EAU CLAIRE MAY 2018 PEA EASTMAIN RESOURCES INC. TSX:ER; - - PowerPoint PPT Presentation

EASTMAIN RESOURCES INC. TSX:ER; OTCQX:EANRF

PEA PRESENTATION – MAY 23, 2018

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EAU CLAIRE – MAY 2018 PEA

LEADING

HIGH-GRADE GOLD EXPLORATION

in JAMES BAY, Québec

EASTMAIN CORPORATE PRESENTATION TSX:ER; OTCQX:EANRF www.eastmain.com

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Certain information set forth in this presentation may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. Forward-looking statements consist of statements that are not purely historical, including statements regarding beliefs, plans, expectations or timing of future plans, and include, but not limited to actual results of current and future exploration activities at the Company's properties, and the potential success of the Company’s future exploration and development strategies. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Eastmain, including, but not limited to the results of the impact of general economic conditions, industry conditions, dependence upon regulatory approvals, the availability of financing, timely completion of proposed studies and technical reports, and risks associated with the exploration, development and mining industry generally such as economic factors as they affect exploration, future commodity prices, changes in interest rates, safety and security, political, social or economic developments, environmental risks, insurance risks, capital expenditures, operating or technical difficulties in connection with development activities, personnel relations, the speculative nature of gold exploration and development, including the risks of diminishing quantities of grades of Mineral Resources, contests over property title, and changes in project parameters as plans continue to be refined. 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. The Company assumes no obligation to update such information, except as may be required by law.

FORWARD-LOOKING STATEMENTS

All currencies are reported in Canadian dollars unless otherwise specified.

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EXECUTIVE SUMMARY

Québec and James Bay - Ideal for Exploration!

• Supportive government

 Investments  Tax credits  Flow-through incentives  Plan Nord – Québec’s 2018 budget includes investments in existing and remote access routes  Promotion of Mineral Resource sector

• Major Québec funds investing in mining
• Pro-development and pro-active indigenous (Cree) communities

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Clearly Defined Permitting Process Staged Evaluation Process through Standing Committees

• COMEV – Project Evaluation
• ESIA set by Québec MDDELCC
• COMEX – Project Review with Cree Nation Government, Province and Canada
• Québec Directive 19 Compliance

WORLD-CLASS JURISDICTION

QUÉBEC, CANADA - SAFE AND STABLE WITH SUPERIOR INFRASTRUCTURE

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EAU CLAIRE PROJECT LOCATION

• Located on the territory of the Cree

Community of Eastmain (180 km east of the community)

• Within 20 km of major hydro-electric

infrastructure

• Air transport to Nemaska
• Road access to mining communities of

Chibougamau and Matagami

• Clearwater property 100% owned by

Eastmain Resources

(100%) (36.7%)

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Key assumptions

 US$1,250/oz Au  C$/US$ 0.77 FX

ROBUST ECONOMICS

Financial Highlights

NPV5% (pre-tax) C$381M IRR (pre-tax) 32% NPV5% (after-tax)\ C$260M IRR (after-tax) 27% Payback 3.1 years Pre-Production Capex C$175M Sustaining Capex (LOM) C$108M Average LOM Total Cash Costs C$632/oz US$486/oz AISC C$746/oz US$574/oz

Operating Highlights

Mine Life 12 years Daily Throughput (LOM) 1,500 tpd LOM Au Produced 951,000 oz LOM Average Annual Production Average Annual Production (Yrs 1-10) 79,200 oz/y 86,100 oz/y Total Mineralization Processed OP: 1.64 Mt UG: 4.76 Mt Total: 6.40 Mt Average Head Grade (fully diluted) OP: 3.78 g/t Au UG: 5.24 g/t Au 4.86 g/t Au Process Plant Recovery 95% Total (blended):

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BENCHMARKING

CANADIAN DEVELOPER PEERS

Eau Claire compares well versus peers on key metrics

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Eastmain Undervalued Versus Peers

