Building a Multi-Asset Copper-Gold Company in Ecuador

First Mover Advantage in a New Frontier

Corporate Presentation

Q2 2020 ADZN : TSX-V ADVZF : OTCQX

1
Forward Looking Statements
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 This presentation is not directed to, or intended for distribution to or use by, any person or entity that is a citizen or resident or
located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be
contrary to law or regulation or which would require any registration or licensing within such jurisdiction.

 This presentation does not constitute or form a part of, and should not be construed as an offer, solicitation or invitation to
subscribe for, underwrite or otherwise acquire, any securities of Adventus Mining Corporation (“Adventus”), nor shall it or any
part of it form the basis of or be relied on in connection with any contract or commitment whatsoever.

 Certain information in this presentation contains forward-looking statements and forward-looking information within the
meaning of applicable securities laws (collectively "forward-looking statements"). All statements, other than statements of
historical fact are forward-looking statements. Forward-looking statements are based on the beliefs and expectations of
Adventus as well as assumptions made by and information currently available to Adventus’ management. Such statements
reflect the current risks, uncertainties and assumptions related to certain factors including but not limited to, all costs varying
significantly from estimates, production rates varying from estimates, changes in metal markets, changes in equity markets,
the proposed use of net proceeds from private placements, availability and costs of financing needed in the future,
equipment failure, unexpected geological conditions, imprecision in resource estimates or metal recoveries, ability to
complete future drilling programs, drilling program results varying from expectations, delays in obtaining survey results,
success of future development initiatives, the completion and implementation of a preliminary economic assessment, pre-
feasibility or feasibility studies, competition, operating performance, environmental and safety risks, delays in obtaining or
failure to obtain necessary permits and approvals from local authorities, community relations, and other development and
operating risks. Should any one or more of these risks or uncertainties materialize, or should any underlying assumptions prove
incorrect, actual results may vary materially from those described herein. Although Adventus believes that assumptions
inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future
performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.
Except as may be required by applicable securities laws, Adventus disclaims any intent or obligation to update any forward-
looking statement.

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 ADZN : TSX-V
Why Adventus? ADVZF : OTCQX
9.5

Entrepreneurial team building a multi-asset copper company in new frontier of Ecuador:

Asset Quality World-Class Investors Exploration Potential

 Exceptional grades: ~9 Mt of  5 strategic shareholders:  Maiden geophysics on 3x
5.2% CuEq (8.3 g/t AuEq) M&I Altius, Greenstone, Resource Adventus controlled
near-surface resources (1) Capital Funds, Wheaton districts (>27,000 ha) – to
 After-tax IRR of 40% (2) Precious & Nobis Group be drilled for new
 C1 cash cost: US$0.96 /lb CuEq  >25 institutional investors discoveries in 2020
or US$412 /oz AuEq (2,3)  C$26.4M raised in 2019 – fully  First mover advantage for
 15 year mine life of 19,000 tpa funded to test top priority drill new projects – Exploration
CuEq or 100,000 oz pa AuEq targets Alliance with renowned
 ~US$450M of free cashflow in explorer Fredy Salazar
first 6 years of mine life (2)

Adventus is aggressively pursuing exploration & development success on multiple projects,

including VMS & porphyry copper-gold districts

(1) See P.10 for detailed resource. (2) See Adventus‘ May 2, 2019 news release on El Domo deposit, Curipamba project economic study (3) Co-product basis
3
Adventus – Who We Are
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• Curipamba copper-gold project, with El Domo deposit – earning 75% of underexplored 21,500 ha property, by
spending US$25M to Oct. 2022 (~US$20M spent to date). Underpinned by high grade VMS entering feasibility study
stage. 2020 program targeting new discoveries within district. Salazar Resources Ltd.(“Salazar”) is partner

• Ecuador-wide Exploration Alliance – exploration alliance between Adventus (80%) & Salazar (20%): Pijili & Santiago
are first two projects with copper-gold porphyry & epithermal vein systems – flown with airborne geophysics in 2019
for the first time, both being readied for drilling in 2020

