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March 2017 AGC: TSX-V

Near Production Gold Reserves in Brazil

Source: Amarillo The Qualified Persons for Amarillo are Frank Baker, M. IOM3 and MAusIMM. and Buddy Doyle MAusIMM

AMARILLO GOLD

Important Notice

These presentation materials (“the Presentation Materials”) are being supplied to you for information purposes only on Amarillo Gold. (the “Company”).
These Presentation Materials have been prepared by and are the sole responsibility of the Company. The Company have taken all reasonable care to ensure
that the facts stated herein are true to the best of their knowledge, information and belief.

These Presentation Materials are being distributed only to and are directed at (a) persons who have professional experience in matters relating to
investments being investment professionals as defined in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2001 (the
“FPO”), (b) high net worth companies, unincorporated associations and other bodies within the meaning of Article 49 of the FPO or (c) persons to whom it
may otherwise lawfully be communicated (together “Relevant Persons”). Any person who is not a Relevant Person or who does not have professional
experience in the matters relating to investments should not act or rely on this document or any of its contents.

These Presentation Materials do not constitute, or form part of, a prospectus relating to the Company, nor do they constitute or contain any invitation or
offer to any person to underwrite, subscribe for, otherwise acquire, or dispose of any shares in the Company or advise persons to do so in any jurisdiction,
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Some statements contained in these Presentation Materials or in documents referred to therein are or may be forward-looking statements. Actual results
may differ from those expressed in such statements, depending on a variety of factors. Past performance of the Company or its shares cannot be relied on
as a guide to future performance. Any forward-looking information contained in these Presentation Materials has been prepared on the basis of a number
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AMARILLO GOLD

Investment Highlights • RESERVES: • UNDERVALUED: Approaching 1 million Au Trading at 0.2X NAV ounces in open-pit versus peer average of reserves 0.23 g/t 2 AMARILLO GOLD .5X • PERMITTED: • HIGH-GRADE OPEN PIT: Received LP on Mara Proven and Probably mill Rosa project head-grade of 1.63 g/t • Updated PFS: • BLUE SKY EXPLORATION: Mara Rosa updated PFS Lavras do Sul high-grade complete drill results: 120m @ 3.

5M oz Pilar Mine (Brio) • 100km from 1M oz Serra Grande mine (AngloGold / Kinross) LAVRAS DO SUL PROJECT • Tarmac highway. 320km from Porto Alegre • Hydroelectric and thermal grid power • 70km from coal mining 3 AMARILLO GOLD .Brazil MARA ROSA PROJECT • Federal highway.Project Locations . 320km from Brasilia • Hydroelectric grid power • 35km from 4M oz Chapada mine (Yamana) • 62km from the 1.

Mara Rosa Gold Project 4 AMARILLO GOLD .

200 oz PFS Economic Highlights (Contract Mining) Upfront Capex $148M USD NPV 5 $178M USD $573 Average Annual Production 112.000 ounces and Inferred not in pit shell AISC After tax IRR 35% 5 AMARILLO GOLD . 550.000 ounces Margin Initial Mine Life 8 Years Operating Cost per Ounce Au $545 AISC per Ounce $627 $627 Expansion potential: M&I.2017 Mara Rosa Pre-feasibility Study $1.

000 tpd Operating Strip Ratio 4.2017 Mara Rosa Pre-feasibility Study Inputs Pit Shell $1.200 per ounce Economics $1.2 years Exchange Rate USD/BRL 3.58 CIL Recovery 92% Tax Rate 34% Throughput 6.5:1 6 AMARILLO GOLD .2 Overall Costs per Tonne $25.200 per ounce Payback 2.

000 1.7 1.200 1.400 1.5 2.7 2.500 IRR (internal rate of return) 20 28 35 42 49 56 NPV0$M 130 187 243 300 357 413 NPV5$M (base case) 84 131 178 223 273 320 NPV7$M 69 113 157 202 245 289 NPV10$M 49 89 129 169 210 249 Pay Back Period 3.300 1.100 1.Posse PFS DCF Gold Price and Discount Rate Contract Mining 1.9 1.5 7 AMARILLO GOLD .2 1.

500 ha of exploration permits • 2.Key Land Position in Competitive Belt • 62.600 ha of mining permits • 12 km co-incident K-channel /Au soil anomaly • 5 large mines within 100 km radius -Yamana’s Chapada Cu-Au 35 km • AGC 100% title • 2% NSR on Posse deposit Town of Mara Rosa • Step one of the Permit to mine granted 8 AMARILLO GOLD .

