FireFly Metals Ltd. — Investor Presentation 2021

Sep 8, 2021

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AUTECO MINERALS CORPORATE OVERVIEW Unlocking the potential of the Pickle Crow deposit

BEAVER CREEK SUMMIT VIRTUAL PRESENTATION

10 SEPTEMBER 2021 | ASX: AUT

Ray Shorrocks – Executive Chairman

DISCLAIMER & CAUTIONARY STATEMENTS

DISCLAIMER

This presentation has been prepared by Auteco Minerals Limited (the Company) based on information from its own and third party sources and is not a disclosure document. No party other than the Company has authorised or caused the issue, lodgement, submission, dispatch or provision of this presentation, or takes any responsibility for, or makes or purports to make any statements, representations or undertakings in this presentation. Except for any liability that cannot be excluded by law, the Company and its related bodies corporate, directors, employees, servants, advisers and agents (Affiliates) disclaim and accept no responsibility or liability for any expenses, losses, damages or costs incurred by you relating in any way to this presentation including, without limitation, the information contained in or provided in connection with it, any errors or omissions from it however caused, lack of accuracy, completeness, currency or reliability or you or any other person placing any reliance on this presentation, its accuracy, completeness, currency or reliability. This presentation is not a prospectus, disclosure document or other offering document under Australian law or under any other law. It is provided for information purposes and is not an invitation nor offer of shares or recommendation for subscription, purchase or sale in any jurisdiction. This presentation does not purport to contain all the information that a prospective investor may require in connection with any potential investment in the Company. Each recipient must make its own independent assessment of the Company before acquiring any shares in the Company (Shares). The Company has made reference to historic drilling and exploration results from a variety of Exploration company's over the past 60 years that had previously explored the Project.

References to previous ASX announcements should be read in conjunction with this release. The Company confirms that it is not aware of any new information or data that materially affects the information included in this presentation.

FORWARD LOOKING INFORMATION

This document contains forward looking statements concerning the Company. Forward-looking statements are not statements of historical fact and actual events and results may differ materially from those described in the forwardlooking statements as a result of a variety of risks, uncertainties and other factors. Forward-looking statements are inherently subject to business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause the Company’s actual results to differ materially from those expressed or implied in any forward-looking information provided by the Company, or on behalf of the Company. Such factors include, among other things, risks relating to additional funding requirements, metal prices, exploration, development and operating risks, competition, production risks, regulatory restrictions, including environmental regulation and liability and potential title disputes. Forward looking statements in this document are based on the Company’s beliefs, opinions and estimates of the Company as of the dates the forward-looking statements are made, and no obligation is assumed to update forward looking statements if these beliefs, opinions and estimates should change or to reflect other future developments. Although management believes that the assumptions made by the Company and the expectations represented by such information are reasonable, there can be no assurance that the forward-looking information will prove to be accurate. 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 materially different from any anticipated future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, the actual market price of commodities, the actual results of future exploration, changes in project parameters as plans continue to be evaluated, as well as those factors disclosed in the Company's publicly filed documents. Readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws. No representation, warranty or undertaking, express or implied, is given or made by the Company that the occurrence of the events expressed or implied in any forward-looking statements in this presentation will actually occur.

NO NEW INFORMATION OR DATA

This Presentation contains references to Mineral Resource estimates, all of which have been extracted from the Company’s ASX announcement titled "Resource increases 71% to 1.7 Moz at Pickle Crow” and dated 15 July 2021, which is available via the following link: https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02395621-2A1310023?access_token=83ff96335c2d45a094df02a206a39ff4. All future references in this presentation that relate to the Mineral Resource Estimate should be read in conjunction with the aforementioned ASX release. The Company confirms that it is not aware of any new information or data that materially affects the information included in that ASX announcement and that all material assumptions and technical parameters underpinning the Mineral Resource Estimate (Inferred Resource – 6.6 Mt @ 8.1 g/t gold for 1.71 M ounces of gold) in that announcement continue to apply and have not materially modified. A breakdown of the resource is set out in this Presentation.

