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Growing and advancing one of the world’s largest undeveloped silver and indium resources. 開發及推進世界最大的 未開發白銀及銦資源區之一

Growing and advancing one of the world’s largest undeveloped silver and indium resources. 開發及推進世界最大的 未開發白銀及銦資源區之一. VALUE. GROWTH. VISION 價值、增長、願景. Corporate Presentation 企業介紹. TSX: SAC, US OTC: SOHAF. May 2012 2012 年 5 月. www.soamsilver.com. Cautionary Notes. Forward-looking statements

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Growing and advancing one of the world’s largest undeveloped silver and indium resources. 開發及推進世界最大的 未開發白銀及銦資源區之一

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  1. Growing and advancing one of the world’s largest undeveloped silver and indium resources.開發及推進世界最大的未開發白銀及銦資源區之一 VALUE. GROWTH. VISION 價值、增長、願景 Corporate Presentation企業介紹 TSX: SAC, US OTC: SOHAF May 2012 2012年5月 www.soamsilver.com

  2. Cautionary Notes • Forward-looking statements • Certain statements contained herein constitute “forward-looking statements.” Forward-looking statements look into the future and provide an opinion as to the effect of certain events and trends on the business. Forward-looking statements may include words such as “plans,” “intends,” anticipates,” “should,” “estimates,” “expects,” “believes,” “indicates,” “targeting,” “suggests,” “potential,” and similar expressions. These forward-looking statements are based on current expectations and entail various risks and uncertainties. Actual results may materially differ from expectations, if known and unknown risks or uncertainties affect our business, or if our estimates or assumptions prove inaccurate. Investors are advised to review the Company’s Annual Information Form filed at www.sedar.com for a detailed discussion of investment risks. The Company assumes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or any other reason. • Cautionary note regarding reserve and resource estimates • The material in this presentation has been prepared in accordance with the requirements of the securities laws in effect in Canada, which differ from the requirements of U.S. securities laws. Unless otherwise indicated, all resource and reserve estimates included in this presentation have been prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) and the Canadian Institute of Mining and Metallurgy Classification System. NI 43-101 is a rule developed by the Canadian Securities Administrators which establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. Canadian standards, including NI 43-101, differ significantly from the requirements of the United States Securities and Exchange Commission (“SEC”), and resource and reserve information contained herein may not be comparable to similar information disclosed by U.S. companies. In particular, and without limiting the generality of the foregoing, the term “resource” does not equate to the term “reserves”. Investors should also understand that “inferred mineral resources” have a great amount of uncertainty as to their existence and great uncertainty 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. The estimation of quantities of resources and reserves is complex, based on significant subjective assumptions and forward-looking information, including assumptions that arise from the evaluation of geological, geophysical, engineering and economic data for a given ore body. This data could change over time as a result of numerous factors, including new information gained from development activities, evolving production history and a reassessment of the viability of production under different economic conditions. • Changes in data and/or assumptions could cause reserve estimates to substantially change from period to period. No assurance can be given that the indicated level of mineral will be produced. Actual production could differ from expected production and an adverse change in mineral prices could make a reserve uneconomic to mine. Variations could also occur in actual ore grades and recovery rates from estimates.

  3. 警示性說明 前瞻性陳述 文中的某些陳述構成了“前瞻性陳述”。前瞻性陳述針對未來事件，提供了某些事件的影響及業務趨勢方面的意見。這些陳述可能包含“計劃”、“可能”、“預期”、“將會”、“預計”、“期待”、“相信”、“指示”、“目標”、“預示”、“潛力”等詞語或類似表述。前瞻性陳述基於當前預期，包括多種風險因素及不確定性。若已知或未知風險因素或不確定性影響公司業務，或公司預期或假設出現失誤，則實際結果可能與預期大不相同。投資者可在提交至www.sedar.com的公司年度信息表中查閱詳細的投資風險。公司沒有根據新信息、未來事件以及其它原因更新任何前瞻性陳述的義務。 關於資源量和儲量評估的警示說明 本報告中的材料都是按照加拿大證券法的要求準備的，而美國的證券法要求與此不同。除非特別指明，本報告中的資源量和儲量評估都符合礦業項目信息披露的NI43-101標準以及加拿大礦業和冶金研究機構分級體系。NI 43-101是由加拿大證券委員會制定的一套規則，規定了所有公開發佈的有關礦業項目的科學技術信息的標準。包括NI 43-101標準在內的加拿大標準與美國證券交易委員會的要求有很大的不同，因此本文中的資源量和儲量信息可能與美國公司公佈的類似信息不具有可比性。尤其需要注意的是，如果沒有對前述條文的一般性予以限制，資源量並不等同於儲量。投資者也需要清楚推斷資源量在存在性以及經濟和法律可行性上都有很大的不確定性。不能認為所有的或者任何推斷資源量都會升級到更高的資源級別。資源量和儲量的評估是一個複雜的過程，它建立在大量的主觀假設和前瞻性信息基礎之上，包括根據對給定礦體地質的、地球物理的、工程的和經濟方面的信息評估而做出的假設。隨著時間的推移這些數據會受一系列因素的影響而發生變化，包括開發活動獲得的新信息、不斷發展的生產歷史以及在不同經濟環境下對生產能力所做的新的評估。 數據和/或者假設條件的變化會導致儲量評估經常發生巨大的變化。同時不能保證處於控制資源量等級的礦物可以被生產出來。實際的產量可能與預計的產量不同，而礦物價格的不利變化也可能導致儲量開採不具有經濟可行性。實際的礦石品位和回收率也可能與評估的不同。

  4. Investment Highlights投資亮點 • South American Silver Corp. • Experienced management team with track record of successful project development and value creation • 經驗豐富的管理層擁有項目成功開發和價值創造方面的履歷 • Two large-scale deposits in South America南美兩個大型礦床 • Malku Khota: one of the world’s largest silver-indium-gallium resources • MalkuKhota：全球最大的銀-銦-鎵資源區之一 • Updated 2011 PEA study doubles estimated production to 13.2 M oz silver, 80 tonnes of indium and 15 tonnes of gallium per year, for first 5 yrs • 2011年最新PEA研究預期產量將翻倍至每年1,320萬盎司銀、80噸銦和15噸鎵（頭5年） • NI 43-101-qualified Indicated resource of 230.3 million ozs silver, 1,481 tonnes of indium and 1,082 tonnes of gallium and an Inferred resource of 140 million ozs silver, 935 tonnes indium and 1,001 tonnes gallium. • NI43-101控制資源量為2.303億盎司銀、1,481噸銦和1,082噸鎵，推斷資源量為1.40億盎司銀、935噸銦和1,001噸鎵。 • Escalones: high potential copper-gold-silver deposit with an Inferred resource of 3.8 billion lbs of copper and 610,000 oz of gold and 16.8 million ozs silver • Escalones：高潛力銅-銀-金礦床，推斷資源量達38億磅銅和61萬盎司金及1,680萬盎司銀 • Well-defined business plan to drive shareholder value • 可推動股東價值的明確業務計劃 • More than $230 worth of metal in the ground per share (>$100 of silver, >$100 of copper, and >$30 of indium and gallium1 • 每股對應的地下金屬價值超過$230（銀>$100 ，銅>$100 ，銦和鎵1>$30） • Attractive investment value relative to peers at low value per oz • 與同行業相比具有相對優厚的投資價值 • Anticipated low cost silver production at approximately $2.94/oz of silver2 • 預期白銀生產將實現約$2.94/盎司銀2的低成本 • Strong focus on community relations to proactively facilitate mutually beneficial relationships • 強烈注重社區關係，積極促進互惠互利關係 $25/oz silver, $3/lb copper, $700/kg indium and gallium 1）$25/盎司銀，$3/磅銅，$700/千克銦和鎵 2) Net of base metal credits 2）不包括基礎金屬產物

