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TSX: ANX TSX:ANX Productio tion Cash h Flow w Exploratio - - PowerPoint PPT Presentation

TSX: ANX TSX:ANX Productio tion Cash h Flow w Exploratio tion Growth wth A Growin wing g Gold Pro roducer in in Atlan antic ic Ca Cana nada NOVEMBER 2019 From the ground up Caut autionary ary N Not ote Re


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SLIDE 1

TSX:ANX

From the ground up

TSX: ANX A Growin wing g Gold Pro roducer in in Atlan antic ic Ca Cana nada NOVEMBER 2019 Productio tion · Cash h Flow w · Exploratio tion · Growth wth

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SLIDE 2

From the ground up.

TS TSX:A :ANX

Caut autionary ary N Not

  • te Re

Regard rding F For

  • rward

ard-Lo Look

  • king I

Inf nform

  • rmation

This presentation contains statements which constitute “forward-looking information” within the meaning of applicable securities laws, including statements regarding the plans, intentions, beliefs and current expectations of Anaconda Mining Inc. with respect to future business activities and operating performance. Forward-looking information is often identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” or similar expressions and include information regarding: (i) the amount of future production over any period; (ii) assumptions relating to revenues, operating cash flow and other revenue metrics set out in the Company's disclosure materials; and (iii) future exploration and development plans. Investors are cautioned that forward-looking information is not based on historical facts but instead reflect management’s expectations, estimates or projections concerning future results

  • r events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Although Anaconda Mining believes that the

expectations reflected in such forward-looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements of the combined company. Among the key factors that could cause actual results to differ materially from those projected in the forward looking information are the following: the requirement for additional funding for development and exploration; the fluctuating price of gold; success of exploration, development and operations activities; health, safety and environmental risks and hazards; uncertainty in the estimation of mineral reserves and mineral resources; replacement of depleted mineral reserves; the potential of production and cost overruns; obligations as a public company; risks relating to government and taxation regulation; volatility in the market price of the Company’s securities; risks relating to title and First Nations; risks relating to the construction and development of new mines; risks relating to the dependence of the Company on outside parties and key management personnel; and risks in the event of a potential conflict ofinterest. This information is qualified in its entirety by cautionary statements and risk factor disclosure contained in filings made by Anaconda Mining Inc., including Anaconda Mining’s annual information form, financial statements and related MD&A for the year ended December 31, 2018, all available at www.sedar.com. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Anaconda Mining does not intend, and does not assume any

  • bligation, to update this forward-looking information except as otherwise required by applicablelaw.

Use of

  • f No

Non-IFRS RSMeasures This Presentation may from time to time refer operating cash costs per ounce sold, all-in sustaining costs per ounce of gold sold, and earnings before income taxes, depreciation and amortization (“EBITDA”), because certain readers may use this information to assess the Company’s performance and also to determine the Company’s ability to generate cash flow. This data is furnished to provide additional information and are non-IFRS measures and do not have any standardized meaning prescribed by International Financial Reporting Standards (“IFRS”). These measures should not be considered in isolation as a substitute for measures of performance prepared in accordance with IFRS and are not necessarily indicative of

  • perating costs presented under IFRS. Refer to the Company’s most recent MD&A for the definition and reconciliation of thesemeasures.

Al All dollar ar amount unts in in thi his presentati tation ar are expres essed ed in in Cana nadi dian Dolla llars (C (C$) unl unless otherwi rwise noted ed.

2

slide-3
SLIDE 3

From the ground up.

TS TSX:A :ANX

Ov Overvi rview of

  • f Ana

Anaco conda M Mini ning

  • Nine (9)

9) y years s of gold d produc uctio ion i in n the he top tier m mini ning j jur uris isdic iction of Atlant ntic C c Canada

  • Robust balance

nce sheet eet and nd c cont ntin inued f free c cash h flow g gene neration

  • Es

Established platform for g

  • r gro

rowth, t , targ argeting 100, 0,000 o 000 oz of go gold product uction n in 3 n 3-5 year ars

Point nt R Rous usse Co Compl plex Go Goldboro Go Gold Project

3

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SLIDE 4

From the ground up.

TS TSX:A :ANX

Expe perienced ed Mi Mini ning & g & Fina nancial Tea Team

Executive ve Managemen ement Tea Team

Kev evin Bullo lock President and CEO, Director Ro Rober ert Dufour ur Chief Financial Officer Gordana na Slepce cev Chief Operating Officer Paul ul McNei eill Vice President, Exploration

Boar Board of

  • f Di

Directo tors

Jo Jonathan Fi Fitzgerald ( (Chairm rman)

Former Chair & CEO of Orex Exploration Inc

Kevi vin B Bullock

President and CEO, Director

Mi Michael By Byron

President & CEO of Nighthawk Gold Corp.

