Building a Multi-Asset Copper-Gold Company in Ecuador First Mover - - PowerPoint PPT Presentation

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Building a Multi-Asset Copper-Gold Company in Ecuador

First Mover Advantage in a New Frontier Corporate Presentation

Q2 2020

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• This presentation is not directed to, or intended for distribution to or use by, any person or entity that is a citizen or resident or

located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction.

• This presentation does not constitute or form a part of, and should not be construed as an offer, solicitation or invitation to

subscribe for, underwrite or otherwise acquire, any securities of Adventus Mining Corporation (“Adventus”), nor shall it or any part of it form the basis of or be relied on in connection with any contract or commitment whatsoever.

• Certain information in this presentation contains forward-looking statements and forward-looking information within the

meaning of applicable securities laws (collectively "forward-looking statements"). All statements, other than statements of historical fact are forward-looking statements. Forward-looking statements are based on the beliefs and expectations of Adventus as well as assumptions made by and information currently available to Adventus’ management. Such statements reflect the current risks, uncertainties and assumptions related to certain factors including but not limited to, all costs varying significantly from estimates, production rates varying from estimates, changes in metal markets, changes in equity markets, the proposed use of net proceeds from private placements, availability and costs of financing needed in the future, equipment failure, unexpected geological conditions, imprecision in resource estimates or metal recoveries, ability to complete future drilling programs, drilling program results varying from expectations, delays in obtaining survey results, success of future development initiatives, the completion and implementation of a preliminary economic assessment, pre- feasibility or feasibility studies, competition, operating performance, environmental and safety risks, delays in obtaining or failure to obtain necessary permits and approvals from local authorities, community relations, and other development and

• perating risks. Should any one or more of these risks or uncertainties materialize, or should any underlying assumptions prove

incorrect, actual results may vary materially from those described herein. Although Adventus believes that assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein. Except as may be required by applicable securities laws, Adventus disclaims any intent or obligation to update any forward- looking statement.

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Forward Looking Statements

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Why Adventus?

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(1) See P.10 for detailed resource. (2) See Adventus‘ May 2, 2019 news release on El Domo deposit, Curipamba project economic study (3) Co-product basis

Adventus is aggressively pursuing exploration & development success on multiple projects, including VMS & porphyry copper-gold districts

Asset Quality

 Exceptional grades: ~9 Mt of 5.2% CuEq (8.3 g/t AuEq) M&I near-surface resources (1)  After-tax IRR of 40% (2)  C1 cash cost: US$0.96 /lb CuEq

• r US$412 /oz AuEq (2,3)

 15 year mine life of 19,000 tpa CuEq or 100,000 oz pa AuEq  ~US$450M of free cashflow in first 6 years of mine life (2)

Exploration Potential

 Maiden geophysics on 3x Adventus controlled districts (>27,000 ha) – commencing drilling for new discoveries in 2020  First mover advantage for new projects – Exploration Alliance with renowned explorer Fredy Salazar

World-Class Investors

 5 strategic shareholders: Altius, Greenstone, Resource Capital Funds, Wheaton Precious & Nobis Group  >25 institutional investors  C$26.4M raised in 2019 – fully funded to test top priority drill targets Entrepreneurial team building a multi-asset copper company in new frontier of Ecuador:

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Adventus – Who We Are

Adventus completed maiden airborne geophysics on 3x projects in 2019 – next: exploration drill programs in 2020. Also advancing El Domo, Curipamba project towards feasibility study

• Curipamba copper-gold project, with El Domo deposit – earning 75% of underexplored 21,500 ha property, by

spending US$25M to Oct. 2022 (~US$20M spent to date). Underpinned by high grade VMS entering feasibility study

• stage. 2020 program targeting new discoveries within district. Salazar Resources Ltd.(“Salazar”) is partner
• Ecuador-wide Exploration Alliance – exploration alliance between Adventus (80%) & Salazar (20%): Pijili & Santiago

are first two projects with copper-gold porphyry & epithermal vein systems – flown with airborne geophysics in 2019, drilling to begin at Pijili in July 2020 for the first time

