ARGEX

MINING INC
CORPORATE PRESENTATION
May 2011

TITANIUM
IRON AND
VANADIUM

TSX-V: RGX

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 Forward Looking Statement
The information presented contains “forward-looking statements”, within the meaning of the United States Private Securities Litigation Reform Act of 1995, and
“forward-looking information” under similar Canadian legislation, concerning the business, operations and financial performance and condition of the Company. Forward-
looking statements and forward-looking information include, but are not limited to, statements with respect to estimated production, the estimation of mineral reserves and
mineral resources; the realization of mineral reserve estimates; the timing and amount of estimated future production; costs of production; capital expenditures; success of
exploration activities; permitting time lines and permitting, mining or processing issues; government regulation of mining operations; environmental risks; unanticipated
reclamation expenses; title disputes or claims; litigation liabilities; and limitations on insurance coverage. Generally, forward-looking statements and forward-looking
information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”,
“forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”,
“could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking statements and forward-looking information are based on the opinions and estimates
of management as of the date such statements are made, and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results,
level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements or
forward-looking information. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those
contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There
can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The Company does not undertake to update any
forward-looking statements or forward-looking information that are incorporated by reference herein, except in accordance with applicable securities laws.

Investors are advised that National Instrument 43-101 of the Canadian Securities Administrators requires that each category of mineral reserves and mineral resources be
reported separately. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

Cautionary Note to U.S. Investors Concerning Estimates of Measured, Indicated or Inferred Resources
The information presented uses the terms “measured”, “indicated” and “inferred” mineral resources. United States investors are advised that while such terms are recognized
and required by Canadian regulations, the United States Securities and Exchange Commission does not recognize these terms. “Inferred mineral resources” have a great
amount of uncertainty as to their existence, and 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. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or other economic studies. United States
investors are cautioned not to assume that all or any part of measured or indicated mineral resources will ever be converted into mineral reserves. United States investors are
also cautioned not to assume that all or any part of an inferred mineral resource exists, or is economically or legally mineable.

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 What is Argex?
High Quality Projects and Technology and
Rapid Evaluation

An Aggressive and Successful Approach to

Exploration and Rapid advancement
towards production

Commodities the world needs – titanium

dioxide, vanadium pentoxide and iron

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 Why invest in Argex?
Rapid advancement to production = potential near
term cash flow

Titanium dioxide price forecast to double in the period

from 2010 to 2015

Expected to be the largest vanadium pentoxide

producer in the Americas

Iron ore at all time highs

Proprietary TiO2 Technology

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 Highlights
• NI 43-101 compliant resource estimate including: 30,888,000 tonnes
measured and indicated and 13,013,000 tonnes inferred resource
estimate grading >44% iron (63.36% Fe2O3), >11% titanium
(18.67% TiO2) and >0.24% vanadium (0.43% V2O5).
• High grade titanium, iron and vanadium deposits
• Environmental Permitting work underway by Genivar
• 100 km from deep water port
• Extensive infrastructure in place
• Exclusive exploration agreement with Innu
• Initial sample testing shows excellent iron and titanium recovery and
purity
• 20,000m of Drilling completed by Major Drilling
• NI43-101 Preliminary Economic Assessment (PEA or Scoping Study)
currently being prepared by BBA.
• Favourable valuation to other comparables

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 Team
Michael Dehn, President, CEO & Director
– President and CEO of Puget Ventures Inc. and Director of other mining companies
– B.Sc. in Earth Sciences from the University of Waterloo
– Former Senior Geologist with Goldcorp Inc. (1995-2005); over 19 years of experience in the
mining industry, including extensive technical knowledge of the Red Lake district

Mark Billings, CFO, Director

– President and CEO of Orex Exploration Inc. (TSX-V: OX), a gold exploration company with
properties in Nova Scotia
– BA (Honours) from Carleton University and an MBA from the Harvard Business School;
Chartered Financial Analyst

Enrico Di Cesare, COO & VP Technology

Roy Bonnell, VP Business and Corporate Development, Director

– Managing Director of Atwater Financial Group, a Montreal-based merchant banking group.
– M.Sc. Accounting & Finance (London School of Economics), MBA (McGill) University, L.L.B.
Western Ontario, B.A. (Queen’s University).

