www.altamiragold.comTSX-V: ALTA | FSE: T6UP | OTC Pink: EQTRF

Unlocking Value in Brazil’s Emerging Alta Floresta / Juruena Gold-Copper Belt

October 2019

Cautionary Statement

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Certain statements contained in this presentation constitute forward-looking statements. These statements relate to future events orthe Corporation's future performance, business prospects or opportunities. All statements other than statements of historical factmay be forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as"seek", "anticipate", "plan", "continue", "estimate", "expect, "may", "will", "project", "predict", "potential", "targeting", "intend","could", "might", "should", "believe" and similar expressions. These statements involve known and unknown risks, uncertainties andother factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements.The Corporation believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can begiven that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon. Thesestatements speak only as of the date specified. The Corporation does not intend, and does not assume any obligation, to update theseforward-looking statements.

These forward-looking statements involve risks and uncertainties relating to, among other things, results of exploration activities,uninsured risks, regulatory changes, defects in title, availability of materials and equipment, timeliness of government approvals,changes in commodity and, particularly, gold prices, actual performance of facilities, equipment and processes relative tospecifications and expectations and unanticipated environmental impacts on operations. Actual results may differ materially fromthose expressed or implied by such forward-looking statements.

An Experienced Leadership Team

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Management Team Directors

Michael BennettPresident & CEO, DirectorA geologist with over 30 years of industry experience(23 in S. America); currently resides in Brazil. Directlyresponsible for the Cajueiro, Coringa, and PuquioNorth gold discoveries in Brazil and Bolivia.

Alan Carter, PhDChairman, Director30 years of industry experience, formerly employedby Rio Tinto and BHP Billiton. Founder of MagellanMinerals (acquired in May 2016); Chairman ofFremont Gold and CEO of Cabral Gold.

Michael O’Brien, CPA, CAChief Financial OfficerA Chartered Accountant with over 30 years ofexperience, including 12 years as CFO of TSX andTSX-V listed junior mining companies (GoldenPredator Mining, Africo Resources, BHK Mining).

Sèrgio Amaro AquinoBrazilian Logistics ConsultantOver 35 years of experience in the Brazilian miningsector; co-founder of Serabi Gold Plc and wasresponsible for the development and construction ofthe Palito underground mine.

Ian TalbotIndependent DirectorA lawyer and geologist with over 25 years ofexperience in the mining industry; current CEO ofArcus Development Group. Former in-house counselat BHP Billiton World Exploration.

Ioannis TsitosIndependent DirectorPhysicist and geophysicist with over 25 years ofexperience in the mining industry, 19 of which withBHP Billiton. Current President and Director ofGoldsource Mines.

Chris Harris, CPA, CADirectorChartered Accountant with 30 years of experience inthe energy, commodity trading, and mining financesectors (E&Y, CIBC, BHP Billiton). Former CEO ofAltamira Gold and Alta Floresta Gold.

Andrei SantosDirectorA lawyer with 18 years of experience; currentlyprovides financing, trading and operational expertisein his capacity as an Executive Director of SalinasGold, a profitable Brazilian gold producer.

Corporate Snapshot

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Historical Trading & OwnershipCapitalization Summary

Source: TMX Group, Company disclosureNote: Data as at 25-Oct-19(1) CAD/USD exchange rate: 1.332

Significant Shareholders Shares (M) Ownership % (Basic)

Board & Management 8.80 12.6%

FMS Group 6.86 9.8%

Strategic Investors 4.35 6.2%

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Volume Closing Price 20-Day Moving Average

Capitalization TSX-V: ALTA Last Close (C$/sh) $0.08010-Day VWAP (C$/sh) $0.08620-Day VWAP (C$/sh) $0.075

52 Week High (C$/sh) $0.13552 Week Low (C$/sh) $0.050

Basic Shares Outstanding (M) 69.96Fully Diluted S/O (M) 106.63Market Capitalization (Basic) (C$M) $5.60Working Capital @ 5/31/2019 (C$M) $0.63Long Term Debt @ 5/31/2019 (C$M) $0.20Enterprise Value (C$M) $5.16Enterprise Value (US$M)

