Federation Mining

5 Year Strategic Vision

Mark Le MessurierManaging Directormark@federationmining.com.au+61 467 493 830

2

5 Year Vision

Totally Self Funding

Private or Public

Company

3+ Operating Au or Au/Cu

mines

1-2 Pipeline development

assets

Material exploration

budget

Targeting market

valuation of US$1b+

All US$ throughout presentation

3

Company Structure

Advisory

Board

Federation Mining

Management Team

(Sydney)

Federation Mining Advisory Board

Jim Askew

Others TBA

• Mining engineer and executive with 35 years of

experience in hard rock base metal and precious metal

mining

• Founding COO of Evolution Mining Ltd from 2011 – 2017

where he established and operated multiple modern

mining operations and had an unblemished record of

delivering to production and cost guidance

• Strong focus on driving operational excellence, and

improving safety while continuing to deliver growth and

extend mine life

• Based in Sydney, Australia

• Holds 50% of current FED shares on issue

Management Team

• Governance professional with strong record of safety and

environment leadership for major organisations Evolution

Mining, Jacobs, and MMG

• Group General Manager – HSE & Risk at Evolution Mining

2012 – 2020

• Superior performance in government &

stakeholder management for Evolution in demanding

jurisdictions

• Established robust management systems and reporting for

safety and environment, and a visible and influential leader

• Masters qualified in business and risk management

• Based in Sydney, Australia

Mark Le MessurierManaging Director

4

Simon DelanderVice President - Sustainability

Executive Organisational Chart

5

Mark Le MessurierManaging Director

Executive Assistant

CFO

(Future Role)

Accounting

Tax/Audit

Company Secretary

IT/Data

Reporting

Legal

VP – Sustainability

Simon Delander

GM Blackwater

Nigel Slonker

VP - Corp Development

(Future Role)

Technical Services

Operational HR

Operations

Projects

Investor Relations

M&A

Resource Growth

Environment & Community

Safety & Human Resources

Permitting

Government Relations

6

Environment, Social and Governance (ESG)

Sustainability -

Management and

Board come from

Operating and

Board roles where

ESG and

sustainability are

embedded in the

culture

Values -

FED will

consolidate these

same values and

strive to be a role

model amongst

peers

Environment -

Strong skill set

within company

with experience in

managing assets

in demanding

jurisdictions

Safety & People –

Establish the

leadership and

controls to ensure

protection of people

from our local

communities

Governance –

Build trust with

government and

stakeholders and

ensure support for

continuing and

future operations

Funding

Equity

NZ Gov’t Debt/Eq

Purchase Blackwater ownership and

associated royalty

7

Annual Business Plan (Years 1 – 3)

Y1

Asset

Acquisition

Operating Mine

Development Project

Y3

Project

Development

Progress Blackwater

into final

construction

8

Annual Business Plan (Years 4 – 5)

Y4 Y5

Strategic Options

IPO

Asset(s) sale

Remain private

Three mines CF >US$100m/yr

Generate Returns

Blackwater cashflow @ $1350 Au

US$35m per annum

Acquire another operating mine

Establish Exploration Division

Geographic Focus

Priority Jurisdictions

• Australasia

• North America

Commodity

Priority Commodities

• Au

• Au/Cu

• Cu

Ideal Asset Attributes

• Poor portfolio fit

• Low capital investment

• Declining reserve

• Low margin

• Potential Resource & Exploration Upside

• Clear Operational Improvement Opportunities

Asset Economic Metrics

• +15% Return on Capital Employed

• IRR >15%

• Focus on margin

• Aim for > 8 yearasset life

M&A Target Profile

9

Located 20km south of Reefton on the west coast of New Zealand’s South Island

High grade (23g/t Au), underground, gold mine that produced approximately 740koz from 1908 – 1951

Inferred Mineral Resource (JORC 2012) of 0.9Mt grading 23g/t gold for 700koz

Mining Permit and Resource Consents approved

Option to purchase Blackwater in 2024 from OceanaGold for US$28m in FED shares or cash at FED election

Production ~70,000ozpa for 14 years

Estimated AISC of $590 – $650/oz and generates ~$35m FCF p.a at $1,350/oz

Project Overview

10

Westport

BLACKWATER

Nelson

GOLDEN

BAY

NEW

ZEALAND

Greymouth

Blackwater Mine

Strengths

Strong history of performance by Owners

High quality permitted project Blackwater

Ability to complete complex transactions

Small and experienced head office team

Strong support from NZ Government

Weaknesses

Perceived risk Blackwater Project

Limited cash reserves

Ability to acquire substantial operations

Opportunities

Projects and Operations underperforming

Large companies rationalizing assets

Establishing high margin and consistent operations

Establish new gold operation in New Zealand to create 50 direct jobs

Recruit local owner operator workforce

Threats

Competition for gold assets

OGC Agreement timeline

M&A Board Indecision (Sellers)

