Bonterra Resources, Inc. · TSXV:BTR
Bonterra Resources — Investor Presentation (September 2022)
41 slides from Bonterra Resources's investor presentation, September 2022
Slide 1: Developing Québec's Next Gold Camp
Developing Québec’s NEXT GOLD CAMP Exploration and Development in the Urban-Barry Camp September TSX-V 2022 BTR | OTCQX BONXF | FSE 9BR2 1
Slide 2: Forward-Looking Statements
Forward-Looking Statements In this presentation, forward-looking information pertains to, among other things: the goals for 2022, current estimates and assumptions underlying the 2021 MRE and Barry open pit PEA, including that the Barry open pit PEA relates to the 2021 MRE; projected production; sen
Slide 3: Executive Summary
Executive Summary Over 3 Moz of total gold resources across all categories 1 Underexplored camp with over 10 M oz discovered to date 2 Only operational mill in the region Positive PEA on Barry open pit Valuation Drivers are in Valuation Discount Catalysts Motion Unwarranted Updated mineral resourc
Slide 4: CEO's Track Record
CEO’s Track Record ► Marc-Andre Pelletier joins with a strong track record as COO at Wesdome, where he led a team that increased production by ~110% driving a ~420% equity return from 2017 to 2021 Strong Returns to Shareholders Wesdome outperformed by ~420% from Wesdome GDXJ October 2017 to October
Slide 5: Location in the Abitibi Greenstone Belt
Location in the Abitibi Greenstone Belt ►Young and emerging camp, comparable to Val-d’Or 80 years ago BACHELOR PROPERTY 15,550 ha URBAN-BARRY PROPERTY 22,500 ha TSX-V BTR | OTCQX BONXF | FSE 9BR2 5
Slide 6: Strategic Land Position and Infrastructure
Strategic Land Position and Infrastructure ►Only operational mill in underexplored camp with over 10 M oz discovered to date 1 Bachelor Mill Complex BACHELOR PROPERTY 15,550 ha Bachelor-Moroy Project M&I 160 Koz Au @ 5.58 g/t Au* Inferred 104 Koz Au @ 5.31 g/t Au* * Combined MREs for Bachelor and Mo
Slide 7: Significant Existing Infrastructure
Significant Existing Infrastructure ► Fully operational 800 tpd mill on hydroelectric grid power being permitted for expansion to 1,800 tpd and an additional 8 million tonnes of tailings capacity ► Assay lab (~6,000 assays/month), three camps, two main roads and several core shacks Bachelor Mill Com
Slide 8: Timelines
Timelines 1 ► Barry open pit PFS expected by YE 2022 ► Two drill rigs turning at ~6,000 m/month to refine the underground resources at Barry ► Mill expansion permitting process underway with COMEX 2 with provincial permits thereafter – expected in H1 2023 Drilling/MREs Permitting/Economic Studies/De
Slide 9: Timelines (cont.)
Timelines (cont.) 1 ► Selective surface drilling at Gladiator and regional targets ► Technical/strategic review of Bachelor-Moroy complete – Transitioning to long-term care & maintenance Drilling/MREs Permitting/Economic Studies/Development Project 2022 2023 2024 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Slide 10: ESG Best Practices
ESG Best Practices ►Social and economic benefits made in a sustainable manner Economic Environmental Social Bonterra pays 100 employees and Taking every opportunity to reduce the Agreements in place with the CFNW and contractors annual wages totaling ~$5 environmental impact of our drilling an
Slide 11: Capital Structure
Capital Structure Enterprise value per resource Strong shareholders ounce of ~US$17 1 Capital Structure C$ Wexford 19.9% Issued & Outstanding Shares 126.2M MMCAP 8.8% Options 8.7M Agnico Eagle 7.3% (Weighted average exercise price of C$1.38) Fidelity 5.9% Warrants None Ruffer 4.6% Fully Diluted Shar
Slide 12: High Level Geology
HIGH LEVEL GEOLOGY TSX-V BTR | OTCQX BONXF | FSE 9BR2 12
Slide 13: Drill Rig Locations