(1)$3.87

Reserves & Resources (MOz Au)Proven & Probable N/A

Measured & IndicatedCajueiro (MOz Au) 0.160Cajueiro - Oxides (MOz Au) 0.025 InferredCajueiro (MOz Au) 0.455Cajueiro - Oxides (MOz Au) 0.060Total Reserves & Resources (Moz Au) 0.700

Enterprise Value / Ounce (US$/oz Au)Proven & Probable N/AMeasured & Indicated $20.94Total Reserves & Resources $5.53

Altamira: Peer Group Valuation

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Source: Company disclosure, TMX Group, ASXNote: Data as at 25-Oct-19(1) Average excludes Altamira

➢ Based on Altamira’s current in-situ resource valuation, it is undervalued compared to its junior gold explorer / developer peers

✓ A re-rating towards the peer group mean would provide shareholders with significant upside

$6.76

$5.68

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Indicative junior Brazilian producer multiple: 745% share price upside from current levels

Peer group mean: $12.35/oz (1)

Re-rating to the mean: 123% share price upside from current levels

$5.53

Accomplishments: Q3 & Early Q4 2019

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Altamira has executed on key strategic initiatives during Q3 & early Q4 working towards becoming Brazil’s next gold producer

Environmental Permit Received for Trial Mining (October 16th 2019)

➢ 1st environmental permit (#866.160/2007) for trial mining licencewas received with respect to its advanced Cajueiro gold project innorthern Mato Grosso

➢ Permit is valid for 3 years until October 6, 2022 and coversthe southern part of the key Crente resource at Cajueiro

Updated NI 43-101 Cajueiro Resource (October 10, 2019)

➢ The flagship Cajueiro project has a recently updated resource of700koz (85koz oxides + 615koz sulphides), an increase of 41% fromthe last published resource. The updated resource was completed byGlobal Resource Engineering Ltd.

Strategic Partnership with a Proven Local Operator (August 8, 2019)

➢ The recently-announced Trial Mining Agreement with FMS willcement a key strategic relationship, demonstrate the project’s abilityto produce gold profitably, and provide Altamira with a low-risk pathto revenue with no upfront capital commitment

➢ The 85koz oxide gold resource of 2.52Mt @ 1.05 g/t Au willbe put into production in H1 2020 with a 1,000 tpd mill bythe FMS Group

➢ FMS, an established Brazilian gold producer, will solelyfinance, construct, and operate the 1,000 tpd processingplant comprising of a crushing and grinding circuit and agravitational recovery circuit at the Cajueiro project

Upcoming Catalysts & Timeline

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➢ There are several significant value-enhancing catalysts on the horizon for Altamira over the next twelve months

Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug

Major Event Exploration Planning Trenching & Sampling Projected Q1/Q2 2020 Exploration Expenses C$M $0.40

New Resource Diamond Drilling Copper JV Discussions Projected Q1/Q2 2020 Corporate G&A Expenses C$M $0.40

Financing Construction/Production News Flow Total Projected Altamira Q1/Q2 2020 Expenses C$M $0.80

Cajueiro Consutrction of Trial Mining Plant

Apiacas

2020Project Activity

2019

Financing Announcement

Cajueiro Revised Resource Announcement

Trial Mining Agreement Signed (FMS)Cajueiro

High Grade Surface Sample Results

Cajueiro 1st Environmental Permit Received for Trial Mining

Santa Helena Diamond Drilling (~1,500m)

Cajueiro Small Scale Production Commences

Regional Trenching / Soil Sampling

Santa Helena JV Discussions with Copper Majors

Apiacas Diamond Drilling (~1,000m)

Regional Target Generation & Exploration Planning

Altamira: Property Location

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Altamira’s properties

Source: Company disclosure

Altamira: First Movers in an Exciting District

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Altamira is the only junior in the centre of the belt, having built out its land package prior to several majors staking claims

