2. FORWARD LOOKING STATEMENT
Certain statements in this document constitute “forward looking statements” which may not be
based on historical fact. Such forward looking statements involve known and unknown risk,
uncertainties and other factors which may cause the actual results, performance or achievements of
the Company, or industry results to be materially different from any future results, performance, or
achievements expressed or implied by such forward looking statements. Such factors include,
among others, the following: actual results of exploration and development activities; the
estimation or realization of mineral reserves and resources; the timing and the amount of future
production; the costs and timing of the development of new deposits; future prices of precious and
base metals; accidents; risks inherent in mineral exploration; risks associated with development,
construction and mining operations; restrictions on foreign ownership; the Company’s history of
operating losses and uncertainty of future profitability; uncertainty of access to additional capital;
environmental liability claims and insurance; and dependence on joint venture partners.
Mr. Gregory Smith, P. Geo., Vice President of Exploration for Pinecrest Resources Ltd., is the qualified
person as defined by NI 43-101 and has prepared and approved the technical data and information
in this corporate presentation.
2
3. ENCHI GOLD PROJECT OVERVIEW
• 1M oz Inferred gold resource open-pit, heap leach
project
• Located in Ghana’s prolific Bibiani Sheer zone
which is host to several multi-million ounce gold
deposits
• Preliminary Economic Assessment (“PEA”)
completed in March 2015
• Economically robust at US$1,300 oz gold price:
~60,000 oz per year, Pre-Tax NPV5% $102 Million,
IRR 33%, $800 oz cash costs(including royalties)
• Ashanti Style, shear hosted mesothermal gold
system
• Shallow, near surface resources open in all
directions, demonstrating excellent resource
expansion and discovery potential
• 696km2 land package with several high priority
targets
3
4. INVESTMENT HIGHLIGHTS
41. Inferred resource using a 0.5 g/t Au cut-off grade.
Strong PEA Results
Pre-Tax NPV5%: US$102M
Pre-Tax IRR:33%
Strong Exploration
Upside
Substantially underexplored
696km2 land package located on
prolific Bibiani Shear zone
Over 1M oz Au1
March 2014 NI 43-101 compliant
Technical Report
Stable Mining
Jurisdiction
Ghana is Africa’s 2nd largest gold
producer and the world’s 8th largest
Strong Management
Skilled technical team
Strategic Partnerships
19.9% ownership by Kinross Gold
18.2% ownership by Sandstorm
Gold
5. Financing Acquisition
• Jan 2014 US$135M stream agreement with Franco Nevada Corporation completed on
Senegal gold project
• July 2014 US$150M debt facility with Red Kite Mine Finance Trust I secured
• Feb 2015 C$46M bought deal financing completed
• Dec 2013 US$63M acquisition of Volta Resources Inc.
• June 2014 US$570M acquisition of Papillion Resources Limited
RENEWED FOCUS ON AFRICAN GOLD EQUITIES
*African focused gold companies up ~22% year-to-date (“YTD”) 5Source: Capital IQ. As of February 23, 2015.
Select Transactions in Africa
US$135M
US$150M
C$46M
US$570M
US$63M
6. GHANA OVERVIEW
6Source: 911 Metallurgist and Frasier Institute.
OVER 250 TONS
The amount of gold
Ghana has produced in
the last 25 years
Biggest gold producer
in Africa
8th
Biggest gold producer
in the world
$21.5 MILLION
Royalties given back to Ghanaian
Communities between 2009 - 2011
$500 MILLION
The amount of tax
resulting from gold
produced in Ghana for
2011
70%
The amount of West
Africa’s Gold Ghana is
believed to hold
5-10%
The amount of Ghana’s labor force
employed by gold mining
2nd
5th
The rank among African
countries on Frasier
Institute’s Investment
Attractiveness Index
8. MANAGEMENT AND DIRECTORS
8
GEORGE SALAMIS
CHIEF EXECUTIVE OFFICER &
DIRECTOR
• Raised over $800M in equity and
completed M&A transactions valued
over $1BN
• Chairman of Integra Gold Corp.
• Senior experience with Placer Dome
Inc. & Cameco Corporation
RYAN KING
PRESIDENT & DIRECTOR
• Raised over $150M in equity and
completed M&A transactions valued
over $500M
• Senior experience with Calibre
Mining Corp. and Edgewater
GREG SMITH, P.GEO
VP EXPLORATION
• +23 years of exploration experience
for junior and senior mining
operations
BLAYNE JOHNSON
DIRECTOR
• Chairman of Featherstone Capital
Advisors
• Senior experience at First Marathon
DOUGLAS FORSTER, P.GEO
DIRECTOR
• Senior experience with over 12
publicly traded companies on N.A.
stock exchanges
EDWARD FARRAUTO
DIRECTOR
• Senior experience with Edgewater
DANIEL WILSON
COUNTRY MANAGER
• Senior experience with Ashanti
Gold Fields Corporation and Red
Back
9. CAPITAL STRUCTURE & OWNERSHIP
9Source: Capital IQ and SEDI. As of February 20, 2015.
