#1COPPER NORTH MINING CORP. Transforming the Carmacks Cu-Au-Ag Project Yukon, Canada Doug Ramsey, President and CEO YUKON MINING ALLIANCE Nov 2019 TSX.V:COL#2COPPER NORTH MINING CORP. FORWARD LOOKING STATEMENTS This presentation includes certain forward-looking information or forward-looking statements for the purposes of applicable securities laws. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements to differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include, among others, the timeliness of regulatory approvals, the timing and success of future exploration and development activities, exploration and development risks, market prices, exploitation and exploration results, availability of capital and financing, general economic, market or business conditions, uninsured risks, regulatory changes, defects in title, availability of personnel, materials and equipment, unanticipated environmental impacts on operations and other exploration risks detailed herein and from time to time in the filings made by the Company with securities regulators. In making the forward-looking statements, the Company has applied several material assumptions including, but not limited to, the assumptions that the proposed exploration and development of the mineral projects will proceed as planned, market fundamentals will result in sustained metals and mineral prices, and any additional financing needed will be available on reasonable terms. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation. The current technical report entitled "JDS Energy & Mining. 2017. NI 43-101 Preliminary Economic Assessment Technical Report on the Carmacks Project, Yukon, Canada", posted on www.sedar.com on 9 February 2017 ("the 2017 PEA"), is preliminary in nature and there is no certainty that the PEA findings will be realized. The economic analysis in the 2017 PEA is based solely on measured and indicated mineral resources and does not include inferred mineral resources. Refer to the 2017 PEA for a discussion of the applicable qualifications and assumptions and the impact on the results of the previous studies on the Carmacks Project. National Instrument 43-101 Mr. Robert McKnight, P.Eng., Chairman of the Company, is the Qualified Person who has reviewed and approved the content herein, for compliance with National Instrument 43-101. TSX.V: COL Forward Looking Statements | 2#3COPPER NORTH MINING CORP. Focused on the Carmacks Project CARMACKS OXIDE Cu-Au-Ag PROJECT 100% owned Advanced-stage development asset SX/EW cathode copper and gold/silver doré production Positive 2017 PEA Located in mining-friendly Yukon, Canada Based on 7-year mine life Measured & Indicated Resource 11.98 Mt @ 1.07% Cu, 0.456 g/t Au and 4.58 g/t Ag 282 M lbs Contained Cu, 171,800 oz Au, and 1,705,800 oz Ag 2015 and 2017 Exploration Added 4.3 MT Measured and Indicated Resource A ASKA YUKON TERRITORY NORTHWEST TERRITORIES CARMACKS WHITEHORSE SKAGWAY FORT NELSON BRITISH COLUMBIA TSX.V: COL KITIMAT Focused on the Carmacks Project | 3#4COPPER NORTH MINING CORP. 15 min. delayed 0.035 + 0.0% 1M Copper North - Capital Structure 0.068 800k 600k 400k 200k 0 Aug Oct Dec Feb Apr 1d 1w 1m 3m 1y Зу 0 0.06 0.052 0.044 0.036 0.028 Jun Issued Options Warrants Fully Diluted Capital Structure (as at 31 Oct 2019) 85,900,413 4,214,000 10,049,241 100,163,644 Other, 33% S. Ahunai, 16% Management, 10% Close Associates, 20% J and H Coyne, 21% TSX.V: COL Capital Structure | 4#5▲ COPPER NORTH MINING CORP. Our Experienced Team Management - Directors - Advisors Doug Ramsey, M.Sc., R.P.Bio. - President, CEO, and Director Over 35 years experience in permitting, development, operations, and closure of base and precious metal mines. Previously, VP Sustainability and Environmental Affairs at Copper North (2012 to 2018). Rebecca Moriarty, CPA, CA - Chief Financial