FireFly Metals Ltd. — Investor Presentation 2021

Feb 16, 2021

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PICKLE CROW GOLD PROJECT, ONTARIO, CANADA
A RAPIDLY ADVANCING HIGH-GRADE GOLD PROJECT
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17 February 2021 | ASX: AUT

Independent JORC Inferred Resource 1,000,000oz @ 11.3 g/t Gold

RIU EXPLORERS CONFERENCE

DISCLAIMER & CAUTIONERY STATEMENTS

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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 forward-looking 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 forwardlooking 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 Grows to 1 Moz at 11.3 g/t Gold at Pickle Crow” and dated 1 September 2020, which is available to view at https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-022755882A1247126?access_token=83ff96335c2d45a094df02a206a39ff4. The Company confirms that it is not aware of any new information or data that materially affects the information included in that announcement and that all material assumptions and technical parameters underpinning the Mineral Resource estimate (Inferred Resource - 2.8Mt @ 11.3 g/t gold for 1.0M ounces of gold) in that announcement continue to apply and have not materially changed. A breakdown of the resource is set out in this Presentation.

This Presentation also contains references to Exploration results which have been extracts from various ASX announcements on the dates indicated throughout this Presentation. The Company confirms that it is not aware of any new information or data that materially affects the information included in those announcements.

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CORPORATE SUMMARY AND HIGHLIGHTS

A quality register behind a great asset

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• Exploring the historic high-grade Pickle Crow camp in Ontario, Canada

• 1Moz Resource delivered at an exceptional grade of 11.3g/t Au[1]

• Well funded, with a 45,000m drill program (in progress) delivering strong results to date

Capital Structure ASX Code AUT Shares on issue[1] 1.6B Management & 365M consultant options[1] (prices from $.007 - $.015) Top 20 Shareholders[1] 60%

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Shareholder Summary
Board and Management
22%
(on a fully diluted basis)
Total Australian and
26%
Global institutions
Substantial shareholders
- 9.95%
1832 Asset Management LP
- 6.03%
Campbell Kitchener Hume & Assoc,
- 6.57%
Symorgh Investments Pty Ltd
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• 1 Refer to ASX Release dated 1 September 2020 2 As at 12 February 2021 3 As at 31 December 2020

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Current Share Price [2] A$0.12
Market Capitalisation A$180M
Cash [3] ~A$29.4M
120
Maiden Resource
830,000 oz @ 11.6 g/t Inferred Resource $0.20
100 gold increases to 1Moz @
11.3g/t gold
Exploration Land
Package Increases
80 Pickle Crow at Pickle Crow $0.15
acquisition,
Steve Parsons
New Drill Targets
60 & Ray
Identified At
Shorrocks join $0.10
Pickle Crow
the Board of
Directors
40
Updated drill
results 5.6m $0.05
@ 33 g/t
20
0 $-
Share Price
Volume (Millions)
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BOARD AND KEY MANAGEMENT

A track record of discoveries and significant company growth

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Executive Chairman
Mr. Ray Shorrocks
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Ray has more than 27 years’ experience in corporate finance and investment banking. He has advised a diverse range of ASX-listed mining companies in his position at a major Australian broking firm.

Mr Shorrocks also sits on a number of ASX listed Boards including Galilee Energy Ltd, Alicanto Minerals Ltd, and Cygnus Gold Ltd. Mr Shorrocks was previously the Chairman of Bellevue Gold Ltd during the initial discovery stages.

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Non-Executive Director Non-Executive Director Mr. Steve Parsons Mr. Michael Naylor Michael has 24 years’ Steve is an experienced experience in geologist with a proven track record of mineral corporate advisory discoveries and and public company management since corporate growth. commencing his career and qualifying He founded and ran as a chartered Gryphon Minerals which accountant. grew to an ASX-200 company and was Michael has been acquired by a significant involved in the North American gold financial producer.

Michael has been involved in the financial management of mineral and resources focused public companies serving on the board and in the executive management team focusing on advancing and developing mineral resource assets.

Steve is Managing Director of Bellevue Gold (ASX: BGL) which has discovered +2.3 Moz of gold @ 10 g/t in just over two years and grown Bellevue to an ASX300 Company.

