1. Investor Presentation
October 2010

2. Cautionary Note on
Forward-Looking Information
This presentation contains “forward-looking information”, including “financial outlooks”, as such terms are defined in applicable Canadian
securities legislation, concerning Timminco’s future financial or operating performance and other statements that express management’s
expectations or estimates of future developments, circumstances or results. Generally, forward-looking information can be identified by the
use of forward-looking terminology such as “expects”, “targets”, “believes”, “anticipates”, “budget”, “scheduled”, ”estimates”, “forecasts”
“intends” “plans” and variations of such words and phrases, or by statements that certain actions, events or results “may”, “will”, “could”,
“would” or “might”, “be taken”, “occur” or “be achieved”. Forward-looking information is based on a number of assumptions and estimates
that, while considered reasonable by management based on the business and markets in which Timminco operates, are inherently subject to
significant operational, economic and competitive uncertainties and contingencies. Timminco cautions that forward-looking information
involves known and unknown risks, uncertainties and other factors that may cause Timminco’s actual results, performance or achievements
to be materially different from those expressed or implied by such information, including, but not limited to: liquidity risks; foreign currency
exchange rates; equipment failures; dependence upon power supply for silicon metal production; pricing and availability of raw materials;
global economic conditions; credit risk exposure; selling price of silicon metal; customer concentration; transportation delays and disruptions;
class action lawsuits; contract termination claims; interest rates; future growth plans and strategic objectives; environmental, health and
safety laws and liabilities; conflicts of interest; limited history with the solar grade silicon business; selling price of solar silicon; customer
commitments; production cost targets; achieving and maintaining quality of solar grade silicon; customer capabilities in producing ingots;
protection of intellectual property rights; production capacity expansion at the Bécancour facilities; closure of the magnesium facilities;
investment in Applied Magnesium; insurance costs; government and economic incentives; dependence upon key executives and employees;
completion and integration of potential acquisitions, partnerships or joint ventures; intellectual property infringement claims; new regulatory
requirements; and climate change. These factors are discussed in greater detail in Timminco’s Annual Information Form for the year ended
December 31, 2009, as well as Timminco’s most recent Management’s Discussion and Analysis, and are each available on SEDAR via
www.sedar.com. Although Timminco has attempted to identify important factors that could cause actual results, performance or
achievements to differ materially from those contained in forward-looking information, there can be other factors that cause results,
performance or achievements not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to
be accurate or that management’s expectations or estimates of future developments, circumstances or results will materialize. Accordingly,
readers should not place undue reliance on forward-looking information. The forward-looking information in this presentation is made as of
the date of this presentation and Timminco disclaims any intention or obligation to update or revise such information, except as required by
applicable law.
2

3. We Know Silicon Metal
5th largest
producer in
The Backbone
Western
of Timminco World
3

4. Silicon Metal Industry
Industry Breakdown by Market:
Chemicals:
Silicones 50%
10% 40%
2008 Global Market Chemicals: Aluminum
Polysilicon
(pre-global recession)
$6.4B Chemicals:
Silicones
Chemicals:
Polysilicon
Aluminum
4

5. Growing Demand for Silicon Metal
000’s MT
World Consumption
3,000
2,500
2,000
1,500
1,000
500
0
2008 2009 2010 FC 2011 FC 2012 FC 2013 FC 2014 FC
Source: CRU, 2010
• Silicon world demand forecasted to grow by 26.6% from 2008 to 2014
• Demand driven by macro-trends:
• Increasing demand for new applications in silicones
• Emergence of solar energy market
• Increasing demand for aluminum
• Growth in the Western World and China
5

6. Chemical Industry Demand: Silicones
Silicon Construction-related products,
including sealants, adhesives,
Metal lubricants, paints, coatings
Consumer products including
cosmetics and heat resistant
cooking utensils
2-in-1 shampoo and conditioner
Chemicals
Industry: Increasingly being used as a
Silicones substitute for petroleum-based
plastics
6

7. Chemical Industry Demand: Polysilicon
Silicon Solar Market Development Potential
Metal
35
30 33%
Projected CAGR
25
2009-2014
MW Installed
20
15
10
Chemicals 5
Industry: 0
2004 2005 2006 2007 2008 2009 2010E 2011E 2012E 2013E 2014E
Polysilicon Source: European Photovoltaic Industry Association
May 2010
• Polysilicon demand expected to grow by 15% – 30% driven
primarily by growth in solar PV market
• Solar PV now accounts for half of polysilicon demand
7

