Investor Presentaiton

OURCES ING Smelter Flux Industry in Japan IRV:CNX Mining silica-rich gold ores and using them for smelter flux has a very long history in Japan. Each year, Japanese smelters require many hundreds of thousands of tonnes of silica flux. Mitsui, Sumitomo Metal Mining, Sumitomo Corporation, Nippon Mining (JX), Mitsubishi, Dowa and Toho Zinc operate smelters. Silica flux from Japanese gold mines (Hishikari, Akeshi, Kushikino) is currently used in some smelters. Others rely on silica from various other domestic and international sources. Demand for new sources of silica-rich gold ores is strong. GUD 9

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