Presentation Pulacayo

8/6/2019 Presentation Pulacayo

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TSX-V: APE

A Member of the Forbes & Manhattan Group of CompaniesTSX-V: APE

Advanced Proj ect sIn Wor ld Class

Si lver Dist r ict s

Corporate Presentation

April 2011


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Forward Looking Statements

Cautionary Note Regarding Forward-Looking Information This presentation contains "forward looking information" within the meaning of applicable Canadian

securities legislation. Forward looking information includes, but is not limited to, statements with respect to the future financial or operating performance of theCompany, its subsidiaries and its projects, statements regarding the potential acquisition of the Pulacayo property, the timing with respect to the completion of theproposed acquisition, the development of the Pulacayo project, statements regarding exploration prospects, and requirements for additional capital. Generally,forward looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget","scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certainactions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known andunknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materiallydifferent from those expressed or implied by such forward-looking information, including but not limited to: financing not being available at desired prices; generalbusiness, economic, competitive, political and social uncertainties; the actual results of current exploration activities; timing and availability of external financingon acceptable terms; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of mineral prices; failureof plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; and, delays in obtaininggovernmental approvals or required financing or in the completion of activities. Although the Company has attempted to identify important factors that could

cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated,estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially fromthose anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking information. The Company does not undertake toupdate any forward-looking information, except in accordance with applicablesecurities laws.

Investors are advised that National Instrument 43-101* of the Canadian Securities Administrators requires that each category of mineral reserves and mineral

resources be reported separately. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

Cautionary Note to U.S. Investors Concerning Estimates of Measured, Indicated or Inferred Resources

The information presented uses the terms measured, indicated and inferred mineral resources. United States investors are advised that while such terms

are recognized and required by Canadian regulations, the United States Securities and Exchange Commission does not recognize these terms. Inferred mineral

resources have a great amount of uncertainty as to their existence, and as to their economic and legal feasibility. It cannot be assumed that all or any part of an

inferred mineral resource will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of

feasibility or other economic studies. United States investors are cautioned not to assume that all or any part of measured or indicated mineral resources will ever

be converted into mineral reserves. United States investors are also cautioned not to assume that all or any part of an inferred mineral resource exists, or is

economicallyor legally mineable.

April 2011

*Chris Collins, a qualified person, as defined under NI 43-101 has reviewed and approved the

scientific and technical information contained in this presentation.


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Investment Highlights

April 2011

Silver Focus Price driven by both fabrication and store of wealth demand Bullish pricing environment

World Class AssetLocation

Potosi District Bolivia largest silver mining camp in the world Paleocene Gold Belt Chile world class epithermal and porphyry deposits

Advanced Projects

PEA complete for Pulacayo Project Three projects with N.I. 43-101 Resources totaling 77.6 million Oz of Silver Strong drilling results from Pulacayo drilling program

Clear Strategy

Accelerate production with high grade resources at Pulacayo and custom milling Production growth from increased resources at Pulacayo & lower cost ounces at Paca Cachinal project provides further upside

StrongShareholders 1

Part of the Forbes & Manhattan Group of Companies Technical and financial expertise to support the project to production Proven track record of building assets & companies

Attractive RelativeValuation

Valuation compares favourably to comparable silver developer peers

9.5% 6.8% 5.3% 3.6%


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Apogees Team

G Scott Paterson (Chairman)

Vice Chairman of NeuLion Inc., having served as Chairman from January 2002 toOctober 2008. He is Chairman of the Merry Go Round Childrens Foundation and aGovernor of Ridley College. From 1998 to December 2001, he was Chairman andCEO of Yorkton Securities Inc. and has also has served as the past Chairman of theCanadian Venture Stock Exchange and as a former Vice Chairman of the TSX

Stan Bharti

Professional Engineer with 25 years experience in mine engineering, mineoperations, corporate and project finance. CEO of Forbes & Manhattan

David Gower P. Geo. (Chief Executive Officer)

