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LEADING
EXPLORATION IN
JAMES BAY
EASTMAIN RESOURCES INC. ER:TSX
CORPORATE PRESENTATION | EUROPEAN GOLD FORUM APRIL 2017
FORWARD LOOKINGSTATEMENTS
Certain information set forth in this presentation may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. Forward-looking statements consist of statements that are not purely historical, including statements regarding beliefs, plans, expectations or timing of future plans, and include, but not limited to, statements with respect to any potential director nominations, actions taken in respect of director nominations received by Eastmain, actual results of current and future exploration activities at the Company's properties, and the potential success of the Company’s future exploration and development strategies. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Eastmain, including, but not limited to he results of matters to be considered at the upcoming annual and special meeting of shareholders of Eastmain, the impact of general economic conditions, industry conditions, dependence upon regulatory approvals, the availability of financing, timely completion of proposed studies and technical reports, and risks associated with the exploration, development and mining industry generally such as economic factors as they affect exploration, future commodity prices, changes in interest rates, safety and security, political, social or economic developments, environmental risks, insurance risks, capital expenditures, operating or technical difficulties in connection with development activities, personnel relations, the speculative nature of gold exploration and development, including the risks of diminishing quantities of grades of Mineral Resources, contests over property title, and changes in project parameters as plans continue to be refined. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company assumes no obligation to update such information, except as may be required by law.
EASTMAININVESTORPRESENTATIONER:TSXwww.Eastmain.com2
EASTMAIN RESOURCES
3 KEY PROJECTS WITH RESOURCE GROWTH POTENTIAL
CLEARWATER PROJECT Open-pit and underground potential at Eau Claire
EASTMAIN MINE PROJECT A past-producer with historic resources, growth potential and a new discovery
ÉLÉONORE SOUTH JV 4 km x 0.5 km prospective mineralized corridor
AGGRESSIVE EXPLORATION5 active rigs
Completing 75 km drilling program
TOP LAND POSITION1,320 sq km of prospective land
Ready infrastructure
Strategically staked claims
Archean greenstone belt
EASTMAININVESTORPRESENTATIONER:TSXwww.Eastmain.com3
MOST ACTIVE JUNIOR IN JAMES BAY GOLD CAMP, QUEBEC
CASH & MARKETABLE SECURITIES(March 28, 2017)
C$9.1 M
EASTMAIN FOCUS SYSTEMATICALLY ADVANCING KEY ASSETS
EASTMAININVESTORPRESENTATIONER:TSXwww.Eastmain.com4
Clearwater: Eau Claire Deposit mineral resource update - mid-year
Clearwater: Eau Claire DepositPreliminary Economic Assessment - year-end
BUDGET TO MID-2017 (INCL. G&A)
C$1.6 M
Eastmain Mine Project mineral resource update - year-end
TOP SHAREHOLDERS
Polygon 17.1 million 9.7%
Goldcorp 10.5 million 6.0%
Integra Gold 8.9 million 5.1%
RBC Asset Management 7.7 million 4.4%
Van Eck 7.5 million 4.3%
Gabelli & Company 3.6 million 2.0%
Konwave Gold 2000 2.8 million 1.7%
Don Robinson 2.7 million 1.6%
Mackenzie Investments 2.6 million 1.5%
Caisse du Depot (Sodémex) 2.6 million 1.5%
US Global 2.0 million 1.1%
Industrial Alliance Inv Mgmt 1.5 million 0.9%
AGF 1.6 million 0.9%
