Euro presentation - business strategy

A European Gold Royalty Company

November 2008Business and Strategy

2

Contents

1. A unique gold royalty company

2. A cash generating business

3. Management

4. Business Strategy

5. Appendix

FORWARD LOOKING STATEMENTS This presentation contains certain “forward-looking” statements regarding the Company’s overall objectives and strategic plans, mineral interests and outlook. Forward-looking statements express, as at the date of this presentation, the Company’s plans, estimates, forecasts, projections or beliefs as to future events or results. Forward-looking statements involve a number of risks and uncertainties, many of which are beyond the Company’s control and there can be no assurance that such statements will prove to be accurate. Therefore, actual results and future events could differ materially from those anticipated in such statements. The reader is cautioned not to place undue reliance on these forward-looking statements. The Company does not undertake to update any forward-looking statement that is contained in this presentation.

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April 1993: French company formed as Guyanor Ressources SA - Acquired Golden Star’s gold properties in French Guiana – listed in Paris and Toronto

Gold production ceased: losses exceeded $50million

June 2004: focus on gold royalties following a reorganization

December 2004: acquired the ROSEBEL ROYALTY, a 10% royalty interest on production from Rosebel gold mine in Suriname, operated by Cambior

July 2005: changed name to EURO Ressources SA – ”EUR” on NYSE Euronext, Paris and TSX, Toronto

March 2006: shares trade on a continuous basis in Paris - high market liquidity

November 2006: Cambior acquired by IAMGOLD

July 2007: IAMGOLD announces mill expansion

March 2008: Scoping studies prepared on Paul-Isnard (2 million ounces of gold identified in target: study based on 660 000 ounces recovered)

August 2008: IAMGOLD tender offer for EURO at €1.20 per share

November 2008: anticipated completion date of mill expansion and optimization

Key milestones for EURO

1993

1998

2004

2008

2005

2006


2007

4

Key Strengths

100% GOLD Royalties Limited risk profile compared to mine operation

− No direct operating cost risk

− No capital cost risk

− No environmental risk The Rosebel Royalty:

− a « crown jewel » gold royalty

− Long life gold mine

− Strong operator Strong Cash Flow

− Support acquisition strategy

− Enables dividend 2009

− No net debt


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2

3

4

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The Rosebel Royalty : a « crown jewel » gold royalty

Participation right, calculated and payable quarterly

Calculated on gold price over ~ $320 ounce based on 60% “soft” rock ($300 threshold) and 40% “hard” ($350 threshold)

87,000 ounces produced in Q3 2008, 350,000 ounces annual rate

Projected long term production of + 400,000 ounces per annum

10% royalty rate equivalent to roughly 40,000 oz annual production – one of the 3 largest gold royalties

~ $20 million annual cash flow at $800 per gold oz and 400,000 ounces annual production

Participation right, calculated as a royalty payable by IAMGOLD on attributable production up to 7 MM oz of gold

5.6 MM oz participation remaining as at September 30, 2008, with 1.4 MM oz already paid since mine start up in 2004

SourcePress release EURO (October 23, 2008), annual reports EURO

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The Rosebel gold mine


Notes1 Source: CIA – The World Factbook2 Also see appendix

Population: 476 000 (July 2008) Government type: constitutional democracy Economy: mining industry (alumina, gold, oil) accounting for 85% of exports and 25% of government revenues

Republic of Suriname1

Open pit mine

Ball Mill Mill Expansion

Rosebel is located approximately 100 kilometers south of Paramaribo2

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The Rosebel gold mine – a quality operation

A long mine life based on existing reserves and resources− Current mine life: 15+ years− Approx 400,000 ounces annual gold production− Continuing exploration and confirmatory drilling program− Production potential recently increased following new mine

plan and mill expansion− Production likely to merit a further increase on completion of

committed drilling program− Measures indicated an inferred resources of 8.8 million gold

ounces as of 31/12/07

Benefiting from a reputable operator− IAMGOLD is a global operator with interests in 8 gold mines

EURO is the only gold company on Euronext Paris

EURO is the sole listed pure gold royalty company in Europe

1

2

3


4

SourcePress release EURO (October 23, 2008), press release IAMGOLD (September 22, 2008), Offer Note IAMGOLD (August 29, 2008)

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The Rosebel gold mine : recent capital investment Over the last two years, IAMGOLD invested 45 MM USD in optimization

and expansion programs to increase level of production:

− US$26 million mill expansion program • started in July 2007

− US$18.4 million mill optimization project • launched in February 2008

− Expected to be completed in November 2008

− Objectives• Increase throughput capacity to 11.0 MM tonnes of ore

(+ 400k oz in annual production)• Maintain reserve grade of 1.3g/tonne• Boost metallurgical recovery from 94% to 95%

US$16 MM exploration and confirmatory drilling expenditure in 2008 with US$20 MM forecast for 2009