• Distinguished Strategic Shareholders – Altius Minerals, Greenstone Resources, Resource Capital Funds, Wheaton
Precious & Nobis Group see growth & discovery potential in Adventus’ projects Ecuador

Adventus completed maiden airborne geophysics on 3x projects in 2019 – next: exploration drill programs in 2020.
Also advancing El Domo, Curipamba project towards feasibility study

4
Capital Structure & Timeline
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Symbols: ADZN – TSXV, ADVZF – OTCQX Equity Research

Basic Market Capitalization: C$ 90 M Shares Outstanding: 100,594,371

Cash (as at March 31, 2020): C$ 8 M Options 1: 6,050,000
Equities (Canstar & BMEx): ~ C$ 1 M Restricted Share Units: 802,500
Debt: nil
Enterprise Value: ~ C$ 80 M Fully Diluted: 107,446,871

Adventus Milestones 2019–2020 Share Performance

Insiders acquired ~600,000 shares

2017
between Q4 2019 & Q1 2020
• Feb 9: IPO @ C$0.50/share Bought Deal C$14.3M
• Sep 14: Announces Curipamba earn-in Financing / Upsized
transaction & Ecuador Alliance Completes airborne (2019 07 16)
MMT survey at Pijili Earn-in with
• Dec 21: Bought deal C$10M financing & Santiago South32 in
(2019 04 05) Ireland
(2020 01 13) COVID-19
measures
2018 Nobis-led in Ecuador
C$12.1M (2020 03 18)
• Feb 21: Newfoundland portfolio to Canstar Financing Completes airborne
• Mar 29: Acquires Pijili project in Ecuador El Domo (2019 05 06) MMT survey at
PEA Results Curipamba/El
• May 23: Acquires Santiago project in Ecuador Irish Projects (2019 05 02) Domo
• Jul 17: Wheaton Precious led C$9.2M financing to BMEx (2019 09 19)
• Sep 21: Begins trading on OTCQX (2019 02 07)

Notes: 1 Weighted average exercise price of C$0.80, 5-year term, 3-year vesting period 5
Investor Base
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AUM /
Investor Market Cap Profiles
(US$M)
Leading global royalty company focused on base metal and bulk commodities, with its royalties on 15
~$300
operating mines generating ~C$80M per annum in revenues, with successful project generation business

London-based private equity fund specializing in the mining and metals sector, with more than 80 years
~$370 collective experience predominantly fulfilling senior roles within mining companies, financial institutions and
principal investing, Greenstone is able to make successful long term investments

A pioneer in the concept of a mining-focused private equity fund, RCF is a specialist in mining and partners
Fund VI
with companies to build strong, successful & sustainable businesses that strive to produce superior returns
~$2,000
for all stakeholders

Formerly Silver Wheaton, Wheaton Precious Metals is the world’s largest streaming company, with a
~$20,000 production profile that is driven by a portfolio of high quality assets, including a gold stream on Vale’s
Salobo mine, and silver streams on Glencore’s Antamina mine and Goldcorp’s Peñasquito mine

One of Ecuador's largest and most respected private organizations, with business interests across
- agricultural, real estate, industrial, commercial, construction and tourism sectors. Nobis was founded by
Executive President Isabel Noboa Pontón in 1997

Management
& Board
Other Shareholders

Institutional Funds

Notes: chart on fully diluted basis. Wheaton retains some ROFO/ROFR rights on potential future precious metal streams in Ecuador 6
 ADZN : TSX-V
Advantage in Ecuador – Nobis Group & Salazar ADVZF : OTCQX
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• Consorcio Nobis (“Nobis Group”) is one of Ecuador’s largest private business conglomerates with interests across
agricultural, real estate, industrial, construction & tourism sectors
• Nobis Group was founded in 1997 by renowned Ecuadorian business leader Isabel Noboa Pontón (daughter of the
late Luis Noboa):
“We are pleased to announce our investment in Adventus and to participate in the growing mining sector in
Ecuador, which is set to become a major driver of economic development.”

