Adex Mining Inc.Meeting global demand for
specialty metals
Forward-looking statements
Certain statements in this Presentation may constitute “forward-looking” statements which involve known and unknown risks,uncertainties and other factors which may cause the actual results, performance or achievements of the Corporation, or theindustry in which it operates, to be materially different from any future results, performance or achievements expressed or impliedby such forward looking statements. When used in this Presentation, such statements use words such as “may”, “will”, “expect”,“believe”, “plan” and other similar terminology. These statements reflect management’s current expectations regarding futureevents and operating performance and speak only as of the date of this Presentation. These forward-looking statements involve anumber of risks and uncertainties, including those related to: (i) the Corporation’s limited operating history; (ii) the nature of theCorporation’s business being highly speculative; (iii) substantial additional expenditures being required to establish eitherresources or reserves on mineral properties; (iv) barriers to commercial production; (vi) requirements for additional capital; (vii)fluctuations in commodity prices and exchange rates; (viii) dependence on key officers, consultants and employees; (ix) potentialdefects in title to the Corporation’s properties; (x) maintaining the Corporation’s interests in its properties; (xi) external marketfactors; (xii) governmental and regulatory requirements; (xiii) environmental regulations; (xiv) conflicts of interest; (xv) uninsuredrisks; (xvi) competition to acquire additional properties; (xvii) lack of dividends; and (xviii) the absence of a public market for theCommon Shares.
New risk factors may arise from time to time and it is not possible for management of the Corporation to predict all of those riskfactors or the extent to which any factor or combination of factors may cause actual results, performance or achievements of theCorporation to be materially different from those contained in forward-looking statements. Given these risks and uncertainties,investors should not place undue reliance on forward-looking statements as a prediction of actual results. Although the forward-looking statements contained in this Presentation are based upon what management believes to be reasonable assumptions, theCorporation cannot assure investors that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this Presentation, and the Corporation assumes no obligations to update or revisethem to reflect new events or circumstances.
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Adex Mining Inc. – TSX-V: ADE
• Adex is a Canadian mining company• Focus: to develop specialty metals at the Mount
Pleasant Mine in New Brunswick, Canada• Total 15-year revenue: Cdn $2.8 billion• World’s largest indium resource• North America’s largest tin resource
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Location
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Property View
Fire Tower Zone
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North Zone
Tailings Pond
Mine Site
Mine site
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Office Building
Mill
Conveyors &Ore Storage
Maintenance
Infrastructure
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A rich metals inventory
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Strong demandNORTH ZONEIndium• Flat-panel displays - mobile phones,
computers, TVs• Next generation of photovoltaic cells
Tin• Solder, tinplate, and other industrial uses• Organotin compounds in PVC plastics• Minable tin may run out in 20 years
Zinc• Strong future Chinese demand, attributable to
the automotive sector’s need for galvanizedsteel
• Also used as a white pigment in paint, a fireretardant and wood preservative
FIRE TOWER ZONETungsten• Has the highest melting point of any metal• Used in drill bits, saw blades, ammunition,
chrome-plating substitute, jewelry,incandescent light bulbs
• Nose cone of the X51A hypersonic vehicle
Molybdenum• Specialty Steels• Moly-based lubricants for exploration drilling• Nuclear reactor condenser tubes (new
application)• Has the sixth-highest melting point; forms
hard, stable carbides
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Strong demand
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Indium
Future Price TrendsIndium – prices to remain stable, could move higher based onrare earth trade warTin – prices to remain high or even move higher based on tightsupplyZinc – prices to remain in the $2.50 per kg range, based onstagnant world economy
Prices quoted – US$ per kg – average price per month
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Zinc