Lewi ewis L Lawr wrick ck President and Chief Executive Officer, Magna Terra Resources Inc. Jacqu cques es L Leves esque

Former CFO of Orex Exploration, Inc.

Ma Maruf Raza aza

Partner at MNP LLP

Technica chnical Advisory

  • ry Commi

mmittee ee

Keit ith Bullock

  • ck, P.

P.Eng.

Ex - Glencore (Falconbridge), Mining Lead for Onaping Depth and Nickel Rim Depth projects

Glen enn D Dobb bby, P P.En Eng and d PhD

Metallurgical engineering. Co-owner of Woodgrove Technologies, a minerals technology company

Je Jean-Pierre Landry

Registered Civil Engineer; Former director of Orex Exploration Inc.

4

  • Execu

xecutive t e tea eam h has ov

  • ver

er 1 100 y yea ears rs of

  • f cu

cumulative exper e experience i e in mining, wi with a a track r record ecord of

  • f running s

safe fe, pr profi

  • fitable opera

e operations. s.

  • Exper

erien ence ce i in acqu quiring, d developi ping, g, a and o

  • perating m

mining p g projec ects globally.

  • Board a

and M Mana nagement nt c collectively ly o

  • wn 7% of Ana

naconda M Mining.

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SLIDE 5

From the ground up.

TS TSX:A :ANX

Cor

  • rpor

porate S Struc ucture

1 – Closing price as at November 4, 2019

2– Weighted average exercise price for the outstanding stock options is $0.28. 3– Weighted average exercise price for the outstanding warrants is $0.42. 4– As at September 30, 2019, Anaconda had an unused line of credit of $1.0M, cash of $7.0M and total liquidity of $8.0M. 5– As at September 30, 2019, current debt was $3.1M and non-current debt was $1.8M.

Symbo mbol TSX: SX: ANX NX OTCQX QX: ANXGF XGF Sh Shar aresOutstand nding ng 135 35.0M Options ns2

2

7.8M Warra rrants3

3

23.8M Fully D Dilut uted d 168 68.5M

Mar arket C t Cap apital talizati ation

  • n

$27. 7.0M

Cash Po sh Posi sition4

$7. 7.0M

De Debt5

$4.9 .9M

Sha hare Pri re Price1

$0.20 20

52 2 Week eek High/ h/Lo Low

$0. 0.18 18 - $0. 0.355 55 Analyst C t Cover erage e

  • Beac

acon S n Secur urities L Ltd

  • MP

MPartner ers

19% 7% 74%

Share arehol

  • lders

rs

Ins nstitut utions ns Mgt gt & & Boar ard Retai ail

5

Sha hare re Uni Units 1.9M

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SLIDE 6

From the ground up.

TS TSX:A :ANX

Miner eral al Resou

  • urc

rce Plan an

* 2017 Reflects a seven-month stub year ending December 31,2017 ** Based on the Measured and Indicated Mineral Resources from the “NI 43-101 Technical Report, Mineral Resource and Mineral Reserve Update on the Point Rousse project Baie Verte, Newfoundland and Labrador, Canada”. Effective Date: December 31, 2017. *** Based on the NI 43-101 Report “Goldboro Project: Mineral Resource Update and Preliminary Economic Assessment”. Resource Effective Date: July 19, 2018. Report Date: December 10, 2018.

Cate ategory Tonnes nes Gr Grade (g/ g/t) Oun unces (Au) u)

Goldboro1 Open Pit M+I 955,000 2.43 74,600 Underground - M+I Resources 3,141,000 6.18 624,000 Open Pit - Inferred Resources 22,000 2.79 2,000 Underground - Inferred Resources 2.985,000 7.12 683,200 Point Rousse2 Indicated Resources 1,610,600 2.30 119,570 Inferred Resources 1,245,300 1.95 78,090

Tot Total l M+I +I Res Resources 818, 8,170 70 Tot Total l Infe ferre red Res esources es 763 763,290

1. Updated Mineral Resource Estimate as announced on Oct 31, 2019 for the Goldboro Gold Project. 2. Based on the Measured and Indicated Mineral Resources from the “NI 43-101 Technical Report, Mineral Resource and Mineral Reserve Update on the Point Rousse project Baie Verte, Newfoundland and Labrador, Canada”. Effective Date: December 31, 2017.

6

slide-7
SLIDE 7

From the ground up.