Officer A Chartered Professional Accountant with over 16 years of experience in the mining industry, and a B.Sc. (Geology) from Queens University. She previously spent 11 years at PricewaterhouseCoopers LLP. Robert McKnight, P.Eng. MBA - Chairman ➤ Currently Executive Vice-President of Nevada Copper Corp. He is a geological engineer, with over 30 years of experience in the resource business and a wealth of knowledge in project finance, mergers and acquisitions, feasibility studies and valuations. Sue Craig, P.Geo. - Director Over 25 years experience in BC and Yukon on projects ranging from exploration through operations to closure. Currently a Director of Yukon Energy Corporation. Former CEO and Director of Northern Freegold and Past-President of Yukon Chamber of Mines. Bill Koutsouras, CA, C.F.A - Director ➤ Currently the Principal of Kouts Capital, providing consulting advice to natural resource companies. Former Executive Vice President and Chief Financial Officer of Endeavour Financial Corporation, a mining focused merchant bank. Lorne Anderson, CA - Director An independent Financial Consultant to the minerals industry and has served on the Boards of several public companies. He formerly was the Chief Financial Officer and treasurer of Glamis Gold and a director of Tahoe Resources. Loy Chunpongtung, P.Eng. - Director A mining engineer with 25 years of experience in mine planning-scheduling, pit optimization, pit design, ore-grade control planning, and advanced geo-statistical modelling. Loy is the Surface Mining Society Peer Review Chair for the CIM Journal and is an Executive Officer of the CIM Surface Mining Society. Dr. Jack Milton - Senior Geology Advisor ➤ Jack has a unique understanding of the Carmacks Copper Belt and particularly our project site, having served as Project Geologist on our Carmacks exploration programs since 2014. TSX.V: COL Directors -Management-Advisors 5#6COPPER NORTH MINING CORP. Alaska (United States of America) Bear Creek JOE C Barwish Landin Derection TSX.V: COL Old Crew Ogline R Dawans Eagle Plains Peel, Men R Be vy Km Sarwert River Stewart Crewing Maye Siding Rer Haines Junction Camera Pelly Cressing Mell River Carcres He Northwest Ter John's Crossing Tel Goldcorp. (formerly Kaminak) Coffee Au (post-feasibility) Carmacks Project - Far from Remote In the heart of the Carmacks Copper Belt Western Copper and Gold Casino Cu-Au-Mo permitig Yukon River Teck Resources Bear Creek (exploration) A COPPER NORTH MINING CORP. Copper North's Carmacks Project YEC 138 kV Power grid YEC 25 kV Power grid YEC 34.5 kV Power grid (proposed) Highways and roads Mineral claims and leases (various colours) other development or exploration project Selkirk First Nation Traditional Territory 10 10 20 30 Km British Columbia (Canada) Wan Lake Capstone Mining Minto Cu-Au-Ag mine (in production) Pelly Crossing Klondike Highway Copper North Mining Corp. Little Salmon Carmacks Firs Nation Traditional Territory Northern Freegold Resources Nucleus, Revenue & Carmacks Project oxide Cu-Au-Ag (P.E.A.) Tinta Au-Cu-AgPZn) (advanced exploration Rockhaven Resource Klaza Au-Ag-(Pb-Zn) REA) Freegold Road Village of Carmacks Mt. Nansen Road Far from Remote |6#7COPPER NORTH TSX.V: COL MINING CORP. Carmacks Project Road Access Today Road Access Today | 7#8▲ COPPER NORTH MINING CORP. Transforming the Carmacks Project In the beginning (2011 for Copper North) ➤ When Copper North acquired the Carmacks property in 2011, the project was planned as a copper-only heap leach with a relatively short 7 year mine life In particular, the heap leaching plan ignored the precious metals in the resource - 0.456 g/t Au and 4.58 g/t Ag - the recovery of which has the potential to improve overall project economics if brought into the project ➤ The precious metals would not be recoverable if the resource was