AMC Presentation - Amur Minerals Corporation

Kun-ManieThe Nickel Copper Sulphide Deposit A

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Leading the Charge Electronic Vehicles

The information contained in this confidential document (“Presentation”) has been prepared by Amur Minerals Corporation (the “Company”). It has not been fully verified and is subjectto material updating, revision and further amendment. This Presentation does not constitute or form part of, and should not be construed as, an offer for sale or subscription of, orsolicitation of any offer to purchase or subscribe for, any shares in the Company nor should it form the basis of, or be relied on in connection with any contract or commitment whatsoever.This Presentation has not been approved by any of the Company’s professional advisers, nor by any authorised person pursuant to Section 21 of the Financial Services and Markets Act2000 and therefore it is being delivered for information purposes only to a very limited number of persons and companies who are persons who have professional experience in mattersrelating to investments and who fall within the category of person set out in Article 19 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) orare high net worth companies within the meaning set out in Article 49 of the Order or are otherwise permitted to receive it. Any other person who receives this Presentation should notrely or act upon it. By accepting this Presentation, the recipient represents and warrants that they are a person who falls within the above description of persons entitled to receive thePresentation. This Presentation is not to be disclosed to any other person or used for any other purpose.While the information contained herein has been prepared in good faith none of the Company nor any of its shareholders, directors, officers, agents, employees or professional advisersgive, have given or have authority to give, any representations or warranties (express or implied) as to, or in relation to, the accuracy, reliability or completeness of the information in thisPresentation, or any revision thereof, or of any other written or oral information made or to be made available to any interested party or its advisers (all such information being referred toas “Information”) and liability therefore is expressly disclaimed. Accordingly, neither the Company nor any of its shareholders, directors, officers, agents, employees or advisers take anyresponsibility for, or will accept any liability whether direct or indirect, express or implied, contractual, tortious, statutory or otherwise, in respect of the accuracy or completeness of theInformation or for any of the opinions contained herein or for any errors, omissions or misstatements or for any loss, howsoever arising, from the use of this Presentation.Neither the issue of this Presentation nor any part of its contents is to be taken as any form of commitment on the part of the Company to proceed with any transaction and the right isreserved to terminate any discussions or negotiations with any prospective investors. In no circumstances will the Company be responsible for any costs, losses or expenses incurred inconnection with any appraisal or investigation of the Company. In furnishing this Presentation, the Company does not undertake or agree to any obligation to provide the recipient withaccess to any additional information or to update this Presentation or to correct any inaccuracies in, or omissions from, this Presentation which may become apparent.Certain forward looking statements may be contained in the presentation which include, without limitation, expectations regarding metal prices, estimates of production, operatingexpenditure, capital expenditure and projections regarding the completion of capital projects and pre feasibility studies as well as the financial position of the company. Although Amurbelieves that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to be accurate. Accordingly, resultscould differ from those projected as a result of, among other factors, changes in economic and market conditions, changes in the regulatory environment and other business andoperational risks.Neither this Presentation nor any copy of it may be (a) taken or transmitted into Australia, Canada, Japan, the Republic of Ireland, South Africa or the United States of America, theirterritories or possessions; (b) distributed to any U.S. person (as defined in Regulation S under the United States Securities Act of 1933 (as amended)) or (c) distributed to any individualoutside Australia, Canada, Japan, the Republic of Ireland or South Africa who is a resident thereof in any such case for the purpose of offer for sale or solicitation or invitation to buy orsubscribe any securities or in the context where its distribution may be construed as such offer, solicitation or invitation, in any such case except in compliance with any applicableexemption. The distribution of this document in or to persons subject to other jurisdictions may be restricted by law and persons into whose possession this document comes shouldinform themselves about, and observe, any such restrictions. Any failure to comply with these restrictions may constitute a violation of the laws of the relevant jurisdiction.

