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JANUARY 2021
Corporate Presentation
BUILDING THE LEADING SUSTAINABLE MINERAL
RESOURCE COMPANY FOR THE FUTURE
TSX-V: NCX
COPPER AND GOLD INC.
Cautionary Disclaimer Regarding Forward-Looking Statements and Information
Certain of the statements and information in this press release constitute “forward-looking statements” within the
meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information”
within the meaning of applicable Canadian securities laws. Forward-looking statements and information generally
express predictions, expectations, beliefs, plans, projections, or assumptions of future events or performance and
do not constitute historical fact. Forward-looking statements and information tend to include words such as “may,”
“expects,” “anticipates,” “believes,” “targets,” “forecasts,” “schedules,” “goals,” “budgets,” or similar terminology.
Forward-looking statements and information herein include, but are not limited to, statements with respect to the
completion of the Proposed Arrangement and the expected structure thereof; anticipated shareholder, court and
regulatory approvals; and the expected timing of closing of the Arrangement. All forward-looking statements and
information are based on NorthIsle’s or its consultants' current beliefs as well as various assumptions made by and
information currently available to them. These assumptions include, without limitation that shareholder and court
approvals to the Proposed Arrangement will be obtained in a timely manner, and that regulatory approvals will be
available on acceptable terms. Although management considers these assumptions to be reasonable based on
information currently available to it, they may prove to be incorrect. Forward-looking statements and information are
inherently subject to significant business, economic, and competitive uncertainties and contingencies and are
subject to important risk factors and uncertainties, both known and unknown, that are beyond NorthIsle’s ability to
control or predict. Actual results and future events could differ materially from those anticipated in forward-looking
statements and information. Examples of potential risks are set forth in NorthIsle's annual report most recently filed
with the U.S. Securities and Exchange Commission and the Canadian Securities Administrators as of the date of
this press release. Accordingly, readers should not place undue reliance on forward-looking statements or
information. NorthIsle expressly disclaims any intention or obligation to update or revise any forward-looking
statements and information whether as a result of new information, future events or otherwise, except as otherwise
required by applicable securities legislation.
John McClintock, P Eng. is the Qualified Person responsible for the technical content of this presentation
TSXV: NCX 3
The Time is NOW for NorthIsle
Tangible
Upside
Exceptional
Leadership
Robust Copper-
Gold Project1
 Superior economics with significant exposure to Cu, Au and Mo and potentially Re
‒ Initial capex of US$1bn, annual average production of 141mm lbs Cu Eq (88mm lbs Cu) with AISC of
US$2/lb Cu Eq. helped by low strip ratio of 0.72 w:o
‒ 2017 PEA has after-tax NPV8% of C$550m and IRR of 14.3%; 2021 PEA will incorporate higher recoveries
and metal prices, updated capex and opex
‒ Clean, high quality copper and moly concentrates with attractive saleability characteristics
 Improved gold and copper recoveries to be included in updated PEA currently underway
‒ Expansion of North Island Project resource
‒ Rhenium credit to be included in updated PEA currently underway
 Sam Lee, +$100 billion of M&A and equity transactions over 20 years
 Dale Corman, CEO of Western Silver and Gold - $1.2 billion merger with Glamis
 Jack McClintock, 1998 PDAC prospector of the year award for discovery of Spence deposit, Chile
 Kevin O’Kane, ~40yrs of mining experience with BHP and SSR – including 12yrs as Chief Mining Eng. at
Island Copper Mine
Premier Mining
Jurisdiction
 British Columbia ranks within the top quartile of the best mining jurisdiction in the world
‒ Five copper-gold mines already in production with similar grade profiles to North Island Project
‒ The Fraser Institute ranks British Columbia within the top quartile of best jurisdictions to invest in
‒ Well established permitting process
Exploration
Upside
 District play with over 50 km of strike and numerous exploration targets including
‒ Pemberton Hills Venture with Freeport: potential for Reservoir–type deposit
‒ Red Dog, NW Expo and Goodspeed targets
‒ Further potential to enhance recoveries and mine design to improve economics
1. Commodity prices used in the PEA are as follows: US$ 3.10/lb Cu, US$ 1,300/oz Au, US$ 9.00/lb Mo, US$ 9/t Py con, US$:C$ 0.75x
TSXV: NCX 4
The World Needs a Lot More Copper
The time is now…
Stronger Demand
• Post-COVID global stimulus will result in
large infrastructure projects
• The push toward electric vehicles and
renewables is expected to add +6mt of
demand by 2040
Weaker Supply
• 2020 production disruptions due to COVID
• Peak global copper production expected in
2023
• Lower ore grades
• Decreasing exploration expenditures
resulting in a lack of new discoveries
~5 million tonne deficit by 2027 equivalent
to annual production of 45 new porphyry
copper deposits
10.0
12.0
14.0
16.0
18.0
20.0
22.0
24.0
26.0
28.0
30.0
2010 2015 2020 2025 2030
Copper Production
Pipeline
Demand
Global Copper Supply / Demand (mt)
TSXV: NCX 5
NorthIsle Overview
• Owner of 50km of copper
gold porphyry trend on
northern Vancouver Island
• Access to pre-existing BHP
infrastructure in a mining-
friendly community
• PEA update underway at
100% North Island Project
✓ Incorporates improved
metallurgical recoveries
✓ Updated metal prices,
exchange rates, capex and
opex
✓ Targeting 20% after-tax IRR
✓ Q1 2021 completion
• JV with Freeport-McMoran on
the Pemberton Hills target
• Sound capital structure with
no warrants outstanding
• District scale land position
NORTH ISLAND PROJECT RESOURCE
IN COPPER EQUIVALENT1
IN GOLD EQUIVALENT1
3.3
billion lb
1.5
billion lb
8.0
million oz
3.6
million oz
INDICATED INFERRED INDICATED INFERRED
141mlb CuEq
AISC of US$2.00/lb
335koz AuEq
AISC of US$840/oz
NORTH ISLAND PROJECT ANNUAL PRODUCTION
PROFILE
(BASED ON PEA2)
22
Year LOM
1. Cu & Au Eq calculated using US$3.10/lb Cu, US$1300/oz Au and US$9.00/lb Mo and is not adjusted for mining and metallurgical recoveries as these remain uncertain. Re values
have not been used in the cut-off grade or Cu & Au Eq calculations.