TS TSX:A :ANX

Gol

  • ldboro

ro G Gold Pr Project, Nova

  • va S

Sco cotia

  • Prolific and stable gold jurisdiction with over 4.5 M oz of known gold in 11 deposits in 150 km radius
  • Analogous to the Victoria Gold Fields of Australia which hosts the Fosterville deposit (similar age and host rocks)
  • This deposit type can extend to more than a kilometre at depth
  • Goldboro is poised to be the next operating gold mine in Nova Scotia, with a Feasibility Study to be completed in Q4 2019

7

NTD: Add Map Box for next map or add belts

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SLIDE 8

From the ground up.

TS TSX:A :ANX

Gol

  • ldboro
  • ro Go

Gold d Depos posit

  • High

gh-gr grade de quar artz vein ins a and m min ineraliz ized w wal all rock ck

  • 51

1 sta tacked ked and a anticlinally f folded ed m miner eralized ed zon

  • nes
  • 2.

2.1 km m str trike e and m minera raliza zation

  • n c

con

  • nfirm

rmed a at 550 550 metr etres es depth th

  • Ope

Open in a all ll dir irectio ions; ; cont ntinui nuing ng to

  • expa

pand d the d e dep eposit

8

Section 9100E

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SLIDE 9

From the ground up.

TS TSX:A :ANX

Gol

  • ldboro
  • ro Re

Resource Gr ce Growth

9

  • An 6

6.9% g grade i e increa ease f se for t tota tal m measured & & indicated ted reso esource

  • An 1

11.9% g grade i e increa ease f se for u under erground m measu sured a and indicated r reso esource t to 6.18 g/t t gold ( (at t a 2.0 g g/t c /t cuto toff);

  • An 15.9% i

increa ease e in t total measu sured ed a and indicated ted r resources s for 6 698,6 ,600 00 o

  • unces (

(4.09 .096 million tonnes a at 5 5.30 g 0 g/t g gold) d);

  • A

A 51.2% i incre rease t total i l infe ferr rred m mineral r l resourc rce f for 6 r 6.9% increa ease i se in g gold grade b e bringing the t total to 6 685,100 o

  • unces

s (3.007 007 millio ion tonnes at 7 7.09 g g/t g gold) d);

  • Expanded

ed 3 375 metres e es eastw tward a and a added ed 2 21 n new m miner eralized ed zone nes

  • Technic

ical r repo port t to b be filed b by D December 1 13, 2 , 201 019

Cate ategory Tonn

  • nnes

es*('000) Au Au* ( (g/ g/t) Troy

  • y O

Oun unces* % Cha hange i in n Grade

from J July 2018** 8**

% Cha hange i in n Ounc nces es

from J July 2018** 8**

Measured 1,811 4.37 254,400 + 3.3% + 16.0% Indicated 2,285 6.05 444,200 + 9.9% + 15.9% Measured + Indicated 4,096 5.30 698,600 + 6.9% + 15.9% Inferred 3,007 7.09 685,100 + 6.9% + 51.2%

(* Combined Open Pit and Underground Mineral Resources. Open Pit Mineral Resource based on a 0.5 g/t Au cut-off grade; Underground Mineral Resource based on 2.0 g/t Au cut-off grade. ** Refer to the Company’s technical report entitled “Anaconda Mining Inc., Goldboro Project Mineral Resource Update and Preliminary Economic Assessment" for further details regarding the previous Mineral Resource with an effective date of July 19, 2018 (the “Previous Mineral Resource”).

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SLIDE 10

From the ground up.

TS TSX:A :ANX

Goldbor

  • ro G
  • Gol
  • ld P

Proj

  • ject - PEA

EA Hi Highl hlight hts**

*Assu ssume 0 0.80 USD: 1 1 CAD exchan ange gerat ate per r th the N NI I 43-101 Repo port “ “Goldbo dboro P Project Preliminar ary E Economic Assessment”. Effective ve D Dat ate: J Jan anuar ary 1 17, 2 2018 ** ** Based on the N NI 4 43-101 R Report “Goldboro P Projec ect: t: M Mineral R Resource U Update te and P Preliminary E Economic A Asses essmen ent” t”. R Resource E e Effec ective D Dat ate: J July 1 19, 9, 2

  • 2018. R

Repo port D Dat ate: D December 1 10, 2 2018 u using a a go gold pr price o

  • f US 1

S 1,160/oz.

10

Parame metres es Value ue Uni nit

LOM OMProduct ction 37 375,931 31

  • z
  • z.

Mine neLif Life 8.8 Year ar Open Pit Pit Grade de 2.99 99 g/ g/t Unde dergr ground nd Grade de 6. 6.83 83 g/ g/t Av Avg.

