WESTERN ATLAS RESOURCES...Miguel de la Campa – Director Jose Francisco Arata – Director Victor...

20
WESTERN ATLAS RESOURCES Focused on the Exploration and Development of Scalable Precious and Base Metals Projects in Premier Mining Jurisdictions Corporate Presentation May 2021

Transcript of WESTERN ATLAS RESOURCES...Miguel de la Campa – Director Jose Francisco Arata – Director Victor...

Page 1: WESTERN ATLAS RESOURCES...Miguel de la Campa – Director Jose Francisco Arata – Director Victor Torres - Senior Exploration Geologist - Geological Engineer Susan Rubin – CFO &

WESTERN ATLASRESOURCES

Focused on the Exploration and Development of Scalable Precious and Base Metals Projects

in Premier Mining Jurisdictions

Corporate PresentationMay 2021

Page 2: WESTERN ATLAS RESOURCES...Miguel de la Campa – Director Jose Francisco Arata – Director Victor Torres - Senior Exploration Geologist - Geological Engineer Susan Rubin – CFO &

Disclaimer Western Atlas Resources

This presentation contains “forward-looking statements” and “forward looking information” (as defined under applicable securitieslaws), including but not limited to, statements with respect to the Company’s current and future projects, plans and operatingperformance, including in respect of the growth potential of the Western Atlas’ Projects, the success of exploration activities, futurecapital expenditures, future financing sources. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “expects”, “expected”, “budgeted”, “forecasts” and “anticipates”. Forward-looking statements andinformation, while based on management’s best estimates and assumptions, are subject to risks and uncertainties that may causeactual results to be materially different from those expressed or implied by such forward-looking statements, including but notlimited to: risks related to the completion of any acquisitions, risks related to the successful integration of any acquisitions; risksrelated to international operations; risks related to general economic conditions and credit availability, actual results of currentexploration activities, unanticipated reclamation expenses; changes in project parameters as plans continue to be refined;fluctuations in prices of metals including gold; fluctuations in foreign currency exchange rates, increases in market prices of miningconsumables, accidents and labour disputes, title disputes, claims and limitations on insurance coverage and other risks of themining industry; changes in national and local government regulation of mining operations, tax rules and regulations, and politicaland economic developments in countries in which Western Atlas Resources operates. Although Western Atlas Resources hasattempted to identify important factors that could cause actual results to differ materially from those contained in forward-lookingstatements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be noassurance that such statements will prove to be accurate, as actual results and future events could differ materially from thoseanticipated in such statements. The forward-looking statements and forward-looking information are made as of the relevant dateand Western Atlas Resources disclaims any obligation to update any such factors or to publicly announce the result of any revisionsto any of the forward-looking statements or forward-looking information contained in this presentation to reflect future results.Accordingly, readers should not place undue reliance on forward-looking statements and information.

Roscoe Postle Associates Inc. (RPA) was retained by Western Atlas Resources Inc. to prepare an independent Technical Reporton the Meadowbank Area Project held by Western Atlas, located in Nunavut Territory, Canada. This Technical Report conforms toNI 43-101 Standards of Disclosure for Mineral Projects. RPA visited the property on July 25, 2017. This report, titled “TechnicalReport on the Meadowbank Area Project, Nunavut Territory, Canada”, and dated September 13, 2017 was prepared and signed byPaul Chamois M.Sc., P.Geo., Principal Geologist at RPA and a “qualified person” as defined in NI 43-101 independent of theCompany. He has prepared or supervised the preparation of the technical information upon which portions of this presentation arebased. Unless otherwise stated, scientific and technical information concerning the Western Atlas’ Projects, is summarized, derived,or extracted from the Technical Report, which is available for review on the Company's website at www.westernar.com.

