PURSUIT MINERALS LTD — Investor Presentation 2019

May 14, 2019

+ Discovery + Resource Definition + Value Capture Scandinavian Vanadium Projects

121 Conference London May 2019

Forward Looking Statement

This Presentation contains forward-looking statements which are identified by words such as ‘may’, ‘could’, ‘believes’, ‘estimates’, ‘targets’, ‘expects’, or ‘intends’ and other similar words that involve risks and uncertainties.

These statements are based on an assessment of present economic and operating conditions, and on a number of assumptions regarding future events and actions that, as at the date of this Presentation, are expected to take place.

Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control of our Company, the Directors and our management.

We cannot and do not give any assurance that the results, performance or achievements expressed or implied by the forward-looking statements contained in this presentation will actually occur and investors are cautioned not to place undue reliance on these forward-looking statements.

We have no intention to update or revise forward-looking statements, or to publish prospective financial information in the future, regardless of whether new information, future events or any other factors affect the information contained in this presentation, except where required by law.

These forward looking statements are subject to various risk factors that could cause our actual results to differ materially from the results expressed or anticipated in these statements.

References to Prior ASX Announcements

Exploration Results

This Presentation contains information, including exploration results, extracted from the following ASX market announcements reported in accordance with the JORC Code (2012):

1. Airijoki historical drill hole results on page 12 of this presentation were reported in ASX Announcements dated 27 August 2018 and 22 January 2019

2. Koitelainen Vosa historical RC drilling results reported on page 14 of this presentation were reported in an ASX Announcements dated 9 January and 29 January 2019

The Company is not aware of any new information or data that materially affects the information contained in the referenced ASX market announcements.

JORC Resource Estimates

This Presentation contains information relating to Inferred Mineral Resources, extracted from the following ASX announcements reported in accordance with the JORC Code (2012)

1. Airijoki Inferred Mineral Resource estimate on page 12 of this presentation reported in an ASX announcement dated 9 March 2019

2. Koitelainen Inferred Mineral Resource estimate on page 14 of this presentation reported in an ASX announcement dated 6 February 2019

The Company is not aware of any new information or data that materially affects the information included in the referenced ASX announcements and confirms that all material assumptions and technical parameters underpinning the estimates in the relevant market announcements continue to apply and have not materially changed.

Scoping Study Results

This Presentation contains information relating to Scoping Study results, extracted from the following ASX announcements reported in accordance with the JORC Code (2012)

1. Airijoki Scoping Study Results on page 13 of this presentation reported in an ASX announcement dated 8 May 2019

2. Koitelainen Scoping Study Result on page 15 of this presentation reported in an ASX announcement dated 6 February 2019

The Company is not aware of any new information or data that materially affects the information included in the referenced ASX announcements and confirms that all material assumptions and technical parameters underpinning the estimates in the relevant market announcements continue to apply and have not materially changed.

1

Company Vision

Seize the opportunity presented by the global energy revolution to develop high class vanadium projects generating superior returns to shareholders

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2

Strategy to Achieve Company Vision

Build a Tier One primary vanadium production business based on several mines feeding a centralised processing plant producing V2O5 flake

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3

Vanadium Supply and Demand

Supply

• Concentrated supply

• Production peaked in 2014

• Decreased vanadium production from slag in China

• Price eased to US$11.35/lb increasing competitiveness of Vanadium REDOX Flow Batteries (VRFB’s)

Demand

• New Chinese rebar standards increase consumption 30%[1]

• Vanadium CAGR until 2027 is 3.2% up from 0.9%

• Battery demand predicted growth of 60% CAGR 2018-2022[2]

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• Potential Electric Vehicle Li-V-Phosphate Batteries

1Investing News Network, ICXX11662 2 Largo Resources 2018

4

Vanadium Redox Flow Batteries

• Suitable for large scale energy storage

• Non-flammable

• Excellent re-chargeability

• Up to 10,000 cycles vs max 1,000 cycles for Li-Ion

• Maintain 90% of their storage capacity over 20 years

• Batteries suitable for single houses now commercially available

• Costs have reduced 50% in the last three years to approx. $300/kWh (Li-Ion batteries approx. $150200/kWH) and will continue to decrease[3]