2. The Preliminary Economic Assessment (“PEA”) 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 allow them to be categorized as mineral reserves and there is no certainty that the preliminary economic assessment will be realized.
TSXV: NCX 6
Michael Gray
Shares Outstanding 146,419,194
Market Capitalization (C$0.35 – Jan 15, 2021) C$51 million
Options (C$0.05 – C$0.28) 13,125,000
Warrants -
Fully Diluted 159,544,194
Cash C$3.4 million
Debt -
Corporate Snapshot
CAPITAL STRUCTURE
Retail
75.1%
Insiders
15.6%
Institutional
9.3%
SHAREHOLDER DISTRIBUTION
SHARE PRICE
NCX
TSXV
-
$0.05
$0.10
$0.15
$0.20
$0.25
$0.30
$0.35
$0.40
Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21
ANALYST COVERAGE
+430%
LTM
Insiders own
22% on a fully
diluted basis
TSXV: NCX 7
NorthIsle is Undervalued
NorthIsle has a large resource base that is valued well below its peer group
Source: Agentis Capital Mining Partners.
Enterprise Value / Total Resource, Total Resource & Capex / Throughput
$8.5
$94.3
$14.5
$55.9
n/a n/a $3.2
$66.2
$38.8
$24.4 $21.1 $20.3
n/a n/a n/a
$13.4 $19.6 $20.5
$281
$262
$175
$98
$73
$55 $54 $52 $48 $47 $40
$29 $26 $21 $21 $17 $16
$40.6
0.4
2.6
1.0
0.3
3.9
0.8 0.8
0.3
0.8
3.5
6.9
3.1
3.4
1.4
2.2
8.5
58.3
Marimaca
Adventus
Solaris
Foran
SunMetals
GTGold
Surge
Kutcho
GraniteCreek
Serengeti
Filo
Josemaria
EntrĂŠe
Regulus
PacificBooker
NorthIsle
WesternCopper
NorthernDynasty
Enterprise Value/Total Resource (US$/t CuEq)
Total Resources (Mt CuEq)
Capex / Throughput (US$000/tpd)
TSXV: NCX 8
Strong Leadership
Proven Mine Finders, Developers and Financiers
Sam Lee President & CEO
Advised on +$100 billion of M&A and
equity transactions over 20 years
including several large porphyry projects
Dale Corman Chairman
PeĂąasquito Deposit
Discovery through to Feasibility
Sold to Glamis Gold for $1.2 billion
Jack McClintock VP Ex
Discovered Spence Deposit (BHP)
Production: ~230ktCupa
Current Resource:1.35bt @ 0.49%CuEq1
Discovery Cost: C$5 million
Kevin O’Kane Director
Spence, Cerro Colorado & Minera
Escondida (BHP)
Former Chief Mining Engineer at the
Island Copper Mine (12 years)
TSXV: NCX 9
Few Copper Projects of Significance
Are Controlled by Juniors
NORTH ISLAND PROJECT
Pebble
UKMP
KSM
Casino
Morrison
Harper Creek
Northmet
Ann Mason
Pumpkin Hollow
Gunnison
Cotabambas
Canariaco
Mina Justa
Constellation
Productora
Kamoa Kakula
King King
Tampakan
North Island Project
• Economical at today’s prices
• Located in BC – a top quartile jurisdiction
• Tremendous access to local infrastructure
• Straightforward technical and environmental
• Well-sized project, attractive to mid-tier
producers or financeable independently
TSXV: NCX 10
BC: Supportive Tier 1 Jurisdiction
✓ Top quartile best mining jurisdiction (F.I.)
✓ Numerous mines permitted in last 10
years, most recently Brucejack
✓ 5 copper-gold deposits currently in
production
✓ Northern Vancouver Island is dependent
on resource-based industries
✓ Local communities support mining from
positive experience with previous Island
Copper operation (BHP) & active large-
scale aggregate quarry
✓ Port Hardy’s FILOMI (Fishing, Logging,
Mining) Day festival celebrates region’s
main economic drivers
Population
15,000
Population
750,000
TSXV: NCX 11
Advancing a 50km Porphyry District
1) 100% owner of the PEA-stage North Island Copper-Gold Project
2) Joint Ventured with Freeport on exploration grounds
~24yr LOM production
345mt @ 0.41%Cu, 0.017%Mo,
0.19g/tAu & 1.4g/tAg
100% NCX
Freeport JV
TSXV: NCX 12
2017 PEA Summary Economics
Robust Economics with Significant Upside to Current Metal Prices
1. Spot as of January 15, 2021
2. Net of by-products. Commodity prices used in the PEA are as follows: US$3.10/lb Cu, US$1,300/oz Au, US$9.00/lb Mo, US$86/t Py Con, CADUSD 0.75x
After-tax Economics
Metal Price
Scenario
2017 PEA2 2017 PEA
+10%
2017 PEA
+20%
NPV8% C$550m C$902m C$1,249m
IRR 14.3% 18.1% 21.7%
Payback 5.1 years 4.1 3.6
C1 Cash Cost1 US$0.88/lb
Cu ------ Not updated ------
Capital Cost C$1.3Bn ------ Not updated ------
Sustaining Capital C$139m ------ Not updated ------
The Preliminary Economic Assessment (“PEA”) 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 allow them to be categorized as mineral reserves and there is no certainty that the preliminary economic assessment will be realized.
