Exeter Presentation Feb_2016

SCALABLEDEVELOPMENTPOTENTIALFORONEOFTHEWORLD’SSIGNIFICANTGOLDOXIDE/GOLD-COPPERPROJECTS

TSX:XRCNYSEMKT:XRA

www.exeterresource.com

Caspiche

Cau$onary Note to U.S. Investors – The United States Securi$es and Exchange Commission (“SEC”) permits miningcompanies in theirfilingswith theSEC todiscloseonly thosemineraldeposits thata companycaneconomicallyandlegally extract or produce. We use certain terms in this presenta$on, such as “inferred resource”, that the SECguidelinesstrictlyprohibitusfromincludinginourfilingwiththeSEC.U.S. investorsareurgedtoconsidercloselythedisclosurecontained inourannualreportonForm20.YoucanreviewandobtaincopiesofourfilingsfromtheSEC’swebsiteathNp://www.sec.gov/edgar.shtml.Thisdocumentandtheinforma$oncontainedinitdonotcons$tuteaprospectusanddonotformanypartofanofferof,orinvita$ontoapplyfor,securi$esinanyjurisdic$on.Poten$alinvestorsshouldnotrelysolelyontheinforma$oncontainedhereinpriortomakingany investmentdecision. Investorsshouldseek independentadvicefromaqualifiedfinanceandinvestmentadvisor,givingdueregardtotheirownpersonalcircumstances,priortoforminganyinvestmentdecision.SafeHarbourStatement -Thispresenta$onmaycontaincertain“forward-lookingstatements”within themeaningoftheUnitedStatesPrivateSecuri$esLi$ga$onReformActof1995.Thesestatementsreflectourcurrentbeliefandarebased upon currently available informa$on. Actual results could differ materially from those described in thispresenta$onasaresultofnumerousfactors,someofwhichareoutsideofthecontrolofExeter.Manyoftheassayresultsandtheeconomicanalysispresentedarepreliminaryandmaynotbeaccurateduetovariousfactors,includingbutnotlimitedtosamplerecoveries,truewidthsandinterpreta$ons.WendellZerb,Exeter´sPresident&CEOanda“qualifiedperson”(“QP”)withinthedefini$onofthatterminNa$onalInstrument43-101,StandardsofDisclosureforMineralProjects,hasreviewedandapprovedthetechnicalinforma$oninthispresenta$on.

Cau$onaryStatement

2!

•  ATrackRecordofSuccess -Threesignificantmineraldiscoveriesinthelastdecade -SpunoutExtorretoshareholdersona1-to-1basis(2010) - wastakenoverbyforC$414MorC$4.26/share(2012)

•  Control100%ofCaspiche -M&IMineralResources1:Oxides1.7MozAuEq,Sulphides37.9MozAuEq -Unique:goldoxide,highergradegold/coppercore,largescalegold/copper -StableMiningJurisdic$on-Chile

•  Direc$ngRe-valua$on -LowCapex/Scalableop$ons2,strongeconomics -Fundamentallyandcompara$velyundervalued -Caspichesufficientlyadvancedtofasttrackdevelopmentdecisions -Favorable$mingforselectjuniorminingequi$es

•  CashofC$22million.NoDebt.

WhyInvestinExeter?

3!

Thefounda$onforsuccess:TrackRecord,UniqueAsset,Cash

1SeemineralResourcesslidefordetails:OxideM&[email protected]/tAu,1.58g/tAg;SulphideM&I1,[email protected]/tAu,0.20%Cu,1.17g/tAg.2SeeExeterwebsiteorSedar,AmendedNI43-101TechnicalReportontheCaspicheProject.Effec_vedateApril30,2014.

CapitalStructure

4!

CapitalStructure(asofFebruary1,2016)

CommonSharesOutstanding 88.4M

OpMons 7.4M

FullyDiluted 95.9M

Avg.DailyVolume

NYSEMKT:124kTSX:11k

Cash C$22M

Shareholders

ManagementandInsiders:8%InsMtuMons:33%Retail:59%

AnalystCoverage

TDSecuriMesMr.DanielEarledaniel.earle@tdsecuriMes.com1.416.308.7906

ManagementandBoardofDirectors

5!

YaleSimpson Co-Chairman

BryceRoxburgh Co-Chairman

RobReynolds Director

JulianBavin Director

JohnSimmons Director

President/CEO WendellZerb,P.GeolGeologist/Capital

Markets–29yrs

CFO CecilBond CA–30yrs

ExploraMon MadhewWilliams–ExploraMonManager,Americas Geologist–24yrs

Development JerryPerkins–VPDevelopment&OperaMons Metallurgist–40yrs

MadhewDorman–StudyDirector Engineer–29yrs

GonzaloDamond–CommercialManager Engineer–21yrs

Corporate RobGrey–VPCorporateCommunicaMons IR–17yrs

StrongBoardofDirectors ExperiencedManagementTeam

LowGeopoli$calRisk-Chile

6!

Chile:aminingfriendly,poliMcallystable,OECDnaMon

TheFraserIns$tute’s2014surveyonoverallrisk(PPI*)placedChile22ndoutof122miningjurisdic$ons,and#1inSouthAmerica.

•  World’slargestexporterofcopper.

•  Consistentlyrankedasoneofthetopplacestomineintheworld&the#1placetomineinSouthAmerica.

•  Clearregula$ons,transparency,well-establishedlegalsystem.

•  Skilledlabourforce.

•  ManylargeminespermiNed:Escondida,Andacollo,CerroCasale.

