December 2009

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December 2009

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Disclaimer
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The enclosed materials are informational only and are not intended to constitute any part of an offering of or solicitation of an offer to purchase any securities by Wings Enterprises Inc. and/or its affiliates (the Company). Such materials are intended to provide general information about the Company so that recipients may evaluate the merits of participating in the Companys proposed financing transaction. Offers and sales of any securities by the Company will only be effected through a purchase agreement having terms acceptable to the Company, its agent and participants. The enclosed materials contain certain projections which are based upon numerous assumptions, and in some cases rely on information from third parties. While we have attempted to present such information as accurately as possible, we have not independently verified all such information. Accordingly, interested persons are encouraged to seek more information to verify the accuracy of any such information.

November 2009

These materials contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the 1995 Act). Although the Company is not afforded the protections of the 1995 Act with respect to these forward-looking statements, they are provided under the common law counterpart to the 1995 Act, the so-called bespeaks caution doctrine (the Doctrine). Such statements are made in good faith by the Company pursuant to the Doctrine, and are identified as including terms such as may, will, should, expects, anticipates, estimates, plans, or similar language. There are factors that could cause actual results to differ materially from those contained in any forward-looking statement made by or on behalf of the Company, including, without limitation, its ability to retain key management personnel, general economic and political conditions and more particularly conditions affecting the iron ore market, our ability to successfully finance the development of our sites, and risks generally associated with a company our size, including the effects of having limited resources, capital and inadequate sales, and general exposure to litigation. The Company further cautions that such factors are not exhaustive or exclusive. The Company does not undertake to update any forward-looking statement which may be made from time to time by or on behalf of the Company.

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Wings Enterprises at a Glance

! Brownfield iron ore development company that owns the Pea Ridge Iron Mine in Missouri with one of the most prospective high grade iron ore deposits in the world

Company Type: Private Co. Principal Asset: Pea Ridge Iron Mine (100% interest) Producer for 30 yrs Location Of Mine: Sullivan, Missouri
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Resources: 150M tons Iron Ore Resource (+57% Fe) High Grade
Alberici Constructors: Revenues of $1.3 B

All figures throughout the presentation are in US$ unless noted otherwise.

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Investor Highlights

Redevelopment of Past Producing Iron Ore mine

High Grade Scalable Iron Ore Deposit

Unique Access to US EAF Market

State and Federal Support for Redevelopment

World Class North American Strategic Based Mineral Deposit

30 yrs Historic Production

150 MT Cont. 57% Fe + significant upside potential

Proximity, Transportation & Infrastructure Advantage

Fully Permitted & Potential Subsidies

One of Richest REE Deposits

Eligible for Federal & State Subsidies

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On the Move
Developing High Grade Iron Mine Large Scale Production Established Regional Infrastructure Initial Public Offering

Fully permitted Significant potential for by products production (REE)

Q1-2013 start-up 4 MT 70% Concentrate Potential to upgrade to pig iron (98% Fe)

Mississippi River Rail and road access Pipeline proposed

6 12 months Construction financing

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Management & Advisors

Management
James Kennedy
President & Owner
- Designed and constructed the iron ore beneficiation facility at Pea Ridge - Former portfolio manager for Kennedy Capital Management with AUM of $100M - 13 years as a securities research analyst and marketing representative funding over $300M in early 1990s

Advisors During Feasibility Study

Terry Gooding
Former Senior Mining Manager for Pea Ridge

Larry Tucker
Former Chief Underground Mine Manager and Acting Geologist for Pea Ridge

David James Laurence M. Nuelle

Chief Geologist
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Former Senior Mine Engineer for Pea Ridge

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- Transitioning to become the companys full time geologist - Completed extensive work at Pea Ridge under the USGS, specifically relating to the rare earth deposit - Will coordinate the laboratory and processing for the production of rare earth concentrates from the Apatite and the heavy rare earths from the breccia pipes

Tom Gallagher
Former Senior Personnel and Safety Officer for Pea Ridge

Martin Schaper Interim CFO Bob Niemeier Interim COO

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All the Ingredients for Success

1 2 3 4 5 6

High Grade Underground Resource Near Term Cash Flow from Tailings Development

Fully Permitted Brownfield Operation Extensive Development Upside

Infrastructure & Geographic Advantage

Strategic Mineral Deposits / By-Products

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Resources Summary
Underground Crude Ore Resources
Tons
Iron Ore Phosphorus Pyrite Rare Earth 1.1M 150M

Grade
+ 57.0% 0.7% 0.5% 5.0%

Metal Contained Tons

86.4M 1.1M 75M 55k Conc.

