April 2017 European Gold Forum www.mundoro.com TSXV:MUN - - PowerPoint PPT Presentation

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April 2017 European Gold Forum www.mundoro.com TSXV:MUN - - PowerPoint PPT Presentation

TSXV: MUN Focused Investment in Gold & Copper Projects April 2017 European Gold Forum www.mundoro.com TSXV:MUN www.mundoro.com Forward-Looking Statements: Certain statements made during this presentation, including, without


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TSXV: MUN www.mundoro.com Focused Investment in Gold & Copper Projects

April 2017 European Gold Forum

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Forward-Looking Statements:

  • Certain statements made during this presentation, including, without limitation, those concerning the economic outlook for the resource

exploration industry, expectations regarding metal prices, growth prospects and the outlook of Mundoro’s operations, including the successful definition of mineral resources or reserves on Mundoro’s Serbian exploration projects, and its ability to raise the capital resources necessary to execute its business plan, constitute ‘forward looking information’ under applicable securities legislation. These types of statements are generally identified by words or expressions such as “may”, “would”, “could”, “should”, “anticipate'', “believe'', “intend”, “expect”, “plan”, “potential”, “estimate”, “budget'', “outlook'', “target” or other terminology.

  • By its very nature, forward-looking information requires Mundoro to make assumptions that may not materialize or that may not be

accurate and is subject to a variety of risks, both known and unknown. Although Mundoro believes that the expectations reflected in the forward-looking information contained in this presentation are reasonable, no assurance can be given that these expectations will prove to have been correct. Accordingly, results could differ materially from those set out in the forward-looking information.

  • The business of Mundoro is subject to considerable risks related to the fluctuation of metal prices, risks and dangers inherent in mining,

competition with other mining companies, and doing business in Serbia, Bulgaria, Mexico, China.

  • The targets expressed throughout this presentation are based on Mundoro’s assessment of the geological data currently available and are

conceptual in nature. There has been insufficient exploration with respect to these targets to define any estimates of quantities. There is no guarantee that reserves under section 2.3 of NI 43-101 will be delineated through additional exploration.

  • The forward-looking information contained in this presentation is made as of the date of this presentation and, except as required by

applicable law, Mundoro does not undertake any obligation to update publicly or to revise any of the included forward-looking information to reflect events or circumstances after today’s date or to reflect the occurrence of unanticipated events.

National Instrument 43-101 – Technical Disclosure:

  • The technical report described herein on the Borsko Jezero Property was prepared by D. Power-Fardy, P.Geol., EurGeol., Senior Geologist,

Watts, Griffis and MCOuat Limited, "Qualified Persons" as defined by NI43-101.

  • The information contained in the studies reflects various technical and economic conditions at the time of writing that can change

significantly over relatively short periods of time. There can be no assurance that the potential results contained in the studies will be realized.

  • NI43-101 compliant technical reports for Mundoro’s properties have been filed on the SEDAR website at www.sedar.com.
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Mundoro’s Position in Market vs Peers

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Serbia Timok North Projects Timok South Projects Bulgaria Byalo Zvezda Mundoro Corporate

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Increasing Valuation, Decreasing Risk

Re-rating for Value

Source: SNL Google Finanace April 19, 2017

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Disciplined Capital Structure

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BALANCE SHEET Cash (Q4-2016) $4.9 million Debt $0 SHARE CAPITAL Shares outstanding (basic) 52,120,109 Employee Options 3,237,500 Warrants (@$0.20) 4,166,667 Shares outstanding (fully diluted) 59,524,276

Mundoro Corporate

Shareholders

Sprott Adrian Day SPG Altius

Market Capitalization among Peers

  • Mundoro has lowest market capitalization (Mkt Cap) versus peers with similar asset base of drill-target-projects and joint venture partner.
  • Mundoro has highest assets (cash) to liabilities (debt).
  • Mundoro has lowest market value to book value
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Mundoro has a Discovery Focused Portfolio

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Serbia Timok North Projects Timok South Projects Bulgaria Byalo Zvezda Mundoro Corporate

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Mundoro’s Value Proposition

World Class District

District Scale Land package with drill ready targets in Timok Mining Camp in Tethyan Belt

Healthy Treasury

Company History of Fiscal Discipline  75% of $1 goes to exploration

Risk Mitigation with Partners

Partnership with JOGMEC on 4 of 8 Serbian projects

Ideal Location

Eastern Europe has good infrastructure, local experienced labor, favourable tax regime with updated mining laws