  5. World-Class Deposits世界級礦床 • Two large-scale assets in South America南美兩個大型資產 • Malku Khota, silver-indium project, Bolivia (100%)玻利維亞MalkuKhota銀-銦項目（100%） • Pre-Feasibility level update in Q2 2012 with Feasibility work starting in H2 2012 • 初步可行性級更新於2012年二季度進行，可行性研究工作於2012年下半年開始 • Bulk mineable open-pit, sediment hosted deposit • 大量可采露天、沉積礦床 • Low capital and operating costs as a heap leach or milling operation • 作為堆浸或選礦作業，資本和運營成本較低 • Potential to be one of the worlds top producing silver and indium mines • 有潛力成為全球頂級的銀-銦生產礦之一 • Resource expansion potential with only 4 km of a 15 km trend drill tested on the 50 sq km property • 資源拓展潛力,50平方公里項目中15公里長走勢上僅有4公里經過鑽探測試 • Silver Equivalent (Ag Eq) calculated using total contained metal using base case metal pricing (Ag at $18/oz, In at $500/kg , Ga at $500/kg, Cu at $3/lb, Pb at $0.90/lb, and Zn at $0.90). 1）銀當量計算採用的基礎金屬價格為（銀$18/盎司、銦$500/千克、鎵$500/千克 、銅$3/磅、鉛$0.90/磅及鋅$0.90）。

  6. World-Class Deposits世界級礦床 Two large-scale assets in South America南美兩個大型資產 • Escalones, copper-gold-silver project, Chile (100%) • 智利Escalones銅-金項目（100%） • Inferred Resource of 3.8 billion lbs of Cu, 56.9 million lbs of Mo, 610,000 ozs of Au and 16.8 million ozs of Ag • 推斷資源量為38億磅銅、5,690萬磅鉬、61萬盎司金和1,680萬盎司銀 • Phase II exploration program underway to include up to 7,000 meters of follow-up drilling • 二階段勘探方案進行中，將包括最多7,000米的後續鑽探 • Step-out testing of the known mineralized zones and testing of new geophysical targets • 已知礦化區的探邊測試和新地球物理靶區的測試 • Located within a world-renowned copper district near the world’s largest underground copper mine, El Teniente • 位於全球知名的銅礦區內，靠近世界上最大的地下銅礦El Teniente • Copper Equivalent (Cu Eq) calculated using total contained metal for copper ($3/lb), gold ($1200/oz), silver ($22/oz), and molybdenum ($16/lb) and has not been adjusted for metallurgical recoveries. • 1)銅當量計算採用的金屬價格為銅（$3/磅）、金（$1,200/盎司）、銀（$22/盎司）及鉬（$16/磅）且未經過冶金回收率調整。

  7. Emerging Opportunity for Mining in Bolivia玻利維亞新興採礦機會 A developing resource based economy正在發展中的以資源為基礎的市場經濟體 • Bolivia has been undergoing significant change over the past 6 years under the Morales administration including a new constitution with indigenous rights • 過去6年時間內玻利維亞在Morales領導下發生了重大變化，包括賦予土著人民權利的新憲法 • The Andean social movement toward greater local and indigenous autonomy is well developed in Bolivia • 為爭取更多地方和土著自治的Andean社會運動在玻利維亞開展得如火如荼 • Local indigenous support is the key to project success • 當地土著居民的支持是項目成功的關鍵 • Mining is Bolivia’s second largest economic sector after Oil/Gas and is seen as a fundamental industry • 採礦是玻利維亞的第二大經濟支柱產業，僅次於石油天然氣，且被看做是一種基本產業 • Three major silver mines have been built within last 5 years under the current administration by Pan American Silver, Coeur D’Alene and Sumitomo • 過去5年有3個主要銀礦已建成，目前由Pan American Silver、Coeur D’Alene和Sumitomo管理 Sumitomo’s San Cristobal mine: 3rd largest silver mine and 6th largest zinc mine in the world *Sumitomo旗下的San Cristobal 礦：世界上第三大銀礦和第六大鋅礦 • SAC is seeing strong local support from the Coalition of the local land owning indigenous Allyus • SAC已得到當地持有土地的土著Allyus聯盟的強烈支持 • Coalition lobbying on behalf of the project with National and Provincial government • 代表項目的聯盟對國家和省政府進行遊說 • South American Silver’s management team has nearly 20 yrs experience in Bolivia • South American Silver管理層在玻利維亞擁有近20年經驗 • Bolivian government has expressed support for SAC’s projects and their strong interest in encouraging private investment in the mining sector • 玻利維亞政府已表示對SAC的項目提供支持及其鼓勵採礦行業私人投資的強烈興趣 • *Image from : Sumitomo Metals and Mining圖片來自Sumitomo Metals and Mining • http://www.sumitomocorp.co.jp/english/special/project_04/index.html

  8. Community Relations社區關係 A key to successful project development項目成功開發的一個關鍵因素 • Programs modeled after success at Sumitomo’s San Cristobal mine and Newmont’s IntiRaymi mines in Bolivia • 方案仿照玻利維亞Sumitomo旗下San Cristobal礦和Newmont旗下IntiRaymi礦的成功 • Impact & Benefit agreements in place with land owning Allyus • 與持有土地的Allyus簽署影響和利益協議 • Scholarships/ Contributions to local schools為當地學校提供獎學金/捐款 • Support for community health initiatives支持社區衛生措施 • Involvement of the community in environmental monitoring參與社區環境監測 • Exploration related job training with local communities • 對當地社區進行勘探相關工作培訓 • Promotion of traditional and cultural activities促進傳統和文化活動 • Instituting animal health initiatives to improve local economy which is based on subsistence farming and herding • 實施動物衛生措施，以改善當地以農耕和放牧為基礎的經濟狀況 • Vaccination program and veterinary treatment of herd animals • 對群居動物實施疫苗接種方案並進行獸醫治療 • Breeding program to improve herd quality and productivity • 實施選育方案，以提高牧群質量和生產力 • Working with local indigenous communities to facilitate economic and business development related to project services and support • 與當地土著社區合作，以促進與項目服務和支持相關的經濟和商業發展 TSX:SAC US OTC:SOHAF

  9. Share Capitalization股權結構 TSX:SAC, US OTC:SOHAF Issued & Outstanding已發行和流通股 Fully Diluted3全面攤薄后 Warrants2 認股權證 Options1期權 133.1M 8.2M 10.3M 114.6M • ~$200 million I/O and in-the-moneyMarket Capitalization(4)(5) • 約$2億市值(4)(5) • Average 3 mo. trading volume 150,000 shares/day三個月平均成交量超過150,000股/天 • ~$38 million in cash(6)擁有約$3,800萬現金(6) • Asian Technology Strategic Investment • 亞洲高科技領域戰略投資 • High technology materials manufacturers and Indium/Gallium end users from Taiwan, Hong Kong, Korea, and Japan • 來自台灣、香港、韓國和日本的高科技材料生產商和銦/鎵終端用戶 • Private Equity Ownership私人股本所有權 • Zamin (UK) • Izurium (UK) • Largest Institutional Ownership最大的機構所有權 • Sprott Asset Management • Front Street • US Global (1) Weighted avg .exercise price $1.20 CAD (2) Weighted avg. exercise price $1.76 (3) As of April 30 2012 (4) As of April 26, 2012 (5) Issued and 123.2 M outstanding shares+ in the money warrants and options (6) As of April 30, 2012(1)加權平均行權價為1.20加元(2)加權平均行權價為$1.76(3)截至2012年4月30日(4)截至2012年4月26日(5)發行股與1.232億流通股+認股權證和期權(6)截至2012年4月30日