first leached for copper recovery By early 2014, it was clear to management that a different metallurgical process needed to be considered in order to bring the precious metals into the project plan. Our work since then has been directed to incorporating precious metal recovery in the process. TSX.V: COL Before the Transformation | 8#9▲ COPPER NORTH MINING CORP. Building value in the Carmacks Project by: Transforming the Carmacks Project ➤ Maximizing metal recovery from the mineral resource By including precious metals recovery along with copper recovery Resulting in a low-cost potential producer (after precious metal credits) ➤ Expanding the mineral resource through exploration Adding to our: ➤ Quality Deposit High-grade: oxide copper with significant recoverable gold and silver, plus: Early stage copper-gold-silver sulphide mineral resource ➤ Excellent Location Yukon, Canada: low political risk, stable tax regime (Yukon reduced corporate tax from 15% to 13% in April 2017) ■ Infrastructure: all weather road access, 11 km from the Yukon Energy grid Building Value TSX.V: COL Building Value 9#10COPPER NORTH MINING CORP. Maximizing Metal Recovery TSX.V: COL Carmacks Copper-Gold-Silver Project Building Value ➤ Oxide deposit grades 1.07% Cu, 0.45 g/t Au, and 4.5 g/t Ag (Zones, 1, 4, 7, and 7A) Historical plan was to heap leach and only recover copper ➤ Selected two-stage agitated tank leach process expected to efficiently recover copper by sulphuric acid leach and precious metals by cyanide leach JDS Energy and Mining. 2017. NI 43-101 Preliminary Economic Assessment Technical Report on the Carmacks Project, Yukon, Canada, filed on www.sedar.com on 9 February 2017. The 2017 PEA is preliminary in nature and there is no certainty that the PEA findings will be realized. ➤ Leached copper would be recovered by SX/EW to produce LME grade A copper cathode ➤ Leached gold and silver would be recovered by carbon-in-leach Near 100% recovery of acid-soluble copper and cyanide-leachable gold estimated from locked cycle testing Maximizing Metal Recovery | 10#11▲ COPPER NORTH MINING CORP. Carmacks Copper-Gold-Silver Project Building Value Engineering a Potential Low-cost Copper Producer ➤ Precious metals recovery adds to project value compared to copper recovery only. (2017 PEA) Result is a potential low-cost Cu producer after precious metals credits (estimated US$1.08/lb C1 cash cost; 2017 PEA) Engineered for Environmental Sustainability ➤ Barren tailings slurry treated for cyanide destruction ➤ Treated tailings filtered and placed in a dry stack tailings management area (Best Available Technology (BAT) for tailings management) ➤ Water recovery and re-use in the process plant is maximized; including water recovery through tailings filtration ➤ Oxide tailings and waste rock are not acid generating ➤ The net result - a project that minimizes water consumption and discharges to the natural environment that can be closed quickly and effectively. TSX.V: COL A Low-cost Producer 11#12▲ COPPER NORTH 00009 33000 B MINING CORP. Tailings Tailings loadout TSX.V: COL 114000 Ore stockpile filtration Reagent Refinery ADR grinding " O Carmacks Cu-Au-Ag Project Two-Stage Agitated Tank Leaching 27000 88000 pre-leach thickener CCD thickener #2 CCD thickener #3 00 Water tanks Neutralization tank Stock tanks g Jaw crusher Flocculant 053 E. room CN detox Gold CIL tanks Copper leach CCD thickener #1 CCD thickener #4 25 metres 002 Two-Stage Agitated Tank Leaching | 12#13COPPER NORTH TSX.V: COL MINING CORP. Carmacks Copper-Gold-Silver Project Planned Mine Site Layout Dry Stack TMA Waste Rock Open Pit Process Plant Camp Carmacks Site Plan 13#14COPPER NORTH MINING CORP. Carmacks Project Economics Annual Average Production Planned Mine Life CAPEX (includes sustaining capital, closure, and contingency) Gross Revenue LOM Net