Bonterra Resources, Inc. · TSXV:BTR
Bonterra Resources — Investor Presentation (April 2024)
40 slides from Bonterra Resources's investor presentation, April 2024
Slide 1: Developing Québec's Next Gold Camp
Developing Québec’s NEXT GOLD CAMP Exploration and Development in the Urban-Barry Camp April TSX-V BTR2024 | OTCQX BONXF | FSE 9BR2 1
Slide 2: Forward-Looking Statements
Forward-Looking Statements In this presentation, forward-looking information pertains to, among other things: the goals for 2023 and 2024, the earn-in and joint venture agreement with Osisko Mining announced on November 28, 2023, current estimates and assumptions underlying the 2021 MRE and Barry op
Slide 3: Executive Summary
Executive Summary Over 3 Moz of total gold resources across all categories 1 Underexplored camp with over 10 Moz discovered to date 2 C$35 million exploration earn-in and JV agreement with Osisko Mining on Phoenix JV 3 Senior gold producer validation with C$1.2 billion JV investment on neighboring p
Slide 4: Strategic Partnership with Osisko Mining
Strategic Partnership with Osisko Mining ►Earn-in and joint venture agreement with Osisko Mining executed 1 ►Osisko Mining will have the ability to earn a 70% interest in the Phoenix JV, which includes the Urban-Barry property and adjoining Duke and Lac Barry properties, on the following terms: • In
Slide 5: Validation of the Urban-Barry Camp
Validation of the Urban-Barry Camp ►Three companies exploring one of the most exciting gold camps in the world with C$105 million committed to exploration over the next 7 years ►Gold Fields expected to fund exploration of C$75 million over the next 7 years (announced May 2, 2023) 1 ►Osisko Mining ex
Slide 6: Multiple Targets to be tested by Osisko Mining
Multiple Targets to be tested by Osisko Mining ►Over 35,000 m of diamond drilling is planned in 2024 to meet the minimum spending commitment of C$10 million 1 Moss target, which is located only 5 km southwest from the Windfall Gold Deposit and shows a similar geological character to the high-grade L
Slide 7: Location in the Abitibi Greenstone Belt
Location in the Abitibi Greenstone Belt ►Young and emerging camp, comparable to Val-d’Or 80 years ago BACHELOR-DESMARAISVILLE PROPERTY 25,700 ha URBAN-BARRY PROPERTY 22,500 ha TSX-V BTR | OTCQX BONXF | FSE 9BR2 7
Slide 8: Strategic Land Position and Infrastructure
Strategic Land Position and Infrastructure ►Only operational mill in underexplored camp with over 10 M oz discovered to date 1 Bachelor Mill Complex BACHELOR-DESMARAISVILLE PROPERTY 25,700 ha Bachelor-Moroy Project M&I 160 Koz Au @ 5.58 g/t Au* Inferred 104 Koz Au @ 5.31 g/t Au* * Combined MREs for
Slide 9: Significant Existing Infrastructure
Significant Existing Infrastructure ► Fully operational 800 tpd mill on hydroelectric grid power with the potential for expansion to 1,800 tpd and an additional 8 million tonnes of tailings capacity ► Assay lab (~6,000 assays/month), three camps, two main roads and several core shacks Bachelor Mill
Slide 10: ESG Best Practices
ESG Best Practices ►Social and economic benefits made in a sustainable manner Economic Environmental Social Bonterra employed 50 employees and Taking every opportunity to reduce the Agreements in place with the CFNW and contractors with annual wages totaling environmental impact of our drillin
Slide 11: CEO's Track Record
CEO’s Track Record ► Marc-Andre Pelletier joins with a strong track record as COO at Wesdome, where he led a team that increased production by ~110% driving a ~420% equity return from 2017 to 2021 Strong Returns to Shareholders Wesdome outperformed by ~420% from Wesdome GDXJ October 2017 to October
Slide 12: Capital Structure
Capital Structure EV/oz of ~US$10 1 Top Shareholders Capital Structure C$ Wexford 19.7% Issued & Outstanding Shares 127.5M Options 9.5M Agnico Eagle 7.2% (Weighted average exercise price of C$1.09) Warrants None Fidelity 5.8% Fully Diluted Shares 137.0M (C$8.5M in proceeds if all outstanding options
Slide 13: High Level Geology
