TSX:ANX NX Co Corporate P te Pres esentati tion | | November - - PowerPoint PPT Presentation

From the ground up TSX:ANX NX Co Corporate P te Pres esentati tion | | November 2017

From the ground up

TSX:ANX NX

Forward Looking Statements

2

This document contains or refers to forward-looking information. Such forward-looking information includes, among

• ther things, the Arrangement, statements regarding the combined company, estimates and/or assumptions in

respect of future production, mine development costs, unit costs, capital costs, timing of commencement of

• perations and future economic, market and other conditions, and is based on current expectations that involve a

number of business risks and uncertainties. Factors that could cause actual results to differ materially from any forward-looking statement include, but are not limited to: the approval of the Arrangement by the Toronto Stock Exchange and the TSX Venture Exchange; the approval of the Arrangement by the Ontario Superior Court of Justice; capital and operating costs varying significantly from estimates; inflation; changes in exchange rates; fluctuations in commodity prices; delays in the development of the any projects caused by unavailability of equipment, labour or supplies, climatic conditions or otherwise; termination or revision of any debt financing; failure to raise additional funds required to finance the completion of a project; the realization of the expected benefits resulting from the combination of the two entities (or the strategies or future actions of the companies); and other factors. Additionally, forward-looking statements look into the future and provide an opinion as to the effect of certain events and trends

• n the business. Forward-looking statements may include words such as "plans," "may," "estimates," "expects,"

“intends,” "indicates," "targeting," "potential" and similar expressions. These forward-looking statements, including statements regarding Anaconda’s beliefs in the potential mineralization, are based on current expectations and entail various risks and uncertainties. For further details of other risks and uncertainties, please refer to Anaconda and Orex’s public disclosure available on SEDAR at www.sedar.com, in particular Anaconda’s Annual Information Form and Orex’s MD&A’s. Forward-looking information is subject to significant risks and uncertainties and other factors that could cause actual results to differ materially from expected results. Readers should not place undue reliance on forward-looking statements. The forward looking information contained in this document is made as of the date hereof and we assume no responsibility to update them or revise them to reflect new events or circumstances, except as required by law.

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TSX:ANX NX

About Anaconda

3

 Atlantic C Canada R Regional G Gold P Produce cer, D Developer per a and E Explorer er

• Appro xima te ly 1M o unc e s o f g o ld – 2 ma in pro je c ts
• Co mple te pipe line o f pro je c ts
• Curre ntly, ~16,000 o unc e s o f a nnua l pro d uc tio n
• T

a rg e ting a ppro xima te ly 50,000 o unc e s pe r ye a r b y 2020

 Regi egion

• nal C

Com

• mpetitive A

e Adv dvantage

• Our pe o ple (100+ ye a rs o f se nio r ma na g e me nt e xpe rie nc e , “A” pla ye rs)
• E

xpe rie nc e d in e c o no mic a lly mining sma ll-sc ale d e po sits

• Stro ng c o rpo ra te c ulture (Re so urc e ful, Inno va tive )
• E

sta b lishe d g o ld pro d uc e r in Atla ntic Ca na d a (Bra nd re c o g nitio n)

• Sub sta ntia l o pe ra ting infra struc ture a t the Po int Ro usse Pro je c t

 Signifi ficant Grow

• wth Profi
• file in n

next ext 3 t to 5

• 5 Y

Yea ears rs

• E

xisting po rtfo lio o f Mine ra l Re so urc e s (Go ld b o ro a nd Po int Ro usse )

• Re g io na l c o nso lid a to r o f g o ld a sse ts (M&A)
• Go ld pro d uc tio n (Go ld b o ro , Po int Ro usse a nd M&A)

 Large, m mostly h ly high-gra rade m minera eral r res esou

• urce

ce por portfol folio wi

• with pot

poten ential t to

• signifi

ficantly incr crease

• un

unces

• Curre ntly, o ve r 600,000 o unc e s in the me a sure d a nd ind ic a te d c a te g o rie s; Ove r 400,000
• unc e s in the infe rre d c a te g o ry
• Appro x. 70% o f me a sure d a nd ind ic a te d re so urc e s a re a b o ve 5.0 g / t(†)

 St Stable, L Low-risk M Mining J g Jurisdict ctions

Gold ldboro

OP OPEN

From the ground up

TSX:ANX NX

Capitalization

4

Ticker ANX Share Price1 $0.07 52 Week Range $0.05-$0.08 Average Daily Volume2 179,340 Market Cap $29.6M Shares Outstanding3 422.3M Stock Options4 32.5M Warrants5 42.3M Fully Diluted 497.0M Cash6 $4.5M Debt6 $1.0M

Shareholders Percent Institutional investors 9.5% Officers & Directors 7.8% Float 82.7%

1 – As at October 31, 2017. 2 – FY 2018 to Date. 3 – At the May 8, 2017 special meeting, shareholders approved a share consolidation of 0.25 shares for every one common share of Anaconda. The board of directors has discretion to implement it within 12 months. 4 – Weighted average exercise price for the outstanding stock options is $0.06. 5 – Weighted average exercise price for the outstanding warrants is $0.07. 6 – Includes $1.6M of cash as at August 31, 2017 plus recently announced equity financing of $2.9M (net of finders’ fees). Anaconda also had an unused line of credit of $1.0M at August 31, 2017 for total liquidity of $5.5M.