$550
$902
$1,249
14.3%
18.1%
21.7%
NPV (C$m, 8%) IRR
Metal Price Comparison
Metal Spot1 2017
PEA
Δ%
Cu $3.60 $3.10 19%
Au $1825 $1300 47%
Mo $10.20 $9.00 13%
TSXV: NCX 13
Catalysts for Project Value Creation
Low-risk value enhancements likely to further improve economics
I. Incorporate improved recoveries in updated PEA
II. Use BHP pit located 30km away for waste disposal via slurry pipeline –
reduced surface footprint and capex
III. Optimize production rate: if going to 85ktpd or 90ktpd throughput – further
economies of scale
IV. Expand brownfields Hushamu resource: the deposit is open to the southeast
– potentially expand the deposit by up to 300m
V. Expand higher-grade Red Dog deposit with potential to justify a standalone
starter pit
85.7%
33.0%
75.0%
34.4%
74.5%
43.7%
89.8%
53.0%
87.9%
46.4%
86.6%
50.8%
Cu Au Cu Au Cu Au
Red Dog Hushamu - SCP Hushamu - CMG
2017 PEA 2020 SGS Testing
TSXV: NCX 14
Simple and Straightforward Mining
 Red Dog represents a higher-grade
initial feed source which outcrops at
surface
 Strip ratio less than 0.2x
 High potential to expand
 Hushamu represents a large tonnage
porphyry system
 All-in strip ratio of 0.72:1
 Predictable copper porphyry structure
with significant ability to expand
Cross Section of Hushumu
Cross Section of Red Dog
Highlighted by low total strip ratio of 0.72:1
TSXV: NCX 15
Overview of Resources
Grades compare well with current operating mines in British Columbia
METAL VALUE DISTRIBUTION
(based on revenue)
CU EQ M&I RESOURCE GRADE FOR CURRENT
BC OPERATING MINES
Tonnes,
'000
Grade Contained Metal
Cu, % Au, g/t Mo, % Re, ppm CuEq, % Cu, blb Au, moz Mo, mlb Re, t CuEq, blb AuEq, moz
Red Dog
Indicated 36,568 0.27% 0.38 0.005% - 0.52% 0.22 0.45 4.0 - 0.42 0.99
Inferred 1,774 0.20% 0.30 0.003% - 0.39% .01 0.02 0.1 - 0.02 0.04
Hushamu
Indicated 305,180 0.24% 0.28 0.008% 0.54 0.43% 1.62 2.75 53.8 165 2.92 6.97
Inferred 189,640 0.19% 0.24 0.007% 0.35 0.36% 0.79 1.46 29.3 66 1.49 3.56
Total
Indicated 341.743 0.24% 0.29 0.008% 0.48 0.44% 1.83 3.2 57.8 165 3.34 7.96
Inferred 190,788 0.19% 0.24 0.007% 0.35 0.36% 0.80 1.48 29.4 66 1.51 3.60
0.49%
0.44%
0.42%
0.40%
0.35% 0.34%
Mt Polley North Island
Project
Copper Mtn. Mt Milligan Gibraltar Huckleberry
Copper
59%
Gold
24%
Molybdenum
5%
Pyrite
13%
Source: For Cu and Au eq, the commodity prices used are as follows: US$3.10/lbCu, US$1,300/ozAu, US$9.00/lbMo, assumes 100% metal recoveries.
North Island Project resource as of October 2017
TSXV: NCX 16
Near Brownfield Development
Infrastructure in place due to previous BHP operation reduces execution risk
Good existing infrastructure due to previous BHP
operation at Island Copper
• A marine load out structure and a 138kV BC Hydro
substation exist at the reclaimed Island Copper
Mine, approximately 27km from the North Island
project
The nearby town of Port Hardy is the main
distribution centre for the north end of Vancouver
Island
• Has an airport with 3 daily flights to Vancouver, a
hospital, schools and a college
• All parts of the North Island Project are accessible
from Port Hardy through a network of logging roads
Concentrate receiving, storage, and loadout to
ships at a facility to potentially be developed on
the site of former Island Copper marine terminal
• Approximate concentrate haul distance is 27km
UPFRONT CAPITAL COST (in C$ millions)
Mine $149m
Pre-Production $126m
Process $1,025m
Owner’s Cost $45m
Total $1,344m
Windmills at Red Dog
NorthIsle intends to evaluate the potential for a carbon
neutral mine operation given access to renewable BC
hydro and wind power including one of BC’s largest wind
farms at Knob Hill west of the North Island Project
138kV power line connecting the wind farm to the main
BC power grid passes immediately north of the North
Island Project
TSXV: NCX 17
Exploration Upside
33,000ha currently underexplored with less than 400 holes drilled...
New
Deposit
Discovery
North
Island
Project
Expansion
 Expansion of North Island Project resource
− Hushamu Deposit open for 300m to the southeast
− Previously supposed barren zone in poorly drilled southern part
determined by 2017 infill drilling to have long sections of
mineralization above cut-off grade - if confirmed will convert waste
area to mineralization and further reduce strip ratio
 Multiple additional targets for copper-gold porphyry
deposits including:
− Pemberton Hills: 3.5km x 1.5km high-level intense alteration zone
with one shallow historical hole ending in 0.14% Cu
− Northwest Expo: 1.5km open IP anomaly, partially tested with
three holes all in copper-gold mineralization
− Red Dog South: 1.2km x 0.8km high-level porphyry alteration with
shallow holes showing increasing copper and gold with depth
TSXV: NCX 18
Hushamu Deposit Upside Potential
Significant Opportunity for Expansion
2017 drilling shows previously
assumed area of waste
contains mineralization
➢ Deposit
expansion to
the southeast
➢ Converting
supposed
waste to
mineralization
➢ Multi-year
notice of work
filed covering
over 70 step-
out and in-fill
holes filed in
support of PFS
TSXV: NCX 19
Pemberton Hills Venture – Freeport
High level alteration indicative of underlying copper porphyry deposit
Silicification
Open IP
Anomaly
Silicification
Area of high-level
porphyry alteration:
Historical hole ended
in 0.14% copper
• 3.5km x 1.5km area of high-level silicification and
advanced argillic alteration
• Shallow historical hole ends in 0.14% Cu
• Large IP target partially tested
• 2021 drilling includes 3 holes planned to at least
600m depth and continue to limit of rigs based on
field interpretation of results
Location of 2021
drill targets
TSXV: NCX 20
Red Dog Upside Potential
North West Expo and Red Dog South Targets
Red Dog
Starter pit potential
Strip ratio of 0.14:1
Location of 2021
drill targets
TSXV: NCX 21
Red Dog South Target
Red Dog Alteration Map
Current
Resource
High Level
Alteration
Indicates Buried
Deposit at Depth
TSXV: NCX 22
NorthIsle Strategy
Build the leading sustainable mineral resource company for the future
I. Update the North Island Project PEA for increased copper and gold
recoveries, addition of Rhenium in the moly concentrate, pricing and costing
II. Aggressively accelerate exploration activities through 2021 with an initial
10,000m drill program starting in early 2021
• Test Red Dog, Pemberton Hill and NW Expo targets
• Expand the Hushamu deposit with step out drilling
III. Rapidly advance the North Island Project through to pre-feasibility
contemplating using Island Copper Mine infrastructure
IV. Advance First Nations and community partnerships in parallel with project
development
V. Take a disciplined approach to strategic alternatives including partnerships
and M&A
APPENDIX
TSXV: NCX 24
Economics – 2017 Base Case
NorthIsle valuation attractive based on only the North Island Project
Financial Parameters Production Parameters
Development Capital C$m $1,344 Mine Life Years 22
Sustaining Capital C$m $139 Cu mlbpa 82
Operating Cost C$/t $8.66 Au koz 79
After-tax Net Revenue C$m $2,350 Mo mlbpa 3
After-tax NPV8% C$m $550.4 Py Concentrate ktpa 0.64
After-tax IRR % 14.3% C1 Cash Costs1 US$/lb 0.88
Metal Prices Mineral Inventory
Cu US$/lb 3.10 Ore mt 600
Au US$/oz 1,300 Cu Grade % 0.18%
Mo US$/lb $9.00 Au Grade % 0.24
Py Concentrate US$/t $86 Mo Grade % 0.008%
Exchange Rate CADUSD 0.75 Py Grade % 9%
1. Net of by-products. Commodity prices used in the PEA are as follows: US$3.10/lbCu, US$1,300/ozAu, US$9.00/lbMo, US$86/tPyCon, CADUSD 0.75x.