*PPIorPolicyPercep_onIndex:measuresuncertain_essurroundingadministra_onofcurrentregula_ons,environmentalregula_ons,legalsystemsandtaxa_onregimes,infrastructure,labourandskillsavailability,andsecurityissues.Source:FraserIns_tute2014&ExeterResourceCorp.

Chartincludestop60outof122jurisdic$ons.

0 10 20 30 40 50 60 70 80 90 100

MaliGuyana

RioNegroLiberiaMexico

ThailandZambia

FijiPeru

CatamarcaTanzaniaCaliforniaMoroccoGhana

UruguayMontanaVictoria

JujuyBri$shColumbia

NewMexicoPortugalFranceNWT

NunavutBurkinaFasoNewZealand

MichiganQueenslandGreenland

NewSWalesIdaho

SanJuanNorthernTerritory

TasmaniaYukon

ColoradoArizonaAlaskaChile

OntarioNamibia

SouthAustraliaNorway

SaltaMinnesota

NevadaUtah

BotswanaQuebec

NovaSco$aWesternAustralia

ManitobaWyoming

Newfdlnd&LabrSaskatchewanNewBrunswick

SwedenAlbertaFinlandIreland

Caspiche-StrategicallyLocated

7!

PortandDesalina_onFacili_es

CardonesPowerSubsta_on

CandelariaMine

CopiapoAirport

Caspiche

MaricungaMine

CerroCasale

Exeter’sPeñasBlancasgroundwaterdiscoverymin

400L/s

AguasChañar-Industrialwater

LundinPuntaPadrones500L/s

CapMineraPuntaTotoralillo200L/sexpandableto600L/s

LaCoipaMine

50KmAllweatheraccessroadExis_ngpowercooridor3rdpartypipelineroutePoten_alwaterpipelineroute CaseronesMine

PaipoteCuSmelter

3rdpartygroundwaterrights

Volcan

MarteLobo

CerroMaricunga

Esperanza

Material Class Tonnes(Mt) Au(g/t) Cu(%) Ag(g/t) AuEq1(g/t) AuEq2(Moz)

Oxide Measured 65.9 0.46 - 1.55 0.46 1.0

Oxide Indicated 55.6 0.39 - 1.63 0.40 0.7

TotalOxide M&I 121.5 0.43 - 1.58 0.43 1.7

Sulphide Measured 554.2 0.58 0.23 1.16 1.02 18.3

Sulphide Indicated 727.9 0.48 0.18 1.17 0.84 19.6

TotalSulphide M&I 1,282.1 0.52 0.20 1.17 0.92 37.9

TotalM&I 1,403.6 0.51 0.19 1.20 0.88 39.6

MineralResources

8!

*TheeconomicanalysiscontainedinthePEAisconsideredpreliminaryinnature.ThereisnocertaintythateconomicforecastsoutlinedinthePEAwillberealized. 1

PAuandPCuaretheAuandCuprices(US$1,150/ozandUS$2.50/lb,respec$vely),andRAuandRCuaretheAuandCuprojectedmetallurgicalrecoveries,65%and85%,respec$velyforsulphidematerialand78%forAuoxidematerial.2 AuEq (M oz) = resource tonnes * AuEq13PAu,PAgandPCuarethegold,silverandcopperprices(1,250US$/oz,15US$/oz.and2.75US$/lb,respec$vely).RAuandRCuaretheAuandCuprojectedmetallurgicalrecoveriesbasedonanumberofS%thresholds.Foraddi$onalinforma$onseeExeterwebsiteorSedar,AmendedNI43-101TechnicalReportontheCaspicheProject.Effec$vedateApril30,2014.

Material Class Tonnes(Mt) Au(g/t) Cu(%) Ag(g/t) AuEq3(g/t)Sulphide Measured 378.6 0.71 0.30 1.30 1.28

Sulphide Indicated 431.6 0.64 0.27 1.40 1.16

TotalSulphide M&I 810.2 0.67 0.29 1.35 1.22

Theoxideandsulphidematerialswerereportedabovecut-offsof0.18g/tAuEqand0.30g/tAuEq,respec$vely:

MineralResourcesundergroundopera$oncut-offgradeof0.75g/tAuEq3:

TheApril2012MineralResourceformedthebasisforthe2014PEA

[ ] [ ] [ ] [ ][ ]

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⎞⎜⎜⎝

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%%

/$/$

/000,10/06857.0%%

/$/$%//

Au

Ag

Au

Ag

Au

Cu

Au

Cu

RR

ozPozP

tgAgozlbgRR

ozPlbPCutgAutgAuEq

[ ] [ ] [ ] [ ][ ]

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/$/$%//

Au

Ag

Au

Ag

Au

Cu

Au

Cu

RR

ozPozP

tgAgozlbgRR

ozPlbPCutgAutgAuEq

9!

EXETERCaspiche:CrossSecMon-GoldValues

BARRICK-KINROSSCerroCasale:CrossSecMon-GoldValues

CaspicheNotJustBig–ScaleableOp$onsCaspichenearsurfacegoldoxide,cohesivehighergradegold-coppercore.

10!

