CORPORATE PRESENTATION FEBRUARY 2019 Advancing the Hushamu - PowerPoint PPT Presentation

TSX-V: NCX TSX-V: NCX CORPORATE PRESENTATION – FEBRUARY 2019 Advancing the Hushamu copper-gold project and Freeport JV in BC, Canada 1 1

TSX-V: NCX CAUTIONARY DISCLAIMER REGARDING FORWARD- LOOKING STATEMENTS AND INFORMATION Certain of the statements and information in this press release constitute “forward -looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward -looking information” within the meaning of applicable Canadian securities laws. Forward-looking statements and information generally express predictions, expectations, beliefs, plans, projections, or assumptions of future events or performance and do not constitute historical fact. Forward-looking statements and information tend to include words such as “may,” “expects,” “anticipates,” “believes,” “targets,” “forecasts,” “schedules,” “goals,” “budgets,” or similar terminology. Forward-looking statements and information herein include, but are not limited to, statements with respect to the completion of the Proposed Arrangement and the expected structure thereof; anticipated shareholder, court and regulatory approvals; and the expected timing of closing of the Arrangement. All forward-looking statements and information are based on NorthIsle’s or its consultants' current beliefs as well as various assumptions made by and information currently available to them. These assumptions include, without limitation that shareholder and court approvals to the Proposed Arrangement will be obtained in a timely manner, and that regulatory approvals will be available on acceptable terms. Although management considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. Forward-looking statements and information are inherently subject to significant business, economic, and competitive uncertainties and contingencies and are subject to important risk factors and uncertainties, both known and unknown, that are beyond NorthIsle’s ability to control or predict. Actual results and future events could differ materially from those anticipated in forward-looking statements and information. Examples of potential risks are set forth in Northisle's annual report most recently filed with the U.S. Securities and Exchange Commission and the Canadian Securities Administrators as of the date of this press release. Accordingly, readers should not place undue reliance on forward- looking statements or information. NorthIsle expressly disclaims any intention or obligation to update or revise any forward-looking statements and information whether as a result of new information, future events or otherwise, except as otherwise required by applicable securities legislation. John McClintock, P Eng. is the Qualified person responsible for the technical content of this presentation 2

TSX-V: NCX CORPORATE SNAPSHOT CAPITAL STRUCTURE SHAREHOLDER DISTRIBUTION Listing TSXV – NCX Share 118M shares Institutional Market Cap. C$ 12M Insiders Retail 82% 6.6M options, 18% Options & Warrants 3.5M warrants at $0.25 Cash C$ 400k Debt None 1 YEAR SHARE PRICE BROKER COVERAGE UNIVERSE ▪ Not currently covered 3

TSX-V: NCX NORTHISLE TIMELINE 2018: 2015: JV is announced with Acquired nearby Red Dog project in 2015 2017: Freeport for the for initial starter pit. 2011: Red Dog deposit Robust PEA is published for Pemberton Hills Northisle is spun grade higher by 50% out of Western- the Hushamu and Red Dog than Hushamu and Target copper to advance deposits has a 0.15 to 1 strip the Hushamu ratio discovery 2012-2014: Drilling found extensions and 2017: increased resource from Further drilling on the Hushamu demonstrates that: 250Mt to current indicated • Deposit remains open for 300m southeast of resource of 370Mt ultimate pit limit used in PEA, suggesting that the deposit could be significantly larger • A previously supposed 300 m diameter, under drilled barren area in the southern part of the Hushamu has significant sections of above cut-off grade mineralization. This potentially could decrease the strip ratio and add to the resource base 4

TSX-V: NCX NORTHISLE IS ADVANCING A 50KM PORPHYRY DISTRICT 1) 100% owner of the PEA-stage Hushamu Copper-Gold Project 2) Joint Venture with Freeport on exploration grounds 5

