#1Kun-Manie Nickel Sulphide Deposit Amur Minerals Proactive Investor Presentation November 2017 TH#2The information contained in this confidential document ("Presentation") has been prepared by Amur Minerals Corporation (the "Company"). It has not been fully verified and is subject to material updating, revision and further amendment. This Presentation does not constitute or form part of, and should not be construed as, an offer for sale or subscription of, or solicitation of any offer to purchase or subscribe for, any shares in the Company nor should it form the basis of, or be relied on in connection with any contract or commitment whatsoever. This Presentation has not been approved by any of the Company's professional advisers, nor by any authorised person pursuant to Section 21 of the Financial Services and Markets Act 2000 and therefore it is being delivered for information purposes only to a very limited number of persons and companies who are persons who have professional experience in matters relating to investments and who fall within the category of person set out in Article 19 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order") or are high net worth companies within the meaning set out in Article 49 of the Order or are otherwise permitted to receive it. Any other person who receives this Presentation should not rely or act upon it. By accepting this Presentation, the recipient represents and warrants that they are a person who falls within the above description of persons entitled to receive the Presentation. This Presentation is not to be disclosed to any other person or used for any other purpose. While the information contained herein has been prepared in good faith none of the Company nor any of its shareholders, directors, officers, agents, employees or professional advisers give, have given or have authority to give, any representations or warranties (express or implied) as to, or in relation to, the accuracy, reliability or completeness of the information in this Presentation, or any revision thereof, or of any other written or oral information made or to be made available to any interested party or its advisers (all such information being referred to as "Information") and liability therefore is expressly disclaimed. Accordingly, neither the Company nor any of its shareholders, directors, officers, agents, employees or advisers take any responsibility for, or will accept any liability whether direct or indirect, express or implied, contractual, tortious, statutory or otherwise, in respect of the accuracy or completeness of the Information or for any of the opinions contained herein or for any errors, omissions or misstatements or for any loss, howsoever arising, from the use of this Presentation. Neither the issue of this Presentation nor any part of its contents is to be taken as any form of commitment on the part of the Company to proceed with any transaction and the right is reserved to terminate any discussions or negotiations with any prospective investors. In no circumstances will the Company be responsible for any costs, losses or expenses incurred in connection with any appraisal or investigation of the Company. In furnishing this Presentation, the Company does not undertake or agree to any obligation to provide the recipient with access to any additional information or to update this Presentation or to correct any inaccuracies in, or omissions from, this Presentation which may become apparent. Certain forward looking statements may be contained in the presentation which include, without limitation, expectations regarding metal prices, estimates of production, operating expenditure, capital expenditure and projections regarding the completion of capital projects and pre feasibility studies as well as the financial position of the company. Although Amur believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to be accurate. Accordingly, results could differ from those projected as a result of, among other factors, changes in economic and market conditions, changes in the regulatory environment and other business and operational risks. Neither this Presentation nor any copy of it may be (a) taken or transmitted into