Commodity Discovery Fund 1.5 million 0.9%
Sentry 1.3 million 0.7%
EASTMAIN SHAREHOLDERSTSX:ER – 37% INSTITUTIONALLY HELD, 2% INSIDERS (SINCE APRIL 2015)
EASTMAININVESTORPRESENTATIONER:TSXwww.Eastmain.com5
CAPITAL STRUCTURE
Shares outstanding 175,429,814
Options (W Avg Life – 5.4 yrs, $0.69) 9,188,605
Warrants (expiry 11/10/18 , $0.50) 6,899,999
Fully-Diluted 193,133,417
Market Capitalization (20-day VWAP) $93 million
Share Price (20-day VWAP) $0.53
52 Week High/Low $0.97 - $0.29
Daily Average Volume (20-day avg) 670,641
ANALYST COVERAGE
Beacon Securities Mike Bandrowski
Cormark Securities Tyron Breytenbach
Echelon Wealth Ryan Walker
GMP Securities Ingrid Rico
Laurentian Securities Barry Allan/Ryan Hanley
Mackie Research Capital
Macquarie Capital Michael Gray
Paradigm Capital Don Blyth
BOARD AND MANAGEMENTSTRENGTH IN ENGINEERING, GEOLOGY & CAPITAL MARKETS
Claude LemassonPresident & CEO and DirectorLaurence (Laurie) CurtisChairmanMichael HoffmanMine Engineer & ExecutiveBlair Schultz Capital markets experience
WELL-ESTABLISHED BOARD OF DIRECTORS
Timo JauristoGeologist, ex-Goldcorp Corp Dev Exec Stephen De Jong Integra President & CEOGeorge Salamis Integra Chairman
INTEGRA TECHNICAL ADVISORS
Previous experience with Management, the Éléonore Project (Goldcorp), & in the James Bay region
Hervé Thiboutot, Geological EngineerIntegra Senior VP
Jacques Simoneau, P.Geo.Integra Exploration Manager
Claude Lemasson, P.Eng, MBA President & CEO • Highly-skilled mining professional • 30 yrs of mine dev’t & operational experience• Direct experience with Goldcorp’s Éléonore
project in northern QuébecJoe Fazzini, CPA, CFA, CA CFO & VP Corporate Development• 10+ yrs advising and auditing global gold and
base metal producers through PwC & Dundee Capital Markets.
Alison Dwoskin, CPIR Manager, Investor Relations• 10+ yrs in mining Investor Relations
MANAGEMENT TEAM Bill McGuinty, P.GeoVP Exploration• 30 yrs experience in Canada and Latin
America, from exploration to environmental and feasibility studies
Manuel Ng-Lai, P.EngProject Engineer• 10+ yrs in the technical services sectorCarl Corriveau, P.Geo, SEGExploration Manager• 15+ yrs industry experience, including
project management and evaluation, advancing projects from exploration through economic studies
EASTMAININVESTORPRESENTATIONER:TSXwww.Eastmain.com6
EASTMAININVESTORPRESENTATIONER:TSXwww.Eastmain.com7
$152
$107
$88 $82 $80$72 $66
$60$50
$40 $39 $37
$0
$20
$40
$60
$80
$100
$120
$140
$160
EV P
ER O
UN
CE
(C$/
OZ)
VALUE OPPORTUNITY VS PEERS – EV/OZ44% GROWTH TO MATCH PEER AVERAGE
AVERAGE $73 PER EV/OZ
Data compiled by Laurentian Securities based on most recent company financial reports, April 4, 2017. *Eastmain data Includes Clearwater MI&I mineral resources (June 2015) and Eastmain Mine historic resources (255,000 oz @ 10 g/t Au).
CENTRAL JAMES BAY GOLD CAMP CANADA’S EMERGING GOLD DISTRICT
ProductionThe Canadian Shield has produced over 200 million
ounces of gold
Life Cycle James Bay is one of the youngest camps in the
Canadian shield
Exploration Potential for many more
discoveries as exploration advances
Development Rapidly improved
infrastructure to speed up pace of exploration
1. The production and reserve figure for James Bay Central Camp includes Eastmain’s resources as there are currently no reserves. 2. The Eastmain mine extracted 40,000 ounces in 1995. 3. Casa Berardi and Chibougamau are located in Southern James Bay Source: Company reports, government studies, and academic journals. Compiled in 2016.
