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TSXV:MUR
Cautionary Statements
The statements, maps and models in this presentation are based on information currently available to Murchison Minerals Ltd. (the “Company”) and the Company provides no assurance that actualresults will meet management's expectations. In certain cases, forward-looking information may be identified by such terms as "anticipates", "believes", "could", "estimates", "expects", "may",“potential”, "shall", "will” or "would". Forward-looking information contained in this presentation is based on certain factors and assumptions regarding, among other things, the estimation of mineralresources and mineral reserves, the realization of resource estimates and reserve estimates, metal prices, the timing and amount of future exploration and development expenditures, the estimation ofinitial and sustaining capital requirements, the estimation of labour and operating costs, the availability of necessary financing and materials to continue to explore and develop the Company’s project inthe short and long-term, the progress of exploration and development activities, the receipt of necessary regulatory approvals, the completion of the environmental assessment process and assumptionswith respect to currency fluctuations, environmental risks, title disputes or claims and other similar matters. While the Company considers these assumptions to be reasonable based on informationcurrently available to it, they may prove to be incorrect.
Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materiallydifferent from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the exploration and development ofmineral deposits, including risks relating to changes in project parameters as plans continue to be redefined including the possibility that mining operations may not commence at the Company’s projectrisks relating to variations in mineral resources, mineral reserves, grade or recovery rates resulting from current exploration and development activities, risks relating to changes in metal prices and theworldwide demand for and supply of base and precious metals, risks related to increased competition in the mining industry generally, risks related to current global financial conditions, uncertaintiesinherent in the estimation of mineral resources and mineral reserves, access and supply risks, reliance on key personnel, operational risks inherent in the conduct of mining activities, including the risk ofaccidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the development process, regulatory risks, including risksrelating to the acquisition of the necessary licenses and permits, financing, capitalization and liquidity risks, including the risk that the financing necessary to fund the exploration and developmentactivities at the Company’s project may not be available on satisfactory terms, or at all, risks related to disputes concerning property titles and interest, and environmental risks. The Company does notundertake to update any forward-looking information that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws.
Qualified Persons
Finley Bakker P. Geo, and Martin St-Pierre P. Geo., Independent Consultants, are the Qualified Persons as defined in NI 43-101 that reviewed and approved the technical information contained in this presentation.
12/16/20192
MURCHISON MINERALS LTD ASSET BASE (MUR)
• Brabant-McKenzie VMS Deposit
Resource Base:•Indicated: 2.1 M t @ 9.98% Zn Eq
•Inferred: 7.6 M t @ 6.29% Zn Eq
•100% owned, no royalties
• 430 km2 land position in Saskatchewan
• 12 high priority drill targets
• Drilling scheduled to start late January 2020
• 107 km2 staked in Nov-Dec 2019
• Excellent Infrastructure
(access, power, manpower)
• HPM Ni-Cu-Co project in Quebec 26.2 km2
• Best Drill Assay: 43.18 metres of 1.74% nickel, 0.90% copper and 904 ppm cobalt
Share Price $0.07
Shares O/S (MM) 64.7M
Current Market Capitalization
C$4.53M
Working Capital C$1.60 M12/16/2019 3
Brabant Lake Location vs Other Major VMS Deposits
Brabant Lake
Lynn Lake Area
Flin Flon Area
12/16/2019 4
SIGNIFICANT EXPLORATION POTENTIAL:50 COMBINED VTEM/MAG TARGETS IDENTIFIED
Brabant McKenzie Deposit
12/16/20195
• HIGH GRADE Zn-Cu VMS DEPOSITIndicated: 2.1 M t @ 9.98% Zn EqInferred: 7.6 M t @ 6.29% Zn Eq
• 430 KM2 OF CLAIM COVERAGE OVER 57 KM OF STRIKE LENGTH
• 12 HIGH PRIORITY TARGETS TO BE DRILLED STARTING IN LATE JANUARY 2020
• YEAR ROUND ROAD ACCESS
• LOCAL COMMUNITY accommodations, food and fuel available locally
• 357 KV HYDRO POWER LINE CROSSES PROPERTY
• PROPERTY WIDE WATER ACCESS
• IDLE PROCESS MILL NEARBY
VMS CAMP POTENTIAL
TSXV:MUR
Brabant-McKenzie Deposit
Anomaly D
Brabant Lake Community
800 m
N
Mineralized Showing
Brabant-McKenzie High-Grade Zinc-Copper-Silver DepositPrime Location – One Kilometer from Infrastructure
Brabant-McKenzie Deposit
• Current resource estimate:
• Indicated: 2.1 M t @ 9.98% Zn Eq
• Inferred: 7.6 M t @ 6.29% Zn Eq
• Year-round access via existing roads
• 1 km from provincial highway, power, water
• 2 km from Brabant Lake Community
Mineralized Showings
Image Source: Brabant-McKenzie Property, Saskatchewan, Canada , Murchison Minerals Ltd. September 4, 2018 Prepared by: Finley Bakker Consulting, Campbell River, B.C, St-Pierre Geoconsulting Ltd., and Murchison Minerals Ltd.