  • g. Ope

perati ting Cas ash Cost t $52 525* 5* US/ US/oz AISC SC $640* 0* US/ US/oz Up Up-front C t Cap apita tal Costs $47. 7.1M 1M CAD AD

Pre-tax NPV @5% C$137M IRR 38.4% Payback 2.9 years IRR 29.3% Payback 3.3 years After-tax NPV @5% C$88M

Dec 1 10, 2018 18 PEA is based on Ju July y 19, 9, 2018 18 minera ral re resource, not the m mineral re resourc rce with effecti tive date date o

  • f Au

Augu gust 2 t 21, 2019 an announced on O October 3 30, 2 2019

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SLIDE 11

From the ground up.

TS TSX:A :ANX

Gol

  • ldboro G
  • ro Gol
  • ld Pr

Proj

  • ject – Lever

erag age e to

  • Gol
  • ld Price

ce

Gol

  • ld Price

US$ S$/oz

  • z*

Pr Pre-Tax ax NPV(5% 5%) Pr Pre-Ta Tax IRR RR Po Post-Tax ax NPV(5%) %) Po Post-Tax ax IRR RR $ 1,100 C$112M 33% C$70M 25% $ 1, 1,16 160 C$137 37M 38% 38% C$88M 8M 29% 29% $ 1,200 C$152M 41% C$99M 32% $ 1,300 C$191M 49% C$126M 38% $ 1,400 C$231M 51% C$154M 44% $ 1,500 C$271M 65% C$182M 50% $ 1,600 C$310M 72% C$209M 56%

11

*Assu ssume 0 0.75 75 US USD: 1 1 CAD exchan ange gerat ate. . Based on

  • n the NI 4

NI 43-101 R Report “ t “Goldboro P Projec ect: t: M Miner eral R Resource U e Update a te and P Preliminary Economic A Asses essmen ent” t”. R Resource E Effec ecti tive D e Date: e: J July 1 19, 2

  • 2018. R

Report D t Date: e: D Decem ember er 1 10, 2 2018 using a a go gold pr price o

  • f US 1

S 1,160/oz.

slide-12
SLIDE 12

From the ground up.

TS TSX:A :ANX

Gol

  • ldboro G
  • ro Gol
  • ld Pr

Proj

  • ject - Devel

elopm pmen ent Milestone

  • nes

 2019 19 CapEx pEx alrea eady fun unded i in f n full  5,000 00-metre p program  Mill D Design  Upd pdated M ed Mineral Resource ce  Complet ete e Bulk ulk S Sample le  Permitti tting  Finalize F Feasib ibil ilit ity  Permit ittin ing  Site te Const nstruc uction  Pi Pit Pr Pre-Pro roduct ction  Process P ss Plant nt Commissi ssioni ning ng  Comme mmercial Product ction  EA app pplica cation s submitted ed  Upd pdated M ed Mineral Resource Es Estimate  Upd pdated P ed PEA  10,000 000-metre i infill a ll and nd expa expansion dr drill pr progra ram com compl pleted  Commenced ed F Feasibility Study  Under erground Development

Open pen P Pit P Production

201 2018

CAPE PEX

201 2019

$5M 5M

2020 2020

$42M 2M

2021 2021

$23M 3M

2022 2022

$19M 9M

12

Series 1

slide-13
SLIDE 13

From the ground up.

TS TSX:A :ANX

Baie Ve Verte te M Mining Di District, t, New Newfoundland

Excellen ent I t Infrastr tructu ture – Uni niqu que A Adva vantage ge

  • ANX is the only operating gold mine in the province
  • Experienced, skilled local workforce – no camp
  • Operating mill with long-term permitted tailings capacity
  • Fully-owned port facility with tide water access
  • Site is accessible by a paved road network
  • Fast track from discovery to development

13

Prolif ific ic mining c g camp f p for hi high gr grade go golddepos

  • sits
  • Hosts five (5) known gold deposits - all within 50 km
  • Home to two (2) past producing high-grade gold mines (Nugget Pond

at 9.85 g/t and Hammerdown at 15.74 g/t)

  • Three (3) gold mines in the region have produced more than

400,000 oz of gold

  • +100 km of prospective strike – similar structural setting to other

large gold camps

  • ~11,000 ha of prospective mineral lands
slide-14
SLIDE 14

From the ground up.

TS TSX:A :ANX

Point nt R Rous

  • usse Compl

plex, Baie Ve Verte te, NL NL

* 2017 reflects a seven-month stub year ending December 31, 2017 ** Based on the Measured and Indicated Mineral Resources from the “NI 43-101 Technical Report, Mineral Resource and Mineral Reserve Update on the Point Rousse project Baie Verte, Newfoundland and Labrador, Canada”. Effective Date: December 31, 2017.