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Page 3: WESTERN ATLAS RESOURCES...Miguel de la Campa – Director Jose Francisco Arata – Director Victor Torres - Senior Exploration Geologist - Geological Engineer Susan Rubin – CFO &

Targeting Large, High Value Deposits and Accretive Acquisitions

3

Long Term Growth Strategy Western Atlas Resources

Meadowbank Gold Project, Nunavut, Canada• District scale property holdings in a top tier jurisdiction providespotential for multiple discoveries

• Strategically located - adjacent and along trend to AgnicoEagle’s Amaruq and Meadowbank Gold Producing Mines andGreyhound Project

• Fully permitted for exploration

Significant Exploration Upside Potential• Completed initial diamond drill program - Identified NearSurface, Broad intersects of Nickel, Cobalt, Chromium andanomalous values for gold, silver

• Drill tested only 1 of the 6 prospective and undrilled targetareas so far identified

• Future drill programs will target potential higher-grade preciousand base metals mineralization at Meadowbank project

Recently acquired by Agnico Eagle

Page 4: WESTERN ATLAS RESOURCES...Miguel de la Campa – Director Jose Francisco Arata – Director Victor Torres - Senior Exploration Geologist - Geological Engineer Susan Rubin – CFO &

Serafino Iacono – Chairman

Fabio Capponi – CEO, Director

Lombardo Paredes – Director

Miguel de la Campa – Director

Jose Francisco Arata – Director

Victor Torres - Senior Exploration Geologist - Geological Engineer

Susan Rubin – CFO & Corporate Secretary, CPA, CA

David Laing - Corporate Development and Technical Advisor

Multidecade combined experience and successful track-record in both natural resources and capital market industries

4

Directors and Management Western Atlas Resources

Page 5: WESTERN ATLAS RESOURCES...Miguel de la Campa – Director Jose Francisco Arata – Director Victor Torres - Senior Exploration Geologist - Geological Engineer Susan Rubin – CFO &

Listing TSXV: WA

Shares Outstanding 116,078,398

Options 7,797,500

Warrants 40,641,843

Fully Diluted 164,517,741

5

Capital Structure Western Atlas Resources

• Backed by Gran Colombia Gold, the largest goldand silver underground producer in Colombia

• Management and Directors own approx. 25% of theI/O shares - Shares were acquired in each financingrounds and on the secondary market

• Western Atlas’ CEO and the Chairman are thelargest individual shareholders

Options: @$0.10 - $0.32, wavg. expiry date 1.3 yearsWarrants: @$0.15 - $0.20, wavg. expiry date 1.1 years

Management & Directors

24.8%

Retail46.8%

Institutional2.6%

Gran Colombia Gold

25.8%

Page 6: WESTERN ATLAS RESOURCES...Miguel de la Campa – Director Jose Francisco Arata – Director Victor Torres - Senior Exploration Geologist - Geological Engineer Susan Rubin – CFO &

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Nunavut – Open for New Discoveries Western Atlas Resources

High Potential for New Discoveries near Existing Deposits and Regionally

• Pro-mining jurisdiction with over 4 decades of prosperity in mining• District scale opportunities provide potential for multiple discoveries• Nunavut is home to world class mining companies and multi-million-ounce deposits - Over 13M oz/Au in P+P reserves,15M oz/Au in M+I resources and 9M oz/Au in Inferred resources

Note: Reserves and Resources data derived from Companies respective website (*) Meadowbank Complex includes the Meadowbank and Amaruq gold mines. (**) Mineral resources areinclusive of mineral reserves

3.3

4.1

3.6

2.5

1.2

2.8

4.8

5.3

0.5

1.5

2.6

1.61.9

0.7

0.0

1.0

2.0

3.0

4.0

5.0

6.0

Agnico EagleMeadowbank Complex*

Agnico EagleMeliadine Mine

TMAC ResourcesHope Bay Project**

Sabina Gold and SilverBack River Project **

Fury Gold MinesThree Bluffs Deposit

Mill

ion

oz/A

u

NunavutReserves and Resoruces

Proven and ProbableMeasured and IndicatedInferred

Recently acquired by Agnico Eagle

Page 7: WESTERN ATLAS RESOURCES...Miguel de la Campa – Director Jose Francisco Arata – Director Victor Torres - Senior Exploration Geologist - Geological Engineer Susan Rubin – CFO &