This Presentation also contains references to Certain Exploration Results that were first reported in accordance with ASX Listing Rule 5.7 in the Company's announcements of 28/01/2020, 26/03/2020, 01/09/2020, 11/11/2020, 19/01/2021, 7/04/2021, 16/06/2021, 15/07/2021 and 02/08/2021. Auteco confirms that it is not aware of any new information or data that materially affects the information included in the original announcements. The Company confirms that the form and context in which the Competent Persons’ findings are presented have not been materially modified from the original market announcements.

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CORPORATE OVERVIEW

A Canadian-focused ASX listed company with one of the highest grade +1.7Moz Resources Globally

CAPITAL STRUCTURE

ASX Code	AUT
Shares on Issue	1.7B
Management & Consultant Options	390M
Top 20 Shareholders	63%

SHAREHOLDER SUMMARY	SHAREHOLDER SUMMARY
Board and Management (on a fully diluted basis)	27%
Australian & Global Institutions	26%
Substantial Shareholders
• 1832 Asset Management	9.4%
• First Mining Gold Corporation	7.5%
• Symorgh Investments Pty Ltd	6.2%
• Campbell Kitchener Hume & Assoc.	5.9%

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Current Market Cash
Share Price [1] Capitalisation [1] Position [2]
A$0.09 ~A$150M ~A$21.8M
120
$0.20
100
80 $0.15
60
$0.10
40
$0.05
20
0 $-
Share Price
Volume (Millions)
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1. As at market close 1 September 2021 2. As at 30 June 2021

MANAGEMENT TEAM

A leadership team with management DNA and experience in some of the most successful resource sector stories in the past decade, including Bellevue and Northern Star

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• 27 years experience working in the investment banking industry, highly conversant and experienced in all areas of mergers and acquisitions and equity capital markets.

• Significant track record of transactions in the metals and mining sectors

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• Geologist with 25 years’ experience having previously held senior positions in global majors including Barrick Gold, Newmont and Northern Star Resources

• Extensive gold industry experience in Australia and North America spanning regional and near mine exploration, operational geology, long-term planning and corporate development

Ray Shorrocks – Executive Chairman

Darren Cooke – Chief Operating Officer

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• Experienced geologist with a proven track record of mineral discoveries, corporate growth, international investor relations and creating shareholder wealth

• Founder and Managing Director of Gryphon Minerals

Steve Parsons – Non-Executive Director

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• 4 years' of experience in the resources sector, operating in Australia, Canada, Europe and Africa

• Corporate and financial management with a number of ASX listed companies active in a range of commodities, precious and base metals and industrial minerals sector, together with Directorships and Company Secretarial of unlisted entities

Nick Katris – Chief Financial Officer and Company Secretary

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• 26 years' experience in corporate advisory and public company management since commencing his career and qualifying as a chartered accountant

• Involved in the financial management of mineral and resources focused public companies serving on the board and in the executive management teams.

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• Extensive gold and base metals exploration and management experience throughout Australia, Africa, Asia and the Americas

• Key roles in the discovery and definition of more than 9 million ounces of gold globally with ASX listed junior companies

Michael Naylor – Non Executive Director

Marcus Harden – Chief Geologist

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AuTECO GROWTH VISION

Build a globally relevant and sustainable resources company focused on value creation for shareholders and the communities in which we operate

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COMMODITY
Gold Focused
±Ag ±Cu
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JURISDICTION Canada & USA

GEOLOGY Known Mineral Districts Camp Scale Opportunities

SCALE >1Moz Discovery >100koz p.a.