Former global manager nickel/PGMs at Noranda-Falconbridge -Xstrata. Led

discovery teams at Raglan, Sudbury, Mattagami in Canada: Falcondo in DominicanRepublic, Araguaia in Brazil, Kabanga in Tanzania and El Pillar in Mexico

Marilia Bento (Vice President Corporate Development)

Over 20 years of experience in the financial industry and Canadian capital markets,most recently as managing Director at Macquarie Capital Markets Canada Ltd. in theposition of the Head of Equity Capital Markets Canada. From June 2000 to November2007 Ms. Bento was on the Board of Directors of Orion Securities Inc.

Peter Bojtos P. Eng.

Professional engineer with more than 30 years of experience in mineral resourcedevelopment and financial markets

Maurice Colson Worked in the investment industry for more than 35 years and was for many years

managing director for a major Canadian investment dealer in the United Kingdom.Former President and CEO of Lithium One Resources

Francois Perron

President and Chief Executive Officer of Alexis Minerals Corporation and waspreviously the President and Chief Executive Officer of Golden Goose Resources.Previously he was involved in the financial markets as a resource-focued portfoliomanager for NBC Alternative Investments Caisse de dpt et placement du Qubec

Chris Collins P. Geo. (President)

23 years in mineral resource industry. Most recently as VP Exploration of GoldEagle Mines Ltd. 15 years with Noranda, in zinc-lead-silver projects and

underground operations. Advanced project experience in Brazil and Chile

Oscar Calero (Vice President Operations)

Over 20 years of engineering experience in mine operations and developmentprojects in both Peru and Canada. Most recently, Mr. Calero was theSuperintendant of Projects and Productivity at Volcan Compania Minera, apublicly traded Peruvian mining company. Previously, Mr. Calero held theposition of Manager of Underground Mine Planning and Projects, Peru, forHochschild Mining PLC, and Mine Operations Manager for Century MiningsSigma-Lemaque Operation in Val dOr, Quebec

David Hunter, C.A. (Chief Financial Officer)

Experience with some of the largest national accounting firms. He has extensiveexperience in setting up financial systems for growing companies. Aside frompublic accounting experience, he has served in senior financial roles includingChief Financial Officer, Vice President, Director and Controller in both public andprivate companies

Jennifer Wagner (Corporate Secretary)

A corporate securities lawyer who works as a legal consultant to various TSX andTSX Venture listed companies in the mining industry. Ms. Wagner previously

worked as a securities lawyer with a large Toronto firm

April 2011

Directors Management

Neil Ringdahl

Mining Engineer with 17 years experience including extensive operatingexperience in South America. Neil has held management positions with Anglo

Platinum, Golden Star Resources, Volcan Compana Minera and Ancash Mining

Grant Davey

Mining Engineer with close to 20 years experience in coal, platinum and goldmining industry

Consultants


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Bolivia A World Leader in Silver Mining

April 2011

Bolivia has a Long and Prolific Mining History

Cerro Rico de Potosi - production exceeding 2 billion ounces of silver since 1546 Past and future economic mainstay An emerging resource based market economy

Bolivia is looking for partners to contribute with capital, technology and human resources to help begin newdevelopment of the mining sector

The Bolivian Political Constitution guarantees legal certainty and respect for private investment in mining

New mining regulations expected in spring 2011

Mining sector GDP and share of national GDP

Source: Estadsticas del Sector Minero-Metalrgico, Ministry of Mining and Metallurgy (figures through 2008), Memoria Anual 2006-2009, Ministry of Mining and Metallurgy (figures 2009)

Mining is a large and rapidlygrowing portion of Bolivias GDP


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Recent Projects in Bolivia

April 2011

Recent Bolivian Mining Projects

Source: Public filings & company websites

There have been several recent, large-scale mine developments with successful outcomes in Bolivia

