Exeter Presentation January 2017 for Website2

ONEOFTHEWORLD’SSIGNIFICANTGOLDOXIDE/GOLD-COPPERPROJECTS

TSX:XRCNYSEMKT:XRA

www.exeterresource.com

Caspiche

Cau$onary Note to U.S. Investors – The United States Securi$es and Exchange Commission (“SEC”) permits miningcompanies in theirfilingswith theSEC todiscloseonly thosemineraldeposits thata companycaneconomicallyandlegally extract or produce. We use certain terms in this presenta$on, such as “inferred resource”, that the SECguidelinesstrictlyprohibitusfromincludinginourfilingwiththeSEC.U.S. investorsareurgedtoconsidercloselythedisclosurecontained inourannualreportonForm20.YoucanreviewandobtaincopiesofourfilingsfromtheSEC’swebsiteathNp://www.sec.gov/edgar.shtml.Thisdocumentandtheinforma$oncontainedinitdonotcons$tuteaprospectusanddonotformanypartofanofferof,orinvita$ontoapplyfor,securi$esinanyjurisdic$on.Poten$alinvestorsshouldnotrelysolelyontheinforma$oncontainedhereinpriortomakingany investmentdecision. Investorsshouldseek independentadvicefromaqualifiedfinanceandinvestmentadvisor,givingdueregardtotheirownpersonalcircumstances,priortoforminganyinvestmentdecision.SafeHarbourStatement -Thispresenta$onmaycontaincertain“forward-lookingstatements”within themeaningoftheUnitedStatesPrivateSecuri$esLi$ga$onReformActof1995.Thesestatementsreflectourcurrentbeliefandarebased upon currently available informa$on. Actual results could differ materially from those described in thispresenta$onasaresultofnumerousfactors,someofwhichareoutsideofthecontrolofExeter.Manyoftheassayresultsandtheeconomicanalysispresentedarepreliminaryandmaynotbeaccurateduetovariousfactors,includingbutnotlimitedtosamplerecoveries,truewidthsandinterpreta$ons.WendellZerb,Exeter´sPresident&CEOanda“qualifiedperson”(“QP”)withinthedefini$onofthatterminNa$onalInstrument43-101,StandardsofDisclosureforMineralProjects,hasreviewedandapprovedthetechnicalinforma$oninthispresenta$on.

Cau$onaryStatement

2!

•  ATrackRecordofSuccess -Threesignificantmineraldiscoveriesinthelastdecade -SpunoutExtorretoshareholdersona1-to-1basis(2010) - wastakenoverbyforC$414MorC$4.26/share(2012)

•  Control100%ofCaspiche -M&IMineralResources1:Oxides1.7MozAuEq,Sulphides37.9MozAuEq -Unique:goldoxide,highergradegold/coppercore,largescalegold/copper -StableMiningJurisdic$on-Chile

•  Direc$ngRe-valua$on -LowCapexstartupop$ons2,strongeconomics -Caspichesufficientlyadvancedtofasttrackdevelopmentdecisions -Fundamentallyandcompara$velyundervalued -Favorable$mingforselectgoldequi$es

•  CashofC$16million.NoDebt.

WhyInvestinExeter?

3!

Thefounda$onforsuccess:TrackRecord,UniqueAsset,Cash.

1SeemineralResourcesslidefordetails:OxideM&[email protected]/tAu,1.58g/tAg;SulphideM&I1,[email protected]/tAu,0.20%Cu,1.17g/tAg.2SeeExeterwebsiteorSedar,AmendedNI43-101TechnicalReportontheCaspicheProject.Effec]vedateApril30,2014.

CapitalStructure

4!

CapitalStructure(asofJanuary17,2017)

CommonSharesOutstanding 88.7M

OpLons 7.2M

FullyDiluted 95.9M

Avg.DailyVolume

NYSEMKT:194kTSX:69k

Cash C$16M

Shareholders

ManagementandInsiders:10%InsLtuLons:35%Retail:55%

AnalystCoverage

TDSecuriLesMr.DanielEarledaniel.earle@tdsecuriLes.com1.416.308.7906

ManagementandBoardofDirectors

5!

YaleSimpson Co-Chairman

BryceRoxburgh Co-Chairman

RobertReynolds Director

JulianBavin Director

JohnSimmons Director

President/CEO WendellZerb,P.GeolGeologist/Capital

Markets–30yrs

CFO CecilBond,CA CA–31yrs

ExploraLon MadhewWilliams–ExploraLonManager,Americas Geologist–25yrs

Development JerryPerkins–VPDevelopment&OperaLons Metallurgist–41yrs

MadhewDorman–CaspicheStudyManager Engineer–30yrs

GonzaloDamond–CommercialManager Engineer–22yrs

Corporate RobGrey–VPCorporateCommunicaLons IR–18yrs

StrongBoardofDirectors ExperiencedManagementTeam

LowGeopoli$calRisk-Chile

6!

Chile:aminingfriendly,poliLcallystable,OECDnaLonTheFraserIns$tute’s2015surveyonoverallrisk(PPI*)placedChile26outof109miningjurisdic$onsand#1inSouthAmerica.(22ndoutof122miningjurisdic$onsin2014)

•  World’slargestexporterofcopper.

•  Consistentlyrankedasoneofthetopplacestomineintheworld&the#1placetomineinSouthAmerica.

•  Clearregula$ons,transparency,well-establishedlegalsystem.

•  Skilledlabourforce.

•  ManylargeminespermiNed:Escondida,Andacollo,CerroCasale.

*PPIorPolicyPercep]onIndex:measurestheoverallabrac]venessoftheminingjurisdic]onssurveyed.Itincludesuncertain]essurroundingadministra]onofcurrentregula]ons,environmentalregula]ons,legalsystemsandtaxa]onregimes,infrastructure,labourandskillsavailability,andsecurityissues.Source:FraserIns]tute2015&ExeterResourceCorp.

