IN JAMES BAY, QUEBEC · RMX Rubicon Minerals Ontario $69 1.3 $54 PEA PRB Probe Metals Quebec/Ontario $69 3.2 $22 Resource TLG Troilus Gold Quebec $61 6.5 $9 Resource BAR Balmoral

IN JAMES BAY, QUEBEC

EASTMAIN RESOURCES INC.

CORPORATE PRESENTATION

TSX:ER | OTCQX:EANRF

APRIL 2020EASTMAIN CORPORATE PRESENTATION TSX:ER; OTCQB:EANRF www.eastmain.com1

EASTMAIN CORPORATE PRESENTATION TSX:ER; OTCQB:EANRF www.eastmain.com

Certain information set forth in this presentation may contain forward-looking statements that involve substantial known and unknown

risks and uncertainties. Forward-looking statements consist of statements that are not purely historical, including statements regarding

beliefs, plans, expectations or timing of future plans, and include, but not limited to actual results of current and future exploration

activities at the Company's properties, and the potential success of the Company’s future exploration and development strategies. These

forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Eastmain,

including, but not limited to the results of the impact of general economic conditions, industry conditions, dependence upon regulatory

approvals, the availability of financing, timely completion of proposed studies and technical reports, and risks associated with the

exploration, development and mining industry generally such as economic factors as they affect exploration, future commodity prices,

changes in interest rates, safety and security, political, social or economic developments, environmental risks, insurance risks, capital

expenditures, operating or technical difficulties in connection with development activities, personnel relations, the speculative nature of

gold exploration and development, including the risks of diminishing quantities of grades of Mineral Resources, contests over property

title, and changes in project parameters as plans continue to be refined. Readers are cautioned that the assumptions used in the

preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such,

undue reliance should not be placed on forward-looking statements. The Company assumes no obligation to update such information,

except as may be required by law.

FORWARD-LOOKING STATEMENTS

All currencies are reported in Canadian dollars unless otherwise specified.

2

EASTMAIN CORPORATE PRESENTATION TSX:ER; OTCQB:EANRF www.eastmain.com3

EASTMAIN HIGHLIGHTS

FOUNDATION• Eau Claire: Critical mass +1.3 M oz gold resource with PEA, 86 k oz annual production, 27% after tax IRR based on

US$1250/oz gold price

• Three Pillared Strategy

SPRINGBOARD• Opportunity – Undervalued when compared to peers

TORQUE• Leverage to gold price

• Large land package in need of exploration near Eau Claire

INVESTED• Management and board significant shareholders

RUNWAY• Various stages of exploration/development assets in world-class region (majors Newmont, BHP active)

• Growing gold camp +10 M oz, underexplored

• Scarcity of advanced gold projects


Total ER property portfolio

112,528 hectares

AN EMERGING GOLD CAMP – JAMES BAY

FOUNDATION

Eau Claire

4

Elmer Discovery

Azimut

Cheechoo Deposit

Sirios

Elmer Discovery

Azimut

Total ER property portfolio

112,528 hectares

✓ World Class Mining Location

• Supportive government and pro-mining community

• Clearly defined permitting process

✓ Robust Preliminary Economic Assessment

✓ Archean Greenstone belt setting

✓ Nearby Mines and Deposits:

• Éléonore gold mine (Newmont)

• Cheechoo Deposit (Sirios)

• Elmer Discovery (Azimut)


EASTMAIN THREE PILLAR STRATEGYFOUNDATION

ADVANCE EAU CLAIRE TOWARDS PRODUCTION• Update PEA with focus on mining method optimization/layout and incorporating preliminary environmental data

• Continue preliminary permitting activities

• Further test depth potential

EXPLORE WITHIN TRUCKING DISTANCE OF EAU CLAIRE• Priority is near surface to add to Eau Claire critical mass

• Knight Serendipity trend

• Reservoir

MONETIZE NON CORE ASSETS• Optioned Eastmain property to Benz Mining 2019

• Eleonore South Joint Venture


Tonnes Contained Au oz g/t Au

Open Pit Production 1,641,000 199,400 3.78

UG Production 4,762,000 801,500 5.24

Total Production 6,403,000 1,000,900 4.86

ONE MILLION OUNCES OF GOLD – EXTRACTABLEFOUNDATION

✓ 71% of 2018 Mineral Resource Estimate tonnes converted to Potentially Extractable

✓ 63% of Potentially Extractable are 2018 Measured and Indicated Mineral Resources

Potentially Extractable Portion of Mineral Resource

(P&E Mining Consultants Inc. 2018)(1-4)

1. Mineral resources, which are not Mineral Reserves, do not have demonstrated economic viability. Environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues may materially affect the estimate of Mineral Resources.