TSXV: NCX 25
Conventional Flotation – 2017 PEA
North Island Project conceptual flowsheet based on conventional process
 Single grinding line consisting of
a 40ft diameter SAG mill with
23MW drive and two 28ft
diameter ball mills with 20MW
drives
 Sub-aqueous co-disposal of mine
waste and tailings in a single
waste storage facility (WSF)
 Bulk concentrate is separated
into copper-gold, molybdenum
and pyrite
 LOM recoveries for copper 78%,
gold 38% and moly 60%
 Recent met test work indicates as
high as 86% Cu, 47% Au, Mo
60% (see September 1 and
October 2 press releases)
TSXV: NCX 26
Board of Directors
Dale Corman Non-Executive Chairman
Mr. Corman has over 40 years’ experience as a senior corporate officer of publicly listed companies in Canada and the United States, as well as extensive expertise in mineral and geothermal
exploration and development, property evaluation and acquisition, project financing, and corporate management. From 1995 to 2006, Mr. Corman was Chairman of the Board of Directors and Chief
Executive Officer of Western Silver Corporation, where he was instrumental in the development of the Penasquito deposit. Under his leadership, Western Silver successfully advanced Penasquito
through the exploration, resource and feasibility stages, ultimately culminating in the acquisition of the company by Glamis Gold Ltd for C$1.2 billion. Mr. Corman is the Founder and currently Executive
Chairman of Western Copper & Gold, where he has guided the company through the acquisition of the large Casino Copper-Gold project from its acquisition in 2006 through the completion of a
bankable feasibility study (2013) and the initiation of permitting (2014). Mr. Corman received a B.S. in geology from Rensselaer Polytechnic Institute in Troy, New York, in 1961 and obtained
Professional Engineer status in Ontario in 1972.
Sam Lee President & CEO, Director
Mr. Lee was appointed to the role of President & CEO of Northisle in October 2020. Over the past 20 years Mr. Lee has advised on some of the most prominent M&A, equity, and debt transactions in
the international and Canadian global mining industry totaling over $100 billion in value. During this period, he has worked in major resource markets including Toronto, Sydney, and Vancouver where
he led various strategic initiatives for CIBC World Markets. Most recently he was Managing Director and head of CIBC’s Vancouver Mining Group. Mr. Lee holds a Bachelor of Applied Science, Faculty
of Engineering, from the University of Toronto, was a graduate of the Lassonde Mineral Engineering program, and is a CFA charter holder.
Martino De Ciccio Non-Executive Independent Director
Mr. De Ciccio is Vice President Strategy and Investor Relations at Endeavour Mining, a position he assumed in 2015. Mr. De Ciccio has built a track-record of significant value creation over the past 12
years in the mining industry. Prior to joining Endeavour, he held the position of Strategy and Business Development Manager at La Mancha Resources, where he played a pivotal role in growing the
company from an emerging gold producer into one of the largest gold funds with cornerstone holdings in both Evolution Mining and Endeavour Mining. Mr. De Ciccio won the Emerging Leader award in
2016 and was nominated for the IR Rising Star award in 2017 and three IR awards in 2019 including Best Mid-Cap IR Officer. Mr. De Ciccio earned a B.Comm in Finance from McGill University. He is a
Chartered Financial Analyst and a member of the CFA Institute.
Larry Yau Non-Executive Independent Director
Mr. Yau has over 20 years of financial and business experience gained primarily in the mining and resources sectors. Currently, Larry is the CEO of Spanish Mountain Gold Ltd. an advanced gold
exploration company based in British Columbia. Prior to this, Larry was the Chief Financial Officer for two junior mining companies where he was instrumental in the financing, development and
construction of mines in North America. Larry was also Manager, Corporate Development, at Placer Dome Inc. until its acquisition by Barrick Gold Corp. and participated in several high-profile,
international acquisitions. He is a Canadian Chartered Professional Accountant.
Kevin O’Kane Non-Executive Independent Director
Mr. O’Kane has nearly 40 years of extensive business and operating leadership expertise in the natural resource industry. He spent 37 years at BHP Billiton developing, expanding, and operating some
of the most formative copper mines in the world which included Spence, Cerro Colorado and Minera Escondida. Mr. O’Kane started his career at the Island Copper Mine situated adjacent to Northisle’s
project, and spent the following 12 years progressing to the role of Chief Mining Engineer. During his tenure at BHP Billiton he also served as Vice President Health, Safety, Environment and
Community for the Copper Business. Most recently, Mr. O’Kane held the position of Executive Vice-President and Chief Operating Officer at SSR Mining Inc, where he led all aspects of its operations,
permitting, and sustainability programs globally while achieving record production at all three of its producing mines. Mr. O’Kane also serves on the board of SolGold Plc.

