PATHWAYTOPRODUCTION

CorporatePresentation November2011

ForwardLookingStatement
The information presented contains forward-looking statements, within the meaning of the United States Private Securities Litigation Reform Act of 1995, and forward-looking information under similar Canadian legislation, concerning the business, operations and financial performance and condition of the Company. Forward-looking statements and forward-looking information include, but are not limited to, statements with respect to estimated production, the estimation of mineral reserves and mineral resources; the realization of mineral reserve estimates; the timing and amount of estimated future production; costs of production; capital expenditures; success of exploration activities; permitting time lines and permitting, mining or processing issues; government regulation of mining operations; environmental risks; unanticipated reclamation expenses; title disputes or claims; litigation liabilities; and limitations on insurance coverage. Generally, forwardlooking statements and 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 certain actions, events or results may, could, would, might or will be taken, occur or be achieved. Forward-looking statements and forward-looking information are based on the opinions and estimates of management as of the date such statements are made, and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or 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 statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The Company does not undertake to update any forward-looking statements or forward-looking information that are incorporated by reference herein, except in accordance with applicable securities laws. The technical information contained in the presentation has been reviewed by Andr Laferrire, Qualified Person for Argex and conforms to National Instrument 43-101 Standards of Disclosure for Mineral Projects. 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. The Qualified Person has not done sufficient work to classify the historical resources estimates and the issuer is not treating the historical estimate as current mineral resources The Qualified Person has been unable to verify the information related to the Ni 43-101 mineral resources reported from other companies and included in the presentation 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 economically or legally mineable.

TSXV:RGX

Highlights
Argex isaneartermproducerofcommoditiesthattheworld needslocatedonQuebecsNorthShore LaBlache NI43101compliantmineralresourceestimate releasedJune30th,2011(seeAppendix1) PreliminaryEconomicAssessmentreleasedOctober26,2011 PEAdemonstrateslowcostproduction ProprietaryextractionprocessproducinghighpurityTiO2 Primarygoalistoadvancerapidlytoproduction Simpleandlowriskstrategyforscaleup Mouchalagane ironorepropertyholdssignificantexploration potentialbasedonhistoricaldrillingandmetallurgicaldata

TSXV:RGX

NearTermProducer
Argex isaneartermproducerofcommoditiesthattheworld needs: 1. Titaniumdioxide pricesareexpectedtodoubleby2015 2. Iron pricesareathistoricallyhighlevels 3. Vanadium demandisexpectedtoexceedsupplyby2013

Ourprimarygoalistoadvancerapidlytoproduction

TSXV:RGX

Commodities
Commodity TitaniumDioxide(TiO2) Iron Ore VanadiumPentoxide (V2O5) RecentPrice (tonne/US$) $3,770(1) $150(2) $13,780(3)

(1)CreditSuisse(October2011),(2)Bloomberg(CFRChina October2011),(3)Bloomberg(October2011)

TSXV:RGX

TitaniumdioxideIndustryOverview
TiO2 pricesareexpectedto doublefrom2010toendof2015 Currentpricesareapproximately $3,770permetrictonne Thereisadirectcorrelation betweenTiO2 demandandglobal GDP TiO2 isfundamentaltomanybasic buildingblocksofeconomies: paint,coatings,housingmaterials, automobiles,industrial equipment,consumerpackaging andconstructionmaterials

TSXV:RGX

TheArgex Properties
LacLaBlache (Appendix1)
NI43101compliantresources totaling30.9Mtmeasuredand indicatedgrading18.8%TiO2 and 63.3%Fe2O3,with13.0Mtinferred grading18.7%TiO2 and63.1% Fe2O3

LacBrl (Appendix2)
SurroundsCliffNRhistorical resourcesof3.87Mtdepositat 27%TiO2 cutoffgrade(Quinto MD&AMay21,2008)

Mouchalagane (Appendix3)
LabradorTroughironoreproperty withhistoricdrillingresultsranging from3136%totalFe

TSXV:RGX

LowerCostsDuetoUniqueLocation
EXISTINGINFRASTRUCTURE Raillines Powerlines Mainaccessroads& forestryroads Affordablehousingfor employees 7deepseaports Skilledlabour
100km

TSXV:RGX

MetallurgyProprietaryProcess(Appendix4)
Argex hasacquireda50.1%ofCanadianTitaniumLtd.(CTL), owneroftheprocessforextractingTiO2 fromtheore Testshaveshownpurityofabove99.8%TiO2producedfromLa Blache ore ColourandbrightnessofTiO2 productmeetsorexceedsthatof theindustrysleaders Closedloopprocesswithnochemicaldischarge Minimal inert tailings from La Blache ore Mini plant running since February 14,2011