Baker Lake

600000 625000

625000

650000

650000

675000

675000

7125

000

7150

000

7150

000

7175

000

7175

000

7200

000

7200

000

7225

000

7225

000

7250

000

7250

000

7275

000

7275

000

575000

0 2010

Km

Agnico's Amaruq Producing Gold Mine

Agnico's Meadowbank Producing Gold mine

Western Atlas Block A

Western Atlas Block C

Drogo

V Zones

Whale Tail

Parallel Trend

Portage

Pdf

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Vault

Galena

Target A3Hippo

Long Root

Grizzly

Target B2

Target B1Greyhound

Target C1

Target A2

Western Atlas Block B

Target A1

Target B3

Target C2

¯

7125

000

600000575000

Agnico’s Deposit

IOL Subsurface Agreements

Archean Rocks - Greenstone beltRoadWestern Atlas Resources Properties

Agnico Eagle Properties

Aura Resources PropertiesInuit Owner Lands (IOL)

Agnico’s Target

District Scale Holdings - Fully Permitted• 580 km2 of highly prospective mineral claims in Nunavut,Canada

• 100% owned - no third-party options or royalties• Fully Permitted for explorationStrategically Positioned• Adjacent to Agnico’s Meadowbank and Amaruq goldproducing mines

• Proximity to Agnico’s Meadowbank mine facilities andprocessing plant

Excellent Infrastructure - Serviced Year Round• Year-round airport and local modern facilities. Baker Lakeis a hub of mining activity and provides fall and summershipping access via Hudson Bay

• Agnico’s 110km all-weather road crosses throughWestern Atlas’ blocks and connects Baker Lake to theMeadowbank and Amaruq mines

Multiple Targets - Significant Upside Potential• Completed Initial drill program - Block B, Target B1 - Firstdrill program ever on Western Atlas properties

• Multiple highly prospective and undrilled target areasoffer significant exploration upside potential

• Multiyear exploration/drill program to test several goldand base metals bearing targets within Blocks A, B and C

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Meadowbank Project – Strategically Positioned Western Atlas Resources

Page 8: WESTERN ATLAS RESOURCES...Miguel de la Campa – Director Jose Francisco Arata – Director Victor Torres - Senior Exploration Geologist - Geological Engineer Susan Rubin – CFO &

Previous Exploration Programü NI43-101 Technical Reportsü Detailed field mapping and sampling programü Over 3,800 km of airborne magnetic surveyü Over 1,500 line-km of helicopter-borne VTEM followed by electromagnetic anomaly picking (EM) and AIIP processing reportü Over 32 line-km of ground IP survey over specific targets located in Block B

8

Meadowbank Project – Exploration Western Atlas Resources

Exploration programs have highlighted geological formations such as BIF and Shear Zones with astrike length in the order of kilometers• The geological and structural framework as it relates to gold mineralization in the area is well understood and generallyassociated with Banded Iron Formation (BIF) and Shear Zones

• Exploration results suggest multiple targets with kilometres strike length located within a favourable Archean greenstone beltgeological environment with known iron formation and shear zones hosted gold mineralization

• Similar geological settings can be found at Agnico Eagle’s neighboring Meadowbank and Amaruq producing gold mines andGreyhound project

Systematic exploration has defined numerous drill targets - Several of these targets have yielded gold values of up to 13.30 g/t Au and up to 44.7 g/t Ag

Page 9: WESTERN ATLAS RESOURCES...Miguel de la Campa – Director Jose Francisco Arata – Director Victor Torres - Senior Exploration Geologist - Geological Engineer Susan Rubin – CFO &

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Block B, Target B1– Initial Drill Program Western Atlas Resources

• Located south of Agnico Eagle’s Meadowbank mine and contiguous to Agnico Eagle’s Greyhound project• First drill program ever on these properties - 13 drill holes for a total of 3,545 meters - Target B1 is only one of six targets forfollow up with drilling so far identified within Blocks A and B

