TURMALINA METALS CORP...Certain statements, beliefs and opinions in this Presentation (including...

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BUILDING A HIGH-GRADE GOLD-COPPER PORTFOLIO

TURMALINA METALS CORP

APRIL 2020

DISCLAIMER

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The contents of this Presentation are confidential and may not be copied, distributed, published or reproduced in whole or in part, or disclosed or distributed by recipients to any other person. No reliance may be placed for any purpose whatsoever on the information or opinions contained in this Presentation or on its completeness, accuracy or fairness. No person should treat the contents of this Presentation as advice relating to legal, taxation or investment matters, and must make their own assessments concerning these and other consequences of investing in securities of the Company, including the merits of investing and the risks. Prospective investors are advised to consult their own personal legal, tax and accounting advisors and to conduct their own due diligence and agree to be bound by the limitations of this disclaimer.

Certain statements, beliefs and opinions in this Presentation (including those contained in graphs, tables and charts) are forward-looking, which reflect the Company’s or, as appropriate, the Company’s directors’ current expectations and projections about future events. Words such as “expect”, “anticipate”, “intend”, “plan”, “believe”, “seek”, “estimate”, and variations of such words and similar expressions are intended to identify such forward-looking statements. By their nature, forward-looking statements involve a number of risks, uncertainties and assumptions that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These risks, uncertainties and assumptions could adversely affect the outcome and financial effects of the plans and events described herein. Forward-looking statements contained in this Presentation regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. The Company does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. No person should place undue reliance on forward-looking statements, which speak only as of the date of this Presentation. Examples of forward-looking information include metal price assumptions, cash flow forecasts, projected capital and operating costs, metal or mineral recoveries, mine life and production rates, none of which are based on any preliminary economic assessment, pre-feasibility study, or feasibility study.

This document contains the results of geochemical sampling and drilling. Readers are cautioned that the results from a single sample or drill hole may not be representative of the mineralization on the project. This document may also contain the results of historic resource estimates. A qualified person has not done sufficient work to classify the historical estimates as current mineral resource or mineral reserves. The Company is not treating the historical estimate as current mineral resources or mineral reserves as defined in NI 43-101. The Company cautions the reader that the historical estimates disclosed herein should not be relied upon.

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HIGH-GRADE INTERSECTIONSGold-rich mineralisation at San Francisco:

● 37 m @ 6.3 g/t Au, 122 g/t Ag & 0.9% Cu (8.7 g/t AuEq)


○ Inc 22 m @ 6.6 g/t Au, 86 g/t Ag & 1.5% Cu (9.5 g/t AuEq)


○ Inc 26 m @ 5.5 g/t Au, 97 g/t Ag & 3.3% Cu (10.6 g/t AuEq)


○ Inc 21m @ 5.0 g/t Au, 173 g/t Ag & 0.8% Cu (8.0 g/t AuEq)

● 27 m @ 3.0 g/t Au, 124 g/t Ag & 0.4% Cu (4.8 g/t AuEq)Drill core from SFDH-002

LOCATED IN AN UNPOPULATED REGION OF

FAST & EASYEXPLORATION

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Compelling high-grade drill targets in mining-friendly jurisdictions

Build a portfolio of high-grade copper-gold projects in South America.

Focus on gold-rich tourmaline breccias.

Acquire projects that are drill ready.

Add value andtake assets public.

Strategy

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PORTFOLIO

ACQUISITIONSAfter 2 years reviewing South American systems our team identified three ideal drill-ready properties with two already acquired:

SAN FRANCISCO DE LOS ANDES (‘San Francisco’)in Argentina was acquired by Turmalina Metals in September 2018.

THE TURMALINA PROJECTin Peru was acquired by Turmalina Metals in March 2019.

TURMALINA METALSis in advanced negotiations for the 3rd property, a large copper-gold breccia project located in South America

THREE PROPERTIES PROVIDE A

BALANCED

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GRADE IS KINGTOURMALINE BRECCIAS - BECAUSE

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Example of tourmaline breccia mineralisation (Chile)

Brecciaopen to north

and west

37m @ 6.3 g/t Au, 122 g/t Ag & 0.88% Cu (8.7 g/t AuEq; SFDH-001)


Including 23m @ 6.6 g/t Au, 86 g/t Ag & 1.46% Cu (9.5 g/t AuEq)






SAN FRANCISCO de LOS ANDES The top of

one of the highest-grade gold-silver-copper tourmaline breccias

ever discovered

75m

1

2

3

5

7

1

2

3

5

7

Brecciaopen at depth

Sulphide-Rich BrecciasInitial drill holes hit high-grade gold in

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Drill core from SFDH-002

GRADE AND SIZE WILL

Geology indicates shallow levels of system

Tourmaline breccias have a typical vertical

extent of 1-2+ km

Sandst

one

Intrusiv

e

GROW WITH DEPTH

Large base in intrusion

Narrow apex in country rock

Exposure level at San Francisco

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Untested breccia on surface

ROOM TO

SAN FRANCISCO de LOS ANDES

100m

GROWBreccia at 50m depth is already twice the size of surface exposure.