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 Team (cont’d)
Peter H. Smith, Director
– President and CEO of Fancamp Exploration Ltd. (TSX-V: FNC),
– B.Sc. in geology from McGill University and an MS and Ph.D. from Northwestern University

Anthony Garson, Director

– B.Sc. in Earth Sciences from the University of Waterloo and an MBA from the University of
Toronto.
– Involved in the brokerage industry as a Mines and Metals Analyst, V-P Scotiabank 1975-80,
Dean Witter Reynolds (Canada) Ltd. ,Canaccord Capital. Founding partner of Union Capital
Markets (UK) Ltd.
– Director of Alamos Gold Inc.

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 Commodity Prices
Commodity Price (per tonne, US$)

Iron Ore (Magnetite) $125

Titanium Dioxide (TiO2) $600 - $3,000
Vanadium Pentoxide V2O5 $15,000

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 La Blache – Metal Value
(based on NI 43-101 compliant resource estimate)

Estimated In Situ Metal Value

of NI 43-101 Compliant Resource Estimate:
Iron Ore TiO2 V 2O 5

Market ($US/tonne) $125 $3,000 $15,000

NI 43-101 Est. Grade 63.29% 18.78% 0.45%
30,888,000 tonnes
(measured + indicated only)

Est. Metal Value (bil. $US) $2.44 $17.40 $2.08

Total Value (billions $US) $22

Gross Value of Metal Per Share($US) $247
(based on 88,725,304 shares outstanding)

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 Titanium Mining/Exploration (Comparables)

Shares Share Price Resource/Reserve Ore Grade Planned Production TiO2

Company Outstanding (CAN$) Market Cap (CAN$) tonnes TiO2 tonnes Product

ILUKA 418,700,000 8.61 $ 3,606,765,540 275,600,000 6.00% 1,371,000 66.2%

KENMARE RESOURCES
PLC 2,403,502,000 0.52 $ 1,257,743,200 6,520,000,000 1.19% 800,000 55%
TITANIUM RESOURCES
GROUP 65,870,856.24 0.17 $ 65,870,856 277,000,000 1.35% 100,000 55%

ARGEX MINING INC 88,725,304 0.50 $ 44,362,652 30,888,000 17.40% 600,000 98%

4,000 $3,607 Market Cap (CAN$)

CAN$

3,000
2,000
$1,258
1,000
$66 $44
0
ILUKA KENMARE RESOURCES PLC TITANIUM RESOURCES ARGEX MINING INC
GROUP

*NI 43-101 compliant resource estimate, anticipated production - – share prices and market cap data as of May 17, 2011

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 Business Strategy 2011
• Complete NI 43-101 Preliminary Economic
Assessment Report
• Mini-Plant operation for commercialization
testing and product production for customer
materials testing
• Capital Financing for Production Plant
construction
• Mine site development and pre-production
mining

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 Progress for La Blache Project

Dec. Dec. Dec. Jan. Jan. Feb-May May-July May-Aug Feb. May June Ju;y
2008 2009 2009 2010 2010 2010 2010 2010 2011 2011 2011 2011

43-101 Qualifying Report

Compilation and Planning

Airborne Geophysical Survey

Model and Validate Target

Camp Installation, Mobilization

Drill (13,000m) (Consul-Teck/Major)

Drilling (7000m) (Consult-Teck/Major)

Initial Metallurgical Testing (Oretech)

43-101 Resource Estimate (Met-Chem)

Phase Two Met. Testing (Oretech) Testwork complete – awaiting additional mini-plant results
Scoping Study (BBA) Underway
Mini-Plant (Oretech) Leaching has commenced and is ongoing

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 La Blache Project
• The La Blache Project comprises three known lenses of massive titaniferous magnetite
(Fe-Ti-V) mineralization: West Hervieux, East Hervieux and Schmoo Lake.