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Page 10: WESTERN ATLAS RESOURCES...Miguel de la Campa – Director Jose Francisco Arata – Director Victor Torres - Senior Exploration Geologist - Geological Engineer Susan Rubin – CFO &

10

Initial Drill Program Highlights Western Atlas Resources

Geological Settings Favourable for the Development of Orogenic Gold Deposits in the AreaThe Drill Program Intersected Broad, Near Surface Nickel, Cobalt, Chromium Mineralization

and anomalous values for Gold and Silver

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Page 11: WESTERN ATLAS RESOURCES...Miguel de la Campa – Director Jose Francisco Arata – Director Victor Torres - Senior Exploration Geologist - Geological Engineer Susan Rubin – CFO &

11

Initial Drill Program Highlights Western Atlas Resources

Iron Formation and Shear Zone hosted Gold Mineralization Over 8km Ultramafic Corridor hosted Nickel, Cobalt and Chromium Mineralization

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Page 12: WESTERN ATLAS RESOURCES...Miguel de la Campa – Director Jose Francisco Arata – Director Victor Torres - Senior Exploration Geologist - Geological Engineer Susan Rubin – CFO &

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7232000 7232000

7234000 7234000

7236000 7236000

7238000 7238000

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LEGENDBlock A

Drill Target Areas

Road

Magnetic Lines

Rock SamplesAu_g_t

<0.015

0.015 - 0.050

0.051 - 0.100

0.101 - 1.000

1.001 - 2.500

>2.500

Structures

Fault

Shear Zone

Geology

BIF: Banded Iron Formation (+/-Au)

3.74

4.10

0.10

0.35

0.15

0.13

0.96

0.29

Au g/t

Agnico Eagle

Agnico Eagle

Agn

ico

Eagl

e

Target A3

Target A1

Target A2

0 1 2

Kilometers

Western Atlas Resources Inc.

Nunavut Territory, Canada

BLOCK ADrill Target Areas

Meadowbank Area Project

Located between Agnico’s Meadowbank and Amaruq Gold MinesHighly prospective and undrilled target areas provide for exploration upside potential

12

Block A, Drill Targets A1 to A3 Western Atlas Resources

626000

6260

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628000

6280

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630000

6300

00

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6320

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6340

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636000

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7230000 7230000

7232000 7232000

7234000 7234000

7236000 7236000

7238000 7238000

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LEGENDBlock A

Drill Target Areas

Road

StructuresFault

Shear Zone

Rock SamplesAu_g_t

<0.015

0.015 - 0.050

0.051 - 0.100

0.101 - 1.000

1.001 - 2.500

>2.500

OutcropsBIF

FVOL

UMVOL

MVOL

SLT

QZTE

GRT

GeologyCOVER

BIF: Banded Iron Formation (+/-Au)

FVOL: Felsic Volcanic

UMVOL: Ultramafic Volcanic

MVOL: Mafic Volcanic

SLT: Slate/Shale

QZTE: Quartzite

GRT: Granite

0 1 2

Kilometers

3.74

4.10

0.10

0.35

0.15

0.13

0.96

0.29

Au g/t

Agnico Eagle

Agnico Eagle

Agn

ico

Eagl

e

Target A3

Target A1

Target A2

Western Atlas Resources Inc.

Nunavut Territory, Canada

BLOCK ADrill Target Areas & Local Geology

Meadowbank Area Project

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13

Block B, Drill Target B2 and B3 Western Atlas Resources

Located South of Agnico’s Meadowbank Formerly Producing Gold MinesDrill Program to target BIF and Shear Zones w/total strike length of 3km and 2km respectively

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286

220

764

0 200 400 600 800 1000 1200

TMAC

Fury

Sabina

Agnico

Market Capitalization($ million)

14

Strong Upside Potential Western Atlas Resources

Well positioned to deliver the greatest upside potential through a discoveryWestern Atlas Resources - Newest Company and Lowest Mkt Cap among its Nunavut Peer Group