San Cristobal Mine

US$1,300 million

600,000 tonnes of

concentrate per year

First production:October 2007

San Bartolome Mine

US$238 million

Initial annual

production of 6-8million oz

First production:June 2008

San Vicente Mine

US$72 million

Expected annualproduction 2.8million oz

Facility startup:March 2009

Don Mario Mine

US$21 million

Initial throughputof 1,900 TPD

Commercialproduction: July2003



Pulacayo Deposit The First Step

Pulacayo produced more than 600 M Oz of silver, circa 1883 -1958

2nd largest silver mine in Bolivian history

Resources amenable to bulk mining

Accelerate development by utilizing historical workings Immediate access to higher grade resourcesCerro Rico de Potosi -

production exceeding 2 billion ounces of silver since 1546

April 2011



Pulacayo Deposit - Mineral Resources

Class Tonnes Silver (g/t) Zinc (%) Lead (%) Oz. Ag Oz. Ag Eq. 2

Combined Underground & Open Pit Resources

Total Indicated 7,003,000 53 1.42 0.63 11,933,000 31,280,000

Total Inferred1 9,556,000 75 1.46 0.61 23,042,000 49,434,000

1. The quantity and grade of reported inferred resources in this estimation are conceptual in nature and there has been insufficientexploration to define these inferred resources as an indicated or measured mineral resource. And it is uncertain if further exploration willresult in upgrading them to an indicated or measured mineral resource category.

2. Oz/t Ag equivalent grade = [((Ag g/t / 31.1035) x Ag Price x Ag Recovery) + (Zn% x Zn Price X Zn Recovery x 2204.622)+ (Pb% x PbPrice x Pb Recovery x 2204.622)]/ Ag Price . (Prices and metallurgical recoveries as used by Micon In ternational Ltd. in NI 43-101Technical Report).

3. Mineral Resources which are not mineral reserves do not have demonstrated economic viability.

Class Tonnes Silver (g/t) Zinc (%) Lead (%) Oz. Ag Oz. Ag Eq. 2

Underground Production Forecast at a cut-off value of 200 g/t Ag Equivalent

Indicated 1,793,000 143.36 2.06 1.05 8,264,000 13,780,000

Inferred 1 2,456,000 162.08 1.93 1.03 12,806,000 19,669,000

Mineral Resources - December 2008 Micon International Ltd

Preliminary Assessment Mineable Resources3 - June 2010 Micon International

Accelerate to production: Early access to higher grade ore from underground. Future expansion from underground and open pit resources.

April 2011



1. Initiate high grade mining and custommilling for early cash flow takeadvantage of current metal prices.

2. Ongoing drilling to increase resources

3. Large Mine Development:

Mining Method: Sub-level Open Stoping withbackfill

Production Rate Minimum 1800 tonnes per day

4. Mineral Processing

Zinc and lead concentrates by conventionalflotation processes, similar to existingoperations in the area

Silver reports primarily to the lead concentrate

55m

20m

24m

14m

Pulacayo Deposit Development

April 2011



Pulacayo Highlights:Ability to Utilize Existing Infrastructure

April 2011

Power High Voltage (220kV) line passes 10 km from site

Water Existing Reservoir located 12.6 km from Pulacayo

Road All weather road access 20 km from the railhead at Uyuni New paved road to Uyuni is almost complete

Rail

Rail lines from Potosi through Uyuni provide access to ports in Chile

Buildings/

Infrastructure

Significant buildings and infrastructure exists in Pulacayo COMIBOLs on-site fabrication shop is still in operation



Pulacayo Highlights:Progress with Community and Environment

April 2011

Community Relations

Environmental Considerations

Strong support for project from local community

Pulacayo Cooperative Partners in the project

Proactive relationship with the local authorities

Improving life quality for Pulacayo residents Apogeespresent and future workforce

Apogee has demonstrated support for economic diversificationthough sponsoring the development of the towns only bakery

Library Donation Basketball Court Donation

Ficha Ambiental - accepted December 2009

Baseline flora, fauna, soil, hydrology, and atmosphere studies

initiated February 2010

Medio Ambiente Mineira e Industria contracted tocomplete baseline studies for inclusion into environmentalimpact assessment study (EEIA)



Pulacayo Deposit Expansion

Deposit as traced by development extends 2.7 km along strike & 1.0 km to depth.

