’s Strategic Properties located in the Yukon Territory, the company must expend C$3.0 million by September 2009. We don’t own any shares nor have we ever received compensation in any form from Mega Silver.

21 AUGMENT PARTNERS, INC. © 2008

Price:

Shares Outstanding (O/S): Market Cap. (MC): Options: Warrants:

Minco Gold Corporation (TSX: MMM; AMEX: MGH)
C$0.57 42.9M Shares Fully Diluted (F/D): 47.4M C$24.5M 4.4M 0 Unrestricted Assets Fully Diluted MC: Avg. Opt. Exercise Price: Avg. War. Exercise Price: C$27.0M C$1.15 n/a

The Metal Augmentor © 2008
Click Here for Technical Analysis Chart

Restricted Assets ABCP/etc: Cash Cost of Property: Other: Quarterly Burn Rate: Last Financial Filing: C$0 C$0 C$3.7M C$(1.7)M June 30, 2008

Cash & Short Term Inv: Marketable Investments: Other Liquid Assets: Debt: Breakup Value (BV): MC – BV:

C$7.3M C$18.9M C$0 C$4.3M C$25.5M C$(1.0)M

www.mincogold.com

Minco Gold has conditional commitments to pay approximately C$10 million for exploration and property payments related to its projects, with C$4 million falling due within one year. Most of this is related to the Changkeng gold project, where Minco Gold can earn 51%. The Changkeng (also known as Mingzhong) gold project sits directly atop Minco Silver’s developing Fuwan Silver deposit. The proximity of Changkeng to the Fuwan Silver project makes its exploitation more likely despite its relatively small resource (700,000 oz. Measured and Indicated at approximately 5 grams per tonne) at the present time. Minco Gold holds 13 million shares of Minco Silver Corporation (TSX: MSV). In addition, Minco Gold has net receivables of approximately C$2.0 million due from Minco Silver. Minco Gold also holds exploration licenses on a number of prospective properties in China which are not being given any value by the market. We own shares in Minco Gold and Minco Silver but have received no compensation in any form from either company.

22 AUGMENT PARTNERS, INC. © 2008

Price: Shares Outstanding (O/S): Market Cap. (MC): Options: Warrants:

$0.33

38.6M

Mundoro Capital Inc. (TSX: MUN)
Shares Fully Diluted (F/D): Fully Diluted MC: Avg. Opt. Exercise Price: Avg. War. Exercise Price:

The Metal Augmentor © 2008
Click Here for Technical Analysis Chart 44.4M $14.7M $1.55 n/a

$12.8M 5.7M 0

Unrestricted Assets Cash & Short Term Inv: Marketable Investments: Other Liquid Assets: Debt: Breakup Value (BV): MC – BV: $16.9M $0 $0 $0 $16.9M $(4.1)M ABCP/etc:

Restricted Assets $0 $0 $0 $(0.5)M March 31, 2008

Cash Cost of Property: Other: Quarterly Burn Rate: Last Financial Filing:

www.mundoro.com

All amounts are in US Dollars unless otherwise noted.

Mundoro owns 79% of the Maoling gold deposit located in Liaoning Province, China. The deposit has Probable Reserves of 2.8 million ounces of gold as well as 4.8 million ounces in Measured and Indicated Resources and 4.4 million ounces in Inferred Resources. There has been a long delay in the renewal of the license related to this project. If and when the license is renewed, Mundoro is expected to have substantial expenditures to complete a full Feasibility Study and other requirements leading up to a production decision. The project is being assigned zero value by the market. As announced in May 2008, Mundoro may purchase for cancellation up to a maximum of 1.9 million of its Common Shares, or approximately 5% of the Common Shares outstanding as of the date of the announcement. We don’t own any shares nor have we ever received compensation in any form from Mundoro Capital.

23 AUGMENT PARTNERS, INC. © 2008

Price: Shares Outstanding (O/S): Market Cap. (MC): Options: Warrants:

$1.46

146.6M

Nautilus Minerals Inc. (TSX: NUS)
Shares Fully Diluted (F/D): Fully Diluted MC: Avg. Opt. Exercise Price: Avg. War. Exercise Price:

The Metal Augmentor © 2008
Click Here for Technical Analysis Chart 175.3M $256.3M $4.04 $5.14

$214.4M 13.6M 15.1M

Unrestricted Assets Cash & Short Term Inv: Marketable Investments: Other Liquid Assets: Debt: Breakup Value (BV): MC – BV: $299.0M $0 $0 $3.6M $297.2M $(82.8)M ABCP/etc:

Restricted Assets $0 $0 $1.8M $(10.0)M June 30, 2008

Cash Cost of Property: Other: Quarterly Burn Rate: Last Financial Filing:

www.nautilusminerals.com

All amounts are in US Dollars unless otherwise noted.

Nautilus is a mineral exploration company attempting to tap vast offshore resources of high-grade seafloor deposits of copper, zinc, gold, and silver. Currently, the company is planning to mine highgrade, copper-gold material about 1,500 meters below surface in the Bismarck Sea of Papua New Guinea beginning in late 2010 (subject to timely permitting). Nautilus has spending commitments of roughly $141 million over the next 6 years, most of which will go towards paying for a deepwater seafloor sulfide exploration vessel—much of this expense will presumably be incurred after mining has commenced. A roughly $60 million contract has also been awarded for two subsea mining tools, as well as a $116 million contract for a riser and lifting system. Nautilus’s cash position of about $300 million should provide a significant portion of the funding required to bring this seafloor mining project into production. Nautilus has partnered with Teck Cominco Limited (NYSE: TCK) on a currently ongoing $12 million exploration program. Holding more than 360,000 km2 of tenement licenses and exploration applications in the exclusive economic zones and territorial waters of Papua New Guinea, Fiji, Tonga, the Solomon Islands, and New Zealand, Nautilus is well-positioned to make additional underwater discoveries going forward. If

24 AUGMENT PARTNERS, INC. © 2008

Nautilus can demonstrate success on its first project, this massive land package could potentially become very valuable.

The Metal Augmentor © 2008

We don’t own any shares nor have we ever received compensation in any form from Nautilus Minerals.

25 AUGMENT PARTNERS, INC. © 2008

Price: Shares Outstanding (O/S): Market Cap. (MC): Options: Warrants:

Orvana Minerals Corp. (TSX: ORV)
C$0.56 115.2M Shares Fully Diluted (F/D): C$64.5M 3.0M 0 Fully Diluted MC: Avg. Opt. Exercise Price: Avg. War. Exercise Price:

The Metal Augmentor © 2008
Click Here for Technical Analysis Chart 118.2M C$66.2M C$0.90 n/a

Unrestricted Assets Cash & Short Term Inv: Marketable Investments: Other Liquid Assets: Debt: Breakup Value (BV): MC – BV: C$87.5M C$0 C$0 C$4.5M C$83.0M C$(18.5)M ABCP/etc:

Restricted Assets C$0 C$0 C$0 C$7.6M June 30, 2008

Cash Cost of Property: Other: Quarterly Run Rate: Last Financial Filing:

www.orvana.com

Orvana’s Don Mario Mine produces approximately 15,000 to 20,000 ounces of gold per quarter at a cash cost of under US$200 per ounce. This resulted in US$7.1 million or US$0.06 per share earnings in the latest quarter. Meanwhile, free cash flow for the quarter was more than US$9 million. The company plans to extend the life of the Don Mario mine to the third quarter of 2010 and at the current rate that would mean another US$50 million in production cash flows. There are plans afoot to acquire prospective projects with the more than US$80 million cash hoard, but management does not appear to be in a hurry. In the meantime, the company trades at a significant discount to its cash even on a fully diluted basis. We own shares in Orvana but have received no compensation in any form from the company.

26 AUGMENT PARTNERS, INC. © 2008

Price:

Shares Outstanding (O/S): Market Cap. (MC): Options: Warrants:

Pacific North West Capital Corp. (TSX: PFN)
C$0.17 61.7M Shares Fully Diluted (F/D): C$10.2M 6.3M 9.8M Fully Diluted MC: Avg. Opt. Exercise Price: Avg. War. Exercise Price:

The Metal Augmentor © 2008
Click Here for Technical Analysis Chart 77.8M

C$12.8M C$0.63 C$0.69

Unrestricted Assets Cash & Short Term Inv: Marketable Investments: Other Liquid Assets: Debt: Breakup Value (BV): MC – BV: C$8.6M C$0.4M C$0 C$0 C$9.0M C$1.2M ABCP/etc:

Restricted Assets C$0 C$0 C$0 C$(1.0)M July 31, 2008

Cash Cost of Property: Other: Quarterly Burn Rate: Last Financial Filing:

www.pfncapital.com

As of August 2008, Pacific North held about C$9 million of cash, leaving it with sufficient funds for operating expenses over the next 12 months. The company has total spending commitments of approximately C$2.5 million to earn an interest in optioned properties. Pacific North has an interest in a number of PGM and nickel properties located throughout Canada, none of which are given any value in the breakup value calculation. River Valley, located within Sudbury, is the company’s most advanced project. The project hosts a near surface, NI 43-101 Measured, Indicated, and Inferred resource of 1.1M oz. palladium, 0.4M oz. platinum, and 63,400 oz. gold. The project is a 50/50 joint-venture with Anglo Platinum, which can earn up to a 65% interest by taking the project to production. Anglo Platinum has already expended approximately C$22 million on this project. Assuming Anglo continues to advance River Valley towards feasibility, at the very least this should put a floor under the price of Pacific North given the value of the current resource. Pacific North also boasts a number of other high-profile partners on its remaining projects, such as Stillwater Mining Co. (NYSE: SWC) and Xstrata plc (LSE: XTA.L), and all of these projects have been given a value of zero in the breakup value calculation.

27 AUGMENT PARTNERS, INC. © 2008

We don’t own any shares nor have we ever received compensation in any form from Pacific North West Capital.

The Metal Augmentor © 2008

28 AUGMENT PARTNERS, INC. © 2008

Price: Shares Outstanding (O/S): Market Cap. (MC): Options: Warrants:

C$1.34

114.0M

Pinetree Capital Ltd. (TSX: PNP)
Fully Diluted MC: Avg. Opt. Exercise Price: Avg. War. Exercise Price:

The Metal Augmentor © 2008
Click Here for Technical Analysis Chart 133.6M C$179.0M C$5.46 C$9.89 Shares Fully Diluted (F/D):

C$152.8M 6.4M 13.2M

Unrestricted Assets Cash & Short Term Inv: Marketable Investments: Other Liquid Assets: Debt: Breakup Value (BV): MC – BV: C$ nil C$223.0M C$0 C$68.3M C$203.2M C$(50.3)M ABCP/etc:

Restricted Assets C$0 C$0 C$48.4M C$(6.0)M June 30, 2008

Cash Cost of Property: Other: Quarterly Burn Rate: Last Financial Filing:

www.pinetreecapital.com

Pinetree is a diversified investment, financial advisory and merchant banking firm focused on the smallcap market primarily within the uranium, oil & gas, molybdenum, precious metals, potash, rare earths, and base metals sectors. Pinetree also has a small amount of investments in the biotechnology, energy related technology, and technology sectors. As of June 30, 2008, Pinetree held “Marketable Investments” in over 70 companies, which means that unlike other firms such as Sprott Molybdenum Participation Corp., its relatively small positions are spread throughout many companies and sectors. That should theoretically allow Pinetree to be relatively more nimble in acquiring and divesting. On the other hand, the sheer number of positions may call into question whether Pinetree has a clear portfolio strategy or whether it is simply diversifying for the sake of diversification. Marketable Investments as of June 30, 2008 have been adjusted to current prices but do not reflect any purchases or sales that may have taken place since that date. Importantly, Pinetree’s marketable investments consist of a very substantial number of warrants across many different companies, all of which have conservatively been given zero value.

29 AUGMENT PARTNERS, INC. © 2008

The “Other” category under restricted assets is made up of positions in private companies, and given the current market conditions it may be prudent to discount this amount by 50 percent. Insiders began buying in mid-July 2008, and have since acquired approximately 330,000 shares at market prices as of early September 2008. Subsequent to June 30, 2008, Pinetree completed a brokered financing which raised aggregate gross proceeds of C$43.2 million through the issuance and sale of 17.3 million units of the company at a price of C$2.50 per unit, which includes one common share and one purchase warrant exercisable at C$3.50. We don’t own any shares nor have we ever received compensation in any form from Pinetree Capital.

The Metal Augmentor © 2008

30 AUGMENT PARTNERS, INC. © 2008

Price:

Shares Outstanding (O/S): Market Cap. (MC): Options: Warrants:

Southwestern Resources Corp. (TSX: SWG)
C$0.56 44.9M Shares Fully Diluted (F/D): C$25.2M 3.4M 0 Fully Diluted MC: Avg. Opt. Exercise Price: Avg. War. Exercise Price:

The Metal Augmentor © 2008
Click Here for Technical Analysis Chart 48.3M

C$27.1M C$0.65 n/a

Unrestricted Assets Cash & Short Term Inv: Marketable Investments: Other Liquid Assets: Debt: Breakup Value (BV): MC – BV: C$23.0M C$3.9M C$0 C$0 C$26.9M C$(1.7)M ABCP/etc:

Restricted Assets C$0 C$0 C$0 C$(3.0)M June 30, 2008

Cash Cost of Property: Other: Quarterly Burn Rate: Last Financial Filing:

www.swgold.com

On September 10, 2008, Southwestern Resources announced it will settle a class action lawsuit by shareholders whereby the company will make a cash payment up to C$S7.5 million. This will reduce the above cash position by a corresponding amount. Southwestern Resources holds a 48.2% interest in Zincore Metals (TXS: ZNC) (approx. 38.2 million shares). The company also holds 6.5% of Northern Superior Resources (TSX-V: SUP) (approx. 4.1 million shares). Southwestern Resources is currently evaluating its options including its significant landholdings in Peru, two of which are joint ventures with Hochschild Mining and Yamana Gold. It should be noted that, as announced on August 21, 2008, Hochschild acquired its 50% interest in the Liam project (the other 50% is held by Southwestern Resources) along with related assets from Newmont Peru for cash consideration of US$33.3 million. That implies a potentially significant valuation to the other 50% of the Liam project held by Southwestern Resources, yet the market is currently giving zero value to the project. We don’t own any shares nor have we ever received compensation in any form from Southwestern Resources.

31 AUGMENT PARTNERS, INC. © 2008

Price:

Shares Outstanding (O/S): Market Cap. (MC): Options: Warrants:

Sprott Molybdenum Participation Corp. (TSX: MLY)
C$2.80 40.4M Shares Fully Diluted (F/D): 40.6M C$113.1M 0.2M 0 Unrestricted Assets Fully Diluted MC: Avg. Opt. Exercise Price: Avg. War. Exercise Price: C$113.6M C$5.31 n/a

The Metal Augmentor © 2008
Click Here for Technical Analysis Chart

Restricted Assets ABCP/etc: Cash Cost of Property: Other: Quarterly Burn Rate: Last Financial Filing: C$0 C$0 C$0 C$(1.3)M June 30, 2008

Cash & Short Term Inv: Marketable Investments: Other Liquid Assets: Debt: Breakup Value (BV): MC – BV:

C$23.4M C$143.8M C$19.8M C$0 C$187.0M C$(73.9)M

www.sprottmoly.com

Sprott Molybdenum Participation Corp. (SMPC) is an investment holding company which invests in molybdenum assets— primarily companies focused on exploring for, mining, and/or processing molybdenum. SMPC’s portfolio of molybdenum assets is relatively small, consisting of about 20 different molybdenum explorers, producers, and/or processors, as well some physical molybdenum—included in “Other Liquid Assets” above—of which SMPC plans to sell the balance by the end of 2008. “Marketable Investments” as of June 30, 2008 have been adjusted to current prices but do not reflect any purchases or sales that may have taken place since that date. SMPC’s portfolio also includes a number of substantial warrant positions, none of which have been given any value in the above table. SMPC has been engaged in a share buyback program, having purchased and cancelled 3.0 million shares during the six months ended June 30, 2008. We don’t own any shares nor have we ever received compensation in any form from Sprott Molybdenum Participation Corporation.

32 AUGMENT PARTNERS, INC. © 2008

Price:

Shares Outstanding (O/S): Market Cap. (MC): Options: Warrants:

Staccato Gold Resources Ltd. (TSX-V: CAT)
C$0.10 99.8M Shares Fully Diluted (F/D): C$10.0M 8.2M 47.1M Fully Diluted MC: Avg. Opt. Exercise Price: Avg. War. Exercise Price:

The Metal Augmentor © 2008
Click Here for Technical Analysis Chart 155.1M

C$15.5M C$0.43 C$0.50

Unrestricted Assets Cash & Short Term Inv: Marketable Investments: Other Liquid Assets: Debt: Breakup Value (BV): MC – BV: C$12.7M C$0 C$0 C$0 C$12.7M C$(2.8)M ABCP/etc:

Restricted Assets C$0 C$0 C$0 C$(0.5)M April 30, 2008

Cash Cost of Property: Other: Quarterly Burn Rate: Last Financial Filing:

www.staccatogold.com

Staccato has five gold exploration projects in various stages of exploration in the Carlin, Cortez/Battle Mountain, and Independence Trends in North-eastern Nevada, including a 70/30 joint venture with Barrick Gold Corporation (NYSE: ABX). Two of these properties have NI 43-101 compliant Measured, Indicated, and Inferred resources totaling approximately 1.1 million ounces gold (~1.4g/t cut-off). The company has future minimum property payments and exploration expenditures of under C$0.6 million per year. A 6,000m drill program has recently commenced on Staccato’s 100% owned flagship South Eureka property (current defined resources of ~0.9 million ounces gold). Insiders have been very heavy buyers since late July 2008, purchasing about 3.5 million shares at an average market price of about $0.11 as of early September 2008. We don’t own any shares nor have we ever received compensation in any form from Staccato Gold Resources.

33 AUGMENT PARTNERS, INC. © 2008

Price: Shares Outstanding (O/S): Market Cap. (MC): Options: Warrants:

Strategic Metals Ltd. (TSX-V: SMD)
C$0.38 58.0M Shares Fully Diluted (F/D): C$21.7 5.3M 12.5M Fully Diluted MC: Avg. Opt. Exercise Price: Avg. War. Exercise Price:

The Metal Augmentor © 2008
Click Here for Technical Analysis Chart 75.7M C$28.4 C$0.56 C$1.17

Unrestricted Assets Cash & Short Term Inv: Marketable Investments: Other Liquid Assets: Debt: Breakup Value (BV): MC – BV: C$17.5M C$3.6M C$0 C$0 C$23.9M C$(2.1)M ABCP/etc:

Restricted Assets C$0 C$0 C$2.8M C$(0.4)M June 30, 2008

Cash Cost of Property: Other: Quarterly Burn Rate: Last Financial Filing:

www.strategicmetalsltd.com

Strategic Metals uses the “generative business model” which involves farming out projects to joint venture partners who incur exploration expenditures while retaining an equity interest in the project and receiving cash payments, royalties or shares in the JV partner. According to Strategic Metals, this business model minimizes shareholder exposure to exploration risk and minimizes shareholder dilution because expenditures are made by a third party. The model also protects shareholders in the case of a major discovery because an equity or royalty interest is retained in each farmed-out project. Meanwhile, this strategy allows the company to accumulate cash for protection against market downturns or to use if exceptional opportunities arise. Strategic Metals holds shares in a number of current and past exploration JV partners, including almost 9 million shares in Rockhaven Resources Ltd. (TSX-V: RK). The value of these shares should be discounted to reflect that approximately 8 million shares are escrowed until 2010. Strategic Metals has insignificant spending commitments related to its large project portfolio due to its use of the “generative business model”. The company’s exploration pipeline is very active it will directly and indirectly participate in several substantial drill programs throughout the rest of 2008 and beyond. With around 35 properties available for joint-venture, spin-out, or outright sale, another 20 under option, and several NSR royalties, Strategic Metals seems to offer attractive value besides the fact that it sports a breakup value exceeding its market capitalization.

34 AUGMENT PARTNERS, INC. © 2008

We own shares in Strategic Metals but have received no compensation in any form from either the company or any of its joint venture partners.

The Metal Augmentor © 2008

35 AUGMENT PARTNERS, INC. © 2008

Price: Shares Outstanding (O/S): Market Cap. (MC): Options: Warrants:

C$0.45 27.0M

Talon Metals Corp. (TSX: TLO)
Fully Diluted MC:

The Metal Augmentor © 2008
Click Here for Technical Analysis Chart 29.6M C$13.3M C$1.20 n/a Shares Fully Diluted (F/D):

C$12.2M 2.5M 0

Avg. Opt. Exercise Price: Avg. War. Exercise Price:

Unrestricted Assets Cash & Short Term Inv: Marketable Investments: Other Liquid Assets: Debt: Breakup Value (BV): MC – BV: C$12.8M C$1.8M C$0 C$0 C$14.7M C$(2.5)M ABCP/etc:

Restricted Assets C$0 C$0 C$0 C$(0.9)M June 30, 2008

Cash Cost of Property: Other: Quarterly Burn Rate: Last Financial Filing:

www.talonmetals.com

Talon has up to approx. $1 million in property payment and exploration commitments over the next 12 months and can elect to modify its current exploration budget to conserve cash. Talon holds 2.5 million shares in Beadell Resources Ltd. (ASX: BDR) and 4.9 million shares of Brazauro Resources Corp. (TSX-V: BZO). Talon also has several interesting-looking projects in Brazil including Sao Jorge where it has delineated 343,000 oz. of gold in the Indicated category. We don’t own any shares nor have we ever received compensation in any form from Talon Metals.

36 AUGMENT PARTNERS, INC. © 2008

Price: Shares Outstanding (O/S): Market Cap. (MC): Options: Warrants:

C$0.05

445.4M

Tiomin Resources Inc. (TSX: TIO)
Shares Fully Diluted (F/D): Fully Diluted MC: Avg. Opt. Exercise Price: Avg. War. Exercise Price:

The Metal Augmentor © 2008
Click Here for Technical Analysis Chart 584.2M C$26.3M C$0.12 C$0.54

C$20.0M 40.4M 98.4M

Unrestricted Assets Cash & Short Term Inv: Marketable Investments: Other Liquid Assets: Debt: Breakup Value (BV): MC – BV: C$23.7M C$0 C$0 C$0 C$25.7 C$(5.7)M ABCP/etc:

Restricted Assets C$0 C$2.0M C$0 C$(2.0)M June 30, 2008

Cash Cost of Property: Other: Quarterly Burn Rate: Last Financial Filing:

www.tiomin.com

Tiomin owns the interesting Kwale Titanium Project, regarding which a memorandum of understanding was reached on July 28, 2008 whereby Jinchuan Group Ltd. would invest $25 million into the project to earn a 70% interest. Jinchuan would be responsible for advancing all funds required to bring the project to production and after repayment of these funds, profits are to be shared 70/30 by Jinchuan and Tiomin respective. This transaction values Tiomin’s retained 30% interest at potentially $10 million on a breakup basis. Tiomin has also earned a 49% interest in the Pukaqaqa copper-gold project in Peru. The project contains 2 billion pounds of copper in Indicated and Inferred Resources at a 0.3% cutoff as well as 500,000 oz. gold. Tiomin also owns 4 million shares and 4 million warrants of Kivu Gold Corp. (acquired for $2 million in February 2008), a private company operating in China. This has been given zero value in calculating Tiomin’s breakup value. We don’t own any shares nor have we ever received compensation in any form from Tiomin Resources.

37 AUGMENT PARTNERS, INC. © 2008

Price:

Shares Outstanding (O/S): Market Cap. (MC): Options: Warrants:

Tri Origin Exploration Ltd. (TSX-V: TOE)
C$0.30 51.0M Shares Fully Diluted (F/D): C$15.3M 2.3M 0 Fully Diluted MC: Avg. Opt. Exercise Price: Avg. War. Exercise Price:

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Click Here for Technical Analysis Chart 53.3M

C$16.0M C$0.79 n/a

Unrestricted Assets Cash & Short Term Inv: Marketable Investments: Other Liquid Assets: Debt: Breakup Value (BV): MC – BV: C$ nil C$15.6M C$0 C$0.5M C$17.0M C$(1.7)M ABCP/etc:

Restricted Assets C$1.9M C$0 C$0 C$(1.0)M March 31, 2008

Cash Cost of Property: Other: Quarterly Burn Rate: Last Financial Filing:

www.triorigin.com

Tri Origin Exploration (TOE) holds 49 million shares of its Australian-traded subsidiary, Tri Origin Minerals Ltd (ASX: TRO). In addition, TOE holds C$1.8M of asset-backed commercial paper marked down to fair value (cost of C$2.5M), which may become liquid at some point in the future. TOE has little to no available cash and has been relying on a credit facility secured by its illiquid ABCP holdings. TOE also has some exploration properties which appear to have significant potential, including projects in the Red Lake district and Abitibi Greenstone Belt. The company has also recently entered into an agreement with OZ Minerals, which is one of the largest diversified mining companies operating in Australia. This agreement requires that OZ fund TOE’s Canadian exploration expenditures to identify new projects up to C$750,000 per year, which may significantly reduce TOE’s cash burn rate. TOE’s appears to be an arbitrage opportunity solely on the basis of the trading price of its Australian subsidiary, with some upside for the resolution of its ABCP and the value of its own exploration projects. Of course, should the share price of the Australian subsidiary decline, the arbitrage opportunity might go away. Currently, Tri Origin Minerals trades near a 52-week low. We don’t own any shares nor have we ever received compensation in any form from either Tri Origin Exploration or Tri Origin Minerals.