2. The Inferred Mineral Resource in this estimate has a lower level of confidence that that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred Mineral Resource could be upgraded to an Indicated Mineral Resource with continued exploration

3. The potentially extractable portion of the Mineral Resource Estimate was prepared by Eugene Puritch, P. Eng., FEC, CET and Andrew Bradfield P.Eng. of P&E Mining Consultants Inc. Mineral Resource Estimate reported in this press release was estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions.

4. The potentially extractable portion of the Open pit Mineral Resources are reported at a cut-off grade of 0.66 g/t gold and the potentially extractable portion of the Open pit Mineral Resources underground Mineral Resources are reported at a cut-off grade of 2.7 g/t gold. Cut-off grades are based on a gold price of US$1,250 per ounce, a foreign exchange rate of US$0.80, and a gold recovery of 95%. Table entries are rounded

Eau Claire Gold Deposit Open Pit and Underground Mineral Resource Estimate*

OPEN PIT (Surface – 150m) UNDERGROUND (150m – 860 m)

Tonnes Gold Grade (g/t) Contained Au (oz) Tonnes Gold Grade (g/t) Contained Au (oz)

M&I 1, 210,000 5.86 228,000 3,084,000 6.30 625,000

Inferred 43,000 5.06 7,000 2,339,000 6.56 493,000

$0

$50

$100

$150

$200

$250P

er

Ou

nce (

C$/o

z)

Developer Peer Group (Canadian Assets)

Source: Thompson Reuters; LBS


$11/oz

UNDERVALUED TO ITS PEERSSPRINGBOARD

Average is $63/oz, with Osisko Mining removed

CURRENT EV OF $11M WELL BELOW $40M

SPENT IN THE PAST 4 YEARS ALONE

FSPFSPEAResource


Project Enterprise Value Total Resource EV/oz

Ticker Company Location (C$mm) (mm oz) (C$/oz) Stage

OSK Osisko Mining Quebec $708 3.6 $195 PEA

SBB Sabina Gold & Silver Nunavut $334 7.2 $46 FS

PGM Pure Gold Ontario $201 2.5 $79 FS

MOZ Marathon Gold Newfoundland $196 4.1 $48 PEA

KOR Corvus Gold Nevada $168 1.4 $120 PEA

AOT Ascot Resources British Colombia $156 3.2 $48 FS

AUG Auryn Resources Nunavut/BC/Peru $134 2.1 $63 Resource

FF First Mining Ontario $111 11.1 $10 PEA

MAX Midas Gold Idaho $101 6.6 $15 PFS

ITR Integra Resources Idaho $99 4.4 $23 PEA

RMX Rubicon Minerals Ontario $69 1.3 $54 PEA

PRB Probe Metals Quebec/Ontario $69 3.2 $22 Resource

TLG Troilus Gold Quebec $61 6.5 $9 Resource

BAR Balmoral Resources Quebec $57 1.2 $48 Resource

NHK Nighthawk Northwest Territories $54 2.6 $21 Resource

FPC Falco Resources Quebec $51 7.7 $7 FS

TML Treasury Metals Ontario $38 1.2 $31 PEA

MQR Monarques Gold Quebec $35 2.9 $12 FS

ME Moneta Porcupine Ontario $20 1.3 $16 Resource

ER Eastmain Resources Quebec $19 1.7 $11 PEA

ATC ATAC Resources Canada $18 0.7 $26 PEA

MAE Maritime Resources Newfoundland $8 1.1 $7 Resource

GQC Goldquest Mining Dominican Republic $7 2.5 $3 PFS

Average $40

UNDERVALUED TO ITS PEERSSPRINGBOARD


EAU CLAIR IS IN TOP 15% RESOURCE GRADE

SPRINGBOARD

Beacon Securities, 2020-02-19 “Gold Explorers With Resources Quarterly”

EASTMAIN

6.18 g/t Au (MI&I)

Eau Claire updated Mineral Resource Estimate (effective Feb. 4, 2018)1-6


LACK OF ACCESS TO CAPITAL FOR ADVANCED PROJECTS

SPRINGBOARD

- 56 companies with a public technical report (not including CuAu porphyry projects)

- Total capital required $19 BN

- 2 projects require +$1 BN

- 4 projects require +$800 M

- 8 u/g mines, 7 blend and 34 OP (8 OP w/ <1/ g/t Au)

- 4 reports show >400 k /yr production, +8 show 200-400k /yr

- 16 have capex>NPV

- IN ADDITION: 8 CuAu porphyry development projects requiring a combined $10 BN in capex

<100 M 100-200 M 200-400 M 400-800 M >800 M

# of Projects 14 19 10 7 6

Capex > NPV ($) 2 5 3 1 4

Targets 10 5 6 1 0

OP/UG 14/14 10/14 4/9 5/6 5/52

Total Capital ($) 800 M 2.8 BN 3.2 BN 3.6 BN

Total Debt (50%) ($) 400 M 900 M 1.6 BN 1.8 BN

Global Pool of Public Equity

Capital estimated at $20

Billion

(All-Time Low)