In 2019 – Completed Initial Investment in Adventus

• Initial US$5.5M equity investment into Adventus for 9.9% of the company, with rights to maintain its interest in order to
participate in Adventus’ project portfolio & growth plans
• Nobis Group & Foundation – direct resources for in-depth Ecuador insights & support for institutional investors globally
• Adventus affirms its commitment to Ecuador with strong domestic partners in both investment & exploration with the
Nobis Group & Salazar

7
Management & Board
9.5
CHRISTIAN Over 15 years experience in industry and banking,
KARGL-SIMARD, P.Eng. primarily in investment banking at Raymond James
President, CEO Ltd. and Haywood Securities Inc. B.A.Sc. in
& Director Metallurgical Engineering from UBC
DR. ALVARO DUEÑAS Over 20 years Ecuador business experience in
Ecuador Country natural resources & foreign trade. Ecuadorian,
Manager
qualified lawyer, & former Country Manager for
Codelco. Doctorate in Jurisprudence from the
Pontifica Universidad Catolica del Ecuador &
negotiation program at Harvard Law School
JASON DUNNING Over 25 years experience, most recently as mining
P.Geo., M.Sc., FGAC, group manager, geology & exploration at Nyrstar,
FSEG, VP Exploration served as VP Exploration at Alamos Gold Inc., Selwyn
Resources Ltd., and Yukon Zinc Corporation, & in
exploration roles with Hudson Bay Mining and
Smelting Co. Ltd., and Pamicon Developments Ltd.
BRIAN DALTON CEO & co-founder of Altius Minerals with over 20
Chairman years experience in industry globally, from grassroots
exploration to executive management
ROBERTO DUNN, MBA Advisor & former Executive Director of Nobis Group –
Director one of the largest private conglomerates in
Ecuador, with over 30 years of multi-sector business
leadership experience in Ecuador & global markets
MICHAEL HAWORTH Co-founded Greenstone Resources in 2013 after a
Director 16 year career in the mining sector including
Managing Director at JP Morgan and Head of
Mining and Metals Corporate Finance in London
DR. SALLY EYRE Mining industry & finance veteran including CEO of
Independent Director Etruscan Resources Inc., PhD in Economic Geology
from Royal School of Mines, Imperial College
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OLIVIA GAMACHE Over 15 years international environmental
P.Eng., M.Sc. management, community relations & CSR
VP Environment & experience in the mining industry in the Americas
Community with Hatch Ltd. & Yamana. Professional
environmental engineer (water), B.A.Sc & M.Sc.
Chemical Engineering from University of Toronto
FRANCES KWONG Over 35 years experience in finance, including CFO
VP Finance, CFO, of Vaaldiam Mining & consultant to Orion Resource
Corporate Secretary Partners. Fellow of the Institute of CAs in England &
Wales, and a CPA CGA, HKU graduate
SAM LEUNG, P.Eng. 15 years experience in industry: Director, Corporate
VP Corporate Development at Lundin Mining (>$3.7 billion in
Development transactions); due diligence/ strategy consultant &
metallurgist for Hatch Ltd., B.A.Sc. Engineering
Chemistry from Queen’s University
DUSTIN SMALL, P.Eng. 20 years experience in project management,
Project Director engineering & construction, including small to large
scale mining projects US$100 M to over US$4 B.
Recently with Hatch Ltd/Kinross in Chile & Wood
(Amec Foster Wheeler). B.Sc.E. Dalhousie University
BARRY MURPHY, PE, PMP Over 30 years mining sector experience in project
Independent Director execution for Anglo American, Yamana, Hatch, with
recent focus on open pit and underground mine
developments in Chile, Peru, Argentina, Brazil
PAUL B. SWEENEY Over 35 years experience in financial management,
Independent Director including CFO for both Canico (acquired by Vale)
and Sutton Resources (acquired by Barrick), on
board of OceanaGold
MARK WELLINGS, 25 years experience in mining and finance, including
P.Eng., MBA 18 years at GMP Securities L.P., including as MD of
Independent Director Investment Banking and now Principal at INFOR
Financial’s investment banking team
8
Ecuador – New Mining Frontier
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• In 2019, Ecuador welcomed first modern-scale open-pit & underground mining operations:
o Mirador (copper-gold, $1.4 billion) & Fruta del Norte (gold, $700 million)

