TSX.V : CEM OTCQB: CNSNF “Advancing Palmer: A High -Grade Polymetallic Project, Southeast Alaska” TSX.V : CEM
Forward Looking Statements Forward looking statements: This presentation contains certain “forward -looking information within the meaning of Canadian securities legislation and "forward- looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 (collectively "forward looking statements") concerning Constantine’s plans for its properties, operations and other matters. Forward-looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, "forecast", “expect”, "potential", "project", "target", "schedule", budget" and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions and includes the negatives thereof. All statements other than statements of historical fact, including, without limitation, statements regarding potential mineralization, the estimation of mineral resources, the realization of mineral resource estimates, interpretation of prior exploration and potential exploration results, the timing and success of exploration activities generally, the timing and results of future resource estimates, permitting time lines, metal prices and currency exchange rates, availability of capital to Constantine and its joint venture partner, government regulation of exploration operations, environmental risks, reclamation, title, statements with respect to the future price of gold and other metals, and future plans and objectives of Constantine are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are based on a number of material factors and assumptions. Important factors that could cause actual results to differ materially from Constantine’s expectations include actual exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms to Constantine and its joint venture partner, general economic, market or business conditions, uninsured risks, regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same, and other exploration or other risks detailed herein and from time to time in the filings made by the Company with securities regulators. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ from those described in forward-looking statements, there may be other factors that cause such actions, events or results to differ materially from those anticipated. There can be no assurance that forward-looking statements will prove to be accurate and accordingly readers are cautioned not to place undue reliance on forward-looking statements. Darwin Green P.Geo, Vice President Exploration for Constantine Metal Resources Ltd . and a qualified person as defined by Canadian National Instrument 43- 101, has reviewed and approved the technical information contained in this presentation. James N. Gray of Advantage Geoservices Ltd. is the Qualified Person as defined by NI 43-101 for the resource estimate.
Corporate Snapshot SHARE STRUCTURE ISSUED & OUTSTANDING: 44.0 million ✓ Strong Management & Technical team Warrants/Options: 17.6 million Fully Diluted: 61.7 million ✓ Tight Share Structure MARKET CAPITALIZATION: C$27M ✓ CASH: C$7.9M * Cash in the Bank *As of July 31, 2018 (most recent financial statement) ✓ Project Endorsement: JV with Japan’s largest Zinc company (49%) ✓ Management Roster of High Quality Shareholders 9% J. Tognetti 14% ✓ News Flow: New Resource update, PEA, 10,000m of drilling Other Electrum 53% ✓ Fundamental Value + Exploration Upside + Spin-out of Gold Assets 21% Major Altius Minerals Shareholders 3%
Quality Assets – Dual Opportunity Base Metal Deposit on Path to Feasibility High Grade Gold Spin-out
The Palmer Project A High Quality Asset Reaching Critical Mass ADVANCING A HIGH-GRADE COPPER-ZINC DEPOSIT New resource update & maiden PEA underway DEFINING A MULTI-DEPOSIT DISTRICT Drill expansion of a 2 nd deposit; maiden resource 2018 TSX.V : CEM
2018 Game Plan Demonstrate Value & Increase Market Recognition PEA End of Year Drilling (10km) New Resource Metallurgical Study Opportunity for PEA to provide re-rate on share price TSX.V : CEM
New Palmer Resource Estimate 23% Increase in Size & 47% Upgraded to Indicated Category • Added 1.9M tonnes for a total deposit size of 10M tonnes • Does NOT include Maiden Resource for AG Zone; due later this year See news release dated September ##, 2018. Net Smelter Return (“NSR”) equals (US$16.01 x Zn% + US$48.67 x Cu% + US$23.45 x Au g/t + US$0.32 x Ag g/t). NSR formula is based on estimated metallurgical recoveries, assumed metal prices, and assumed offsite costs that include transportation of concentrate, smelter treatment charges, and refining charges .Assumed metal prices are US$1.15/lb for zinc (Zn), US$3.00/lb for copper (Cu), US$1250/oz for gold (Au), US$16/oz for silver (Ag ). Estimated metal recoveries are 93.1% for zinc, 89.6% for copper, 90.9% for silver (70.8% to the Cu concentrate and 20.1% to the Zn concentrate) and 69.6% for gold (49.5% to the Cu concentrate and 20.1% to the Zn concentrate) as determined by 2018 metallurgical locked cycle flotation tests.. Zinc equivalent (ZnEq%) and Copper equivalent (CuEq%) calculated based on NSR formula plus assumed barite net-value of US$0.566 x BaSO4% (e.g. CuEq = (total NSR value + BaSO4 net-value)/US$48.67
Palmer Deposit Long Section
Margin Makes Mines Differentiating the Palmer Project Unit Value - High Conceptual Economics ($US) NSR = $173/t * • Palmer has higher value per tonne than minus most of its peers Mine Cost - Low Estimate $65/t - $80/t** • Palmer has potential for low Capex and = low UG mining & Operating costs High Margin * Based on 2018 Palmer Indicated Resource grade and NSR formula with assumed metal prices of $3/lb Cu, $1.15/lb Zn, $1250/oz Au, $16/oz Ag (Does NOT include estimated net-value of BaSO4 which equals $0.566 per percent BaSO4) ** Conceptual Mine Operating Costs inclusive of mill processing and G&A, based on costs reported for operating mines, and PEA to FS projects for comparable underground mining projects and assumed mining methods at Palmer – a formal mine cost analysis to 43-101 reporting standards is NOT currently available for Palmer.
Terrain is an ADVANTAGE for Underground Mine Mine from the bottom up! Access with lateral development
Deep Tidewater 60km By Road Existing Port Infrastructure ✓ Metallurgy: Excellent recoveries & clean concentrates at mod to coarse grind size ✓ Mining Method: 10 to >20m wide, subvertical ore zones amenable to longhole mining ✓ OIL PIPELINE MARINE TERMINAL (historic) ✓ Lateral Access: No shaft = lower capex; limited development to start mining ✓ Ore Pass: Mine from bottom up, gravity assist (reduced haulage cost) STATE HIGHWAY FUEL STORAGE ✓ Mining Rate: 2500 to 3500 tpd ✓ Transportation & Access: Short 60km haul on existing road to deepwater port ✓ No Remote Project Costs: Town nearby with excess capacity & mining workforce PORT FACILITY Pacific Ocean LUMBER DOCK (Lutak Inlet) State Support : AIDEA funds infrastructure for mines (e.g. ports, power, roads)
Low Cost Development and Mining Potential All signs point to a low cost operation ✓ Metallurgy: Excellent recoveries & clean concentrates at mod to coarse grind size ✓ Mining Method: 10 to >20m wide, subvertical ore zones amenable to longhole mining ✓ Lateral Access: No shaft = lower capex; limited development to start mining ✓ Ore Pass: Mine from bottom up, gravity assist (reduced haulage cost) ✓ Mining Rate: 2500 to 3500 tpd ✓ Transportation & Access: Short 60km haul on existing road to deepwater port ✓ No Remote Project Costs: Town nearby with excess capacity & mining workforce ✓ State Support : AIDEA funds infrastructure for mines (e.g. ports, power, roads)
Underground Exploration Planning 2018 Surface Construction work AG ZONE Proposed Exploration Portal Site PALMER DEPOSIT SOUTH WALL ZONE
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