• On a per cycle basis VFRB’s are now price competitive with Li-Ion batteries

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3 Mine Life May 2017

5

Drivers for Demand Growth – Energy Storage

Global cumulative storage deployments (GWh)

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• VRFB market is expected to grow from US$230 Million in 2018 to US$946 Million by 2023 (ASDR)

• Over the period from 2018 to 2022, the VRFB market is anticipated to expand at a CAGR of 60% (Orbis Research - June 15, 2018)

• Germany to phase out coal power by 2038, increasing need for energy storage

• Vanadium is listed by the EU as a Critical Metal

• Currently there are no sources of vanadium internal to the European Union

• 60% of the EU’s vanadium is imported from Russia[4]

• Finland used to produce 10% of the world’s vanadium up until 1985

6

Phase One - Project Development Concept

Airijoki (Sweden) and Koitelainen (Finland) projects to produce high-grade vanadium magnetite concentrates to sell to global markets[5]

Advantages

• Lowers pre-production CAPEX

• Decreases timeframes to production

• Builds the Company financial position, allowing optimum financing of Phase 2

• Access to infrastructure, transport services and ports

• Possible due to high-grade nature of vanadium magnetite concentrates produced from Airijoki and Koitelainen

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5See ASX Announcement 19 November 2018

The Company is not aware of any new information or data that materially affects the information contained in these announcements.

7

Phase Two - Development Concept

Centralised plant to process vanadium magnetite concentrates from Airijoki and Koitelainen into V2O5 flake for sale to Europe[6]

Advantages

• Multiple sources of high-grade vanadium magnetite

• concentrate

• Blending of concentrates

• CAPEX amortised across multiple projects

• Close to European markets

• Low power costs

• Excellent infrastructure

6See ASX Announcements 19 November 2018

The Company is not aware of any new information or data that materially affects the information contained in these announcements.

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8

Vanadium Project Portfolio

• Finland Reservations granted March 2018

• Sweden Exploration Licences granted in August 2018

• Mining friendly, well established regulatory regimes with access to excellent mining related infrastructure

• Pursuit holds 100% interest

• Access to historical data, including drill core, allowing accelerated assessment of projects

• Projects produce high grade vanadium magnetite concentrates in the upper echelon of projects globally[7]

• Globally significant Inferred Mineral Resources defined at the Koitelainen and Airijoki Projects[8]

• Scoping Studies completed

• 7See ASX Announcements 27 August 2018, 2 October 2018 and29 October 2018

• 8See ASX Announcements 6 February 2019 and 7 March 2019.

The Company is not aware of any new information or data that materially affects the information contained in these announcements.

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9

Pursuit Delivers on its Project Milestones

Project	Item	Projected Completion	Actual Completion
Koitelainen	JORC Exploration Target	September 2018	September 2018
Airijoki	Sampling historical drill holes	September 2018	October 2018
Airijoki	First drilling program	December 2018	December 2018
Koitelainen	JORC Inferred Mineral Resource	December 2018	February 2019
Airijoki	JORC Inferred Mineral Resource	February 2019	February 2019
Airijoki	Scoping Study and Feasibility Study Decision Point	April 2019	May 2019
Koitelainen	Scoping Study	April 2019	May 2019

10

Airijoki Project

• Four Exploration Licences covering 32km[2]

• 3.5km magnetic anomaly with vanadium mineralisation

• Historical drill holes resampled in August 2018[9]

• 178.3m @ 1.33% V2O5, (magnetite concentrate)

• 16m @ 2.05% V2O5 , (magnetite concentrate)

• 18 holes for 2876m of drilling testing 2.5 - 3.0km of outcropping vanadium mineralisation (Nov-Dec 2018)

• 122.0m @ 2.2% V2O5 (magnetite concentrate)

• 152.2m @ 2.0% V2O5 (magnetite concentrate)

• 71.0m @ 1.9% V2O5 (magnetite concentrate)[10]

• Inferred Mineral Resource is reported as 44.3 million tonnes, containing 5.9 million tonnes of magnetite @ 1.7% V2O5 (in magnetite concentrate) , for 100,800 tonnes of V O 2 5 based on 13.3% mass recovery of

• magnetite concentrate[11]

• Scoping Study Completed

• 9See ASX Announcement 27 August 2018.