Community Activism

Federation

Mining

11

SWOT

Strategy

• Work to strengths, utilize experience

• Identify segments of opportunity within gold space

Build Support

• Clear strategy with stakeholder engagement

• Funding for quality projects and assets

Delivery

• Resource, project management, operational performance

• Deliver to strategic and project plan consistently and over the long term

12

Federation Mining – Culture

13

Budget – (July 2020 to December 2022)

$-

$5,000,000

$10,000,000

$15,000,000

$20,000,000

$25,000,000

$30,000,000

$-

$5,000,000

$10,000,000

$15,000,000

$20,000,000

$25,000,000

$30,000,000

2020 2021 2022

Operating and Corporate Expenditures

Operating expenditures Corporate expenditures PGF Debt/Equity AustralianSuper Equity

Appendix – Blackwater Project

Location

Blackwater Mine

15

Westport

Reefton

BLACKWATER

Nelson

GOLDEN

BAYBLACKWATER

NEW

ZEALAND

Greymouth

Westport

Reefton

BLACKWATER

Nelson

GOLDEN BAY

REEFTON

NEW

ZEALAND

Greymouth

Opportunities to grow the current resource

Blackwater Resource

16

Resource Estimate 2014:

0.9 Mt@ 23 g/t: 0.7 Moz

Resource Upside:

0.8 Mt @ 23 g/t: 0.6 Moz

900m

Previously

Mined

3

4

1

2

1200m potential strike length

based on mining above2

Northern down dip extent

200koz3

Open at depth4

Unmined reef left on 16

and 17 levels when shaft

collapsed in 1951

1

Full mining records to 1951

(mine closure)5

5

New Blackwater

• Maximise productivity and safety, and utilise modern

narrow vein mining equipment

• Proposed mining method uphole bench stoping

• Preferred & safer alternative to airleg mining

Applying modern techniques to a successful historic mine

Mining at Blackwater

17

Ore driving

Long hole drilling

Stope Bogging

STOPED AND PASTE FILLED AREA

PASTE

Explosives Magazine

Boxcut excavation for twin portals

Waste rock dump and wetlands

Site Works 2020

18

Road, bridge and powerline completion

Office, workshop, changerooms

POWER LINE INSTALLATION AND PORTAL ACCESS

Site Works

19

POWERLINE STRINGING

BOX CUT ACCESS ROAD

Development of 3.3km underground twin decline’sfrom private land to the base of historic workings

Blackwater Development Strategy (Phase 2)

Establishment of drill chambers and drives, completion of drill program and completion of feasibility studies to

underpin a Decision to Mine

20

Exploration Permit

Mining Permit

Decline

MP

EP

Mining Permit approved December

2018

Environmental License and Resource

Consents granted

Blackwater Grade Comparison

21

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5

10

15

20

25

30

35

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Fras

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Plu

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Underground Mined Grade g/t

• Six holes intersected high-grade mineralisation and confirmed the deposit continues at depth

• All holes intersected gold mineralisation

• Gold intersected 650m below the base of historical workings

• Drill results included:

• WA21A : 0.5m at 23.3g/t Au

• WA22D : 1.0m at 85.2g/t Au

• WA11A : 0.5m at 59.7g/t Au

• WA25A : 0.5m at 134.0g/t Au

• WA25 : 0.3m at 62.4g/t Au

COMPLETED BY OCEANAGOLD 2011 -2013

Blackwater Drilling Results

22

500m

0m

-500m

-1000m

Birthday Reef Projection Resource Estimate (Updated 2013)

Historical Production:

1.6Mt @14.6g/t for 740,000 oz

WA11 & WA11A

WA21A

WA22C & WA22D

WA25

Comprehensive production and geology records provide confidence in the inferred resource

700m

700mNEW BLACKWATER MINE

MINED 1908 - 1951

23

$-

$5,000,000

$10,000,000

$15,000,000

$20,000,000

$25,000,000

$30,000,000

$35,000,000

$40,000,000

$45,000,000

3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23

TOTAL COSTS including W/C Cumulative Total Costs without Reserve Drilling

Decision to Mine

Completion of Mine Access

FED plus Blackwater Development Cost

0

100

200

300

400

500

600

700

800

900

0

20

40

60

80

100

2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037

Blackwater Production and AISC Profile

Blackwater Production AISC

kozpa $/Oz

24

-100

-50

0

50

100

150

200

250

300

350

400

450

500

550

2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037

Blackwater Project Cashflow Profile

Free Cash Flow Cash Balance

$M

25