Drill Rig Locations ►Two rigs drilling ~6,000 m/month focused on infill drilling at Barry underground ►Regional exploration target definition ongoing Legend Diamond Drill Location DDH Regional Target Areas 2022 Duke JV (70% BTR / 30%OSK) Lac Barry JV (85% BTR / 15%GZZ) TSX-V BTR | OTCQX BONXF | FSE
Slide 14: Regional Structures are Thought to be Key
Regional Structures are Thought to be Key ► Urban-Barry cross-regional corridors of structural decompression ► Regional structures are associated with deposits but also point to areas that need to be tested Panache Windfall Moss Quesnel Gladiator Barry TSX-V BTR | OTCQX BONXF | FSE 9BR2 14
Slide 15: Barry Project
BARRY PROJECT TSX-V BTR | OTCQX BONXF | FSE 9BR2 15
Slide 16: Barry Open Pit Re-start Overview
Barry Open Pit Re-start Overview Location Urban-Barry Camp, Quebec ESG Stage PEA Mineralization and waste rock is non-acid generating Type Open Pit (5.4:1 strip ratio) 35 new jobs created LOM Production Profile ~30 Koz per year @ AISC of US$1,065/oz Supported by local communities/stakeholders
Slide 17: PEA Highlights
PEA Highlights ►Positive PEA to be further refined by completing a pre-feasibility study (“PFS”) by Q4 2022 After-tax net present value (“NPV”) at a 5% discount rate of $48.3 million at US$1,600/oz gold, increasing to $94.0 million at US$1,900/oz gold (see slide titled PEA Sensitivity Analysis for
Slide 18: PEA Details
PEA Details ►Past-producer status and existing infrastructure significantly reduces LOM OPEX and CAPEX LOM Details LOM CAPEX (C$ millions) Description Unit Value Capital Cost Description Initial Sustaining Total Total Tonnes Mined Mt 2.0 Tailings Management Area 2.4 18.1 20.5 Average Diluted Gold Gr
Slide 19: PEA Sensitivity Analysis
PEA Sensitivity Analysis ►Robust economics at US$1,600 gold (base case) with significant upside at current prices Description Unit Sensitivity to Gold Price Gold Price US$/oz $1,200 $1,300 $1,400 $1,500 $1,600 $1,700 $1,800 $1,900 $2,000 Pre-tax NPV5% C$M -4 12 27 42 57 72 88 103 118 After-tax NPV5%
Slide 20: Bachelor Mill Complex
Bachelor Mill Complex ► A key strategic asset for Bonterra ► Annual savings of ~$3 million by placing the Bachelor-Moroy underground infrastructure on long-term care and maintenance Bachelor Mill • Only operational mill in the region • 800 tpd capacity • Well maintained, low capex to re-start • Bein
Slide 21: Barry – Planview
Barry – Planview ►Plunging with ramp, pit shell and mined out areas Mineralized Zones D AB 800 H 1000 550 Mined out and Decline TSX-V BTR | OTCQX BONXF | FSE 9BR2 21
Slide 22: Barry – Section
Barry – Section ►Looking southwest Mineralized Zones D AB 800 H 1000 550 TSX-V BTR | OTCQX BONXF | FSE 9BR2 22
Slide 23: Barry – Long Section
Barry – Long Section ►Plunging with pit limits and mined out areas ►Resources: 675 m deep, potential for a multi million ounces Au deposit PEA pit limits • 675 m deep deposit • 2,040 ounces per vertical-meter Mineralized Zones D AB 800 H 1000 550 Pits TSX-V BTR | OTCQX BONXF | FSE 9BR2 23
Slide 24: Barry – Long Section
Barry – Long Section ►Recent infill and expansion drill results confirming grade and resource growth potential MB-22-458 MB-22-434 MB-22-470 MB-21-409 MB-21-404 MB-21-417 1.8 g/t Au / 15.5m 1.8 g/t Au / 23.2m 1.0 g/t Au / 37.0m 7.1 g/t Au / 7.6 m 2.3 g/t Au / 9.0m 1.3 g/t Au / 12 m Incl. 11.2 g/t Au
Slide 25: Gladiator Project
GLADIATOR PROJECT TSX-V BTR | OTCQX BONXF | FSE 9BR2 25
Slide 26: Gladiator – Planview
Gladiator – Planview ►Topography, lake and shoreline Mineralized Zones MND MAIN NORTH SND SOUTH RIVAGE FW TSX-V BTR | OTCQX BONXF | FSE 9BR2 26
Slide 27: Gladiator – Section
Gladiator – Section ►Looking southwest Mineralized Zones MND MAIN NORTH SND SOUTH RIVAGE FW TSX-V BTR | OTCQX BONXF | FSE 9BR2 27
