exeter presentation july 2016 - web

ONEOFTHEWORLD’SSIGNIFICANTGOLDOXIDE/GOLD-COPPERPROJECTS

TSX:XRCNYSEMKT:XRA

www.exeterresource.com

Caspiche

Cau$onary Note to U.S. Investors – The United States Securi$es and Exchange Commission (“SEC”) permits miningcompanies in theirfilingswith theSEC todiscloseonly thosemineraldeposits thata companycaneconomicallyandlegally extract or produce. We use certain terms in this presenta$on, such as “inferred resource”, that the SECguidelinesstrictlyprohibitusfromincludinginourfilingwiththeSEC.U.S. investorsareurgedtoconsidercloselythedisclosurecontained inourannualreportonForm20.YoucanreviewandobtaincopiesofourfilingsfromtheSEC’swebsiteathNp://www.sec.gov/edgar.shtml.Thisdocumentandtheinforma$oncontainedinitdonotcons$tuteaprospectusanddonotformanypartofanofferof,orinvita$ontoapplyfor,securi$esinanyjurisdic$on.Poten$alinvestorsshouldnotrelysolelyontheinforma$oncontainedhereinpriortomakingany investmentdecision. Investorsshouldseek independentadvicefromaqualifiedfinanceandinvestmentadvisor,givingdueregardtotheirownpersonalcircumstances,priortoforminganyinvestmentdecision.SafeHarbourStatement -Thispresenta$onmaycontaincertain“forward-lookingstatements”within themeaningoftheUnitedStatesPrivateSecuri$esLi$ga$onReformActof1995.Thesestatementsreflectourcurrentbeliefandarebased upon currently available informa$on. Actual results could differ materially from those described in thispresenta$onasaresultofnumerousfactors,someofwhichareoutsideofthecontrolofExeter.Manyoftheassayresultsandtheeconomicanalysispresentedarepreliminaryandmaynotbeaccurateduetovariousfactors,includingbutnotlimitedtosamplerecoveries,truewidthsandinterpreta$ons.WendellZerb,Exeter´sPresident&CEOanda“qualifiedperson”(“QP”)withinthedefini$onofthatterminNa$onalInstrument43-101,StandardsofDisclosureforMineralProjects,hasreviewedandapprovedthetechnicalinforma$oninthispresenta$on.

Cau$onaryStatement

2!

•  ATrackRecordofSuccess -Threesignificantmineraldiscoveriesinthelastdecade -SpunoutExtorretoshareholdersona1-to-1basis(2010) - wastakenoverbyforC$414MorC$4.26/share(2012)

•  Control100%ofCaspiche -M&IMineralResources1:Oxides1.7MozAuEq,Sulphides37.9MozAuEq -Unique:goldoxide,highergradegold/coppercore,largescalegold/copper -StableMiningJurisdic$on-Chile

•  Direc$ngRe-valua$on -LowCapexstartupop$ons2,strongeconomics -Caspichesufficientlyadvancedtofasttrackdevelopmentdecisions -Fundamentallyandcompara$velyundervalued -Favorable$mingforselectgoldequi$es

•  CashofC$20million.NoDebt.

WhyInvestinExeter?

3!

Thefounda$onforsuccess:TrackRecord,UniqueAsset,Cash

1SeemineralResourcesslidefordetails:OxideM&[email protected]/tAu,1.58g/tAg;SulphideM&I1,[email protected]/tAu,0.20%Cu,1.17g/tAg.2SeeExeterwebsiteorSedar,AmendedNI43-101TechnicalReportontheCaspicheProject.Effec]vedateApril30,2014.

CapitalStructure

4!

CapitalStructure(asofJuly1,2016)

CommonSharesOutstanding 88.4M

OpLons 7.4M

FullyDiluted 95.9M

Avg.DailyVolume

NYSEMKT:266kTSX:74k

Cash C$20M

Shareholders

ManagementandInsiders:8%InsLtuLons:33%Retail:59%

AnalystCoverage

TDSecuriLesMr.DanielEarledaniel.earle@tdsecuriLes.com1.416.308.7906

ManagementandBoardofDirectors

5!

YaleSimpson Co-Chairman

BryceRoxburgh Co-Chairman

RobReynolds Director

JulianBavin Director

JohnSimmons Director

President/CEO WendellZerb,P.GeolGeologist/Capital

Markets–29yrs

CFO CecilBond CA–30yrs

ExploraLon MadhewWilliams–ExploraLonManager,Americas Geologist–24yrs

Development JerryPerkins–VPDevelopment&OperaLons Metallurgist–40yrs

MadhewDorman–StudyDirector Engineer–29yrs

GonzaloDamond–CommercialManager Engineer–21yrs

Corporate RobGrey–VPCorporateCommunicaLons IR–17yrs

StrongBoardofDirectors ExperiencedManagementTeam

LowGeopoli$calRisk-Chile

6!

Chile:aminingfriendly,poliLcallystable,OECDnaLonTheFraserIns$tute’s2015surveyonoverallrisk(PPI*)placedChile26outof109miningjurisdic$onsand#1inSouthAmerica.(22ndoutof122miningjurisdic$onsin2014)

•  World’slargestexporterofcopper.

•  Consistentlyrankedasoneofthetopplacestomineintheworld&the#1placetomineinSouthAmerica.

•  Clearregula$ons,transparency,well-establishedlegalsystem.

•  Skilledlabourforce.

•  ManylargeminespermiNed:Escondida,Andacollo,CerroCasale.

*PPIorPolicyPercep]onIndex:measurestheoverallabrac]venessoftheminingjurisdic]onssurveyed.Itincludesuncertain]essurroundingadministra]onofcurrentregula]ons,environmentalregula]ons,legalsystemsandtaxa]onregimes,infrastructure,labourandskillsavailability,andsecurityissues.Source:FraserIns]tute2015&ExeterResourceCorp.