Grid Power Line
Discovery trench
12/16/2019 6
TSXV:MUR
Deposit Geology – Robust Dimensions
• Geological model based on:
o 138 diamond drill holes
o including 19 holes 9,004 m from 2018 Diamond Drill Program
• Deposit outcrops at surface, dip averages 51 degrees NW
• Mineralization tentatively correlated over 1,100 m strike
• 2 mineralized zones defined
• Upper Mineralized Zone (UMZ) (Black)
o Defined over strike and dip length of 1 km at 50 m depth
o Maximum width to 16 m, averages 5.3 m
• Lower Mineralized Zone (LMZ) (Purple)
o Up to 25-30 m below UMZ
o Defined over strike and dip length of 800 m from surface
o Maximum width to 18 m, averaging 6.7 m
• Deposit remains open at depth and laterally
Lower Mineralized Zone
Geological Model Footwall Wall View
View Looking Northwest
Upper Mineralized Zone
Image Source: Brabant-McKenzie Property, Saskatchewan, Canada , Murchison Minerals Ltd. September 4, 2018 Prepared by: Finley Bakker Consulting, Campbell River, B.C, and Murchison Minerals Ltd.12/16/20197
TSXV:MUR
Geology – Coarse Grained VMS
• Project lies in the same geological environment as the Flin Flon, Lalor Lake, Lynn Lake and Snow Lake Deposits
• The Deposit is defined as a high grade metamorphosed sedimentary hosted VMS deposit
• Similar to the Wilroy, Wilecho, Nama Creek deposits (satellite deposits to the 54 million tonne Geco deposit in Ontario), or the Sherridon deposit (Manitoba)
• Mineralization occurs as disseminated to massive, semi massive and breccia-vein sulphides
• Coarse grained (recrystallized), pyrrhotite, pyrite, sphalerite, chalcopyrite and galena
12/16/20198
TSXV:MUR
NI 43-101 Resources – Resource Estimate Domains
The Brabant-McKenzie Deposit remains robust
• Indicated and inferred resource domains are based on 3.5% zinc equivalent cut-off grade
• Deposit continuity remains intact over 2.5% to 4.5% zinc equivalent cut-off grades
• Resource estimate based on 19-2018 diamond drill holes - visual inspection and reexamination of historic drilling, review of historical drill logs
UMZ Resource Domain
500 m
View Looking SoutheastHanging Wall View
LMZ Resource Domain
Indicated
Inferred
Image Source: Brabant-McKenzie Property, Saskatchewan, Canada , Murchison Minerals Ltd. September 4, 2018 Prepared by: Finley Bakker Consulting, Campbell River, B.C
Category tonnes Zn% Cu% Pb% Ag(g/t) ZnEq%
Indicated 2,051,086 7.08 0.69 0.49 39.60 9.98
Inferred 7,634,077 4.45 0.57 0.19 18.40 6.29
Inferred
12/16/20199
Resource Classification
12/16/201910
TSXV:MURDeposit Retains Exploration Upside Potential
• The display of zinc equivalent grade distribution within the geological model is defined by drill density
• Potential remains for additional high-grade capture within current geological model via increased infill drilling
• Upside potential includes:
o Lateral and down dip deposit extensions outside current geological model
o Internal targets within current geological model for potential tonnage additions
o Potential resource upgrade of inferred to indicated category through increased drill density
Hanging-wall View – Upper Mineralized Zone Footwall View - Lower Mineralized Zone
UMZ Geological Model(Black)
UMZ ZnEq Grade Shell
500 m
Image Source: Brabant-McKenzie Property, Saskatchewan, Canada , Murchison Minerals Ltd. September 4, 2018 Prepared by: Finley Bakker Consulting, Campbell River, B.C
Deposit Grade Shell Distribution
5.5 – 6.5% Zinc Eq.