TSXV:RGX

PreliminaryEconomicAssessment(PEA)
BBA,oneofCanadasleadingfirmsofindependent engineeringprofessionalsinminingandmetals,has completed,incollaborationwithGenivar andMetChem, Argexs PEAonitsLaBlache property TheLaBlache PEAstudyincludesthefollowinghighlights:
IRR(PreTax):32% NPV:2.2billion(usingan8%discountrate) Paybackperiodof7yearsassumingastaged,modularplant contruction. TotalOperatingcost(netofbyproducts)of$586pertonneofTiO2 (averagedoverthelifeofthemine) PricepertonneofTiO2 (trailing3yearaverage):$2,846($US/tonne)

TSXV:RGX

AdvancingtoProduction
Toadvancerapidlytoproduction,wearereducingriskand simplifyingtheproject
Environmentalpermitting Simplifyingminingoperationsexpeditespermitting Smallersizedindustrialplantalsoexpeditespermitting MiningOperations Directshippingore(90%processingrecovery)meansnominesite treatmentandtailings Smallscaleopenpitminingoperationgivestheoptionof outsourcingminingtoathirdpartyminingcontractor Scalinguptheprocessingplant Industrialsizedscaleable plant Collaborationwithenduserstoproducedesiredspecifications

TSXV:RGX

EnduserCollaboration
NDAscurrentlyinplacewithmajorendusers Argex productisbeingtestedbyenduserstoproduceTiO2 thatmeetstheirspecifications Byrefiningtheprocessandtheproductspecificationsnow, Argex reducesengineeringcostsandtimetomarket

TSXV:RGX

10

MiningOperations
LaBlache projectisdesignedtobeadirectshippingore openpitminingoperation Directshippingoforeeliminatesminesitetreatmentand tailings SimplesmallscaleopenpitallowsArgex tooutsourcethe miningoperationtoathirdpartyminingcontractor. RegulatoryPermitting:Lowerinitialtonnageandnoore processingonsitereducespermittingtimeand requirements

TSXV:RGX

11

Comparables MarketCapitalisation
Company Shares Outstanding (millions) 419 2,403 386 103 Share Price (CAN$) MarketCap ($CAN) (millions) 7,545 2,187 120 46 Resource/Reserve tonnes OreGrade TiO2 Planned Annual Productiontonnes TiO2 Product ILUKARESOURCES LIMITED(ASX:ILU) KENMARERESOURCES PLC(LSE:KMR) SIERRA RUTILELIMITED (LSE:SRX) ARGEXMININGINC. (TSX.V:RGX) 18.02 0.91 0.31 0.45 333,800,000 8,325,000,000 604,900,000 30,888,000 6.00% 1.19% 1.35% 18.78% 1,282,500 800,000 70,000to80,000 15,000scalingup to600,000 66.2% 55% 55% 99.8%

8000 6000 4000 2000 0 ILUKA

$7,545

MarketCap(millionCAN$)

$2,187 $120 $46

KENMARE RESOURCESPLC

SIERRARUTILE LIMITED

ARGEXMINING INC

*NI43101compliantresourceestimate,anticipatedproduction sharepricesandmarketcapasofOct,2011

TSXV:RGX

12

TheMouchalagane Project
ThesouthernmostLabradorTroughironore property,100%ownedbyArgex LocatedintheprolificWabush geological formationhostingtheironminesofthe FermontLabradorCityarea Historicaldrillingtested5shallowtargetswith resultsof3136%totalFemeasuringupto 100minverticaldrillholes Deposittypeiscoarsegrainedmagnetiteand hematitemetataconitedepositverysimilar tonearbyMontReedandFireLakemining projects. Recentconceptualdataanalysisoftheentire propertyreturnedanexplorationpotential rangingbetween940millionand2.31billion tonnesof3035%Fetotalmineralization

TSXV:RGX

13

Mouchalagane

RealizingValue

Argex isreceivingnovaluein termsofmarketcapfrom Mouchalagane Promisingironorepropertiesare currentlyahotcommodity Ironoredemandisexpectedto continuetoincrease QuebecsNorthShoreaccounts for95%+ofCanadianproduction andbenefitsfromexisting infrastructure Argex willimmediatelypursue alternativestorealizevalueonthe property

