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March 2 0 1 8 w w w .BuchansResources.com

BuchansResources

BuchansResources

Forw ard Looking Statem ents

Information set forth in this presentation (the “Presentation Materials”) is provided by Buchans Resources Limited (the “Company”) and may involve forward-looking statements under applicable securities laws. Forward-looking statements are statements that relate to future, not past, events. In this context, forward-looking statements often address expected future business and financial performance, and often contain words such as "anticipate", "believe", "plan", "estimate", "expect", and "intend“; statements that an action or event "may", "might", "could", "should", or "will" be taken or occur, or

• ther similar expressions. All statements, other than statements of historical fact, included herein including, without limitation; statements about the

terms and completion of the transaction with Buchans and Canadian Zinc, the planned financing and the potential of the properties, including the details

• f the Lundberg PEA are forward-looking statements. By their nature, forward-looking statements involve known and unknown risks, uncertainties and
• ther factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future

results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following risks: the need for additional financing; operational risks associated with mineral exploration; requirement to obtain shareholder approval; failure to execute definitive agreements fluctuations in commodity prices; title matters; environmental liability claims and insurance; reliance on key personnel; the potential for conflicts of interest among certain officers, directors or promoters with certain other projects; the absence of dividends; competition; dilution; the volatility of our common share price and volume and the additional risks identified the management discussion and analysis section of our interim and most recent annual financial statement or other reports and filings with the Exchange and applicable Canadian securities regulations. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date that statements are made and management undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable securities laws. Investors are cautioned against attributing undue certainty to forward-looking statements.

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BuchansResources

Buchans Resources Lim ited

Advanced Exploration & Developm ent Projects in Central New foundland

• Buchans Resources holds ~ 200 km 2 land package with NI 43-101 compliant deposits
• Lundberg Deposit
• Bobbys Pond Deposit
• Daniels Pond Deposit
• Properties host many early and advanced-stage exploration targets
• Canadian Zinc holds ~ 450 km 2 land package in a proven, yet underexplored, mining district
• Land package includes three main projects with high grade Zn-Cu-Pb-Au-Ag NI 43-101

compliant deposits

• South Tally Pond ( Lem archant deposit)
• Tulks South ( Boom erang-Dom ino deposit)
• Long Lake ( Long Lake m ain Zone deposit)
• Central Newfoundland deposits host almost 2 billion lbs. Zn, almost 700 million lbs. of Pb

and over 300 million lbs. Cu

• Collaborative agreement with Canadian Zinc Corporation to examine the viability of

developing both companies’ key deposits through a central m illing facility

• Positive results from metallurgical research program, funded in part by Newfoundland

Government

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New foundland’s Geological Potential

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Historical Production from Canada’s First Mineral District in Central New foundland

Duck Pond Mine Operator: Teck Resources 2007 to 2015 Production: 5.4 million tonnes averaging 5.8% Zn, 0.9% Pb, 3.3% Cu, 0.86 g/ t Au, 59 g/ t Ag Buchans Mine Operator: ASARCO 1927 to 1984 Production: 16.2 million tonnes averaging 14.5% Zn, 7.6% Pb, 1.3% Cu, 1.37 g/ t Au, 126 g/ t Ag from five separate deposits (Lucky Strike ,Old Buchans, Oriental, Rothermere, and MacLeans) 5

BuchansResources

New foundland Advanced Exploration/ Developm ent Projects

Lundberg VLSG (all 43-101) District Total

200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000

Zn (lbs) Pb (lbs) Cu (lbs) 851 361 207 1,049 316 122 1,901 677 329 Millions

Central Newfoundland deposits collectively host almost 2 billion pounds of Zn, almost 700 million pounds Pb and over 300 million pounds Cu. Buchans’ Lundberg deposit hosts half the district’s Cu and Pb and almost as much zinc as all the other deposits combined.

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BuchansResources

Buchans Mine

Past production - 16.2 million tonnes @ 14.5% Zn, 7.6% Pb, 1.3% Cu, 1.37 g/t Au, 126 g/t Ag

Duck Pond Mine

Past production - 5 .4 m illion tonnes @ 5 .8 % Zn, 0 .9 % Pb, 3 .3 % Cu, 0 .8 6 g/ t Au, 5 9 g/ t Ag

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Lundberg Project

• PEA-stage development project located

near the former producing Buchans Mine

• The Buchans area properties contain

512 contiguous claims totaling 134 km 2

• Lundberg deposit is a stockwork-type

VMS deposit containing zinc, copper, lead and silver

• There are several other prospects

including Clementine West and Buchans North

• Altius Minerals, Adventus Zinc and

Canstar Resources recently announced a consolidation of their newfoundland zinc exploration projects, focused on the buchans camp 2 0 1 1 PEA Highlights1