0 10 20 30 40 50 60 70 80 90 100

Ivory Coast California

Northwest Territories Dominican Republic

Uruguay Peru

Nunavut Fiji

Ghana New South Wales

Kazakhstan France

Ethiopia Mexico

Bulgaria Turkey

Burkina Faso Victoria Eritrea

British Columbia Washington

Yukon New Mexico

Montana Colorado

Spain Tasmania

Poland Queensland

Ontario New Zealand

Namibia Minnesota

Serbia Chile

Greenland Morocco

Alaska Quebec

Northern Territory South Australia

Idaho Michigan

Nova Scotia Arizona

Newfl. & Labrad. Botswana Manitoba

Norway Utah

Portugal New Brunswick

Western Australia Alberta Nevada Finland

Saskatchewan Sweden

Wyoming Ireland

Chartincludestop60outof109jurisdic$ons.

Caspiche-StrategicallyLocated

7!

PortandDesalina]onFacili]es

CardonesPowerSubsta]on

-2X500kVexpansionin2018

CandelariaMine

CopiapoAirport

Caspiche

MaricungaMine

CerroCasale

Exeter’sPeñasBlancasgroundwaterdiscovery

min400L/s

AguasChañar-Industrialwater

LundinPuntaPadrones500L/s

CATPuntaTotoralillo400L/sexpandableto600L/s

LaCoipaMine

50KmAllweatheraccessroadExis]ngpowercooridor3rdpartypipelineroutePoten]alwaterpipelineroute CaseronesMine

PaipoteCuSmelter

3rdpartygroundwaterrights

Volcan

MarteLobo

CerroMaricunga

Esperanza

TierraAmarilla

Desalina]onWaterOp]on

Material Class Tonnes(Mt) Au(g/t) Cu(%) Ag(g/t) AuEq1(g/t) AuEq2(Moz)

Oxide Measured 65.9 0.46 - 1.55 0.46 1.0

Oxide Indicated 55.6 0.39 - 1.63 0.40 0.7

TotalOxide M&I 121.5 0.43 - 1.58 0.43 1.7

Sulphide Measured 554.2 0.58 0.23 1.16 1.02 18.3

Sulphide Indicated 727.9 0.48 0.18 1.17 0.84 19.6

TotalSulphide M&I 1,282.1 0.52 0.20 1.17 0.92 37.9

TotalM&I 1,403.6 0.51 0.19 1.20 0.88 39.6

MineralResources

8!

*TheeconomicanalysiscontainedinthePEAisconsideredpreliminaryinnature.ThereisnocertaintythateconomicforecastsoutlinedinthePEAwillberealized. 1

PAuandPCuaretheAuandCuprices(US$1,150/ozandUS$2.50/lb,respec$vely),andRAuandRCuaretheAuandCuprojectedmetallurgicalrecoveries,65%and85%,respec$velyforsulphidematerialand78%forAuoxidematerial.2 AuEq (M oz) = resource tonnes * AuEq13PAu,PAgandPCuarethegold,silverandcopperprices(1,250US$/oz,15US$/oz.and2.75US$/lb,respec$vely).RAuandRCuaretheAuandCuprojectedmetallurgicalrecoveriesbasedonanumberofS%thresholds.Foraddi$onalinforma$onseeExeterwebsiteorSedar,AmendedNI43-101TechnicalReportontheCaspicheProject.Effec$vedateApril30,2014.

Material Class Tonnes(Mt) Au(g/t) Cu(%) Ag(g/t) AuEq3(g/t)Sulphide Measured 378.6 0.71 0.30 1.30 1.28

Sulphide Indicated 431.6 0.64 0.27 1.40 1.16

TotalSulphide M&I 810.2 0.67 0.29 1.35 1.22

Theoxideandsulphidematerialswerereportedabovecut-offsof0.18g/tAuEqand0.30g/tAuEq,respec$vely:

MineralResourcesundergroundopera$oncut-offgradeof0.75g/tAuEq3:

TheApril2012MineralResourceformedthebasisforthe2014PEA

[ ] [ ] [ ] [ ][ ]

[ ][ ] [ ] [ ] [ ]

[ ][ ][ ]⎟

⎟⎠

⎞⎜⎜⎝

⎛•⎟⎟⎠

⎞⎜⎜⎝

⎛•+•⋅•⎟⎟

⎠

⎞⎜⎜⎝

⎛•⎟⎟⎠

⎞⎜⎜⎝

⎛•+=

%%

/$/$

/000,10/06857.0%%

/$/$%//

Au

Ag

Au

Ag

Au

Cu

Au

Cu

RR

ozPozP

tgAgozlbgRR

ozPlbPCutgAutgAuEq

[ ] [ ] [ ] [ ][ ]

[ ][ ] [ ] [ ] [ ]

[ ][ ][ ]⎟

⎟⎠

⎞⎜⎜⎝

⎛•⎟⎟⎠

⎞⎜⎜⎝

⎛•+•⋅•⎟⎟

⎠

⎞⎜⎜⎝

⎛•⎟⎟⎠

⎞⎜⎜⎝

⎛•+=

%%

/$/$

/000,10/06857.0%%

/$/$%//

Au

Ag

Au

Ag

Au

Cu

Au

Cu

RR

ozPozP

tgAgozlbgRR

ozPlbPCutgAutgAuEq

9!

EXETERCaspiche:CrossSecLon-GoldValues

BARRICK-KINROSSCerroCasale:CrossSecLon-GoldValues

CaspicheNotJustBig–ScaleableOp$onsCaspichenearsurfacegoldoxide,cohesivehighergradegold-coppercore.

CaspicheLevelPlanGoldValues

10!

1640feet(500m)

985feet(300m)

HigherGradeCore

DioritePorphyry

500m(1640feet)

300m(985feet)

HigherGradeCoreislargeinscale

DioritePorphyry

Aug/t

Aug/t

1Using1g/tAuEqcutoff,SeeMineralResourcesslideandExeterwebsiteorSedar,AmendedNI43-101TechnicalReportontheCaspicheProject.Effec]vedateApril30,2014.

Oxidegoldzone

HighergradeAu-Cuzone

LargelowergradeAu-Cuzone

1.25km

200m

DevelopmentOp$ons1forCaspiche

11!