$19 BnNunavut: Meadowbank Complex (Meadowbank and Amaruq), Meliadine and Hope Bay Gold Mines

Nunavut: Back River Gold Project, Hackett River Project (sold to Glencore)

Nunavut: Hope Bay Gold Mine - Recently acquired by Agnico Eagle

Nunavut: Committee Bay & Gibson MacQuoid Gold Projects

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15

People and Environment Western Atlas Resources

Priorities: Safety, Harmony and Respect• We are committed to the safety and well-being of all ouremployees, of the Nunavut community and of allcommunities in which the Company operates

• We support local communities and businesses - Inuit andlocal personnel and businesses are contracted for theCompany’s exploration program for mining services andlogistics, wildlife management, food and accommodation,aircraft, cargo and general services

• We work together with the Baker Lake Hunters and TrappersOrganization for the operation of Wildlife and Environmentalmonitoring Official wildlife management representative from the Baker Lake

Hunters and Trappers Organization

Wildlife monitoring - Caribou migration North of Baker Lake Baker Lake contractors - Geophysics Survey

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16

Projects Pipeline - Lo Increible Project Western Atlas Resources

Lo Increible Gold Project, Bolivar State, Venezuela• October 2019 - Signed share purchase agreement to acquire mining rights to the Lo Increible Project• Historical Resources (*): 940k oz/Au in M+I resources and 90k oz/Au in Inferred resources• Two adjacent concessions covering a total of 2,217 Ha• Immediately North of and adjacent to Crystallex’s La Victoria prospect and 3 km North of the town of El CallaoFor more information about this project please refer to company’s disclaimer and information available at www.westernar.com

Note (*) - Disclosure of Historical Resource Estimate - Western Atlas considers the most recent resource estimate which was reported by SRK Consulting (UK) Ltd in 2009 for the Increible Project to be relevant andreliable, but notes that it is a “historical estimate” as defined in NI 43-101 of the Canadian Securities Administrators. Western Atlas further notes that: The historical resource estimate was prepared 11 years ago. Themost recent site visit by the author of the technical report described in this news release was in 2008, and therefore the estimates it contains are not current. The historical resource estimate uses the CIM Definitions inplace at the time it was produced. The economics of exploiting the resource will have changed since the historical resource estimate was prepared. Ownership of the Increible Project is currently no longer with MedoroResources Ltd. (which merged with Gran Colombia in 2011), but with Gran Colombia’s subsidiary Medoro. No Qualified Person (as defined in NI 43-101) has done sufficient work to classify this as a “current mineralresource” and Western Atlas is not treating the historical mineral resource estimate as a current mineral resource estimate. For the estimate to be reported as a current resource estimate, there would need to be a sitevisit by a Qualified Person, further pit optimization and other work would need to be undertaken to confirm that the mineralization still has reasonable prospects to be mined, and ownership of the concession would alsoneed to be confirmed.

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Meadowbank Project• District scale holdings - Potential for multiple discoveries• Strategically located - Adjacent to Agnico Eagle’s Meadowbank and Amaruq producinggold mines

• Fully permitted for exploration• Excellent infrastructure - serviced year-round

Management and Directors with proven ability to deliver long term value• Own approx. 25% of the I/O shares• The CEO and the Chairman are currently the largest individual shareholders

Strong Upside Potential• Completed 2020 diamond drill program testing target B1 within Block B• Multiple highly prospective and undrilled target areas offer significant exploration upsidepotential

• Newest company and lowest market cap among its Nunavut peer group - Well positionedto deliver the greatest upside potential through discovery

Long Term Strategy• Multiyear exploration and drill program to test several gold and base metals bearingtargets within Blocks A, B and C

• Leveraging on a broad range of business experience and technical skills to build a projectpipeline that provides long term value to the shareholders:

• JV and acquisition of new assets with historic data (e.g. Lo Increible GoldProject) and early-stage projects (value-added through the drill-bit)

