By Gary J. Baschuk, BSc VP, Senior Mining Analyst gary.baschuk@peartreesecurities.com TerraX Minerals Inc. Site Visit to the Yellowknife City Gold Project

Lurking in the Shadow of Headframes We recently conducted a 1-day site visit to TerraX’s large property package just outside of Yellowknife, NWT, Canada. TerraX owns a large land package consisting of 418 sq km covering the extensions of past multi-million-ounce gold producers in a mining friendly jurisdiction. Numerous high-grade gold deposits and showings occur on the property and TerraX has discovered and delineated additional mineralization, most recently a 65.7 g/t gold grab sample from Angel, Eastbelt Property. We believe the extensive network of shears and related gold mineralization, currently only tested to relatively shallow depths, is highly conducive for additional discoveries. The company is taking a strategic and thorough approach to exploration by conducting detailed mapping and sampling to better understand controls on mineralization followed by geophysics and finally drilling to test the concepts. Mispickel, a recent discovery is showing excellent promise with high-grade gold intercepts with expansion potential in all directions. In addition to high-grade zones, large, shallow, potentially bulk mineable mineralization has been discovered and partially delineated eg. Sam Otto on the Northbelt.

As of July 21, 2017 TerraX Minerals Inc. TXR.TSXV Share Price $0.47 Shares -Basic (mil) 102.3 Fully Diluted (mil) 118.2 Mkt Cap (mil) $48.1 52 Wk Hi/Lo $1.05/$0.40 30-day Avg. Trading Vol 209,918 Financial Data (June 2017)

Working Capital (mil) $3.7 Cash (mil) $3.7 Current Net Debt None Key Project

Location Northwest Territories Commodity Gold Ownership (%)

Osisko Gold Royalties 11% AgaNola AG 3% Stock Performance Chart

www.peartreesecurities.com

Daily TXR.V 7/25/16 - 8/10/17 (EST)BarOHLC, TXR.V, Trade Price, 7/21/17, 0.49, 0.49, 0.47, 0.47N/A, N/A Price

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Upside for New Discoveries

Large, under-explored land package yielding new, high-grade gold discoveries during current field program (recent 65.7 g/t gold from surface grab sample on Eastbelt)

High-grade drill results obtained from Mispickel Zone where new structural trends discovered Discovery of Con Shear extension onto Southbelt and “New Vein” discovery add new potential Potential for underground high-grade deposit(s) and shallow, open-pit operations

Location, Location, Location

Property is on-strike to multi-million ounce, high-grade (avg 16 g/t) past producing Con (6.1 mln oz) and Giant Yellowknife (8.1 mln oz) Mines.

Geologic setting is similar to world-class Archean, shear-hosted Gold Districts Easy, year-round access, close to work force, supplies and power Close proximity of deposits expected to lead to mining and processing synergies

Experienced Team with Aggressive 2017 Exploration

Conducting detailed mapping and geophysics on all properties with emphasis on more recent acquisitions. Focussed drill program planned in late summer after mapping, sampling and geophysical compilation Experienced Management and Technical Team led by Joseph Campbell, P.Geo, Chairman and CEO – Open

Pit and Underground Mines Team discovered and advanced Meliadine Project to Pre-feasibility (acquired by Agnico Eagle Mines (AEM-

TSX) in 2010 for $739 mln)

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TerraX's Yellowknife Properties

Introduction

TerraX has amassed a large, 100%-owned land package (41,800 ha) along strike of the multi-million-ounce, high-grade gold producers Giant Yellowknife and Con Gold Mines (cumulative production of over 14 mln ounces). The initial acquisition began in 2013 with the Northbelt, north of the Giant Yellowknife Mine and including the Crestaurum Mine and then the Southbelt (staked in the summer and fall of 2015) adjacent to and south of the Con Gold Mine and finally the Eastbelt property (staked in March 2017) on the east side of Yellowknife Bay, Great Slave Lake.

Numerous gold occurrences have been identified on the Northbelt property and base metal showings have been located toward the northern part of the property. There are currently no resources on the property.

Similar to the Timmins, Kirkland Lake, Val d’Or and Kalgoorlie Camps, the known Yellowknife deposits are structurally controlled quartz-carbonate vein systems. We believe the properties provide TerraX with the unique opportunity to map, in detail, and drill test regional, and more localized structures that increase the chances of additional discoveries.

Location and Access

All properties are located proximal to the city of Yellowknife, NWT. All-season access to the Northbelt Property is available by road approximately 10 km from the Yellowknife airport along paved and gravel roads that lead to the Crestaurum Mine site. The northern parts of the property are accessible by float plane or helicopter and by winter roads.

