THE ROVINA VALLEY PROJECT, ROMANIA Romania’s Next Gold and Copper mine TSX: ESM | Corporate Presentation | August 10 2020
Cautionary Notes CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS information contained herein or incorporated by reference are made as of the date of this presentation or as of the date of the documents incorporated by reference, as the case may be, and Euro Sun Mining does not undertake to update any such Statements and certain information contained in this presentation and any documents incorporated by reference may constitute “forward -looking statements” forward-looking information, except in accordance with applicable securities laws. within the meaning of applicable Canadian securities legislation which may There can be no assurance that forward-looking information will prove to be include, but is not limited to, information with respect to the Corporation’s expected accurate, as actual results and future events could differ materially from those production from, and further potential of, the Corporation’s properties; the anticipated in such information. Accordingly, readers are cautioned not to place Corporation’s ability to raise additional funds; the future price of minerals, undue reliance on forward-looking information. The forward-looking information contained or incorporated by reference in this document is presented for the particularly gold and copper; the estimation of mineral reserves and mineral resources; conclusions of economic evaluation; the realization of mineral reserve purpose of assisting shareholders in understanding the financial position, strategic priorities and objectives of the Corporation for the periods referenced and such estimates; the timing and amount of estimated future production; costs of information may not be appropriate for other purposes. production; capital expenditures; success of exploration activities; mining or processing issues; currency exchange rates; government regulation of mining operations; and environmental risks. Often, but not always, forward-looking *Mineral resources that are not mineral reserves do not have demonstrated statements/information can be identified by the use of words such as “plans”, economic viability. Mineral resource estimates do not account for mineability, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, selectivity, mining loss and dilution. These mineral resource estimates include “anticipates”, or “believes” or variations (including negative variations) of such inferred mineral resources that are normally considered too speculative words and phrases, or statements that certain actions, events or results “may”, geologically to have economic considerations applied to them that would enable “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking them to be categorized as mineral reserves. There is also no certainty that these statements/information is based on management’s expectations and reasonable inferred mineral resources will be converted to measured and indicated categories assumptions at the time such statements are made. Estimates regarding the through further drilling, or into mineral reserves, once economic considerations are anticipated timing, amount and cost of exploration and development activities are applied. based on assumptions underlying mineral reserve and mineral resource estimates • CAUTIONARY NOTE REGARDING UNITED STATES SECURITIES LAWS and the realization of such estimates are set out herein. Capital and operating cost TSX: ESM | GR: OL11 | US: CPNFF estimates are based on extensive research of the Corporation, purchase orders This presentation does not constitute an offer to sell or the solicitation of an offer to placed by the Corporation to date, recent estimates of construction and mining buy, nor shall there be any sale of the securities of the Euro Sun Mining Inc., in costs and other factors that are set out herein. Forward-looking information any jurisdiction in which such offer, solicitation or sale would be unlawful prior to involves known and unknown risks, uncertainties and other factors that may cause registration or qualification under the securities laws of such jurisdiction. The the actual results, performance or achievements of Euro Sun Mining and/or its securities of Euro Sun Mining Inc. have not been and will not be registered under subsidiaries to be materially different from any future results, performance or the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), achievements expressed or implied by the forward-looking statements. Such or any state securities laws and may not be offered or sold within the United States factors include: uncertainties of mineral resource estimates; the nature of mineral or to, or for the account or benefit of, "U.S. persons," as such term is defined in exploration and mining; variations in ore grade and recovery rates; cost of Regulation S under the U.S. Securities Act, unless an exemption from such operations; fluctuations in the sale prices of products; volatility of gold and copper registration is available. prices; exploration and development risks; liquidity concerns and future financings; risks associated with operations in foreign jurisdictions; potential revocation or The information contained herein concerning the properties and operations of Euro Sun Mining Inc. has been prepared in accordance with Canadian standards under change in permit requirements and project approvals; competition; no guarantee of applicable Canadian Securities Laws in accordance with NI 43-101 under titles to explore and operate; environmental liabilities and regulatory requirements; dependence on key individuals; conflicts of interests; insurance; fluctuation in guidelines set out in the Definition Standards for Mineral Resources and Mineral market value of Euro Sun Mining’s shares; rising production costs; equipment Reserves adopted by the Canadian Institute of Mining, Metallurgy and Petroleum (the “ CIM Standards”), which differ in material respects from the requirements of material and skilled technical workers; volatile current global financial conditions; and currency fluctuations; and other risks pertaining to the mining industry. U.S. Securities Laws applicable to U.S. companies subject to the reporting and disclosure requirements of the SEC and may not be comparable to similar Although Euro Sun Mining has attempted to identify important factors that could information disclosed by such U.S. companies. cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking 2
Euro Sun Mining – Company Overview An advanced 10 million ounce* project in the European Union ▪ Developing a large-scale bulk tonnage open pit mine ▪ Long life production profile ▪ Significant leverage to Gold and Copper prices ▪ 7 million ounces of Gold ( Measured & Indicated) ▪ 1.4 Billion lbs of Copper (Measured & Indicated) ▪ Mining License issued and ratified by Romanian State in TSX: ESM | GR: OL11 | US: CPNFF Nov. 2018; valid for 20 years and renewable ▪ Past-producing region – excellent infrastructure in place: rail, power, paved access, skilled labour, and town of 13,000 within 5km of the project ▪ Completion of Urbanization Certificate and BFS in 2020 3
Capital Structure Shares Outstanding Key Institutional Shareholders: 169,121,413 Ruffer LLP ( UK) ~9% Franklin Gold Fund ~8% Share Price (13/07/20) 52-Week High ASA Gold Fund ~7% $0.51 $0.62 Baupost ~3% Market Cap (CAD) Ixios Gold Fund ~2% ~$86 million APAC Resources HK ~2% Avg. Daily Volume (30 day) 990,000 TSX: ESM | GR: OL11 | US: CPNFF Warrants Outstanding 51,027,869 (strike $0.40-$0.55) 4
Romania at a Glance Sweden Finland Estonia • Area: 238,391 km 2 Latvia • Population: ~20M (Bucharest: ~2M) Denmark Lithuania Ireland • Joined the European Union in 2007 UK Poland Netherlands • Climate: 4 distinct seasons (0-35ºc) Germany Belgium Czech Republic • Slovakia Currency: Leu (RON) = US$0.25 Austria Hungary TSX: ESM | GR: OL11 | US: CPNFF France • Tax Rate: 16% (corporate profits) Romania Slovenia • Bulgaria Royalty rate: 5% NSR Cu; 6% NSR Au Italy Portugal Spain Greece 5
Installed Infrastructure Minimizes Environmental Footprint • Modern network of roads and rail in place • Low-cost environmentally friendly hydro power generation and distribution - all installed • Economically challenged region since Barza mine closure in 2006 • Barza mine produced 13 million ounces over 80 years of production Hydroelectric Dam ROVINA DEPOSIT Cu-Au Porphyry M&I: 1 Moz of Gold 110 kva Power Lines 573 M lbs of Copper TSX: ESM | GR: OL11 | US: CPNFF Proposed Plant Location COLNIC DEPOSIT Au-Cu Porphyry Railhead, Brad M&I: 2.2 M oz Gold 302 M lbs Copper Town of Brad Au-Cu Porphyry Barza Mine M&I: 3.8 Moz of Gold 518 M lbs of Copper. CIRESATA DEPOSIT To Mintia 3km 3km Power Plant 6 * See slide10 for details related to the mineral resource estimation
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