Operating Revenue LOM C1 Cash Cost Cu Productione Cu US$1.75/lb Au US$1,300/oz Ag US$17.50/oz 2017 PEA Sensitivityb 30M lbs Cu 19.5k oz Au 21.6k oz Ag 7 Years CAD$263M ($240M pre-prod) CAD$677M CAD$333M Cu US$2.50/lb Cu US$2.75/lb Au US$1,300/oz Ag US$17.50/oz 2017 PEA Au US$1,300/oz Cu US$3.25/lb Au US$1,300/oz Basea 30M lbs Cu 19.5k oz Au 21.6k oz Ag 7 Years CAD$263M ($240M pre-prod) CAD$913M CAD$382M Ag US$17.50/oz 2017 PEA Sensitivityd 30M lbs Cu 19.5k oz Au 21.6k oz Ag 7 Years CAD$263M ($240M pre-prod) CAD$981M CAD$450M US $1.08/lb US $1.08/lb US $1.08/lb CAD$(120)M/$(120)M (8)%/(8)% 20/20 years CAD$11.9M/($11.4M) 9.4%/6.6% 5.2/5.3 years Ag US$17.50/oz 2017 PEA Sensitivityc 30M lbs Cu 19.5k oz Au 21.6k oz Ag 7 Years CAD$263M ($240M pre-prod) CAD$1,118M CAD$587M US $1.08/lb CAD$144M/$75M 22.9%/16.9% 3.0/3.4 years NPV (Pre/Post Tax 8% discount) IRR (Pre/Post Tax 8% discount) Payback (Pre/Post Tax 8% discount) Notes to Table: CAD$56M/$18M 14.2%/10.2% 4.3/4.6 years The above estimates are forward-looking and demonstrate sensitivity to specific project assumptions. Source: JDS Energy and Mining. 9 February 2017. NI 43-101 Preliminary Economic Assessment Technical Report on the Carmacks Project, Yukon, Canada. Available at www.coppernorthmining.com and on www.sedar.com.The PEA is based only on the Measured + Indicated oxide mineral resources in Zones 1, 4, 7, and 7A. The PEA does not include any oxide resources from Zones 12, 13, and 2000S and does not include sulphide mineral resources. The 2017 PEA is preliminary in nature and there is no certainty that the PEA findings will be realized. a. d. PEA Base Case, b. Lower range of Cu price sensitivity analysis, c. Upper range of Cu price sensitivity analysis, d. Intermediate Cu price within range C1 cash cost of copper production net of precious metal credits. TSX.V: COL Estimated Project Economics | 14#15▲ COPPER NORTH MINING CORP. Carmacks Project Economics Summary of the Gold Benefit Adding Gold Recovery has potential economic benefits for the project (2017 PEA): ➤ C1 cash cost of copper production, after precious metal credits, estimated at US$1.08/lb (at US$1,300/oz Au) making the project a legitimate low-cost potential producer ➤ C1 cash cost changes by approximately US$0.03/lb for each US$50/oz change in the gold price, over the range of US$1,100/oz to US$1,500/oz examined in the study ■ at US$1,500/oz Au, the estimated C1 cost is US$0.95/lb Cu ■ at US$1,100/oz Au, the estimated C1 cost is US$1.20/lb Cu ➤ Project NPV also is influenced by the gold price, with each US$100/oz increase adding an estimated CAD$11.3M to project NPV, over the range from US$1,100/oz Au to US$1,500/oz Au TSX.V: COL Economically Resilient 15#16COPPER NORTH MINING CORP. Carmacks Copper-Gold-Silver Project Building Value Expanding the Mineral Resource Copper North resumed exploration of the Carmacks property in 2014, after a 6-year hiatus, and continued in 2015 and 2017 ➤ Focused on known oxide copper-gold mineralised targets along a 6 km long north/south trend ➤ Our initial objectives are, with a successful drilling program, to: add 3 to 4 years of oxide resource mine life (target of a 50% increase in M+I tonnes); and, further delineate the underlying sulphide mineralisation. TSX.V: COL Building Value - Exploration | 16#17TSX.V: COL Grade (CuEq) COPPER NORTH MINING CORP. Carmacks Exploration Potential The Right Neighbourhood for Copper Western Canada Project Copper Grades - 2018 0.8 0.6 0.4 0.2 0 1.8 1.6 1.4 1.2 1 2 Minto New Afton Kemess East Carmacks (oxide) Deep Kerr (KSM) Galore Creek Kemess (UG) KSM Red Chris Morrison Bell Copper Moly Gold Silver Prosperity Mt. Polley Berg Schaft Creek Western Copper Copper Mtn Hushamu Mt. Milligan Kwanika Woodjam Harper Creek Gibraltar Highland Valley Western Canada - Project Copper Grades 2018 17#18COPPER NORTH