DEPOSITS

High Grade & Continuous, Metallurgically simple

PEOPLE, SAFETY & SOCIAL LICENCE

• Develop and maintain our human capital

• Operate in a safe, socially and environmentally responsible manner

• Develop respectful and mutually beneficial partnerships with communities in which we operate

INORGANIC GROWTH

ORGANIC GROWTH

• Evaluate, acquire and/or partner on accretive assets that complement our growth strategy

• Advance near mine and regional exploration targets to add value (Discover, Define)

• Grow existing Resource and build a highquality mining inventory

• Be agile to take advantage of opportunities in a dynamic and ever-changing world

• Utilise existing infrastructure to maximum benefit

• Plan for (and expect) growth

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CANADA & ONTARIO – THE INVESTMENT CASE

A true tier 1 mining location in every definition of the term

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ONTARIO IS HOME TO MAJOR GLOBAL GOLD PRODUCERS

JURISDICTION

Including Barrick, Newmont, Agnico-Eagle, Kirkland Lake, Evolution

• Canada is one of the best mining locations globally

Fraser Institute Survey of Mining Companies 20203 Regional Median Overall Investment Attractiveness

• Ontario consistently ranks in the top 20 states & provinces globally in the Fraser Institute Investment Attractiveness Index

• Strong taxation incentives to explore (e.g., Flow Through)

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PROSPECTIVITY

• Canada is home to some of the biggest current and historical gold deposits globally

• Ontario hosts world-class deposits such as Timmins & Red Lake

• The Archean rocks of Ontario are relatively under-explored and are yielding new discoveries

$

RELATIVE VALUATIONS

• Projects in Canada are undervalued relative to similar properties in Australia, and provides an opportunity for superior value creation for shareholders

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90
80
70
60
50
40
30
20
10
0
Oceania Africa Latin Argentina Europe United Canada Australia
America States
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1. Source: Fraser Institute Annual Survey of Mining Companies 2020, www.fraserinstitute.com

PICKLE CROW ASSET SUMMARY

One of the highest-grade historic gold deposits in Canada – Pickle Crow underground mine produced 1.5Moz at 16.1g/t Au

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Pickle Crow
Scale: Grid 500m x 500m x 500m
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LOCATION	•	400km north of Thunder Bay, Ontario, Canada
ACCESS	• •	Access via paved highway, sealed roads and air 365 day peryear access
TENURE	•	496km2, with Patented MiningClaims valid until 2067
PRODUCTION	• •	3.1Mt @ 16.1g/t Au for 1.5Moz (1935 – 1966) All underground narrow vein mining
UNDERGROUND	• •	3 main shafts - #1, #3 & Albany (historic) 38km of lateral development
RESOURCE	•	6.6Mt@8.1g/t Au for 1.71Moz(MY 2021)
SURFACE	• •	Processing plant (225tpd, never commissioned) 24-person camp, 600kw generator, Core facility
POWER	•	Grid connected hydro-power
	•	Main deposit is subject to an earn-in agreement
OWNERSHIP		between Auteco (ASX:AUT) and First Mining Gold (TSX:FF)
	•	AUT have earnt 70%, can elect togo to 80% for C$3M

PICKLE CROW SURFACE INFRASTRUCTURE

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PICKLE CROW GEOLOGICAL SETTING

World-class setting in the prolific Superior Craton

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CONTINENT TECTONIC ELEMENT PROVINCE
Laurentia
North
Superior
America
Craton
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Uchi Subprovince

REGION DEPOSIT Pickle Lake Pickle Crow Greenstone & Central Belt Patricia

THE UCHI SUBPROVINCE

One of the best gold addresses globally

• Located in the prolific Uchi Sub province of the Western Superior Craton

• Archean Granite – Greenstone terrane that hosts significant gold deposits, including:

• Red Lake (Evolution Mining)

• Musselwhite (Newmont)

• Springpole (First Mining)

• Madsen (Pure Gold)

• Dixie (Great Bear)

• West Red Lake (West Red Lake Gold)

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BASEMENT GEOLOGY OF THE WESTERN SUPERIOR CRATION[4]

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1. Source: Modified from Superior Craton Basement Geology 1:2M Scale, MERC Laurentian University, 2018