  10. Adding Value Through Resource Growth通過資源增長增加價值 Total resources with value shown relative to silver 顯示銀相對價值的總資源量 Cu Mlbs銅 百萬磅 Ag Moz銀百萬盎司 In+Ga tonnes銦+鎵噸位 8 Oz Ag Eq/share 8盎司銀當量/股 4 Oz Ag Eq/share 4盎司銀當量/股 $36 M Financing $3,600萬融資 6000 $3 M Financing $300萬融資 4500 2 Oz Ag Eq/share 2盎司銀當量/股 3000 1500 IPO $20 M IPO$2,000萬 • Total resources for both Malku Khota and EscalonesMalkuKhota和Escalones項目總資源量 • 1) Ag Eq calculated using total contained metal for silver ($22/oz) and gold ($1200/oz) only銀當量計算採用的金屬價格為銀（$22/盎司）和金（$1200/盎司） • 2) Total combined tonnes of indium and gallium合計的銦和鎵總噸位 • 3) Cu Eq calculated using total contained metal for copper ($3/lb), lead ($0.90/lb), zinc ($0.90/lb), and molybdenum ($16/lb) only銅當量計算採用的金屬價格為銅（$3/磅）、鉛（$0.90/磅）、鋅（$0.90/磅）和鉬（$16/磅）

  11. Comparative Silver Resources in the Americas美洲各白銀資源公司之比較 • One of the largest development stage silver resources • 處於開發階段的最大白銀資源之一 Additional value of Indium and Gallium 銦和鎵的附加價值 百萬銀盎司Millions of Silver Ounces Source: BMO Capital Markets,Canaccord and Intierra, for silver only 來源：BMO Capital Markets、Canaccordand Intierra，僅用於白銀 Note: All companies have projects in South and/or North America 注:圖中所有公司都在南美洲或北美洲擁有項目

  12. Enterprise Value per Silver Resource Oz 每盎司銀資源對應的企業價值 By project development stage按照項目開發階段 Advanced Development Stage Average ~$4/oz 高級開發階段 平均>$4/盎司 EV of >$0.64 based on 230.3 million M&I oz Ag 在探明和控制資源量達2.303億盎司銀基礎上，企業價值大於$0.64 Development Stage Average ~$2/oz 開發階段 平均>$2/盎司 South American Silver Corp. Source: Canaccord and Intierra,來源：Canaccord and Intierra Share prices as of March 22 2012 股價截至2012年3月22日 Note: All companies have projects in South and/or North America as shown on slide 11 注：所有公司都在南美洲或北美洲擁有項目（如第11張幻燈片）

  13. Development Stage Value Curve開發階段價值曲線 • Potential value growth with project advancement隨著項目推進潛在價值增加 Production 生產 Average Enterprise Value per Oz of Silver by Stage不同階段每盎司銀對應平均企業價值 Take-Over offers or Partnerships common at this stage 該階段要約或合作普遍 $9/oz $9/盎司 Construct 建設 Increased value through resource Expansion 通過資源拓展提升價值 Increasing Market Value不斷增加的市值 Permits 許可 FS 可行性研究 Malku Khota Project MalkuKhota項目 2x-3x potential Increase in Market cap 市值可能增加2-3倍 $4/oz $4/盎司 Escalones Project Escalones項目 PFS初步可行性研究 PEA 初步經濟評估 Resource Definition 資源定義 2x-5x potential Increase in Market cap 市值可能增加2-5倍 $2/oz $2/盎司 Increasing value with project advancement隨著項目推進提高價值 Discovery 發現 Early Stage Exploration &Development 早期勘探及開發階段 Advanced Development Stage (Reserves) 高級開發階段 （儲量） Production 生產階段 Source: Recent average enterprise value per ounce of silver at various development stages for North and South American-based projects. Canaccord, BMO Capital markets and Intierra 來源:南北美洲各種開發階段項目最近每盎司白銀的平均企業價值。Canaccord、BMO Capital markets和Intierra

  14. Current Silver Company Market Valuations當前白銀公司市場估值 by Resource Size & Development Stage按資源規模和開發階段劃分 Size of circle represents market valuation premium in EV/oz圓圈大小代表每盎司企業價值的市場評估溢價狀況 Adv. Developers 高級開發商 Producers 生產商 Developers 開發商 MK Value at Avg Valuation for each development stage 每個開發階段平均市值評估 2012 PFS/FS 2012年初步可行性/可行性研究 2011 PEA 2011年初步經濟評估 South American Silver Malku Khota Current Value MalkuKhota當前估值 Production 生產 500 MK MK MK $300 $100 $2,000 $200 $1,000 Total Resource Ag Equivalent using (Ag +Au only at $25/oz and $1000/oz values) 總資源銀當量採用（銀和金價格分別為$25/盎司和$1000/盎司） Source: Canaccord and Intierra,來源：Canaccord和Intierra Share prices as of March 22 2012股價截至2012年3月22日 Note: All companies have projects in South and/or North America注：所有公司均在南美洲和/或北美洲擁有項目

  15. Positive Silver Fundamentals白銀基本面看好 A paradigm shift for silver?白銀的範式轉變？ • Major shift in supply/demand dynamic over past several years • 過去幾年供應/需求動態發生重大轉變 • Silver still well below inflation adjusted highs of $140/oz ($50 in 1980) • 白銀仍低於通脹調整後$140/盎司的高位（1980年代達$50） • Silver is a “hybrid” precious and industrial metal due to its scarcity and unique properties including superior electrical and thermal conductivity, malleability, reflectance, and catalytic/biologic reactivity • 白銀因其稀缺性和獨特的性能而兼具貴金屬屬性和工業金屬屬性，包括良好的導電和導熱性能、延展性、反射能力及催化/生物反應 • High levels of investment demand and industrial/technology demand continued in 2011 • 2011年投資需求和工業/技術需求繼續增長 • Total annual mine production grew only 1.4% last year with a drop in primary silver production and reduced contribution of by-product silver from copper mining • 去年礦山總產量年度增幅僅有1.4%，不僅主要的白銀產量有所下降，而且銅開採中得到的銀副產品也所有減少 • Projected mine supply based on planned projects and declining production from many existing mines anticipated to move into future shortfall vs consumption for technology and other industrial use over the next several years • 在規劃項目和許多現有礦山產量下滑基礎上，礦山供應預期將在未來出現短缺現象，同時面臨未來幾年內技術和其他工業用途的消耗 • Few major new deposit discoveries and growing time lag from time of discovery to metal production are significant constraints to new supply • 主要新礦床發現極少，且從發現到金屬生產的時間間隔增加極大的限制了新的供應 Source: 1) GFMS World Silver Survey 2012 2) Byron Capital Markets Equity Research February 2012 來源：1）2012年GFMS全球白銀調查 2）2012年2月Byron Capital Markets股本研究

  16. Silver Supply/Demand Fundamentals白銀供/需基本面 • 8 of the top 15 silver producers declined in production in 2011 vs. 2010(1) • 2011年15家頂級白銀生產商中有8家的產量較2010年有所下滑（1） • Top two Ag producers dropped by 11 million ounces with global production up only 1.4% • 兩大白銀生產商的產量下滑1,100萬盎司，全球產量僅上漲1.4% • Demand growth expected to continue to outstrip production growth(2) • 需求增長預期將繼續超過產量增長(2) Investment demand 投資需求 +1.4% mine production +1.4%礦山產量 Industrial demand 工業需求 Source: 1) GFMS World Silver Survey 2012 2) BMO Capital Markets Global Mining Research April 2011 來源：1）2012年GFMS全球白銀調查 2）2011年4月BMO Capital Markets全球採礦研究

