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CORPORATE PRESENTATION | AUGUST 2020TSX AQA
OTCQB AQARF
Developing
America’s Next
High Grade
District
Disclaimer
This presentation contains certain forward‐looking statements within the meaning of applicable Canadian securities legislation. In certain cases, forward‐looking
statements can be identified by the use of words such as "plans", "expects" or "does not anticipate", or "believes", or variations of such words and phrases or
statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" and similar expressions suggesting future
outcomes or statements regarding an outlook.
Forward‐looking statements relate to any matters that are not historical facts and statements of our beliefs, intentions and expectations about developments, results
and events which will or may occur in the future, without limitation, statements with respect to additional upside potential of the Project and the potential for
underground mining activities at the Project and benefits associated therewith, statements with respect to the expected project economics for the Project, such as
estimates of life of mine, total production and average production, metal production and recoveries, C1 cash costs, AISC, capital and operating costs, pre- and post-tax
IRR, pre- and post-tax NPV and cash flows, the potential conversion of Inferred Mineral Resources into Indicated Mineral Resources, any projections outlined in the
Feasibility Study in respect of the Project, the permitting status of the Project and Aquila’s future exploration and development plans and associated timelines.
These and other forward‐looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of
Aquila to control or predict, that may cause their actual results, performance or achievements to be materially different from those expressed or implied thereby, and
are developed based on assumptions about such risks, uncertainties and other factors set out herein. These risks include those described under the heading “Risk
Factors” in Aquila’s most recent annual information form and its other public filings, copies of which can be under Aquila’s profile at www.sedar.com. Aquila expressly
disclaims any obligation to update forward‐looking information except as required by applicable law. Such forward‐looking information represents Aquila’s best
judgment based on information currently available. No forward‐looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers
are advised not to place undue reliance on forward‐looking statements or information. The PEA is preliminary in nature, includes Inferred Mineral Resources that are
considered too speculative geologically to have the economic considerations applied to them that would enable them to be classified as Mineral Reserves, and there is
no certainty that the PEA will be realized. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
None of EBITDA, C1 cash costs, or all-in sustaining costs (“AISC”) have a standardized meaning under IFRS. See “Non-IFRS Measures” in the Company’s news
release dated August 5, 2020. Financial evaluation includes financial impacts of the Company’s gold and silver streams with Osisko Gold Royalties. See the
Company’s news release dated June 18, 2020 for additional details.
Andrew Boushy, Senior Vice President, Projects for Aquila Resources, is the Qualified Person for the Company as described in National Instrument 43-101 and is
responsible for the technical contents of this presentation.
2 TSX: AQA
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Portfolio of high grade,
gold-rich projects in the
Upper Midwest, USA
• Three projects in a Tier 1 jurisdiction
underpinned by gold with exposure
to key metals including copper
Flagship Back Forty Project
approaching shovel-ready status
• Well-advanced through permitting;
focused on pre-construction activities;
a true “company builder”
WHY INVEST
3 TSX: AQA
OTCQB: AQARF
Attractive Relative Valuation