MINING CORP. Carmacks Exploration Exploration Focused on Known Mineralised Zones 12 13 2000S 14 2015 + 2017 Drilling 2017 PEA Basis Mineral zones Geophysical anomalies TSX.V: COL 6 km Building Value 2 2014 Trench/Drill Exploration Target Zones | 18#19COPPER NORTH TSX.V: COL MINING CORP. Oxide Zone Transition Zone with Native Copper Example Carmacks Drill Core Oxide Transition to Sulphide Copper Oxide Zone Sulphide Zone Carmacks Oxide and Sulphide Mineral Resource 19#20COPPER NORTH TSX.V: COL MINING CORP. Carmacks Exploration Near-Surface Mineralisation Near-Surface Mineralisation | 20#21▲ COPPER NORTH MINING CORP. 2015 Drilling Carmacks Project Expanding the Mineral Resource 3,271 m of infill and step-out diamond drilling in Zones 2000S, 12, and 13: Oxide Measured+Indicated resource tonnes increased by 31%; Sulphide Measured+Indicated resource tonnes increased by 85%; Combined oxide and sulphide mineral resource (M+I and Inferred) increased by 62%; Updated resource detailed in the 2017 PEA. 2017 Drilling 4,165 m of infill and step-out drilling in Zones 2000S, 12, and 13 Updated resource reported in April 9, 2018 News Release; New Oxide Measured + Indicated Mineral Resource in Zones 2000S, 12, and 13 increased 40% over the 2017 Mineral Resource Mineral resource added in 2015 and 2017 drill programs remains to be added to the economic analysis TSX.V: COL Carmacks Exploration Results 21#22▲ COPPER NORTH MINING CORP. 2017 Exploration - Filling in the Gaps North-South Longitudinal Section Showing Oblique 3-D View of Oxide, Sulphide, and Transition Mineralisation Zone 12 TSX.V: COL 2017 drillholes (red) 2.7 km strike length Carmacks Cu-Au-Ag Zone 7/7A Zone 1 Zone 2000S Zone 13 ⚫oxide sulphide oxide oxide sulphide Zone 4 sulphide Sulphide open at depth along entire strike length 2015-2017 Resource Expansion 2016 PEA Basis Resource Exploration 2017 Drill Targets | 22#23COPPER NORTH MINING CORP. Carmacks Project Oxide Mineral Resource Estimate (2018) Acid- Total Sulphide Au Ag Zones Class Tonnes soluble Mine Life Cu (%) Cu (%) (g/t) (g/t) Cu (%) ME+IN4 11,980,000 1.07 0.86 0.21 0.456 4.578 First 7 Years 1, 4, 7, 7A¹ Inferred5 90,000 0.73 0.53 0.20 0.128 1.809 ME+IN 4,304,000 0.47 0.34 0.13 0.12 1.92 (PEA)³ Potential 12, 13, 2000S2 Mine Life Inferred 389,000 0.34 0.27 0.07 0.12 1.65 Extension Total ME+IN Inferred 16,284,000 0.90 0.72 0.18 0.37 3.88 479,000 0.42 0.32 0.10 0.12 1.68 Notes: 1. 2. 3. 4. 5. Calculated using a cut-off grade of 0.25% total Cu. Calculated using a cut-off grade of 0.15% acid-soluble Cu. Includes NI 43-101 resource from 2017 PEA plus added resource announced in April 9, 2018 News Release PEA refers to the JDS Energy and Mining Inc. 2017. NI 43-101 Preliminary Economic Assessment Technical Report on the Carmacks Project, Yukon, Canada, filed on www.sedar.com on 9 February 2017. The PEA is based only on the Measured + Indicated oxide mineral resources in Zones 1, 4, 7, and 7A. The PEA does not include any oxide resources from Zones 12, 13, and 2000S and does not include sulphide mineral resources. The 2017 PEA is preliminary in nature and there is no certainty that the PEA findings will be realized. Inferred mineral resources - there is no certainty that definition drilling will convert the Inferred mineral resources into Measured or Indicated categories. TSX.V: COL Oxide Mineral Resource - 2018 23#24COPPER NORTH MINING CORP. Carmacks Project Sulphide Mineral Resource Estimate (2018) Sulphide Resource has potential for expansion and addition to future processing Acid- Resource Domain Total Sulphide Au Ag Zone Class Tonnes soluble Cu (%) Cu (%) (g/t) (g/t) Cu (%) ME+IN 4,340,000 0.75 0.03 0.72 0.22 2.33 1 Inferred 4,031,000 0.71 0.01 0.70 0.18 1.90 ME+IN 725,000 0.67 0.06 0.62 0.11 3.06 12 Inferred 154,000 0.44 0.04 0.40 0.07 1.40 ME+IN 2,803,000 0.59 0.08 0.52 0.13 1.88 