Australia, Canada, Japan, the Republic of Ireland, South Africa or the United States of America, their territories or possessions; (b) distributed to any U.S. person (as defined in Regulation S under the United States Securities Act of 1933 (as amended)) or (c) distributed to any individual outside Australia, Canada, Japan, the Republic of Ireland or South Africa who is a resident thereof in any such case for the purpose of offer for sale or solicitation or invitation to buy or subscribe any securities or in the context where its distribution may be construed as such offer, solicitation or invitation, in any such case except in compliance with any applicable exemption. The distribution of this document in or to persons subject to other jurisdictions may be restricted by law and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. Any failure to comply with these restrictions may constitute a violation of the laws of the relevant jurisdiction. Amur Minerals 2#3333 SECTION 1 Overview#4Overview - The right project in the right location at the right time ✓ Amur is developing the Kun-Manie project, the largest undeveloped and drill proven nickel copper sulphide deposit in Asia with a growing Measured, Indicated and Inferred resource of 101MT @ 1% Nickel Equivalent ✓ Contained Nickel and Copper of 770KT of Nickel and 207Kt of Copper. In-situ resource value of c. US$10 billion at todays prices ✓ Located in the Far East of Russia, close to China's north east border, with ready access to key Nickel and Copper markets of China, Japan and Korea via Sea (Vladivostok) and Land (Rail) ✓ Nickel demand set to dramatically grow as Nickel is a non-substitutable and essential commodity for the Electric Vehicle (EV) battery market accounting for 80% of the raw materials in NCA batteries manufactured by Tesla ✓ Highly skilled management team with experience operating in Russia and the Far East ✓ On track to be one of the world's top-10 nickel producers by 2021 arriving in a period of chronic Nickel supply deficits Amur Minerals 4#5Company Board - Strong and experience Board with track record in Russial Robert Schafer Non-Executive Chairman Mr. Schafer has nearly 40 years of experience in the mineral industry. Founder and Managing Director of Eagle Mines Management, a globally active private natural resources corporation. Robin Young Chief Executive Officer Mr. Young is a geological engineer who has worked extensively in the CIS since 1991. He has 39 years of experience including large scale projects in remote areas as well as significant work with junior mining companies. Brian Savage Non-Executive Director Mr. Savage has more than 35 years of experience in all aspects of the mining industry. Currently Chairman of Sage Management LLC, privately held company he founded to advise and invest in natural resource projects and companies. a Paul Gazzard Non-Executive Director Mr. Gazzard, who has acted as an external adviser to Amur for four years, has over 10 years of experience working across large institutions in the City of London in his role as a Fund Manager. Ljupco Naumovski Non-Executive Director Mr. Naumovski has more than three decades of experience working in Russia, most recently as Vice President and General Director of the Moscow office for Kinross Gold Corporation, the largest Canadian investor in Russia. Amur Minerals 5#6333 SECTION 2 Nickel market#7Amur Minerals " ■ Nickel Market Status - Supply Deficits To Persist Nickel market has entered a sustained period of deficits from years of Market registers fifth straight quarter of deficit in Q1 2017 Market balance '000 tonnes LME 3-month $/t 80 30,000 under investment in new mines due to years of falling prices Nickel price unsustainable as at current spot prices with almost half of the nickel mining industry losing money Industry living off drawdown of inventory which is dampening price recovery in the immediate term but which can not last Around half of the industry losing money at $10,000/t Business costs $/tonne, 2017 60 40 20 HIL 25,000 20,000 15,000 0 10,000 -20 -40 Balance ⚫LME 3-month 5,000 -60 0 1Q2011 2Q2011 3Q2011 4Q2011 1Q2012 2Q2012 3Q2012 4Q2012 1Q2013 2Q2013 3Q2013 4Q2013 1Q2014 2Q2014 3Q2014 4Q2014 1Q2015 2Q2015 3Q2015 