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Price: Shares Outstanding (O/S): Market Cap. (MC): Options: Warrants:

U.S. Energy Corp. (NASDAQ: USEG)
$2.29 23.5M Shares Fully Diluted (F/D): $53.9M 3.6M 0.9M Fully Diluted MC: Avg. Opt. Exercise Price: Avg. War. Exercise Price:

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Click Here for Technical Analysis Chart 28.1M $64.4M $3.74 $3.61

Unrestricted Assets Cash & Short Term Inv: Marketable Investments: Other Liquid Assets: Debt: Breakup Value (BV): MC – BV: $9.9M $60.9M $0 $13.9M $73.8M $(19.9)M ABCP/etc:

Restricted Assets $0 $7.0M $9.9M $(2.0)M June 30, 2008

Cash Cost of Property: Other: Quarterly Burn Rate: Last Financial Filing:

www.usnrg.com

All amounts are in US Dollars unless otherwise noted.

Most of U.S. Energy’s liquid assets are held in the form of U.S. Treasuries with maturities greater than 3 months ($60.3 million at June 30, 2008). U.S. Energy is developing a multi-unit apartment project in Wyoming that may require the company to fund up to $14 million if a permanent loan cannot be obtained and none of the units are sold (worst case scenario). That does not represent an additional commitment above the amounts reflected in the table above (project debt of US$14 million, $7 million spent on the property so far, and $4.9 million secured investments held in U.S. Treasuries reflected in “Other”) but it could reduce breakup value by up to $14 million. U.S. Energy had budgeted $5 million in expenditures related to its Lucky Jack molybdenum project for the remainder of 2008. Importantly, on August 19, 2008 US Energy entered into an agreement with Thompson Creek Metals Company Inc. (TSX:TCM; NYSE:TC) whereby Thompson Creek will have the ability to earn up to a 75% interest in the Lucky Jack molybdenum project by expending up to $400 million. This comes soon after US Energy’s prior partner, Kobex Resources Ltd. (TSX-V: KBX), terminated its agreement due to its perception of uncertainties in the regulatory and legal environment for developing the property.

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On August 22, 2008, U.S. Energy announced it had sold its interest in Sutter Gold Mining Inc. (TSX-V: SGM) for C$5.4 million, net of a C$0.5 million private placement. After the transaction, U.S. Energy will have approximately 8 million shares of Sutter (4.5 million shares with a 4 month holding period), warrants to purchase 2.2 million Sutter shares at $0.15/share, and a 5% Net Profits Royalty which will be reduced to 1% after U.S. Energy receives $4.6 million from production. We have estimated the value of the Sutter transaction to be $5.0 million and included it as “Other” in the table above. Effective June 22, 2007, US Energy approved a share buyback program for up to $5.0 million. Through June 30, 2008, the Company had repurchased 0.78 million shares of its common stock (including 0.55 million in 2008 for $1.9 million). The company’s breakup value does not include any value attributed to the company’s Lucky Jack molybdenum project, its oil and gas interests, its 4% Net Profits Royalty on the Green Mountain uranium property in Wyoming owned and operated by Rio Tinto, or the up to $40 million in payments from Uranium One starting in 2010 (including initial payment of up to $27.5 million). We don’t own any shares nor have we ever received compensation in any form from U.S. Energy.

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Price: Shares Outstanding (O/S): Market Cap. (MC): Options: Warrants:

C$0.64 23.1M

U3O8 Corp. (TSX-V: UWE)
Fully Diluted MC:

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Click Here for Technical Analysis Chart 25.5M C$16.3M C$2.03 C$2.50 Shares Fully Diluted (F/D):

C$14.8M 1.9M 0.6M

Avg. Opt. Exercise Price: Avg. War. Exercise Price:

Unrestricted Assets Cash & Short Term Inv: Marketable Investments: Other Liquid Assets: Debt: Breakup Value (BV): MC – BV: C$17.4M C$0 C$0 C$0.7M C$16.7M C$(2.0)M ABCP/etc:

Restricted Assets C$0 C$0 C$0 C$(3.0)M June 30, 2008

Cash Cost of Property: Other: Quarterly Burn Rate: Last Financial Filing:

www.u3o8corp.com

U3O8 Corp. expects to spend about C$3.0 million on exploration over the next 18 months. The company is making good progress on its Prometheus Uranium project in Guyana. A 77-hole, phase III drill program (13,600m) was recently completed on the project’s Aricheng South structure. Similarly, a 53-hole, 8,831m Phase III program on Aricheng North was also recently completed and all assay results are in the process of being received. An initial resource estimate on both these structures is expected in Q4 2008. Meanwhile, a Phase I drill program is taking place on the Accori North area. Infill drilling is expected to continue into late 2008, with a resource estimate planned for early 2009. Typical intersections across these structures have ranged from 10-20m of 0.10%-0.20% U3O8. We don’t own any shares nor have we ever received compensation in any form from U3O8 Corporation.

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Price: Shares Outstanding (O/S): Market Cap. (MC): Options: Warrants:

C$0.25 53.2M

Volta Resources Inc. (TSX: VTR)
Fully Diluted MC: Avg. Opt. Exercise Price: Avg. War. Exercise Price:

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Click Here for Technical Analysis Chart 58.1M C$14.5M C$0.94 n/a Shares Fully Diluted (F/D):

C$13.3M 4.9M 0

Unrestricted Assets Cash & Short Term Inv: Marketable Investments: Other Liquid Assets: Debt: Breakup Value (BV): MC – BV: C$11.0M C$2.9M C$0 C$0 C$13.9M C$(0.7)M ABCP/etc:

Restricted Assets C$0 C$0 C$0 C$(1.0)M June 30, 2008

Cash Cost of Property: Other: Quarterly Burn Rate: Last Financial Filing:

www.voltaresources.com

“Marketable Investments” reflected in the table above consist of 10 million shares of Apex Minerals NL (ASX: AXM). The breakup value assumes that Gaoua, Kampti, and various other prospects located in Burkina Faso are worthless. At Gaoua, Volta has partnered with Freeport McMoRan Exploration Corporation, a subsidiary of Freeport McMoRan Copper and Gold Inc. (NYSE: FCX) where a 12,000m drill program is currently underway-- significant drill results include 106m of 0.66% copper and 0.49g/t gold, and 224m of 0.52% copper and 0.19g/t gold. At Kampti, Volta is currently carrying out a 5,000m program targeting gold, with recent results such as 3m of 63.52g/t gold. We don’t own any shares nor have we ever received compensation in any form from Volta Resources.

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Price:

Shares Outstanding (O/S): Market Cap. (MC): Options: Warrants:

Wallbridge Mining Company Ltd. (TSX: WM)
C$0.16 88.8M Shares Fully Diluted (F/D): C$14.2M 10.1M 12.8M Fully Diluted MC: Avg. Opt. Exercise Price: Avg. War. Exercise Price:

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Click Here for Technical Analysis Chart 111.7M

C$17.9M C$0.44 C$0.91

Unrestricted Assets Cash & Short Term Inv: Marketable Investments: Other Liquid Assets: Debt: Breakup Value (BV): MC – BV: C$4.4M C$10.0M C$0 C$1.0M C$13.4M C$0.8M ABCP/etc:

Restricted Assets C$0 C$0 C$0 C$(2.0)M June 30, 2008

Cash Cost of Property: Other: Quarterly Burn Rate: Last Financial Filing:

www.wallbridgemining.com

Wallbridge has commitments to spend roughly C$2.5 million on exploration properties by December 31, 2009, but is likely to spend at least 2-3x this amount especially given its aggressive drill program for 2008—10,000m on 11 properties. The company has a number of PGM exploration projects in Sudbury as well as a copper-moly-gold property in British Columbia and several gold properties in the Kirkland Lake gold camp which have recently been joint-ventured with Tanqueray Resources Ltd. (TSX-V: TQY). Wallbridge’s Sudbury properties include joint-venture arrangements with Xstrata Nickel (LSE: XTA), Impala Platinum Holdings Limited (JSE: IMP), and Lonmin Plc (LSE: LMI). With 10 million shares of Duluth Metals (TSX: DM) which are worth close to the company’s current market capitalization, Wallbridge is highly leveraged to Duluth’s performance. Investors are essentially receiving exposure to Wallbridge’s exploration projects at little to no cost. We don’t own any shares nor have we ever received compensation in any form from Wallbridge Mining.

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Price:

Shares Outstanding (O/S): Market Cap. (MC): Options: Warrants:

Western Uranium Corporation (TSX-V: WUC)
C$0.85 59.4M Shares Fully Diluted (F/D): 65.3M C$50.5M 3.2M 2.8M Fully Diluted MC: Avg. Opt. Exercise Price: Avg. War. Exercise Price:

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C$55.5M C$1.64 C$4.25

Unrestricted Assets Cash & Short Term Inv: Marketable Investments: Other Liquid Assets: Debt: Breakup Value (BV): MC – BV: C$51.5M C$6.8M C$0 C$0 C$58.3M C$(7.8)M ABCP/etc:

Restricted Assets C$0 C$0 C$0 C$(1.5)M June 30, 2008

Cash Cost of Property: Other: Quarterly Burn Rate: Last Financial Filing:

www.westernuraniumcorp.com

“Marketable Investments” consist of 15.2 million shares—or about 30%— of its recent spin-out, Western Lithium Canada Corporation (TSX-V: WLC). Western’s breakup value assumes that its 4 uranium properties located in New Mexico, Nevada, and northern Canada are worthless. The most advanced project, Kings Valley, contains about 23 million lbs. of uranium exposed at or near surface levels, of which 4.8M lbs. are NI 43-101 compliant Inferred resources—average grade of 0.08 percent. Western is currently drilling in Kings Valley. Finally, it is interesting to note that the company entered into a strategic alliance with Cameco Corporation (NYSE: CCJ) in August 2007, whereby Cameco has the right to earn a 70% interest on any of Western’s project if they represent a stand-alone deposit containing at least 15M lbs. of Indicated or better NI 43-101 uranium resources. To obtain this interest, Cameco must pay Western a minimum of $5.00 per pound of uranium resource and carry the project through feasibility. We don’t own any shares nor have we ever received compensation in any form from Western Uranium.

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Appendix A: Other Companies to Consider
Brinkley Mining Plc (AIM: BRM)

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Brinkley currently has a BP$5.6M MC versus BP$8.1M cash on hand at June 30, 2008. In July 2008, the company spent US$1.75M to acquire the remaining 30% stake in African Uranium. The quarterly burn rate, absent unusual one-time transactions, of BP$1-2M should allow the company to operate for some time without needing to raise funds. We don’t own any shares nor have we ever received compensation in any form from Brinkley Mining.

Continental Precious Metals Inc. (TSX: CZQ)
Don’t let the name fool you, this company is actually exploring for uranium in Sweden. The company had a treasury of over C$28M as of May 31, 2008 and currently sports a market capitalization of $C31.4M. Thus, the market is giving almost no value to the significant indicated and inferred resources consisting of (1) 20 million pounds of higher-grade uranium oxide and (2) 437 million pounds of lowgrade uranium oxide hosted in oil shale. At the current burn rate, the company could support exploration and other costs for several years. We don’t own any shares nor have we ever received compensation in any form from Continental Precious Metals.

Crescent Gold Limited (TSX-V: CRA; ASX: CRA)
The Canadian listing of Crescent (TSX: CRA) is trading at a very large discount to its Australian listing (ASX: CRE). The company’s market capitalization on the basis of its Canadian share price (C$44.0M) is below the cash on hand as of June 30, 2008 (AU$49.6M). We should not that Crescent has likely spent a substantial amount of cash since June 30, 2008, and it also appears to have substantial liabilities including accounts payable and an AU$5M convertible debenture that would reduce breakup value below its current Canadian market capitalization. The price arbitrage, however, between the Canadian shares (C$0.065) and Australian shares (AU$0.115) appears interesting. We don’t own any shares nor have we ever received compensation in any form from Crescent Gold.

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International Nickel Ventures Corp. (TSX: INV)

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International Nickel (INV) currently trades near its cash position reported on June 30, 2008, giving no value for its Canadian and Brazilian projects which include the Santa Fe nickel laterite project. Santa Fe is a joint venture with Teck Cominco beneficially owned 20% by INV and carried on the company’s books at C$17M (representing property option payments). The company’s exploration budget appears somewhat flexible and should allow the current C$3M per quarter burn rate to be reduced. We don’t own any shares nor have we ever received compensation in any form from International Nickel Ventures.

MAX Resources Corp. (TSX-V: MXR)
MAX had approx. C$7M of cash at June 30, 2008 compared to a current market cap of C$6.5M. MAX has optioned a number of projects that would require exploration expenditures and option payments totaling more than C$2M over the next 12 months to remain in good standing. Assuming that MAX management picks and chooses among the most prospective projects in the current tough environment, there may not be a need for a financing any time soon. We don’t own any shares nor have we ever received compensation in any form from MAX Resources.

New Oroperu Resources Inc. (TSX-V: ORO)
While New Oroperu holds just C$1.2M of cash at June 30, 2008, it has no project expenditures and only minimal administrative expenses—under C$0.2M per quarter. The company receives a C$0.2M annual cash option payment from Barrick Gold, which is currently earning a 70% interest in the company’s 100% owned Tres Cruces project in Peru. Recent drill results from this project included the highlight hole of 228m grading 2.96g/t gold. The project also has a historical (non-43-101 compliant) resource estimate of 1.7 million ounces of gold at 1.59g/t—this does not include hole highlighted above or many other significant holes drilled by Barrick over the last several years. With just 16.2 million shares outstanding, 1.8 million options, zero warrants, no requirement in the near term to raise funds, and Barrick proceeding with baseline project studies for the development of the Tres Cruces project, New Oroperu represents an interesting option in a cash-strapped resource market.

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We own shares in New Oroperu but have never received compensation in any form from the company.

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Triex Minerals Corporation (TSX-V: TXM)
Triex had about C$12.5M of net cash at April 30, 2008 as compared to its current market capitalization of C$10.M. However, the company is extremely active in Canadian uranium exploration, and therefore its current cash position is likely to be several million dollars lower than what was last reported. We don’t own any shares nor have we ever received compensation in any form from Triex Minerals.

U.S. Silver Corporation (TSX-V: USA)
U.S. Silver has put approximately US$30M into its Galena project in Idaho during the past 2 years—more than US$15M to purchase it from Coeur d’Alene Mines and another US$15M in repairs, development, and resource expansion. The current market cap is C$32M (US$30.3M), about the same as the cash investment in the mine, and that does not account for the US$20M in working capital as of June 30, 2008 (currently estimated to be US$15M). We own shares in U.S. Silver but have never received compensation in any form from the company.

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Appendix B: Technical Analysis Charts
By Roy Martens Charts begin on the following page.

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Altius Minerals Corporation

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Return to Company Profile

Committee Bay Resources Ltd.

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Dynamite Resources Ltd.

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Endeavour Financial Corporation

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Golden Arrow Resources Corporation

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IMA Exploration Inc.

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Mega Silver Inc.

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Minco Gold Corporation

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Mundoro Capital Inc.

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Nautilus Minerals Inc.

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Orvana Minerals Corp.

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Pacific North West Capital Corp.

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Pinetree Capital Ltd.

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Southwestern Resources Corp.

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Sprott Molybdenum Participation Corp.

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Staccato Gold Resources Ltd.

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Strategic Metals Ltd.

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Talon Metals Corp.

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Tiomin Resources Inc.

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Tri Origin Exploration Ltd.

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U.S. Energy Corp.

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U3O8 Corp.

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Volta Resources Inc.

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Wallbridge Mining Company Limited

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Western Uranium Corporation

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The Metal Augmentor’s MINING EQUITIES REPORT: ISSUE I

CASH IS KING?
Introduction

Updated: October 19, 2008

A major objective of many investors active in the natural resources sector is to diversify away from the fiat-based world of finance and credit-dominated sectors such as banking, insurance, and retail. These investors want exposure to hard assets, not soft ones. Today, they desperately hope that commodity prices will soon recover given the large losses just about every natural resource portfolio has incurred over the past few months, the last two in particular. The fall in commodity prices has created an environment that has made it very challenging for natural resource companies—mining equities in particular—to obtain financing for exploration and project development. It seems cash, not metal in the ground, is king. How ironic that the one asset natural resource investors are trying to diversify away from—the U.S. dollar and its troubled competitors—is the very asset that mining equities need the most right now. It turns out that drilling contractors, engineers, geologists and miners all still prefer to be paid in paper money. Due to the simultaneous reduction in market liquidity and commodity prices, metal exploration and mining companies that need to raise funds to finance their activities are facing the prospect of substantial share dilution or the possibility of losing their property interests if they cannot meet contractual spending commitments. We believe there has to be a very compelling reason to own cashstrapped companies in this market. Conversely, companies that are not in need of financing have an important margin of safety in the current environment. Should metal and commodity prices stay weak for a long period of time— something that is not impossible during a bull market as the historical example of the mid-1970s demonstrates— such a margin of safety could turn into a major advantage.

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Indeed, if the markets were efficient and logical, we should expect that mining equities with lots of cash and other liquid assets would trade at significant premiums to their cash-strapped peers. But that doesn’t appear to be the case at the moment. In early August of this year, things didn’t look quite as bad, but nevertheless we had already started to notice that the market capitalizations of several mining equities were approaching their cash positions. This situation piqued our curiosity so we placed these companies on our radar. To our surprise, their prices continued to fall so that now in many case they are trading at a steep discount to their breakup value (the estimated amount of cash that could be distributed to shareholders if all assets and liabilities are liquidated and the company is broken up). Compellingly, many of these companies have attractive property holdings—some joint ventured with majors—that are currently being assigned a zero value by the market. Thus was born the idea for our inaugural Mining Equities Report, the title of which—“Cash is King?”— reflects the strange contradiction that the one asset in greatest need, cash, seems to actually be more of a burden than an asset to some mining equities. While this situation is perplexing, we feel that it is only a matter of time before the most astute natural resource investors begin to realize that the market’s present foolishness obscures a rare opportunity. With blood running in the streets, now seems like the best time to beat the smart crowd to that realization. The dollar signs wouldn’t stop dancing in our minds, so we were left with no choice but to examine several hundred mining equities, both explorers and producers, to plot their cash and liquidity positions against their capital requirements. We discarded companies that still have substantial value attributed to their projects because those values could evaporate should fear continue to run rampant in the hearts of investors. Though some of you may protest that we have erred in casting aside some extremely undervalued companies, we suspect that the value of fiat money could fare better than the value of metal in the ground for a while yet. That bold assessment still left us with more than 30 companies that deserve closer examination. We detail these companies in our inaugural report. We would like to point out that our report is not a comprehensive list of mining equities with breakup value exceeding market cap because such a calculation is very difficult to make given the large daily fluctuations in the prices of mining equities recently. Rather, our report should be viewed as a crosssection of interesting opportunities to explore further. We believe it contains something for every natural resource investor. Some of the mining equities in our report possess a cushy cash position that is not contractually committed to be spent in the near term. Others have virtually no cash requirements because a separate company (for example, through a joint venture) is paying for all exploration expenditures and sometimes even covering administrative expenses. Many of these companies have projects of

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significant merit and other assets unaccounted for in our calculations because they have been given zero value by the market. After all, who are we to argue with the market? Ultimately, our report does not answer the underlying question: Cash is King? Only time will do that. But we believe there is a reasonable basis to conclude that some of companies in our report are positioned to benefit, relative to other mining equities, regardless of where the market heads next: up, down, or sideways.

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About The Metal Augmentor
The Metal Augmentor is a new service being launched in the next few weeks at www.metalaugmentor.com. The main purpose of The Metal Augmentor is to aid both new and experienced investors in navigating the fascinating, dangerous, and rewarding world of investing in physical metals and mining equities. Our focus will be on gold and silver, but we will also provide indepth coverage of the other major metals. Portions of the service will be devoted to investors who buy gold and/or silver in its various forms (ETF, bullion, allocated account, etc.) for price appreciation. Other portions will appeal to people who buy bullion to hold in their own possession for the purpose of preserving their wealth or buying power against fiscal irresponsibility by fiat-wielding governments. A key feature of The Metal Augmentor will be the detailed coverage of mining equities from junior explorers to major mining companies. Our unique approach will avoid making outright buy and sell recommendations (except in special reports that focus on individual situations) but instead provide relevant and timely information and insights so that each investor can confidently make his or her own investment decision. Perhaps the most valuable feature of The Metal Augmentor will be exclusive coverage of the basis in gold and silver as taught by Professor Antal E. Fekete.

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Questions on How to Use this Report
What is Breakup Value (BV)?

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We compute a company’s breakup value by adding together all cash plus assets that can be liquidated and converted to cash in a reasonable period of time and then subtracting the company’s debt and other liabilities. Breakup value does not include off-balance sheet commitments and liabilities that may require cash expenditures to eliminate. What is Market Capitalization (MC)? A company’s market capitalization is computed by multiplying its number of shares outstanding by its current market price. What does MC-BV tell us? The MC-BV calculation shows how much value the market is assigning to the company’s non-cash and non-marketable assets including exploration and mining properties. In many cases, this number is negative in our report, which means the company’s cash and other marketable assets less its debt exceeds its current market capitalization. In other words, if the company shut its doors and liquidated, shareholders may receive a per share cash distribution greater than the current share price. Why use MC instead of Fully Diluted MC for the BV computation? Because generally the average exercise prices of all warrants and options (which are included in the fully diluted MC) are significantly above the current share price. Therefore, if the fully diluted MC were used, it would be necessary to add the cash to be received upon exercise of all warrants and options, which is often several multiples of the current market cap. Why use separate columns for unrestricted assets vs. restricted assets? The use of separate columns is to identify relatively liquid (unrestricted) vs. relatively illiquid (restricted) assets. For example, if a company’s MC-BV is negative but the majority of the assets included in BV come from the restricted category, which would be less desirable than a similarly-valued company where the majority of assets are unrestricted (all else being equal).

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Why not compare MC to working capital instead of performing the BV computation?

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Working capital doesn’t include many assets that could be marketable in a liquidation scenario, nor does it include noncurrent debt. As a result, it is a better measure of short-term liquidity as compared to ultimate liquidity. What is the attached Excel file to be used for? The attached Excel file is an extremely valuable part of this report. This is where all of our numbers within the tables of each company are derived. Importantly, our Excel file is enabled such that the market price of each company can be updated (this requires downloading a free add-in program – see instructions tab within Excel file). In turn, this updates all dependent cells and allows us to compute measures such as MC-BV in nearly real time (with a 15 minute quote delay). Without this functionality, the report would not remain as relevant after the publication date. Using the Excel file, users can get updated figures throughout the trading day and are able to make more informed investment decisions. How to open the Excel 2007 file? If you own an earlier version of Microsoft Office (i.e. prior to 2007), you will need to download the following Microsoft Office 2007 compatibility pack in order to open the attached Excel file: Compatibility Pack Download Why is there a warning message when I open the attached Excel file? Some systems may display a warning message about a potential virus, macro, or other program that could potentially harm your computer, but this is due to the MSN Money Stock Quotes add-in. Both the Excel and PDF files have been scanned using Bit Defender and no threats were detected. How do I close the attachments window in order to view the PDF in full page format? Once you have downloaded the attached Excel file, or if you have decided not to do so at this time, you can close the attachments window by clicking on the paper clip icon on the lower left hand corner of the page. Doing so will allow you to view the report in a full page format.

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Disclaimer: We are not licensed investment advisors and this is not a recommendation to buy or sell any company. The information and data herein is being presented as a service to help investors conduct further research. We believe the data comes from reliable sources but it may not be current and material changes in a company’s financial position could have taken place since the asof date. Before making an investment decision, you or your licensed investment advisor should verify all information that you are relying upon. We are not responsible for the results of any investment made on the basis of the data presented herein, nor are we responsible for any errors or omissions (though we strive for accuracy and completeness). We disclose our own investment position or relationship in all companies.