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Disclaimer

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Kun-Manie

Kun-Manie – A Globally Significant Nickel Sulphide Deposit

Key Project Features

Russian Far East Initiatives

Next Steps

Development Timetable

Project Location

Development Plan and TimetableMine

Road

Transport (Rail and Portage)

Project Economics / Opportunities

ESIA Timetable, Costs and Risks

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Key Project Features

Key Project Features – Right Commodity, In the Right Place, At the Right Time

Four large drill defined near surface nickel copper sulphide orebodies. Largest discovery of the decade

Premium sulphide nickel copper project sourcing Class 1 nickel

Electric Vehicle potential premium nickel sulphate pricing

Cobalt, platinum and palladium by-products

Rail and port access to China,Korea and Japan

Competitive capital and operating costs with robust economics

Start up to coincide with projected large scale EV nickel sulphide generated deficits

Russian Federation Far East Initiative Support Programme

Community supported4

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Russian Far East Initiatives

Russian Far East Initiatives(Government Support Programs at Federal and Local Levels)

Programme of National Interest

Government Investment Incentives

Public Private Partnerships Design & Engineering

Construction

Co-investment

Infrastructure Development

Investment Instruments*

Low Interest Infrastructure Loans

Net Profits Tax Reduction

Metal Royalties Tax Reduction

*Also available to Russian companies

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China

Chi

naSouthKorea

Japan

Vladivostok

Kun-Manie Project Amur Minerals

Feed Major Markets

Strategically Placed to Feed Major Markets

Strategically located adjacent major nickel markets

Direct access to China via existing rail and road infrastructure

Proximity to Vladivostok port for shipment of product to China, Japan and Korea

Opportunity to deliver intoEurope via rail to St. Petersburg

Road Transport

1,986 km to Vladivostok

Sea Frieght

Rail Carriage

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Kun-Manie

Albyn

Pioneer & PokrovskiyPetropavlovsk

GarinskoyeRC Exploration

Project

hina

Petropavlo sk

Am r Minera s

Ma omirPetropavlovsk Chulbatkan

Malmyzh

Khabarovsk

Location

Located In An Established Mining Area

Amur region –Well developed mining industry

Project will benefit from established road and rail infrastructure with direct routes to China via the Baikal Amur and Tran Siberian rail lines

Road Refurbishments

Road Requires Construction

Railway

Transaction -31 July 2019

Project USD (M) Commodities

KinrossGold Purchase

Chulbatkan $283 Gold

Resource Tonnes (Mt) Grade (g/t)

Ounces (koz)

Indicated 87 1.4 3,910

Inferred 3 1 80

Transaction -2 October 2018

Project USD (M) Commodities

IGC Sale Malmyzh $200 Copper Gold

Resource* Tonnes (Bt) Cu (%) Cu Tonnes (Mt)

Au (Moz)

C1 & C2* 1.39 0.4 5.6 9.4

* RUSSIAN CATEGORY

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Strategic Development

Strategic DevelopmentThe PFS attractively position the Company to continue its strategic plan and identify partnerships that will add to, and complement, the Company’s existing experience and influence in order to bring Kun-Manie into development.

Rail Station Concentrate shipping Resupply facility

One lane access roadThe initial road design was begun in February 2018 Capital cost included in the PFS

Mine SiteOpen pit / Underground ProductionAll site facilities for concentrate generation Site generated power

N

Tokinsky Nature Reserve

Mine Site

Rail Station

0 15 30 60Km

Production License Existing Road

Industrial Area Railroad

Ulak R. R. Station Kun-Manie Access Road

Settlement


Largest Undeveloped Desposit

Asia’s Largest Undeveloped Nickel Copper Sulphide Deposit

Addition of 2018 drill results is projected to:

Increase in the Mineral Resource Estimate and minimised Inferred resource

Expansion of the mine life based on Mining Ore Reserve increases

Allow optimisation of a production schedule moving higher revenue material forward

Metallurgical test work to reduce the magnesium oxide content

The potential to generate a separatecopper concentrate stream providingcopper stream revenues

Resource Classification

Ore(Mt)

Ni(%)

0.71

0.74

0.73

0.79

0.75

1,157 (1000t)

Cu(%)

Co(%)

Pt(g/t)

Pd(g/t)

Eq Ni(%)

Measured 11.2 0.18 0.011 0.23 0.26 0.99

Indicated 107.0 0.20 0.015 0.15 0.15 1.00

M+I 118.2 0.20 0.015 0.16 0.17 1.00

Inferred 37.0 0.22 0.017 0.17 0.18 1.08

TOTAL 155.1 0.21 0.015 0.16 0.17 1.02

TOTAL(Tonnes)

319 (1000t)

23.5 (1000t)

25(t)

18(t)

1,582 (1000t)