• It was discovered in 1952 by Bersimis Mining.

• A historic (non-compliant) estimate of the property is 79 million tons at 48% Fe, 20.5%
TiO2, and 0.36% V2O5.

• In excess of 110 holes totaling more than 6000 metres completed in 41 holes at the
West Hervieux occurrence and nearly 9000m in 69 holes on the East Hervieux occurrence,
located approximately 2 km east and 1.25 km north of the West Hervieux Occurrence.
Results for more than 70 holes are pending.

Length
HOLE # From along Fe Ti V Fe2O3 TiO2 V2O5 Significant
core (m)
HW-10-001 7.5 161.25 42.62 11.04 0.27 61.86 18.29 0.48 results from
HW-10-003 9.40 85.80 42.14 10.73 0.26 60.25 17.90 0.46 2010 West
HW-10-007 10.00 121.50 43.34 11.16 0.27 61.96 18.61 0.48
HW-10-008 34.90 72.00 44.38 11.33 0.28 63.45 18.90 0.50 Hervieux drilling
HW-10-013 3.80 68.00 41.72 10.46 0.27 59.65 17.45 0.47
HW-10-029 4.60 105.40 43.31 10.70 0.28 61.92 17.85 0.50
HW-10-030 50.90 51.90 43.05 11.13 0.28 61.55 18.57 0.50
HW-10-030 108.50 58.80 37.07 9.29 0.26 53.00 15.50 0.46
HW-10-031 4.00 107.00 44.99 11.68 0.29 64.33 19.48 0.52
HW-10-039 127.10 67.10 41.76 10.83 0.27 59.70 18.07 0.48
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 La Blache Project
NI 43-101 Resource Estimates
Resources Estimation Summary for West and East Hervieux (COMBINED)
East Hervieux and West Hervieux (Cut-Off 40% Fe)

In Situ Grades Calculated In Situ Oxide Grades

Resource Category In Situ (tonnes) Fe % Ti % V% Fe2O3% TiO2% V2O5%

Measured 8,017,000 44.22 11.27 0.25 63.22 18.8 0.45
Indicated 22,871,000 44.28 11.26 0.26 63.31 18.78 0.46
Measured + Indicated 30,888,000 44.27 11.26 0.25 63.29 18.78 0.45
Inferred 13,013,000 44.11 11.19 0.24 63.06 18.67 0.43

Resources Estimation Summary for West Hervieux

West Hervieux (Cut-Off 40% Fe)
In Situ Grades Calculated In Situ Oxide Grades
Resource Category In Situ (tonnes) Fe % Ti % V% Fe2O3% TiO2% V2O5%
Measured 5,601,000 44.19 11.34 0.25 63.18 18.92 0.45
Indicated 12,839,000 44.37 11.37 0.27 63.44 18.55 0.43
Measured + Indicated 18,440,000 44.32 11.36 0.26 63.36 18.95 0.46
Inferred 4,173,000 44.14 11.4 0.27 63.11 19.02 0.48

Resources Estimation Summary for East Hervieux

East Hervieux (Cut-Off 40% Fe)
In Situ Grades Calculated In Situ Oxide Grades
Resource Category In Situ (tonnes) Fe % Ti % V% Fe2O3% TiO2% V2O5%
Measured 2,416,000 44.28 11.12 0.24 63.31 18.55 0.43
Indicated 100,320,000 44.17 11.12 0.24 63.15 18.55 0.43
Measured + Indicated 12,448,000 44.19 11.12 0.24 63.18 18.55 0.43
Inferred 8,840,000 44.1 11.09 0.23 63.05 18.5 0.41
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 The Mouchalagane Project
• The Mouchalagane Project consists of a group of 3 iron ore
properties referred to as “Hanna”, “Consolidated Morrison”
and “Fortin”.
• The Hanna and Morrison properties have an historical
estimate that is non compliant under National Instrument
43-101 of 300+ millions tonnes, with historical grades
ranging from 31% to 36% Fe.
• The more grass-roots Fortin property yielded grab samples
grading in the range of 67% Fe and over.
• Recently increased the property by 127% to cover expected
iron formation prior to airborne geophysical survey
• Completed 2447 km airborne geophysical survey that
identified more than 40km of iron formation strike length