• Trading at US$15/oz gold equivalent versus a peer median of
US$57/oz gold equivalent
• Trading at a Price / NAV of 0.3x versus a peer median of 0.5x
• Zero value for upside potential at Back Forty or the district scale
potential along the Penokean Belt
New district exploration
potential in a safe jurisdiction
with access to infrastructure
• Underexplored Penokean VMS Belt –
over 24 known mineral occurrences
and only 1 past producer
Strong stakeholder base
• Orion Mine Finance, Ruffer,
Hudbay, and Osisko
Gold Royalties
KEY ACCOMPLISHMENTS 2019-2020
4 TSX: AQA
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Significant Progress on Back Forty
Project Permitting
• Four major permits received including
Mining Permit
• Aquila has received favorable rulings
on all resolved legal challenges to date
Advanced Discussions Regarding Funding
Options
• Significant interest from a variety of capital
providers
• Continuing to review opportunistic M&A
opportunities to generate long-term
shareholder value
Worked Constructively with Key Stakeholders
to Address Near-Term Funding Needs
• Amended gold purchase agreement with Osisko
Gold Royalties to accelerate access to a portion of
the outstanding funding and increase flexibility
Continued Advancement of Back Forty
Project to ‘Shovel Ready’ Status
• Evaluated underground mining potential
following open pit operation
at Back Forty Project
DEVELOPING AMERICA’S NEXT High Grade District
Back Forty
• Gold-Copper-Zinc
• Pre-construction phase
Bend
• Copper-Gold Exploration
Reef
• Gold-Copper Exploration
Located along the Penokean Volcanic Belt
Region is experiencing a mining resurgence
Recently updated mining laws
5
Attractive Pipeline of Projects in
Highly Prospective District
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BACK FORTY PROJECT
Michigan, USA
BACK FORTY Flagship Project
100%-owned Gold-Copper-Zinc deposit
Re-acquired from Hudbay in 2014
Received four major Permits required for construction and commencement of operations
Open Pit Feasibility Study completed August 2018
Optimized PEA completed August 2020 incorporating underground resources
Attractive exploration upside
• Underground expansion (open at depth)
• Near deposit
Strategic location on Penokean VMS Belt
• District scale
• Opportunity for synergies between projects
7
>$95MINVESTED TO DATE
• Exploration
• Technical Reports
• Land Acquisitions
• Permitting Activities
• Engineering
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OTCQB: AQARF
BACK FORTY Site Plan
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Active Project Area: 1,200 acres Total mineral rights controlled: +3,200 acres
River RoadLEGEND N
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PEA Summary
NPV6% (After-tax) US$176.3M US$316.3M and 37.8%
at US$1,998/oz gold and
US$1.04/lb zincIRR (After-tax) 26.1%
Payback (After-tax) 2.4 years
Pre-production Capital US$250.4M
LOM C1 Cash CostsCo-product: $733/oz Au Eq
Net of By-Products: ($82)/oz Au
LOM AISC Co-product: $926/oz Au Eq
Net of By-Products: $397/oz Au
Project Life 12 years
Throughput (nominal) 2,800 tpd sulphide + 350 tpd oxide
Average Annual
Production128 koz Au Eq (58 koz Au)
LOM Production 1,543 koz Au Eq (692 koz Au)
Mill Head Grade 4.2g/t Au Eq
Open Pit Strip Ratio 5.1:1
Note: PEA includes the impact of Osisko gold and silver streams.
Base case metal price assumptions: US$1,485/oz Au; US$18.20/oz Ag;
US$1.08/lb Zn; US$3.05/lb Cu; US$0.91/lb Pb.
Key updates in
2020 PEA include
• Incorporation of known
underground resources
• Sulphide plant throughput
reduced from 4,000 tpd to
2,800 tpd
• Oxide plant throughput
reduced from 800 tpd to
350 tpd
• Mine life increased from
7 to 12 years
• Updated capital and operating
costs: CAPEX reduced by
US$44M
• Incorporated permit conditions
• Increased gold recovery
opportunities identified
BACK FORTY 2020 PEA Results
BACK FORTY Production Highlights
10
107,000 oz. of gold produced in Year 1
(206,000 oz. Au Eq)
