Talvivaara Projekti Oy

1
August 2009
2

• DISCLAIMER
• The following information contains, or may be
  deemed to contain, forward-looking statements
  (as defined in the U.S. Private Securities
  Litigation Reform Act of 1995). These statements
  relate to future events that involve known and
  unknown risks and other uncertainties. By their
  nature, forward-looking statements involve risks
  and uncertainties because they relate to events
  and depend on circumstances that may or may not
  occur in the future. All forward-looking
  statements made in this presentation based on
  information presently available and Talvivaara
  Mining Company Plc. assumes no obligation to
  update any forward-looking statements.
• Nothing in this presentation constitutes
  investment advice and this presentation shall not
  constitute an offer to sell or the solicitation
  of an offer to buy any securities or otherwise to
  engage in any investment activity.

1
3
Highlights

• Successful EUR 82.7 million / GBP 71.3 million
  placing completed in July putting Talvivaara in
  strong financial position
• Decision to expand production capacity by almost
  50 to up to 50,000 tonnes nickel per annum from
  2012
• Good progress with upgrade of crushing circuit to
  eliminate earlier design problems and to expand
  capacity to approx. 22 million tonnes of ore per
  annum
• As anticipated, crushing capacity with old
  circuit remained below budgeted levels due to
  significant downtime
• Successful nickel and zinc sulphide production
  campaigns in Jan-Feb and Apr-May with subsequent
  product deliveries to Norilsk Nickel and zinc
  customers
• Secondary listing of shares on Helsinki Stock
  Exchange on 11 May 2009 resulting in significant
  expansion of shareholder base
• Continued good safety record with 3 LTIs to
  Talvivaara personnel in Jan 2009 and none since
  the launch of the Work Group Safety Challenge in
  Feb 2009

Kuusilampi open pit at Talvivaara June 2009
2
4
Key figures
1 Prior to receiving the proceeds of the EUR 82.7
million equity placing
3
5
Financial review

• First income from deliveries to customers
• Sales EUR 1.8m
• Other operating income EUR 25.6 mostly from
  realised and unrealised gains on nickel, zinc and
  USD forwards
• Operating loss EUR 7.9m
• Strong cash position
• Drawdown of EUR 45m Finnvera facility
• EUR 82.7m equity placing of 22,280,000 shares at
  EUR 3.70/ GBP 3.20 each proceeds were received
  in July
• Capital expenditure
• H1 2009 capital expenditure EUR 57.7m on
  completion of mine construction and railway
• H2 2009 new commitments towards expansion capex
  being made (hydrogen plant, mobile equipment)

4
6
Production summary

• Materials handling bottleneck being resolved
  alongside expansion

5
7
Production update mining and materials handling

• Mining
• Processes performing well
• Full capacity not tested due to bottleneck in
  crushing
• Materials handling
• Ongoing problems in fine crushing throughout H1
  2009 despite temporary improvements in capacity
  as a result of amendments to existing circuit
• Total capacity achieved H1 2009 was 4.0 mt or ore
  (53 of budgeted amount)
• Primary crusher also experienced technical
  problems
• Modifications being made
• Capacity secured by contractors for the time
  being
• Crushing circuit being upgraded
• Capacity to increase to 22 million tonnes per
  annum
• Installation of redesigned circuit progressing on
  schedule for start-up in the beginning of
  September

6
8
Installation of upgraded crushing circuit
progressing as planned
New secondary crushing equipment installed, 24
Aug 2009
7
9
Production update - bioheapleaching and metals
recovery

• Bioheapleaching
• Bioheapleaching proceeding as planned
• Control of heat generation through aeration and
  irrigation critical to prevent re-precipitation
  metals in the heap
• 6.5 million tonnes of ore under leaching at the
  end of H1 2009
• Plans to stack the heap in two layers being
  reconsidered likely return to original plan of
  a single layer primary heap
• Metals recovery
• Successful nickel and zinc production campaigns
  in January-February and April- May
• Production levels during May campaign
• Nickel 12-14 tonnes/day
• Zinc 29-30 tonnes/day
• Leached amounts corresponded to the size and age
  of the heap at the time
• Quality of metal products good and improving
  throughout campaigns

8
10
Environment, health and safety

• Environment
• Ongoing environmental management and monitoring
  programmeaccording requirements set out in the
  Environmental Permit
• Talvivaara is preparing its environmental
  processes for ISO 14001 certification
• Health and safety
• Good health and safety record
• Three minor lost time injuries (LTIs) among
  Talvivaara employees during H1, none since the
  launch ofWork Group Satey Challenge in Feb 2009
  
• Good safety rating
• Talvivaara 12 LTIs/ million man hours
• Finnish mining industry 40 LTIs/ million man
  hours
• Construction industry 80 LTIs/ million man hours

Talvivaara personnel 2003-2010e
Aug 2009
9
11
Market outlook

• Short term outlook still uncertain
• Underlying demand yet to grow
• Temporary fall in commodity prices still
  possible
• Positive long term outlook
• Promising recent development in developing
  economies
• Signs of restocking and increasing industrial
  demand also on OECD markets

10