Central James Bay
Rice Lake
Casa Berardi
Detour
Hemlo
Chibougamau
Red Lake
Rouyn-Noranda
Val D’or
Kirkland Lake
Timmins
7
2
3
23
21
7
28
20
30
45
74
Production & Reserves (Millions of Ounces)
First Gold Pour (Year)
2014
2005
1988
1983
1981
1952
1930
1927
1923
1915
1909
District
EASTMAININVESTORPRESENTATIONER:TSXwww.Eastmain.com8
HIGH QUALITY ASSETS - AN EMERGING GOLD CAMPSUPERIOR INFRASTRUCTURE
Note: Clearwater is accessible via a commercial airport at Nemaska, located 80 kms south of the project. Route 167 Nord has been constructed from Temiscamie north to the RenardProject, providing permanent road access to the Eastmain Mine project.
Ruby Hill
Lac LessardEastmain Mine
Route 167 Nord All-season road
Clearwater
Lac Hudson
Reservoir
Lidge
Lac Elmer
Radisson
Eléonore South JV
JAMES BAY, QUEBEC 50KM
Eastmain
JamesBay
Mistissini
Temiscamie
Éléonore MineGoldcorp
Renard MineStornoway
Troilus MineCopper One
Wemindji
Waskaganish
Chisasibi
Nemaska
Radisson
Lac Clarkie
EASTMAININVESTORPRESENTATIONER:TSXwww.Eastmain.com9
Total property portfolio - 132,088 hectares
CLEARWATER - DISTRICT POTENTIAL: 50,000 HECTARES63,300 M – 2016-1H2017 DRILLING PROGRAM
⎻ Archean greenstone belt setting - with potential for significant discoveries⎻ Targeting drill-ready open pit potential w/in 15 km of the Eau Claire Deposit
⎻ 2016-1H2017 drilling: 55,700 m at Eau Claire, 7,600 m additional targets⎻ Lac Clarkie: geophysics to identify priority drilling targets
⎻ Eau Claire-style mineralization extends for +20 km along the deformation zone⎻ Eleonore-style mineralization in the Clarkie sedimentary basin
EASTMAININVESTORPRESENTATIONER:TSXwww.Eastmain.com10
5,790,000N
5,800,000N
480,
000E
5,780,000N
480,
000E
460,
000E
470,
000E
460,
000E
470,
000E
5,790,000N
450,
000E
5,800,000N
450,
000E
5,780,000N
52.5km
0
0
V3BMafic Volcanic Rock
SVolcanoclastic Sediment
S4Polymictic Conglomerate
V1Felsic Volcanic Rock
S9Iron Formation
Area Outline
VQ, VTL, VQTLQuartz +/- Tourmaline Vein,
QFPQuartz Feldspar Porphyry
M8Schist / Alteration Zone >50%
I3B, I4BDiabase, Pyroxenite
Hydrology (rivers and lakes)
Claim Block
Geology
I2Diorite
I1DTonalite
Other Symbols
I
5,790,000N
5,800,000N
480,
000E
5,780,000N
480,
000E
460,
000E
470,
000E
460,
000E
470,
000E
5,790,000N
450,
000E
5,800,000N
450,
000E
5,780,000N
52.5km
0
0
V3BMafic Volcanic Rock
SVolcanoclastic Sediment
S4Polymictic Conglomerate
V1Felsic Volcanic Rock
S9Iron Formation
Area Outline
VQ, VTL, VQTLQuartz +/- Tourmaline Vein,
QFPQuartz Feldspar Porphyry
M8Schist / Alteration Zone >50%
I3B, I4BDiabase, Pyroxenite
Hydrology (rivers and lakes)
Claim Block
Geology
I2Diorite
I1DTonalite
Other Symbols
I
TESTING THE O/P AND SHALLOW U/G POTENTIAL EAU CLAIRE DRILLING PROGRAM - 55,700 m
2016 TO MID-2017 EXPLORATION BUDGET:
$8.8 millionEAU CLAIRE DRILLING PROGRAM OBJECTIVES
4 drill rigs
1. Expand understanding of the mineralizing controls
2. Confirm current geological interpretation; test limits of the mineralized envelope
3. Improve drill spacing (~ 25 m) to show continuity between veins and increase overall confidence in the deposit
EASTMAININVESTORPRESENTATIONER:TSXwww.Eastmain.com11
92% DRILLED
EAU CLAIRE DEPOSIT OVERVIEW: LOOKING NW 450WestZoneOutcroponHilltopOPEN PIT POTENTIAL
2015 EAU CLAIRE: MINERAL RESOURCE ESTIMATE 1 (see slide 15 for note)
Measured & Indicated:951,000 oz @ 4.09 g/t Au - 7,225,000 tonnesTotal Inferred:633,000 oz @ 3.88 g/t Au – 5,072,000 tonnes
DRILLING FOR A STRONG FOUNDATIONEAU CLAIRE MINERAL RESOURCE OPPORTUNITY
77% More drilling data in next mineral resource updatemid-2017
13,000 m - drilling from late 2015 (shown below)63,300 m - in progress - 2016 and 1H2017
Note:5,000metres drilledin2014attheClovisLaketarget,ClearwaterProjectApproximatemineralresourceoutline,onEauClairedepositoverviewimage.