0 10 20 30 40 50 60 70 80 90 100

Ivory Coast California

Northwest Territories Dominican Republic

Uruguay Peru

Nunavut Fiji

Ghana New South Wales

Kazakhstan France

Ethiopia Mexico

Bulgaria Turkey

Burkina Faso Victoria Eritrea

British Columbia Washington

Yukon New Mexico

Montana Colorado

Spain Tasmania

Poland Queensland

Ontario New Zealand

Namibia Minnesota

Serbia Chile

Greenland Morocco

Alaska Quebec

Northern Territory South Australia

Idaho Michigan

Nova Scotia Arizona

Newfl. & Labrad. Botswana Manitoba

Norway Utah

Portugal New Brunswick

Western Australia Alberta Nevada Finland

Saskatchewan Sweden

Wyoming Ireland

Chartincludestop60outof109jurisdic$ons.

Caspiche-StrategicallyLocated

7!

PortandDesalina]onFacili]es

CardonesPowerSubsta]on

-2X500kVexpansionin2017

CandelariaMine

CopiapoAirport

Caspiche

MaricungaMine

CerroCasale

Exeter’sPeñasBlancasgroundwaterdiscovery

min400L/s

AguasChañar-Industrialwater

LundinPuntaPadrones500L/s

CapMineraPuntaTotoralillo400L/sexpandableto600L/s

LaCoipaMine

50KmAllweatheraccessroadExis]ngpowercooridor3rdpartypipelineroutePoten]alwaterpipelineroute CaseronesMine

PaipoteCuSmelter

3rdpartygroundwaterrights

Volcan

MarteLobo

CerroMaricunga

Esperanza

Material Class Tonnes(Mt) Au(g/t) Cu(%) Ag(g/t) AuEq1(g/t) AuEq2(Moz)

Oxide Measured 65.9 0.46 - 1.55 0.46 1.0

Oxide Indicated 55.6 0.39 - 1.63 0.40 0.7

TotalOxide M&I 121.5 0.43 - 1.58 0.43 1.7

Sulphide Measured 554.2 0.58 0.23 1.16 1.02 18.3

Sulphide Indicated 727.9 0.48 0.18 1.17 0.84 19.6

TotalSulphide M&I 1,282.1 0.52 0.20 1.17 0.92 37.9

TotalM&I 1,403.6 0.51 0.19 1.20 0.88 39.6

MineralResources

8!

*TheeconomicanalysiscontainedinthePEAisconsideredpreliminaryinnature.ThereisnocertaintythateconomicforecastsoutlinedinthePEAwillberealized. 1

PAuandPCuaretheAuandCuprices(US$1,150/ozandUS$2.50/lb,respec$vely),andRAuandRCuaretheAuandCuprojectedmetallurgicalrecoveries,65%and85%,respec$velyforsulphidematerialand78%forAuoxidematerial.2 AuEq (M oz) = resource tonnes * AuEq13PAu,PAgandPCuarethegold,silverandcopperprices(1,250US$/oz,15US$/oz.and2.75US$/lb,respec$vely).RAuandRCuaretheAuandCuprojectedmetallurgicalrecoveriesbasedonanumberofS%thresholds.Foraddi$onalinforma$onseeExeterwebsiteorSedar,AmendedNI43-101TechnicalReportontheCaspicheProject.Effec$vedateApril30,2014.

Material Class Tonnes(Mt) Au(g/t) Cu(%) Ag(g/t) AuEq3(g/t)Sulphide Measured 378.6 0.71 0.30 1.30 1.28

Sulphide Indicated 431.6 0.64 0.27 1.40 1.16

TotalSulphide M&I 810.2 0.67 0.29 1.35 1.22

Theoxideandsulphidematerialswerereportedabovecut-offsof0.18g/tAuEqand0.30g/tAuEq,respec$vely:

MineralResourcesundergroundopera$oncut-offgradeof0.75g/tAuEq3:

TheApril2012MineralResourceformedthebasisforthe2014PEA

[ ] [ ] [ ] [ ][ ]

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Au

Ag

Au

Ag

Au

Cu

Au

Cu

RR

ozPozP

tgAgozlbgRR

ozPlbPCutgAutgAuEq

[ ] [ ] [ ] [ ][ ]

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Au

Ag

Au

Ag

Au

Cu

Au

Cu

RR

ozPozP

tgAgozlbgRR

ozPlbPCutgAutgAuEq

9!

EXETERCaspiche:CrossSecLon-GoldValues

BARRICK-KINROSSCerroCasale:CrossSecLon-GoldValues

CaspicheNotJustBig–ScaleableOp$onsCaspichenearsurfacegoldoxide,cohesivehighergradegold-coppercore.

CaspicheLevelPlanGoldValues

10!

1640feet(500m)

985feet(300m)

HigherGradeCore

DioritePorphyry

500m(1640feet)

300m(985feet)

HigherGradeCoreislargeinscale

DioritePorphyry

Aug/t

Aug/t

HigherGradecore510Mtgrading

0.80g/tAu,0.33%Cuhos]ng23.5MozAuEq1

1Using1g/tAuEqcutoff,SeeMineralResourcesslideandExeterwebsiteorSedar,AmendedNI43-101TechnicalReportontheCaspicheProject.Effec]vedateApril30,2014.

RecentDevelopmentOp$ons1forCaspiche

11!