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TSX:ANX NX

Experienced and Invested Team

5

Executive Management Team

Dustin Angelo President, CEO & Director Robert Dufour Chief Financial Officer Gordana Slepcev Chief Operating Officer Paul McNeill Vice President, Exploration Allan Cramm Vice President, Innovation and Development Lynn Hammond Vice President, Public Relations

Board of Directors

Jonathan Fitzgerald (Chairman) President of Stope Capital Advisors Inc. Kevin Bullock Chief Executive Officer of Golden Reign Resources Ltd. Michael Byron President & CEO of Nighthawk Gold Corp. Jacques Levesque Former CFO of Orex Exploration Inc. Lewis Lawrick Managing Partner of Thorsen-Fordyce Merchant Capital Inc. Maruf Raza Partner at MNP LLP

 Over 100 years of cumulative experience in mining on the executive management team.  Track record of running safe, profitable operations.  Experience in developing and operating mining projects in AtlanticCanada.  Board and Management collectively own 7.8% of Anaconda Mining.

From the ground up

TSX:ANX NX

$252 $206 $166 $166 $111 $85 $79 $76 $66 $59 $58 $57 $56 $56 $43 $39 $38 $28 $26 $0 $50 $100 $150 $200 $250 $300 Wesdome Gold Mines Ltd Klondex Mines Ltd Atlantic Gold Corp Richmont Mines Inc Producer Average Guyana Goldfields Inc Auryn Resources Inc Developer Average Argonaut Gold Inc Marathon Gold Corp Barkerville Gold Mines Ltd Treasury Metals Inc Gowest Gold Ltd Pure Gold Mining Inc Mandalay Resources Corp Resource Capital Gold Rambler Metals and Mining PLC Alio Gold Inc Anaconda Mining Inc.

Re-Rating Potential

6

En Enterp rprise V Value / / M, I & Inferred R Resources ( (C$/oz

• z)(1)

(1) Based on closing prices as of October 31, 2017 and NI 43-101 compliant technical reports

Producer Average $111 Developer Average $76 Anaconda Average $26

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TSX:ANX NX

Established Regional Gold Producer

7

* - Includes operating costs, corporate costs, sustaining exploration/development investments and capital expenditures.

Debt E Elimin inatio ion

From the ground up

TSX:ANX NX

Project Locations / Mineral Resources(1)

8

Proje ject M & & I I To Tonnes M & & I I Grad ade (g/ g/t †) Ounces Inferred To Tonnes Inferred G Grad ade (g/ g/t †) Ounces Goldboro5 2,556,000 5.48 457,400 2,669,000 4.35 372,900 Point Rousse (Pine Cove2,3) 1,560,000 1.67 83,685 208,700 1.57 10,565 Point Rousse (Stog’er Tight3) 204,100 3.59 23,540 252,000 3.27 26,460 Viking4 1,817,000 1.42 83,000 847,000 1.15 31,000 To Total 647,625 440,925 Poin

• int R

Rou

• usse

Vik Viking Gold ldbo boro

Anacon

• nda M

Mineral Resou

• urces fr

from

• m the

he G Gol

• ldboro, Poi
• int R

Rou

• usse a

and V Viking Proj

• jects

250 km

No Note: Please refer to the Appendices for the Technical References.

From the ground up

TSX:ANX NX

Goldboro Project

9

Infrastruct cture

 Existing Decline and Shaft  Existing and maintained mine road  Adjacent to tide water – existing port

Dock Decline Shaft

 High-grade gold in quartz veins and disseminated gold in wall rock  Multiple stacked mineralized zones (‘belts’)  Known strike length of approximately 1.6 km with mineralization intersected from surface to depths of 250 - 350 metres  Stratigraphy consists of alternating shale and sandstones with gold generally hosted in shale  Folded anticlinal structure  Past production of ~55,000 ounces at ~6.7g/t gold (1896-1910)  Well understood geological model globally

From the ground up

TSX:ANX NX

Goldboro Growth Potential

East st Goldbr broo

• ok

Boston-Richa hardson We West Gold ldbr broo

• ok

Historic workings

Vertical Longitudinal Section Looking South 2.0 km 700 m

Select Drillhole Pierce Point (g/t Au / metres) BR-17-06 Pierce Point Visible Gold

• ccurrence

Resource blocks at 4 g/t cut off

From the ground up

TSX:ANX NX

Goldboro Growth Potential

Pl Plan an Map ap o

• f I

IP Ch P Char argeab ability – Outlines G Gold ld Z Zone

N

23. 23.6 g g/t o

• ver 1.5 m

5 m and nd 31.3 g g/t over 0 r 0.5 m m 15.8 g g/t over 1 r 1.5 m m 15 1570 g g/t over 0 r 0.5 m m 137.8 g g/t o

• ver 1

1.5 m m Dolli liver

• Mtn. Zo

Zone

11

From the ground up

TSX:ANX NX

Goldboro Development Milestones

12

2017 2018 2019 2020

Characterization o

• f O

Ore/Waste, Metallu llurgi gical Metallurgical Drill Program completed; testing completed yielding over 95% overall recovery Bulk lk sample le Q2 Expansion

• n a

and infill ll drilli lling: g: Q1 – Q2 PEA PEA To be completed by December Archeolo logy gy s study Field program and report completed Concentrator/Mill

• Finalizing Mill and tailings

design

• Procurement of the long lead

items _Q1

• Earthworks
• Plant Construction, Civil,
• mechanical. Electrical
• Tailings Construction