Access to the Southbelt is via road south of the Con Mine or by boat on the east side of Yellowknife Bay.

Paved, all-season roads provide access to the Eastbelt Property.

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Figure 1. Location and Access to the TerraX Properties

Source: TerraX Minerals Inc.

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Geology and Mineralization

The Slave Province is Archean in age and composed dominantly of mafic volcanic flows and sediments overlying granitic gneisses that have been dated at 4 billion years. The volcanics and sediments, dated at 2.7 to 2.6 billion years, have been intruded by younger granitic plutons of 2.6 to 2.5 billion years. The TerraX property volcanics are part of the north-northeasterly striking Yellowknife Greenstone Belt, specifically the Kam Group, a 10 to 12 km wide band of massive and pillowed tholeiitic basalts and calc-alkaline tuffs intercalated with volcanogenic sediments. Conglomerates, similar to the Temiskaming Conglomerates of the Kirkland Lake and Timmins Camps, occur unconformably on the east side of the basalts in contact with felsic volcanics. Mafic and ultramafic intrusives commonly occur near shear zones at the or near the basalt/felsic tuff boundary (see Figure 2). The rocks have been subject to greenschist facies metamorphism.

Gold mineralization in the region is hosted in quartz or quartz/carbonate veins often associated with pyrite, arsenopyrite, sphalerite, chalcopyrite and stibnite. The ore zones in nearby mines tends to occur in shear zones at flexures or intersections of structures forming gentle or steep plunge lines. Complex folding commonly occurs in the schistocity nearby.

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Figure 2. Local Geology of the Yellowknife Camp

Source: TerraX Minerals Inc.

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Northbelt

The Northbelt property is located north of the Giant Yellowknife Mine and hosts a number of deposits including the past producing Crestaurum Mine (Figure 3). Although the property is directly north of the Giant Mine, the Crestaurum and Giant ore zones are of different styles.

Figure 3. Northbelt Gold System and Deposit Location

Source: TerraX Minerals Inc.

The Giant ore bodies in the northern part of the mine are fault or shear-controlled and interpreted to be cut-off or displaced, by the Akaitcho fault. Gold in the northern part of the Giant mine was dominantly hosted in shallow-dipping shear zones, generally 1–5 m wide, in folded or boudinaged quartz-carbonate veins. At the Crestaurum Mine, gold mineralization is commonly visible gold associated with arsenopyrite and pyrite in altered host rock

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that had been overprinted by a secondary carbonate –vein alteration style, also containing gold. High-grade veins and shoots are associated with quartz veins in a steeply southeast dipping shear.

Crestaurum was drilled intermittently from 1938 to 1996 with Giant Mines Ltd. examining the deposit for its open-pit potential. In 1985, D.W. Lewis reportedly completed a Historical Resource Estimate (non 43-101 compliant) of 572,040 tonnes grading 6.72 g/t gold. Giant did not proceed to mining Crestaurum reportedly due to the high amount of free milling gold that had poor recoveries in the roaster.

Relogging and resampling in 2013 by TerraX of previously drilled holes from the North Extension Shoot at Crestaurum returned:

• 62.90 g/t gold over 5.00m in hole 85-150

• 4.43 g/t gold over 5.00m in hole 85-148, and

• 6.55 g/t gold over 2.00m in hole 85-151.

At the time, the deposit was only tested to depths of 150m but over a strike length of 1400m.

Deeper holes, drilled in 1995 and 1996 return some wide intervals of mineralization including:

• 102.91 g/t gold over 1.03m in hole NB95-3 from 109.06 to 110.09m downhole,

• 4.74 g/t gold over 18.78m in hole NB96-02 from 319.58 to 338.36m downhole, including 8.39 g/t gold over 10.06m from 320.95 to 331.01m downhole, and

• 8.76 g/t gold over 9.75m in hole NB-95-16 from 337.26 to 347.01m downhole.

To the north, additional resampling was completed at the 20 Shear Zone and returned:

• 2.97 g/t gold over 21.12m in hole NB94-01A including 8.81 g/t gold over 3.88m

The Barney Zone was also resampled and highlights include:

• 5.06 g/t gold and 6.32 g/t silver over 8.16m in hole NB96-02 at depths of 320.17-328.22m downhole

Drilling by TerraX in 2014 (wedged off previous drilled holes) also returned encouraging shallow, results including:

• 6.35 g/t gold over 22.42m in hole NB95-16W1 including 18.40 g/t gold over 5.16m

• 1.56 g/t gold over 45.71m in hole NB96-16W3 including 3.73 g/t gold over 15.73m

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We believe the key takeaway from the old resampling and drilling program is that the gold-bearing shear zones continue over substantial strike lengths to the north and requires more drill testing at depth. The area not only has the NNE trending shears and associated gold zones, but also cross-faults with mineralization that make interpretation more complicated. The Giant and Con Mines, as with many Archean Shear-hosted deposits contain quartz and/or carbonate veins that are of limited extent and require much drilling to define the matrix of veins.