HIGH LEVEL GEOLOGY TSX-V BTR | OTCQX BONXF | FSE 9BR2 13
Slide 14: Phoenix JV - Unlocking Exploration Potential in U-B
Phoenix JV - Unlocking Exploration Potential in U-B ►Osisko Mining expected to fund exploration of C$30 million over the next 3 years Bart Target • MB-13-01: 237 g/t Au over 0.6 m • 9097-10: 74.3 g/t Au over 1.4 m, including 114.9 g/t Au over 0.9 m Moss Target • UB-21-15: 6.4 g/t Au over 1.5 m, incl
Slide 15: Regional Structures are Thought to be Key
Regional Structures are Thought to be Key ► Urban-Barry cross-regional corridors of structural decompression ► Regional structures are associated with deposits but also point to areas that need to be tested Windfall Panache Moss Quesnel Gladiator Barry TSX-V BTR | OTCQX BONXF | FSE 9BR2 15
Slide 16: Bachelor-Desmaraisville – Regional Corridor
Bachelor-Desmaraisville – Regional Corridor ► Opawica-Guercheville corridor crossing the Desmaraiville property remains underexplored Lac Shortt Mine Cogniagas Mine Bachelor Mine Joe Mann Mine Legend Gold showings, Deposit, Mines Legend Zinc-Copper showings, Deposit, Mines TSX-V BTR | OTCQX BONXF |
Slide 17: Bachelor-Desmaraisville Project
Bachelor-Desmaraisville Project ►~15,000 m of regional exploration drilling in 2023 focused on new targets at the 100%-owed Bachelor-Desmaraisville property Opawica- Guercheville 6.56 g/t Au over 1.5m 10.08 g/t Au over 2.4m 10.00 g/t Au over 0.3m 75.74 g/t Au over 1.5m Legend Nelligan JV (70% BTR /
Slide 18: A New Emerging Gold Camp in Quebec
A New Emerging Gold Camp in Quebec ► Looking at analogs of other deposits in the Abitibi Greenstone Belt demonstrates high potential for deep expansion at both Gladiator and Barry deposits Red Lake Mines1 La Ronde Complex1 Macassa Mine1 Windfall1 Gladiator Barry Hist. Production: 23.6 Moz Hist. Prod
Slide 19: Drilling Matters
Drilling Matters ► Osisko Mining has proven that the more you drill the more you find in the Urban-Barry Camp • A combined total of 503,928 m has been drilled at both Barry and Gladiator to date • Only 385,128 m was incorporate into the 2021 MREs • A breakdown of drilling after MREs is as follows: •
Slide 20: Phoenix Earn-in and JV
PHOENIX EARN-IN AND JV TSX-V BTR | OTCQX BONXF | FSE 9BR2 20
Slide 21: Phoenix Earn-in and JV – Unlocking Exploration Potential
Phoenix Earn-in and JV – Unlocking Exploration Potential ►~35,000 m of regional exploration drilling focused on Moss target expected in 2024 ►Currently 6 drill rigs in activity, including 5 drill rigs on Moss target TSX-V BTR | OTCQX BONXF | FSE 9BR2 21
Slide 22: Phoenix Earn-in and JV – Unlocking Exploration Potential
Phoenix Earn-in and JV – Unlocking Exploration Potential ►Moss target is located only 5 km southwest from the Windfall Gold Deposit ►Shows a similar geological character to the high-grade Lynx Zone TSX-V BTR | OTCQX BONXF | FSE 9BR2 22
Slide 23: Barry Deposit – Planview
Barry Deposit – Planview ►Plunging with ramp, pit shell and mined out areas Mineralized Zones D AB 800 H 1000 550 Mined out and Decline TSX-V BTR | OTCQX BONXF | FSE 9BR2 23
Slide 24: Barry Deposit – Open in All Directions
Barry Deposit – Open in All Directions ►Recent drilling has identified mineralization at depth, particularly to the SE Plan View MB-22-420 D D MB-23-599 Y Y 5.0 g/t Au over 7.2 m 12.1 g/t Au over 6.1 m D K K Incl. 73.5 g/t Au over 0.5 Y E E Incl. 23.0 g/t Au over 0.7 m K m E And Incl. 16.2 g/t Au ov
Slide 25: Gladiator Deposit – Planview
Gladiator Deposit– Planview ►Topography, lake, shoreline and proposed exploration ramp and portal Portal Mineralized Zones MND MAIN NORTH SND SOUTH RIVAGE FW TSX-V BTR | OTCQX BONXF | FSE 9BR2 25
Slide 26: Gladiator Deposit – High Potential for Deep Expansion
Gladiator Deposit– High Potential for Deep Expansion Plan View 4 km Coliseum Gladiator Deposit Titan BA-18-116 BRS-17-11 CL-17-31 12.4 g/t Au over 5.3m 23.2 g/t Au over 1.0m 5.5 g/t Au over 3.0 BA-21-53A 18.6 g/t Au over 0.5m BA-21-60 28.1 g/t Au over 2.9m Including 162 g/t Au over 0.5m BA-22-01 69.