• Distinguished Strategic Shareholders – Altius Minerals, Greenstone Resources, Resource Capital Funds, Wheaton

Precious & Nobis Group see growth & discovery potential in Adventus’ projects Ecuador

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2017

• Feb 9:

IPO @ C$0.50/share

• Sep 14:

Announces Curipamba earn-in transaction & Ecuador Alliance

• Dec 21:

Bought deal C$10M financing 2018

• Feb 21:

Newfoundland portfolio to Canstar

• Mar 29:

Acquires Pijili project in Ecuador

• May 23:

Acquires Santiago project in Ecuador

• Jul 17:

Wheaton Precious led C$9.2M financing

• Sep 21:

Begins trading on OTCQX

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Capital Structure & Timeline

Notes: 1 Weighted average exercise price of C$0.80, 5-year term, 3-year vesting period

Shares Outstanding: 100,594,371 Options 1: 6,050,000 Restricted Share Units: 802,500 Fully Diluted: 107,446,871 Basic Market Capitalization: C$ 90 M Cash (as at March 31, 2020): C$ 8 M Equities (Canstar & BMEx): ~ C$ 1 M Debt: nil Enterprise Value: ~ C$ 80 M

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Symbols: ADZN – TSXV, ADVZF – OTCQX Equity Research Adventus Milestones 2019–2020 Share Performance

Irish Projects to BMEx

(2019 02 07)

El Domo PEA Results

(2019 05 02)

Nobis-led C$12.1M Financing

(2019 05 06)

Completes airborne MMT survey at Pijili & Santiago

(2019 04 05)

Bought Deal C$14.3M Financing / Upsized

(2019 07 16)

Completes airborne MMT survey at Curipamba/El Domo

(2019 09 19)

Earn-in with South32 in Ireland

(2020 01 13) COVID-19

measures in Ecuador

(2020 03 18)

Insiders acquired ~600,000 shares between Q4 2019 & Q1 2020

Investor AUM / Market Cap (US$M) Profiles ~$300 Leading global royalty company focused on base metal and bulk commodities, with its royalties on 15

• perating mines generating ~C$80M per annum in revenues, with successful project generation business

~$370 London-based private equity fund specializing in the mining and metals sector, with more than 80 years collective experience predominantly fulfilling senior roles within mining companies, financial institutions and principal investing, Greenstone is able to make successful long term investments Fund VI ~$2,000 A pioneer in the concept of a mining-focused private equity fund, RCF is a specialist in mining and partners with companies to build strong, successful & sustainable businesses that strive to produce superior returns for all stakeholders ~$20,000 Formerly Silver Wheaton, Wheaton Precious Metals is the world’s largest streaming company, with a production profile that is driven by a portfolio of high quality assets, including a gold stream on Vale’s Salobo mine, and silver streams on Glencore’s Antamina mine and Goldcorp’s Peñasquito mine

• One of Ecuador's largest and most respected private organizations, with business interests across

agricultural, real estate, industrial, commercial, construction and tourism sectors. Nobis was founded by Executive President Isabel Noboa Pontón in 1997

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Investor Base

Management & Board Other Shareholders Institutional Funds

Notes: chart on fully diluted basis. Wheaton retains some ROFO/ROFR rights on potential future precious metal streams in Ecuador

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• Consorcio Nobis (“Nobis Group”) is one of Ecuador’s largest private business conglomerates with interests across

agricultural, real estate, industrial, construction & tourism sectors

• Nobis Group was founded in 1997 by renowned Ecuadorian business leader Isabel Noboa Pontón (daughter of the

late Luis Noboa): “We are pleased to announce our investment in Adventus and to participate in the growing mining sector in Ecuador, which is set to become a major driver of economic development.” In 2019 – Completed Initial Investment in Adventus

• Initial US$5.5M equity investment into Adventus for 9.9% of the company, with rights to maintain its interest in order to

participate in Adventus’ project portfolio & growth plans

• Nobis Group & Foundation – direct resources for in-depth Ecuador insights & support for institutional investors globally
• Adventus affirms its commitment to Ecuador with strong domestic partners in both investment & exploration with the