  17. Growing Demand for Silver in Technology技術領域白銀需求量增加 Breakdown of key technology/industrial uses for silver白銀關鍵技術/工業用途細分 20 Moz/yr Avg technology Ag consumption increase over last 10 years 過去10年技術領域每年白銀消耗量增加2,000萬盎司 Millions of Silver Oz百萬盎司銀 Source: CPM Silver Yearbook 2010 來源：2010年CPM Silver Yearbook

  18. Silver Primary & By-Product Production(1)白銀主要產物及副產品產量(1) • 70% of silver is by-product production from base metals and gold • 70%的白銀為基本金屬和黃金的副產品 • By-product silver production is largely silver price inelastic • 副產品白銀生產很大程度上決定了白銀價格缺乏彈性 • Reduced by-product silver production anticipated going forward from base metals(2) • 基本金屬中副產品白銀產量預期將繼續減少(2) Source: 1) GFMS World Silver Survey 2005-2012 2) BMO Capital Markets Global Mining Research April 2011 來源：1）2005-2012年GFMS全球白銀調查 2）2011年4月BMO Capital Markets全球採礦研究

  19. Indium & Gallium – Two Key Strategic Metals銦和鎵—兩種關鍵性戰略金屬 Rapidly growing market for high-tech uses迅速增長的高科技應用市場 • Uses用途 • Indium-tin oxide (ITO) a key component of flat panel displays (FPDs) and touch screens • 氧化銦錫是平板顯示器和觸摸屏的重要組成部分 • High-efficiency CIGS (copper, indium, gallium, selenide) photo-voltaic thin-film solar panels, and LED lighting • 高效能CIGS（銅、銦、鎵、硒）光電薄膜太陽能電池板和LED照明 • Fiber optics, specialized and transparent semiconductors光纖、特種和透明半導體 • Supply供應 • Global indium use growing rapidly and could surpass available supply from by-product zinc refining at current price range • 全球銦使用量增長快速，可能會超過當前價格範圍內鋅冶煉副產品所產生的供應量 • One of the most scarce strategic metals due to low recycling and few primary producers • 由於回收率較低且大型生產商極少，所以銦是最為稀缺的戰略性金屬之一 • 由於回收率較低且大型生產商極少，所以銦是最為稀缺的戰略性金屬之一 * flat panel displays 平板顯示器 LED lighting LED照明 thin film solar薄膜太陽能 • Image from http://gotpowered.com • 圖片來自http://gotpowered.com

  20. Indium & Gallium Fundamentals銦和鎵基本面 Compelling supply/demand dynamics引人注目的供應/需求動態 • Indium and Gallium Supply/Demand dynamics銦和鎵供應/需求動態 • Indium and gallium highlighted in UN and US DOE studies as a critical technology metals in potential shortage, along with several key rare earth metals, due to rapidly increasing growth, low recycling rates and low primary production • 由於發展快速增長、回收率較低及大型生產商較少等因素，銦和鎵連同幾種關鍵的稀土金屬已被聯合國和美國能源部研究機構重點列為可能存在短缺的關鍵性高科技金屬 • Mainland China is estimated to control 60-70% of the global indium market through mining and as a by-product of smelting zinc • 中國大陸預期通過開採和鋅冶煉所得副產品將控制全球銦市場60-70%的份額 • China is the largest consumer of indium and has imposed export quotas and tariffs like on other key high-technology specialty metals such as heavy rare earths • 中國是最大的銦消費國，目前已實施銦出口配額並徵收關稅（像重稀土元素等其他關鍵性高科技金屬一樣） • Indium market estimated to see 15-20% annual growth with most indium produced as by product of zinc refining growing at 1-3% annually • 銦市場每年的漲幅預期為15-20%，大部份銦是作為鋅冶煉副產品而生產出來的，而鋅冶煉市場每年的增幅僅為1-3% • Current indium and gallium price ~$600-700/kg up from global economic lows during 2008-2009 of $400-500/kg • 當前銦和鎵價格為約$600-700/千克，而2008年至2009年全球經濟不景氣期間為$400-500/千克 • Gallium market estimated to be a conservative 15% annual growth rate which could increase significantly with more rapid growth in LED lighting and photovoltaics • 保守估計鎵市場年增長率為15%，這可能隨著LED照明和光伏需求快速增長而大幅增長。 • Malku Khota annual indium and gallium production / MalkuKhota項目銦和鎵年產量 • Malku Khota projected to be one of the world’s largest indium & gallium producers (80 tonnes and 15 tonnes per year) • MalkuKhota項目預計將成為世界最大的銦-鎵生產礦之一（每年產量分別為80噸和15噸） • Potential to represent 10% or more of global mine supply of indium and over 5% of global supply for gallium • 有望佔據全球銦供應市場的10%以上，全球鎵供應市場的5%以上 • Opportunities for project financing from off-take agreements for indium & gallium • 從銦和鎵承購協議中獲得項目融資機會 Sources: (1) US Dept. of Energy Critical Materials Strategy, Dec. 2010. (2)United Nations Environment Programme (UNEP) Special Report on Strategic Metals ,May 2011 . 來源：(1)美國能源部關鍵材料戰略，2010年12月。(2) 2011年5月聯合國環境規劃署關於戰略金屬的特別報告

  21. Indium Demand Growth铟需求增长 • Growing demand in high-tech markets高科技市場需求不斷增長 5 year projected demand growth 預期五年需求增長 End-use Market Demand (tonnes) 終端用途市場需求（噸） 2010 total indium production level 2010年銦總產量 Growth assumptions based on data from Displaybank in LCD TV Association “LCD TV Matters”-Volume 3, Issue 2, February 2010 , Strategies Unlimited, August 2009 , Solarbuzz, Photon International, GFMS , Nanomarkets, and the US Department of Energy Critical Minerals Strategy Report December 2010

  22. Indium Supply銦供應 • Mineproduction by country不同國家的礦山產量 Tonnes of Indium銦噸位 • Bolivia is the second largest producer of indium outside of mainland China • 玻利維亞是中國大陸以外地區第二大銦生產國 • Global consumption of indium, estimated to be more than 1800 tonnes in 2011 • 2011年全球銦消耗量預期將超過1800噸 • 60% of Indium consumption in 2011 from Japan • 2011年60%的銦消耗量來自日本 USGS Mineral Commodity Summaries, January 2012 2012年1月美國地質調查局礦產品摘要 Roskill Indium report 2010/2010年Roskill銦報告 Other company reports 2011/2011年其他公司報告

  23. US Dept of Energy Projections美國能源部預期 Indium Fundamentals銦基本面 Recent Indium Price 近期銦價格 Indium Demand銦需求量 Indium Price/kg ($US) 銦價格/千克（美元） X World indium demand vs price (1969-2011*) 全球銦需求與價格對比（1969-2011*） Source: (1) Indium: Global Industry Markets and Outlook, 9th Edition 2010 (Roskill) *2011-2013 Data are estimates (2) 2011-2015 Estimates US Dept. Of Energy Critical Materials Strategy Dec. 2010. 來源： 銦：全球行業市場和前景，2010年第9版(Roskill) 2011-2013年數據僅為估計值。 (2) 2011-2015預估值，美國能源部關鍵材料戰略，2010年12月 16