4Q2015 1Q2016 2Q2016 3Q2016 4Q2016 1Q2017 20,000 18,000 16,000 NiS Hydro FeNi NPI Price Line 10000 $/t Ni 14,000 12,000 10,000 L 8,000 6,000 4,000 2,000 0 0 500 1,000 1,500 2,000 Cumulative nickel production '000 tonnes Data: CRU Reported and unreported stocks fall further into 2017 Change in stocks '000 tonnes -40 582° 27 0 -20 1Q2013 2Q2013 3Q2013 4Q2013 1Q2014 2Q2014 3Q2014 4Q2014 1Q2015 2Q2015 Data: CRU 3Q2015 4Q2015 1Q2016 2Q2016 3Q2016 4Q2016 Unreported ■Reported 1Q2017 7#8The Prospect for Nickel - A (EV) Demand Driven Market ☐ Pollution concerns and environmental benefits are fuelling a dramatic rise in mass Electric Vehicle (EV) adoption globally Lithium, Cobalt and Graphite prices have spiked on their role in EV but the role of Nickel in EV battery Cathodes has so far not been discussed All current and in development EV batteries will have significant quantities of Nickel making up to between 20-52% of the battery raw material The next generation of batteries expected to use more nickel due to its energy density "We think that electric vehicles could offer a renaissance for the nickel market... EV battery manufacture could drive a massive +10-40% of incremental nickel demand by 2025e" - UBS July 2017 "Nickel prices to benefit the most from electric vehicles" BAML Oct 2017 The main beneficiaries of mass EV adoptions in the base metals space are nickel and copper" - Goldman Sachs Oct 2017 Nickel demand with vehicles using only NMC (1:1:1) batteries Nickel demand with vehicles using only NMC (8:1:1) batteries 2,000 2,000 1,800 '000 tonnes 1,800 000 tonnes 1,600 1,600 1,400 1,400 1,200 1,200 1,000 1,000 World ex-China China 800 800 600 600 ■World ex-China China 400 400 200 200 0 0 2015 2016 2017E 2018E 2019E 2020E 2025E 2030E 2015 2016 2017E 2018E 2019E 2020E 2025E 2030E Source: BofA Merrill Lynch Global Research Source: BofA Merrill Lynch Global Research Amur Minerals "Given OEM testing and certification processes we believe that there will be no alternative to NMC at least within the next 10 years" - UBS July 2017 8#9Nickel Supply - Not All Nickel Deposits Are Created Equal ☐ ☐ ☐ Battery makers require high purity Nickel to create the sulphates used in the manufacturing of EV battery cathodes Ferro-Nickel production from Saporite (lateritic) deposits are not suitable for battery grade Nickel, although they account for almost 50% of all current production Nickel sulphide deposits are the best source of battery grade Nickel however they only account for c. 40% of global production (c. 800K of world production in 2016) To meet the projected demand production from Sulphide deposits would have to at least double over the next 7 years, an unprecedented feat and counter to current trends All current and in development EV batteries will have significant quantities of Nickel making up to between 20-52% of the battery raw material The next generation of batteries expected to use more nickel due to its energy density "Only 50% of world nickel mine production is potentially suitable to become a battery product" UBS July 2017 "Kurt Kelty, Tesla's former battery Director...estimated that there may not be sufficient nickel available at EV penetrations between 10-15% by 2025" - BAML Oct 2017 "Assuming that NMC battery technology will end half-way between 1:1:1/8:1:1 batteries and Tesla will continue to use NCA storage solutions, we believe the nickel market is on track to switch into sustained deficits, which could increase to 717kt by 2025, if investment into nickel production is not fostered in the coming years" - BAML Oct 2017 Amur Minerals ¹UBS July 2017 2Cru market study 2017 9#10Nickel Forecast - The Only Way Is Up ■ Nickel demand and falling supply set to drive a deep and long term deficit Price of Nickel must rise to spur supply to match new demand driven by EV market Analyst Forecast: Nickel (US$/lb)* Date Firm 2017 2018 2019 2020 LT 28-Sep-17 CIBC $4.65 $5.00 $5.50 $6.00 $6.68 25-Sep-17 Deutsche Bank $4.45 $4.65 $5.22 $5.96 $7.49 22-Sep-17 UBS $4.35 $5.25 $6.25 $7.50 $7.90 21-Sep-17 JP Morgan $4.35 $3.86 $4.54 $8.16 21-Sep-17 Credit Suisse $4.71 $5.25 $5.50 $5.75 $6.70 20-Sep-17 Barclays $4.54 $4.69 $4.99 $6.50 Potential for a "Sulphide" premium 19-Sep-17 RBC $4.24 $4.50 $5.00 $6.00 $8.00 18-Sep-17 BMO $4.27 $4.50 $5.00 $6.00 $7.00 to spot price for Nickel product 18-Sep-17 Morgan Stanley $4.51 $4.88 $4.93 $5.93 derived from sulphide deposits 18-Sep-17 Jefferies $4.63 $5.22 $5.44 $5.90 $5.90 18-Sep-17 Raymond James $4.56 $4.68 $5.33 $6.33 17-Sep-17 National Bank $4.36 $5.00 $6.00 $6.50 $7.50 which are the only tangible source of 15-Sep-17 Macquarie $4.51 $4.82 $5.22 $5.44 $5.90 15-Sep-17 Scotia $4.40 $5.00 $5.50 $6.00 supply to the EV battery 11-Sep-17 Societe Generale $5.11 $5.44 $5.90 $6.35 manufacturers 08-Sep-17 Eight Capital $4.56 $5.25 $6.35 $7.00 07-Sep-17 Canaccord $4.65 $4.65 $5.00 $5.50 $7.00 06-Sep-17 Haywood $4.50 $6.00 $6.50 $7.50 $7.50 All analysts forecast Nickel price will rise 01-Sep-17 HSBC $4.57 $4.99 $5.07 $7.48 09-Aug-17 GMP Securities $5.71 $8.00 $8.00 $8.00 $8.00 09-Aug-17 TD $4.40 $4.75 $5.00 $6.50 $7.50 11-Jul-17 Investec $4.35 $4.48 $5.25 $6.00 $6.99 Average $4.56 $5.04 $5.52 $6.32 $7.19 As reported by CIBC September 29 2017 Amur Minerals 10#11333 SECTION 3 Kun-Manie#12Kun-Manie Project - A Globally Significant Nickel Sulphide Project Ni Sulphide projects with >20KTp.a. likely to come into production over the next 5 years GIGAMETALS CORPORATION WELLGREEN PLATINUM Capacity = 5,000Tpa WWATERTON RNC MINERALS Amur Minerals NICKELMOUNTAIN FIRST QUANTUM MINERALS LTD. ● Grade = 0.10% Ni 001. uru metals NORNICKEL :80 bhpbilliton Kun-Manie Project one of the highest grade, undeveloped Nickel sulphide deposits globally capable of supplying significant quantities on a yearly basis Only Ni Sulphide asset of any significance in Asia Limited number of global projects scheduled to come into production as to meet forecast Nickel demand making Kun-Manie an essential asset to develop Source: Cru market research and company data Amur Minerals 12#13Kun-Manie Project - Strategically Placed to Feed Major Markets Amur Minerals ST PETERSBURG EUROPE NORNICKEL ROAD TRANSPORT RAIL CARRIAGE SEA FREIGHT NORNICKEL AMUR MAINLINE KUN-MANIE PROJECT AMUR MINERALS Kun-Manie Project close to major Nickel markets Direct access to China through existing rail infrastructure Proximity to Vladivostok port VLADIVOSTOK CHINA SOUTH KOREA JAPAN allows shipment of product to Japan and South Korea, both large users of Nickel products ■ Opportunity to deliver into Europe via rail to St Petersburg 13#14Kun-Manie Project - Located In An Established Mining Area Sakha Republic Chita Province Amur Minerals KUN-MANIE AMUR MINERALS PIONEER & POKROVSKIY PETROPAVLOVSK MALOMIR PETROPAVLOVSK ALBYN PETROPAVLOVSK China GARINSKOYE IRC-EXPLORATION PROJECT ROAD- REFURBISHMENT ROAD- REQUIRES CONSTRUCTION RAILWAY Khabarovsk Amur region is home to London listed Petropavlovsk's gold operations with 4 mines close to the Project The Kun-Manie Project will benefit from established road and rail infrastructure with direct routes to China and internally through Russia via the Baikal-Amur rail line Amur region is well known to commodity traders and has established logistics routes 14#15Kun-Manie Project - Asia's Largest Undeveloped Nickel Copper Sulphide Deposit Significant Nickel resource capable of providing over 40KT of Nickel to the EV market for more than 13 years ■ Ore Ni Cu Co Pt Pd Eq Ni Ni Cu Co Resource Classification Mt % % % g/t g/t (%) Eq Ni (1000's) (1000's) (1000's) (t) (t) (1000's) Pt Pd " Measured 10.7 0.7 0.2 0.01 0.2 0.3 0.95 72 19 1.2 2.3 2.7 101.7 Indicated 70.5 0.8 0.2 0.02 0.2 0.2 1.04 542 148 10.7 11 12 734.6 M+I 81.2 0.8 0.2 0.02 0.2 0.2 1.03 614 167 11.9 13 15 836.3 Inferred 20.1 0.8 0.2 0.02 0.2 0.2 1.05 156 40 3.3 3.3 3.3 210.6 TOTAL 101 0.8 0.2 0.02 0.2 0.2 1.03 770 207 15.2 17 18 1,044.50 Deposit open along strike and at depth providing potential for additional resources through further targeted drilling to create a multi decade mine ◉ Kun-Manie Project the largest Nickel Sulphide deposit in Asia, ideally situated for emerging markets EV demand One of the highest Nickel Sulphide grades globally with Ni Equivalent grade of 1.07% Significant resource of 101Mt capable of producing up to 40Kt of Nickel p.a. Significant potential to increase resource Amur Minerals 15.