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Chief Operating Officer Mr. Darren Cooke Darren is a geologist with 24 years’ experience having previously held senior positions in global majors including Barrick Gold, Newmont and Northern Star Resources.

Darren has had extensive gold industry experience in Australia and North America spanning regional and near mine exploration, operational geology, long-term planning and corporate development.

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Chief Geologist Mr. Marcus Harden

Marcus is a geologist with extensive gold and base metals exploration and management experience throughout Australia, Africa, Asia and the Americas.

He has played key roles in the discovery and definition of more than 9 million ounces of gold globally with ASX listed junior companies. Three of these projects are currently operating and one is in development.

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GROWTH VISION

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

PEOPLE, SAFETY & SOCIAL LICENSE

• Develop and maintain our human capital

• Operate in a safe and socially responsible manner, with a focus on environmental best practice and developing respectful and mutually beneficial partnerships with the communities in which we operate

ORGANIC GROWTH

INORGANIC GROWTH

• Add value at existing assets by advancing near mine and regional exploration targets (Discover, Define)

• Grow the existing Resource base and build a highquality mining inventory

• Utilise existing infrastructure to maximum benefit

• Evaluate, acquire and/or partner on accretive assets that compliment the Auteco growth strategy

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

• • Plan for (and expect) growth

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COMMODITY JURISDICTION GEOLOGY
Gold Focused Canada Known Mineral Districts
±Ag ±Cu & USA Camp Scale Opportunities
FOCUS
AUTECO
PRIMARY
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SCALE DEPOSITS >1Moz Discovery High Grade & Continuous, >100koz p.a. Metallurgically simple

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THE PICKLE CROW ASSET – A SNAPSHOT

A Historic High Grade Mining Centre with Year-Round Access

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Pickle Lake is one of the highest-grade historic mining camps in Canada, with the Pickle Crow underground mine having produced 1.5 Moz at 16.1g/t

Location	• 400km North of Thunder Bay, Ontario, Canada
Access	• Daily flights to Pickle Lake • Paved highway and sealed roads • Access 365 days per year
Historic Production	• 3.1Mt @ 16.1g/t for 1.5Moz (1935 – 1966)
Resource	• 2.8Mt @ 11.3g/t for 1.0Moz(Sept 2020)
Tenement Holding	• 496km2, 106 Patented Mining Claims • Regional exploration tenure focus on Pickle Lake Greenstone Belt and Sioux Lookout

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THE PICKLE CROW ASSET – A SNAPSHOT

A Historic High Grade Mining Centre with Year-Round Access

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Existing on-site infrastructure and historical data provides an excellent foundation to fast-track development of the Pickle Crow project

	UG	•	3 main shafts (#1, #3 &
	Infrastructure		Albany)
		•	38 km of lateral
			development
	Surface	•	Processing plant (225tpd,
	Infrastructure		never commissioned)
		•	24-person camp
		•	600kw Generator
		•	Core processing facility
	Power	•	Grid connected hydro-
			power
	Permitting	•	Mine claims expire in
			May 2067
	Historic Data	•	170km of Historic Drilling
		•	UG Level plans & sections
		•	Historic sampling data

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THE PICKLE CROW ASSET – A SNAPSHOT

