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2 Disclaimer This presentation contains statements that are forward-looking, such as those relating to results of operations and financial condition, capital spending, financing sources, commodity prices, mineral resources and property evaluation plans and programmes. Forward-looking statements are frequently characterised by words such as “plan”, “expect”, “project”, ”intend”, ”believe”, ”anticipate” and other similar words, or statements that certain events or conditions “may” or “will” occur. Forward-looking statements are based on the opinions and estimates of management at the dates the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. The forward-looking statements contained in this document are as of the date of this document, and are subject to change after this date. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. Euromax disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

3 Introducing the Ilovica-Shtuka Gold-Copper project in Macedonia The Euromax Proposition Simple Geology, Simple Mining, Simple processing, Simplicity Simple Logistics = AISC US$372/oz ___________________________________________________________ Longevity 20+ year Mine Life = cyclical Gold & Copper exposure ___________________________________________________________ Credibility A Management Team that has done it all before ___________________________________________________________ Comprehensive National, Regional and Local backing Support Received EIS Approval

4 Project Location Logistics Rosia Montana (Gabriel Resources) Certej (Eldorado Gold) Bor Timok (Nevsun Resources) Europe North America Chelopech (Dundee Precious Metals) Africa Skouries (Eldorado Gold) Ilovica - Shtuka (Euromax) South America

5 Macedonia Government & GDP USD 11 billion Tax rate 10% Public Support Population 2 million Excellent infrastructure Educated workforce Free Trade World Bank Ease agreements with EU of Doing Business 25% Unemployment and EFTA 6 th EU, 12 th World

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7 Systematic Value Creation Measured & Proven & Indicated Resources Probable Reserve • Inferred Resource ✓ 256.8mt @ 198.1mt @ • Preliminary Economic Analysis ✓ 0.32g/t Au (2.6Moz) 0.32g/t Au (2.01Moz) 0.21% Cu (1.2Blb) 0.21% Cu (898.9Mlb) • M & I Resource ✓ (AuEq 0.66 g/t) AuEq 5.4Moz AuEq 4.11Moz • Pre-Feasibility Study ✓ • Base Line E & S Data Collation • P & P Reserve ✓ • EIS Approved • Feasibility Study ✓ • 30 Year Mining Concession Awarded • Construction Permit Initiated • Front End Engineering & Design ✓ • All achieved with US$30 million of expenditure

8 Feasibility Study – the Value Defined Pre-tax NPV (5%) US$ 513m Mineral Reserve IRR: 19.8% - 2.01 Million oz Gold Post-tax NPV (5%) US$ 440m - 898.9 Million lbs Copper IRR: 17.8% MINE LIFE 20+ YRS 83,000oz Au & 16,000t Cu (AuEq 167,000 oz) AVG ANNUAL Conc & Dore – Aurubis Offtake PRODUCTION INITIAL CAPEX ( INC. CONTINGENCY ) U S $ 4 7 4 . 3 million AFTER TAX PAYBACK PERIOD 4 . 3 Y R S Au ADJ. OP. CASH COSTS / ALL-IN COSTS US$ 200/oz/US $372/oz Cu ADJ. US$ 0.54/lb/ US $0.93/lb Prices: USD 1,220/oz Au; USD 2.90/lb Cu

9 Initial Capex Summary Initial Capex Opportunities Initial Capex Breakdown (US$m) • MOU with EPC Contractor agreed - 2 stage process: Mining & Fleet $75.2 Open Book to Guaranteed Maximum Price; Lump Processing Plant $199.6 Sum Turn Key EPC Contract. Owner’s Costs $33.2 • Received 3 bids appetite for Contract Mining, Infrastructure reducing capex requirements at rates in line with the $26.0 Feasibility Study. Tailings Management Facility $42.9 • Comminution equipment costs reduced from more EPCM Contractor $53.2 detailed quotes from suppliers. Temporary Works $3.7 • Lower infrastructure costs using local quotes and supply together with reducing foot print. Sub-Total $433.8 Financing Contingency $40.4 US$240m UFK Guaranteed Project Finance Total $474.2 supported by Aurubis offtake