Nobis Group & Salazar

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Advantage in Ecuador – Nobis Group & Salazar

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Management & Board

ADZN : TSX-V ADVZF : OTCQX BRIAN DALTON Chairman

CEO & co-founder of Altius Minerals with over 20 years experience in industry globally, from grassroots exploration to executive management

ROBERTO DUNN, MBA Director

Advisor & former Executive Director of Nobis Group –

• ne of the largest private conglomerates in

Ecuador, with over 30 years of multi-sector business leadership experience in Ecuador & global markets

MICHAEL HAWORTH Director

Co-founded Greenstone Resources in 2013 after a 16 year career in the mining sector including Managing Director at JP Morgan and Head of Mining and Metals Corporate Finance in London

• DR. SALLY EYRE

Independent Director

Mining industry & finance veteran including CEO of Etruscan Resources Inc., PhD in Economic Geology from Royal School of Mines, Imperial College

BARRY MURPHY, PE, PMP Independent Director

Over 30 years mining sector experience in project execution for Anglo American, Yamana, Hatch, with recent focus on open pit and underground mine developments in Chile, Peru, Argentina, Brazil

PAUL B. SWEENEY Independent Director

Over 35 years experience in financial management, including CFO for both Canico (acquired by Vale) and Sutton Resources (acquired by Barrick), on board of OceanaGold

MARK WELLINGS, P.Eng., MBA Independent Director

25 years experience in mining and finance, including 18 years at GMP Securities L.P., including as MD of Investment Banking and now Principal at INFOR Financial’s investment banking team

CHRISTIAN KARGL-SIMARD, P.Eng. President, CEO & Director

Over 15 years experience in industry and banking, primarily in investment banking at Raymond James

• Ltd. and Haywood Securities Inc. B.A.Sc. in

Metallurgical Engineering from UBC

• DR. ALVARO DUEÑAS

Ecuador Country Manager

Over 20 years Ecuador business experience in natural resources & foreign trade. Ecuadorian, qualified lawyer, & former Country Manager for

• Codelco. Doctorate in Jurisprudence from the

Pontifica Universidad Catolica del Ecuador & negotiation program at Harvard Law School

JASON DUNNING P.Geo., M.Sc., FGAC, FSEG, VP Exploration

Over 25 years experience, most recently as mining group manager, geology & exploration at Nyrstar, served as VP Exploration at Alamos Gold Inc., Selwyn Resources Ltd., and Yukon Zinc Corporation, & in exploration roles with Hudson Bay Mining and Smelting Co. Ltd., and Pamicon Developments Ltd.

OLIVIA GAMACHE P.Eng., M.Sc. VP Environment & Community

Over 15 years international environmental management, community relations & CSR experience in the mining industry in the Americas with Hatch Ltd. & Yamana. Professional environmental engineer (water), B.A.Sc & M.Sc. Chemical Engineering from University of Toronto

FRANCES KWONG VP Finance, CFO, Corporate Secretary

Over 35 years experience in finance, including CFO

• f Vaaldiam Mining & consultant to Orion Resource
• Partners. Fellow of the Institute of CAs in England &

Wales, and a CPA CGA, HKU graduate

SAM LEUNG, P.Eng. VP Corporate Development

15 years experience in industry: Director, Corporate Development at Lundin Mining (>$3.7 billion in transactions); due diligence/ strategy consultant & metallurgist for Hatch Ltd., B.A.Sc. Engineering Chemistry from Queen’s University

DUSTIN SMALL, P.Eng. Project Director

20 years experience in project management, engineering & construction, including small to large scale mining projects US$100 M to over US$4 B. Recently with Hatch Ltd/Kinross in Chile & Wood (Amec Foster Wheeler). B.Sc.E. Dalhousie University

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Ecuador – New Mining Frontier

• In 2019, Ecuador welcomed first modern-scale open-pit & underground mining operations:
• Mirador (copper-gold, $1.4 billion) & Fruta del Norte (gold, $700 million)