Channel Geophyics 9 AMARILLO GOLD .Mara Rosa Exploration Potential Geophysics – K .

Soil Anomalies for Au: Open to North & South 10 AMARILLO GOLD .

Major Permitting Milestone Achieved • The License Preliminary Permit (LP) was granted May 2016 for the Mara Rosa Gold Project • This event has allowed the project to move forward and advance into BFS • Next permitting step to begin construction is the Instillation License (LI) 11 AMARILLO GOLD .

social and environmental approval. LI. (ii) approval of the mine development plan (PAE) which also demonstrates project economic feasibility (FS). public hearings • Awarded by the Environmental Protection Agency and the Judicial Ministry Installation License (LI) • Now in progress • Provides authorization to initiate construction • Obtain by: (i) fulfillment of LP conditions. 12 AMARILLO GOLD . (iii) and approval of the basic environmental plan (PBA) Operation License (LO) • Grant of mining concession by Mining and Energy Ministry (DNPM) • Requires inspection of the constructed mine and plant to ensure compliance with codes and provisions of LP. Judicial) similar process in each State. • Granted once all aspects of the approved project design are implemented Process administered by Each State and the Ministry Public (Public Defender. Brazil Permit Process Preliminary License (LP) • OBTAINED MAY 2016 • Most challenging part of the permit process • Entails environmental base line.

27 1.63 997.46 456.968 P & P Total 19.000 metres) 13 AMARILLO GOLD .74 1.81 540.Posse Deposit Reserves Category Tonnes MT Grade g/t Ounces of Au Proven 9.567 Probable 9.536 43-101 compliant based upon 283 drill holes (>33.01 1.

000 Resource M + I 22.100 Inferred 7.00 g/t 551.100 Indicated 13.50 g/t Au Tonnes (‘000) Average Grade Ounces Au Measured 8.700 • Significant improvement: Measured increased by 53% • Remains open to depth and along strike • Inferred increased by 84% • New resource will be used to update PFS Source: Keith Whitehouse Member of the AUSMIM Qualified person Australian Exploration Field Services 14 AMARILLO GOLD .26 g/t 287.568 2.026 1.458 1. Posse Resource update July 2016 Cut-off = 0.119 1.52 g/t 659.210.71 g/t 1.

174.) Exchange rate R1.71g/t Geotech Footwall 40 deg.900 ounces @ 1.210.100 ounces @ 1.90/$ R3.20/$ Resource estimate 1.4:1 Capex Capex $184mm Seek to reduce Mining cost $1.40/tonne $1. model $1200 $1200 (3 year av. econ.SRK Updating the PFS Comparison of 2011 PFS and new PFS (Q1 2017): Old PFS New PFS Gold price Pit $1100. Strip 8:1 Footwall 46 deg.70/tonne based on other Brazil operations Power cost 5c/Kwhr 8c/Kwhr 15 AMARILLO GOLD .67g/t 1. Strip 6.

Lavras Do Sul Project Source: Amarillo 16 AMARILLO GOLD .

Grey is the IAMGOLD deal. Magenta is Lucia ground part of the Rio Tinto deal.Land Disposition Lavras do Sul Yellow is CBC ground part of Rio Tinto deal. 17 AMARILLO GOLD .

Colour image: airborne magnetics showing geology and structure.17 g/t PARADAO 210m @1.23 g/t 232 m @1.95 g/t Digital Elevation in grey.54 g/t BUTIA 120 m @ 3.85 g/t CANELEIRA 113m @ 1.Drilling Highlights: 120m @ 3.23 g/t Lavras do Sul ADVANCED TARGETS (with highlighted Au drill results) Old Gold Workings CERRITO 135.02 g/t 37m @ 1. 18 AMARILLO GOLD . roads in black.04 g/t 12m @ 4.5m @ 0.

000 308.000 215.88 523.1 22.05 1.9 12.88 0.4 1.74 308.05 215.000 43-101 compliant interim resource estimate for the Butia prospect 0.9 0. • Bulk tonnage near surface. • Update resource estimate with Butia and Cerrito pending. Source: Amarillo • Drilling results released this year.000 Total Total 22. 1 of Butia Zone 19.000 523.74 0.3g/t cut Tonnes Tonnes Grade Grade(g/t) (g/t) Ounces Ounces (mt) (mt) Indicated 6. showed high grade plus 2g/t zones connect up and discovered new zones not in current resource estimate. the Butia Prospect.3g/t cut 0. 19 AMARILLO GOLD .1 0.Butiá Prospect Initial Resource Lavras do Sul 0.3g/t cut-off • This is the first Resource Estimate from 1 of the 3D Model of Prospects at Lavras Do Sul.000 Inferred 12.4 6.

