1. Investor Presentation October 2010

2. Cautionary Note onForward-Looking Information This presentation contains forward-looking information, including financial outlooks, as such terms are defined in applicable Canadian securities legislation, concerning Timmincos future financial or operating performance and other statements that express managements 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 Timmincos 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 Bcancour 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 Timmincos Annual Information Form for the year ended December 31, 2009, as well as Timmincos most recent Managements 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 managements 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 Metal5th largestproducer inThe BackboneWestern of TimmincoWorld3 4. Silicon Metal Industry Industry Breakdown by Market: Chemicals: Silicones50%10% 40% 2008 Global MarketChemicals:Aluminum Polysilicon(pre-global recession) $6.4BChemicals:Silicones Chemicals: Polysilicon Aluminum4 5. Growing Demand for Silicon Metal 000s MT World Consumption 3,000 2,500 2,000 1,500 1,000500020082009 2010 FC 2011 FC 2012 FC 2013 FC 2014 FCSource: 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: SiliconesSiliconConstruction-related products, including sealants, adhesives,Metallubricants, paints, coatings Consumer products including cosmetics and heat resistant cooking utensils 2-in-1 shampoo and conditionerChemicalsIndustry: Increasingly being used as aSilicones substitute for petroleum-basedplastics6 7. Chemical Industry Demand: PolysiliconSilicon Solar Market Development PotentialMetal353033%Projected CAGR252009-2014 MW Installed201510Chemicals5 Industry: 0 20042005 2006 2007 2008 2009 2010E 2011E 2012E 2013E 2014EPolysilicon Source: European Photovoltaic Industry AssociationMay 2010 Polysilicon demand expected to grow by 15% 30% drivenprimarily by growth in solar PV market Solar PV now accounts for half of polysilicon demand7 8. Aluminum Industry Demand Silicon Metal 326 lbs 77 lbsAluminum 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 2010Increasingly tight Western supply; consolidationoccurring PotentialInterruption of Chinese supply, or forecasted additionaladditional supply does not materializeupsideWeak U.S. dollarIncreases in input costs9 10. Western Market Focus Source: CRU Mar 2010The Western World relies on Chinese export to meet almost half of its silicon demand10 11. Western supply is tighteningM&A transactions announced in past 12 months have captured 16% of Western silicon capacity for upstream integration DateTransactionNameplate capacity (mt) Nov 2009DC acquires 100% Globe metals Brazil 44,000 Nov 2009DC acquires 49% Globe WV Alloys37,000 June 2010 Wacker acquires 100% Fesil Holla 55,000 October 2010DC acquires 49% Becancour Silicon23,000 Total capacity captured159,000 Percentage of total Western supply16% Source: Company Press Releases, CRU March 2010 11 12. Reliance on Chinese Silicon Supply Growth Chinese silicondemand is forecast toincrease Chinese forecastdemand growth islikely to materializebefore supply growthCould Result in Silicon Shortage in theWestern World Source: CRU Mar 201012 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 Advantages1. Access to Stable Source of Electricity2. Competitive CostsPowerOther* Power Competitively priced source of electricity 30% 25%Raw Materials Own source of quartz5% Proprietary electrode technologyTransport40% Raw Materials* Other includes maintenance, labour and SG&A3. Political Stability4. 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 assumptions14 15. Joint Venture with Dow Corning Becancour Silicon Inc. (BSI) totransition silicon metal assets toJoint Venture, known as QuebecSilicon Dow Corning (DC) purchases a49% interest in Quebec Silicon 51% 49% BSIof output sold to BSIof output Silicon metal is sold to BSI and sold to DCDC in quantities proportional toownership % 51% 49% equityequity BSI retains existing customerrelationships and ships itsproduction allocation to thirdparty customers Byproducts are sold by BSIQuebecas agentSilicon15 16. Historical Financial Review(millions)Solar Grade Silicon RevenueSilicon Metal RevenueMagnesium RevenueAdjusted Income (Loss)*Intro of Solar $252.6Divestiture ofGrade Silicon MagnesiumOperations (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)20052006200720082009 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 RevenueRevenueSolar Grade Silicon Revenue(millions) Silicon Metal Revenue $252.6 $63.1$104.6 $30.1$34.3 $22.3 20082009Q2/09 Q2/10 17 18. Recent PerformanceEBITDA* Net LossAdjusted Income(millions)(millions)(Loss)*(millions)$21.3 $10.4 $(50.9)$(7.0) $(22.6) $(134.2) $(20.6)$(81.6) $(20.3)2008 H1/201020082008H1/2010H1/2010 200920092009*See Appendix for more details about these Non-GAAP financial measures.18 19. Recent PerformanceEBITDA* Net LossAdjusted Income(millions)(millions)(Loss)*(millions) $(9.9)$(3.1) $(24.0)$(9.7) $(17.2) $(9.5)Q2/09 Q2/10Q2/09Q2/10 Q2/09 Q2/10Achieved 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) $ 31.2Long-term Debt (June 30, 2010)27.9Due to Affiliated Companies Convertible5.4notes (June 30, 2010)Market Capitalization 195.7 million common86.1shares 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 share20 21. Liquidity and Capital