6 AUGMENT PARTNERS, INC. © 2008

Contents

The Metal Augmentor © 2008

Page

Introduction __________________________________________________________________________________ 1 Questions on How to Use this Report ______________________________________________________________ 4 Breakup Value Update – Current as of 10/19/08 ____________________________________________________ 8 Cash Value Companies – Current as of 9/14/08 _____________________________________________________ 12 Altius Minerals Corporation (TSX: ALS) ....................................................................................................................12 Committee Bay Resources Ltd. (TSX-V: CBR) ...........................................................................................................14 Dynamite Resources Ltd. (TSX-V: DNR) ...................................................................................................................16 Endeavour Financial Corporation (TSX: EDV) ..........................................................................................................18 Golden Arrow Resources Corporation (TSX-V: GRG) ................................................................................................20 IMA Exploration Inc. (TSX-V: IMR; AMEX: IMR) .......................................................................................................22 Mega Silver Inc. (TSX-V: MSR) .................................................................................................................................23 Minco Gold Corporation (TSX: MMM; AMEX: MGH) ...............................................................................................24 Mundoro Capital Inc. (TSX: MUN) ...........................................................................................................................25 Nautilus Minerals Inc. (TSX: NUS) ............................................................................................................................26 Orvana Minerals Corp. (TSX: ORV) ..........................................................................................................................28 Pacific North West Capital Corp. (TSX: PFN) ............................................................................................................29 Pinetree Capital Ltd. (TSX: PNP) ..............................................................................................................................31 Southwestern Resources Corp. (TSX: SWG) .............................................................................................................33 Sprott Molybdenum Participation Corp. (TSX: MLY)................................................................................................34 Staccato Gold Resources Ltd. (TSX-V: CAT) ..............................................................................................................35 Strategic Metals Ltd. (TSX-V: SMD) .........................................................................................................................36 Talon Metals Corp. (TSX: TLO) .................................................................................................................................38 Tiomin Resources Inc. (TSX: TIO) .............................................................................................................................39 Tri Origin Exploration Ltd. (TSX-V: TOE)...................................................................................................................40 U.S. Energy Corp. (NASDAQ: USEG) .........................................................................................................................41 U3O8 Corp. (TSX-V: UWE)........................................................................................................................................43 Volta Resources Inc. (TSX: VTR) ...............................................................................................................................44 Wallbridge Mining Company Ltd. (TSX: WM) ..........................................................................................................45 Western Uranium Corporation (TSX-V: WUC) .........................................................................................................46 Appendix A: Other Companies to Consider ________________________________________________________ 47 Appendix B: Technical Analysis Charts ____________________________________________________________ 50

7 AUGMENT PARTNERS, INC. © 2008

Breakup Value Update – Current as of 10/19/08 OLD
Cash Value Companies
9/14/2008 Alberta Star Development Corp. Altius Minerals Corporation Aurora Energy Resources Inc. B2Gold Corp. Benton Resources Corp. Brinkley Mining Plc Committee Bay Resources Ltd. Continental Precious Minerals Inc. Crescent Gold Limited Dynamite Resources Ltd. Endeavour Financial Corp. Evolving Gold Corp. Golden Arrow Resources Corp. Hudbay Minerals Inc. IMA Exploration Inc. Inca Pacific Resources Inc. International Nickel Ventures Corp. Khan Resources Inc. Linear Gold Corp. MAX Resource Corp. Mega Silver Inc. Minco Gold Corporation Mines Management, Inc. Mundoro Capital Inc. Nautilus Minerals Inc. New Oroperu Resources Inc. North American Palladium Ltd.
n/a

The Metal Augmentor © 2008

NEW
MC-BV
10/19/2008 ($4,464,503) ($50,796,640) ($34,746,308) ($9,869,425) ($8,715,269) ($4,520,638) ($18,056,354) ($10,422,431) ($3,433,482) ($34,539,321) ($211,997,535) ($5,409,152) ($425,877) $81,560,769 ($9,658,505) ($11,211,421) ($11,367,436) ($13,476,605) ($3,310,125) ($3,448,377) ($9,997,411) $3,259,946 ($3,661,866) ($7,065,176) ($158,136,807) $5,331,756 ($2,922,129)

Price
10/8/2008 $0.13
n/a n/a

MC-BV
9/14/2008 ($33,131,944)
n/a n/a n/a n/a

Price
10/19/2008 $0.16 $4.64 $1.08 $0.35 $0.17 $1.00 $0.05 $0.38 $0.06 $0.06 $4.30 $0.22 $0.18 $5.35 $0.30 $0.26 $0.18 $0.25 $0.77 $0.17 $0.37 $0.44 $0.99 $0.30 $1.12 $0.40 $1.58

10/8/2008 ($7,077,918)
n/a

$5.25
n/a n/a n/a n/a

$1.05 $0.45 $0.17 $0.75
n/a

($36,942,537) $5,858,324 ($9,053,303) ($4,948,241)
n/a

$0.13
n/a n/a

($11,359,233)
n/a n/a

$0.30 $0.06
n/a n/a

($14,228,537) ($6,386,752)
n/a n/a

$0.14 $5.47
n/a

($26,109,100) ($156,115,329)
n/a

$0.22
n/a

($5,409,152)
n/a

$0.28
n/a

$1,020,546
n/a

$5.81
n/a

$154,140,245
n/a

$0.38
n/a n/a n/a n/a n/a

($5,487,946)
n/a n/a n/a n/a n/a

$0.35 $0.20 $0.28 $0.76 $0.17
n/a n/a

($6,137,875) ($10,289,216) ($11,017,765) ($3,589,304) ($3,340,631)
n/a n/a

$0.30 $0.57
n/a

($6,641,404) ($1,039,415)
n/a

$1.24
n/a n/a

$2,024,689
n/a n/a

$0.33 $1.46
n/a n/a

($4,123,454) ($82,807,434)
n/a n/a

$0.60 $1.73

$8,581,221 $9,503,458

8 AUGMENT PARTNERS, INC. © 2008

Continued… Cash Value Companies
Northern Lion Gold Corp. Orvana Minerals Corp. Pacific North West Capital Corp. PDX Resources Pinetree Capital Ltd. Pitchstone Exploration Sabina Silver Corporation NEW South American Silver Corp. Southwestern Resources Corp. Sprott Molybdenum Participation Corp. Sprott Resource Corp. Spur Ventures Inc. Staccato Gold Resources Ltd. Strategic Metals Ltd. Talon Metals Corp. Tiomin Resources Inc. Tri Origin Exploration Ltd. Triex Minerals Corporation U.S. Energy Corp. U.S. Silver Corporation U3O8 Corp. Volta Resources Inc. Wallbridge Mining Company Ltd. Western Uranium Corp.

The Metal Augmentor © 2008
OLD NEW
Price
9/14/2008
n/a

MC-BV
9/14/2008
n/a

Price
10/19/2008 $0.04 $0.47 $0.11 $0.94 $0.82 $0.20 $0.49 $0.20 $0.22 $1.21 $2.43 $0.24 $0.08 $0.22 $0.27 $0.05 $0.14 $0.18 $2.30 $0.10 $0.37 $0.09 $0.09 $0.57

MC-BV
10/19/2008 ($3,261,928) ($28,840,490) ($2,029,877) ($29,773,373) ($55,069,070) ($2,608,519) ($9,928,824) $106,096 ($15,204,940) ($73,317,755) ($208,959,909) ($9,801,854) ($5,251,790) ($9,054,603) ($6,685,424) ($3,431,750) $853,713 ($9,788,128) ($19,733,627) ($15,597,609) ($8,190,253) ($8,866,510) $388,940 ($22,487,601)

10/8/2008 $0.06
n/a n/a

10/8/2008 ($2,961,571)
n/a n/a

$0.56 $0.17
n/a

($18,469,520) $1,183,151
n/a

$1.45
n/a

($39,084,557)
n/a

$1.34
n/a n/a n/a

($50,354,638)
n/a n/a n/a

$0.37 $0.69
n/a n/a n/a

$2,651,925 $3,405,102
n/a n/a n/a

$0.56 $2.80
n/a n/a

($1,705,120) ($73,933,883)
n/a n/a

$2.44 $0.26
n/a n/a n/a n/a n/a

($199,191,485) ($8,595,043)
n/a n/a n/a n/a n/a

$0.10 $0.38 $0.45 $0.05 $0.30
n/a

($2,755,721) ($2,134,273) ($2,518,197) ($5,658,574) ($1,685,262)
n/a

$0.25
n/a

($8,394,296)
n/a

$2.29
n/a

($20,043,196)
n/a

$0.17
n/a n/a n/a n/a

($1,626,454)
n/a n/a n/a n/a

$0.64 $0.25 $0.16 $0.85

($1,964,593) ($604,775) $802,560 ($7,840,706)

Average

($14,111,743)

($21,334,028)

9 AUGMENT PARTNERS, INC. © 2008

MC-BV: 10/19/2008
EDV SCP NUS MLY PNP ALS AXU DNR PLG ORV WUC USEG CBR USA SWG KRI INV IPR CZQ MSR SBB BTO SVU TXM IMR SMD VTR BTC UWE MUN TLO EVG CAT BRM ASX MGN MXR CRA TIO LRR NL PDL PXP PFN GRG SAC WM TOE MMM ORO HBM ($250) ($200) ($150) ($100) ($50)

The Metal Augmentor © 2008

Ticker Symbol

$0

$50

$100

$, millions

10 AUGMENT PARTNERS, INC. © 2008

Discount or Premium to Breakup Value: 10/19/2008
DNR CBR NL TXM EDV VTR SWG MLY BRM SCP INV NUS MSR MXR UWE TLO KRI IPR BTC USA MUN SMD CAT SVU WUC IMR PNP CZQ ORV AXU PLG PXP USEG ALS EVG SBB PFN ASX BTO MGN TIO LRR GRG CRA PDL SAC WM HBM TOE MMM ORO -500% -400% -300% -200% -100% 0% 100%

The Metal Augmentor © 2008

Ticker Symbol

200%

11 AUGMENT PARTNERS, INC. © 2008

Cash Value Companies – Current as of 9/14/08
Price: C$5.25 Shares Outstanding (O/S): Market Cap. (MC): Options: Warrants: 30.9M

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Altius Minerals Corporation (TSX: ALS)
Shares Fully Diluted (F/D): C$162.4M 1.0M 0 Fully Diluted MC: Avg. Opt. Exercise Price: Avg. War. Exercise Price:

Click Here for Technical Analysis Chart 32.0M

C$167.8M C$10.34 n/a

Unrestricted Assets Cash & Short Term Inv: Marketable Investments: Other Liquid Assets: Debt: Breakup Value (BV): MC – BV: C$167.4M C$20.0M C$0 C$38.5M C$195.5M C$(33.1)M ABCP/etc:

Restricted Assets C$0 C$12.3M C$34.3M C$(1.0)M July 31, 2008

Cash Cost of Property: Other: Quarterly Burn Rate: Last Financial Filing:

www.altiusminerals.com

Altius is a natural resource project generation and royalty business. Currently, it is involved in joint ventures on 11 different projects and is seeking partners on several others. The company’s “Marketable Investments” reflected in the table above include a portfolio of undisclosed resource companies with a fair market value of C$11.1M at July 31, 2008. These investments may need to be discounted up to 50% given the current market environment. The “Marketable Investments” also include several companies for which share amounts and prices are current as of the date of this report. Most significantly, Altius owns a 10% interest in the Labrador Nickel Royalty Limited Partnership, which owns a 3% net smelter return royalty on the Voisey's Bay nickel project. This royalty is reflected in the above table in “Cash Cost of Property” at C$12.3 million. Voisey’s Bay began its first full year of operation in 2006 and is expected to have at least a 25-yr. mine life. Revenue from this royalty interest totaled C$5.2M for the year ended April 30, 2008. Altius has C$38.1 million in long-term debt, payable at maturity on December 2011 and bearing interest at 4.25% per annum. The value of this loan roughly coincides with the value of Altius’ hedge to sell 2.5

12 AUGMENT PARTNERS, INC. © 2008

million shares of Aurora Energy Resources Inc. (TSX: AXU) in December 2011 at C$17.72 (current market price of C$2.41). The hedge is reported in “Other” (C$34.3M). In December 2007, Altius advanced C$30.1 million in the form of a non-interest bearing convertible loan to Newfoundland and Labrador Refining Corporation (NLRC). In June 2008 NLRC filed for Bankruptcy and has been given until October 17, 2008 to attract additional financing or partners. The full amount of C$30.1M has been written off by Altius and it not reflected in the table above, but should NLRC emerge from bankruptcy, it is possible that a portion of the loan may be recoverable. Altius reported net income of $12.1 million or $0.40/share for the year ended April 30, 2008 and is therefore trading at a trailing P/E ratio of about 13 or so at current market prices. However, it should be noted that earnings for Altius are fairly erratic given that they are influenced heavily by gains or losses recorded on the sale of its mining and mineral related investments. For example, in the most recent quarter ended July 31, 2008, Altius reported only C$0.4M of net income. Recently insiders of Altius have begun buying shares in the open market, with about 103,000 shares having been purchased since July 30, 2008 when the buying began. Collectively, insiders now own about 5 million shares, or nearly 17% of the company. Notably, Altius has only slightly over 1 million options with an average exercise price of C$10.34 and zero warrants. Additionally, Altius began aggressively repurchasing its shares in the open market under its normal course issuer bid during August and September 2008—repurchasing 1,134,030 shares at an average price of $6.49. We don’t own any shares nor have we ever received compensation in any form from Altius Minerals.

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13 AUGMENT PARTNERS, INC. © 2008

Price:

Shares Outstanding (O/S): Market Cap. (MC): Options: Warrants:

Committee Bay Resources Ltd. (TSX-V: CBR)
C$0.13 96.1M Shares Fully Diluted (F/D): C$12.5M 8.9M 17.3M Fully Diluted MC: Avg. Opt. Exercise Price: Avg. War. Exercise Price:

The Metal Augmentor © 2008
Click Here for Technical Analysis Chart 122.3M

C$15.9M C$0.66 C$0.71

Unrestricted Assets Cash & Short Term Inv: Marketable Investments: Other Liquid Assets: Debt: Breakup Value (BV): MC – BV: C$17.0M C$3.8M C$0 C$0 C$23.9M C$(11.4)M ABCP/etc:

Restricted Assets C$0 C$0 C$3.1M C$(1.2)M June 30, 2008

Cash Cost of Property: Other: Quarterly Burn Rate: Last Financial Filing:

www.committeebay.com

Committee Bay agreed to acquire Niblack Mining Corp (TSX-V: NIB) which requires Committee Bay to provide funds of up to C$10 million to Niblack by way of a secured convertible debenture. According to Niblack's press release on September 10, C$5.6 million has been advanced for exploration and development work on the Niblack project which reduces the above cash position by C$4.5 million (C$1.1 million is already included in “Other” representing the amount loaned as of June 30). It should be expected that Committee Bay has or will fund the remainder of this program, although it is not an obligation. “Other” also includes a C$2 million debenture from Focus Minerals (ASX: FML) due April 2009. Committee’s “Marketable Investments” include 140 million shares of Focus Minerals. The above does not consider that Committee Bay has spent over C$20 million to explore its Committee Bay Greenstone Belt property in Nunavut where it has defined 468,000 ounces of gold in the indicated category and another 231,000 ounces in the Inferred category at its Three Bluffs Deposit. In addition, the above figures do not include Committee Bay’s 100% interest in Underground Drilling and Services Pty Ltd. a private Australian drilling company with a potential fair market value of C$2 million. The company reported C$11.3 million of working capital as of August 20, 2008 which is almost equal to its current market capitalization.

14 AUGMENT PARTNERS, INC. © 2008

We don’t own any shares nor have we ever received compensation in any form from Committee Bay Resources.

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15 AUGMENT PARTNERS, INC. © 2008

Price:

Shares Outstanding (O/S): Market Cap. (MC): Options: Warrants:

Dynamite Resources Ltd. (TSX-V: DNR)
C$0.14 113.5M Shares Fully Diluted (F/D): C$15.9M 8.7M 103.4M Fully Diluted MC: Avg. Opt. Exercise Price: Avg. War. Exercise Price:

The Metal Augmentor © 2008
Click Here for Technical Analysis Chart 225.6M

C$31.6M C$0.67 C$0.84

Unrestricted Assets Cash & Short Term Inv: Marketable Investments: Other Liquid Assets: Debt: Breakup Value (BV): MC – BV: C$26.0M C$0.3M C$0 C$0 C$42.0M C$(26.1)M ABCP/etc:

Restricted Assets C$0 C$15.7M C$0 C$(1.6)M April 30, 2008

Cash Cost of Property: Other: Quarterly Burn Rate: Last Financial Filing:

www.dynamiteresources.com

Dynamite has commitments to spend approximately C$6 million in 2008 at its Mike Lake project in the Dawson Mining District, Yukon Territory, which is not reflected in the above figures. In addition, Dynamite has an AUD$6.5 million commitment to fund exploration at the Lake Torrens IOCGU project located next to BHP’s Olympic Dam Mine, not all of which is due in the near term. Additionally, the “Cash Cost of Property” reflected in the table above is related to Dynamite’s purchase of Tau Mining in 2007, which owns two prospective uranium and gold exploration licenses in Kyrgyzstan. Discounting the Kyrgyzstan uranium properties by 50% or more may be appropriate, which would reduce the MC-BV calculation to negative $12 million or so (about the same as the committed exploration expenditures noted above). Even when the near-term exploration commitments and other company obligations are figured into the equation, Dynamite will have significant operating cash remaining. Should the share price recover in the next 12 months, significant proceeds may also be realized from warrant exercises. Alternatively, if the share price does not recover to $1 or more (a 600% rise from current levels), those warrants may expire and reduce the fully diluted share count by a very significant amount. Finally, note that the breakup value assumes the IOCGU and Mike Lake projects are worthless. Given that Dynamite has planned to drill up to 30,000 meters in 2008, there is the possibility of significant

16 AUGMENT PARTNERS, INC. © 2008

assay results that could re-ignite interest in the company. Such prospects are enhanced when we consider that in 2007 Dynamite drilled a “discovery hole” at Mike Lake grading 0.61% Copper, 1.38 g/t Gold, 13.6 g/t Silver and 0.044% Tungsten oxide over 89.31 meters near surface. We don’t own any shares nor have we ever received compensation in any form from Dynamite Resources.

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17 AUGMENT PARTNERS, INC. © 2008

Price:

Shares Outstanding (O/S): Market Cap. (MC): Options: Warrants:

Endeavour Financial Corporation (TSX: EDV)
$5.47 30.5M Shares Fully Diluted (F/D): 36.8M $167.1M 2.8M 3.4M Fully Diluted MC: Avg. Opt. Exercise Price: Avg. War. Exercise Price:

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Click Here for Technical Analysis Chart

$201.2M $9.73 $5.50

Unrestricted Assets Cash & Short Term Inv: Marketable Investments: Other Liquid Assets: Debt: Breakup Value (BV): MC – BV: $14.8M $237.3M $0 $0 $323.2M $(156.1)M ABCP/etc:

Restricted Assets $0 $0 $71.1M $2.0M June 30, 2008

Cash Cost of Property: Other: Quarterly Run Rate: Last Financial Filing:

www.endeavourfinancial.com

All amounts are in US Dollars unless otherwise noted.

Endeavour Financial is an investment, financial advisory, and merchant banking firm focused on the natural resource sector. Its clients include well-known names such as Goldcorp, Northern Orion, Silver Wheaton, and Hecla Mining. Endeavour Financial held marketable securities, convertible loans and debentures, and warrants valued at $308.4 million as of June 30, 2008. “Marketable investments” in the above table includes publicly traded equity securities and “Other” includes convertible loans and debentures, warrants, and investments in privately-held companies. Unfortunately, Endeavour’s financial statements do not disclose the individual securities held, which means we cannot update the value of these securities. We do know that about 70% of Endeavour’s portfolio is allotted to gold, oil & gas, and copper investments. Given the current market conditions for these commodities and especially their underlying stocks, it may be reasonable to discount these marketable investments, convertible loans and debentures, and warrants by 50 percent. The company currently generates positive cash-flow from its merchant banking and advisory business, excluding gains and losses from its investment portfolio. Endeavour also pays out a small dividend, with a current annualized rate of C$0.18.

18 AUGMENT PARTNERS, INC. © 2008

We don’t own any shares nor have we ever received compensation in any form from Endeavour Financial.

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19 AUGMENT PARTNERS, INC. © 2008

Price:

Shares Outstanding (O/S): Market Cap. (MC): Options: Warrants:

Golden Arrow Resources Corporation (TSX-V: GRG)
C$0.28 15.5M Shares Fully Diluted (F/D): 21.0M C$4.3M 1.5M 4.0M Unrestricted Assets Fully Diluted MC: Avg. Opt. Exercise Price: Avg. War. Exercise Price: C$5.8M C$0.85 C$1.27

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Click Here for Technical Analysis Chart

Restricted Assets ABCP/etc: Cash Cost of Property: Other: Quarterly Burn Rate: Last Financial Filing: C$0.2M C$0 C$0 C$(0.3)M June 30, 2008

Cash & Short Term Inv: Marketable Investments: Other Liquid Assets: Debt: Breakup Value (BV): MC – BV:

C$3.0M C$0.1M C$0 C$0 C$3.2M C$1.0M

www.goldenarrowresources.com

Golden Arrow is required to fund exploration and option payments of approximately US$5.5 million related to its Poncha gold-copper project in San Juan Province, Argentina including US$1.4 million over the next 12 months. A Phase II drill program at Poncha produced 266m @ 1.21 g/t gold and 3.30 g/t silver as announced March 27, 2008. Golden Arrow holds 2.3M shares of Amera Resources Corporation (TSX-V: AMS), as well as a small amount of asset back commercial paper with an estimated fair value of C$0.2 million. Most significantly, Golden Arrow owns a 1% NSR on Yamana Gold’s Gualcamayo Project, with annual production expected to be 200,000 oz. starting at the end of 2008. The mine has Measured and Indicated resources of over 2 million ounces of gold and currently has an estimated 10 year mine life. Cash flow from the royalty is expected to begin in early 2009, when the royalty is estimated to bring in about $1.0 million in after-tax cash flow— assuming $800/oz gold and an annual production rate of 200,000 ounces.

20 AUGMENT PARTNERS, INC. © 2008

Yamana claims the mine has the potential to produce 300,000 ounces per year and perhaps even more if underground mining operations are initiated. Thus, Golden Arrow can be viewed purely as a royalty company with the potential to yield a roughly 20% return per annum on the current share price. We don’t own any shares nor have we ever received compensation in any form from Golden Arrow Resources.

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21 AUGMENT PARTNERS, INC. © 2008

Price:

Shares Outstanding (O/S): Market Cap. (MC): Options: Warrants:

IMA Exploration Inc. (TSX-V: IMR; AMEX: IMR)
C$0.38 52.1M Shares Fully Diluted (F/D): 57.7M C$19.8M 3.9M 1.7M Unrestricted Assets Fully Diluted MC: Avg. Opt. Exercise Price: Avg. War. Exercise Price:

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Click Here for Technical Analysis Chart

C$21.9M C$2.86 C$3.45

Restricted Assets ABCP/etc: Cash Cost of Property: Other: Quarterly Burn Rate: Last Financial Filing: C$0 C$0 C$0 C$(0.5)M June 30, 2008

Cash & Short Term Inv: Marketable Investments: Other Liquid Assets: Debt: Breakup Value (BV): MC – BV:

C$24.8M C$0.5M C$0 C$0 C$25.3M C$(5.5)M

www.imaexploration.com

IMA has obligations to spend C$15 million over the next 3 years on its Island Gold Project in order to earn an initial 49% interest from Western Copper Corporation (TSX: WRN). This is currently IMA’s only project, and it can earn up to a 70% interest. The Island Gold Project includes the Hushamu deposit, which hosts a NI 43-101 compliant Measured and Indicated resource of 2.3 million ounces of gold and 1.4 billion pounds of copper, as well as an Inferred resource of 326 million pounds of copper and 0.6 million ounces of gold. The deposit also includes molybdenum (0.013%) although this is not part of the defined NI 43-101 resource. IMA expects to begin a drill program on the Island Gold Project sometime in September or October of 2008. The project is estimated to require 52,000m of diamond drilling, with at least 5,000m planned for this initial drill program. IMA previously owned the Navidad Project, which hosted a very large silver-base metal deposit. However, Aquiline Resources Inc. (TSX: AQI) has since taken ownership of the project following the Supreme Court of British Columbia ruling against IMA regarding an alleged breach of a confidentiality agreement in 2002 between IMA and Newmont Mining. We don’t own any shares nor have we ever received compensation in any form from IMA Exploration.

