Talvivaara Update Saila Miettinen-Lähde, Deputy CEO and CFO, Talvivaara Mining Company Mining On Top: Helsinki 16-17 September 2013 | Helsinki

1. TALVIVAARA UPDATE
MINING ON TOP: HELSINKI
17 SEPTEMBER 2013
Saila Miettinen-Lähde, Deputy CEO, CFO

2. DISCLAIMER
The following information contains, or may be deemed to contain, “forward-looking statements” (as defined in the U.S. Private Securities Litigation
Reform Act of 1995). These statements relate to future events that involve known and unknown risks and other uncertainties. By their nature, forward-
looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future.
All forward-looking statements made in this presentation based on information presently available and Talvivaara Mining Company Plc. assumes no
obligation to update any forward-looking statements.
Nothing in this presentation constitutes investment advice and this presentation shall not constitute an offer to sell or the solicitation of an offer to buy
any securities or otherwise to engage in any investment activity.

3. 1. Talvivaara in brief
2. Operational review – turning a corner
3. Safety, sustainability and permitting
4. Financial review
5. Outlook
3

4. TALVIVAARA IN BRIEF
• Significant base metals producer utilising
advanced proven technologies
• One of the largest known sulphide nickel
deposits in Europe with a long mine life
• Bioheapleaching has demonstrated to be a
feasible and cost-effective technology
following ramp-up
Targeted full scale production*
Nickel 50,000 tpa
Zinc 90,000 tpa
Copper 15,000 tpa
Cobalt 1,800 tpa
Uranium 350 tpa
* Subject to receipt of all necessary permits
4

5. 5
Talvivaara mineral
resources 2012
Kuusilampi 1,033Mt
Kolmisoppi 1,020Mt
Total 2,053Mt
Kuusilampi
Kolmisoppi
Open pit
Secondary heap
Primary heap
Metals
recovery
Gypsum
pond
5

6. LONG-LIFE ASSET OF INTERNATIONAL SIGNIFICANCE
12,4
5.5 5.5
4.7
4.1
3.0 2.6 2.6 2.6 2.5 2.3 2.0 1.9 1.8 1.8 1.7 1.6 1.3 1.2
0,7
Taimyr(Norilsk)
WedaBay
(Eramet)
Chineseasset,est.
Indonesianasset,
est.
Cubanasset,est.
Talvivaara
Philippinoasset,
est.
MurrinMurrin
(Glencore)
CerroMatoso
(BHP)
SLN(Eramet)
Kola(Norilsk)
Soroako(PTInco)
Koniambo(Xstrata)
Goro(Vale)
Tumagain(Hard
Creek)
Ravensthorpe(FQ)
Ambatovy(Sherritt)
OncaPuma(Vale)
Ontario(Vale)
Fenix(Solway)
Estimated measured and indicated nickel contained resources, excluding inferred
(million tonnes)
Source: Public filings and industry estimates; selected mines
6
= Diversifieds
Estimated production capacity by mine (ktpa nickel)
124
113
70 65 60 60 60 60 53 50 50 45 40
28 24
12
Taimyr(Norilsk)
Kola(Norilsk)
Soroako(PTInco)
WedaBay
(Eramet)
SLN(Eramet)
Koniambo
(Xstrata)
Goro(Vale)
Ambatovy
(Sherritt)
OncaPuma(Vale)
Talvivaara
CerroMatoso
(BHP)
Tumagain(Hard
Creek)
MurrinMurrin
(Glencore)
Ravensthorpe
(FQ)
Fenix(Solway)
Ontario(Vale)

7. INDUSTRY-LEADING CAPITAL EFFICIENCY
Ambatovy
(Sherritt)
Goro (Vale)
Koniambo
(Xstrata)
Barro Alto (Anglo
American)
Talvivaara*
Onca Puma (Vale)
Ravensthorpe
(First Quantum)
Santa Rita
(Mirabela)
Kevitsa (First
Quantum)
0
5
10
15
20
25
30
35
40
45
50
2008 2009 2010 2011 2012 2013 2014
EstimatedCapex($/lbNiatfullcapacity)
Year of first production
Capital efficiency and production start-up of selected nickel projects
Source: Public filings; Bubble size represents estimated ramped-up production
*Talvivaara Capex intensity incorporates all historical Capex, and estimated remaining Capex required to reach capacity
= Laterite
= Sulphide
Size of bubble
represents
estimated full
capacity
7
World-class
deposit
Capex
efficiency
Profitability
and growth
Investment
grade
geography