Starting to see a

CHANGE


EAU CLAIRE EXPLORATION UPSIDETORQUE

Pit Outlines

Rotated Isometric View of the Eau Claire Deposit Vein Wire Frames

0 m

-400 m

-900 m

0 m

-400 m

-900 m

0 m

-400 m

-900 m

QT Vein Definition Potential

QT Veins

HGS

Veins100 m

~ 1 M oz from

surface to

400 m

Underexplored

and open to

depth

• 30% of PEA mineable resource

found in HGS wireframes

• Currently HGS defined only in

top 400 m

HGS Vein Definition Potential


MINERAL RESOURCE DISTRIBUTION SHOWS OPPORTUNITY FOR GROWTH

TORQUE

Actual

depth

MASL

MINERAL RESOURCE

GROWTH POTENTIAL

12

Depth

0 -100 m

100 - 200 m

200 - 300 m

300 - 400 m

400 - 500 m

500 - 600 m

600 - 700 m

700 - 800 m

800 - 900 m

Drill

Inte

nsity

OUNCES PER METER

in TOP 600 m

Resource: 2,500 oz/m

Mineable: 1,700 oz/m

172

Eau Claire Open Pit - Mineable:

1.6 M tonnes, 199,400 oz


Eau

Claire

Deposit

3D geometry, ore distribution and time‐integrated mass transfer through the quartz–tourmaline–gold vein network of

the Sigma deposit (Abitibi belt, Canada)

Source: P.Garofalo et al Geofluids 2002

Sigma

Deposit

EAU CLAIRE ANALOGOUS TO SIGMA DEPOSIT

TORQUE


FINANCIAL AND OPERATIONAL HIGHLIGHTSTORQUE

Financial

C$260M NPV5% (after-tax)

27% IRR (after-tax)

3.1 years Payback

C$175M Pre-Production Capex

C$108M Sustaining Capex (LOM)

$41.07 / t processed

$49.47 / t processed

Open Pit Mining Cost

Underground Mining Cost

US$486/oz

C$632/oz

Average LOM Total Cash Costs

US$574/oz

C$746/oz

All-In Sustaining Cost (AISC)

Key assumptions

✓ US$1,250/oz Au

✓ C$/US$ 0.77 FX

Operating12 years Mine Life

1,500 tpd Daily Throughput (LOM)

86,100 oz/y Average Annual Production (Yrs 1-10)

951,000 oz LOM Au Produced

1.0 Moz Mineable Ounces

63% / 37% M&I / Inferred

OP: 3.78 g/t Au

UG: 5.24 g/t Au

4.86 g/t Au

Average Head Grade (fully diluted)

95% Process Plant Recovery

79,200 oz/y LOM Average Annual Production

Total: 6.40 Mt Total Mineralization Processed

OP: 1.64 Mt

UG: 4.76 Mt

Total (blended)

*Technical Report: Updated Mineral Resource Estimate and Preliminary Economic Assessment

on the Eau Claire Gold Deposit, Clearwater Property, Québec, Canada

Effective February 4, 2018, Signing date July 3, 2018


HIGH LEVERAGE TO GOLD PRICETORQUE

PROJECT SENSITIVITY ANALYSIS (after-tax)

%-5%

Base

Case+5% +10% +15% +20%

US$/oz 1,188 1,250 1,313 1,375 1,438 1,500

NPV

($Millions)226 260 295 329 363 397

IRR % 24 27 29 32 34 36

At US$1,500/oz AU, Eau Claire value increases:

Post-Tax NPV ↑ 53% (+$137 M)

Post-Tax IRR ↑ 33% (+9%)

Conservative

scenario

demonstrates

attractive

economics

Project

economics rise

significantly at

current spot

price


DISTRICT OPPORTUNITY ON CLEARWATER

RUNWAY

EAU CLAIRE

PROJECT

SERENDIPITY

PERCIVAL

CLEARWATER PROPERTY

CAMP

NEW TARGETS

14 km

0.97 g/t Au over 74.5 m ER19-836

1.46 g/t Au over 78.5 m

ER18-822

10.9 g/t Au Surface Sample

2.35 g/t Au over 87.0 m

ER18-823

1.86 g/t Au over 52.7 m ER19-832

0.68 g/t Au over 33.0 m ER19-819


UNDEREXPLORED REGION – FEW GOLD DEPOSITS

RUNWAY


RESEVOIR – PROJECT OVERVIEW

RUNWAY

• 100% Eastmain; 87 km2

• Project straddles Eleonore Mine horizon

(sediments)