100km

TSXV:RGX

14

2011Argex Milestones
FinalizedefinitiveCTLAgreement(extractionprocess) Completionofminiplantmetallurgicaltesting Mouchalagane valuerealizationevent NI43101PreliminaryEconomicAssessmentReport Financetheindustrialsizedprocessingplant

TSXV:RGX

15

Argex Team
RobertGuilbault ChairmanoftheBoardofDirectors FormerPresidentandCEOofAluminerie Allouette Inc.,SeptIles,Quebec. ManagerofBHPBillitonsHillsideAluminumatRichardsBay,SouthAfrica. Hasworkedintheminingproductionfieldfortwentyyears.

RoyBonnell President&CEO,Director,Founder CFO,VicePresident,CorporateDevelopmentandCorporateSecretaryofArgex 2007to2011. ManagingDirector,AtwaterFinancial,20032010. M.Sc Accounting&Finance(LondonSchoolofEconomics),MBA(McGill),L.L.B.WesternOntario,B.A.(Queen`sUniversity).

EnricoDiCesare COO,VPTechnology Metallurgy,operations,knowhowtransfer,andmanagement;Severstal,Danieli,Sammi AtlasSteel,Hoogovens/Corus/Hatch MetallurgicalEngineerfromMcGillUniversity

MarkBillings CFO,Director,Founder PresidentandCEOofOREXExplorationInc. BA(Honours)fromCarletonUniversityandanMBAfromtheHarvardBusinessSchool;CharteredFinancialAnalyst

TSXV:RGX

16

Argex Team
AndrLaferrire SeniorGeologicalConsultant CorporateNI43101QualifiedPerson Professionalregisteredgeologistwithover15yearsexperienceinexplorationandmineraldevelopmentprojectsforvarious commodities,includingmineralresourceestimationandNI43101reporting

PeterSmith Director PresidentandCEOofFancamp ExplorationLtd.(TSXV:FNC) B.Sc ingeologyfromMcGillUniversityandanMSandPh.D fromNorthwesternUniversity

AnthonyGarson Director InvolvedinthebrokerageindustryasaMinesandMetalsAnalyst,VPScotiabank 197580,DeanWitterReynolds(Canada)Ltd., Canaccord Capital. FoundingpartnerofUnionCapitalMarkets(UK)Ltd.

Mazen Haddad Director FormerPresidentofTownshipCapitalInc. ReceivedaB.A.degreeineconomicsfromEmoryUniversityofAtlanta,Georgia.

TSXV:RGX

17

Summary
Argex isaneartermproducerofcommoditiesthattheworld needslocatedonQuebecsNorthShore LaBlache NI43101compliantmineralresourceestimate releasedJune30th,2011(seeAppendix1) PreliminaryEconomicAssessmentreleasedOctober26,2011 PEAdemonstrateslowcostproduction ProprietaryextractionprocessproducinghighpurityTiO2 Primarygoalistoadvancerapidlytoproduction Simpleandlowriskstrategyforscaleup Mouchalagane ironorepropertyholdssignificantexploration potentialbasedonhistoricaldrillingandmetallurgicaldata

TSXV:RGX

18

MarketCapitalization
MARKETPERFORMANCE
Recent Price 52week High 52week Low Market Cap $0.45 $0.92 $0.30 $46Million

AsofSeptember 22,2011

CAPITALIZATION
103,104,882Outstanding Shares (basic) 21,213,852Escrowed Shares 81,891,030Freetrading Shares 7,725,000Options 20,838,000Warrants 16,000,000Milestone warrants 2,286,789BrokerWarrants 149,954,671Outstanding Shares (fully diluted)

TSXV:RGX

19

CorporateInformation
MANAGEMENTTEAM
RoyBonnell,President &CEO roy@argex.ca Tel.:+1.514.788.8932 MarkBillings,CFO mark@argex.ca Tel.:+1.514.296.1641 Auditors :BDODunwoody EnricoDiCesare,COO enrico@argex.ca Tl.:+1.514.843.5959x141 Legal Counsel :Heenan,Blakie LLP TransferAgent:CanadianStockTransferCompany Inc.