EASTMAININVESTORPRESENTATIONER:TSXwww.Eastmain.com12
2015 Global Mineral Resource Model: Longitudinal View Facing North
CONCEPTUAL
300 m
2015 Definition drilling intersected multiple high-grade gold intervals laterally and down-plunge of the current Measured & Indicated resource. The deposit is open laterally to the east and down plunge to the southeast and southwest. Based on SRK June 11, 2015 mineral resource, “Technical Report for the Eau Claire Gold Deposit, Clearwater Project, Quebec”.
1,500 m
EAU CLAIRE: POSITIVE DRILLING RESULTSCONFIRMING THE DEPOSIT AND EXTENDING MINERALIZATION
- Drilling is pushing the boundaries of the resource envelope- Deposit remains open at depth and to the east
- ER16-584 - 11.5 g/t Au over 13.5 m, incl. 21.3 g/t Au over 5 m (Oct 24, 16)- 79.7 g/t Au over 0.5 m
- ER16-662 - 17.0 g/t Au over 7.1 m, incl. 54.6 g/t Au over 0.7 m (Feb 7, 17)- ER17-674 - 8.31 g/t Au over 13.3 m, incl. 11.4 g/t Au over 8.8 m (Mar 6, 17)
DRILLING PROGRAMReported Results: 35,200 mTotal Completed: 51,178 mTotal Planned : 55,700 m
EASTMAININVESTORPRESENTATIONER:TSXwww.Eastmain.com13
Eau Claire 2015 Mineral Resource (M&I) Grade Thickness Long Section
Drill Hole Pierce Points2016-1H2017
EASTMAININVESTORPRESENTATIONER:TSXwww.Eastmain.com14
WIDE HIGH-GRADE SCHIST VEINSHGS-02 AND HGS-04 VEINS
• New view on high grade schist veins w/ broader intercepts and higher grades than the main EW-trending veins – Eau Claire drilling targeting the schist veins
• Schists are extensively altered, trend ESE within sheared corridors of gold-bearing metavolcanic rock
HGS-04 ➤ 650 m strike x 310 m dipHGS-02➤ 350 m strike x 339 m of dip
SNAKE LAKE: GROWTH POTENTIAL NEARBYDRILLING IDENTIFIES TWO-STYLES OF GOLD MINERALIZATION NEAR EAU CLAIRE
DRILLING PROGRAMReported Results: 3,785 mTotal Completed: 4,512 m
EASTMAININVESTORPRESENTATIONER:TSXwww.Eastmain.com15
S H A L L O W800 m x 200 mmineralized corridor
2 Types of Mineralization:1) Sulphide-rich gold zone
2) Quartz-tourmaline gold mineralization- Similar to the Eau Claire
deposit, w/in 2km
ADDITIONAL 3,100 M DRILLING- Testing open pit targets along the Clearwater Deformation Zone
ER16-592ER16-596
ER16-604
ER16-626
ER16-592 - 12.2 g/t Au over 1.5 m (Oct 24, 16)ER16-604 - 11.3 g/t Au over 1.15 m (Jan 4, 17)ER16-596 - 6.38 g/t Au over 1.0 m (Dec 1, 16)ER16-626 - 8.86 g/t Au over 0.7 m (Feb 7, 17)
DISTRICT-SCALE POTENTIAL – FOCUS ON EAU CLAIREEXPLORING THE CLEARWATER PROPERTY
PROPERTY51,614 hectares30 person camp incl. full-kitchen, core-shack and cabinsHydro-power (20 kms away), road and nearby airportsJames Bay gold district greenstone belt, volcanics100% ownership
Note 1. Technical Report for the Eau Claire Deposit, Clearwater Project by SRK Consulting (June 2015) filed on SEDAR.
