Company Presentation February 2020 Building a Nordic Base Metal - PowerPoint PPT Presentation

STRICTLY PRIVATE AND CONFIDENTIAL Company Presentation February 2020 Building a Nordic Base Metal Group

STRICTLY PRIVATE AND CONFIDENTIAL Important information Acceptance of limitations : The information in this presentation (the “Material”) is furnished by Vilhelmina Mineral AB, reg. no 556832-3876 (the “Company” or “Vilhelmina Mineral”) solely for the recipient’s information. By attending a meeting where the Material is presented, or by reading the Material, you agree to be bound by the limitations and notifications described below. The Material is confidential and may not be disclosed or distributed to any other person unless expressly agreed by the Company. Use of the Material: This Material does neither constitute an offer to sell nor a solicitation of an offer to buy any securities, and it does not constitute any form of commitment or recommendation in relation thereto. No representation or warranty (expressed or implied) is made as to, and no reliance should be placed on, the fairness, accuracy or completeness of the information in the Material. No financial advice: The Company is not giving and is not intending to give financial advice to any potential investor, and this Material shall not be deemed to be financial advice from the Company to any potential investor. Investors should not subscribe for or purchase any financial instruments or securities only on the basis of the information provided herein. Investors are encouraged to request from the Company and other sources such additional information as they require to enable them to make informed investment decisions, to seek advice from their own legal, tax and financial advisors and to exercise an independent analysis and judgment of the merits of the Company. No liability: Although the Company has endeavored to give a correct and complete picture of the Company, the Company can not be held liable for any loss or damage of any kind arising from the use of the Material. Information sources: The information in this Material is presented by the Company and has been produced by the Company exclusively for information purposes. This Material may contain forward- looking statements that reflect the Company’s current views with respect to certain future events and potential financia l performance. Such statements are only forecasts and no guarantee can be given that such expectations are correct. The information relating to the Company does not constitute a complete overview of the Company and must be supplemented by the reader wishing such completeness. Actuality: The Material is dated April 2019. The Company can not guarantee that there has been no change in the affairs of the Company since such date, nor do they intend to, and assume no obligation to, update or correct any information included in the Material. The Material may however be changed, supplemented or corrected without notification. Conflicts of interest: The Company’s management and/or board of directors may hold shares, options or other securities of any issuer referred to in this report and may buy or sell such securities. Prospectus : The Material does not constitute a prospectus for purposes of the Prospectus Directive (Directive 2003/71/EC). Accordingly, the Material has not been approved by any supervisory authority. Distribution: The information in this Material is not for release, publication or distribution, directly or indirectly, in or into the United States or any other jurisdiction in which such distribution would be unlawful or would require registration or other measures. No securities referred to in this Material have been or will be registered by the Company under the U.S. Securities Act of 1933, as amended (the “Securities Act”) or the securities laws of any state of the United States. This Material may not be distributed into or in the United States or to any “US person” other than as permitted under applicable securities laws. Applicable law: The Material is subject to Swedish law, and any dispute arising in respect of the Material is subject to the exclusive jurisdiction of Swedishh courts (with District court of Stockholm as court of first instance). 2

STRICTLY PRIVATE AND CONFIDENTIAL Agenda I. Investment highlights and overview II. Market overview III. Project portfolio IV. Organization V. Project economics VI. Appendix 3

STRICTLY PRIVATE AND CONFIDENTIAL Building a Nordic base metal group Current mineral resources of 15 million tons Resources Site overview Site mt Cu% Zn% (a) Stekenjokk / Levi 7.4 1.17 3.01 (b) Ankarvattnet 0.8 0.45 5.48 (c) Jormlien 0.6 0.4 4.75 (d) Joma 5.7 1.55 0.82 (e) Gjersvik 0.9 1.51 1.22 Finland Total 15.4 1.3 2.3 Sweden Norway Source: (a): IGE, 2007 (b): SGU 1964 (c): Boliden 1981 (d): Dr. Gee, 2011 (e): Outokumpu 1977 4 mt: Million tons

STRICTLY PRIVATE AND CONFIDENTIAL History of Stekenjokk and Joma Tradition provides wide support for the mining industry Mining in the region History of Stekenjokk  Long history for mining in the region stemming back to the start of the 1918 The resources were discovered by Sveriges Geologiska Undersökning (SGU) 20th century Producing period under Boliden’s ownership: 7.1 million tones were produced with 1976-1988 1.5% copper and 3.0% zinc. The mine was shut down in 1988 due to low  Historical productions stop has mainly been driven by low commodity commodity prices prices Vilhelmina Mineral acquired the project from the Swedish company IGE Nordic AB 2011 (current Nickel Mountain Resources AB)  Increased demand and higher prices give mining in the region a Stekenjokk has since 2012 been classified as nationally interesting mining 2012 deposits by the Swedish government second chance Vilhemina submitted the supplemented concession application in 2017 to the 2017-2018 Government and the responsible authority, the Mining Inspectorate.  Wide support for mining projects in the community Site pictures History of Joma 1912 The resources were discovered in 1910 and sold to Grong Gruber in 1912 1913-1914 Exploration activities in the area ended when WW1 broke out Reopened in 1972 and produced about 11.5 million tones of ore until 1998, with an 1972-1998 average grade of 1.49% copper and 1.45% zinc. The mine was shut down in 1998 due to due low commodity prices 2017 Exploitation concession (“utvinningsrett”) obtained for Joma During the spring of 2018 a drilling program of 2,465 meters was carried out in the Stekenjokk 1976-1988 Joma 1972 -1998 2018 Joma field to verify the remaining resources and investigate possible mineralization's near the old mine Source: Vilhelmina Mineral 5

STRICTLY PRIVATE AND CONFIDENTIAL Key investment highlights  Copper and zinc will be scarce resources  Solid grades and tonnage  Exploration upside Attractive resource  Brownfield – historic data, mineral resources and infrastructure in place, world leading low capital intensity factor Strategically located with  Nordic region - long history for mining in the region stemming back to the start of the 20th century development infrastructure  Multi-national management team with long industry experience  Strategic investment from Forbes & Manhattan – leading Canadian mineral resource investor Solid experience of management and board  Demand for copper driven by Chinese power and infrastructure sector, global power sector and EV  EV uses 2-4 x times more copper than a traditional vehicles Strong market  Very tight supply / demand balance in the copper market with a structural deficit most likely from 2020 fundamentals  NPV for base case of USDm 201 and competitive cash operating cost of USD 1.56 lb  IRR of 54% and solid cash flow generation from year 1 with payback period of ~1.8 years Strong project economics  Very low capital intensity 6

STRICTLY PRIVATE AND CONFIDENTIAL Long-term development plan 2019 - 2023 Project development Sweden (Stekenjokk – Zinc & Copper) Area Item 2019 2020 2021 2022 2023 Mineral resource update Preliminary Economic Assessment Mining Studies Pre-Feasibility Study Bankable Feasibility Study Exploitation Concession Environmental Permit Permitting Designated Land Construction Permit FID Final Investment Decision Project development Norway (Joma – Zinc & Copper) Area Item 2019 2020 2021 2022 2023 Mineral resource update Preliminary Economic Assessment Mining Studies Pre-Feasibility Study Bankable Feasibility Study Exploitation Concession Zoning Plan Permitting Environmental Permit Mining License FID Final investment decision Source: Vilhelmina Mineral 7

STRICTLY PRIVATE AND CONFIDENTIAL Agenda I. Investment highlights and overview II. Market overview III. Project portfolio IV. Organization V. Project economics VI. Appendix 8