1 Base Case Metal Prices: US$1,485/oz Au; US$18.20/oz Ag; US$1.08/lb Zn; US$3.05/lb Cu; US$0.91/lb Pb.
Payable Production
Metal Life of Project Average Annual
Gold (K oz) 692 58
Zinc (M lbs) 801 67
Copper (M lbs) 86 7
Silver (K oz) 6,260 522
Lead (M lbs) 26 2
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Sensitivity to Gold Price
Gold Price
(US$/oz)
After-tax NPV
(US$M)
After-tax
IRR
Gold % of
Gross Revenue
$1,200 $83 16.9% 40%
$1,400 $149 23.6% 43%
$1,600 $213 29.3% 47%
$1,800 $277 34.6% 50%
$2,000 $341 39.6% 52%
$2,200 $401 44.1% 55%
$2,400 $460 48.5% 57%
38%
43%
6%
13%
GROSS REVENUE BY PRODUCT1
Copper Concentrate Zinc Concentrate
Lead Concentrate Dore
45%
5%11%
1%
38%
GROSS REVENUE BY METAL1
Gold Silver Copper Lead Zinc
107 93
58 66 54 49 57 50 43 42 37 34
99
84
51
117
94
66
79 68
64 46
43 38
206
177
110
183
148
115
136
118 107
88 80
73
$701 $730
$917
$661
$919
$1,162
$1,018
$1,086
$996 $1,055
$1,137
$690
Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12
Gold Production (koz) Non-Gold Production (koz AuEq) AISC (US$/oz AuEq)
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Source: Back Forty PEA – See press release dated August 5, 2020.
1 Gold equivalent calculation based on LT street consensus pricing of US$1,485/oz Au; US$18.20/oz Ag; US$1.08/lb Zn; US$3.05/lb Cu; US$0.91/lb Pb.
11
BACK FORTY Production Profile
Production Profile 1
PROCESS Flowsheet
12
Oxide Ore Processing (350 tpd)
Ore from Mine
or Stockpile
Primary
Crushing
SAG/
Ball Mill
Flotation
Plant
Ore from Mine
or Stockpile
3 Stage
Crushing
Ball Mill Leach
Plant / Gold
Room (SART)
81.2% Recovery
91.9% Recovery
83.7% Recovery
Cu
ZnPb
Au/Ag Doré
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AuAg
68.9% Recovery
83.1% Recovery
Copper, Lead & Zinc
Concentrates
AuAg
93.3% Recovery
70.5% Recovery
Sulphide Ore Processing (2,800 tpd)
BACK FORTY Capital and Operating Costs
Sustaining Capital
• Open pit: $46M
• Underground: $99M
• Project (TMF+WRD): $69M
Mine Closure: $75M
13
Prepared With Support From Globally Recognized ExpertsIncorporates Best Practices in all Environmentally Sensitive Areas
Area $M
Construction Indirects 11.4
Oxide Process Plant 24.1
Sulphide Process Plant 57.5
TMF/WRF 42.6
Infrastructure 34.2
Mining 23.6
EPCM 15.7
Owner costs 11.4
Subtotal 220.6
Contingency (14%) 29.9
Total 250.4
Life of Project($M)
Unit Cost($/t)
Gross Revenue 2,095 132
Realization Charges 310 19
NSR (Base Case) 1,785 113
Open pit mining 178 11
Underground mining 288 18
Process plant 310 20
G&A 46 3
Total Site Opex 821 52
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LOM AISC
• Co-product: $926/oz Au Eq
• Net of By-Products: $397/oz Au
CAPITAL COSTS SUMMARY OPERATING COSTS SUMMARY
LOM C1 Cash Costs
• Co-product: $733/oz Au Eq
• Net of By-Products: ($82)/oz Au
BACK FORTY Mineral Resource Estimate
14
Category Tonnes (1,000)
Au
(g/t)
Au
(koz)
Ag
(g/t)
Ag
(koz)
Cu
(%)
Cu
(Mlb)
Pb
(%)
Pb
(Mlb)
Zn
(%)
Zn
(Mlb)
Open Pit
M&I 11,403 1.87 684.8 23.03 8,442.0 0.27 67.05 0.22 55.9 2.62 658.2
Inferred 264 3.13 26.6 42.32 359.4 0.06 0.35 0.56 3.3 0.62 3.6
Underground
M&I 6,868 1.93 425.7 25.86 5,710.6 0.40 60.3 0.32 47.9 3.71 562.2
Inferred 930 3.88 116.0 51.21 1,531.8 0.47 9.7 0.45 9.2 1.40 28.7
Total
M&I 18,271 1.89 1,110.4 24.09 14,152.6 0.32 127.3 0.26 103.8 3.03 1,220.5
Inferred 1,194 3.71 142.5 49.24 1,891.2 0.38 10.1 0.47 12.5 1.23 32.3
BACK FORTY MINERAL RESOURCE ESTIMATE AS OF OCTOBER 14, 2019 1
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1 See Technical Disclosure on Slide 35.