Examples of Major Foreign Investments

in Ecuador’s Mining Sector (US$)
Lundin Gold with $900M project financing package, incl. $400M
Newcrest & Orion equity financing by Newcrest, Orion & Lundin Family
Trusts + $20M exploration earn-in w/ Newcrest

Ecuacorriente: $1.4 billion capital investment to build Mirador

CRCC-Tongguan copper mining complex – open pit, 60,000 tpd mill,
~100 ktpa Cu in concentrate

Newcrest +$100M earn-in with Cornerstone on porphyry district

next to Adventus’ Santiago project
Curipamba
Codelco & Enami EP Signed JV with the government to develop project

Hancock Prospecting $200M green fields exploration

BHP $82M exploration spending commitment & $ SolGold

Pijili investment / US$75M exploration commitment with
Luminex on porphyry district

Solgold PLC +$100M in equity investments by Newcrest & BHP,

71 exploration project with +$150M commitments

Santiago Anglo American $57.3M earn-in JV with Luminex, adjacent to

Adventus’ Curipamba project

Adventus $25M earn-in transaction on the Curipamba project

+ $5M spend on Pijili & Santiago projects

Southern Copper Advancing copper porphyry next to Adventus

Fortescue Metals Greenfields exploration in 32 concessions

Continuing improvements in fiscal regimes are Dundee Precious $10M of $15.6M private placement in INV Metals for
supporting additional investment & growth Metals & INV Metals 19.5% equity stake

Source: Company reports 9

Responsibility to Environment & Community
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Adventus & partners are committed to the responsible exploration, development & operation of
our projects – our commitment is founded on community trust, transparency & accountability
Environmental Management
• All project activities meet or exceed local laws & regulations for environmental
management & protection – a regulator approved environmental management plan
governs mitigation measures for all site activities
• Protection of water resources is a priority for Adventus & local communities – environmental
management plan ensures fresh water use is minimized, water reuse & recycle is maximized,
& water quality in the local watershed is monitored
• Environmental baseline studies are ongoing to support both the feasibility study & an
environmental & social impact assessment that will meet or exceed both local regulations &
international standards
Community Engagement & Economic Development
• Community consultation activities focus on ensuring that key stakeholders are provided with accurate information in a timely
manner & are engaged in two-way dialogue during all project stages
• Regular community events encourage local participation & information sharing – fostering capacity building through
activities such as mine site tours with key stakeholders, schools and authorities
• Economic development includes sponsoring targeted community improvement projects & programs that focus on
education & training of local community members

Youth & female soccer programs Support for local arts and culture Training for young entrepreneurs

10
Advancing El Domo & Curipamba Project
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Adventus is focused on the continuing exploration & development of the El Domo deposit and the
greater Curipamba project – high potential district supported by significant baseline resource,
undrilled targets, & experienced local-Ecuadorian team
NI 43-101 El Domo Mineral Resource Estimate
(Roscoe Postle, RPA – May 2019)
Tonnes Cu Au Zn Ag Pb CuEq AuEq CuEq AuEq
Mt % g/t % g/t % %(1) g/t (1) Mlbs(1) koz(1)