Environ

• nmental applic

icatio ion February 2018 Pr Pre-Feasibili lity s y study Complete by December 2018 Finalizing S Site c construction

• n
• Tree cutting
• clearing
• Stripping
• Tailings construction
• Concentrator Construction

Pit P Prod

• duction
• n

Q1 2020 Indu dustrial al P Permit and d Mining Leas ase applic icatio ion September 2018 Metallu llurgi gical t l testing a and M Mill D ll Design gn Q Q2 Geotechnical investigation for concentrator and tailings facility - design Q4 Environ

• nmental appr

pprovals Q1 2019 Indu dustrial al P Permit and d Mining Leas ase appr pprovals Q2 2019 Mill C Commission

• ning

Q2 2020 Dore Ba Bar Q2/Q3 2020 Site c construction

• n
• Tree cutting
• Clearing
• Stripping
• Office installation

Mi’kmaq aq ecolo logical s l studies c comple leted

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TSX:ANX NX

Point Rousse Mining and Exploration

1. 2. 3. 4.

Pine Cove Mine Stog’er Tight Mine

Point nt R Rous usse Mining ar area ea

• Continue mining operations along the

gold bearing geology of the Scrape Trend

• Permitted mining until 2021
• Additional resources at Argyle with

development / permitting activities in progress Key E Explora ration T Targets

• 1. Anaroc
• 2. Argyle
• 3. Connector
• 4. Corkscrew Road

Argyle

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TSX:ANX NX

Point Rousse - Argyle Discovery

14

4,860 m m in 52 holes dr drilled to da date

• Over 600 m strike length
• Over 225 m down-dip
• Open in all directions
• Geophysical targets to the south

and along strike

Drill H Highl hlight hts

• 2.09 g/t over 14.0 m (AE-16-20)
• 6.09 g/t over 8.9 m (AE-16-11)
• 4.50 g/t over 6.3 m (AE-16-06)
• 5.52 g/t over 15.0 m (AE-16-40)
• 9.31 g/t over 6.0 m (AE-16-39)
• 2.95 g/t over 15.0 m (AE-16-43)
• 2.91 g/t over 12.1 m (AE-16-33)
• 3.63 g/t over 12.0 m (AE-17-46)

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TSX:ANX NX

Point Rousse - Argyle Expansion Potential

Argyle IP Chargeability anomaly Untested IP Chargeability anomalies

Plan Vie View – IP C Char argeabi bili lity

Argyle Magnetic anomaly Untested Magnetic anomalies

Plan Vie View – Ground und M Magn gnetics cs

Argyle and similar deposits are correlated with coincident Magnetic and IP anomalies

15

From the ground up

TSX:ANX NX

Open pen Open pen Open pen Open pen

Point Rousse - Argyle Development

16

Shor

• rt T

Term m Argyl yle M Mileston

• nes a

and K Key W y Wor

• rk In

Initiatives:  Environmental Baseline studies are complete  Begin EA application in fall; submit by January 2018  Metallurgical and ARD test work done by November  Government consultations

Grade Distribution Block Model and Conceptual Pit

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TSX:ANX NX

Consolidation in Atlantic Canada

17

Great N Northern Project ct Tilt lt Co Cove Project ct

• Atlantic Canada gold assets ripe for consolidation
• Several projects with NI 43-101 resources but

no adequate resources to advance them

• Need their own catalyst to renew interest in

their projects

• Approximately 16 projects and greater than 11M
• unces of gold in Newfoundland, Nova Scotia and

New Brunswick

• Strong position to be the consolidator
• Currently the only gold producer
• Established infrastructure
• Experienced management team
• Credibility (completed first corporate

transaction)

• Focused on projects that have NI 43-101

resources below 1M ounces

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TSX:ANX NX

Key Investment Takeaways

18

 Anaconda has approximately 1M ounces of gold, with large expansion potential in high-grade resources at Goldboro  Management team experience and existing infrastructure can add value to current projects and future acquisitions  Pieces in place to take annual production to approximately 50,000

• unces

 First mover advantage as a consolidator of gold assets in the Atlantic Canada region Reso source E Expa pansio sion + + Productio ion I Increase ase + + M & A = Major P Player i in Atlan antic ic C Canada da

250 M Poin

• int R

Rou

• usse

Gold ldbo boro

Appendices

TSX:ANX NX

From the ground up

TSX:ANX NX

Biographies

21

Du Dusti tin An Ange gelo | President, CEO & Director

• Mr. Angelo has extensive operating and financial experience in the mining industry, including gold, coal and aggregates, and is a Certified Public Accountant,

licensed in the United States. He has been president and CEO of Anaconda Mining, a Toronto Stock Exchange listed gold mining company, since September 2010, and has been a director since November 2009. Under his leadership, Anaconda has grown its footprint in Newfoundland, expanded its operations to Nova Scotia, cleaned up the balance sheet and built a sustainable, profitable company that is a responsible member of the community. Prior to joining the Anaconda team, Mr. Angelo served as CFO of Elgin Mining Inc. (formerly known as Phoenix Coal Inc., a TSX-listed resource company) where he was integral in the growth of the organization from a private enterprise to a publicly-listed company from August 2006 to November 2010; as vice-president of MHI Energy Partners (an energy-focussed private equity fund) from 2005 to 2006, and; as a Principal at New York City’s Waller Capital Corporation (a boutique investment bank focussed on mergers and acquisitions) from 1997 to 2005. He was also a founding member and director of North American Limestone Corporation (a private developer and operator of limestone quarries in the United States).