Strong demand
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0102030405060708090
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Future Price TrendsTungsten – recent price increase a result of Chinaexport quotas, long term prices expected $250-$300Molybdenum – good supply of moly long term willkeep price stable in the $40 range
Prices quoted – APT US$ per 10 Kg, Moly US$ per Kg –average price per month
Resource summary
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Infrastructure
• Fully developed mine workings (FTZ)• Crushing and processing complex• Administration building, maintenance shops,
warehouse, ore storage, etc.• On-site power and water distribution• Established tailings pond• Estimated replacement cost Cdn $84 million
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Completed• Identified 18.5 million tonnes indicated and inferred (43-101 compliant
estimate), drill program and revised resource estimation underway to defineindicated mineable blocks
• Finished preliminary economic assessment in January 2010• Mine and mill plan completeUnderway• Piloting tin and indium–zinc concentrate production – SGS• Piloting zinc metal and indium sponge production – Thibault• Drill program and revised resource estimation to define indicated mineable
blocks• Tin smelting viability assessment - XstrataUpcoming• Definitive feasibility study – end of 2011• Production decision – 2012
North Zone – Status
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NZ – Production stats
From 2010Preliminary Economic Assessment (PEA)
TinConcentrate
ZincMetal
IndiumSponge
In the mill
Feed grade 0.71% 1.82% 183 g/t
Concentrate grade 46% 50% 4,900 g/t
Metal recovery 75% 79% 75%
Final products
Total production 3,200 t/y 4,000 t/y 40 t/y
Price - 2010 PEA ($US/kg) 14.70 2.45 580
Estimated revenue 2010 - PEA ($Cdn) $39.2 million $9.4 million $21.2 million
Current
Current price ($US/kg) 31.36 2.35 652.5
Revenue $39.2 million $9.4 million $21.2 million
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North Zone – FinancialsPreliminary
AssessmentCurrent Financial
Model
Mine life – currentplan
10 years 19 years
Production rate 850 t/d 850 t/d to 2,400 t/dafter year 10
(Cdn $ Millions) (Cdn $ Millions)
Pre-productioncapital
71 71
Annual revenue 48 69.8
Annual operatingcost
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Annual cash flow 25 46.9
Pre-tax NPV @ 8% 80 230.2
Pre-tax IRR (equity) 29% 39.9%
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North Zone Process
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Overview ofMetallurgicalFlowsheet
North Zone Process
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Overview ofHydrometallurgicalProcess
Completed• Identified 14.3 million tonnes indicated and inferred (43-101
compliant estimate)• Finished preliminary economic assessment 2008• Bench-test moly oxide hydromet – SGS (Lakefield)• Mine and mill plan completeUpcoming• Pilot plant test work – late 2011• Definitive feasibility – 2012• Production decision – 2013
Fire Tower Zone – Status
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FTZ – Production statsFrom 2008Preliminary Economic Assessment (PEA)
Tungsten MolybdenumConcentrate
In the mill WO3 MoS2
Feed grade 0.33% 0.21%
Concentrate grade 30% 80%
Metal recovery 82% 76%
Final products APT MoS2
Total production 1,900 t/y 1,100 t/y
Price - 2008 PEA ($US/kg) 21.5 51
Estimated revenue PEA ($Cdn) $40 million $52 million
Current
Current price ($US/kg) 40.5 37.2
Revenue $79 million $39.8 million
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Fire Tower Zone – FinancialsPreliminary
AssessmentCurrent Financial
ModelMine life – current plan 12 years 12 yearsProduction rate 2,400 t/d 2,400 t/d
(Cdn $ Millions) (Cdn $ Millions)
Pre-production capital 130 130
Annual revenue 92 118.8Annual operating cost 49 49Annual cash flow 46 69.3Pre-tax NPV @ 8% 164 262.9Pre-tax IRR 27% 37.4%
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Milestones
Collected bulk sample for NZpilot plant test work
Completed preliminary bench-scale assessmentof tin and indium-zinc concentrates
Completed bench-scale testing of zincmetal and indium sponge hydromet
process
Completed a flow-through share offering forjust over $1M
Developed a staged approach to fullproduction of NZ and FTZ
Completed preliminary assessment(scoping) on Sn-In-Zn at NZ
Updated 43-101 compliant resourceestimate for NZ
2009
Completed 2008 drilling program, includingmore than 13,000m of drilling
Updated NI 43-101 compliant resourceestimate for the Fire Tower Zone
2008
Completed mineralogy study on NZ resourcezones
Completed scoping study on tungsten-molybdenum FTZ
Completed bench-scale testing of conceptualtungsten gravity flowsheet