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Mine Site

Mine Site Area Layout

Mine Area

VOD

IKEN Transfer

MKF Transfer

Industrial Site

IKEN

KUBUK

MKF

Access Road Allotment

Industrial Site Allotment

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Ore Tonnes

Ni% Cu% Ni Tonnes

Cu Tonnes

MKF 60.9 0.78 0.22 472 131

VOD 4.8 0.83 0.21 40 10

IKEN 51.9 0.75 0.20 386 106

KUBUK 37.6 0.69 0.19 259 72

155.1 0.75 0.21 1157 319

Deposit Breakdown

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Process Flowsheet

Kun-Manie Process Flowsheet

Gyratory Crusher

Grizzly - Underflow to SAG Stock Pile

Trucks From Mine

Stacker Conveyor

SAG Mill Stock Pile

SAG Feeder

Conditioning Hydro-Cyclone Group

Hydro-Cyclone Group

Slurry Pump

Slurry Pump

Disk Filter

Concentration Storage

Concentration Thickener

Concentration Dryer

Gas Collection

SecondaryBall Mill

Primary Rougher Flotation

Secondary Rougher Flotation Cells

Cleaner Scavenger ConcentrateCleaner Flotation Cleaner Cells

Tails Thickener

First Flotation Cleaner Cells Second Flotation Cleaner CellsCleaner ScavengerFlotation Cells

Rougher Scavenger Flotation Cells

Apron Feeder

SAG Mill

Primary Ball Mill

Tailings Pump

Tailings Storage

Screen


Project Sustainability

Project Sustainability and Permitting

ApproachManagement of environmental and social issues by proactively anticipating areas of concern, identification ofrisk and any project flaws allowingfor mitigation in advance of projectimplementation

Integration of a strong culture on sustainability and safety in the management team and build an integrated local, national and international expertise

PermittingComplete a Bankable FeasibilityStudy using internationally recognised standards plus a Closure Plan

Prepare an EIA (EnvironmentalImpact Assessment), SIA (Social impact Assessment) and IBA (Impact Benefit Agreement) between the government, municipality and company

Obtain necessary permits and licences required by the Russian Federation

Project to be develop and operated in compliance with Russian Federation legal requirements and abide by Equator Principles and IFC Performance Standards on environmental and social sustainability

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Robust Project Economics

Robust Project Economics with Exciting Upside Potential

3 YrsConstruction

15 Yrs Production(Minimum)

6 Million Ore TonnesPer Annum

10% Discount Rate

$8.00 / lb Concensus Ni Price (2025)

2018 Drill Results to be added

Concentrate Production

NPV 10% US$ 614.5 Million

IRR 29.3%

Pay Back Production Year 3

Post Tax Free Cash Flow US$ 2,041 Million

Initial Capital Expenditure US$ 570.4 Million

Sustaining Capital Expenditure

US$ 494.3 Million

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Initial Capital Costs

Initial Capital Costs

Total Initial Capital Expenditures - 570.4

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Capital Cost Expenditures $US (million)

Off Mine Site Capital Expenditures

Studies 5.0

BAM Rail Station 22.0

Access Road - 338 km* 135.6

Total Off Site 162.6

Mine Site Mobile Equipment Capital Expenditures

Mining Equipment 57.5

Concentrate Transport (Mine to BAM) 7.6

Total Mobile Equipment 65.1

Capital Cost Expenditures $US (million)

Working Capital Expenditures

Total Working Capital 39.3

Mine Site Fixed Capital Expenditures

Power Generation 117.8

Ancillary Facilities 9.5

Processing Plant 133.3

Tailings Storage Facility 12.7

EPCM (Road, Power, Facilities) 14.8

Site Roads 15.4

Total Mine Site Fixed 303.5

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Life of Mine Production

Life of Mine Production

LOM Production Summary – Losses and Dilution Included

Cutoff Grade – 0.4% Nickel

Mining Method

Waste (Mt)

Ore (Mt)

Total (Mt)

Strip Ratio

Ni (%)

Cu%

Co%

Pt%

Pd%

UG 5.6 32.4 38.0 NA 0.71 0.19 0.012 0.13 0.15

OP 218.1 57.0 275.1 3.82 0.73 0.19 0.013 0.16 0.17

Total 223.7 89.4 313.1 0.72 0.19 0.013 0.16 0.17

Metal 647 kt 171 kt 11.7 kt 13.9 t 15.0 t

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Based on the March 2018 JORC resource estimate (excluding all 2018 drill results)