DEVELOPER P/NAV

Source: FactSet. (1) Based on a select group of other development companies in the gold space. (2) NAV based on Eau Claire NPV and corporate adjustments only. No value ascribed for other Eastmain projects including Eastmain Mine and Éléonore South JV. (2) (1)

Eastmain undervalued based on PEA; as well, no value being ascribed to Eastmain Mine (new high-grade resource) or Éléonore South JV (new discovery w/ partners Goldcorp & Azimut)

Total Cash Cost US$486/oz Au AISC US$574/oz Au

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Initial Capital Operating Margin

Initial Capital C$175M Sustaining Capital C$108M

Production Profile (86,100 oz/yr avg. yrs 1-10) Throughput and Grade

HIGH MARGIN, STABLE PRODUCTION

20 40 60 80 100 120 1 2 3 4 5 6 7 8 9 10 11 12

(000 oz Au) Year

0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 100 200 300 400 500 600 1 2 3 4 5 6 7 8 9 10 11 12 (g/t Au) (ktpa) Year Throughput Grade

Process Plant $67.1M Contingency $27.3M Power & Electrical $22.5M Open Pit Mining $21.8M Infrastructure $18.8M Owner Costs $11.0M Water, Waste, & Tailings $4.6M Surface Equip & Bldg Mining $1.6M Gross Profit $825M Mining $376M Milling $145M Sustaining $108M G&A $80M

Tailings Management Facility Waste Rock Mine Camp Main Open Pit West Open Pit Ramp Portal

SITE LAYOUT

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EASTMAIN CORPORATE PRESENTATION TSX:ER; OTCQX:EANRF www.eastmain.com

Process Plant and Mineralized Stock Pile

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• 3-in-3 Exploration Vision (next slides)
• 3 million oz of total Mineral Resources in 3 years
• Deposit expansion at depth
• Near deposit targets
• Property-scale satellite targets
• Plan Nord infrastructure savings (multi-use partnerships)
• Advanced exploration to optimize advanced technical studies
• Exploration ramp and bulk sample ($15M capital pre-spend)

OPPORTUNITIES TO INCREASE PROJECT VALUE

UPSIDE & RECOMMENDATIONS

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Rotated Longitudinal Projection of the Eau Claire Deposit Vein Wire Frames

75% of Current Mineral Resource 25% of Current Mineral Resource EXPANSION POTENTIAL

EXPLORATION UPSIDE

EAU CLAIRE DEPOSIT EXPANSION

Mineralization potential at depth supported by deep intersections of QT and HGS Vein structures at depth in an eastern plunge

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1 2km

EXPLORATION UPSIDE

NEAR DEPOSIT OPPORTUNITIES

Historic prospect evaluation and limited drilling confirmed by 2016-2017 surface exploration provide direction for targeting

• f satellite Mineral

Resources to Eau Claire Use Eau Claire deformation model and regional fold axes as a focus for exploration New, extensive trenching and mapping to precede drill testing

Eau Claire 450W & 850W Zones

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Near Deposit Targets

EXPLORATION UPSIDE

PROPERTY SCALE TARGETS

2018 Plan

Apply new interpretations of structural geology from geophysical information and property scale historic mapping and soil geochemistry to renew property wide detailed exploration Focus on strong structural deformation systems and rheologic contrasts similar to those that contributed to the development of Eau Claire

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TECHNICAL SUMMARY

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Mineral Resource Modelling

• 19 additional holes completed Sept – Nov 2017
• 14,900 m additional drilling
• 62,000 oz Au additional ounces to 2017 Mineral

Resource

Cut-Off Grade

• Open Pit: 0.50 g/t Au
• Underground: 2.50 g/t Au

Mineral Resource Parameters

• Gold price: US$1,250 per oz
• Exchange rate: US$0.80:C$1.00
• Process recovery: 95%
• OP mining cost: C$3.50 per tonne mined
• UG mining cost: C$70.00 per tonne mined
• G&A cost: C$5.00 per tonne processed
• Processing cost: C$20.00 per tonne processed
• Mining loss/dilution (open pit): 5% / 5%
• Assumed overall pit slope angle: 50 degrees