• Mr. Angelo earned a BSBA in Accounting and International Business from Georgetown University and a MBA from the Columbia Business School.

Robe bert Dufou four | CFO & Corporate Secretary

Robert Dufour was appointed Chief Financial Officer of Anaconda Mining in May 2017.

• Mr. Dufour brings a strong track record in the mining sector with deep

experience in capital markets and finance, including debt structuring, royalty arrangements and financing, as well as extensive experience with corporate governance and risk management. Most recently Mr. Dufour was Chief Financial Officer of Newmarket Gold, a TSX listed mid-tier Australian gold producer which produced over 220,000 ounces of gold. Mr. Dufour was part of the team that executed the transformational merger between Newmarket Gold and Kirkland Lake Gold, creating a new 500,000+ ounce gold producer in 2017. Prior to his appointment as Chief Financial Officer at Newmarket Gold in 2015, Mr. Dufour was Chief Financial Officer of Crocodile Gold. In 2015, Mr. Dufour also led the merger between Newmarket Gold and Crocodile Gold. Mr. Dufour joined Crocodile Gold in June 2012 as Director of Finance, and was appointed Chief Financial Officer in April 2013. Mr. Dufour is a Chartered Professional Accountant with over 12 years of finance and accounting experience. He started his career with the Toronto office of PriceWaterhouseCoopers. He later joined Northgate Minerals Corporation as Corporate Controller and subsequently was promoted to Group Financial Controller for Northgate's Australian subsidiaries, and was based out of Victoria, Australia until its acquisition by AuRico Gold.

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TSX:ANX NX

Biographies

22

Gordana na Slepce cev | Chief Operating Officer

Gordana is the Chief Operating Officer of Anaconda Mining responsible for all current mining activities and the development of the Goldboro Project. Prior to her promotion, she was the Vice President of Technical Services and was directly responsible for overseeing the mining and geology departments at the Point Rousse Project in Newfoundland. In addition to a focus on delivering long- and short-term planning and geological support of the mining operation, she is also heavily involved in strategic planning and project expansion evaluations. With a Master’s Degree in Science and a Bachelor’s Degree in Mining Engineering from the Yugoslavia (Belgrade) Faculty of Mining and Geological Engineering, combined with more than twenty years of experience in mining base metals, coal and gold,

• Ms. Slepcev brings invaluable industry expertise to the project. In addition to Anaconda Mining, she has held senior roles at Labrador Iron Mines Holdings, Agrium
• Inc. and Western Coal Corp.

Paul ul McNei eill | Vice President, Exploration

• Mr. McNeill joined Anaconda in 2014 as VP Exploration. Formerly, he served as Principal Geologist with Paladin Energy Ltd. from 2011 to 2013 and Vice

President – Exploration for Aurora Energy Resources Ltd. from 2009 until 2011 where he was focused on the development of the Michelin Project in Labrador, as well as working on uranium projects in Australia and a gold project in Nevada. Prior to that, Mr. McNeill was Exploration Manager for Mega Uranium Ltd. and worked as a consultant to a variety of gold and uranium exploration companies including Rubicon Minerals Inc. and Monster Copper Ltd. Mr. McNeill has an expertise in structural controls on mineralization and project development. He also has experience in managing First Nations relationships and developing a positive community relations. Mr. McNeill is a Professional Geologist registered in the Provinces of Newfoundland and Labrador and Nova Scotia, is a Member of the Board of Mining Industry NL and is President of the CIM Newfoundland and Labrador.

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TSX:ANX NX

Biographies

23

Al Allan an Cramm mm | Vice President, Innovation and Development

Allan Cramm is the Vice President, Innovation and Development focusing on key strategic projects to maximize the company’s assets. He also is part of the development team for new mines and operations. Prior to his promotion, Allan was the General Manager of Anaconda’s Point Rousse Project in Baie Verte, Newfoundland and Labrador. He was responsible for the overall operation of the project including permitting, construction, production and special projects. Allan has been involved in various management and supervisory roles associated with mining for the past 25 years (both open pit and underground) including Project Coordinator/General Manager of two underground mines in Newfoundland, Nugget Pond and Hammerdown, that used a central-processing facility. He has a high regard for environmental protection with some associated projects having been recognized provincially and nationally for their attention to environmental stewardship.

Lynn nn Hammo mond | Vice President, Public Relations

Lynn Hammond has been the Vice President Public Relations for Anaconda Mining since December 2015, responsible for media, public and government

• relations. Her career experience consists of senior roles in public service including Director of Communications for Newfoundland and Labrador government

departments of Municipal Affairs, Fire and Emergency Services, Education and Post-Secondary Education. She also held senior positions in the Communications Branch of Executive Council and the Office of the Premier. Through her career she has earned the reputation of a “fixer” often taking on some of government’s most challenging communications activities.

