Shareholders of Callinan are part of a great story. Callinan was established in 1927 in the Flin Flon mining camp, which continues to be one of the most productive in Canada. The company is named after the prospector whose mineral claims were the founding assets of the company.

Since 1927, Callinan has survived though the Great Depression, wars, crises and numerous economic cycles. Through it all, shareholders of Callinan  supported the company with exemplary loyalty and conviction.

Today, we are enjoying some of our most prosperous and exciting chapters ever. As we look ahead, there is reason to believe the best is yet to be.

Email: shareholder@callinan.com

Quarterly Reporting Schedule

Reports for the coming fiscal year will be issued on or before the following dates:

1^st Quarter - December 29, 2011

2^nd Quarter - February 28, 2012

3^rd Quarter - May 30, 2012

4^th Quarter - October 29, 2012

Conference Schedule

Shareholders and those interested in doing business with Callinan can arrange to meet management representatives who plan to attend the following conferences in the coming months:

March 4-7 – PDAC 2012, Toronto, Ontario, Canada

The Board of Directors of Callinan is elected by shareholders to serve the owners of the company by representing their interests and providing sound governance.  Directors are responsible for ensuring that Callinan operates properly in accordance with high business standards and in compliance with applicable laws and regulations.   They implement effective corporate polices, set the agenda for the company and provide oversight of management. Callinan has five directors with extensive and diverse business experience and are significant shareholders of Callinan.

Brian Irwin

Chairman

Mr. Irwin is a former partner of DuMoulin Black, a Vancouver based Securities and Corporate Law firm where he practiced corporate, securities and natural resource law with a focus on mining and corporate finance.During his forty year career, he served as chairman of the natural resources subsection of the Continuing Legal Education Program of the British Columbia Bar. He has served as chairman of Ashton Mining of Canada, a director and officer of Brazauro Resources Corporation (acquired by Eldorado Gold Corporation) and Goldbelt Resources Ltd. (acquired by Wega Mining) and now sits on the boards of a number of resource based public companies.

Roland Butler, B.Sc., Geology

CEO

Mr. Butler graduated from Memorial University in Newfoundland and Labrador (B.Sc., Geology) in 1996 and was the co-founder of Altius Minerals Corporation (ALS:TSX). He served as Vice President and Director of Altius from listing in October 1997 through to March 2010 and also served as CFO until 2003 and COO from 2007. During that time, he played an integral part in a successful business model of generating mineral exploration projects and pursuing joint venture and royalty agreements or creating new companies with third parties. Roland was also co-recipient of the Entrepreneur of the Year Award 2008 by the Faculty of Business Administration, Memorial University on behalf of Altius Minerals Corporation. He is currently a director of Millrock Resources Inc. (TSXV:MRO), which is active in Alaska and Arizona.

Anna Stylianides

Director

Ms. Stylianides holds a law degree from the University of the Witwatersrand in Johannesburg, South Africa. She began her career as a corporate lawyer by joining the firm of Webber Wentzel, Attorneys, in 1990. In 1992, she joined Investec Merchant Bank Limited where she specialized in risk management and gained extensive experience in the areas of corporate finance and structured finance, mergers and acquisitions, structuring, specialized finance and other banking and financial products for financial institutions and corporations. Since her relocation to Vancouver in 1997, she has been a director of, and has been engaged in the financial restructuring of certain Nasdaq traded companies and she has extensive knowledge of the securities regulatory regime in Canada and the United States. Recently, Ms. Stylianides was the CEO of FinTec Holdings Corp., a company specializing in structuring and implementing corporate and structured finance transactions in the mining and bioscience sectors. In September 2005, Ms. Stylianides joined the Surgical Spaces, Inc. Group of Companies as CEO and has been instrumental in overseeing its national expansion strategy as Canada’s private health care consolidator.

David Korbin

Director

Mr. Korbin presently works as a management and financial consultant. He was appointed to the Board of Directors of Ivanhoe Mines in May, 2006 and is a former director of E-Comm Emergency Communications for Southwest British Columbia. He was Chairman of E-Comm’s board of directors since 2004 and was Chairman of the audit committee from 2002 to 2003. From 1992 to 2000, he was a director of the Vancouver General Hospital and then the Vancouver Hospital and Health Sciences Centre, serving as Chairman of the Vancouver General Hospital audit committee from 1993 to 1994 and Chairman of the Vancouver Hospital and Health Sciences Centre from 1995 to 1998. Mr. Korbin qualified as a Chartered Accountant in 1966, and from 1990 to 1992 he was a managing partner of Deloitte Touche LLC. Mr. Korbin also was a director of Seaspan Corporation (NYSE – SSW), and Chairman of Seaspan’s Audit Committee.