Drilling focused on southeast corner


GROWTHTHROUGH EXPLORATIONSan Francisco de Los Andes is one pipe in a cluster: 67 breccias mapped to date in the project area.

All breccias are on granted mining licences.

Chorrillo Breccia

Canaletagold veins

Mapped breccia (red)

San Francisco de Los Andes

1 km

A MINING-FRIENDLY STATE

LOCATED IN AN UNPOPULATED REGION OF

SAN JUAN

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A LARGE, HIGH-GRADE COPPER-MOLYBDENUM±GOLD MINE IN PERU.

TURMALINA

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Rockchip: 5.2% Cu, 0.14 g/t Au & 1.2% Zn

HIGH-GRADE

COPPERMINERALIZATION

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Rockchip: 1.6 % Mo, 0.98 g/t Au & 1.6 g/t Re

HIGH-GRADE

MOLYBDENUMMINERALIZATION

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Surface to Level 1: 0.8 % Cu & 1.1 % Mo

Level 1 to Level 2: 1.5 % Cu & 1.1 % Mo





A MINE WITH OUTSTANDING GRADES

● Grade and size increases with depth. ● No known drilling: system remains open at depth.● Gold not assayed by mine. Recent assays: 0.1-1.0+ g/t Au

AVERAGE PRODUCTION GRADES:

2600m RL

2320m RL

Grades from Carlson and Sawkins 1980

TURMALINA MINEEight levels exploit the top 260m of

a large 220m diameter high-grade Cu-Mo-Au breccia.

Despite the extraordinary Cu-Au-Mo grades there has been no drilling, mapping or surface sampling at the property.

TURMALINA

500m

Breccia Pipe 2 Breccia Pipe 3220m diameter strongly copper-mineralised breccia pipe with several adits.

All systems are open at depth and there is great potential for new discoveries in the cluster.

N

E 18

2800 RL

2000 RL?

Breccia Pipe 3

Clear drill targets requiring only a few short holes to test

TURMALINA

300m

These holes can be drilled from within existing adits, minimizing surface disruption

Mine Breccia

Level 0 2.18% Cu

Level 1 2.46% Cu

Level 3 3.75% Cu

Level 5 4.56% Cu

Level 5.5

Level 8

Level grades from mine maps

?

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CURRENT WORK

A fast, low-cost exploration program that tests the

San Francisco de Los Andes breccia pipe and determines regional potential:

● Map and sample all breccias at the San Francisco Project.

● Extend drilling at the San Francisco de Los Andes breccia pipe and drill test 3-4 other high priority breccia pipes.

● Complete consolidation of regional gold targets along strike from San Francisco.

● Complete permitting at the Turmalina mine and release a 43-101 report on the project.

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DEFINE, SAMPLE &

PRIORITIZE EVERY BRECCIA IN THE PROJECT AREA

CURRENT FIELD WORK


ALL BRECCIASBY MARCH 2020.

The majority of breccias have now had first pass sampling.

300+ samples submitted for assay.

Chorrillo Breccia

Canaletagold veins

Mapped breccia (red)Submitted rockchip samples (green)


1 km

MAPPING & SAMPLING OF


BLANKETProject-wide soil sampling program underway.

Chorrillo Breccia

Canaletagold veins


1 km

GEOCHEMISTRY COVERAGE

Planned soil samples (dark blue)Submitted samples (green)

TURMALINA PROJECT, PERU

FIRSTCOMMUNITY

Community mapping and engagement as part of the current permitting process.


WORK PROGRAMCURRENTComplete initial rock chip and soil sampling at San Francisco, and start detailed sampling. Gain community approval at Turmalina and commence 43-101.

MARCHAcquire third gold-copper breccia project in South America. Start drilling at main San Francisco breccia pipes and 3-4 high-priority breccia pipes.

APRILAcquire drill permit for Turmalina. Start detailed mapping and sampling across project. Start detailed mapping and sampling at new acquisition.

MAYCommence drilling at Turmalina.

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AN EXPERIENCED BOARD

MIGUEL INCHAUSTEGUI, INDEPENDENT DIRECTOR● 25 years experience in South American legal and community

relations. Exceptional track-record in leading successful community engagement. Former Vice-Minister of Mines, Peru, and former Vice President and Corporate Secretary for Gold Fields.

MARK EATON, INDEPENDENT DIRECTOR● 20 years capital markets experience, specialising in the

resources sector. Former Managing Director of Global Mining Sales and Manager of US Equity Sales divisions of CIBC World Markets, and currently Executive Chairman of Belo Sun Mining Corp.

DR ROHAN WOLFE, CEO● 22 years experience, specializing in brownfields

development of porphyry, breccia and iron oxide copper-gold systems. Projects include Kharmagtai Cu-Au (Mongolia) and Merlin Mo-Re (Australia)

● Exploration Manager Ivanhoe Mines and Vice President HPX

BRYAN SLUSARCHUK, PRESIDENT● 20 years capital markets experience including structuring,

financing and operations, ranging from exploration through to development and production.

