Buchans Resources Limited Buchans VMS Project, Newfoundland - Update - PowerPoint PPT Presentation

Buchans Resources Limited Buchans VMS Project, Newfoundland - Update November 2018

Buchans Resources Forward-Looking Statements Buchans Resources Limited (“Buchans” or the “Company”) has prepared this presentation for information purposes only. The information contained herein was prepared by management on a best efforts basis and is believed to be accurate. This presentation contains or refers to "forward-looking information" within the meaning of applicable Canadian securities legislation. All statements in this release, other than statements of historical fact, which address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future are forward-looking information. Wherever possible, words such as "plans", "expects" or "does not expect", "budget", "scheduled", "estimates", "forecasts", "anticipates" or "does not anticipate", "believes", "intends" and similar expressions or statements that certain actions, events or results "may", "could", " "would", "might" or "will" be taken, occur or be achieved, have been used to identify forward-looking information. In particular, all statements in this presentation that address estimated resource quantities, grades and contained metals, possible future mining, and exploration and development activities are forward looking statements. Forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from expected results. Shareholders and prospective investors are cautioned not to place undue reliance on forward- looking information. By its nature, forward-looking information involves numerous assumptions, inherent risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and various future events will not occur. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking information whether as a result of new information, future events or other such factors which affect this information, except as required by law. This presentation may contain certain information derived from official government publications, industry sources and third parties. While we believe inclusion of such information is reasonable, such information has not been independently verified by us or our advisers, and no representation is given as to its accuracy or completeness. The TSX Venture Exchange nor any other exchange has reviewed and nor do they accept responsibility for the adequacy or accuracy of material presented in this document.

Buchans Resources Outline • Company Introduction • Project Background • Current Strategy & 2018 Program • Results • where we are headed… Buchans Resources Limited (formerly Minco Plc) • a new company formed from base metal assets spun out of Minco Plc after Minco taken over by Dalradian Resources ( Aug-2017) • Not Currently Listed - “… postpone the planned listing of the Company’s shares pending more favourable market conditions.” • … continue in good standing as a Reporting Issuer in the Provinces of British Columbia, Alberta, Nova Scotia, and Newfoundland & Labrador… in compliance with…Securities Acts and Regulations in Canada…including NI 43-101… public filings available on SEDAR

Buchans Resources International Presence: Trans-Atlantic Resource Opportunities Irish Midland Orefield (Zn-Pb-Ag)  Moate – Exploration Irish-Type Zn-Pb  Navan – JV Tara Boliden ( adjacent - Boliden’s Tara Mine ) North Pennine Orefield (Zn-Pb-Ag) Toronto  Exploration Irish-Type Zn-Pb Buchans (Zn-Pb-Cu-Ag-Au)  PEA & Exploration  historic mining district  very high-grade VMS deposits Woodstock (Mn)  PEA Plymouth deposit (Mn carbonate) Xtierra Ag-Zn-Pb (22% - TSXV:XAG)  PEA Bilbao (skarn)  Laguna Project (Ag-Tailings)

Buchans Resources Buchans VMS Camp Volcanic/epiclastic rocks Ophiolite Deposits >200,000 tonnes (production and/or reserves) CENTRAL MOBILE BELT • Buchans Resources controls several undeveloped deposits (Ord. - Buchans Group & Cambro-Ord. Buchans Victoria Lake Group) AVALON ZONE St. John’s 100 km (after Swinden,1991 and Evans & Kean, 2002)

BuchansResources BUCHANS PROJECT - BACKGROUND Asarco - 16.2 Mt - 23.4% CBM - 14.5%Zn, 7.6%Pb, 1.3%Cu, 1.37g/t Au, 126g/t Ag (mined 1928-84) • 2007 - resources left behind - large resource - lower-grade stockwork - potential for open pit development - Lundberg • 2008 - Inferred Resource - Lundberg 2011 - Positive PEA (Inferred Resource - Lundberg) • 2013 - expanded & upgraded to Indicated & Inferred resources - Lundberg • • 2017 - RDC metallurgical study (Lundberg + district’s satellite deposits - central mill)