Experienced Team Corporate Team with experience in Capital Markets

Exploration Team with experience in District

Commodities

Focused on Copper and Gold

Low Dilution

Company has 52.1 million shares outstanding

Strategic Investments

Operating Gold Mine in Bulgaria Development Gold Project in China

Mundoro Corporate

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Serbia Timok North Projects

2017

JOGMEC- MUNDORO JV PROJECTS Timok North Projects Description Q1 Q2 Q3 Q4

Dubrava Cu, Au Drilling Padina Cu, Au Drilling Zeleznik Cu, Au Drill testing Borsko Cu, Au Drill testing

MUNDORO 100% PROJECTS Timok South Projects

Skorusa Cu, Au Drill testing Tilva Rosh Au, Cu Drill testing Markov Kamen Au, Cu Drill testing

Bulgaria Projects

Chuka Cu, Au Drill testing Angel Au, Ag Drill testing

1,500 m RC 1,500 m RC 1,000 m Core 1,000 m Core 600 m + 2,000 m Core

12 months of Exploration Drilling for Discovery Potential

1,000 m Core 6,000 m Core

Note – All drilling meterages are approximate

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Understanding the Discovery Potential of the Western Tethyan Belt

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Serbia Timok North Projects Timok South Projects Bulgaria Byalo Zvezda Mundoro Corporate

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Why Focus on the Tethyan Belt

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30% in Eastern Europe 39% of the Au ounces in Eastern Europe 5.6% of all deposits

Source: Minex Consulting

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Mundoro Focused on Tethyan Belt in Southeastern Europe

Serbia Timok North Projects Timok South Projects Bulgaria Byalo Zvezda Mundoro Corporate

Macedonia Greece

Bulgaria Serbia

Romania

Western Tethyan Belt has historical discoveries of +67 Moz of Gold & +8.7 Mt Cu, Pb, Zn

Rosia Montana 18.6 Moz Au Rovina Valley 7.5 Moz Au Certej 1.4 Moz Au Moldova Nova 2.6 Moz Au Majdanpek 6.8 Moz Au Veliki Krivelj 3.5 Mt Cu Bor 3.5 Moz Au Trun 2.1 Moz Au Trepcha 9 Mt Pb Elasite 2.1 Moz Au Medet 4.1 Moz Au Asarel 1.8 Mt Cu Chelopech 0.5 Moz Au Zidarovo 1.1 Moz Au Chala 0.8 Moz Au Madjarovo 1 Mt Pb+Zn Buchim 1.3 Moz Au Madan 0.4 Mt Pb Ada Tepe 1 Mt Pb+Zn Ilovitza 2.2 Moz Au Luki 1 Mt Pb+Zn Sappes 0.6 Moz Au Perama Hill 2 Moz Au Olimpias 4 Moz Au Skouries 5.4 Moz Au Stratoni 6.3 Moz Ag

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Discovery Costs for Gold

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Source: Minex Consulting

47% lower than World Avg

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Serbian Economy with Relevant Peers

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GDP per capita over 50+ years

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Serbian Economy with Relevant Peers

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Unemployment over 20+ years

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Foreign direct investment, net inflows (% of GDP)

Serbian Economy with Relevant Peers

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Maricunga Belt through Chile/Peru >1100 Au & Cu projects: ~900 - Exploration 100 – Development 181 - Operating Tethyan Belt through Serbia/Bulgaria/Turkey ~174 Au & Cu projects: 139 - Exploration 18 - Development 21 - Operating

Tethyan Belt under explored compared to other well known mineral belts

Source: Interria

OTHER DISTRICTS Difficult terrain – jungles, desserts, altitude Limited smelting facility access with rail Lack of accessible power Lack of skilled labor EUROPE Good road network and access Existing smelting facilities with rail transport Access to existing power grid Skilled, cost effective labor

Source: Interria

Mundoro Corporate

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Potential of Discovery in Timok

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Serbia Timok North Projects Timok South Projects Bulgaria Byalo Zvezda Mundoro Corporate

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Land Position in World Class Timok District

Majdanpek (Cu, Au) 620 Mt @ 0.34% Cu, 0.2 g/t Au * Cukaru Peki (Cu, Au) 65.3 Mt @ 2.6% Cu and 1.5 g/t Au ** Inferred Resource Operating Open Pit Mine Bor (Cu, Au) Jama: 14 Mt @ 0.8% Cu, 0.27 g/t Au * Borska Reka: 1008 Mt@ 0.53% Cu, 0.16 g/t Au * Operating Underground Mine 2012 Discovery Veliki Krivelj Mine (Cu-Au) 137Mt@ 0.35% Cu, 0.09 g/t Au *

(1987 to 2004) Mining 35,000kt/d

Operating Open Pit Mine

Serbia Timok North Projects Timok South Projects

* Third party production and resources estimates based on those reported by RTB Bor

  • Group. Resources reported according to Russian classification system.