CORPORATEHEADQUARTERS
Suite410,630SherbrookeStreetWest Montreal,Quebec H3A1E4,Canada Fax:+1.514.843.9208 www.argex.ca

AllofArgexs publicfilings can be found onSEDAR (www.sedar.com)

TSXV:RGX

20

TSXV:RGX

LaBlache Project

Appendix1

A1

LaBlache Project
Comprisedof3knownlensesofmassivetitaniferous magnetite(FeTiV):West Hervieux,EastHervieux andSchmoo Lakewithahistoricresourceestimateof79 milliontons(71millionmetrictonnes) Argex definedin2of3lensesaNI43101compliantresourceestimateof30.9 milliontonnesmeasuredandindicatedand13.0milliontonnesintheinferred category Bothdrilledlenses(WestandEastHervieux)areopenatdepth Consistencyoftheorebodyacrossthezonesfacilitatestheapplicationofthe hydrometallurgicalprocess

TSXV:RGX

A11

LaBlache

NI43101ResourceEstimates
East Hervieux and West Hervieux (Cut-Off 40% Fe) InSituGrades CalculatedInSituOxideGrades V% Fe2O3% 0.25 63.22 0.26 63.31 0.25 63.29 0.24 63.06 TiO2% V2O5% 18.8 0.45 0.46 18.78 0.45 18.78 18.67 0.43

Resources Estimation Summary for West and East Hervieux (COMBINED)

ResourceCategory InSitu(tonnes) Measured 8,017,000 Indicated 22,871,000 Measured+Indicated 30,888,000 Inferred 13,013,000

Fe% 44.22 44.28 44.27 44.11

Ti% 11.27 11.26 11.26 11.19

Resources Estimation Summary for West Hervieux

West Hervieux (Cut-Off 40% Fe) InSituGrades CalculatedInSituOxideGrades InSitu(tonnes) Fe% Ti% V% Fe2O3% TiO2% V2O5% 5,601,000 44.19 11.34 0.25 63.18 18.92 0.45 12,839,000 18,440,000 4,173,000 44.37 44.32 44.14 11.37 11.36 11.40 0.27 0.26 0.27 63.44 63.36 63.11 18.97 18.95 19.02 0.48 0.46 0.48

ResourceCategory Measured Indicated Measured+Indicated Inferred

Resources Estimation Summary for East Hervieux

East Hervieux (Cut-Off 40% Fe) InSituGrades CalculatedInSituOxideGrades ResourceCategory InSitu(tonnes) Fe% Ti% V% Fe2O3% TiO2% V2O5% Measured 2,416,000 44.28 11.12 0.24 63.31 18.55 0.43 Indicated 10,032,000 44.17 11.12 0.24 63.15 18.55 0.43 Measured+Indicated 12,448,000 44.19 11.12 0.24 63.18 18.55 0.43 Inferred 8,840,000 44.1 11.09 0.23 63.05 18.5 0.41

TSXV:RGX

A12

LaBlache NI43101Resources
Anundilutedtitaniumresourcesestimatedatmorethan5.8 MtofTiO2 inthemeasuredandinferredcategorieswithan additional2.4MtofTiO2 intheinferredcategory Addedvaluehighpurity(99.8%TiO2)productwithsignificant recoverableironandvanadiumbyproductcredits LaBlache resourcesaresignificantlyundervaluedversus comparables withthehighestratioofundilutedTiO2 resources pershareoutstanding
Resources Estimation Summary for West and East Hervieux (COMBINED)
East Hervieux and West Hervieux (Cut-Off 40% Fe) InSituGrades ResourceCategory InSitu(tonnes) Measured 8,017,000 Indicated 22,871,000 Measured+Indicated 30,888,000 Inferred 13,013,000 Fe% 44.22 44.28 44.27 44.11 Ti% 11.27 11.26 11.26 11.19 CalculatedInSituOxideGrades V% Fe2O3% 0.25 63.22 0.26 63.31 0.25 63.29 0.24 63.06 TiO2% V2O5% 18.8 0.45 0.46 18.78 0.45 18.78 18.67 0.43

TSXV:RGX

A13

Comparables UndilutedTiO2 Resources

Company Shares Outstanding (millions) 419 25 4.97 103 Share Price (CAN$) 13.26 53.70 36.53 0.45 MarketCap ($CAN) (millions) 5,555 1,343 182 46 Resource/Reserve tonnes Ore Grade TiO2 6.00% 1.19% 1.35% 18.78% UndilutedTiO2 resources (tonnes) 20,030,000 99,070,000 8,170,000 5,800,000 TonneofTiO2 resourceper $1,000marketcap 3.6tonnes 73.8tonnes 44.9tonnes 126.1tonnes ILUKARESOURCES LIMITED(ASX:ILU) KENMARERESOURCES PLC(LSE:KMR) SIERRA RUTILELIMITED (LSE:SRX) ARGEXMININGINC. (TSX.V:RGX) 333,800,000 8,325,000,000 604,900,000 30,888,000