3.5-4.5% Zinc Eq.
4.5 – 5.5% Zinc Eq.
>6.5% Zinc Eq.LMZ ZnEqGrade Shell
LMZ Geological Model(Purple)
12/16/201911
12/16/2019
Brabant Lake Project – High Priority Exploration Drill Targets
Priority Drill Targets
1 Brabant-McKenzie South2 Min Showing North3 T2T-A4 Tom25 Tom Copper6 Brabant South7 Main8 Main West9 Bra3
10 Pete’s Point South11 McIvor Channel12 McIvor2
12
12/16/2019
VTEM Airborne – EM Channel 45 Z with High Priority Drill Target Locations
13
Target #1 Brabant McKenzie South Anomaly
12/16/2019
Drill core sample assay results
Drill hole ID From (m) To (m) Length (m) Ag (g/t) Cu (%) Zn (%) Au (ppb)
DDHBM19-002 0.00 3.75 3.75 10.0 0.07 3.49 542
Brabant McKenzie Deposit
The coincident magnetic trend can be traced northward to the Brabant-McKenzie deposit. The large Maxwell plate derived from the ground geophysical survey has a low conductivity-thickness (CT) of 9.3 Siemens, which can be consistent with the characteristically non-conductive sphalerite mineralization.
Sphalerite-bearing backpack drill core.
14
12/16/2019
Brabant Lake - EM Channel 10 with High Priority Drill Targets
• 5 major conductors over 5 kilometers• South of and on the same geological
horizon as the Brabant-McKenzie deposit
15
12/16/2019
Target #2 MIN SHOWING NORTH
• Target #2 Min Showing North is located under Brabant lake approximately 5 km southwest of the Brabant-McKenzie deposit within the interpreted VMS trend, and 450 meters northeast of the Min Showing, which returned anomalous zinc, silver and gold values from channel samples (see News Release October 15, 2019).
• Target 2 conductive response is presented in Figure 7, which shows a colour image of the surface TDEM for channel 15.
• Included in the figure are the proposed drill hole and historical drill hole BL-12-04, which returned 1.5 g/t silver over 0.5 metre but was located too far to the east to intersect the modelled conductor.
16
Targets #3 & 4 TOM2 & T2T
TOM2Depth to top of plate is 93 metersDip is 21.37 degreesDip direction is 269.24 degreesPlate size 232.6 m X 370.5 MCT=5,785 Siemens
T2TTop of plate depth 183.9 mDip 32.71 DegreesDip Direction 282.64 DegreesPlate 312.1 m X 399.3 mCT=4,452 Siemens
a magnetic mass coincident with a very conductive body
12/16/2019 17
TOM2-A-B-C: 3 Strong EM Conductors
• The top end of the TOM2-A anomaly is approximately 75m deep.
• TOM2-B and TOM2-C are closer to
surface, but less conductive.
• Disseminated sulphides on surface
12/16/2019 18
12/16/2019
Target #5 TOM Copper Area
• Target #5 TOM COPPER is located along the interpreted Brabant-McKenzie VMS Trend, approximately 7.5 km southwest of the Brabant-McKenzie deposit.
• The graphic shows the VTEM Channel 45 Z colour image with modelled EM plate and proposed drill hole.
• Modelled EM plate TOM COPPER is a large conductor with shallow dip and low to moderate conductivity of 74 Siemens.
19
The South Area is immediately southwest of TOM2, Brabant South is a complex grouping modelled using VTEM with multiple individual plates. Conductivities range from moderate to high. Sizes also vary significantly. Magnetic coincidence is moderate. Ground geophysical follow-up is planned.
Target #6 Brabant South Area
South A
South B
South C
South D
12/16/201920
Target # 6 Brabant South Conductors
• Brabant South was detected by VTEM-Max.
