A Global Exploration Vehicle

2. A Global Exploration Vehicle Principal exploration company in Lundin Group Active in Eritrea and South America Business model: Add value through exploration Flexible and opportunistic Cash ~$21 million

3. The Lundin Group-Combined value >$10BOne of the most successful resource groups in the world Oil Production Mining Exploration Mining Production Other Oil Exploration

4. Projects Canada – JV Partner copper-gold porphyry Eritrea volcanogenic massive sulphidecopper/zinc Congo carbonate hostedcopper/lead/zinc Chile, Argentina copper-gold porphyry

5. Arabian-Nubian ShieldA Major Massive Sulfide Province • Arabian-Nubian Shield emerging as one of the world’s most significant VMS belts • >180Mt of massive sulfide discovered in last ten years. Best discovery record in the world. Much of it in Eritrea • High value gold-rich deposits. High value gold caps overlie enriched copper mineralization • Still underexplored • Desert terrain is easy to explore with low cost remote sensing and basic prospecting • Most has not been flown by airborne geophysics Ariab +60Mt Hambok 27Mt Asmara 60 Mt Bisha 39Mt

6. Eritrea Gold-Rich VMS Exploration • Large land package covering extensions of Bisha belt • Significant resource at Hambok • Excellent exploration potential near Hambok • New high grade discovery at Aradaib Bisha Deposit: 1 million oz gold 9.8 million oz silver 747 million lbs copper 1 billion lbs zinc

7. Prospecting has identified numerous gossan + outcrops on licenses • Area has never been flown with airborne Mag and EM • VTEM Survey underway • Will cover Hambok Trend, Aradaib, and Shukula for the first time • Expected to generate lots of drill targets. Currently conducting VTEM survey in order to detect mineralized bodies obscured by overburden. M + I 10.4Mt @ 1% and Cu 2.2% Zn Inferred 17Mt @ 0.85 Cu and 1.7% Zn

8. Hambok Trend • Hambok is coincident with a strong gravity anomaly shown in red • Untested potential along linear trend from Hambok • This area will be covered by planned airborne survey

9. Aradaib • Recent high-grade discovery • ARD-01: 10m 1.9% Cu, 1.2% Zn, 0.92 g/t Au, 21 g/t Ag • 7m 1% Cu, 15.1% Zn, 0.39 g/t Au, 33 g/t Ag • ARD-03: 13m 3.3% Cu, 5.6% Zn, 1.8 g/t Au, 46 g/t Ag • ARD-04: 7m 2.7% Cu, 1.7% Zn, 0.82 g/t Au, 26 g/t Ag ARD-10-03 From 71 to 72m: 11.70g/t Au 157g/t Ag 9.63% Cu 6.50% Zn

10. Aradaib Exploration Potential • 3km trend of anomalous rock geochemistry; scattered gossans • Extensive shallow cover on strike • Drilling to date has only tested a tiny fraction of the exploration potential • Upcoming airborne survey will trace mineralization under cover Oil Production Mining Exploration Mining Production Other Oil Exploration

11. Other Significant Prospects - Shukula • Significant new discovery • High copper-zinc-gold gossan • Opens up a new belt • Will be covered by airborne survey

12. Other Significant Prospects- Koken • Favorable host rocks extend for >100km to the north of Bisha • Alteration associated with mineralization shows up on satellite imagery- green and red patches • Follow-up prospecting has found high copper, zinc, gold geochemistry

13. Eritrea- Other Opportunities • Significant new shallow potash play • Historical production; recent new results • Close to tidewater • Potential for other evaporite minerals?? Recent shallow potash intercepts 15m 16% KCl

14. NGEX in South America Porphyry copper-gold projects of interest to: China, Japan, and Korea mid tier base metal producers Gold companies Large copper deposits in stable jurisdictions on Pacifc rim are very rare Most are controlled by majors • NGEX has exactly the kind of projects all the above will want • Large size +500Mt potential • By-product gold; good Cu eq grades • Concentrate producers • Located in stable jurisdictions on Pacific rim

15. Vicuna Project • Copper and gold potential • District scale play • at least 3 major copper-gold systems on one contiguous land package • each one a potential company maker • Partnered with Japanese • 60% NGEX • 40% JOGMEC

16. Josemaria, Argentina • Large resource with potential to grow substantially • Is the other half under cover? • Higher grade core • JOGMEC earning 40%, funding current program Cover Resource

17. Los Helados, Chile Large copper-gold porphyry system At least 1000m by 700 m by 450 m 760 m @ 0.4 % Cu, 0.2 g/t Au Including 345 m 0.6% Cu, 0.2 g/t Au Deepest drill holes still in mineralization at +800M Higher grades at southern end High sulfidation gold potentialat higher levels

18. Filo del Sol • Large high-sulphidation gold system • Overprinted on deeper porphyry copper • Very large alteration zone with limited testing Holes drilled so far are very similar to first 54 first holes at Veledaro

19. A Significant Resource Basewith Excellent Exploration Potential

20. Summary • A very strong pipeline of resource and resource extension projects in South America and Eritrea- not fully valued • Eritrean projects historically discounted but this may be changing • Hambok is very similar to Emba Derho • Aradaib is the best new discovery since Bisha • Airborne Mag/EM could be a game changer • Opening of Bisha Mine and strong interest in region from gold majors may lead to re-rating of Eritrean projects • South American exploration starts November, 2010 • Will drill 4 porphyry copper projects and one high-sulfidation gold project. News through May 2011 • Teck program at GJ- Spring 2011

21. Thank You! For more information please contact: Wojtek Wodzicki, President and CEO wojtekw@namdo.com or Sophia Shane sophias@namdo.com or Check our website www.ngexresources.com

22. NGEX NI 43-101 Resources