PATHWAY TO PRODUCTION

Corporate Presentation November 2012

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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 Argex Mining Inc. (Argex or 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. The technical information contained in the presentation has been reviewed by Andr Laferrire, Qualified Person for Argex and conforms to National Instrument 43-101 Standards of Disclosure for Mineral Projects. 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. The Qualified Person has not done sufficient work to classify the historical resources estimates and the issuer is not treating the historical estimate as current mineral resources The Qualified Person has been unable to verify the information related to the Ni 43-101 mineral resources reported from other companies and included in the presentation 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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HIGHLIGHTS
TiO2 prices at all-time high averaging $4,500 US/tonne* Game-changing, patented extraction process for high-purity TiO2 production. Proprietary and innovative extraction process producing high purity TiO2 Argex and PPG Industries (2nd largest paint company in the world) signed technology collaboration agreement to develop PPGs technology for TiO2 (titanium dioxide) pigment for paints and coating applications using Argexs TiO2 (April 2012) Currently negotiating Purchase and Sale Agreement with PPG Industries Low-risk proven strategy for industrial production scale-up Expansion of TiO2 pilot plant in Mississauga, Ontario with anticipated production > 10 kg/day (September 2012) Strategic asset: La Blache property NI 43-101 Preliminary Economic Assessment (PEA) - NPV $2.2 billion (October 26, 2011)
*Source: Industrial Minerals http://indmin.com/, September 2012

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TITANIUM DIOXIDE INDUSTRY OVERVIEW

TiO2 prices are expected to double from 2010 to end of 2015 Current prices are averaging $4,500 US/tonne There is a direct correlation between TiO2 demand and global GDP (see chart) TiO2 is fundamental to many basic building blocks of economies: paint, coatings, housing materials, automobiles, industrial equipment, consumer packaging and construction materials

(Ref. Ti Insight, LLC - December 2010)

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TIO2 GLOBAL PRICE HISTORY

Current TiO2 prices are at all-time high averaging $4,500 US/tonne* Prices are expected to double from 2010 to 2015** Stable and improving industrial demand

*Source: Industrial Minerals http://indmin.com/Sept.2012 **Source: Ti Insight LLC, Dec. 2010

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WORLDWIDE TIO2 PRODUCTION

Company DuPont Cristal Global Huntsman Kronos Headquarters USA Saudi Arabia USA USA
2010 Capacity (,000 metric tonnes)

% World Capacity 20% 11% 9% 8%

1,292 700 565 533

Tronox
ISK

USA
Japan

465
237

7%
4%

Sachtleben

Germany

232

4%

Argex
Dongjia Group Lomon Crenox Total World Production

Canada
China China Germany

200
145 134 107 6,398

3%
2% 2% 2% 100%

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NEAR TERM PRODUCER

Argex is a near term producer of pigment quality TiO2 Significant price increases expected by 2015 Bankable feasibility study expected by Q2 2013 Argexs primary goal is to advance rapidly to production, meeting or exceeding industry product standards.

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GAME-CHANGING TECHNOLOGY Argex has an innovative, proprietary, technological process to extract high purity TiO2 pigment directly from ilmenite ore.
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CANADIAN TITANIUM LTD. - CTL PROCESS

Argex controls 50.1% of Canadian Titanium Ltd. (CTL), owner of the patented processing technology for production of TiO2 CTL Process is a proprietary, solvent extraction chemical process

The CTL technology is designed to extract TiO2 from the processing of ilmenite, the most commonly available titaniumbearing iron oxide mineral
Our product provides a competitive advantage. The quality and purity make a noticeable difference in performance and testing Ongoing refinement has driven TiO2 purity beyond 99.8% Colour and brightness of TiO2 product meet or exceed those of the industrys leaders Environmentally friendly project:
closed-loop process minimal inert tailings
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DE-RISKING SCALABILITY
State of the art, off-the-shelf, proven equipment: Industrial-scale equipment has been used for a number of years in Northern Saskatchewan for uranium processing and Newfoundland for nickel processing The metallurgists behind CTL were key to perfecting the uranium and nickel processes mentioned above.