2018 MINERAL RESOURCE UPDATE

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Open Pit (surface to 150 m) Underground (150 m – 860 m) Eau Claire Deposit Total Category Tonnes (g/t Au) Contained Au (oz) Tonnes (g/t Au) Contained Au (oz) Tonnes (g/t Au) Contained Au (oz) Measured

574,000 6.66 123,000 332,000 6.56 70,000 906,000 6.63 193,000

Indicated

636,000 5.13 105,000 2,752,000 6.27 555,000 3,388,000 6.06 660,000

Meas & Ind

1,210,000 5.86 228,000 3,084,000 6.3 625,000 4,294,000 6.18 853,000

Inferred

43,000 5.06 7,000 2,339,000 6.56 493,000 2,382,000 6.53 500,000

MINERAL RESOURCE UPDATE (SGS 2018)(1-6)

1. Mineral resources which are not mineral reserves do not have demonstrated economic viability. All figures are rounded to reflect the relative accuracy of the estimate. Composites have been capped where appropriate. 2. The Mineral Resources in this press release were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM"), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions. 3. Open pit Mineral Resources are reported at a cut-off grade of 0.5 g/t gold and underground Mineral Resources are reported at a cut-off grade of 2.5 g/t gold. Cut-off grades are based on a gold price of US$1,250 per ounce, a foreign exchange rate of US$0.80, and a gold recovery of 95%. 4. The results from the pit optimization are used solely for the purpose of testing the “reasonable prospects for economic extraction” by an open pit and do not represent an attempt to estimate Mineral Reserves. There are no Mineral Reserves on the Property. The results are used as a guide to assist in the preparation of a mineral resource statement and to select an appropriate Mineral Resource reporting cut-off grade. 5. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, socio‐political, marketing, or other relevant issues. 6. The Inferred Mineral Resource in this estimate has a lower level of confidence that that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred Mineral Resource could be upgraded to an Indicated Mineral Resource with continued exploration. ‐200 m

W E

‐400 m ‐600 m ‐800 m

‐1000 m

‐200 m ‐400 m ‐600 m ‐800 m ‐1000 m

Measured Indicated Inferred

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Production (LOM)

• 1,641 ktonnes of mineralized material

@ 3.78 g/t Au

• 199,400 oz Au
• 3 year open pit production

Volume (LOM)

• Total Material: 17,015 ktonnes
• Waste Rock: 14,728 ktonnes
• Overburden: 646 ktonnes
• Strip Ratio: 9.4:1

Pit Dimensions

• Main Pit: 650 m x 275 m x 100 m depth
• West Pit: 260 m x 120 m x 30 m depth
• 5 m bench height

Pit Design Criteria

• Overburden 35o pit slope
• South pit wall (ramp) 45o pit slope
• North pit wall 50o pit slope
• 55 tonne trucks

260 m 120 m 100 m 30 m

OPEN PIT MINING

YEARS 1-3 FROM TWO PITS

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OPEN PIT MINING

PIT OPTIMIZATION PARAMETERS Gold price $US/oz $1,250 Exchange rate US$:C$ 0.80 Refining cost $US/oz $10.00 Royalty % 0% Au recovery % 95 Payable gold % 99 Overburden mining cost $C/t $3.00 Waste mining cost $C/t $3.50 Mineralized Material Mining cost $C/t $3.50 Processing cost $C/t $21.09 G&A cost $C/t $9.13 Total Mineralized Material Based Cost $C/t $30.73 Recovered Cut-Off Grade Au g/t $0.67

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50 100 150 200 250 300 10 20 30 40 50 60 70 80

NPV ($)

Millions

PIT #

Eau Claire Model Optimization

Profit ($) NPV ($. @ 5%)

Selected Shell #64 Summary Total Tonnage (kt) 15,610 Waste Tonnage (kt) 14,164 Strip Ratio 9.8 Mineralized Material Tonnage (kt) 1,446 Grade (g/t) 4.62 In-situ Gold (k ozs) 215,035 NPV ($M @ 5%) 213