** Reservoir PEA

>100 years of Mining History

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Serbia Timok North Projects Timok South Projects

Mundoro – JOGMEC JV licenses

Dundee- Rio JV licenses

Mundoro 100%

  • wned

licenses

Nevsun-Rio JV licenses Freeport- Reservoir JV licenses

Strategic Partnering to Position Success

4 North Timok Projects subject to 3 Year Option to Joint Venture with JOGMEC

Phase 1 150 sqkm Earn 51% by spending US$4M by March 2019 Yr 1 – US$1 million Yr2 – US$1.5 million (2017 Spend) Yr3 – US$1.5 million Phase 2 Earn additional 14% to reach a total of 75% by delivering Feasibility Study by March 2024 JOGMEC has Option to purchase an additional 5% at FMV to reach a total of 80% Mundoro is carried to Commercial Production

4 South Timok Projects being sole funded by Mundoro

2017

  • 400 sqkm
  • Mundoro spending ~C$2M on 100% controlled
  • ground. Includes ~8000 meters of drilling
  • Mundoro can Option these projects at any time

to maximize value to shareholders

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M&A Timeline in Timok, Serbia

2011 Mundoro initiates research and staking of land package in Timok March 2012 Mundoro announces first set of licenses in Serbia September 2012 Freeport-Reservoir announce Cukaru-Peki discovery drill holes September 2013 Mundoro announces Tilva Rosh high-grade Au zone discovery holes December 2014 Mundoro announces Zeleznik Cu-Au porphyry discovery June 2015 Mundoro signs with First Quantum November 2016 Reservoir and Avala sign with Rio Tinto March 2016 Mundoro signs with JOGMEC March 2016 Freeport sells portion of Cukaru-Peki April 2016 Avala acquired back into Dundee Precious Metals May 2016 Nevsun acquires Reservoir Today For a mining company with an interest in the Timok mining camp, Mundoro is the only public company left with significant land package for joint venture

Serbia Timok North Projects Timok South Projects

Mundoro – JOGMEC JV licenses

Dundee-Rio JV licenses

Mundoro 100%

  • wned

licenses

Nevsun-Rio JV licenses Nevsun - Freeport JV licenses

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Serbia and the Timok District: Mining Jurisdiction

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Serbia Timok North Projects Timok South Projects

Mining Law: Mining and geological exploration law updated 2012 & 2015 EU Status: EU Candidate Since March 2012 Labor: Highly skilled and competitive labor force Employment: 22% unemployment Population: 7.2M GDP Growth (2013) $81 billion 2% Export/Imports

(2013)

$15 billion / $21 billion Area: 77,474 sq. km

  • The Timok District currently hosts 3
  • perating mines and smelter complex
  • Mining dates back to Roman times
  • Foreign companies in the district:

Freeport, Nevsun, Dundee, Rio Tinto

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TIMOK NORTH PROPERTIES Optioned to JOGMEC

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North Timok Projects

(Optioned to JOGMEC)

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Serbia Timok North Projects

Target Highlights

2017 Work Plan Zeleznik East

porphyry & massive sulphides target Drilling highlights: ZELDD01: 52.3m@0.31% CuEq ZELDD05:117.0m@0.21% CuEq including 81.2m@0.35% CuEq ~3,000 meters follow-up drilling

Zeleznik West

porphyry target Drilling highlights: ZELDD01: 230.3m@0.17% CuEq including: 25.8m@0.43% CuEq ~3,000 meters follow-up drilling

Borsko Jezero

High sulphidation epithermal and porphyry target

  • Large copper & gold-in-soil

anomalies.

