This document provides a summary of a panel discussion on the precious metals market outlook: - The platinum market is currently in surplus but rising mining costs and an improving automotive sector outlook should support prices. South Africa remains the primary platinum producer. - ETF investment has absorbed over 300,000 ounces of platinum so far in 2010, augmenting demand by around 15%. Speculative platinum positions on NYMEX reached a record in mid-April. - Emission control demand, particularly from China's growing automotive sector, remains key to platinum demand. Jewelry is the second largest end-use. Palladium benefits more than platinum from China's automotive growth given gasoline

1. PRECIOUS METALS,
DIAMONDS & GEMSTONES
INVESTMENT SUMMIT
2.00 – 2.40
Panel Discussion: Outlook for the Precious
Metals Markets
David Wilson – Director - Metals Research,
Société Générale
Bill Fisher – Director, RX Exploration Inc
David Hargreaves – CEO, Fair Trade Gemstones
THE LONDON CHAMBER OF COMMERCE AND INDUSTRY ● THURSDAY, 20 MAY 2010
www.ObjectiveCapitalConferences.com

2. An overview of Platinum
market drivers
May 2010
David Wilson
Director – Metals Research
david.wilson@sgcib.com
+44 (0)20-7762-5384
Important Notice: The circumstances in which this publication has been produced are such that
it is not appropriate to characterise it as independent investment research as referred to in
European MIF directive and that it should be treated as a marketing material even if it contains a
CONFIDENTIAL
research recommendation (« recommandation d’investissement à caractère promotionnel »).

3. 2
Platinum is still in surplus, but rising mining costs and improving
sentiment in autos in particular should support prices
000 oz 000 oz
10 000 1200
9 000 800
8 000 400
7 000 0
6 000 -400
5 000 -800
4 000 -1200
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010F
2011F
S upply Demand Balance, rh scale
Source: GFMS & SG Cross Asset Research
 Platinum’s surplus (prior to ETF investment activity) is increasing due to:
 A recovery in South African production.
 Increasing supply from other areas including automotive scrap
 The recent falls in automotive demand, which will take a long time to be recouped
 Bullish longer-term fundamentals (non-OECD demand vs. maturing supply).

4. 3
Global platinum inventories are estimated to have fallen by 2.4 million
ounces since the start of 1999
0 35
-500
30
-1000
25
-1500
-2000 20
-2500 15
-3000
10
-3500
5
-4000
-4500 0
1999 2003 2007 2011F
000 ounces weeks' demand
Source: GFMS & SG Cross Asset Research
 This is equivalent to roughly 24 weeks’ demand
 But the market has been able accommodate new ETF instruments as the balance has shifted into surplus
 And there is plenty of liquidity in the market
 With one month lease rates below 0.5%, and twelve months below 2%

5. 4
ETF net investment has taken up over a third of a million ounces of
platinum so far this year, augmenting demand by an ~15%
000 oz
1 200
1 000
800
600
400
200
0
Apr-07 Apr-08 Apr-09 Apr-10
ETF ZKB ETF NY
Source: GFMS & SG Cross Asset Research
 Although this interest has been distorted by the new ETF in New York
 Platinum ETFs have absorbed approximately 330,000 ounces so far this year
 With some small attrition in the ETF Securities London-listed funds, a slight increase in ZKB and over 330,000 ounces into the New
York ETF
 If this rate of accrual were to continue then ETFs would more than absorb this year’s industrial surplus, but this looks doubtful

6. 5
Net speculative platinum positions on NYMEX reached a record in mid-
April at 1.38 million ounces
000 oz
1 600
1 400
1 200
1 000
800
600
400
200
0
Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10
-200
Source: CFTC & SG Cross Asset Research
 This is starting to look top-heavy and may point towards a short term price correction
 This position is equivalent to 18% of one year’s industrial demand
 And the gross long position is just off a record level and comprises 41% of total open interest, vs a 38% average over the past
fifteen months