Updated resource estimate to incorporate 2018 drilling results anticipated to result in OP only production scenario as well as extend mine life

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Project Operating Costs

Project Operating Costs

PFS estimated $8,536 per tonne of payable nickel

Estimated $3.87 per pound of payable nickel

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Cost Centre $US Per Tonne

Open Pit Ore 1.64

Open Pit Waste 1.29

Underground Ore 7.44

Ore Transport Mine to Mill 1.65

Processing 10.15

Tailings Handling 0.16

General and Administrative* 1.98

Concentrate Transport (Mine To BAM) 1.66

Average LOM Cost / Ore Tonne 23.04

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Project Economics

Project Economics - Sensitivity

Concentrate Sale Only – Nickel Only Payable

Sensitivity NPV 10% Sensitivity (%) Nickel Price Breakeven Ni Price

IRR (%) PP (Yr)

Nickel Price

$614.5 Base Case $8.00 / lb $6.16 29.3% 3

$1,308.7 25% $10.00 / lb Not Applicable 47.4% 2

($49.1) -25% $6.00 / lb Not Applicable 8.6% 12

Operating Cost$337.4 25% $8.00 / lb $6.90 21.1% 4

$891.3 -25% $8.00 / lb $5.22 37.0% 3

Capital Cost$470.4 25% $8.00 / lb $6.65 22.7% 3

$758.6 -25% $8.00 / lb $5.68 38.8% 3

Concentrate Sale Break Even Nickel Price is $6.16 per pound

Current nickel price is $6.50 per pound (1 August 2019)

Long term consensus nickel price is $8.00 per pound

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Prospect for Nickel

The Prospect for Nickel – An Electric Vehicle (EV) Demand Driven Market

Environmental benefits are fuelling a dramatic rise in mass EV adoption globally

Lithium, cobalt and graphite prices have spiked on their role in EV, but the role of nickel in EV battery Cathodes has so far not yet responded

Cathode chemistry is becoming evermore nickel rich as manufactures look to enhance energy density and reduce utilisation of cobalt

The majority of proven and developing EV batteries will have significant quantities of nickel, making up to between 20-52% of the battery raw material

Battery makers require high puritynickel to create the sulphates usedin the manufacturing of EV batterycathodes

Nickel sulphide deposits are the best source of battery grade class 1 nickel, representing 40% of global production (c. 800K of world production in 2017)

To meet the projected demand production, sulphide production would have to at least double over the next seven years, an unprecedented feat and counter to current trends – a new Kun-Manie every year!

Nickel demand projected to rise by 18% CAGR through 2030

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Grid Support Batteries

Renewable Eneregy Integration

Peak Shearing and load leveling

Grid upgrade and Expansion Deferral

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Nickel Forecast

Nickel Forecast – The Only Way Is Up

Long Term DeficitCRU expects a tight nickel market in the short / medium term but anticipate a large long term deficit

1.79Mt SupplyCRU estimate 1.79 Mt of additional unidentified supply is needed to match anticipated demand by 2035

17.4% CAGRNickel demand from batteries is the primary demand driver and anticipated to grow from 3% of total demand in 2018 to 33.7% by 2035, representing a CAGR of 17.4%

Exceed US$12/lbWood Mackenzie has the most bullish view of nickel metal prices projecting them to exceed the US$12/lb mark by 2030

Double ValueCRU anticipate a near doubling of todays nickel price by 2027 and Consensus Economics estimate to exceed US$8/lb by 2024

Nickel Price ForecastsNickel Metal Supply Gap 2015-2035

CURRENT SUPPLY WOODMAC

NIC

KEL

PRIC

E ( U

S$/L

B)

PROBABLE SUPPLY CRUDEMAND CONSENSUS ECONOMICS

14

13

12

11

10

9

8

7

6

5

5.0

4.5

4.0

3.5

3.0

2.5

2.0

1.5

1.0

0.5

0.0

2030

2035

2031

2027

2023

2019

2033

2029

2025

2021

2017

2034

2030

2026

2022

2018

2032

2028

2024

2020

2016

2015 20252023 202420222021202020192018 2026 2027 2028 2029

SOURCE: CRU CONSULTING; WOOD MACKENZIE; CONSENSUS ECONOMICS

Large long term deficit prediction

All forecasts predict a rise in the nickel price over the coming decade

1.79Mt

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Based on a battery chemistry of 6:2:2 –nickel, cobalt, lithium. (This chemistry is moving toward 8:1:1 to mitigate thesupply cost and social problems of cobalt)