DEPOSIT SCALE GEOLOGY

Exploring the prolific Northern Pickle Lake greenstone belt

CONTINENT TECTONIC ELEMENT PROVINCE Laurentia North Superior America Craton

Uchi Subprovince

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REGION
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DEPOSIT Pickle Lake Pickle Crow Greenstone & Central Belt Patricia

A CLASSIC ARCHEAN OROGENIC GOLD SYSTEM

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• Deposit Structurally controlled Archean greenstone Classification hosted Mesothermal Orogenic Gold

• Lower mafic sequence (predominantly basalt) with interflow sediments, including BIF

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Host Rocks

• Intermediate to Felsic volcanics and volcaniclastics intruded by qtz-feldspar porphyry

• Sediments, inc. Timiskaming-type conglomerates

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• Multi-phased (D1-D4) isoclinally folded and faulted sequence with local disruptions adjacent to the plutons

Structure

• Regional greenschist facies, locally Amphibolite proximal to intrusions

Metamorphism

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HISTORIC SURFACE GEOLOGY MAP[5]

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1. Source: Ferguson geology surface map of the Pickle Crow area

DEPOSIT SCALE GEOLOGY

Exploring the prolific Northern Pickle Lake greenstone belt

CONTINENT North America

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TECTONIC ELEMENT PROVINCE
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Laurentia Superior Craton

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Uchi Subprovince

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REGION
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Pickle Lake Greenstone Belt

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DEPOSIT
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Pickle Crow & Central Patricia

TWO DISTINCT STYLES OF MINERALISATION

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VEIN HOSTED

The mainstay of historic production

ALTERATION HOSTED

Bulk Mining Potential

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• Narrow (<3m) quartz-carbonatesulphide veins with high-grade coarse gold (free milling)

• Minor sulphides (<5%)

• Multiple vein orientations associated with Riedel shears, typically dip 75[o] towards the NW

• Can be laterally continuous (e.g., Vein 1 has been traced over 900m and to depths >1,500m)

• Internal high grade shoots

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• Broad zones of gold (to >20m wide) hosted in alteration halos surrounding veins in reactive host rocks (typically BIF)

• Sulphides are pyrite dominant with lesser arsenopyrite. The type of sulphide varies with host rock

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PICKLE CROW RESOURCE

1.7 Million ounces of gold and still growing

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Mineralisation Domain Cut off Tonnes Grade Gold ∆ to 710,000oz of near-surface
(Mt) (g/t) (Moz) Sept. 2020
Resource added from the
Quartz Lodes 3.5 g/t 4.5 10.1 1.47 +0.47Moz
drill bit at A$15.25 per
Alteration (BIF) Hosted 2.0 g/t 2.1 3.7 0.24 +0.24Moz ounce in just 10 months
TOTAL INFERRED RESOURCE 6.6 8.1 1.71 +0.71Moz (Sept 2020 to June 2021)
R APID RESOURCE GROW TH THROUGH THE DRILL BIT
1.8
50,000m
1.6
1.4 program
1.2 commenced
1 in June 2021
0.8
0.6
0.4
0.2
0
June 2020. Sept 2020. June 2021.
Data
Inferred Resource Moz Au Historic
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GRADE (g/t) <0.5 0.5–1.0 1.0–2.0 2.0–3.5 3.5–5.0 5.0–10.0 10.0–20.0 >20.0

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ECONOMIC EVALUATION

Underground and bulk mining opportunities provide optionality for future development

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ACCESSING UNDERGROUND TO DEFINE & DISCOVER

OPEN PIT & UG OPTIONS

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The Auteco game plan is to establish underground drill positions to infill the 1.47Moz @ 10.1g/t vein Resource.