8. TALVIVAARA PROCESS FLOWSHEET
8
Key challenges in 2012-13
• Water balance
• Temporary suspension of
mining
• Slowing down of leaching
process

9. 1. Talvivaara in brief
2. Operational review – turning a corner
3. Safety, sustainability and permitting
4. Financial review
5. Outlook
9

10. OPERATIONAL REVIEW – TURNING A CORNER
• Production impacted by maintenance downtime
and low metal grades in leach solution
- Continued effect of excess water in older
heaps
• Successful re-start of ore production in May
• Promising early leaching results with new ore
• Extensive efficiency and productivity
programme ongoing
• Organisational changes
10
Nickel and zinc production (t)
Q2
2013
Q1
2013
Q2
2012
FY
2012
Nickel 1,776 2,732 3,194 12,916
Zinc 4,465 3,128 6,686 25,867

11. EFFICIENCY AND PRODUCTIVITY PROGRAMME
• Key elements of the programme
- Operational efficiency and
productivity
- Organisational structure, roles
and responsibilities
- Clear plans and follow-up
• 30 improvement levers identified;
full-scale implementation on-going
• Performance management process
rolled out into entire organisation as
an integral part of the programme
11
KAIVOS Heinäkuu 2013
Kustannusylitykset Juurisyy ja korjaavat toimenpiteet Omistaja Tuotantoa rajoittaneet tekijät Juurisyy ja korjaavat toimenpiteet Omistaja
KUMULATIIVINEN TUOTANTO- JA KUSTANNUSEURANTA
2013-01 2013-02 2013-03 2013-04 2013-05 2013-06 2013-07 2013-08 2013-09 2013-10 2013-11 2013-12
Tuotanto (tonnia)
Kuukausituotanto 100 100 100 100 100 100 100
Kumulatiivinen tuotanto 100 200 300 400 500 600 700
Kumulatiivinen tavoite 120 210 300 400 550 650 700 750 800 870 900 999
Erotus 20 110 200 300 450 550 600
Kustannukset (EUR / tonni, ilman leasingiä)
Kuukausikustannukset 99 76 56 77 88 66 120
Kuukausibudjetti 88 88 88 88 85 85 85 83 83 83 83 83
Erotus -11 12 32 11 -3 19 -35
Kumulatiivisen kustannukset 99 175 231 308 396 462 582
Kumulatiivinen tavoite 88 176 264 352 437 522 607 690 773 856 939 1022
Erotus -11 12 32 11 -3 19 -35
KUSTANNUSTEN TARKEMPI EROTTELU
Muutos
Erotus
budjettiin
kEUR EUR/tonni EUR/tonni kEUR EUR/tonni EUR/tonni kEUR EUR/tonni
Kaivos yhteensä 999 999 10 999 999 10 999 999
Ilman leasingiä 999 999 10 999 999 -5 999 999
Leasing 999 999 12 999 999 3 999 999
Poraus ja räjäytys 999 999 10 999 999 10 999 999
Palkat 999 999 10 999 999 -5 999 999
Koneet 999 999 12 999 999 3 999 999
Räjäytysaineet 999 999 -10 999 999 10 999 999
Lastaus ja kuljetus 999 999 10 999 999 10 999 999
Palkat 999 999 10 999 999 -5 999 999
Ajoneuvojen huolto 999 999 12 999 999 3 999 999
Polttoaineet 999 999 12 999 999 3 999 999
Renkaat 999 999 -10 999 999 10 999 999
Yleiskustannukset 999 999 10 999 999 10 999 999
Palkat 999 999 10 999 999 -5 999 999
ITja lisenssit 999 999 12 999 999 3 999 999
… 999 999 -10 999 999 10 999 999
OPERATIIVISET MITTARIT
Poraus (metriä)
Toteuma 99 76 56 77 88 66 120
Tavoite 88 88 88 88 85 85 85 83 83 83 83 83
Erotus -11 12 32 11 -3 19 -35
Nikkelitonnit kasalle (ton Ni)
Toteuma 99 76 56 77 88 66 120
Tavoite 88 88 88 88 85 85 85 83 83 83 83 83
Erotus -11 12 32 11 -3 19 -35
Polttoainekulutus (litraa / tkm)
Toteuma 99 76 56 77 88 66 120
Tavoite 88 88 88 88 85 85 85 83 83 83 83 83
Erotus -11 12 32 11 -3 19 -35
Renkaiden kulutus (rengasta / tkm)
Toteuma 99 76 56 77 88 66 120
Tavoite 88 88 88 88 85 85 85 83 83 83 83 83
Erotus -11 12 32 11 -3 19 -35
Ajotapakoulutus 6kk sisään (%)
Toteuma 99 76 56 77 88 66 120
Tavoite 88 88 88 88 85 85 85 83 83 83 83 83
Erotus -11 12 32 11 -3 19 -35
Gatekeeper-osuus (%)
Toteuma 99 76 56 77 88 66 120
Tavoite 88 88 88 88 85 85 85 83 83 83 83 83
Erotus -11 12 32 11 -3 19 -35
Toteuma tukokuu 2013 Toteuma kesäkuu 2013 Budjetti kesäkuu 2013 Kommentit per kululaji
0
20
40
60
80
100
120
140
1 2 3 4 5 6 7 8 9 10 11 12
EUR/malmitonni
Kaivoksenyksikkökustannukset(ilmanleasing)
Kuukausikustannukset
0
200
400
600
800
1000
1200
1 2 3 4 5 6 7 8 9 10 11 12
Malmitonnia
Kaivoksenkumulatiivinentuotanto
Kumulatiivinen tuotanto Kumulatiivinen tavoite
• EUR 100m cash impact
expected in the next 12 mo.
• Positive cash flow
• Permanent change

