GOLDARC RESOURCES LIMITED — Investor Presentation 2021

Feb 24, 2021

Discovering the gold mines of tomorrow. Today.

Investor Presentation February 2021

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ASX: TNR

Important information

This presentation has been prepared by and issued by Torian Resources Limited ABN 72 002 261 565 ( Torian or Company ) to assist in informing interested parties about the Company and should not be considered as an offer or invitation to subscribe for or purchase any securities in the Company or as an inducement to make an offer or invitation with respect to those securities. No agreement to subscribe for securities in the Company will be entered into on the basis of this presentation.

This presentation is limited to persons who are sophisticated investors for the purposes of s708(8) or professional investors for the purposes of s708(11) of the Corporations Act 2001 or persons who hold Australian financial services licences and any of their representatives. By attending and/or receiving this presentation you warrant to Torian that you are such a person. This presentation may contain forward looking statements. Whilst Torian has no reason to believe that any such statements are either false, misleading or incorrect, it cannot and does not warrant or guarantee that through either the passage of time or actions beyond the control of Torian they will not become so.

You should not act and you must refrain from acting in reliance on any of this presentation material. Nothing contained in this presentation constitutes investment, legal, tax or other advice. This overview of Torian does not purport to be all inclusive or to contain all information which its recipients may require in order to make an informed assessment of the Company’s prospects. Before making an investment decision, you should conduct, with the assistance of your broker or other financial or professional adviser, your own investigation in light of your particular investment needs, objectives and financial circumstances and perform your own analysis in order to satisfy yourself as to the accuracy and completeness of the information, statements and opinions contained in this presentation prior to making any investment decision.

Neither the Company nor its advisers has verified the accuracy or completeness of the information, statements and opinions contained in this presentation. Accordingly, to the maximum extent permitted by law, the Company make’s no representation and give no assurance, guarantee or warranty, express or implied, as to, and take no responsibility and assume no liability for, the authenticity, validity, accuracy, suitability or completeness of, or any errors in or omissions, from any information, statement or opinion contained in this presentation. The contents of this presentation are confidential. This presentation is being provided to you on the condition that you do not reproduce or communicate it or disclose it to, or discuss it with, any other person without the prior written permission of the Company.

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Torian, its officers, employees, authorised representatives, consultants and its associates, officers and family members do currently and in the future may have interests in the securities of the Company. In addition, Torian’s advisors will earn commissions, fees and other benefits and advantages, whether pecuniary or not and whether direct or indirect in connection with the Capital Raising(s) for the Company, advising and providing services to the Company. This presentation contains information, ideas and analysis which are proprietary to Torian. By agreeing to receive this information you also agree to respect the confidential nature of this entire presentation. Specifically you agree not to reproduce in any manner or distribute any part of the information contained herein without the prior written consent of the Company.

The information in the announcement relating to Exploration Results, Exploration target and JORC Mineral Resource estimates is based on information compiled, reviewed and relied upon by Mr Dale Schultz. Mr Dale Schultz, Principle of DjS Consulting, who is Torian’s consulting Geologist, compiled, reviewed and relied upon prior data and ASX releases dated 25 February 2019 and 29 January 2020 to put together the technical information in this release and is a member of the Association of Professional Engineers and Geoscientists of Saskatchewan (APEGS), which is ROPO, accepted for the purpose of reporting in accordance with ASX listing rules. Mr Schultz has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 edition of the ‘Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Schultz consents to the inclusion in the report of the matters based on information in the form and context in which it appears.

The JORC Resource estimate referred to in this presentation was released on 25 February 2019 and has been reviewed and relied upon by Mr Dale Schultz and were reported in accordance with Clause 18 of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (2012 Edition) (JORC Code).

Torian Resources confirms that it is not aware of any new information or data that materially affects the information included in the relevant market announcements on the 25 February 2019 and 29 January 2020 and, in the case of the exploration results, that all material assumptions and technical parameters underpinning the results in the relevant market announcement reviewed by Mr Dale Schultz continue to apply and have not materially changed.