• 10See ASX Announcement 22 January 2019.

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• 11See ASX Announcement 9 March 2019.

The Company is not aware of any new information or data that materially affects the information contained in those announcements.

11

Airijoki Project – Scoping Study Financially Robust

	Outcomes
Project Concept	Phase One Project – Producing vanadium magnetite concentrate for sale to global markets
Mineral Resources	44.3 million tonnes, containing 5.9 million tonnes of magnetite @ 1.7% V2O5 (in magnetite concentrate), Zones 1 to 4
Mass Recovery into Vanadium Magnetite Concentrate	21%
Target Average Grade of magnetite concentrate	1.6%V2O5
Scoping Study Outcomes12	Project has potential to be financially robust
Pursuit Board Decision	Infill Drill Program in September to commence Definitive Feasibility Study on Phase 1 Project

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12 See Pursuit Minerals ASX Announcement 8 May 2019. The Company is not aware of any new information or data that materially affects the information contained in that announcement.

12

Koitelainen Vosa Prospect – Initial JORC Inferred Resource

• 16 holes drilled in 1970’s and 1980’s were resampled[13]

• Most holes produced vanadium magnetite concentrates exceeding 2.0% V2O5

• Magnetite concentrates with exceptional vanadium grades

• 38.2m @ 2.6% V2O5

• 6.2m @ 3.3% V2O5

• 9.85m @ 2.9% V2O5

• 116.4Mt, containing 5.8 million tonnes of magnetite @ 2.3% V2O5 (in magnetite concentrate) , for 131,000 tonnes of V2O5 based on 5.0% mass recovery of magnetite concentrate[14]

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13See ASX Announcements of 9 January, 29 January 2019. 14See ASX Announcements 6 February 2019. The Company is not aware of any new information or data that materially affects the information contained in those announcements

13

Koitelainen Project – Scoping Study Financially Robust

	Outcomes
Project Concept	Phase One Project – Producing vanadium magnetite concentrate for sale to global markets
Mineral Resources	D Zone – 58.9Mt containing 2.94Mt of magnetite @ 2.5% V2O5 (in magnetite concentrate) C Zone – 15.1Mt containing 0.75Mt of magnetite @ 2.2% V2O5 (in magnetite concentrate)
Mass Recovery into Vanadium Magnetite Concentrate	8%
Target Average Grade of magnetite concentrate	2.5%V2O5
Scoping Study Outcomes15	Project has potential to be financially robust
Pursuit Board Decision	Drill Program in December to provide samples for further metallurgical test work and extend Mineral Resources

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15See Pursuit Minerals ASX Announcement 8 May 2019. The Company is not aware of any new information or data that materially affects the information contained in that announcement.

14

Metallurgical Test Work Extremely Positive

AIRIJOKI PROJECT	OUTCOME
Mass Recovery of vanadium into the magnetite concentrate16	Increased to 19% from 13% (37% increase) by simply increasing crushing size to 355 microns from 106 microns
Overall Vanadium Recovery	Increased to 71% from 59% (20% increase)
Low Intensity Magnetic Separation Testing (LIMS)	Increased mass recovery from 19% to 21%
Wet High Intensity Magnetic Separation Testing (WHIMS)	On going – results expected at end of May

KOITELAINEN PROJECT	OUTCOME
Mass Recovery of vanadium into the magnetite concentrate14	Increased from 5.3% to 8.8% (66%) by simply increasing crushing size to 355 microns from 106 microns
Overall Vanadium Recovery	Increased to 50% from 37%
LIMS and WHIMS Test Work	To be concluded following drilling program in Dec 2019

16See ASX Announcements 9 April 2019

The Company is not aware of any new information or data that materially affects the information contained in these announcements.