Sulphide 13 Inferred 3,474,000 0.51 0.05 0.46 0.11 1.60 ME+IN 740,000 0.70 0.07 0.63 0.17 3.28 2000S Total Transition 13 Inferred ME+IN Inferred ME+IN Inferred 636,000 0.73 0.05 0.68 0.18 3.50 8,608,000 0.69 0.05 0.64 0.18 2.33 8,295,000 0.62 0.03 0.59 0.15 1.89 148,000 0.60 0.27 0.35 0.145 2.040 17,000 0.52 0.24 0.28 0.115 1.762 Mineral resource prepared by Dr. Gilles Arseneau, P.Geo., reported in JDS Energy and Mining Inc. 2017. NI 43-101 Preliminary Economic Assessment Technical Report on the Carmacks Project, Yukon, Canada, filed on www.sedar.com on 9 February 2017 with updated mineral resource for Zones, 2000S, 12, and 13 as reported in April 9, 2018 News Release. The estimate of Mineral Resources conforms to the Canadian Institute of Metallurgy (CIM) Mineral Resource and Mineral Reserve definitions referred to in the National Instrument (NI) 43-101, Standards of Disclosure for Mineral Projects. Investors are cautioned that additional drilling may not result in an increase in Mineral Resources from Inferred to Measured or Indicated Resources. TSX.V: COL Sulphide Mineral Resource - 2018 | 24#25COPPER NORTH MINING CORP. More to Explore – Bonanza King - Overview of the Carmacks Cu-Au-Ag and Bonanza King projects The Bonanza King claims have been added to the land package over the past few years these lands are highly - prospective, with mineralized showings. over a 5 km strike Site of small scale (hand tool mining) historical production ➤ Trend of two parallel NNW mineralized structures: Carmacks and Bonanza King. Approximately 6 km NW from our proposed Carmacks Cu-Au-Ag mine. ➤ Accessible along our planned powerline corridor. COPPER NORTH MINING CORP Carmacks Cu-Au-Ag Project Proposed Open Pits and SX-EW Plant Bonanza King Au Au-Cu Zones 1.4 and 7 Zones TSX.V: COL 410,000 12 & 13 Legend Bonanza King Property Copper North Carmacks Project Crown grants (acquisition in progress) 415.000 0 1 2 3 Kilometers Carmacks Project Zones | 25 6,915,000 6,920,000#26▲ COPPER NORTH MINING CORP. Carmacks/Bonanza King - Regional Geology 6,940,000 Regional Geology: ➤ Minto-Carmacks copper belt is host to Cu-Au- Ag deposits within deformed sections of large Late-Triassic to Early Jurassic granodiorite plutons. At the Minto Mine, ore is hosted in gneisses. along flat-lying structures within the granodiorite intrusions. ➤ Roof-pendants or rafts of meta-basalt. amphibolite host the majority of mineralization at Carmacks along a steeply dipping, NNW trending controlling structure. The protolith to the amphibolite rafts is believed to be the mid to late Triassic Povoas Fm., an equivalent to the Takla Gp or Nicola Gp in BC. ➤ The equivalent suite of Triassic-Jurassic rocks in BC host some of the most significant porphyry Au-Cu deposits in BC. TSX.V: COL 6.900,000 6,920,000 6,960,000 380,000 TOS UKC2 g5R1 TrEJM Minto pluton Minto Mine UKC1 UKC1 400,000 NSR1 420,000 COPPER NORTH MINING CORP. UDMM Bonanza King JKT LEJgb MJQB McGregor batholithi STU ΕΙΚΟΝ + LITEWYM Nucleus MgSR LTYEJgM Granite Mtn batholith K Mes ادارات آمان nikaw Frdegold plutorJyM LTTEJy Big Crock pluton Lir=JgM mkqW MgSR KN MKN KN Bow CK pluton LP Tinta Hill EJgl Granite Mountain batholith UKC mkgw LTE mkqw 0 Mg SR Nieling River pluton 380,000 400,000 Carmacks Copper Kilometers 420,000 Regional Geology |26 MJqB JL2 6,900,000 6,920,000 5,940,000 0000969#27TSX.V: COL ▲ COPPER NORTH MINING CORP. BONANZA KING - Geology Geology: prospective for greenstone-Au and Au-Cu veins The Bonanza King project is located along a major faulted contact between Triassic mafic volcanic rocks (green) and Late-Triassic to Early Jurassic granodiorite (orange). The area is located on a major tectonic break between the Stikinia and Quesnellia terranes. Conglomerates of the Tanglefoot fm. are present in the neighbouring Whitehorse Trough, indicating rapid