Op$onI-StandaloneHeapLeachOxideGold-M&IResources*1.7MillionozAuEq-10YearMineLife,122,000ozAu/yr-ModestIni$alCapex-LowStripRa$o0.27:1-FavorableLeachKine$cs-Transi$onZoneExpansionPoten$al

Op$onII&III-Gold-CopperSulphides

-Focus:Central/HigherGradeCore-18to42YearMineLifeOp$ons-AnnualAuEqupto350,000oz-LOMAuEqProduc$on4.9to14.1Millionoz-ModesttoLargeScaleMiningOp$onality-ExpansionOp$ons

*RefertotheMineralResourcesslidefordetails.1SeeExeterwebsiteorSedar,AmendedNI43-101TechnicalReportontheCaspicheProject.Effec]vedateApril30,2014.The2014PreliminaryEconomicAssessmentusesadiscountrateof5%andcommoditypricesofUS$1,300/ozAu,US$20/ozAg,andUS$3.00/lbCu.

HigherGradecore510Mtgrading

0.80g/tAu,0.33%Cuhos]ng23.5MozAuEq1

Focusingonhighmarginop$ons,u$lizingcashflowtofinancefutureCAPEX.

OpLon1: OpLon2: OpLon3:

Item Unit 30,000tpdstandaloneoxide

Combined:60,000tpdoxide;27,000tpdSulphide(openpit)commencinginyear6

Combined:60,000tpdoxide;27,000tpdSulphide(underground)

commencinginyear3Minelife years 10 18 42AnnualaverageAuEq*Prod. oz 122,000 289,000 344,000LOMProduc$onAuEq ozM 1.27 4.9 14.2Pre-taxNPV@5% US$M 355 967 1,636IRR % 34.7% 27.2% 20.0%PaybackPeriod years 3.4 6.1 7.7Aker-tax27%NPV@5% US$M 252 656 1,144 IRR % 28.5% 21.1% 16.7%PaybackPeriod years 3.6 6.8 8.1CapexSummaryIniLalCapex US$M 251 371 387LOMSustainingCapex US$M 93 926 1,580TotalCapex US$M 343 1,297 1,967CapitalU$liza$onperAuEq*oz US$ 270 264 139OpexSummaryUnitTotalOpexProcessed US$/t 6.5 9.4 20.1CashCostCashCost-AuEq US$/oz 546 486 649TotalCashCost-AuEq* US$/oz 589 551 709AllinSustainingCashcostAuEq* US$/oz 676 752 828C1CashCost-CuEq* US$/lb n/a 1.31 1.77

Threeop$onsforthedevelopmentofCaspiche

12!

1.The2014PreliminaryEconomicAssessmentusesadiscountrateof5%andcommoditypricesofUS$1300/ozAu,US$20/ozAg,andUS$3.00/lbCu.TheeconomicanalysiscontainedinthePEAisconsideredpreliminaryinnature.ThereisnocertaintythateconomicforecastsoutlinedinthePEAwillberealized.*Goldequivalent(AuEq)valueisbasedongold,silverandcopperrevenues(pricesandrecoveriesinvolved).AuEq[troyoz]=[Aug/t*RecAu*throughputtonnes]/31.1+[Agg/t*RecAg*throughputtonnes]/31.1*silverpricetroyoz/goldpricetroyoz+[[Cu%*RecCu*throughputtonnes]*2204]*copperpricelbs/goldpricetroyoz.RecoveriesareadjustedbasedonmetallurgicalcharacterisUcoftheresource.ForResourceesUmaUonsassumedpricesare$1250/ozAu,$15/ozAgand$2.75/lbforCu.CuEqformulaaccountsforAuandAgozconvertedtolbsCu.

Project LaIndia Amulsar Coffee**Cerro

MaricungaElCasLllo

Eagle&(Olive)

Karma* Caspiche1

Company AgnicoEagle Lydian KaminakAtacamaPacific

Argonaut Victoria TrueGold Exeter

Loca$on Mexico Armenia Yukon Chile Mexico Yukon BurkinaFaso Chile

MarketCap(C$M) $12,716 $231 $500 $27 $336 $281 $267 $90

CashonHand(C$M) $831 $220 $33 $7 $72 $67 $6 $17

EV(C$M) $13,370 $154 $467 $20 $276 $215 $261 $73

Reserves/Resources(tonnes&Augrade)

P&P:[email protected]/t







M&I:[email protected]/t

AuEqOunces 0.76Moz 2.4Moz 2.2Moz 3.7Moz 1.2Moz 2.6Moz 0.9Moz 1.7Moz

MineLife(years) 7 10 10 13 11 10 9 10

Throughput(tpd) 16,000 27,000 92,000 80,000 35,000 33,700 11,000 30,000

AuEqProduc$on(oz/yr) 90,000 211,000 1184,00000 228,000 85,000 200,000 92,000 122,000

CAPEX(ini$al)(US$M) $158 $370 $247 $399 n/a $289 $132 $251

GoldPrice(US$/oz) $1,379/oz $1,150/oz $1,150/oz $1,350/oz $1,000/oz $1,250/oz $1,250/oz $1,250/oz

NPV5%(azer-tax)(US$M) $207 $338 $355 $409 $257 $396 $199 $243

IRR(azer-tax) 31% 22% 37% 25% n/a 29.5% 46% 27%

TotalCashCosts(US$/oz) $426/oz $509/oz $481/oz $864/oz $628/oz $638/oz $630/oz $589/oz

StripRa$o 1.00 2.40 5.70 1.76 0.90 0.95 2.43 0.27

CrushSize(inches) 0.98 0.75 2.00 0.75 0.74 0.26 2.00 1.96

GoldRecoveryRate(%) 80% 87% 86% 79% 70% 71% 87% 80%

ComparableOxideGoldHeapLeachProjects

13!