150 100 50 0

UndilutedTiO2 resourceper$1,000marketcap(tonnesTiO2)
73.8tonnes 44.9tonnes 3.6tonnes 141.5tonnes

ILUKA

KENMARE RESOURCESPLC

SIERRARUTILE LIMITED

ARGEXMINING INC

*NI43101compliantresourceestimate,anticipatedproduction sharepricesandmarketcapasofSeptember2011

TSXV:RGX

A14

LaBlache

LacSchmoo

Firstoutcropsof titaniferous magnetitein theareawerediscovered herein1952 HistoricgradesatLac Schmoo are19%TiO2,50% Feand0.2%V Argex hastodate,not conductedadrilling campaignatLacSchmoo.

TSXV:RGX

A15

LaBlache ProjectProgress
Dec. 2008 Dec. 2009 Jan. 2010 FebMay 2010 MayJuly 2010 MayAug 2010 Feb. 2011 May 2011 JuneOct 2011 Nov 2011

43101QualifyingReport Compilation andPlanning AirborneGeophysical Survey ModelandValidateTarget CampInstallation,Mobilization Drill(13000m)(ConsulTeck/Major) Drilling(7000m)(ConsulTeck/Major) InitialMetallurgicalTesting(Ortech) 43101ResourceEstimate(MetChem) Preliminary EconomicAssessment(BBA) Phase TwoMet.Testing(Ortech) MiniPlant (Ortech)

Ongoing Ongoing

TSXV:RGX

A16

LaBlache

ExclusiveInnuAgreement

MiningexplorationagreementbetweenArgex andtheInnu TheInnuconsenttoArgex conductingminingexplorationonlands claimedpursuanttotheirancestralrights InnugrantArgex anexclusiverighttominingexplorationand developmentonlandwithina100kmradiusofanyArgex claims Argex agreestocommunicatewiththeInnuinatimelymannerits explorationplansandresults

TSXV:RGX

A17

LacBrul Property

Appendix2

A2

LacBrl Property
LAC BRL PROJETDEFER&TITANE/CARTEGOLOGIQUE BRLLAKE IRON&TITANIUMPROJECT/GEOLOGICALMAP

Argex MiningClaims

CLMClaims

ArgexMining Claims

TSXV:RGX

A21

Mouchalagane

Appendix3

A3

Mouchalagane
Airbornegeophysicalsurvey completedinlate2010 Propertysizedtripledby staking environmentalimpactstudy initiated Sitevisitcompletedwith grabsamplesconsistentwith historicvalues 43101TechnicalReport Explorationpotentialstudy completed

AddingValue

TSXV:RGX

A31

Mouchalagane

AirborneGeophysics
Therecentairbornemagneticsurvey outlinesseveralkmscalemagnetic anomaliesontheproperty. Surveyresultsoutlinekmscalemagnetic anomaliesincludingaseriesofcontinuous anomaliesover40kminlength correspondingtopreviouslyrecognisediron formations Historicaldrillingconfirmedthepresenceof economicgradeironmineralisationinfive magneticareatodate Numerousuntestedkmscalemagnetic targets

BaieComeau

TSXV:RGX

A32

Mouchalagane
EverettLake

Explorationpotential
EstimatedExplorationPotentialforAreaswithHistoricalDrilling(yellow)
Area SizeofMagnetic EstimatedThickness Anomaly(km2) ofIronFormation 0.85 0.68 0.68 1.68 2.39 10 15m 15 35m 10 15m 15 80m 20 60m Volume ConceptualTonnage (millionm3) (milliontonne) 9 13 20 46 7 10 25 134 48 143 30 40 60 150 20 30 80 430 150 460 340 1,110Mt

EverettLake CrazyLake NorthParrLake SouthMountain SouthParrLake

NorthParrLake

NorthArea

CrazyLake

TotalEstimatedExplorationPotentialforKnownIronFormation

EstimatedExplorationPotentialforUntestedAreas(white) CentralArea
Area North SizeofMagnetic EstimatedThickness Volume ConceptualTonnage Anomaly(km2) ofIronFormation (millionm3) (milliontonne) 4.91 9.88 3.68 10 15m 10 25m 10 15m 50 75 100 250 35 55 160 240 320 800 110 170 590 1,210Mt

SouthMountain SouthParrLake

SoutheastArea

Central Southeast

TotalEstimatedExplorationPotentialforUntestedIronFormation
The exploration potential quantity and grade stated in the presentation is conceptual in nature, there has been insufficient exploration to define a mineral resource, and it is uncertain if further exploration will result in the target being delineated as a mineral resource

Explorationpotentialtonnageisbasedonthevolumetricestimateusing firstverticalderivativemagneticanomaliesandconceptualmineralizediron formationthicknessfromhistoricaldrilling.Bulkdensityof3.2t/m3 used.