Torianresources.com.au | Investor Presentation − January 2021

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Company Highlights

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Highly active explorer Located in the prolific Excellent infrastructure Genuine potential to Key focus on the highly across numerous gold and highly sought after nearby including discover a Gwalia / prospective Mt Stirling projects in Western Eastern Goldfields access roads and mills Thunderbox / King of Gold Camp Australia (Leonora/Kalgoorlie the Hills style gold regions) deposit Existing JORC inferred Active exploration and Highly enthusiastic Continuing investment Strategic review resources of 0.7Mt @ drilling campaign to management to solidify land position continues to unlock 1.45g/t Au for 33.9k oz continue in 2021 committed to and cash flow value from non-core and 0.3Mt @ 2.01g/t expected to generate aggressive and opportunities assets whilst Au for 16.4k oz – strong news flow systematic exploration maintaining upside Upgrades Pending strategy

Torianresources.com.au | Investor Presentation − January 2021

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Corporate overview

Board of Directors

Board of Directors
• Mr Paul Summers	Executive Chairman
• Mr Peretz Schapiro	Executive Director
• Mr Dale Schultz	Non Executive Director &
	Geological Consultant
Senior Geologist and	Mr Claudio Sheriff-Zegers

Exploration Manager

Top 10 Shareholders

•	Nova Minerals Ltd (ASX:NVA)	12.99%
•	Yukor Mipoz	4.9%
•	Mr Pat Murtagh	2.94%
•	Kushkush Investments	2.31%
•	Mr Peter Proksa	1.80%
•	Mr Leon Shapiro	1.77%
•	BNP Nominees	1.65%
•	Sierra Resources	1.30%
•	SL Investors	1.28%
•	Jemda Pty Ltd	1.11%
Top 10 + Board		34.03%

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	TNR – Ordinary Shares
ASX Codes	TNRO – Listed Options
Current Shares	779,723,040
Unlisted Options (ex $0.10 Expiring 9/4/2023)	11,000,000
Unlisted Options (ex. $0.026 Expiring 5/2/2024	24,000,000
Listed Options (ex $0.02¢ Expiring 7/2/2022)	442,973,062
Share Price (25/02/2021)	$0.058
Market Cap (Undiluted)	$45.22M
Cash	~$1.7
Debt	Nil

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Torianresources.com.au | Investor Presentation − January 2021

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Prime location – Eastern Goldfields

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Active gold explorer in proven gold provinces of WA

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• ~400 km[2] of tenure

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All major projects lie within 50km of major mining towns – Kalgoorlie and Leonora

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Torianresources.com.au | Investor Presentation − January 2021

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Priority projects

Mt Stirling Gold Camp (40km NW of Leonora. Region has recently produced ~14Moz of gold (Tower Hill, Thunderbox, Harbour Lights, Gwalia, King of the Hills)

Credo well JV with Zuleika Gold (ASX:ZAG) (35km NW of Kalgoorlie) Zuleika JV with Zuleika Gold (ASX.ZAG) (25km W of Kalgoorlie)

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– Mt Monger Wombola (50km SE of Kalgoorlie)

Torianresources.com.au | Investor Presentation − January 2021

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Flagship project: Mt Stirling Gold Project

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• ~ 74km[2 ] of tenure

• Prime location – region has recently produced ~14 Moz of gold

• Adjacent to Red 5 (ASX:RED) King of the Hills Mine

• 2 Existing JORC resources on Stirling Block

• Mt Stirling Inferred Resource of 727,000t at 1.45g/t Au for 33,900 oz

• Mt Stirling Well Inferred Resource of 253,500t at 2.01g/t Au for 16,384 oz

• Diorite Block host of historic 73g/t Au Diorite King mine and 563g/t Au Little Wonder mine [grade sourced from DMIRS]

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Torianresources.com.au | Investor Presentation − January 2021

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The right geology and postcode for a major discovery

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Torian’s tenements are in close proximity to Red 5’s King of the Hills mine

Blue line running through the northern part of the tenement (Stirling Block) is the Prolific Ursus Fault

Ongoing systematic exploration to vector on structural repetition enabling discoveries across the tenements

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Torianresources.com.au | Investor Presentation − January 2021