VariableCutoff–Gradevs.Tonnes

AuEq Cut-off Mt Au g/t Ag g/t Cu % AuEq g/t* oz Gold t Copper 1.25 311.4 0.92 1.56 0.38 1.63 9,210,000 1,183,140

1 510.1 0.80 1.45 0.33 1.43 13,121,000 1,683,200

0.75 813.7 0.67 1.35 0.29 1.22 17,530,000 2,359,780

0.5 1259.7 0.55 1.22 0.24 1.01 22,278,000 3,023,390

0.25 1761.1 0.46 1.10 0.20 0.83 26,049,000 3,522,240

Caspiche-EsMmatedTransiMonalandSulphideMaterial(Measured+Indicated)April2013byAuEq*cutoff

*SeeExeterwebsiteorSedar,AmendedNI43-101TechnicalReportontheCaspicheProject.Effec_vedateApril30,2014.

1.63 g/t

1.43 g/t

1.22 g/t 1.01 g/t

0.83 g/t

0

5

10

15

20

25

30

0!

0.2!

0.4!

0.6!

0.8!

1!

1.2!

1.4!

1.6!

1.8!

311 510 814 1,260 1,761 M

illio

n O

unce

s of

Gol

d

AuE

q (g

/t)

Tonnes (M)

Gold (Measured and Indicated)

1.63 g/t

1.43 g/t

1.22 g/t 1.01 g/t

0.83 g/t

0

50

100

150

200

250

300

350

400

0!0.2!0.4!0.6!0.8!1!

1.2!1.4!1.6!1.8!

311 510 814 1,260 1,761

Ton

nes

of c

oppe

r (0,

000)

AuE

q (g

/t)

Tonnes (M)

Copper (Measured and Indicated)

NewLookforCaspiche:2014PEA1

11!

Op$on2and3:CombinedOxideGold/SulphideGold-Copper

-LowcostPitextension/HighergradeUGcore-Lowini$alcapexwithaddi$onalcapitaldeferredandsupplementedbycashflow-Compellingeconomics-LOMAuEqproduc$on4.9to14.1millionoz

Op$on1:StandaloneHeapLeachOxideGold

-M&IResources*1.7millionozAuEq-LowCapex-LowStripra$o0.27:1-FavorableLeachKine$cs

FocusingonhighergradeandlowerCAPEX,u$lizingcashflowtofinancefutureCAPEX.

Thinkingbignowmeansstar_ngsmaller…

*RefertotheMineralResourcesslidefordetails.1SeeExeterwebsiteorSedar,AmendedNI43-101TechnicalReportontheCaspicheProject.Effec_vedateApril30,2014.The2014PreliminaryEconomicAssessmentusesadiscountrateof5%andcommoditypricesofUS$1,300/ozAu,US$20/ozAg,andUS$3.00/lbCu.

OpMon1: OpMon2: OpMon3:

Item Unit 30,000tpdstandaloneoxide

Combined:60,000tpdoxide;27,000tpdSulphide(openpit)commencinginyear6

Combined:60,000tpdoxide;27,000tpdSulphide(underground)

commencinginyear3Minelife years 10 18 42AnnualaverageAuEq*Prod. oz 122,000 289,000 344,000LOMProduc$onAuEq ozM 1.27 4.9 14.2Pre-taxNPV@5% US$M 355 967 1,636IRR % 34.7% 27.2% 20.0%PaybackPeriod years 3.4 6.1 7.7Aner-tax27%NPV@5% US$M 252 656 1,144 IRR % 28.5% 21.1% 16.7% PaybackPeriod years 3.6 6.8 8.1 CapexSummaryIniMalCapex US$M 251 371 387LOMSustainingCapex US$M 93 926 1,580TotalCapex US$M 343 1,297 1,967CapitalU$liza$onperAuEq*oz US$ 270 264 139OpexSummaryUnitTotalOpexProcessed US$/t 6.5 9.4 20.1CashCostCashCost-AuEq US$/oz 546 486 649TotalCashCost-AuEq* US$/oz 589 551 709

AllinSustainingCashcostAuEq* US$/oz 676 752 828

C1CashCost-CuEq* US$/lb n/a 1.31 1.77

Summaryofthe2014PEA1

12!

Threeop_onsforthedevelopmentofCaspiche

1.The2014PreliminaryEconomicAssessmentusesadiscountrateof5%andcommoditypricesofUS$1300/ozAu,US$20/ozAg,andUS$3.00/lbCu.TheeconomicanalysiscontainedinthePEAisconsideredpreliminaryinnature.ThereisnocertaintythateconomicforecastsoutlinedinthePEAwillberealized.*Goldequivalent(AuEq)valueisbasedongold,silverandcopperrevenues(pricesandrecoveriesinvolved).AuEq[troyoz]=[Aug/t*RecAu*throughputtonnes]/31.1+[Agg/t*RecAg*throughputtonnes]/31.1*silverpricetroyoz/goldpricetroyoz+[[Cu%*RecCu*throughputtonnes]*2204]*copperpricelbs/goldpricetroyoz.RecoveriesareadjustedbasedonmetallurgicalcharacterisUcoftheresource.ForResourceesUmaUonsassumedpricesare$1250/ozAu,$15/ozAgand$2.75/lbforCu.CuEqformulaaccountsforAuandAgozconvertedtolbsCu.

30,000tpdstandaloneheapleachgoldopera$on

•  122,000ozAuEq*peryear•  10yearminelife

•  Pre-taxNPV5%ofUS$355million,IRRof34.7%.

•  TotalcashcostsUS$589perozAuEq*

•  Ini$alCAPEXUS$210million(plusUS$41millioncon$ngency)

•  Peakwaterrequirementis44litrespersecond.

Op$on11:30,000tpdHeapLeachGoldOpera$on

13!