Further north is the Sam Otto Zone, discovered in 2016 and consisting of three shears – Main, Hangingwall and Dave’s Pond. Surface trenches were chip sampled and returned up to 1.90 g/t gold over 5m. Nine holes tested the target and yielded wide intervals of low grade mineralization including:

• 1.00 g/t gold over 49.70min hole TWL16-001 and

• 1.33 g/t gold over 30.70m in hole TWL16-013.

Winter drilling in 2017 intersected 6.96 g/t gold over 3.32m from Dave’s Pond in hole TS017-016.

The structural zone has been traced for over 2 km with widths of 50 to 100m. The zone of alteration is sizeable and is located approximately 300m west of and parallel to Mispickel.

Furthest north, to date, is Mispickel (German for arsenopyrite) on the western shore of Walsh Lake. Mispickel consists of a biotitic or sericitic shear zone with quartz-carbonate veining (Figure 4) often with a salt and pepper or granular texture hosted in turbidite sediments. After surface sampling in 2013, a winter drill program commenced in 2016. Four holes were drilled on two parallel sections approximately 50m apart totalling 384m. Results included:

• 23.60 g/t gold over 7.30m from hole TWL16-002 including 37.29 g/t gold over 4.55m,

• 12.87 g/t gold over 8.60m from hole TWL16-001 including 18.24 g/t gold over 5.45m and also, in a footwall zone, 2.14 g/t gold over 11.32m including 5.92 g/t gold over 2.10m

• 3.49 g/t gold over 4.05m in TWL16-003, and

• 2.08 g/t gold over 7.50m in TWL16-004.

In March 2016, an additional five holes were drilled and returned:

• 60 g/t gold over 8.00m in hole TWL16-016 including 212.48 g/t gold over 2.25m

• 2.34 g/t gold over 10.68m in hole TWL16-015 including 6.84 g/t gold over 2.57m, and

• 1.53 g/t gold over 12.95m in hole TWL16-017 including 3.38 g/t gold over 4.81m

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Drilling continued in 2016 with an additional 3,491m. Results continued to be positive including highlights of:

• 29.85 g/t gold over 5.53m in hole TWL16-020 including 162.5 g/t gold over 1.00m, and also 22.44 g/t gold over 3.00m including 64.70 g/t gold over 1.00m in the Main Zone

• 12.47 g/t gold over 5.85m from hole TWL16-019 including 67.00 g/t gold over 1.00m,

• 13.83 g/t gold over 4.67m in hole TWL16-021 including 60.40 g/t gold over 1.00m,

• 9.37 g/t gold over 2.00m in hole TWL16-022,

• 10.17 g/t gold over 7.40m in hole TWL16-026 including 68.50 g/t gold over 1.00m

In almost every hole high-grade intersections were returned within a much broader 75-200m wide low-grade, steeply dipping shear zone. According to historical reports and geophysical interpretation, the Mispickel Zone has been identified over a strike length exceeding 5km. To date, the zone remains open for expansion along strike and at depth.

Figure 4. Mispickel Sericite-rich Shear Zone with quartz veining in outcrop. Joe Campbell, Chairman and CEO.

Source: PearTree Securities

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Southbelt

Geological mapping and sampling continues on the Southbelt and an initial drill program of six holes totaling 1,535m has been completed. Drilling intersected the southern continuation of the Con Shear and returned intersections ranging from 0.49 to 1.03 g/t gold over 2.30 to 5.30m core lengths. Although not of ore-grade quality, we believe the identification of the continuation of the Con Shear is significant. In addition, new splays were identified. As with most structurally controlled gold deposits, the definition of intersecting structures and junctions of splays is important for the discovery of ore-grade mineralization.

Based upon mapping, two directions of shearing have been identified – northeast (Con Shear and New Vein) and north/south trending (Tent Lake Shear, No. 1 Shear and No. 2 Vein). See Figure 5. One drill hole was completed in the spring of 2017 on the New Vein and returned 0.65 g/t gold over 2.47m. Surface sampling returned up to 94.6 g/t gold.

