BUILDING VALUE IN ARGENTINA Las Aguilas Overview PRESENTATION 2018
LAS AGUILAS - ARGENTINA’S ONLY 02 NICKEL/COBALT DEPOSIT Las Aguilas is VENEZUELA located in the heart of Argentina and is a Ni/Co/Co/PGM sulfide deposit LAS AGUILAS within a region of excellent BRAZIL infrastructure and PERU access. CHILI ARGENTINA
03 LAS AGUILAS 43-101 RESOURCE View of drill roads/sites on the East and West sulfide deposits covered by 360 hectares of patented mining claims 100% owned by Marifil. There is no non-governmental royalty load. East West Deposit Deposit Adit Portal
04 LAS AGUILAS NI-CU-CO SULFIDE DEPOSITS
LAS AGUILAS PROJECT PLUSES 05 1 Patented mining claims of 359 hectares 2 Marifil owns 100% 3 Free of private royalties Excellent infrastructure and access 4 5 Two 43-101 reports
LAS AGUILAS GEOLOGIC FEATURES 06 1 Two parallel nickel sulfide deposits 300 m apart. 2 Hosted within variably differentiated mafic/ultramafic intrusions (orthopyroxinite) into gneiss. 3 Analogous to other Synorogenic-Synvolcanic Nickel-copper deposits found around the world. 4 Assuming 100% metallurgical recovery, COBALT constitutes 22% this deposit’s dollar value (metal prices as of 2/27/2018).
LAS AGUILAS EXPLORATION DRILLING 07 Diamond Drill Core Summary Average Length Company Period Total Holes Total Meters Meters DGRM 1970-1984 44 7,420 167 BHP-B 2004-2005 22 6,842 311 Castillian 2007-2008 78 12,857 165 Total 1970-2008 144 27,119
LAS AGUILAS SITE WORK 08 Over US$15 million has been • Previous partner BHP-Billiton at • work drilling the Ni-Cu-Co deposit. invested exploring Las Aguilas and establishing resources.
LAS AGUILAS MASSIVE SULFIDES 09 Typical magmatic segregation semi- massive sulfides Hosted in norite and pyroxinite intrusives (high MgO) Economically significant cobalt content
LAS AGUILAS EXPLORATION DRILLING 10 Las Aguilas Resource Estimate Summary • Las Aguilas Resource Summary by Wardrop Engineering Total Au Ag Pt Pd Class (ppm) (ppm) (ppm (ppm) Zone Tonnes Ni% Cu% Co% NiEq% East 1,036,800 0.52 0.35 0.03 0.09 0.53 0.19 0.19 0.77 IND West 2,227,000 0.36 0.45 0.03 0.03 0.29 0.15 0.19 0.62 Total 3,263,800 0.41 0.42 0.03 0.05 0.37 0.16 0.19 0.67 East 650,000 0.48 0.33 0.03 0.03 0.31 0.05 0.04 0.65 INF West 689,000 0.35 0.43 0.03 0.01 0.01 0.01 0.01 0.53 Total 1,339,000 0.41 0.38 0.03 0.02 0.16 0.03 0.03 0.59 The only/largest known cobalt resource in Argentina. • • Preliminary bulk metallurgical recovery tests are favorable. Wardrop Opinion: “additional exploration expenditures are warranted”. •
LAS AGUILAS 43-101 RESOURCE 11 1 Based on 79 diamond drill core Both deposits open to expansion 3 holes by drilling 2 Global resource (two deposits combined) § Indicated: 3.3 mt @ 0.41% Ni, 0.42% Cu, 0.03% Co § Inferred: 1.3 mt @ 0.41% Ni, 0.38% Cu, 0.03% Co § Significant credits in platinum & palladium
LAS AGUILAS WEST DRILL SECTION 12 East and West polymetallic sulfide deposits 300 m apart and superimposed on mafic igneous intrusions geology.
08 LAS AGUILAS WEST DRILL SECTION Subsurface long section showing drill hole penetrations of deposit
LAS AGUILAS MASSIVE SULFIDES 12 Subsurface long section view with drill hole penetrations
LAS AGUILAS EAST DRILL SECTION 10 Subsurface cross section showing drill hole penetrations of deposit
3-D OF LAS AGUILAS EAST DEPOSIT 11 Open to depth ~ 300 meters depth down plunge Subsurface view with drill hole penetrations Subsurface view with drill hole penetrations
LAS AGUILAS GOOD METALLURGY INDICATED 17 1 113 meter adit for metallurgical sampling 2 30 tonne bulk sample taken Preliminary pilot scale flotation tests 3 Recoveries over 90% for Copper and between 4 70% and 80% for nickel and Cobalt 16
FORWORD-LOOKING STATEMENTS 01 18 …………………………………………………… ..…………. This presentation includes “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995. All statement, other than statements of historical fact, included herein including, without limitation, statement regarding anticipated completion of engineering studies, potential results of drilling and assays, timing of permitting, construction and production and other milestones, and Marifil's future operating or financial performance are forward-looking statements. Estimates of reserves and resources area also forward-looking statements in that they involve estimates of the mineralization that would be encountered, based on interpretation of drilling results and certain assumptions, if a deposit were developed and mined. Forward-looking statements 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. Important factors that could cause actual results to differ materially from Marifil's expectations include financing in the debt and capital markets; uncertainties involved in the interpretation of drilling results and geological tests and the estimation of reserves and resources; the need for cooperation of government agencies and Native groups in the development of Marifil's properties; the need to obtain permits and governmental approvals; risks of operations such as accidents, equipment breakdowns, bad weather, non-compliance with environmental and permit requirements, unanticipated variation in geological structures, ore grades or recovery rates; unexpected cost increases, fluctuations in metal prices and currency exchange rates, and other risks and uncertainties disclosed in Marifil's Annual Information Form for the current year, filed with the Canadian securities and regulatory authorities, and in other Marifil reports and documents filed with applicable securities and regulatory authorities from time to time. Marifil's forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made. Marifil assumes no obligation to update forward-looking statements of management beliefs, opinions, or other factors should they changes.
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