Lundin Gold with Newcrest & Orion $900M project financing package, incl. $400M equity financing by Newcrest, Orion & Lundin Family Trusts + $20M exploration earn-in w/ Newcrest Ecuacorriente: CRCC-Tongguan $1.4 billion capital investment to build Mirador copper mining complex – open pit, 60,000 tpd mill, ~100 ktpa Cu in concentrate Newcrest +$100M earn-in with Cornerstone on porphyry district next to Adventus’ Santiago project Codelco & Enami EP Signed JV with the government to develop project Hancock Prospecting $200M green fields exploration BHP $82M exploration spending commitment & $ SolGold investment / US$75M exploration commitment with Luminex on porphyry district Solgold PLC +$100M in equity investments by Newcrest & BHP, 71 exploration project with +$150M commitments Anglo American $57.3M earn-in JV with Luminex, adjacent to Adventus’ Curipamba project Adventus $25M earn-in transaction on the Curipamba project + $5M spend on Pijili & Santiago projects Southern Copper Advancing copper porphyry next to Adventus Fortescue Metals Greenfields exploration in 32 concessions Dundee Precious Metals & INV Metals $10M of $15.6M private placement in INV Metals for 19.5% equity stake

Examples of Major Foreign Investments in Ecuador’s Mining Sector (US$)

Source: Company reports

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Curipamba Pijili Santiago

Continuing improvements in fiscal regimes are supporting additional investment & growth

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Responsibility to Environment & Community

Adventus & partners are committed to the responsible exploration, development & operation of

• ur projects – our commitment is founded on community trust, transparency & accountability

Community Engagement & Economic Development

• Community consultation activities focus on ensuring that key stakeholders are provided with accurate information in a timely

manner & are engaged in two-way dialogue during all project stages

• Regular community events encourage local participation & information sharing – fostering capacity building through

activities such as mine site tours with key stakeholders, schools and authorities

• Economic development includes sponsoring targeted community improvement projects & programs that focus on

education & training of local community members

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Youth & female soccer programs Support for local arts and culture Training for young entrepreneurs

Environmental Management

• All project activities meet or exceed local laws & regulations for environmental

management & protection – a regulator approved environmental management plan governs mitigation measures for all site activities

• Protection of water resources is a priority for Adventus & local communities – environmental

management plan ensures fresh water use is minimized, water reuse & recycle is maximized, & water quality in the local watershed is monitored

• Environmental baseline studies are ongoing to support both the feasibility study & an

environmental & social impact assessment that will meet or exceed both local regulations & international standards

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Advancing El Domo & Curipamba Project

• Majority of M&I resource within 40 to 80 m from surface
• Located 20 km from Pan-American highway, in low-lying hills (300-~900 masl),

~3 h drive from major port city of Guayaquil

• Key surface rights acquired for development, including 100% of resource
• Small-mines permits granted for entire district for 25 years

Aligned Partnership Structure

• Earn-in terms for 75% ownership (~US$20M of US$25M spent to date; to Q4 2022)
• Adventus retains 100% rights to off-take, streaming & financing options

Seasoned Ecuadorian Partner – Salazar Resources Ltd.

• Partner led by Fredy Salazar, one of the most successful explorers in Ecuador,

including having been instrumental in Aurelian’s Fruta del Norte discovery

• Salazar has received equity investments by Silvercorp, Trafigura, Resource

Capital Funds, Lundin Mining & Guangshou Group for El Domo/Curipamba

Advancing the Curipamba project continues to be Adventus’ main focus, with exciting exploration & technical results expected in 2020

Adventus is focused on the continuing exploration & development of the El Domo deposit and the greater Curipamba project – high potential district supported by significant baseline resource, undrilled targets, & experienced local-Ecuadorian team

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NI 43-101 El Domo Mineral Resource Estimate (Roscoe Postle, RPA – May 2019)

Tonnes Mt Cu % Au g/t Zn % Ag g/t Pb % CuEq %(1) AuEq g/t (1) CuEq Mlbs(1) AuEq koz(1) Measured 1.4 1.92 3.75 3.52 58 0.37 6.1 9.8 190 443 Indicated 7.5 2.02 2.33 2.81 49 0.26 5.0 8.0 826 1,926 Inferred 1.3 1.52 1.83 2.25 42 0.20 3.9 6.2 112 261