ResourcesAs at June 30th, 2010: Working capital of $20.3M, excluding cash items and interestbearing 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 $25MSubsequent 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 StrategyRestore demand and full production1. Full production achieved Nov. 2009 andmaintained to present 2010 production sold out2.Lower production costs Achieved lower cost per tonne in Q2/103.Explore expansion opportunities 22 23. Future Opportunities: Solar Grade SiliconSilicon Metal Solar Grade Silicon ~$3/kg$36/kgTimmincos average selling Current spot price price for Q4/09 23 24. Solar Energy Industry Global energy consumption is expectedSolar Market Development Potential to rise by 50% from 2005 to 2030800Projected35700600 3033% Projected CAGRQuadrillion Btu 255002009-2014MW InstalledGrowing20400 energydemand 15300200101005 0 08085 90 95 0 5 10 15 20 25 30 20042005 2006 2007 20082009 2010E 2011E 2012E 2013E 2014ESource:European Photovoltaic Industry Association, May 2010Industry will require quality, economic alternatives to polysilicon24 25. Solar Grade Silicon: Market Dynamic withPolysilicon Spot Price for Polysilicon Solar grade silicon: 500 Substitute for polysilicon in 400 solar cells Price ($/Kg) Demand increases as price 300 of polysilicon increases 200 Polysilicon demandforecasted to grow by 15%100to 30% p.a. to 20130 2005 2006 2007 2008 20098/20102008 polysilicon spot price = $450/kg2010 (Aug) polysilicon spot price = $70/kg Polysilicon prices trending upward with increasing demand andtightening 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 substitute25 26. Our Solar Grade Silicon Process Proprietary, Patent Pending Process ConventionalSemiconductor Grade Silicon Solar Energy Process Industry ReverseConventional polysilicon process:refinementchemical ultra-refinement(doping)Solar GradeSilicon Ingot Brick Silicon MetalWaferSolar GradeSiliconCellTimminco propietarymetallurgical processCustomers turn our raw solargrade silicon into solar panels Timminco Process26 27. Economic Alternative to Conventional ProcessAnticipated Capitaland Production CostAdvantages Proprietary technology Access to stable energysupply Access to own supply ofsilicon metal 7 purification lines installedand 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 developmentunderway 28 29. Turnaround Strategy1.Stabilize balance sheet2.Restore demand and fullproduction of silicon metal3.Reposition solar grade silicon operations29 30. Balance sheet activitiessince January 1, 2009: Closed JV with Dow Corning Corporation for grossproceeds of US$40.3 million and up to potentiallyan additional US$10.0 million Repaid US$27.7M in bank debtRaised $56.6M through issuance of commonStabilizeequityBalance Sheet Converted $10.6M in convertible notes to equity Converted $44.7M of customer deposit/otherliabilities to equity Completed $25M term loan with Province ofQuebec conditional extension to 2019 Raised $5.3M in convertible debt Liquidated $13M of net working capital related tomagnesium30 31. Improved demand as customermarkets recover Restarted all three silicon metalfurnaces Restore demandReached full production inand full production November 2009in silicon metal operation 2010 capacity sold out Signed long-term contracts for90,000 mt over next 5 years Returned to EBITDA positiveoperations31 32. Q2/10 Silicon Metal Sales 293% 389% 34.322.8 7.0 5.8Q2/09 Q2/10Q2/09Q2/10 Volume (MT)Value ($)32 33. Reposition Solar Grade SiliconOperations 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 MeasuresEBITDA BY QUARTER($000s)2010 2010 2009 2009 2009 20092008 2008Q2 Q1 Q4 Q3 Q2 Q1Q4 Q3Net loss(9,704) (10,905) (69,403) (18,522) (23,980) (22,317) (1,278) (13,727)Add back (subtract):Income taxes-- (14)176,653 (4,876)1,6112,035Impairment of Fundo ----- 698(1,415)13,845Equity in the loss of Fundo ------1,4151,822Loss on disposal of Magnesium -- 3,0062,180 -- --GroupImpairment of property, plant and --39,039 ---1,025 -equipmentLoss (gain) on the sale of14 - (19)40(11)-5(375)property, plant and equipmentInterest 1,6782,1132,2982,3721,830934 796549Amortization of intangible assets707707707707435235 170138Amortization of property, plant1,9352,0263,2033,3863,0903,534 2,3551,509and equipmentReorganization costs-- 542 -(1) 3,752 970824Environmental remediation costs1611611,230132133132 (136) -Pension curtailment costs ------(326) -Stock-based compensation 2,0942,0421,9791,9961,9911,961 1,215269EBITDA(3,115)(3,856) (17,432)(7,692)(9,860) (15,947)6,4076,889 37 38. Reconciliations for Non-GAAP Financial MeasuresADJUSTED INCOME (LOSS) BY QUARTER($000s)2010 2010 2009 2009 2009 20092008 2008Q2 Q1 Q4 Q3 Q2 Q1Q4 Q3Net loss(9,704) (10,905) (69,403) (18,522) (23,980) (22,317) (1,278) (13,727)Add back (subtract):Income taxes-- (14)176,653 (4,876)1,6112,035Impairment of Fundo ----- 698(1,415)13,845Equity in the loss of Fundo ------1,4151,822Impairment of property, plant --39,039 ---1,025 -and equipmentLoss on disposal of Magnesium -- 3,0062,180 -- --GroupLoss (gain) on the sale of14 - (19)40(11)-5(375)property, plant and equipmentReorganization costs-- 542 -(1) 3,752 970824Environmental remediation costs1611611,230132133132 (136) -Pension curtailment costs ------(326) -Adjusted Income (Loss)(9,529) (10,744) (25,619) (16,153) (17,206) (22,611)1,8714,424 38 39. Investor Presentation October 2010