TSX-V: NCX OVERVIEW OF ASSETS 1) 100% owner of the PEA-stage Hushamu Copper-Gold Project RESOURCE IN COPPER EQUIVALENT* PRODUCTION PROFILE: BASED ON COPPER EQUIVALENT Average annual production of 141 million pounds of copper eq at an AISC of US$2.00/lb eq INDICATED INFERRED 200M lb $2.5/lb Cu eq production, in lb AISC/Cu eq lb 3.3 1.5 $2.0/lb 150M lb billion lb billion lb $1.5/lb 100M lb $1.0/lb RESOURCE IN GOLD EQUIVALENT 50M lb INDICATED INFERRED $0.5/lb 8.0 3.6 Y-1 Y-2 Y-3 Y-4 Y-5 Y-6 Y-7 Y-8 Y-9 Y-10 Y-11 Y-12 Y-13 Y-14 Y-15 Y-16 Y-17 Y-18 Y-19 Y-20 Y-21 Y-22 PRODUCTION PROFILE: BASED ON GOLD EQUIVALENT million oz million oz Average annual production of 335koz of gold eq at an AISC of US$840/oz eq *0.15% cu cut-off 500koz $1,000/oz Au eq production, in koz AISC/Au eq oz PROJECT ECONOMICS 400koz $800/oz After-tax NPV 5% US$757m After-tax NPV 8% US$413m 300koz $600/oz After-tax IRR 14.3% 200koz $400/oz Payback (after-tax) 5 years 100koz $200/oz Commodity prices used in the PEA are as follows: US$ 3.10/lb Cu, US$ 1,300/oz Au, US$ Y-1 Y-2 Y-3 Y-4 Y-5 Y-6 Y-7 Y-8 Y-9 Y-10 Y-11 Y-12 Y-13 Y-14 Y-15 Y-16 Y-17 Y-18 Y-19 Y-20 Y-21 Y-22 9.00/lb Mo, US$ 86/t Py con, US$:C$ 0.75x 6 The Preliminary Economic Assessment (“PEA”) is preliminary in nature and includes inferred mineral resources that are conside red too speculative geologically to have the economic considerations applied to them that would allow them to be categorized as mineral reserves and there is no certainty that the preliminary economic assessment will be realized.

TSX-V: NCX OVERVIEW OF ASSETS 1) Significant upside potential to improve the Hushamu Project Economics EXPLORATION UPSIDE LOW-RISK VALUE ENHANCEMENTS ▪ Hushamu resource expansions ▪ Potential to improve recovery rates ‒ Deposit is open to the southeast with potentially ▪ Potential to include rhenium credits (potential expand the deposit by up to 300m for +$600m in additional revenue) ‒ Potential to decrease the strip ratio as a previously supposed 300m diameter barren area was found by ▪ Potential to decrease initial capital and 2017 drilling to have significant intervals above cut- sustaining capital by using old BHP pit located off grade ▪ Red Dog resource expansion: 30 km away for waste disposal via slurry pipeline ‒ drilling in 2016 and 2017 shows potential for buried porphyry deposit to south of known deposit ▪ Further optimize the mine plan ‒ 1.2km x 0.8 km area of high level porphyry alteration ‒ Shallow drill holes show increasing copper grades with depth ▪ NW Expo exploration target: ‒ Large 1.5 km long IP anomaly ‒ Three holes tested to the northwest intersected intervals of +80m averaging 0.1% Cu and 0.1 g/t Au or better 7

TSX-V: NCX OVERVIEW OF ASSETS 2) Freeport Joint Venture for the Pemberton Hills Target • About the Pemberton Hills target: HIGH LEVEL ALTERATION INDICATIVE OF UNDERLYING COPPER ‒ 3.5 km by 1.5km area of intense high-level PORPHYRY DEPOSIT alteration ‒ Mapping and clay studies show it is the upper part of a buried Cu-Au porphyry Area of high-level porphyry ‒ Initial program tested 6 sites, additional alteration : drilling planned. • Freeport – McMoran can earn up to a 65% interest in the Pemberton Hills Open IP target area by: Anomaly ‒ Spending $4 million on exploration over 3 years to earn 49% Silicificatio n ‒ Upon earning its 49% interest, Freeport has Freeport 2018 a one time option to increase its interest to drilling Silicification 65% by spending a further $20 million on the project over 4 years • Significant due diligence done by Freeport ‒ Technical due diligence including confirmatory sampling ‒ Title search ‒ Environmental assessment of area for legacy issues Hole ended in 0.14% copper ‒ Parks and environmental reserves / issues ‒ Potential waste impoundment areas • Northisle is the operator in during the initial earn-in period 8

TSX-V: NCX ATTRACTIVE VALUATION Attractive valuation for Northisle based on only the Hushamu project EV/Cu Eq 54x 46x 16x 11x 11x 9x 4x 4x Excelsior Nevada Copper Copper Western Copper NGEx Panoro NorthIsle Northern Fox Metals Dynasty Source: Company reports. EV is based on market cap as at April 26, 2018 and Net Debt as at Dec. 31, 2017. 9 Based on Cu Eq M&I resources. For Cu eq calculation, the commodity prices used are as follows: US$ 3.10/lb Cu, US$ 1,300/oz Au, US$ 9.00/lb Mo, US$15/oz Ag