~94% OF RESOURCES
are in M&I Category
• M&I Grade 4.3 g/t Au Eq
• Inferred Grade 5.7 g/t Au Eq
GRADE is King
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M&I Resources High Grade (g/t Au Eq) 1,2,3,4
Source: Company filings, S&P Capital IQ, street research.
1 Resource attribution calculated on a gold equivalent basis. Gold equivalent calculation based on LT street consensus pricing of
US$1,485/oz Au; US$18.20/oz Ag; US$1.08/lb Zn; US$3.05/lb Cu; US$0.91/lb Pb.
2 Includes reserves and M&I resources, excludes inferred resources.
3 Grade calculation based on gold equivalent precious metal reserves and M&I resources divided by total tonnes.
4 Liberty Gold excludes Halilağa resources due to sale announced in 2019.
7.6
4.3
3.3
1.8
0.9 0.9 0.8 0.7 0.6 0.5 0.4
AdventusMining
AquilaResources
OsiskoMetals
ProbeMetals
Filo Mining TroilusGold
GoldStandardVentures
IntegraResources
LibertyGold
WesternCopper and
Gold
CorvusGold
BACK FORTY Future Drill Program Targets
16
~130,000 Metres Drilled – Deposit Open at Depth
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MAJOR INTERCEPTS
IN THIS AREA
LK-479
8.7m @ 6.0 g/t Au,
245 g/t, Ag 5.9% Zn
LK-504
7.4m @ 7.3 g/t Au,
190 g/t Ag, 1.5% Zn
LK-47969.7m @ 1.12 g/t Au, 27 g/t Ag 0.4% Cu, 1.3% ZnIncluding6.2m @ 6.4 g/t Au, 94 g/t Ag
LK-484 31m @ 6.32 g/t Au, 34 g/t Ag, 0.47% Pb, 1.8% ZnIncluding17m @ 13.8 g/t Au, 69 g/t Ag
LK-50254m @ 0.86 g/t Au, 51 g/t Ag, 0.78% Pb, 1.86% ZnIncluding22.5m @ 1.49 g/t Au, 49 g/t Ag, 0.77% Pb, 2.0% Zn
MAJOR INTERCEPTS IN THIS AREA
BACK FORTY Permitting Status
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Part 632 Mine Permit
Permit Issued December 2016
Contested Case Decision May 2019
Contested Case Appeal Final Decision November 2019
Amended Permit Issued December 2019
Amended Permit Contested Case Decision PENDING – Expected H1 2021
Air Permit
Permit Issued December 2016
Amended Permit Issued December 2019
National Pollutant Discharge Elimination System (NPDES) Permit
Permit Issued April 2017
Wetlands Permit
Permit Issued June 2018
Contested Case Decision PENDING – Expected 2020
Dam Safety Permit
Permit Application PENDING – Expected Q4 2020
Permit Issued PENDING – Expected 2021
ATTRACTIVE Relative Valuation
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OTCQB: AQARF18
Source: Company filings, S&P Capital IQ, street research.
Note: NAV based on current capital structure, excluding future financing assumptions. Peer medians exclude Aquila.
1 Gold equivalent calculation based on LT street consensus pricing of US$1,485/oz Au; US$18.20/oz Ag; US$1.08/lb Zn; US$3.05/lb Cu; US$0.91/lb Pb.