  • Strong lineaments defined

by soil geochem, geophysics, and ground mapping. ~821meters first pass + 2,000 meters additional drilling

Dubrava/ Padina

  • HS – Porphyry targets
  • BJ-04:

Structural Interp

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Project State Country Main Commodity Second Commodity Status Tonnage Cu (%) Grade Owners Centinela Oxide Antofagasta Chile Copper Molybdenum Operating 1,591,500 0.403 Marubeni Corporation/ Esperanza and El Tesoro Copper Projects Palabora Limpopo South Africa Copper Iron Ore Operating 2,495,041 0.400 Investor Group/ Palabora Rosemont Arizona USA Copper Molybdenum Construction Planned 3,519,584 0.394 HudBay Minerals Inc./ Augusta Resource Corp. Mission Arizona USA Copper Silver Operating 1,244,000 0.390 Vedanta Resources Plc/ Operating assets of Asarco LLC Bozshakol Pavlodar

  • blysy

Kazakhstan Copper Gold Commissioning 4,409,000 0.361 Government of Kazakhstan/ Kazakhmys PLC Teghout Lori Armenia Copper Molybdenum Operating 1,656,000 0.360 Rosia Poieni Cluj Romania Copper Gold Operating 3,600,000 0.360 Investor group/ SC Cupru Min SA Abrud Copper Mountain British Columbia Canada Copper Gold Operating 1,623,859 0.360 Copper Mountain / Mitsubishi Gabriela Mistral Antofagasta Chile Copper Molybdenum Operating 3,400,000 0.340 CODELCO Caserones Atacama Chile Copper Molybdenum Operating 4,320,000 0.320 PAN PACIFIC COPPER CO LTD/ Regalito Carmen de Andacollo Coquimbo Chile Copper Gold Operating 2,095,150 0.312 TECK Antucoya Antofagasta Chile Copper Operating 3,680,000 0.310 Antofogasta El Pilar Sonora Mexico Copper Construction Planned 1,173,805 0.274 Grupo México, S.A.B. de C.V./ El Pilar project NorthMet Minnesota USA Copper Nickel Construction Planned 2,938,358 0.270 Glencore International AG/ PolyMet Mining Corp Constancia Cusco Peru Copper Molybdenum Operating 3,002,500 0.253 Silver Wheaton Corp./ Gold assets of Constancia project Gibraltar British Columbia Canada Copper Molybdenum Operating 2,619,950 0.250 Undisclosed buyer/ Copper assets of Gibraltar mine Chapada Goiás Brazil Copper Gold Operating 2,072,462 0.220 Altius Minerals Corporation/ Copper assets of Chapada mine Mount Milligan British Columbia Canada Copper Gold Operating 1,189,428 0.188 Royal Gold Inc/ Mount Milligan Casino Yukon Territory Canada Copper Gold Construction Planned 4,544,800 0.156 WESTERN COPPER CORP/ Lumina Resources Corp

Copper Projects Globally

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Source: SNL Interria (SNP Global Intelligence)

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Zeleznik Discovery is Adjacent to Majdanpek Mine

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Zeleznik Discovery

Location ~1800 meters north of RTB Bor-owned Majdanpek

  • pen-pit mine

Serbia Timok North Projects

East Zone: Massive Sulfides in Porphyry West Zone: Porphyry Copper-Gold

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Zeleznik – Four Target Areas

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Serbia Timok North Projects

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Bor and Veliki Kraveli Trends

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Freeport/Nevsun’s Cukaru Peki deposit

TWO IMPORTANT TRENDS

. Veliki Krivelj Trend

Serbia Timok North Projects

Bor Fault Trend Borsko License Dubrava License Padina License

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Borsko Drilling

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Serbia Timok North Projects

Target One

  • Cu soil anomaly,
  • Argillic altered dyke-like andesite at surface,
  • CSAMT Low Resistivity Anomaly,
  • Magnetic Low Anomaly,
  • mag-low and rho-low anomalies could

suggest the presence of a zone of hydrothermal alteration

  • Clear structural feature in parallel to regional

structures

  • Currently drilling with estimate completion in

March with results in April.