Slide 27: Gladiator – Regional Targets
Gladiator – Regional Targets ►Airborne magnetics illustrate the potential of regional targets along strike ►Management plans on testing regional targets to follow up on historic results ►Other nodes of decompression within the corridor to be tested (similar to Gladiator) COLISEUM TARGET M&I 391,000
Slide 28: Gladiator vs. Windfall Drilling Comparison
Gladiator vs. Windfall Drilling Comparison ► Drilling at Gladiator is only a fraction of what has been carried out at Windfall Bonterra Osisko Resources 1 Mining 2 Asset Gladiator Windfall Resource as of date Jun 2021 Aug 2022 Number of holes drilled* # 486 4,834 Drilling* metres 228,204 1,852,861 M
Slide 29: Desmaraisville Project
DESMARAISVILLE PROJECT TSX-V BTR | OTCQX BONXF | FSE 9BR2 29
Slide 30: Desmaraisville – 2024 Target Areas
Desmaraisville – 2024 Target Areas ► Compilation and Interpretation work to generate prospective drill targets for exploration TSX-V BTR | OTCQX BONXF | FSE 9BR2 30
Slide 31: Bachelor-Desmaraisville Remains Underexplored
Bachelor-Desmaraisville Remains Underexplored ► Discovery of the Desmaraisville South Lens ► East side of the intrusive to be explore for similar mineralization on the West side BRDS-23-013 0.80 g/t Au / 11.7m Incl. 2.84 g/t Au / 1.4m Bachelor Mill Complex Target Area O’Brien Intrusiv e BRDS-23-021
Slide 32: Bachelor-Moroy – Long Section (Looking West)
Bachelor-Moroy – Long Section (Looking West) ► The decision has been made to place Bachelor-Moroy on long-term care and maintenance ► Selective drilling is planned at regional targets outside the resource area BACHELOR MINE MOROY PROJECT 2020 Bulk Sample Mineralized Zones M1-Group M2 Group M4 M6 M7
Slide 33: Coniagas Project – High Potential for Base Metals
Coniagas Project – High Potential for Base Metals ► Former high grade zinc producer on the property ► Geophysics gravimetric survey d to determine drill targets Desmaraisville HWY 113 Bachelor Mine (1982-1989 & 2008-2018) Coniagas Mine 2.2M tonnes at 5.0 g/t Au; 350,000 ozs 1961-1967 0.7M tonnes at
Slide 34: Presentation Summary
Presentation Summary • EV/oz of ~US$10/oz 1, a significant discount to peers Compelling Valuation • One of few Canadian, advanced exploration, high-grade underground gold companies left Strategic Land Package in Quebec’s Next • Strategic partnership with Osisko Mining to unlock exploration potential
Slide 35: Thank You!
Thank You! www.btrgold.com 35
Slide 36: Appendix – Bachelor Mill Complex
Appendix – Bachelor Mill Complex ► A key strategic asset for Bonterra ► Annual savings of ~$3 million by placing the Bachelor-Moroy underground infrastructure on long-term care and maintenance Bachelor Mill • Only operational mill in the region • 800 tpd capacity • Well maintained, low capex to re-s
Slide 37: Appendix – M&A Landscape
Appendix – M&A Landscape ►Not many high-grade single mine/project companies left in Canada ►Most have been acquired at premium valuations Source: Company reports and market data. Bonterra Claude Osisko Mining 2 Wesdome Great Bear Pretium Battle North Barkerville Integra Gold Richmont Resources 1 Res
Slide 38: Appendix – Management and Board
Appendix – Management and Board Marc-Andre Pelletier Pier-Elise Hebert-Tremblay Cesar Gonzalez President, CEO & Director Chief Financial Officer Executive Chairman Mr. Pelletier is a professional mining engineer with over 25 years of Ms. Hebert-Tremblay is a member of the Certified Mr. Gonzalez co-f
Slide 39: Appendix – Mineral Resources
Appendix – Mineral Resources NI 43-101 Mineral Resource Estimate - June 2021 (see notes on last page) Tonnage Grade Contained Metal Category (000 t) (g/t Au) (000 oz Au) Gladiator Underground Measured - - - Indicated 1,413 8.61 391 Measured + Indicated 1,413 8.61 391 Inferred 4,174 7.37 989 Barry Op
Slide 40: Appendix – Mineral Resources Notes
Appendix – Mineral Resources Notes Model Parameters 1. CIM (2014) definitions were followed for Mineral Resources. 2. Bachelor and Moroy underground Mineral Resources are estimated at gold cut-off grades of 2.40 g/t or 3.0 g/t, domain dependent. Gladiator and Barry underground Mineral Resources are
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