Slide 28: Gladiator – Long Section
Gladiator – Long Section ►Looking northeast Mineralized Zones MND MAIN NORTH SND SOUTH RIVAGE FW TSX-V BTR | OTCQX BONXF | FSE 9BR2 28
Slide 29: Gladiator – Resource Expansion
Gladiator – Resource Expansion TSX-V BTR | OTCQX BONXF | FSE 9BR2 29
Slide 30: Gladiator – Regional Targets
Gladiator – Regional Targets ►Airborne magnetics illustrate the potential of regional targets along strike ►Management plans on testing regional targets to follow up on historic results ►Other nodes of decompression within the corridor to be tested (similar to Gladiator) M&I 391,000 oz Au @ 8.61 g/t
Slide 31: Gladiator vs. Windfall Drilling Comparison
Gladiator vs. Windfall Drilling Comparison ► Drilling at Gladiator is only a fraction of what has been carried out at Windfall Bonterra Osisko Resources 1 Mining 2 Asset Gladiator Windfall Resource as of date Jun 2021 Aug 2022 Number of holes drilled* # 486 4,834 Drilling* metres 228,204 1,852,861 M
Slide 32: Bachelor-Moroy Project
BACHELOR-MOROY PROJECT TSX-V BTR | OTCQX BONXF | FSE 9BR2 32
Slide 33: Bachelor-Moroy – Long Section (Looking West)
Bachelor-Moroy – Long Section (Looking West) ► The decision has been made to place Bachelor-Moroy on long-term care and maintenance ► Selective drilling is planned at regional targets outside the resource area BACHELOR MINE MOROY PROJECT Recent Bulk Sample Mineralized Zones M1-Group M2 Group M4 M6 M
Slide 34: Bachelor-Moroy – MAG / TMI
Bachelor-Moroy – MAG / TMI ► Various regional target areas identified TSX-V BTR | OTCQX BONXF | FSE 9BR2 34
Slide 35: Bachelor-Moroy – Regional Targets
Bachelor-Moroy – Regional Targets ► Magnetic survey shows several regional targets that are expected to be followed up on ► Regional target proximity to the mill results in lower risk exploration strategy TSX-V BTR | OTCQX BONXF | FSE 9BR2 35
Slide 36: Presentation Summary
Presentation Summary CEO with a Successful Track Record of • Marc-Andre Pelletier was most recently the COO at Wesdome Gold Mines Ltd. where he was Building and Operating Gold Mines in the instrumental in the re-start of the Kiena Mine and contributed to the increase of production at the Abitibi Gre
Slide 37: Thank You!
Thank You! www.btrgold.com 37
Slide 38: Appendix – M&A Landscape
Appendix – M&A Landscape ►Not many high-grade single mine/project companies left in Canada ►Most have been acquired at premium valuations Source: Company reports and market data. Bonterra Claude Osisko Mining Wesdome Great Bear Pretium Battle North Barkerville Integra Gold Richmont Resources 1 Resou
Slide 39: Appendix – Management and Board
Appendix – Management and Board Marc-Andre Pelletier Cesar Gonzalez Johnny Oliveira President, CEO & Director Executive Chairman Chief Financial Officer Mr. Pelletier is a professional mining engineer with over 25 years of Mr. Gonzalez co-founded and serves as a consultant of Mr. Oliveira has 20 yea
Slide 40: Appendix – Mineral Resources
Appendix – Mineral Resources NI 43-101 Mineral Resource Estimate - June 2021 (see notes on last page) Tonnage Grade Contained Metal Category (000 t) (g/t Au) (000 oz Au) Gladiator Underground Measured - - - Indicated 1,413 8.61 391 Measured + Indicated 1,413 8.61 391 Inferred 4,174 7.37 989 Barry Op
Slide 41: Appendix – Mineral Resources Notes
Appendix – Mineral Resources Notes Model Parameters 1. CIM (2014) definitions were followed for Mineral Resources. 2. Bachelor and Moroy underground Mineral Resources are estimated at gold cut-off grades of 2.40 g/t or 3.0 g/t, domain dependent. Gladiator and Barry underground Mineral Resources are
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