One of the highest-grade emerging projects in Tier 1 Mining Jurisdictions

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14.0
13.0
Emerging Exploration Properties
12.0 in North America & Australia
11.0 (>1Moz Resource, No Reserves)
10.0
9.0
8.0
7.0
6.0
5.0
M, I & Inf Resource Grade (g/t) REN
Pickle Crow McCoy/Cove New Polaris Bellevue Gladiator Kiena Windfall Lake Idaho-Maryland Committee Bay Rowan Lake Fondaway Canyon Clearwater Goldboro Back River
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PROPERTY	OWNER	DEVELOPMENT STAGE	COUNTRY	STATE	DATA DATE	Resource Grade	Resource Oz
REN	Barrick Gold Corporation	ReservesDevelopment	USA	Nevada	05/2020	13.4	1,653,000
Pickle Crow	Auteco Minerals Limited	Reserves Development	Canada	Ontario	01/2021	11.3	1,000,000
McCoy/Cove	Premier Gold Mines Limited	Prefeas/Scoping	USA	Nevada	12/2020	10.9	1,704,000
New Polaris	Canagold Resources Ltd.	Prefeas/Scoping	Canada	British Columbia	11/2020	10.5	1,071,000
Bellevue	Bellevue Gold Limited	Feasibility	Australia	Western Australia	01/2021	10.0	2,410,000
Gladiator	Bonterra Resources Inc.	ReservesDevelopment	Canada	Quebec	01/2021	9.0	1,099,000
Kiena	Wesdome Gold Mines Limited	Prefeas/Scoping	Canada	Quebec	02/2021	8.7	1,452,100
Windfall Lake	Osisko MiningInc.	Prefeas/Scoping	Canada	Quebec	01/2021	8.6	5,140,000
Idaho-Maryland	Rise Gold Corporation	ReservesDevelopment	USA	California	03/2020	7.8	1,078,000
Committee Bay	FuryGold Mines Limited	ReservesDevelopment	Canada	Nunavut	01/2021	7.7	1,243,000
Rowan Lake	West Red Lake Gold Mines Inc.	Prefeas/Scoping	Canada	Ontario	01/2021	7.6	1,087,700
FondawayCanyon	Getchell Gold Corp.	ReservesDevelopment	USA	Nevada	01/2021	6.3	1,069,000
Clearwater	FuryGold Mines Limited	Prefeas/Scoping	Canada	Quebec	02/2021	6.3	1,353,000
Goldboro	Anaconda MiningInc.	Feasibility Started	Canada	Nova Scotia	02/2021	6.1	1,383,800
Back River	Sabina Gold & Silver Corp.	Construction Planned	Canada	Nunavut	01/2021	6.0	9,177,000

Source: S&P Global Market Intelligence

The above comparison groups entities reported under JORC and other foreign codes, such as Canada's NI43-101. While the Company considers the other codes to be sufficiently similar to allow for high level comparisons of resource size and grade, investors should not place undue reliance on the comparability of resources reported under foreign codes.

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PICKLE CROW GEOLOGICAL SETTING World-Class Tier One Mining District in Ontario, Canada

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CONTINENT TECTONIC ELEMENT PROVINCE REGION DEPOSIT Laurentia Pickle Lake Pickle Crow & North America Superior Craton Uchi Subprovince Greenstone Belt Central Patricia

• 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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GEOLOGY OF THE PICKLE CROW DEPOSIT

A high-grade Archaean orogenic greenstone deposit

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CONTINENT TECTONIC ELEMENT PROVINCE REGION DEPOSIT Laurentia Pickle Lake Pickle Crow & North America Superior Craton Uchi Subprovince Greenstone Belt Central Patricia

• The Pickle Crow deposit is a classic mesothermal narrow-vein high grade deposit that has had limited modern systematic exploration

• Deposit • Structurally controlled Archean Classification greenstone-hosted Orogenic Gold

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

• Calc-Alkaline volcanics & volcaniclastics intruded by qtz feldspar porphyry

• Timiskaming type conglomerates

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

• Metamorphism Regional Greenschist facies, locally Amphibolite proximal to intrusions

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GEOLOGY OF THE PICKLE CROW DEPOSIT

A prolific under-explored camp with multiple mineralisation styles

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• Multiple mineralisation styles and a newly

• revised geological interpretation demonstrate potential for future discoveries

• Camp • Pickle Lake Camp: 3.1Moz Au @ 13.1g/t (2.1Moz Au mined from Pickle Crow, Central Patricia,

• Endowment Springer Shaft)[1]

• Mineralisation Structurally and Lithologically (chemical) controlled mineralisation of variable styles: • Narrow (<3m) high grade qtz-scheelitesulphide veins: o Main historic Ore Source (Free Milling) o >30 Vein arrays identified o Typically Strike NE and dip ~75[o] NW o Can be laterally continuous (e.g., Vein 1 has been traced over 900m of strike and depths >1,500m

• o Internal high-grade shoots

• • Iron Formation Hosted gold o Mineralization adjacent to vein structures o Qtz stringers and auriferous alteration halo (sulphide replacing iron minerals)

• o Most common style at Central Patricia (650koz @ 13.0g/t produced)

