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2011 11-14 mdsvp
- 1. ANALYST & INVESTOR TOUR S & S O OU November 2011
- 2. SAFETY PLAN OBJECTIVE “ Everyone Going Home Safe and Healthy Every Day ” “ i f d lh ” • Supervisory development – every supervisor to actively participate in the presentation and facilitation of the next stage of Courageous Leadership presentation and facilitation of the next stage of Courageous Leadership • 5 pts Safety Card – track the effectiveness of the 5pt card boards by monitoring the response time, completion time for worker concern. Compliance data to be displayed at the board • All Mine Standards and procedures – review one AMS or procedure weekly with dayshift crews • Monthly Safety Theme – Promote one primary safety topic each month amongst all employees and monitor compliance during the month • First Aid Training – 100% of employees to be trained by the end of 2011 2
- 3. SUDBURY: REGIONAL GEOLOGY Archean Gneissic & Migmatitic Rocks • Levack Gneiss Complex Gneiss Complex Podolsky Mine y N Levack Mine (Morrison Sudbury Igneous Deposit) Complex • Ni‐Sulphide McCreedy West Deposits are Mine located at the base of the SIC Huronian Supergroup 10 km Victoria Project 3
- 4. SHAFT LOCATION (LOOKING NE) Xstrata Strathcona Mill Levack MORRISON Xstrata Craig Xstrata Onaping McCreedy West 4
- 5. LEVACK MINE & OREBODIES West No. 2 East Main Orebody No. 1 Shaft 0 1000 No. 2 Feet 1300 No. 7 No. 4 1600 Level To McCreedy 1900 West Mine 2650 Level 2650 Level No. 3 Morrison No. 3 Deposit Shaft 3600 Level 3600 Level Undefined Resource Development Footwall Deposits Contact Deposits 5
- 6. LEVACK MINE: SCHEMATIC #2 Shaft Xstrata Ni N Craig Shaft draFNX Mining Ltd. Keel Zone Main Orebody Sudbury No. 7 Igneous 1600 Level Orebody Complex Sudbury Quad Breccia 2650 Level 3600 Level 3600 Level Morrison Deposit 10000N 0 1000 5000N Feet 6
- 7. MORRISON DEPOSIT: LONGITUDINAL N MD1 3270L MD2 3570L MD3 4210L 9.3 ft @ 18.32% Cu, 1.72% Ni, 10.89 g/t TPM 18 32% Cu 1 72% Ni 10 89 g/t TPM 500 Ft 4620L 13.1 ft @ 10.74% Cu, 10.26% Drillhole intercept > $100 Value intercept > $100 Value Ni, 26.07 g/t TPM i / Morrison ‐ 2nd Order Wireframe Morrison ‐ 1st Order Wireframe 13.9 ft @ Morrison ‐ Infrastructure 23.00% Cu, 1.99% Ni, 46.44 g/t TPM 7
- 8. OVERVIEW: SHAFT LOCATIONS Craig Shaft Levack #2 Shaft (opened in 1995) (sunk in 1933) 2650 L 3600 L 4300 L ore/waste passes Current reserve Current reserve Current mineral envelope 4900 L Shaft proposed Bottom down ramp development Looking West Looking West 8
- 9. DRILL ACCESS: RESERVE/RESOURCE GROWTH Current ramp face and Limit of current reserves MD3 4210 L 4210 L 22.6 ft @ 26.0% Cu, 3.0% Ni, 38.9 g/t TPM 11.8 ft @ 20.0% Cu, 3.3% Ni, Intercept > $300 value 60.2 g/t TPM & minimum 6 ft. width & minimum 6 ft width Current reserve 5000 L Current mineral envelope 19.6 ft @ 12.7% Cu, 1.0% Ni, 25.6 g/t TPM 9
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- 11. MORRISON DEPOSIT: LONGITUDINAL N MD1 3270L MD2 3570L MD3 4210L 9.3 ft @ 18.32% Cu, 1.72% Ni, 10.89 g/t TPM 18 32% Cu 1 72% Ni 10 89 g/t TPM 500 Ft 4620L 13.1 ft @ 10.74% Cu, 10.26% Drillhole intercept > $100 Value intercept > $100 Value Ni, 26.07 g/t TPM i / Morrison ‐ 2nd Order Wireframe Morrison ‐ 1st Order Wireframe 13.9 ft @ Morrison ‐ Infrastructure 23.00% Cu, 1.99% Ni, 46.44 g/t TPM 11