Mine Type

• Open pit

Mine Life

• 10 years

LOM Ore Mined

• 17.3 million tonnes

Strip Ratio (waste:ore)

• 3.06 to 1

Throughput

• 5,000 tonnes per day

Average Annual Production Zinc (M lbs)

• 27.1

Lead (M lbs)

• 5.5

Copper (M lbs)

• 16.3

Silver (oz)

• 48,000

Category Tonnes Grade Zn (%) Pb (%) Cu (%) Ag (g/t) Au (g/t) Indicated 23,440,000 1.41 0.60 0.35 5.31 0.07 Inferred 4,310,000 1.29 0.54 0.27 4.47 0.08

Open pit at Buchans Mine

Resource Estimate for the Lundberg Project (February 2013)2

1. Cut-off grade of $15 NSR 2. 4.93 million tonnes of in-situ inferred resources were excluded from the open pit mine design and may be included in future economic evaluations

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Lundberg Project

VMS Stockw ork Deposit Surrounding Lucky Strike Deposit, Buchans Mine Lucky Strike (massive sulphides): Production 1928-1958 and 1972-1979 High grade deposit of 5.6 M tonnes averaging 18.4% Zn, 8.6% Pb, 1.6% Cu, 112 g/t Ag & 1.7 g/t Au 9

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Lundberg Project

Bulk Tonnage Resource 1 0

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Bobbys Pond and Daniels Pond

Daniels Pond Deposit

• High-grade VMS base metal deposit exposed at surface
• Located within the highly prospective Tulks North Property, in the same mineral belt

as the Boomerang deposit

• 83 drill holes totaling 15,411 m were completed in 2007 and 2008

Resource Estim ate for Bobbys Pond 1 Bobbys Pond Deposit

• Deposit has vertical orientation, favourable metallurgical characteristics and high grade

mineralization which comes to surface

• Thick intervals of low grade copper stringer mineralization indicate that the mineralized

system continues at depth

• Potential for very high grade stopes with numerous composite assays greater than 12%

Zn

• Good recoveries and concentrate grades in preliminary metallurgical study
• 80% Cu recoveries with 23% concentrate
• 80% Zn recoveries with 57% concentrate

Category Tonnes Grade Zn (%) Pb (%) Cu (%) Ag (g/t) Au (g/t) Indicated 1,162,000 4.44 2.12 0.31 87.79 0.60 Inferred 445,000 3.88 1.74 0.27 81.63 0.52

Resource Estim ate for Daniels Pond 1

Category Tonnes Grade Zn (%) Pb (%) Cu (%) Ag (g/t) Au (g/t) Indicated 1,095,000 4.61 0.44 0.86 16.6 0.2 Inferred 1,177,000 3.75 0.27 0.95 10.95 0.06

• 1. See Technical Report filed on Minco plc’s company profile at www.sedar.com

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Daniels Pond Deposit

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Canadian Zinc and Buchans Resources Mineral Collaboration

• Canadian Zinc and Buchans Resources agreement to share research data on their

central Newfoundland VMS deposits

• Research program funded in part by government agency, Research Development

Corporation of Newfoundland and Labrador, to determine technical and economic viability of developing deposits using a central milling facility

• Five deposits:

Lundberg, Lem archant, Boom erang-Dom ino, Bobbys Pond and Daniels Pond

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Metallurgical Research Program

• Research program dem onstrated that ore from all five deposits can be processed

using a sequential flow sheet in a central m illing facility

Research Program Funded by Research Developm ent Corporation ( RDC)

• f New foundland and Labrador
• Sequential flowsheet provides better grades and recoveries for Cu, Pb and Zn

concentrates compared with bulk flotation flowsheet.

• Test results and simulations confirm sequential flow sheet yields selective Zn, Pb and

Cu concentrates at m arketable grades

• Lundberg enhances viability of central milling facility and future development of region's

mineral resources

Results of Research Program March 2 0 1 7 : 1 4

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South Tally Pond Project

• ~ 150 km 2 position adjacent to the

Duck Pond Mine/ Mill complex

• Lemarchant Deposit (includes Main

Zone and Northwest Zone)

• Hosted in a 4km long and 700m

wide volcanic sequence

• Initial Resource Estimate, January

2012 (report filed in March 2012)

• 2017 drill programme, totaling

12,422 meters in 48 drill holes, successfully extended the Lemarchant deposit mineralization

• To date, Canadian Zinc has

completed 28,800 metres of drilling in 94 drill holes (2013 – 2018), including 9300 metres in 23 holes in the North West zone

• Total drilling at Lemarchant is

53,200 metres in 167 drill holes (from 1983-2018).