7. 6
South Africa remains the primary source of platinum supply with 76%
of mine production and 64% of total
Other
6%
Russia
13%
North America
5%
S outh Africa
76%
Source: GFMS & SG Cross Asset Research
 South Africa’s major producers continue to watch the purse-strings
 Although the major producers are running cost profiles lower than prevailing prices, their balance sheets have been under strain
 And the Eskom price increases will contribute to roughly 10% per annum cost increases
 This is unlikely – barring any extreme problems from external causes such as power loss – to affect output plans, but is likely to
continue to defer marginal expansion programmes

8. 7
Emission control demand remains the key to platinum, with jewellery
in second place for platinum
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
2003
2004
2005
2006
2007
2008
2009
2010
J ewellery Autocats Other
Source: GFMS & SG Cross Asset Research
 Platinum use in autocats contracted sharply in the global downturn
 And while recovering, will lose market share to palladium as Europe, which is platinum-intensive, continues to struggle
 Especially by comparison with the recoveries elsewhere and the strength in China
 Jewellery demand has rebounded, but now needs to consolidate and may struggle at higher prices

9. 8
China remains key to platinum demand, especially in the jewellery
sector
000 oz %
1 800 90
1 500 75
1 200 60
900 45
600 30
300 15
0 0
1999 2001 2003 2005 2007 2009
China J ewellery As % of jewellery total
Source: GFMS & SG Cross Asset Research
 China’s jewellery demand rebounded last year and was almost certainly the second highest year on record
 But conditions slowed in late 2009 and the market is now consolidating in response to higher prices
 The country’s robust auto sector is underpinning its platinum demand, but is more important for palladium
 While the country’s economic growth is supporting demand in the glass and other sectors, suggesting that China is now likely to be
the world’s second largest platinum consumer behind Europe

10. 9
China’s automotive sector; palladium the primary beneficiary
000 oz
700
600
500
400
300
200
100
0
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
P latinum P alladium
Source: GFMS & SG Cross Asset Research
 Palladium demand in the auto sector is likely to grow by more than 10% this year
 The Chinese auto market is not yet mature and new emission control limits are being rolled out across the country
 The industry is gasoline fuelled in the main and therefore much more reliant on palladium
 While it must not be forgotten that palladium is also now taking market share from platinum in the diesel sector

11. 10
By late April, Platinum had unwound 63% of the fall from its 2009 high,
while palladium has unwound 84% of its fall
P latinum US $/oz P alladium US $/oz
2 800 600
2 100 450
1 400 300
700 150
08
08
09
09
10
08
08
09
09
10
Apr-
J ul-
Oct-
J an-
Apr-
J ul-
Oct-
J an-
Apr-
J an-
P latinum P alladium
Source: GFMS & SG Cross Asset Research
 Price recoveries have been driven by an improving economic outlook
 With palladium especially boosted by the auto and electronic sectors
 While platinum has been boosted by improving jewellery (allied to reduced scrap return)
 But the majority of the recovery is now out of the way and there is a case for a mild retraction in prices

12. Platinum market to remain in surplus in 2010 (excluding
investment demand)
PLA T INUM
000oz 2005 2006 2007 2008 2009 2010f
Non-Russian prim ary product ion 5,632 5,447 5,074 4,671 4,600 4,720
Russian product ion 960 948 917 835 840 860
Ot her 13 628 591 645 635 700
Fabricat ion dem and: - Aut ocat alyst ** 3,056 3,251 3,218 2,816 1,950 2,050
- Jewellery 1,792 1,682 1,329 736 1,800 1,700
- Indust rial 1,827 1,849 1,950 2,273 1,500 1,701
Invest m ent in ETF/ ETCs 194 104 384
Residual balance -70 241 -217 222 441 830
Pr i ce – p m f i x, $ / o z 897 1 ,1 4 2 1 ,3 0 3 1 ,5 7 8 1 ,2 0 9 1 ,6 5 0
* Nat ional Defence St ockpile, aut om ot ive indust ry, fut ures ex changes ** net of scrap
Source: SGCIB
11

13. Forecast risks
Upside risks
 Further postponement/cancellation of expansion projects
 Energy related disruption at South African operations
 Faster than expected demand recovery in world outside China
 Further and higher than expected investment flows (into ETFs)
Downside risks
 Slower than expected global economic growth in 2010 / evaporation of positive investor sentiment
 Further palladium inroads into the diesel auto cat sector
12

14. 13
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http://www.sgcib.com. Copyright: The Société Générale Group 2010. All rights reserved.

