Colt’s Base Metal

Projects in Portugal

Developing A World Class Asset Base

1 October 2015

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This document has been prepared by Colt Resources Inc. (the “Company”) solely for investor presentations. This document does not constitute an offering document. This document is the sole responsibility of the Company. Information contained herein does not purport to be complete and is subject to certain qualifications and assumptions and should not be relied upon for the purpose of making an investment in the Company’s securities or entering into any transaction in relation therewith. The information and opinions contained in this document are provided as at the date hereof and are subject to change without notice and, in furnishing this document, the Company does not undertake or agree to any obligation to provide recipients with access to any additional information or to update or correct the document. No securities commission or similar regulatory authority has passed on the merits of any securities referred to in this document, nor has it reviewed this document. Forward Looking Information Certain of the information contained in this presentation may contain “forward-looking information”. Forward-looking information and statements may include, among others, statements regarding the future plans, costs, objectives or performance of the Company, or the assumptions underlying any of the foregoing. In this presentation, words such as “may”, “would”, “could”, “will”, “likely”, “believe”, “expect”, “anticipate”, “intend”, “plan”, “estimate” and similar words and the negative form thereof are used to identify forward-looking statements. Forward-looking statements should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether, or the times at or by which, such future performance will be achieved. Forward-looking statements and information are based on information available at the time and/or management’s good-faith belief with respect to future events and are subject to known or unknown risks, uncertainties, assumptions and other unpredictable factors, many of which are beyond the Company’s control. These risks, uncertainties and assumptions include, but are not limited to, those described under “Risk Factors” in the Company’s revised annual information form available on SEDAR at www.sedar.com and could cause actual events or results to differ materially from those projected in any forward-looking statements. The Company does not intend, nor does the Company undertake any obligation, to update or revise any forward-looking information or statements contained in this presentation to reflect subsequent information, events or circumstances or otherwise, except if required by applicable laws. National Instrument 43-101 Technical and scientific information contained in this document relating to the Company’s projects in Portugal is derived from the following National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) compliant technical reports. The Company has filed the Technical Reports under its profile on SEDAR at www.sedar.com. Technical Advisor Mr. J.W. Murton, P. Eng. is the qualified person responsible for the technical information contained in this news release. Mr. Murton is a member of the advisory board of Colt Resources Inc. Mr. Murton has also prepared the scientific and technical content in the publication.

Cautionary Statement Disclaimer

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Alvalade VMS Concession, September 2015

New Acquisition Sesmarias Project Discovery

Volcanogenic Massive Sulphide Copper Zinc Deposit Located in the Iberian Pyrite Belt of Southern Portugal

Situated 40 to 50km along strike from Aljustrel and Neves Corvo mines

• Four producing mines +100Mt located within the same geological terrain.

• Massive sulphide lens intercepted with polymetallic grades and thicknesses.

• 1.8km of drill proven strike length that is equivalent to the largest mines in the district.

• Stockwork and gossan zones yet to be discovered.

• Iberian Pyrite Belt mines occur in clusters, four non-tested targets in the immediate area are available.

• Strong geologic model developed with $6.3 million invested knowledge.

• Six major additional exploration targets peripheral to the main exploration area are known.

• Rapid delineation of the main orebody possible now that the main zone has been discovered.

Sesmarias Project Area and

Surrounding Exploration Zones

Located in the Iberian Pyrite Belt of Southern Portugal

Situated 40 to 50km along strike from Aljustrel and Neves

Corvo mines

• Caveira is the location for past producing mine

• Cabeca Gordo indicates potential for mineralization

• Monte Bella Vista includes the historic Lousal mine, now a

museum of mining.