• C-52 Gold Zone – Copper Gold Silver system

2 km x 100 m

• Mitlin Showing – avg 4.53 g/t Au, 2.74% Ag

4.86% Cu

• C-58 Zone – up to 8% Cu and 8 g/t Au

• Drilling results include:

• 5.35 g/t Au over 6 m

• Numerous metre-wide intervals >10 g/t Au

• Surface channel samples up to 5% Cu,

36 g/t Au and 52 g/t Ag


Property size: 147 sq km

MAIN PROSPECTIVE CORRIDOR

• 4 km long x 0.5 km wide

• Tonalite intrusion in metasediments

• ESJV is shown to be the continuation of the Cheechoo

deposit

NEWMONT GOLDCORP’S ELEONORE MINE

• 2020 production outlook: 355,000 oz

• Sedimentary-hosted gold deposit

JOINT VENTURE PARTNERS

• Eastmain (36.7% - Operator)

• Newmont Goldcorp (36.7%)

• Azimut (26.6%)

ELEONORE SOUTH JOINT VENTURE

>7 M oz Au (MI&I)

DISCOVERY

EXPLORATION NEXT TO A WORLD-CLASS GOLD MINERUNWAY

19


“…we are quite confident that in the near future,

we can increase the grade and size of the

deposit with additional work and negotiations

with adjacent property owners...”- Dominique Doucet, Sirios ResourcesPress release December 19, 2019

ELEONORE SOUTH JV

ESJV & SIRIOS SHARE THE SAME DEPOSIT

RUNWAY

C R O S S S E C T I O N

Geologic model Block model

CHEECHOO

CH

EE

CH

OO

Blo

ck m

od

el

P L A N V I E W

EL

EO

NO

RE

SO

UT

H J

VG

eo

log

ic m

od

el

EJSV DISCOVERY


CAPITAL STRUCTURE MARCH 2020

Shares outstanding 290,623,095

Options 16,597,933

Warrants 14,280,615

Market Capitalization (20-day VWAP) $26 million

Share Price (20-day VWAP) $0.09

52 Week High/Low $0.215 - $0.075

Daily Avg Vol (20-day avg) 703,869

Cash (as of March 9, 2019) $4.75 million

EASTMAIN CAPITAL STRUCTUREINVESTED

ANALYST PRICE TARGET CONSENSUS : $0.71

21

Carrying Value of Projects

$68 million


INSIDERS – 2.8%

Blair Schultz 3.0 million 1.0%

Joe Fazzini 2.4 million 0.8%

Laurie Curtis 0.8 million 0.3%

Mike Hoffman 0.8 million 0.3%

Bill McGuinty 0.6 million 0.2%

Maura Lendon 0.4 million 0.1%

Herve Thiboutot 0.3 million 0.1%

Retail72%

Shareholder

Institutional

Corporate

Insider

Retail

Geographic Location

Canada

USA

UK

Germany

Switzerland

SHAREHOLDERS

INVESTED

22

INSTITUTIONAL/CORPORATE SHAREHOLDERS ~ 20%

Eldorado Gold 8.9 million 3.1%

Konwave AG 8.3 million 2.8%

Caisse de Depot 7.3 million 2.5%

Van Eck Associates 6.6 million 2.3%

Goodman & Co. 6.0 million 2.1%

Ninepoint Partners 4.4 million 1.5%

Sprott 3.3 million 1.1%

Mackenzie Financial 2.6 million 0.9%

Sidex 2.5 million 0.8%

Dr. Vermögensverwalt (NESTOR) 2.1 million 0.7%


UPCOMING CATALYSTS

➢ PEA Optimization

➢ Eau Claire Extensional Drilling

➢ Regional Exploration

UPCOMING CATALYSTS TO CREATE VALUE

UNIQUE VALUE PROPOSITION

➢ One of the best mining jurisdictions in the world

➢ Excellent infrastructure

➢ High-grade Gold assets – 6 g/t Au

➢ District potential

23

CURRENTLY UNDERVALUED

➢ Emerging from a difficult gold environment and well-positioned for share price upside

➢ Enterprise Value per Oz (EV/Oz for Meas. & Ind. and Inf.) ~ $30

➢ Gold price rallying past US$1,500/oz though junior gold equities only starting to catch up

Delivering results - driving the assets forward!

Blair Schultz

Interim President & CEO

[email protected]

Alison Dwoskin CPIR

Investor Relations Manager

[email protected]

Office: 647-347-3735

www.eastmain.com

TSX: ER

OTCQB: EANRF


FOR MORE INFORMATION

24

Documents

IN JAMES BAY, QUEBEC · RMX Rubicon Minerals Ontario $69 1.3 $54 PEA PRB Probe Metals Quebec/Ontario $69 3.2 $22 Resource TLG Troilus Gold Quebec $61 6.5 $9 Resource BAR Balmoral