Euro Sun Mining Inc T.ESM

May 10, 2021 Presentation

[Graphene]

Delivering Copper to the European Union from the European Union

Romania

Multi-decade output, supplying clean Copper Concentrate to the European Union

• 400Mlbs (185Kt) of Copper and 1.35Moz of Gold; No cyanide use, No wet tailings , No deleterious substances and No harmful waste products

Simple and straightforward processing methods

• Trucks, shovels, conveyors, flotation and revegetation Highly economic at conservative metal prices, with strong

leverage to higher prices

• @ $3.30/lb Copper and $1,550/oz Gold generates >$700mln of FCF and >$3.3bln in gross revenue

• $4.70/lb Copper and $1,830/oz Gold generates>$1.4bln of FCF and $4.0bln in gross revenue

  Full community support at all levels

• Long history of metals production in local area, excellent infrastructure, skilled labour

Approvals advancing with first metal production expected in 2024

Rovina Valley provides strong, socially responsible, long-life copper supply in a stable jurisdiction

 

3

“No decarbonisation without copper.”

– Goldman Sachs April 13, 2021

“Copper on a necessary path to $15,000/t.”

“The copper market is unprepared for this critical role.”

“Green electrification to support strongest decade for global copper demand growth in the post-2000 era.”

 

Prioritizing ESG Principles Drives Community Support

All in Sustaining costs

$854/oz

 Dry Stack Tailings – Concurrent revegetation

• Minimizes environmental liabilities and impacts

• Safedesign-noriskofwet dam failure

• Minimizeswaterusageand consumption

• Minimizesdisturbancearea, facilitates concurrent revegetation

 Zero Cyanide – No cyanide anywhere in the Rovina Valley Project

 Minimized Footprint– Colnic and Rovina deposits to be backfilled during mine life leaving minimal environmental impact

Feasibility Study Completed April 2021

• Simple mining method

• Conveying material wherever practicable to lower carbon emissions versus trucking

  144,000 oz

• Simple processing with Au: 104,000 oz

All in Sustaining costs

flotation- No cyanide

Cu: 19 million lbs

• Produces only a clean 22% copper concentrate containing high grade gold ( 100g/t)

• Co-mingling of waste rock and tailings in Dry Stacking - eliminates need for wet tailing ponds and dramatically lowers water requirements

$383M

Includes $16M pre- strip

NPV US$330M Post Tax

IRR 16.8% Post Tax

Minimizing Environmental Footprint

Utilizing existing Infrastructure

• First world infrastructure including rail and low-cost power (hydro and nuclear)

• History of mining - Barza mine built the town of Brad

• Multi decade supply - Three discrete orebodies; only two orebodies currently in base case

All in Sustaining costs

ROVINA DEPOSIT

Cu-Au Porphyry

M&I: 1 Moz of Gold 591 M lbs of Copper

COLNIC DEPOSIT

 

144,000 oz

Au: 104,000 oz Cu: 19 million lbs

Initial CAPEX

$383M

 

Centralized Plant

 

Includes $16M pre- strip

 

Railhead
Town of Brad

3km

Au-Cu Porphyry

M&I: 2.1 M oz Gold 292 M lbs Copper

NPV US$330M

IRR 16.8%

Barza Mine

To Mintia Power Plant

Au-Cu Porphyry

M&I: 3.8 Moz of Gold

t Tax Post Tax CIRESATA DEPOSIT

515 M lbs of C

P

op

pe

o

s

r.

 

3km

  

Economics Levered to Rising Metal Prices

   

AVG. ANNUAL PROD. AuEq Yr1-10

146,000oz

Au: 106,000oz Cu: 19 million lbs

Initial CAPEX

$399mln

Incl. $12.7M pre-strip

AISC (LOM)

MINE LIFE

408Mlbs of Copper

$813/oz 16.8 YRS First 2 deposits

1.35Moz of Gold

 

Base Case Assumptions

Gold $1,550/oz Copper $3.30/lb

Leverage at Spot Prices

Gold $1,830/oz Copper $4.70/lb

FCF +100% over Base Case

  

Free Cash Flow $713mln

Gross Revenue $3.3bln

IRR

19.2%

NPV5

US$447M

    

Free Cash Flow $1.4bln

Gross Revenue $4.2bln

IRR

31.0%

NPV5

US$1.0B

Supplying Copper in 2024
Permitting Process progressing successfully

Urbanization Certificate for Land (PUZ)

• Part A: Re-zoning plan for project layout derived from

Urbanization Certificate for Project (EIA) - Construction License

Definitive Feasibility Study

• Definitive project design layout as provided in DFS required to obtain Avizul de Oportunitate (OA)

• OA expected to be signed in Q221

• OA required in order to initiate PUZ

• Strategic Environmental Assessment process approved and initiated

 

FS $854/oz • • Part B: Strategic

Environmental Assessment by County Environmental Protection Agency

• All required environmental studies supporting SEA completed or being updated as per regulations due to complete in Q321

• •

•

•

Submittal of Environmental Impact Study

Submittal of Water License Application

Public Hearing on EIA

EIA decision and Issuance of approval by Ministry of Environment

Issuance of Construction permit 30 days following EIA Approval

ESM Shares Significantly Undervalued

Heading up the Lassonde Curve

 

10

Capital Structure

Shares Outstanding

171,250,514

Market Cap (CAD; 26/04/21) ~$70 million

Strong Institutional Support

Ruffer LLP ( UK) ~9%

Franklin Gold Fund ~8%

ASA Gold Fund ~7%

All in Sustaining

Baupost ~3%

Share Price

$0.40

Liquidity

750,000 shares per day

Warrants Outstanding

52-Week High

$0.62

$854/oz

costs

Ixios Gold Fund ~2% APAC Resources HK ~2%

46,378,766 (strike $0.40-$0.55) 9.2M @ $0.47 expire July 4-21

NPV US$330M Post Tax

IRR 16.8% Post Tax

Strong Development, Operating, Legal and Financial Experience

Board of Directors
Peter Vukanovich, CPA, Independent Chair | Former CEO Genworth/GE Capital G. Scott Moore, MBA, President and CEO
Eva Bellissimo, LLB, Independent Director | Co-head of Mining, McCarthy Tetrault Danny Callow, P.Eng.,MBA, Independent Director | Former Glencore Executive Bruce Humphrey, P.Eng, Independent Director | Former Goldcorp Executive David Danziger, CPA, Independent Director | Senior Partner MNP
Paul Perrow, BA, Independent Director | Former Executive CI Financial

Management Team

G. Scott Moore, MBA

President & Chief Executive Officer

Paul Bozoki, CA, MBA

Chief Financial Officer

Brad Humphrey

VP, Corp Dev

Sam Rasmussen, B.Eng,

COO

Daniel Maguran, P.Eng,

Project Director and Country Manager, Romania

Randy Ruff, B.Sc, M.Sc

VP, Exploration

144,000 oz

Au: 104,000 oz Cu: 19 million lbs

Initial CAPEX

$383M

Includes $16M pre- strip

www.eurosunmining.com

$854/oz

All in Sustaining

costs

Thank You

TSX: ESM

Corporate Headquarters

66 Wellington Street West, Suite 5300, TD Bank Tower Box 48, Toronto ON M5K 1E6, Canada.

Investor Inquiries & Media

[e-mail]

NPV US$330M Post Tax

IRR 16.8% Post Tax

16.8 YRS