15. An overview of Platinum
market drivers
Date - Location
David Wilson
Director – Metals Research
david.wilson@sgcib.com
+44 (0)20-7762-5384
Important Notice: The circumstances in which this publication has been produced are such that
it is not appropriate to characterise it as independent investment research as referred to in
European MIF directive and that it should be treated as a marketing material even if it contains a
research recommendation (« recommandation d’investissement à caractère promotionnel »).

16. PRECIOUS METALS,
DIAMONDS & GEMSTONES
INVESTMENT SUMMIT
12.15 – 12.40
Focus on Gold: Challenges of gold mining in the US –
reopening the Drumlummon Mine in Montana
Bill Fisher – Director, RX Exploration
THE LONDON CHAMBER OF COMMERCE AND INDUSTRY ● THURSDAY, 20 MAY 2010
www.ObjectiveCapitalConferences.com
1

17. Gold and Silver Production in North
America
May 2010

18. Safe Harbor
The following presentation may include certain “forward-looking statements” within the meaning of the United States
Private Litigation Reform Act of 1995 and applicable Canadian Securities Laws. All statements, other than statements of
historical fact, included in the presentation, including, without limitation, statements regarding potential mineralization and
reserves, exploration results, and future plans and objectives of RX Exploration Inc., are forward-looking statements.
Words such as “expect”, “anticipate”, “estimate”, “may”, “will”, “should”, “intend”, “believe” and other similar expressions are
forward-looking statements. Forward-looking statements are not guarantees of future results and conditions but rather
reflect our current views with respect to future events and are subject to risks, uncertainties, assumptions and other factors,
and actual results and future events could differ materially from those anticipated in such statements. There can be no
assurance that such forward-looking statements will prove to be accurate.
Some of the important factors that could cause actual results to differ materially from our expectations are disclosed under
the heading “Risk Factors” and elsewhere in documents filed from time to time with the Canadian provincial securities
regulators. We base our forward-looking statements on information currently available to us and we do not assume any
obligation to update them, except as required by law.
An additional Cautionary Note to Investors – In the event that we use certain terms in this presentation, such as
“resource”, “measured resource”, “indicated resource” and “inferred resource”. U.S investors are cautioned that, while such
terms are recognized and required by Canadian Securities Laws, the United States Securities and Exchange Commission
does not recognize them. Under U.S. standards, mineralization may not be classified as a “reserve” unless the
determination has been made that the mineralization could be economically and legally produced or extracted at the time
the reserve determination has been made. U.S. investors should not assume that all or any part of measured or indicated
resources will ever be converted into reserves. In addition, “inferred resources” have a great amount of uncertainty as to
their existence and as to whether they can be mined legally or economically. Accordingly, information concerning
descriptions of mineralization in this presentation may not be comparable to information made public by companies that are
subject to the SEC’s Industry Guide 7.
3

19. RX Exploration : Gold and silver developer
 100% ownership of Montana’s Drumlummon mine, subject to 2%
NSR
 Historic development at numerous levels up to 1600 feet
 1 million ounces gold produced, 1885 -1905
 Never fully explored or exploited by previous operators
 Fully permitted; Grid power and year round paved road access
 Test mining operations in progress
 Development drift averages 41 g/t gold and 1,901 g/t silver over
3.2 metre width
 Gold and silver bulk sampling commenced April 2010
 1,000 tpd permitted Philipsburg mill leased May 2010
 Multiple Exploration targets. Drill results include: 178 g/t (5.2 opt)
gold and 97.3 g/t (2.84 opt) silver over 0.30 metres
4