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Jan 2021 NorthIsle Copper and Gold Corporate Presentation

  • 1. 1 JANUARY 2021 Corporate Presentation BUILDING THE LEADING SUSTAINABLE MINERAL RESOURCE COMPANY FOR THE FUTURE TSX-V: NCX COPPER AND GOLD INC.
  • 2. Cautionary Disclaimer Regarding Forward-Looking Statements and Information Certain of the statements and information in this press release constitute “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning of applicable Canadian securities laws. Forward-looking statements and information generally express predictions, expectations, beliefs, plans, projections, or assumptions of future events or performance and do not constitute historical fact. Forward-looking statements and information tend to include words such as “may,” “expects,” “anticipates,” “believes,” “targets,” “forecasts,” “schedules,” “goals,” “budgets,” or similar terminology. Forward-looking statements and information herein include, but are not limited to, statements with respect to the completion of the Proposed Arrangement and the expected structure thereof; anticipated shareholder, court and regulatory approvals; and the expected timing of closing of the Arrangement. All forward-looking statements and information are based on NorthIsle’s or its consultants' current beliefs as well as various assumptions made by and information currently available to them. These assumptions include, without limitation that shareholder and court approvals to the Proposed Arrangement will be obtained in a timely manner, and that regulatory approvals will be available on acceptable terms. Although management considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. Forward-looking statements and information are inherently subject to significant business, economic, and competitive uncertainties and contingencies and are subject to important risk factors and uncertainties, both known and unknown, that are beyond NorthIsle’s ability to control or predict. Actual results and future events could differ materially from those anticipated in forward-looking statements and information. Examples of potential risks are set forth in NorthIsle's annual report most recently filed with the U.S. Securities and Exchange Commission and the Canadian Securities Administrators as of the date of this press release. Accordingly, readers should not place undue reliance on forward-looking statements or information. NorthIsle expressly disclaims any intention or obligation to update or revise any forward-looking statements and information whether as a result of new information, future events or otherwise, except as otherwise required by applicable securities legislation. John McClintock, P Eng. is the Qualified Person responsible for the technical content of this presentation
  • 3. TSXV: NCX 3 The Time is NOW for NorthIsle Tangible Upside Exceptional Leadership Robust Copper- Gold Project1  Superior economics with significant exposure to Cu, Au and Mo and potentially Re ‒ Initial capex of US$1bn, annual average production of 141mm lbs Cu Eq (88mm lbs Cu) with AISC of US$2/lb Cu Eq. helped by low strip ratio of 0.72 w:o ‒ 2017 PEA has after-tax NPV8% of C$550m and IRR of 14.3%; 2021 PEA will incorporate higher recoveries and metal prices, updated capex and opex ‒ Clean, high quality copper and moly concentrates with attractive saleability characteristics  Improved gold and copper recoveries to be included in updated PEA currently underway ‒ Expansion of North Island Project resource ‒ Rhenium credit to be included in updated PEA currently underway  Sam Lee, +$100 billion of M&A and equity transactions over 20 years  Dale Corman, CEO of Western Silver and Gold - $1.2 billion merger with Glamis  Jack McClintock, 1998 PDAC prospector of the year award for discovery of Spence deposit, Chile  Kevin O’Kane, ~40yrs of mining experience with BHP and SSR – including 12yrs as Chief Mining Eng. at Island Copper Mine Premier Mining Jurisdiction  British Columbia ranks within the top quartile of the best mining jurisdiction in the world ‒ Five copper-gold mines already in production with similar grade profiles to North Island Project ‒ The Fraser Institute ranks British Columbia within the top quartile of best jurisdictions to invest in ‒ Well established permitting process Exploration Upside  District play with over 50 km of strike and numerous exploration targets including ‒ Pemberton Hills Venture with Freeport: potential for Reservoir–type deposit ‒ Red Dog, NW Expo and Goodspeed targets ‒ Further potential to enhance recoveries and mine design to improve economics 1. Commodity prices used in the PEA are as follows: US$ 3.10/lb Cu, US$ 1,300/oz Au, US$ 9.00/lb Mo, US$ 9/t Py con, US$:C$ 0.75x
  • 4. TSXV: NCX 4 The World Needs a Lot More Copper The time is now… Stronger Demand • Post-COVID global stimulus will result in large infrastructure projects • The push toward electric vehicles and renewables is expected to add +6mt of demand by 2040 Weaker Supply • 2020 production disruptions due to COVID • Peak global copper production expected in 2023 • Lower ore grades • Decreasing exploration expenditures resulting in a lack of new discoveries ~5 million tonne deficit by 2027 equivalent to annual production of 45 new porphyry copper deposits 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0 26.0 28.0 30.0 2010 2015 2020 2025 2030 Copper Production Pipeline Demand Global Copper Supply / Demand (mt)
  • 5. TSXV: NCX 5 NorthIsle Overview • Owner of 50km of copper gold porphyry trend on northern Vancouver Island • Access to pre-existing BHP infrastructure in a mining- friendly community • PEA update underway at 100% North Island Project ✓ Incorporates improved metallurgical recoveries ✓ Updated metal prices, exchange rates, capex and opex ✓ Targeting 20% after-tax IRR ✓ Q1 2021 completion • JV with Freeport-McMoran on the Pemberton Hills target • Sound capital structure with no warrants outstanding • District scale land position NORTH ISLAND PROJECT RESOURCE IN COPPER EQUIVALENT1 IN GOLD EQUIVALENT1 3.3 billion lb 1.5 billion lb 8.0 million oz 3.6 million oz INDICATED INFERRED INDICATED INFERRED 141mlb CuEq AISC of US$2.00/lb 335koz AuEq AISC of US$840/oz NORTH ISLAND PROJECT ANNUAL PRODUCTION PROFILE (BASED ON PEA2) 22 Year LOM 1. Cu & Au Eq calculated using US$3.10/lb Cu, US$1300/oz Au and US$9.00/lb Mo and is not adjusted for mining and metallurgical recoveries as these remain uncertain. Re values have not been used in the cut-off grade or Cu & Au Eq calculations. 2. The Preliminary Economic Assessment (“PEA”) 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 allow them to be categorized as mineral reserves and there is no certainty that the preliminary economic assessment will be realized.