● Co-founder, former President and Director of gold producer K92 Mining Inc.

FRANCISCO ‘CHICO’ AZEVEDO, V.P. BUSINESS DEVELOPMENT● 35 years experience, specializing in the discovery and

development of gold systems. Projects include Santa Quiteria (Brazil), Chucapaca (Peru) and Salares Norte (Chile)

● Exploration Manager Iamgold and Gold Fields.

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THE TEAM

DR ROHAN WOLFE, CEO● 22 years experience, specializing in the discovery and

development of porphyry and breccia systems.

FRANCISCO ‘CHICO’ AZEVEDO, V.P. BUSINESS DEVELOPMENT● 35 years experience, specialising in the discovery and

development of South American gold systems.

BRYAN SLUSARCHUK, PRESIDENT● 20 years capital markets experience, financing operations

that range from exploration through to development and production.

JONATHAN RICHARDS, CFO ● Extensive experience in audit and finance for explorers,

developers and producers working in South America.● Member of the Institute of Chartered Accountants of British

Columbia.

ALEX SANTOS, EXPLORATION MANAGER ● Geologist with 18 years experience, specializing in the

evaluation and development of porphyry, epithermal, skarn and MVT systems. Projects include Las Bambas (Peru), Saleres Norte (Chile) and San Gabriel (Peru).

● Senior Exploration Geologist MMG and Gold Fields

DOUG KIRWIN, TECHNICAL ADVISOR ● Geologist with 45 years international exploration experience.

Projects include Oyu Tologi (Mongolia), Seryung (Indonesia), Eusan (Korea), Moditaung (Myanmar) and Merlin (Australia)

● Executive Vice President Ivanhoe Mines. 2004 Thayer Lindsley award for discovery of Oyu Tolgoi.

JOHN LEWINS, TECHNICAL ADVISOR ● Mining Engineer with 35 years international mining experience,

including managing the development and operations of mining projects projects in Africa, Australia, Asia, North America and the former Soviet Union

● Currently Chief Executive Officer of K92 Mining. 27

TURMALINA METALS

A portfolio of gold-silver-copper-molybdenum projects with exceptional grades and great potential for growth.

Compelling, well-defined drill targets.

Simple, low-cost brownfields exploration in established gold-copper breccia clusters.

An award-winning team highly experienced in this style of mineralisation.

An opportune time to acquire high-grade projects. 28

TURMALINA METALS

A portfolio of gold-silver-copper-molybdenum projects with exceptional grades and great potential for growth.

Compelling, well-defined drill targets.

Simple, low-cost brownfields exploration in established gold-copper breccia clusters.

An award-winning team highly experienced in this style of mineralisation.

An opportune time to acquire high-grade projects. 29

The technical information contained in this presentation has been prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”). The “Qualified Person” responsible for the supervision of the preparation and review of all technical information for Turmalina Metal is Dr Rohan Wolfe, PhD Economic Geology, the CEO of Turmalina Metals Corp. Rohan has worked as an exploration geologist for 20 years, specialising in copper-gold breccia and porphyry systems. Rohan joined Turmalina Metals Corp in 2017 and acquired his knowledge of the companies projects contained in this presentation through site visits and data reviews conducted during 2018. He is considered a “Qualified Person” for the purposes of NI 43-101 with respect to the technical information being reported on. The technical information has been included herein with the consent and prior review of the above noted Qualified Person. The Qualified person has read and verified the data disclosed, and data underlying the information or opinions contained herein.

Sampling results in this presentation have been prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects. The sampling of, and assay data from, drill core is monitored through the implementation of a quality assurance - quality control (QA-QC) program designed to follow industry best practice. The “Qualified Person” responsible for the supervision of the preparation, verification, and review of these results is Dr Rohan Wolfe, CEO of Turmalina Metals Corp. Dr Wolfe is a Qualified Person as defined by National Instrument 43-101.

TECHNICAL INFORMATION

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BRYAN SLUSARCHUK, PRESIDENT

CONTACT [email protected]

www.turmalinametals.com

For investor relations please call Highland Contact: +1 604 229 9445 (direct)

+1 833 923 3334 (toll free)

Email: [email protected]

#488 - 1090 West Georgia St, Vancouver, BCV6E 3V7 Canada

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ROHAN WOLFE, [email protected]

SHARE STRUCTURE

COMMON SHARES ISSUED: 62,914,450*WARRANTS AT $0.90: 6,982,225AGENTS WARRANTS AT $0.70: 884,434INCENTIVE STOCK OPTIONS AT $0.50: 4,225,000TOTAL FULLY DILUTED: 75,006,109CASH: CAD$ 12.5 MillionDEBT: NONEINSIDER OWNERSHIP: 20%

* 34,450,000 common shares issued when private are subject to resale restrictions ranging from 12 month to 36 month release schedules, with first tranches released four months from trade date.

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