Op$on2and3:CombinedOxideGold/SulphideGold-Copper

-LowcostPitextension/HighergradeUGcore-Lowini$alcapexwithaddi$onalcapitaldeferredandsupplementedbycashflow-Compellingeconomics-LOMAuEqproduc$on4.9to14.1millionoz

Op$on1:StandaloneHeapLeachOxideGold

-M&IResources*1.7millionozAuEq-LowCapex-LowStripra$o0.27:1-FavorableLeachKine$cs

FocusingonhighergradeandlowerCAPEX,u$lizingcashflowtofinancefutureCAPEX.

Thinkingbignowmeansstar]ngsmaller…

*RefertotheMineralResourcesslidefordetails.1SeeExeterwebsiteorSedar,AmendedNI43-101TechnicalReportontheCaspicheProject.Effec]vedateApril30,2014.The2014PreliminaryEconomicAssessmentusesadiscountrateof5%andcommoditypricesofUS$1,300/ozAu,US$20/ozAg,andUS$3.00/lbCu.

OpLon1: OpLon2: OpLon3:

Item Unit 30,000tpdstandaloneoxide

Combined:60,000tpdoxide;27,000tpdSulphide(openpit)commencinginyear6

Combined:60,000tpdoxide;27,000tpdSulphide(underground)

commencinginyear3Minelife years 10 18 42AnnualaverageAuEq*Prod. oz 122,000 289,000 344,000LOMProduc$onAuEq ozM 1.27 4.9 14.2Pre-taxNPV@5% US$M 355 967 1,636IRR % 34.7% 27.2% 20.0%PaybackPeriod years 3.4 6.1 7.7Aker-tax27%NPV@5% US$M 252 656 1,144 IRR % 28.5% 21.1% 16.7%PaybackPeriod years 3.6 6.8 8.1CapexSummaryIniLalCapex US$M 251 371 387LOMSustainingCapex US$M 93 926 1,580TotalCapex US$M 343 1,297 1,967CapitalU$liza$onperAuEq*oz US$ 270 264 139OpexSummaryUnitTotalOpexProcessed US$/t 6.5 9.4 20.1CashCostCashCost-AuEq US$/oz 546 486 649TotalCashCost-AuEq* US$/oz 589 551 709AllinSustainingCashcostAuEq* US$/oz 676 752 828C1CashCost-CuEq* US$/lb n/a 1.31 1.77

Threeop$onsforthedevelopmentofCaspiche

12!

1.The2014PreliminaryEconomicAssessmentusesadiscountrateof5%andcommoditypricesofUS$1300/ozAu,US$20/ozAg,andUS$3.00/lbCu.TheeconomicanalysiscontainedinthePEAisconsideredpreliminaryinnature.ThereisnocertaintythateconomicforecastsoutlinedinthePEAwillberealized.*Goldequivalent(AuEq)valueisbasedongold,silverandcopperrevenues(pricesandrecoveriesinvolved).AuEq[troyoz]=[Aug/t*RecAu*throughputtonnes]/31.1+[Agg/t*RecAg*throughputtonnes]/31.1*silverpricetroyoz/goldpricetroyoz+[[Cu%*RecCu*throughputtonnes]*2204]*copperpricelbs/goldpricetroyoz.RecoveriesareadjustedbasedonmetallurgicalcharacterisUcoftheresource.ForResourceesUmaUonsassumedpricesare$1250/ozAu,$15/ozAgand$2.75/lbforCu.CuEqformulaaccountsforAuandAgozconvertedtolbsCu.

Project LaIndia Amulsar CoffeeCerro

MaricungaElCasLllo Bombore Karma* Caspiche1

Company AgnicoEagle Lydian KaminakAtacamaPacific

Argonaut Orezone TrueGold Exeter

Loca$on Mexico Armenia Yukon Chile Mexico BurkinaFaso BurkinaFaso Chile

MarketCap($M) $15,244 $253 $500 $27 $601 $145 $267 $144

CashonHand($M) $210 $155 $33 $1 $65 $9 $7 $20

EV($M) $16,409 $98 $467 $26 $536 $137 $261 $124

Reserves/Resources(tonnes&Augrade)

P&P:[email protected]/t







M&I:[email protected]/t

AuEqOunces 0.76Moz 2.4Moz 2.2Moz 3.7Moz 1.2Moz 1.5Moz 0.9Moz 1.7Moz

MineLife(years) 7 10 10 13 11 11 9 10

Throughput(tpd) 16,000 27,000 92,000 80,000 35,000 15,000 11,000 30,000

AuEqProduc$on(oz/yr) 90,000 211,000 1184,00000 228,000 85,000 116,000 92,000 122,000

CAPEX(ini$al)(US$M) $158 $370 $247 $399 n/a $250 $132 $251

GoldPrice(US$/oz) $1,379/oz $1,150/oz $1,150/oz $1,350/oz $1,000/oz $1,250/oz $1,250/oz $1,250/oz

NPV5%(azer-tax)(US$M) $207 $338 $355 $409 $257 $196 $199 $243

IRR(azer-tax) 31% 22% 37% 25% n/a 24% 46% 27%

TotalCashCosts(US$/oz) $426/oz $509/oz $481/oz $864/oz $628/oz $603/oz $630/oz $589/oz

StripRa$o 1.00 2.40 5.70 1.76 0.90 1.07 2.43 0.27

CrushSize(inches) 0.98 0.75 2.00 0.75 0.74 0.98 2.00 1.96

GoldRecoveryRate(%) 80% 87% 86% 79% 70% 87% 87% 80%

ComparableOxideGoldHeapLeachProjects

13!

1SeeExeterwebsiteorSedar,AmendedNI43-101TechnicalReportontheCaspicheProject.Effec]vedateApril30,2014.20%taxrateusedasacompara]ve.2SharepricesasofJune30,2016;financialsasofMarch31,2016orinclusiveofrecentclosedfinancings.AllamountsinC$unlessstatedasUS$.*TrueGoldMiningInc.mergerwithEndeavourMiningcompleted.TrueGoldsharesdelistedasofApril27,2016.DataasofApril27,2016.