1SeeExeterwebsiteorSedar,AmendedNI43-101TechnicalReportontheCaspicheProject.Effec]vedateApril30,2014.20%taxrateusedasacompara]ve.2SharepricesasofDecember30,2016;financialsasofQ2orQ3,2016orinclusiveofrecentclosedfinancings.*TrueGoldMiningInc.mergerwithEndeavourMiningcompleted.TrueGoldsharesdelistedasofApril27,2016.DataasofApril27,2016.**KaminakGoldCorp.mergerwithGoldCorpcompleted.KaminakGoldsharesdelistedasofJuly21,2016.DataasofJuly21,2016.

FinalOxideMetallurgicalTestwork

14!

•  Recently completed metallurgical test work suggests previously es$mated heap leachrecoveriesofapproximately80%,usedinthe2014PEA1,areconserva$ve.

•  Confidencelevelsapproachingfinalfeasibilityrequirements.

•  Most important,high recoveries in thefirst six yearsof themineplanalso correspondswiththehighestgradesinthemineplan.

•  Metallurgicalprojec$onses$mateheapleachcyanideconsump$onsaveragingabout0.4kg/tonne.

•  Poten$al:Higherprojectvalue,fasterpayback,greaterconfidence.

1SeeExeterwebsiteorSedar,AmendedNI43-101TechnicalReportontheCaspicheProject.Effec]vedateApril30,2014.Foraddi]onalinforma]onrefertoExeternewsreleaseNovember12,2014.

FeedSize HeadGrade ExtracLon Reagents

Composite P80mm g/tAu g/tAg %Au %Ag kg/tNaCN kg/tLime

MineralizedGravel -38 0.74 7.6 78.4 32.9 1.27 2.6

Years1&2(1test) -50 0.66 1.1 93.9 90.9 1.25 4.8

Years3&4 -50 0.81 1.4 87.7 62.5 1.29 4.8

Years5&6 -50 0.33 0.9 84.6 50.0 1.06 6.0

Years7&8 -50 0.37 0.8 78.4 38.1 0.97 4.7

Years9&10 -50 0.63 0.4 79.2 50.0 0.82 3.2

Othermaterial -50 0.47 2.1 83.0 57.1 0.89 5.0

Poten$alDevelopmentTimeline

15!

DevelopmentStudyUpdate MajorStudyComple$on/Submission

CaspicheProjectTimeline

Q3 Q4InternalHeapLeachTradeOffWork/PEA

InfillandExpansionDrillProgram

HeapLeachFeasibilityandTimeline*

EIAPreparation&Submission(forHeapLeach)

EIAApprovalProcess(forHeapLeach)

ProjectFinancing(forHeapLeach)

CondemnationDrillProgram

MetallurgyTransitionandSulphides

DrillProgramHighGradeAu-Cu

EconomicStudiesHighGradeAu-Cu

StakeholderRelations *subjecttoBoardapproval

H1 H22016 2017 2018 2019Q4 Q1 H1 H2Q2

OpLon1: OpLon2: OpLon3:

Item Unit 30,000tpdstandaloneoxide

Combined:60,000tpdoxide;27,000tpdSulphide(openpit)commencinginyear6

Combined:60,000tpdoxide;27,000tpdSulphide(underground)

commencinginyear3Minelife years 10 18 42AnnualaverageAuEq*Prod. oz 122,000 289,000 344,000LOMProduc$onAuEq ozM 1.27 4.9 14.2Pre-taxNPV@5% US$M 355 967 1,636IRR % 34.7% 27.2% 20.0%PaybackPeriod years 3.4 6.1 7.7Aker-tax27%NPV@5% US$M 252 656 1,144IRR % 28.5% 21.1% 16.7%PaybackPeriod years 3.6 6.8 8.1CapexSummaryIniLalCapex US$M 251 371 387LOMSustainingCapex US$M 93 926 1,580TotalCapex US$M 343 1,297 1,967CapitalU$liza$onperAuEq*oz US$ 270 264 139OpexSummaryUnitTotalOpexProcessed US$/t 6.5 9.4 20.1CashCostCashCost-AuEq US$/oz 546 486 649TotalCashCost-AuEq* US$/oz 589 551 709

AllinSustainingCashcostAuEq* US$/oz 676 752 828

C1CashCost-CuEq* US$/lb n/a 1.31 1.77

Threeop$onsforthedevelopmentofCaspiche

16!

1.The2014PreliminaryEconomicAssessmentusesadiscountrateof5%andcommoditypricesofUS$1300/ozAu,US$20/ozAg,andUS$3.00/lbCu.TheeconomicanalysiscontainedinthePEAisconsideredpreliminaryinnature.ThereisnocertaintythateconomicforecastsoutlinedinthePEAwillberealized.*Goldequivalent(AuEq)valueisbasedongold,silverandcopperrevenues(pricesandrecoveriesinvolved).AuEq[troyoz]=[Aug/t*RecAu*throughputtonnes]/31.1+[Agg/t*RecAg*throughputtonnes]/31.1*silverpricetroyoz/goldpricetroyoz+[[Cu%*RecCu*throughputtonnes]*2204]*copperpricelbs/goldpricetroyoz.RecoveriesareadjustedbasedonmetallurgicalcharacterisUcoftheresource.ForResourceesUmaUonsassumedpricesare$1250/ozAu,$15/ozAgand$2.75/lbforCu.CuEqformulaaccountsforAuandAgozconvertedtolbsCu.

StagedDevelopment-CapitalAdvantage

17!1.Capitalrequirementsfundedfromcashflowwerecalculatedusinga20%taxrate,US$1,300/ozAu,US$3.00/lbCu,andUS$20/ozAg.

StagedDevelopment-CapitalAdvantage

18!1.Capitalrequirementsfundedfromcashflowwerecalculatedusinga20%taxrate,US$1,300/ozAu,US$3.00/lbCu,andUS$20/ozAg.

19!