Vein System Projected to Surface

Systematic Drilling with NI 43-101 Resources

450 m

2010/2011 Resource Expansion Drilling

2011 Resource Expansion Drilling

350 m

Pulacayo Deposit Plan ViewWest East

April 2011



Pulacayo Deposit - Expansion

April 2011

Significant Drill Results Eastof Current Resources



PulacayoPreliminary Economic Analysis1

April 2011

$111.15

$52.13$6.53

$22.84

$24.44

$22.60

$12.77 $2.33

$163.29 $156.75

$119.06

$96.21

$71.77

NSRSilveronly

NSRCo-products N

SR

Royality(4%)

NetRevenue

Miningcosts

Processingcosts

G&A

NetOperatingMargin

CAPEX

Pre-TaxCashFlow

Taxation

After-TaxCashFlow

Cash OperatingCosts = $3 7.70

Pulacayo Cash Flow per US$/t Treated (Micon PEA Model)1Assumptions1

Sensitivity Analysis: Cash Flow per US$/t Treated Implied Annual Cash Flow (US$ mm)

Silve r Price$25.00 $30.00 $35.00 $40.00 $45.00

1,800 $43.88 $55.35 $66.82 $78.29 $89.75

2,000 $44.05 $55.52 $66.99 $78.45 $89.92

2,200 $44.23 $55.70 $67.17 $78.63 $90.10

2,400 $44.30 $55.76 $67.23 $78.70 $90.17

2,600 $44.42 $55.89 $67.36 $78.83 $90.29Throughput

(t/d)

Silve r Pr ice$25.00 $30.00 $35.00 $40.00 $45.00

1,800 $28.4 $35.9 $43.3 $50.7 $58.2

2,000 $31.7 $40.0 $48.2 $56.5 $64.7

2,200 $35.0 $44.1 $53.2 $62.3 $71.4

2,400 $38.3 $48.2 $58.1 $68.0 $77.9

2,600 $41.6 $52.3 $63.0 $73.8 $84.5Throughput

(t/d)

Ag Price: $37.16Pb Price: $1.23Zn Price: $1.07

Cut-Off Grade: 200 g/t Ag Eq.

Stand-AloneMill ing Complex: 1800 t/dayPre-productionCAPEX (US$ mm): $69.4

1 Spot prices assumed. Micon PEA was based on Silver $ US 14.78 Oz ; Zinc $US 1.11/lb ; Lead $US 1.04


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Tonnes Silver Lead Zinc Silver Lead Zinc Ag Eq.

(000s) (g/t) % % (000s Oz) (000s lbs) (000s lbs) (000s Oz)

Inferred 18,416 43 1.05% 2.06% 25,484 426,301 836,363 71,270

Pulacayo Highlights:Paca The Next Step

Pulacayo

Paca

Pacamayo

April 2011

Located 8 km North of Pulacayo deposit

Project will benefit from infrastructure developed at Pulacayo

Resource modeled at US$10.43 silver price

Micon N.I. 43-101 Inferred Resource (March 2007)1

Resource Model Assumptions

Resource Model Spot

A s sumpt ion 3- Mar -11 Del ta Ag Price $10.43 $34.23 228%

Zn Price $1.30 $1.12 -14%

Pb Price $0.55 $1.19 117%

Cutoff gross metal value: US$20

Open Pit Strip Ratio: 3.1:1

2

1. The quantity and grade of reported inferred resources in this estimation are conceptual in nature and there has beeninsufficient exploration to define these inferred resources as an indicated or measured mineral resource. And it is uncertain iffurther exploration will result in upgrading them to an indicated or measured mineral resource category.