Pilot plant in operation since February 2011.

Pilot plant expansion completed September 2012.

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On April 3, 2012 Argex announced the signing of a technology collaboration with PPG Industries, the second largest paint company in the world.
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PPG INDUSTRIES
Pittsburgh Paints Group (PPG) is an internationally recognized brand, with history exceeding 100 years. PPG paints are sold through an independent dealer network consisting of 2,500 locations across the United States and in over 250 PPG company-owned stores. PPG previously manufactured TiO2 at its Natrium, W.Va., chemicals plant and sold TiO2 pigment for coatings and other enduse applications. PPG experts spent nine months prior to the early April announcement in multiple stages of due diligence. This involved a detailed review and validation of Argexs chemical processing technology as well as testing the quality of our TiO2.

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PPG AGREEMENT OVERVIEW

Argex and PPG to develop and optimize pigment grade TiO2 for paints and coatings. Combines PPGs coatings technology and expertise with Argexs TiO2 proprietary processing technology. The TiO2 is intended to be compatible with various end-use applications for PPG and would be produced by Argex. Argex and PPG have agreed to certain terms of mutual exclusivity during the negotiation period of the purchase and supply agreement.

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Our preliminary economic assessment (PEA) demonstrates the economic viability of our process and supports our mission of producing TiO2 that meets or exceeds industry TSX-V : standards. RGX

PRELIMINARY ECONOMIC ASSESSMENT

La Blache NI 43-101 PEA study outlines the following: IRR (Pre-Tax): 32% NPV: $2.2 billion (using an 8% discount rate) Payback period of 7 years assuming a staged, modular plant construction Total operating cost (net of by-products) of $586/tonne of TiO2 (averaged over the life of the mine) Price per tonne of TiO2 used (trailing 3 year average): $2,846 ($US/tonne) Effective date: October 26, 2011

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END-USER COLLABORATION
NDAs currently in place with major end-users Argexs product has been tested by PPG to produce TiO2 that meets the required specifications Early stage collaboration allows Argex to finalize the process design, accelerate project development and time to market

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ARGEX MINERAL PROPERTIES

Lac La Blache NI 43-101 compliant mineral resources totalling 30.9 Mt measured and indicated grading 18.8% TiO2 and 63.3% Fe2O3, with 13.0 Mt inferred grading 18.7% TiO2 and 63.1% Fe2O3. Lac Brl Hosts historical resources of 3.87 Mt deposit at 27% TiO2 cut-off grade (Quinto internal report 2005). Airborne survey completed. Metallurgical testing continues; results show significant improvement over La Blache. Mouchalagane Large (339 km) Labrador Trough iron ore property with historic drilling results ranging from 31-36% total Fe.

Montral

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2012 MILESTONES
Pilot plant scale-up Lac Brl property acquisition End-user agreements Spin-off of Mouchalagane property

Feasibility-stage study
Project financing of first industrial-sized module

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ARGEX TEAM
Robert Guilbault Chairman of the Board of Directors Former President and CEO of Aluminerie Allouette Inc., Sept-les, Quebec. General Manager of BHP Billitons Hillside Aluminum at Richards Bay, South Africa. Has worked in the mining production field for twenty years. Roy Bonnell - President & CEO, Director, Founder CFO, Vice President, Corporate Development and Corporate Secretary of Argex 2007 to 2011. Managing Director, Atwater Financial, 2003-2010. M.Sc. Accounting & Finance (London School of Economics), MBA (McGill), L.L.B. (Western), B.A. (Queens).