The broad BIF / Alteration-hosted Resource may provide the platform to launch

(0.24Moz @ 3.7g/t Gold)

• Potentially economic pits that optimise on the Inferred Resource model provide optionality to reaccess underground (Shaft Rehab vs Starter Pit)

• Active exploration for bulk mining material has only just commenced, and will impact infrastructure decisions

(e.g., potential processing capacity requirements)

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EXPLORATION & GROWTH

Building Momentum at all stages of the project pipeline

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GENERATIVE

• Mapping and reconnaissance rock chip sampling conducted South of the Resource area

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DISCOVERY

• First-pass drill testing of conceptual targets in the northern near-mine area

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RESOURCE GROWTH

  - Continued step out and exploration in the near mine area

  - Drilling to extend Resource

• Ground magnetic survey continue

• Numerous outcropping veins traced and mapped at Springer prospect

• Rock chip samples include:

• 145.7g/t gold

• 6.2 g/t gold

• 5.7g/t gold

• Ground magnetics identified multiple structural offsets and demagnetised zones

• Discovery of the Carey zone , an intersection between the Albany porphyry contact and other NE trending dykes & veins

• Assays include:

• 20.4m @ 5.3g/t gold

• • 13.8m @ 2.0g/t gold

• 16.5m @ 2.2g/t gold

• • 6.5m @ 4.6g/t gold

• RESOURCE UPDATE – 1.7Moz

• • Discovery of new structure >250m from other AUT holes • 4.9m @ 7.5g/t gold

• Extensions of known veins , will contribute to future updates. Assays include: • 1.3m @ 21.4g/t gold

• 3.3m @ 8.0g/t gold

• • 4.6m @ 7.5g/t gold

• • 0.6m @ 42.9g/t gold

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DRILLING HIGHLIGHTS

NEAR MINE EXPLORATION – SHAFT 1 & SHAFT 3 AREA

Recent intersections point to further Resource growth

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NEAR MINE EXPLORATION – ALBANY CAREY AREA

Carey Discovery – A revised geology model

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REGIONAL EXPLORATION

Exploring the prolific northern Pickle Lake greenstone belt

15,000m (30%) of the current 50,000m drill program will be dedicated to testing regional targets

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CAMP SCALE POTENTIAL

• As with many deposits of this style, there are parallel structures adjacent to the main Core Mine shear at Pickle Crow

• The parallel shear zones have a low density of drill testing

• All work completed by Auteco has been done in the small area surrounding shafts 1, 3 and Albany

• Historic drill intersections demonstrate high grade vein arrays and alteration hosted mineralisation occur >15kms from the current Resource

Geology Legend

Mafic to Int. Volcanics Mafic Intrusion Granitoids Felsic to Int. Volcanics Major Shear Zone Gold Occurrence Priority Exploration Target

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100% AUT
TARP LAKE
4.6m @ 7.2g/t Au from 76.9m
36.0m @ 1.5g/t Au from 158m
MCARTHUR
14.3m @ 1.5g/t Au from 30.5m
from 164m
from 114.3m
from 21.5m
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METCALF

• 1.8m @ 66.9g/t Au from 164m 1.8m @ 28.5g/t Au from 114.3m

EAST PAT

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35.7m @ 2.2g/t Au from 21.5m
6.0m @ 7.7g/t Au from 232m
SW POWDERHOUSE
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6.0m @ 7.7g/t Au from 232m KAWINOGANS
23.5m @ 1.4g/t Au from 196m
SW POWDERHOUSE
6.1m @ 7.3g/t Au from 86.6m A All AUT Drilling to Date
#3
3.0m @ 11.1g/t Au from 119.6m 1.7Moz Resource
#1
1.5Moz Historic Production
AUT to 80%
CENTRAL PAT MINE SPRINGER
650koz @ 13.0g/t 1.7m @ 36.6g/t Au from 15.1m
(1934-1951)
F VEIN
4.6m @ 9.3g/t Au from 27.1m
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FORWARD WORK PLAN

Key Strategic Work Pillars for Pickle Crow to December 2021[6]

LONG TERM GROWTH

EXPLORATION & GROWTH

• Continue the dual strategy of Near Mine Resource growth and Regional Discovery focused exploration

• Board approval for a further 50,000m of drilling

• Between 4 and 6 drill rigs on site at any one time

• At least 2 dedicated to regional and conceptual exploration and the remainder focused on Resource additions

• Continue generative work (mapping, surface sampling, geophysical data acquisition)