N

Colíder

Peixoto de Azevedo

Alta Floresta

CAJUEIROAPIACÁS

SANTA HELENA

Rio São Joãozinho

Nova Canaa

Colíder

Jaca Target (Anglo)

Carlinda

Matupá

Firmino

A Multi-Pronged Approach to Value Creation

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Altamira is well-positioned to create significant shareholder value, with an exciting land package and key strategic initiatives

Prime Location, First Mover Advantage

➢ Altamira’s 300,000+ hectare land package spread across 11 projects islocated in an active and emerging gold-copper belt, adjacent to severalmajor mining companies

➢ The area has excellent access to infrastructure and has producedapproximately 7 to 10 million ounces of gold historically

Existing Resource, Blue-Sky Exploration Potential

➢ The flagship Cajueiro project has a recently updated resource of 700koz(85koz oxides + 615koz sulphides), an increase of 41% from the lastpublished resource¹. The updated resource was completed by GlobalResource Engineering Ltd.

➢ Altamira has also identified a multitude of previously undrilledhigh-priority exploration targets at several other projects

Strategic Partnership with an Important Local Operator

➢ The recently-announced Trial Mining Agreement with FMS will cement akey strategic relationship, demonstrate the project’s ability to producegold profitably, and provide Altamira with a low-risk path to revenuewith no upfront capital commitment

Copper Porphyries, A Potential Game Changer

➢ Anglo American’s discovery at their Jaca target (near Altamira’s SantaHelena project) highlights the belt’s potential to host copper porphyries

➢ Altamira will continue to explore value-enhancing earn-intransactions and JVs with majors to tap into this potential

(1) See press release dated October 10, 2019 (www.altamiragold.com/news)

Cajueiro: Resource Base with Blue Sky Potential

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➢ Cajueiro is Altamira’s most advanced project, with more than 14 km of drilling(105 holes) and over 4 km of trenching completed to date across the 39,053-hectare claim package

➢ Historic placer gold workings in the area have produced over 250 koz of gold

➢ Gold and pyrite in the bedrock sulphide domain is contained within hydrothermalalteration envelopes; gold is also present in the saprolite overlying bedrock, in theoxidized equivalent of the sulphide alteration assemblage

➢ In October of 2019, Global Resource Engineering Ltd. completed an updated NI43-101 resource estimate for Cajueiro, incorporating the additional 49 diamonddrill holes and 25 surface trenches completed since May of 2016

Altamira’s flagship property is underpinned by an existing and growing gold resource base

Sulphides Oxides

Category Tonnes Grade Contained

(Mt) (g/t) (koz Au)

Indicated 4.81 1.04 160

Inferred 10.99 1.29 455

Total 15.80 1.21 615

Category Tonnes Grade Contained

(Mt) (g/t) (koz Au)

Indicated 0.85 0.92 25

Inferred 1.67 1.12 60

Total 2.52 1.05 85

Cajueiro: Resource Base with Blue Sky Potential

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2016 Resource Area

Novo Sonho

Cajueiro Sul

Sossego

Crente

Matrincha

Baldo East

Baldo

Marines

➢ In addition to the existing resource base, the Cajueiro project has demonstrated significant blue-sky exploration potential, withthe current resource representing only a small portion of the identified targets to date

✓ Approximately 80% of the known soil anomalies have yet to be drilled out

2019 Resource Update Area

Cajueiro: Recent Trenching & Drilling Highlights

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T-1 T-2

T-4 T-5 T-6

T-7

T-8 T-9

T-10

T-11T-12 T-13 T-14 T-15

T-16

T-17

T-18 T-19

T-20

T-21

D-1D-2

D-3 D-4

T-3

Trenching Results

Drilling Results

Trench Grade (g/t)