20. Share Capital
Listing CNSX
Symbol “RXE”
Recent share price1 CAD $0.61/share
52 week low–high CAD $0.165–$0.65
Shares outstanding 109 million – basic
196 million – fully diluted
Market capitalization CAD $66.5 million
Cash CAD ~$6 million
Share ownership RX Management (~20%); Spruce Ridge Resources (~10%)
Funds (May 2010) Sprott Asset Management (4.6% basic or ~ 5.1% fully diluted)
The company has commenced application for listing on the TSX Venture
Exchange. All of the company’s filings are current.
1 As of May 12, 2010
5

21. The RX Exploration Team
Management
CEO: Murray Nye – Co-founder, director, principal of Venbanc, Inc., an investment and merchant bank
specializing in the structuring and financing of start-up companies; provides follow-up financial and
management advisory assistance.
CFO: Max Polinsky, B.Comm – Co-founder, director and principal of Venbanc, Inc.
Director of Mining Operations: Mike Gunsinger – Mike was employed for 40 years by Patrick Harrison
and Co., underground mining contractor, servicing major mining companies such as Inco and Noranda,
and the US Military. Upon retirement, established his own underground contracting company and has
been active in Utah and Montana.
Consulting Mine Geologist: Ben Porterfield – Ben leads a team of geologists at the Drumlummon
mine. He was formerly a geologist for Kennecott, focused on their Terra gold project in Alaska.
Following Kennecott’s divestiture of the project, Ben continues to develop the project independently.
Board of Directors
Chairman John O’Donnell, (B.A. Econ, L.L.B.)
Directors
Murray Nye
Max Polinsky
Bill Fisher, (P.Geo.) Former Chairman, Aurelian Resources and VP Exploration, Boliden Ltd.
John Ryan (CGA) President, Spruce Ridge Resources
Edward Ellwood (MBA) Management Consultant
Paul Teodorovici Property Management Consultant
6

22. The Drumlummon Mine - Marysville, Montana
Marysville, Montana is located 25 miles North-West of Helena, Montana’s capital city.
Contact Mill, Philipsburg, 114 miles by road southwest from Marysville
RX Exploration Drumlummon Mine
and Contact Mill locations
Marysville
HELENA
Philipsburg
7

23. Drumlummon Mine Property Map
The property consists of 26 patented mining claims (290 acres) and 68 staked
claims (1,390 acres) May 2010 added Bald Butte Gold/Moly projects
A’
A
8

24. History of the Drumlummon Mine
1876: Drumlummon deposit discovered by Thomas Cruse
1883 - 1901: Montana Co. puts mine into production. Loses claim dispute in 1901 and floods
mine to 400 foot level.
1902 – 1910: Production continues above 400 foot level by Montana Co while claim appeals in
Annual Average Gold Prices in US Dollars per
progress. Loses appeal.
1000
1910 - 1929: St Louis Company takes ownership. Leases mine periodically. Production
900 sourced above the 400 foot level. Market crash of ’29 stops production.
800 1941 - 1951: Montana Rainbow Co. dewaters and restarts production in 1946. Mill burns down
in 1950 and production ceases. Rebuilding the mill not economically viable.
700 2007: RX consolidates all land claims, initiates surface drilling, completes NI 43-101
report. Begins underground rehabilitation.
Ounce
600
2008: Charly Vein system discovered
500
2010: RX reopens the mine
400
300
200
100
0
83
92
01
10
19
28
37
46
55
64
73
82
91
00
09
18
18
19
19
19
19
19
19
19
19
19
19
19
20
20
Year
9

25. Mining Strategy - 2010
 Bulk sampling, leading to trial mining, will target ore from two key areas of the
Drumlummon Mine (D Block and Charly Vein)
 Both areas are being developed by drifting, followed by trial stoping
 Currently taking bulk sample with a target grade of over 10 g/t gold and 400
g/t silver
 Contracted trucking fleet already shipping ore to mill
 Company is processing a series of 100+ ton bulk samples to fine tune existing
gravity and flotation circuits (Metallurgy lab tests showed gold recovery of 92%)
 Bulk sampling in May 2010 estimated at a rate of 200 tons per day increasing
to trial mining at a rate of 500 tons per day by Q1 2011
 Ore to be shipped to RX’s leased mill, at Philipsburg, for processing
10