Measured 1.4 1.92 3.75 3.52 58 0.37 6.1 9.8 190 443

Indicated 7.5 2.02 2.33 2.81 49 0.26 5.0 8.0 826 1,926

Inferred 1.3 1.52 1.83 2.25 42 0.20 3.9 6.2 112 261

• Majority of M&I resource within 40 to 80 m from surface

• Located 20 km from Pan-American highway, in low-lying hills (300-~900 masl),
~3 hr drive from major port city of Guayaquil
• Key surface rights acquired for development, including 100% of resource
• Small-mines permits granted for entire district for 25 years
Aligned Partnership Structure
• Earn-in terms for 75% ownership (~US$20M of US$25M spent to date; to Q4 2022)
• Adventus retains 100% rights to off-take, streaming & financing options
Seasoned Ecuadorian Partner – Salazar Resources Ltd.
• Partner led by Fredy Salazar, one of the most successful explorers in Ecuador,
including having been instrumental in Aurelian’s Fruta del Norte discovery
• Salazar has received equity investments by Silvercorp, Trafigura, Resource
Capital Funds, Lundin Mining & Guangshou Group for El Domo/Curipamba

Advancing the Curipamba project continues to be Adventus’ main focus,

with exciting exploration & technical results expected in 2020

(1) Calculated from Ni 43-101 El Domo PEA (May 2019) which assumed Cu $3.15/lb, Au $1,350/oz, Zn $1.15/lb, Ag $18/oz, Pb $1.00/lb 11
Curipamba – 15 New Targets in Underexplored District
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2019 completed first ever

Anglo American & regional airborne geophysics
Luminex JV Properties survey (MobileMT) on the
21,500 ha (215 km2) property

Interpretation with historic

data generated 15 new
regional targets outside of El
Domo but within Curipamba

2020 drilling program focuses

on these new targets with aim
of new discoveries

Crew & drill rigs

mobilized at Curipamba
Open pit in Q1 2020
kaolin mine
3,000 m drill program at
Solgold & Codelco Properties La Vaquera high priority
target to start post-
COVID-19 measures

Source: Adventus news release January 21, 2020 12

El Domo – Exceptional Deposit within Curipamba
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El Domo is a flat-lying VMS deposit, close to surface and mineable by open-pit and/or underground
methods to produce saleable copper, zinc & lead concentrates with strong precious metals credits
 60,449 m drilled at El Domo to date – highlights include (1):

• 24.02 m of 5.41% copper, 6.40 g/t gold, 2.68% zinc, 58.6 g/t silver, 0.15% lead (~11.5% CuEq) – CURI 336

• 21.10 m of 5.49% copper, 3.94 g/t gold, 2.77% zinc, 42.3 g/t silver, 0.19% lead (~9.8% CuEq), including: 8.70 m of 11.31%
copper, 7.81 g/t gold, 6.57% zinc, 90.9 g/t silver, 0.44% lead (~20.3% CuEq) – CURI 300

• 8.16 m of 2.17% copper, 19.67 g/t gold, 23.17% zinc, 229.0 g/t silver, 4.01% lead (~28.4% CuEq), including: 3.71 m of 3.00%
copper, 36.55 g/t gold, 32.17% zinc, 411.3 g/t silver, 6.80% lead (~47.0% CuEq) – CURI 285

• 32.43 m of 4.40% copper, 1.29 g/t gold, 1.84% zinc, 13.3 g/t silver, 0.09% lead (~6.2% CuEq), including: 19.41 m of 7.00%
copper, 1.61 g/t gold, 3.00% zinc, 18.4 g/t silver, 0.14% lead (~9.5% CuEq) – CURI 266

 Deposit dimensions: ~800 m x 400 m,

starts ~30 m below surface, generally
flat-lying – remains open: north, east,
depth. Average drill hole spacing of
25 m centres for metallurgical
testing, 2019 resource & PEA

 James Franklin (Global VMS expert):

“Such camps typically contain a

minimum of 6 deposits with
economic metal content. One of
these is normally the “giant”,
containing more than 30 Mt of ore.
The potential for additional discovery
in the Curipamba area is excellent”
(2)

Notes: (1) 2019 PEA equivalence pricing assumptions: Cu $3.25/lb, Zn $1.30/lb, Pb $1.10/lb, Ag $23/oz, Au $1,500/oz 13
(2) Observations on the Curipamba Massive Sulfide District, Ecuador, Report For Salazar Resources by James M Franklin Ph.D., P. Geo, Aug. 17, 2009
El Domo – PEA Highlights
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Project Economics – PEA NI 43-101 Open Pit Constrained Resource, Years 1-14 (1)