• Lemarchant Main Zone remains
• pen along strike and up-dip
• Northwest Zone remains open along

strike Lem archant Deposit Resource Estim ate 1.

Drilling at the Lemarchant deposit

• 1. See Technical Report filed on Canadian Zinc Corporation’s SEDAR profile

at www.sedar.com

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Tulks South Project

• 180 km 2 land position, 65 km southwest
• f the Duck Pond Mine
• Road access and infrastructure
• Hosts several significant Cu-Pb-Zn-Ag-Au

VMS deposits: Boom erang-Dom ino, Tulks East and Hurricane

• 2017 drill programme, totaling 4,961

meters in 14 drill holes, targeted extensions to the Boomerang-Domino VMS deposit and tested three priority target areas

• Successfully extended Boomerang

mineralization by 50m

• Boomerang-Domino Resource Estimate,

August 2007

• Boomerang-Domino Deposit consists of

Boomerang lens and Domino lens; Hurricane lens is along strike (not part of resources)

• Boomerang-Domino deposit defined to a

depth of 450 metres

• 2014 program extended the Hurricane

mineralization at the Boomerang-Domino deposit Resource Estim ates for Tulks South Deposits1

Deposit Category Tonnes Zn (%) Pb (%) Cu (%) Ag (g/t) Au g/t) Boomerang Indicated 1,364,000 7.07 3.00 0.51 1190.2 1.66 Inferred 278,100 6.72 2.88 0.44 96.5 1.29 Domino Inferred 411,200 6.30 2.80 0.40 94.0 0.60 Hurricane NC 55,100 13.40 7.00 1.20 159.0 2.90 Tulks East A NC 4,500,000 1.50 0.1 0.2 9.0 N/A Tulks East B NC 200,000 8.7 1.3 0.7 59.0 0.1 Tulks East C NC 900,000 <1% combined Cu+Pb+Zn

Canadian Zinc exploration camp, Tulks South project

• 1. See Technical Report filed on Canadian Zinc Corporation’s

SEDAR profile at www.sedar.com

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Canadian Zinc and Buchans Resources Deposits and Resources

Attributable Resource Estim ates for New foundland Base Metals Projects ( NI 4 3 -1 0 1 Com pliant) 1

Measured & Indicated Resources Inferred Resources Total Resources

Deposits Ownership Tonnage Grade Tonnage Grade (millions) Zn (%) Pb (%) Cu (%) Au (g/t) Ag (g/t) (millions) Zn (%) Pb (%) Cu (%) Au (g/t) Ag (g/t) Zn Eq (%) Zn Eq (M lbs) Lemarchant 100% 1.2 5.38 1.19 0.58 1.01 59.17 1.3 3.70 0.86 0.41 1.00 50.41 10.15 577 Boomerang 100% 1.4 7.07 3.00 0.51 1.66 110.20 0.3 6.72 2.88 0.44 1.29 96.50 16.94 613 Domino 100% 0.4 6.30 2.80 0.40 0.60 94.00 13.57 123 Long Lake 100% 0.4 7.82 1.58 0.97 0.57 49.00 0.1 5.77 1.24 0.70 0.48 34.00 13.89 149 Bobby’s Pond 100% 1.1 4.61 0.44 0.86 0.20 16.60 1.2 3.75 0.27 0.95 0.06 10.95 7.79 390 Daniels Pond 100% 1.2 4.44 2.12 0.31 0.60 87.79 0.4 3.88 1.74 0.27 0.52 81.83 10.27 365 Tulks Hill 49% 0.2 3.97 1.61 0.89 1.17 35.09 11.20 52 Sub-total 5.5 3.7 9.50 2,269 Lundberg 100% 23.4 1.41 0.60 0.35 0.07 5.31 4.3 1.29 0.54 0.27 0.08 4.47 3.22 1,973 Total 28.9 2.20 0.81 0.40 0.23 17.14 8.0 2.68 0.82 0.41 0.33 25.44 5.21 4,242 1. Zinc equivalent and silver equivalent grade and resources are calculated on the basis of the following assumed long-term metal prices of: US$1,270/ oz Au, US$16.80/ oz Ag, US$1.00/ lb Zn, US$3.00/ lb Cu and US$0.95/ lb Pb