Cost impact of Ni in a medium sized EV battery

Cost of Ni in EV Battery

Cost of Ni in EV Battery

SOURCE: HTTPS:// WW W.BLOOMBERG.COM/ OPINION/ARTICLES/2019-04-12/ ELECTRIC- VEHICLE- BATTERY- SHRINKS- AND- SO- DOES- THE- TOTAL- COST

EV battery cost for U.S. medium-size car as a percentage of retail priceThe Incredible Shrinking EV Battery Cost

BAT TERY

PERC

ENTA

GE

100

75

50

25

0

2015 2016 2017 2018 20252019 2020 2021 2022

EVERYTHING ELSE

2023 2024

Kg of Ni(total Ni in a medium sized battery)

40kg

Cost at $13.00 per kg of Ni(current price)

$520

Cost at $17.63 per kg of Ni(priced used in PFS)

$705

Cost impact $185Decrease due to Economies of scale of

both battery and EV car production

http://WWW.BLOOMBERG.COM/OPINION/ARTICLES/2019-04-12/ELEC

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Capital Intensity

Capital Intensity (US$/t Ni) Select Sulphide Mines

N O R T H M E T

PLATREEF

F E R G U S O N LAKE

BIRCH LAKE

MAKWA MAYVILLE

EAGLE’ S NEST

DECAR

D U M O N T

WEST M U S G R A VE

KUN- MANIE

N ICK E L SHAW

NTAKA HILL

TAMARACK

CO S M O S

NORTH K A M BA LD A

T RID E N T - E N T E RP RIS E

LAKE J O H NS T ON

$0 $50,000 $100,000 $150,000 $200,000

$ US PER A N N UA L TONNE OF PR O DUC E D N IC K EL

$250,000 $300,000 $500,000

$44,811

$36,203

$29,049

$25,897

$23,450

$17,173

$16,542

$16,493

$16,296

$6,020

$2,368

$1,325

$52,562

$71,478

$136,165

$162,100

$305,094

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C1 Cost Curve

C1 Cost Curve

PAID N IC K EL ( KT)

NIC

KEL

CA

SH C

OST

( U

S$/

LB)

8.0

7.0

6.0

5.0

4.0

3.0

2.0

1.0

0.0

0 324

25%

648

50%

971

75%

1,295

Amur Minerals (US$3.87/lb)

SOURCE: SNL MARKET INTELLIGENCE

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Upside Potential

2019 DevelopmentsUpdated R&R will result in asimplified OP only operationand extending mine life

Metallurgical study to generate a Copper Concentrate circuit

Metallurgical study to reducethe Nickel concentrate MgOcontent by 2%

February 2018 PFS Economic Projections – 15 Years OP & UG

NPV 10 IRR Initial Capital

Sustaining Capital

Cost perPayableNi Tonne

$614.5m 29.3% $570.4m $494.3m $8,536

Upside PotentialThe Project Expected Development

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What Next

What Next

Complete TEO December 2020 including the following:

Geology

Mining

Beneficiation

Ore Processing

Engineering

Environmental

Technical and Economic Assessment

Complete Mine Plan Approval December 2021 including:

Approval of operational design

Review and approval by Federal Executive Authorities

Complete in accordance with legislative regulations and resolutions

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Investment Case

The Investment Case For Kun-Manie

The largest drill proven nickelsulphide deposit immediatelyadjacent China

Robust PFS – post tax NPV(10%) $614.5 million, post tax IRR 29.3%, total post tax free cashflow $2,041 million

TimingIn development and startup to coincide with anticipated Class 1 nickel deficit

Production scheduled to start at the beginning of a sustainable and increasing EV nickel demand requirement

Size LocationIdeally positioned to supply China, Korea and Japan, the largest consumers of nickel

SupportStrong management and Board with experience in project development in Russia

Government support for the project and associated infrastructure

CommodityNickel is currently and into the foreseeable future is the major component of grid and EV batteries

Nickel price set to rise in line with rising EV and grid demand

No substitution for nickel in EV and grid battery technology

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Kun-ManieThe Nickel Copper Sulphide Deposit

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AMC Presentation - Amur Minerals Corporation