T-3 6m 21.74incl. 3m 43.02

T-4 3m 6.54incl. 1m 17.54

6m 2.26T-5 3m 5.83T-6 9m 1.19

incl. 1m 5.62T-7 9m 1.84

1m 13.33T-8 7m 1.79

incl. 1m 7.23T-11 1m 4.00

1m 4.17T-12 7m 5.53

2m 8.30T-13 4m 8.42

incl. 1m 23.46T-14 29m 3.03

7m 5.42T-17 2m 4.70

incl. 1m 7.205m 5.31

incl. 1m 24.001m 18.90

T-18 1m 8.822m 5.03

3.6m 30.19incl. 1m 106.31

T-19 3m 2.99T-21 10m 0.85

Interval

Drill Hole Grade (g/t)

D-1 0.9m 3.161.5m 1.50

D-2 3.6m 4.131.4m 1.50

D-3 3.6m 3.061.0m 0.65

D-4 0.8m 1.60

Interval

Cajueiro: Strategic Partnership & Revenue Potential

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➢ In August of 2019, Altamira announced the signing of a binding agreement(1) with FMS Investimentos e Participacoes Ltda. (“FMS”) –an established Brazilian gold producer and strategic shareholder – to allow it to construct and operate a 1,000 tonne/day processingplant at Cajueiro for the purposes of small-scale gold production. The agreement provides several benefits for Altamira:

✓ Strengthens the existing strategic relationship between the company and FMS, a successful producer and in-country expert✓ Provides proof of concept, demonstrating the potential of the Cajueiro project to produce gold profitably✓ Enables Altamira to generate future cash flows without committing initial capital, reducing the need for dilutive financings

Key Agreement Details

• The agreement is a lease which allows FMS to exploit theweathered surface material over a defined area of ~600 ha;Altamira retains ownership of the underlying NI 43-101 resource

• FMS will be responsible for funding all the initial constructioncapital (expected to be ~US$2.4M) and ongoing operating costs

• Upon production, 70% of the net income will be allocated to payback construction capital; Altamira will be entitled to 15%

• Following payback, Altamira will earn 50% of net income

• Plant start-up is expected in mid-2020

(1) See press release dated August 8, 2019 (www.altamiragold.com/news)

About FMS

• Local Brazilian gold producer, 100% owner of two active open-pitmines in Mato Grosso State:

o Santa Clara: a 3,500 tpd mine currently producing ~1,750oz/month

o Salinas: a 10,000 tpd mine (recently expanded from 2,000 tpd)currently producing ~5,300 oz/month; US$40M invested

• Significant and supportive Altamira shareholder (9.8% ownership)

FMS’ Santa Clara mine hosts a newly-built and modern processing facility

FMS’ Salinas mine recently underwent an expansion to 10,000 tpd

Apiacás: A Highly Prospective Land Package

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➢ The Apiacás project is located due west of the Cajueiro project, and along the same trend

• Altamira holds a significant land package at Apiacás – with the February 2019 granting of an additional 42,000 hectaresbringing the total project area to over 80,000 hectares

➢ The property is known to be highly prospective, with historic placer mining having produced over 500 koz of gold

Mineralized granite outcrop at the Mutum target

CAJUEIRO

Gold-bearing disseminated pyrite mineralization at Mutum target

Apiacás: Multiple Untested Targets

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Gold-bearing disseminated pyrite mineralization at Mutum target

➢ The Apiacás land package is comprised of properties covering seven primary target areas

• None of these targets has ever been drilled out; trenching has returned values of over 5 g/t Au (up to a maximum of 118.7 g/t)

➢ Altamira’s near-term focus in on the Mutum target, which has shown widespread evidence of disseminated mineralization at surface

Apiacás: Mutum Target

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➢ The Mutum target area is characterized by widespread phyllic alteration and disseminated pyrite

• This surface alteration of granitic rocks extends over at least 4 square kilometers

➢ Mutum is estimated to have produced at least 90% of the estimated placer gold from the Apiacás district

➢ In June of 2019, Altarmira announced positive results from the initial surface rock sampling program