(1) Calculated from Ni 43-101 El Domo PEA (May 2019) which assumed Cu $3.15/lb, Au $1,350/oz, Zn $1.15/lb, Ag $18/oz, Pb $1.00/lb

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Curipamba – 15 New Targets in Underexplored District

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Crew & drill rigs mobilized at Curipamba in Q1 2020 3,000 m drill program at La Vaquera high priority target to start post- COVID-19 measures

Source: Adventus news release January 21, 2020

Anglo American & Luminex JV Properties Solgold & Codelco Properties

2019 completed first ever regional airborne geophysics survey (MobileMT) on the 21,500 ha (215 km2) property Interpretation with historic data generated 15 new regional targets outside of El Domo but within Curipamba 2020 drilling program focuses

• n these new targets with aim
• f new discoveries

Open pit kaolin mine

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El Domo – Exceptional Deposit within Curipamba

El Domo is a flat-lying VMS deposit, close to surface and mineable by open-pit and/or underground methods to produce saleable copper, zinc & lead concentrates with strong precious metals credits

• 60,449 m drilled at El Domo to date – highlights include (1):
• 24.02 m of 5.41% copper, 6.40 g/t gold, 2.68% zinc, 58.6 g/t silver, 0.15% lead (~11.5% CuEq) – CURI 336
• 21.10 m of 5.49% copper, 3.94 g/t gold, 2.77% zinc, 42.3 g/t silver, 0.19% lead (~9.8% CuEq), including: 8.70 m of 11.31%

copper, 7.81 g/t gold, 6.57% zinc, 90.9 g/t silver, 0.44% lead (~20.3% CuEq) – CURI 300

• 8.16 m of 2.17% copper, 19.67 g/t gold, 23.17% zinc, 229.0 g/t silver, 4.01% lead (~28.4% CuEq), including: 3.71 m of 3.00%

copper, 36.55 g/t gold, 32.17% zinc, 411.3 g/t silver, 6.80% lead (~47.0% CuEq) – CURI 285

• 32.43 m of 4.40% copper, 1.29 g/t gold, 1.84% zinc, 13.3 g/t silver, 0.09% lead (~6.2% CuEq), including: 19.41 m of 7.00%

copper, 1.61 g/t gold, 3.00% zinc, 18.4 g/t silver, 0.14% lead (~9.5% CuEq) – CURI 266

Notes: (1) 2019 PEA equivalence pricing assumptions: Cu $3.25/lb, Zn $1.30/lb, Pb $1.10/lb, Ag $23/oz, Au $1,500/oz (2) Observations on the Curipamba Massive Sulfide District, Ecuador, Report For Salazar Resources by James M Franklin Ph.D., P. Geo, Aug. 17, 2009

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• Deposit dimensions: ~800 m x 400 m,

starts ~30 m below surface, generally flat-lying – remains open: north, east,

• depth. Average drill hole spacing of

25 m centres for metallurgical testing, 2019 resource & PEA

• James Franklin (Global VMS expert):

“Such camps typically contain a minimum of 6 deposits with economic metal content. One of these is normally the “giant”, containing more than 30 Mt of ore. The potential for additional discovery in the Curipamba area is excellent”

(2)

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El Domo – PEA Highlights

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NI 43-101 Open Pit Constrained Resource, Years 1-14 (1)

Tonnes Mt Cu % Au g/t Zn % Ag g/t Pb % CuEq %(1) AuEq g/t (1) Measured 1.4 1.92 3.75 3.52 58 0.37 6.1 9.84 Indicated 5.7 1.74 2.47 2.60 51 0.28 4.7 7.59 M&I 7.1 1.78 2.73 2.78 53 0.30 5.0 8.06 Inferred 0.7 0.67 1.60 1.72 46 0.21 2.7 4.40

Reference: All currency figures in US dollars unless otherwise stated. May 2019 Adventus PEA news release (1) Cu $3.15/lb, Au $1,350/oz, Zn $1.15/lb, Ag $18/oz, Pb $1.00/lb