FinalOxideMetallurgicalTestwork

14!

•  Recently completed metallurgical test work suggests previously es$mated heap leachrecoveriesofapproximately80%,usedinthe2014PEA1,areconserva$ve.

•  Confidencelevelsapproachingfinalfeasibilityrequirements.

•  Most important,high recoveries in thefirst six yearsof themineplanalso correspondswiththehighestgradesinthemineplan.

•  Metallurgicalprojec$onses$mateheapleachcyanideconsump$onsaveragingabout0.4kg/tonne.

•  Poten$al:Higherprojectvalue,fasterpayback,greaterconfidence.

1SeeExeterwebsiteorSedar,AmendedNI43-101TechnicalReportontheCaspicheProject.Effec]vedateApril30,2014.Foraddi]onalinforma]onrefertoExeternewsreleaseNovember12,2014.

FeedSize HeadGrade ExtracLon Reagents

Composite P80mm g/tAu g/tAg %Au %Ag kg/tNaCN kg/tLime

MineralizedGravel -38 0.74 7.6 78.4 32.9 1.27 2.6

Years1&2(1test) -50 0.66 1.1 93.9 90.9 1.25 4.8

Years3&4 -50 0.81 1.4 87.7 62.5 1.29 4.8

Years5&6 -50 0.33 0.9 84.6 50.0 1.06 6.0

Years7&8 -50 0.37 0.8 78.4 38.1 0.97 4.7

Years9&10 -50 0.63 0.4 79.2 50.0 0.82 3.2

Othermaterial -50 0.47 2.1 83.0 57.1 0.89 5.0

OpLon1: OpLon2: OpLon3:

Item Unit 30,000tpdstandaloneoxide

Combined:60,000tpdoxide;27,000tpdSulphide(openpit)commencinginyear6

Combined:60,000tpdoxide;27,000tpdSulphide(underground)

commencinginyear3Minelife years 10 18 42AnnualaverageAuEq*Prod. oz 122,000 289,000 344,000LOMProduc$onAuEq ozM 1.27 4.9 14.2Pre-taxNPV@5% US$M 355 967 1,636IRR % 34.7% 27.2% 20.0%PaybackPeriod years 3.4 6.1 7.7Aker-tax27%NPV@5% US$M 252 656 1,144IRR % 28.5% 21.1% 16.7%PaybackPeriod years 3.6 6.8 8.1CapexSummaryIniLalCapex US$M 251 371 387LOMSustainingCapex US$M 93 926 1,580TotalCapex US$M 343 1,297 1,967CapitalU$liza$onperAuEq*oz US$ 270 264 139OpexSummaryUnitTotalOpexProcessed US$/t 6.5 9.4 20.1CashCostCashCost-AuEq US$/oz 546 486 649TotalCashCost-AuEq* US$/oz 589 551 709

AllinSustainingCashcostAuEq* US$/oz 676 752 828

C1CashCost-CuEq* US$/lb n/a 1.31 1.77

Threeop$onsforthedevelopmentofCaspiche

15!

1.The2014PreliminaryEconomicAssessmentusesadiscountrateof5%andcommoditypricesofUS$1300/ozAu,US$20/ozAg,andUS$3.00/lbCu.TheeconomicanalysiscontainedinthePEAisconsideredpreliminaryinnature.ThereisnocertaintythateconomicforecastsoutlinedinthePEAwillberealized.*Goldequivalent(AuEq)valueisbasedongold,silverandcopperrevenues(pricesandrecoveriesinvolved).AuEq[troyoz]=[Aug/t*RecAu*throughputtonnes]/31.1+[Agg/t*RecAg*throughputtonnes]/31.1*silverpricetroyoz/goldpricetroyoz+[[Cu%*RecCu*throughputtonnes]*2204]*copperpricelbs/goldpricetroyoz.RecoveriesareadjustedbasedonmetallurgicalcharacterisUcoftheresource.ForResourceesUmaUonsassumedpricesare$1250/ozAu,$15/ozAgand$2.75/lbforCu.CuEqformulaaccountsforAuandAgozconvertedtolbsCu.

StagedDevelopment-CapitalAdvantage

16!1.Capitalrequirementsfundedfromcashflowwerecalculatedusinga20%taxrate,US$1,300/ozAu,US$3.00/lbCu,andUS$20/ozAg.

StagedDevelopment-CapitalAdvantage

17!1.Capitalrequirementsfundedfromcashflowwerecalculatedusinga20%taxrate,US$1,300/ozAu,US$3.00/lbCu,andUS$20/ozAg.

18!

“BefearfulwhenothersaregreedyBegreedywhenothersarefearful”WarrenBuffet

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16

VSE Index CDNX Index TSX-V Index

SmallCapMiningRalliesandCorrec$ons

19!TSX-VIndexValuestoJune30,2016.Source:CanaccordGenuityCorp.&ExeterResourceCorp.

VSE Index CDNX Index S&P/TSX Venture Exchange Index

-45%

-75%

-40%

-73%

-34%

-81%

- 79%

+ 65%

+ 21% + 91%

+ 23%

+ 88%

+ 84%

+257% +252%

+57%

XRCSharePerformance

20!Source:BigCharts.

XRC1yr

XRC5+yrs

HUIGoldIndex

21!

GoldEquityPricesofftheboNombutremainathistoricallymodestlevels

Source:www.bigcharts.com.

22!

DundeeBullishfactorsforGold

US$IndexTrend

23!Source:828cloud.worldpress.com

24!

US$Peaked?LowerUS$Posi$veforGold

25!