Normand Bergeron Executive Counsellor at Samson Blair/Deloitte & Touche since October 2011 Chief Executive Officer of Infrastructure Qubec from its creation in March 2010 Deputy Minister, Qubec Department of Natural Resources and Wildlife, from May 2005 to July 2009. Member of Hydro-Qubecs Board of Directors (2005-2009). Enrico Di Cesare - COO, VP Technology Metallurgy, operations, know-how transfer, and management; Severstal, Danieli, Sammi Atlas Steel, Hoogovens/Corus/Hatch Metallurgical Engineer from McGill University.
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ARGEX TEAM /2
Mark Billings - CFO, Director, Founder Chief Financial Officer and Founder of Argex; President from 2007-2009 BA (Honours) from Carleton University and an MBA from the Harvard Business School; Chartered Financial Analyst. Andr Laferrire VP Mining and Geology Argexs NI 43-101 Qualified Person. Professional registered geologist with over 15 years experience in exploration and mineral development projects for various commodities, including mineral resource estimation and NI 43-101 reporting. M.Sc. in geology (Universit de Montral). Peter 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 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. Mazen Haddad - Director Former President of Township Capital Inc. Received a B.A. degree in Economics from Emory University of Atlanta, Georgia.
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ARGEX TEAM /3
Genevive Marchand - General Counsel and Corporate Secretary Counsel and Partner, Davies Ward Phillips and Vineberg, from 2000-2005 LLM from London School of Economics; LLB from Laval University Member of the Quebec Bar

Ian Cox Head of Engineering and Construction Over 30 years experience, held executive positions in technology companies, construction and technology equipment providers to the metallurgy industry. BS (Honours) from Leeds University Academic studies also include the University of Tennessee, Massachusetts Institute of Technology (MIT), and Harvard Business School. Has published over 20 technical papers on the design, construction and operation of metallurgical furnaces
Philippe Guillemaille Manager, Sales and Marketing Regional Business Manager, Europe & Africa for Kronos, a leading TiO2 producer company, from 1998-2011 Graduate from the University of chemistry of Lyon

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SUMMARY
Argex is a near-term producer of commodities that the world needs (titanium dioxide, iron ore) NI 43-101 Preliminary Economic Assessment (PEA) released October 26, 2011 PEA outlines projects economical viability and low-cost production Proprietary extraction process producing high purity TiO2 Primary objective is to advance rapidly to production Low risk strategy for project scale-up Mouchalagane iron ore property holds significant potential

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SHARE STRUCTURE
Market Performance
As of November 1, 2012

Recent Price 52 week High 52 week Low Market Cap

$1.02 $1.25 $0.33 $132 Million

CAPITALIZATION 116,385,671 Outstanding Shares (basic) 17,000,000 Escrowed Shares 99,385,671 Free-trading Shares 8,600,000 Options 15,808,000 Warrants 140,793,671 Outstanding Shares (fully diluted)

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MANAGEMENT TEAM
Roy Bonnell, President & CEO roy@argex.ca Tel. : +1.514.788.8932 Mark Billings, CFO mark@argex.ca Tel. : +1.514.296.1641 Enrico Di Cesare, COO enrico@argex.ca Tl. : +1.514.843.5959 x141

CORPORATE HEADQUARTERS
Suite 410, 630 Sherbrooke Street West Montreal, Quebec H3A 1E4, Canada Fax : +1.514.843.9208 www.argex.ca Auditors: BDO Dunwoody Legal Counsel: Heenan, Blakie LLP Transfer Agent: Canadian Stock Transfer Company Inc.

All of Argexs public filings can be found on SEDAR (www.sedar.com) TSX-V : RGX
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APPENDIX 1
Hydrometallurgical Process

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CTL PROCESS FLOW

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CTL PROCESS FLOW /2

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CTL TECHNOLOGY COMPARED

Sulphate Process (SP)1 Chloride Process (CP)1 CTL Process (CTL)
Primarily ilmenite ore, not optimized for rutile. Low grade TiO2 ore feeds can be used. Very high purity (99.8 %) TiO2 (rutile) product Both lower cost and lower TiO2 content ilmenite Generally requires the use of high TiO2 content ores and sulfate slags may be used in this process. Base particle size control is less consistent than in Generally higher product consistency the chloride process, negatively impacting product performance. Produces either the rutile or anatase crystal form Produces only rutile crystal forms Larger buildings More vessels More manpower necessary Lower training requirements for the staff A batch process More environmental impact due to much higher waste generation Smaller buildings Fewer vessels but pressurized Less manpower necessary