Revenue Factor Total (kt) Ovb (kt) Waste (kt) Minz (kt) Strip Ratio Au (oz) Au (g/t) Pit 53 0.80 5,500 272 4,885 615 7.95 72,817 3.68 Pit 54 0.81 5,929 279 5,275 654 8.06 77,648 3.69 Pit 55 0.82 7,085 296 6,255 831 7.53 114,520 4.29 Pit 56 0.83 8,104 318 7,196 908 7.93 125,181 4.29 Pit 57 0.84 8,783 330 7,819 965 8.11 135,802 4.38 Pit 58 0.85 9,084 338 8,092 992 8.16 140,780 4.42 Pit 59 0.86 9,434 350 8,409 1,025 8.2 148,216 4.50 Pit 60 0.87 9,900 364 8,846 1,054 8.39 153,715 4.53 Pit 61 0.88 10,424 375 9,314 1,110 8.39 171,328 4.80 Pit 62 0.89 11,840 417 10,616 1,224 8.68 184,841 4.70 Pit 63 0.90 13,725 458 12,375 1,350 9.17 202,759 4.67 Pit 64 0.91 15,610 525 14,164 1,446 9.79 215,035 4.62 Pit 65 0.92 16,080 536 14,602 1,478 9.88 218,649 4.60 Pit 66 0.93 16,471 543 14,973 1,498 10 221,562 4.60 Pit 67 0.94 16,591 549 15,087 1,504 10.03 222,812 4.61 Pit 68 0.95 16,772 553 15,258 1,514 10.08 224,251 4.61 Pit 69 0.96 17,686 562 16,126 1,560 10.34 234,453 4.68 Pit 70 0.97 18,037 567 16,461 1,576 10.44 238,280 4.70 Pit 71 0.98 18,165 569 16,582 1,582 10.48 238,957 4.70 Pit 72 0.99 19,045 575 17,411 1,634 10.66 243,730 4.64 Pit 73 1.00 19,543 589 17,888 1,655 10.81 246,341 4.63

Model Optimization Using Underground Mining Factors

OPEN PIT MINING

OPTIMIZATION RESULTS

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OPEN PIT MINING

PIT DESIGN Entire Pit Overburden 35o South Pit Wall (ramp side) Rock 45o North Pit Wall (no ramp) Rock 50o Truck Size CAT 775 5.6 55 tonne Haul Ramp Width (dbl) m 22 10% grade Haul Ramp Width (sgl) m 11 10% grade Bench Height m 5

Pit Slope Optimization Pit Design Criteria

Total Y -1 Y 1 Y 2 Y 3 Process Plant Feed kt 1,641.3 74.0 608.9 641.3 317.1 Process Plant Feed Grade g/t Au 3.78 4.80 4.40 3.70 2.50 Overburden kt 646 59.0 498.3 88.3

• Waste

kt 14,728.2 866.6 5,893.2 6,270.3 1,698.1 Strip Ratio w:o 9.4 12.5 10.5 9.9 5.4 Contained Gold k oz 199.3 11.4 86.1 76.3 25.5 Total 450W Pit 850W Pit Total Tonnage kt 17,015 16,284 731 Waste Tonnage kt 14,728 14,229 499 Overburden kt 646 585 60 Mineralized Tonnage kt 1,641 1,470 172 Au Grade g/t 3.78 3.79 3.68 Gold

• z

199,000 179,000 20,000 Strip Ratio W:O 9.4 10.1 3.3

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OPEN PIT MINING

PIT DESIGN RESULTS & PRODUCTION SCHEDULE

Pit Production Schedule Pit Design Result

Total Au oz in crown pillar: 32,800 (after mining recovery)

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‐200 m

‐400 m ‐600 m ‐800 m ‐1000 m ‐200 m ‐400 m ‐600 m ‐800 m ‐1000 m

2.5‐3.0 g/t 3.0‐5.0 g/t 5.0‐7.5 g/t 7.5‐10.0 g/t 10.0+ g/t OP/UG Development Stope Au Grade

Production (LOM)