  • 6. TSXV: NCX 6 Michael Gray Shares Outstanding 146,419,194 Market Capitalization (C$0.35 – Jan 15, 2021) C$51 million Options (C$0.05 – C$0.28) 13,125,000 Warrants - Fully Diluted 159,544,194 Cash C$3.4 million Debt - Corporate Snapshot CAPITAL STRUCTURE Retail 75.1% Insiders 15.6% Institutional 9.3% SHAREHOLDER DISTRIBUTION SHARE PRICE NCX TSXV - $0.05 $0.10 $0.15 $0.20 $0.25 $0.30 $0.35 $0.40 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 ANALYST COVERAGE +430% LTM Insiders own 22% on a fully diluted basis
  • 7. TSXV: NCX 7 NorthIsle is Undervalued NorthIsle has a large resource base that is valued well below its peer group Source: Agentis Capital Mining Partners. Enterprise Value / Total Resource, Total Resource & Capex / Throughput $8.5 $94.3 $14.5 $55.9 n/a n/a $3.2 $66.2 $38.8 $24.4 $21.1 $20.3 n/a n/a n/a $13.4 $19.6 $20.5 $281 $262 $175 $98 $73 $55 $54 $52 $48 $47 $40 $29 $26 $21 $21 $17 $16 $40.6 0.4 2.6 1.0 0.3 3.9 0.8 0.8 0.3 0.8 3.5 6.9 3.1 3.4 1.4 2.2 8.5 58.3 Marimaca Adventus Solaris Foran SunMetals GTGold Surge Kutcho GraniteCreek Serengeti Filo Josemaria EntrĂŠe Regulus PacificBooker NorthIsle WesternCopper NorthernDynasty Enterprise Value/Total Resource (US$/t CuEq) Total Resources (Mt CuEq) Capex / Throughput (US$000/tpd)
  • 8. TSXV: NCX 8 Strong Leadership Proven Mine Finders, Developers and Financiers Sam Lee President & CEO Advised on +$100 billion of M&A and equity transactions over 20 years including several large porphyry projects Dale Corman Chairman PeĂąasquito Deposit Discovery through to Feasibility Sold to Glamis Gold for $1.2 billion Jack McClintock VP Ex Discovered Spence Deposit (BHP) Production: ~230ktCupa Current Resource:1.35bt @ 0.49%CuEq1 Discovery Cost: C$5 million Kevin O’Kane Director Spence, Cerro Colorado & Minera Escondida (BHP) Former Chief Mining Engineer at the Island Copper Mine (12 years)
  • 9. TSXV: NCX 9 Few Copper Projects of Significance Are Controlled by Juniors NORTH ISLAND PROJECT Pebble UKMP KSM Casino Morrison Harper Creek Northmet Ann Mason Pumpkin Hollow Gunnison Cotabambas Canariaco Mina Justa Constellation Productora Kamoa Kakula King King Tampakan North Island Project • Economical at today’s prices • Located in BC – a top quartile jurisdiction • Tremendous access to local infrastructure • Straightforward technical and environmental • Well-sized project, attractive to mid-tier producers or financeable independently
  • 10. TSXV: NCX 10 BC: Supportive Tier 1 Jurisdiction ✓ Top quartile best mining jurisdiction (F.I.) ✓ Numerous mines permitted in last 10 years, most recently Brucejack ✓ 5 copper-gold deposits currently in production ✓ Northern Vancouver Island is dependent on resource-based industries ✓ Local communities support mining from positive experience with previous Island Copper operation (BHP) & active large- scale aggregate quarry ✓ Port Hardy’s FILOMI (Fishing, Logging, Mining) Day festival celebrates region’s main economic drivers Population 15,000 Population 750,000
  • 11. TSXV: NCX 11 Advancing a 50km Porphyry District 1) 100% owner of the PEA-stage North Island Copper-Gold Project 2) Joint Ventured with Freeport on exploration grounds ~24yr LOM production 345mt @ 0.41%Cu, 0.017%Mo, 0.19g/tAu & 1.4g/tAg 100% NCX Freeport JV
  • 12. TSXV: NCX 12 2017 PEA Summary Economics Robust Economics with Significant Upside to Current Metal Prices 1. Spot as of January 15, 2021 2. Net of by-products. Commodity prices used in the PEA are as follows: US$3.10/lb Cu, US$1,300/oz Au, US$9.00/lb Mo, US$86/t Py Con, CADUSD 0.75x After-tax Economics Metal Price Scenario 2017 PEA2 2017 PEA +10% 2017 PEA +20% NPV8% C$550m C$902m C$1,249m IRR 14.3% 18.1% 21.7% Payback 5.1 years 4.1 3.6 C1 Cash Cost1 US$0.88/lb Cu ------ Not updated ------ Capital Cost C$1.3Bn ------ Not updated ------ Sustaining Capital C$139m ------ Not updated ------ The Preliminary Economic Assessment (“PEA”) 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 allow them to be categorized as mineral reserves and there is no certainty that the preliminary economic assessment will be realized. $550 $902 $1,249 14.3% 18.1% 21.7% NPV (C$m, 8%) IRR Metal Price Comparison Metal Spot1 2017 PEA Δ% Cu $3.60 $3.10 19% Au $1825 $1300 47% Mo $10.20 $9.00 13%
  • 13. TSXV: NCX 13 Catalysts for Project Value Creation Low-risk value enhancements likely to further improve economics I. Incorporate improved recoveries in updated PEA II. Use BHP pit located 30km away for waste disposal via slurry pipeline – reduced surface footprint and capex III. Optimize production rate: if going to 85ktpd or 90ktpd throughput – further economies of scale IV. Expand brownfields Hushamu resource: the deposit is open to the southeast – potentially expand the deposit by up to 300m V. Expand higher-grade Red Dog deposit with potential to justify a standalone starter pit 85.7% 33.0% 75.0% 34.4% 74.5% 43.7% 89.8% 53.0% 87.9% 46.4% 86.6% 50.8% Cu Au Cu Au Cu Au Red Dog Hushamu - SCP Hushamu - CMG 2017 PEA 2020 SGS Testing
  • 14. TSXV: NCX 14 Simple and Straightforward Mining  Red Dog represents a higher-grade initial feed source which outcrops at surface  Strip ratio less than 0.2x  High potential to expand  Hushamu represents a large tonnage porphyry system  All-in strip ratio of 0.72:1  Predictable copper porphyry structure with significant ability to expand Cross Section of Hushumu Cross Section of Red Dog Highlighted by low total strip ratio of 0.72:1