Early to Mid Jurassic uplift and through-going crustal-scale faults that may have acted as a path-way for significant fluid-flow from deeper crustal levels. The mafic volcanic rocks (greenstones) are chemically reactive, and form a good rheological contrast to the granodiorites. High potential for vein gold, and gold-copper mineralization. Legend Bonanza King property Crown grants (acquisition in progress) Faults Inferred from outcrop and magnetics Geology Rock unit Tanglefoot fm. Laberge Group GMB Semenof fm. Granite Mountain Batholith (Quesnellia) Povoas fm. 410,000 0 1 2 3 Lewes River Group (Stikinia) Kilometers 415,000 Bonanza King Geology |27 6,920,000#28▲ COPPER NORTH MINING CORP. Mineralization: ➤ Gold-copper mineralization is found along or near the strike-slip fault contact between the volcanics and the granodiorite, in association with en-echelon quartz veining in sheared and fractured zones. Quartz veins up to ~2 metres wide have been discovered. Mineralization in wall- rocks has never been assessed. ➤ Bornite-chalcopyrite are the dominant sulphides with traces of tetrahedrite. Malachite is present but the depth and extent of oxidation of primary mineralization has not been assessed. Given the oxidation history of this part of the Yukon, deep oxidation has likely occurred and been preserved. TSX.V: COL BONANZA KING - Geology Bonanza King Geology |28#29▲ COPPER NORTH MINING CORP. BONANZA KING PROJECT - Geology Mineralization continued: ➤ Grades range from 0.3 to 5.5 g/t Au, and 0.4 to 2.3% Cu from a limited number of historic samples. ➤ Vein widths pinch and swell from stringers to over two metres, dip is 65 to 85° to the east. Airborne magnetics indicate a large-scale dilational, NNW-trending jog along the dextral NW-SE strike-slip fault. ➤ Locating dilational-jogs or 'blow-outs' may lead to the discovery of substantially thicker vein widths with the potential to be part of a significant system of mineralization. ➤ Mineralization has been reported from every claim along the faulted contact for ~5,000 metres. This structure has the potential to be a significant mineralized trend, similar to the structure that controls mineralization at Carmacks Copper. TSX.V: COL Bonanza King Geology |29#30▲ COPPER NORTH MINING CORP. BONANZA KING PROJECT - Geology Geology: Historic underground sampling of the quartz. veins in shafts and adits is limited to the six samples shown in the table to the right. ➤ A historic sample across the main outcrop gave 3.29% Cu over a width of 1.8 m - gold and silver assays are not recorded for this sample. ➤ The overburden across the property is Width (m) Au (g/t) Ag (g/t) Cu (%) 0.91 5.5 18.5 1.9 1.06 4.11 15.8 1.5 1.52 2.4 11.0 0.8 0.3 1.7 61.7 2.3 1.06 0.34 7.54 0.5 variable: everywhere it is covered by at least 25 cm of volcanic ash. Under this ash is a thin ancient soil up to 20 cm; under this is either bedrock on the ridge-tops or a thin veneer. (0.5 to 5 m) of tills and sands towards the valley bottom. 0.46 1.37 6.9 0.4 "it is quite possible, and even probable, that there is a considerable amount of ore in this locality which has not yet been discovered, since the surface is, in most places, covered with superficial deposits." - D. D. Cairnes, 1909, from Selected Field Reports of the Geological Survey of Canada, 1898 to 1933, Memoir 284, H. S. Bostock. TSX.V: COL Bonanza King Geology | 30#31▲ COPPER NORTH MINING CORP. BONANZA KING – Historic mine, early 1900s Production history: 13,860 lbs (6,280 kg) hand-cobbed ore at 6.09% Cu, 10.3 g/t Au, 65.4 g/t Ag. ~50 m of drifting and a ~10 m shaft from development work in 1917. SPSWAY 195 Adit Adit 2 Adit 1 Exploration history: Old-timers hand-dug trenches that were unable to penetrate the shallow overburden that covers much of the property. ➤ The property has never been explored with modern methods. TSX.V: COL Carmacks Geology | 31#32▲ COPPER NORTH MINING CORP. Value Added - So Far! Carmacks Cu-Au-Ag Project Progressive Transformation Re-engineered process – two-stage agitated tank leaching allows recovery of oxide copper and precious metals Improves estimated project economics compared to recovery of copper only 4-hour copper leach time estimated to improve cash-flow, compared to 200+ days for heap leaching ➤ Potentially a very low cost copper producer - Cash cost of copper production estimated at US$1.08/lb after precious metal credits ➤ Exploration to extend mine life, TSX.V: COL Increased Oxide M+I resource by 43% over pre-2015 resource • Increased resource not yet incorporated in economic analysis Known mineralised zones and geophysical anomalies remaining to be explored Increased Sulphide M+I resource by 85%, resource remains open at depth along strike Added the highly prospective Bonanza King claims Environmental Sustainability – integrated as a core design criterion - Green energy metal buyers want a sustainably produced metal source Progressive Transformation | 32#33▲ COPPER NORTH MINING CORP. Feasibility Engineering Carmacks Project Continuing to Build Value – Next Steps - Advance metallurgical process engineering to feasibility level (Q4 2019/Q1 2020), focusing on: reducing process plant capital costs (target 8% CAPEX reduction); and, optimizing the process to minimize reagent requirements (target 4% process cost reduction). Update costing on existing permitted project designs (mining and waste rock management, infrastructure) Environmental and Permitting Project is partially permitted with a Quartz Mining License (QML) for the previous heap leach plan - previous mine plan, waste rock management plan, access road upgrading designs in the PEA remain the same as those covered by the QML - further environmental assessment is required to incorporate the revised metallurgical plan and tailings management in an updated QML ➤ Submission of updated Project Description for YESAB review (H1 2020 submission with expected approval H1 2021). ➤ New Quartz Mining Licence to replace current QML (H1 2021). ➤ Type A Water Licence (following YESAB review; H1 2022). Financing Seeking a joint-venture partner for the Project ➤ Continued equity raises in pace with workplan - also will consider a small royalty Consider metal offtake opportunities for cathode copper. TSX.V: COL Project Financing - to be pursued on completion of Feasibility Study Carmacks Next Steps | 33#34COPPER NORTH MINING CORP. STRENGTHS TSX.V: COL Advanced Stage Carmacks Cu-Au-Ag Project Strengths + Opportunities = Investment Value As soon as 3.5 years to production (subject to feasibility study and a production decision) Partly permitted to construct Potential Low-cost Copper Producer Estimated C1 Cash Cost US$1.08/lb (after precious metal credits) Established Infrastructure Road accessible now 11 km to Yukon power grid (94% hydro power) Largely Unencumbered $900,000 advance royalty remains Canadian Dollar Exposure Revenue in $USD, Costs in $CAD Environmental Sustainability Primary power is renewable Cathode copper producer, no copper smelting required OPPORTUNITIES Positioned to take advantage of looming copper supply short-fall Poised for re-rating as de-risking continues Potential for further resource growth Located in the heart of the Carmacks Copper Belt Remaining untested mineralized zones on property North Gap zone Bonanza King zone Underlying sulphide resource remains open at depth along strike Increased mineral resource remains to be added to economic model! Investment Value | 34#35COPPER NORTH MINING CORP. Carmacks Cu-Au-Ag Project Join us in the Transformation! Suite 1120 1095 West Pender St. Vancouver, BC V6E 2M6 T: 604.398.3452 F: 604.398.3456 www.coppernorthmining.com [email protected] Nov 2019 TSX.V:COL