Can produce rutile or anatase pigment Larger buildings *No pressure vessels More manpower than Chloride Process

Higher training requirements for plant operations Mix of qualified staff and operating personnel staff A more continuous process Less environmental impact due to less waste generation Continuous process Environmentally attractive: energy efficient, chlorine not used, closed loop operation, very low inert tailings that can be used by local construction raw materials

Source: Modified from http://www.ti-cons.com/Ti-Cons/index.php?option=com_content&view=article&id=1&Itemid=12&lang=en

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CTL TECHNOLOGY COMPARED

Sulphate Process (SP)1 Chloride Process (CP)1 CTL Process (CTL)
Sellable byproducts (dependent on the source of ilmenite) of iron, vanadium and chromium, acid recovery and recycle Process is flexible can handle variation in feed material Production does not directly stop if one step fails Process needs co-product management and attractive Limited possibility to rework some of the waste to markets for co-products sellable co-products Process is easier to handle because of batch process Production does not directly stop if one step fails Requires stable production environment and infrastructure 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

Lower requirements to equipment and automation In general, the production costs are higher than chloride process plants, especially outside of China Higher degree of automation necessary

Safer operation - chlorine not used, organic solvents used

Continuous process can be automated

In general, the production costs are lower and do vary Lower capital costs, lower operating costs reagents by plant recycled, by-product revenue

Source: Modified from http://www.ti-cons.com/Ti-Cons/index.php?option=com_content&view=article&id=1&Itemid=12&lang=en

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APPENDIX 2
Mouchalagane Property

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THE MOUCHALAGANE PROJECT

Large (335 km) undeveloped iron ore property with potential to become a Tier 1 mining asset The southern-most Labrador Trough iron ore property, 100% owned by Argex Located in the prolific Wabush geological formation hosting the iron mines of the Fermont-Labrador City area Historical shallow drilling tested 5 targets with results of up to 100 m mineralization thickness grading 31-36% Fe total Deposit type is coarse grained magnetite and hematite meta-taconite deposit very similar to nearby Mont-Reed and Fire Lake mining projects.

Recent conceptual data analysis of the entire property returned an exploration potential ranging between 940 million and 2.31 billion tonnes of 30-35% Fe total mineralization

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MOUCHALAGANE - UNLOCKING VALUE

Argex is credited with no value in terms of market capitalization from Mouchalagane High potential iron ore properties are presently a sought-after commodity Iron ore demand is expected to continue to increase Quebecs North Shore accounts for 95% + of Canadian iron ore production and benefits from existing infrastructure Argex is pursuing alternatives to unlock the value of this property
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100 km

MOUCHALAGANE - ADDING VALUE

Airborne geophysical survey completed in late 2010

Property sized tripled by staking

environmental impact study initiated Site visit completed with grab samples consistent with historic values NI 43-101 Technical Report Exploration potential study completed

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MOUCHALAGANE - AIRBORNE GEOPHYSICS

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The recent airborne magnetic survey outlines several km-scale magnetic anomalies on the property. Survey results outline km-scale magnetic anomalies including a series of continuous anomalies over 40 km in length corresponding to previously recognised iron formations Historical drilling confirmed the presence of economic grade iron mineralisation in five magnetic area to date Numerous untested km-scale magnetic targets

Baie-Comeau

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MOUCHALAGANE EXPLORATION POTENTIAL

Estimated Exploration Potential for Areas with Historical Drilling (yellow)
Area Everett Lake
Everett Lake

Size of Magnetic Estimated Thickness Anomaly (km2) of Iron Formation 0.85 0.68 0.68 1.68 2.39 10 - 15 m 15 - 35 m 10 - 15 m 15 - 80 m 20 - 60 m