“BefearfulwhenothersaregreedyBegreedywhenothersarefearful”WarrenBuffet

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000 01

/01/

1983

Jul 8

4

01/0

1/19

86

01/0

7/19

87

01/0

1/19

89

01/0

7/19

90

01/0

1/19

92

01/0

7/19

93

01/0

1/19

95

01/0

7/19

96

01/0

1/19

98

01/0

7/19

99

01/0

1/20

01

31/0

5/20

02

28/1

1/20

03

31/0

5/20

05

30/1

1/20

06

30/0

5/20

08

17/1

1/20

09

31/0

5/20

11

30/1

1/20

12

31/0

5/20

14

30/1

1/20

15

30/1

2/20

16

VSE Index CDNX Index TSX-V Index

01/07/1984

SmallCapMiningRalliesandCorrec$ons

20!TSX-VIndexValuestoDec30,2016.Source:CanaccordGenuityCorp.&ExeterResourceCorp.

VSE Index CDNX Index S&P/TSX Venture Exchange Index

-45%

-75%

-40%

-73%

-34%

-81%

- 79%

+ 65%

+ 21% + 91%

+ 23%

+ 88%

+ 84%

+257% +252%

+64%

XRCSharePerformance

21!Source:BigCharts.

XRC1yr

XRC5yrs

HUIGoldIndex

22!

GoldEquityPricesofftheboNombutremainathistoricallymodestlevels

Source:www.bigcharts.com.

US$IndexTrend

23!Source:828cloud.worldpress.com

Trumppoliciesaimedtos]mulategrowthwillbedifficulttoachievewithastrongUS$

ArizonaStarsharepriceperformance

24!Source:ExeterResourceCorpora]on

ArizonaStar(controlled51%ofCerroCasale)sharepricesufferedbadlypostdiscoveryphaseandwiththedownturnofthebullionpriceinthelate1990’sandearly2000’s.Star]ngin2002,withanewrisingtrendinbullionitssharepriceappreciatedfromC$0.50toitstakeovervalueofC$18.00pershare,or$773million.

250

350

450

550

600

TrendingGoldPriceUS$

GoldEquivalentResourcestoMktCap

25!

1SeeMineralResourcesslideandExeterwebsiteorSedar,AmendedNI43-101TechnicalReportontheCaspicheProject.Effec]vedateApril30,2014.TheeconomicanalysiscontainedinthePEAisconsideredpreliminaryinnature.ThereisnocertaintythateconomicforecastsoutlinedinthePEAwillberealized.*GoldEquivMoz(AuEq)Resourcetonnes*[Aug/t+{Cu%*Cupricelbs/AuPricetroyoz*0.06857glb/oz*10000}+Agg/t*Agpricetroyoz/Aupricetroyoz].Novagold*50%shareofDonlinandGalore.PricingasofNovember30,2016.

MassivelyUndervaluedGoldResources

UndevelopedGoldandGold-CopperProjects

26!

1SeeMineralResourcesslideandExeterwebsiteorSedar,AmendedNI43-101TechnicalReportontheCaspicheProject.Effec]vedateApril30,2014.Goldequivalent(AuEq)AuEqg/t=Aug/t+(Cu%*Cupricelbs/AuPricetroyoz*0.06857glb/oz*10000)+Agg/t*Agpricetroyoz/Aupricetroyoz.IncludesP&PReservesandM&ImineralResources.Reflects%interestinprojectofoutlinedcompanies.*Caspichesulphideat0.30g/t,0.75g/tand1.0g/tAuEqcutoff.

Basedonmajority%interest

NovaGold50%

Barrick75%Gabriel80.7%

Goldcorp50%

Reservoir45%

EXETER100%Highestgrade lowestgrade

LargeDepositsareRare

27!Source:USGlobalResearch.

+3millionouncediscoveriesarescarce

LeveragetoGold

28!

1SeeMineralResourcesslideandExeterwebsiteorSedar,AmendedNI43-101TechnicalReportontheCaspicheProject.Effec]vedateApril30,2014.TheeconomicanalysiscontainedinthePEAisconsideredpreliminaryinnature.ThereisnocertaintythateconomicforecastsoutlinedinthePEAwillberealized.PricingasofNovember30,2016.

•  ATrackRecordofSuccess -Threesignificantmineraldiscoveriesinthelastdecade -SpunoutExtorretoshareholdersona1-to-1basis(2010) - wastakenoverbyforC$414MorC$4.26/share(2012)

•  Control100%ofCaspiche -M&IMineralResources1:Oxides1.7MozAuEq,Sulphides37.9MozAuEq -Unique:goldoxide,highergradegold/coppercore,largescalegold/copper -StableMiningJurisdic$on-Chile

•  Direc$ngRe-valua$on -LowCapexstartupop$ons2,strongeconomics -Caspichesufficientlyadvancedtofasttrackdevelopmentdecisions -Fundamentallyandcompara$velyundervalued -Favorable$mingforselectgoldequi$es

•  CashofC$16million.NoDebt.

WhyInvestinExeter?

29!

Thefounda$onforsuccess:TrackRecord,UniqueAsset,Cash.

1SeemineralResourcesslidefordetails:OxideM&[email protected]/tAu,1.58g/tAg;SulphideM&I1,[email protected]/tAu,0.20%Cu,1.17g/tAg.2SeeExeterwebsiteorSedar,AmendedNI43-101TechnicalReportontheCaspicheProject.Effec]vedateApril30,2014.

Appendix

30,000tpdstandaloneheapleachgoldopera$on

•  122,000ozAuEq*peryear•  10yearminelife

•  Pre-taxNPV5%ofUS$355million,IRRof34.7%.

•  TotalcashcostsUS$589perozAuEq*

•  Ini$alCAPEXUS$210million(plusUS$41millioncon$ngency)

•  Peakwaterrequirementis44litrespersecond.

Op$on11:30,000tpdHeapLeachGoldOpera$on

31!