• Highlights included 12m @ 2.0 g/t Au in weathered rock with sections open in all directions, and rock grab sampling returnedgold values ranging from 0.5 – 96.6 g/t, with 75% of samples returning values greater than 0.5 g/t

Distribution of placer gold workings and inferred limit of pyrite alteration

Historic placer gold workingsGold-bearing disseminated pyrite mineralization at Mutum target

Santa Helena: Porphyry Copper Potential

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➢ The Santa Helena project is located in the south-eastern portion of the belt and covers an area of over 58,000 hectares

➢ This is Altamira’s closest project to the newly-discovered copper porphyry at Anglo American’s Jaca target

• This demonstrated the area’s potential to host other similar deposits, and kicked off a staking rush by major mining companies

➢ This high-potential group of properties has never been the subject of any previous drilling

Jaca Discovery (<100km

northeast)

Santa Helena: Promising Signs at Surface

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➢ Santa Helena is largely characterized by gold mineralization on surface, which Altamira believes may be related to a larger concealedcopper porphyry system

• The current sampling program suggests the presence of a mineralized system with copper and gold values along a distance of 6kilometers east-west; 49 surface samples recently collected from four areas at Santa Helena returned copper values rangingfrom 0 to 0.81%, and gold values ranging from 0 to 171.6 g/t

Outcropping stockwork mineralization at Santa Helena

Altamira: Unlocking Copper Upside

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➢ One of the primary means Altamira can use to unlock value and partiallymonetize the exciting copper potential at its properties, is to enter into JointVenture Agreements, or earn-in transactions, with one or more of the majormining companies looking for copper in the belt

➢ These structures can provide many significant benefits for Altamira:

✓ Cash compensation allows Altamira to free up valuable capital for otheractivities and reduces the need for additional dilution

✓ Leveraging Majors’ expertise and manpower; large-scale copperexploration is generally time-consuming and expensive, partnering witha larger company provides benefits otherwise unavailable

✓ Diversifying exploration risk and giving Altamira the ability to test moretargets all while remaining focused on high-priority gold properties

Anglo American’s Jaca discovery prompted a staking rush by majors

Examples of Recent Precedent Earn-In Transactions

TSX-V: LR

Precious & base metals exploration / development company with properties in

South America

September 2018➢ Anglo can earn into an initial

60% ownership of 3 ofLuminex’s concessions bymaking US$7.3M in cashpayments ($1.3M upon signing)and $50M in aggregate propertyinvestment over a 7-year period

July 2019➢ BHP can earn into an initial 51%

ownership of one of Luminex’sconcessions by making US$2.4Min cash payments ($0.3M uponsigning & property transfer) and$25M in aggregate propertyinvestment over a 4-year period

Commodity Markets Overview

Why Gold? – Global Macroeconomic Trends

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Global Sovereign Debt: Interest Rates (1)

70%

29% 1%

25%

27%

48%

Negative Rates Between 0 and 1% Greater than 1%

Outer Ring: Nominal Yields | Inner Ring: Real Yields

➢ There are several significant prevailing themes that have provided important tailwinds for global gold demand✓ A sustained low interest rate environment: A large portion of global sovereign debt now carries negative real interest rates;

the U.S. Federal Reserve cut their benchmark rate in July 2019 for the first time in 11 years, with several banks forecastingadditional cuts on the horizon. As a non-yield-bearing instrument, the comparative cost of holding gold versus stocks orbonds decreases in a low-rate environment, making it more appealing for investors as a store of value.

✓ Central bank buying and ETF inflows: Central banks have continued to prop up demand for gold, purchasing 224 tonnes inQ2 2019, bringing the total for the first half of the year to 374 tonnes – the largest net H1 increase in global reserves in the 19years of data available (World Gold Council). Holdings of gold-backed ETFs grew 67 tonnes in Q2 to a six-year high of 2,548 t.