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SOUTH TIMOK PROPERTIES Mundoro

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South Timok Projects

(Mundoro projects: 400 sq. km. covering southern half of Timok Complex)

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Serbia Timok South Projects

Sumrakovac Savinac Osnic Bacevica

Target Highlights

2017 Work Plan Skorusa

porphyry target

Trench results:

  • 10m @ 0.27 % Cu and 0.93 g/t Au
  • 40m @ 0.1 % Cu and 0.2 g/t Au

Drilling:

  • STDD002: 36m @ 0.35% CuEq;

Including 8m@0.62%CuEq

  • SUMDD-001: 63.4 m @ 0.46 g/t AuEq;

Including: 26.0 m @ 0.68 g/t AuEq

  • SUMDD-002: 60.0 m @ 0.51 g/t AuEq;

Including: 28.3m @ 0.61 g/t AuEq

  • SUMDD-003: 72.0 m @ 0.32 g/t AuEq

~1,000 m step-out drilling H2/17

Tilva Rosh

high sulphidation and porphyry target

Trenching:

  • 12 m @ 30.39 g/t Au, 171.21 g/t Ag

Drilling:

  • SAV001: 7m @ 8.68 g/t AuEq
  • SAV003: 5m @ 3.73 g/t AuEq

~ 1,000 m drilling along 400 m strike H1/17

Markov Kamen North

high sulphidation and porphyry Drilling:

  • STDD009: 25m @ 0.54 g/t Au

Including 2m @ 2 g/t Au and 0.45 % Cu ~ 1,000 m drilling H2/17

25+ drill targets generated for testing

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Savinac - Tilva Rosh Drilling

12 m @ 30.39 g/t Au + 171.21 g/t Ag 18 m @ 2.21 g/t Au + 29 g/t Ag

Trench Results:

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Serbia Timok South Projects

SAV003: 5m@3.73 g/t AuEq SAV001: 7m@8.68 g/t AuEq

SAV-03; Cu sulphides

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Bacevica Project

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Target Models

  • Porphyry systems
  • high sulphidation systems

Important Features

  • 8 km of hydrothermal alteration
  • NW district known major structures

controlling mineralisation and hydrothermal alteration.

Serbia Timok South Projects

Two Main Target Areas

  • Tilva Rosh – deeper eroded system than in

Markov Kamen meaning closer to the porphyry targets

  • Markov Kamen – higher preserved system

which has potential for preserved high sulphidation systems

Savinac Project

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BULGARIA PROPERTIES

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Bulgaria: Mining Jurisdiction

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  • Other Foreign Companies working in

country: Dundee, Freeport, Austrian, German, USA

Bulgaria Byalo Zvezda

EU Status: EU Member since 2007 Mining Law: Mining law established 1999 ; Update 2011 Labor: Highly skilled and cost competitive labor force GDP Growth

(2013)

$104.6 billion 0.5% Population: 6.9M Employment: 11.6% Export/Imports

(2013)

$27.9 billion / $32.88 billion Area: 110,879 sq. km

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Bulgarian Project Highlights

(Mundoro projects)

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Bulgaria Byalo Zvezda

Bryastovo Copper Target

Chuka Gold - Copper Target

Eplika Gold Target

Angel Gold Target

Investment in an

  • perating

gold mine

Target Highlights 2017 Work Plan Chuka

Copper-gold porphyry and high sulphidation target

  • 2016 drilling showed pervasive

Cu and Au mineralisation over the 383 meter hole length Drill hole CDD-001:

  • 66.8m@0.22g/t Au starting at

surface

  • 146.5m@0.40% Cu and 0.12

g/t Au;

  • incl. 80.5m@0.51%Cu and

0.15g/t Au ~1000 m step-out drilling

Angel

Gold epithermal target

  • Large pervasive gold-in-soil

geochemical anomaly 2.5 km by 1.7 km

  • Anomaly consistent along

structures

  • 2017 drill program aims to test

structures and contact

  • Close geological model to

Kumovgrad deposit (Dundee) currently in construct 60 km away. ~1500 m first pass RC drill program

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Chuka: Copper – Gold Target

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  • 1000 meters drilling program demonstrated porphyry and high sulphidation system.

Bulgaria Byalo

Requires follow-up drilling

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Angel: Gold Epithermal Target

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Drill test:

  • 1. Bonanza

grades at basement unconformity contact.

  • 2. Continuation
  • f mineralized

structures at depth.

  • 3. Reactive rock

horizon to host wider mineralized bodies.

Bulgaria Zvezda

2.5 km x 1.7 km Gold-in-Soil Anomaly

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Investment Rationale for Mundoro

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Serbia Timok North Projects Timok South Projects Bulgaria Byalo Zvezda Mundoro Corporate

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Re-rating for Value

Increasing Valuation, Decreasing Risk

Source: SNL Interria (SNP Global Intelligence)

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Mundoro Top Quartile

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Mundoro has one of the lowest G&A spends for the level of exploration activity among active explorers.