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TSX:ANX NX

Point Rousse Infrastructure – Pine Cove

24

From the ground up

TSX:ANX NX

25 Gol

• ldboro

ro

Hole I e ID Fro rom ( (m) m) To ( (m) m) Width ( h (m) Au ( u (g/t†) BR-17-01 01 25.0 .0 26.2 .2 1.2 .2 5.5 .56 within 25.0 35.0 10.0 1.35 and nd 39.0 40.7 1.7 0.86 and nd 55.0 .0 55.5 .5 0.5 .5 13.0 .00 within 53.5 55.5 2.0 3.66 and nd 64.3 67.4 3.1 1.27 BR-17-02 02 50.0 51.0 1.0 6.56 within 50.0 53.5 3.5 2.77 and nd 61.0 .0 62.0 .0 1.0 .0 8.3 .30 within 60.0 67.9 7.9 1.59 and nd 77.5 79.4 1.9 0.77 and nd 83.4 84.0 0.6 2.64 and nd 90.0 92.0 2.0 3.28 and nd 176.9 180.6 3.7 .7 7.8 .85 within 169.2 180.6 11.4 3.22 and nd 190.6 191.3 0.7 1.30 and nd 192.5 192.9 0.4 1.39 BR-17-03 03 25.5 .5 29.8 .8 4.3 .3 5.9 .97 and 27.5 .5 29.8 .8 2.3 .3 9.7 .77 within 17.4 30.8 13.4 2.33 and nd 35.0 37.0 2.0 2.60 and nd 44.4 57.3 12.9 1.31 and nd 55.2 57.3 2.1 3.75 within 44.4 61.0 16.6 1.11 BR-17-04 04 33.1 .1 33.6 .6 0.5 .5 2513.20 within 33.1 .1 35.7 .7 2.6 .6 485.07

Goldbor

• ro (
• (cont
• ntinue

nued)

Hole le I ID From

• m (

(m) To To ( (m) Width ( (m) Au ( (g/t /t†) and nd 64.5 65.2 0.7 1.60 and nd 67.4 69.2 1.8 1.41 and nd 75.7 76.2 0.5 1.35 and nd 79.4 .4 80.9 .9 1.5 .5 5.1 .18 within 79.4 82.4 3.0 2.87 and nd 110.0 111.0 1.0 .0 33.2 .26 and nd 118.0 118.5 0.5 1.70 and nd 125.3 125.8 0.5 1.58 and nd 132.4 133.0 0.6 0.15 and nd 144.8 145.5 0.7 2.14 BR-17-05 05 24.6 .6 25.7 .7 1.1 .1 5.5 .52 and nd 33.5 34.7 1.2 2.84 and nd 46.2 47.8 1.6 1.25 and nd 52.4 53.5 1.1 1.09 and nd 71.6 73.2 1.6 2.65 within 65.9 73.2 7.3 1.23 and nd 68.7 73.2 4.5 1.25 and nd 95.2 95.7 0.5 2.42 and nd 100.0 101.5 1.5 .5 8.9 .95 and nd 100.0 103.0 3.0 .0 4.7 .78 within 100.0 104.5 4.5 3.39 and nd 107.6 108.1 0.5 0.77 and nd 115.5 116.5 1.0 .0 16.9 .96 within 115.5 121.0 5.5 .5 3.9 .96 and nd 131.5 131.9 0.4 .4 20.6 .60 within 131.0 132.3 1.3 .3 6.6 .64

Goldboro Drill Program Results

From the ground up

TSX:ANX NX

Goldboro Drilling – 2017

Hole I e ID From m (m) m) To

• (m)

m) Width th (m) m) Au Au (g/ g/t†)

BR BR-17 17-01 25.0 .0 26.2 .2 1.2 .2 5.5 .56 within in 25.0 35.0 10.0 1.35 and nd 55.0 .0 55.5 .5 0.5 .5 13.00 within in 53.5 55.5 2.0 3.66 BR BR-17 17-02 176. 6.9 180. 0.6 3.7 .7 7.8 .85 within in 169.2 180.6 11.4 3.22 BR BR-17 17-03 27.5 .5 29.8 .8 2.3 .3 9.7 .77 within in 17.4 30.8 13.4 2.33 BR BR-17 17-04 33.1 .1 33.6 .6 0.5 .5 2513 13.20 20 within in 33.1 .1 35.7 .7 2.6 .6 485. 5.07 07 and nd 110. 0.0 111. 1.0 1.0 .0 33.26 BR BR-17 17-05 115. 5.5 116. 6.5 1.0 .0 16.96 within in 115. 5.5 121. 1.0 5.5 .5 3.9 .96

From the ground up

TSX:ANX NX

Goldboro Growth Potential

27

Sim Simil ilar arities wit ith the B Bendigo C Cam amp

• Similar geological setting and structures
• Gold in folded quartz veins – stacked

ribbons

• 4.5 M ounces total resource in Meguma

(~0.5 M ounces of past production) and 22 M ounces produced at Bendigo

Cros

• ss Sections of
• f the

he Bendigo, A

• , Aus. (

. (Great Ext xtended H Hust stlers s - le left) a and Me Meguma, N , NS (Goldboro - right ht)

• pen

350 350 m m 1.2 km 2 km ?