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Existing JORC Resource – Mt Stirling

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• Current JORC Inferred Resource of 727,000t at 1.45g/t Au for 33,900 oz

• Previous Intersections:

• 4m @ 12.98 g/t Au from 17m

• 18m @ 0.96 g/t Au from 20m

• 8m @ 3.07 g/t Au from 21m

• 23m @ 1.08 g/t AU from 23m

• 2m @ 26.9 g/t Au from 27m

• 4m @ 5.33 g/t Au from 27m

• • 2m @ 30.3 g/t Au from 35m

• 11m @1.15 g/t Au from 36m

• 14m @ 3.02 g/t Au from 50m

• • 1m @21.34 g/t Au from 54m

• Open along strike and at depth

• Phase 1 drill program 31 RC holes for 5,767m – Majority of assays pending

The gold system's strike extends approximately 680m from the SE to the NW, and runs at least 250m at depth.

• Interim resource (based on phase 1 program only) due in Q1 2021

System remains open in all directions

Torianresources.com.au | Investor Presentation − January 2021

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Mt Stirling – Phase 2 Drill Program ONGOING

• 35 RC holes for ~7,000 m (Already drilled)

• 5 Diamond Drill Holes for 2160 m (Already drilled)

• Drill results will look to confirm that ore grade continues over 1,250m of Strike

• New eastern zone recently discovered

• Phase 3 drilling now being planned

• JORC resource estimate update (from phase 2) due in Q3 2021

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Torianresources.com.au | Investor Presentation − January 2021

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Mt Stirling Targets - A Sleeping Giant

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• Multiple high priority targets systematically being followed up on Mt Stirling Tenure

• Potential for multiple structural repetitions of Mount Stirling

• Gold has been intercepted 2km NW along strike from Mt Stirling

• Gold has been intercepted alongside historical shafts along the Blue Jacket Corridor

• Potential for Mt Stirling Well to link up to the Mt Stirling / Viserion Resource

Torianresources.com.au | Investor Presentation − January 2021

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Mt Stirling Well

• Current JORC Inferred Resource of 253,500t at 2.01g/t Au for 16,384 oz

• Previous intersections:

• 2m @ 27.21g/t Au from 55m

• 7m @ 10.80g/t Au from 46m

• Significant total recovery of gold (98.50% Oxide and 99.37% Fresh) in -75 micron test work

• Open to the SW and exploring repetitions due to shallow mineralisation

• Q4 2020 drilling campaign drilled 18 RC holes for 888m with assays pending

• Updated JORC resource in Q2 2021 to increase size and confidence of

resource

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Torianresources.com.au | Investor Presentation − January 2021

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Mt Stirling Well Drilling Program – March 2021

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• Historical shafts in the NW plus multiple gold anomalies on deep hole in the SE indicate multiple horizontal zones.

• Historical drilling has been very shallow

• 38 RC holes for ~3,000m planned to test multiple horizontal zones

• The distribution of highgrade gold appears to run from the NW to the SE (Similar to Mt Stirling)

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Torianresources.com.au | Investor Presentation − January 2021

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Diorite Block

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Centred on Historic 73 g/t Au Diorite King and 563 g/t Au Little Wonder mine

Q4 2020 Drill program drilled 21 holes for 2,683m with assays pending

Highlights from recent rock chip sampling program include:

21g/t Au & 2.1g/t Ag from the Unexpected Mine Dump

9.04g/t Au & 9.59g/t Ag from the Unexpected Mine in situ

6.09 g/t Au from the Unexpected Mine (in situ)

7.49g/t Au & 0.96g/t Ag from Diorite King shaft (in situ)

Soil sampling program returned high grade results of up to 5.52g/t Au from Kiora/Meteor historic mine area

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Multi element analysis on drill samples is being used to vector to potential gold mineralised structural trends

Torianresources.com.au

| Investor Presentation − January 2021

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Diorite Block

• Diorite North Drill Plan

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• Little Wonder gold specimen found in nearby creek

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Torianresources.com.au | Investor Presentation − January 2021

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Tarmoola Station Acquisition