• It was modelled with seven plates.
• The principal targets are SW-2 and SW-3.•
• SW-2 is well isolated but a challenging model, which should be enhanced by ground surveys.
• It dimensions are 515 m X 38 m with a high CT of 1,000 Siemens.
• SW-3 is well isolated with dimensions of 436 m X 69 m, and a high CT of 459 Siemens.
12/16/2019 21
Target # 7 MAIN LAKE
Samples collected in pits
Sample # % % ppm % ppm
Fe % Cu Zn Ag Pb Au
SRC149955 na 0.55% 0.07% 10.9 na 0.14
SRC149956 na 1.44% 0.25% 30.6 na 1.47
SRC149957 na 0.15% 1.16% 3.8 na 0.04
SRC149958 na 0.31% 11.65% 11.3 na 0.05
collected by Murchison Minerals July 2018
7.17 0.32% 0.23% - 0.03% na
4.39 0.76% 0.62% 16 0.03% na
4.77 1.80% 0.28% 51 0.08% na
4.99 1.97% 0.14% 51 0.04% na
5.81 0.60% 1.46% 18 0.05% na
3.33 0.87% 1.88% 13 0.02% na
2.13 0.26% 1.10% 16 0.08% na
SASKATCHEWAN DEPARTMENT OF MINERAL RESOURCES REPORT No. 148, 1972
PIT
Disseminated sulphides
Massive sphalerite (Zn)
12/16/2019 22
Targets #7 & #8 MAIN LAKE: MULTIPLE CONDUCTORS
600 m
• Main is a well-isolated EM anomaly detected by VTEM-Max.
• It has modelled dimensions of 341 m X 108 m with a moderate to high CT of 347 Siemens. •
• It dips to the west at 33 Deg, and plunges to the north at 28 Deg.
• Top edge closest to surface is at a depth of 38 m at it south end. Magnetic coincidence is good.
• Zinc/copper sulphide showing in outcrop, grab samples collected in 2019 assayed up to 6.17% Cu, 8.31% Zn, 140g/t Ag and 0.2 g/t Au
12/16/2019
Main West Zone –multiple conductors
Main
23
Target #9 Brabant 3 Anomaly
• Brabant 3 was detected by VTEM-Max.
• It was modelled with two plates, both of which are primary targets.
• Brabant 3-A has a CT of 294 Siemens with dimensions of 444 m X 260 m with good magnetic high coincidence.
• Brabant 3-B has a CT of 395 Siemens with dimensions of 301 m X 47m with good magnetic high coincidence.
12/16/2019 24
Target #10 PETE’S POINT SOUTH
12/16/2019
• PETE’S POINT SOUTH is located approximately 7.3 km south-southwest of the Brabant-McKenzie deposit, and 1.9 km to the southeast of the interpreted Brabant-McKenzie VMS Trend.
• Figure 32 shows the VTEM EM Channel 46 Z colour images.
• The plate has high conductivities of 367 Siemens
25
Target #11 McIvor Channel
Brabant Lake
• Trenching over conductor / gossan
• Concordant Mag High + EM Signature over 1,800 m
• The McIvor Channel A and McIvor Channel B plates have high conductivities of 967 and 268 Siemens, respectively
12/16/2019 26
Target #12 McIvor Channel 2
Brabant Lake
• The plate has high conductivities of 479 Siemens.
• The EM image (Figure 39) shows the modelled EM plate. strong which also has strong coincidence with an elevated magnetic intensity.
12/16/2019 27
12/16/2019 28
2012 Henry VTEM Airborne Survey
• Geotech Ltd. conducted a helicopter-borne EM/Mag geophysical survey located immediately north of Murchison’s Brabant Lake Project area in northern Saskatchewan in April-May 2012.
• The survey covered an area of 272 km2 with 1,482-line kms.
• Murchison reviewed the data and acquired 5 claim blocks covering 50.8 km2 with the most promising anomalies in November 2019.
Brabant-McKenzie Deposit
12/16/2019 29
Henry Series: 5 New Claim Blocks
• Prospective targets identified from the 2012 “Henry” VTEM survey.