Completed bench-scale testing of conceptual tingravity flowsheet
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Milestones
Pilot plant program – production of tinand indium-zinc concentrates
Pilot plant program – production ofindium sponge and zinc metal
2010-2011
Conclude concentrate and metal off-takesales contracts
Confirmation drilling and upgrade of NZ inferredresources to indicated resources
NZ definitive feasibility study
Commence bench-scale and pilot metallurgicaltest work for FTZ
Production decision - NZ
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$10 million$10 million
$50 million$50 million
$5 million$5 million
$5 million$5 million
Mount Pleasant development history
Activity 1960’s 2007 -08
1975 -85 1985 - 90 1992 - 97
Nor
th Z
one
Fire
Tow
erZo
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$150 million$150 million
600’ adit development for tinno production achieved
LAC Minerals – North Zonedecline and tin drilling
Adex – tin feasibility
Adex – preliminary assessmentbasic metallurgical test work,drilling
Billiton – tungsten minedevelopment and operation
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$5 million$5 million
Adex – drilling
2009 -10
$3 million$3 million
Adex – preliminary assessment,detailed metallurgical test work
$5 million$5 million
$71 million$71 million
$5 million$5 million
$130 million$130 million
Mount Pleasant development plan
Pre-production capital – North Zone: Cdn $71 million; Fire Tower Zone: Cdn $130 million
Activity 2011 20152012 2013 2014
Nor
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one
Fire
Tow
er Z
one $2 million$2 million
Feasibility study
Construction
Commence production
Feasibility study
Construction
Commence production
Metallurgical test work
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Leadership teamJ. Errol Farr, CMA President and
CEO, DirectorMr. Farr is a seasoned executive with over 15 years ofexperience in finance, accounting and operations withpublicly listed junior mining companies. Mr. Farr hasbeen involved with Adex Mining Inc. since itsacquisition of Mount Pleasant in 1995.
Victor HendrickenBEd, MEd
Vice-PresidentOperations
Mr. Hendricken has nearly three decades of hands-onexperience in the operation of mines and millingplants, including as Mill General Foreman at the MountPleasant Mine. Mr. Hendricken was also a technicalconsultant for the Beaver Brook Antimony Mine inNewfoundland.
J. Dean ThibaultPEng, MSc
SeniorConsultantMetallurgy andEnvironmentalPlanning
Mr. Thibault has worked and consulted with BHP, GulfCanada, Inco Smelter Division, Iron Ore of Canada,Syncrude, Rio Tinto and Tiberon Resources. His areasof expertise include development of mineral extractionflowsheets and environmental management plans, aswell as design and construction of metallurgicalfacilities.
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Leadership teamWilliam (Bill) B.BurtonBSc (Hon.)Geology
TechnicalAdvisor,Director
Mr. W.B. Burton founded Adex in 1993 and was CEOfrom 1994 to 1998. He has worked extensively with anumber of publicly traded mining and industrialcompanies. Mr. Burton is also a director of ErdeneGold Inc. (TSX: ERD).
William (Will) C.BurtonBBA, CA
CFO Mr. W.C. Burton serves as the Chief Financial Officerof Adex Mining Inc. and has extensive public companyaccounting and audit experience. He also serves asChief Financial Officer of MagIndustries Corp. andpreviously worked as an audit manager with Deloitte &Touche LLP.
Trevor BoydPhD, PGeo
ProjectManager forExplorationand Drilling
Dr. Boyd is a professionally designated geologist withtwo decades of resource-industry experience. He is aqualified person ("QP") for the purposes of NationalInstrument 43-101 – Standards of Disclosure forMineral Projects of the Canadian SecuritiesAdministrators.
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Financial informationShare structureas ofApr. 12th, 2011
Issued and outstanding shares 137,211,441Fully diluted share structure 193,615,355
Fully diluted marketcapitalization
$43,563,459
Current share price $ 0.22
52-week range Cdn $0.385–$ 0.08
Debt None
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Summary of investment opportunity
• Excellent location• Established infrastructure• Stable political environment• Low-risk strategies for staged development and
financing• Predictable yields at target grade• Well-timed to take advantage of economic recovery
and growth
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For more information
Please contact:Errol Farr, President and CEOAdex Mining Inc.67 Yonge Street, Suite 1402Toronto, Ontario, M5E [email protected]
Investor Relations1-866-508-2339investorrelations@adexmining.comwww.adexmining.com
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