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 Mouchalagane Project
Originally172 square km

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 Mouchalagane Airborne
Geophysics
(property increased to 230 sq km)
IRON
FORMATION

IRON
FORMATION

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 Mouchalagane Property Now
330 sq km

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 Lac Brulé Property

Argex Mining Claims

CLM Claims
Argex
Mining
Claims

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Lower Costs Due to Unique Location
EXISTING
Churchill
INFRASTRUCTURE Twin FallsFalls
– Rail lines
CAROL LAKE (IOC)
Labrador LABRADOR
Bloom Lake (CLM)
City WABUSH (WABUSH IRON)
– Power lines MONT-WRIGHT (QCM)

– Main access roads & Mouchalagane

logging roads Properties (RGX)

– Housing for employees QNS&L

QCM
– 7 deep sea ports QUÉBEC

Sept-Iles
La Blache
Pointe Noire
Properties (RGX) Port Cartier
Producing iron mine
Shipping terminal
Baie-Comeau Rail line
St. Lawrence Hydro
River Road
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 Exclusive Innu Agreement
•Mining exploration agreement between Argex and the Innu.
•The Innu consent to Argex conducting mining exploration on lands
that they claims pursuant to their ancestral rights.
•Innus grant Argex an exclusive right to mining exploration and
development on land within a 100 km radius of any Argex claims.
•Argex agrees to communicate with the Innu in a timely manner
its exploration plans and results.
•Innu have a right of first participation in the financing of Argex’s
future development projects on its territory.

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 43-101 Resource
•NI 43-101 compliant resource estimate including: 30,888,000 tonnes
measured and indicated and 13,013,000 tonnes inferred resource
estimate grading >44% iron (63.36% Fe2O3), >11% titanium (18.67%
TiO2) and >0.24% vanadium (0.43% V2O5).

Scoping Study
•Argex has hired Montreal based BBA Inc., one of Canada’s leading firms
of independent engineering professionals in the mining and metals
sector, to help the Company in its preparations for the scoping study on
its La Blache Project.
•The scoping study to include an economic analysis of the potential
viability of the mineral resources, forecast mine production rates, capital
costs to develop and sustain the mining operation, operating costs, and
projected cash flows prior to the completion of a preliminary feasibility
study.

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 Metallurgical Process

• Argex has signed an Letter of Intent to

acquire 50.1% of the company Canadian
Titanium Ltd which owns the technology
• A purity of 99.8% TiO2 has been achieved
• The process in closed looped – no chemicals
are discharged
• Minimal tailings from La Blache ore – all
inert

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CTL Process Flow
Ilmenite HCl+MgCl2