• Sesmarias is the active exploration zone with discovery hole

SES002

• Pombal, Aldeia dos Elvas, and Furadoro also indicate potential for

mineralization

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Major Metal Deposits of the IPB The Iberian Pyrite Belt has combined 1575Mt of polymetallic ore,

the largest concentration anywhere in the world

Geotectonics of Iberian Pyrite Belt Dual Subduction Zone Model

A new geodynamic interpretation for the South Portuguese Zone (SW Iberia) and the Iberian Pyrite Belt genesis

Tectonics Volume 22, Issue 4, 1027, 1 JUL 2003 DOI: 10.1029/2002TC001387 http://onlinelibrary.wiley.com/doi/10.1029/2002TC001387/full#tect1547-fig-0009 6

The Significance of Our Discovery

• This is the first discovery in Portugal after 1990 not associated with an operating mine.

• In total, during the period 2012 to 2014, 43 holes for a total of over 17,000 meters were drilled.

• In February 2014, a significant massive sulfide drill intercept in the Sesmarias target area was discovered, located approximately seven kilometers south of the historic Lousal Mine, under 100 meters of weakly consolidated sedimentary cover.

• Follow-up drilling in the Sesmarias West target area has identified a 1,800-meter strike length of mineralized black shale host rock unit.

• The drill targeting was designed to both explore for massive sulfide deposits and to assist in revising and updating the model for geological and structural control of potential mineralization.

• Colt Resources and Avrupa geologists have successfully devised a new working model for drill targeting in the northern regions of the Pyrite Belt, thus opening up large new areas for possible massive sulfide mineralization within the JV area.

• Recent, improved understanding of the tectono-structural model of the Sesmarias mineralization.

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Drilling Program 2015

• Drilling planned to target the gossan zone and quartz stockwork zone.

• Proposed holes to target intersections of NE and NW trending structures.

• Targeting zones faulted off at depth to confirm continuation.

• Up to 7500 meters total planned drilling with 2000 meters for high priority targets scheduled for completion this year.

• Colt is aiming to hit the center of the VMS deposit .

• Secondary priority drilling to expand and deepen the extention of the deposit.

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A new geodynamic interpretation for the South Portuguese Zone (SW Iberia) and the Iberian Pyrite Belt genesis

Tectonics Volume 22, Issue 4, 1027, 1 JUL 2003 DOI: 10.1029/2002TC001387 http://onlinelibrary.wiley.com/doi/10.1029/2002TC001387/full#tect1547-fig-0010

Alvalade Concession

Borba Concession Miguel Vacas Mine

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Borba Copper Concession Miguel Vacas is a copper project and the specific target is the expansion of the subsurface resources at the old Miguel Vacas mine, last exploited in the 1980’s. The concession is located in the Alentejo region of Portugal.

Prolific geological setting, in the Ossa-Morena zone of the Hercynian orogen; sedimentary & volcanic formations ranging from the Proterozoic up to the Devonian.

A number of old Cu mines and several Au anomalies, including part of the 70km long, NW-SE trending Barrancos-Alandroal Cu-Au belt. Minargol’s Miguel Vacas open pit (Mined 1980-1990).

Miguel Vacas Plan and Section Showing Recent Results Copper deposition not associated with the IPB

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Miguel Vacas Copper Project What are the geological features that support the upwards potential?

In the near surface oxide zone, the structure remains open, both along strike and down dip with a grade

(~1.4%Cu), a steep dip (70º) and large width (ave.9-10m). Miguel Vacas may hold significant resources in the

deeper sulphide zones, as indicated by historical drilling.

• Colt is currently investigating Miguel Vacas deposit with the aim of defining a NI 43-101 compliant

resource inventory;

• A modest diamond drill program on going, drillhole BOMV-15-001 recently reported significant

intersection of 7.30 meters at 2.29% Cu

• JV discussions are underway.

Colt drilled 2 holes at Miguel Vacas in late July 2014: intersecting a mineralized structure under the old open

pit and north of the pit to confirming extensions.