  24. Silver and Indium Mining in Bolivia玻利維亞銀和銦開採 • One of the world’s premier silver and indium mining districts • 世界上最大的銀和銦開採區之一 • One of the world’s largest historical producing regions with billions of ounces silver • 世界上最大的歷史生產區之一，出產白銀數十億盎司 • Highly prospective & under-explored relative to other parts of the Andean region • 與Andean區其他地方相比更具備遠景且開發不足 • 8 major mines since 2005: • 自2005年以來有8個主要礦山 • Glencore/Xtrata – SynchiWayra Mines 2005 • 5 mines – Comibol JV’s and 100% private 5個礦山-Comibol合資及100%所有 • Sumitomo - San Cristobal Mine 2007 • Sumitomo - San Cristobal 礦（2007年） • 100% Sumitomo private ownership • Sumitomo擁有100%所有權 • World’s 3rd largest silver mine (19.4 Moz/yr), 6th largest zinc mine with significant indium • 世界上第三大銀礦（1,940萬盎司/年），第六大鋅礦（且富含銦） • Coeur D’Alene - San Bartolome 2008 • JV with State Mining Company Comibol與國有礦業公司Comibol合資 • CDE’s second largest mine at 7.5 Moz/yr • CDE的第二大礦山，年產量750萬盎司 • Pan American Silver – San Vicente 2009 • 50%-50% JV with Comibol與Comibol合資（各擁有50%權益） • 4th largest mine for PAAS at 3.1 Moz/yr • PAAS旗下第四大礦山，年產量310萬盎司 • South American Silver – Malku Khota • 100% SAC private ownership • SAC擁有100%所有權 • Positioned to be next major mine in Bolivia有望成為玻利維亞下一個大型礦山 Sources: Company reports and CPM 2011 Silver Yearbook 來源：公司報告和CPM 2011 Silver Yearbook

  25. Malku Khota Project MalkuKhota項目 One of the world’s largest silver-indium resources世界上最大的銀-銦資源之一 Malku Khota Project – 2011 Resource Estimate2 • MalkuKhota項目-2011年資源量評估2 Host rock sandstone with disseminated silver, indium, gallium, lead, zinc and copper 富礦砂岩中分散著銀、銦、鎵、鉛、鋅和銅等資源 Enrichment starts at surface 從地表就開始發現富集礦物 • Average grade first five years:頭五年平均品位 • Silver: 42.2 g/t (58 g/t Ag Eq)1 • 銀：42.2克/噸（58克/噸銀當量）1 • Indium: 7.55 g/t • 銦：7.55克/噸 • Economic cut-off grade <15 g/t(at $18/oz Ag)2, 4 • 經濟邊界品位 <15克/噸（$18/盎司銀）2, 4 • Average for the first 5 years of production頭5內平均產量 • See March 31, 2011 News Release for detailed resource estimate參見2011年3月31日新聞公告中詳細資源量評估 • Total contained metal using base case prices (Ag: $18/oz, In: $500/kg, Ga: $500/kg, Cu: $3/lb, Pb: $0.90/lb, Zn: $0.90/lb USD)總金屬含量採用的基本金屬價格（銀：$18/盎司、銦$500/千克、鎵：$500/千克、銅：$3/磅、鉛：$0.90/磅、鋅:$0.90/磅） • Economic cut-off grade comprised only of silver and indium邊界品位僅包括包括銀和銦

  26. Malku Khota Project MalkuKhota項目 Low projected capital and operating costs with established infrastructure 基礎設施完善，預期資本及運營成本低 • 50 square km, 100% owned, road accessible project • 佔地50平方公里，100%所有，道路可通達項目 • Low capital and operating costs on a per ounce basis每盎司資本及運營成本低 • Potential to be one of the top primary silver and indium producing mines at 13.2 Moz silver per year and 80 tonnes of indium1 • 有潛力成為頂級的銀和銦生產礦之一，每年可產銀1,320萬盎司、銦80噸1 • Project base case annual cash flows and NPV’s more than doubled • 項目基本情況下的年現金流和淨現值翻了一番還多 • Open pit, bulk mineable and very scalable露天大量可採資源 • Commercial electricity and natural gas nearby靠近商業電力和天然氣 Average for the first 5 years of production 1） 頭五年平均產量

  27. Malku Khota Drilling MalkuKhota項目鑽探 • Grade thickness map品位厚度圖 • 115 drill holes in current resource with updated resource 2011 • 2011年第一季度更新的資源量將包括當前資源區內的115個鑽孔 • Updated resource results increase total Measured and Indicated oz to 230 Moz Ag (a 60% increase in M&I oz) plus an additional 140 M inferred Ag oz • 最新資源量結果將探明與控制資源總量增至$2.3億盎司銀（增幅達60%），以及另外1.40億盎司白銀推斷資源量 • 2012 program to target conversion of in pit inferred resources to M&I resources and & test lateral and depth expansion • 2012年計劃瞄準將礦坑內推斷資源量轉換為探明與控制資源量並測試橫向和深處拓展區 • Wide zones of disseminated, sediment hosted mineralization begins at surface with deposit open along trend and down dip with excellent potential for expansion • 寬泛的浸染、沉積型礦化帶自地表開始，礦床延走勢和下傾方向延伸，具備優越的拓展潛力 • New discovery of higher grade zones and down dip expansion of surface mineralization • 新發現更高品位礦區及地表礦化帶的下傾拓展 OPEN Mineralized Sandstones OPEN OPEN TSX:SAC US OTC:SOHAF

  28. Malku Khota Mineralization MalkuKhota礦化帶 • Broad zones of continuous sediment hosted mineralization寬泛的連續沉積礦化帶 • Open at depth and along trend向深處和沿走向未封閉 LMD048: 286 meters grading 76 g/t AgEq Grade thickness values of over 21,500 g-m AgEq LMD048:銀當量品位達76克/噸的286米礦段，品位厚度值超過21,500克-米銀當量 OPEN 開放 OPEN 開放 TSX:SAC US OTC:SOHAF

  29. Production Processes生產流程 • From ore to metal從礦石到金屬 • Large scale shovel and truck open pit mine • 大規模挖掘機和卡車露天礦坑開採 • Oxide ore crushed in preparation for direct leaching • 氧化礦石粉碎以供直接堆浸 • Four years of confirmatory metallurgical test work with SGS labs on acid leach process • 四年的經證實冶金測試工作，通過SGS實驗室進行酸性堆浸過程 • Acid-chloride leaching captures silver, indium, copper, lead, zinc, gallium and gold • 通過酸性氯化物堆浸獲取銀、銦、銅、鉛、鋅、鎵和金等資源 • Metal recovery in several steps:金屬回採分幾個階段: • Acid recovery酸回採 • Silver-gold-copper cementation銀-金-銅膠接 • Indium-gallium precipitation銦-鎵析出 • Lead and zinc sulfides鋅、鉛硫化物 • Downstream processing to metal products • 金屬產品下游加工 Open Pit Mining露天礦開採 Crushing粉碎 Leaching堆浸 Metal Recovery & Processing 金屬回采和加工 Silver, Gold, Copper 銀、金和銅 Indium & Gallium ingots 銦和鎵錠 Lead & Zinc concentrates 鉛和鋅精礦 TSX:SAC US OTC:SOHAF