- 12. 3050 LEVEL (10070 ELEVATION) N 50 ft clipping Large Mafic block(s) 3030Level 3050Level 100 ft 12
- 13. 3180 LEVEL CUT #1 ROUND 12 WEST 8.5 ft 13
- 14. 3450 LEVEL CUT #1 100 ft 14
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- 17. 3690 LEVEL CUT #1 ROUND 69 SOUTH‐EAST 5 ft 5 ft 17
- 18. 3810 LEVEL CUT #1 ROUND 19 EAST 7.5 ft 18
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- 20. MORRISON DEPOSIT – 3810L C1 – 9310 ELEVATION 3810 Access N 2nd Order Cut and Fill Wireframe Captive Cut and Fill Stope Drillhole 1st O d Order intercept > $100 intercept > $100 Shrink Stope Wireframe 100 ft 20
- 21. CAPTIVE CUT & FILL MINING METHOD TUGGER OVERCUT MANWAY GEAR SLIDE WITH BUCKET ORE LENSE 42” STEEL RING SLUSHER MILLHOLES DRILLING UPPERS CEMENTED SANDFILL BOXHOLE FILL ALIMAK RAISE BULKHEAD NEST SILL PILLAR TO BE RECOVERED AFTER STOPE COMPLETION BOXHOLE CAPTIVE CUT AND FILL CUTOUT TOP ACCESS STOPE ALIMAK DRIVEN ON ORE VEIN AND TIMBERED MANWAY INSTALLED POST BREAKTHROUGH UNDERCUT 21
- 22. SHRINKAGE STOPE – TOP ACCESS TUGGER OVERCUT ACCESS SHRINKAGE STOPE – SHRINKAGE STOPE – ALIMAK RAISE ALIMAK RAISE TOP ACCESS GEAR SLIDE ALIMAK DRIVEN ON ORE VEIN AND ORE LENSE TIMBERED MANWAY INSTALLED POST BREAKTHROUGH MANWAY DRILLING UPPERS GEAR BUCKET BROKEN MUCK SLUSHER MINING PILLAR MINING PILLAR MINING PILLAR DRAWPOINTS DRAWPOINTS TIMBER MUCKWALL 22 DRAWPOINT ALIMAK NEST
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- 25. SWEEPER UNIT 25
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- 36. SUDBURY: REGIONAL GEOLOGY Archean Gneissic & Migmatitic Rocks •Levack Gneiss Complex Podolsky Mine y N Levack Mine (Morrison Sudbury Igneous Deposit) Complex •Ni‐Sulphide McCreedy West Deposits are Mine located at the base of the SIC Huronian Supergroup Victoria Project 10 km 36
- 37. VICTORIA: SURFACE GEOLOGY Zone 2 Zone 4 Olivine Diabase Powerline Zone Powerline Zone Norite Quartz Diorite Sudbury Breccia Metabasaltic Rocks Metagabbroic Rocks bb i k W E Felsic Metavolcanic Rocks Metasedimentary Rocks 0 500 Meters 37
- 38. VICTORIA IN 2008: ZONES 1 & 2 Surface Looking North FNX1172 (Zone 1 Discovery) •24.0 ft @ 1.3% Cu, 1.0% Ni, 1.6 g/t TPMs 24.0 ft @ 1.3% Cu, 1.0% Ni, 1.6 g/t TPMs •75.0 ft @ 0.5% Cu, 1.8% Ni, 0.7 g/t TPMs ‐2000 ft ‐600 m FNX1178 Ethel Lake Quartz Diorite ‐4000 ft ‐1200 m BH‐UTEM Plate (Zone 2) FNX1172B 1000 ft Worthington •54.8 ft @ 0.5% Cu, 2.2% Ni, 0.7 g/t TPMs Quartz Diorite 300 m 38
- 39. VICTORIA 2009/2010: ZONES 2 TO 4 FNX1178 Extension (Zone 2 Discovery) Looking North •57.9 ft @ 1.5% Cu, 1.6% Ni, 5.4 g/t TPMs Ethel Lake ‐4000 ft Quartz Diorite Q Di i ‐1200 m BH‐UTEM Plates BH UTEM Plates (Zone 4) Zone 2 FNX1190 (Zone 4 Discovery) ( y) Worthington •1367.4 ft @ 1.3% Cu, 0.6% Ni, 2.2 g/t TPMs Quartz Diorite 1000 ft/300m 39