NPV(8%, after-tax) $288M Tonnes Cu Au Zn Ag Pb CuEq AuEq

Mt % g/t % g/t % %(1) g/t (1)
IRR after-tax: 40%. payback in < 2 years Measured 1.4 1.92 3.75 3.52 58 0.37 6.1 9.84
Free cashflow: $449M in first 6 years of mine life Indicated 5.7 1.74 2.47 2.60 51 0.28 4.7 7.59

C1 co-product $0.96 /lb copper equivalent or M&I 7.1 1.78 2.73 2.78 53 0.30 5.0 8.06
cash cost: $412 /oz gold equivalent Inferred 0.7 0.67 1.60 1.72 46 0.21 2.7 4.40
Capital cost: $165M
NI 43-101 Underground Resource, Years 10-15 (1)
Price assumptions: $3.15/lb Cu, $1,350/oz Au, $1.15/lb Zn,
$18/oz Ag, $1.00/lb Pb Tonnes Cu Au Zn Ag Pb CuEq AuEq
Mt % g/t % g/t % %(1) g/t (1)
Indicated 1.8 2.91 1.85 3.51 43 0.20 5.8 9.23
Mill throughput rate (tpd) 1,750 tpd for 15 yr mine life
Inferred 0.6 2.46 2.09 2.82 37 0.19 5.2 8.26
Net metallurgical recoveries
Copper 81% Life of Mine Payable Revenues PEA Authors/Contributors
Gold 58% Improvements
Zinc 79% announced • Roscoe Postle (RPA)
Silver 69% post-PEA • Klohn Crippen Berger
Lead 38% • Knight Piesold
• Base Met Laboratories (Kamloops)
Concentrate details: Clean concentrates: Gold • Independent Mining Consultants
Copper ~25% Cu with high PMs (Tucson)
Zinc ~56% Zn with high PMs 29%
Copper
No penalties for deleterious
45%
elements expected
Taxes & Royalties
LOM operating cost (US$/t) $55/t mine gate Silver
• Estimated >$250M in direct
8% tax & royalty revenues to
LOM sustaining capital (US$) $105M Zinc Ecuador over mine life
LOM production average: 19,000 tpa CuEq or 17% • Additional multiplier effects
100,000 oz pa AuEq Lead 1%
for economic development

Reference: All currency figures in US dollars unless otherwise stated. May 2019 Adventus PEA news release (1) Cu $3.15/lb, Au $1,350/oz, Zn $1.15/lb, Ag $18/oz, Pb $1.00/lb 14
 El Domo – Robust Economics & Sensitivities
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PEA demonstrated robust project economics (after-tax NPV8% = US$ 288M, IRR = +40%) – sensitivities to
metal prices & costs benefit from high ore grades & low capital intensity over a 15 year mine life (1)

Significant gold values bolster the project At spot prices (2), precious & base metals are 50%/50%

Copper Gold
36% 43%

PEA results
Zinc
13% Silver
7%
Lead 1%

Reference: All currency figures in US dollars unless otherwise stated. May 2019 Adventus PEA news release (1) PEA: Cu $3.15/lb, Au $1,350/oz, Zn $1.15/lb, Pb $1.00/lb, Ag $18/oz 15
(2) As at March 31, 2020: Cu $2.18/lb, Au $1,605/oz, Zn $0.85/lb, Pb $0.78/lb, Ag $13.92/oz; life of mine payable revenues by metal
El Domo & Curipamba – Timing & Next Steps
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El Domo – Path to Production

2020 2021 2022 to 2023

• Announced material
improvements to metallurgical
recoveries & environmental
infrastructure since 2019 PEA
• Regional exploration drilling at
Curipamba
• Continue EIA program
• Commence feasibility study
• Land acquisition program
• EIA consultation process with
local communities
• Regional exploration drilling at
Curipamba
• Completion of feasibility study
• Completion of land acquisition
program
• Completion & approval of EIA
• Project financing activities
• Receipt of investment &
exploitation agreement
with Ecuador government
• Commence & complete
construction
• Ramp-up to production

