Bonterra Resources, Inc. · TSXV:BTR
Bonterra Resources — Investor Presentation (September 2023)
40 slides from Bonterra Resources's investor presentation, September 2023
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 2023 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 2023, 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 Moz discovered to date 2 Senior gold producer validation with C$1.2 billion JV investment on neighboring project 3 Past producer with only operational mill in the region Valuation Discount Ad
Slide 4: Validation of the Urban-Barry Camp
Validation of the Urban-Barry Camp ► On May 2, 2023, Osisko Mining announced a 50/50 JV with Gold Fields on the Windfall gold project for a total of C$1.2 billion 1 ►Highlights of the JV are as follows: • Initial cash payment to Osisko Mining of C$300 million on signing (signed May 2, 2023) • Deferr
Slide 5: Validation of the Urban-Barry Camp
Validation of the Urban-Barry Camp ►“We are very pleased to be partnering with Osisko to bring the high-quality Windfall Project into production and believe that this will be the first mine of several in this partnership in a highly prospective region.” – Martin Preece (Gold Fields interim CEO) 1. F
Slide 6: 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 7: 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 7
Slide 8: 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 9: 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 10: ESG Best Practices
ESG Best Practices ►Social and economic benefits made in a sustainable manner Economic Environmental Social Bonterra pays 50 employees and Taking every opportunity to reduce the Agreements in place with the CFNW and contractors with annual wages totaling environmental impact of our drilling an
Slide 11: Capital Structure
Capital Structure EV/oz of ~US$6 1 Strong shareholders Capital Structure C$ Wexford 19.9% Issued & Outstanding Shares 126.2M Options 9.9M Agnico Eagle 7.3% (Weighted average exercise price of C$1.15) Warrants None Fidelity 5.9% Fully Diluted Shares 135.3M (C$11.5M in proceeds if all outstanding opti
Slide 12: High Level Geology
HIGH LEVEL GEOLOGY TSX-V BTR | OTCQX BONXF | FSE 9BR2 12
Slide 13: Urban-Barry – Drill Rig Locations
Urban-Bary – Drill Rig Locations ►Three rigs (two at Urban-Barry and one at Bachelor) drilling ~13,000 m of regional exploration and resource expansion targets through year end Bart Target • MB-13-01: 237 g/t Au over 0.6 m • 9097-10: 74.3 g/t Au over 1.4 m, including 114.9 g/t Au over 0.9 m Moss Tar
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: Bachelor-Moroy – Drill Rig Location
Bachelor-Moroy – Drill Rig Location ►Drilling focused on previously untested targets close to the Bachelor Mill Complex Opawica- Guercheville Legend Diamond Drill Location Nelligan JV (70% BTR / 30% O3) Exploration Target TSX-V BTR | OTCQX BONXF | FSE 9BR2 15
Slide 16: Bachelor-Moroy – Opawica-Guercheville Corridor
Bachelor-Moroy – Opawica-Guercheville Corridor ► Regional corridor crossing the Desmaraiville property remains under explored Lac Shortt Mine Cogniagas Mine Bachelor Mine Joe Mann Mine Legend Gold showings, Deposit, Mines Legend Zinc-Copper showings, Deposit, Mines TSX-V BTR | OTCQX BONXF | FSE 9BR2
Slide 17: A New Emerging Gold Camp in Quebec
A New Emerging Gold Camp in Quebec ► Looking at analogs of other deposits in the Abitibi Greenstone Belt demonstrates high potential for deep expansion at both Gladiator and Barry deposits Red Lake Mines1 La Ronde Complex1 Macassa Mine1 Windfall1 Gladiator Barry Hist. Production: 23.6 Moz Hist. Prod
Slide 18: Drilling Matters