ValueGeneralParameters

PlantfeedEst(Tonnes&Grade)(oxide)1 M&I:[email protected]/tAu&1.62g/tAg

ContainedAuEq 1.6millionounces

Throughput 30,000tpd

MineLife 10yearsStripRa$o(Waste:Ore) 0.27:1GoldRecoveries 80%SilverRecoveries 40%

ProducLonAvg.AnnualAuEqProduc$on 122,000ozAnnualAuEqProduc$on(year1-5)(ounces) 148,000ozLOMAuEqProduc$on 1.27millionoz

CapitalCostsIni$alCapital(incl.Con$ngencyofUS$41M) US$251millionSustainingCapital US$93million

CashCostsTotalCashCosts US$589/ozAllinSustainingCashCost US$676/oz

GoldPriceAssumpLon US$1300/ozValuaLon(aker-tax27%)

NPV(5%) US$252millionIRR 28.5%PaybackPeriod 3.6years

ValuaLon(before-tax)NPV(5%) US$355millionIRR 34.7%PaybackPeriod 3.4years

Nearsurface,lowcapex,lowstrip,withfavorableleachkine]cs

*RefertotheMineralResourcesslidefordetails.1SeeExeterwebsiteorSedar,AmendedNI43-101TechnicalReportontheCaspicheProject.Effec]vedateApril30,2014.2Basecaseassumesa5%discountratewithcommoditypricesofUS$1,300/ozAuandUS$20/ozAg.

TheeconomicanalysiscontainedinthePEAisconsideredpreliminaryinnature.ThereisnocertaintythateconomicforecastsoutlinedinthePEAwillberealized.

Sensi$vity-Op$on1

32!

GoldVariability

Sensitivity 30k t/d Heap Leach Open Pit

Item Unit Value Item Unit Value

Pre-tax US$1,100/oz Au After-tax (27% Tax Rate) US$1,100/oz Au

NPV @ 5% US$ M 177 NPV @ 5% US$ M 120 IRR % 21.1% IRR % 17.2%

Payback Period years 4.0 Payback Period years 4.0


NPV @ 5% Discount rate US$ M 355 NPV @ 5% US$ M 252 IRR % 34.7% IRR % 28.5%



NPV @ 5% US$ M 533 NPV @ 5% US$ M 381 IRR % 47.3% IRR % 38.6%


30,000tpdstandaloneheapleachopera]on

1SeeExeterwebsiteorSedar,AmendedNI43-101TechnicalReportontheCaspicheProject.Effec]vedateApril30,2014.TheeconomicanalysiscontainedinthePEAisconsideredpreliminaryinnature.ThereisnocertaintythateconomicforecastsoutlinedinthePEAwillberealized.2Basecaseassumesa5%discountratewithcommoditypricesofUS$1,300/ozAu,US$3.00/lbCu,andUS$20/ozAg.

Basedon2013/14costs•  higherinputcosts–fuel,consumables,power,etc•  unfavorableChileanPesoexchange•  op]mizedMetworknotincluded

Capex,Opex–Op$on1,2014PEA

33!

OP Opex Unit Value Crushing US$/t 0.26 Leaching US$/t 2.35

ADR US$/t 0.17 Reagents Plant US$/t 0.03

G&A US$/t 0.42 Power Supply US$/t 0.02 Water Supply US$/t 0.12

Total US$/t 3.36

OP Mine Opex Unit Unit Cost Loading US$/t 0.44 Hauling US$/t 0.64 Drilling US$/t 0.15 Blasting US$/t 0.32 Ancillary US$/t 0.21 Support US$/t 0.10

Eng. & Adm US$/t 0.19 Pit Dewatering US$/t 0.00

Labour US$/t 0.68 Leasing US$/t 0.40

Total US$/t 3.13

Open Pit Mining - Costs per tonne of material processed

Area Initial Sustaining Total US$ M US$ M US$ M

Mine Direct & Indirect Costs 36 6 42

Pre-stripping 13 0 13 Dispatch 1 0 2

Other Investments 9 4 12 Leasing 13 2 15

Oxide Plant Direct Costs 120 58 178

Crushing 16 0 16 Leaching 29 58 87

ADR 12 0 12 Reagents 1 0 1

Infrastructure 16 0 16 Power supply 3 0 3 Water supply 43 0 43

Plant Indirect Cost 54 11 65

Contingency 41 18 59

Mine 6 1 7 Plant 35 17 52

Total Cost 251 93 344

Some rows and columns may not sum due to rounding

30,000tpdstandaloneheapleachopera]on

1SeeExeterwebsiteorSedar,AmendedNI43-101TechnicalReportontheCaspicheProject.Effec]vedateApril30,2014.TheeconomicanalysiscontainedinthePEAisconsideredpreliminaryinnature.ThereisnocertaintythateconomicforecastsoutlinedinthePEAwillberealized.2Basecaseassumesa5%discountratewithcommoditypricesofUS$1,300/ozAu,US$3.00/lbCu,andUS$20/ozAg.

Costs per tonne of material processed

60,000tpdopenpitheapleachgold27,000tpdopenpitAuCu(year6)•  Average289,000ozAuEq*or125

MCuEqlbperyear•  18yearminelife•  LOMProduc$on4.9MozEq*•  TotalcashcostofUS$551peroz

AuEq*

•  Ini$alCAPEXUS$375million•  Sustainingandclosurecostsare

es$matedatUS$924million•  Pre-taxNPV5%ofUS$967million

andanIRRof27.2%

•  Peakwaterrequirementis185litrespersecond.

Op$on21:HeapLeachGoldtoOpenPitGoldCopperOpera$on

34!


PlantfeedEst(Tonnes&Grade)(oxide)1 M&I:[email protected]/tAu&1.54g/tAgPlantfeedEst(Tonnes&Grade)(Sulphide)1 M&I:[email protected]/tAu&0.27%CuLOMOpera$ngCost US$/t14.4“ore”Throughput 60,000tpd(oxide);27,000tpd(sulphide)MineLife 18yearsStripRa$o(Waste:Ore) 1:1GoldRecoveries 80%(oxide);75%(sulphide)CopperRecoveries 89%(sulphide)

ProducLonAvg.AnnualAuEqProduc$on 289,000ozAvg.AnnualCuEqProduc$on 125millionlbsLOMAuEqProduc$on 4.9millionoz

CapitalCostsIni$alCapital(Incl.Con$ngency) US$371millionAddi$onalCAPEX(incl.sustainingandclosure) US$926million

CashCostsTotalCashCosts US$551/ozAllinSustainingCashCost US$752/ozC1CashCost US$1.31/lb


NPV(5%) US$656millionIRR 21.1%PaybackPeriod 6.8years

ValuaLon(before-tax)NPV(5%) US$967millionIRR 27.2%PaybackPeriod 6.1years

Acceleratedheapleach;extendedAuCusulphideopenpit

*RefertoCompleteMineralResourcesslideintheAppendixfordetails.1SeeExeterwebsiteorSedar,AmendedNI43-101TechnicalReportontheCaspicheProject.Effec]vedateApril30,2014.2Basecaseassumesa5%discountratewithcommoditypricesofUS$1,300/ozAu,US$3.00/lbCu,andUS$20/ozAg.