Rare Earth Oxide Breccia Pipes

Tons
REO 600k

Grade
12%

Metal Contained Tons

72k

Recoverable Surface Resources Tailings Lake

Tons
Iron Ore Fe2O3 Iron Ore Fe3O4 Phos. / Apatite ~30% P2O5 REO from Apatite 1.4M 20M

Grade
24.0% 5.0% 7.0% 5.4%

Metal Contained Tons

4.8M 1.0M 1.4M 75.3k

! Significant resource upside open at depth and along strike

Resource Estimates are not 43-101 Compliant Source: Pincock Allen & Holt, Bo Arvidson Consulting and multiple USGS reports and assays

Pea Ridge Iron Mine Fully Permitted Brownfield Producer

! Discovered in 1950 ! Originally a partnership between Bethlehem Steel and St. Joe Land Company in 1957 ! 30 million tons of pellets, fines heavy media and
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other iron products between 1964 and 2001 ! Shift to specialty products in 1990 ! Shut down in 2001 due to falling iron ore prices and strategic investments ! Iron ore reclamation began in Fall of 2006 ! Current production of 30 tons per hour at 70% Fe from 200k ton surface reserve

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Design and Construction Partner

Alberici Constructors, Inc

! Established in 1918 ! 2008 Revenues of $1.3 Billion ! Ranked 47st Largest Contractor by Engineering News Record (ENR) ! Headquarters in St. Louis, MO, with regional offices in Detroit, MI; Atlanta, GA; Toronto, Canada; and Irapuato, Mexico

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Project Overview

Pea Ridge Mine

44 Mile Underground Pipeline

New Processing & Bulk Shipping Port

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Pea Ridge Profile of a Successful Mine

Iron Ore Resource

150 MT

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Iron Ore Grade

57%

Annual Production

4 MTPA

Mine Life

30+ years

Cash Operating Costs per Ton (excluding potential by-products)

US$47.00

*Pre Production Development Costs

*Includes mine development costs of $180M; Surface facility costs of $150M; and Pipeline System / Dewater costs of $60M *Full mine development will require an additional $150M over the next 10 years.

*$390 M

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Highly Profitable Even at Current Prices

Iron ore $ per Ton
$91.00

Highly Profitable
$47.001
$2.102 $11.50

Pipeline to River

70% Fe Concentrate
$33.40

~50% margins before by-products from Fe Concentrate

Hoisted cost per ton

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Current Prices
1 2 3

Our Cost3
Source: Marston Engineering report dated September 9, 2009 Includes Dewatering cost at River Site

Assumes hoisting 6 million tons to produce 4 million tons of +70% concentrate and recovery of all hoisted Hematite, approximately 30% of total dilution, via tailings lake reclaim facility

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Upside Potential from By-Product Revenues1

By-Product
Potential Annual Production Mineral Source:

Phosphorus
42k tons per year 0.7% of iron ore

Cob Rock
1M tons per year 15% of hoisted material Waste rock from mining

Rare Earth Oxides

2,100 tons per year 5% of phosphorus production

Chemical Composition

30% P 2 O 5 / 5% rare earth oxides

Cerium, Lanthanum, Yttrium, Neodymium, Gadolinium and Dysprosium $11,000.00 $23.1M

Price per Ton Potential Annual Revenues

$100.00 $4.2M

$14.00 $14.0M

Does not factor in production costs or additional Capex required to produce these by-products. Process and cost will be determined in the expected upcoming feasibility study.
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Redevelopment of Pea Ridge Mine Pig Iron Technology

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! High grade and quality of Pea Ridge deposit make it uniquely amendable to upgrading using Kobe Steels advanced iron ore refining technology ! Value add proposition creating higher value / significantly higher margin production ! Pea Ridge is in advanced discussions with Kobe Steel Prod. Cost (per Finished Ton) $220.002 $200.00