  • 15. TSXV: NCX 15 Overview of Resources Grades compare well with current operating mines in British Columbia METAL VALUE DISTRIBUTION (based on revenue) CU EQ M&I RESOURCE GRADE FOR CURRENT BC OPERATING MINES Tonnes, '000 Grade Contained Metal Cu, % Au, g/t Mo, % Re, ppm CuEq, % Cu, blb Au, moz Mo, mlb Re, t CuEq, blb AuEq, moz Red Dog Indicated 36,568 0.27% 0.38 0.005% - 0.52% 0.22 0.45 4.0 - 0.42 0.99 Inferred 1,774 0.20% 0.30 0.003% - 0.39% .01 0.02 0.1 - 0.02 0.04 Hushamu Indicated 305,180 0.24% 0.28 0.008% 0.54 0.43% 1.62 2.75 53.8 165 2.92 6.97 Inferred 189,640 0.19% 0.24 0.007% 0.35 0.36% 0.79 1.46 29.3 66 1.49 3.56 Total Indicated 341.743 0.24% 0.29 0.008% 0.48 0.44% 1.83 3.2 57.8 165 3.34 7.96 Inferred 190,788 0.19% 0.24 0.007% 0.35 0.36% 0.80 1.48 29.4 66 1.51 3.60 0.49% 0.44% 0.42% 0.40% 0.35% 0.34% Mt Polley North Island Project Copper Mtn. Mt Milligan Gibraltar Huckleberry Copper 59% Gold 24% Molybdenum 5% Pyrite 13% Source: For Cu and Au eq, the commodity prices used are as follows: US$3.10/lbCu, US$1,300/ozAu, US$9.00/lbMo, assumes 100% metal recoveries. North Island Project resource as of October 2017
  • 16. TSXV: NCX 16 Near Brownfield Development Infrastructure in place due to previous BHP operation reduces execution risk Good existing infrastructure due to previous BHP operation at Island Copper • A marine load out structure and a 138kV BC Hydro substation exist at the reclaimed Island Copper Mine, approximately 27km from the North Island project The nearby town of Port Hardy is the main distribution centre for the north end of Vancouver Island • Has an airport with 3 daily flights to Vancouver, a hospital, schools and a college • All parts of the North Island Project are accessible from Port Hardy through a network of logging roads Concentrate receiving, storage, and loadout to ships at a facility to potentially be developed on the site of former Island Copper marine terminal • Approximate concentrate haul distance is 27km UPFRONT CAPITAL COST (in C$ millions) Mine $149m Pre-Production $126m Process $1,025m Owner’s Cost $45m Total $1,344m Windmills at Red Dog NorthIsle intends to evaluate the potential for a carbon neutral mine operation given access to renewable BC hydro and wind power including one of BC’s largest wind farms at Knob Hill west of the North Island Project 138kV power line connecting the wind farm to the main BC power grid passes immediately north of the North Island Project
  • 17. TSXV: NCX 17 Exploration Upside 33,000ha currently underexplored with less than 400 holes drilled... New Deposit Discovery North Island Project Expansion  Expansion of North Island Project resource − Hushamu Deposit open for 300m to the southeast − Previously supposed barren zone in poorly drilled southern part determined by 2017 infill drilling to have long sections of mineralization above cut-off grade - if confirmed will convert waste area to mineralization and further reduce strip ratio  Multiple additional targets for copper-gold porphyry deposits including: − Pemberton Hills: 3.5km x 1.5km high-level intense alteration zone with one shallow historical hole ending in 0.14% Cu − Northwest Expo: 1.5km open IP anomaly, partially tested with three holes all in copper-gold mineralization − Red Dog South: 1.2km x 0.8km high-level porphyry alteration with shallow holes showing increasing copper and gold with depth
  • 18. TSXV: NCX 18 Hushamu Deposit Upside Potential Significant Opportunity for Expansion 2017 drilling shows previously assumed area of waste contains mineralization ➢ Deposit expansion to the southeast ➢ Converting supposed waste to mineralization ➢ Multi-year notice of work filed covering over 70 step- out and in-fill holes filed in support of PFS
  • 19. TSXV: NCX 19 Pemberton Hills Venture – Freeport High level alteration indicative of underlying copper porphyry deposit Silicification Open IP Anomaly Silicification Area of high-level porphyry alteration: Historical hole ended in 0.14% copper • 3.5km x 1.5km area of high-level silicification and advanced argillic alteration • Shallow historical hole ends in 0.14% Cu • Large IP target partially tested • 2021 drilling includes 3 holes planned to at least 600m depth and continue to limit of rigs based on field interpretation of results Location of 2021 drill targets
  • 20. TSXV: NCX 20 Red Dog Upside Potential North West Expo and Red Dog South Targets Red Dog Starter pit potential Strip ratio of 0.14:1 Location of 2021 drill targets
  • 21. TSXV: NCX 21 Red Dog South Target Red Dog Alteration Map Current Resource High Level Alteration Indicates Buried Deposit at Depth
  • 22. TSXV: NCX 22 NorthIsle Strategy Build the leading sustainable mineral resource company for the future I. Update the North Island Project PEA for increased copper and gold recoveries, addition of Rhenium in the moly concentrate, pricing and costing II. Aggressively accelerate exploration activities through 2021 with an initial 10,000m drill program starting in early 2021 • Test Red Dog, Pemberton Hill and NW Expo targets • Expand the Hushamu deposit with step out drilling III. Rapidly advance the North Island Project through to pre-feasibility contemplating using Island Copper Mine infrastructure IV. Advance First Nations and community partnerships in parallel with project development V. Take a disciplined approach to strategic alternatives including partnerships and M&A
  • 24. TSXV: NCX 24 Economics – 2017 Base Case NorthIsle valuation attractive based on only the North Island Project Financial Parameters Production Parameters Development Capital C$m $1,344 Mine Life Years 22 Sustaining Capital C$m $139 Cu mlbpa 82 Operating Cost C$/t $8.66 Au koz 79 After-tax Net Revenue C$m $2,350 Mo mlbpa 3 After-tax NPV8% C$m $550.4 Py Concentrate ktpa 0.64 After-tax IRR % 14.3% C1 Cash Costs1 US$/lb 0.88 Metal Prices Mineral Inventory Cu US$/lb 3.10 Ore mt 600 Au US$/oz 1,300 Cu Grade % 0.18% Mo US$/lb $9.00 Au Grade % 0.24 Py Concentrate US$/t $86 Mo Grade % 0.008% Exchange Rate CADUSD 0.75 Py Grade % 9% 1. Net of by-products. Commodity prices used in the PEA are as follows: US$3.10/lbCu, US$1,300/ozAu, US$9.00/lbMo, US$86/tPyCon, CADUSD 0.75x.
