portfolio

Recent Successes

Consolidated Thompson Iron Mines (Created)

  • Incubated Consolidated Thompson in 2005 as a grassroots exploration stage iron ore company with assets in Northern Quebec
  • Completed scoping study, 3 feasibility studies, and secured financing and off-take with China
  • Raised approximately $1 billion in development capital over 5 years
  • Consolidated Thompson was acquired by Cleveland Cliffs in May 2011 for $4.9 billion or $17.25 per share representing a return of over 7700% to shareholders

Avion Gold Corporation (Created / Turnaround)

  • Properties Located in Mali and Burkina Faso in West Africa
  • Originally acquired distressed assets in 2008 for $0.20 on the dollar which included a target rich 132km2 land package with central 2,100 tonne per day mill
  • Acquired several other target rich exploration properties and have increased the Resources base to 4.8 million ounces, with great potential for more to come
  • Increased production to 92,000-95,000 ounces growing to a 200,000 ounce run rate at the end of Q1-2012
  • Sold to Endeavour Mining in October 2012 for $400 million

Sulliden Gold Corp (Solution / Development)

  • Shahuindo gold and silver project in northern Peru discovered in 1992
  • F&M acquired Sulliden in March 2009 and resolved long-standing disputes regarding title
  • Focus on growth of mineral resource from 2009 to end of 2011. Current management tripled the number of metres drilled on the property since its discovery
  • New NI 43-101 compliant mineral resource estimate completed in September 2012; M&I oxide gold increases to 2,438,000 oz from 2009 estimate of 890,000 oz and Inferred oxide gold increases to 1,628,000 oz from 2009 estimate of 280,000
  • Feasibility Study completed in September 2012
  • Current market cap of $225 million with return number of 272%

Portfolio