  30. Malku Khota Economic Assessment, May 20111MalkuKhota項目2011年5月1經濟評估 Metal Prices ($US)4金屬價格（美元）4 Development Capex開發成本 Mining Rate開採速度 Life of Mine礦山壽命 Ore Mined (LOM)2開採礦石2 Average Silver Grade 3平均銀品位3 Average Indium Grade3平均銦品位3 Ag Eq grade銀當量品位 $411 million 40,000 tpd Heap Leach 15 years 200 M tonnes 42.4 g/t 7.55 g/t 58 g/t Mid Case中間情況 (2 yr avg)（2年均值) Recent近期 (1 yr avg)（1年均值） Base Case基本情況 (3 yr avg)（3年均值） • $35/oz • $650/kg • $730/kg • Silver銀 : $18/oz • Indium銦 : $500/kg • Gallium鎵: $500/kg • $25/oz • $570/kg • $570/kg LOM Annual 礦山壽命內年產量 First 5 years頭5年 Total總量 • Recovered Metals回收金屬 • Silver (oz)銀(盎司） • Indium (tonnes)銦（噸） • Lead (lbs)鉛（磅） • Zinc (lbs)鋅（磅） • Copper (lbs)銅（磅） • Gallium (kgs)鎵（千克） 158 M 1,184 191 M 135 M 88 M 212,962 13.2 M 80.7 12.48 M 4.42 M 5.64 M 15,184 10.5 M 78.9 12.7 M 9 M 5.87 M 14,198 Base Case 基本情況 Mid Case 中間情況 Recent 近期 $185 M/yr $1,261 M $704 M 37.7% 27個月 $287 M/yr $2,528 M $1482 M 63% 19 個月 $430 M/yr $4,298 M $2571 M 92.9% 15 個月 • First 5 years cash flow頭五年現金流 • Net cash flow 凈現金流 • NPV (5% discount rate)1淨現值（5%貼現率）1 • Internal Rate of Return內部收益率 • Payback period (years)回收期（年） (4) Base Case: 3 yr avg prices as of May 2011 Mid Case: 2 yr avg prices as of May 2011 Recent Case: 1 yr avg prices as of May 2011 基本情況：截至2011年5月前3年平均價格 中間情況：截至2011年5月前2年平均價格 近期情況：截至2011年5月前1年平均價格 • In US dollars以美元為計 • LOM = Life of Mine/LOM=礦山壽命 • First 5 years of production (avg/yr) • 頭5年產量（每年均值）

  31. Primary Silver Project Annual Production Rates主要銀項目年生產速度 • Malku Khota one of largest emerging producers at over 13 Moz/yr • MalkuKhota項目為最大的新興生產礦之一，年產量超過1300萬盎司 BHP Billiton Target to increase production to 18-20 Moz 瞄準將產量增至1,800-2,000萬盎司 Fresnillo Producing Mine Barrick Gold Corp. Development Stage Project South American Silver Corp. Tahoe Resources Sumitomo Corp. Pan American Silver Cia De Minas Buenavertura Xtrata Industrias Penoles Silver Standard Resources Silver Standard Resources Polymetal MNPO Bear Creek Mining Goldcorp Inc. Pan American Silver Yamana Gold Hochschild Coeur d'Alene Hochschild Etibank Hecla Malku Khota (Bolivia) Source: CPM Silver Yearbook 2011 *Based on mine production of 13.2 Moz /year for first five years 來源： CPM銀年鑒2011 *基於頭五年每年1,320萬盎司的礦山產量

  32. Global Silver Industry Cash Cost Curve全球白銀行業現金成本曲線 • High quality long-life, low-cost silver production高品質長壽命、低成本白銀生產 Cumulative Percentile of Silver Mine Production Cost銀礦生產成本累積百分比 Lowest 25% Percentile Cash Costs 最低25%現金成本 Malku Khota 13.2 Mozs/yr (1) 1,320萬盎司/年(1) ~ $2.94/oz at 3 yr avg prices(2)(3)按照3年平均價格(2)(3)約$2.94/盎司 ~ $2.01/oz at 2 yr avg prices(2)(3)按照2年平均價格(2)(3)約$2.01/盎司 ~ $0.86/oz at 1 yr avg prices(2)(3)按照1年平均價格(2)(3)約$0.86/盎司 Total Cash Cost Per Ounce of Silver Industry AverageCash Cost $7.25/oz 行業平均現金成本 $7.25/盎司 Source: GFMS World Silver Survey 2012 來源：2012年GFMS全球白銀調查 (1) Avg first 5 years of production (2) Silver cash costs after credits ($US)/oz (3) 3 year average price: Ag $18, In $500, Ga $500, Cu $3, Pb $0.90, Zn $0.90;2 year average price: Ag $25, In $570, Ga $570, Cu $3.70, Pb $1, Zn $1 ;1 year average price: Ag $35, In $650, Ga $730, Cu $4.30, Pb $1.20, Zn $1.10 , all as of May 2011.（1）頭5年平均產量（2）扣除每盎司收益後白銀現金成本（3）3年平均價格：銀$18、銦$500、鎵$500、銅$3、鉛$0.90、鋅$0.90；2年平均價格：銀$25、銦$570、鎵$570、銅$3.70、鉛$1、鋅$1；1年平均價格：銀$35、銦$650、鎵$730、銅$4.30、鉛$1.2、鋅$1.1，所有截至2011年5月

  33. Escalones Copper-Gold-Silver project, Chile智利Escalones銅-金-銀項目 High potential, large-scale target高潛力、大規模靶區 • 70 square km, road accessible, large scale system in well established mining district • 佔地70平方公里、道路可通達的、位於完善採礦區內的大型系統 • Located near one of the worlds largest underground copper mines at El Teniente • 位於世界上最大的地下銅礦之一El Teniente附近 • Inferred Resource of 3.8 billion lbs of copper, 56.9 million lbs of molybdenum, 610,000 ozs of gold and 16.8 million ozs of silver • 推斷資源量達38億磅銅、5,690萬磅鉬、61萬盎司金和1,680萬盎司銀 • Phase II exploration program underway • 二階段勘探方案進行中 Cu Eq calculated using total contained metal at $3.00/lb Cu, $1200/oz Au, $22/oz Ag, and $16/lb Mo and has not been adjusted for metallurgical recoveries 1)銅當量計算採用的金屬價格為銅$3.00/磅、金$1,200/盎司、銀$22/盎司和鉬$16/磅，且未經冶金回收率調整

  34. Escalones Project Logistics Escalones項目物流 Excellent existing infrastructure完善的現有基礎設施 SAC property Gas pipeline Access Road Ownership: 100% through lease 所有權：通過租賃100%所有 Location: 35km E of El Teniente 位置：El Teniente以東35公里 Elevation: 3800m 海拔：3800米 • 70 square kilometer property • 佔地70平方公里項目 • Road accessible located 100 km southeast of Santiago • 位於聖地亞哥東南100公里，道路可通達 • Gas pipeline across property • 天然氣管道穿過項目區 TSX:SAC US OTC:SOHAF 31

  35. Drill Results Grade Thickness Map鑽探結果品位厚度圖 • Large-scale copper-gold-silver system大規模銅-銀-金系統 • Open to expansion down dip and laterally • 沿下傾方向和水平方向未封閉 • 30 diamond drill holes (12,666 meters) and 43 channel and road cuts (>2,100 meters) with >10,934 assay values collected through 2011 • 2011年完成31個金剛石鑽孔（12,666米）和43個槽塹和路塹（超過2,100米），得到的檢測值大於10,934 • Limited testing of porphyry system with most holes in replacement /skarn style mineralization • 斑岩系統測試有限，大多數鑽孔位於交代型/矽卡岩型礦化帶中 CuEq GT AuEq GT Gold (g/t) x Thickness (m) Copper (%) x Thickness (m) 0 – 17 AuEq GT 0 – 10 CuEq% GT 17 – 85 AuEq GT 10 – 50 CuEq% GT 85 – 171 AuEq GT 50 – 100 CuEq% GT 171 – 342 AuEq GT 100 – 200 CuEq% GT Metal Prices Copper - $1/lb >= 342 AuEq GT >= 200 CuEq% GT Gold - $1000/oz Silver - $15/oz Moly - $15/lb Pending 2012 Holes 2012年待鑽鑽孔 TSX:SAC US OTC:SOHAF 32