15

Key Advantages of Pursuit’s Scandinavian Vanadium Projects

	Scandinavian Vanadium Projects
Access to infrastructure	2km (Airijoki), 15km (Koitelainen)
Power Costs	Approx. 10c/kwh
Proximity to markets	European Market needing V2O5flake
High upgrade factor from in-situ to magnetite concentrate grade	4 – 5 X upgrade
Very High V2O5Magnetite Grade	>2% V2O5 (Koitelainen) & >1.7% V2O5(Airijoki)
Oxide & Transition Zones in Mineral Resource	None – straight into fresh ore
Mining	Low strip ratio’s
Processing Flow Sheet	Simple (no oxides to process)
Processing	Lower power costs, simple metallurgy
Economics	Conservative costs and revenue assumptions shows project are economically robust

16

Strategic Partnerships

Pursuit is considering potential strategic partners who have the capability to provide technical and financial resources to move the Airijoki and Koitelainen Projects through to their next stages of development[17]

• Completion of Scoping Studies at Airijoki and Koitelainen has allowed Pursuit to commence a process of engaging with potential strategic partners

• Metallurgical test work program provides the data required to commence discussions with potential offtake partners

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17See ASX Announcements 8 May 2019

The Company is not aware of any new information or data that materially affects the information contained in these announcements.

17

Why Pursuit?

• Multiple high-grade vanadium mineral resources

• Positive Scoping Studies show projects have the potential to be financially robust

• Further project upside to come from ongoing metallurgical test work program

• Top Tier Mining Jurisdictions

• Project locations offers access to excellent infrastructure, low cost power, proximity to growing demand in Europe

• Vanadium price outlook remains positive due to a sustained structural deficit

RIGHT PLACE, RIGHT COMMODITY, RIGHT TIME

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18

Competent Person’s Statement

Statements contained in this presentation relating to exploration results, historical exploration results, historical estimates of mineralisation and Exploration targets are based on, and fairly represents, information and supporting documentation prepared by Mr. Jeremy Read, who is a member of the Australian Institute of Mining & Metallurgy (AusIMM), Member No 224610. Mr Read is a full-time employee of the Company and has sufficient relevant experience in relation to the mineralisation styles being reported on to qualify as a Competent Person as defined in the Australian Code for Reporting of Identified Mineral Resources and Ore Reserves (JORC) Code 2012 . Mr Read consents to the use of this information in this announcement in the form and context in which it appears.

Statements contained in this announcement relating to the Koitelainen Inferred Mineral Resource and the Airijoki Inferred Mineral Resource, are based on, and fairly represents, information and supporting documentation prepared by Mr. Chris Grove, who is a member of the Australian Institute of Mining & Metallurgy (AusIMM), Member No 310106. Mr Grove is a full-time employee of the mineral resource consulting company “Measured Group”, who were contracted by Pursuit Minerals Limited to prepare an estimate of the Inferred Mineral Resource at Koitelainen and the Inferred Mineral Resource at Airijoki. Mr Grove has sufficient relevant experience in relation to the mineralisation styles being reported on to qualify as a Competent Person as defined in the Australian Code for Reporting of Identified Mineral Resources and Ore Reserves (JORC) Code 2012. Mr Grove consents to the use of this information in this announcement in the form and context in which it appears.

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Appendix

Company Snapshot ASX:PUR

Quality assets

• Finland & Sweden vanadium

• Favourable mining jurisdictions

• Access to quality infrastructure

• High quality historical data

Capital Structure

• Shares: 178 million

• Options: • 55M Listed (10c, 31 Oct 2021)

• 21M Unlisted

• Share price: $0.017 (10 May)

Shareholders

• Teck Aust. 7.3%

• • Lowell Resources 3.1%

• • Suburban Holdings 2.5%

• • Scintilla 2.3%

• • Top 20 40%

• Market capitalisation: $3M (10 May)

• Cash - $1.38 million (31 March)

Directors

• Peter Wall - Corporate lawyer, ASX listings, takeovers, reconstructions

• Matt O’Kane - +20 years finance professional, CFO

• Ian Wallace – Business Development, Indigenous Relationships

• Jeremy Read - +30 years mineral exploration and project development ASX Listed and Headquartered in Brisbane, Australia

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ASX: PUR

Jeremy Read Managing Director Email: Jeremy@pursuitminerals.com.au Mobile: + 61 447 379 744