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) W. W. Wheeler and Associates, Inc. <br />1 Water Resources Engineers <br />February 10, 2012 <br />Mr. Bryce Romig <br />Environmental Manager <br />Climax Molybdenum Company, Henderson Mine <br />P.O. Box 68 <br />Empire, CO 80438 <br />Re: #1070.6 - Updated Value <br />Henderson Mill Water Rights <br />Dear Bryce: <br />The purpose of this letter is to provide an update concerning the market value of <br />Henderson Mill water rights owned by the Climax Molybdenum Company, a subsidiary of <br />Freeport - McMoRan Siliver & Gold, Inc. Reference is made to my September 2002 <br />report entitled "Valuation of Henderson Mill Water Rights ". <br />In my opinion, there has been no reduction in the amount of water represented <br />by the Henderson Mill water rights or in the unit value of the water rights. Therefore, the <br />analysis and conclusions set forth in the 2002 report continues to be conservative and <br />representative of fair market value as of February 2012. <br />I hope this information is adequate for your present needs. Please call if you <br />have any questions or comments. <br />Very truly yours, <br />W. W. Wheeler and Associates, Inc. <br />/ /4 / oe e <br />K. <br />Gary Thompson, P.E. <br />3700 South Inca Street Englewood, Colorado 80110 303 - 761 -4130 FAX 303 -761 -2802 www.wwwheeler.com <br />