ValueGeneralParameters

PlantfeedEst(Tonnes&Grade)(oxide) M&I:[email protected]/tAu&1.62g/tAg

ContainedAuEq 1.6millionounces

Throughput 30,000tpd

MineLife 10yearsStripRa$o(Waste:Ore) 0.27:1GoldRecoveries 80%SilverRecoveries 40%

ProducMonAvg.AnnualAuEqProduc$on 122,000ozAnnualAuEqProduc$on(year1-5)(ounces) 148,000ozLOMAuEqProduc$on 1.27millionoz

CapitalCostsIni$alCapital(incl.Con$ngencyofUS$41M) US$251millionSustainingCapital US$93million

CashCostsTotalCashCosts US$589/ozAllinSustainingCashCost US$676/oz

GoldPriceAssumpMon US$1300/ozValuaMon(aner-tax27%)

NPV(5%) US$252millionIRR 28.5%PaybackPeriod 3.6years

ValuaMon(before-tax)NPV(5%) US$355millionIRR 34.7%PaybackPeriod 3.4years

Nearsurface,lowcapex,lowstrip,withfavorableleachkine_cs

*RefertotheMineralResourcesslidefordetails.1SeeExeterwebsiteorSedar,AmendedNI43-101TechnicalReportontheCaspicheProject.Effec_vedateApril30,2014.2Basecaseassumesa5%discountratewithcommoditypricesofUS$1,300/ozAuandUS$20/ozAg.

TheeconomicanalysiscontainedinthePEAisconsideredpreliminaryinnature.ThereisnocertaintythateconomicforecastsoutlinedinthePEAwillberealized.

Project LaIndia Amulsar ShahuindoCerro

MaricungaElCasMllo Bombore Karma Caspiche1

Company AgnicoEagle LydianSulliden/RioAlto

AtacamaPacific

Argonaut Orezone TrueGold Exeter

Loca$on Mexico Armenia Peru Chile Mexico BurkinaFaso BurkinaFaso Chile

MarketCap($M) $7,946 $54 $464 $8 $209 $28 $95 $42

CashonHand($M) $250 $20 $43 $1 $44 $5 $24 $24

EV($M) $9,273 $33 $421 $7 $135 $23 $66 $18

Reserves/Resources(tonnes&Augrade)

P&P:[email protected]/t







M&I:[email protected]/t

AuEqOunces 0.76Moz 2.5Moz 1.0Moz 3.7Moz 1.2Moz 1.5Moz 0.9Moz 1.7Moz

MineLife(years) 7 10 10 13 11 11 9 10

Throughput(tpd) 16,000 27,000 10,000 80,000 35,000 15,000 11,000 30,000

AuEqProduc$on(oz/yr) 90,000 205,000 87,000 228,000 85,000 116,000 92,000 122,000

CAPEX(ini$al)(US$M) $158 $420 $132 $399 n/a $250 $132 $251

GoldPrice(US$/oz) $1379/oz $1250/oz $1415/oz $1350/oz $1000/oz $1250/oz $1250/oz $1250/oz

NPV5%(azer-tax)(US$M) $207 $347 $249 $409 $257 $196 $199 $243

IRR(azer-tax) 31% 22% 38% 25% n/a 24% 46% 27%

TotalCashCosts(US$/oz) $426/oz $664/oz $552/oz $864/oz $628/oz $603/oz $630/oz $589/oz

StripRa$o 1.00 2.60 1.91 1.76 0.90 1.07 2.43 0.27CrushSize(inches) 0.98 0.47 1.25 0.75 0.74 0.008 2 1.96

GoldRecoveryRate(%) 80% 84% 86% 79% 70% 87% 87% 80%

ComparableOxideGoldHeapLeachProjects

14!

1SeeExeterwebsiteorSedar,AmendedNI43-101TechnicalReportontheCaspicheProject.Effec_vedateApril30,2014.20%taxrateusedasacompara_ve.2SharepricesasofOctober31,2015;financialsasofJune30orSeptember30,2015,asreported.AllamountsinC$unlessstatedasUS$.3SullidendelistedAugust8,2014–takeoverbyRioAlto.SullidenMkt.Cap.asofAugust2014.

NewOxideMetallurgicalTestwork

15!

•  New metallurgical test work suggests previously es$mated heap leach recoveries ofapproximately80%,usedinthe2014PEA1,areconserva$ve.

•  Confidencelevelsnowapproachingfinalfeasibilityrequirements.

•  Most important,high recoveries in thefirst six yearsof themineplanalso correspondswiththehighestgradesinthemineplan.

•  Metallurgicalprojec$onses$mateheapleachcyanideconsump$onsaveragingabout0.4kg/tonne.

•  Poten$al:Higherprojectvalue,fasterpayback,greaterconfidence.

1SeeExeterwebsiteorSedar,AmendedNI43-101TechnicalReportontheCaspicheProject.Effec_vedateApril30,2014.Foraddi_onalinforma_onrefertoExeternewsreleaseNovember12,2014.