2 Includes reserves and M&I resources, excludes inferred resources.
3 Liberty Gold excludes Halilağa resources due to sale announced in 2019.
EV / M&I RESOURCES (US$/oz AuEq)1,2,3
PRICE/NAV
$307
$136$133$127
$58$56$30$19$15$10$4
Liberty GoldGold StandardVentures
Probe MetalsCorvus GoldIntegraResources
AdventusMining
Osisko MetalsTroilus GoldAquilaResources
Filo MiningWesternCopper and
Gold
Peer Median: $57
0.8x0.7x0.6x0.6x
0.5x0.5x0.5x0.5x
0.4x0.3x0.2x
Corvus GoldLiberty GoldIntegraResources
AdventusMining
Probe MetalsGold StandardVentures
WesternCopper and
Gold
Filo MiningTroilus GoldAquilaResources
Osisko Metals
Peer Median: 0.5x
DISTRICT SCALE POTENTIAL
Penokean VMS Belt - Wisconsin, USA
Back
Forty
Reef
Bend
PORTFOLIO Overview
20
District potential
• Bend is ~130 miles to
Back Forty
• Reef is ~80 miles to
Back Forty
Additional opportunities to
consolidate the belt
• 24 known mineral
occurrences
Attractive Pipeline of Projects in
Highly Prospective District
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BEND COPPER-GOLD PROJECTTaylor County, Wisconsin
VMS deposit with underground potential
+14,000 meters of historical drilling
delineating a Non-43-101 compliant
resource*
• 2.7M tonnes grading, 2.4% copper,
1.4 g/t gold and 13.7 g/t silver in
copper zone
• 1.12M tonnes grading, 4.7 g/t gold
and 0.31% copper in gold zone
Further evaluation including technical and environmental
studies
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* The Company is not treating the historical estimates as current mineral resources or mineral reserves and the historical estimates should not be
relied upon or understood to indicate the existence of reserves or resources.
Federal Land
Aquila conducted a VTEM survey over the
deposit area in 2011 and identified several
new untested conductors
In 2019, Aquila strengthened its land
position by securing the mineral rights to
the remaining portion of the deposit
Upcoming Milestones
Prospecting Permit -expected H2 2020
Drill program –plans in progress
NI 43-101 compliant
resource estimate
1. 2. 3. 4.
BEND PROJECT Drill Cross-section
In 2012, Aquila completed 11 drill
holes totaling 6,300m
67 m 2.8 g/t Au, 1.19% Cu
23 m 6.4 g/t Au, 2.1% Cu
5.5m 0.84 g/t Au, 3.88% Cu
63m 1.3 g/t Au, 0.75% Cu
75m 1.04 g/t Au
Hanging wall
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BEND PROJECT
GEOLOGICAL CROSS SECTION
22
REEF GOLD-COPPER PROJECT Marathon County, Wisconsin
High-grade gold mineralization
potentially amenable to
low-cost, open-pit mining
In 2012, Aquila completed
42 drill holes, totaling 4,400 meters
Resource extends from surface
to 450 feet, open in all directions
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OTCQB: AQARF23
* The Company is not treating the historical estimates as current mineral resources or mineral reserves and the historical estimates should not be
relied upon or understood to indicate the existence of reserves or resources.
Drill program – plans in
progress
NI 43-101 compliant resource
estimate
Further evaluation including
technical and environmental
studies
Private land
100%-owned, Historic drilling by
INCO and Noranda delineated a
non-43-101 compliant resource*
of 140,564 contained gold ounces
• 412,410 tonnes @ 10.6 g/t Au
with significant copper
Upcoming Milestones
1. 2. 3.
REEF PROJECT Mineralization
24
Historical Zone
Geology: Shear hosted quartz-sulphide veins,
stockworks in volcanics and gabbroic rocks
w/pyrrhotite, pyrite, and chalcopyrite, native
gold, electrum, and telluride minerals
Visible gold from boulder
sampling at Reef, which returned
an assay of 379 g/t gold
Zone 3Zone 2
Zone 1
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STRONG FINANCIAL BACKING & LEADERSHIP
With Near-term Growth Catalysts
US$60M FINANCING with Osisko Gold Royalties
INVESTMENT BY OSISKO
US$10M equity private placement
US$50M gold stream with
staged payments:
• US$7.5 million on closing
(received Nov. 10, 2017)
• US$7.5 million on receipt of all material
permits and receipt of
a positive feasibility study
(received Oct. 5, 2018)
• US$10 million in tranches on
achievement of certain corporate and
project milestones (US$2.5M received
June 16, 2020)
• US$25 million on drawdown of a project
debt facility
KEY GOLD STREAM TERMS
Osisko will purchase 18.5% of
the refined gold from Back Forty
until 105,000 ounces of gold
have been delivered
• Thereafter the percentage
will be reduced to 9.25%
of the refined gold
Ongoing payment: Osisko will
pay the Company 30% of the
spot price of gold on the day of
delivery, subject to a maximum
payment of US$600 per ounce.