Com bined Global Attributable Resources of 4 .2 Billion Lbs. Zn Eq 1 7

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Active Exploration Area

Marathon Gold Valentine Project Adventus Zinc

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*Subject to Change

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Trans-Atlantic Resource Opportunities

Toronto

North Pennines Orefield (Zn-Pb-Ag)

• Exploration Irish-Type Zn-Pb

Buchans (Zn-Pb-Cu-Ag-Au)

• PEA & Exploration – VMS
• Historic Mining Camp

Woodstock (Mn)

• PEA Plymouth deposit (MnCO₃ - Manganese Carbonate)

Xtierra Inc. (Ag-Zn-Pb) (22% Ownership - TSX-V:XAG)

• PEA Bilbao deposit (skarn)
• La Laguna Project (6.799m tonnes Ag)

Irish Midland Orefield (Zn-Pb-Ag)

• Moate – Recent positive drill programme
• Navan – Joint Venture with Tara Boliden

(PL 1440R)

I nternational Presence:

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• MANGANESE ASSETS
• Woodstock Manganese deposits
• Positive Preliminary Economic Assessment
• Hydrometallurgy tests completed
• Robust internal economic model accomplished
• MANGANESE MARKET
• Potential for Demand to Significantly Increase with

Electric Vehicles (EVs)

• EMM used in Nickel-Cobalt-Manganese (NCM)

Li-Ion batteries for EVs

• EMD used in Lithium Manganese Oxide (LMO)

Li-Ion batteries for EVs

Buchans

Head Office Exploration Office

Toronto

Woodstock Buchans

Head Office Exploration Office

Toronto

Buchans

Head Office Exploration Office

Toronto

Woodstock

Atlantic Canada Manganese Assets

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W oodstock Manganese Deposits

• North America’s largest undeveloped

Manganese (II) carbonate resource

• 12.3 million tonnes Mn content vs.

China’s total reserves of 30 million tonnes Mn content

• Opportunity arising in Electrolytic

Manganese Metal (EMM) market for Electric Vehicles (EVs).

• Completed Positive Preliminary Economic

Assessment

• IRR: ~18%
• NPV8%: CDN$846 Million
• Located in New Brunswick, Canada –

recently voted as one of the world’s most mining friendly jurisdictions by the Fraser Institute

• Full infrastructure, reagent and power

accessible

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Drill hole CA0 0 8 ( Septem ber 2 0 1 3 ) (7.1m @ 2.60%Zn, 0.55%Pb)

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North Pennines Zn-Pb Project England

BuchansResources

North Pennines Zn-Pb Project England

Drill hole CA0 0 8 ( Septem ber 2 0 1 3 ) (1.05m @ 17.7%Zn, 0.40%Pb)

17.7% Zn, 0.40% Pb over 1.05 m (CA008 from 154.70 to 155.75m depth)

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Moate Project County W estm eath, I reland

Buchans, through Minco Ireland Limited, drilled six inclined drill holes, for a total of 1400 metres, led by Minco Ireland’s in-house geological team who successfully predicted zinc-lead deposits at Pallas Green. Specific Geological Target - Zinc-Lead Mineralisation of Tynagh Mine type.

Prospecting Licences (PLs) 1228, 1229, and 3981

Above: Drill Rig 2016 Drill Programme Right: Chairman John F. Kearney & Chief Geologist Peter Tyler at Moate

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Tatestow n Deposit County Meath, I reland

PL 1440R – Joint Venture with Tara-Boliden Mines Limited (80% Tara : 20% Buchans)

The Tatestown Deposit hosts an inferred resource of 775,000 tonnes grading 5.42% zinc and 3.83% lead.

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Reasons to I nvest in Buchans Resources

 Advanced Zn-Cu-Pb-Au-Ag projects in Newfoundland  Stable, mining-friendly with excellent access to infrastructure and low exploration costs  Newfoundland ranked 14th globally for investment attractiveness by the Fraser Institute in 2016  Existing high grade deposits remain open for expansion  Numerous high priority VMS prospects outside of the current deposits  Many acquisition opportunities in the region  Management team with operating and exploration experience in Newfoundland  Large Manganese Resource in New Brunswick  Zn-Pb Exploration Projects in Ireland  Zn-Pb Exploration Project in the North Pennine Orefield  Proven track record of advancing/ developing/ selling projects through feasibility, permitting and construction 2 6

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Strong Zinc Fundam entals

• Zinc prices are forecast to increase to more than $3500 per tonne in

2019, then settle back to near $2500 in 2020 before seeing a recovery in 2021 2 7

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