  36. Escalones Geological cross-section地質橫截面 • Enriched zones with high grades of replacement style mineralization starting at surface at over >1% copper with significant gold and silver • 蘊含重要金-銀價值的高品位交代型礦化帶富集區自地表開始，其中銅品位大於1% • Large scale porphyry target with intercept of 176 m @ 0.6% copper with additional credits from gold, silver, and molybdenum • 大型的斑岩靶區，其中現銅品位達0.6%的176米礦段，另外還蘊含有金、銀和鉬價值 Alto Bajo TSX:SAC US OTC:SOHAF

  37. Current Copper Company Market Valuations by Resource Size & Development Stage按資源規模和開發階段得出的當前銅礦公司市值 Size of circle represents market valuation premium in EV/lb圓圈大小代表每盎司企業價值的市場評估溢價狀況 Developers 開發商 Producers 生產商 Adv. Developers 高級開發商 2.7 cents/lb 2.7美分/磅 10.4 cents/lb 10.4美分/磅 2.1 cents/lb 2.1美分/磅 Avg Value均值 Escalones Value at Avg Valuation for each development stage 每個開發階段Escalones平均估值 PFS/FS 初步可行性/可行性研究 Production 生產 ESC ESC ESC Escalones Current Stage 當前階段 $1000 $100 $300 $2000 Source: Canaccord Report Jan 2012 using Cu Eq 來源：2012年1月Canaccord報告(採用銀當量)

  38. Project Milestones項目里程碑 Value drivers over the next 6-12 months未來6-12個月的價值驅動 • MalkuKhota, silver-indium-gallium project, Bolivia玻利維亞MalkuKhota銀-銦-鎵項目 • Updated resource estimate & PEA more than doubles annual production to 13.2 M oz of silver, 80.7 tonnes of indium and 15 tonnes of gallium per year*最新資源量評估及初步經濟評估將年產量翻了一番有餘，至1,320萬盎司銀、80.7噸銦和15噸鎵每年* • Cash flows, project valuations and rates of return significantly expanded over previous studies現金流、項目評估和回報率大大超過之前的研究 • Exploration program underway to support a planned 20,000 meters of in-fill and expansion drilling勘探方案進行中，從而為規劃的20,000米加密和拓展鑽探提供支持 • Updated Economic Assessment in Q2 2012最新經濟評估將在2012年第二季度進行 • Feasibility work to begin in H2 2012可行性研究工作將在2012年下半年開始進行 • Escalones, copper-gold-silver porphyry project, Chile智利Escalones銅-金-銀斑岩項目 • Phase I exploration and geophysics program completed • 一階段勘探和地球物理方案已完成 • Initial resource estimate completed初步資源量評估已完成 • Phase II exploration program underway to support a planned 7,000 meters of drilling • 二階段勘探方案進行中，從而為規劃的7,000米鑽探提供支持 • Resource update mid-2012資源量更新將在2012年中期進行 • Preliminary Economic Assessment in Q4 2012初步經濟評估將在2012年第四季度進行 *Average first five years of production *頭5年產量均值

  39. Leveraged to Silver白銀杠杆作用 Additional value of Indium and Gallium額外的銦和鎵價值 • Value of silver per dollar invested • 每投資一美元的白銀價值 Additional value of Copper 額外的銅價值 Silver value per $1 invested每投資一美元的白銀價值 SAC has some of the best leverage to silver of any development stage company with over $65 of silver value per $1 invested SAC擁有開發階段公司中最好的白銀杠杆作用，每投資$1對應的白銀價值超過$65 Average value of silver ~$16 of silver per $1 invested* 平均白銀價值<每投資1美元對應約$16白銀價值* South American Silver Corp. Source: Canaccord as of January 24, 2012, Share prices updated Feb 2 2012 Note: all companies have projects in South and/or North America Calculated using $25/oz Ag. Dollar value of silver per $1 invested = (silver resource/shares outstanding) x $25/oz silver) divided by share price Value only shown for silver with no contribution from other metals. Cu value calculated using $2.25 來源：截至2012年2月24日Canaccord報告，股價更新於2012年2月2日 註：所有公司均在南美和/或北美擁有項目 計算採用的銀價格為$25/盎司。每投資$1對應的白銀價值=（銀資源/流通股x $25/盎司銀）除以股價。顯示的僅為白銀的價值，不包括其他金屬。銅價值計算採用的價格為$2.25。

  40. Why South American Silver?為什麼選擇SAC？ • Investment highlights投資亮點 • World-class scale projects with excellent expansion potential • 具備優厚拓展潛力的世界級大型項目 • Track record of discovery and successful project development • 擁有發現及成功進行項目開發的履歷 • Growing shareholder value through resource expansion and advancing projects up the development value curve toward feasibility • 通過資源拓展和推進項目至可行性研究階段來提升股東價值 • More than $230 worth of metal in the ground per share (>$100 of silver, >$100 of copper, and >$30 of indium and gallium)1 • 每股對應的地下金屬價值超過$230（>$100銀、>$100銅及>$30銦和鎵）1 • Attractive investment value relative to peers at low value per oz • 與每盎司價值較低的同行相比，具備相對優厚的投資價值 • Exposure to rapidly growing indium and gallium high-technology market • 能進入快速發展的銦和鎵高科技市場 • New copper-gold-silver resourceand expansion at Escalones • Escalones項目內新銅-金-銀資源的確定與拓展 • Continued investor outreach to broaden market awareness of Company • 持續接觸投資者以擴大市場對公司的瞭解 $25 /oz silver, $3 /lb copper, $700/kg indium and gallium 1) $25/盎司銀、$3/磅銅、$700/千克銦和鎵 37