• Shear associated gold associated with disruption and alteration halos related to the intrusion of qtz-feldspar porphyries

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1Refer Sedar Technical report for historical production, Patricia Mining Division, Northwestern Ontario, Canada https://www.sedar.com/GetFile.do?lang=EN&docClass=24&issuerNo=00022404&issuerType=03&projectNo=02810557&docId=4375165

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STRATEGIC WORK PLAN & HIGHLIGHTS TO DATE

Unlocking the value at Pickle Crow

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• Phased strategic work plan to advance the Pickle Crow property

• Significant upgrade to mineral Resource delivered in September 2020 (1Moz @ 11.3g/t)

• 45,000m drill campaign in progress

o ~20,000m completed

• 4 Rigs currently on site

• Successfully defined extensions to key lodes and discovered previously unidentified mineralised structures. Key highlights include[1] :

o 5.6m @ 33.4 g/t

o 1.5m @ 26.6 g/t

o 1.6m @ 19.2 g/t

o 3.6m @ 8.2 g/t

o 3.0m @ 7.4 g/t

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Work Phase 1 Work Phase 2 Work Phase 3 Work Phase 5
2020 RESOURCE NEAR MINE RESOURCE 2021 RESOURCE
UPDATE EXTENSIONS DEFINITION UPDATE
Work Phase 4
COMPLETED In Progress Q2 2021
REGIONAL
1Moz @ 11.3g/t TARGETING
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Near Mine Extension Highlights to Date

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1. Please refer to ASX releases dated 19 Jan 2021 and 11 Nov 2020 for details of drill results
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REGIONAL CAMP-SCALE POTENTIAL

An opportunity for significant discovery

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Limited systematic exploration has taken place outside of the immediate Pickle Crow mine area. The minimal work that has been completed demonstrates broad camp scale mineralisation and compelling walk-up discovery targets

• Significant structures parallel to the main Core Mine shear contain indications of significant gold mineralisation based on previous work

• Limited follow up has been completed

• Key historic regional results include[1] :

• Springer Shaft: 1.7m @ 36.6 g/t gold

• F Vein: 4.6m @ 9.3 g/t gold

• SW Powderhouse: 6.1m @ 7.3 g/t gold

• East Pat Shear: 6.0m @ 7.7 g/t gold

• Please refer to ASX release dated 26 Mar 2020 for details of drill intersections

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McArthur Target
Drill Intersections Include:
14.3m @ 1.5 g/t gold from 30.5m 5,715,000mN
East Pat Target
Drill Intersections Include:
35.7m @ 2.2g/t Gold from 21.5m
6m @ 7.7g/t Gold from 232m
Kawinogans Target
Drill Intersections Include:
23.5m @ 1.4 g/t gold from 196.2m
5,710,000mN 5,710,000mN
Springer Shaft Target
Drill Intersections Include:
1.7m @ 36.6 g/t gold from 15.1m
F Vein Target
Drill Intersections Include:
4.6m @ 9.3 g/t gold from 27.1m
SW Powderhouse Target
Western Target
Drill Intersections Include:
5,705,000mN >2km Trend in Drilling, 3 holes 6.1m @ 7.3 g/t gold from 86.6m 5,705,000mN
0.3m @ 70.9 g/t Gold from 307.75m (EOH) 3.0m @ 11.1 g/t gold from 119.6m
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700,000mE 705,000mE 710,000mE
700,000mE 705,000mE 710,000mE
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REGIONAL CAMP-SCALE POTENTIAL

An opportunity for significant discovery

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Historical drilling demonstrates that mineralisation is present within fertile kilometrescale shear zones that are parallel to the Core Mine shear. Numerous analogues can be seen globally where stand-alone deposits have been discovered on parallel trends

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Tarp Lake Target [1]
Historical Drill Intersections Include:
36.0m @ 1.5g/t Gold from 158m
4.6m @ 7.2g/t Gold from 76.9m
5.2m @ 4.5g/t Gold from 246.6m
Metcalf Target [1]
Surface Grabs to 2,233g/t Au
Historical Drill Intersections Include:
1.8m @ 66.9g/t Gold from 164.0m
1.8m @ 28.5g/t Gold from 114.3m
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Pickle Crow is comparatively under-explored in comparison to the Kundana goldfield