✓ Geopolitical uncertainty and currency devaluation: Factors such as the ongoing trade war between the U.S. and China andits detrimental effect on the global economy, the upcoming U.S. elections, and currency devaluation, should increase demandfor “safe-haven” investments such as gold

Source: Bloomberg, World Gold Council(1) Data as at 30-Jun-19. Includes sovereign debt from Australia, Canada, Denmark, Eurozone (Investment Grade), Japan, Sweden, Switzerland, United Kingdom and United States. Real yields calculated using most recently available CPI inflation rate.

Sources of Gold Demand

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Jewellery Technology Investments: Bars & Coins

Investments: ETFs Central Banks

Why Gold? – The Most Transacted Commodity

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Source: BloombergNote: Aggregate figures based on Bloomberg-tracked transactions with values of >US$10M from 2000 to 2018; Energy metals include nickel, cobalt, lithium and vanadium

➢ In terms of both aggregate value and the number of transactions, gold leads the mining industry in mergers and acquisitions✓ The depth of the market and the amount of gold producers seeking to grow via acquisition provides Altamira with several

options for potential suitors, for both project-specific deals or a corporate-level transaction

➢ Altamira will also benefit from its exposure to copper, the second most transacted commodity

$193B(823)

$66B(201)

$51B(163)

$14B(54)

$10B(51)

$8B(35)

$7B(44)

$7B(82)

$7B(45)

$6B(52)

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Gold Copper Aluminum Uranium Platinum Zinc Aggregates Diamonds Silver Energy Metals

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Global M&A Transactions by Commodity (2000 - 2018)

Gold Price: More Upside to Come?

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(100%)

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Monthly Average Gold Price (Indexed to August 2000)

USD-Denominated Gold

BRL-Denominated Gold

Source: The Perth Mint, CanadianForex LimitedNote: Data as at 8-Aug-19

➢ Gold has recaptured investors’ attention, with recent prices in USD terms reaching levels not seen since early 2013

➢ Expressed in Brazilian Reais, prices continue to set new all-time highs; Altamira significantly benefits from BRL weakness

In BRL terms, gold prices have increased 1,084% since August 2000 (current: R$5,872/oz)

In USD terms, gold prices have increased 448% since August 2000 (current: US$1,505/oz)

Why Copper? – Compelling Market Dynamics

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Co

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Base Case Production In ConstructionProbable Projects Possible ProjectsPrimary Demand

Mined Copper: Forecasted Supply & Demand

~ 4.8 Mt in new annual supply from uncommitted projects will

be required by 2028

• Primary Demand: Required mine production, taking into account scrapconsumption and smelter recoveries

• Probable Projects: Backed by a full feasibility study, and a high priority fordeveloping company

• Possible Projects: Early-stage projects at scoping, PEA, or PFS stage

The global copper market is set to experience much tighter supply and demand fundamentals over the coming decade

➢ Following years of underinvestment by major producers due tolow copper prices and constrained balance sheets, there are notenough early-stage projects in the development pipeline tosatisfy the anticipated supply gap post-2020 (using conservativedemand assumptions)

• In addition, many of the largest development projectsare located in geopolitically risky jurisdictions (4 out ofthe top 8 in the Democratic Republic of the Congo),potentially compounding the strain on global supply

➢ On the demand side of the equation, there are several keyemerging global themes which will continue to boost the needfor copper, including: increasing global urbanization, electricvehicles, and renewable energy

• Wood Mackenzie forecasts that the global electricvehicle industry will require 250% more copper in 2030vs. 2019 for charging stations alone

➢ These market dynamics should support higher long-term copperprices and encourage investment in building out developmentpipelines

• Prime exploration ground such as Altamira’s currentland package should command a premium in the market

Source: Wood Mackenzie

www.altamiragold.comTSX-V: ALTA | FSE: T6UP | OTC Pink: EQTRF

Michael BennettPresident & CEO

+55 65 99983 0043mbennett@altamiragold.com

Alan CarterChairman

+1 778 386 0723acarter@altamiragold.com