Projected start dates for new copper mines

2020 2021 to 2023

El Domo, Curipamba
Gunnison
Florence Ariana QB2
Pumpkin Hollow Kamoa T3 Botswana
Khoemacau Timok

El Domo has a clear path to production while surrounding exploration at Curipamba continues

16
Pijili & Santiago Projects – Exploration Alliance
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Ecuador-wide 80%-Adventus / 20%-Salazar Exploration Alliance: Pijili & Santiago projects are the first
two to be advanced in the Alliance – further portfolio expansion underway

Main Alliance Terms:

 Adventus funds all Alliance activities up to
construction decision on any project
 Controlled by the Alliance board, consisting of two
Adventus and one Salazar representatives
 Continue to evaluate projects across all
commodities for addition to portfolio

Pijili Ownership & Spending Commitment

 Three concessions under initial exploration license
from government

Santiago Ownership & Spending Commitment

 100% owned by the Alliance, with a small mines
permit on the concession

Ecuador – race for minerals continues

 Competitive with majors, including BHP, Newcrest,
Fortescue, Hancock, Codelco & Southern Copper
 Undrilled prospective projects are individually
garnering US$20-100M in spending & cash
commitments

Airborne geophysics survey completed at Pijili & Santiago – drill programs starting in 2020

17
Aiming for New Discoveries
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Both Pijili & Santiago are prospective for copper-gold porphyry & epithermal gold-silver vein systems.
Pijili has never been drilled while Santiago was scout-drilled by Newmont over 20 years ago

Pijili Highlights Santiago Highlights

 3,246 ha on multiple concessions in Azuay province
 Legal artisanal miners following precious metal-bearing
structures via small adjacent open pits
 Large MMT airborne survey completed in 2019 resulting in
numerous copper-gold targets
 Target generation work is ongoing in advance of an initial
drill program – water permits for drilling in hand
 District is prospective for massive copper porphyries such
as the nearby Chaucha Project (Southern Copper)
 2,350 ha on one concession in Loja province
 Adjacent to Newcrest/Cornerstone +$100M earn-in deal
 Large MMT airborne survey completed in 2019 resulting
in numerous copper-gold targets
 High-sulphidation system previously drilled by Newmont
with potentially economic copper-gold intercepts over
100-325 m intervals from surface
 Target generation work is ongoing in advance of an
initial drill program – water permits being renewed

Drilling expected to begin at our top targets in 2020

18
Development-Stage Peer Benchmarking
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(1)

El Dom o / Premier /
Flagship Asset Las Chispas Camino Rojo Valentine Lake Cerro Blanco DeLamar
Curipam ba Red Mountain

Location Ecuador Mexico Mexico New foundland British Columbia Guatemala Idaho

Open Pit /
Mine Type Underground Open Pit Open Pit Underground Underground Open Pit
Underground

(2)
M&I Resource Contained (100%) (koz AuEq) 2,075 468 12,558 3,092 1,922 1,467 3,614

M&I Resource Grade (g/t AuEq) 7.25 14.56 1.01 1.75 8.15 10.69 0.65

Annual Production (koz AuEq) 100 113 102 145 136 117 121

AISC (US$/oz AuEq) $500 $542 $585 $739 $747 $617 $742

(3)
AISC Annual Average Funds Flow (US$ MM) $110 $119 $104 $125 $116 $115 $104

Initial Capital Cost (US$ MM) $165 $101 $123 $205 $111 $196 $161

After-Tax NPV 5% (100%) (US$ MM) $395 $507 $223 $430 $259 $392 $464

After-Tax IRR (%) 42.2% 91.0% 39.7% 42.7% 51.0% 49.0% 54.0%

Assum ed Metals Prices (US$/oz Au / Ag) $1,500 / $18.00 $1,450 / $19.00 $1,500 / $17.00 $1,450 $1,400 / $17.00 $1,500 / $18.00 $1,500 / $18.78