From the ground up

TSX:ANX NX

Argyle Drill Program Results

28 Arg Argyle Pha Phase 2 2

Hole le I ID From

• m (

(m) To To ( (m) In Interval ( (m) Au ( (g/t /t†)

AE-16 16-23 23 25.5 27.7 2.2 1.10 and nd 44.6 45.8 1.2 0.56 AE-16 16-24 24 28.0 29.0 1.0 0.88 and nd 33.0 34.0 1.0 0.55 and nd 34.6 36.0 1.4 1.08 AE-16 16-26 26 58. 58.3 61. 61.9 3. 3.6 1. 1.59 59 AE-16 16-27 27 73.2 74.0 0.8 0.52 AE-16 16-28 28 69.5 69.7 0.2 0.50 AE-16 16-29 29 32.6 33.4 0.8 0.54 and nd 109.0 109.9 0.9 4.13 AE-16 16-30 30 48. 48.0 51. 51.0 3. 3.0 1. 1.36 36 and nd 53.5 55.0 1.5 0.80 and nd 56.0 57.0 1.0 0.74 and nd 62.0 63.0 1.0 0.81 AE-16 16-31 31 25.0 26.0 1.0 1.52 AE-16 16-32 32 50.0 52.0 2.0 1.27 AE-16 16-33 33 68. 68.3 80. 80.4 12. 12.1 2. 2.91 91 inclu luding 72. 72.0 75. 75.0 3. 3.0 8. 8.55 55 AE-16 16-34 34 32. 32.0 34. 34.0 2. 2.0 3. 3.63 63 AE-16 16-35 35 15. 15.9 26. 26.0 10. 10.1 0. 0.74 74 inclu luding 22.0 26.0 4.0 1.31 AE-16 16-37 37 33.4 36.0 2.6 0.95 AE-16 16-38 38 74.0 77.7 3.7 0.59 AE-16 16-39 39 86. 86.8 92. 92.8 6. 6.0 9. 9.31 31 inclu luding 89. 89.8 90. 90.8 1. 1.0 46. 46.60 60 AE-16 16-39 39 95.8 97.8 2.0 0.64 AE-16 16-39 39 100.8 101.8 1.0 1.07 AE-16 16-40 40 34. 34.0 49. 49.0 15. 15.0 5. 5.52 52 inclu luding 39. 39.0 43. 43.0 4. 4.0 14. 14.01 01 and nd 39. 39.0 40. 40.0 1. 1.0 34. 34.50 50 AE-16 16-41 41 49.0 50.0 1.0 0.50 AE-16 16-41 41 56.0 58.0 2.0 0.69 AE-16 16-42 42 76. 76.0 78. 78.0 2. 2.0 3. 3.05 05 AE-16 16-43 43 94. 94.0 109. 109.0 15. 15.0 2. 2.95 95 inclu luding 103. 103.0 106. 106.0 3. 3.0 6. 6.94 94 AE-16 16-44 44 59.0 60.0 1.0 0.50 and nd 87.0 87.9 0.9 2.44 and nd 99.0 100.0 1.0 1.90

Arg Argyle Pha Phase 1 1

Hole le I ID From

• m (

(m) To To ( (m) Width ( (m) Au ( (g/t /t†)

AE-16 16-03 03 4. 4.5 16. 16.5 12. 12.0 1. 1.32 32 inclu luding 5. 5.5 15. 15.5 10. 10.0 1. 1.52 52 and 5. 5.5 7. 7.5 2. 2.0 4. 4.71 71 AE-16 16-04 04 3.1 6.0 2.9 1.02 AE-16 16-05 05 4.0 5.0 1.0 1.59 AE-16 16-06 06 3. 3.7 10. 10.0 6. 6.3 4. 4.35 35 inclu luding 4. 4.2 9. 9.0 4. 4.8 5. 5.58 58 AE-16 16-08 08 4.4 5.0 0.6 1.09 AE-16 16-09 09 23.4 28.0 4.6 1.42 inclu luding 25.0 28.0 3.0 1.95 AE-16 16-10 10 25.5 29.6 4.1 0.34 AE-16 16-11 11 35. 35.0 43. 43.9 8. 8.9 6. 6.09 09 inclu luding 37.0 43.9 6.9 7.67 AE-16 16-12 12 22.8 27.0 4.2 1.15 inclu luding 24.0 27.0 3.0 1.46 and 25.0 27.0 2.0 2.06 and 42.0 43.0 1.0 1.45 AE-16 16-13 13 22.8 23.4 0.6 0.57 AE-16 16-14 14 24.0 25.6 1.6 3.20 AE-16 16-15 15 34.0 37.0 3.0 0.74 AE-16 16-16 16 13.0 16.0 3.0 1.41 AE-16 16-17 17 43.0 45.1 2.1 1.25 AE-16 16-19 19 19.0 21.6 2.6 1.68 AE-16 16-20 20 18. 18.0 32. 32.0 14. 14.0 2. 2.05 05 inclu luding 28. 28.0 32. 32.0 4. 4.0 4. 4.86 86 AE-16 16-21 21 35.0 35.9 0.9 1.51

*Hole BN-16-269: Mineralization discovered in the bottom portion of the drill hole is hosted by the Stog’er Tight gabbro.