BullionbreakingoutinUS$

ArizonaStarsharepriceperformance

26!Source:ExeterResourceCorpora]on

ArizonaStar(controlled51%ofCerroCasale)sharepricesufferedbadlypostdiscoveryphaseandwiththedownturnofthebullionpriceinthelate1990’sandearly2000’s.Star]ngin2002,withanewrisingtrendinbullionitssharepriceappreciatedfromC$0.50toitstakeovervalueofC$18.00pershare,or$773million.

250

350

450

550

600

TrendingGoldPriceUS$

GoldEquivalentResourcestoMktCap

27!

1SeeMineralResourcesslideandExeterwebsiteorSedar,AmendedNI43-101TechnicalReportontheCaspicheProject.Effec]vedateApril30,2014.TheeconomicanalysiscontainedinthePEAisconsideredpreliminaryinnature.ThereisnocertaintythateconomicforecastsoutlinedinthePEAwillberealized.*GoldEquivMoz(AuEq)Resourcetonnes*[Aug/t+{Cu%*Cupricelbs/AuPricetroyoz*0.06857glb/oz*10000}+Agg/t*Agpricetroyoz/Aupricetroyoz].Novagold*50%shareofDonlinandGalore.Reservoir**45%interestassumed.PricingasofMay6,2016.

MassivelyUndervaluedGoldResources

UndevelopedGoldandGold-CopperProjects

28!

1SeeMineralResourcesslideandExeterwebsiteorSedar,AmendedNI43-101TechnicalReportontheCaspicheProject.Effec]vedateApril30,2014.Goldequivalent(AuEq)AuEqg/t=Aug/t+(Cu%*Cupricelbs/AuPricetroyoz*0.06857glb/oz*10000)+Agg/t*Agpricetroyoz/Aupricetroyoz.IncludesP&PReservesandM&ImineralResources.Reflects%interestinprojectofoutlinedcompanies.*Caspichesulphideat0.30g/t,0.75g/tand1.0g/tAuEqcutoff.

Basedonmajority%interest

NovaGold50%

Barrick75%Gabriel80.7%

Goldcorp50%

Reservoir45%

EXETER100%Highestgrade lowestgrade

LargeDepositsareRare

29!Source:USGlobalResearch.

+3millionouncediscoveriesarescarce

LeveragetoGold

30!

1SeeMineralResourcesslideandExeterwebsiteorSedar,AmendedNI43-101TechnicalReportontheCaspicheProject.Effec]vedateApril30,2014.TheeconomicanalysiscontainedinthePEAisconsideredpreliminaryinnature.ThereisnocertaintythateconomicforecastsoutlinedinthePEAwillberealized.PricingasofApril1,2016.

•  ATrackRecordofSuccess -Threesignificantmineraldiscoveriesinthelastdecade -SpunoutExtorretoshareholdersona1-to-1basis(2010) - wastakenoverbyforC$414MorC$4.26/share(2012)

•  Control100%ofCaspiche -M&IMineralResources1:Oxides1.7MozAuEq,Sulphides37.9MozAuEq -Unique:goldoxide,highergradegold/coppercore,largescalegold/copper -StableMiningJurisdic$on-Chile

•  Direc$ngRe-valua$on -LowCapexstartupop$ons2,strongeconomics -Caspichesufficientlyadvancedtofasttrackdevelopmentdecisions -Fundamentallyandcompara$velyundervalued -Favorable$mingforselectgoldequi$es

•  CashofC$20million.NoDebt.

WhyInvestinExeter?

31!

Thefounda$onforsuccess:TrackRecord,UniqueAsset,Cash

1SeemineralResourcesslidefordetails:OxideM&[email protected]/tAu,1.58g/tAg;SulphideM&I1,[email protected]/tAu,0.20%Cu,1.17g/tAg.2SeeExeterwebsiteorSedar,AmendedNI43-101TechnicalReportontheCaspicheProject.Effec]vedateApril30,2014.

Appendix

30,000tpdstandaloneheapleachgoldopera$on

•  122,000ozAuEq*peryear•  10yearminelife

•  Pre-taxNPV5%ofUS$355million,IRRof34.7%.

•  TotalcashcostsUS$589perozAuEq*

•  Ini$alCAPEXUS$210million(plusUS$41millioncon$ngency)

•  Peakwaterrequirementis44litrespersecond.

Op$on11:30,000tpdHeapLeachGoldOpera$on

33!

ValueGeneralParameters

PlantfeedEst(Tonnes&Grade)(oxide) M&I:[email protected]/tAu&1.62g/tAg

ContainedAuEq 1.6millionounces

Throughput 30,000tpd

MineLife 10yearsStripRa$o(Waste:Ore) 0.27:1GoldRecoveries 80%SilverRecoveries 40%

ProducLonAvg.AnnualAuEqProduc$on 122,000ozAnnualAuEqProduc$on(year1-5)(ounces) 148,000ozLOMAuEqProduc$on 1.27millionoz

CapitalCostsIni$alCapital(incl.Con$ngencyofUS$41M) US$251millionSustainingCapital US$93million

CashCostsTotalCashCosts US$589/ozAllinSustainingCashCost US$676/oz

GoldPriceAssumpLon US$1300/ozValuaLon(aker-tax27%)

NPV(5%) US$252millionIRR 28.5%PaybackPeriod 3.6years

ValuaLon(before-tax)NPV(5%) US$355millionIRR 34.7%PaybackPeriod 3.4years

Nearsurface,lowcapex,lowstrip,withfavorableleachkine]cs

*RefertotheMineralResourcesslidefordetails.1SeeExeterwebsiteorSedar,AmendedNI43-101TechnicalReportontheCaspicheProject.Effec]vedateApril30,2014.2Basecaseassumesa5%discountratewithcommoditypricesofUS$1,300/ozAuandUS$20/ozAg.