FeedSize HeadGrade ExtracMon Reagents

Composite P80mm g/tAu g/tAg %Au %Ag kg/tNaCN kg/tLime

MineralizedGravel -38 0.74 7.6 78.4 32.9 1.27 2.6

Years1&2(1test) -50 0.66 1.1 93.9 90.9 1.25 4.8

Years3&4 -50 0.81 1.4 87.7 62.5 1.29 4.8

Years5&6 -50 0.33 0.9 84.6 50.0 1.06 6.0

Years7&8 -50 0.37 0.8 78.4 38.1 0.97 4.7

Years9&10 -50 0.63 0.4 79.2 50.0 0.82 3.2

Othermaterial -50 0.47 2.1 83.0 57.1 0.89 5.0

60,000tpdopenpitheapleachgold27,000tpdopenpitAuCu(year6)•  Average289,000ozAuEq*or125

MCuEqlbperyear•  18yearminelife•  LOMProduc$on4.9MozEq*•  TotalcashcostofUS$551peroz

AuEq*

•  Ini$alCAPEXUS$375million•  Sustainingandclosurecostsare

es$matedatUS$924million•  Pre-taxNPV5%ofUS$967million

andanIRRof27.2%

•  Peakwaterrequirementis185litrespersecond.

Op$on21:HeapLeachGoldtoOpenPitGoldCopperOpera$on

16!


PlantfeedEst(Tonnes&Grade)(oxide) M&I:[email protected]/tAu&1.54g/tAgPlantfeedEst(Tonnes&Grade)(Sulphide) M&I:[email protected]/tAu&0.27%CuLOMOpera$ngCost US$/t14.4“ore”Throughput 60,000tpd(oxide);27,000tpd(sulphide)MineLife 18yearsStripRa$o(Waste:Ore) 1:1GoldRecoveries 80%(oxide);75%(sulphide)CopperRecoveries 89%(sulphide)

ProducMonAvg.AnnualAuEqProduc$on 289,000ozAvg.AnnualCuEqProduc$on 125millionlbsLOMAuEqProduc$on 4.9millionoz

CapitalCostsIni$alCapital(Incl.Con$ngency) US$371millionAddi$onalCAPEX(incl.sustainingandclosure) US$926million

CashCostsTotalCashCosts US$551/ozAllinSustainingCashCost US$752/ozC1CashCost US$1.31/lb


NPV(5%) US$656millionIRR 21.1%PaybackPeriod 6.8years

ValuaMon(before-tax)NPV(5%) US$967millionIRR 27.2%PaybackPeriod 6.1years

Acceleratedheapleach;extendedAuCusulphideopenpit

*RefertoCompleteMineralResourcesslideintheAppendixfordetails.1SeeExeterwebsiteorSedar,AmendedNI43-101TechnicalReportontheCaspicheProject.Effec_vedateApril30,2014.2Basecaseassumesa5%discountratewithcommoditypricesofUS$1,300/ozAu,US$3.00/lbCu,andUS$20/ozAg.


StagedDevelopment-CapitalAdvantage

17!1.Capitalrequirementsfundedfromcashflowwerecalculatedusinga20%taxrate,US$1,300/ozAu,US$3.00/lbCu,andUS$20/ozAg.

60,000tpdopenpitheapleachgold27,000tpdundergroundgoldcopper(year3)

•  Average344,000ozAuEq*or147MlbCuEqperyear

•  42yearminelife

•  TotalcashcostsUS$709perozAuEq*

•  Ini$alCAPEXUS$387million

•  SustainingcapitalUS$1.58billion

•  Pre-taxNPV5%ofUS$1.64billion,IRRof20.0%

•  Peakwaterrequirementis151litrespersecond

•  Lowerimpactenvironmentally.

Op$on31:HeapLeachGoldtoUndergroundHGGoldCopper

18!


PlantfeedEst(Tonnes&Grade)(oxide) M&I:[email protected]/tAu&1.62g/tAgPlantfeedEst(Tonnes&Grade)(Sulphide) M&I:[email protected]/tAu&0.35%CuLOMOpera$ngCost US$/t30.1“ore”Throughput 60,000tpd(oxide);27,000tpd(sulphide)MineLife 42yearsStripRa$o(Waste:Ore) 0.27(oxide);n/a(sulphide)GoldRecoveries 80%(oxide);77%(sulphide)CopperRecoveries 90%(sulphide)

ProducMonAvg.AnnualAuEqProduc$on 344,000ozAvg.AnnualCuEqProduc$on 147millionlbsLOMAuEqProduc$on 14.2millionoz

CapitalCostsIni$alCapital(incl.Con$ngency) US$387millionAddi$onalCAPEX(incl.sustainingandclosure) US$1.58billion

CashCostsTotalCashCosts US$709/ozAllinSustainingCashCost US$828/ozC1CashCost US$1.77/lb


NPV(5%) US$1.144billionIRR 16.7%PaybackPeriod 8.1years

ValuaMon(before-tax)NPV(5%) US$1.636billionIRR 20.0%PaybackPeriod 7.7years

Acceleratedheapleach;transi_oningtoundergroundgoldcoppersulphideopera_on

*SeeMineralResourceslidefordetails.1SeeExeterwebsiteorSedar,AmendedNI43-101TechnicalReportontheCaspicheProject.Effec_vedateApril30,2014.2Basecaseassumesa5%discountratewithcommoditypricesofUS$1,300/ozAu,US$3.00/lbCu,andUS$20/ozAg.


StagedDevelopment-CapitalAdvantage

19!1.Capitalrequirementsfundedfromcashflowwerecalculatedusinga20%taxrate,US$1,300/ozAu,US$3.00/lbCu,andUS$20/ozAg.

GoldEquivalentResourcestoMktCap

20!