Frank Dembinsky

Director

Mr. Dembinsky, now semi-retired, was Chairman of the Newland Group Inc in San Diego from 1986 until 1991. Prior to that he held successive executive posts with Genstar Land USA, Genstar Eastern Development, Abbey Glen Corp., Great Northern and Home-Smith International.

Cheri Pedersen

Corporate Secretary

Ms. Pedersen is a lawyer at Boughton Law Corporation. She has practiced corporate and securities law, with a focus on mining, oil and gas and corporate finance, for over thirty years.  She has extensive experience advising clients on a broad range of matters including initial public offerings, public and private equity and debt financings, mergers and acquisitions, reverse takeovers, dispositions, options, leases, joint ventures, corporate reorganizations, capital alterations, continuous disclosure requirements, corporate governance and listing companies and the maintenance thereof on Canadian stock exchanges.

Policies

Code of Conduct

Code of Conduct for CEO & CFO

Disclosure Policy

Whistleblower Policy

Management works on behalf of shareholders under the guidance of the Board of Directors who have provided a mandate to build Callinan over the long term and across economic cycles. The team consists of a dedicated and focused group of professionals who serve as prudent stewards of company assets and who work with a spectrum of advisors and consultants as required.

While management of risk is a key priority, Callinan fosters an entrepreneurial culture and encourages unconventional thinking in generating and seeking business opportunities. As members of the management team are also significant shareholders, due attention is given to preserving as well as enhancing shareholder value.

Roland Butler, B.Sc., Geology

CEO

Mr. Butler graduated from Memorial University in Newfoundland and Labrador (B.Sc., Geology) in 1996 and was the co-founder of Altius Minerals Corporation (ALS:TSX). He served as Vice President and Director of Altius from listing in October 1997 through to March 2010 and also served as CFO until 2003 and COO from 2007. During that time, he played an integral part in a successful business model of generating mineral exploration projects and pursuing joint venture and royalty agreements or creating new companies with third parties. Roland was also co-recipient of the Entrepreneur of the Year Award 2008 by the Faculty of Business Administration, Memorial University on behalf of Altius Minerals Corporation. He is currently a director of Millrock Resources Inc. (TSXV:MRO), which is active in Alaska and Arizona.

Tamara Edwards

CFO

Ms. Edwards joined Callinan Mines in 2006 after spending eleven years at CHC Corporation in various roles, the most recent being Director of Business Information – Global Operations. She graduated from Centennial College in Toronto in 1983 with a degree in Business. Ms. Edwards then went on to earn her Certified Management Accountant designation after several years of increasing accounting responsibilities in both public and private companies. With over twenty years of accounting experience, Ms. Edwards brings valuable experience and leadership to the Callinan Management Team.

Roderick Smith, M.Sc., P. Geo.

Principal Geologist

Mr. Smith joined Callinan in early 2011 and brings over 15 years of mineral exploration experience to the team. Roderick has worked in geologically diverse settings ranging from early stage to advanced exploration projects throughout Canada and internationally. Before joining Callinan, Roderick was the senior Project Geologist of Brownfield Exploration with Vale located at the Voisey’s Bay mine site where he spent five years. Prior to Voisey’s Bay, Roderick worked with Altius Minerals Corporation and was instrumental in its prospect generation model. Mr. Smith holds a M.Sc. degree from Memorial University of Newfoundland and is a registered Professional Geologist in the province of Newfoundland and Labrador.

Trevor Rice, B. SC., P. Geo

Manager of Technical Services

Mr. Rice joined Callinan in late 2011 as Manager of
Technical Services and is responsible for data management and geological and technical support. He began his career as a geologist in the mid 1990’s with Noranda (now Xstrata) and later worked overseas with Celtic Minerals and Tiberon Minerals in Papua New Guinea and northern Vietnam. He continued his career with Aur Resources at the Duck Pond copper-zinc mine on the island of Newfoundland. Prior to joining Callinan, Trevor spent five years working as Project Geologist and then Area Geologist with Vale at the Voisey’s Bay mine site in Labrador, Canada and also visited the Middle East assisting with project evaluation. Trevor graduated from Memorial University of Newfoundland and Labrador in 1996 with a BSc.(Hons.) in Geology.

Darlene Jefferies, B.Ed.

Executive Assistant

Mrs. Jefferies graduated from Memorial University in Newfoundland and Labrador (B.Ed.) in 1997 where she was named to the Dean’s List at the Faculty of Education. She has been an educator in Newfoundland for the past 13 years and is a respected volunteer in her community. Darlene’s responsibilities include providing administrative, logistical and financial reporting support.

If you have a royalty and are considering options to sell all or part of your royalty for cash or shares, then we invite you to contact Callinan as your first choice. If you are aware of a royalty opportunity that might be of interest to Callinan, then we are open to a finder’s arrangement as part of a successful transaction.

We will discuss the options discreetly and give prompt consideration to your proposals.  As your royalty is unique, we are willing to consider tailored and innovative solutions to meet your needs.

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