2018 18 H Highlights ts

  • Record gold production of 20,149 oz.
  • Average gold price of US$1,264/oz. (C$1,638)
  • Revenue of C$31.7M and Operating Cash Flow of C$8.9M

Guida danc nce for 2 2019

  • Production of 16,000-17,000 oz.
  • Operating cash costs/oz. of US$990-US$1,025 (C$1,325-

C$1,375 )

Q3 3 YTD 2 2019 H High ghlight hts

  • Sold 13,057 oz. average grade of 1.53 g/t
  • Generated revenue of C$23M
  • H1 2019 EBITA at Point Rousse Complex of C$4.5 M

Mineral al Res ResourcePl Plan

14

slide-15
SLIDE 15

From the ground up.

TS TSX:A :ANX

Point nt R Rous

  • usse C

Complex x – Op Opera rating I Infra rastru ructure re

~1.4 k 4 km

ANX’s D Deep Water Por

  • rt and D

d Dock

  • ck

Polishing Po Pond

Tail ilin ings gs Site Office

In-pit tailings facility with 7Mt capacity (15 yrs.)

Pine Cove Mill and Operations

15

slide-16
SLIDE 16

From the ground up.

TS TSX:A :ANX

Point nt R Rous

  • usse - Expl

plor

  • ration
  • n U

Ups pside & & E Extension

  • n o
  • f L

LOM

AN ANX h has thre ree ( (3) g gol

  • ld depos
  • sits a

at the Poi Point R Rou

  • usse C

Com

  • mplex
  • Same deposit types – similar metallurgical properties
  • All controlled by fault structures
  • Proven exploration model
  • All within 5 Km of our Pine Cove Mill
  • Updated technical report planned for Q1 2020
  • Resource expansion at Pine Cove – additional pushbacks planned
  • New resource estimates for Argyle – technical report in Q1 2020
  • Recent drilling at 278 zone uncovered new resource
  • Goal
  • al is to
  • identify ad

additional g al gol

  • ld tar

argets an and e ext xtend LOM

Cate ategory 1 Cut ut-off ff (g/t /t) Tonne nnes Grade ade (g/ g/t) Ounc unces (Au) u)

Indica cated ed Resou

  • urces

ces 0.5 543, 43,000 00 2. 2.19 19 38,300 00 Inferred erred Resou

  • urces

ces 0.5 517, 7,000 00 1. 1.82 82 30,300 00

Argyl yle D Deposit it

16

1. Based on the Measured and Indicated Mineral Resources from the “NI 43-101 Technical Report, Mineral Resource and Mineral Reserve Update on the Point Rousse project Baie Verte, Newfoundland and Labrador, Canada”. Effective Date: December 31, 2017. 278 zone

slide-17
SLIDE 17

From the ground up.

TS TSX:A :ANX

The T e Tilt C Cove e Gold P Project ect – A Hi High gh-Gra rade G Gol

  • ld Hori
  • rizo

zon

17

  • 20 k

km m of pr prospective s strike w withi hin n the he Betts Co Cove Co Complex

  • Inc

nclud udes t the he N Nug ugget Pond H nd Horizon n (NPH), w , whi hich ho hosted the he Nugg ugget P Pond nd G Gold d Depo posit a and M nd Mine ne

  • The

e NPH i is s simil ilar t to other er Banded ed-Ir Iron-Form rmations ns, w , whi hich ho hosts hi high gr gh grade go gold de deposits ( (e.g. M .g. Meadowbank, Me Melia iadin ine and H Homest stake ake)

  • Inc

nclud udes t the he Venams ms Bight ght F Form rmation, w , whi hich ho hosts t the he Pine ne Co Cove Depo posit and M nd Mine ne a at the he P Point R Rousse P Proje ject and nd newly r recognize ized target et r rock r ref eferred t to as the Ma e Magnetic Foot

  • otwall

ll

  • 13 p

priority e expl ploration t n targe gets includi uding s ng significant drill int nters rsections ns o

  • f go

gold

  • Past

ast-pro produ ducing ng copp pper mi r mines inc ncludi ding ng t the he T Tilt Co Cove and nd Betts Cove Mi e Mines es

  • More

re t tha han n 6,000 ha ha assembled d for the he first t time i in n 20 y years rs

  • Road

ad a accessi ssible

  • ~40

40-50 k km m from P Pine ne Co Cove Mill a along e g existing ng r road d ne network rks

To Pine Cove Mill

slide-18
SLIDE 18

From the ground up.