- 40. Section 53 LOOKING NE Production Shaft P 345E Vent Sh Zone 1 haft Olivine Diabase Norite Quartz Diorite Q Di i Zone 2 1400 L Sudbury Breccia Metabasaltic Rocks Zone 4 1600 L Metagabbroic Rocks Metagabbroic Rocks Felsic Metavolcanic Rocks Metasedimentary Rocks Mini 1800 L Open at depth & to the West O t d th & t th W t • BH‐UTEM responses 40
- 41. VICTORIA: INFERRED RESOURCE Inferred Tonnes Cu Ni Pt Pd Au TPMs (M) (M) (%) (%) (g/t) (g/t) (g/t) (g/t) (g/t) Zone 4 12.0 2.3 2.3 3.2 4.4 1.0 8.7 Zone 2 Zone 2 0.3 03 1.4 14 0.9 09 1.4 14 2.2 22 0.6 06 4.3 43 Mini 0.1 1.2 0.6 0.9 0.5 0.2 1.5 Total 12.5 2.3 2.2 3.2 4.3 1.0 8.5 The Mineral Resource estimate was prepared in accordance with the “CIM Definition Standards On Mineral Resources and Mineral Reserves”, adopted by CIM Council on December 11, 2005, and the CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines, adopted by CIM Council on November 23, 2003, using geostatistical and/or classical methods, plus economic and mining parameters appropriate to each operation. Definitions and guidelines can be found at www.cim.org. Source: Technical Report on the Victoria Project Deposit, Sudbury, Ontario, Canada by Farrow, Everest, Gibbins & Jolette; Filed on Sedar June 3, 2011 S T h i lR t th Vi t i P j t D it S db O t i C d b F E t Gibbi & J l tt Fil d S d J 3 2011 41
- 42. INCLINED SECTION (LOOKING NNE) ‐900L FNX1198 Zone 4 FNX1186H FNX1190 Zone 4 Resource Pierce Points ‐1200L 1200L FNX1186G Zone 4 Non‐Resource Pierce Points FNX1186F Quartz Diorite Quartz Diorite Hosted Zone 4 Quartz Diorite Hosted Zone 4 Sudbury Breccia Hosted Zone 4 ‐1500L FNX1195C FNX1195A 0 500/150 FNX1200 ‐1800L FNX1200E Feet/Meters F t/M t FNX1200D FNX1210 42 Open at depth
- 43. 1200 LEVEL MINERALIZATION ‐2500N FNX1186H: •27.1 ft @ 1.1% Cu, 0.5% Ni & 2.7 g/t TPM •83.5 ft @ 1.1% Cu, 1.3% Ni & 2.2 g/t TPM FNX1198: ‐3000N •26.0 ft @ 1.1% Cu, 0.6% Ni & 1.1 g/t TPM FNX1190: •1367.4 ft @ 1.3% Cu, 0.6% Ni & 2.2 g/t TPM ‐3500N 3500N FNX1186F: •98.7 ft @ 1.3% Cu, 0.4% Ni & 1.3 g/t TPM 98 7 ft @ 1 3% C 0 4% Ni & 1 3 /t TPM ‐4000N •15.5 ft @ 1.7% Cu, 0.2% Ni & 0.4 g/t TPM •108.1 ft @ 1.5% Cu, 2.2% Ni & 5.1 g/t TPM FNX1186G: 0 500/150 •623.6 ft @ 1.9% Cu, 1.7% Ni & 4.1 g/t TPM ‐6500E Ft/m 43 43 ~500 ft/150 m clipping
- 44. 1600 LEVEL MINERALIZATION ‐2500NDisseminated Sulphide 0 500/150 Masu‐Smas Sulphide Ft/m Quartz Diabase Quartz Diorite Q t Di it Sudbury Breccia ‐3000N FNX1195C: Metabasaltic Rocks •308.4 ft @ 2.1% Cu, 3.1% Ni & 5.1 g/t TPM Metagabbroic Rocks Metagabbroic Rocks Felsic Metavolcanic Rocks Metasedimentary Rocks ‐3500N 3500N ‐4000N ~500 ft/150 m clipping FNX1195A: •11.1 ft @ 14.5% Cu, 1.9% Ni & 21.5 g/t TPM •16.1 ft @ 2.0% Cu, 2.1% Ni & 10.3 g/t TPM ‐6500E ‐7500E 44 •4.3 ft @ 6.2% Cu, 2.9% Ni & 0.6 g/t TPM 44
- 45. FNX1195C (MASSIVES SULPHIDE) • Pyrrhotite‐rich massive sulphide with pentlandite (Ni‐ mineral) & chalcopyrite (Cu‐mineral) A – B: 15.4 ft @ 2.5% Cu, 6.3% Ni & 2.6 g/t Pt‐Pd‐Au A B C B – C: 14.0 ft @ 4.1% Cu, 8.4% Ni & 3.6 g/t Pt‐Pd‐Au 45
- 46. 1800 LEVEL MINERALIZATION ‐2500NDisseminated Sulphide ~500 ft/150 m clipping Massive‐SM Sulphide Quartz Diabase Quartz Diorite Q t Di it FNX1200: FNX1200 Sudbury Breccia •71.0 ft @ 4.1% Cu, 2.0% Ni & 60.1 g/t TPM ‐3000NMetabasaltic Rocks Metagabbroic Rocks Metagabbroic Rocks Felsic Metavolcanic Rocks Metasedimentary Rocks ‐3500N 3500N ‐4000N FNX1195A: •49.3 ft @ 0.8% Cu, 0.8% Ni & 6.9 g/t TPM •49 3 ft @ 0 8% Cu 0 8% Ni & 6 9 g/t TPM 0 500/150 ‐6500E ‐7500E Ft/m 46