Mundoro Corporate

25% OF EXPENSES GO TO SG&A 75% OF EXPENSES GO TO EXPLORATION

Source: SNL Interria (SNP Global Intelligence)

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Focused Team

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Teo Dechev, MBA, P.Eng, ICD.D CEO & President, Director

  • 20 years executive management and capital

markets focused on equity research, investment banking of resource companies. Financed companies at various stages of exploration, development and production such as Anatolia, Corriente, Anooraq, Eldorado, Rio Narcea,

  • Pangea. Licensed Professional Engineer.

Michael Starogiannis, P.Eng, MBA Investor Relations & Corporate Development

  • Geological engineer with 20 years experience in

capital markets. Bachelors of Applied Science in Geological and Mineral Engineering and an MBA from University of Toronto. Tom Wilson, CA CFO

  • Chartered Accountant with 35+ years of

experience in all areas of financial management and administration.

John Hoey, Independent Director Non-Executive Chairman, Governance and Nominating Committee Chair

  • Engineer & investment banker with 45+ years of

international investment experience. United States, State Department. Seasoned director with companies such as Lonmin, Tethys Oil and other natural resource juniors. Michael Calyniuk, Independent Director Audit Committee Chair

  • 30+ years at PWC in audit and more recently in

advisory Performance Improvement, Risk and Technology Practice focusing on governance & strategy. Graham Brown, Independent Director Compensation Committee Chair

  • 35+ years career in mineral exploration most

recently with Anglo American as Global Head of Exploration and Geosciences. Industry awards and world-class exploration discoveries credited to his Anglo American team during the last decade include; Los Sulfatos (PDAC), Sakatti (FEM) and ranked the most successful major base metals explorer (MEG).

Mundoro leadership team has proven capital markets relationships to bring capital Exploration team has proven discoveries in the Tethyan belt.

Mundoro Corporate

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Technical Value Add

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MUNDORO Georgi Magaranov – Senior Exploration Manager

  • Professional geologist with 25+ years experience in running exploration programs for Rio Tinto, Anglo American, & select junior exploration

companies in Eastern Europe, Middle East, Latin America, West Africa and Asia. Yassen Krishchev – Exploration Manager

  • Professional geologist with 20+ years experience in running exploration programs for Rio Tinto, Newmont & select junior exploration companies in

Eastern Europe, Middle East, Latin America, West Africa and Asia. Ivan Veljkovic – Projects & Country Manager, Serbia

  • Professional geologist with 15+ years experience in logistics and resource programs.

Damyan Hristov – GIS and Database Manager

  • Professional engineer with 22+ years experience in GIS and Database Management with Rio Tinto & select junior exploration companies.

Mundoro Corporate

Mundoro sources and works with leading technical experts in their respective fields to unlock value in our project portfolios.

TECHNICAL ADVISORS Richard Sillitoe, PhD, Geologist, Technical Advisor

  • An independent consultant for the last 38+ years for more than 500 resource companies, international agencies and foreign governments. Working
  • n various precious and base metal lithophile-metal deposits and prospects in over 90 countries.

Leigh Rankin, PhD, Structural Geologist, Technical Advisor

  • Structural geological mapping and integrated interpretation of geophysical data.

Richard Moores, Senior Geologist, Technical Advisor

  • 35+ years in exploration in porphyry-style deposits. Directed successful exploration and development programs in USA, Kazakhstan, Mongolia,

Turkey, Colombia. Former CEO of Anatolia and lead the discovery of several large copper and gold deposits including Copler Gold Mine. Alan Riles, Senior Metallurgist, Technical Advisor

  • 35+ years experience in operational and project management in the international mining industry.
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Mundoro’s Value Proposition

World Class District

District Scale Land package with drill ready targets in Timok Mining Camp in Tethyan Belt

Healthy Treasury

Company History of Fiscal Discipline  75% of $1 goes to exploration

Risk Mitigation with Partners

Partnership with JOGMEC on 4 of 8 Serbian projects

Ideal Location

Eastern Europe has good infrastructure, local experienced labor, favourable tax regime with updated mining laws

Experienced Team Corporate Team with experience in Capital Markets

Exploration Team with experience in District

Commodities

Focused on Copper and Gold

Low Dilution

Company has 52.1 million shares outstanding

Strategic Investments

Operating Gold Mine in Bulgaria Development Gold Project in China

Mundoro Corporate

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Appendix

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Serbia Timok North Projects Timok South Projects Bulgaria Byalo Zvezda Mundoro Corporate

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Zeleznik – East Zone

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ZELDD05: 2.8m @ 2.98% CuEq in massive sulphides. ZELDD06: 4.9m @ 1.40% CuEq in bottom of hole.