12. ORGANISATIONAL CHANGES
• Darin Cooper appointed COO from Sep. 2013
- BEng, Metallurgy, MBA
- Successfully implemented several production
and cost efficiency programmes in the mining
and metals industries
- Former employers include Nyrstar, Teck
Metals, Hudson Bay Mining, Britannia Zinc
• Co-operation consultations concluded in August
- Reduction of headcount by 68 through
terminations of employment and retirements
- The employment of 96 employees with
temporary contracts to terminate at the end
of the agreed contract period without renewal
12
Darin Cooper, COO

13. SUCCESSFUL RE-COMMENCEMENT OF ORE
PRODUCTION
• Mining and materials handling operations resumed in mid-May, seven
weeks ahead of plan
13
0
10 000
20 000
30 000
40 000
50 000
60 000
04/2011 08/2011 12/2011 04/2012 08/2012 12/2012 04/2013
Average daily ore production (t) – rolling 30 days

14. MINING AND MATERIALS HANDLING PRODUCING AT
RECORD SPEED AND AT IMPROVED UNIT COSTS
0
1
2
3
4
5
6
7
Jan'12
Feb'12
Mar'12
Apr'12
May'12
Jun'12
Jul'12
Aug'12
May'13
Jun'13
Jul'13
14
Materials handling units costs (EUR / t ore)
Jul-2013
level
Ni tonnes to primary heap since re-start
• Approx. 8,000t of nickel stacked between re-start of ore production and end of July
• Record ore production level of 1.6Mt in July
• Improved grade control
• Improved unit costs across ore processes; especially optimised reclaiming process
0
1 000
2 000
3 000
4 000
5 000
May 2013 Jun 2013 Jul 2013
->13rd
May
+25%
+84%
2012 average
per month

15. RECLAIMING BOTTLE-NECK REMOVED
0
50 000
100 000
150 000
200 000
250 000
300 000
01/2012
02/2012
04/2012
05/2012
07/2012
08/2012
10/2012
11/2012
01/2013
02/2013
04/2013
05/2013
06/2013
Weekly Q1'12 avg Q2'12 avg Q3'12 avg Since re-start avg Jul-13 avg
15
Weekly primary heap reclaiming (t)
• Reclaiming process operating at planned capacity levels aided by process
modifications and the addition of a jaw crusher unit