22 AUGMENT PARTNERS, INC. © 2008

Price: Shares Outstanding (O/S): Market Cap. (MC): Options: Warrants:

C$0.30 26.8M

Mega Silver Inc. (TSX-V: MSR)
Fully Diluted MC:

The Metal Augmentor © 2008
Click Here for Technical Analysis Chart 37.8M C$11.3M C$1.61 C$1.47 Shares Fully Diluted (F/D):

C$8.1M 1.8M 9.2M

Avg. Opt. Exercise Price: Avg. War. Exercise Price:

Unrestricted Assets Cash & Short Term Inv: Marketable Investments: Other Liquid Assets: Debt: Breakup Value (BV): MC – BV: C$14.7M C$0 C$0 C$0 C$14.7M C$(6.6)M ABCP/etc:

Restricted Assets C$0 C$0 C$0 C$(1.1)M June 30, 2008

Cash Cost of Property: Other: Quarterly Burn Rate: Last Financial Filing:

www.megasilver.ca

Mega Silver holds an interest in two silver and gold projects in Mexico, both of which are under option from Silverstone Resource Corp. (TSX-V: SST). The option agreement requires Mega Silver to spend C$10 million on both properties over 5 years. The company is currently conducting a 5,000m exploration program on these properties. Meanwhile, the company is carrying out a 1,500m drill program on its optioned Virginia Silver property located in British Columbia. The option agreement on Virginia requires that Mega Silver incur C$3.0 million in expenditures by August 2009. Finally, on Mega Silver’s Strategic Properties located in the Yukon Territory, the company must expend C$3.0 million by September 2009. We don’t own any shares nor have we ever received compensation in any form from Mega Silver.

23 AUGMENT PARTNERS, INC. © 2008

Price:

Shares Outstanding (O/S): Market Cap. (MC): Options: Warrants:

Minco Gold Corporation (TSX: MMM; AMEX: MGH)
C$0.57 42.9M Shares Fully Diluted (F/D): 47.4M C$24.5M 4.4M 0 Unrestricted Assets Fully Diluted MC: Avg. Opt. Exercise Price: Avg. War. Exercise Price: C$27.0M C$1.15 n/a

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Click Here for Technical Analysis Chart

Restricted Assets ABCP/etc: Cash Cost of Property: Other: Quarterly Burn Rate: Last Financial Filing: C$0 C$0 C$3.7M C$(1.7)M June 30, 2008

Cash & Short Term Inv: Marketable Investments: Other Liquid Assets: Debt: Breakup Value (BV): MC – BV:

C$7.3M C$18.9M C$0 C$4.3M C$25.5M C$(1.0)M

www.mincogold.com

Minco Gold has conditional commitments to pay approximately C$10 million for exploration and property payments related to its projects, with C$4 million falling due within one year. Most of this is related to the Changkeng gold project, where Minco Gold can earn 51%. The Changkeng (also known as Mingzhong) gold project sits directly atop Minco Silver’s developing Fuwan Silver deposit. The proximity of Changkeng to the Fuwan Silver project makes its exploitation more likely despite its relatively small resource (700,000 oz. Measured and Indicated at approximately 5 grams per tonne) at the present time. Minco Gold holds 13 million shares of Minco Silver Corporation (TSX: MSV). In addition, Minco Gold has net receivables of approximately C$2.0 million due from Minco Silver. Minco Gold also holds exploration licenses on a number of prospective properties in China which are not being given any value by the market. We own shares in Minco Gold and Minco Silver but have received no compensation in any form from either company.

24 AUGMENT PARTNERS, INC. © 2008

Price: Shares Outstanding (O/S): Market Cap. (MC): Options: Warrants:

$0.33

38.6M

Mundoro Capital Inc. (TSX: MUN)
Shares Fully Diluted (F/D): Fully Diluted MC: Avg. Opt. Exercise Price: Avg. War. Exercise Price:

The Metal Augmentor © 2008
Click Here for Technical Analysis Chart 44.4M $14.7M $1.55 n/a

$12.8M 5.7M 0

Unrestricted Assets Cash & Short Term Inv: Marketable Investments: Other Liquid Assets: Debt: Breakup Value (BV): MC – BV: $16.9M $0 $0 $0 $16.9M $(4.1)M ABCP/etc:

Restricted Assets $0 $0 $0 $(0.5)M March 31, 2008

Cash Cost of Property: Other: Quarterly Burn Rate: Last Financial Filing:

www.mundoro.com

All amounts are in US Dollars unless otherwise noted.

Mundoro owns 79% of the Maoling gold deposit located in Liaoning Province, China. The deposit has Probable Reserves of 2.8 million ounces of gold as well as 4.8 million ounces in Measured and Indicated Resources and 4.4 million ounces in Inferred Resources. There has been a long delay in the renewal of the license related to this project. If and when the license is renewed, Mundoro is expected to have substantial expenditures to complete a full Feasibility Study and other requirements leading up to a production decision. The project is being assigned zero value by the market. As announced in May 2008, Mundoro may purchase for cancellation up to a maximum of 1.9 million of its Common Shares, or approximately 5% of the Common Shares outstanding as of the date of the announcement. We don’t own any shares nor have we ever received compensation in any form from Mundoro Capital.

25 AUGMENT PARTNERS, INC. © 2008

Price: Shares Outstanding (O/S): Market Cap. (MC): Options: Warrants:

$1.46

146.6M

Nautilus Minerals Inc. (TSX: NUS)
Shares Fully Diluted (F/D): Fully Diluted MC: Avg. Opt. Exercise Price: Avg. War. Exercise Price:

The Metal Augmentor © 2008
Click Here for Technical Analysis Chart 175.3M $256.3M $4.04 $5.14

$214.4M 13.6M 15.1M

Unrestricted Assets Cash & Short Term Inv: Marketable Investments: Other Liquid Assets: Debt: Breakup Value (BV): MC – BV: $299.0M $0 $0 $3.6M $297.2M $(82.8)M ABCP/etc:

Restricted Assets $0 $0 $1.8M $(10.0)M June 30, 2008

Cash Cost of Property: Other: Quarterly Burn Rate: Last Financial Filing:

www.nautilusminerals.com

All amounts are in US Dollars unless otherwise noted.

Nautilus is a mineral exploration company attempting to tap vast offshore resources of high-grade seafloor deposits of copper, zinc, gold, and silver. Currently, the company is planning to mine highgrade, copper-gold material about 1,500 meters below surface in the Bismarck Sea of Papua New Guinea beginning in late 2010 (subject to timely permitting). Nautilus has spending commitments of roughly $141 million over the next 6 years, most of which will go towards paying for a deepwater seafloor sulfide exploration vessel—much of this expense will presumably be incurred after mining has commenced. A roughly $60 million contract has also been awarded for two subsea mining tools, as well as a $116 million contract for a riser and lifting system. Nautilus’s cash position of about $300 million should provide a significant portion of the funding required to bring this seafloor mining project into production. Nautilus has partnered with Teck Cominco Limited (NYSE: TCK) on a currently ongoing $12 million exploration program. Holding more than 360,000 km2 of tenement licenses and exploration applications in the exclusive economic zones and territorial waters of Papua New Guinea, Fiji, Tonga, the Solomon Islands, and New Zealand, Nautilus is well-positioned to make additional underwater discoveries going forward. If

26 AUGMENT PARTNERS, INC. © 2008

Nautilus can demonstrate success on its first project, this massive land package could potentially become very valuable.

The Metal Augmentor © 2008

We don’t own any shares nor have we ever received compensation in any form from Nautilus Minerals.

27 AUGMENT PARTNERS, INC. © 2008

Price: Shares Outstanding (O/S): Market Cap. (MC): Options: Warrants:

Orvana Minerals Corp. (TSX: ORV)
C$0.56 115.2M Shares Fully Diluted (F/D): C$64.5M 3.0M 0 Fully Diluted MC: Avg. Opt. Exercise Price: Avg. War. Exercise Price:

The Metal Augmentor © 2008
Click Here for Technical Analysis Chart 118.2M C$66.2M C$0.90 n/a

Unrestricted Assets Cash & Short Term Inv: Marketable Investments: Other Liquid Assets: Debt: Breakup Value (BV): MC – BV: C$87.5M C$0 C$0 C$4.5M C$83.0M C$(18.5)M ABCP/etc:

Restricted Assets C$0 C$0 C$0 C$7.6M June 30, 2008

Cash Cost of Property: Other: Quarterly Run Rate: Last Financial Filing:

www.orvana.com

Orvana’s Don Mario Mine produces approximately 15,000 to 20,000 ounces of gold per quarter at a cash cost of under US$200 per ounce. This resulted in US$7.1 million or US$0.06 per share earnings in the latest quarter. Meanwhile, free cash flow for the quarter was more than US$9 million. The company plans to extend the life of the Don Mario mine to the third quarter of 2010 and at the current rate that would mean another US$50 million in production cash flows. There are plans afoot to acquire prospective projects with the more than US$80 million cash hoard, but management does not appear to be in a hurry. In the meantime, the company trades at a significant discount to its cash even on a fully diluted basis. We own shares in Orvana but have received no compensation in any form from the company.

28 AUGMENT PARTNERS, INC. © 2008

Price:

Shares Outstanding (O/S): Market Cap. (MC): Options: Warrants:

Pacific North West Capital Corp. (TSX: PFN)
C$0.17 61.7M Shares Fully Diluted (F/D): C$10.2M 6.3M 9.8M Fully Diluted MC: Avg. Opt. Exercise Price: Avg. War. Exercise Price:

The Metal Augmentor © 2008
Click Here for Technical Analysis Chart 77.8M

C$12.8M C$0.63 C$0.69

Unrestricted Assets Cash & Short Term Inv: Marketable Investments: Other Liquid Assets: Debt: Breakup Value (BV): MC – BV: C$8.6M C$0.4M C$0 C$0 C$9.0M C$1.2M ABCP/etc:

Restricted Assets C$0 C$0 C$0 C$(1.0)M July 31, 2008

Cash Cost of Property: Other: Quarterly Burn Rate: Last Financial Filing:

www.pfncapital.com

As of August 2008, Pacific North held about C$9 million of cash, leaving it with sufficient funds for operating expenses over the next 12 months. The company has total spending commitments of approximately C$2.5 million to earn an interest in optioned properties. Pacific North has an interest in a number of PGM and nickel properties located throughout Canada, none of which are given any value in the breakup value calculation. River Valley, located within Sudbury, is the company’s most advanced project. The project hosts a near surface, NI 43-101 Measured, Indicated, and Inferred resource of 1.1M oz. palladium, 0.4M oz. platinum, and 63,400 oz. gold. The project is a 50/50 joint-venture with Anglo Platinum, which can earn up to a 65% interest by taking the project to production. Anglo Platinum has already expended approximately C$22 million on this project. Assuming Anglo continues to advance River Valley towards feasibility, at the very least this should put a floor under the price of Pacific North given the value of the current resource. Pacific North also boasts a number of other high-profile partners on its remaining projects, such as Stillwater Mining Co. (NYSE: SWC) and Xstrata plc (LSE: XTA.L), and all of these projects have been given a value of zero in the breakup value calculation.

29 AUGMENT PARTNERS, INC. © 2008

We don’t own any shares nor have we ever received compensation in any form from Pacific North West Capital.

The Metal Augmentor © 2008

30 AUGMENT PARTNERS, INC. © 2008

Price: Shares Outstanding (O/S): Market Cap. (MC): Options: Warrants:

C$1.34

114.0M

Pinetree Capital Ltd. (TSX: PNP)
Fully Diluted MC: Avg. Opt. Exercise Price: Avg. War. Exercise Price:

The Metal Augmentor © 2008
Click Here for Technical Analysis Chart 133.6M C$179.0M C$5.46 C$9.89 Shares Fully Diluted (F/D):

C$152.8M 6.4M 13.2M

Unrestricted Assets Cash & Short Term Inv: Marketable Investments: Other Liquid Assets: Debt: Breakup Value (BV): MC – BV: C$ nil C$223.0M C$0 C$68.3M C$203.2M C$(50.3)M ABCP/etc:

Restricted Assets C$0 C$0 C$48.4M C$(6.0)M June 30, 2008

Cash Cost of Property: Other: Quarterly Burn Rate: Last Financial Filing:

www.pinetreecapital.com

Pinetree is a diversified investment, financial advisory and merchant banking firm focused on the smallcap market primarily within the uranium, oil & gas, molybdenum, precious metals, potash, rare earths, and base metals sectors. Pinetree also has a small amount of investments in the biotechnology, energy related technology, and technology sectors. As of June 30, 2008, Pinetree held “Marketable Investments” in over 70 companies, which means that unlike other firms such as Sprott Molybdenum Participation Corp., its relatively small positions are spread throughout many companies and sectors. That should theoretically allow Pinetree to be relatively more nimble in acquiring and divesting. On the other hand, the sheer number of positions may call into question whether Pinetree has a clear portfolio strategy or whether it is simply diversifying for the sake of diversification. Marketable Investments as of June 30, 2008 have been adjusted to current prices but do not reflect any purchases or sales that may have taken place since that date. Importantly, Pinetree’s marketable investments consist of a very substantial number of warrants across many different companies, all of which have conservatively been given zero value.

31 AUGMENT PARTNERS, INC. © 2008

The “Other” category under restricted assets is made up of positions in private companies, and given the current market conditions it may be prudent to discount this amount by 50 percent. Insiders began buying in mid-July 2008, and have since acquired approximately 330,000 shares at market prices as of early September 2008. Subsequent to June 30, 2008, Pinetree completed a brokered financing which raised aggregate gross proceeds of C$43.2 million through the issuance and sale of 17.3 million units of the company at a price of C$2.50 per unit, which includes one common share and one purchase warrant exercisable at C$3.50. We don’t own any shares nor have we ever received compensation in any form from Pinetree Capital.

The Metal Augmentor © 2008

32 AUGMENT PARTNERS, INC. © 2008

Price:

Shares Outstanding (O/S): Market Cap. (MC): Options: Warrants:

Southwestern Resources Corp. (TSX: SWG)
C$0.56 44.9M Shares Fully Diluted (F/D): C$25.2M 3.4M 0 Fully Diluted MC: Avg. Opt. Exercise Price: Avg. War. Exercise Price:

The Metal Augmentor © 2008
Click Here for Technical Analysis Chart 48.3M

C$27.1M C$0.65 n/a

Unrestricted Assets Cash & Short Term Inv: Marketable Investments: Other Liquid Assets: Debt: Breakup Value (BV): MC – BV: C$23.0M C$3.9M C$0 C$0 C$26.9M C$(1.7)M ABCP/etc:

Restricted Assets C$0 C$0 C$0 C$(3.0)M June 30, 2008

Cash Cost of Property: Other: Quarterly Burn Rate: Last Financial Filing:

www.swgold.com

On September 10, 2008, Southwestern Resources announced it will settle a class action lawsuit by shareholders whereby the company will make a cash payment up to C$S7.5 million. This will reduce the above cash position by a corresponding amount. Southwestern Resources holds a 48.2% interest in Zincore Metals (TXS: ZNC) (approx. 38.2 million shares). The company also holds 6.5% of Northern Superior Resources (TSX-V: SUP) (approx. 4.1 million shares). Southwestern Resources is currently evaluating its options including its significant landholdings in Peru, two of which are joint ventures with Hochschild Mining and Yamana Gold. It should be noted that, as announced on August 21, 2008, Hochschild acquired its 50% interest in the Liam project (the other 50% is held by Southwestern Resources) along with related assets from Newmont Peru for cash consideration of US$33.3 million. That implies a potentially significant valuation to the other 50% of the Liam project held by Southwestern Resources, yet the market is currently giving zero value to the project. We don’t own any shares nor have we ever received compensation in any form from Southwestern Resources.

33 AUGMENT PARTNERS, INC. © 2008

Price:

Shares Outstanding (O/S): Market Cap. (MC): Options: Warrants:

Sprott Molybdenum Participation Corp. (TSX: MLY)
C$2.80 40.4M Shares Fully Diluted (F/D): 40.6M C$113.1M 0.2M 0 Unrestricted Assets Fully Diluted MC: Avg. Opt. Exercise Price: Avg. War. Exercise Price: C$113.6M C$5.31 n/a

The Metal Augmentor © 2008
Click Here for Technical Analysis Chart

Restricted Assets ABCP/etc: Cash Cost of Property: Other: Quarterly Burn Rate: Last Financial Filing: C$0 C$0 C$0 C$(1.3)M June 30, 2008

Cash & Short Term Inv: Marketable Investments: Other Liquid Assets: Debt: Breakup Value (BV): MC – BV:

C$23.4M C$143.8M C$19.8M C$0 C$187.0M C$(73.9)M

www.sprottmoly.com

Sprott Molybdenum Participation Corp. (SMPC) is an investment holding company which invests in molybdenum assets— primarily companies focused on exploring for, mining, and/or processing molybdenum. SMPC’s portfolio of molybdenum assets is relatively small, consisting of about 20 different molybdenum explorers, producers, and/or processors, as well some physical molybdenum—included in “Other Liquid Assets” above—of which SMPC plans to sell the balance by the end of 2008. “Marketable Investments” as of June 30, 2008 have been adjusted to current prices but do not reflect any purchases or sales that may have taken place since that date. SMPC’s portfolio also includes a number of substantial warrant positions, none of which have been given any value in the above table. SMPC has been engaged in a share buyback program, having purchased and cancelled 3.0 million shares during the six months ended June 30, 2008. We don’t own any shares nor have we ever received compensation in any form from Sprott Molybdenum Participation Corporation.

34 AUGMENT PARTNERS, INC. © 2008

Price:

Shares Outstanding (O/S): Market Cap. (MC): Options: Warrants:

Staccato Gold Resources Ltd. (TSX-V: CAT)
C$0.10 99.8M Shares Fully Diluted (F/D): C$10.0M 8.2M 47.1M Fully Diluted MC: Avg. Opt. Exercise Price: Avg. War. Exercise Price:

The Metal Augmentor © 2008
Click Here for Technical Analysis Chart 155.1M

C$15.5M C$0.43 C$0.50

Unrestricted Assets Cash & Short Term Inv: Marketable Investments: Other Liquid Assets: Debt: Breakup Value (BV): MC – BV: C$12.7M C$0 C$0 C$0 C$12.7M C$(2.8)M ABCP/etc:

Restricted Assets C$0 C$0 C$0 C$(0.5)M April 30, 2008

Cash Cost of Property: Other: Quarterly Burn Rate: Last Financial Filing:

www.staccatogold.com

Staccato has five gold exploration projects in various stages of exploration in the Carlin, Cortez/Battle Mountain, and Independence Trends in North-eastern Nevada, including a 70/30 joint venture with Barrick Gold Corporation (NYSE: ABX). Two of these properties have NI 43-101 compliant Measured, Indicated, and Inferred resources totaling approximately 1.1 million ounces gold (~1.4g/t cut-off). The company has future minimum property payments and exploration expenditures of under C$0.6 million per year. A 6,000m drill program has recently commenced on Staccato’s 100% owned flagship South Eureka property (current defined resources of ~0.9 million ounces gold). Insiders have been very heavy buyers since late July 2008, purchasing about 3.5 million shares at an average market price of about $0.11 as of early September 2008. We don’t own any shares nor have we ever received compensation in any form from Staccato Gold Resources.

35 AUGMENT PARTNERS, INC. © 2008

Price: Shares Outstanding (O/S): Market Cap. (MC): Options: Warrants:

Strategic Metals Ltd. (TSX-V: SMD)
C$0.38 58.0M Shares Fully Diluted (F/D): C$21.7 5.3M 12.5M Fully Diluted MC: Avg. Opt. Exercise Price: Avg. War. Exercise Price:

The Metal Augmentor © 2008
Click Here for Technical Analysis Chart 75.7M C$28.4 C$0.56 C$1.17

Unrestricted Assets Cash & Short Term Inv: Marketable Investments: Other Liquid Assets: Debt: Breakup Value (BV): MC – BV: C$17.5M C$3.6M C$0 C$0 C$23.9M C$(2.1)M ABCP/etc:

Restricted Assets C$0 C$0 C$2.8M C$(0.4)M June 30, 2008

Cash Cost of Property: Other: Quarterly Burn Rate: Last Financial Filing:

www.strategicmetalsltd.com

Strategic Metals uses the “generative business model” which involves farming out projects to joint venture partners who incur exploration expenditures while retaining an equity interest in the project and receiving cash payments, royalties or shares in the JV partner. According to Strategic Metals, this business model minimizes shareholder exposure to exploration risk and minimizes shareholder dilution because expenditures are made by a third party. The model also protects shareholders in the case of a major discovery because an equity or royalty interest is retained in each farmed-out project. Meanwhile, this strategy allows the company to accumulate cash for protection against market downturns or to use if exceptional opportunities arise. Strategic Metals holds shares in a number of current and past exploration JV partners, including almost 9 million shares in Rockhaven Resources Ltd. (TSX-V: RK). The value of these shares should be discounted to reflect that approximately 8 million shares are escrowed until 2010. Strategic Metals has insignificant spending commitments related to its large project portfolio due to its use of the “generative business model”. The company’s exploration pipeline is very active it will directly and indirectly participate in several substantial drill programs throughout the rest of 2008 and beyond. With around 35 properties available for joint-venture, spin-out, or outright sale, another 20 under option, and several NSR royalties, Strategic Metals seems to offer attractive value besides the fact that it sports a breakup value exceeding its market capitalization.

36 AUGMENT PARTNERS, INC. © 2008

We own shares in Strategic Metals but have received no compensation in any form from either the company or any of its joint venture partners.

The Metal Augmentor © 2008

37 AUGMENT PARTNERS, INC. © 2008

Price: Shares Outstanding (O/S): Market Cap. (MC): Options: Warrants:

C$0.45 27.0M

Talon Metals Corp. (TSX: TLO)
Fully Diluted MC:

The Metal Augmentor © 2008
Click Here for Technical Analysis Chart 29.6M C$13.3M C$1.20 n/a Shares Fully Diluted (F/D):

C$12.2M 2.5M 0

Avg. Opt. Exercise Price: Avg. War. Exercise Price:

Unrestricted Assets Cash & Short Term Inv: Marketable Investments: Other Liquid Assets: Debt: Breakup Value (BV): MC – BV: C$12.8M C$1.8M C$0 C$0 C$14.7M C$(2.5)M ABCP/etc:

Restricted Assets C$0 C$0 C$0 C$(0.9)M June 30, 2008

Cash Cost of Property: Other: Quarterly Burn Rate: Last Financial Filing:

www.talonmetals.com

Talon has up to approx. $1 million in property payment and exploration commitments over the next 12 months and can elect to modify its current exploration budget to conserve cash. Talon holds 2.5 million shares in Beadell Resources Ltd. (ASX: BDR) and 4.9 million shares of Brazauro Resources Corp. (TSX-V: BZO). Talon also has several interesting-looking projects in Brazil including Sao Jorge where it has delineated 343,000 oz. of gold in the Indicated category. We don’t own any shares nor have we ever received compensation in any form from Talon Metals.

38 AUGMENT PARTNERS, INC. © 2008

Price: Shares Outstanding (O/S): Market Cap. (MC): Options: Warrants:

C$0.05

445.4M

Tiomin Resources Inc. (TSX: TIO)
Shares Fully Diluted (F/D): Fully Diluted MC: Avg. Opt. Exercise Price: Avg. War. Exercise Price:

The Metal Augmentor © 2008
Click Here for Technical Analysis Chart 584.2M C$26.3M C$0.12 C$0.54

C$20.0M 40.4M 98.4M

Unrestricted Assets Cash & Short Term Inv: Marketable Investments: Other Liquid Assets: Debt: Breakup Value (BV): MC – BV: C$23.7M C$0 C$0 C$0 C$25.7 C$(5.7)M ABCP/etc:

Restricted Assets C$0 C$2.0M C$0 C$(2.0)M June 30, 2008

Cash Cost of Property: Other: Quarterly Burn Rate: Last Financial Filing:

www.tiomin.com

Tiomin owns the interesting Kwale Titanium Project, regarding which a memorandum of understanding was reached on July 28, 2008 whereby Jinchuan Group Ltd. would invest $25 million into the project to earn a 70% interest. Jinchuan would be responsible for advancing all funds required to bring the project to production and after repayment of these funds, profits are to be shared 70/30 by Jinchuan and Tiomin respective. This transaction values Tiomin’s retained 30% interest at potentially $10 million on a breakup basis. Tiomin has also earned a 49% interest in the Pukaqaqa copper-gold project in Peru. The project contains 2 billion pounds of copper in Indicated and Inferred Resources at a 0.3% cutoff as well as 500,000 oz. gold. Tiomin also owns 4 million shares and 4 million warrants of Kivu Gold Corp. (acquired for $2 million in February 2008), a private company operating in China. This has been given zero value in calculating Tiomin’s breakup value. We don’t own any shares nor have we ever received compensation in any form from Tiomin Resources.