From the ground up

TSX:ANX NX

Argyle Discovery

29

• North dipping gabbro sill
• Open down dip with some
• f the best grades at depth
• Tabular alteration zone

3. 3.75 g 75 g/t o

• ver 16

6 m

From the ground up

TSX:ANX NX

Point Rousse Aggregates Project

30

 Announced on October 27, 2016; Began shipping in September  Project involving Anaconda, Shore Line Aggregates and Phoenix Bulk Carriers  Fulfilling ~3.5M-tonne aggregates contract for a project on eastern seaboard of US over 14 months  Opportunity for Anaconda

• Monetizing waste rock and receiving

approximately $2M in gross revenue over 14 months

• No capital required; own any improvements to

site and fixed dock facility infrastructure

• Shorter haul distance; lowering mining costs
• Potential for future aggregates contracts
• With modifications, can import ore from other

project locations

From the ground up

TSX:ANX NX

Viking Project Development

31

Legend A Au (g (g/t): ): 1-2 2 – Green 2-4 4 – Pink ink + 4 + 4 – Dark R k Red

Pi Pit Design gn Viking r g resour urce blocks ks Existing resource has ~60% of current Indicated Resource1 greater than 3 g/t †

Thor

• r4 (Viking Project, Newfoundland)

Cate ategory Ton Tonnes Gold ( d (g/ g/t †) Ounc unces Indica icated 1,817,000 1.42 83,000 Infer erred ed 847,000 1.15 31,000

200m

From the ground up

TSX:ANX NX

Linking Point Rousse and Goldboro

32

Stog’er T Tight Pi Pit Goldbo boro Assets ts

• Large resource
• Existing decline to access
• re
• Existing road network and

power

• Near tidewater
• Dock within two kilometers

Point R Rousse Assets ts

• Port
• Large Tailings Facility
• Efficient operating mill
• Highly trained and effective work

force

• Excellent relationships with

communities, government and suppliers

Port Rousse

Pi Pit TFS 1 S 1 TFS 2 S 2 Po Port Dock ck Decline ne

From the ground up

TSX:ANX NX

Regionally Prospective Gold Setting

33

• Total endowment of greater than 11M ounces
• f gold much of it discovered in the last 8 –

10 Years.

• With investment comes resource growth such

as Marathon Gold (Valentine Lake), Atlantic Gold (Moose River), First Mining (Hope Brook)

• Contiguous geology within Atlantic Canada
• 16 gold deposits greater than 250,000
• unces
• 3 deposits greater than 1M ounces

Great N Northern Project ct Tilt lt Co Cove Project ct

From the ground up

TSX:ANX NX

Technical References

34

References with an asterisk (*) are footnotes and provided on the same slide. The numbered references below apply throughout this presentation.

† - Grams per tonne 1 - Mineral Resources are not Mineral Reserves and do not imply the economic viability of the resource. The Pine Cove Resource statement includes the Pine Cove Reserves. 2 - Pine Cove and Stog’er Tight Resources and Reserves do not include production since the December 8, 2015 NI 43-101 Technical Report 3 - 0.7 g/t cut-off for Pine Cove and 0.8 g/t cut-off for Stog’er Tight as per “NI43-101 Technical Report, Mineral Resource and Mineral Reserve Update on the Pine Cove Mine and Mineral Resource Estimate on the Stog’er Tight Deposit, Point Rousse Project, Baie Verte, Newfoundland and Labrador, Canada” authored by independent qualified persons David Copeland, P. Geo. (an independent consultant) and Catherine Pitman, P.Geo. (AMC Mining Consultants (Canada) Ltd.). and qualified persons David Evans, P.Geo. (Silvertip Exploration Consultants Inc.), Paul McNeill, P. Geo. (Anaconda Mining Inc.) and Gordana Slepcev, P. Eng. (Anaconda Mining Inc.). The Pine Cove Resource statement includes Pine Cove Reserves. 4 - 0.5 g/t cut-off as per “NI 43-101 Technical Report and Mineral Resource Estimate on the Thor Deposit, Viking Project, White Bay Area, Newfoundland and Labrador, Canada” with an effective date of August 29, 2016 and authored by independent qualified persons David A. Copeland, M.Sc., P.Geo., (an independent consultant), Shane Ebert, Ph.D., P.Geo. (an independent consultant) and Gary Giroux, MASc, P.Eng. (Giroux Consultants Ltd.). 5 – 2.0 g/t cut-off as per the March 1, 2017 News Release by Orex Exploration Inc.

From the ground up

TSX:ANX NX

Additional Cautionary Disclaimers

35

Anaconda uses certain non-GAAP performance measures in this document. These performance measures have no meaning under IFRS and, therefore, amounts presented may not be comparable to similar data presented by other mining companies. The data is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Operating cash costs per ounce of gold and all-in sustaining costs per ounce of gold (“AISC”) are non-GAAP measures that Anaconda uses as key performance measures to monitor performance and ability to generate cash flow. Management uses these statistics to assess how well Anaconda’s producing mines are performing compared to plan and to assess overall efficiency and effectiveness of the mining operations. Anaconda provides operating cash cost and AISC information as it is a key performance indicator required by users of its financial information in order to assess its profit potential and performance relative to its peers. Cash cost per ounce sold is cost of sales from the period before depletion, depreciation and amortization of production stripping assets divided by the number of ounces of gold sold in the period. AISC reflects all of the expenditures that are required to produce an ounce of gold from current operations. While there is no standardized meaning of the measure across the industry, Anaconda’s definition conforms to the AISC definition as set out by the World Gold Council in its guidance dated June 27, 2013. The World Gold Council is a non-regulatory, non-profit organization established in 1987 whose members include global senior mining companies. Anaconda believes that this measure will be useful to external users in assessing operating performance and the ability to generate free cash flow from current