10 Simple Geology • Resource drilling completed to nominal Measured and Indicated Fresh Mineral Resource Based upon a Dollar Equivalent cut-off of US$16/t 50m spacing Grade Contained Metal  Classification Tonnage (Mt)  Au  Cu  Au  Cu • A total of 42,032m have been drilled for  (g/t)  (%)  (Moz)  (Mlb)  Measured  147.1  0.31  0.23  1.5  729.500 130 drillholes     0.20   Indicated 109.7 0.33 1.1 479.000  Total M & I  256.8  0.32  0.21  2.6  1,208.500 • Consistent mineralisation and grade throughout

11 Simple Mining Proven and Probable Reserves • Strip Ratio 1:1 – open pit Grade Contained Metal Classification Tonnage Au Cu Au Cu • Conventional drilling and blasting together (g/t) (%) (Moz) (Mlb) with shovel and trucks supported by a fleet Probable 112.6 0.30 0.19 0.84 355.0 of ancillary equipment Proven 85.5 0.32 0.22 1.17 543.9 Total P & P 198.1 0.32 0.21 2.01 898.9 • Two hydraulic shovels with a fleet of up to 19 rigid dump trucks

12 Simple Processing • 10Mt pa throughput • Primary gyratory in pit crusher with conveyor from pit to plant • SAG mill with two ball mills • Bulk flotation - produces clean concentrate of 24% Cu & 24g/t Au • CIL on scavenger tails to on-site doré

13 Simple Logistics • Road Transportation (A3 Motorway) directly to the Pirdop smelter at costs of US$26.4 per tonne of concentrate • 60,000 – 100,000 tpa concentrate production using 30t trucks • 300km / 4-5 hour Journey time

14 A Wealth of Experience Steve Sharpe, President & CEO Tim Morgan-Wynne, Non-Executive Director • • +30 years in investment banking, focused on the mining sector in Previously CFO at European Goldfields and Director of Europe & The Americas. Resources and Energy Group at HSBC Bank plc. • • Senior management positions at European Goldfields, Experience in financing projects: Europe, North America, Africa. Canaccord, Endeavour Financial, Standard Bank, and NM Rothschild & Sons Ltd . Varshan Gokool, CFO Randy Matkaluk, Non-Executive Director • • Extensive project finance experience. CFO of privately owned oil and gas company Capio Exploration • Corporate and banking background, including European Ltd. • Goldfields, Treasurer at Katanga Mining Limited, Vice President Director at Triangle Petroleum Corp. in Societe Generale's Mining Finance team. Patrick Forward, COO Bill Abel, Non-Executive Director • • +25 years global experience in project development and +40 years of senior professional experience at major execution: exploration, managing engineering studies up to international mining companies. • detailed engineering, operational management. Specialty in operations, management and project development • Qualified Person for NI 43-101 reporting. and implementation. • Formerly VP head of projects at European Goldfields. Martyn Konig, Non-Executive Chairman Raymond Threlkeld, Non-Executive Director • +30 years’ experience in banking and commodities. • +30 years’ experience in mineral industry. • • Non-Executive Director of New Gold Inc. and Chairman of Currently Executive Chairman of Newmarket Gold Inc., Non- Nyrstar. Executive Director of New Gold Inc.

15 Next Steps  Technical Development – Expected Completion end of Q2 2017 • Incorporate Ag into Resource • Initiate stage 1 of EPC Process – Guarantee Maximum Price • Complete Mining Contract negotiation • Issue Optimised Technical Report – June 2017  Permitting – Expected completion Q3 2017 • International ESIA – March 2017 • Process Main Mining Project through approval steps • Complete Land Acquisition and urbanisation process

16 Cashflow Profile – Returning The Value Production Years 1-5 6-10 11-23 Au (oz/yr) 103,000 90,800 67,700 Avg Annual Cu (t/yr) 20,800 16,800 13,300 Production Total AuEq (oz/yr) 212,000 179,800 137,700 Cash Flows by Period ( Au US$ 1220 /oz, Cu US$ 2.90 /lb) Years 1-5 6-10 11-23 Average Annual $112 million $84 million $24 million Operating Cashflow Post Tax Total Operating Cashflow Post Tax $560 million $420 million $323 million Food for thought: EOX Market Cap C$79 million (US$59 million) Average Annual Operating Cashflow yrs 1-5 = US$112 million per annum 1 AuEq calculation also includes payable silver in concentrate. 2 There is not production in years 21-23 but there are cash flows incurred associated with closure and salvage.