26. Drumlummon Development Vision
Mine development will expand from existing workings – drilling will
extend the target envelope, with follow up from rehabilitated workings
A A’
South
South 9 Hour North
North
Surface Workings
Drumlummon
Workings
Drumlummon
Workings Surface Setup
400 Level
Exploration
400 Level
9 Hour Target
Workings Previously 700 Level
Exploration
Disputed 700 Level
Target
Ground 1000 Level
Exploration Charly Vein
Previously 1000 Level
Exploration Disputed Target Shaft No.2 Charly Vein
Ground Xmas Vein Vein
Xmas
Target Shaft No.2
1600 Level
1600 Level
11

27. Drumlummon Development philosophy
“Drill for Structure…”
Drill Hole From To Width Gold Silver
(m) (m) (m) (g/t) (g/t)
DDH 08-05 119.5 121.4 1.8 37.8 1,081.4
DDH 08-15 122.9 125.8 2.9 44.1 1,393.0
DDH 08-26 123.8 125.6 1.8 33.5 350.4
DDH 08-28 143.2 145.5 2.3 51.8 380.6
DDH 08-29 1.2 3.6 2.4 9.9 1,821.3
DDH 09-102 73.2 76.8 3.7 41.1 572.6
6.8
DDH 10-115 9.7 16.5 21.1 57.8
(true width 3 m)
8.0
DDH 10-120 4.3 12.3 19.76 45.2
(true width 3 m)
12

28. Drumlummon Development philosophy
“… drift for Grade”
D-block
D Block
400 Level
500 level cross-cut
Xmas Vein through Charly Vein
700 Level
1000 Level
Charly Vein
1600 Level
70 metres of Charly vein development drift averaged 41 g/t gold and
1,901 g/t silver over faces averaging 3.2 metres in width (PR May 2010)
13

29. Development Progress
 400 level haulage drifts and internal ramps
fully operational for test mining (over 500
ton per day ore and waste capacity)
 By April 2010,142 holes (44,863 feet) of
drilling completed defining multiple high
grade gold and silver zones. New hanging
wall drill station commissioned (May 2010)
Charly Vein
 Fully permitted water treatment plant
currently dewatering mine – able to drain
system at 100 ft depth per month
 Portal completed for 800 level decline
decision in Q3 2010 – for haulage capacity
to reach 1,000 tpd
500 level cross-cut
14

30. RX’s Fully Permitted Philipsburg Mill
 Existing mill 114 miles from mine
accessible by paved highway ($20.50 per
ton hauling cost), on care and
maintenance from 2008
 Two separate 500 ton per day circuits
including crusher, regrind mills, gravity
and flotation circuits
 Facility has milled more than 1 million
tons of ore from Inspiration’s poly metallic
Black Pine Mine
 1.5 million tons of tailings space currently
available at the mill site
 Leased for $30,000 per month plus per
ton milling fee
15

31. Bulk Sampling and Exploration Schedule
16

32. Property Exploration of Resource Potential
 Objectives : Consolidate medium-term mine plan and drill/drift on multi-
million ounce gold/silver potential along strike and at depth
 Continue exploration of D Block, Charly Vein and newly discovered
mineralization to upgrade known resource
 Charly vein remains open to the north, south and at depth; may
represent the extension of the partially mined high-grade Xmas Vein.
 New drill stations in the hanging wall of the Charly vein enables exploration
of new and existing targets laterally as well as at depth
 Continue rehabilitating historical workings over 1500 m. to the south in
order to access and drill “Previously Disputed Ground” and beyond
 This ground was never mined due to the historic claim dispute
 Additional land has been acquired in the vicinity of the mine for future
exploration
 Specifically the Bald Butte Moly/gold/silver property located 5 km to the
SW
17

33. Permitting and Community Relations
 RX has received all permits and exemptions required
for production:
 Approval of exploration license including water discharge by the
Montana Department of Environmental Quality
 Approval of small miner exemption which permits the company to
mine so long as surface operations do not exceed five acres
 Approval of the alternative mine rescue capabilities by the U.S.
Mine Safety and Health Administration
 Approval of the ventilation, escape and evacuation plan by the
U.S. Mine Safety and Health Administration
 RX has been conducting regular Town Hall meetings to encourage
community involvement and has addressed all of the concerns of the
people of Marysville
18