8. Aluminum Industry Demand
Silicon
Metal 326 lbs
77 lbs
Aluminum
Industry
Source: Ducker Worldwide
Note: As a percentage of curb weight (based on 3,600 lbs)
8

9. Silicon Metal Pricing
Source: CRU, Mar 2010
Factors driving increasing nominal dollar trend expected to continue
• Pricing recovery continuing in 2010
•Increasingly tight Western supply; consolidation
occurring
Potential
•Interruption of Chinese supply, or forecasted
additional
additional supply does not materialize
upside
•Weak U.S. dollar
•Increases in input costs
9

10. Western Market Focus
¢
Source: CRU Mar 2010
The Western World relies on Chinese export
to meet almost half of its silicon demand
10

11. Western supply is tightening
• M&A transactions announced in past 12 months have
captured 16% of Western silicon capacity for upstream
integration
Date Transaction Nameplate capacity
(mt)
Nov 2009 DC acquires 100% Globe metals Brazil 44,000
Nov 2009 DC acquires 49% Globe WV Alloys 37,000
June 2010 Wacker acquires 100% Fesil Holla 55,000
October 2010 DC acquires 49% Becancour Silicon 23,000
Total capacity captured 159,000
Percentage of total Western supply 16%
Source: Company Press Releases, CRU March 2010
11

12. Reliance on Chinese Silicon Supply Growth
• Chinese silicon
demand is forecast to
increase
• Chinese forecast
demand growth is
likely to materialize
before supply growth
Could Result in
Silicon Shortage in the
Western World
Source: CRU Mar 2010
12

13. We Know Silicon Metal
• A leading producer for more than 30 years
• Generated revenue of $128M in 2008 – the
latest full year of production
• Established Joint Venture with Dow Corning
Corporation (October 2010)
13

14. Our Advantages
1. Access to Stable Source of Electricity
2. Competitive Costs
Power Other* Power
• Competitively priced source of electricity 30% 25%
Raw Materials
• Own source of quartz 5%
• Proprietary electrode technology Transport 40%
Raw
Materials
* Other includes maintenance, labour and SG&A
3. Political Stability
4. High Capital Cost of Greenfield Construction
• Capital cost of greenfield silicon plant $6,000 - $7,000 / mt
• Long lead time for greenfield completion (3-5 years)
• IRR on new construction sensitive to price and cost assumptions
14

15. Joint Venture with Dow Corning
• Becancour Silicon Inc. (BSI) to
transition silicon metal assets to
Joint Venture, known as Quebec
Silicon
• Dow Corning (DC) purchases a
49% interest in Quebec Silicon
51% 49%
BSI of output
sold to BSI
of output
• Silicon metal is sold to BSI and sold to DC
DC in quantities proportional to
ownership %
51% 49%
equity equity
• BSI retains existing customer
relationships and ships its
production allocation to third
party customers
• Byproducts are sold by BSI Quebec
as agent Silicon
15

16. Historical Financial Review
(millions)
Solar Grade Silicon Revenue
Silicon Metal Revenue
Magnesium Revenue
Adjusted Income (Loss)*
Intro of Solar $252.6 Divestiture of
Grade Silicon Magnesium
Operations (July)
$61.7
$184.4 $181.8
$166.2
$3.9
$104.6
$99.3 $5.1
$107.3
$127.7
$99.9
$69.4
$85.1 $74.5 $62.4 $63.1 $10.4 $30.1
$(7.8) $(10.1) $(15.8)
$(81.6)
2005 2006 2007 2008 2009
2005 - 2006 re-stated to conform with 2007 and 2008 financial statement classifications.
16
*See Appendix regarding Non-GAAP financial measures.

17. Recent Performance
Magnesium Revenue
Revenue Solar Grade Silicon Revenue
(millions) Silicon Metal Revenue
$252.6
$63.1
$104.6
$30.1
$34.3
$22.3
2008 2009 Q2/09 Q2/10
17

18. Recent Performance
EBITDA* Net Loss Adjusted Income
(millions) (millions)
(Loss)*
(millions)
$21.3 $10.4
$(50.9) $(7.0) $(22.6) $(134.2) $(20.6) $(81.6) $(20.3)
2008 H1/2010 2008
2008 H1/2010 H1/2010
2009 2009
2009
*See Appendix for more details about these Non-GAAP financial measures.
18