TheeconomicanalysiscontainedinthePEAisconsideredpreliminaryinnature.ThereisnocertaintythateconomicforecastsoutlinedinthePEAwillberealized.

Sensi$vity-Op$on1

34!

GoldVariability

Sensitivity 30k t/d Heap Leach Open Pit

Item Unit Value Item Unit Value

Pre-tax US$1,100/oz Au After-tax (27% Tax Rate) US$1,100/oz Au

NPV @ 5% US$ M 177 NPV @ 5% US$ M 120 IRR % 21.1% IRR % 17.2%

Payback Period years 4.0 Payback Period years 4.0


NPV @ 5% Discount rate US$ M 355 NPV @ 5% US$ M 252 IRR % 34.7% IRR % 28.5%



NPV @ 5% US$ M 533 NPV @ 5% US$ M 381 IRR % 47.3% IRR % 38.6%


30,000tpdstandaloneheapleachopera]on

1SeeExeterwebsiteorSedar,AmendedNI43-101TechnicalReportontheCaspicheProject.Effec]vedateApril30,2014.TheeconomicanalysiscontainedinthePEAisconsideredpreliminaryinnature.ThereisnocertaintythateconomicforecastsoutlinedinthePEAwillberealized.2Basecaseassumesa5%discountratewithcommoditypricesofUS$1,300/ozAu,US$3.00/lbCu,andUS$20/ozAg.

Basedon2013/14costs•  higherinputcosts–fuel,consumables,power,etc•  unfavorableChileanPesoexchange•  op]mizedMetworknotincluded

Capex,Opex–Op$on1,2014PEA

35!

OP Opex Unit Value Crushing US$/t 0.26 Leaching US$/t 2.35

ADR US$/t 0.17 Reagents Plant US$/t 0.03

G&A US$/t 0.42 Power Supply US$/t 0.02 Water Supply US$/t 0.12

Total US$/t 3.36

OP Mine Opex Unit Unit Cost Loading US$/t 0.44 Hauling US$/t 0.64 Drilling US$/t 0.15 Blasting US$/t 0.32 Ancillary US$/t 0.21 Support US$/t 0.10

Eng. & Adm US$/t 0.19 Pit Dewatering US$/t 0.00

Labour US$/t 0.68 Leasing US$/t 0.40

Total US$/t 3.13

Open Pit Mining - Costs per tonne of material processed

Area Initial Sustaining Total US$ M US$ M US$ M

Mine Direct & Indirect Costs 36 6 42

Pre-stripping 13 0 13 Dispatch 1 0 2

Other Investments 9 4 12 Leasing 13 2 15

Oxide Plant Direct Costs 120 58 178

Crushing 16 0 16 Leaching 29 58 87

ADR 12 0 12 Reagents 1 0 1

Infrastructure 16 0 16 Power supply 3 0 3 Water supply 43 0 43

Plant Indirect Cost 54 11 65

Contingency 41 18 59

Mine 6 1 7 Plant 35 17 52

Total Cost 251 93 344

Some rows and columns may not sum due to rounding

30,000tpdstandaloneheapleachopera]on

1SeeExeterwebsiteorSedar,AmendedNI43-101TechnicalReportontheCaspicheProject.Effec]vedateApril30,2014.TheeconomicanalysiscontainedinthePEAisconsideredpreliminaryinnature.ThereisnocertaintythateconomicforecastsoutlinedinthePEAwillberealized.2Basecaseassumesa5%discountratewithcommoditypricesofUS$1,300/ozAu,US$3.00/lbCu,andUS$20/ozAg.

Costs per tonne of material processed

60,000tpdopenpitheapleachgold27,000tpdopenpitAuCu(year6)•  Average289,000ozAuEq*or125

MCuEqlbperyear•  18yearminelife•  LOMProduc$on4.9MozEq*•  TotalcashcostofUS$551peroz

AuEq*

•  Ini$alCAPEXUS$375million•  Sustainingandclosurecostsare

es$matedatUS$924million•  Pre-taxNPV5%ofUS$967million

andanIRRof27.2%

•  Peakwaterrequirementis185litrespersecond.

Op$on21:HeapLeachGoldtoOpenPitGoldCopperOpera$on

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PlantfeedEst(Tonnes&Grade)(oxide) M&I:[email protected]/tAu&1.54g/tAgPlantfeedEst(Tonnes&Grade)(Sulphide) M&I:[email protected]/tAu&0.27%CuLOMOpera$ngCost US$/t14.4“ore”Throughput 60,000tpd(oxide);27,000tpd(sulphide)MineLife 18yearsStripRa$o(Waste:Ore) 1:1GoldRecoveries 80%(oxide);75%(sulphide)CopperRecoveries 89%(sulphide)

ProducLonAvg.AnnualAuEqProduc$on 289,000ozAvg.AnnualCuEqProduc$on 125millionlbsLOMAuEqProduc$on 4.9millionoz

CapitalCostsIni$alCapital(Incl.Con$ngency) US$371millionAddi$onalCAPEX(incl.sustainingandclosure) US$926million

CashCostsTotalCashCosts US$551/ozAllinSustainingCashCost US$752/ozC1CashCost US$1.31/lb


NPV(5%) US$656millionIRR 21.1%PaybackPeriod 6.8years

ValuaLon(before-tax)NPV(5%) US$967millionIRR 27.2%PaybackPeriod 6.1years

Acceleratedheapleach;extendedAuCusulphideopenpit

*RefertoCompleteMineralResourcesslideintheAppendixfordetails.1SeeExeterwebsiteorSedar,AmendedNI43-101TechnicalReportontheCaspicheProject.Effec]vedateApril30,2014.2Basecaseassumesa5%discountratewithcommoditypricesofUS$1,300/ozAu,US$3.00/lbCu,andUS$20/ozAg.