  • 25. TSXV: NCX 25 Conventional Flotation – 2017 PEA North Island Project conceptual flowsheet based on conventional process  Single grinding line consisting of a 40ft diameter SAG mill with 23MW drive and two 28ft diameter ball mills with 20MW drives  Sub-aqueous co-disposal of mine waste and tailings in a single waste storage facility (WSF)  Bulk concentrate is separated into copper-gold, molybdenum and pyrite  LOM recoveries for copper 78%, gold 38% and moly 60%  Recent met test work indicates as high as 86% Cu, 47% Au, Mo 60% (see September 1 and October 2 press releases)
  • 26. TSXV: NCX 26 Board of Directors Dale Corman Non-Executive Chairman Mr. Corman has over 40 years’ experience as a senior corporate officer of publicly listed companies in Canada and the United States, as well as extensive expertise in mineral and geothermal exploration and development, property evaluation and acquisition, project financing, and corporate management. From 1995 to 2006, Mr. Corman was Chairman of the Board of Directors and Chief Executive Officer of Western Silver Corporation, where he was instrumental in the development of the Penasquito deposit. Under his leadership, Western Silver successfully advanced Penasquito through the exploration, resource and feasibility stages, ultimately culminating in the acquisition of the company by Glamis Gold Ltd for C$1.2 billion. Mr. Corman is the Founder and currently Executive Chairman of Western Copper & Gold, where he has guided the company through the acquisition of the large Casino Copper-Gold project from its acquisition in 2006 through the completion of a bankable feasibility study (2013) and the initiation of permitting (2014). Mr. Corman received a B.S. in geology from Rensselaer Polytechnic Institute in Troy, New York, in 1961 and obtained Professional Engineer status in Ontario in 1972. Sam Lee President & CEO, Director Mr. Lee was appointed to the role of President & CEO of Northisle in October 2020. Over the past 20 years Mr. Lee has advised on some of the most prominent M&A, equity, and debt transactions in the international and Canadian global mining industry totaling over $100 billion in value. During this period, he has worked in major resource markets including Toronto, Sydney, and Vancouver where he led various strategic initiatives for CIBC World Markets. Most recently he was Managing Director and head of CIBC’s Vancouver Mining Group. Mr. Lee holds a Bachelor of Applied Science, Faculty of Engineering, from the University of Toronto, was a graduate of the Lassonde Mineral Engineering program, and is a CFA charter holder. Martino De Ciccio Non-Executive Independent Director Mr. De Ciccio is Vice President Strategy and Investor Relations at Endeavour Mining, a position he assumed in 2015. Mr. De Ciccio has built a track-record of significant value creation over the past 12 years in the mining industry. Prior to joining Endeavour, he held the position of Strategy and Business Development Manager at La Mancha Resources, where he played a pivotal role in growing the company from an emerging gold producer into one of the largest gold funds with cornerstone holdings in both Evolution Mining and Endeavour Mining. Mr. De Ciccio won the Emerging Leader award in 2016 and was nominated for the IR Rising Star award in 2017 and three IR awards in 2019 including Best Mid-Cap IR Officer. Mr. De Ciccio earned a B.Comm in Finance from McGill University. He is a Chartered Financial Analyst and a member of the CFA Institute. Larry Yau Non-Executive Independent Director Mr. Yau has over 20 years of financial and business experience gained primarily in the mining and resources sectors. Currently, Larry is the CEO of Spanish Mountain Gold Ltd. an advanced gold exploration company based in British Columbia. Prior to this, Larry was the Chief Financial Officer for two junior mining companies where he was instrumental in the financing, development and construction of mines in North America. Larry was also Manager, Corporate Development, at Placer Dome Inc. until its acquisition by Barrick Gold Corp. and participated in several high-profile, international acquisitions. He is a Canadian Chartered Professional Accountant. Kevin O’Kane Non-Executive Independent Director Mr. O’Kane has nearly 40 years of extensive business and operating leadership expertise in the natural resource industry. He spent 37 years at BHP Billiton developing, expanding, and operating some of the most formative copper mines in the world which included Spence, Cerro Colorado and Minera Escondida. Mr. O’Kane started his career at the Island Copper Mine situated adjacent to Northisle’s project, and spent the following 12 years progressing to the role of Chief Mining Engineer. During his tenure at BHP Billiton he also served as Vice President Health, Safety, Environment and Community for the Copper Business. Most recently, Mr. O’Kane held the position of Executive Vice-President and Chief Operating Officer at SSR Mining Inc, where he led all aspects of its operations, permitting, and sustainability programs globally while achieving record production at all three of its producing mines. Mr. O’Kane also serves on the board of SolGold Plc.