60,000tpdopenpitheapleachgold27,000tpdundergroundgoldcopper(year3)

•  Average344,000ozAuEq*or147MlbCuEqperyear

•  42yearminelife

•  TotalcashcostsUS$709perozAuEq*

•  Ini$alCAPEXUS$387million

•  SustainingcapitalUS$1.58billion

•  Pre-taxNPV5%ofUS$1.64billion,IRRof20.0%

•  Peakwaterrequirementis151litrespersecond

•  Lowerimpactenvironmentally.

Op$on31:HeapLeachGoldtoUndergroundHGGoldCopper

35!


PlantfeedEst(Tonnes&Grade)(oxide)1 M&I:[email protected]/tAu&1.62g/tAgPlantfeedEst(Tonnes&Grade)(Sulphide)1 M&I:[email protected]/tAu&0.35%CuLOMOpera$ngCost US$/t30.1“ore”Throughput 60,000tpd(oxide);27,000tpd(sulphide)MineLife 42yearsStripRa$o(Waste:Ore) 0.27(oxide);n/a(sulphide)GoldRecoveries 80%(oxide);77%(sulphide)CopperRecoveries 90%(sulphide)

ProducLonAvg.AnnualAuEqProduc$on 344,000ozAvg.AnnualCuEqProduc$on 147millionlbsLOMAuEqProduc$on 14.2millionoz

CapitalCostsIni$alCapital(incl.Con$ngency) US$387millionAddi$onalCAPEX(incl.sustainingandclosure) US$1.58billion

CashCostsTotalCashCosts US$709/ozAllinSustainingCashCost US$828/ozC1CashCost US$1.77/lb


NPV(5%) US$1.144billionIRR 16.7%PaybackPeriod 8.1years

ValuaLon(before-tax)NPV(5%) US$1.636billionIRR 20.0%PaybackPeriod 7.7years

Acceleratedheapleach;transi]oningtoundergroundgoldcoppersulphideopera]on

*SeeMineralResourceslidefordetails.1SeeExeterwebsiteorSedar,AmendedNI43-101TechnicalReportontheCaspicheProject.Effec]vedateApril30,2014.2Basecaseassumesa5%discountratewithcommoditypricesofUS$1,300/ozAu,US$3.00/lbCu,andUS$20/ozAg.


Sensi$vity–M&IMineralResources

36!

Gold–Coppersulphidemineraliza]on-highergradezone

1SeeMineralResourcesslideandExeterwebsiteorSedar,AmendedNI43-101TechnicalReportontheCaspicheProject.Effec]vedateApril30,2014.TheeconomicanalysiscontainedinthePEAisconsideredpreliminaryinnature.ThereisnocertaintythateconomicforecastsoutlinedinthePEAwillberealized.

AuEq Cut-off Mt Au (g/t) Ag (g/t) Cu (%) AuEq6 (g/t) Au Moz Cu Mlbs AuEq Moz

0.60 1,063.2 0.60 1.26 0.26 1.09 20.5 6094.3 37.3

0.65 974.8 0.62 1.29 0.27 1.13 19.4 5802.5 35.4

0.70 891.4 0.65 1.32 0.28 1.18 18.6 5502.2 33.8

0.75 813.7 0.67 1.35 0.29 1.22 17.5 5,202.4 31.9

0.80 742.2 0.70 1.37 0.29 1.26 16.7 4745.3 30.1

0.85 675.6 0.72 1.39 0.30 1.31 15.6 4468.3 28.5

0.90 612.7 0.75 1.41 0.31 1.35 14.8 4187.4 26.6

0.95 558.7 0.77 1.43 0.32 1.39 13.8 3941.8 25.0

1.00 510.1 0.80 1.45 0.33 1.43 13.1 3710.8 23.5

1.05 462.2 0.82 1.48 0.34 1.47 12.2 3464.7 21.8

1.10 415.4 0.85 1.50 0.35 1.52 11.4 3205.6 20.3

1.15 375.1 0.87 1.51 0.36 1.56 10.5 2977.1 18.8

1.20 342.2 0.89 1.53 0.37 1.60 9.8 2791.7 17.6

1.25 311.4 0.92 1.56 0.38 1.63 9.2 2608.3 16.3

1.30 281.9 0.94 1.59 0.38 1.67 8.5 2361.3 15.1

1.35 253.8 0.96 1.63 0.39 1.71 7.8 2182.0 14.0

1.40 226.7 0.99 1.66 0.40 1.75 7.2 1998.9 12.8

1.45 198.7 1.02 1.69 0.40 1.79 6.5 1752.3 11.4

1.50 177.1 1.05 1.71 0.41 1.83 6.0 1600.3 10.4

WendellZerb,P.Geol,President&CEO(30yearsexperience)Mr.Zerbhasextensiveexperienceinthemining/mineralresourcesector.Histechnicalexperienceincludesseniorposi$onsingenera$vemineralexplora$on,development,andopenpitandundergroundminingofbaseandpreciousmetals.Inthecapitalmarkets,Mr.ZerbhaspreviouslyservedasDirector,ResearchAnalyst,MetalsandMining(CanaccordGenuityInc.),VicePresidentofResearchandIns$tu$onalSales,andPresidentandCEOofawhollyownedUSsubsidiary(PIFinancial).