1SeeMineralResourcesslideandExeterwebsiteorSedar,AmendedNI43-101TechnicalReportontheCaspicheProject.Effec_vedateApril30,2014.TheeconomicanalysiscontainedinthePEAisconsideredpreliminaryinnature.ThereisnocertaintythateconomicforecastsoutlinedinthePEAwillberealized.*GoldEquivMoz(AuEq)Resourcetonnes*[Aug/t+{Cu%*Cupricelbs/AuPricetroyoz*0.06857glb/oz*10000}+Agg/t*Agpricetroyoz/Aupricetroyoz]Novagold*50%shareofDonlinandGalore.Reservoir**45%interestassumed.PricingasofJanuary13,2016.

MassivelyUndervaluedGoldResources

UndevelopedGoldandGold-CopperProjects

21!

1SeeMineralResourcesslideandExeterwebsiteorSedar,AmendedNI43-101TechnicalReportontheCaspicheProject.Effec_vedateApril30,2014.Goldequivalent(AuEq)AuEqg/t=Aug/t+{Cu%*Cupricelbs/AuPricetroyoz*0.06857glb/oz*10000]+Agg/t*Agpricetroyoz/Aupricetroyoz.IncludesP&PReservesandM&ImineralResources.Reflects100%ofproject.*Caspichesulphideat0.35g/t,0.75g/tand1.0g/tAuEqcutoff.

Caspiche*–largeandaboveaveragegrade

UndevelopedGoldandGold-CopperProjects

22!

1SeeMineralResourcesslideandExeterwebsiteorSedar,AmendedNI43-101TechnicalReportontheCaspicheProject.Effec_vedateApril30,2014.Goldequivalent(AuEq)AuEqg/t=Aug/t+{Cu%*Cupricelbs/AuPricetroyoz*0.06857glb/oz*10000]+Agg/t*Agpricetroyoz/Aupricetroyoz.IncludesP&PReservesandM&ImineralResources.Reflects%interestinprojectofoutlinedcompanies.*Caspichesulphideat0.30g/t,0.75g/tand1.0g/tAuEqcutoff.

Basedonmajority%interest

Novagold50%

Barrick75%

Gabriel80.7%Goldcorp50%

Reservoir45%

EXETER100%

LeveragetoGold

23!

1SeeMineralResourcesslideandExeterwebsiteorSedar,AmendedNI43-101TechnicalReportontheCaspicheProject.Effec_vedateApril30,2014.TheeconomicanalysiscontainedinthePEAisconsideredpreliminaryinnature.ThereisnocertaintythateconomicforecastsoutlinedinthePEAwillberealized.PricingasofJanuary13,2016.

LargeDepositsareRare

24!Source:USGlobalResearch.

+3millionouncediscoveriesarescarce

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

01/0

1/19

83

01/0

8/19

84

01/0

3/19

86

01/1

0/19

87

01/0

5/19

89

01/1

2/19

90

01/0

7/19

92

01/0

2/19

94

01/0

9/19

95

01/0

4/19

97

01/1

1/19

98

01/0

6/20

00

07/1

2/20

01

30/0

6/20

03

31/0

1/20

05

31/0

8/20

06

31/0

3/20

08

30/1

0/20

09

31/0

5/20

11

31/1

2/20

12

31/0

7/20

14

31/1

2/20

15

VSE Index CDNX Index TSX-V Index

SmallCapMiningRalliesandCorrec$ons

25!TSX-VIndexValuestoDecember31,2015.Source:CanaccordGenuityCorp.&ExeterResourceCorp.

VSE Index CDNX Index S&P/TSX Venture Exchange Index

-45%

-75%

-40%

-73%

-34%

-78%

- 79%

+ 65%

+ 21% + 91%

+ 23%

+ 88%

+ 84%

+257% +252%

HUIGoldIndex-S$llOversold?

26!

GoldEquityPricesboNomedordownwardtrending?

Source:www.bigcharts.com.

Appendix

Capex,Opex–Op$on1,2014PEA

28!

OP Opex Unit Value Crushing US$/t 0.26 Leaching US$/t 2.35

ADR US$/t 0.17 Reagents Plant US$/t 0.03

G&A US$/t 0.42 Power Supply US$/t 0.02 Water Supply US$/t 0.12

Total US$/t 3.36

OP Mine Opex Unit Unit Cost Loading US$/t 0.44 Hauling US$/t 0.64 Drilling US$/t 0.15 Blasting US$/t 0.32 Ancillary US$/t 0.21 Support US$/t 0.10

Eng. & Adm US$/t 0.19 Pit Dewatering US$/t 0.00

Labour US$/t 0.68 Leasing US$/t 0.40

Total US$/t 3.13

Open Pit Mining - Costs per tonne of material processed

Area Initial Sustaining Total US$ M US$ M US$ M

Mine Direct & Indirect Costs 36 6 42

Pre-stripping 13 0 13 Dispatch 1 0 2

Other Investments 9 4 12 Leasing 13 2 15

Oxide Plant Direct Costs 120 58 178

Crushing 16 0 16 Leaching 29 58 87

ADR 12 0 12 Reagents 1 0 1

Infrastructure 16 0 16 Power supply 3 0 3 Water supply 43 0 43

Plant Indirect Cost 54 11 65

Contingency 41 18 59

Mine 6 1 7 Plant 35 17 52

Total Cost 251 93 344

Some rows and columns may not sum due to rounding

30,000tpdstandaloneheapleachopera_on

1SeeExeterwebsiteorSedar,AmendedNI43-101TechnicalReportontheCaspicheProject.Effec_vedateApril30,2014.TheeconomicanalysiscontainedinthePEAisconsideredpreliminaryinnature.ThereisnocertaintythateconomicforecastsoutlinedinthePEAwillberealized.2Basecaseassumesa5%discountratewithcommoditypricesofUS$1,300/ozAu,US$3.00/lbCu,andUS$20/ozAg.