• 5 claim blocks staked covering 50.8 km2
• Claims selected based on concordant EM + Magnetic features mostly associated with similar geological rock unit hosting the Brabant-McKenzie deposit.
• Major EM conductor already covered in existing Murchison held claims south of Henry Block 2.
• Block #1 1,620.9 Ha• Block #2 1,795.8 Ha• Block #3 331.3 Ha• Block #4 495.6 Ha• Block #5 833.0 Ha
TOTAL 5,083.0 Ha Brabant-McKenzie Deposit
EM Ch40Z
12/16/2019
M Claim Block 56 km2
30
12 major EM conductors identified
12/16/2019
Zn C u
Anomalous Zn-Cu Lake Sediments in Unexplored Area
31
HPM PROJECTNi-Cu-Co
December 19 32
December 19 33
HPM SUMMARY
Property: property consists of 51 claims covering 2,726 hectares.
Location: 275 km NNE of Baie-Comeau135 km south of Fermont
Ownership: 50% JV with Pure Nickel with option to earn 70%Glencore option to back in on 50% production
Infrastructure: Access via all weather provincial road/gravel road
Geology: Regionally Manicouagan Metamorphic ComplexProperty - Gabbro Est Intrusion
Mineralization: Massive and semi-massive sulphide pyrrhotite Less pentlandite and chalcopyrite
Past Work: Mapping, Geochem, Geophysics, TrenchingDrilling -6,500m (2000-2008)Drilling intersected numerous high-grade intervalsInitial deposit definedProspecting identified new Ni-Cu-Co showings
Next Steps: Desktop compilation and target IDDesign carry out ground truth exploration program
December 19 34
• HPM Ni-Cu-Co land package is approximately 275 km NNE of Baie-Comeau and 135 km south of Fermont via Provincial Road-389 (“PR-389”)
• HPM property is about 30 km from the established Petit-Manic base camp and 40km from PR-389
• Land package consists of claims covering 2726 Ha
• Gagnonville airstrip is about 50 km
• Project supplies via Baie-Comeau
HPM LOCATION
December 19 35
• Regionally - underlain by the 80 km long by 50km wide Haut Plateau de la Manicouagan
• The HPM property lies within the 50 km by 100 km Manicouagan Metamorphic Complex
• Mineralization consists of massive and semi-massive sulphide primarily pyrrhotite containing lesser amounts pentlandite and chalcopyrite
• Main prospects indentified by Xstrata Nickel are : Barre de Fer
PYC
HPM GEOLOGY
December 19 36
Murchison
Xstrata/Glencore Area Of Interest
• 2008 AeroTEM II survey covering HPM land package generated 953 AEM anomalies
• 2008 Max-Min\Mag surveys over the Barre de Fer grid confirmed the presence of the AeroTEM II AEM anomalies
• Further defined the Barre de Fer nickel-bearing massive sulphide showing
• Generated an additional 24 conductors
HPM GEOPHYSICS & DRILL RESULTS
Summary
• Massive sulphide nickel-copper-cobalt
mineralization
• High grade drill intercepts
• Outcrop discovery
• Open to drill expansion
• Property and regional exploration upside
• Rail and road accessible
• Quebec – second best mining jurisdiction
in Canada after Saskatchewan based on
the 2018 Fraser Institute Survey
Plan View: 3D Grade Shells
Pseudo-Section: Looking East
HPM Ni-Cu-C0 Sulphide Mineralization: Plan & Section Views
December 1937
• 2000 - 2008 approximately 6,500 m of drilling has been carried out on HPM• Total drilling on the Barre de Fer has outlined an initial deposit• Significant intercepts include:
• 15.06 m – 1.72% Cu, 0.66% Ni• 43.18 m – 1.74% Cu, 0.90% Ni• 4.03 m – 2.31% Cu, 1.35% Ni
• Additional drilling on numerous Max/Min conductors intercepted potentially ore grade intervals including:
• 5.74 m – 0.97% Cu, 2.37% Ni• 7.47 m – 0.76% Cu, 1.60% Ni• 7.20 m – 0.69% Cu, 1.44% Ni
TSXV:MURPlanned Activities 2020
Completed field prospecting, mapping, sampling over all the major EM/High Mag targets identified in the 2019 VTEM airborne survey.