39 AUGMENT PARTNERS, INC. © 2008

Price:

Shares Outstanding (O/S): Market Cap. (MC): Options: Warrants:

Tri Origin Exploration Ltd. (TSX-V: TOE)
C$0.30 51.0M Shares Fully Diluted (F/D): C$15.3M 2.3M 0 Fully Diluted MC: Avg. Opt. Exercise Price: Avg. War. Exercise Price:

The Metal Augmentor © 2008
Click Here for Technical Analysis Chart 53.3M

C$16.0M C$0.79 n/a

Unrestricted Assets Cash & Short Term Inv: Marketable Investments: Other Liquid Assets: Debt: Breakup Value (BV): MC – BV: C$ nil C$15.6M C$0 C$0.5M C$17.0M C$(1.7)M ABCP/etc:

Restricted Assets C$1.9M C$0 C$0 C$(1.0)M March 31, 2008

Cash Cost of Property: Other: Quarterly Burn Rate: Last Financial Filing:

www.triorigin.com

Tri Origin Exploration (TOE) holds 49 million shares of its Australian-traded subsidiary, Tri Origin Minerals Ltd (ASX: TRO). In addition, TOE holds C$1.8M of asset-backed commercial paper marked down to fair value (cost of C$2.5M), which may become liquid at some point in the future. TOE has little to no available cash and has been relying on a credit facility secured by its illiquid ABCP holdings. TOE also has some exploration properties which appear to have significant potential, including projects in the Red Lake district and Abitibi Greenstone Belt. The company has also recently entered into an agreement with OZ Minerals, which is one of the largest diversified mining companies operating in Australia. This agreement requires that OZ fund TOE’s Canadian exploration expenditures to identify new projects up to C$750,000 per year, which may significantly reduce TOE’s cash burn rate. TOE’s appears to be an arbitrage opportunity solely on the basis of the trading price of its Australian subsidiary, with some upside for the resolution of its ABCP and the value of its own exploration projects. Of course, should the share price of the Australian subsidiary decline, the arbitrage opportunity might go away. Currently, Tri Origin Minerals trades near a 52-week low. We don’t own any shares nor have we ever received compensation in any form from either Tri Origin Exploration or Tri Origin Minerals.

40 AUGMENT PARTNERS, INC. © 2008

Price: Shares Outstanding (O/S): Market Cap. (MC): Options: Warrants:

U.S. Energy Corp. (NASDAQ: USEG)
$2.29 23.5M Shares Fully Diluted (F/D): $53.9M 3.6M 0.9M Fully Diluted MC: Avg. Opt. Exercise Price: Avg. War. Exercise Price:

The Metal Augmentor © 2008
Click Here for Technical Analysis Chart 28.1M $64.4M $3.74 $3.61

Unrestricted Assets Cash & Short Term Inv: Marketable Investments: Other Liquid Assets: Debt: Breakup Value (BV): MC – BV: $9.9M $60.9M $0 $13.9M $73.8M $(19.9)M ABCP/etc:

Restricted Assets $0 $7.0M $9.9M $(2.0)M June 30, 2008

Cash Cost of Property: Other: Quarterly Burn Rate: Last Financial Filing:

www.usnrg.com

All amounts are in US Dollars unless otherwise noted.

Most of U.S. Energy’s liquid assets are held in the form of U.S. Treasuries with maturities greater than 3 months ($60.3 million at June 30, 2008). U.S. Energy is developing a multi-unit apartment project in Wyoming that may require the company to fund up to $14 million if a permanent loan cannot be obtained and none of the units are sold (worst case scenario). That does not represent an additional commitment above the amounts reflected in the table above (project debt of US$14 million, $7 million spent on the property so far, and $4.9 million secured investments held in U.S. Treasuries reflected in “Other”) but it could reduce breakup value by up to $14 million. U.S. Energy had budgeted $5 million in expenditures related to its Lucky Jack molybdenum project for the remainder of 2008. Importantly, on August 19, 2008 US Energy entered into an agreement with Thompson Creek Metals Company Inc. (TSX:TCM; NYSE:TC) whereby Thompson Creek will have the ability to earn up to a 75% interest in the Lucky Jack molybdenum project by expending up to $400 million. This comes soon after US Energy’s prior partner, Kobex Resources Ltd. (TSX-V: KBX), terminated its agreement due to its perception of uncertainties in the regulatory and legal environment for developing the property.

41 AUGMENT PARTNERS, INC. © 2008

On August 22, 2008, U.S. Energy announced it had sold its interest in Sutter Gold Mining Inc. (TSX-V: SGM) for C$5.4 million, net of a C$0.5 million private placement. After the transaction, U.S. Energy will have approximately 8 million shares of Sutter (4.5 million shares with a 4 month holding period), warrants to purchase 2.2 million Sutter shares at $0.15/share, and a 5% Net Profits Royalty which will be reduced to 1% after U.S. Energy receives $4.6 million from production. We have estimated the value of the Sutter transaction to be $5.0 million and included it as “Other” in the table above. Effective June 22, 2007, US Energy approved a share buyback program for up to $5.0 million. Through June 30, 2008, the Company had repurchased 0.78 million shares of its common stock (including 0.55 million in 2008 for $1.9 million). The company’s breakup value does not include any value attributed to the company’s Lucky Jack molybdenum project, its oil and gas interests, its 4% Net Profits Royalty on the Green Mountain uranium property in Wyoming owned and operated by Rio Tinto, or the up to $40 million in payments from Uranium One starting in 2010 (including initial payment of up to $27.5 million). We don’t own any shares nor have we ever received compensation in any form from U.S. Energy.

The Metal Augmentor © 2008

42 AUGMENT PARTNERS, INC. © 2008

Price: Shares Outstanding (O/S): Market Cap. (MC): Options: Warrants:

C$0.64 23.1M

U3O8 Corp. (TSX-V: UWE)
Fully Diluted MC:

The Metal Augmentor © 2008
Click Here for Technical Analysis Chart 25.5M C$16.3M C$2.03 C$2.50 Shares Fully Diluted (F/D):

C$14.8M 1.9M 0.6M

Avg. Opt. Exercise Price: Avg. War. Exercise Price:

Unrestricted Assets Cash & Short Term Inv: Marketable Investments: Other Liquid Assets: Debt: Breakup Value (BV): MC – BV: C$17.4M C$0 C$0 C$0.7M C$16.7M C$(2.0)M ABCP/etc:

Restricted Assets C$0 C$0 C$0 C$(3.0)M June 30, 2008

Cash Cost of Property: Other: Quarterly Burn Rate: Last Financial Filing:

www.u3o8corp.com

U3O8 Corp. expects to spend about C$3.0 million on exploration over the next 18 months. The company is making good progress on its Prometheus Uranium project in Guyana. A 77-hole, phase III drill program (13,600m) was recently completed on the project’s Aricheng South structure. Similarly, a 53-hole, 8,831m Phase III program on Aricheng North was also recently completed and all assay results are in the process of being received. An initial resource estimate on both these structures is expected in Q4 2008. Meanwhile, a Phase I drill program is taking place on the Accori North area. Infill drilling is expected to continue into late 2008, with a resource estimate planned for early 2009. Typical intersections across these structures have ranged from 10-20m of 0.10%-0.20% U3O8. We don’t own any shares nor have we ever received compensation in any form from U3O8 Corporation.

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Price: Shares Outstanding (O/S): Market Cap. (MC): Options: Warrants:

C$0.25 53.2M

Volta Resources Inc. (TSX: VTR)
Fully Diluted MC: Avg. Opt. Exercise Price: Avg. War. Exercise Price:

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Click Here for Technical Analysis Chart 58.1M C$14.5M C$0.94 n/a Shares Fully Diluted (F/D):

C$13.3M 4.9M 0

Unrestricted Assets Cash & Short Term Inv: Marketable Investments: Other Liquid Assets: Debt: Breakup Value (BV): MC – BV: C$11.0M C$2.9M C$0 C$0 C$13.9M C$(0.7)M ABCP/etc:

Restricted Assets C$0 C$0 C$0 C$(1.0)M June 30, 2008

Cash Cost of Property: Other: Quarterly Burn Rate: Last Financial Filing:

www.voltaresources.com

“Marketable Investments” reflected in the table above consist of 10 million shares of Apex Minerals NL (ASX: AXM). The breakup value assumes that Gaoua, Kampti, and various other prospects located in Burkina Faso are worthless. At Gaoua, Volta has partnered with Freeport McMoRan Exploration Corporation, a subsidiary of Freeport McMoRan Copper and Gold Inc. (NYSE: FCX) where a 12,000m drill program is currently underway-- significant drill results include 106m of 0.66% copper and 0.49g/t gold, and 224m of 0.52% copper and 0.19g/t gold. At Kampti, Volta is currently carrying out a 5,000m program targeting gold, with recent results such as 3m of 63.52g/t gold. We don’t own any shares nor have we ever received compensation in any form from Volta Resources.

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Price:

Shares Outstanding (O/S): Market Cap. (MC): Options: Warrants:

Wallbridge Mining Company Ltd. (TSX: WM)
C$0.16 88.8M Shares Fully Diluted (F/D): C$14.2M 10.1M 12.8M Fully Diluted MC: Avg. Opt. Exercise Price: Avg. War. Exercise Price:

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Click Here for Technical Analysis Chart 111.7M

C$17.9M C$0.44 C$0.91

Unrestricted Assets Cash & Short Term Inv: Marketable Investments: Other Liquid Assets: Debt: Breakup Value (BV): MC – BV: C$4.4M C$10.0M C$0 C$1.0M C$13.4M C$0.8M ABCP/etc:

Restricted Assets C$0 C$0 C$0 C$(2.0)M June 30, 2008

Cash Cost of Property: Other: Quarterly Burn Rate: Last Financial Filing:

www.wallbridgemining.com

Wallbridge has commitments to spend roughly C$2.5 million on exploration properties by December 31, 2009, but is likely to spend at least 2-3x this amount especially given its aggressive drill program for 2008—10,000m on 11 properties. The company has a number of PGM exploration projects in Sudbury as well as a copper-moly-gold property in British Columbia and several gold properties in the Kirkland Lake gold camp which have recently been joint-ventured with Tanqueray Resources Ltd. (TSX-V: TQY). Wallbridge’s Sudbury properties include joint-venture arrangements with Xstrata Nickel (LSE: XTA), Impala Platinum Holdings Limited (JSE: IMP), and Lonmin Plc (LSE: LMI). With 10 million shares of Duluth Metals (TSX: DM) which are worth close to the company’s current market capitalization, Wallbridge is highly leveraged to Duluth’s performance. Investors are essentially receiving exposure to Wallbridge’s exploration projects at little to no cost. We don’t own any shares nor have we ever received compensation in any form from Wallbridge Mining.

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Price:

Shares Outstanding (O/S): Market Cap. (MC): Options: Warrants:

Western Uranium Corporation (TSX-V: WUC)
C$0.85 59.4M Shares Fully Diluted (F/D): 65.3M C$50.5M 3.2M 2.8M Fully Diluted MC: Avg. Opt. Exercise Price: Avg. War. Exercise Price:

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C$55.5M C$1.64 C$4.25

Unrestricted Assets Cash & Short Term Inv: Marketable Investments: Other Liquid Assets: Debt: Breakup Value (BV): MC – BV: C$51.5M C$6.8M C$0 C$0 C$58.3M C$(7.8)M ABCP/etc:

Restricted Assets C$0 C$0 C$0 C$(1.5)M June 30, 2008

Cash Cost of Property: Other: Quarterly Burn Rate: Last Financial Filing:

www.westernuraniumcorp.com

“Marketable Investments” consist of 15.2 million shares—or about 30%— of its recent spin-out, Western Lithium Canada Corporation (TSX-V: WLC). Western’s breakup value assumes that its 4 uranium properties located in New Mexico, Nevada, and northern Canada are worthless. The most advanced project, Kings Valley, contains about 23 million lbs. of uranium exposed at or near surface levels, of which 4.8M lbs. are NI 43-101 compliant Inferred resources—average grade of 0.08 percent. Western is currently drilling in Kings Valley. Finally, it is interesting to note that the company entered into a strategic alliance with Cameco Corporation (NYSE: CCJ) in August 2007, whereby Cameco has the right to earn a 70% interest on any of Western’s project if they represent a stand-alone deposit containing at least 15M lbs. of Indicated or better NI 43-101 uranium resources. To obtain this interest, Cameco must pay Western a minimum of $5.00 per pound of uranium resource and carry the project through feasibility. We don’t own any shares nor have we ever received compensation in any form from Western Uranium.

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Appendix A: Other Companies to Consider
Brinkley Mining Plc (AIM: BRM)

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Brinkley currently has a BP$5.6M MC versus BP$8.1M cash on hand at June 30, 2008. In July 2008, the company spent US$1.75M to acquire the remaining 30% stake in African Uranium. The quarterly burn rate, absent unusual one-time transactions, of BP$1-2M should allow the company to operate for some time without needing to raise funds. We don’t own any shares nor have we ever received compensation in any form from Brinkley Mining.

Continental Precious Metals Inc. (TSX: CZQ)
Don’t let the name fool you, this company is actually exploring for uranium in Sweden. The company had a treasury of over C$28M as of May 31, 2008 and currently sports a market capitalization of $C31.4M. Thus, the market is giving almost no value to the significant indicated and inferred resources consisting of (1) 20 million pounds of higher-grade uranium oxide and (2) 437 million pounds of lowgrade uranium oxide hosted in oil shale. At the current burn rate, the company could support exploration and other costs for several years. We don’t own any shares nor have we ever received compensation in any form from Continental Precious Metals.

Crescent Gold Limited (TSX-V: CRA; ASX: CRA)
The Canadian listing of Crescent (TSX: CRA) is trading at a very large discount to its Australian listing (ASX: CRE). The company’s market capitalization on the basis of its Canadian share price (C$44.0M) is below the cash on hand as of June 30, 2008 (AU$49.6M). We should not that Crescent has likely spent a substantial amount of cash since June 30, 2008, and it also appears to have substantial liabilities including accounts payable and an AU$5M convertible debenture that would reduce breakup value below its current Canadian market capitalization. The price arbitrage, however, between the Canadian shares (C$0.065) and Australian shares (AU$0.115) appears interesting. We don’t own any shares nor have we ever received compensation in any form from Crescent Gold.

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International Nickel Ventures Corp. (TSX: INV)

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International Nickel (INV) currently trades near its cash position reported on June 30, 2008, giving no value for its Canadian and Brazilian projects which include the Santa Fe nickel laterite project. Santa Fe is a joint venture with Teck Cominco beneficially owned 20% by INV and carried on the company’s books at C$17M (representing property option payments). The company’s exploration budget appears somewhat flexible and should allow the current C$3M per quarter burn rate to be reduced. We don’t own any shares nor have we ever received compensation in any form from International Nickel Ventures.

MAX Resources Corp. (TSX-V: MXR)
MAX had approx. C$7M of cash at June 30, 2008 compared to a current market cap of C$6.5M. MAX has optioned a number of projects that would require exploration expenditures and option payments totaling more than C$2M over the next 12 months to remain in good standing. Assuming that MAX management picks and chooses among the most prospective projects in the current tough environment, there may not be a need for a financing any time soon. We don’t own any shares nor have we ever received compensation in any form from MAX Resources.

New Oroperu Resources Inc. (TSX-V: ORO)
While New Oroperu holds just C$1.2M of cash at June 30, 2008, it has no project expenditures and only minimal administrative expenses—under C$0.2M per quarter. The company receives a C$0.2M annual cash option payment from Barrick Gold, which is currently earning a 70% interest in the company’s 100% owned Tres Cruces project in Peru. Recent drill results from this project included the highlight hole of 228m grading 2.96g/t gold. The project also has a historical (non-43-101 compliant) resource estimate of 1.7 million ounces of gold at 1.59g/t—this does not include hole highlighted above or many other significant holes drilled by Barrick over the last several years. With just 16.2 million shares outstanding, 1.8 million options, zero warrants, no requirement in the near term to raise funds, and Barrick proceeding with baseline project studies for the development of the Tres Cruces project, New Oroperu represents an interesting option in a cash-strapped resource market.

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We own shares in New Oroperu but have never received compensation in any form from the company.

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Triex Minerals Corporation (TSX-V: TXM)
Triex had about C$12.5M of net cash at April 30, 2008 as compared to its current market capitalization of C$10.M. However, the company is extremely active in Canadian uranium exploration, and therefore its current cash position is likely to be several million dollars lower than what was last reported. We don’t own any shares nor have we ever received compensation in any form from Triex Minerals.

U.S. Silver Corporation (TSX-V: USA)
U.S. Silver has put approximately US$30M into its Galena project in Idaho during the past 2 years—more than US$15M to purchase it from Coeur d’Alene Mines and another US$15M in repairs, development, and resource expansion. The current market cap is C$32M (US$30.3M), about the same as the cash investment in the mine, and that does not account for the US$20M in working capital as of June 30, 2008 (currently estimated to be US$15M). We own shares in U.S. Silver but have never received compensation in any form from the company.

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Appendix B: Technical Analysis Charts
By Roy Martens Charts begin on the following page.

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Altius Minerals Corporation

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Return to Company Profile

Committee Bay Resources Ltd.

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Dynamite Resources Ltd.

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Endeavour Financial Corporation

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Golden Arrow Resources Corporation

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IMA Exploration Inc.

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Mega Silver Inc.

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Minco Gold Corporation

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Mundoro Capital Inc.

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Nautilus Minerals Inc.

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Orvana Minerals Corp.

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Pacific North West Capital Corp.

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Pinetree Capital Ltd.

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Southwestern Resources Corp.

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Sprott Molybdenum Participation Corp.

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Staccato Gold Resources Ltd.

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Strategic Metals Ltd.

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Talon Metals Corp.

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Tiomin Resources Inc.

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Tri Origin Exploration Ltd.

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U.S. Energy Corp.

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U3O8 Corp.

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Volta Resources Inc.

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Wallbridge Mining Company Limited

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Western Uranium Corporation

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The Metal Augmentor’s MINING EQUITIES REPORT: ISSUE I

CASH IS KING?
Introduction

Updated: November 9, 2008

A major objective of many investors active in the natural resources sector is to diversify away from the fiat-based world of finance and credit-dominated sectors such as banking, insurance, and retail. These investors want exposure to hard assets, not soft ones. Today, they desperately hope that commodity prices will soon recover given the large losses just about every natural resource portfolio has incurred over the past few months, the last two in particular. The fall in commodity prices has created an environment that has made it very challenging for natural resource companies—mining equities in particular—to obtain financing for exploration and project development. It seems cash, not metal in the ground, is king. How ironic that the one asset natural resource investors are trying to diversify away from—the U.S. dollar and its troubled competitors—is the very asset that mining equities need the most right now. It turns out that drilling contractors, engineers, geologists and miners all still prefer to be paid in paper money. Due to the simultaneous reduction in market liquidity and commodity prices, metal exploration and mining companies that need to raise funds to finance their activities are facing the prospect of substantial share dilution or the possibility of losing their property interests if they cannot meet contractual spending commitments. We believe there has to be a very compelling reason to own cashstrapped companies in this market. Conversely, companies that are not in need of financing have an important margin of safety in the current environment. Should metal and commodity prices stay weak for a long period of time— something that is not impossible during a bull market as the historical example of the mid-1970s demonstrates— such a margin of safety could turn into a major advantage.

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Indeed, if the markets were efficient and logical, we should expect that mining equities with lots of cash and other liquid assets would trade at significant premiums to their cash-strapped peers. But that doesn’t appear to be the case at the moment. In early August of this year, things didn’t look quite as bad, but nevertheless we had already started to notice that the market capitalizations of several mining equities were approaching their cash positions. This situation piqued our curiosity so we placed these companies on our radar. To our surprise, their prices continued to fall so that now in many case they are trading at a steep discount to their breakup value (the estimated amount of cash that could be distributed to shareholders if all assets and liabilities are liquidated and the company is broken up). Compellingly, many of these companies have attractive property holdings—some joint ventured with majors—that are currently being assigned a zero value by the market. Thus was born the idea for our inaugural Mining Equities Report, the title of which—“Cash is King?”— reflects the strange contradiction that the one asset in greatest need, cash, seems to actually be more of a burden than an asset to some mining equities. While this situation is perplexing, we feel that it is only a matter of time before the most astute natural resource investors begin to realize that the market’s present foolishness obscures a rare opportunity. With blood running in the streets, now seems like the best time to beat the smart crowd to that realization. The dollar signs wouldn’t stop dancing in our minds, so we were left with no choice but to examine several hundred mining equities, both explorers and producers, to plot their cash and liquidity positions against their capital requirements. We discarded companies that still have substantial value attributed to their projects because those values could evaporate should fear continue to run rampant in the hearts of investors. Though some of you may protest that we have erred in casting aside some extremely undervalued companies, we suspect that the value of fiat money could fare better than the value of metal in the ground for a while yet. That bold assessment still left us with more than 30 companies that deserve closer examination. We detail these companies in our inaugural report. We would like to point out that our report is not a comprehensive list of mining equities with breakup value exceeding market cap because such a calculation is very difficult to make given the large daily fluctuations in the prices of mining equities recently. Rather, our report should be viewed as a crosssection of interesting opportunities to explore further. We believe it contains something for every natural resource investor. Some of the mining equities in our report possess a cushy cash position that is not contractually committed to be spent in the near term. Others have virtually no cash requirements because a separate company (for example, through a joint venture) is paying for all exploration expenditures and sometimes even covering administrative expenses. Many of these companies have projects of

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significant merit and other assets unaccounted for in our calculations because they have been given zero value by the market. After all, who are we to argue with the market? Ultimately, our report does not answer the underlying question: Cash is King? Only time will do that. But we believe there is a reasonable basis to conclude that some of companies in our report are positioned to benefit, relative to other mining equities, regardless of where the market heads next: up, down, or sideways.

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About The Metal Augmentor
The Metal Augmentor is a new service being launched in the next few weeks at www.metalaugmentor.com. The main purpose of The Metal Augmentor is to aid both new and experienced investors in navigating the fascinating, dangerous, and rewarding world of investing in physical metals and mining equities. Our focus will be on gold and silver, but we will also provide indepth coverage of the other major metals. Portions of the service will be devoted to investors who buy gold and/or silver in its various forms (ETF, bullion, allocated account, etc.) for price appreciation. Other portions will appeal to people who buy bullion to hold in their own possession for the purpose of preserving their wealth or buying power against fiscal irresponsibility by fiat-wielding governments. A key feature of The Metal Augmentor will be the detailed coverage of mining equities from junior explorers to major mining companies. Our unique approach will avoid making outright buy and sell recommendations (except in special reports that focus on individual situations) but instead provide relevant and timely information and insights so that each investor can confidently make his or her own investment decision. Perhaps the most valuable feature of The Metal Augmentor will be exclusive coverage of the basis in gold and silver as taught by Professor Antal E. Fekete.

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Questions on How to Use this Report
What is Breakup Value (BV)?

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We compute a company’s breakup value by adding together all cash plus assets that can be liquidated and converted to cash in a reasonable period of time and then subtracting the company’s debt and other liabilities. Breakup value does not include off-balance sheet commitments and liabilities that may require cash expenditures to eliminate. What is Market Capitalization (MC)? A company’s market capitalization is computed by multiplying its number of shares outstanding by its current market price. What does MC-BV tell us? The MC-BV calculation shows how much value the market is assigning to the company’s non-cash and non-marketable assets including exploration and mining properties. In many cases, this number is negative in our report, which means the company’s cash and other marketable assets less its debt exceeds its current market capitalization. In other words, if the company shut its doors and liquidated, shareholders may receive a per share cash distribution greater than the current share price. Why use MC instead of Fully Diluted MC for the BV computation? Because generally the average exercise prices of all warrants and options (which are included in the fully diluted MC) are significantly above the current share price. Therefore, if the fully diluted MC were used, it would be necessary to add the cash to be received upon exercise of all warrants and options, which is often several multiples of the current market cap. Why use separate columns for unrestricted assets vs. restricted assets? The use of separate columns is to identify relatively liquid (unrestricted) vs. relatively illiquid (restricted) assets. For example, if a company’s MC-BV is negative but the majority of the assets included in BV come from the restricted category, which would be less desirable than a similarly-valued company where the majority of assets are unrestricted (all else being equal).

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Why not compare MC to working capital instead of performing the BV computation?

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Working capital doesn’t include many assets that could be marketable in a liquidation scenario, nor does it include noncurrent debt. As a result, it is a better measure of short-term liquidity as compared to ultimate liquidity. What is the attached Excel file to be used for? The attached Excel file is an extremely valuable part of this report. This is where all of our numbers within the tables of each company are derived. Importantly, our Excel file is enabled such that the market price of each company can be updated (this requires downloading a free add-in program – see instructions tab within Excel file). In turn, this updates all dependent cells and allows us to compute measures such as MC-BV in nearly real time (with a 15 minute quote delay). Without this functionality, the report would not remain as relevant after the publication date. Using the Excel file, users can get updated figures throughout the trading day and are able to make more informed investment decisions. How to open the Excel 2007 file? If you own an earlier version of Microsoft Office (i.e. prior to 2007), you will need to download the following Microsoft Office 2007 compatibility pack in order to open the attached Excel file: Compatibility Pack Download Why is there a warning message when I open the attached Excel file? Some systems may display a warning message about a potential virus, macro, or other program that could potentially harm your computer, but this is due to the MSN Money Stock Quotes add-in. Both the Excel and PDF files have been scanned using Bit Defender and no threats were detected. How do I close the attachments window in order to view the PDF in full page format? Once you have downloaded the attached Excel file, or if you have decided not to do so at this time, you can close the attachments window by clicking on the paper clip icon on the lower left hand corner of the page. Doing so will allow you to view the report in a full page format.