Costs per tonne of material processed

Sensi$vity-Op$on1,2014PEA

29!

GoldVariability

Sensitivity 30k t/d Heap Leach Open Pit

Item Unit Value Item Unit Value

Pre-tax US$1,100/oz Au After-tax (27% Tax Rate) US$1,100/oz Au

NPV @ 5% US$ M 177 NPV @ 5% US$ M 120 IRR % 21.1% IRR % 17.2%

Payback Period years 4.0 Payback Period years 4.0


NPV @ 5% Discount rate US$ M 355 NPV @ 5% US$ M 252 IRR % 34.7% IRR % 28.5%



NPV @ 5% US$ M 533 NPV @ 5% US$ M 381 IRR % 47.3% IRR % 38.6%


Sensitivity 30k t/d Heap Leach Open Pit

Item Unit Value Item Unit Value


NPV5% US$ M 355 NPV5% US$ M 252

NPV8% US$ M 279 NPV8% US$ M 193

NPV10% US$ M 237 NPV10% US$ M 160

Discountrate

30,000tpdstandaloneheapleachopera_on

1SeeExeterwebsiteorSedar,AmendedNI43-101TechnicalReportontheCaspicheProject.Effec_vedateApril30,2014.TheeconomicanalysiscontainedinthePEAisconsideredpreliminaryinnature.ThereisnocertaintythateconomicforecastsoutlinedinthePEAwillberealized.2Basecaseassumesa5%discountratewithcommoditypricesofUS$1,300/ozAu,US$3.00/lbCu,andUS$20/ozAg.

Sensi$vity–M&IMineralResources

30!

Gold–Coppersulphidemineraliza_on-highergradezone

1SeeMineralResourcesslideandExeterwebsiteorSedar,AmendedNI43-101TechnicalReportontheCaspicheProject.Effec_vedateApril30,2014.TheeconomicanalysiscontainedinthePEAisconsideredpreliminaryinnature.ThereisnocertaintythateconomicforecastsoutlinedinthePEAwillberealized.

AuEq Cut-off Mt Au (g/t) Ag (g/t) Cu (%) AuEq6 (g/t) Au Moz Cu Mlbs AuEq Moz

0.60 1,063.2 0.60 1.26 0.26 1.09 20.5 6094.3 37.3

0.65 974.8 0.62 1.29 0.27 1.13 19.4 5802.5 35.4

0.70 891.4 0.65 1.32 0.28 1.18 18.6 5502.2 33.8

0.75 813.7 0.67 1.35 0.29 1.22 17.5 5,202.4 31.9

0.80 742.2 0.70 1.37 0.29 1.26 16.7 4745.3 30.1

0.85 675.6 0.72 1.39 0.30 1.31 15.6 4468.3 28.5

0.90 612.7 0.75 1.41 0.31 1.35 14.8 4187.4 26.6

0.95 558.7 0.77 1.43 0.32 1.39 13.8 3941.8 25.0

1.00 510.1 0.80 1.45 0.33 1.43 13.1 3710.8 23.5

1.05 462.2 0.82 1.48 0.34 1.47 12.2 3464.7 21.8

1.10 415.4 0.85 1.50 0.35 1.52 11.4 3205.6 20.3

1.15 375.1 0.87 1.51 0.36 1.56 10.5 2977.1 18.8

1.20 342.2 0.89 1.53 0.37 1.60 9.8 2791.7 17.6

1.25 311.4 0.92 1.56 0.38 1.63 9.2 2608.3 16.3

1.30 281.9 0.94 1.59 0.38 1.67 8.5 2361.3 15.1

1.35 253.8 0.96 1.63 0.39 1.71 7.8 2182.0 14.0

1.40 226.7 0.99 1.66 0.40 1.75 7.2 1998.9 12.8

1.45 198.7 1.02 1.69 0.40 1.79 6.5 1752.3 11.4

1.50 177.1 1.05 1.71 0.41 1.83 6.0 1600.3 10.4

WendellZerb,P.Geol,President&CEO(29yearsexperience)Mr.Zerbhasextensiveexperienceinthemining/mineralresourcesector.Histechnicalexperienceincludesseniorposi$onsingenera$vemineralexplora$on,development,andopenpitandundergroundminingofbaseandpreciousmetals.Inthecapitalmarkets,Mr.ZerbhaspreviouslyservedasDirector,ResearchAnalyst,MetalsandMining(CanaccordGenuityInc.),VicePresidentofResearchandIns$tu$onalSales,andPresidentandCEOofawhollyownedUSsubsidiary(PIFinancial).

CecilBond,CA,ChiefFinancialOfficer(30yearsexperience)Mr.Bondhasservedvariousposi$onsinanumberofpublicexplora$oncompanieswithac$vi$esinCanada,SouthAmerica,Africa,EuropeandAustralia.Throughouthiscareer,Mr.Bondhasmanaged$700millionintransac$ons,includingthesaleofExtorreGoldMinesLtd.toYamanaGoldin2012azersuccessfullyspinningitoutofExeterin2010.