Buchans Resources District Opportunity Buchans (past prod.) 16.2 Mt 14.5% Zn, 7.6% Pb, 1.3% Cu, 1.37 g/t Au & 126 g/t Ag Buchans Lundberg – 100% BRL (Asarco, 1928-1984) Indicated – 23.4 Mt @ 1.41% Zn, 0.60% Pb, 0.35% Cu, 5.31 g/t Ag, 0.07 g/t Au Millertown Inferred – 4.3 Mt @ 1.29% Zn, 0.54% Pb, 0.27% Buchans Resources Properties Cu, 4.47g/t Ag & 0.08 g/t Au ($15US NSR cut-off) Canadian Zinc Properties NI 43-101 Compliant Resource Daniels – 100% BRL Indicated-0.93 Mt @ 5.1% Zn, 2.5% Pb, 0.3% Cu, Historic mine 101.4 g/t Ag, 0.6 g/t Au Inferred- 0.33 Mt @ 4.6% Zn, 2.1% Pb, 0.3% Cu, 85.9 g/t Ag, 0.53 g/t Au (2% Zn cut-off) Bobbys Pond (1.1% CuEq ) - 100% BRL Indicated - 1.1 Mt @ 4.6% Zn, 0.4% Pb, 0.9% Cu, 16.6 g/t Ag, 0.2 g/t Au 20 km Inferred- 1.2 Mt @ 3.8% Zn, 0.3% Pb, 1.0% Cu, 11.0 g/t Ag & 0.06 g/t Au Duck Pond Mine (past prod.) Tulks Hill – 49% BRL:51% Prominex 5.0 Mt @ 4.4% Zn, 2.7% Cu, Indicated-0.43 Mt @ 4.0% Zn, 1.6% Pb, 0.9% 53 g/t Ag, 0.6 g/t Au Cu, 35.1 g/t Ag, 1.2 g/t Au (1.1% CuEq) (Teck, 2007-15) Lemarchant 100% NZC (4% zinc equiv. cut-off) Indicated - 2.42 Mt @ 6.2% Zn, 1.6% Pb, 0.7% Cu, 64.0 g/t Ag, 1.22 g/t Au Inferred – 0.56 Mt @ 4.7% Zn, 1.1% Pb, 0.5% Cu, 44.7 g/t Ag, 1.1 g/t Au Long Lake 100% NZC (using a 7.0% zinc equiv. cut-off) Map Area Indicated – 0.41 Mt @ 7.8% Zn, 1.6% Pb, 1.0% Cu, 49 g/t Ag, 0.57 g/t Au Inferred – 0.08 Mt @ 5.8% Zn, 1.2% Pb, 0.7% Cu, 34 g/t Ag, 0.48 g/t Au Boomerang Deposits 100% NZC (1% Zn cut-off) Indicated - 1.36 Mt @ 7.1% Zn, 3.0% Pb, 0.5% Cu, 110.4 g/t Ag, 1.7 g/t Au Inferred - 0.28 Mt @ 6.7% Zn, 2.9% Pb, 0.4% Cu, 96.5 g/t Ag, 1.3 g/t Au Cambro-Ord. Volc. Domino (Inferred) – 0.41 Mt @ 6.3% Zn, 2.8% Pb, 0.4% Cu, 94 g/t Ag, 0.6 g/t Au Hurricane (Inferred) – 0.06 Mt @ 13.4% Zn, 7.0% Pb, 1.2% Cu, 159 g/t Ag, 0.9 g/t Au

Buchans Resources Lundberg – District’s Pivotal deposit - District hosts >2 billion lbs Zn, 2,500 2,030 >700 million lbs Pb, & >300 million lbs Cu - Lundberg hosts more than half 2,000 district’s Cu & Pb, and almost as much Zn as all other deposits Millions 1,179 combined 1,500 718 851 1,000 342 357 500 361 District 136 Total 207 VLSG 0 (all NI 43-101) Lundberg Zn (lbs) Pb (lbs) * combined Indicated & Inferred resources Cu (lbs) Inferred mineral resources are considered too speculative geologically to have the economic considerations applied to them that would enable them to be considered for estimation of mineral reserves, and there is no certainty that inferred mineral resources will be realized.

LUNDBERG RESOURCE Buchans Resources open pit – bulk tonnage 1 Resources that are not mineral reserves do not have demonstrated economic viability. Resource Estimate reported from: Technical Report prepared by Michael Cullen, P. Geo. & Andrew Hilchey, P.Geo., of Mercator Geological Services Limited. * “cut off” based on operating & processing costs estimated by Tetra Tech (2011 PEA). Feb 2013 - 3yr trailing average metal prices: $0.95 /lb Zn, $1.00 /lb Pb, $3.68 /lb Cu, $29.00 /oz Ag, $1,493.65 /oz Au. Since 2011… upgraded resource metallurgy - recoveries processing - central mill 2 PEA based on Inferred Mineral Resources, not Mineral Reserves, and do not have demonstrated economic viability. Inferred Mineral Resources are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves, and there is therefore no certainty that the conclusions of the PEA will be realized. PEA assumptions: metal prices - ($US) $1.22 Zn/lb, $1.10 Pb/lb, $3.62 Cu/lb, $22.74 Ag/oz; Exchange Rate: $1.012 CAN$:US$.

BUCHANS Buchans Resources Lundberg Deposit sulphide prospects deposits (past producers- projected to surface) favourable alteration Buchans camp rocks Outline of Buchans Camp rocks after GSC 2016 Lundberg (near surface - stockwork) Red Indian Lake below Lucky Strike (massive sulphides) 5 km Asarco mined 16.2 Mt 14.5% Zn, 7.6% Pb, 1.3% Cu, 1.37 g/t Au & 126 g/t Ag (1928-1984) - 80% historic production from Buchans Resources property -

VMS DEPOSITS (Buchans model) Buchans Resources in situ ore massive sulphides (25-28% Zn-Pb-Cu) (48% of ore mined) stockwork ore sulphide-rich vein networks (2-6% Zn-Pb-Cu) (not mined) transported ore debris flow deposits (16-22% Zn-Pb-Cu) (52% of ore mined) Schematic block diagram of the MacLean channel, Lucky Strike area, illustrating hydrothermal vents along synvolcanic faults, diatreme activity associated with subvolcanic plutonic body, ore bearing slumps and debris flows (modified after Kirkham and Thurlow, 1987; and Thurlow, 2001).