16. BIOHEAPLEACHING – LOW NICKEL GRADE IN
SOLUTION, BUT SHOWING SIGNS OF TURNAROUND
16
0
5
10
15
20
25
30
35
40
45
50
04/13 05/13 06/13 07/13 08/13
Heap 1 Heap 2
Heap 3 Heap 4
Heap temperatures (°C)
-
0.2
0.4
0.6
0.8
1.0
1.2
1.4
1.6
1.8
2.0
Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013
Average nickel grade in plant PLS feed (g/l)

17. ACCELERATED DE-WATERING OF OLD HEAPS
• De-watering of older heaps slower than anticipated through Q2 2013 e.g. due to
available pond volumes
• De-watering now accelerating as a result of focused efforts to improve leaching
performance; pond volumes now sufficient for solution removed from heaps
17

18. EARLY LEACHING RESULTS DEMONSTRATE VERY
ACTIVE PROCESS START-UP OF NEW HEAP
• Early leaching of fresh ore has been very promising; temperatures of circulating solution
already exceeding 50°C
- Exceeds corresponding performance of any previous heap historically
• First new heap (primary heap no. 4) completed in the beginning of September
• Fresh ore starting to contribute metals as precipitation phase is ending
• Special attention is paid to securing efficient start-up of the new heaps
18
1 800
2 000
2 200
2 400
2 600
2 800
800
850
900
950
1 000
1 050
1 100
2.8. 3.8. 4.8. 5.8. 6.8. 7.8. 8.8. 9.8. 10.8. 11.8. 12.8. 13.8.
Zn(mg/l)
Ni(mg/l)
Ni (mg/l)
Zn (mg/l)
Metals grades in new heap – starting to contribute metals

19. METALS RECOVERY – RECORD FLOW RATE AND
CONTINUED STABILITY
• Q2 2013 production impacted by
- Scheduled maintenance stoppage of approx. 2.5 weeks in late May and early June
- Capacity restrictions due to planned maintenance of hydrogen sulphide plants
already from mid-April
• Flow rate reached a record level of 1,650 m3/h in June
• Metals plant operation stable throughout H1 2013
- Plant operation not anticipated to restrict production
- Leach solution metal grade improvement to drive production volume increase
19
3 194
4 030
2 317
2 732
1 776
Q2
2012
Q3
2012
Q4
2012
Q1
2013
Q2
2013
Nickel production (t)
6 686
7 184
4 106
3 128
4 465
Q2
2012
Q3
2012
Q4
2012
Q1
2013
Q2
2013
Zinc production (t)

20. FLOW RATES AT THE METALS PLANT IMPROVING
20
-
300
600
900
1 200
1 500
1 800
01/11
03/11
05/11
07/11
09/11
11/11
01/12
03/12
05/12
07/12
09/12
11/12
01/13
03/13
05/13
07/13
Monthly average 2011 average 2012 average 2013 average
Monthly average flow rate to the plant (m3/h)
Average in June
2013 subsequent to
plant maintenance
06/13

21. 1. Talvivaara in brief
2. Operational review – turning a corner
3. Safety, sustainability and permitting
4. Financial review
5. Outlook
21

22. SAFETY, SUSTAINABILITY AND PERMITTING
Safety
• Increased focus on further safety training across all
departments
• LTIs at 19.5 / million working hours at the end of Q2
2013
Sustainability
• Focus continues to be on water management
– Treatment and discharge of water has continued
throughout H1 2013
• Gypsum pond leakage in April fully contained within the
safety dams
• Historical issues with odour and dust resolved
Permitting
• New water discharge permit received in May
– Volume quota removed
– Discharge flow rate restricted by Kalliojoki river
flow rate; Talvivaara has submitted an appeal
with respect to this permit condition
• Decision on renewal of overall environmental permit
and on environmental permit for uranium extraction
expected before the end of 2013
22

23. APPROX. 3 MILLION M3 OF EXCESS WATERS
DISCHARGED IN THE FIRST HALF OF 2013
23
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
01/2013
02/2013
03/2013
04/2013
05/2013
06/2013
07/2013
Cumulative 2013 water discharge (Mm3)• Treatment and discharge of excess waters
from the mine area continued throughout
H1 2013
• Discharge will continue within permitted
limits, but risks already materially reduced
300 000
400 000
500 000
600 000
01/13 02/13 03/13 04/13 05/13 06/13 07/13
Primary heap pond volume
Max. pond volume
Primary heap solution volume (m3)
12-Feb
discharge
permit from
Kainuu ELY
31-May
environmental
permit update
from AVI