• Development and monetization of assets 17

The Opportunity Western Atlas Resources

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Western Atlas Resources

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Appendix

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Multidecade combined experience and successful track-record in both the natural resources and the capital market industries

Serafino Iacono – Chairman• 30+ years of experience in financing and developing of oil, mining and other resource

projects in Latin America, the United States and Europe. Raised more than $5 billionfor numerous natural resource projects

• Co-founder, CEO and Director of Caldas Gold, Co-founder and Ex. Chairman of GranColombia Gold, co-founder of Medoro Resources Ltd., and Bolivar Gold Corp. (sold toGold Fields), co-founder and fmr. Executive Chairman of Pacific Rubiales EnergyCorp. (now Frontera Energy Corporation)

Fabio Capponi – CEO, Director• 14+ years of experience and successful track-record in creating, structuring and

selling natural resources companies in Europe and both North and Latin America• Co-Founder and CEO, Director of CB Gold Inc. (sold in Dec. 2015). Previously with

Endeavour Financial, has held Director and Management positions with privatecompanies

Lombardo Paredes – Director• Chief Executive Office of Gran Colombia Gold and Director of Caldas Gold - 20+

years of experience of corporate leadership and operations management experiencein the resource sector in Latin America

• Mr. Paredes held several roles with within Petroleos de Venezuela (PDVSA).Managing Director and a Board Member of Maraven S.A. (an affiliate of PDVSA), withresponsibility for the construction and commissioning of the Cardon RefineryConversion Project in Venezuela, a US$2.6 billion project

• Bachelor of Science degree in Mechanical Engineering and Master of EconomicAnalysis and Financial Economics degrees

Jose Francisco Arata - Director• 30+ years of experience in exploration, development and production of mineral and

hydrocarbons projects in Latin America• Co-founder of Medoro Resources Ltd., Bolivar Gold Corp., Co-founder and fmr.

President of Pacific Rubiales Energy Corp., fmr. Director of Gran Colombia Gold• Degree in Geology from the University of Turin, Italy and a Degree in Geological

Engineering from the Central University of Venezuela 19

Miguel de la Campa - Director• 30+ years of experience in financing and development of mining, oil and other

resource projects in the United States, Latin America, Europe and Africa• Co-founder and Director of Caldas Gold, Vice Chairman of Gran Colombia

Gold, Fmr. Ex. Co-Chairman of Pacific Exploration & Production Corp., co-founder of Bolivar Gold Corp., Director of Petromagdalena Energy Corp. andco-founder of Pacific Stratus Energy

Victor Torres - Senior Exploration Geologist - Geological Engineer• 15+ years of experience in mining exploration and project development• Fmr. Chief Project Geologist with CB Gold Inc. (sold in Dec 2015). Previously

project geologist with Teck Cominco, Placer Dome, Antofagasta Minerals andproduction geologist for Centromin Peru

• BSc. in Geological Engineering from the Universidad Nacional Mayor de SanMarcos of Lima, Peru and is member of the Peruvian Engineers Association(CIP)

Susan Rubin – Chief Financial Officer & Corporate Secretary, CPA, CA• 20+ years of experience in the junior mining exploration sector and the high-

tech sector• Fmr. CFO of CB Gold Inc. (sold in Dec 2015), Ventana Gold Corp., and

Wildcat Silver Corp.

David Laing - Corporate Development and Technical Advisor• Mining engineer with an extensive experience in the mining and banking

industries – Fmr. COO of Equinox gold - Fmr. COO of True Gold Mining -Fmr. Executive VP of Quintana Resources Capital and one of the originalexecutives of Endeavour Mining

• Director of several publicly listed companies including Fortuna Silver Minesand Sandspring Resources

Directors and Management Western Atlas Resources

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Western Atlas Resources Inc.

(TSX-V: WA)

1700 - 666 Burrard StreetVancouver, BC V6C 2X8, Canada

Phone +1 604 256 4777 - Email: [email protected]

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