SourceIAMGOLD presentation at the Denver Gold Forum (September 9, 2008)

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The Paul-Isnard royalty

Sale of Paul Isnard properties to Golden Star Resources Ltd negotiated in 2007

Consideration calculated as a Royalty based on the gold price over $400 and future production: 10% x gold production for first 2 MM ounces 5% x gold production for next 3 MM ounces

2 million oz contained identified - 33.2 MM tonnes @ 1.69 g/t

Scoping study based on 660,000 oz recovered

Considerable exploration potential based on historic work

Golden Star did not complete required feasibility study


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Rosebel Royalty: long term established cash flow

Rosebel Royalty = 10% x Production x (Gold Price > $320)

Production = mine production (less 2% royalty to Suriname Government)

Gold Price = London PM gold price average per calendar quarter

Gold Price over $320 = Gold Price less− $300/oz for “soft” and “transitional” ore (~60%) − $350/oz for “hard” ore (~40%)

~ $20 MM annual cash flow at $800 gold and 400,000 oz annual production

15 years current mine life


Rosebel Royalty

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Rosebel Royalty - A cash generative asset

Last hedging

Hedge settlements No hedge

…2007Q1 Q2 Q3 Q4

2008Q1 Q2 Q3 Q4

2009Q1 Q2 Q3 Q4

2010…Q1 Q2 Q3 Q4

RoyaltiesCash in

Cash out

- $2.2MM- $5MM +$1MM +$3MM +$10MMNet

Cash

No hedge

Today

Loan repayments No loan

100% royalty cash flow

SourceEURO consolidated financial statements

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The Rosebel gold royalty: increasing royalty cash-flow…

History of the Rosebel royalty revenue in Euro and US dollars


$1 066 $1 103

$2 429

$1 613

$2 475

$3 855

$4 434

€714

€1 518

€1 213

€1 990

€2 641€2 806

$4 728

$4 521

$2 427

$1 837

$1 455

$1 100

$2 706

$783

$289

$1 220

$735

$2 108

€3 665

€1 833

€2 861

€237

€1 597€1 711

€1 785

€1 233

€912€820

€897

€637€607500

1 000

1 500

2 000

2 500

3 000

3 500

4 000

4 500

5 000

Q12004

Q22004

Q32004

Q42004

Q12005

Q22005

Q32005

Q42005

Q12006

Q22006

Q32006

Q42006

Q12007

Q22007

Q32007

Q42007

Q12008

Q22008

Q32008

Rosebel royalty ('000$) "Rosebel royalty ('000€)USD/EUR 0.82 0.83 0.65 0.74 0.70 0.76 0.75 0.74 0.74 0.68 0.63 0.63

$ ‘000

0.780.830.850.770.740.810.83

SourcePress releases EURO, Quarterly reports EURO

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Gold production by quarter vs. average gold price

…benefiting from higher gold prices


31

85

79

93

8690

82 82

7578

70

75

83

76

87

48

797176

$872

$896$925

$819

$668$660$652$625

$440$408

$622

$428$428$401$393

$434

$484

$554

$628

0

10

20

30

40

50

60

70

80

90

100

Q12

004

Q22

004

Q32

004

Q42

004

Q12

005

Q22

005

Q32

005

Q42

005

Q12

006

Q22

006

Q32

006

Q42

006

Q12

007

Q22

007

Q32

007

Q42

007

Q12

008

Q22

008

Q32

008

300

400

500

600

700

800

900

1 000

Gold production ('000 oz) Average gold price ($/oz)

‘000 oz $

SourcePress releases EURO

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114 000

57 000

37 60031 200

22 80017 100

5 7000

0

20 000

40 000

60 000

80 000

100 000

120 000

30/06/2005 30/06/2007 31/12/2007 31/03/2008 30/06/2008 31/10/2008 Q2-Q4 2009 2010

Current hedge Position @ 458,50 USD/oz

oz

Historic gold Hedging – a « dehedging » story (1/2)

Remaining Hedge position


Hedging was required by Macquarie Bank to protect repayment of loan made for acquisition of Rosebel

SourceEURO consolidated financial statements, press releases

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3 265

4 821

6 017

3 207

-2 036 -2 224

-974

890

-3 000

-2 000

-1 000

0

1 000

2 000

3 000

4 000

5 000

6 000

7 000

HY1 2007 HY2 2007 HY1 2008 Q3 2008

Total Royalties Gold hedge costs

k€


Historic royalties revenue vs. gold hedge cash costs

Historic gold Hedging – a « dehedging » story (2/2)


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James H. Dunnett – Directeur Général and Director

− 30+ years experience in mining industry finance

− largest shareholder of EURO

Allan J. Marter – Président of the Board of Directors

− 30+ years experience in mining industry as corporate director and chief financial officer

