IN JAMES BAY, QUEBEC TSX:ER | OTCQX:EANRF EASTMAIN RESOURCES INC. - PowerPoint PPT Presentation

IN JAMES BAY, QUEBEC TSX:ER | OTCQX:EANRF EASTMAIN RESOURCES INC. APRIL 2020 CORPORATE PRESENTATION 1 EASTMAIN CORPORATE PRESENTATION TSX:ER; OTCQB:EANRF www.eastmain.com

FORWARD-LOOKING STATEMENTS Certain information set forth in this presentation may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. Forward-looking statements consist of statements that are not purely historical, including statements regarding beliefs, plans, expectations or timing of future plans, and include, but not limited to actual results of current and future exploration activities at the Company's properties, and the potential success of the Company’s future exploration and development strategies. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Eastmain, including, but not limited to the results of the impact of general economic conditions, industry conditions, dependence upon regulatory approvals, the availability of financing, timely completion of proposed studies and technical reports, and risks associated with the exploration, development and mining industry generally such as economic factors as they affect exploration, future commodity prices, changes in interest rates, safety and security, political, social or economic developments, environmental risks, insurance risks, capital expenditures, operating or technical difficulties in connection with development activities, personnel relations, the speculative nature of gold exploration and development, including the risks of diminishing quantities of grades of Mineral Resources, contests over property title, and changes in project parameters as plans continue to be refined. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company assumes no obligation to update such information, except as may be required by law. All currencies are reported in Canadian dollars unless otherwise specified. 2 EASTMAIN CORPORATE PRESENTATION TSX:ER; OTCQB:EANRF www.eastmain.com

EASTMAIN HIGHLIGHTS FOUNDATION • Eau Claire: Critical mass +1.3 M oz gold resource with PEA, 86 k oz annual production, 27% after tax IRR based on US$1250/oz gold price • Three Pillared Strategy SPRINGBOARD • Opportunity – Undervalued when compared to peers TORQUE • Leverage to gold price • Large land package in need of exploration near Eau Claire INVESTED • Management and board significant shareholders RUNWAY • Various stages of exploration/development assets in world-class region (majors Newmont, BHP active) • Growing gold camp +10 M oz, underexplored • Scarcity of advanced gold projects 3 EASTMAIN CORPORATE PRESENTATION TSX:ER; OTCQB:EANRF www.eastmain.com

AN EMERGING GOLD CAMP – JAMES BAY FOUNDATION World Class Mining Location ✓ Supportive government and pro-mining community • Clearly defined permitting process • Robust Preliminary Economic Assessment ✓ Archean Greenstone belt setting ✓ Nearby Mines and Deposits: ✓ Éléonore gold mine (Newmont) • Cheechoo Deposit (Sirios) • Cheechoo Deposit Elmer Discovery (Azimut) • Sirios Elmer Discovery Azimut Elmer Discovery Azimut Eau Claire Total ER property portfolio Total ER property portfolio 112,528 hectares 112,528 hectares 4 EASTMAIN CORPORATE PRESENTATION TSX:ER; OTCQB:EANRF www.eastmain.com

EASTMAIN THREE PILLAR STRATEGY FOUNDATION ADVANCE EAU CLAIRE TOWARDS PRODUCTION • Update PEA with focus on mining method optimization/layout and incorporating preliminary environmental data • Continue preliminary permitting activities • Further test depth potential EXPLORE WITHIN TRUCKING DISTANCE OF EAU CLAIRE • Priority is near surface to add to Eau Claire critical mass • Knight Serendipity trend • Reservoir MONETIZE NON CORE ASSETS • Optioned Eastmain property to Benz Mining 2019 • Eleonore South Joint Venture 5 EASTMAIN CORPORATE PRESENTATION TSX:ER; OTCQB:EANRF www.eastmain.com