Drilling Matters ► Osisko Mining has proven that the more you drill the more you find in the Urban-Barry Camp • A combined total of 503,928 m has been drilled at both Barry and Gladiator to date • Only 385,128 m was incorporate into the 2021 MREs • A breakdown of drilling Post MREs is as follows: •
Slide 19: Barry Project
BARRY PROJECT TSX-V BTR | OTCQX BONXF | FSE 9BR2 19
Slide 20: 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 20
Slide 21: Barry – Section
Barry – Section ►Looking southwest Mineralized Zones D AB 800 H 1000 550 TSX-V BTR | OTCQX BONXF | FSE 9BR2 21
Slide 22: 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 22
Slide 23: Barry – Open in All Directions
Barry – Open in All Directions ►Recent drilling has identified mineralization at depth, particularly to the SE Plan View MB-22-420 D D MB-23-599 Y Y 5.0 g/t Au over 7.2 m 12.1 g/t Au over 6.1 m D K K Incl. 73.5 g/t Au over 0.5 Y E E Incl. 23.0 g/t Au over 0.7 m K m E And Incl. 16.2 g/t Au over 0.6 A
Slide 24: Gladiator Project
GLADIATOR PROJECT TSX-V BTR | OTCQX BONXF | FSE 9BR2 24
Slide 25: Gladiator – Planview
Gladiator – Planview ►Topography, lake, shoreline and proposed exploration ramp and portal Portal Mineralized Zones MND MAIN NORTH SND SOUTH RIVAGE FW TSX-V BTR | OTCQX BONXF | FSE 9BR2 25
Slide 26: Gladiator – Section
Gladiator – Section ►Looking southwest Mineralized Zones MND MAIN NORTH SND SOUTH RIVAGE FW TSX-V BTR | OTCQX BONXF | FSE 9BR2 26
Slide 27: Gladiator – Long Section
Gladiator – Long Section ►Looking northeast Mineralized Zones MND MAIN NORTH SND SOUTH RIVAGE FW TSX-V BTR | OTCQX BONXF | FSE 9BR2 27
Slide 28: Gladiator – High Potential for Deep Expansion
Gladiator – High Potential for Deep Expansion Plan View 4 km Coliseum Gladiator Deposit Titan BA-18-116 BRS-17-11 CL-17-31 12.4 g/t Au over 5.3m 23.2 g/t Au over 1.0m 5.5 g/t Au over 3.0 BA-21-53A 18.6 g/t Au over 0.5m BA-21-60 28.1 g/t Au over 2.9m Including 162 g/t Au over 0.5m BA-22-01 69.5 g/t A
Slide 29: 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) COLISEUM TARGET M&I 391,000
Slide 30: 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 31: Bachelor-Moroy Project
BACHELOR-MOROY PROJECT TSX-V BTR | OTCQX BONXF | FSE 9BR2 31
Slide 32: 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 33: Bachelor-Moroy Remains Underexplored
Bachelor-Moroy Remains Underexplored ► East side of the intrusive to be explore for similar mineralization on the West side O’Brien Intrusive Plan View TSX-V BTR | OTCQX BONXF | FSE 9BR2 33
Slide 34: Presentation Summary
Presentation Summary • EV/oz of ~US$6/oz 1, a discount to peers Compelling Valuation • One of few Canadian, advanced exploration, high-grade underground gold companies left CEO with a Successful Track Record of • Marc-Andre Pelletier was most recently the COO at Wesdome Gold Mines Ltd. where he was
Slide 35: Thank You!
Thank You! www.btrgold.com 35
Slide 36: Appendix – Bachelor Mill Complex
Appendix – 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-s
Slide 37: 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 2 Wesdome Great Bear Pretium Battle North Barkerville Integra Gold Richmont Resources 1 Res
Slide 38: Appendix – Management and Board
Appendix – Management and Board Marc-Andre Pelletier Pier-Elise Hebert-Tremblay Cesar Gonzalez President, CEO & Director Chief Financial Officer Executive Chairman Mr. Pelletier is a professional mining engineer with over 25 years of Ms. Hebert-Tremblay is a member of the Certified Mr. Gonzalez co-f
Slide 39: 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 40: 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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