NI 43-101 Underground Resource, Years 10-15 (1)

Tonnes Mt Cu % Au g/t Zn % Ag g/t Pb % CuEq %(1) AuEq g/t (1) Indicated 1.8 2.91 1.85 3.51 43 0.20 5.8 9.23 Inferred 0.6 2.46 2.09 2.82 37 0.19 5.2 8.26

Mill throughput rate (tpd) 1,750 tpd for 15 yr mine life Net metallurgical recoveries Copper Gold Zinc Silver Lead 81% 58% 79% 69% 38% Concentrate details: Copper Zinc Clean concentrates: ~25% Cu with high PMs ~56% Zn with high PMs No penalties for deleterious elements expected LOM operating cost (US$/t) $55/t mine gate LOM sustaining capital (US$) $105M LOM production average: 19,000 tpa CuEq or 100,000 oz pa AuEq NPV(8%, after-tax) $288M IRR after-tax: 40%. payback in < 2 years Free cashflow: $449M in first 6 years of mine life C1 co-product cash cost: $0.96 /lb copper equivalent or $412 /oz gold equivalent Capital cost: $165M Price assumptions: $3.15/lb Cu, $1,350/oz Au, $1.15/lb Zn, $18/oz Ag, $1.00/lb Pb

Project Economics – PEA

Copper 45% Gold 29% Silver 8%

Lead 1%

Zinc 17%

Life of Mine Payable Revenues

• Roscoe Postle (RPA)
• Klohn Crippen Berger
• Knight Piesold
• Base Met Laboratories (Kamloops)
• Independent Mining Consultants

(Tucson)

PEA Authors/Contributors Taxes & Royalties

• Estimated >$250M in direct

tax & royalty revenues to Ecuador over mine life

• Additional multiplier effects

for economic development

Improvements announced post-PEA

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El Domo – Robust Economics & Sensitivities

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Reference: All currency figures in US dollars unless otherwise stated. May 2019 Adventus PEA news release (1) PEA: Cu $3.15/lb, Au $1,350/oz, Zn $1.15/lb, Pb $1.00/lb, Ag $18/oz (2) As at March 31, 2020: Cu $2.18/lb, Au $1,605/oz, Zn $0.85/lb, Pb $0.78/lb, Ag $13.92/oz; life of mine payable revenues by metal

PEA demonstrated robust project economics (after-tax NPV8% = US$ 288M, IRR = +40%) – sensitivities to metal prices & costs benefit from high ore grades & low capital intensity over a 15 year mine life (1)

At spot prices (2), precious & base metals are 50%/50%

PEA results

Copper 36% Gold 43% Silver 7%

Lead 1%

Zinc 13% Significant gold values bolster the project

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El Domo & Curipamba – Timing & Next Steps

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El Domo – Path to Production Projected start dates for new copper mines

2020

• Announced material

improvements to metallurgical recoveries & environmental infrastructure since 2019 PEA

• Regional exploration drilling at

Curipamba

• Continue EIA program
• Commence feasibility study
• Land acquisition program
• EIA consultation process with

local communities

2021

• Regional exploration drilling at

Curipamba

• Completion of feasibility study
• Completion of land acquisition

program

• Completion & approval of EIA
• Project financing activities

2022 to 2024

• Receipt of investment &

exploitation agreement with Ecuador government

• Commence & complete

construction

• Ramp-up to production

2020

Gunnison Florence Pumpkin Hollow

2021 to 2024

El Domo, Curipamba

Kamoa QB2 Timok Khoemacau T3 Botswana

El Domo has a clear path to production while surrounding exploration at Curipamba continues

• Lowest capex
• ~US$0.60/lb Cu

‘incentive’ price

Main Alliance Terms:

• Adventus funds all Alliance activities up to

construction decision on any project

• Controlled by the Alliance board, consisting of two

Adventus and one Salazar representatives

• Continue to evaluate projects across all

commodities for addition to portfolio Pijili Ownership

• Three concessions under initial exploration license

from government

• Maiden drilling to begin in July 2020 with 5,000 m

initial program Santiago Ownership

• 100% owned by the Alliance, with a small mines

permit on the concession

• Drill targets being readied for H2 2020

Ecuador – race for minerals continues

• Competitive with majors, including BHP, Newcrest,

Fortescue, Hancock, Codelco & Southern Copper

• Undrilled prospective projects are individually

garnering US$20-100M in spending & cash commitments

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Ecuador-wide 80%-Adventus / 20%-Salazar Exploration Alliance: Pijili & Santiago projects are the first two to be advanced in the Alliance – further portfolio expansion underway

Airborne geophysics survey completed at Pijili & Santiago – drill programs starting in 2020

Pijili & Santiago Projects – Exploration Alliance

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Santiago Highlights

• 2,350 ha on one concession in Loja province
• Adjacent to Newcrest/Cornerstone +$100M earn-in deal
• Large MMT airborne survey completed in 2019 resulting

in numerous copper-gold targets

• High-sulphidation system previously drilled by Newmont

with potentially economic copper-gold intercepts over 100-325 m intervals from surface

• Target generation work is ongoing in advance of an

initial drill program

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Both Pijili & Santiago are prospective for copper-gold porphyry & epithermal gold-silver vein systems. Pijili has never been drilled while Santiago was scout-drilled by Newmont over 20 years ago

Drilling expected to begin at our top targets in 2020

Aiming for New Discoveries

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Pijili Highlights

• 3,246 ha on multiple concessions in Azuay province
• Legal artisanal miners following precious metal-bearing

structures via small adjacent open pits

• Large MMT airborne survey completed in 2019 resulting in

numerous copper-gold targets

• Target generation work has resulted in an initial 5,000 m

drill program to begin in July 2020

• District is prospective for massive copper porphyries such

as the nearby Chaucha Project (Southern Copper)

• See full update in Adventus’ June 8, 2020 news release

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Adventus is assembling a dominant land position around the large tonnage Chaucha Cu-Mo porphyry deposit, with several potential porphyry targets identified by airborne geophysics

Pijili Project – Existing Concessions

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IN PROGRESS IN PROGRESS IN PROGRESS

Rosa de Oro And Carmen de Pijili RTP MAG MobileMT Mercy RTP MAG MobileMT

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The valleys in the project have up to 500 m in relief. Airborne geophysics and 4,409 rock and surficial geochemistry samples have indicated a 1.5 x 1.5 km2 Cu-Au-Mo porphyry target. Proposed collar locations (DDH-M1 to M8) are fully permitted and represent 5,000 – 7,000 metres of planned drilling

Pijili Project – Drill Ready Target #1

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OPEN OPEN

Chaucha (SCC) Cascajo Zambohuaycu Ensillada Pita Las Antenas Artisanal Mine

~US$2.0M 2020 budget for drilling to start in July

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Pijili Project – Rock Sampling (Zambohuaycu showing)

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Flagship Asset El Domo / Curipamba Las Chispas Camino Rojo Valentine Lake Premier / Red Mountain Cerro Blanco DeLamar Location Ecuador Mexico Mexico New foundland British Columbia Guatemala Idaho Mine Type Open Pit / Underground Underground Open Pit Open Pit Underground Underground Open Pit M&I Resource Contained (100%)

(2)

(koz AuEq)

2,075 468 12,558 3,092 1,922 1,467 3,614 M&I Resource Grade

(g/t AuEq)

7.25 14.56 1.01 1.75 8.15 10.69 0.65 Annual Production

(koz AuEq)

100 113 102 145 136 117 121 AISC

(US$/oz AuEq)

$500 $542 $585 $739 $747 $617 $742 AISC Annual Average Funds Flow (3)

(US$ MM)

$110 $119 $104 $125 $116 $115 $104 Initial Capital Cost

(US$ MM)

$165 $101 $123 $205 $111 $196 $161 After-Tax NPV5% (100%)

(US$ MM)

$395 $507 $223 $430 $259 $392 $464 After-Tax IRR

(%)

42.2% 91.0% 39.7% 42.7% 51.0% 49.0% 54.0% Assumed Metals Prices

(US$/oz Au / Ag)