TS TSX:A :ANX

The he Nugg ugget P Pond nd D Depos posit – An Ana An Analog

 Past P Prod

  • duci

cing High-Grade G de Gold D Deposit t (Curr

rren ently owned b ed by Ra Rambler Metals s and nd Mini ning ng – mill o

  • n site p

e produci cing co coppe pper co r concen centrate e from the e Ming M Mine) e)

  • Past Production included 537,672 tonnes at 9.85 g/t gold

(168,748 oz)

  • Excellent metallurgical properties: 98% recovery – whole
  • re leach

 Well under dersto tood g d geological/ex expl ploration m model del

  • Orogenic (lode gold) type gold system
  • Associated with the NPH and adjacent structures resulting

in a plunging deposit

  • Recognizable stratigraphy
  • Gold-in-soil anomalies located down-ice (southeastward)
  • Alteration halo includes the replacement of magnetite by

pyrite – geophysically recognizable

18

Photo modified after Sangster et al. (2007) in Mineral Deposits of Canada: A synthesis of Major Deposit Types, District Metallogeny, the Evolution of Geological Provinces and Exploration Methods: GAC, MDD, Special Publication N0.5 p.703-721.

slide-19
SLIDE 19

From the ground up.

TS TSX:A :ANX

Nugge ugget Pond

  • nd A

Area – Dri rill T ll Targets

 West Po t Pond Pr Prospect

  • 1.3-km long target beneath West Pond
  • Combined till and soil anomaly up to 600 m down-ice (SW)
  • f NPH indicating erosion of a mineralized body
  • Coincident break in the magnetic trend of NPH

 East Po t Pond Pr Prospect

  • Previous drilling missed the NPH, but intersected footwall

mineralization similar to Nugget Pond including:

  • 5.74 g/

g/t gol gold ov

  • ver

er 0 0.5 m m

  • 10.30 g/

g/t gol gold ov

  • ver

er 0 0.5 m m

  • 1.16 g/

g/t gol gold ov

  • ver

er 3 3.4 m m, and d

  • 4.90 g/

g/t gol gold ov

  • ver

er 0 0.5 m m

  • 800-m long segment of the NPH
  • No historic soil sampling down ice to the southeast

 Red ed Clif iff P Pond

  • 1.2-km long target at Red Cliff Pond
  • Anomalous gold bearing soils to the southeast with grab

samples up to 5.56 g/t gold

  • Drill intercepts including 1.92 g/t over 4.3 m

19

slide-20
SLIDE 20

From the ground up.

TS TSX:A :ANX

Long P ng Pond A

  • nd Area – Drill T

Targ argets

 Long P g Pond P d Prospe pect

  • Drill assays 21.5 g/t gold over 1.19 m
  • 125 m by 35 m exposed alteration zone
  • Open along strike and at depth
  • Grab samples up to 75.9 g/t gold

 Tom m and G George ge P Prospe pects

  • Includes grab samples up to 351.1 g/t gold and with veins

extending over 70 m of strike

  • Untested drill targets

 Bone neyard P d Prospe pect

  • Drill intercepts including 6.87 g/t gold over 2.0 m
  • Grab samples up to 3.00 g/t gold

20

slide-21
SLIDE 21

From the ground up.

TS TSX:A :ANX

Betts C Cove

  • ve Are

Area Targ argets

 Betts Cove Mi e Mine

  • Historic drilling outlines shallow 200 m by 50 m gold zone,

which is open along strike

  • Drill assays include:
  • 6.

6.77 g g/t g gold o

  • ver 5

5.0 m m (from 63 63.1 t to 68 68.1 m m) in ho hole BC-89 89-02 02;

  • 4.48 g/

g/t gol gold ov

  • ver

er 4 4.0 m m (including 1 11.2 g/ g/t gol gold ov

  • ver

er 1 1.1 m m in hol

  • le

e BC BC-89 89-01 01;

  • 1.87 g

g/t g gold o

  • ver 1

13.0 m (from 63 63.5 to 76. 6.5 m m) i inc nclud uding 7 7.50 g g/t gol gold ov

  • ver

er 0 0.5 m m and 8. 8.82 g/ g/t gol gold ov

  • ver

er 1 1.0 m m in hol

  • le N

e NBC-96 96-01; 01; and nd

  • 4.59 g/

g/t gol gold ov

  • ver

er 1 1.5 m m (from

  • m 6

63.5 t to

  • 65.0 m

m) i in hol

  • le

e NBC-96 96-02 02

  • Past producing copper mine

 Mo Mount Mi Miser ery

  • Grab samples up to 2.96 g/t gold
  • Drill intercepts up to 2.30 g/t gold over 1.5 m
  • Open along strike and at depth

21

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SLIDE 22

From the ground up.