- 47. VICTORIA: PLATINUM GROUP MINERALS • Pyrrhotite‐rich massive sulphide veins with: veins with: ‒ pentlandite (Ni) ‒ chalcopyrite (Cu) Sperrylite, PtAs2 • Minor quartz‐filled fractures • Stockwork and minor veining in Sudbury i i i S db Breccia/metabasalt • PGM hosted by both sulphides && silicate/carbonate groundmass (shown here) 47
- 48. MODIFIED “FROOD” ORE TYPE •Increasing •Decreasing •Cu/Ni •Ni/Cu •PGE •S •with depth DISU, blebby sulphides INMS, sulphide stockworks Po, pn, cpy, massive sulphide Po pn cpy massive sulphide Po, pn, cpy, high tenor veining Cpy‐rich (+/‐ qtz, carb veining) Sudbury Breccia Quartz Diorite Metabasaltic Rocks •High Cu/Ni (cpy, +/‐cub, +/‐ bn) Metagabbro •High PGE High PGE Metasedimentary Rocks di k •Low S •High silicate & carb alteration Modified from: Farrow & Lightfoot, 2002; Souch & Podolsky, 1969 48 (amph, bio, chl, ep)
- 49. SIZE & IN SITU VALUE Relative Gross In‐Situ Value 14.0 Victoria i i Nickel • ~ 3 4 BN lb f 3.4 BN lbs of Grade (%) 12.0 Rim South Cu Equiv. 10.0 Onaping Depth Cu Equivalent G 8.0 Totten Victor • 1.2 BN lbs of ~ Ni Equiv. 6.0 60 Kelly Lake y Fraser Morgan 4.0 2.0 4.0 9.0 14.0 19.0 24.0 In‐situ Tonnes (M) Note: Cu Equivalent and in‐situ value calculation assumes three‐month trailing average commodity prices at time of Sedar technical report filing; Cu at US$4.34/lb, Ni at US$12.27/lb, Pt at US$1784oz, Pd at US$778/oz & Au at US$1426/oz. Onaping Depth & Fraser Morgan resource are as of June 30 2010. Nickel Rim South, Totten, Kelly Lake & Victor resources are as of December 31, 2005. 49
- 50. VICTORIA: GRADE COMPARISON In‐situ $ Value/Tonne $0 $500 $1,000 $1,500 $2,000 $2,500 3,400 Sudbury Basin Projects 3,900 w Surface (ft) 4,400 4,900 4 900 Victoria: Avg. of g Depth Below US$1,172/Tonne of ore 5,400 D Cu Ni TPM 5,900 6,400 Note: Cu Equivalent and in‐situ value calculation assumes three‐month trailing average commodity prices as at Sedar filing; Cu at US$4.34/lb, Ni at US$12.27/lb, Pt at US$1784/oz, Pd at US$778/oz and Au at US$1426/oz. Other Sudbury projects include Onaping Depth, Fraser Morgan, Nickel Rim South, Totten, Kelly Lake and Victor. 50
- 51. oduction ent Shaft Shaft Pro Ve 1200L Conceptual Mine Plan p • Definition drilling from ventilation shaft 1400L • Bulk scale mining methods ‒ Longhole stoping ‒ Numerical geotechnical modelling underway Zone 4 1600L • Preliminary Capex : ‒ ~$3/4 B ~$3/4 B over 7 years 7 1800L Schematic looking ENE 51
- 52. VICTORIA: SHORT‐TERM PRIORITIES • First Nations consultations • Environmental permitting Q4 2011 • Discussions with stakeholders & Vale • Completion of PEA engineering • Continue step‐out diamond drilling Continue step out diamond drilling ‒ Impact system scale & infrastructure Targeting commencement of T ti t f development in 2012 52