#16Kun-Manie Project - Significant Exploration Potential Identified 2017 Mineral Ore Ni Cu Eq Ni Ni Cu Resource Estimate Mt % % (%) (1000's) (1000's) Maly Kurumkon / Flangovy Focus of 2017 drilling campaign expected to lead to significant upgrade of mineral resources at Ikenskoye / Sobolevsky and Kubuk Measured Indicated M+I Inferred MKF TOTAL 57.5 0.77 0.22 1.05 57.5 0.77 0.22 1.05 3.4 60.9 445 445 124 124 0.80 0.22 1.06 27 7 Gorny 0.78 0.22 1.05 Ikenskoye / Sobolevsky 472 131 Measured Indicated 10.1 0.66 0.18 0.94 6.3 0.61 0.14 67 18 0.87 39 9 M+I 16.4 0.65 0.17 0.91 106 27 Inferred IKEN TOTAL 4.7 21.1 0.84 0.20 1.14 0.69 0.17 0.96 40 9 Tkeskoe/Sobolevsky Vodorazdelny 146 36 Kubuk Maly Kurumkon/Flangovy Measured Indicated 3.6 0.87 0.21 1.17 31 8 M+I Inferred 3.6 0.87 0.21 1.17 31 8 10.9 0.74 0.20 1 81 22 KUB TOTAL 14.5 0.77 0.20 1.04 112 30 Vodorazdelny Measured Indicated M+I Inferred 3.8 1 VOD TOTAL 4.8 0.6 0.74 0.22 1.16 3.2 0.85 0.21 1.13 0.85 0.21 0.81 0.22 0.83 0.21 1.12 5 27 1.13 32 1.07 8 40 17829 10 Amur Minerals Mining Licence Area Kubuk Focus of 2017 drill campaign Significant exploration potential to extend Maly Kurumkon / Flangovy deposit Drilled Area Exploration Potential 16#17Kun-Manie Project - Moving Towards Development 2023-FULL PRODUCTION Amur Minerals START OF RAMP-UP 2021 CONSTRUCTION START 2020 2020-DEVELOPMENT DETAILED ENGINEERING 2022 METALLURGICAL WORK • INFRASTRUCTURE & ENVIRONMENTAL WORK ⚫ DEFINITIVE FEASIBILITY STUDY AMUR MINERALS KUN-MANIE PROJECT PERMITTED UNTIL 2035 DRILLING RESULTS MIGI 2007 Ni-341,000tn, Cu- 95,500tn 2008 2009 2010 2011 2012 Ni-650,600tn, Cu- 178,400tn 2013 2014 2015 2016 2017 Ni-769,000tn, Cu- 206,000tn, Co-15,000tn FUTURE PRE-FEASIBILITY STUDY Currently being finalised. Outotec & RPM engaged C1 Cash Cost expected to be Lower 2nd Quartile (Cost to rail siding $1.78/lb, calculated by RPM). Concentrate or matte being assessed. 17#18Kun-Manie Project - Project De-Risking to Drive Further Value Project optimization Revised Pre-Feasibility Study due shortly Bankable Feasibility Study in 2019 Offtake Conversations to begin in early 2018 with industry players Amur to target EV battery manufacturers and Nickel supply chain participants Financing Discussions underway with international lenders Significant appetite to provide project finance debt for construction of Kun-Manie Project Production Production scheduled to come online during rising demand for Nickel sulphide product Amur Minerals 18#19The Case for Kun-Manie SIZE LOCATION U COMMODITY SUPPORT TIMING The largest proven nickel sulphide deposit in Asia Long mine life of 13 years with potential to grow resource Ideally positioned to supply China, Korea and Japan the biggest consumers of nickel Nickel to be the major component of EV batteries for many years Nickel price set to rise in line with rising EV demand No substitution for Nickel in EV battery technology Strong management and Board with experience in project development in Russia Government support for the project and associated infrastructure In development and moving towards BFS Production scheduled to start at the beginning of a sustained Nickel supply requirement Amur Minerals 19#20333 SECTION 4 Appendix#21Share Price Data Exchange Ticker Share Price* 52 Week H/L Market Cap* Shares in Issue AIM AMC 7.00p £ 44.41M 631,345,459 Nov Dec 2016 15.25p/5.75p Share price from November 2016 to November 2017 Jan Feb Mar Apr Nomad/Broker SP Angel 16.00 14.00 12.00 10.00 -8.00 7.00 -6.00 Key Shareholders* BARCLAYSHARE NOMINEES LIMITED 9.20% HARGREAVES LANSDOWN (NOMINEES) 15.46% HSBC CLIENT HOLDINGS NOMINEE (UK) 5.11% HSDL NOMINEES LIMITED 10.86% INVESTOR NOMINEES LIMITED 9.69% NORTRUST NOMINEES LIMITED 3.27% LAWSHARE NOMINEES LIMITED 3.43% TD DIRECT INVESTING NOMINEES 16.66% VIDACOS NOMINEES LIMITED 2.95% WEALTH NOMINEES LIMITED 4.04% Directors Executives 0.49% May Jun 2017 Jul Aug Sep Oct Nov Copyright© 2017 Bloomberg Finance L.P. 27-Nov-2017 16:04:43 AMC LN Equity (Amur Minerals Corp) Daily 28NOV2016-27NOV2017 * As of 27 November 2017 Amur Minerals Other Shareholders 18.84% 21#22Contact Us Amur Minerals Corporation 14 Gaidar Street, Office 9 Khabarovsk 680063 Russia www.amurminerals.com Media Relations Yellow Jersey 1st Floor, 30 Stamford Street London SE1 9LQ [email protected] Amur Minerals