Symbol TSX-V: PCR
Closing Price $0.39
Market Capitalization $22.7M
Shares Outstanding
Basic 54.9M
Options (avg exercise $0.22) 3.8M
Kinross Warrants (avg exercise $0.30) 5.0M
Warrants (avg exercise $0.30) 18.0M
Fully Diluted 81.7M
Fully Diluted Cash ~$11.0M
Working Capital ~$2.5M
Debt -
Fully Diluted Enterprise Value $20.4M
Management & Insiders (15%)
Capital Structure Top Shareholders
11. REGIONAL SETTING
• Pinecrest’s flagship Enchi Gold Project is located on the prolific Bibiani Shear zone which hosts multi-million
ounce gold deposits
− Enchi Gold Project covers 50km of the Bibiani Shear Zone
• Located within 70km of Kinross Gold Corporation’s Chirano gold mine which produced 286,542 oz Au in 2014
11
12. ENCHI GOLD PROJECT OVERVIEW
• 100%1 owned resource delineation stage gold project
• NI 43-101 compliant Technical Report with an Inferred
resource of +1M oz Au
• Substantially underexplored 696km2 land package
− VTEM airborne geophysical survey identified over 25 new
exploration targets
• Resource zones Boin, Nyam and Sewum open in all directions
121. Subject to a 10% carried interest to the Ghana government.
13. ENCHI MINERAL RESOURCE ESTIMATE (2014)
The 2014 Mineral Resource estimate was based on 52,385 metres of diamond and RC drilling in 646 holes as well as data from 13,799 metres in 102 surface trenches. The drilling is
spaced at 25 to 50 metre intervals
1. CIM definition standards were followed for the resource estimate.
2. The 2014 resource models used ordinary kriging (OK) grade estimation within a three-dimensional block model with mineralized zones defined by wireframed solids.
3. A base cut-off grade of 0.7 g/t Au was used for reporting resources with a capping of gold grades at 18 g/t.
4. A US$1,300/ounce gold price, open pit with heap leach operation was used to determine the cut-off grade.
5. A density of 2.45 g/cm3 was applied.
6. Numbers may not add exactly due to rounding.
7. Mineral Resources that are not mineral reserves do not have economic viability.
*The July 2014 Resource Estimate was prepared by independent qualified person Todd McCracken, P. Geo. of WSP Canada Inc. (“WSP”) a technical report will be completed within
45 days. 13
Inferred Resource
Cutoff (g/t Au) Tonnes Gold (g/t) Contained Gold (oz)
0.30 72,611,000 0.65 1,526,065
0.40 53,366,000 0.76 1,304,918
0.50 37,357,000 0.90 1,078,702
0.70 20,816,000 1.15 768,000
0.90 12,933,000 1.36 569,879
1.00 10,127,000 1.49 484,388
14. EXPLORATION POTENTIAL
• Several high priority gold targets identified to expand the already substantial +1 million ounce near surface
oxide resource with multi-million ounce opportunities
14
16. BOIN CLEAR EXPANSION OPPORTUNITY
16
BOIN PIT SHELLS
Opportunity to
expand resources
between zones
BOIN GOLD ZONE
Near surface oxide potential to
expand with clear drilling gaps
17. MULTIPLE UNTESTED TARGETS
• Regional airbone study completed by Condor Geophysics
• Several structures appear to correlate to known mineralization, while many other similar structure patterns
remain untested
• Current resource zones only make up a small fraction of total land package – significant opportunity to expand
17
18. PEA OVERVIEW
18
Disclosure
The NI 43-101 Preliminary Economic Assessment is preliminary in nature and includes inferred mineral resources that are considered too
speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral
reserves, and there is no certainty that the Preliminary Economic Assessment will be realized. The Enchi Gold Project PEA Technical Report
will be available on sedar in 45 days from the news release dated March 2, 2015 and was prepared by Joanne Robinson P.Eng of WSP
Canada a professional independent mining engineer registered in Canada and a QP as defined by National Instrument 43-101. Mineral
resources that are not mineral reserves do not have demonstrated economic viability
19. PEA HIGHLIGHTS
19
*2.0% NSR to Kinross Gold and US$10 for each newly defined ounce of gold contained in any new NI 43-101 M&I mineral resource estimate or any ounce of gold mined,
whichever occurs first. Such amount shall be payable in cash or, at Pinecrest’s option, in common shares of Pinecrest, provided that, Pinecrest shall not be entitled to elect to
pay in common shares if such issuance would result in Red Back holding more than 20% of the issued and outstanding shares of Pinecrest. The Ghana government have a 10%
free carry and a 5% royalty.
Average Annual Production (Au ounces) 61,749
Metallurgical Recovery (%) 74.7%
Strip Ratio (w/o) 3.16
Mine Life (years) 8.7
Pre-Production Capital Costs (US$) $84.4M
LOM Sustaining Capital Costs (US$) $38.6M
Cash Cost per Ounce (US$/oz) $802.03
US$1,200/oz US$1,300/oz US$1,400/oz US$1,500/oz
Pre-Tax Payback (years) 3.4 2.8 2.6 2.4
Pre-Tax IRR (%) 23% 33% 42% 50%
Pre-Tax NPV5% (US$) $61.9M $101.9M $141.9M $181.9M
After-Tax Payback (years) 4.1 3.4 2.9 2.7
After-Tax IRR (%) 17% 24% 31% 37%
After-Tax NPV5% (US$) $35.9M $62.0M $88.0M $114.0M
Enchi Gold Project March 2015 PEA – Base Case US$1,300/oz*
25. NEXT STEPS & OPPORTUNITIES
25
Complete metallurgical test work (heap leach opportunity)
Advance towards Prefeasibility Study, EIS, additional drilling and evaluate
contract mining options to reduce initial capital and enhance already
attractive project economics
Expand current resources at Sewum, Nyam and Boin deposits both along
strike and at depth
Additional exploration work on high priority gold targets (Eradi, Kojina Hill
(1.14 g/t Au over 68 metres)
Test multiple new drill targets identified by VTEM airborne survey