TS TSX:A :ANX

Tilt C Cove G e Gold P Project ect - Expl plor

  • ration
  • n P

Prog

  • gress

22

 Initiat ate a a detai ailed wor

  • rk prog
  • gram

ram to

  • eval

aluate an and p priori

  • ritize e

exp xplorat ration

  • n tar

argets

  • Fully-funded Exploration Program of $1,500,000 commenced in July 2019
  • Identified 12 exploration targets based on all available data
  • Identified new prospect near Betts Big Pond
  • Generated numerous gold in soil Geochem anomalies through 2,192 soil samples collected;
  • Identified the magnetic footwall as a new exploration target
  • Completed a detailed drone-magnetic survey (455-line km) over the Nugget Pond and

magnetic footwall;

  • Completed a LiDAR survey over the entire project area (196 km2) and interpreted

lineaments of interest;

  • Expanded the prospective Tilt Cove land position to more than 6,000 ha

 Identi tify y highest p priority ty drill t targets ts  Initi tiate te a a 4, 4,000 me metre drill program i in t n the he fo four urth q qua uarter o

  • f

f 2019  Discov

  • ver

r the n next xt h high-grade g e gold mi mine e in easter ern Ca Canada

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SLIDE 23

From the ground up.

TS TSX:A :ANX

Signi gnificant V Valuation U

  • n Ups

pside de

Ma Market C Capital alizat ation

  • n/

/ M, M, I & & Inferr rred Resour urce ces(C$/ $/oz

  • z)(1)

1)

Note: 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. Courtesy of Laurentian Bank Securities, Oct 4, 2019.

23

$215 $84 $74 $57 $55 $52 $50 $42 $39 $32 $24 $24 $19 $17 $15 $9 $5 $0 $50 $100 $150 $200 $250

Source: Thompson Reuters; LBS

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SLIDE 24

From the ground up.

TS TSX:A :ANX

Key y Inves estmen ent T Takeaw eaways ays

Conti tinued ed P Positi tive O e Oper erati tingPerforman ance ce

  • Q3 YTD 2019 gold sales of 13,057 ounces and at a grade of 1.53 g/t, generating revenue of $23M
  • 2019 production guidance of 16,000-17,000 ounces of gold at an operating cash cost of US$990-1,025* per ounce
  • Cash on hand at September 30, 2019 of $7M and an additional $1M of liquidity from an undrawn revolving line of credit

Ne Near-Term m Growth th Cat Catal alys ysts Numerous Development milestones on course to achieve annual production ~ 50,000–60,000 Oz of gold by 2021

  • Goldboro Gold Project
  • Revised resource calculation in October 2019
  • Bulk Sample processing results in the fourth quarter of 2019
  • Feasibility Study by year end 2019
  • Point Rousse Complex: Continue executing on FCF generation and extending LOM
  • Tilt Cove Project: Initiation of trenching and drill program to discover another high-grade gold deposit in Q4, 2019

Strong ng Val aluatio ionUps pside de

  • Current valuation presents optimal entry point for investors
  • ANX offers investors growth in Resources, Production and Cash Flow in a premiere, low-risk mining jurisdiction with excellent

infrastructure and an experienced local work force.

* Based on

  • n exch

chan angerate o e of a approximatel tely y 0. 0.77 77 USD: 1 D: 1 CA CAD

24

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SLIDE 25
slide-26
SLIDE 26

Appendices

From the ground up.

TS TSX:A :ANX

26

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SLIDE 27

From the ground up.

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Biographies

Ke Kevi vin Bu Bullo lock | Chief executive Officer & Director

Kevin Bullock is a registered Professional Mining Engineer in the province of Ontario. Kevin was Volta Resources Inc.’s President and CEO and was the founding President and CEO of Goldcrest (a Volta predecessor company) since its inception in 2002. Kevin was instrumental in the growth of Volta from a shell company through to the ultimate sale of the company to B2Gold at the end of 2013. Kevin has over 30 years of experience, at senior levels, in mining exploration, mine development, mine operations and capital markets. Throughout his career, Kevin has been involved in projects from inception through exploration to development and production. Kevin was most recently the CEO of Mako Mining Corp. and is currently a director of B2Gold. Mr. Bullock has also worked for Kirkland Lake Gold and Iamgold Corporation.

Rob

  • bert

rt Dufour ur | Chief Financial Officer & 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.

27

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SLIDE 28

From the ground up.

TS TSX:A :ANX

Biographies

Gord

  • rdana Slep

epcev ev | Chief Operating Officer

Gordana Slepcev 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. Ms. Slepcev is a registered professional engineer in the provinces of Ontario, Newfoundland and Labrador, and Nova Scotia. She has been volunteering at CIM Toronto Education Committee, West Toronto Professional Engineers Executive Committee, and at a board of the Nova Scotia Mining Association. 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. Mr. Cramm 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.