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RESOURCE UPDATE

• Complete an updated Mineral Resource Estimate , prepared in accordance with the JORC Code (2012 Edition)

• Mid-year 2021 update completed ( 6.6Mt @ 8.1g/t for 1.71Moz )

• Update interpretation for new drill results

• Continue re-interpretation and re-sampling of historic drilling

• Update Resource as at 31 December 2021

ADVANCED ASSESSMENT

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PATHWAY TO PRODUCTION

• In anticipation of success, commence high level activities to demonstrate the pathway to production

• Commencement of Advanced Exp permitting

• Conceptual optimisation and development option reviews • based on MY2021 Resource

• High level Assessment of milling infrastructure

• High level assessment of UG infrastructure and re-access options and capital requirements

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1. Please note that the timeframes in the Auteco forward work plan to the end of 2021 are indicative.

AuTECO – A COMPELLING INVESTMENT OPPORTUNITY

In Summary

AuTECO has built a strong platform for future growth Having advanced the historic Pickle Crow gold project to be one of the highest-grade emerging +1.7Moz Resources globally

Work will continue to explore, define and grow the asset

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LOCATION
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THE ASSET
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UPSIDE
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CORPORATE & TEAM
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One of the best mining addresses in the world

A long history of delivering high-grade gold

Exceptional exploration targets and strong drill results to date

Well funded to deliver with a quality experienced team

• Operating in a stable Tier 1 mining jurisdiction (Ontario, Canada)

• Located in a prolific mineral belt with >40Moz gold endowment (Superior Craton, Uchi Sub-province)

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• Pickle Crow has a long history of high-grade gold mining, 1.5Moz @ 16.1g/t produced (1935-66)

• Independently estimated Resource of 1.7Moz at 8.1g/t Au

• Year-round access with quality Infrastructure and a large regional land holding

• Limited modern systematic campscale exploration conducted by previous owners

• Promising near mine drill results to date, demonstrating extensions to known structures and discovery of mineralised vein arrays

• Historical data highlights regional

• potential, with km-scale mineralised trends - limited testing

• Healthy cash balance to deliver growth ($21.8M at 30 June 2021)

• 45km drill program in progress, 4 rigs on site

• Corporate & management team with experience, expertise and a track record of delivery

• Experienced, talented and established team on the ground in Canada

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Ground Floor, 24 Outram Street, West Perth WA 6005 | T: +61 8 9220 9030

E: info@autecominerals.com W: www.autecominerals.com

APPENDICIES – PICKLE CROW ACQUISITION

Earn up to 80% - First Mining Gold Inc.

Earn-in Details[7] :

COMMENCEMENT (0%): STAGE 1 EARN-IN (51%):

• Auteco paid C$50,000 to First Mining (TSX: FF) on signing binding term sheet. Upon signing the formal agreement:

• Spending C$5,000,000 over three years comprising:

• C$750,000 within a 12month period

  • (Expenditure Payment 1);

• A further C$50,000; and

• C$4,250,000 within a 24month period after Expenditure Payment 1 is satisfied; and

• 25,000,000 Shares in the capital of Auteco (issued 23[rd] April 2020)

• Subject to shareholder approval, Auteco will issue First Mining 100,000,000 Shares.

STAGE 2 EARN-IN (UP TO 70%):

• Auteco to spend a further C$5,000,000 in 2 years after satisfaction of Stage 1 Earn-in (Expenditure Payment 3); and

• Cash payment of C$1,000,000 in 90 days of completing expenditure Payment 3 (Expenditure Payment 4).

BUY IN

(TO 80%):

• Auteco may buy a further 10% interest by paying C$3,000,000 to First Mining; and

• Auteco will grant First Mining a 2% NSR granted after the Stage 2 Earn-In. Auteco has the right to purchase back 1% of the NSR for US$2,500,000.

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1. Refer ASX release on 28 January 2020 https://www.asx.com.au/asxpdf/20200128/pdf/44djz58bhz86z0.pdf