February - March 2009

1. February - March 2009 Kinsevere Stage II Construction Investor Presentation

2. Disclaimer This presentation contains historical and forward-looking statements. The forward-looking statements involve risks and uncertainties particularly with respect to reserves and resources, development and expansion plans, production levels, production costs, political events and operational capabilities. Forward looking statements appearing in this presentation represent management’s current estimates and these may change significantly as new information comes to hand. The information contained in this presentation has been obtained by Anvil from its own records and from other sources believed to be reliable, however no representation or warranty is made as to its accuracy or completeness.

3. Anvil in the DRC • Three mines: Dikulushi1, Kinservere2, and Mutoshi3 • Kinsevere is a world class high-quality project set to produce 60ktpa of copper cathode with significant equity already invested • Strategy to preserve cash in current low Cu price market implemented quickly • Zero debt; Cash4 as of January 31, 2009: US$34.5 million5 • Current face value of the investments is ≈US$47 million4 with a carrying value in the books of ≈US$24 million (in accordance with mark to market rules). 1. Care and Maintenance Dec.’08. 2. HMS Plant on Care and Maintenance Dec.’08. 3: HMS operation completed; will move to next phase. 4. Dollar figures are unaudited. 5. The substantial portion of the restructuring costs estimated in Nov. 2008 are behind us.

4. Corporate Overview Directors Senior Management Capital Structure and Trading • TSX and ASX listed: AVM • Issued shares: 71.2M • Average daily volume: 380k • Market cap: ≈C$80M

5. DRC as an Investment Destination • Highest grade openpitable copper deposits in the World • New Mining Code 2003 (World Bank) • Newly elected Democratic Government (2007) • Significant Multilateral and Bilateral engagement • Over $3 billion raised publicly since 2005 for mining projects • DRC Mining Review nearing completion 120kv hydro-electric transmission line & access route

6. Tonnes ofContained Copper KinsevereStage IMine Startup 47,633 42,574 41,000 Mutoshi Stage I HMS Operation Kinsevere DikulushiMineStartup DikulushiStage II 19,200 Mutoshi 12,073 11,716 Dikulushi 1,213 DRC Experience Anvil has significant experience in developing and operating projects in the DRC.

7. DRC Mining Review Process • Process commenced in mid 2007 • Agreement with Gécamines and DRC Government achieved in Jan 09; • Kinsevere: no change to the equity interest – Anvil (95%). The amended agreement includes: • additional entry premium of $15M • Gécamines to have one senior management appointment in JV and three members on an Advisory Committee • increased employment opportunity for Gécamines • preferred use of local suppliers • Dikulushi Mining Convention: no change • Mutoshi: ongoing discussions with Gécamines to complete Amendment Agreement

8. Cash Conservation Anvil has taken a proactive approach to conserving cash following the sharp falls in copper prices. 8

9. Near Term Objectives • Finalise debt funding and recommence construction of Kinsevere Stage II SX-EW • Continue to shepherd the Company’s cash reserves • Complete Kinsevere resource and reserves update • Finalise Mining Review documentation for Mutoshi Kinsevere Central pit

10. Kinsevere • 25 years - Lease Agreement with Gécamines • Amendment Agreement with Gécamines finalised January 2009 • Measured and Indicated Resources (Year-end 2008): • oxide: 798kt ASCu (Acid soluble) • sulphide: 139kttotalCu • average oxide grade: 3.6% Cu • Expected operating parameters: • annual production 60kt Cu cathode • cash cost of production: • C1 $0.88/lb • C3 $1.18/lb • mine life of 10+ years C1: Cash cost at mine gate + realisation costs + transportation and marketing C3: C1 cash cost + royalties + depreciation & amortization 10

11. High Grade Best intersection (sulphide + oxide) 357m @ 4.6% Cu. 11

12. Long Life Large deposit supporting at least 10 years of mine life. 12

13. Kinsevere Stage II Outlook • Funding • funds spent or committed: US$180 million • estimated cost to complete: US$200 million • Timetable1 First drawdown Project completion Debt funding finalised Recommence on-site construction works Initial SX-EW Cu production Aug-Sep 09 Q2 2010 May 09 June 09 Q3 2010 1. Timetable contingent on securing financing in Q2‘09

14. Construction Project status Plant and equipment on site • Complete 2.55 MW ball mill • Crusher and apron feeder • 50% of electro-winning cells • 50% of cathode plates and anodes • Tailings dam liner Plant and equipment in transit to site • Cathode stripping machine • 50% of cathode plates and anodes • Pin bed clarifier • All transformers and rectiformers

15. Kinsevere Stage II as at January 2009 EAF Building Stage II Tails Storage Facility Low Grade Stockpile Junior Camp Mine Contractor Workshops Present ROM Stage I HMS Plant +2% Ore Stockpile Construction Offices Stage II Crusher Area Leach Tanks Stores & Workshops Grinding Mill E/W Cell Manufacturing Bldg Re-agents Store HG Thickener High Grade SX PLS & RAF Ponds Low Grade SX Electrowinning Building Stores Laydown (Future SX Expansion) E/W Cells awaiting installation CCD Tanks 15 Kinsevere Stage II Construction—August 2008 Kinsevere Stage II Construction—August 2008 PCI—EW Cells Workshop General Workshops PCI—EW Cells Workshop General Workshops Electro-winning Electro-winning LG-SX LG-SX CCD Thickeners CCD Thickeners HG-SX HG-SX Leach Tanks Leach Tanks Ball Mill Ball Mill Reagents Area Reagents Area Crusher Crusher

16. Dikulushi • On Care & Maintenance since Dec 08 • postponement of the U/G development • uneconomical in present Cu price environment • Start-up conditional upon Cu market improvement • resource open at depth and to the east • drilling program at depth Dikulushi processing plant 16

17. Mutoshi • Scope drilling program completed across Mutoshi tenement in 2008 • Significant Cu and Co mineralisation • Potential for large bulk oxide mining and processing operation • Engineering Cost Study completed on transition from existing HMS to SX-EW processing • Further metallurgical test work and infill drilling required Anvil tenements cover 29% of the Kolwezi Klippe Mutoshi tenement area: 105km2 17

18. Social & Community Development Programs • Anvil committed to sharing the benefits with the local community and making a meaningful difference • Anvil leading the way amongst international mining companies in the DRC • US$18M invested in the DRC to date: • 9 Schools (3,740 students) • Refurbishing of the Kilwa Hospital and the Mwangeji Hospital; 2 medical clinics • 71 fresh water wells (in over 60 villages) • Over 100km of road refurbishment work • Support to at least 5,400 small-scale farmers New Lumekite School 18 Refurbished Kilwa Hospital

19. Summary • Significant experience developing and operating projects in the DRC • Successful outcome from mining review achieved for Kinsevere & Dikulushi • Kinsevere Stage II SX-EW is now Anvil’s flagship project • low cost, long life, 60ktpa production • material free cash flow starting mid 2010 • $180M spent so far; debt funding is well advanced • Well placed to weather the current downturn by preserving cash through the temporary closure of unprofitable operations • Significant upside potential with large sulphide resources at Kinsevere and the future development of the Mutoshi project 19

20. Please Visit us www.anvilmining.com Contact Craig Munro – Snr Vice President Corporate & CFOTelephone: +61 8 9481 4700Email: craigm@anvilmining.comFax: +61 8 9201 0125 Robert LaVallière - Vice President Corporate AffairsTelephone: +1 (514) 448 6664Email: robertl@anvilmining.comFax: +1 (514) 448 6665Mobile: +1 (514) 944 9036 Dikulushi at dusk