Work on the Southbelt is at an early-stage but significant discoveries have been made:

1) Continuation of the Con Shear up to 5km to the south

2) The Discovery of “New Vein” gold-bearing structure parallel to the Con Shear

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Figure 5. Southbelt Surface Sampling Results and Location of Shears

Source: TerraX Minerals Inc.

Eastbelt

The Eastbelt Property was staked in March 2017. Detailed geological mapping and sampling has commenced and lake sediment and till sampling is expected to commence in the fall. Initial results from surface samples have been encouraging from Angel and Duck Lake. The mineralization reportedly lies within a strong east-west structural trend due east from the Con Mine (Figure 6).

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Highlights from Angel (18 samples taken) include:

• 65.7 g/t gold and 289 g/t silver

• 30.8 g/t gold and 4,910 g/t silver

• 12.5 g/t gold and 1,395 g/t silver

• 9.81 g/t gold and 3,100 g/t silver

The presence of silver in the system is encouraging and may represent a new mineralization style in the camp.

Highlights from Duck Lake (30 samples taken over 500m strike length) include:

• 20.30 g/t gold

• 19.35 g/t gold

• 15.15 g/t gold

• 11.55 g/t gold

• 11.35 g/t gold

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Figure 6. Recent Eastbelt Sample Location and Results

Source: TerraX Minterals Inc.

2017 Exploration Program

During the year, TerraX plans to conduct the following surveys:

• Airborne Lidar and ortho-photo survey covering 350 sq km of the property (completed in June)

• Airborne magnetic, electro-magnetic and radiometric geophysical surveys totaling approximately 3,200-line km,

• Ground-based magnetic survey over areas of high-grade mineralization,

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• Fieldwork on the Eastbelt, including detailed geological mapping and sampling of historical trenches combined with till and lake sediment sampling.

Financials

As of April 30, 2017, TerraX had cash and cash equivalents of $4.8 mln and working capital of $4.1 mln. The cash and equivalents balance has decreased to $3.7 mln as of June 30, 2017.

Directors and Management

The TerraX Management and Board are an experienced Exploration and Development Team with extensive Capital Markets experience.

Joseph Campbell, Chairman and Director

Joe Campbell is a professional geologist with over 36 years of experience including roles as Exploration Manager, Mine Manager, and Chief Mine Geologist at various precious and base metal mines. Joe was Project Manager during the discovery of the Meliadine Gold Project in Nunavut through to Pre-feasibility.

Stuart W. Rogers, President and Director

Mr. Rogers has been involved in the venture capital community of Vancouver since 1987 and previously served as Chief Financial Officer of TerraX from inception in 2007 to his appointment as President in October 2016. Mr. Rogers is also the President of West Oak Capital Group Inc., a privately held investment banking firm specializing in financing early-stage resource projects.

Paul S. Reynolds, Director

Mr. Reynolds is a professional geologist with 28 years’ experience on projects in northern Canada, British Columbia, Western USA, Bolivia, Argentina, and Guyana. He is currently President of Triumph Gold (TIG-TSX.V).

Russel Starr, Director

Mr. Starr is a successful mining entrepreneur and most recently was Director and Senior member of the management team at Cayden Resources which was sold to Agnico Eagle Mines Ltd. (AEM-TSX) in 2014. He has over 16 years of experience with global investment banks and independent boutiques working as salesperson, trader, and investment banker. He is currently SVP at Auryn Resources Inc. (AUG-TSX) and holds an MBA from Richard Ivey School of Business and a Masters of Economics from University of Victoria.

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Rene Carrier, Director

Mr. Carrier was a Director of Cayden Resources, and has been the President of Euro-American Capital Corporation, a private investment company since May 1991. He served as Vice President of Pacific International Securities Inc. where he worked for 10 years up until 1991. He served as lead Director of International Royalty Corp. (IRC) from 2003 to 2010 until it was acquired by Royal Gold in 2010.

Mark Gelmon, CPA, CA, CFO

Mr. Gelmon has over 25 years’ experience in private practice and as a director and CFO of several public listed companies in Canada and the USA. He attained his CA designation in 1995 and had been CFO of TerraX since October, 2016.

Elif Levesque, Director

Ms. Levesque has 19 years’ experience in finance, treasury and strategic management including 13 years in the mining industry. Since June 2014, she has served as CFO and VP Finance of Osisko Gold Royalties Ltd. (OR-TSX). Ms. Levesque is a member of the Ordres des Comptables Professionnels Agrees du Quebec and holds an MBA, with honours, from Clark University, Massachusetts.

Alan Sexton, VP Exploration

Mr. Sexton is a professional geologist with 35 years’ experience including roles as Senior Geologist and District Geologist on a variety of precious and base metal projects throughout Canada and the USA.