• perations. AISC per ounce includes total cash costs plus the sum of corporate administrative expenses, sustaining capital expenditures, the addition of

production stripping assets and certain exploration and evaluation expenses, all divided by the number of ounces sold in the period. This measure seeks to reflect the full cost to sustain the current level of gold production from Anaconda’s operations. Certain other cash expenditures, including income tax payments and financing costs are not included. Certain prior period amounts included in the calculation of AISC have been changed to conform to the presentation adopted in the current period. The information presented herein related to Anaconda was approved by management of Anaconda on March 13, 2017. The information presented herein related to Orex was approved by management of Orex on March 13, 2017. Note: All dollar amounts are in Canadian dollars unless otherwise denoted. The disclosure in this presentation uses mineral reserve and mineral resource classification terms that comply with reporting standards in Canada, and certain mineral resource estimates are made in accordance with Canadian National Instrument 43-101—Standards of Disclosure for Mineral Projects (“NI 43-101”). NI 43-101 establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. These standards differ significantly from the mineral reserve disclosure requirements of the United States Securities Exchange Commission (the “SEC”) set forth in Industry Guide 7. Consequently, information regarding mineralization contained in this presentation is not comparable to similar information that would generally be disclosed by U.S. companies in accordance with the rules of the SEC.

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TSX:ANX NX

Additional Cautionary Disclaimers

36

In particular, the SEC’s Industry Guide 7 applies different standards in order to classify mineralization as a reserve. As a result, the definitions of proven and probable reserves used in NI 43-101 differ from the definitions used by the SEC in Industry Guide 7. Under SEC standards, mineralization may not be classified as a “reserve” unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made. Among other things, all necessary permits would be required to be in hand or issuance imminent in order to classify mineralized material as reserves under the SEC standards. Accordingly, mineral reserve estimates contained in this presentation may not qualify as “reserves” under SEC standards. In addition, this presentation uses the terms “measured mineral resources,” “indicated mineral resources” and “inferred mineral resources” to comply with the reporting standards in Canada. The SEC does not recognize mineral resources and U.S. companies are generally not permitted to disclose mineral resources of any category in documents they file with the SEC. Investors are specifically cautioned not to assume that any part or all of the mineral deposits in these categories will ever be converted into mineral reserves as defined in NI 43-101 or Industry Guide 7. Further, “inferred mineral resources” have a great amount

• f uncertainty as to their existence and as to whether they can be mined legally or economically. Therefore, investors are also cautioned not to assume that all
• r any part of an inferred resource exists. It cannot be assumed that all or any part of “measured mineral resources,” “indicated mineral resources,” or

“inferred mineral resources” will ever be upgraded to a higher category. Investors are cautioned not to assume that any part of the reported “measured mineral resources,” “indicated mineral resources,” or “inferred mineral resources” in this presentation is economically or legally mineable. For the above reasons, information contained in this presentation containing descriptions of our mineral reserve and mineral resource estimates is not comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements of the SEC. All scientific and technical information relating to the Stog’er Tight Deposit is based on and derived from the NI 43-101 report entitled “NI43-101 Technical Report, Mineral Resource and Mineral Reserve Update on the Pine Cove Mine and Mineral Resource Estimate on the Stog’er Tight Deposit, Point Rousse Project, Baie Verte, Newfoundland and Labrador, Canada” with an effective date of October 22, 2015. All scientific and technical information relating to the Pine Cove Mine is based on and derived from the NI 43-101 report entitled “NI43-101 Technical Report, Mineral Resource and Mineral Reserve Update on the Pine Cove Mine and Mineral Resource Estimate on the Stog’er Tight Deposit, Point Rousse Project, Baie Verte, Newfoundland and Labrador, Canada” with an effective date of October 22, 2015. All scientific and technical information relating to the Thor Deposit/Viking Project is based on and derived from the NI 43- 101 report entitled “NI 43-101 Technical Report and Mineral Resource Estimate on the Thor Deposit, Viking Project, White Bay Area, Newfoundland and Labrador, Canada” with an effective date of August 29, 2016. All of the above mentioned technical reports were prepared by “qualified persons” within the meaning of NI 43-101. The information contained herein is subject to all of the assumptions, qualifications and procedures set out in each of the technical reports and reference should be made to the full details of the technical reports which have been filed with the applicable regulatory authorities and is available on Anaconda’s profile at www.sedar.com. Paul McNeill, Anaconda’s VP of Exploration and a qualified person pursuant to NI 43-101, has reviewed and approved the scientific and technical data of Anaconda contained in this document.

From the ground up

TSX:ANX NX

Additional Cautionary Disclaimers

37

The scientific and technical information relating to the Goldboro Project is based on Orex’s news release of March 1, 2017. Any additional information regarding the current estimate will be available upon filing of a Technical Report by Orex. Jean-Pierre Landry, P. Eng., director and consultant of Orex, is a qualified person pursuant to NI 43-101, has reviewed and approved the technical information relating to Orex contained in this document. This presentation does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States

• r to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

Certain information contained on this presentation with respect to other companies and their business and operation has been obtained or quoted from publicly available sources, such as continuous disclosure documents, independent publications, media articles, third party websites (collectively, the “Publications”). In certain cases, these sources make no representations as to the reliability of the information they publish. Further, the analyses and opinions reflected in these Publications are subject to a series of assumptions about future events. There are a number of factors that can cause the results to differ materially from those described in these publications. None of the Anaconda, Orex or their representatives independently verified the accuracy or completeness

• f the information contained in the Publications or assume any responsibility for the completeness or accuracy of the information derived from these

Publications.