BOMV‐14‐001 intersected three Cu mineralized zones between 89.15m and 143.9m down hole, confirming the

extension of the Miguel Vacas copper mineralization underneath the old pit down to a vertical depth of 110

meters (70 meters under pit bottom). BOMV‐14‐002 confirmed the extension of the mineralized structure to the

north of the Miguel Vacas pit. BOMV-15-001 confirmed continuity of the zone below the pit. While proposed

hole BOMV-15-002 is expected to return equivalent results showing strong strike length and depth potential.

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Cercal Polymetallic Concession Location

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Cercal Polymetallic Concession Base and Precious Metal Potential

In the “Iberian Pyrite Belt” of South Portugal and SW Spain, a prolific mineral province with a high track record

of production of Cu, Zn, Pb, Sn, Au, Ag, and pyrite for sulphuric acid manufacturing (home to giant deposits

like Neves-Corvo, Aljustrel, Rio Tinto, Tharsis)

Prolific geologic setting, with typical IPB volcanic & sedimentary units.

Several geophysical anomalies worth testing, which may indicate massive sulphide deposits.

Several geochemical anomalies for Au, Ag, Cu, Zn, Pb, etc.

A number of small-scale old mines and mineral occurrences for Fe, Mn, Cu, Zn, Pb, Au, Ag, Ba.

Cu-Au-Ag mineralized stockwork hosted by felsic volcanic tuffs known at Salgadinho.

Widespread alteration is recognised in country rocks (chloritization, sericitization, ankeritization, silicification),

indicative of strong hydrothermal activity and close proximity to VMS mineralization. Ankerite is a common

alteration feature of VMS deposits of the IPB.

Several low-temperature silica±Fe-Mn veins with anomalous metal contents, suggesting late-to post-tectonic

hydrothermalism, which may have generated epithermal deposits.

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Cercal Polymetallic Mineralization

Salgadinho discovered and drilled in the 1970’s by Government’s exploration department SFM. Also drilled to limited extent by three exploration companies between 1981 and 2007. Stockwork sulphide mineralization disseminated in sericitized felsic tuffs and chloritized tuffites. Sulphide mineralization ranging up to >30m thick, 30ºNE dip, and intersected by drilling for 1.3km along strike and up to 650m down-dip. 60 historical holes, but these were widely spaced, and their drill core was in most cases inadequately sampled. Historical hole EMSC #93-01 intersected 7.18m @ 1.66% Cu, 1.65g/t Au.

Visual inspection of Colt's hole CESA-15-01 indicates that metal grades should be similar to EMSC#93-01. CESA-15-01 will be completed soon and assayed immediately. This potential resource is open laterally and it is Colt's view that the deposit may have been underestimated due to widely spaced drilling, significant core loss, and inadequate sampling. Gold content may have been overlooked, as most core sampling was concentrated in zones with visible copper minerals, whereas gold can occur elsewhere where there is only pyrite. Salgadinho is drill ready, with a view to outline a NI 43-101 compliant resource estimate and ideal for JV partnership .

CESA-15-01

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The Greatest Downturn in Mining Investment

Decreasing Exploration Budgets

Record Company Closures

Significantly Reduced Investor Interest

Mineral Property Development Stalled

Companies Wait for Better Times

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1270+ Days and Counting

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The Big Idea in 90 Words

The current market climate in the mining industry has put the greatest financial pressure on Junior Mining Companies that has never before been experienced. The choice for many companies was to close out business permanently. Exploration projects have gone dormant and many geologists, engineers, and technicians have been laid off. Countless companies have chosen to reduce their expenditures to remain legally viable and gone in deep hibernation mode. This presentation is dedicated to the inevitable economic upside which will follow this crisis and ensuring a profitable future for Colt Resources for many years.

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Base Metal Presentation October 2015

For further information visit our website at www.coltresources.com

Nikolas Perrault, CFA President and CEO

nperrault@coltresources.com Tel: +351-219-119-810

Shahab Jaffrey

Chief Financial Officer sjaffrey@coltresources.com

Tel: +1-514-843-7704