In Q4-2014 drilled three diamond drill holes in East Zone - intersected massive sulphides primarily in contact zones between limestone and diorite porphyry. Currently drilling an additional 3 holes to test at depth and further contact zones. Limestone unit correlates well with the Resistivity High

ZELDD05: 8m@0.34% CuEq in massive sulphides. ZELDD05: 6m@0.75% CuEq in massive sulphides. ZELDD05: 117m@0.2 1% CuEq ZELDD05: 81.2m@0.35% CuEq ZELDD01: 52.3m@0.31 % CuEq

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Zeleznik – West Zone

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Serbia Timok North Projects

In Q4-2014, drilled 3 diamond drillholes in West Zone - intersected mineralized diorite porphyry. Currently drilling 3 follow-up diamond drill holes to test further geophysics features along strike to the north and south as well as at depth. ZELDD01: 25.8m @ 0.43% CuEq ZELDD01: 230.3m @ 0.17% CuEq …but porphyry style veining also impregnates the surrounding gneiss unit causing a low grade disseminated mineralization along length of the drill holes. The mineralization appears to be strongest with the diorite porphyry…

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Zeleznik – North Target

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Serbia Timok North Projects

Target Porphyry Copper-Gold and Epithermal Gold deposits.

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Targets Cluster of underexplored Gold and Copper porphyry style mineralization and preserved lithocaps along two key NW trends. Work Completed

  • Historical Data Compilation
  • Regional Geophysics Interpretation
  • Stream Sediment Sampling
  • Geological mapping and rock sampling
  • Soil Sampling and alteration mapping
  • Ground Magnetic Survey
  • Trenching
  • Drilled 15 drill holes totalling 3,500 m:
  • 6 RC (609m)
  • 9 diamond (2,900m)

Sumrakovac

Serbia Timok South Projects

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SLIDE 49

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Serbia Timok South Projects

Sumrakovac: Skorus Drill Section of porphyry intersection

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Bacevica Project

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Two Main Targets

  • porphyry targets
  • high sulphidation systems

Important Features

  • Another 8 km of extension to the south of

the Savinac hydrothermal alteration trend.

  • NW district known major structures

controlling mineralisation and hydrothermal alteration.

Plans for 2017

Exploration for upgrading existing target areas to conceptual drill targets. Following program is budgeted for 2017:

  • Detailed mapping with rock sampling
  • Soil sampling
  • Ground Magnetics survey
  • IP Resistivity survey
  • Structural interpretation
  • Trenching

Serbia Timok South Projects

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SLIDE 51

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Savinac Project Two Main Target Areas

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Two Main Target Areas

  • Tilva Rosh – deeper eroded system than in Markov Kamen

meaning closer to the porphyry targets

  • Markov Kamen – higher preserved system which has potential for

preserved high sulphidation systems Important Features

  • 8.5 km long x 1.5 km wide belt of hydrothermal alteration.
  • Numerous lithocaps with related epithermal Gold and Copper-

Gold mineralisation.

  • NW district known major structures controlling mineralisation and

hydrothermal alteration. Drill Targets

  • Tilva Rosh – test NW lithocap that appears related to the high

grade gold zone and follow up drill holes to test high grade gold zone at depth

  • Markov Kamen – drill through the fault zone at end of drill hole

STDD09 to test for further hydrothermal breccia and quartz veins

Serbia Timok South Projects

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SLIDE 52

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Savinac - Markov Kamen North Drilling

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Significant hydrothermal breccia, massive sulphides and vuggy silica were intersected in STDD009

Serbia Timok South Projects

Requires follow-up drilling SAV-09; Vuggy Silica & massive sulphides SAV-09; Vein breccia Pb-Zn sulphides SAV-09; Hydrothermal breccia with smoky quartz clasts SAV-09; Hydrothermal breccia in massive sulfide matrix