Unit Capacity Kobe ITkm31 System Alternative3

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Cost $200M $20M

500,000 tpy 50,000 tpy

Production cost above include market price for iron ore, of $91 (Current spot market price of 65% Fe = $85 [$85/65= $1.30] / $1.30 x 70% Fe = $91) Kobe cash cost may be as low as $200 per finished ton based on 70% Fe iron units. Target capacity requires the use of 4 Kobe units

The Alternative technology is not named due to confidentiality agreements

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Redevelopment of Pea Ridge Mine Significant Value Potential

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Profit Centre
Phase 1: 4M Tons x $91.0 Mine Production

Revenues

Gross Profit

$364M $364M

$176M $176M

Phase 1 Total
Phase 2: (4M Tons Concentrate) Pig Iron (3M Tons Concentrate)

$800M*

$360M

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Iron Ore Fines (1M Tons Concentrate)

$91M $891M

$44M $404M

Phase 2 Total
*3M

Tons of Concentrate results in 2M Tons of Pig Iron, sold at $400/Ton FOB/St. Louis

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Infrastructure & Geographical Advantage

! Proximity to End User Market
Direct access to regional steel manufacturing sector via river, rail and road Strategically located below all locks and river control devices on Mississippi

! Transportation & Logistical Advantage from Mississippi (site for port development)
Large Land Package for development Access to Union Pacific / BNSF rail lines Approx. 30 miles from St. Louis

! Strong Government Support

Potential for subsidies at State / Federal level Eminent Domain USGS considers Pea Ridge to be a strategic asset

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Geographical / Transportation Advantage

! Majority of iron ore in the U.S. comes from Mesabi Range ! EAF steel mills in U.S. are located in South Central U.S. ! All pig iron from the region is imported ! Wings is strategically located to meet this demand

Mesabi Range

Wings Crystal City location is centrally located below St. Louis and all lock and dam control structures

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Geographical / Transportation Advantage

! Wings has a Logistical Advantage to 22 Steel Mills in the USA

Wings

E A F

B O F 3 BOF via Water

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17 EAF via Water 2 EAF via Rail

! The U.S. imports 5 million tons of pig iron via New Orleans per year
3,000 Miles to Brazil

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Geographical / Transportation Advantage

! Wings has direct access to Union Pacific and BNSF at our River facility, with a regional logistical advantage to 27 EAF mills

Wings

EAF

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Geographical / Transportation Advantage

Mississippi River

Union Pacific Rail BNSF Rail Hwy 55

Interstate Hwy 55 and 67 N Small Regional Airport

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Intra Modal Port Project

! Government allocated funding for Greenfield Intra Modal Facility on the Mississippi ! Wings will control 2.5 miles of river front ! Partnership interest from State of
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Missouri and Jefferson County ! Eminent Domain legislation in place ! Financial incentives to be introduced into legislation

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Pea Ridge Iron Mine Heavy Rare Earths

! Pea Ridge has the highest value Heavy Rare Earths Distribution of any Permitted mine in the World

13%- SEGY 21%- Nd., Pr., Dy. 66%- Ce. + La.

SEGY = Heaviest and Most Valuable (Samarium, Europium, Gadolinium, Yttrium, and Terbium) Nd, Pr, Dy = The Middle REO Values (Neodymium, Praseodymium and Dysprosium)

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Ce + La = The Light, abundant and lowest value (Cerium and Lanthanum)

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Pea Ridge Iron Mine Heavy Rare Earths

! The Breccia Pipes open at depth and potentially continue to 900 ft 600k tons @ 12% REO ! Another source of REO is from the flotation of apatite from the iron ore in beneficiation process ! REO enriched apatite to be a by product

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Pea Ridge Iron Mine Heavy Rare Earths

! In discussions with REO/REE companies regarding development, concentration and sales of rare earth oxides
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! In communication with the DoD and DoE to develop rare earth elemental alloy refinery at cost US$500-US$700M Requires a grant from the Federal Government ! Pea Ridge rare earth deposit classified as Strategic and Critical by the USGS ! Pea Ridge to be a stable rare earth producer, economically insulated from foreign monopoly pricing pressure

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Contact Information
Wings Enterprises Inc. Corporate Office 8800 Page Avenue Saint Louis, Missouri 63114-6106 United States of America CEO - James Kennedy Tel: (314) 494-1638 jkennedy@wingsironore.com COO Bob Niemeier Tel: (314) 733-2329

Website: www.wingsironore.com

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