34. RX Exploration : Programs to Add Value
 Develop the Drumlummon mine
plan systematically, at a
sustainable rate for short, medium
and long term profitable
operations
 Step up mine production over
time to match the 1,000 ton per
day Phillpsburg mill capacity while
maintaining grade and recoveries
 Consolidate existing resources
and their extensions, and convert
to formal 43-101 reserves
 Aggressively drill to test multi-
million ounce gold/silver potential
using the first class access down
to 500 metres depth and for over
1.5 kilometres in length
19

35. Value Drivers: Assessing RX’s value by gold produced
Peer Group High-Grade Gold Producers <100,000 oz gold/year
Shares Enterprise Recovered Grade 2009 EV/Oz
Outstanding Value (gold equivalent - Production Produced
Company (millions) (USD grams per tonne) (ounces) (US$)
millions)
Wesdome Gold Mines 100.4 $229 9.0 96,150 2,381
Richmont Mines 26.1 $99 5.0 63,500 1,555
Orvana Mineras Corp 115.2 $110 5.1 62,644 1,758
Medusa Mines 170.8 $693 16.7 47,869 14,481
Apollo Gold Corp 261.6 $195 2.7 44,739 4,358
Kirkland Lake Gold 63.3 $443 11.9 43,545 10,163
Alexis Minerals 147.7 $41 5.8 38,461 1,067
San Gold Mines 266 $1,133 18.0 23,500 48,234
Olympus Pacific Minerals 322.7 $114 10.3 23,000 4,987
Metanor Resources 122.4 $80 7.4 20,000 3,975
St Andrews Goldfields 326 $342 6.5 15,000 22,767
Avnel Gold Mining 79.2 $28 12.1 13,045 2,161
RX Exploration 109 $55 22.1* NA NA
Average $274 10.2 40,952 $9,824
*NI 43-101 grade and 92% met recovery
20

36. How the market values high grade gold producers
Investors should compare RX to this peer group
Potential Enterprise Value ($US Millions)
$600,000,000
$500,000,000
$400,000,000
$300,000,000
$200,000,000
$100,000,000
$-
20,000 25,000 30,000 35,000 40,000 45,000 50,000 55,000 60,000
Potential Annual Production (oz Au)
 Based on average Enterprise Value per Ounce Gold produced (US $9,824)
21

37. RX Exploration : Summary
 Cash on hand - C$6 million
 Achieving immediate serial
production in high grade
Drumlummon mine, with operations
to pay for all development and
exploration work
 Continuous exploration by drilling
and rehabilitation of old workings to
follow up encouraging drilling results
 Surface exploration of Drumlummon
extensions and nearby
mineralization
 Build treasury for development and
future corporate development (in-
the-money warrants would bring in
C$29 million)
22

38. Drumlummon – A Golden Future for a Historic Mine
406 – 138 Portage Ave. East
Winnipeg, Manitoba
Canada
R3C 0A1
T: (204) 989-2434
F: (204) 989-2433
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39. Appendix A: NI 43-101 Compliant Resource - Charly
Vein and Historic Resource
 Calculated from 59 drill holes drilled into the Charly Vein System
 A cutoff mining width of 5 feet was used as well as a minimum grade of 0.1 oz/t Au
400E Vein Tonnage Grade Au Grade Ag Ounces Ounces
(oz/t) (g/t) (oz/t) (g/t) Au Ag
A 67,284 0.39 13.4 12.2 418 26,192 820,166
B 39,740 0.53 18.2 7.3 250 21,097 291,053
C 48,494 0.48 16.5 16.6 569 23,414 804,341
Total Inferred
155,518 0.45 15.6 12.3 422 70,703 1,915,560
Resource
Tonnage Grade Au Grade Ag Ounces Ounces
(oz/t) (g/t) (oz/t) (g/t) Au Ag
Historic
841,000 0.50 17.14 5.00 171.43 463,000 4,635,000
Resource*
* Historic Resource is not NI 43-101 compliant
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