60,000tpdopenpitheapleachgold27,000tpdundergroundgoldcopper(year3)

•  Average344,000ozAuEq*or147MlbCuEqperyear

•  42yearminelife

•  TotalcashcostsUS$709perozAuEq*

•  Ini$alCAPEXUS$387million

•  SustainingcapitalUS$1.58billion

•  Pre-taxNPV5%ofUS$1.64billion,IRRof20.0%

•  Peakwaterrequirementis151litrespersecond

•  Lowerimpactenvironmentally.

Op$on31:HeapLeachGoldtoUndergroundHGGoldCopper

37!


PlantfeedEst(Tonnes&Grade)(oxide) M&I:[email protected]/tAu&1.62g/tAgPlantfeedEst(Tonnes&Grade)(Sulphide) M&I:[email protected]/tAu&0.35%CuLOMOpera$ngCost US$/t30.1“ore”Throughput 60,000tpd(oxide);27,000tpd(sulphide)MineLife 42yearsStripRa$o(Waste:Ore) 0.27(oxide);n/a(sulphide)GoldRecoveries 80%(oxide);77%(sulphide)CopperRecoveries 90%(sulphide)

ProducLonAvg.AnnualAuEqProduc$on 344,000ozAvg.AnnualCuEqProduc$on 147millionlbsLOMAuEqProduc$on 14.2millionoz

CapitalCostsIni$alCapital(incl.Con$ngency) US$387millionAddi$onalCAPEX(incl.sustainingandclosure) US$1.58billion

CashCostsTotalCashCosts US$709/ozAllinSustainingCashCost US$828/ozC1CashCost US$1.77/lb


NPV(5%) US$1.144billionIRR 16.7%PaybackPeriod 8.1years

ValuaLon(before-tax)NPV(5%) US$1.636billionIRR 20.0%PaybackPeriod 7.7years

Acceleratedheapleach;transi]oningtoundergroundgoldcoppersulphideopera]on

*SeeMineralResourceslidefordetails.1SeeExeterwebsiteorSedar,AmendedNI43-101TechnicalReportontheCaspicheProject.Effec]vedateApril30,2014.2Basecaseassumesa5%discountratewithcommoditypricesofUS$1,300/ozAu,US$3.00/lbCu,andUS$20/ozAg.


Sensi$vity–M&IMineralResources

38!

Gold–Coppersulphidemineraliza]on-highergradezone

1SeeMineralResourcesslideandExeterwebsiteorSedar,AmendedNI43-101TechnicalReportontheCaspicheProject.Effec]vedateApril30,2014.TheeconomicanalysiscontainedinthePEAisconsideredpreliminaryinnature.ThereisnocertaintythateconomicforecastsoutlinedinthePEAwillberealized.

AuEq Cut-off Mt Au (g/t) Ag (g/t) Cu (%) AuEq6 (g/t) Au Moz Cu Mlbs AuEq Moz

0.60 1,063.2 0.60 1.26 0.26 1.09 20.5 6094.3 37.3

0.65 974.8 0.62 1.29 0.27 1.13 19.4 5802.5 35.4

0.70 891.4 0.65 1.32 0.28 1.18 18.6 5502.2 33.8

0.75 813.7 0.67 1.35 0.29 1.22 17.5 5,202.4 31.9

0.80 742.2 0.70 1.37 0.29 1.26 16.7 4745.3 30.1

0.85 675.6 0.72 1.39 0.30 1.31 15.6 4468.3 28.5

0.90 612.7 0.75 1.41 0.31 1.35 14.8 4187.4 26.6

0.95 558.7 0.77 1.43 0.32 1.39 13.8 3941.8 25.0

1.00 510.1 0.80 1.45 0.33 1.43 13.1 3710.8 23.5

1.05 462.2 0.82 1.48 0.34 1.47 12.2 3464.7 21.8

1.10 415.4 0.85 1.50 0.35 1.52 11.4 3205.6 20.3

1.15 375.1 0.87 1.51 0.36 1.56 10.5 2977.1 18.8

1.20 342.2 0.89 1.53 0.37 1.60 9.8 2791.7 17.6

1.25 311.4 0.92 1.56 0.38 1.63 9.2 2608.3 16.3

1.30 281.9 0.94 1.59 0.38 1.67 8.5 2361.3 15.1

1.35 253.8 0.96 1.63 0.39 1.71 7.8 2182.0 14.0

1.40 226.7 0.99 1.66 0.40 1.75 7.2 1998.9 12.8

1.45 198.7 1.02 1.69 0.40 1.79 6.5 1752.3 11.4

1.50 177.1 1.05 1.71 0.41 1.83 6.0 1600.3 10.4

WendellZerb,P.Geol,President&CEO(29yearsexperience)Mr.Zerbhasextensiveexperienceinthemining/mineralresourcesector.Histechnicalexperienceincludesseniorposi$onsingenera$vemineralexplora$on,development,andopenpitandundergroundminingofbaseandpreciousmetals.Inthecapitalmarkets,Mr.ZerbhaspreviouslyservedasDirector,ResearchAnalyst,MetalsandMining(CanaccordGenuityInc.),VicePresidentofResearchandIns$tu$onalSales,andPresidentandCEOofawhollyownedUSsubsidiary(PIFinancial).

CecilBond,CA,ChiefFinancialOfficer(30yearsexperience)Mr.Bondhasservedvariousposi$onsinanumberofpublicexplora$oncompanieswithac$vi$esinCanada,SouthAmerica,Africa,EuropeandAustralia.Throughouthiscareer,Mr.Bondhasmanaged$700millionintransac$ons,includingthesaleofExtorreGoldMinesLtd.toYamanaGoldin2012azersuccessfullyspinningitoutofExeterin2010.