- 53. VICTORIA: KEY HIGHLIGHTS • Significant inferredresource, remains open Significant inferred resource, remains open • Impressive grades increasing with depth • Victoria appears amenable to low cost, bulk underground mining methods • Pursuing an aggressive development timeline ‒ Expertise in house (QUX/DMC) Expertise in‐house (QUX/DMC) • Relatively low development risk profile 53
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- 55. Q3 2011 HIGHLIGHTS & MILESTONES Production: Significant improvements at Robinson & consistency in y Sudbury C1 Costs decline to $2.13/lb Cu: Higher Cu volumes Profitability: Reported EPS impacted by one time & non cash items Profitability: Reported EPS impacted by one time & non cash items • 44% increase in CFPS vs. Q3/10 Completed Sierra Gorda JV & commenced construction Balance sheet: Over $1 BN in cash Safety Record: Zero Harm remains our focus Safety Record: Zero Harm remains our focus • Sudbury at 701 days without a Lost Time Accident (LTA) • Carlota at 484 days without a LTA • Podolsky has over 900 days without a Lost Time Injury 55
- 56. ASSET CONTRIBUTION YTD Operating income YTD Operating income* Core Assets provide 90% of our Core Assets provide ~ 90% of our operating income 9% • Robinson /Morrison contribute ~85% 91% Balance must: • Have upside potential • Provide optionality Core Assets Other Assets * Excluding the impact of inventory write downs 56
- 57. ROBINSON: CURRENT STATUS & OUTLOOK Ruth Pit Q3 2011 ROBINSON • Higher grades in the bottom of the pit • Higher mining & milling – new records • Re‐sequencing due to slope stability Outlook Robinson • Operating flexibility & grades continue to improve East Ramp • Positive momentum has continued into November MORRISON 57
- 58. ROBINSON: CURRENT PLAN • Operating flexibility Ope at g e b ty • Slope stability S ope stab ty • 1 Mt in stockpiles • Slope angles • Wider benches • Dewatering • 3 dig faces • Additional ramp access • Haulage optimization • Larger benches • Additional haulage & loading capacity loading capacity • Mine Star 58
- 59. ROBINSON: HISTORICAL MINERALIZATION Keystone Dump Pilot‐Taylor Ruth Ruth East Tripp‐Veteran Liberty Yellow ‐ 0.20% TCu Yellow 0 20% TCu Ruth Red ‐ 0.35% TCu ~5.3 BN lbs of Cu & 3.8 M oz Au produced 5 3 BN lb f C & 3 8 M A d d 59
- 60. ROBINSON: LIBERTY POTENTIAL N RHYOLITE 1250 ft >0.20 % Cu >0.30 % Cu >0.40 % Cu >0.50 % Cu 60
- 61. MORRISON: ACCESS ARRANGEMENT Key benefits: Immediate cost savings Immediate cost savings •Cessation of ongoing rehabilitation work on Levack #2 shaft Operating flexibility & efficiencies • Shorter haulage distance • Operating efficiencies of Craig infrastructure Drill access ‐ reserve/resource growth D ill / th • Significant improvement in drill access below current reserves • Alternative diamond drill platforms to test other targets Alternative diamond drill platforms to test other targets 61
- 62. MORRISON: CURRENT STATUS & OUTLOOK Craig Shaft Levack #2 Shaft Q3 2011 Q3 2011 ROBINSON • Continuing strong 2650 L operating performance Haulage route up to ~ 11 k ft of +18% 4300 L Outlook • Strong Q4 due to high grades Robinson • Finalizing Craig agreement Finalizing Craig agreement. Lateral Haulage Expected transition in Q1 2012 Route to Craig Ore MORRISON Pass ~ 5 k ft to Craig laterally Looking North West 62