A33

37

Mouchalagane

Historicresults

TSXV:RGX

A34

38

Metallurgy

Appendix4

A4

CTLProcessFlow

TSXV:RGX

A41

CTLProcessFlow

TSXV:RGX

A42

CTLTechnologyCompared
Sulphate Process (SP)1
BothlowercostandlowerTiO2 contentilmenite oresandsulfate slagsmaybeusedinthis process.

ChlorideProcess(CP)1
GenerallyrequirestheuseofhighTiO2 content

CTL Process (CTL)

Primarilyilmenite ore,notoptimizedforrutile. LowgradeTiO2orefeeds canbeused. Veryhighpurity(99.8%)TiO2 (rutile)product

Baseparticlesizecontrolislessconsistentthanin Generallyhigherproductconsistency thechlorideprocess,negativelyimpacting productperformance. Produceseithertherutileoranatase crystalform Producesonlyrutilecrystalforms Largerbuildings More vessels Moremanpowernecessary Lower trainingrequirementsforthestaff Abatchprocess Smallerbuildings Fewervesselsbutpressurized Lessmanpowernecessary

Canproduceanatase pigment Largerbuildings *Nopressurevessels MoremanpowerthanChlorideProcess

Highertrainingrequirementsforplantoperations Mixofqualifiedstaffandoperatingpersonnel staff Amorecontinuousprocess Continuousprocess Environmentallyattractive:energyefficient, chlorinenotused,closedloopoperation,very lowinerttailingsthatcanbeusedby local constructionrawmaterials

Moreenvironmentalimpactduetomuchhigher Lessenvironmentalimpactduetolesswaste wastegeneration generation

Source:Modifiedfromhttp://www.ticons.com/TiCons/index.php?option=com_content&view=article&id=1&Itemid=12&lang=en

TSXV:RGX

A43

CTLTechnologyCompared
Sulphate Process (SP)1
Processneedscoproductmanagementand attractivemarketsforcoproducts

ChlorideProcess(CP)1
Limitedpossibilitytoreworksomeofthewasteto sellablecoproducts

CTL Process (CTL)

Sellablebyproducts (dependentonthesourceof ilmenite)ofiron,vanadiumandchromium,acid recoveryandrecycle Processisflexible canhandlevariationinfeed material Productiondoesnotdirectlystopifonestepfails Saferoperation chlorinenotused,organic solventsused Continuousprocess canbeautomated Lowercapitalcosts,loweroperatingcosts reagentsrecycled,byproductrevenue Sellablebyproducts (dependentonthesourceof ilmenite)ofiron,vanadiumandchromium,acid recoveryandrecycle Processisflexible canhandlevariationinfeed material Productiondoesnotdirectlystopifonestepfails

Processiseasiertohandlebecauseofbatchprocess Requires stableproductionenvironment and infrastructure Productiondoesnotdirectlystopifonestepfails Theprocessismoresensitivetoproduction shortfallbecauseithasaclosedloopfrontend HighersafetyrequirementsduetotheuseofCl2 andTiCl4 Lowerrequirementstoequipmentandautomation Higherdegreeofautomationnecessary Ingeneral,theproductioncostsarehigherthan Ingeneral,theproductioncostsareloweranddo chlorideprocessplants,especiallyoutsideofChina varybyplant Processneedscoproductmanagementand attractivemarketsforcoproducts Limitedpossibilitytoreworksomeofthewasteto sellablecoproducts

Processiseasiertohandlebecauseofbatchprocess Requires stableproductionenvironment and infrastructure Productiondoesnotdirectlystopifonestepfails Theprocessismoresensitivetoproduction shortfallbecauseithasaclosedloopfrontend

Source:Modifiedfromhttp://www.ticons.com/TiCons/index.php?option=com_content&view=article&id=1&Itemid=12&lang=en

TSXV:RGX

A44