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Augment Partners, Inc. © 2008

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All Rights Reserved Unauthorized Distribution will be Prosecuted to the Full Extent of the Law

Disclaimer: We are not licensed investment advisors and this is not a recommendation to buy or sell any company. The information and data herein is being presented as a service to help investors conduct further research. We believe the data comes from reliable sources but it may not be current and material changes in a company’s financial position could have taken place since the asof date. Before making an investment decision, you or your licensed investment advisor should verify all information that you are relying upon. We are not responsible for the results of any investment made on the basis of the data presented herein, nor are we responsible for any errors or omissions (though we strive for accuracy and completeness). We disclose our own investment position or relationship in all companies.

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Contents

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Page

Introduction __________________________________________________________________________________ 1 Questions on How to Use this Report ______________________________________________________________ 4 Breakup Value Update – Current as of 11/09/08 _____________________________________________________ 8 Cash Value Companies – Current as of 9/14/08 _____________________________________________________ 13 Altius Minerals Corporation (TSX: ALS) ....................................................................................................................13 Committee Bay Resources Ltd. (TSX-V: CBR) ...........................................................................................................15 Dynamite Resources Ltd. (TSX-V: DNR) ...................................................................................................................17 Endeavour Financial Corporation (TSX: EDV) ..........................................................................................................19 Golden Arrow Resources Corporation (TSX-V: GRG) ................................................................................................21 IMA Exploration Inc. (TSX-V: IMR; AMEX: IMR) .......................................................................................................23 Mega Silver Inc. (TSX-V: MSR) .................................................................................................................................24 Minco Gold Corporation (TSX: MMM; AMEX: MGH) ...............................................................................................25 Mundoro Capital Inc. (TSX: MUN) ...........................................................................................................................26 Nautilus Minerals Inc. (TSX: NUS) ............................................................................................................................27 Orvana Minerals Corp. (TSX: ORV) ..........................................................................................................................29 Pacific North West Capital Corp. (TSX: PFN) ............................................................................................................30 Pinetree Capital Ltd. (TSX: PNP) ..............................................................................................................................32 Southwestern Resources Corp. (TSX: SWG) .............................................................................................................34 Sprott Molybdenum Participation Corp. (TSX: MLY)................................................................................................35 Staccato Gold Resources Ltd. (TSX-V: CAT) ..............................................................................................................36 Strategic Metals Ltd. (TSX-V: SMD) .........................................................................................................................37 Talon Metals Corp. (TSX: TLO) .................................................................................................................................39 Tiomin Resources Inc. (TSX: TIO) .............................................................................................................................40 Tri Origin Exploration Ltd. (TSX-V: TOE)...................................................................................................................41 U.S. Energy Corp. (NASDAQ: USEG) .........................................................................................................................42 U3O8 Corp. (TSX-V: UWE)........................................................................................................................................44 Volta Resources Inc. (TSX: VTR) ...............................................................................................................................45 Wallbridge Mining Company Ltd. (TSX: WM) ..........................................................................................................46 Western Uranium Corporation (TSX-V: WUC) .........................................................................................................47 Appendix A: Other Companies to Consider ________________________________________________________ 48 Appendix B: Technical Analysis Charts ____________________________________________________________ 51

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Breakup Value Update – Current as of 11/09/08 Original

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Current
MC-BV
11/9/2008

Cash Value Companies
Anvil Mining Ltd. Sprott Resource Corp. Endeavour Financial Corporation Nautilus Minerals Inc. Quadra Mining Ltd. Northgate Minerals Sprott Molybdenum Participation Corp. Aberdeen International Inc. Northland Resources Inc. Altius Minerals Corporation Dynamite Resources Ltd. Pinetree Capital Ltd. Orvana Minerals Corp. Phoscan Chemical Corp. PDX Resources U.S. Silver Corporation Asian Mineral Resources Ltd. U.S. Energy Corp. Silver Bear Resources Inc. Aurora Energy Resources Inc. Committee Bay Resources Ltd. Western Uranium Corporation SKANA Capital Corp. Strategem Capital Corp. Southwestern Resources Corp. Khan Resources Inc. Inca Pacific Resources Inc. Raytec Metals Corp. Continental Precious Minerals Inc. Strategic Metals Ltd. East Asia Minerals Corp. International Nickel Ventures Corp.

Price
9/14/2008 10/8/2008 10/18/2008 11/9/2008 $1.25 $2.44 $5.47 $1.46 $3.37 $0.77 $2.80 $0.17 $0.72 $5.25 $0.14 $1.34 $0.56 $0.29 $1.45 $0.17 $0.05 $2.29 $0.38 $1.05 $0.13 $0.85 $0.15 $1.65 $0.56 $0.28 $0.35 $0.21 $0.30 $0.38 $0.16 $0.20

MC-BV
9/14/2008 10/8/2008 10/18/2008 11/9/2008 ($257,466,932) ($199,191,485) ($156,115,329) ($82,807,434) ($81,758,693) ($61,860,314) ($73,933,883) ($52,738,903) ($43,739,910) ($33,131,944) ($26,109,100) ($50,354,638) ($18,469,520) ($28,790,889) ($39,084,557) ($1,626,454) ($22,990,091) ($20,043,196) ($18,241,527) ($36,942,537) ($11,359,233) ($7,840,706) ($15,772,808) ($14,178,516) ($1,705,120) ($11,017,765) ($6,137,875) ($13,271,000) ($14,228,537) ($2,134,273) ($11,979,675) ($10,289,216)

Price
11/9/2008

$1.25 $2.03 $3.38 $1.17 $3.37 $0.77 $1.06 $0.17 $0.72 $4.94 $0.07 $0.90 $0.54 $0.29 $0.96 $0.06 $0.05 $2.19 $0.38 $1.32 $0.06 $0.65 $0.15 $1.65 $0.23 $0.24 $0.18 $0.21 $0.30 $0.16 $0.16 $0.17

($257,466,932) ($251,503,882) ($236,281,559) ($152,747,799) ($81,758,693) ($61,860,314) ($58,636,652) ($52,738,903) ($43,739,910) ($40,918,917) ($33,936,725) ($33,762,560) ($30,599,307) ($28,790,889) ($28,488,123) ($23,120,539) ($22,990,091) ($22,396,494) ($18,241,527) ($17,176,524) ($16,566,428) ($16,369,010) ($15,772,808) ($14,178,516) ($14,059,710) ($13,783,960) ($13,662,409) ($13,271,000) ($13,042,757) ($12,787,860) ($11,979,675) ($11,906,547)

8 AUGMENT PARTNERS, INC. © 2008

Mundoro Capital Inc. Marathon PGM Corp. IMA Exploration Inc. Sabina Silver Corporation U3O8 Corp. Mega Silver Inc. Western Prospector Group Ltd. Spur Ventures Inc. Ascot Resources Ltd. Kobex Resources Ltd. SNS Silver Corp. Sennen Resources Ltd. African Aura Resources Ltd. International Enexco Ltd. Evolving Gold Corp. Ur-Energy Inc. NWT Uranium Corp. Corona Gold Corp. Talon Metals Corp. Volta Resources Inc. Red Dragon Resources Corp. Benton Resources Corp. Crescent Gold Limited Triex Minerals Corporation Calypso Uranium Corp. Staccato Gold Resources Ltd. Zazu Metals Corp. Tiomin Resources Inc. Palladon Ventures Ltd. B2Gold Corp. High Desert Gold Corp. Santoy Resources Ltd. Nico Mining Ltd Newport Exploration Ltd. Stingray Copper Inc. Titanium Corp., Inc. MAX Resource Corp. Nevoro Inc. RPT Uranium Corp. Pacific North West Capital Corp. Erdene Resource Development Corp.

$0.33 $0.40 $0.38 $0.69 $0.64 $0.30 $0.19 $0.26 $0.07 $0.30 $0.07 $0.20 $0.04 $0.28 $0.22 $0.69 $0.05 $0.27 $0.45 $0.25 $0.10 $0.17 $0.06 $0.25 $0.06 $0.10 $0.07 $0.05 $0.23 $0.45 $0.16 $0.08 $0.28 $0.06 $0.25 $0.26 $0.17 $0.04 $0.10 $0.17 $0.22

The Metal Augmentor © 2008
($4,123,454) ($5,487,946) $3,405,102 ($1,964,593) ($6,641,404) ($9,548,919) ($8,595,043) ($9,139,605) ($9,039,072) ($8,659,003) ($8,446,264) ($8,387,705) ($8,326,652) ($5,409,152) ($8,075,509) ($7,477,485) ($7,307,753) ($2,518,197) ($604,775) ($6,571,366) ($9,053,303) ($6,386,752) ($8,394,296) ($5,925,269) ($2,755,721) ($5,766,888) ($5,658,574) ($5,440,922) $5,858,324 ($5,078,045) ($4,957,843) ($4,677,193) ($4,513,414) ($4,047,980) ($3,814,943) ($3,340,631) ($3,641,988) ($3,313,006) $1,183,151 ($2,906,550) $0.16 $0.40 $0.28 $0.48 $0.27 $0.38 $0.19 $0.25 $0.07 $0.30 $0.07 $0.20 $0.04 $0.28 $0.19 $0.69 $0.05 $0.27 $0.25 $0.12 $0.10 $0.17 $0.06 $0.26 $0.06 $0.06 $0.07 $0.05 $0.23 $0.38 $0.16 $0.08 $0.28 $0.06 $0.25 $0.25 $0.15 $0.04 $0.10 $0.09 $0.22 ($11,676,496) ($11,651,616) ($10,701,146) ($10,595,521) ($10,496,053) ($9,594,781) ($9,548,919) ($9,198,448) ($9,139,605) ($9,039,072) ($8,659,003) ($8,446,264) ($8,387,705) ($8,326,652) ($8,159,810) ($8,075,509) ($7,477,485) ($7,307,753) ($7,123,206) ($6,646,020) ($6,571,366) ($6,446,931) ($6,386,752) ($6,264,872) ($5,925,269) ($5,868,013) ($5,766,888) ($5,658,574) ($5,440,922) ($5,151,100) ($5,078,045) ($4,957,843) ($4,677,193) ($4,513,414) ($4,047,980) ($3,814,943) ($3,771,615) ($3,641,988) ($3,313,006) ($2,953,047) ($2,906,550) ($11,651,616)

9 AUGMENT PARTNERS, INC. © 2008

Northern Lion Gold Corp. Brinkley Mining Plc Olympus Pacific Minerals Inc. Mexican Silver Mines Ltd. Pitchstone Exploration Energy Fuels Inc. Alberta Star Development Corp. Tri Origin Exploration Ltd. Mines Management, Inc. Amazon Mining Holding PLC Eagle Plains Resources Ltd. Serengeti Resources Inc. Canadian Zinc Corp. Linear Gold Corp. Bayswater Uranium Corp. Pure Nickel Inc. Silver Eagle Mines Inc. South American Silver Corp. Wallbridge Mining Company Limited Golden Arrow Resources Corporation First Nickel Inc. Entrée Gold Inc. Kootenay Gold Inc. Southern Arc Minerals Inc. Terra Ventures Inc. Apogee Minerals Ltd. Uranium Energy Minco Gold Corporation New Oroperu Resources Inc. FNX Mining Company Inc. Candente Resource Corp. North American Palladium Ltd. Greystar Resources Ltd. Fortuna Silver Mines Inc. Hudbay Minerals Inc.

$0.06 $0.75 $0.06 $0.13 $0.37 $0.22 $0.13 $0.30 $1.24 $0.14 $0.09 $0.20 $0.21 $0.76 $0.07 $0.09 $0.09 $0.19 $0.16 $0.28 $0.07 $0.69 $0.60 $0.17 $0.35 $0.06 $0.37 $0.57 $0.60 $3.98 $0.27 $1.73 $1.11 $0.07 $5.81

The Metal Augmentor © 2008
($2,961,571) ($4,948,241) ($2,445,427) ($2,328,420) $2,651,925 ($1,929,207) ($7,077,918) ($1,685,262) $2,024,689 ($1,444,824) ($1,434,444) ($1,385,144) ($1,096,207) ($3,589,304) ($1,034,650) ($621,287) ($553,432) ($644,254) $802,560 $1,020,546 $480,576 $516,765 $1,593,771 $1,755,701 $2,425,926 $2,652,285 $4,819,126 ($1,039,415) $8,581,221 $7,263,465 $11,863,289 $9,503,458 $13,602,271 $14,833,797 $154,140,245 $0.04 $1.49 $0.06 $0.13 $0.21 $0.22 $0.18 $0.08 $1.08 $0.14 $0.09 $0.20 $0.21 $0.85 $0.06 $0.09 $0.09 $0.19 $0.08 $0.22 $0.06 $0.69 $0.60 $0.17 $0.35 $0.06 $0.37 $0.48 $0.45 $3.98 $0.28 $1.77 $1.11 $0.72 $6.00 ($2,781,968) ($2,774,590) ($2,445,427) ($2,328,420) ($2,299,081) ($1,929,207) ($1,851,088) ($1,797,039) ($1,616,980) ($1,444,824) ($1,434,444) ($1,385,144) ($1,096,207) ($1,076,685) ($1,034,650) ($621,287) ($553,432) ($394,138) $101,280 $127,075 $480,576 $516,765 $1,593,771 $1,755,701 $2,425,926 $2,652,285 $4,819,126 $6,017,065 $6,144,122 $7,263,465 $11,863,289 $12,816,945 $13,602,271 $14,833,797 $80,537,730

Average

($7,140,582)

($8,762,093)

10 AUGMENT PARTNERS, INC. © 2008

Market Capitalization Less Breakup Value: Updated 11/8/2008
HBM FVI GSL PDL DNT FNX ORO MMM UEC APE TAS SA KTN EGI FNI GRG WM SAC SEG NIC BAY LRR CZN SIR EPL AMZ MGN TOE ASX EFR PXP MSM OYM BRM NL ERD PFN RPT NVR MXR TIC SRY NWX NCL SAN HDG BTO PLL TIO ZAZ CAT CLP TXM CRA BTC DRA VTR TLO CRG NWT URE EVG IEC AAZ SN SNS KBX AOT SVU WNP MSR UWE SBB IMR MAR MUN INV EAS SMD CZQ RAY IPR KRI SWG SGE SKN WUC CBR AXU SBR USEG ASN USA PLG FOS ORV PNP DNR ALS NAU AAB MLY NXG QUA NUS EDV SCP AVM

The Metal Augmentor © 2008

Ticker Symbol

($300)

($250)

($200)

($150)

($100)

($50)

$0

$50

$100

$, millions

11 AUGMENT PARTNERS, INC. © 2008

Discount or Premium to Breakup Value: Updated 11/8/2008
ORO APE DNT MMM UEC GSL FVI SA TAS PDL HBM KTN FNI GRG FNX WM EGI SAC CZN LRR MGN BTO ASX NIC SEG BAY URE PLL ERD SIR EFR OYM AXU CRA EPL TIC ALS SRY TIO RPT NXG PNP SBB PXP QUA AMZ PLG WUC USEG TOE MSM PFN BRM NAU BTC EVG FOS ORV SVU SAN IMR NVR HDG NCL KBX SN WNP CAT DRA CZQ RAY MSR KRI MAR VTR TLO NUS MXR TXM INV SBR IPR SWG NWX MLY EAS NWT IEC SMD CRG USA UWE SGE SCP CLP SKN NL MUN AOT ZAZ EDV CBR AVM AAZ SNS AAB ASN DNR

The Metal Augmentor © 2008

Ticker Symbol

-500%

-400%

-300%

-200%

-100%

0%

100%

200%

12 AUGMENT PARTNERS, INC. © 2008

Cash Value Companies – Current as of 9/14/08
Price: C$5.25 Shares Outstanding (O/S): Market Cap. (MC): Options: Warrants: 30.9M

The Metal Augmentor © 2008

Altius Minerals Corporation (TSX: ALS)
Shares Fully Diluted (F/D): C$162.4M 1.0M 0 Fully Diluted MC: Avg. Opt. Exercise Price: Avg. War. Exercise Price:

Click Here for Technical Analysis Chart 32.0M

C$167.8M C$10.34 n/a

Unrestricted Assets Cash & Short Term Inv: Marketable Investments: Other Liquid Assets: Debt: Breakup Value (BV): MC – BV: C$167.4M C$20.0M C$0 C$38.5M C$195.5M C$(33.1)M ABCP/etc:

Restricted Assets C$0 C$12.3M C$34.3M C$(1.0)M July 31, 2008

Cash Cost of Property: Other: Quarterly Burn Rate: Last Financial Filing:

www.altiusminerals.com

Altius is a natural resource project generation and royalty business. Currently, it is involved in joint ventures on 11 different projects and is seeking partners on several others. The company’s “Marketable Investments” reflected in the table above include a portfolio of undisclosed resource companies with a fair market value of C$11.1M at July 31, 2008. These investments may need to be discounted up to 50% given the current market environment. The “Marketable Investments” also include several companies for which share amounts and prices are current as of the date of this report. Most significantly, Altius owns a 10% interest in the Labrador Nickel Royalty Limited Partnership, which owns a 3% net smelter return royalty on the Voisey's Bay nickel project. This royalty is reflected in the above table in “Cash Cost of Property” at C$12.3 million. Voisey’s Bay began its first full year of operation in 2006 and is expected to have at least a 25-yr. mine life. Revenue from this royalty interest totaled C$5.2M for the year ended April 30, 2008. Altius has C$38.1 million in long-term debt, payable at maturity on December 2011 and bearing interest at 4.25% per annum. The value of this loan roughly coincides with the value of Altius’ hedge to sell 2.5

13 AUGMENT PARTNERS, INC. © 2008

million shares of Aurora Energy Resources Inc. (TSX: AXU) in December 2011 at C$17.72 (current market price of C$2.41). The hedge is reported in “Other” (C$34.3M). In December 2007, Altius advanced C$30.1 million in the form of a non-interest bearing convertible loan to Newfoundland and Labrador Refining Corporation (NLRC). In June 2008 NLRC filed for Bankruptcy and has been given until October 17, 2008 to attract additional financing or partners. The full amount of C$30.1M has been written off by Altius and it not reflected in the table above, but should NLRC emerge from bankruptcy, it is possible that a portion of the loan may be recoverable. Altius reported net income of $12.1 million or $0.40/share for the year ended April 30, 2008 and is therefore trading at a trailing P/E ratio of about 13 or so at current market prices. However, it should be noted that earnings for Altius are fairly erratic given that they are influenced heavily by gains or losses recorded on the sale of its mining and mineral related investments. For example, in the most recent quarter ended July 31, 2008, Altius reported only C$0.4M of net income. Recently insiders of Altius have begun buying shares in the open market, with about 103,000 shares having been purchased since July 30, 2008 when the buying began. Collectively, insiders now own about 5 million shares, or nearly 17% of the company. Notably, Altius has only slightly over 1 million options with an average exercise price of C$10.34 and zero warrants. Additionally, Altius began aggressively repurchasing its shares in the open market under its normal course issuer bid during August and September 2008—repurchasing 1,134,030 shares at an average price of $6.49. We don’t own any shares nor have we ever received compensation in any form from Altius Minerals.

The Metal Augmentor © 2008

14 AUGMENT PARTNERS, INC. © 2008

Price:

Shares Outstanding (O/S): Market Cap. (MC): Options: Warrants:

Committee Bay Resources Ltd. (TSX-V: CBR)
C$0.13 96.1M Shares Fully Diluted (F/D): C$12.5M 8.9M 17.3M Fully Diluted MC: Avg. Opt. Exercise Price: Avg. War. Exercise Price:

The Metal Augmentor © 2008
Click Here for Technical Analysis Chart 122.3M

C$15.9M C$0.66 C$0.71

Unrestricted Assets Cash & Short Term Inv: Marketable Investments: Other Liquid Assets: Debt: Breakup Value (BV): MC – BV: C$17.0M C$3.8M C$0 C$0 C$23.9M C$(11.4)M ABCP/etc:

Restricted Assets C$0 C$0 C$3.1M C$(1.2)M June 30, 2008

Cash Cost of Property: Other: Quarterly Burn Rate: Last Financial Filing:

www.committeebay.com

Committee Bay agreed to acquire Niblack Mining Corp (TSX-V: NIB) which requires Committee Bay to provide funds of up to C$10 million to Niblack by way of a secured convertible debenture. According to Niblack's press release on September 10, C$5.6 million has been advanced for exploration and development work on the Niblack project which reduces the above cash position by C$4.5 million (C$1.1 million is already included in “Other” representing the amount loaned as of June 30). It should be expected that Committee Bay has or will fund the remainder of this program, although it is not an obligation. “Other” also includes a C$2 million debenture from Focus Minerals (ASX: FML) due April 2009. Committee’s “Marketable Investments” include 140 million shares of Focus Minerals. The above does not consider that Committee Bay has spent over C$20 million to explore its Committee Bay Greenstone Belt property in Nunavut where it has defined 468,000 ounces of gold in the indicated category and another 231,000 ounces in the Inferred category at its Three Bluffs Deposit. In addition, the above figures do not include Committee Bay’s 100% interest in Underground Drilling and Services Pty Ltd. a private Australian drilling company with a potential fair market value of C$2 million. The company reported C$11.3 million of working capital as of August 20, 2008 which is almost equal to its current market capitalization.

15 AUGMENT PARTNERS, INC. © 2008

We don’t own any shares nor have we ever received compensation in any form from Committee Bay Resources.

The Metal Augmentor © 2008

16 AUGMENT PARTNERS, INC. © 2008

Price:

Shares Outstanding (O/S): Market Cap. (MC): Options: Warrants:

Dynamite Resources Ltd. (TSX-V: DNR)
C$0.14 113.5M Shares Fully Diluted (F/D): C$15.9M 8.7M 103.4M Fully Diluted MC: Avg. Opt. Exercise Price: Avg. War. Exercise Price:

The Metal Augmentor © 2008
Click Here for Technical Analysis Chart 225.6M

C$31.6M C$0.67 C$0.84

Unrestricted Assets Cash & Short Term Inv: Marketable Investments: Other Liquid Assets: Debt: Breakup Value (BV): MC – BV: C$26.0M C$0.3M C$0 C$0 C$42.0M C$(26.1)M ABCP/etc:

Restricted Assets C$0 C$15.7M C$0 C$(1.6)M April 30, 2008

Cash Cost of Property: Other: Quarterly Burn Rate: Last Financial Filing:

www.dynamiteresources.com

Dynamite has commitments to spend approximately C$6 million in 2008 at its Mike Lake project in the Dawson Mining District, Yukon Territory, which is not reflected in the above figures. In addition, Dynamite has an AUD$6.5 million commitment to fund exploration at the Lake Torrens IOCGU project located next to BHP’s Olympic Dam Mine, not all of which is due in the near term. Additionally, the “Cash Cost of Property” reflected in the table above is related to Dynamite’s purchase of Tau Mining in 2007, which owns two prospective uranium and gold exploration licenses in Kyrgyzstan. Discounting the Kyrgyzstan uranium properties by 50% or more may be appropriate, which would reduce the MC-BV calculation to negative $12 million or so (about the same as the committed exploration expenditures noted above). Even when the near-term exploration commitments and other company obligations are figured into the equation, Dynamite will have significant operating cash remaining. Should the share price recover in the next 12 months, significant proceeds may also be realized from warrant exercises. Alternatively, if the share price does not recover to $1 or more (a 600% rise from current levels), those warrants may expire and reduce the fully diluted share count by a very significant amount. Finally, note that the breakup value assumes the IOCGU and Mike Lake projects are worthless. Given that Dynamite has planned to drill up to 30,000 meters in 2008, there is the possibility of significant

17 AUGMENT PARTNERS, INC. © 2008

assay results that could re-ignite interest in the company. Such prospects are enhanced when we consider that in 2007 Dynamite drilled a “discovery hole” at Mike Lake grading 0.61% Copper, 1.38 g/t Gold, 13.6 g/t Silver and 0.044% Tungsten oxide over 89.31 meters near surface. We don’t own any shares nor have we ever received compensation in any form from Dynamite Resources.