UPCOMING CATALYSTSDrilling results (2Q 2017)Mineral resource update (MID-2017)Planning 2H 2017 growth focus drill programPreliminary Economic Assessment (END OF 2017)
EASTMAININVESTORPRESENTATIONER:TSXwww.Eastmain.com16
Piano key breccia Clearwater’s 30-man camp
EASTMAININVESTORPRESENTATIONER:TSXwww.Eastmain.com17
EASTMAIN MINE PROJECT TWO-PART OPPORTUNITY
1) Past-Production
• Historic production and historic resources
• New road significantly improves accessibility, as well as the costs of exploration and potential future development and operations
2) Potential Growth
• 10 km mine trend, with indications mineralization continues
• Discovery 3 km from the historic mine
EASTMAIN MINE PAST PRODUCTION ROADWAY IMPROVES ACCESSBILITY AND INFRASTRUCTURE
Otish Park
EastmainMineCamplookingNWalongminetrendtosurfacetargets
Route167Road,partofPlanNord Eastmain Mine
All-season road built in 2014 by Quebec gov’t and Stornoway
StornowayRenard MIne
EASTMAININVESTORPRESENTATIONER:TSXwww.Eastmain.com18
HISTORIC MINING & RESOURCE
MINED: 40,000 ozs at 10.58 g/t Au (1995)
RESOURCE1: 255,750 oz of 10 g/t Au in 878,000 tonnes(A&B and C Zones) (1999)
$40M invested by previous owners on exploration & development
Note 1. The Eastmain Mine (past-producing) Historical Resources is not NI 43-101 compliant. A Qualified Person has not done sufficient work to classify them as mineral resources. The issuer is not treating these historical resources as current mineral resources and these resources should not be relied on.
DISCOVERY ALONG THE 10 KM MINE TREND EXPLORATION OPPORTUNITY TO BUILD CRITICAL MASS
• 2016 exploration tested the 10 km mine trend• Trenching and drilling confirmed shallow mineralization w/in 3 km of the mine:
– Top priority targets: Hillhouse, Suzanna, and Julien targets – Julien Discovery is parallel to the mine trend
EASTMAININVESTORPRESENTATIONER:TSXwww.Eastmain.com19
DISCOVERY
EM16-7642.4 g/t Au, 30.2 g/t Ag and 0.53% Cu over 10.5 m
100 m
JULIEN CROSS SECTION
Historic Resource to NI 43-101 Report expected year-end 2017
Mine trend, intercepted downhole
EASTMAIN MINE HISTORIC OPPORTUNITY PRODUCTION (1995) & RESOURCES (1999)
PROPERTY - 8,014 hectaresPermanent all-weather road, onsite airstrip, generator-power50 person-camp incl. full-kitchen, core shack and cabinsJames Bay gold district greenstone belt (volcanics)100% ownership
UPCOMING CATALYSTS
IP survey and follow-up drilling (2Q 2017)
Planning 2H 2017 exploration program
Historic resource conversion to NI43-101 report
EASTMAININVESTORPRESENTATIONER:TSXwww.Eastmain.com20
Road to Eastmain 50-Man Camp
ÉLÉONORE SOUTH JV PROPERTY INDICATIVE GEOCHEMISTRY – CONTIGUOUS TO ELEONORE MINE PROPERTY
Property size: 147 sq km
JOINT VENTURE PARTNERS:• Eastmain (36.7%) • Goldcorp (36.7%)• Azimut (26.6% - Operator: 2016 – 1H2017)GOLDCORP’S ELEONORE MINE:• Sedimentary-hosted gold deposit• >7 M MI&I ounces• 2017 gold production forecast: 315,000 oz