ONE MILLION OUNCES OF GOLD – EXTRACTABLE FOUNDATION Potentially Extractable Portion of Mineral Resource (P&E Mining Consultants Inc. 2018) (1-4) Tonnes Contained Au oz g/t Au Open Pit Production 1,641,000 199,400 3.78 UG Production 4,762,000 801,500 5.24 Total Production 6,403,000 1,000,900 4.86 ✓ 71% of 2018 Mineral Resource Estimate tonnes converted to Potentially Extractable ✓ 63% of Potentially Extractable are 2018 Measured and Indicated Mineral Resources Eau Claire Gold Deposit Open Pit and Underground Mineral Resource Estimate* OPEN PIT (Surface – 150m) UNDERGROUND (150m – 860 m) Tonnes Gold Grade (g/t) Contained Au (oz) Tonnes Gold Grade (g/t) Contained Au (oz) M&I 1, 210,000 5.86 228,000 3,084,000 6.30 625,000 Inferred 43,000 5.06 7,000 2,339,000 6.56 493,000 1. Mineral resources, which are not Mineral Reserves, do not have demonstrated economic viability. Environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues may materially affect the estimate of Mineral Resources. 2. The Inferred Mineral Resource in this estimate has a lower level of confidence that that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred Mineral Resource could be upgraded to an Indicated Mineral Resource with continued exploration 3. The potentially extractable portion of the Mineral Resource Estimate was prepared by Eugene Puritch, P. Eng., FEC, CET and Andrew Bradfield P.Eng. of P&E Mining Consultants Inc. Mineral Resource Estimate reported in this press release was estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions. 4. The potentially extractable portion of the Open pit Mineral Resources are reported at a cut-off grade of 0.66 g/t gold and the potentially extractable portion of the Open pit Mineral Resources underground Mineral Resources are reported at a cut-off grade of 2.7 g/t gold. Cut-off grades are based on a gold price of US$1,250 per ounce, a foreign exchange rate of US$0.80, and a gold recovery of 95%. Table entries are rounded 6 EASTMAIN CORPORATE PRESENTATION TSX:ER; OTCQB:EANRF www.eastmain.com

UNDERVALUED TO ITS PEERS SPRINGBOARD $250 Developer Peer Group (Canadian Assets) $200 CURRENT EV OF $11M WELL BELOW $40M $150 Per Ounce (C$/oz) SPENT IN THE PAST 4 YEARS ALONE $100 FS PFS PEA $50 Resource $11/oz $0 Source: Thompson Reuters; LBS Average is $63/oz, with Osisko Mining removed 7 EASTMAIN CORPORATE PRESENTATION TSX:ER; OTCQB:EANRF www.eastmain.com

UNDERVALUED TO ITS PEERS SPRINGBOARD Project Enterprise Value Total Resource EV/oz Ticker Company Location (C$mm) (mm oz) (C$/oz) Stage OSK Osisko Mining Quebec $708 3.6 $195 PEA SBB Sabina Gold & Silver Nunavut $334 7.2 $46 FS PGM Pure Gold Ontario $201 2.5 $79 FS MOZ Marathon Gold Newfoundland $196 4.1 $48 PEA KOR Corvus Gold Nevada $168 1.4 $120 PEA AOT Ascot Resources British Colombia $156 3.2 $48 FS AUG Auryn Resources Nunavut/BC/Peru $134 2.1 $63 Resource FF First Mining Ontario $111 11.1 $10 PEA MAX Midas Gold Idaho $101 6.6 $15 PFS ITR Integra Resources Idaho $99 4.4 $23 PEA RMX Rubicon Minerals Ontario $69 1.3 $54 PEA PRB Probe Metals Quebec/Ontario $69 3.2 $22 Resource TLG Troilus Gold Quebec $61 6.5 $9 Resource BAR Balmoral Resources Quebec $57 1.2 $48 Resource NHK Nighthawk Northwest Territories $54 2.6 $21 Resource FPC Falco Resources Quebec $51 7.7 $7 FS TML Treasury Metals Ontario $38 1.2 $31 PEA MQR Monarques Gold Quebec $35 2.9 $12 FS ME Moneta Porcupine Ontario $20 1.3 $16 Resource ER Eastmain Resources Quebec $19 1.7 $11 PEA ATC ATAC Resources Canada $18 0.7 $26 PEA MAE Maritime Resources Newfoundland $8 1.1 $7 Resource GQC Goldquest Mining Dominican Republic $7 2.5 $3 PFS Average $40 8 EASTMAIN CORPORATE PRESENTATION TSX:ER; OTCQB:EANRF www.eastmain.com

EAU CLAIR IS IN TOP 15% RESOURCE GRADE SPRINGBOARD EASTMAIN 6.18 g/t Au (MI&I) Beacon Securities, 2020-02- 19 “Gold Explorers With Resources Quarterly” Eau Claire updated Mineral Resource Estimate (effective Feb. 4, 2018) 1-6 9 EASTMAIN CORPORATE PRESENTATION TSX:ER; OTCQB:EANRF www.eastmain.com