The Metal Augmentor © 2008

18 AUGMENT PARTNERS, INC. © 2008

Price:

Shares Outstanding (O/S): Market Cap. (MC): Options: Warrants:

Endeavour Financial Corporation (TSX: EDV)
$5.47 30.5M Shares Fully Diluted (F/D): 36.8M $167.1M 2.8M 3.4M Fully Diluted MC: Avg. Opt. Exercise Price: Avg. War. Exercise Price:

The Metal Augmentor © 2008
Click Here for Technical Analysis Chart

$201.2M $9.73 $5.50

Unrestricted Assets Cash & Short Term Inv: Marketable Investments: Other Liquid Assets: Debt: Breakup Value (BV): MC – BV: $14.8M $237.3M $0 $0 $323.2M $(156.1)M ABCP/etc:

Restricted Assets $0 $0 $71.1M $2.0M June 30, 2008

Cash Cost of Property: Other: Quarterly Run Rate: Last Financial Filing:

www.endeavourfinancial.com

All amounts are in US Dollars unless otherwise noted.

Endeavour Financial is an investment, financial advisory, and merchant banking firm focused on the natural resource sector. Its clients include well-known names such as Goldcorp, Northern Orion, Silver Wheaton, and Hecla Mining. Endeavour Financial held marketable securities, convertible loans and debentures, and warrants valued at $308.4 million as of June 30, 2008. “Marketable investments” in the above table includes publicly traded equity securities and “Other” includes convertible loans and debentures, warrants, and investments in privately-held companies. Unfortunately, Endeavour’s financial statements do not disclose the individual securities held, which means we cannot update the value of these securities. We do know that about 70% of Endeavour’s portfolio is allotted to gold, oil & gas, and copper investments. Given the current market conditions for these commodities and especially their underlying stocks, it may be reasonable to discount these marketable investments, convertible loans and debentures, and warrants by 50 percent. The company currently generates positive cash-flow from its merchant banking and advisory business, excluding gains and losses from its investment portfolio. Endeavour also pays out a small dividend, with a current annualized rate of C$0.18.

19 AUGMENT PARTNERS, INC. © 2008

We don’t own any shares nor have we ever received compensation in any form from Endeavour Financial.

The Metal Augmentor © 2008

20 AUGMENT PARTNERS, INC. © 2008

Price:

Shares Outstanding (O/S): Market Cap. (MC): Options: Warrants:

Golden Arrow Resources Corporation (TSX-V: GRG)
C$0.28 15.5M Shares Fully Diluted (F/D): 21.0M C$4.3M 1.5M 4.0M Unrestricted Assets Fully Diluted MC: Avg. Opt. Exercise Price: Avg. War. Exercise Price: C$5.8M C$0.85 C$1.27

The Metal Augmentor © 2008
Click Here for Technical Analysis Chart

Restricted Assets ABCP/etc: Cash Cost of Property: Other: Quarterly Burn Rate: Last Financial Filing: C$0.2M C$0 C$0 C$(0.3)M June 30, 2008

Cash & Short Term Inv: Marketable Investments: Other Liquid Assets: Debt: Breakup Value (BV): MC – BV:

C$3.0M C$0.1M C$0 C$0 C$3.2M C$1.0M

www.goldenarrowresources.com

Golden Arrow is required to fund exploration and option payments of approximately US$5.5 million related to its Poncha gold-copper project in San Juan Province, Argentina including US$1.4 million over the next 12 months. A Phase II drill program at Poncha produced 266m @ 1.21 g/t gold and 3.30 g/t silver as announced March 27, 2008. Golden Arrow holds 2.3M shares of Amera Resources Corporation (TSX-V: AMS), as well as a small amount of asset back commercial paper with an estimated fair value of C$0.2 million. Most significantly, Golden Arrow owns a 1% NSR on Yamana Gold’s Gualcamayo Project, with annual production expected to be 200,000 oz. starting at the end of 2008. The mine has Measured and Indicated resources of over 2 million ounces of gold and currently has an estimated 10 year mine life. Cash flow from the royalty is expected to begin in early 2009, when the royalty is estimated to bring in about $1.0 million in after-tax cash flow— assuming $800/oz gold and an annual production rate of 200,000 ounces.

21 AUGMENT PARTNERS, INC. © 2008

Yamana claims the mine has the potential to produce 300,000 ounces per year and perhaps even more if underground mining operations are initiated. Thus, Golden Arrow can be viewed purely as a royalty company with the potential to yield a roughly 20% return per annum on the current share price. We don’t own any shares nor have we ever received compensation in any form from Golden Arrow Resources.

The Metal Augmentor © 2008

22 AUGMENT PARTNERS, INC. © 2008

Price:

Shares Outstanding (O/S): Market Cap. (MC): Options: Warrants:

IMA Exploration Inc. (TSX-V: IMR; AMEX: IMR)
C$0.38 52.1M Shares Fully Diluted (F/D): 57.7M C$19.8M 3.9M 1.7M Unrestricted Assets Fully Diluted MC: Avg. Opt. Exercise Price: Avg. War. Exercise Price:

The Metal Augmentor © 2008
Click Here for Technical Analysis Chart

C$21.9M C$2.86 C$3.45

Restricted Assets ABCP/etc: Cash Cost of Property: Other: Quarterly Burn Rate: Last Financial Filing: C$0 C$0 C$0 C$(0.5)M June 30, 2008

Cash & Short Term Inv: Marketable Investments: Other Liquid Assets: Debt: Breakup Value (BV): MC – BV:

C$24.8M C$0.5M C$0 C$0 C$25.3M C$(5.5)M

www.imaexploration.com

IMA has obligations to spend C$15 million over the next 3 years on its Island Gold Project in order to earn an initial 49% interest from Western Copper Corporation (TSX: WRN). This is currently IMA’s only project, and it can earn up to a 70% interest. The Island Gold Project includes the Hushamu deposit, which hosts a NI 43-101 compliant Measured and Indicated resource of 2.3 million ounces of gold and 1.4 billion pounds of copper, as well as an Inferred resource of 326 million pounds of copper and 0.6 million ounces of gold. The deposit also includes molybdenum (0.013%) although this is not part of the defined NI 43-101 resource. IMA expects to begin a drill program on the Island Gold Project sometime in September or October of 2008. The project is estimated to require 52,000m of diamond drilling, with at least 5,000m planned for this initial drill program. IMA previously owned the Navidad Project, which hosted a very large silver-base metal deposit. However, Aquiline Resources Inc. (TSX: AQI) has since taken ownership of the project following the Supreme Court of British Columbia ruling against IMA regarding an alleged breach of a confidentiality agreement in 2002 between IMA and Newmont Mining. We don’t own any shares nor have we ever received compensation in any form from IMA Exploration.

23 AUGMENT PARTNERS, INC. © 2008

Price: Shares Outstanding (O/S): Market Cap. (MC): Options: Warrants:

C$0.30 26.8M

Mega Silver Inc. (TSX-V: MSR)
Fully Diluted MC:

The Metal Augmentor © 2008
Click Here for Technical Analysis Chart 37.8M C$11.3M C$1.61 C$1.47 Shares Fully Diluted (F/D):

C$8.1M 1.8M 9.2M

Avg. Opt. Exercise Price: Avg. War. Exercise Price:

Unrestricted Assets Cash & Short Term Inv: Marketable Investments: Other Liquid Assets: Debt: Breakup Value (BV): MC – BV: C$14.7M C$0 C$0 C$0 C$14.7M C$(6.6)M ABCP/etc:

Restricted Assets C$0 C$0 C$0 C$(1.1)M June 30, 2008

Cash Cost of Property: Other: Quarterly Burn Rate: Last Financial Filing:

www.megasilver.ca

Mega Silver holds an interest in two silver and gold projects in Mexico, both of which are under option from Silverstone Resource Corp. (TSX-V: SST). The option agreement requires Mega Silver to spend C$10 million on both properties over 5 years. The company is currently conducting a 5,000m exploration program on these properties. Meanwhile, the company is carrying out a 1,500m drill program on its optioned Virginia Silver property located in British Columbia. The option agreement on Virginia requires that Mega Silver incur C$3.0 million in expenditures by August 2009. Finally, on Mega Silver’s Strategic Properties located in the Yukon Territory, the company must expend C$3.0 million by September 2009. We don’t own any shares nor have we ever received compensation in any form from Mega Silver.

24 AUGMENT PARTNERS, INC. © 2008

Price:

Shares Outstanding (O/S): Market Cap. (MC): Options: Warrants:

Minco Gold Corporation (TSX: MMM; AMEX: MGH)
C$0.57 42.9M Shares Fully Diluted (F/D): 47.4M C$24.5M 4.4M 0 Unrestricted Assets Fully Diluted MC: Avg. Opt. Exercise Price: Avg. War. Exercise Price: C$27.0M C$1.15 n/a

The Metal Augmentor © 2008
Click Here for Technical Analysis Chart

Restricted Assets ABCP/etc: Cash Cost of Property: Other: Quarterly Burn Rate: Last Financial Filing: C$0 C$0 C$3.7M C$(1.7)M June 30, 2008

Cash & Short Term Inv: Marketable Investments: Other Liquid Assets: Debt: Breakup Value (BV): MC – BV:

C$7.3M C$18.9M C$0 C$4.3M C$25.5M C$(1.0)M

www.mincogold.com

Minco Gold has conditional commitments to pay approximately C$10 million for exploration and property payments related to its projects, with C$4 million falling due within one year. Most of this is related to the Changkeng gold project, where Minco Gold can earn 51%. The Changkeng (also known as Mingzhong) gold project sits directly atop Minco Silver’s developing Fuwan Silver deposit. The proximity of Changkeng to the Fuwan Silver project makes its exploitation more likely despite its relatively small resource (700,000 oz. Measured and Indicated at approximately 5 grams per tonne) at the present time. Minco Gold holds 13 million shares of Minco Silver Corporation (TSX: MSV). In addition, Minco Gold has net receivables of approximately C$2.0 million due from Minco Silver. Minco Gold also holds exploration licenses on a number of prospective properties in China which are not being given any value by the market. We own shares in Minco Gold and Minco Silver but have received no compensation in any form from either company.

25 AUGMENT PARTNERS, INC. © 2008

Price: Shares Outstanding (O/S): Market Cap. (MC): Options: Warrants:

$0.33

38.6M

Mundoro Capital Inc. (TSX: MUN)
Shares Fully Diluted (F/D): Fully Diluted MC: Avg. Opt. Exercise Price: Avg. War. Exercise Price:

The Metal Augmentor © 2008
Click Here for Technical Analysis Chart 44.4M $14.7M $1.55 n/a

$12.8M 5.7M 0

Unrestricted Assets Cash & Short Term Inv: Marketable Investments: Other Liquid Assets: Debt: Breakup Value (BV): MC – BV: $16.9M $0 $0 $0 $16.9M $(4.1)M ABCP/etc:

Restricted Assets $0 $0 $0 $(0.5)M March 31, 2008

Cash Cost of Property: Other: Quarterly Burn Rate: Last Financial Filing:

www.mundoro.com

All amounts are in US Dollars unless otherwise noted.

Mundoro owns 79% of the Maoling gold deposit located in Liaoning Province, China. The deposit has Probable Reserves of 2.8 million ounces of gold as well as 4.8 million ounces in Measured and Indicated Resources and 4.4 million ounces in Inferred Resources. There has been a long delay in the renewal of the license related to this project. If and when the license is renewed, Mundoro is expected to have substantial expenditures to complete a full Feasibility Study and other requirements leading up to a production decision. The project is being assigned zero value by the market. As announced in May 2008, Mundoro may purchase for cancellation up to a maximum of 1.9 million of its Common Shares, or approximately 5% of the Common Shares outstanding as of the date of the announcement. We don’t own any shares nor have we ever received compensation in any form from Mundoro Capital.

26 AUGMENT PARTNERS, INC. © 2008

Price: Shares Outstanding (O/S): Market Cap. (MC): Options: Warrants:

$1.46

146.6M

Nautilus Minerals Inc. (TSX: NUS)
Shares Fully Diluted (F/D): Fully Diluted MC: Avg. Opt. Exercise Price: Avg. War. Exercise Price:

The Metal Augmentor © 2008
Click Here for Technical Analysis Chart 175.3M $256.3M $4.04 $5.14

$214.4M 13.6M 15.1M

Unrestricted Assets Cash & Short Term Inv: Marketable Investments: Other Liquid Assets: Debt: Breakup Value (BV): MC – BV: $299.0M $0 $0 $3.6M $297.2M $(82.8)M ABCP/etc:

Restricted Assets $0 $0 $1.8M $(10.0)M June 30, 2008

Cash Cost of Property: Other: Quarterly Burn Rate: Last Financial Filing:

www.nautilusminerals.com

All amounts are in US Dollars unless otherwise noted.

Nautilus is a mineral exploration company attempting to tap vast offshore resources of high-grade seafloor deposits of copper, zinc, gold, and silver. Currently, the company is planning to mine highgrade, copper-gold material about 1,500 meters below surface in the Bismarck Sea of Papua New Guinea beginning in late 2010 (subject to timely permitting). Nautilus has spending commitments of roughly $141 million over the next 6 years, most of which will go towards paying for a deepwater seafloor sulfide exploration vessel—much of this expense will presumably be incurred after mining has commenced. A roughly $60 million contract has also been awarded for two subsea mining tools, as well as a $116 million contract for a riser and lifting system. Nautilus’s cash position of about $300 million should provide a significant portion of the funding required to bring this seafloor mining project into production. Nautilus has partnered with Teck Cominco Limited (NYSE: TCK) on a currently ongoing $12 million exploration program. Holding more than 360,000 km2 of tenement licenses and exploration applications in the exclusive economic zones and territorial waters of Papua New Guinea, Fiji, Tonga, the Solomon Islands, and New Zealand, Nautilus is well-positioned to make additional underwater discoveries going forward. If

27 AUGMENT PARTNERS, INC. © 2008

Nautilus can demonstrate success on its first project, this massive land package could potentially become very valuable.

The Metal Augmentor © 2008

We don’t own any shares nor have we ever received compensation in any form from Nautilus Minerals.

28 AUGMENT PARTNERS, INC. © 2008

Price: Shares Outstanding (O/S): Market Cap. (MC): Options: Warrants:

Orvana Minerals Corp. (TSX: ORV)
C$0.56 115.2M Shares Fully Diluted (F/D): C$64.5M 3.0M 0 Fully Diluted MC: Avg. Opt. Exercise Price: Avg. War. Exercise Price:

The Metal Augmentor © 2008
Click Here for Technical Analysis Chart 118.2M C$66.2M C$0.90 n/a

Unrestricted Assets Cash & Short Term Inv: Marketable Investments: Other Liquid Assets: Debt: Breakup Value (BV): MC – BV: C$87.5M C$0 C$0 C$4.5M C$83.0M C$(18.5)M ABCP/etc:

Restricted Assets C$0 C$0 C$0 C$7.6M June 30, 2008

Cash Cost of Property: Other: Quarterly Run Rate: Last Financial Filing:

www.orvana.com

Orvana’s Don Mario Mine produces approximately 15,000 to 20,000 ounces of gold per quarter at a cash cost of under US$200 per ounce. This resulted in US$7.1 million or US$0.06 per share earnings in the latest quarter. Meanwhile, free cash flow for the quarter was more than US$9 million. The company plans to extend the life of the Don Mario mine to the third quarter of 2010 and at the current rate that would mean another US$50 million in production cash flows. There are plans afoot to acquire prospective projects with the more than US$80 million cash hoard, but management does not appear to be in a hurry. In the meantime, the company trades at a significant discount to its cash even on a fully diluted basis. We own shares in Orvana but have received no compensation in any form from the company.

29 AUGMENT PARTNERS, INC. © 2008

Price:

Shares Outstanding (O/S): Market Cap. (MC): Options: Warrants:

Pacific North West Capital Corp. (TSX: PFN)
C$0.17 61.7M Shares Fully Diluted (F/D): C$10.2M 6.3M 9.8M Fully Diluted MC: Avg. Opt. Exercise Price: Avg. War. Exercise Price:

The Metal Augmentor © 2008
Click Here for Technical Analysis Chart 77.8M

C$12.8M C$0.63 C$0.69

Unrestricted Assets Cash & Short Term Inv: Marketable Investments: Other Liquid Assets: Debt: Breakup Value (BV): MC – BV: C$8.6M C$0.4M C$0 C$0 C$9.0M C$1.2M ABCP/etc:

Restricted Assets C$0 C$0 C$0 C$(1.0)M July 31, 2008

Cash Cost of Property: Other: Quarterly Burn Rate: Last Financial Filing:

www.pfncapital.com

As of August 2008, Pacific North held about C$9 million of cash, leaving it with sufficient funds for operating expenses over the next 12 months. The company has total spending commitments of approximately C$2.5 million to earn an interest in optioned properties. Pacific North has an interest in a number of PGM and nickel properties located throughout Canada, none of which are given any value in the breakup value calculation. River Valley, located within Sudbury, is the company’s most advanced project. The project hosts a near surface, NI 43-101 Measured, Indicated, and Inferred resource of 1.1M oz. palladium, 0.4M oz. platinum, and 63,400 oz. gold. The project is a 50/50 joint-venture with Anglo Platinum, which can earn up to a 65% interest by taking the project to production. Anglo Platinum has already expended approximately C$22 million on this project. Assuming Anglo continues to advance River Valley towards feasibility, at the very least this should put a floor under the price of Pacific North given the value of the current resource. Pacific North also boasts a number of other high-profile partners on its remaining projects, such as Stillwater Mining Co. (NYSE: SWC) and Xstrata plc (LSE: XTA.L), and all of these projects have been given a value of zero in the breakup value calculation.

30 AUGMENT PARTNERS, INC. © 2008

We don’t own any shares nor have we ever received compensation in any form from Pacific North West Capital.

The Metal Augmentor © 2008

31 AUGMENT PARTNERS, INC. © 2008

Price: Shares Outstanding (O/S): Market Cap. (MC): Options: Warrants:

C$1.34

114.0M

Pinetree Capital Ltd. (TSX: PNP)
Fully Diluted MC: Avg. Opt. Exercise Price: Avg. War. Exercise Price:

The Metal Augmentor © 2008
Click Here for Technical Analysis Chart 133.6M C$179.0M C$5.46 C$9.89 Shares Fully Diluted (F/D):

C$152.8M 6.4M 13.2M

Unrestricted Assets Cash & Short Term Inv: Marketable Investments: Other Liquid Assets: Debt: Breakup Value (BV): MC – BV: C$ nil C$223.0M C$0 C$68.3M C$203.2M C$(50.3)M ABCP/etc:

Restricted Assets C$0 C$0 C$48.4M C$(6.0)M June 30, 2008

Cash Cost of Property: Other: Quarterly Burn Rate: Last Financial Filing:

www.pinetreecapital.com

Pinetree is a diversified investment, financial advisory and merchant banking firm focused on the smallcap market primarily within the uranium, oil & gas, molybdenum, precious metals, potash, rare earths, and base metals sectors. Pinetree also has a small amount of investments in the biotechnology, energy related technology, and technology sectors. As of June 30, 2008, Pinetree held “Marketable Investments” in over 70 companies, which means that unlike other firms such as Sprott Molybdenum Participation Corp., its relatively small positions are spread throughout many companies and sectors. That should theoretically allow Pinetree to be relatively more nimble in acquiring and divesting. On the other hand, the sheer number of positions may call into question whether Pinetree has a clear portfolio strategy or whether it is simply diversifying for the sake of diversification. Marketable Investments as of June 30, 2008 have been adjusted to current prices but do not reflect any purchases or sales that may have taken place since that date. Importantly, Pinetree’s marketable investments consist of a very substantial number of warrants across many different companies, all of which have conservatively been given zero value.

32 AUGMENT PARTNERS, INC. © 2008

The “Other” category under restricted assets is made up of positions in private companies, and given the current market conditions it may be prudent to discount this amount by 50 percent. Insiders began buying in mid-July 2008, and have since acquired approximately 330,000 shares at market prices as of early September 2008. Subsequent to June 30, 2008, Pinetree completed a brokered financing which raised aggregate gross proceeds of C$43.2 million through the issuance and sale of 17.3 million units of the company at a price of C$2.50 per unit, which includes one common share and one purchase warrant exercisable at C$3.50. We don’t own any shares nor have we ever received compensation in any form from Pinetree Capital.

The Metal Augmentor © 2008

33 AUGMENT PARTNERS, INC. © 2008

Price:

Shares Outstanding (O/S): Market Cap. (MC): Options: Warrants:

Southwestern Resources Corp. (TSX: SWG)
C$0.56 44.9M Shares Fully Diluted (F/D): C$25.2M 3.4M 0 Fully Diluted MC: Avg. Opt. Exercise Price: Avg. War. Exercise Price:

The Metal Augmentor © 2008
Click Here for Technical Analysis Chart 48.3M

C$27.1M C$0.65 n/a

Unrestricted Assets Cash & Short Term Inv: Marketable Investments: Other Liquid Assets: Debt: Breakup Value (BV): MC – BV: C$23.0M C$3.9M C$0 C$0 C$26.9M C$(1.7)M ABCP/etc:

Restricted Assets C$0 C$0 C$0 C$(3.0)M June 30, 2008

Cash Cost of Property: Other: Quarterly Burn Rate: Last Financial Filing:

www.swgold.com

On September 10, 2008, Southwestern Resources announced it will settle a class action lawsuit by shareholders whereby the company will make a cash payment up to C$S7.5 million. This will reduce the above cash position by a corresponding amount. Southwestern Resources holds a 48.2% interest in Zincore Metals (TXS: ZNC) (approx. 38.2 million shares). The company also holds 6.5% of Northern Superior Resources (TSX-V: SUP) (approx. 4.1 million shares). Southwestern Resources is currently evaluating its options including its significant landholdings in Peru, two of which are joint ventures with Hochschild Mining and Yamana Gold. It should be noted that, as announced on August 21, 2008, Hochschild acquired its 50% interest in the Liam project (the other 50% is held by Southwestern Resources) along with related assets from Newmont Peru for cash consideration of US$33.3 million. That implies a potentially significant valuation to the other 50% of the Liam project held by Southwestern Resources, yet the market is currently giving zero value to the project. We don’t own any shares nor have we ever received compensation in any form from Southwestern Resources.

34 AUGMENT PARTNERS, INC. © 2008

Price:

Shares Outstanding (O/S): Market Cap. (MC): Options: Warrants:

Sprott Molybdenum Participation Corp. (TSX: MLY)
C$2.80 40.4M Shares Fully Diluted (F/D): 40.6M C$113.1M 0.2M 0 Unrestricted Assets Fully Diluted MC: Avg. Opt. Exercise Price: Avg. War. Exercise Price: C$113.6M C$5.31 n/a

The Metal Augmentor © 2008
Click Here for Technical Analysis Chart

Restricted Assets ABCP/etc: Cash Cost of Property: Other: Quarterly Burn Rate: Last Financial Filing: C$0 C$0 C$0 C$(1.3)M June 30, 2008

Cash & Short Term Inv: Marketable Investments: Other Liquid Assets: Debt: Breakup Value (BV): MC – BV:

C$23.4M C$143.8M C$19.8M C$0 C$187.0M C$(73.9)M

www.sprottmoly.com

Sprott Molybdenum Participation Corp. (SMPC) is an investment holding company which invests in molybdenum assets— primarily companies focused on exploring for, mining, and/or processing molybdenum. SMPC’s portfolio of molybdenum assets is relatively small, consisting of about 20 different molybdenum explorers, producers, and/or processors, as well some physical molybdenum—included in “Other Liquid Assets” above—of which SMPC plans to sell the balance by the end of 2008. “Marketable Investments” as of June 30, 2008 have been adjusted to current prices but do not reflect any purchases or sales that may have taken place since that date. SMPC’s portfolio also includes a number of substantial warrant positions, none of which have been given any value in the above table. SMPC has been engaged in a share buyback program, having purchased and cancelled 3.0 million shares during the six months ended June 30, 2008. We don’t own any shares nor have we ever received compensation in any form from Sprott Molybdenum Participation Corporation.

35 AUGMENT PARTNERS, INC. © 2008

Price:

Shares Outstanding (O/S): Market Cap. (MC): Options: Warrants:

Staccato Gold Resources Ltd. (TSX-V: CAT)
C$0.10 99.8M Shares Fully Diluted (F/D): C$10.0M 8.2M 47.1M Fully Diluted MC: Avg. Opt. Exercise Price: Avg. War. Exercise Price:

The Metal Augmentor © 2008
Click Here for Technical Analysis Chart 155.1M

C$15.5M C$0.43 C$0.50

Unrestricted Assets Cash & Short Term Inv: Marketable Investments: Other Liquid Assets: Debt: Breakup Value (BV): MC – BV: C$12.7M C$0 C$0 C$0 C$12.7M C$(2.8)M ABCP/etc:

Restricted Assets C$0 C$0 C$0 C$(0.5)M April 30, 2008

Cash Cost of Property: Other: Quarterly Burn Rate: Last Financial Filing:

www.staccatogold.com

Staccato has five gold exploration projects in various stages of exploration in the Carlin, Cortez/Battle Mountain, and Independence Trends in North-eastern Nevada, including a 70/30 joint venture with Barrick Gold Corporation (NYSE: ABX). Two of these properties have NI 43-101 compliant Measured, Indicated, and Inferred resources totaling approximately 1.1 million ounces gold (~1.4g/t cut-off). The company has future minimum property payments and exploration expenditures of under C$0.6 million per year. A 6,000m drill program has recently commenced on Staccato’s 100% owned flagship South Eureka property (current defined resources of ~0.9 million ounces gold). Insiders have been very heavy buyers since late July 2008, purchasing about 3.5 million shares at an average market price of about $0.11 as of early September 2008. We don’t own any shares nor have we ever received compensation in any form from Staccato Gold Resources.