JerryPerkins,VPDevelopmentandOpera$ons(40yearsexperience)Mr.Perkinsisachemicalengineerwithover40years’experienceintheminingandmetallurgysectorintechnical,opera$onalandcorporatemanagementposi$onsinNSW,Queensland,Tasmania,Australia,Africa,theUK,andPapuaNewGuinea.Mr.Perkinsspecializesinmineralprojectdevelopmentprogramsandfeasibilitystudies,mineproduc$onandcommissioning,testwork/R&Dprograms,engineeringandprocessdesign,opera$onsmanagement,andprojectdevelopmentandop$miza$on.

RobGrey,VPCorporateCommunica$ons(17yearsexperience)Mr.GreyisaBusinessgraduatewith10yearsexperienceinequitysalesand17yearsexperienceinInvestorRela$onsinthejuniorminingsector.Mr.Greyworksdirectlywithseniormanagement,andinvestorsattheins$tu$onalandretailslevels.

MaNhewWilliams,BAScinAppliedGeology,Explora$onManager-South&NorthAmerica(24yearsexperience)Mr.Williamshasmorethan22yearsofexperienceinmineralexplora$on,specializingingeologicalappraisalofbaseandgoldmetalminingprojectsinAustralia,theDominicanRepublic,W.A.,Australia,Mexico,Nevada,USA,Panama,Argen$na,andChile.Mr.WilliamsservedasExplora$onManageroftheDonSixtoProject,CerroMoro,andearlyac$vi$esatCaspiche.

GonzaloDamond,CommercialManager(21yearsexperience)Mr.DamondisanIndustrial/Electrical/CivilEngineerwithopera$onalandmanagerialexperiencewithinsignificantmul$na$onalcompanies,includingraillogis$csbetweenArgen$naandBrazil,andintermodalopera$onsforChileanports.Hehasmanagedthedesign,organiza$onandcommissioningoflargedistribu$oncenters,andhassubstan$alexperienceinpurchasemanagement,includingthenego$a$onofsupplycontracts.Throughtheseexperiences,Mr.Damondhasbuiltconstruc$verela$onshipswithcommuni$es,clients,tradeunionsandGovernmentauthori$es.

MaNhewDorman,CaspicheStudyManager(29yearsexperience)Mr.Dormanisaprojectmanagerwithover29yearsofinterna$onalexperienceintheminingsector,specializingintechnicalduediligencestudies.Mr.Dormanhasalsomanagedthedesignandconstruc$onofgoldminesinUzbekistan,Tajikistan,SaudiArabia,UruguayandHonduras,andofcopperprojectsinChile,Peru,andKazakhstan.

Management

39!

Drivingfuturesuccesswithexperience

BryceRoxburgh,AusIMMCo-Chairman(41yearsexperience)Managedtheexplora$onteamsthatdiscoveredtheSelwyn,RedDomeandJunc$onReefore-bodiesinAustralia,theDinkidiore-bodyinthePhilippines,andtheDonSixtodepositinArgen$na.HeestablishedExeterin2003andsubsequentlydiscoveredCaspicheinChileandCerroMoro(ExtorreGoldMinesLtd.)inArgen$na.

YaleSimpson,Co-Chairman(41yearsexperience)Anexperienced,seniorgeologist,explora$onmanagerandCEOofcompaniesinvolvedinpreciousmetalsprojectsinAustralia,Africa,EasternEuropeandSouthAmericawithpar$cularexper$seinstrategicresourceplanning,financingandcorporatecommunica$ons.

RobertG.Reynolds,CA(32yearsexperience)Servedinvariousposi$onsresponsibleforcorporateplanning,financeandadministra$on.Mr.Reynoldspar$cipatedinthedevelopmentoftheGrannySmithandKanownaBelleminesinAustralia,andtheHartleyPla$numMineinZimbabwe.Mr.ReynoldsalsoservedasChairmanofAvocaResourcesLtd.un$litsmergerwithAnatoliaMineralsDevelopmentLtd.in2011.

JulianBavin,BSc,MSc(32yearsexperience)Gainedtechnical,opera$onandcommercialexperienceinmineralexplora$oninSouthAmerica,Australia,Indonesia,andEuropethroughhisexperiencewiththeRioTintoGroup.From2001to2009,Mr.Baviniden$fiedthepoten$alinarangeofprojectsincludingthePRCpotashandAltarcopper/goldprojectsinArgen$na,theMinaJusta,ConstanciaandLaGranjacopperprojectsinPeru,andtheAmargosabauxiteprojectinBrazil.

JohnSimmons,CA(42yearsexperience)Con$nuestomanageanaccoun$ngprac$ceinAustralia,whereMr.Simmonshasextensiveexperienceadvisingontaxa$on,strategicplanning,financialmanagementandgeneralbusiness.Hemaintainsanac$veinvolvementintheminingindustrythoughassocia$onwithanopera$ngminingcompany.

BoardofDirectors

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Astrongfounda]on

“Developmentop]onsatCaspiche,whethermodestorlargerscale,deliverstrongeconomicreturnsatcurrentmetalprices.Ourabilityintoday’smarkettofocusonadvancingthe1.7millionouncegoldoxideopenpitissensibleandachievable.Importantlyforshareholders,

withfutureelevatedgoldandcoppermarkets,webelievethevalueoftheverylargeCaspichegold-copperinventorywillbeastrongvaluedriverforExeter.Caspicheisunique,represen]ngoneofonlyafewscalabledevelopmentprojectsthatisnotyetcontrolledbya

majorcompany.”Co-ChairmanofExeter,YaleSimpson.

exeter presentation july 2016 - web

Presentations & Public Speaking