(4)
Enterprise Value (US$ MM) $58 $918 $503 $195 $163 $109 $100

El Domo alone is highly competitive – valuation yet to recognize exploration potential of Curipamba, Pijili & Santiago
Source: Cormark Securities Inc. from company materials, CapitalIQ.
Note a: Priced as of May 27, 2020.
Note b: AuEq calculation assumes long-term metals prices of US$1,600/oz Au, US$17.00/oz Ag, US$3.00/lb Cu, US$1.15/lb Zn and US$1.00/lb Pb.
(1) Global resource figures include resources at secondary Cerro Quema project in Panama.
(2) M&I Resources reported inclusive of 2P Reserves.
(3) Calculated as average annual gold equivalent production multiplied by the difference of US$1,600/oz gold price and average gold equivalent AISC.
(4) Includes proceeds from ITM options and warrants.

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 ADZN : TSX-V
2020 Focus ADVZF : OTCQX
9.5

Backed by long term shareholders & strong fundamentals for metals, Adventus is focused on results:

• Ongoing regional exploration drilling on new targets (6,000 to 10,000 m)

Curipamba Exploration & • Environmental assessment baseline program
Engineering • Bolster exploration, social, permitting & development team
• Engineering, trade-off studies & feasibility study activities

Ecuador Exploration • Drill program to test top copper & gold targets at Pijili & Santiago (5,000 to 10,000 m)
Alliance • Continue to evaluate Ecuadorian opportunities to add to portfolio (private & public)

• Work with Nobis & Salazar to continue to develop top in-country team & project portfolio
• Continue to grow institutional & retail shareholder base globally
Corporate
• Grow Ecuadorian & Latin American shareholder register
• Advance exploration projects in Ireland with partnership funding from South32

Contacts:

Christian Kargl-Simard, P.Eng. Sam Leung, P.Eng.

President, CEO & Director Vice President, Corporate Development
christian@adventusmining.com sam@adventusmining.com

Adventus Mining Corporation www.adventusmining.com

220 Bay Street, Suite 550
Toronto, Ontario, Canada M5J 2W4

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 Appendix – Exploration in Ireland with South32
ADZN : TSX-V
ADVZF : OTCQX
9.5

In 2020, Adventus & South32 commenced an exploration partnership to advance projects in Ireland
with concession area of over 1,100 km2
Rathkeale
• ~250 km2 on trend & contiguous to known deposits: Pallas Green (Glencore – 45.4 Mt @ 8.4%
Zn+Pb (1)) & Stonepark (Group Eleven/Connemara – 5.1 Mt @ 11.3% Zn+Pb (2))
• Geochem, MAG & 25 line-km seismic program completed – resultant drill targets proposed
Kingscourt
Kingscourt
• ~350 km2, located 15 km north of Boliden’s Tara mine near Navan (110 Mt)
• Historical trench & drilling intersected vein and breccia mineralization (galena-marcasite-
sphalerite) hosted in shelf limestones that assayed up to 7% Pb & 1% Zn
Fermoy Rathkeale

• ~480 km2 in County Cork, Irish-type Zn-Pb & Tullacondra-type Cu-Ag (3 Mt @ 0.7% Cu, 29 g/t Ag)
• Targeted for Waulsortian-hosted, Irish-type zinc-lead & Aherlow (5.5Mt @ 0.89% Cu, 40 g/t Ag),
Tullacondra-type Cu-Ag in Lower-Carboniferous clastics & carbonates
Fermoy

South32 to fund EUR 3.5M

in exploration spending
over a 4-year period for
an option to acquire a
70% interest in the Projects

25 line-km seismic program at Rathkeale Rathkeale, west of Glencore (Pallas Green)

& Group 11/Connemara (Stonepark)

Reference: (1) Glencore Resources & Reserves as at 31 Dec. 2019 Report, Inferred Mineral Resources; (2) Group Eleven news release 17 Apr. 2018, Inferred Mineral Resources
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