The Kundana Analogy

Pickle Crow exhibits key similarities to the prolific Kundana Camp in Western Australia (>9Moz):

• Deposit Type (Archean ZULEIKA SHEAR ZONE, KUNDANA orogenic vein)

• Host Rocks (mafic sequence with interflow sediments, proximal to conglomerates)

• Structural Architecture (multi-phased history with sub parallel shear zones, Riedel shear geometries)

RALEIGH VEIN, KUNDANA

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• Mineralisation (Both high grade narrow-vein low-sulphide qtzcarbonate-scheelite veins with a predominantly steep dip)

Source: Cooke et al; Kundana goldfield. In: Australian Ore Deposits. AusIMM, 2017. 199-206.

1. Please refer to ASX release dated 26 Mar 2020 for details of drill intersections

14

AUTECO – A COMPELLING INVESTMENT OPPORTUNITY

In Summary

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AuTECO has built a strong platform for future growth. Having advanced the historic Pickle Crow project to become one of the highest-grade emerging +1Moz Resources globally, work will continue to explore, define and grow the asset

One of the best mining addresses in the world

• LOCATION • Operating in a stable Tier One Mining Jurisdiction (Ontario, Canada)

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

A long history of delivering high grade gold

• THE ASSET • The Pickle Crow deposit has a long history of high-grade gold mining, having produced 1.5Moz @ 16.1g/t between 1935 and 1966

  • Independently estimated Resource of 1Moz at 11.3g/t
• • Year-round access with quality Infrastructure and a large regional land holding

• UPSIDE •

Exceptional exploration targets and strong drill results to date

Limited modern systematic camp-scale exploration conducted by previous owners

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

Historical data highlights regional potential, with km-scale mineralised trends - limited testing

• CORPORATE & TEAM •

• •

• Well funded to deliver with a quality experienced team Healthy cash balance to deliver growth ($29.4M at 31 Dec 2020, 45km drill program in progress, 4 rigs on site)

• Corporate & management team with a track record of delivery. The team has the right blend of financial acumen and technical expertise to build and operate a successful mining business 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.au | W: www.autecominerals.com.au

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16

CURRENT RESOURCE ESTIMATE

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Independent JORC 2020 Resource estimate for the Pickle Crow Gold Project (ASX 1[st] September 2020)

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3.5 g/t gold lower cut off totals rounded to reflect acceptable precision

Note: Rounding has been applied to represent appropriate precision.

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17

RESOURCES 1,000,000oz @ 11.3g/t GOLD & GROWING

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Historic Production of 1.5 Moz @ 16 g/t gold mined from 1935 – 1966 (at an 8 g/t gold cut-off) Numerous high-grade drill hits outside of mined areas and in close proximity to mine development

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Shaft 1 3.5 Kilometers Shaft 3 Albany Shaft
3.5 Kilometers
+200mRL Shaft 1 Shaft 3 Albany Shaft
OPEN
OPEN
+200mRL
500m Below Surface OPEN
OPEN
OPEN
500m Below Surface
-400mRL OPEN
-40 0mRL
Block Model Grade
Block Model Grade >15 g/t Gold
>15 g/t Gold
10 g/t Gold
Drill Interval >5g/t Gold 10 g/t Gold
Drill Interval >5g/t Gold 5 g/t Gold
-1000mRL ExiTarget Area sting -1000mRL Und ergroun d InfrastructureTarget AreaExisting Underground Infrastructure 5 g/t Gold0 g/t Gold 0 g/t Gold
1 Kilometer1 Kilometer
00 mN 12,000 mN
5,709,000 mN 5,710,000 mN 5,711,000 mN 11,0 5,7
5,709,000 mN 5,710,000 mN 5,7 712,000 mN5,
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Long Section: Looking West (for further details refer to ASX announcement on 28 January 2020 and 29 June 2020)

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APPENDICES – PICKLE CROW ACQUISITION

Earn-in up to 80% – First Mining

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Earn-in Details[1] :

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

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

- Stage 1 Earn In (51%):

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

• C$750,000 within a 12-month period (Expenditure Payment 1);

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

• 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:

• 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.

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

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