Volume (million m3) 9 - 13 20 - 46 7 - 10 25 - 134 48 - 143

Conceptual Tonnage (million tonne) 30 - 40 60 - 150 20 - 30 80 - 430 150 - 460 340 - 1,110 Mt

Crazy Lake North Parr Lake South Mountain South Parr Lake

North Area

Crazy Lake

North Parr Lake

Total Estimated Exploration Potential for Known Iron Formation

Estimated Exploration Potential for Untested Areas (white)

Central Area
Area North

Size of Magnetic Estimated Thickness Anomaly (km2) of Iron Formation 4.91 9.88 3.68 10 - 15 m 10 - 25 m 10 - 15 m

Volume (million m3) 50 - 75 100 - 250 35 - 55

Conceptual Tonnage (million tonne) 160 - 240 320 - 800 110 - 170 590 - 1,210 Mt

South Mountain South Parr Lake

Southeast Area

Central Southeast

Total Estimated Exploration Potential for Untested Iron Formation

The exploration potential quantity and grade stated in the presentation is conceptual in nature, there has been insufficient exploration to define a mineral resource, and it is uncertain if further exploration will result in the target being delineated as a mineral resource

Exploration potential tonnage is based on the volumetric estimate using first vertical derivative magnetic anomalies and conceptual mineralized iron formation thickness from historical drilling. Bulk density of 3.2 t/m3 used.

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MOUCHALAGANE HISTORIC RESULTS

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MINERAL DEPOSITS UNIQUE LOCATION

EXISTING INFRASTRUCTURE Main access roads & forestry roads Power lines Deep sea ports Skilled labour Affordable housing for employees Rail lines
100 km

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APPENDIX 3
Analysts Summary

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ANALYSTS SUMMARY
BUY 12 month target - $3.00 Analyst: John Hykawy July 16, 2012 Different Process: Argexs process is hydrometallurgical. This process has a distinct advantage in terms of being able to process low grade feedstock and also it has the potential to be extremely competitive with cost. Feedstock Squeeze: Argexs process can exploit lower quality titanium feedstocks that cannot be processed by the standard chloride or sulfate processes for making higher-grade TiO2. Pigment Plus: As a producer of feedstock and a vertical supplier of an engineered product like pigment, Argex will be better protected against cycles in the industry than its competitors. Leverage: Pigment-grade TiO2 is now selling for $4,500 per tonne. High enough margins to absorb the occasional misstep and by-products can also contribute to earned income.
BUY 12 month target - $3.10 Analyst: Matt Gowing July 10, 2012 Lower Cost: Argexs La Blache PEA quantifies an opex of $1,500/tonne, lower than the current industrys costs ranging between $2,000/tonne to $4,000/tonne. Should Argex secure a higher grade feedstock, its opex may drop to $400$500/tonne. Lower Capex: Depending on ore source, Argexs capex/tonne range between $2,000/tonne to $4,000/tonne, compared to existing the sulphate processes which require $4,000-$5,000/tonne. These advantages may allow Argex to achieve 30%-plus IRRs on certain projects. Cleaner: The CTL process runs in a closed loop, continuous fashion. It also has the ability to separate and purify impurities thereby reducing the toxicity of waste tailings. Process flexibility: Having the ability to process a low grade feedstock that nobody else wants provides a cost advantage, particularly in a rising cost environment. Being vertically integrated will allow Argex to capture more margin, and enhance its assurance of supply.

BUY 12 Month Target - $1.65 Analyst: Fadi Benjamin June 22, 2012 Demand for Titanium Dioxide (TiO2) has grown historically at 3.3% annually and is projected to remain strong. Argexs CTL Process estimated cost savings of 65% over existing TiO2 processes. CTL produces very small amounts of inert waste compared to other TiO2 processes. The price target of $1.65 has been determined using a price of $2,800/tonne for TiO2. The actual current price is approximately $4,500/tonne.

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