  41. TSX: SAC OTC: SOHAF Phone電話: 604.681.6926 1.855.681.6926 www.soamsilver.com Appendix附錄 TSX:SAC US OTC:SOHAF

  42. Emerging Opportunity for Mining in Bolivia玻利維亞新興的採礦機會 • Bolivia has been undergoing significant change over the past 6 years under the Morales administration including a new constitution with indigenous rights過去6年時間內玻利維亞在Morales領導下發生了重大變化，包括賦予土著人民權利的新憲法 • World Bank/IMF supportive of economic policy changes resulting in one of the fastest growing economies in South America over past 3 years • 過去3年世界銀行/國際貨幣基金組織大力支持經濟政策變動，使其成為南美發展最快速的經濟體之一 • Bolivia has joined the Mercosur trade organization with Brazil as largest regional trading partner • 玻利維亞已加入南方共同市場區域貿易組織，其中巴西為最大交易夥伴 • Political relations with U.S. have been normalized與美國的政治關係已正常 • Moody’s & Fitch sovereign bond ratings upgraded穆迪和惠譽上調主權債券評級 • Strong emphasis by government on poverty reduction, through economic development, and anti-corruption 政府高度重視通過經濟發展和反腐敗來擺脫貧困 Sumitomo’s San Cristobal mine: 3rd largest silver mine and 6th largest zinc mine in the world *Sumitomo旗下的San Cristobal礦：世界上第三大銀礦及第六大鋅礦 • Mining is Bolivia’s second largest economic sector after Oil/Gas and is seen as a fundamental industry採礦是玻利維亞的第二大經濟支柱產業，僅次於石油天然氣，且被看做是一種基本產業 • Three major silver mines built within last five years by Pan American Silver, Coeur D’Alene and Sumitomo 過去5年Pan American Silver、Coeur D’Alene和Sumitomo已建成3個大型銀礦山 • Jindal Steel of India investing US$2.1 billion in El Mutun iron ore deposit • 印度的Jindal Steel在El Mutun鐵礦石礦床中投資21億美元 • Kores of S.Korea to invest in Corocoro copper project • 韓國的Kores將對Corocoro銅礦項目進行投資 • Recent announced investments by Citic of China and LG/Posco of S.Korea to develop major lithium projects 中國中信股份有限公司和韓國的LG/Posco最近宣佈將投資開發重要的鋰項目 • Planned $32 billion 5-7 year infrastructure build-out by Bolivian government to support resource industry • 玻利維亞政府計劃進行5-7年（$320億）的基礎設施擴建，從而為資源行業提供支持 • South American Silver’s Management has nearly 20 yrs experience in Bolivia/South American Silver管理層在玻利維亞擁有近20年經驗 • Bolivian government has expressed support for SAC’s projects and their strong interest in encouraging private investment in the mining sector • 玻利維亞政府已表示對SAC的項目提供支持及其鼓勵採礦行業私人投資的強烈興趣 • The Andean social movement toward greater local and indigenous autonomy is well developed in Bolivia • 為爭取更多地方和土著自治的Andean社會運動在玻利維亞開展得如火如荼 • SAC is seeing strong local support from the coalition of land owning Ayllus • SAC已得到當地持有土地的土著Allyus聯盟的強烈支持 • *Image from : Sumitomo Metals and Mining • http://www.sumitomocorp.co.jp/english/special/project_04/index.html • *圖片來自：Sumitomo Metals and Mining

  43. Resource Summary資源量摘要 Mineral resources in the above table were estimated as of March 30, 2011 for the Preliminary Economic Assessment Update Technical Report for Malku Khota by Allan Armitage, Ph.D., P.Geo, of GeoVector Management Inc. 上表中的礦產資源量是截至2011年3月30日為MalkuKhota項目的初步經濟評估最新技術報告而評估得出的，由來自GeoVector Management Inc. 的專業地質學家Allan Armitage完成。 1) The resource cut-off grade of 10 g/t silver equivalent is based only on the values of silver at $16/oz and indium at $550/kg.10克/噸的銀當量邊界品位僅基於銀$16/盎司和銦$550/千克的價值之上 2) The silver equivalent calculation uses base case metal pricing ( Ag at $18/oz, In at $500/kg , Ga at $500/kg, Cu at $3/lb, Pb at $0.90/lb, and Zn at $0.90). 銀當量計算採用的基本情況金屬價格（銀$18/盎司、銦$500/千克、鎵$550/千克、銅$3/磅、鉛$0.90/磅和鋅$0.90）。 Mineral resources in the above table are as reported in the Dec 19 2011 Press Release using estimates prepared by Allan Armitage, Ph.D., P.Geo, and J. Campbell, BSc, PGeo of GeoVector Management Inc. 上表中的礦產資源量已在2011年12月19日的新聞公告中公佈，採用GeoVector Management Inc.的專業地質學家Allan Armitage和專業地質學家、理學學士J. Campbell所做評估。 3) An economic cut-off grade of 0.2% copper equivalent represents a metal price of approximately $2.50/lb copper. 0.2%的銅當量邊界品位代表的金屬價格約為$2.50/磅銅。 4) Copper Equivalent (Cu Eq %) calculations use $3.00/lb Cu, $1200/oz Au, $22/oz Ag, and $16/lb Mo and have not been adjusted for metallurgical recoveries銅當量計算採用的金屬價格為銅$3.00/磅、金$1,200/盎司、銀$22/盎司及鉬$16/磅且未經過冶金回收率調整 5) Ag Eq is calculated using total silver and gold contained metals at $1200/oz Au and $22/oz Ag 6) Cu Eq is calculated using total Cu, Pb, Zn, and Mo contained metals at $3/lb (Cu), $0.90/lb (Pb), $0.90/lb (Zn) and $16/lb (Mo). 5）銀當量計算採用的銀和金價格分別為金$1,200/盎司、銀$22/盎司 6）銅當量計算採用的金屬價格為銅$3/磅、鉛$0.90/磅、鋅$0.90/磅和鉬$16/磅

  44. Relative Stock Performance相關股票表現 SAC vs. key silver & gold indices/SAC與關鍵的白銀及黃金指數對比 SAC Producer and Explorer/Developer Equities Peak December 2010 2010年12月生產商和勘探商/開發商股票峰值 Gold Price Peak黃金價格峰值 Silver price peak白銀價格峰值 Silver Producers peak白銀生產商峰值 Correction in Explorer/Developers Accelerates into the end of the year 勘探商/開發商調整在年底加速 TSX:SAC US OTC:SOHAF

  45. Relative performance of Gold/Silver and the Producer/Development stage equity indices金/銀和生產/開發階段股本指數的相對表現 Explorer/Developers and Producer Equities undervalued relative to metals 勘探商/開發商和生產商股本相對於金屬來說被低估 Gold Price Peak金價峰值 Silver price peak 銀價峰值 Producer and Explorer/Developer Equities Peak December 2010 2010年12月生產商和勘探商/開發商 股本峰值 Historically, metals and miners move together 歷史上，金屬和採礦商走勢相同 Correction in Explorer/Developers Accelerates into the end of the year 勘探商/開發商調整在年底加速 Potential value gain to equities to catch up with metals prices 股票潛在價值上漲，從而趕上金屬價格 TSX:SAC US OTC:SOHAF

  46. Long Term Silver Ratios with Copper & Gold長期的銀與銅-金比率 • Traditional benchmarks being challenged傳統的基準面臨挑戰 Silver showing relative strength 銀表現相對強勁 Source: 1) Ian McAvity’s Deliberations On World Markets, May 4 2011 來源：1）2011年5月4日Ian McAvity對全球市場的研究

  47. Criticality Index for Clean Energy/Technology Development清潔能源/技術開發的關鍵指標 • Showing Forecast Supply Shortages of Most Important Metals • 顯示多數重要金屬預期將出現供應短缺 Short Term (0-5 Years)短期（0-5年） Long Term (5-15 Years)長期（5-15年） 4 4 High高 High高 3 3 Importance to clean energy 對清潔能源的重要性 Importance to clean energy 對清潔能源的重要性 2 2 1 1 Low低 Low低 1 1 2 2 3 3 4 4 High 高 High 高 Low 低 Supply Risk 供應風險 Low 低 Supply Risk 供應風險 Important重要 Near Critical 近乎關鍵 Critical 關鍵 Sources: (1) US Dept. of Energy Critical Materials Strategy, Dec. 2010.來源：（1）2010年12月美國能源部關鍵材料策略

  48. Indium Supply銦供應 • Mine Production and Refining礦山生產和冶煉 Source: 1)Roskill ‘s Indium: Global Industry Markets and Outlook ,2010 來源：1）Roskill ‘s Indium:2010年全球行業市場和展望 BLEU: Belgium, Luxembourg Economic Union BLEU：比利時，盧森堡經濟聯盟

  49. Management管理層 TSX:SAC US OTC:SOHAF

  50. Directors董事 TSX:SAC US OTC:SOHAF

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