2. Oz/t Ag equivalent grade = [((Ag g/t / 31. 10305) x Ag Price) + (Zn% x Zn Price x 2204.622)+ (Pb% x Pb Price x 2204.622)]/ AgPrice. (Assumes 100% metallurgical recovery).


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Chile

Bolivia

Paraguay

Peru

Brazil

Argentina

Cachinal

Pulacayo-Paca

Antofagasta

Cachinal

April 2011

Northern Chiles Paleocene Gold Belt. World class deposits:

Yamanas El Penon 7.0 million Oz of gold; >200million oz Silver

San Cristobal Gold Mine -700,000 Oz Gold

Hosts the Cachinal Epithermal System Historical production > 32 million Oz at grades up

to 700 g/t silver

NI 43-101 Resources - 21.3 M Oz Silver

Resource Expansion Potential

Open at depths below 150 meters

Potential for expansion along strike

Project HighlightsAsset Location


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Apogee Share Price

2011 Trading History

Note: As at December 31,2010

April 2011

$0.00

$0.10

$0.20

$0.30

$0.40

$0.50

$0.60

$0.70

$0.80

$0.90

$1.00

SharePrice(C$)

Jan. 18, 2011:Commenced additionalmetall urgical study on the PulacayoDeposit

Jan. 21, 2011:Entered into Definitive Agreement toacqure 100% interest in the Pulacayo-Paco Silver Project

0.0

1.0

2.0

1-Jan-11 1-Feb-11 1-Mar-11 1-Apr-11 1-May-11 1-Jun-11 1-Jul-11 1-Aug-11 1-Sep-11 1-Oct-11 1-Nov-11 1-Dec-11

Volume(mm

)

Capitalization

Basic FD Share Price (March 29, 2011) $0.315 $0.315

Basic Shares Outstanding 185.6 185.6

In-the-Money Options 94.1

Market Cap $58.5 $88.1

Less: Cash ($6.6) ($6.6)

Less: Option Proceeds ($18.7)

TEV $51.8 $62.8

Recent Drill Results

Date DDH Ag g/t Pb % Zn % Core Length (m)

18-Jan-11 PUD 156 217.49 0.99% 1.36% 6.4

18-Jan-11 PUD 158 172.26 0.64% 0.59% 5.0

18-Jan-11 PUD 159 479.43 0.41% 0.58% 21.0

24-Feb-11 PUD 162 144.11 0.01% 0.07% 2.6

24-Feb-11 PUD 163 235.24 0.13% 0.86% 8.8

24-Feb-11 PUD 169 413.25 0.20% 0.01% 8.0


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70

38

40

110

134

196

203

216

224

305

350

354

609

632

909

Apogee Minerals

Southern Andes

Oremex Resource

Kimber Resources

SilverCrest

Arian Silver

South American Silver

Silvermex Resources

Excellon Resources

Aurcana

Orko Silver

ECU Silver

Fortuna Silver

MAG Silver

Bear Creek

Tahoe Resources 2,244

Comparative Value of Resources

April 2011

Total Enterprise Value (C$ millions) Silver Oz (millions) TEV/Silver Oz (C$)

Source: Comparable analysis

78

13

49

57

37

43

322

147

37

47

135

152

74

90

530

317

$0.90

$2.82

$0.82

$1.91

$3.63

$4.59

$0.63

$1.47

$5.99

$6.43

$2.59

$2.34

$8.27

$7.04

$1.72

$7.08

Average = $3.82


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After-Tax NPV Analysis

Appendix A: After-Tax NPV Analysis


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Fortuna Silver

Excellon Resources

ECU Silver

Silvermex Resources

Arian Silver

Tahoe Resources

Bear Creek

MAG Silver

Orko Silver

Aurcana

South American Silver

SilverCrest

Kimber Resources

Southern Andes

Oremex Resource

Apogee Minerals

$0.00

$1.00

$2.00

$3.00

$4.00

$5.00

$6.00

$7.00

$8.00

$9.00

0 100 200 300 400 500 600

TEV/AgOz(C$)