Susanne A. Hermans – VP Finance

− CPA, MBA - responsible for developing and maintaining accounting system and preparing financial statements and related reporting

3. Management

A management team with recognized experience in mining industry finance

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Build a portfolio of gold mining royalties by

− Acquisitions and…

− …creating royalties through financial structuring

Many opportunities identified by EURO management

Strategic business strengths are:

− Strong Cash flow generation from Rosebel royalty

− Financial Expertise of EURO’s management

− 100% gold royalty income

Create increased value for all its shareholders through diversified portfolio resulting in higher multiple to cash flow, in keeping with its peer group

4. Business strategy

Stand alone business model

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5. Appendix

Asset structure

Rosebel

(Incorporated in Canada)

95%5%

10% Rosebel Royalty on 100% production

SOTRAPMAG

100%

« P.E.R » ConcessionsRosebel Royalty

Payments

100%

Potential royalty income

100%

Paul Isnard

(Republic of Suriname)

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The Rosebel gold mine property

5. Appendix

SourceIAMGOLD Denver Presentation Forum (September 9, 2008)

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Detailed P&L over the last semester

2007 - HY1 2008 P&L statementIn €k HY1 2007 HY2 2007 HY1 2008

Total Royalties 3 265 4 821 6 017% Growth na 48% 84%

Rosebel Royalties 3 076 4 686 5 851

Other Royalties 189 135 166Gold hedge costs1 (2 036) (2 224) (974)

Net Royalties 1 229 2 597 5 043% Growth -38% 111% 310%

Operating expenses (1 064) (857) (839)

Depreciation and amortization expenses (257) (328) (210)

Other income - 9 -

Other expenses - -12 -Operating Costs (1 321) (1 188) (1 049)

Operating Profit after hedging (92) 1 409 3 994 % Net Royalties -3% 29% 66%

Interest on Macquarie loan (138) (98) (47)

Interest on Golden Star loan (135) (62) -

Net f inancial instruments gain (expenses)2 1645 (3 979) (926)

Others f inancial income (expenses) (169) (82) (13) Financial Costs 1 203 (4 221) (986)

Profit (loss) after tax 1 111 (2 812) 3 008

Future income tax recovery 236 702 (981)

Net profit (loss) for the year 1 347 (2 110) 2 027 % Net Royalties 41% -44% 34%1 Gold hedge expense is the total of realised losses on liquidation of derivative gold hedges

2 Financial instrument gain and expense is the variation between periods in mark-to-market 2aluation of the derivative gold hedges

5. Appendix


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Detailed P&L over the last 9 months

5. Appendix

9 months ended 2007-2008 P&L statement

In €k 09/2007 09/2008

Total Royalties 5 289 9 224% Growth na 74%

Rosebel Royalties 5 026 8 986

Other Royalties 263 238Gold hedge costs1 (2 938) (979)

Net Royalties 2 351 8 245% Growth na 251%

Operating expenses (1 597) (1 222)

Others3 (248)

Depreciation and amortization expenses (414) (363) Operating Costs (2 011) (1 833)

Operating Profit after hedging 340 6 412 % Net Royalties 6% 70%

Interest on Macquarie loan (192) (59)

Interest on Golden Star loan (200) -

Net f inancial instruments gain (expenses)2 (711) -

Others f inancial income (expenses) (219) 71 Financial Costs (1 322) 12

Profit (loss) after tax (982) 6 424

Future income tax recovery 807 (2 196)

Net profit (loss) for the year (175) 4 228 % Net Royalties -3% 46%1 Gold hedge expense is the total of realised losses on liquidation of derivative gold hedges2 Financial instrument gain and expense is the variation between periods in mark-to-market 2aluation of the derivative gold hedges

3 Expenses related to IAMGOLD arbitration and usolicited takeover bid


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Detailed Balance sheet

Balance sheet as of 30/09/08

In €k 06/2008 09/2008

Non current assets 14 258 13 793

Intangible assets 7 598 8 183

Others 5 5

Deferred tax 6 655 5 605Current assets 3 489 4 604

Trade receivables and similar accounts 3 276 3 849

Other current assets 114 163

Cash and cash equivalents 99 592Total assets 17 747 18 397

Equity - group share 7 641 10 268Issued capital stock 606 606Additional paid-in capital 45 559 45 559Translation adjustment 659 1 083Other reserves (41 210) (41 209) Retained earnings 2 027 4 229Non-current liabilities 5 176 3 244Derivative f inancial instruments 5 176 3 244Current liabilities 4 930 4 885Loans 1 171 871Derivative f inancial instruments 1 704 1 607Gold hedge liability 1 487 1 603Trade payables and similar accounts 488 676Other liabilities 80 129Total equity and liabilities 17 747 18 397

5. Appendix


Documents

Euro presentation - business strategy