19. Recent Performance
EBITDA* Net Loss Adjusted Income
(millions) (millions)
(Loss)*
(millions)
$(9.9) $(3.1) $(24.0) $(9.7) $(17.2) $(9.5)
Q2/09 Q2/10 Q2/09 Q2/10 Q2/09 Q2/10
Achieved positive EBITDA in Silicon Group in Q2/10
*See Appendix for more details about these Non-GAAP financial measures.
19

20. Consolidated Capitalization
(millions)
Bank Debt (1) (June 30, 2010) $ 31.2
Long-term Debt (June 30, 2010) 27.9
Due to Affiliated Companies – Convertible
5.4
notes (June 30, 2010)
Market Capitalization – 195.7 million common 86.1
shares issued and outstanding (2)
Total Capitalization $150.6
(1) Repaid in full October 1, 2010
(2) As of October 1, based on TSX closing price of $0.44 per share
20

21. Liquidity and Capital Resources
As at June 30th, 2010:
• Working capital of $20.3M, excluding cash items and interest
bearing debt
• Cash of $1.5M
• Credit facilities with Bank of America totaling US$45M:
• US$39M revolving credit facility (subject to borrowing base and
availability reserve)
• US$6M term loan facility
• Term loan with Investissement Quebec of $25M
Subsequent Events:
• US$40.3M gross proceeds generated by JV transaction, plus up
to US$10.0M subject to performance metrics
• Proceeds partly used to fully pay bank loan October 1, 2010
21

22. Growth Strategy
Restore demand and full production
1. • Full production achieved Nov. 2009 and
maintained to present
• 2010 production sold out
2. Lower production costs
• Achieved lower cost per tonne in Q2/10
3. Explore expansion opportunities
22

23. Future Opportunities: Solar Grade Silicon
Silicon Metal Solar Grade Silicon
~$ 3/kg $36/kg
Timminco’s average selling
Current spot price price for Q4/09
23

24. Solar Energy Industry
Global energy consumption is expected Solar Market Development Potential
to rise by 50% from 2005 to 2030
800
Projected 35
700
600
30 33%
Projected CAGR
Quadrillion Btu
25
500 2009-2014
MW Installed
Growing 20
400 energy
demand 15
300
200 10
100 5
0 0
80 85 90 95 0 5 10 15 20 25 30 2004 2005 2006 2007 2008 2009 2010E 2011E 2012E 2013E 2014E
Source: European Photovoltaic Industry Association,
May 2010
Industry will require quality,
economic alternatives to polysilicon
24

25. Solar Grade Silicon: Market Dynamic with
Polysilicon
Spot Price for Polysilicon
• Solar grade silicon: 500
• Substitute for polysilicon in 400
solar cells
Price ($/Kg)
• Demand increases as price 300
of polysilicon increases
200
• Polysilicon demand
forecasted to grow by 15% 100
to 30% p.a. to 2013
0
2005 2006 2007 2008 2009 8/2010
2008 polysilicon spot price = $450/kg
2010 (Aug) polysilicon spot price = $70/kg
• Polysilicon prices trending upward with increasing demand and
tightening supply.
• Spot prices could move up to higher-cost manufacturers’ cash cost,
which fills last kg of demand.
• Return of demand for solar grade silicon as a lower cost substitute
25

26. Our Solar Grade Silicon Process
Proprietary, Patent Pending Process
Conventional Semiconductor
Grade Silicon Solar Energy
Process
Industry
Reverse
Conventional polysilicon process: refinement
chemical ultra-refinement (doping)
Solar Grade
Silicon Ingot
Brick
Silicon
Metal
Wafer
Solar Grade
Silicon Cell
Timminco propietary
metallurgical process
Customers turn our raw solar
grade silicon into solar panels
Timminco
Process
26

27. Economic Alternative to Conventional Process
Anticipated Capital
and Production Cost
Advantages
• Proprietary technology
• Access to stable energy
supply
• Access to own supply of
silicon metal
• 7 purification lines installed
and production-ready
27

28. Solar Grade Silicon Strategy
Goal:
Enable customers
to manufacture
solar cells that are
indistinguishable
from those made
1. Refine production process
with polysilicon
2. Fine-tune ingoting process
3. Market development
underway
28

29. Turnaround Strategy
1. Stabilize balance sheet
2. Restore demand and full
production of silicon metal
3. Reposition solar grade silicon operations
29