36 AUGMENT PARTNERS, INC. © 2008

Price: Shares Outstanding (O/S): Market Cap. (MC): Options: Warrants:

Strategic Metals Ltd. (TSX-V: SMD)
C$0.38 58.0M Shares Fully Diluted (F/D): C$21.7 5.3M 12.5M Fully Diluted MC: Avg. Opt. Exercise Price: Avg. War. Exercise Price:

The Metal Augmentor © 2008
Click Here for Technical Analysis Chart 75.7M C$28.4 C$0.56 C$1.17

Unrestricted Assets Cash & Short Term Inv: Marketable Investments: Other Liquid Assets: Debt: Breakup Value (BV): MC – BV: C$17.5M C$3.6M C$0 C$0 C$23.9M C$(2.1)M ABCP/etc:

Restricted Assets C$0 C$0 C$2.8M C$(0.4)M June 30, 2008

Cash Cost of Property: Other: Quarterly Burn Rate: Last Financial Filing:

www.strategicmetalsltd.com

Strategic Metals uses the “generative business model” which involves farming out projects to joint venture partners who incur exploration expenditures while retaining an equity interest in the project and receiving cash payments, royalties or shares in the JV partner. According to Strategic Metals, this business model minimizes shareholder exposure to exploration risk and minimizes shareholder dilution because expenditures are made by a third party. The model also protects shareholders in the case of a major discovery because an equity or royalty interest is retained in each farmed-out project. Meanwhile, this strategy allows the company to accumulate cash for protection against market downturns or to use if exceptional opportunities arise. Strategic Metals holds shares in a number of current and past exploration JV partners, including almost 9 million shares in Rockhaven Resources Ltd. (TSX-V: RK). The value of these shares should be discounted to reflect that approximately 8 million shares are escrowed until 2010. Strategic Metals has insignificant spending commitments related to its large project portfolio due to its use of the “generative business model”. The company’s exploration pipeline is very active it will directly and indirectly participate in several substantial drill programs throughout the rest of 2008 and beyond. With around 35 properties available for joint-venture, spin-out, or outright sale, another 20 under option, and several NSR royalties, Strategic Metals seems to offer attractive value besides the fact that it sports a breakup value exceeding its market capitalization.

37 AUGMENT PARTNERS, INC. © 2008

We own shares in Strategic Metals but have received no compensation in any form from either the company or any of its joint venture partners.

The Metal Augmentor © 2008

38 AUGMENT PARTNERS, INC. © 2008

Price: Shares Outstanding (O/S): Market Cap. (MC): Options: Warrants:

C$0.45 27.0M

Talon Metals Corp. (TSX: TLO)
Fully Diluted MC:

The Metal Augmentor © 2008
Click Here for Technical Analysis Chart 29.6M C$13.3M C$1.20 n/a Shares Fully Diluted (F/D):

C$12.2M 2.5M 0

Avg. Opt. Exercise Price: Avg. War. Exercise Price:

Unrestricted Assets Cash & Short Term Inv: Marketable Investments: Other Liquid Assets: Debt: Breakup Value (BV): MC – BV: C$12.8M C$1.8M C$0 C$0 C$14.7M C$(2.5)M ABCP/etc:

Restricted Assets C$0 C$0 C$0 C$(0.9)M June 30, 2008

Cash Cost of Property: Other: Quarterly Burn Rate: Last Financial Filing:

www.talonmetals.com

Talon has up to approx. $1 million in property payment and exploration commitments over the next 12 months and can elect to modify its current exploration budget to conserve cash. Talon holds 2.5 million shares in Beadell Resources Ltd. (ASX: BDR) and 4.9 million shares of Brazauro Resources Corp. (TSX-V: BZO). Talon also has several interesting-looking projects in Brazil including Sao Jorge where it has delineated 343,000 oz. of gold in the Indicated category. We don’t own any shares nor have we ever received compensation in any form from Talon Metals.

39 AUGMENT PARTNERS, INC. © 2008

Price: Shares Outstanding (O/S): Market Cap. (MC): Options: Warrants:

C$0.05

445.4M

Tiomin Resources Inc. (TSX: TIO)
Shares Fully Diluted (F/D): Fully Diluted MC: Avg. Opt. Exercise Price: Avg. War. Exercise Price:

The Metal Augmentor © 2008
Click Here for Technical Analysis Chart 584.2M C$26.3M C$0.12 C$0.54

C$20.0M 40.4M 98.4M

Unrestricted Assets Cash & Short Term Inv: Marketable Investments: Other Liquid Assets: Debt: Breakup Value (BV): MC – BV: C$23.7M C$0 C$0 C$0 C$25.7 C$(5.7)M ABCP/etc:

Restricted Assets C$0 C$2.0M C$0 C$(2.0)M June 30, 2008

Cash Cost of Property: Other: Quarterly Burn Rate: Last Financial Filing:

www.tiomin.com

Tiomin owns the interesting Kwale Titanium Project, regarding which a memorandum of understanding was reached on July 28, 2008 whereby Jinchuan Group Ltd. would invest $25 million into the project to earn a 70% interest. Jinchuan would be responsible for advancing all funds required to bring the project to production and after repayment of these funds, profits are to be shared 70/30 by Jinchuan and Tiomin respective. This transaction values Tiomin’s retained 30% interest at potentially $10 million on a breakup basis. Tiomin has also earned a 49% interest in the Pukaqaqa copper-gold project in Peru. The project contains 2 billion pounds of copper in Indicated and Inferred Resources at a 0.3% cutoff as well as 500,000 oz. gold. Tiomin also owns 4 million shares and 4 million warrants of Kivu Gold Corp. (acquired for $2 million in February 2008), a private company operating in China. This has been given zero value in calculating Tiomin’s breakup value. We don’t own any shares nor have we ever received compensation in any form from Tiomin Resources.

40 AUGMENT PARTNERS, INC. © 2008

Price:

Shares Outstanding (O/S): Market Cap. (MC): Options: Warrants:

Tri Origin Exploration Ltd. (TSX-V: TOE)
C$0.30 51.0M Shares Fully Diluted (F/D): C$15.3M 2.3M 0 Fully Diluted MC: Avg. Opt. Exercise Price: Avg. War. Exercise Price:

The Metal Augmentor © 2008
Click Here for Technical Analysis Chart 53.3M

C$16.0M C$0.79 n/a

Unrestricted Assets Cash & Short Term Inv: Marketable Investments: Other Liquid Assets: Debt: Breakup Value (BV): MC – BV: C$ nil C$15.6M C$0 C$0.5M C$17.0M C$(1.7)M ABCP/etc:

Restricted Assets C$1.9M C$0 C$0 C$(1.0)M March 31, 2008

Cash Cost of Property: Other: Quarterly Burn Rate: Last Financial Filing:

www.triorigin.com

Tri Origin Exploration (TOE) holds 49 million shares of its Australian-traded subsidiary, Tri Origin Minerals Ltd (ASX: TRO). In addition, TOE holds C$1.8M of asset-backed commercial paper marked down to fair value (cost of C$2.5M), which may become liquid at some point in the future. TOE has little to no available cash and has been relying on a credit facility secured by its illiquid ABCP holdings. TOE also has some exploration properties which appear to have significant potential, including projects in the Red Lake district and Abitibi Greenstone Belt. The company has also recently entered into an agreement with OZ Minerals, which is one of the largest diversified mining companies operating in Australia. This agreement requires that OZ fund TOE’s Canadian exploration expenditures to identify new projects up to C$750,000 per year, which may significantly reduce TOE’s cash burn rate. TOE’s appears to be an arbitrage opportunity solely on the basis of the trading price of its Australian subsidiary, with some upside for the resolution of its ABCP and the value of its own exploration projects. Of course, should the share price of the Australian subsidiary decline, the arbitrage opportunity might go away. Currently, Tri Origin Minerals trades near a 52-week low. We don’t own any shares nor have we ever received compensation in any form from either Tri Origin Exploration or Tri Origin Minerals.

41 AUGMENT PARTNERS, INC. © 2008

Price: Shares Outstanding (O/S): Market Cap. (MC): Options: Warrants:

U.S. Energy Corp. (NASDAQ: USEG)
$2.29 23.5M Shares Fully Diluted (F/D): $53.9M 3.6M 0.9M Fully Diluted MC: Avg. Opt. Exercise Price: Avg. War. Exercise Price:

The Metal Augmentor © 2008
Click Here for Technical Analysis Chart 28.1M $64.4M $3.74 $3.61

Unrestricted Assets Cash & Short Term Inv: Marketable Investments: Other Liquid Assets: Debt: Breakup Value (BV): MC – BV: $9.9M $60.9M $0 $13.9M $73.8M $(19.9)M ABCP/etc:

Restricted Assets $0 $7.0M $9.9M $(2.0)M June 30, 2008

Cash Cost of Property: Other: Quarterly Burn Rate: Last Financial Filing:

www.usnrg.com

All amounts are in US Dollars unless otherwise noted.

Most of U.S. Energy’s liquid assets are held in the form of U.S. Treasuries with maturities greater than 3 months ($60.3 million at June 30, 2008). U.S. Energy is developing a multi-unit apartment project in Wyoming that may require the company to fund up to $14 million if a permanent loan cannot be obtained and none of the units are sold (worst case scenario). That does not represent an additional commitment above the amounts reflected in the table above (project debt of US$14 million, $7 million spent on the property so far, and $4.9 million secured investments held in U.S. Treasuries reflected in “Other”) but it could reduce breakup value by up to $14 million. U.S. Energy had budgeted $5 million in expenditures related to its Lucky Jack molybdenum project for the remainder of 2008. Importantly, on August 19, 2008 US Energy entered into an agreement with Thompson Creek Metals Company Inc. (TSX:TCM; NYSE:TC) whereby Thompson Creek will have the ability to earn up to a 75% interest in the Lucky Jack molybdenum project by expending up to $400 million. This comes soon after US Energy’s prior partner, Kobex Resources Ltd. (TSX-V: KBX), terminated its agreement due to its perception of uncertainties in the regulatory and legal environment for developing the property.

42 AUGMENT PARTNERS, INC. © 2008

On August 22, 2008, U.S. Energy announced it had sold its interest in Sutter Gold Mining Inc. (TSX-V: SGM) for C$5.4 million, net of a C$0.5 million private placement. After the transaction, U.S. Energy will have approximately 8 million shares of Sutter (4.5 million shares with a 4 month holding period), warrants to purchase 2.2 million Sutter shares at $0.15/share, and a 5% Net Profits Royalty which will be reduced to 1% after U.S. Energy receives $4.6 million from production. We have estimated the value of the Sutter transaction to be $5.0 million and included it as “Other” in the table above. Effective June 22, 2007, US Energy approved a share buyback program for up to $5.0 million. Through June 30, 2008, the Company had repurchased 0.78 million shares of its common stock (including 0.55 million in 2008 for $1.9 million). The company’s breakup value does not include any value attributed to the company’s Lucky Jack molybdenum project, its oil and gas interests, its 4% Net Profits Royalty on the Green Mountain uranium property in Wyoming owned and operated by Rio Tinto, or the up to $40 million in payments from Uranium One starting in 2010 (including initial payment of up to $27.5 million). We don’t own any shares nor have we ever received compensation in any form from U.S. Energy.

The Metal Augmentor © 2008

43 AUGMENT PARTNERS, INC. © 2008

Price: Shares Outstanding (O/S): Market Cap. (MC): Options: Warrants:

C$0.64 23.1M

U3O8 Corp. (TSX-V: UWE)
Fully Diluted MC:

The Metal Augmentor © 2008
Click Here for Technical Analysis Chart 25.5M C$16.3M C$2.03 C$2.50 Shares Fully Diluted (F/D):

C$14.8M 1.9M 0.6M

Avg. Opt. Exercise Price: Avg. War. Exercise Price:

Unrestricted Assets Cash & Short Term Inv: Marketable Investments: Other Liquid Assets: Debt: Breakup Value (BV): MC – BV: C$17.4M C$0 C$0 C$0.7M C$16.7M C$(2.0)M ABCP/etc:

Restricted Assets C$0 C$0 C$0 C$(3.0)M June 30, 2008

Cash Cost of Property: Other: Quarterly Burn Rate: Last Financial Filing:

www.u3o8corp.com

U3O8 Corp. expects to spend about C$3.0 million on exploration over the next 18 months. The company is making good progress on its Prometheus Uranium project in Guyana. A 77-hole, phase III drill program (13,600m) was recently completed on the project’s Aricheng South structure. Similarly, a 53-hole, 8,831m Phase III program on Aricheng North was also recently completed and all assay results are in the process of being received. An initial resource estimate on both these structures is expected in Q4 2008. Meanwhile, a Phase I drill program is taking place on the Accori North area. Infill drilling is expected to continue into late 2008, with a resource estimate planned for early 2009. Typical intersections across these structures have ranged from 10-20m of 0.10%-0.20% U3O8. We don’t own any shares nor have we ever received compensation in any form from U3O8 Corporation.

44 AUGMENT PARTNERS, INC. © 2008

Price: Shares Outstanding (O/S): Market Cap. (MC): Options: Warrants:

C$0.25 53.2M

Volta Resources Inc. (TSX: VTR)
Fully Diluted MC: Avg. Opt. Exercise Price: Avg. War. Exercise Price:

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Click Here for Technical Analysis Chart 58.1M C$14.5M C$0.94 n/a Shares Fully Diluted (F/D):

C$13.3M 4.9M 0

Unrestricted Assets Cash & Short Term Inv: Marketable Investments: Other Liquid Assets: Debt: Breakup Value (BV): MC – BV: C$11.0M C$2.9M C$0 C$0 C$13.9M C$(0.7)M ABCP/etc:

Restricted Assets C$0 C$0 C$0 C$(1.0)M June 30, 2008

Cash Cost of Property: Other: Quarterly Burn Rate: Last Financial Filing:

www.voltaresources.com

“Marketable Investments” reflected in the table above consist of 10 million shares of Apex Minerals NL (ASX: AXM). The breakup value assumes that Gaoua, Kampti, and various other prospects located in Burkina Faso are worthless. At Gaoua, Volta has partnered with Freeport McMoRan Exploration Corporation, a subsidiary of Freeport McMoRan Copper and Gold Inc. (NYSE: FCX) where a 12,000m drill program is currently underway-- significant drill results include 106m of 0.66% copper and 0.49g/t gold, and 224m of 0.52% copper and 0.19g/t gold. At Kampti, Volta is currently carrying out a 5,000m program targeting gold, with recent results such as 3m of 63.52g/t gold. We don’t own any shares nor have we ever received compensation in any form from Volta Resources.

45 AUGMENT PARTNERS, INC. © 2008

Price:

Shares Outstanding (O/S): Market Cap. (MC): Options: Warrants:

Wallbridge Mining Company Ltd. (TSX: WM)
C$0.16 88.8M Shares Fully Diluted (F/D): C$14.2M 10.1M 12.8M Fully Diluted MC: Avg. Opt. Exercise Price: Avg. War. Exercise Price:

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Click Here for Technical Analysis Chart 111.7M

C$17.9M C$0.44 C$0.91

Unrestricted Assets Cash & Short Term Inv: Marketable Investments: Other Liquid Assets: Debt: Breakup Value (BV): MC – BV: C$4.4M C$10.0M C$0 C$1.0M C$13.4M C$0.8M ABCP/etc:

Restricted Assets C$0 C$0 C$0 C$(2.0)M June 30, 2008

Cash Cost of Property: Other: Quarterly Burn Rate: Last Financial Filing:

www.wallbridgemining.com

Wallbridge has commitments to spend roughly C$2.5 million on exploration properties by December 31, 2009, but is likely to spend at least 2-3x this amount especially given its aggressive drill program for 2008—10,000m on 11 properties. The company has a number of PGM exploration projects in Sudbury as well as a copper-moly-gold property in British Columbia and several gold properties in the Kirkland Lake gold camp which have recently been joint-ventured with Tanqueray Resources Ltd. (TSX-V: TQY). Wallbridge’s Sudbury properties include joint-venture arrangements with Xstrata Nickel (LSE: XTA), Impala Platinum Holdings Limited (JSE: IMP), and Lonmin Plc (LSE: LMI). With 10 million shares of Duluth Metals (TSX: DM) which are worth close to the company’s current market capitalization, Wallbridge is highly leveraged to Duluth’s performance. Investors are essentially receiving exposure to Wallbridge’s exploration projects at little to no cost. We don’t own any shares nor have we ever received compensation in any form from Wallbridge Mining.

46 AUGMENT PARTNERS, INC. © 2008

Price:

Shares Outstanding (O/S): Market Cap. (MC): Options: Warrants:

Western Uranium Corporation (TSX-V: WUC)
C$0.85 59.4M Shares Fully Diluted (F/D): 65.3M C$50.5M 3.2M 2.8M Fully Diluted MC: Avg. Opt. Exercise Price: Avg. War. Exercise Price:

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C$55.5M C$1.64 C$4.25

Unrestricted Assets Cash & Short Term Inv: Marketable Investments: Other Liquid Assets: Debt: Breakup Value (BV): MC – BV: C$51.5M C$6.8M C$0 C$0 C$58.3M C$(7.8)M ABCP/etc:

Restricted Assets C$0 C$0 C$0 C$(1.5)M June 30, 2008

Cash Cost of Property: Other: Quarterly Burn Rate: Last Financial Filing:

www.westernuraniumcorp.com

“Marketable Investments” consist of 15.2 million shares—or about 30%— of its recent spin-out, Western Lithium Canada Corporation (TSX-V: WLC). Western’s breakup value assumes that its 4 uranium properties located in New Mexico, Nevada, and northern Canada are worthless. The most advanced project, Kings Valley, contains about 23 million lbs. of uranium exposed at or near surface levels, of which 4.8M lbs. are NI 43-101 compliant Inferred resources—average grade of 0.08 percent. Western is currently drilling in Kings Valley. Finally, it is interesting to note that the company entered into a strategic alliance with Cameco Corporation (NYSE: CCJ) in August 2007, whereby Cameco has the right to earn a 70% interest on any of Western’s project if they represent a stand-alone deposit containing at least 15M lbs. of Indicated or better NI 43-101 uranium resources. To obtain this interest, Cameco must pay Western a minimum of $5.00 per pound of uranium resource and carry the project through feasibility. We don’t own any shares nor have we ever received compensation in any form from Western Uranium.

47 AUGMENT PARTNERS, INC. © 2008

Appendix A: Other Companies to Consider
Brinkley Mining Plc (AIM: BRM)

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Brinkley currently has a BP$5.6M MC versus BP$8.1M cash on hand at June 30, 2008. In July 2008, the company spent US$1.75M to acquire the remaining 30% stake in African Uranium. The quarterly burn rate, absent unusual one-time transactions, of BP$1-2M should allow the company to operate for some time without needing to raise funds. We don’t own any shares nor have we ever received compensation in any form from Brinkley Mining.

Continental Precious Metals Inc. (TSX: CZQ)
Don’t let the name fool you, this company is actually exploring for uranium in Sweden. The company had a treasury of over C$28M as of May 31, 2008 and currently sports a market capitalization of $C31.4M. Thus, the market is giving almost no value to the significant indicated and inferred resources consisting of (1) 20 million pounds of higher-grade uranium oxide and (2) 437 million pounds of lowgrade uranium oxide hosted in oil shale. At the current burn rate, the company could support exploration and other costs for several years. We don’t own any shares nor have we ever received compensation in any form from Continental Precious Metals.

Crescent Gold Limited (TSX-V: CRA; ASX: CRA)
The Canadian listing of Crescent (TSX: CRA) is trading at a very large discount to its Australian listing (ASX: CRE). The company’s market capitalization on the basis of its Canadian share price (C$44.0M) is below the cash on hand as of June 30, 2008 (AU$49.6M). We should not that Crescent has likely spent a substantial amount of cash since June 30, 2008, and it also appears to have substantial liabilities including accounts payable and an AU$5M convertible debenture that would reduce breakup value below its current Canadian market capitalization. The price arbitrage, however, between the Canadian shares (C$0.065) and Australian shares (AU$0.115) appears interesting. We don’t own any shares nor have we ever received compensation in any form from Crescent Gold.

48 AUGMENT PARTNERS, INC. © 2008

International Nickel Ventures Corp. (TSX: INV)

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International Nickel (INV) currently trades near its cash position reported on June 30, 2008, giving no value for its Canadian and Brazilian projects which include the Santa Fe nickel laterite project. Santa Fe is a joint venture with Teck Cominco beneficially owned 20% by INV and carried on the company’s books at C$17M (representing property option payments). The company’s exploration budget appears somewhat flexible and should allow the current C$3M per quarter burn rate to be reduced. We don’t own any shares nor have we ever received compensation in any form from International Nickel Ventures.

MAX Resources Corp. (TSX-V: MXR)
MAX had approx. C$7M of cash at June 30, 2008 compared to a current market cap of C$6.5M. MAX has optioned a number of projects that would require exploration expenditures and option payments totaling more than C$2M over the next 12 months to remain in good standing. Assuming that MAX management picks and chooses among the most prospective projects in the current tough environment, there may not be a need for a financing any time soon. We don’t own any shares nor have we ever received compensation in any form from MAX Resources.

New Oroperu Resources Inc. (TSX-V: ORO)
While New Oroperu holds just C$1.2M of cash at June 30, 2008, it has no project expenditures and only minimal administrative expenses—under C$0.2M per quarter. The company receives a C$0.2M annual cash option payment from Barrick Gold, which is currently earning a 70% interest in the company’s 100% owned Tres Cruces project in Peru. Recent drill results from this project included the highlight hole of 228m grading 2.96g/t gold. The project also has a historical (non-43-101 compliant) resource estimate of 1.7 million ounces of gold at 1.59g/t—this does not include hole highlighted above or many other significant holes drilled by Barrick over the last several years. With just 16.2 million shares outstanding, 1.8 million options, zero warrants, no requirement in the near term to raise funds, and Barrick proceeding with baseline project studies for the development of the Tres Cruces project, New Oroperu represents an interesting option in a cash-strapped resource market.

49 AUGMENT PARTNERS, INC. © 2008

We own shares in New Oroperu but have never received compensation in any form from the company.

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Triex Minerals Corporation (TSX-V: TXM)
Triex had about C$12.5M of net cash at April 30, 2008 as compared to its current market capitalization of C$10.M. However, the company is extremely active in Canadian uranium exploration, and therefore its current cash position is likely to be several million dollars lower than what was last reported. We don’t own any shares nor have we ever received compensation in any form from Triex Minerals.

U.S. Silver Corporation (TSX-V: USA)
U.S. Silver has put approximately US$30M into its Galena project in Idaho during the past 2 years—more than US$15M to purchase it from Coeur d’Alene Mines and another US$15M in repairs, development, and resource expansion. The current market cap is C$32M (US$30.3M), about the same as the cash investment in the mine, and that does not account for the US$20M in working capital as of June 30, 2008 (currently estimated to be US$15M). We own shares in U.S. Silver but have never received compensation in any form from the company.

50 AUGMENT PARTNERS, INC. © 2008

Appendix B: Technical Analysis Charts
By Roy Martens Charts begin on the following page.

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51 AUGMENT PARTNERS, INC. © 2008

Altius Minerals Corporation

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Committee Bay Resources Ltd.

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Dynamite Resources Ltd.

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Endeavour Financial Corporation

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Golden Arrow Resources Corporation

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IMA Exploration Inc.

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Mega Silver Inc.

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Minco Gold Corporation

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Mundoro Capital Inc.

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60 AUGMENT PARTNERS, INC. © 2008

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Nautilus Minerals Inc.

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61 AUGMENT PARTNERS, INC. © 2008

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Orvana Minerals Corp.

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Pacific North West Capital Corp.

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63 AUGMENT PARTNERS, INC. © 2008

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Pinetree Capital Ltd.

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Southwestern Resources Corp.

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Sprott Molybdenum Participation Corp.

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Staccato Gold Resources Ltd.

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Strategic Metals Ltd.

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68 AUGMENT PARTNERS, INC. © 2008

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Talon Metals Corp.

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69 AUGMENT PARTNERS, INC. © 2008

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Tiomin Resources Inc.

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70 AUGMENT PARTNERS, INC. © 2008

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Tri Origin Exploration Ltd.

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U.S. Energy Corp.

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72 AUGMENT PARTNERS, INC. © 2008

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U3O8 Corp.

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Volta Resources Inc.

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Wallbridge Mining Company Limited

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Western Uranium Corporation

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