24. SIGNIFICANT REDUCTION IN ENVIRONMENTAL
OBSERVATIONS FROM NEIGHBOURING RESIDENTS
24
0
5
10
15
20
25
30
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
2011 2012 2013
Numberofobservations
Odour
Noise
Vibration
Dust
Water
Other

25. 1. Talvivaara in brief
2. Operational review – turning a corner
3. Safety, sustainability and permitting
4. Financial review
5. Outlook
25

26. Q2 2013 FINANCIAL RESULTS
• Results reflect production levels and a
depressed nickel price environment
- LME nickel price below USD 14,000/t
at the end of Q2 2013
• Q2 2013 key financials
- Sales: EUR 13.0m
- Operating loss: EUR (23.9)m
- Capex: EUR 15.3m
• Costs impacted by:
- Water management
- Metals plant maintenance
- Re-commencement of ore production
- Chemicals efficiency impact of low
metals grade in solution
26
33.4
44.8
25.7 27.6
13.0
Q2… Q3… Q4… Q1… Q2…
Net sales (EURm)
-10.9
-4.3
-57.0
-20.0
-23.9
Q2
2012
Q3
2012
Q4
2012
Q1
2013
Q2
2013
Operating profit (EURm)

27. LIQUIDITY POSITION AND BALANCE SHEET
27
-
50
100
150
200
250
300
2013 2014 2015 2016 2017 2018
Other Finance lease liabilities
Corporate revolver Senior unsecured bond
Convertible bonds* WC (Finnvera) loans
* Convertible bond maturity reflects accreted principal
Debt maturity profile (EURm)
Net interest-bearing debt (EURm)
476
515
564 530
410
Q2
2012
Q3
2012
Q4
2012
Q1
2013
Q2
2013
• Financing transactions in H1 2013 significantly
improved balance sheet and liquidity position
- Gearing from 183% at year-end 2012 to
81% at the end of Q2 2013
- Net debt from EUR 564m at year-end to
EUR 410m at the end of Q2
• Remaining EUR 77m convertible bond
maturity repaid in May
• Next material maturity in December 2015
(excluding RCF)
• Cash at EUR 101.1m at the end of Q2
• Several significant initiatives to maintain
liquidity as part of efficiency and productivity
programme

28. 1. Talvivaara in brief
2. Operational review – turning a corner
3. Safety, sustainability and permitting
4. Financial review
5. Outlook
28

29. NICKEL MARKET – NEAR-TERM OUTLOOK
CHALLENGING
• Nickel price under significant pressure
through H1 2013
- Declined from USD 18,000-19,000/t in
early 2013 to below USD 14,000/t in
the summer
- Macro outlook and weak stainless steel
market
- Build-up of nickel inventories to a
record level of more than 200,000t
• Short-term outlook:
- Near-term outlook remains challenging
- Current price level considered
unsustainable; restrictions of supply
and positive macro developments may
trigger upside movement
29
LME nickel price (USD/t)
10 000
15 000
20 000
25 000
30 000
01/11 05/11 09/11 01/12 05/12 09/12 01/13 05/13
LME nickel price (USD/t) and nickel stocks (kt)
-
50
100
150
200
250
300
-
5 000
10 000
15 000
20 000
25 000
30 000
2008 2009 2010 2011 2012 2013
LME nickel stocks (t) LME nickel price (USD/t)

30. LONG-TERM TALVIVAARA STORY INTACT
• Extensive sulphide nickel deposit with a long mine life
• Favourable characteristics of the Talvivaara deposits
• Cost-effective and scalable bioheapleaching technology
• Demonstrated feasibility of using bioheapleaching to extract nickel
• Long-term off-take agreements for nickel, cobalt, zinc and uranium
• Attractive long-term supply-demand dynamics of the nickel industry
• Experienced management team
30
• Long-term story intact – world-class ore body and cost efficiency following ramp-up
• Short-term challenges being addressed and showing signs of success

31. THANK YOU!
Q & A
31