Crushing,
Leaching Filtering
Grinding

Precipitation S/X for Ti S/X for Fe

Fe2O3
TiO2
product
 CTL Technology Compared
Chloride Process (CP)1
Generally requires the use of high TiO2
content
Generally higher product consistency
Produces only rutile crystal forms
Smaller buildings
Fewer vessels
Less manpower necessary
Higher training requirements for plant
operations staff
A more continuous process
Less environmental impact due to less
waste generation
1 Source: Modified from http://www.ti-cons.com/Ti-
Cons/index.php?option=com_content&view=article&id=1&Itemid=12&lang=en
Sulphate Process (SP)1 CTL Process (CTL)
Both lower cost and lower TiO2 content Primarily ilmenite ore, not optimized
ilmenite ores and sulfate slags may be for rutile
used in this process.
Base particle size control is less Very high purity (99.8 %) TiO2 (rutile)
consistent than in the chloride process, product
negatively impacting product
performance.
Produces either the rutile or anatase Production of anatase pigment is
crystal form possible
Larger buildings Larger buildings
More vessels No pressure vessels
More manpower necessary More manpower than Chloride Process
Lower training requirements for the staff Mix of qualified staff and operating
personnel
A batch process Continuous process
More environmental impact due to much Environmentally attractive: energy
higher waste generation efficient, chlorine not used, closed loop
operation, very low inert tailings
 CTL Technology Compared
(cont’d)
Chloride Process (CP)1 Sulphate Process (SP)1 CTL Process (CTL)

Limited possibility to rework some of Process needs co-product management Sellable byproducts (dependent on the
the waste to sellable co-products and attractive markets for co-products source of ilmenite) of iron, vanadium
and chromium, acid recovery and
recycle
Requires stable production environment Process is easier to handle because of Process is flexible – can handle
and infrastructure batch process variation in feed material

The process is more sensitive to
production shortfall because it has a
closed loop front end
Higher safety requirements due to the
use of Cl2 and TiCl4
Higher degree of automation necessary
Production does not directly stop if one
step fails
Lower requirements to equipment and
automation
Production does not directly stop if one
step fails
Safer operation - chlorine not used,
organic solvents used
Continuous process – can be
automated

In general, the production costs are In general, the production costs are Lower capital costs, lower operating
lower and do vary by plant higher than chloride process plants, costs – reagents recycled, by-product
especially outside of China revenue

1Source: Modified from http://www.ti-cons.com/Ti-

Cons/index.php?option=com_content&view=article&id=1&Itemid=12&lang=en
 Summary
• NI 43-101 compliant resource estimate including: 30,888,000 tonnes
measured and indicated and 13,013,000 tonnes inferred resource
estimate grading >44% iron (63.36% Fe2O3), >11% titanium
(18.67% TiO2) and >0.24% vanadium (0.43% V2O5).
• High grade titanium, iron and vanadium deposits
• Environmental Permitting work underway by Genivar
• 100 km from deep water port
• Extensive infrastructure in place
• Exclusive exploration agreement with Innu
• Initial sample testing shows excellent iron and titanium recovery and
purity
• 20,000m of Drilling completed by Major Drilling
• NI43-101 Preliminary Economic Assessment (PEA or Scoping Study)
currently being prepared by BBA.
• Favourable valuation to other comparables

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 Market Capitalization
MARKET PERFORMANCE CAPITALIZATION
• 88,725,304 Outstanding Shares (basic)
• Recent Price - $0.50 • 23,320,777 Escrowed Shares
• 52 week High – $0.92 • 65,404,527 Free-trading Shares
• 52 week Low - $0.18 • 4,837,500 Options
• Market Cap $44.3 Million • 47,521,846 Warrants
As of May 17, 2011 • 3,460,020 Broker Warrants
• 144,544,670 Outstanding Shares (fully diluted)
 Corporate Information
MANAGEMENT TEAM CORPORATE HEADQUARTERS
Suite 410, 630 Sherbrooke Street West
Michael Dehn, President & CEO
Montreal, Quebec H3A 1E4
michael@argex.ca
Fax: +1.514.843.9208
• Tel: +1.647.477.2382
www.argex.ca

Mark Billings, CFO

mark@argex.ca
• Tel: +1.514.296.1641
Auditors : BDO Dunwoody

Roy Bonnell, VP Business Development

Legal Counsel : Heenan, Blakie LLP
roy@argex.ca
• Tel: +1.514.928.5933
Transfer Agent : CIBC Mellon Trust Company

All of Argex’s public filings can be found on SEDAR

(www.sedar.com)
 ARGEX
MINING INC

TSX-V: RGX
www.argex.ca
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