JerryPerkins,VPDevelopmentandOpera$ons(40yearsexperience)Mr.Perkinsisachemicalengineerwithover40years’experienceintheminingandmetallurgysectorintechnical,opera$onalandcorporatemanagementposi$onsinNSW,Queensland,Tasmania,Australia,Africa,theUK,andPapuaNewGuinea.Mr.Perkinsspecializesinmineralprojectdevelopmentprogramsandfeasibilitystudies,mineproduc$onandcommissioning,testwork/R&Dprograms,engineeringandprocessdesign,opera$onsmanagement,andprojectdevelopmentandop$miza$on.

RobGrey,VPCorporateCommunica$ons(17yearsexperience)Mr.GreyisaBusinessgraduatewith10yearsexperienceinequitysalesand17yearsexperienceinInvestorRela$onsinthejuniorminingsector.Mr.Greyworksdirectlywithseniormanagement,andinvestorsattheins$tu$onalandretailslevels.

MaNhewWilliams,BAScinAppliedGeology,Explora$onManager-South&NorthAmerica(24yearsexperience)Mr.Williamshasmorethan22yearsofexperienceinmineralexplora$on,specializingingeologicalappraisalofbaseandgoldmetalminingprojectsinAustralia,theDominicanRepublic,W.A.,Australia,Mexico,Nevada,USA,Panama,Argen$na,andChile.Mr.WilliamsservedasExplora$onManageroftheDonSixtoProject,CerroMoro,andearlyac$vi$esatCaspiche.

GonzaloDamond,CommercialManager(21yearsexperience)Mr.DamondisanIndustrial/Electrical/CivilEngineerwithopera$onalandmanagerialexperiencewithinsignificantmul$na$onalcompanies,includingraillogis$csbetweenArgen$naandBrazil,andintermodalopera$onsforChileanports.Hehasmanagedthedesign,organiza$onandcommissioningoflargedistribu$oncenters,andhassubstan$alexperienceinpurchasemanagement,includingthenego$a$onofsupplycontracts.Throughtheseexperiences,Mr.Damondhasbuiltconstruc$verela$onshipswithcommuni$es,clients,tradeunionsandGovernmentauthori$es.

MaNhewDorman,CaspicheStudyManager(29yearsexperience)Mr.Dormanisaprojectmanagerwithover29yearsofinterna$onalexperienceintheminingsector,specializingintechnicalduediligencestudies.Mr.Dormanhasalsomanagedthedesignandconstruc$onofgoldminesinUzbekistan,Tajikistan,SaudiArabia,UruguayandHonduras,andofcopperprojectsinChile,Peru,andKazakhstan.

Management

31!

Drivingfuturesuccesswithexperience

BryceRoxburgh,AusIMMCo-Chairman(41yearsexperience)Managedtheexplora$onteamsthatdiscoveredtheSelwyn,RedDomeandJunc$onReefore-bodiesinAustralia,theDinkidiore-bodyinthePhilippines,andtheDonSixtodepositinArgen$na.HeestablishedExeterin2003andsubsequentlydiscoveredCaspicheinChileandCerroMoro(ExtorreGoldMinesLtd.)inArgen$na.

YaleSimpson,Co-Chairman(41yearsexperience)Anexperienced,seniorgeologist,explora$onmanagerandCEOofcompaniesinvolvedinpreciousmetalsprojectsinAustralia,Africa,EasternEuropeandSouthAmericawithpar$cularexper$seinstrategicresourceplanning,financingandcorporatecommunica$ons.

RobertG.Reynolds,CA(32yearsexperience)Servedinvariousposi$onsresponsibleforcorporateplanning,financeandadministra$on.Mr.Reynoldspar$cipatedinthedevelopmentoftheGrannySmithandKanownaBelleminesinAustralia,andtheHartleyPla$numMineinZimbabwe.Mr.ReynoldsalsoservedasChairmanofAvocaResourcesLtd.un$litsmergerwithAnatoliaMineralsDevelopmentLtd.in2011.

JulianBavin,BSc,MSc(32yearsexperience)Gainedtechnical,opera$onandcommercialexperienceinmineralexplora$oninSouthAmerica,Australia,Indonesia,andEuropethroughhisexperiencewiththeRioTintoGroup.From2001to2009,Mr.Baviniden$fiedthepoten$alinarangeofprojectsincludingthePRCpotashandAltarcopper/goldprojectsinArgen$na,theMinaJusta,ConstanciaandLaGranjacopperprojectsinPeru,andtheAmargosabauxiteprojectinBrazil.

JohnSimmons,CA(42yearsexperience)Con$nuestomanageanaccoun$ngprac$ceinAustralia,whereMr.Simmonshasextensiveexperienceadvisingontaxa$on,strategicplanning,financialmanagementandgeneralbusiness.Hemaintainsanac$veinvolvementintheminingindustrythoughassocia$onwithanopera$ngminingcompany.

BoardofDirectors

32!

Astrongfounda_on

“Developmentop_onsatCaspiche,whethermodestorlargerscale,deliverstrongeconomicreturnsatcurrentmetalprices.Ourabilityintoday’smarkettofocusonadvancingthe1.7millionouncegoldoxideopenpitissensibleandachievable.Importantlyforshareholders,

withfutureelevatedgoldandcoppermarkets,webelievethevalueoftheverylargeCaspichegold-copperinventorywillbeastrongvaluedriverforExeter.Caspicheisunique,represen_ngoneofonlyafewscalabledevelopmentprojectsthatisnotyetcontrolledbya

majorcompany.”Co-ChairmanofExeter,YaleSimpson.

Exeter Presentation Feb_2016

Presentations & Public Speaking

Transcript of Exeter Presentation Feb_2016