- 63. MORRISON: RESERVE/RESOURCE GROWTH Current ramp face & reserve limit MD3 4210 L 4210 L 22.6 ft @ 26.0% Cu, 3.0% Ni, 38.9 g/t TPM 11.8 ft @ 20.0% Cu, 3.3% Ni, 60.2 g/t TPM Intercept > $300 value 5000 L & minimum 6 ft. width Current reserve C Current mineral envelope 19.6 ft @ 12.7% Cu, 1.0% Ni, 25.6 g/t TPM 63 Note: Assumes $2.75/lb Cu, $8/lb Ni,$1600/oz pt, $500/oz Pd & $1000/oz Au
- 64. GROWTH PROJECT: SIERRA GORDA ROBINSON Outlook • On time & budget ‒ Shovel parts on site ‒ Pre‐strip on track for March 2012 ‒ Negotiating key contacts ‒ First construction camp complete ‒ Site activity building rapidly MORRISON 64
- 65. GROWTH PROJECTS: VICTORIA ROBINSON Outlook • Ongoing drilling confirming & expanding footprint • Permitting & stakeholder k h ld discussions ongoing • Engineering studies completed by g ee g s ud es co p e ed by year‐end MORRISON 65
- 66. OTHER OPERATIONS Franke Outlook Q3 2011 Q3 2011 • Adjusting cut off to minimize acid ROBINSON • Continuing impact of high consumption & reduce costs acid consumption • Planning transition to China , which has less acid consumption which has less acid consumption in H2/12 McCreedy West Q3 2011 Outlook • Mining contact Ni ores Mining contact Ni ores • Planned re‐start of Ni production Planned re‐start of Ni production, • Continuing discussion with dependent on payability terms & Xstrata on treatment terms Ni prices MORRISON 66
- 67. OTHER OPERATIONS Podolsky Status Outlook • Continuing its stable • Temporary closure ROBINSON operating performance • Reviewing remaining exploration until late 2012 (end of options 2000 Deposit reserves) Carlota Status Outlook • Conveyor stacking has • Base case: mining remaining had a positive impact on oxides & residual leach oxides: ~ 2 years of feed • Secondary sulphies are more MORRISON challenging (higher fines) • Eder deposit provides potential Eder deposit provides potential upside & has less fines 67
- 68. OPERATINGS COSTS (US$/lb Cu) Q2 vs. Q3/11 2011 C1 costs C1 costs positively impacted: $3.00 ‐ 23% • Higher production volumes Higher production volumes $2.50 ‐9% (Robinson) /lb Cu) $2.00 • Lower by product credits Lower by product credits C1 costs (US$/ $1.50 (Morrison) $1.00 +157% $0.50 $0.00 Robinson Morrison Total Q2 2011 Q3 2011 Q4 2011 Outlook: • Continuing positive impact of higher Cu production MORRISON gp p g p 68
- 69. FINANCIAL SUMMARY Q2 VS. Q3/11 (US$ M) $350 + 10% • Despite a 12% decline in the $300 realized Cu price, there were $250 significant improvements in all of llions $200 QUX’s financial metrics in Q3 vs. US$ Mil $150 +124% Q2/11 $100 + 10% $50 $0 Q2 2011 Q3 2011 Revenue Cash Flows Earnings Strong balance sheet: Positioned to deliver our growth projects • Cash balance totaling $1,067 M 69
- 70. SUMMARY Q3 2011 • Higher production & significant improvements in C1 costs vs. Q2/11 • Despite lower Cu prices, CFPS has increased by 10% vs. Q2/11 & 44% vs. Q3/10 Q2/11 & 44% vs Q3/10 • Positive operating momentum at Robinson continues p g • QUX will focus on its Core Assets going forward 70
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