30. Balance sheet activities
since January 1, 2009:
• Closed JV with Dow Corning Corporation for gross
proceeds of US$40.3 million and up to potentially
an additional US$10.0 million
• Repaid US$27.7M in bank debt
Raised $56.6M through issuance of common
Stabilize
•
equity
Balance Sheet • Converted $10.6M in convertible notes to equity
• Converted $44.7M of customer deposit/other
liabilities to equity
• Completed $25M term loan with Province of
Quebec – conditional extension to 2019
• Raised $5.3M in convertible debt
• Liquidated $13M of net working capital related to
magnesium
30

31. • Improved demand as customer
markets recover
• Restarted all three silicon metal
furnaces
Restore demand
Reached full production in
and full production •
November 2009
in silicon metal
operation • 2010 capacity sold out
• Signed long-term contracts for
90,000 mt over next 5 years
• Returned to EBITDA positive
operations
31

32. Q2/10 Silicon Metal Sales
293% 389%
34.3
22.8
7.0
5.8
Q2/09 Q2/10 Q2/09 Q2/10
Volume (MT) Value ($)
32

33. Reposition Solar
Grade Silicon
Operations
33

34. Investment Summary
• Significantly strengthened balance sheet (post closing of
Dow Corning JV transaction)
• Leading provider of silicon metal
• Silicon metal operations at full capacity
• Established, core operation in silicon metal
• Market demand recovering and price growth driven by macro-
trends
• JV partner is a global leader in silicon metals business
• Solar grade silicon product line provides additional longer-
term opportunity
• Progressing towards goal of indistinguishability of
cells manufactured with solar grade silicon compared to those
made with polysilicon.
34

35. Appendix

36. Non-GAAP Financial Measures
“EBITDA” and “Adjusted Income (Loss)” are not recognized
measures under Canadian generally accepted accounting
principles and are unlikely to be comparable to similar
measures provided by other issuers.
Timminco believes that “EBITDA” and “Adjusted Income
(Loss)” are useful performance measures as they approximate
cash generated from operations, before capital expenditures
and debt service obligations, as well as representing measures
of profitability from ongoing operations.
36

37. Reconciliations for Non-GAAP Financial Measures
EBITDA BY QUARTER
($000’s)
2010 2010 2009 2009 2009 2009 2008 2008
Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3
Net loss (9,704) (10,905) (69,403) (18,522) (23,980) (22,317) (1,278) (13,727)
Add back (subtract):
Income taxes - - (14) 17 6,653 (4,876) 1,611 2,035
Impairment of Fundo - - - - - 698 (1,415) 13,845
Equity in the loss of Fundo - - - - - - 1,415 1,822
Loss on disposal of Magnesium - - 3,006 2,180 - - - -
Group
Impairment of property, plant and - - 39,039 - - - 1,025 -
equipment
Loss (gain) on the sale of 14 - (19) 40 (11) - 5 (375)
property, plant and equipment
Interest 1,678 2,113 2,298 2,372 1,830 934 796 549
Amortization of intangible assets 707 707 707 707 435 235 170 138
Amortization of property, plant 1,935 2,026 3,203 3,386 3,090 3,534 2,355 1,509
and equipment
Reorganization costs - - 542 - (1) 3,752 970 824
Environmental remediation costs 161 161 1,230 132 133 132 (136) -
Pension curtailment costs - - - - - - (326) -
Stock-based compensation 2,094 2,042 1,979 1,996 1,991 1,961 1,215 269
EBITDA (3,115) (3,856) (17,432) (7,692) (9,860) (15,947) 6,407 6,889
37

38. Reconciliations for Non-GAAP Financial Measures
ADJUSTED INCOME (LOSS) BY QUARTER
($000’s)
2010 2010 2009 2009 2009 2009 2008 2008
Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3
Net loss (9,704) (10,905) (69,403) (18,522) (23,980) (22,317) (1,278) (13,727)
Add back (subtract):
Income taxes - - (14) 17 6,653 (4,876) 1,611 2,035
Impairment of Fundo - - - - - 698 (1,415) 13,845
Equity in the loss of Fundo - - - - - - 1,415 1,822
Impairment of property, plant - - 39,039 - - - 1,025 -
and equipment
Loss on disposal of Magnesium - - 3,006 2,180 - - - -
Group
Loss (gain) on the sale of 14 - (19) 40 (11) - 5 (375)
property, plant and equipment
Reorganization costs - - 542 - (1) 3,752 970 824
Environmental remediation costs 161 161 1,230 132 133 132 (136) -
Pension curtailment costs - - - - - - (326) -
Adjusted Income (Loss) (9,529) (10,744) (25,619) (16,153) (17,206) (22,611) 1,871 4,424
38

39. Investor Presentation
October 2010