28

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SLIDE 29

From the ground up.

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Biographies

Paul ul McN McNeill | Vice ice Pres esiden ent, t, Explor

  • ration
  • n
  • Mr. McNeill joined Anaconda in 2014. Formerly, he served as Principal Geologist with Paladin Energy Ltd. of Perth, Australia and Vice President – Exploration for

Aurora Energy Resources Ltd. based in St John’s NL, 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. Mr. McNeill has developed expertise in structural controls on mineralization, project development and grass roots

  • exploration. Mr. McNeill is a Professional Geologist registered in the Provinces of Newfoundland and Labrador and Nova Scotia. He currently serves on the board of

Mining NL and is the Past President of the CIM NL branch.

Lynn nn Hamm mmon

  • nd | Vice

ice Pres esiden ent, t, Publ blic Rel 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.

Amand nda Abbal alle | Vi Vice Pres esiden ent, t, Human an Resou

  • urc

rces

  • Ms. Abballe has over 14 years of progressive human resources experience. Since joining Anaconda in 2019, she has had executive responsibility for driving the

Company’s people and talent strategy globally, including employee experience, leadership, compliance and culture. Ms. Abballe previously held a variety of senior positions in different Industries including Mining. Her functional experience spans global mobility, M&A integration, employee engagement, internal investigations, work-force planning, succession planning, leadership development and digital transformation. Amanda holds a number of industry designations and is a member of the Human Resources Professional Association. Ms. Abballe holds an Honours Bachelor of Arts in Labour Relations and Human Resources Management from York University.

29

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From the ground up.

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Gol

  • ldboro
  • ro – Upd

pdated Re Resource rce E Estimate

30

Resource Type Au Cut-off Category Tonnes Au Troy Ounces (g/t) ('000) (g/t) Open Pit 0.5 Measured 844 2.40 65,200 Indicated 111 2.63 9,400 Measured + Indicated 955 2.43 74,600 Inferred 22 2.79 2,000 Underground 2.0 Measured 967 6.08 189,200 Indicated 2,174 6.22 434,800 Measured + Indicated 3,141 6.18 624,000 Inferred 2,985 7.12 683,200 Combined* 0.5/2.0 Measured 1,811 4.37 254,400 Indicated 2,285 6.05 444,200 Measured + Indicated 4,096 5.30 698,600 Inferred 3,007 7.09 685,100

^Mineral Resource Estimate Notes

  • Mineral Resources were prepared in accordance with

NI 43-101 and the CIM Definition Standards (2014). Mineral resources that are not mineral reserves do not have demonstrated economic viability. This estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues.

  • Open pit Mineral Resources are reported at a cut-off

grade of 0.5 g/t gold that is based on a gold price of CAD$1,753/oz (~US$1,350/oz). and a gold processing recovery factor of 95%.

  • Underground Mineral Resource is reported at a cut-off

grade of 2.0 g/t gold that is based on a gold price of CAD$1,753/oz (~US$1,350/oz). and a gold processing recovery factor of 95%.

  • Appropriate mining costs, processing costs, metal

recoveries, and inter ramp pit slope angles were used by WSP to generate the pit shell.

  • Appropriate mining costs, processing costs, metal

recoveries and stope dimensions were used by WSP to generate the potential underground resource.

  • Rounding

may result in apparent summation differences between tonnes, grade, and contained metal content.

  • Tonnage and grade measurements are in metric units.

Contained gold ounces are in troy ounces.

  • Contributing assay composites were capped at 80 g/t

Au.

  • A bulk density factor was calculated for each block

based on a regression formula.

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From the ground up.

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Gol

  • ldboro G
  • ro Grow
  • wth Pot

Potential

31

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From the ground up.

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Poi Point Rous Rousse - Argy gyle D Developm

  • pment

Deve velopm pment Timeli eline: e:

 Metall llurgical a l and AR ARD D test t work

  • rk – Comp

mplete  Release sed f from m further Envi vironmental assess ssment  Projec ected ed receipt t of al all requi quisite mi minin ing permits s – Q4/2019 19  Site prepa paration n and nd mine ne d developm pment nt – Q2 Q2/Q3/ 202 2020  Or Ore processi ssing at Pin ine Cove Mill – Q1/1 /12021

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From the ground up.

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CO CONTA TACT I T INFORMATI TION Kev evin B Bullock, Pres esid iden ent & & CEO EO

647-388-1842

KBullock@anacondamining.com 150 York Street, Suite 410 Toronto, Ontario M5H 3S5 www.anacondamining.com

33