• 4,762,000 tonnes of mineralized material

@ 5.24 g/t Au

• 801,500 oz Au
• 10 years underground production

Overall 40% Dilution Applied

• 20% internal dilution
• 27% external dilution

Underground Design Criteria

• 4 m x 4 m ramp
• 3 m x 3 m development
• 30 tonne trucks

Projected Development

• 73,620 m total lateral development
• 6,041 m total vertical development

Underground Stope Design – Stope Grade Distribution

UNDERGROUND MINING

OPERATION YEARS 3-12

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UNDERGROUND MINING

UNDERGROUND MINING METHOD SELECTION

Mining Methods Analyzed

• Longhole – Mechanized and Captive
• Cut & Fill – Mechanized and Captive

Veins True Width

450W < 2 m > 2 m < 45 degree dip 30% 10% > 45 degree dip 20% 40% 850W < 2 m > 2 m < 45 degree dip 5% 10% > 45 degree dip 50% 35% Mining Methods < 2 m > 2 m < 45 degree dip Cap LH C&F > 45 degree dip Cap LH / Cap C&F LH / Cap LH

Inspection of Deposit Veins Width and Dip 450W Veins – Changes in Dip Angles

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UNDERGROUND MINING

UNDERGROUND MINING METHOD SELECTION

Mining Method Analysis

• Large portions of the deposit are amenable to

standard mining methods

• Due to the low dip and thin areas, significant

dilution is to be expected from mechanized mining methods with associated higher costs

• Given deposit grades, Longhole methods can

absorb additional dilution and be more cost effective than cut and fill methods

Mining Method Selected

• Longhole & Captive Longhole

 Adapts well to stope dip changes along vein 450W Veins – Changes in dip angles

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Dip Min Dip Max % Tonnes % Au oz 40 45 3% 2% 45 50 19% 15% 50 55 32% 35% 55 60 26% 28% 60 70 17% 16% 70 90 4% 4% Dip Summary for Stopes

UNDERGROUND MINING

UNDERGROUND MINING METHOD SELECTION

Mining Method Distribution for Deposit

• 10% Longhole
• 90% Captive Longhole

Captive Longhole Mining Method for Shallow Dip Veins

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Mine Design Parameter

 Level Interval 24 m  Stope strike length 25 m  Captive level 12 m  Hydraulic Radius 6  HW & Footwall overbreak 0.50 m  Minimum diluted mining width 1.5 m  Internal dilution 20%  External dilution 27%  Overall dilution 40%  Mining recovery 92%

Stopes Dimensions [L x W x H]

 Small Stope 6 m x 1.5 m x 12 m  Medium Stope 12 m x 1.5 m x 24 m  Large Stope 24 m x 1.5 m x 24 m

UNDERGROUND MINING

CAPTIVE LONGHOLE MINING METHOD

Process Plant and Mineralized Stock Pile

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UNDERGROUND MINING

UNDERGROUND DESIGN RESULTS & PRODUCTION SCHEDULE Tonnes g/t Au Contained Au oz % Dilution Measured 216,000 6.08 42,200 Indicated 1,780,000 6.80 389,200 Inferred 1,470,000 7.83 370,100 Waste 1,296,000

• Total UG production

4,762,000 5.24 801,500 40%

Underground Design Result – Potential Minable Fully Diluted

Underground Production Schedule Total Y 2 Y 3 Y 4 Y 5 Y 6 Y 7 Y 8 Y 9 Y 10 Y 11 Y 12 Process Plant Feed kt 4761.5 32.9 233.7 544.4 540.0 540.9 543.0 541.7 541.6 542.1 544.3 156.9 Process Plant Feed Grade g/t Au 5.24 3.57 5.81 4.89 5.90 5.63 4.25 4.87 6.11 6.55 3.56 5.18 Contained Gold k oz 801.6 3.8 43.7 85.5 102.5 97.9 74.2 84.9 106.5 114.2 62.3 26.1

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UNDERGROUND MINING

UNDERGROUND DESIGN RESULTS & PRODUCTION SCHEDULE

Eau Claire Underground - Tonnes and Ounces by Depth

Actual depth MASL

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Open Pit + Underground Mine

• 3 years Open Pit
• 10 years Underground
• 12 years total Mine Life
• Production (LOM): 79,200 oz Au/yr
• Production (Yrs 1-10): 86,100 oz Au/yr
• Open pit depth of 120 m & UG depth of