Selected 12 different high priority targets for diamond drilling in January to April 2020 (5,000 m) subject to funding
Target #1 Brabant-McKenzie South has the potential to add significant tonnage to the Brabant-McKenzie Deposit
Diamond drill the near surface portion of the part of the Brabant-McKenzie deposit as well as undertake surface trenching over the deposit.
Undertake field prospecting on the new Henry and M Claim Blocks at Brabant Lake and on the HPM Ni-Cu-Co property in Quebec
12/16/2019 38
TSXV:MUR
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
NorZinc ConstantineMetal
Resources
MurchisonMinerals
ZincXResources
TinkaResources
VendettaMining
AquilaResources
Foran Mining Callinex Mines(Nash andSuperjackDeposits)
Measured+Indicated ZnEq Grade
High Quality Deposit – Ranked by Grade with Peers
• The Brabant-McKenzie deposit ranks as one of the highest grade zinc deposits amongst its peers
• 2018 drilling results confirmed the high-grade nature of the deposit
Peer Comparison Zinc Equivalent Grades
ZnEq
Gra
de
Assumption: 100% recoveries and 100% payables, Spot price - US$1.20/lb Zn, US$2.50/lb Cu, US$1.00/lb Pb, US$16.00/oz Ag, US$1200/oz Au Resource Data Source: Company 43-101 Technical Reports
12/16/2019
39
TSXV:MUR
BOTTOM LINE: COMPELLING ASSET BASE
Brabant-McKenzie Deposit: No Royalties – 100% owned
• Potential for deposit expansion, resource growth and category upgrade
Brabant Property Package: Recently quadrupled the land position to 430 km2
• VMS Camp potential. Over 50 EM/MAG targets identified
• 12 priority targets scheduled to be drilled starting in late January 2020
• Excellent proximity to infrastructure – highway access, power, water, major service centers
HPM Ni-Cu-Co Project in Quebec– 100% owned
• 1.74% Ni, 0.90% Cu and 904ppm Co over 43.2 metres from the 2008 drill program
SHARES UNDERVALUED RELATIVE TO INDUSTRY PEERS BASED ON BRABANT-McKENZIE ALONE
UNPARALLELED EXPLORATION POTENTIAL IN SASKATCHEWAN AND QUEBEC
Tight Capital Structure – 64.7 MM shares outstanding
12/16/201940
TSXV:MURExperienced and Solid Board of Board of Directors & Management
JEAN-CHARLES (JC) POTVIN, B.Sc. (Hon), MBA
President & CEO, Chairman
• Co-founder of the company
• President and CEO of Pangea Goldfields Inc. acquired by Barrick Gold Corporation for $204 million in 2000
• Previously Director, Vice-President and top-ranked Equity Research Gold Analyst with Burns Fry/ BMO Nesbitt Burns
• Currently a director of Azimut Exploration Inc., Golden Sun Resources and Gold Reserve Inc.
DAVID PYPER, B.Eng., MBA,
Director, Independent
• Chair of the Compensation Committee and member of the Audit Committee
• Managing Partner at Blair Franklin Capital Partners Inc. of Toronto
• David has over 24 years of M&A and corporate finance experience in a wide variety of industries
ERIK H. MARTIN CPA, CMA Chief Financial Officer and Corporate Secretary
• 24 years of financial disclosure & management experience with publicly listed resource companies
DENIS C. ARSENAULT, B.Comm.,
Director, Independent
• Chair of the Audit Committee and member of the Compensation Committee
• More than 29 years of professional experience with extensive board and governance committee experience
• Held senior financial positions in a range of sectors including mining and resources
DONALD K. JOHNSON, B.Eng., MBA, O.C.
Director
• Donald currently serves as a member of the Advisory Board of BMO Capital Markets
• President of Burns Fry from 1984 to 1989
• Served as Vice Chairman of BMO Nesbitt Burns until 2004
• Formerly a Director of the Toronto Stock Exchange and Chairman of the Investment Dealers Association of Canada
• Currently Emeritus Chairman of Goeasy Limited
• Officer of the Order of Canada
12/16/2019 41
Suite 2500
120 Adelaide Street West
Toronto, Ontario M5H 1T1
+1 416 350 3776
www.murchisonminerals.com
TSXV:MUR