($985/oz AISC)
MONI PROSPECT: • 3-4 km long x 0.5 km wide corridor• All 10 drill holes from Phase 1 intercepted
mineralization• Located within the Prospect Corridor:
Extends from JT Prospect east to Cheechoo discovery, over Moni Prospect (July 2016)
FD PROSPECT• New FD Prospect down trend from Goldcorp’s
Eleonore gold mine, 4.5 km north of JT Prospect(July 2016)
2016-1H2017 Drilling Program$2 million - JV Budget$0.74 million (Eastmain portion)
Goldcorp’s Eleonore PropertyEleonore South JV Property
FD Prospect
EASTMAININVESTORPRESENTATIONER:TSXwww.Eastmain.com21
76°W
76°W
52°3
7'30
"N
52°3
7'30
"N
435,000
435,000
440,000
440,000
5,8
25
,000
5,8
25
,000
5,8
30
,000
5,8
30
,000
5,8
35
,000
5,8
35
,000
0 500 1,000 1,500
meters
1:50,000
UTM zone 18 projection - NAD83
ELEONORE SOUTH PROPERTYSoil geochemistry - Arsenic (As)
Date: 2016-05-11
100%99%96% - 98%91% - 95%86% - 90%81% - 85%71% - 80%61% - 70%51% - 60%1% - 50%
71.82 - 929.3550.27 - 71.8129.23 - 50.2719.25 - 29.2314.84 - 19.2512.14 - 14.848.85 - 12.146.76 - 8.855.19 - 6.76
0 - 5.19
As (ppm) | Percentiles
76°W
76°W
52°3
7'3
0"N
52°3
7'3
0"N
435,000
435,000
440,000
440,000
5,8
25
,000
5,8
25
,000
5,8
30
,000
5,8
30
,000
5,8
35
,000
5,8
35
,000
0 500 1,000 1,500
meters
1:50,000
UTM zone 18 projection - NAD83
ELEONORE SOUTH PROPERTYSoil geochemistry - Gold (Au)
Date: 2016-05-11
100%99%96% - 98%91% - 95%86% - 90%81% - 85%71% - 80%61% - 70%51% - 60%1% - 50%
0.079 - 0.930.05 - 0.0790.026 - 0.05
0.016 - 0.0260.012 - 0.0160.009 - 0.0120.007 - 0.0090.006 - 0.0070.005 - 0.006
0 - 0.005
Au (ppm) | Percentiles
ÉLÉONORE SOUTH JV DRILLINGDRILL RESULTS IN PROSPECTIVE CORRIDOR SUPPORT GEOCHEMICAL SIGNATURE
2016 – early 2017 Drilling Program:Phase 1 - 2,500 m drilling (12 holes) COMPLETEAll 10 holes drilled in the prospective corridor (4 km x 0.5 km) were mineralized
Phase 2 - 2,500 m – drilling underway
EASTMAININVESTORPRESENTATIONER:TSXwww.Eastmain.com22
THE WAY FORWARD: AGGRESSIVE EXPLORATION75,000 METERS IN 2016-1H2017, PLANNING 2H2017 PROGRAMS
3Q16 4Q16 1Q17 2Q17 3Q17
Complete comprehensive drill campaign (63,000m)
Updated mineral resource estimatePerform other technical optimization work
Optimize and complete PEA and study workCLE
AR
WA
TER
PR
OJE
CT
EAST
MA
IN
MIN
E PR
OJE
CT
ÉLÉO
NO
RE
SOU
TH J
V
Trenching
Drilling (7,500m)
Drilling (5,000m)
Sampling
PRIORITIES (Calendar Year)
2017 Program
2017 Program
2017 Program
4Q17
TODAY
EASTMAININVESTORPRESENTATIONER:TSXwww.Eastmain.com23
IP Survey
Drilling
Historic to NI43-101 mineral resource conversion
FOR MORE INFORMATION
Claude Lemasson P.Eng., MBA
President & [email protected]
Alison Dwoskin CPIR
Manager, Investor [email protected]
Office: 647-347-3735
www.eastmain.comTSX:ER
EASTMAININVESTORPRESENTATIONER:TSXwww.Eastmain.com24