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Option agreement signed to acquire 172,662 Hectare Tarmoola Station

Shareholder dilution minimised as Torian will look to complete purchase through debt finance

Operating businesses generating $1M in free cash flow include:

700 head of cattle

20-person accommodation camp (approvals and infrastructure in place to upgrade to 50 person camp)

Mining Services Business with existing regional customers (Carhill Contracting) (Includes ~ 700k of PP&E)

Station to receive ~ $360,000 per annum in carbon credits

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Acquiring station plus accommodation and mining services businesses will reduce per ounce discovery costs and hasten future exploration / mining permits

Torianresources.com.au | Investor Presentation − January 2021

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Tarmoola Station Strategic Acquisition

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Station owners must approve of all works at the station. Including:

• Tenement licenses

• Access roads

• Exploration work (sampling, drilling etc).

• Mining operations and capital works for mining operations

Major mining companies at the station include:

• Red 5 (ASX:RED)

• Northern Star (ASX:NST)

• St Barbra (ASX:SBM)

• Round Oak Jaguar (ASX:SOL)

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Acquiring the station positions Torian as a key landholder in the region, providing it with excellent leverage in the event of future negotiations with its neighbours

Torianresources.com.au | Investor Presentation − January 2021

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Mt Monger Spin Off

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• TNR to spin off the Mt Monger and Gibraltar Projects into a separate ASX listing

• TNR to own ~10% of the new listed company plus a 20% JV interest in the project until BFS, at which point TNR can elect to take a 2% gross royalty

• Mt Monger is adjacent to Silver Lake Resources’ (ASX:SLR) flagship Mt Monger Mine (Daisy Complex)

• Historical drilling intercepts at Mt Monger include

  • 5m @ 7.17 g/t Au

  • 4m @ 5.23 g/t Au

  • 3m @ 17.0 g/t Au

  • 2m @ 3.9 g/t Au

• Recent rock chip samples returned

• 1.44 g/t Au

• 6.12/t Au (quartz in situ in historical pit - MMW-3)

• 21.82 g/t Au quartz chips from around historic mine shaft

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Torianresources.com.au | Investor Presentation − January 2021

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3. Zuleika JV with Zuleika Gold (ASX:ZAG)

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• 25km west of Kalgoorlie

• Lies within the Zuleika Shear with 20Moz of historical gold production

• ZAG can earn up to 75% in the project by spending $1M over 4 years

• Lies partly along strike of several major deposits including Northern Star’s 7Moz East Kundana mine

• ZAG well funded ($5m in cash) to continue exploration work

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Torianresources.com.au | Investor Presentation − January 2021

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3. Zuleika JV with Zuleika Gold (ASX:ZAG)

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2020 results are from an east-west structural corridor that runs from Norther Star’s (ASX:NST) Paradigm mine and continues for a strike length of over 2km through the JV tenements

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30,000m 2021 Drill campaign to test entire corridor

2020 drilling results include

• 24m @ 6.4 g/t Au from 28m incl 4m @34.7 g/t from 32m

• 8m @ 2.2 g/t Au from 48m incl 4m @3.3 g/t from 48m

• 4m @1.77 g/t Au

Torianresources.com.au | Investor Presentation − January 2021

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4. Credo Well JV with Zuleika Gold (ASX:ZAG)

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• 35km north west of Kalgoorlie

• ZAG can earn up to 25% in the project by spending $0.5M over 15 months

• Maiden JORC Inferred Resource announced June 2020

• 12,259 oz Inferred Resource @ 4.41 g/t Au at relatively shallow depths

• Resource falls in high grade corridor extending over 2.5km to the south east

• High grade resources outside the preliminary pit optimisations are open at depth and have strong potential for extension

• Ongoing commitment to expand resource

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Torianresources.com.au | Investor Presentation − January 2021

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Right timing for investment

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Steady news flow with aggressive exploration across the Mt Stirling Gold Camp plus upside from our Credo Well and Zuleika JV and Mt Monger spin off

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Quality Right Early Proven Set for Moving assets location success model growth forward

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Torianresources.com.au | Investor Presentation − January 2021

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