CecilBond,CA,ChiefFinancialOfficer(31yearsexperience)Mr.Bondhasservedvariousposi$onsinanumberofpublicexplora$oncompanieswithac$vi$esinCanada,SouthAmerica,Africa,EuropeandAustralia.Throughouthiscareer,Mr.Bondhasmanaged$700millionintransac$ons,includingthesaleofExtorreGoldMinesLtd.toYamanaGoldin2012azersuccessfullyspinningitoutofExeterin2010.

JerryPerkins,VPDevelopmentandOpera$ons(41yearsexperience)Mr.Perkinsisachemicalengineerwithover40years’experienceintheminingandmetallurgysectorintechnical,opera$onalandcorporatemanagementposi$onsinNSW,Queensland,Tasmania,Australia,Africa,theUK,andPapuaNewGuinea.Mr.Perkinsspecializesinmineralprojectdevelopmentprogramsandfeasibilitystudies,mineproduc$onandcommissioning,testwork/R&Dprograms,engineeringandprocessdesign,opera$onsmanagement,andprojectdevelopmentandop$miza$on.

RobGrey,VPCorporateCommunica$ons(18yearsexperience)Mr.GreyisaBusinessgraduatewith10yearsexperienceinequitysalesand18yearsexperienceinInvestorRela$onsinthejuniorminingsector.Mr.Greyworksdirectlywithseniormanagementandinvestors,attheins$tu$onalandretaillevels.

MaNhewWilliams,BAScinAppliedGeology,Explora$onManager-South&NorthAmerica(25yearsexperience)Mr.Williamshasmorethan25yearsofexperienceinmineralexplora$on,specializingingeologicalappraisalofbaseandgoldmetalminingprojectsinAustralia,theDominicanRepublic,W.A.,Australia,Mexico,Nevada,USA,Panama,Argen$na,andChile.Mr.WilliamsservedasExplora$onManageroftheDonSixtoProject,CerroMoro,andearlyac$vi$esatCaspiche.

GonzaloDamond,CommercialManager(22yearsexperience)Mr.DamondisanIndustrial/Electrical/CivilEngineerwithopera$onalandmanagerialexperiencewithinsignificantmul$na$onalcompanies,includingraillogis$csbetweenArgen$naandBrazil,andintermodalopera$onsforChileanports.Hehasmanagedthedesign,organiza$onandcommissioningoflargedistribu$oncenters,andhassubstan$alexperienceinpurchasemanagement,includingthenego$a$onofsupplycontracts.Throughtheseexperiences,Mr.Damondhasbuiltconstruc$verela$onshipswithcommuni$es,clients,tradeunionsandGovernmentauthori$es.

MaNhewDorman,CaspicheStudyManager(30yearsexperience)Mr.Dormanisaprojectmanagerwith30yearsofinterna$onalexperienceintheminingsector,specializingintechnicalduediligencestudies.Mr.Dormanhasalsomanagedthedesignandconstruc$onofgoldminesinUzbekistan,Tajikistan,SaudiArabia,UruguayandHonduras,andofcopperprojectsinChile,Peru,andKazakhstan.

Management

37!

Drivingfuturesuccesswithexperience

BryceRoxburgh,AusIMMCo-Chairman(42yearsexperience)Managedtheexplora$onteamsthatdiscoveredtheSelwyn,RedDomeandJunc$onReefore-bodiesinAustralia,theDinkidiore-bodyinthePhilippines,andtheDonSixtodepositinArgen$na.HeestablishedExeterin2003andsubsequentlydiscoveredCaspicheinChileandCerroMoro(ExtorreGoldMinesLtd.)inArgen$na.

YaleSimpson,Co-Chairman(42yearsexperience)Anexperienced,seniorgeologist,explora$onmanagerandCEOofcompaniesinvolvedinpreciousmetalsprojectsinAustralia,Africa,EasternEuropeandSouthAmericawithpar$cularexper$seinstrategicresourceplanning,financingandcorporatecommunica$ons.

RobertG.Reynolds,(33yearsexperience)Servedinvariousposi$onsresponsibleforcorporateplanning,financeandadministra$on.Mr.Reynoldspar$cipatedinthedevelopmentoftheGrannySmithandKanownaBelleminesinAustralia,andtheHartleyPla$numMineinZimbabwe.Mr.ReynoldsalsoservedasChairmanofAvocaResourcesLtd.un$litsmergerwithAnatoliaMineralsDevelopmentLtd.in2011.

JulianBavin,BSc,MSc(33yearsexperience)Gainedtechnical,opera$onandcommercialexperienceinmineralexplora$oninSouthAmerica,Australia,Indonesia,andEuropethroughhisexperiencewiththeRioTintoGroup.From2001to2009,Mr.Baviniden$fiedthepoten$alinarangeofprojectsincludingthePRCpotashandAltarcopper/goldprojectsinArgen$na,theMinaJusta,ConstanciaandLaGranjacopperprojectsinPeru,andtheAmargosabauxiteprojectinBrazil.

JohnSimmons,CA(43yearsexperience)Con$nuestomanageanaccoun$ngprac$ceinAustralia,whereMr.Simmonshasextensiveexperienceadvisingontaxa$on,strategicplanning,financialmanagementandgeneralbusiness.Hemaintainsanac$veinvolvementintheminingindustrythoughassocia$onwithanopera$ngminingcompany.

BoardofDirectors

38!

Astrongfounda]on

“Developmentop]onsatCaspiche,whethermodestorlargerscale,deliverstrongeconomicreturnsatcurrentmetalprices.Ourabilityintoday’smarkettofocusonadvancingthe1.7millionouncegoldoxideopenpitissensibleandachievable.Importantlyforshareholders,

withfutureelevatedgoldandcoppermarkets,webelievethevalueoftheverylargeCaspichegold-copperinventorywillbeastrongvaluedriverforExeter.Caspicheisunique,represen]ngoneofonlyafewscalabledevelopmentprojectsthatisnotyetcontrolledbya

majorcompany.”Co-ChairmanofExeter,YaleSimpson.

Presentations & Public Speaking

Exeter Presentation January 2017 for Website2