800 m

Potentially Extractable Portion of Mineral Resource

• Open Pit: 199,400 contained ounces at

a diluted grade of 3.78 g/t Au

• Underground: 801,500 contained ounces

at a diluted grade of 5.24 g/t Au

• OP + UG: 1,000,900 contained ounces

at an overall diluted grade of 4.86 g/t Au Tonnes Contained Au oz g/t Au

Open Pit Production 1,641,000 199,400 3.78 UG Production 4,762,000 801,500 5.24 Total Production 6,403,000 1,000,900 4.86

PEA POTENTIALLY EXTRACTABLE PORTION OF MINERAL RESOURCE

PEA INCORPORATES 1,001,000 oz Au

 71% of 2018 Mineral Resource Estimate tonnes converted to Potentially Extractable  70% of Potentially Extractable are 2018 Measured and Indicated Mineral Resources Potentially Extractable Portion of Mineral Resource (P&E Mining Consultants Inc. 2018)(1-4)

Process Plant and Mineralized Stock Pile

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INFRASTRUCTURE

SITE ACCESS  Air Creebec offers commercial flights 3 times a week from Montreal to the village

• f Nemiscau / Nemaska

 Project site is located 73 km NE of the village of Nemiscau  Project site is accessible via Hydro Québec’s Eastmain 1 road which is maintained all year round  350 km from Chibougamau to the village of Nemiscau (Route du Nord)  385 km from Matagami to the village of Nemiscau (Route de la Baie James)

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Mine Site Eastmain 1 Hydro Dam

INFRASTRUCTURE

ELECTRICAL POWER LINE Proposed Substation Proposed 18 km power line

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INFRASTRUCTURE

POWER LINE & MAJOR SUPPORT SURFACE FACILITIES

• Power Requirements

 Surface Infrastructures 0.5 MW  Process Plant 2.0 MW  Underground Mining 4.0 MW TOTAL: 6.5 MW Peak Requirement: 8.9 MW

• Major Support Surface Facilities

 Administration and Engineering Building  Security  Warehouse  Fuel Storage  Explosive Storage  Fire Protection  Maintenance Shop  Mine Camp

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INFRASTRUCTURE

MINE SITE – GENERAL LAYOUT

Tailings Management Facility Waste Rock Mine Camp Open Pit Open Pit Ramp Portal Mill and Ore Stock Pile Tailings Management Facility Waste Rock Mine Camp Main Open Pit West Open Pit Ramp Portal Processi Plant and Mineralized Stock Pile

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INFRASTRUCTURE

PROCESSING

• Processing rate of 1,500 tonnes

per day

• Conventional cyanidation circuit
• Crushing/grinding comminution
• Gravity concentration
• CIP technology
• Gravity and cyanidation testwork

results indicates overall gold recovery over 95%

• Bond ball mill index of 11.0 kWh/t

indicating a softer hard rock material

1. Direct cyanidation of gravity tails 2. Free gold recovered from a gravity gold recovery circuit 3. Gold bearing solution is directed to leach circuit 4. Gold absorbed onto active carbon in CIP columns 5. Carbon reports to the gold elution circuit 6. Gold eluted from carbon and recovered by electrowinning 7. Smelting to produce doré product

Process Plant and Mineralized Stock Pile

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INFRASTRUCTURE

PROCESSING – SIMPLIFIED FLOW DIAGRAM SHOWING MAJOR OPERATIONS

TAILINGS MANAGEMENT FACILITY CARBON ELUTION / ELECTROWINNING CARBON ABSORPTION DORE FURNACE DORE MINERALIZED MATERIAL CYANIDE DESTRUCTION CYCLONES CRUSHING SECONDARY GRINDING LEACHING PRIMARY GRINDING (SAG) PUMP BOX CYANIDE

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INFRASTRUCTURE

OVERBURDEN AND MINE WASTE ROCK

Overburden

• 0.60 Mt of overburden excavated in advance of open pit development
• Overburden material stockpiled for use in closure activities

Mine Waste Rock

• Production of 14.2 Mt of waste rock from the open pit operation
• 100,000

t of additional waste generated from ramp development for the underground operation

• Rock waste expected to be suitable for general construction on site – roads,

berms, foundations

• Waste rock placed in mined out pit would depend on the results of safety risk

assessments related to underground operations and to permitting.