26 TSX: AQA
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FUNDS A SIGNIFICANT PORTION of Pre-Construction Activities
and Project Capital
ANDREW BOUSHY, P.Eng., SVP Projects
More than 25 years of experience including senior roles
with Ausenco Canada and Xstrata Nickel.
DAVID ANDERSON, General Manager
25 years of experience in environmental monitoring,
impact assessment, regulatory affairs and
permitting, and most recently served as the Director of
Environment for Highland Copper’s Copperwood
project.
BOB MAHIN, MSc, CPG, SEGF, Director of Exploration
30 years of progressive experience guiding mineral
exploration programs including most recently as Senior
Manager, Exploration at Lundin Mining’s Eagle Mine.
MIKE FOLEY, P.E., Director of Environment &
Infrastructure
32 years of experience as a Civil Engineer in the Upper
Peninsula of Michigan and northern Wisconsin.
Instrumental in obtaining a variety of regulatory permits
for Highland Copper’s Copperwood project.
MANAGEMENT TEAMExperienced and Committed
27
BARRY HILDRED, CEO
Currently a director and Past-Chair of The Children's
Aid Foundation of Canada. Founder and Former
President of TMX Equicom. 25+ years of capital
markets experience.
STEPHANIE MALEC, CFO
15+ years of experience combining accounting,
financial reporting, public markets and mining sector
work. Previously with Malbex Resources, Starfield
Resources, Dundee Precious Metals, Falconbridge
and PriceWaterhouseCoopers.
DAVE CAREW, Director of Corporate Development
and Investor Relations
Former VP Corporate Development and Investor
Relations at a TSX-V listed developer and previously
a mining industry-focused investment banker.
12+ years of capital markets experience.
Committed to
Unlocking Aquila’s Potential
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LEADERSHIP TEAM Strong Board
28
EDWARD MUNDEN, Chairman
Currently a Director and Co-Founder of private investment company
and a Director of Mustang Minerals. Co-founded a NASDAQ-traded
energy company and held senior positions until it was sold in 2001.
35+ years of experience in energy, mining and technology industry.
BARRY HILDRED, CEO
Currently Chairman of Children's Aid Foundation of Canada.
Founder and Former President of TMX Equicom. 20+ years
of capital markets experience.
KEVIN DROVER
Currently President & CEO of Aurcana Corporation since 2014.
40+ years of experience in management, operations and project
development with mining companies with assets around the
world, including Kinross Gold, Benz Mining, Oracle Mining
and Glencairn Gold.
ANDREW W. DUNN
Currently Managing Partner of Canadian Shield Capital. Previously
spent 27 years at Deloitte and served as Vice Chair of Deloitte Canada
and Chair of its Client Cabinet.
Directors Include Experienced Mining Veterans
With Development and Operations Experience
JACQUES PERRONCurrently President & CEO of Pretium Resources. Director of
Centerra Gold, Victoria Gold and TMAC. Over 30 years of technical
and operations experience in the mining industry. Previously CEO
of Thompson Creek and St Andrew Goldfields.
JOSEPH DE LA PLANTE
Currently CIO of Nomad Royalty Company. Former Vice President
Corporate Development of Osisko Gold Royalties, where he played
a key role in the company’s IR, corporate development and
financing activities.
IAN PRITCHARD
Currently Chief Operating Officer of Belo Sun Mining and SVP
Technical Services at Troilus Gold. Brings more than 30 years
of industry experience with a particular focus on project and
operations management.
PAMELA SAXTON
Business executive with over 35 years of experience in public
company finance roles, primarily in mining, software and oil and gas
and most recently as EVP and CFO of Thompson Creek. Currently
serves as a Trustee and Vice President of the Viola Vestal Coulter
Foundation, which provides scholarships to colleges and universities
with a focus on mining. Past Chair for the Colorado Association
of Commerce and Industry.
