1 Frances Creek 552.2 Ha

2 Jubilee Mountain 1,089.5 Ha

3 Pedley Mountain 173.5 Ha

INVESTOR FACT SHEET JANUARY 2015

Profitable Market Share Close proximity to oilfield drilling markets in Canada and the northern United States allows

Voyageur to capture significant market share profitably as “the lowest cost” barite supplier.

Demand for Barite is Growing in the North American Drilling Industry

Demand

» Limited supply + increased demand = 7 years of consistent rising price of barite.

» 200 billion barrels of oil required between 2013 and 2030 fueling higher demand for barite (Source: Chevron).

» Natural gas drilling a major barite consumer with profound impact to worldwide barite market, considering the global focus on clean energy.

» “Oil and gas development wells drilled worldwide need to exceed 106,000 per year by 2020 (79,000 drilled in 2013) to meet global hydrocarbon demand.” (Source: Douglas-Westwood)

» “670,000 oil and gas wells need to be drilled through 2020.” (Source: drillingcontractor.org).

» Growing industrial-grade barite market which requires rare, high-grade barite.

Supply

» World’s top barite producers, China (>45%) and India (18%), total of 63% are in decline. In 2012-2013 Chinese production declined 9.5%, India declined 12%, total world production declined 7.6% (Source: USGS).

» Bob Boyle of Baroid: “Since about 1980 no new [barite] mines have been developed and no new exploration has occurred. There have been no new deposits in the last 25 years. It is only now that people are looking for new resources.” (Source: Industrial Minerals Magazine).

» China’s increased domestic drilling and consumption has continued to put upward pressure on price and international supply.

Three NI 43-101

Compliant High-Grade

Barite Properties

» 1,949 m drilled in 2003 and 2005

» 600 m of strike on surface and a depth of 50 m, open to depth and strike

» 10,259 m drilled from 1996 to 1998

» Mine produced 40,000 metric tonnes until 2005

» “The Pedley Mountain barite-bearing structure is known to be 150m on strike, with a possible strike distance of 1,200 m. It is also known to be 100m on dip, with sub-crops further down dip suggesting a total dip length of 150-200 m. Consequently, the barite resource available at this prospect could be quite large.” Source: 43-101 2014

$-

$50

$100

$150

$200

$250

$300

$350

$400

$450

$500

1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017

Cd

n$

/Met

ric

Ton

ne

Central Alberta Barite Price

Projected Price,

2015-2017

The Opportunity for Investors Strategic Location

Voyageur’s three barite deposits are strategically located in the heart of the Canadian oil and gas industry.

The logistics advantages of unrivalled proximity to nearby drilling markets allows the company to mine and deliver barite at low delivered costs compared to competitors, positioning the company to achieve higher profits and returns to investors at competitive market prices.

Currently, the majority of barite used in Western Canada is imported from Asia and the United States.

Natural Gas: Growing Consumer of Barite

With future LNG projects, expansion of the oil sands and the continued growth of Natural gas consumption in North America, Voyageur barite projects are located within a marketplace poised for long-term growth.

Worldwide Supply Constraints

During the past seven years, shortages of high-grade barite caused a rapid appreciation of barite prices.

Shortages also forced the API to reduce the density requirement of oilfield grade barite from 4.2 specific gravity (s.g.) to 4.1 s.g. as a means of extending the reserves of older, increasingly depleted mines.

Advantages of Voyageur’s High-Grade Barite

Voyageur’s high-grade barite (4.3 - 4.45 s.g.) allows Voyageur to combine low density host rock (dolomite) with barite to produce API-compliant 4.1 s.g. product for customers.

Blending dolomite with high-grade barite will extend reserves and reduce mining costs, allowing Voyageur to become the leading barite competitor in the Western Canadian marketplace.

Our high-grade barite allows Voyageur to diversify its future sales into two revenue streams: oilfield-grade sales and industrial-grade sales.