$1,500 / $18.00 $1,450 / $19.00 $1,500 / $17.00 $1,450 $1,400 / $17.00 $1,500 / $18.00 $1,500 / $18.78 Enterprise Value (4)

(US$ MM)

$58 $918 $503 $195 $163 $109 $100

9.5

22

Development-Stage Peer Benchmarking

ADZN : TSX-V ADVZF : OTCQX

Source: Cormark Securities Inc. from company materials, CapitalIQ. Note a: Priced as of May 27, 2020. Note b: AuEq calculation assumes long-term metals prices of US$1,600/oz Au, US$17.00/oz Ag, US$3.00/lb Cu, US$1.15/lb Zn and US$1.00/lb Pb. (1) Global resource figures include resources at secondary Cerro Quema project in Panama. (2) M&I Resources reported inclusive of 2P Reserves. (3) Calculated as average annual gold equivalent production multiplied by the difference of US$1,600/oz gold price and average gold equivalent AISC. (4) Includes proceeds from ITM options and warrants.

(1)

El Domo alone is highly competitive – valuation yet to recognize exploration potential of Curipamba, Pijili & Santiago

9.5 Backed by long term shareholders & strong fundamentals for metals, Adventus is focused on results:

23

2020 Focus

Christian Kargl-Simard, P.Eng. Sam Leung, P.Eng. President, CEO & Director Vice President, Corporate Development christian@adventusmining.com sam@adventusmining.com Adventus Mining Corporation www.adventusmining.com 220 Bay Street, Suite 550 Toronto, Ontario, Canada M5J 2W4 Contacts:

Curipamba Exploration & Engineering

• Ongoing regional exploration drilling on new targets (10,000 m program into 2021)
• Environmental assessment baseline program
• Bolster exploration, social, permitting & development team
• Engineering, trade-off studies & feasibility study activities

Ecuador Exploration Alliance

• Drill programs to test top copper & gold targets at Pijili & Santiago (5,000 to 10,000 m)
• Continue to evaluate Ecuadorian opportunities to add to portfolio (private & public)

Corporate

• Work with Nobis & Salazar to continue to develop top in-country team & project portfolio
• Continue to grow institutional & retail shareholder base globally
• Grow Ecuadorian & Latin American shareholder register
• Advance exploration projects in Ireland with partnership funding from South32

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9.5

24

Appendix – Exploration in Ireland with South32

In 2020, Adventus & South32 commenced an exploration partnership to advance projects in Ireland with concession area of over 1,100 km2

Rathkeale

• ~250 km2 on trend & contiguous to known deposits: Pallas Green (Glencore – 45.4 Mt @ 8.4%

Zn+Pb (1)) & Stonepark (Group Eleven/Connemara – 5.1 Mt @ 11.3% Zn+Pb (2))

• Geochem, MAG & 25 line-km seismic program completed – resultant drill targets proposed

Kingscourt

• ~350 km2, located 15 km north of Boliden’s Tara mine near Navan (110 Mt)
• Historical trench & drilling intersected vein and breccia mineralization (galena-marcasite-

sphalerite) hosted in shelf limestones that assayed up to 7% Pb & 1% Zn Fermoy

• ~480 km2 in County Cork, Irish-type Zn-Pb & Tullacondra-type Cu-Ag (3 Mt @ 0.7% Cu, 29 g/t Ag)
• Targeted for Waulsortian-hosted, Irish-type zinc-lead & Aherlow (5.5Mt @ 0.89% Cu, 40 g/t Ag),

Tullacondra-type Cu-Ag in Lower-Carboniferous clastics & carbonates

ADZN : TSX-V ADVZF : OTCQX Kingscourt Rathkeale Fermoy 25 line-km seismic program at Rathkeale Rathkeale, west of Glencore (Pallas Green) & Group 11/Connemara (Stonepark)

South32 to fund EUR 3.5M in exploration spending

• ver a 4-year period for

an option to acquire a 70% interest in the Projects

Reference: (1) Glencore Resources & Reserves as at 31 Dec. 2019 Report, Inferred Mineral Resources; (2) Group Eleven news release 17 Apr. 2018, Inferred Mineral Resources