Ag Grade (g/t)

Production

Feasibility Study

Pre Feasibility Study

Preliminary Economic AnalysisResources

Relative Size

(Ag Oz)

Silver Developer Comparables (Contd)

Benchmarking Analysis

Apogee is trading at a discount to silver developer peers on a TEV/Ag Oz basis

Source: Comparable analysis

April 2011


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$1.35

$0.32

$1.72

NPV/Share (FD) Current Trading/Target

5.5x

Comparable NPV Analysis

Comparable Analysis Detail

87

59

21.0

216

361382

Pulacayo Paca Cachinal Project NPV Option

Proceeds

Apogee NPV

Apogee NPV1 Benchmarking

Silver NPV 10 Spot 29-Mar-11

Company Source Spot Price (US$ mm) Per Share (FD) Price NPV Multiple

Tahoe Resources BMO Research (Jan. 2011) $28.31 2,160.6 $15.12 $19.60 1.30x

Fortuna Silver BMO Research (Jan. 2011) $28.31 507.1 $4.05 $5.09 1.26x

Average 1.28x

Comparables are trading at 1.3x Spot NPV (10%)

Source: See appendix A


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Comparable Cash Flow Analysis

Comparable Analysis Detail1 Illustrative Apogee Value

(All monetary figures in C$) 29-Mar-11 Price/ CFPS

Price Market Cap TEV 2011 2012 2013

Fresnillo PLC $10.04 $7,200.2 $7,055.1 11.2x 9.8x 9.2x

Pan American Silver Corp. $35.36 $3,812.1 $3,487.2 12.6x 11.6x 11.0x

Coeur d`Alene Mines Corporation $35.09 $3,141.0 $3,272.0 9.5x 6.8x 5.7x

Hecla Mining Co. $9.13 $2,548.8 $2,262.4 13.2x 12.3x 14.8x

Silver Standard Resources Inc. $28.96 $2,313.2 $2,166.9 nmf 17.0x 12.7x

First Majestic Silver Corp. $19.25 $1,923.8 $1,885.9 20.1x 13.4x 13.2x

Hochschild Mining PLC $4.14 $1,398.4 $1,536.2 5.7x 5.7x 6.4x

Bear Creek Mining Corp. $10.33 $950.0 $831.5 neg neg 22.4xEndeavour S ilver Corp. $9.01 $735.7 $648.4 12.2x 9.9x 16.1x

Fortuna Silver Mines Inc. $5.09 $563.5 $508.4 14.4x 9.2x 10.7x

Orko Silver Corp. $2.47 $315.8 $301.9 neg neg 14.2x

A djusted Mean 12.2x 11.0x 12.7x

Median 12.4x 9.9x 12.7x

A verage 12.4x 10.6x 12.4x

Note: Figures in Bold are excluded from the Adjusted Mean

Sensitivity Analysis: Implied Apogee Share Price

Ass umed Pulacay o A fter -Tax Cash Flow

$30.0 $40.0 $50.0 $60.0 $70.0

9.0x $1.54 $1.85 $2.17 $2.49 $2.80

10.0x $1.64 $1.99 $2.35 $2.70 $3.05

11.0x $1.75 $2.13 $2.52 $2.91 $3.30

12.0x $1.85 $2.28 $2.70 $3.12 $3.54

13.0x $1.96 $2.42 $2.87 $3.33 $3.79Illustrative

CF

M

ultiple

Assumed Annual Pulacayo Cash Flow (C$mm) $50.0

Illustrative Cash Flow Multiple 11.0x

Implied Pulacayo Equity Value $550.0

Paca NPV $87.0

Cachinal NPV $58.6

Implied Value of A pogee A sset s $695.6

Option Proceeds $21.0

Implied A pogee Equit y Value $716.6

FD Shares (mm) 284.2

Implied A pogee Share Price $2.52

Current Share Price $0.315

Implied Return 8.0x


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Comparable Detail

Comparable Analysis DetailAll Figures in CAD millions unless indicated

Market Cap Primary Resource (000s) Grade (g/ t ) TEV /

Company Name 29-Mar-11 TEV Stage Country Ag oz Ag Eq oz 1 Ag Ag Eq 1 Ag Purity Ag oz Ag Eq oz 1