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VALUE CREATION Milestones
29 TSX: AQA
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PEA with
underground
mine expansion
Back Forty drilling –
Geotech, underground
infill and step out
Resource
update
Feasibility Study Update
Advance Pre-Construction
Activities
Wisconsin
Exploration
Back Forty
Project
Execution
AQUILA Capital Structure
30
Current Capital Structure
Share Price (As of August 4, 2020) C$0.17
Avg. daily vol. (3-mth) (TSX + OTCQB) 153,000
52-week range C$0.07 – $0.22
Shares O/S 339M
Market Cap. C$58M
Year End December 31
Cash position @ March 31, 2020 US$2.5M
Major Institutional Shareholders
Orion 28.7%
Ruffer 12.8%
Hudbay 10.5%
TSX: AQA
OTCQB: AQARF
Analyst Coverage
Cormark Securities Stefan Ioannou
52-WEEK STOCK CHART (C$) – CLOSING PRICE
-
200,000
400,000
600,000
800,000
1,000,000
1,200,000
1,400,000
$-
$0.05
$0.10
$0.15
$0.20
$0.25
Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20
Portfolio of high grade,
gold-rich projects in the
Upper Midwest, USA
• Three projects in a Tier 1 jurisdiction
underpinned by gold with exposure
to key metals including copper
Flagship Back Forty Project
approaching shovel-ready status
• Well-advanced through permitting;
focused on pre-construction activities;
a true “company builder”
WHY INVEST
31 TSX: AQA
OTCQB: AQARF
Attractive Relative Valuation
• Trading at US$15/oz gold equivalent versus a peer median of
US$57/oz gold equivalent
• Trading at a Price / NAV of 0.3x versus a peer median of 0.5x
• Zero value for upside potential at Back Forty or the district scale
potential along the Penokean Belt
New district exploration
potential in a safe jurisdiction
with access to infrastructure
• Underexplored Penokean VMS Belt –
over 24 known mineral occurrences
and only 1 past producer
Strong stakeholder base
• Orion Mine Finance, Ruffer,
Hudbay, and Osisko
Gold Royalties
CONTACT Information
32 TSX: AQA
OTCQB: AQARF
BARRY HILDRED
Chief ExecutiveOfficer
Aquila Resources
647.943.5673
DAVE CAREW
Director of Corporate Development & IR
Aquila Resources
647.943.5677
APPENDIX
BACK FORTY Mineral Resource Estimate
34
Category Tonnes
(1,000)
Au
(g/t)
Au
(koz)
Ag
(g/t)
Ag
(koz)
Cu
(%)
Cu
(Mlb)
Pb
(%)
Pb
(Mlb)
Zn
(%)
Zn
(Mlb)
Open Pit
Measured 7,062 1.94 440.1 18.95 4,302.0 0.34 53.51 0.14 22.1 3.02 470.1
Indicated 4,341 1.75 244.7 29.67 4,140.1 0.14 13.55 0.35 33.8 1.97 188.1
M&I 11,403 1.87 684.8 23.03 8,442.0 0.27 67.05 0.22 55.9 2.62 658.2
Inferred 264 3.13 26.6 42.32 359.4 0.06 0.35 0.56 3.3 0.62 3.6
Underground
Measured 1,382 2.21 98.0 25.37 1,127.7 0.30 9.1 0.32 9.7 4.43 134.9
Indicated 5,486 1.86 327.7 25.98 4,582.8 0.42 51.2 0.32 38.2 3.53 427.3
M&I 6,868 1.93 425.7 25.86 5,710.6 0.40 60.3 0.32 47.9 3.71 562.2
Inferred 930 3.88 116.0 51.21 1,531.8 0.47 9.7 0.45 9.2 1.40 28.7
Total
Measured 8,444 1.98 538.1 20.00 5,429.7 0.34 62.6 0.17 31.8 3.25 605.0
Indicated 9,827 1.81 572.4 27.61 8,722.9 0.30 64.7 0.33 72.0 2.84 615.4
M&I 18,271 1.89 1,110.4 24.09 14,152.6 0.32 127.3 0.26 103.8 3.03 1,220.5
Inferred 1,194 3.71 142.5 49.24 1,891.2 0.38 10.1 0.47 12.5 1.23 32.3
BACK FORTY MINERAL RESOURCE ESTIMATE AS OF OCTOBER 14, 2019 1
TSX: AQA
OTCQB: AQARF
1 See Technical Disclosure on Slide 35.
TECHNICAL Disclosure
TSX: AQA
OTCQB: AQARF35
1. Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability.
2. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title,
taxation, socio-political, marketing, or other relevant issues.
3. The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an
Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected
that the majority of the Inferred Mineral Resource could be upgraded to an Indicated Mineral Resource
with continued exploration.
4. The Mineral Resources in this Technical Report were estimated using the Canadian Institute of Mining,
Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and
Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM
Council.
5. The Mineral Resource Estimate was based on metal prices of $1,375/oz gold, $22.27/oz silver, $1.10/lb
zinc, $3.19/lb copper and $1.15/lb lead.
6. Open pit Mineral Resources were defined within the constraining pit design as per the 2018 Feasibility
Study.
7. NSR cut-off values were established for each metallurgical type. Refer to the Technical Report for full
details.
R3
TuffR1
TuffR0
R2.1
TuffR2
Rhyolite
Main Zone
Tuffaceous sediments
Main QFP
Tuff Zone Massive Sulfide Sp+Gn
Pinwheel Zone Gossan
Tuff Zone massive sulfide
PINWHEEL
NORTH
TUFF ZONE
EXTENSION
Deep Zone
2016 ZONE
EXTENSION
Future Drill Target Areas
Idealized Pit Outline
100-200m
100-200m
200-700m
50-150m 50-150m Pinwheel massive sulfide and gossan
DEEP ZONE
TARGETS
BACK FORTY Geologic Cross Section
36 TSX: AQA
OTCQB: AQARF
CROSS SECTION GEOLOGICAL EXTENSIONS
BACK FORTY Stratigraphy and Host Rock
37 TSX: AQA
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Main Zone
Massive
Sulfide
Deep Zone
Massive
Sulfide
Tuff Zone
Massive
Sulfides
Siliceous
Sediments
Quartz
Crystal Tuff
Rhyolite
Fragmental
Quartz-Feldspar
PorphyryRhyolite 3
Rhyolite 2
Rhyolite 1
Rhyolite 0
Based on Purchase of Hudbay’s
51% Interest in Back Forty
MILESTONE PAYMENTS to Hudbay Minerals
38 TSX: AQA
OTCQB: AQARF
AMOUNT
C$3 Million
C$2 Million
C$2 Million
C$2 Million
TIMELINE
Payable upon completion of financing tied to start of
construction at Back Forty
Up to 50% payable in Aquila shares
Payable 90 days after start of commercial production
Payable 270 days after start of commercial production
Payable 450 days after start of commercial production
First milestone payment due by January 2024
1% NSR was repurchased from Hudbay in April 2015
concurrent with Orion transaction
LIFE CYCLE of a Miner
39 TSX: AQA
OTCQB: AQARF
Life Cycle of a Junior Miner
Typical value from discovery through production
WISCONSIN Open for Business
40
“Our state has a rich mining history
that predates our statehood, yet for
the last 20 years the miner on our
flag has been stuck in the
unemployment line. With the signing
of the Mining for America Act into
law, a multi billion-dollar industry has
been invited to come back to
northern Wisconsin.”
Sen. Tom Tiffany
(now a Member of the U.S.
House of Representatives)
“Knowing that we can do mining
well here in Wisconsin, especially
in northern Wisconsin, where we
know a significant amount of
resources are, we should at least
be able to entertain, ‘Why not
mining in our state.’”
Rep. Rob Hutton
Mining will bring back
to Wisconsin “good-
paying, family-
sustaining, blue-collar
jobs” to northern
Wisconsin.
Eric Bott,
Americans for
Prosperity-Wisconsin
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