10.75 g/t. approx. 56m @ 1. 143.Cerrito Prospect: Current Drill Project Lavras do Sul • Bulk tonnage.42 g/t • + 700m strike • up to 80m wide • + 120m depth • More than one zone Source: Amarillo 20 AMARILLO GOLD . near surface gold deposit • Over 15 holes completed.4m @ 0. low grade.000 m of drilling completed to date • Gold results incl. 71m @ 1.08 g/t.

Timeline 2017 2018 2019 Mara Rosa Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Pre-feasibility Study Expansion Drilling Feasibility Study Final Permitting Construction Production 21 AMARILLO GOLD .

Why Invest in Amarillo • Mara Rosa updated PFS expected in Q1 2017 • Bankable Feasability 8 months • First and most important stage of permitting completed. second stage underway • Second significant project with much blue sky at LDS • Results-driven and proven management who act like owners • Exemplary capital management record • Trading at a discount to peers 22 AMARILLO GOLD .

2million Institutions 42% Options ($0. @ $0.25c) 4.38 $34 million Retail 20% 23 AMARILLO GOLD .4 million High Net Worth 23% Market cap.Corporate Information Capital Structure Major shareholders Shares outstanding 80 million Board & Management 15% Warrants (0.28) 2.

Further Information Buddy Doyle President and CEO Tel:1-604-689-1799 buddy@amarillogold.com 24 AMARILLO GOLD .com Scott Eldridge Chief Financial Officer Tel: 1-604-722-5381 scott@amarillogold.

Appendices Source: Amarillo 25 AMARILLO GOLD .

3 million warrants @ $0.500 ounces • Subsequent draws of 270 ounces per quarter • Loan matures in 2019 • 12% interest rate per annum (only on drawn amount) • 4.25c 26 AMARILLO GOLD .25c • ROFR on any financing below $0.000 ounces spread over drawdown schedule • Initial amount 2.Aligned Shareholders Gold-linked Credit Facility: • Group of 3 substantial shareholders provided non-dilutive financing • Up to 5.

project leader for the Diavik discovery/ pre-feasibility. • Excellence in Diamond Exploration award in 2007 Luis Carlos F. over thirty years experience. Vice President Scott Eldridge – CFO & Corporate Secretary • 8 years finance and accounting experience. da Silva – General Manager Brazil • 20 years exploration experience in Brazil managing several exploration campaigns • Responsible for drilling off several of Jaguar Mining’s Brazilian gold deposits Frank Baker – Project Development Manager • Graduate of Sheffield University with Masters in Metallurgy.Proven Management Team Buddy Doyle – President & CEO • 28 years exploration experience • 23 years with Rio Tinto on numerous global assignments • 13 years as North American exploration manager for diamonds. raised over $500M USD for global mining projects including equity and project finance debt 27 AMARILLO GOLD . South America. premitting specialist • Joined Yamana in 2003. >$14B in-situ diamonds • +30M oz Lihir (Au) deposit discovery/definition team. Australia and Africa • Most recent job was commissioning a 2million tonne per year Gold mine in Western Australia Arao Portugal – Director of Strategy • Government and community liason. Brazil Citizen • Taken three mines from Feasibility into production on three continents. various roles including Co-Country Manager.

Argentina. focused on management and property acquisitions • Projects include: Peru. • Since 2002.Calcatreu (Au).El Hilorico /El Galeno (Au-Cu). Directors Rick Brown – Business Development.Mara Rosa (Au) • Brazilian resident. fluent in Portuguese Rostislav Raykov – Director • Bachelor of Science in Business Administration. • Over $100m in money raised under his tutelage Colin Sutherland – Director • Former President of McEwan Mining • Former CEO of Archipelago Resources Plc 28 AMARILLO GOLD . and Investment Banking Analyst in USA David Birkett – Director • Bachelor of Arts in Economics. Brasil. Navidad (Ag). founder of numerous Venture Co. Director • Exploring South America since 1993. from University of North Carolina • CEO of Adherex Technologies Inc. various roles as Securities Analyst. University of Waterloo • 25 years of experience with public resource companies Patrick Power – Director • 20 years of Venture exchange experience. Companies. Practical regulatory experience. Portfolio Manager.