Si lver Developers with Production

Fortuna Silver 621 554 Production Peru 73,663 111,394 188.3 284.7 66.1% 7.53 4.98ECU Silver 298 321 Production Mexico 151,525 300,615 154.7 306.9 50.4% 2.12 1.07Excellon Resources 229 229 Production Mexico 37,416 55,666 318.4 473.7 67.2% 6.12 4.12

Silvermex Resources 184 181 Production Mexico 147,179 186,074 173.1 218.8 79.1% 1.23 0.97 Arian Silver 189 183 Production Mexico 42,777 53,916 99.4 125.3 79.3% 4.27 3.39

justed Mean 172.0 270.1 72.9% 4.17 3.75

Median 173.1 284.7 67.2% 4.27 3.39

Average 186.8 281.9 68.4% 4.25 2.90

Pre-Production Silver Developers

Tahoe Resources 2,890 2,510 PEA Guatemala 316,978 361,938 419.4 478.9 87.6% 7.92 6.93

Bear Creek 932 851 FS Peru 529,608 820,327 40.4 62.6 64.6% 1.61 1.04

MAG Silver 636 607 PEA Mexico 89,760 122,553 491.1 670.5 73.2% 6.76 4.95

Orko Silver 315 340 Resources Mexico 135,160 142,446 185.0 195.0 94.9% 2.51 2.39

Aurcana 279 255 FS US 47,404 47,404 320.7 320.7100.0% 5.38 5.38

South American Silver 229 225 PEA Bolivia 322,321 346,833 26.3 28.3 92.9% 0.70 0.65

SilverCrest 114 124 PFS Mexico 36,970 56,936 71.1 109.4 64.9% 3.36 2.18

Kimber Resources 123 112 PEA Mexico 57,452 107,902 46.2 86.8 53.2% 1.96 1.04

Southern Andes 26 19 Resources Peru 13,441 23,951 90.9 161.9 56.1% 1.45 0.81Oremex Resource 42 47 PEA Mexico 48,664 50,062 66.9 68.8 97.2% 0.97 0.94

justed Mean 105.9 129.2 79.7% 2.46 1.29

Median 81.0 135.7 80.4% 2.24 1.61

Average 175.8 218.3 78.5% 3.26 2.63

pogee M inerals 58 63 PEA Boliv ia 77,615 140,096 60.1 108.5 55% 0.81 0.45


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31,613

$25.1 $0.14 $0.09

$76.8 $0.41

$0.27

31,613 $114.0 $0.61

$0.40

25,484 $87.0 $0.47

$0.31

17,156 $58.6 $0.32

$0.21

$0.32

$0.07

Ag oz (000s) NPV 10 (C$ mm) NPV/Share (Basic) NPV/Share (FD) 29-Mar-11

Option Pr oceeds

Cachinal

Paca

Pulacayo UG (2x

minable resource +

$28.31 Ag)

Pulacayo UG ($28.31Ag)

Pulacayo UG

105,866 $361.4 $1.95

Micon P EA (Ag

$14.78/oz)

PEA Sensitivi ty Ag

($28.31/oz)

$3.41 /Ag oz

$3.41 /Ag oz

Potential Impapct

of Pulacayo Dri lling

Program $0.76

$3.41 /Ag oz

Implied Valuation Rationale

$3.41 /Ag oz

$1.35

$1.16$215.8

$1.72

5.5x

After-Tax NPV Analysis

Illustrative Apogee NPV Analysis Detail

1 185,601,614 Basic shares outstanding2 284,162,291 FD shares outstanding

Note: assumes CAD/USD parity


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Presentation Pulacayo

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Transcript of Presentation Pulacayo