Warren Buffet’s Perspective

Warren Buffet bought the Weatherford drilling fluid division in December 2014, signalling his belief in strong future growth for the North American drilling fluid market.

Global LNG Demand

Barite is Necessary for Drilling It is used in all wells drilled worldwide to control pressure, and to prevent cave-in and dangerous uncontrolled release of oil and gas. Currently, no suitable alternatives or substitutes exist.

LNG Prospective Plays As the world demands greener sources of energy, increased demand for natural gas will be a key driver for barite prices, compounded by limited supply.

In January 2015, ExxonMobil Canada Ltd. and Imperial Oil Resources Ltd LNG submitted an application to export LNG from a Prince Rupert-area terminal, a project they estimate will cost $25 billion to build.

Final investment decision is expected on several BC Coast LNG megaprojects in the coming months.

Diversification in Two Industries Voyageur 95%-99% BaSO4 allows sales into the growing industrial-grade market.

In general, industrial-grade barite sells at a 50%-70% higher price than oilfield-grade barite.

This expanding market for barite includes the

following sectors:

» Paint, plastic and rubber fillers

» Medical and pharmaceutical products

» Chemical products

Annual demand for industrial-grade barite in

the United States is 300,000 MT/yr.

Worst Case: 10%Barite Ore Grade

Middle Case: 35%Barite Ore Grade

Best Case: 50%Barite Ore Grade

Total Profit $96.25 $253.39 $272.25

Administration Costs $20.00 $20.00 $20.00

Packaging Barite $20.00 $20.00 $20.00

Milling Barite $25.00 $25.00 $25.00

Trucking Lump Barite to Exshaw Mill $18.75 $18.75 $18.75

Crushing & Gravity Separation $20.00 $5.71 $4.00

Underground Mining $200.00 $57.14 $40.00

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%To

tal C

ost

s an

d P

rofi

t M

argi

n

Economics at $400/metric tonne

24%

Profit

Margin

63%

Profit

Margin

68%

Profit

Margin

Assumption: $400 per metric tonne sale price.

Industrial-Grade Advantages Selling into the industrial-grade market allows for higher margins and stable cash flow when oilfield-grade barite markets experience volatility.

Voyageur gains a significant competitive advantage selling into the industrial barite market in the United States when the US$ appreciates against the CDN$, since costs are priced in CDN$ and sales are priced in US$.

Corporate Information SENIOR MANAGEMENT

John M. Rucci, President & CEO

Bradley C. Willis, P. Eng., Vice President Exploration

Brent Willis, BSc. Eng., Vice President Corporate Development

Gordon Forbes, CA, Chief Financial Officer

INDEPENDENT CONSULTING

William R. Henkle, Jr., P. Geol

Henkle and Associates

Dr. Murray Lytle, P.Eng, BASc Mining Engineering, MASc

Resource Economics; PhD Candidate Corporate

Social Responsibility

Snowden Mining Industry Consultants Ltd.

BOARD OF DIRECTORS

John M. Rucci, President & CEO

Formerly chairman of the board for United Tex-Sol Mines Inc.,

Peruvian Precious Metals Ltd. and Sienna Gold Inc.

D. Richard Skeith, Lawyer

Norton Rose Fulbright Canada LLP

Andrew S. Burgess, Chairman Audit Committee, B. Comm (Hons)

Chartered Accountant (Alberta) and Certified Public

Accountant (Illinois)

Declan B. Livesey, P. Eng., PhD

Joe Scarlet

Senior Executive Sales (retired), Secure Energy Services and

former President of New West DLRG Fluids

LAWYERS

Norton Rose Fulbright Canada LLP / S.E.N.C.R.L., s.r.l.

400 3rd Avenue SW, Suite 3700

Calgary Alberta T2P 4H2

T: 403.267.9550 | F: 403.264.5973

BANKING

RBC Royal Bank

411 58 Ave SE

Calgary, AB T2H 0P5

AUDITORS

Crowe MacKay LLP

Suite 1700, 717 – 7th Ave SW

Calgary, Alberta T2P 0Z3