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INFRASTRUCTURE

TAILINGS

Operating Parameters

• Annual tailings production of 525,000 tonnes
• Tailings detoxified (cyanide destruction) in the process plant
• Detoxified tailings dewatered by thickening and filtration
• Tailings cake transported to engineered tailings facility by box-heated trucks

and spread by a dozer

• Final soil cover progressively placed to prevent wind and water erosion

Design Considerations

• Tailings strategy is similar to management practice adopted by operating mines

in the region

• Geomembrane lined tailings facility represent low risk for potential surface and

groundwater contamination

• Pit disposal of tailings is technically possible and deserve further investigation

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FINANCIAL SUMMARY

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Physical Parameters

Total Tonnes Processed (LOM) t 6,403,000 Average Annual Throughput (LOM) tpa 534,000 Diluted Head Grade Au g/t 4.86 Gold Recovery % 95 Mine Life years 12 Total Ounces Recovered

• z

951,000 Average Annual Production

• z

79,000 OP Mining Cost C$/t 3.48 UG Mining Cost C$/t 66.52 Mining Costs (blended OP & UG) C$/t 58.71 Processing Costs C$/t 22.59 Site G&A C$/t 12.53 Total Costs C$/t 93.83 Pre-Production Capital Costs Development C$M 21.8 Equipment & Infrastructure C$M 42.9 Tailings C$M 4.6 Process Plant Construction C$M 67.1 Owner Costs C$M 11 Contingency (20%) C$M 27.3 Total Pre Production Capital (LOM) C$M 174.7 Sustaining Capital (LOM) C$M 108.2 LOM Average Cost C$/oz 632 US$/oz 486 LOM AISC C$/oz 746 US$/oz 574

FINANCIAL SUMMARY

PEA SUMMARY PARAMETERS

Cost Parameters Capital Costs

LOM Cash Cost Summary

EASTMAIN CORPORATE PRESENTATION TSX:ER; OTCQX:EANRF www.eastmain.com

41

Gold Price Sensitivity to NPV & IRR Base Case Gold Price

US$/oz 1,150 1,250 1,350

Exchange Rate

C$/US$ 0.77 0.77 0.77 Pre‐Tax NPV and IRR

NPV5%

C$M 297.4 380.9 464.4

IRR

% 27 32 36 After‐Tax NPV and IRR

NPV5%

C$M 205.4 260.2 315.1

IRR

% 23 27 31

Payback

years 3.7 3.1 2.6

FINANCIAL SUMMARY

GOLD PRICE SENSITIVITY

2018 Updated Mineral Resource Estimate Advanced Technical Studies

EAU CLAIRE PROJECT

Expansion Drilling Expansion and Exploration Drilling Engineering Studies for Underground Exploration Ramp Target Drilling

EAU CLAIRE MILESTONES & CATALYSTS

2019 2020 2021 2022 Construction

PEA – May 2018

Baseline Environmental Work Community Engagement Advanced Exploration Permitting for Advanced Exploration Permitting for Operations Detailed Environmental Work Development Decision Ramp and Bulk Sample FIRST PRODUCTION 42

EASTMAIN CORPORATE PRESENTATION TSX:ER; OTCQX:EANRF www.eastmain.com

Claude Lemasson P.Eng., MBA

President & CEO

lemasson@eastmain.com

Laurenn Russell CFA

Investor Relations Consultant

lrussell@eastmain.com

Office: 647-347-3735

www.eastmain.com TSX: ER OTCQX: EANRF

EASTMAIN CORPORATE PRESENTATION TSX:ER; OTCQX:EANRF www.eastmain.com

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